Slide 1: Full Year 2025 Results
Full Year 2025 Results Munich, 26 March 2026 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
Slide 3: Agenda
Agenda 01 Business update 02 Financial update 03 Our three-step value creation plan: recap & 2026 focus 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 2025
Westwing’s key achievements of 2025 We delivered on all our 2025 financial commitments. • Adjusted EBITDA year -over -year (yoy) increase of 84% to EUR 44 million (9.8% margin), significantly above initial guidance . • GMV growth of 2.0% and revenue growth of 1.1% yoy despite changes in product asso
Slide 6: We delivered results at the upper end of 2025 guidance
2025 guidance 2025 results We delivered EUR 425m to 455m -4% to +2% EUR 449m +1.1% Revenue results at the yoy growth yoy growth upper end and EUR 25m to 35m EUR 44m above our FY Adjusted EBITDA 6% to 8% margin EUR 42m to 45m Guidance update 16 Jan. 2026 9.8% margin 2025 guidance Free cash EUR 34m fl
Slide 7: We completed the second and entered the third phase of our 3-step plan
We completed the second and entered the third phase of our-step 3 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 Westwing Collection s
Slide 8: 2. Financial update
2. Financial update 8
Slide 9: Strong topline growth in Q4, ending year at +1% full-year revenue growth
Strong topline growth in Q4, ending year at +1% full-year revenue growth Group revenue [in EUR million] • FY growth delivered despite Full year Quarter dampening effect on topline due to the shift towards a +1% more premium and smaller 444 449 product assortment. • Q4 growth mainly driven by 192 202
Slide 10: Strong improvements across all P&L lines
Strong improvements across all P&L lines Delta Delta FY 2024 FY 2025 Q4 2024 Q4 2025 [as % of revenue] 25 vs. 24 25 vs. 24 Higher Westwing Collection share, lower sea freight costs, lower impact from inventory Gross margin 50 .8% 52 .9% +2.1pp 50.7 % 54 .3% +3 .7pp depreciation. Increased average or
Slide 11: Record-level profitability achieved in both segments
Record-level profitability achieved in both segments Segment adjusted EBITDA [in EUR million, as % of revenue] DACH segment 5.8% 10.0% 9.0% 15.5% • Our centralised and scalable +70% platform allows both 25 segments to operate at +74% 15 12 7 similar profitability levels . • The DACH segment includes
Slide 12: Negative net working capital and disciplined inventory management drove capital efficiency
Negative net working capital and disciplined inventory management drove capital efficiency Net working capital [in EUR million] Net Inventory [in EUR million] • Negative net working capital end of 2025, driven by strong Q4 topline and inventory +1 reduction. -2 48 45 • Net inventory was slightly low
Slide 13: We continued to operate a CAPEX light business model while investing in seven new stores
We continued to operate a CAPEX light business model while investing in seven new stores CAPEX [in EUR million, as % of revenue] • Significantly decreased 2.3% 1.9% investments into intangibles as we transitioned to a SaaS - -2 based technology platform. 10 9 • Increased investments into property, p
Slide 14: High cash conversion with FY 2025 net cash increase of EUR 23m
Our business model allows for high cash conversion with a FY 2025 net cash increase of EUR 23m, including -4m for stock option settlements Net cash [in EUR million] Free cash flow FY 2025: EUR 34 million Includes EUR -4m related to the exercise of 39 employee stock options. -5 0 92 -11 69 Free cash
Slide 15: Share buybacks, cancellation of shares and active management of stock options
We are committed to increase shareholder value further through share buybacks, cancellation of shares and active management of stock options Average number of shares in circulation (1) Five Key Capital Allocation Principles • Maintain strong balance sheet and strategic flexibility [in million, undil
Slide 16: 3. Our three-step value creation plan: recap & 2026 focus
3. Our three-step value creation plan: recap & 2026 focus 16
Slide 17: 3.1 Recap of Westwing's financial transformation: the first two phases
3.1 Recap of Westwing’s financial transformation: the first two phases 17
Slide 18: 3 years of transformation: the first 2 phases of our 3-step-plan
3 years of transformation: the first 2 phases of our-step-plan 3 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 i
Slide 19: Our new commercial model plus complexity reduction changed the structure of our P&L
Our new commercial model plus complexity reduction fundamentally changed the structure of our P&L Delta FY 2022 FY 2025 [as % of revenue] 25 vs. 22 Changed what we sell: A lot more Westwing Collection, less Gross margin 47.1% 52 .9% +5.9pp (discounted) third -party products, more premium positioning
Slide 20: We substantially changed what we sell by focusing on the Westwing Collection
We substantially changed what we sell by focusing on the Westwing Collection and reducing third -party non-premium assortment GMV [in EUR million and GMV share with ≤ 10% discount] • In 2022, the dominant business 507 model of Westwing was the 481 481 497 shopping club with majority third-party offe
Slide 21: We centralised all functions and operate with a much smaller team
We centralised all functions and operate the new commercial model with a much smaller team Full -time Employees (FTE) [as at quarter -end] Change from a non -sustainable -48% to a lean team setup: 2,309 • Streamlined international operations through a global assortment and warehouse 1,657 closures.
Slide 22: We improved adj. EBITDA in three years by EUR 48m
As a result of our transformation, we improved adj. EBITDA in three years b EUR 48m, in absence of scale effects Adjusted EBITDA [in EUR million and as % of revenue] -1.0% 5.9pp 3.3pp -3.0pp 5.5pp -0.9pp 9.8% -3 44 11 21 -15 35 -4 Adjusted EBITDA Gross profit Fulfilment Marketing G&A (1) D&A Adjuste
Slide 23: The successful turnaround is also reflected in our earnings per share
The successful turnaround is also reflected in our earnings per share Earnings per share [in EUR, undiluted] 2.08 1.55 0.18 -0.30 -0.25 -0.61 -1.33 -1.58 FY’22 FY’23 FY’24 FY’25 Unadjusted Adjusted Note: Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based payme
Slide 24: 3.2 Strategic focus for 2026
3.2 Strategic focus for 2026 24
Slide 25: In 2026, we focus on driving the new growth levers while delivering high profitability
In 2026, we focus on driving the new growth levers while still delivering high profitability 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
Slide 26: We plan to continue to grow the Westwing Collection
1 Westwing Collection share increase We plan to continue to grow the Westwing Collection Westwing Collection GMV [in EUR million; as % of GMV ] We plan to continue to scale the Westwing 47% 55% 63% Collection, but Group GMV share gain will slow down. 321 274 224 FY’23 FY’24 FY’25 FY’26E Note: All fi
Slide 27: We aim to drive share gains also through offline GMV growth
2 Share gains in existing markets We aim to drive share gains also through offline GMV growth Standalone stores Hamburg Copenhagen Leipzig Munich(1) Hamburg Berlin Berlin Cologne Frankfurt opening soon Leipzig Duesseldorf Cologne Store-in-stores Frankfurt Stuttgart CZ (Breuninger) Stuttgart Paris Pa
Slide 28: In February, we entered the UK market
3 Country expansion In February, we entered the UK market, our largest country expansion opportunity in Europe • Nearly full product assortment available, including well -known third - party brands such as Gubi. • All premium services launched, including Design Service, B2B, and branded Delivery Ser
Slide 29: In 2026 we'll be delivering growth through our new markets
3 Country expansion In 2026 we’ll be delivering growth through our new markets SE FI NO • In 2024/25, we expanded to Portugal , Luxembourg , Denmark , Sweden , Croatia , Finland , Slovenia , Norway , Hungary , Greece DK and Romania . • 10 out of 11 countries on track to reach full UK (2) NL PL payba
Slide 30: In 2026, we will focus on driving the new growth levers
In 2026, we will focus on driving the new growth levers while still delivering high profitability Turnaround & Building a Scaling with Strategy Update Scalable Platform Operating Leverage 2022 -2023 2024 -2025 2025 -202x Profitability Organisational rightsizing Complexity reduction Cost discipline l
Slide 31: 4. Financial outlook
4. Financial outlook 31
Slide 32: We haven't returned to sustained structural growth yet
While we accelerated topline growth over the past quarters, we haven’t returned to sustained structural growth yet GMV year -over-year growth rates • Country expansion began ramping Driven by January up in Q3 2025. Sale event . Driven by c. 12% • Effects of the transition to a global, Black Week . m
Slide 33: Current trading and key assumptions for 2026
While mindful of ongoing market challenges, we remain optimistic about delivering growth and high profitability Current trading Key assumptions for 2026 • Already contributing significantly to topline ( Q4 • Recently launched UK adds momentum. Country Expansion 2025: 6% of group GMV), growing furthe
Slide 34: Guidance 2026
Guidance 2026 Actuals FY 2025 Guidance FY 2026 Revenue EUR 449 m EUR 470 m to 495 m (5% to 10% yoy growth) Adjusted EUR 36 m to 48 m EUR 44m EBITDA (7.7% to 9.7% margin) Strong cash conversion (1) Note: (1) Excludes cash settlement of outstanding stock options. Figures in this section are presented
Slide 35: 5. Investment highlights
5. Investment highlights 35
Slide 36: Investment highlights
Investment highlights Unique, High relevant Huge Superbrand margins and Strong customer market in design operating balance value potential leverage in sheet proposition scaling • Unique assortment of • Addressing the premium • Superbrand in design • High margins as a result of • Strong net cash posi
Slide 37: 6. Q&A
6. Q&A 37
Slide 38: 7. Appendix
7. Appendix 38
Slide 39: Return to growth of active customers quarter-over-quarter
Return to growth of active customers quarter -over-quarter Active customers and average GMV LTM per active customer [in k, in EUR] 1,600 500 1,400 400 1,200 1,000 300 800 600 200 400 100 200 0 0 Q1 ’22 Q2 ’22 Q3 ’22 Q4 ’22 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ´25
Slide 40: 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 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 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% 61% sha
Slide 41: Consolidated income statement
Consolidated income statement EUR million, in % of revenue FY 2024 FY 2025 Q4 2024 Q4 2025 Revenue 444.3 449.2 133.9 143.1 Cost of sales -218.7 -211.4 -66.1 -65.3 Gross profit 225.7 237.8 67.9 77.8 Fulfilment expenses -85.2 -82.9 -23.8 -24.5 Marketing expenses -57.1 -54.9 -17.1 -15.2 General and adm
Slide 42: Adjusted income statement
Adjusted income statement EUR million, in % of revenue FY 2024 FY 2025 Q4 2024 Q4 2025 Revenue 444.3 449.2 133.9 143.1 Revenue growth yoy 3.7% 1.1% 2.2% 6.8% Cost of Sales -218.7 -211.4 -66.1 -65.3 Gross Profit 225.7 237.8 67.9 77.8 Gross margin 50.8% 52.9% 50.7% 54.3% Fulfilment expenses -84.0 -82.
Slide 43: Segment reporting
Segment reporting DACH in EUR million FY 2024 FY 2025 Q4 2024 Q4 2025 Revenue 252.2 246.8 78.6 79.6 yoy growth (in %) 6.6% -2.1% 6.5% 1.2% Adj. EBITDA 14.5 24.7 7.1 12.3 Adj. EBITDA margin % 5.8% 10.0% 9.0% 15.5% International in EUR million FY 2024 FY 2025 Q4 2024 Q4 2025 Revenue 192.2 202.4 55.3 6
Slide 44: Excluding adjustments, FY 2025 EBITDA of EUR 33.8 million and EBIT of EUR 18.9 million
Excluding adjustments, FY 2025 EBITDA of EUR 33.8 million and EBIT of EUR 18.9 million Q4 Q4 FY FY EUR million 2024 2025 2024 2025 Adjusted EBITDA 10 .3 22.6 24 .0 44 .0 Adjusted D&A -4.0 -3.6 -20 .3 -14 .9 Adjusted EBIT 6.3 18.9 3.7 29.0 Share -based compensation expenses 0.1 -0.4 0.0 -7.8 Complexi
Slide 45: Overview of share buybacks and cancellations
Overview of share buybacks and cancellations 10.6 8.0 Invested 3.7 As at 20.03.2026: cash 0.5 0.0 EUR 2.4m [EURm] FY’22 FY’23 FY’24 FY’25 Max. current program (1) 1,290,340 420,141 700,000 Purchased As at 20.03.2026: # of shares 55,755 0 141,608 shares FY’22 FY’23 FY’24 FY’25 Max. current program (1
Slide 46: We're actively reducing dilution risks from legacy stock option programs
We’re actively reducing dilution risks from legacy stock option programs Total number of outstanding options[in million, end of reporting period] • Outstanding stock options are made up by legacy and Weighted EUR EUR EUR current programs for (former) average strike price 12.49 12.56 12.85 employees
Slide 47: Issued share capital
Issued share capital Share information as at 31 Dec ember 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 Treas
Slide 48: Financial Calendar & Contact
Financial Calendar & Contact 7 May 2026 Publication of first quarter results 12 May 2026 Frühjahreskonferenz Equity Forum 9 June 2026 Annual General Meeting ir@westwing.de 48