Slide 1: FY 2024 Results
FY 2024 Results Munich, 27 March, 2025 Copyright © 2023 Westwing. All rights reserved.
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 01 Business update 02 Financial update 03 Path to full value creation 04 Financial outlook 05 Investment highlights 06 Q&A 07 Appendix 3
Slide 4: 1. Business update
1. Business update 4
Slide 5: Westwing's key achievements of 2024
Westwing’s key achievements of 2024 We delivered on all our 2024 financial commitments. • GMV growth of 3% and revenue growth of 4% year-over-year (yoy) despite shifts in product assortment and market headwinds. • Adjusted EBITDA of EUR 24 million at 5% margin (+1pp yoy) with improved contribution m
Slide 6: We delivered on our FY 2024 guidance
2024 guidance 2024 results EUR 415m to EUR 444m We delivered on 445m -3% to +4% +4% Revenue our FY 2024 yoy growth yoy growth guidance. EUR 14m to 24m EUR 24m Adjusted 3% to 5% 5% margin margin EBITDA Free cash EUR 9m flow Note: Free cash flow was not part of capital market guidance for FY 2024. Fig
Slide 7: We also implemented all transformation levers
We also implemented all transformation levers … Turnaround & Building a Scaling with Strategy Update Scalable Platform Operating Leverage 2022-2023 2024-2025 2025-202x Profitability Organisational rightsizing Complexity reduction Cost discipline levers Westwing Collection share increase OneWestwing
Slide 8: ... of the second phase of our 3-step plan
... of the second phase of our 3-step plan Building a Scalable Platform Reorganisation implemented. 2024-2025 Turnaround & Building a Scaling with Lower than expected restructuring cash costs of EUR 10m. Strategy Update Scalable Platform Operating Leverage 2022-2023 Complexity reduction 2024-2025 20
Slide 9: Over the past 2.5 years, we transformed Westwing from the ground up
Over the past 2.5 years, we transformed Westwing from the ground up OneWestwing Full-funnel Single, elevated Premium, much commercial model marketing model brand appearance smaller product assortment Centralised, lean SaaS-based tech Pilot for permanent Pilot for country organisation platform offlin
Slide 10: 2. Financial update
yr Ye. -* nancial update. > 2. Fi
Slide 11: We achieved 4% topline growth in 2024
We achieved 4% topline growth in 2024 Group revenue [in EUR million] Full year Quarter +4% • FY & Q4 growth despite 429 444 switch to a mostly global and more premium product 43% assortment plus continued 45% market headwinds. +2% 131 134 55% 57% 56% 59% FY’23 FY’24 Q4’23 Q4’24 DACH International DA
Slide 12: We significantly improved our contribution margin per order
We significantly improved our contribution margin per order Contribution margin per order [in EUR, as % of revenue] 21.4% 29.5% 28.7% 25.3% 28.6% 31.9% +29% 56 +23% 43 34 35 31 24 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Note: Figures in this section are presented on an adjusted basis, i.e. excluding (i)
Slide 13: Strong improvements across nearly all P&L lines
Strong improvements across nearly all P&L lines Delta Delta FY 2023 FY 2024 Q4 2023 Q4 2024 [as % of revenue] 24 vs. 23 24 vs. 23 Strong Westwing Gross margin 49.7% 50.8% +1.1pp 49.3% 50.7% +1.4pp Collection share gains. Improved basket size and Fulfilment ratio -21.1% -18.9% +2.2pp -19.9% -17.5% +2
Slide 14: Strong improvement in adjusted EBITDA margin in both segments in Q4 2024
Strong improvement in adjusted EBITDA margin in both segments in Q4 2024 Segment adjusted EBITDA [as % of revenue] • In full year 2024, DACH DACH segment +3.3pp segment impacted by -1.1pp investment in brand 9.0% 6.8% awareness. 5.8% 5.7% • International segment catching FY’23 FY’24 Q4’23 Q4’24 up v
Slide 15: Net working capital remained negative with improvement of EUR 2 million
Net working capital remained negative with improvement of EUR 2 million year-over-year Net working capital [in EUR million] -2 • Net working capital improved year-over-year despite higher inventory levels. • Higher inventory (incl. goods prepayments) was mainly driven by higher average item -8 price
Slide 16: CAPEX in FY 2024 slightly increased compared to previous year's level
CAPEX in FY 2024 slightly increased compared to previous year’s level CAPEX [in EUR million, as % of revenue] 1.3% 2.3% • Intangible driven by +5 capitalisation of Driven by EUR 4m reversal of capitalisation of internally 10 implementation efforts for developed tech solutions. Like-for-like at EUR 9
Slide 17: Strong net cash position of EUR 69 million at the end of December
Strong net cash position of EUR 69 million at the end of December 2024 Net cash [in EUR million] Free cash flow FY 2024: EUR 9 million 17 82 -7 -11 0 69 -11 Free cash flow after lease payments FY 2024: EUR -2 million Net cash Operating Investing IFRS 16 Share buybacks Other financing Net cash 31 Dec
Slide 18: We reached new milestones regarding sustainability in 2024
We reached new milestones regarding sustainability in 2024 86% 87% of Westwing of our key and Collection suppliers strategic suppliers audited for completed training environmental topics, on social and WE CARE 98% for social environmental for People topics(1) topics(1) 66% 100% share of WE CARE of p
Slide 19: 3. Path to full value creation
3. Path to full value creation 19
Slide 20: 3.a Recap of what Westwing is today
3.a Recap of what Westwing is today 20
Slide 21: Westwing is Europe's leading premium one-stop destination
Westwing is Europe’s leading The Beautiful Living Company premium one-stop destination in Home & Living. 21
Slide 22: 3.b The third phase of our 3-step plan
3.b The third phase of our 3-step plan 22
Slide 23: We're now entering the third phase of our 3-step plan
We’re now entering the third phase of our 3-step plan Turnaround & Building a Scaling with Strategy Update Scalable Platform Operating Leverage 2022-2023 2024-2025 2025-202x Profitability Organisational rightsizing Complexity reduction Cost discipline levers 2 Westwing Collection share increase 3 On
Slide 24: We will be creating many more brand moments
1 Stronger premium brand positioning We will be creating many more “brand moments” to shape our positioning further. 24
Slide 25: For share gains in existing markets, we will continue to create the perfect product assortment
2 3 Westwing Collection share increase & share gains in existing markets For share gains in existing markets, we will continue to create the perfect product assortment, and we will offer more offline touchpoints Product assortment expansion Store expansion The best third-party Westwing Collection de
Slide 26: Westwing Collection growth: many more to come
2 3 Product assortment expansion – Westwing Collection We will continue to grow our Westwing Collection business at a double-digit growth rate Westwing Collection GMV [in EUR million, as % of GMV] 41% 47% 55% +22% 274 +14% 224 197 FY’22 FY’23 FY’24 Many more to come! Note: All figures unaudited. 26
Slide 27: Onboarding the best third-party design brands
2 3 Product assortment expansion – The best third-party design brands The shift in assortment is also driven by onboarding the best third-party design brands. 27
Slide 28: We will open a mid-single-digit number of offline stores in 2025
2 3 Store expansion We will open a mid-single-digit number of offline stores in 2025 Standalone stores Hamburg Hamburg Leipzig Berlin Munich opening soon Berlin opening soon Leipzig Cologne opening soon Cologne Store-in-stores Stuttgart Stuttgart (Breuninger) Paris Munich Paris opening soon (Printem
Slide 29: Newest store in Leipzig, Germany
2 3 Store expansion Since last week, customers can experience our brand and products in our newest store in Leipzig, Germany 29
Slide 30: We will enter 5 to 10 new countries in 2025
4 Country expansion We will increase our operating leverage by SE FI entering 5 to 10 new countries in 2025 NO Expansion so far in 2025 Planned short-term expansion DK Luxembourg Croatia Norway NL PL BE DE CZ Denmark Finland Romania LU SK AT FR CH HU SI HR RO … Greece Slovenia IT Hungary Sweden ES P
Slide 31: What will the 3-step plan lead us to?
What will the 3-step plan lead us to? Turnaround & Building a Scaling with Strategy Update Scalable Platform Operating Leverage 2022-2023 2024-2025 2025-202x Profitability Organisational rightsizing Complexity reduction Cost discipline levers 2 Westwing Collection share increase 3 OneWestwing commer
Slide 32: Our ambition is to be the Superbrand in design
Our ambition is to be the Superbrand in design – the ultimate aspiration in Home & Living. 32
Slide 33: 4. Financial outlook
4. Financial outlook 33
Slide 34: 2025 topline development slightly negative to flat with strong profitability improvements
We expect year-over-year topline development in 2025 to be slightly negative to flat with strong improvements in profitability Revenue assumptions 2025 Market 2024 change in product assortment Slightly negative to flat year-over-year topline development. Meaningful revenue contribution from expansio
Slide 35: Guidance 2025
Guidance 2025 FY 2024 Guidance FY 2025 Revenue EUR 444m EUR 425m to 455m (-4% to +2% yoy growth) Adjusted EUR 25m to 35m EUR 24m EBITDA (+6% to +8% margin) Enabling double-digit positive free cash flow Note: Free cash flow is not part of capital market guidance for FY 2025. Figures in this section a
Slide 36: Ambition to return to significant growth in 2026
Our ambition is to return to significant growth in 2026 while continuously improving profitability Revenue assumptions 2025 2026 Market 2024 change in product assortment Ambition is upper single to double-digit growth rate in 2026. 2025 expansion Profitability assumptions 2025 2026 2024 change in pr
Slide 37: 10%+ adjusted EBITDA margin can be reached in the mid-term
Based on a return to significant growth, a 10%+ adjusted EBITDA margin can be reached in the mid-term Adjusted EBITDA [in % of revenue] 10%+ 2-4% 0.5-1% Strong 1-1.5% 2-3% profitability and 5% compelling cash conversion. Adjusted Gross Fulfilment Marketing G&A 10%+ EBITDA margin adjusted margin in E
Slide 38: 5. Investment highlights
5. Investment highlights 38
Slide 39: Investment highlights
Investment highlights Unique, High relevant margins and Strong Huge market Superbrand customer operating balance potential in design value leverage in sheet proposition scaling • Unique assortment of gor- • Addressing sizeable • Superbrand in design • High margins as a result of • Strong net cash po
Slide 40: 6. Q&A
6. Q&A 40
Slide 41: 7. Appendix
7. Appendix 41
Slide 42: Continuously expanding share of wallet with customers
Continuously expanding share of wallet with customers Active customers and average GMV per active customer [in k, in EUR] 1,800 500 1,600 1,400 400 1,200 300 1,000 800 200 600 400 100 200 0 0 Q4Q1 Q2Q3Q4Q1Q2 Q3Q4Q1Q2Q3 Q4Q1Q2Q3Q4 Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2 Q3Q4Q1Q2Q3 Q4Q1Q2Q3Q4 Q1Q2Q3Q4Q1 Q2Q3Q4 ’13’14’1
Slide 43: KPI overview
KPI overview Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Group KPIs Unit 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 Westwing Collection in % of 25% 22% 26% 28% 31% 32% 38% 37% 37% 38% 44% 44% 46% 46% 48% 47% 51% 53% 58% 58% sha
Slide 44: Consolidated income statement
Consolidated income statement EUR million, in % of revenue FY 2023 FY 2024 Q4 2023 Q4 2024 Revenue 428.6 444.3 131.1 133.9 Cost of sales -215.7 -218.7 -66.5 -66.1 Gross profit 212.9 225.7 64.6 67.9 Fulfilment expenses -90.3 -85.2 -26.1 -23.8 Marketing expenses -45.6 -57.1 -16.1 -17.1 General and adm
Slide 45: Adjusted income statement
Adjusted income statement EUR million, in % of revenue FY 2023 FY 2024 Q4 2023 Q4 2024 Revenue 428.6 444.3 131.1 133.9 Revenue growth yoy -0.5% 3.7% 2.1% 2.2% Cost of Sales -215.7 -218.7 -66.5 -66.1 Gross Profit 212.9 225.7 64.6 67.9 Gross margin 49.7% 50.8% 49.3% 50.7% Fulfilment expenses -90.3 -84
Slide 46: Segment reporting
Segment reporting DACH in EUR million FY 2023 FY 2024 Q4 2023 Q4 2024 Revenue 236.5 252.2 73.9 78.6 yoy growth (in %) -2.4% 6.6% 0.4% 6.5% Adj. EBITDA 16.1 14.5 4.2 7.1 Adj. EBITDA margin % 6.8% 5.8% 5.7% 9.0% International in EUR million FY 2023 FY 2024 Q4 2023 Q4 2024 Revenue 192.1 192.2 57.2 55.3
Slide 47: Excluding adjustments, FY 2024 EBITDA of EUR 15.5 million and EBIT of EUR -4.8 million
Excluding adjustments, FY 2024 EBITDA of EUR 15.5 million and EBIT of EUR -4.8 million Q4 Q4 FY FY EUR million 2023 2024 2023 2024 Adjusted EBITDA 5.9 10.3 17.8 24.0 Adjusted D&A -5.5 -4.0 -19.8 -20.3 Adjusted EBIT 0.4 6.3 -2.0 3.7 Share-based compensation expenses -0.7 0.1 -2.3 0.0 Complexity reduc
Slide 48: Issued share capital
Issued share capital Share information as at 31 December 2024 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 Treasury
Slide 49: Investor Relations Contact
Investor Relations Contact Teresa Fischer Perez-Lozao Director Corporate Finance ir@westwing.de 49
Slide 50: Events
Events 8 May 2025 Publication of first quarter results 14 May 2025 Frühjahreskonferenz Equity Forum 17 June 2025 Annual General Meeting 50