RoadshowpresentationSeptember 2020February 2020Zalando Press ConferenceZalando20Network: Press Conference Password:

AgendaOur vision:The Starting Point for FashionPlatform as key leverto become the Starting Pointdo.More sustainability strategyOur business model of the futureBusiness Update Q2/2020Q2/2020 Results2

Our vision: To become the Starting Point for FashionMovies & SeriesFashionMusic3

Our vision is build on two key levers - Deep Customer Relationships and ourPlatform StrategyKey lever 1Key lever 2Platform StrategyDeep Customer RelationshipsAssortmentZalando ty programSustainability &Circularity4StartingPoint forFashionSuperior & HolisticCustomer ExperienceZFSZalando FulfillmentSolutionsPartner Program

Cohort analysis shows that we are creating a healthy customer baseTotal GMV per Cohort¹ and Order Year1. Old cohorts grow againover time2. Customer churn goesdown3. Every new cohort isbigger than the previousone2014(1)52015201620172018Cohort refers to customers grouped by the calendar year in which they first placed an order with Zalando.2019

AgendaOur vision:The Starting Point for FashionPlatform as key leverto become the Starting Pointdo.More sustainability strategyOur business model of the futureBusiness Update Q2/2020Q2/2020 Results6

The platform strategy is one key lever towards being the Starting PointBrand Benefits Direct access to Europeandigital consumer Leverage Zalandocapabilities(tech, data, logistics)Zalando Benefits Platform adds scale toZalando Less inventory risk –while improvingcustomer offering(50% of PP volumeincremental)PlatformStrategyCustomer Benefits7Month, YearPresentation Title // Document info Offer desirable andcomprehensiveassortment High availability

Only in partnership with our brand partners, we are able to offer a superior experience forour customers to enjoyPartner Program offers growthopportunities and advantagesto all partiesAuction-bid pricing &campaigns Zalando MarketingServicesZFSZalando SPartnerProgramDirect-to-Consumer Control of Product, Content & Pricing Superior Order Economics, Convenience toConsumer & Physical Access to ConsumerHigh Sell-Through & Brand Building8Month, YearPresentation Title // Document info

In 2019, we achieved important milestones in driving the Platform TransitionTarget-Model10%5% 25% 0.7%Q4 20181)2)940% PP shareof FS GMV115%15% 0.3% 40%3-4% of GMV2 1%Q4 201975% ZFS shareof PP items2Target modelPartner Program share of 40% refers to our business model mix ambition for 2023/24. In our long-term target model, we aim for a 50% Partner Program share.Refers to our long-term target model ambition.

ZFS unlocks positive platform dynamics for Partners Fast Internationalization toall our European MarketsSuperior Order Economicsthrough shared parcelsAllows offering of lowprice point assortmentUnmatchedZalando Convenience 50%lower shipping costs (onaverage) per item forbrandsMaking shopping economics insome case better than own e-com10Month, YearPresentation Title // Document infoWe get closer to our customersby delivering 30% of orders onthe next day by 2020

by leveraging our European logistic network7. SZCZECIN (Gryfino)Start in 20171. ERFURTStart in 20122. BRIESELANGStart in 20118. OLSZTYNEKStart in 201969. LODZ (Gluchow)Start in 20193. MÖNCHENGLADBACHStart in 2013234. LAHRStart in 201612789110. VERONA (Nogarole Rocca)Start in 20201011. MILANO (Stradella)Start in 2016455. PARIS(Moissy-Cramayel)Start in 20161112. ROTTERDAM (Bleiswijk)Start in 20216. STOCKHOLMStart in 2018(1)113pm cut-off timeMonth, YearPresentation Title // Document infoCreate the capacity for future growth:12 warehouses allow 14bn GMVGet closer to our customers:We will deliver 30% of orderson the next day by 20201Scale a differentiating asset whichwe can open up to brand partners

With Zalando Marketing Services brands can drive growth and branding Brands can reach Europe’s largestfashion audience at the point of sale 1,000m site visits 34m Active Customers17 fashion markets12Month, YearPresentation Title // Document info to push sales and to build their brandin a multi-brand environment 2,500 brands 640,000 products

by tailoring content and reaching customers across all relevant touchpoints on and offZalando’s premisesGrowth campaigns Boost sales across whole assortment or specific products withtargeted advertising formats Extensive data insights to identify the best growth opportunities13Month, YearPresentation Title // Document infoBranding campaigns Tailored branding campaigns and strategies Data-driven, integrated campaigns across all consumer touchpoints Specific target groups and exclusive Zalando audiences

AgendaOur vision:The Starting Point for FashionPlatform as key leverto become the Starting Pointdo.More sustainability strategyOur business model of the futureBusiness Update Q2/2020Q2/2020 Results14Month, YearPresentation Title // Document info

do.MORE 2023 Strategy: Becoming a sustainable fashion platformwith a net-positive impact for people and the planetTake a stand15Style with careShape our futureCarbonNeutralityOptimizedPackagingIncreased EthicalStandardsMore SustainableFashionApply PrinciplesOf circularityUpskillingOf our operations,All deliveriesAnd returnsMinimize waste andKeep materials in use;Eliminate single-useplasticsWe will workOnly withPartners whoAlign with themGenerate 20%of GMV by moreSustainableproductsAnd extend the life ofat least 50m fashionproductsOur employeesReceive skillingChances that matchFuture work needsMonth, YearPresentation Title // Document info

Bringing the do.MORE Strategy to Life by SettingScience Based TargetsAs first platform worldwide, we set science-based targets to reducecarbon emissions in line with the 1.5 degrees Celsius ParisAgreement figure.We want to achieve two targets by 2025We commit .1To reduce scope 1 and 2 greenhouse gas (GHG) emissions by 80 % by2025 against a 2017 base year.1, 2To increase annual sourcing of renewable electricity from 34 % in 2017 to100% by 2025.2To reduce scope 3 GHG emissions from private label products by 40 % permillion euros gross profit by 2025 from a 2018 base year.3That 90 % of our suppliers will have science-based targets by 2025.4161)2)3)4)Scope 1 refers to direct greenhouse gas emissions (GHG) that occur from sources controlled by Zalando (e.g. emissions in our warehouses)Scope 2 refers to indirect GHG emissions from consumption of purchased electricity and distant heatingScope 3 refers to all other (indirect) value chain GHG emissionsEmissions covering purchased goods and services sold on its platform, packaging and last-mile-delivery partners

AgendaOur vision:The Starting Point for FashionPlatform as key leverto become the Starting Pointdo.More sustainability strategyOur business model of the futureBusiness Update Q2/2020Q2/2020 Results17Month, YearPresentation Title // Document info

We remain convinced that online fashion is a long-term growth opportunityWe are targeting a massive opportunityin 5-10 years1 with low online share compared to other categoriesTotalfashion 450bn 25%FashionOnlinefashion 5%15%15%2018(1)(2)18ConsumerElectronics2Source: Company estimates and Euromonitor International forecasts, February 2019. Euromonitor forecasts the overall European Fashion Market to grow toroughly 450bn EUR over the next 5-10 years. Values based on actuals and estimates; fixed exchange rates.Fashion data incl. apparel and footwear, bags and luggage, jewelry and watches. Data for Europe (excluding Russia) inclusive of sales taxSource: United States online penetration, Statista, last update 2018-1020%20%202336%45%36%45%20182023

We aim to achieve a scale of 20bn EUR GMV by 2023/24Growth Ambition 2023/24in bnBusiness Model Mix 2023/24GMV1in bn20 20bn GMV 20Partnerprogram 40%Wholesale 60%45%2023/24CAGR2(1)(2)13GMV (Gross Merchandise Volume) incl. VAT5-year CAGR (2018-2023): high end of range, 6-year CAGR (2018-2024): low end of rangeGMVRevenue 20-25% 15-20%

Platform model to drive higher long-term profitability at scaleTarget Margin (growth in line with / slightly above online market)In % of revenueWholesale1PartnerProgramGroup marginimpact 2Gross marginFulfillment costsMarketing costs20(1)(2)Wholesale includes Offprice and Private labelTrend vs. 2018 cost lines PP share 50% of GMVZFS share 75% of PP itemsZMS revenue 3-4% of GMVOperating leverage and fixed costdegression Cash Flow: WC neutral andCapEx slightly above D&AAdmin expenseAdj. EBIT marginKey assumptions:6-8%20-25%10-13%

Financial profile during transition to platform model2019Transition Phase 2019 – 2021Years FollowingContinued high GMV growth of 20-25% until 2023/24Growth in line with /slightly above onlinemarketMargins between 2-4%, driven bygrowth investments and platformtransitionTarget margin of10-13%GROWTHPROFITABILITYCASH21Target Model Cash flow negative NWC neutral Capex of 4-5% of revenueMargins start toincrease as platformtransition progresses(e.g. impact of ZMS)Target margin leadingto a strong cashgeneration

Investment Highlights - The Starting Point for Fashion122Our vision is to become the Starting Point for Fashion, the destination that consumers gravitate to forall their fashion needs.2The number 1 priority is to focus on growth with 20-25% topline CAGRto achieve a scale of 20bn EUR GMV by 2023/24.3The most important building block on that journey is to transition our business towardsa true platform business.4At scale our strategy will result in an attractive financial profile, characterized bydouble-digit margin profile and strong cash generation.5To become the starting point we aim to invest our economic surplus in our customer experienceacross assortment, digital experience and convenience to drive customer satisfaction and retention.

AgendaOur vision:The Starting Point for FashionPlatform as key leverto become the Starting Pointdo.More sustainability strategyOur business model of the futureBusiness Update & Results Q2/202023Month, YearPresentation Title // Document info

Strong H1/2020 performance underlines our continued progresswith regards to both our strategy and our financial targetsContinued progress on our strategic agenda to become the Starting Point forFashion supported by an accelerated offline to online shift driving record numbers ofnew customers and partners to our platformStrong financial performance in H1/20 with GMV growth of 25% and adjustedEBIT of 113m EUR, driven by faster than expected demand recovery and underlyingchanges in customer behaviorSuccessful placement of 1bn EUR in Convertible Bonds allowing us to furtheraccelerate our growth strategy and to invest through-cycle with even more convictionUpgrade of our FY2020 guidance as we are back on track to deliver strong andprofitable growth for the full year24

Strong new customer growth and healthy repurchasebehavior drive growth of our Active Customer baseNew customer growthin m#Added more than 3m newcustomers in Q2/20Increasing share of first-time onlineshoppers as well as male shoppersAverage Q2(2016-2018)Q2/19Q2/20New Customer Repurchase Rate30-day Repurchase Rate LTM, in %New customers show higherengagement and repurchase ratesthan in the pastAverage Q2(2016-2018)25Q2/19Q2/20Qualitative customer surveysindicate strong willingness to shopat Zalando again in the future

We have successfully accelerated our platform business in Q2 by helping our partners to growtheir digital business along with us and Internationalization ofexisting partners 900 partner country launchesNew partner integration & rangeextensions of existing partnersThereof80%with ZFS26RecordhighNext generation of toolingZFS enablementReached 50% ZFS items share180 new partner sign-ups 180%ZFS itemsYoYLaunch of zDirect portal

our next generation of data-driven partner tooling Zalando Direct will enable them tomaximize the sales opportunity on our platform(illustrative sales performance)Visibility & brand buildingGrowth & market expansion2 Leverage Zalando data and knowledge to benchmarksales performance to improve offering Empower partners to grow and optimize theirbusiness while ensuring customer-centric outcomes3DIRECTOne partner-facing portal that serves asmain entry point for all tools & servicesOnboarding & article lifecyle managementPartner sales Reduce barriers-to-entry to speed up time-to-integrate Automate product onboarding workflows to reducetime-to-online1Signing27 Access insights from millions of potentialcustomers in a multi-brand environment Optimize conversion rates by drivingonsite marketing

Strong H1/20 topline momentum at the upper end of our mid-term guidance corridor of 20-25%Revenue – Group (H1)Fashion Store – DACH (H1)Revenue – Group (Q2)(in m and %)(in m and %)(in m and %)Fashion StoreOffpriceOther²GMV 25.1%1,597¹2,03513,5591GMV 33.0%1,3541,527H1/19H1/20GMV shion Store – Rest of Europe (H1)(in m and %)1,47815645Q2/1925240Q2/201,3931,735H1/19H1/201) H1/20 (H1/19) contains - 217.4m (- 211.4m) reconciliation of internal revenues; Q2/20 (Q2/19) contains - 127.8m (- 81.7m) reconciliation of internal revenues2) Other segments including various emerging businesses; private label offering zLabels no longer presented as separate unit since Q2/1928GMV 25.7%

Key customer metrics continue to show positive trendsActive customers(in #m)Q2 Traffic 31.4%Average ordersper activecustomer(LTM in #)Average basketsize after Q2/19Q2/20259.1268.4Q2/19Q2/20(LTM in )GMV per activecustomer2(LTM in )1)2)29Defined as GMV divided by the number of ordersDefined as GMV divided by the number of active customers

Solid level of profitability in H1/20 despite challenging Q1 trading driven by strong