Twin Vee Powercats Co. · NASDAQ:VEEE
Twin Vee Powercats — Q3 2025 Earnings Presentation
36 slides from Twin Vee Powercats's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results Munich, 6 November, 2025
Slide 2: Disclaimer | Forward-looking statements
Disclaimer | Forward-looking statements Certain statements in this communication may constitute forward-looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. You should not r
Slide 3: Agenda
Agenda Business Update Financial Update Investment Highlights Q&A Appendix 3
Slide 4: 1. Business Update
1. Business Update Copyright © 2023 Westwing. All rights reserved.
Slide 5: State of Westwing
State of Westwing In Q3, we delivered growth and strong adjusted EBITDA. • GMV increase of 5.4% year-over-year (yoy), despite changes in product assortment. • Adjusted EBITDA increased by 73% to EUR 6 million at 6.1% margin (+2.5pp yoy). • Free cash flow of EUR 10 million in Q3 and net cash of EUR 5
Slide 6: 2025 is a transition year in our 3-step value creation plan
2025 is a transition year in our 3-step value creation plan: We made further progress in strengthening the foundations for a successful 2026 Turnaround & Building a Scaling with Strategy Update Scalable Platform Operating Leverage 2022-2023 2024-2025 2025-202x Profitability Organisational rightsizin
Slide 7: Westwing Collection growth remains strong
1 Westwing Collection share increase Westwing Collection growth remains strong Westwing Collection share [as % of GMV] 100% 34% 42% 56% 52% 62% 73% 74% 66% 58% 44% 48% 38% 27% 26% Q3´19 Q3´20 Q3´21 Q3´22 Q3´23 Q3´24 Q3´25 Represents EUR 75m Westwing Collection 3rd party suppliers Westwing Collection
Slide 8: We opened seven offline stores in 2025
2 3 Share gains in existing markets and stronger premium brand positioning We opened seven offline stores in 2025 Standalone stores Hamburg Copenhagen Leipzig Munich Berlin Hamburg Cologne Berlin Leipzig Store-in-stores Duesseldorf Stuttgart Cologne (Breuninger) Paris CZ (Printemps) Stuttgart Copenh
Slide 9: In Q3 alone, we opened three standalone stores and two store-in-stores
2 3 Share gains in existing markets and stronger premium brand positioning In Q3 alone, we opened three standalone stores and two store-in-stores to strengthen the physical brand and product experience for our customers Cologne Munich Berlin Copenhagen Duesseldorf 9
Slide 10: Grand opening of our Berlin store
2 3 Share gains in existing markets and stronger premium brand positioning We celebrated the grand opening of our Berlin store which generated widespread positive media attention 10
Slide 11: In Q3, we already achieved our 2025 objective of ten new countries
4 Country expansion In Q3, we already achieved our 2025 full-year objective of bringing ten new countries live SE FI NO Luxembourg Slovenia 02/25 06/25 DK Denmark Norway 03/25 07/25 NL PL BE DE CZ LU Sweden Hungary AT SK 04/25 07/25 FR CH HU SI HR RO IT Croatia Greece 05/25 08/25 ES PT GR Finland Ro
Slide 12: Nordics Launch Event
4 Country expansion Nordics Launch Event We marked our official launch in the Nordics with The Westwing Villa - an immersive experience designed to delight the senses, celebrate creativity and introduce the brand to the region at a historic estate near Stockholm. Strictly Confidential 12
Slide 13: 2. Financial Update
2. Financial Update
Slide 14: GMV increased by 5.4% in Q3
GMV increased by 5.4% in Q3 Group topline development [in EUR million] • Positive topline development, despite impact of changes in GMV Revenue product assortment. +5.4% • DACH segment revenue 115 +3.4% 109 declined by 2.4% in Q3 year- 96 99 over-year, mainly driven by assortment changes. • Internat
Slide 15: Profitability improved significantly year-over-year
Profitability improved significantly year-over-year Profitability development [in EUR million] Adjusted EBITDA Adjusted EBIT • Adjustments in Q3 +3 totalled EUR 6.4 million, 6 of which EUR 5.9 million was due to the higher fair value of employee stock 4 +4 option programs following 3 a significant i
Slide 16: Clear improvements across almost all P&L lines
Clear improvements across almost all P&L lines leading to +2.5 percentage point increase in adjusted EBITDA margin in Q3 Delta Delta 9M 2024 9M 2025 Q3 2024 Q3 2025 [as % of revenue] 25 vs. 24 25 vs. 24 Mainly driven by increased Westwing Gross margin 50.8% 52.3% +1.4pp 50.5% 52.7% +2.2pp Collection
Slide 17: Strong improvement in adjusted EBITDA margin in both segments
Strong improvement in adjusted EBITDA margin in both segments Segment adjusted EBITDA [as % of revenue] DACH segment +3.1pp +3.6pp 7.4% 6.0% 4.3% 2.4% 9M’24 9M’25 Q3’24 Q3’25 International segment +2.0pp +1.2pp 6.6% 5.2% 6.4% 4.6% 9M’24 9M’25 Q3’24 Q3’25 Note: Figures in this section are presented o
Slide 18: Transformation and share buybacks increased adjusted earnings per share
Our successful transformation and last year’s share buybacks significantly increased adjusted earnings per share Average number of shares(1) in circulation LTM (last twelve months) [in million, undiluted] 20.2 20.1 20.1 20.0 19.7 19.4 19.1 Earnings per share LTM [in EUR, undiluted] 0.81 0.63 0.43 0.
Slide 19: Net working capital negative at EUR -1 million
Net working capital negative at EUR -1 million Net working capital [in EUR million] • Net working capital negative +4 again after EUR 5 million in Q2 2025. -1 • Increase compared to Q3 2024 mainly driven by higher inventory for new items. -5 30 Sep. ‘24 30 Sep. ‘25 Note: All figures unaudited. 19
Slide 20: CAPEX remained at a healthy level
CAPEX remained at a healthy level CAPEX [in EUR million, as % of revenue] • Property, plant and equipment: increased investments related to new 2.5% 2.4% 3.5% 3.2% stores. 0 8 • Intangible assets: reduced 7 CAPEX for internally 0 developed Technology assets 3 3 in line with our SaaS-strategy (Softwa
Slide 21: Strong net cash position of EUR 58 million
Strong net cash position of EUR 58 million at the end of September 2025 Net cash [in EUR million] Free cash flow Q3 2025: EUR 10 million 13 0 58 -3 50 -3 Free cash flow after lease payments Q3 2025: EUR 8 million Net cash Operating cash flow Investing cash flow IFRS 16 Other financing Net cash 30 Ju
Slide 22: We confirm our guidance for FY 2025
We confirm our guidance for FY 2025 and expect adjusted EBITDA at the upper end FY 2024 Guidance FY 2025 Revenue EUR 444m EUR 425m to 455m (-4% to +2% yoy growth) EUR 25m to 35m Adjusted (+6% to +8% margin) EUR 24m EBITDA Adjusted EBITDA guidance expected at the upper end Enabling double-digit posit
Slide 23: Ambition to return to significant growth in 2026
We confirm our ambition to return to significant growth in 2026 while continuously improving profitability Revenue assumptions 2025 2026 Market Change in product assortment Ambition is high single- to double-digit growth rate in 2026. 2025 expansion Profitability assumptions 2025 2026 Change in prod
Slide 24: 3. Investment Highlights
3. Investment Highlights
Slide 25: Investment highlights
Investment highlights Unique, High relevant Superbrand margins and Strong Huge market customer in design operating balance potential value leverage in sheet proposition scaling • Unique assortment of • Addressing sizeable • Superbrand in design • High margins as a result of • Strong net cash positio
Slide 26: 4. Q&A
4. Q&A
Slide 27: 5. Appendix
5. Appendix
Slide 28: Continuously expanding share of wallet with customers
Continuously expanding share of wallet with customers Active customers and average GMV LTM per active customer [in k, in EUR] Declining # of active customers 1,800 due to shift to a mostly global, 500 more premium and smaller 1,600 product assortment. 1,400 400 1,200 300 1,000 800 200 600 400 100 20
Slide 29: KPI overview
KPI overview Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Group KPIs Unit 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Westwing Collection in % of 31% 32% 38% 37% 37% 38% 44% 44% 46% 46% 48% 47% 51% 53% 58% 58% 62% 65% 66% share GMV Activ
Slide 30: Consolidated income statement
Consolidated income statement EUR million, in % of revenue 9M 2024 9M 2025 Q3 2024 Q3 2025 Revenue 310.4 306.1 95.8 99.0 Cost of sales -152.6 -146.1 -47.4 -46.8 Gross profit 157.8 160.0 48.4 52.2 Fulfilment expenses -61.4 -58.5 -18.1 -18.6 Marketing expenses -40.0 -39.7 -12.7 -13.7 General and admin
Slide 31: Adjusted income statement
Adjusted income statement EUR million, in % of revenue 9M 2024 9M 2025 Q3 2024 Q3 2025 Revenue 310.4 306.1 95.8 99.0 Revenue growth yoy (%) 4.3% -1.4% 3.1% 3.4% Cost of Sales -152.6 -146.1 -47.4 -46.8 Gross Profit 157.8 160.0 48.4 52.2 Gross margin (%) 50.8% 52.3% 50.5% 52.7% Fulfilment expenses -60
Slide 32: Segment reporting
Segment reporting DACH in EUR million 9M 2024 9M 2025 Q3 2024 Q3 2025 Revenue 173.6 167.2 53.6 52.3 yoy growth (in %) 6.7% -3.7% 4.1% -2.4% Adj. EBITDA 7.4 12.4 1.3 3.1 Adj. EBITDA margin % 4.3% 7.4% 2.4% 6.0% International in EUR million 9M 2024 9M 2025 Q3 2024 Q3 2025 Revenue 136.9 138.9 42.1 46.7
Slide 33: Excluding adjustments, 9M 2025 EBITDA and EBIT
Excluding adjustments, 9M 2025 EBITDA of EUR 12.1 million and EBIT of EUR 0.8 million 9M 9M Q3 Q3 EUR million 2024 2025 2024 2025 Adjusted EBITDA 13.7 21.4 3.5 6.1 Adjusted D&A -16.3 -11.3 -5.2 -3.5 Adjusted EBIT -2.6 10.1 -1.7 2.5 Share-based compensation expenses -0.1 -7.4 -0.1 -5.9 Complexity red
Slide 34: Issued share capital
Issued share capital Share information as at 30 September 2025 Type of shares Ordinary bearer shares with no-par value (Stückaktien) Stock exchange Frankfurt Stock Exchange Market segment Regulated market (prime standard) Number of shares issued 20,903,968 Issued share capital EUR 20,903,968 Treasur
Slide 35: Investor Relations Contact
Investor Relations Contact Teresa Fischer Perez-Lozao Director Corporate Finance ir@westwing.de
Slide 36: Events & November 2025
Events 25 & 26 November 2025 Deutsches Eigenkapitalforum 26 March 2026 Publication of full-year results