Slide 1: Q2 2025 Results
Q2 2025 Results Munich, 7 August, 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 We continued to improve profitability significantly despite negative topline, as expected. • GMV decline of 3.6% year-over-year (yoy) due to a more premium and smaller product assortment. • June GMV grew slightly with upward trend strengthening in July. We continue to expect a posi
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 are working on key growth levers of the third phase Turnaround & Building a Scaling with Strategy Update Scalable Platform Operating Leverage 2022-2023 2024-2025 2025-202x Profitability Organisational rightsizing Complexity reduction Co
Slide 7: Westwing Collection growth remains strong
1 Westwing Collection share increase Westwing Collection growth remains strong Westwing Collection share [as % of GMV] 100% 35% 47% 54% 68% 62% 78% 78% 65% 53% 46% 32% 38% 22% 22% Q2’19 Q2’20 Q2’21 Q2’22 Q2’23 Q2’24 Q2’25 Represents EUR 72m Westwing Collection 3rd party suppliers Westwing Collection
Slide 8: We are on track to open seven offline stores in 2025
2 3 Share gains in existing markets and stronger premium brand positioning We are on track to open seven offline stores in 2025 Standalone stores Hamburg Copenhagen Leipzig Munich Berlin Hamburg Cologne opening soon Berlin Leipzig Store-in-stores Dusseldorf Stuttgart Cologne (Breuninger) Paris CZ (P
Slide 9: We strengthened our physical brand and product experience by opening two new stores
2 3 Share gains in existing markets and stronger premium brand positioning We strengthened our physical brand and product experience by opening two new stores: Munich and Berlin 9
Slide 10: Design Collaboration
3 Stronger premium brand positioning Design Collaboration We launched an exclusive collaboration with visionary artist and designer Harry Nuriev, presenting the special product collection in an immersive, curated showroom in Paris with impressive media response. Strictly Confidential 10
Slide 11: Westwing
WESTWING ROSBY WESTWING. a
Slide 12: We expanded our geographic footprint significantly by bringing 8 new countries live in 2025
4 Country expansion We expanded our geographic footprint significantly by bringing already 8 new countries live in 2025 NO SE FI Expansion so far in 2025 Planned expansion Q3 2025 DK Luxembourg Finland Romania NL PL 02/25 06/25 DE BE CZ LU Greece SK Denmark Slovenia FR CH AT HU 03/25 06/25 SI HR RO
Slide 13: 2. Financial Update
2. Financial Update
Slide 14: GMV declined by 3.6% in Q2
• Negative topline development GMV declined by 3.6% in Q2 in line with guidance due to switch to a more premium and smaller product assortment, in Group topline development [in EUR million] Q2 especially affecting DACH segment. GMV Revenue • Comparably less decline in GMV vs. revenue driven by -3.6%
Slide 15: Both adjusted EBITDA and EBIT improved significantly year-over-year in Q2
Both adjusted EBITDA and EBIT improved significantly year-over-year in Q2 Profitability development [in EUR million] Adjusted EBITDA EBIT +2 6 • Adjusted EBITDA in Q2 increased by EUR 2m year- over-year, while EBIT had 4 +5 an even greater increase of 2 EUR 5m year-over-year, primarily driven by low
Slide 16: Clear improvements across almost all P&L lines leading to +2.6pp increase in adjusted EBITDA margin
Clear improvements across almost all P&L lines leading to +2.6pp increase in adjusted EBITDA margin in Q2 Delta Delta H1 2024 H1 2025 Q2 2024 Q2 2025 [as % of revenue] 25 vs. 24 25 vs. 24 Mainly driven by increased Westwing Gross margin 51.0% 52.1% +1.1pp 50.6% 52.6% +2.1pp Collection share. Fulfilm
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 +2.9pp +2.1pp 8.1% 6.5% 5.1% 4.5% H1’24 H1’25 Q2’24 Q2’25 International segment +2.4pp +3.6pp 6.7% 6.1% 4.3% 2.5% H1’24 H1’25 Q2’24 Q2’25 Note: Figures in this section are presented o
Slide 18: Transformation and share buybacks significantly increased earnings per share
Our successful transformation and last year’s share buybacks significantly increased 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 Earnings per share LTM [in EUR, undiluted] 0.63 0.43 0.18 0.21 -0.03 -0.28
Slide 19: Net working capital primarily affected by the reduction in trade payables
Net working capital primarily affected by the reduction in trade payables Net working capital [in EUR million] • Net working capital was primarily affected by the +16 reduction in trade payables following inventory increase, 5 especially for new product launches during the first half of the year. •
Slide 20: CAPEX in H1 2025 remained at a healthy level
CAPEX in H1 2025 remained at a healthy level CAPEX [in EUR million, as % of revenue] • Property, plant and equipment: 2.1% 2.1% increased investments related to new stores. 0 4 4 • Intangible assets: reduced CAPEX for internally developed Technology assets in line with our SaaS-strategy (Software-as
Slide 21: Strong net cash position of EUR 50 million at the end of June 2025
Strong net cash position of EUR 50 million at the end of June 2025 Net cash [in EUR million] Free cash flow Q2 2025: EUR -5 million 57 -3 0 50 -2 -3 Free cash flow after lease payments Q2 2025: EUR -7 million Net cash Operating cash flow Investing cash flow IFRS 16 Other financing Net cash 31 Mar. ‘
Slide 22: We confirm our guidance for FY 2025
We confirm our guidance for FY 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. Fig
Slide 23: We confirm our 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 2024 change in product assortment Ambition is high single- to double-digit growth rate in 2026. 2025 expansion Profitability assumptions 2025 2026 2024 chan
Slide 24: 3. Investment Highlights
3. Investment Highlights
Slide 25: 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 • 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 per active customer [in k, in EUR] Declining # of active customers due to shift to a mostly global, 1,800 500 more premium and smaller product assortment. 1,600 1,400 400 1,200 300 1,000 800 200 600 400 100 200 0
Slide 29: KPI overview
KPI overview Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Group KPIs Unit 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Westwing Collection in % of 31% 32% 38% 37% 37% 38% 44% 44% 46% 46% 48% 47% 51% 53% 58% 58% 62% 65% share GMV Active customers
Slide 30: Consolidated income statement
Consolidated income statement EUR million, in % of revenue H1 2024 H1 2025 Q2 2024 Q2 2025 Revenue 214.7 207.1 106.0 99.6 Cost of sales -105.3 -99.3 -52.4 -47.2 Gross profit 109.4 107.8 53.6 52.4 Fulfilment expenses -43.3 -39.8 -21.3 -19.0 Marketing expenses -27.4 -26.0 -13.4 -13.2 General and admin
Slide 31: Adjusted income statement
Adjusted income statement EUR million, in % of revenue H1 2024 H1 2025 Q2 2024 Q2 2025 Revenue 214.7 207.1 106.0 99.6 Revenue growth yoy 4.9% -3.5% 4.1% -6.1% Cost of Sales -105.3 -99.3 -52.4 -47.2 Gross Profit 109.4 107.8 53.6 52.4 Gross margin 51.0% 52.1% 50.6% 52.6% Fulfilment expenses -42.5 -39.
Slide 32: Segment reporting
Segment reporting DACH in EUR million H1 2024 H1 2025 Q2 2024 Q2 2025 Revenue 119.9 114.9 59.8 54.2 yoy growth (in %) 7.9% -4.2% 8.2% -9.5% Adj. EBITDA 6.2 9.3 2.7 3.5 Adj. EBITDA margin % 5.1% 8.1% 4.5% 6.5% International in EUR million H1 2024 H1 2025 Q2 2024 Q2 2025 Revenue 94.7 92.2 46.2 45.4 yo
Slide 33: Excluding adjustments, H1 2025 EBITDA of EUR 12.5 million and EBIT of EUR 4.7 million
Excluding adjustments, H1 2025 EBITDA of EUR 12.5 million and EBIT of EUR 4.7 million H1 H1 Q2 Q2 EUR million 2024 2025 2024 2025 Adjusted EBITDA 10.2 15.3 3.9 6.2 Adjusted D&A -11.1 -7.8 -5.5 -4.0 Adjusted EBIT -1.0 7.6 -1.6 2.3 Share-based compensation expenses 0.0 -1.6 -0.7 0.3 Complexity reducti
Slide 34: Issued share capital
Issued share capital Share information as at 30 June 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 Treasury sha
Slide 35: Investor Relations Contact
Investor Relations Contact Teresa Fischer Perez-Lozao Director Corporate Finance ir@westwing.de
Slide 36: Events
Events 22 September 2025 Baader Investment Conference 23 September 2025 Berenberg & Goldman Sachs German Corporate Conference 6 November 2025 Publication of third quarter results 25 & 26 November 2025 Deutsches Eigenkapitalforum