Zalando Shares Plummet After Q2 Results: Is the Recovery Already Over?
For Zalando (WKN: ZAL111 | ISIN: DE000ZAL1111 | Ticker: ZAL), the second-quarter results triggered a sharp drop in the share price. From a previous closing price of approximately EUR 29.10, the stock lost more than 13% at times on August 4 and is currently trading at around EUR 24.40. As a result, the market capitalization shrank to about EUR 6.2 billion. At first glance, however, the published financial results appear significantly better than the stock’s reaction would suggest. Gross merchandise volume (GMV) rose by 20.7% on a reported basis to 4.92 billion EUR. Consolidated revenue increased by 20.8% to 3.42 billion EUR. Adjusted EBIT improved by 10.4% to EUR 204.8 million, but remained below the analyst consensus of around EUR 215 million. At the same time, the adjusted EBIT margin fell from 6.5% to 6.0%. Net income declined from EUR 96.6 million to EUR 73.8 million.
The key factor is the acquisition of ABOUT YOU. As a result, the reported growth rates are only partially comparable to the same quarter of the previous year. On a comparable pro forma basis, GMV grew by only 4.4%, while revenue increased by just 1.1%. Performance remained weak, particularly in the consumer business. Adjusted B2C EBIT fell by 5.5% to EUR 164.1 million, and the margin declined from 6.7% to 5.3%. By contrast, the business with corporate customers performed significantly better. B2B revenue rose by 27.6% to EUR 334.7 million. Adjusted EBIT jumped from EUR 11.4 million to EUR 40.7 million, and the margin reached 12.2%. Zalando is benefiting here from its logistics platform ZEOS, its shop software SCAYLE, and growing, high-margin software revenue. The number of active customers also increased by 18.3% to 62.5 million, with ABOUT YOU also playing a significant role in this growth.
For 2026, Zalando now expects GMV and revenue to fall within only the lower half of the previous growth range of 12% to 17%. The forecast for adjusted EBIT was narrowed from EUR 660 million to 740 million to EUR 680 million to 720 million. While the midpoint remains unchanged, investors had apparently hoped for stronger growth momentum following the previous price recovery.
From a technical analysis perspective, the slump has left a clear mark. Since the end of May, the stock had surpassed previous highs, formed new highs, and reclaimed the 200-day moving average in early June. Now it is trading below both the 20-day and 50-day moving averages again. The only positive aspect is that the 200-day moving average, at around EUR 23.50, is still below the current price. This level will now be crucial. If the price holds around EUR 23.50, the medium-term recovery will remain fundamentally intact. For a more positive outlook, Zalando would first need to rise back above EUR 27 and then move toward EUR 29. A break below the 200-day moving average, on the other hand, would make the chart significantly more bearish.
Miivo AI: AI Tools for SMBs—Between Promises of Efficiency and the Real-World Test
Miivo AI (WKN: A42F8K | ISIN: CA59863J1003 | Ticker Symbol: L7S0) has sharpened its profile this year as an AI provider for small and medium-sized businesses (SMBs). The company is focusing on a portfolio of clearly defined self-service products. According to its own announcement, the company has launched three new applications over the past six months. One is a business intelligence module with accounting integration and real-time dashboards. Another is an AI-powered lead generation tool for B2B sales. The company also launched its “Reputation Management” product for analyzing reviews and mentions on social media channels. For SMBs that prioritize measurable outcomes such as cash flow transparency, more efficient new customer acquisition, and a better online reputation, Miivo AI is exactly the right partner. Especially in a market environment where many SMBs must prioritize their budgets more carefully due to economic uncertainty, Miivo AI’s products can further optimize many processes and enable companies to deploy their employees more efficiently.
The Customer Insights tool, which was only introduced in July 2026, has a distinct unique selling point: the time and cost savings associated with continuously monitoring customer feedback on Google Reviews, Instagram, and Reddit—and responding promptly. Miivo positions the product as a cost-effective, fully automated solution that identifies trends and sentiment patterns in real time. Accordingly, recommendations for action are derived from this analysis, and draft responses are generated in the company’s brand style. Any user company can independently integrate this into the relevant departments and apply it immediately without external onboarding or additional tools. From Miivo AI’s business perspective, this is a SaaS model with recurring revenue. Especially in industries with strong consumer-facing business, rapid interactions are a key driver of sales.
Just yesterday, Miivo AI published an update on the launch of its AI-CFO product suite. The company acquired over 3,000 users on the platform in the first half of the year, and in addition to a significant increase in the average retention period of subscribers, the company anticipates continued growth. In addition, management emphasizes its intention to accelerate the expansion of recurring revenue, grow its development team, and build a sales force focused on North America in the current second half of the year. The market is fundamentally large, and Miivo points to over 400 million SMBs worldwide. According to the cited McKinsey estimate, generative AI could enable annual productivity gains of USD 200 to 340 billion. This market study thus highlights significant growth potential for all market participants, and the Canadian company also aims to secure a growing share of this market.
The acquisition of Tandem Partners, completed in June 2026, is also likely to be of strategic interest. Miivo AI acquired all shares of the partner company for a total of CAD 1.25 million, with one-third paid in cash and two-thirds in shares. For the first installment, CAD 208,333.33 was transferred, and 694,444 common shares were issued at a price of CAD 0.60 per share. According to the agreement, the second payment is not due until six months later. According to CFO Rabih Brair, the company expects this to result in significant efficiency gains and a stronger focus on becoming a scalable, AI-driven platform company for SMBs.
Bayer Surprises in the Agribusiness Sector: Will the EUR 50 Mark Be Breached?
Bayer shares (WKN: BAY001 | ISIN: DE000BAY0017 | Ticker: BAYN) reacted positively to the second-quarter 2026 results. From the opening price to the level under review, the stock rose by about 1.5% on August 4 and traded at approximately EUR 49.70. This brings the psychologically important EUR 50 mark squarely into focus. The technical picture is already positive with the share trading above the 20-, 50-, 100-, and 200-day moving averages. The gap to the long-term key 200-day moving average, at around EUR 38.90, is particularly pronounced. If the stock manages a sustained breakout above EUR 50, the bullish outlook would further solidify. After that, the previous 52-week high in the EUR 54 range could come into focus.
Bayer also delivered several positive signals from a fundamental perspective. Group revenue, adjusted for currency and portfolio effects, rose 2.2% to EUR 10.87 billion. Adjusted EBITDA increased by 1.9% to EUR 2.14 billion, exceeding the analyst consensus of around EUR 1.94 billion. After posting a loss of EUR 199 million in the same quarter of the previous year, Bayer this time reported a net profit of EUR 219 million. However, adjusted earnings per share fell by 16.7% to EUR 0.95. The main growth driver was the Crop Sciences division. Revenue in the agricultural division rose by 3.5%, adjusted for currency and portfolio effects, to EUR 4.91 billion. At the same time, adjusted EBITDA jumped by 30.2% to EUR 902 million. The corresponding margin improved from 14.5% to 18.4%. Bayer benefited, among other things, from strong growth in soybean and cotton seeds, as well as from higher prices and sales volumes for glyphosate-based herbicides.
In the pharmaceuticals business, revenue remained roughly at the previous year’s level at EUR 4.46 billion. Revenues from the growth drivers Nubeqa and Kerendia rose by 63.9% and 82.9%, respectively, on a currency- and portfolio-adjusted basis. By contrast, revenue from Xarelto and Eylea fell by 42.4% and 32.8%, respectively. As a result, adjusted EBITDA for the Pharmaceuticals division declined by 3.6%. Also of interest is the progress made in the US litigation. Bayer points to the landmark decision by the Supreme Court in the Durnell case, which puts the company in a stronger position for the planned class-action settlement. While this does not completely eliminate the glyphosate risks, it could further reduce the significance of a key source of uncertainty.
Bayer confirmed its currency-adjusted full-year forecast. The expected net debt at year-end was lowered from EUR 32 to 33 billion to EUR 29 to 30 billion. The main reason, however, is a capital contribution of EUR 3 billion from Apollo funds for a minority stake in the long-acting contraceptives business. Operationally, the balance sheet and cash flow remain weak points. At the end of the quarter, net financial debt stood at EUR 33.65 billion. Free cash flow was also significantly negative at minus EUR 371 million, partly due to higher comparative payments.
Shareholders’ expectations for Zalando were higher than what the company was ultimately able to deliver, and as a result, the sell-off weighed on the share price in the short term. In the medium to long term, however, this could present an attractive buying opportunity.
Miivo AI is a small, growth-oriented market player whose investment case must be repeatedly validated in the coming quarters through hard metrics such as customer growth, renewal rates, and robust revenue development. As a speculative addition to a portfolio, however, this stock could prove exciting.
Bayer’s quarterly results support its ongoing turnaround but do not yet resolve all issues. From a technical analysis perspective, the key question remains whether Bayer can convincingly break through the EUR 50 mark.
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