Westwing Group Se · XETR:WEW

Westwing — Q2 2026 Earnings Presentation

36 slides from Westwing's earnings presentation, Aug 6, 2026

1. Slide 1: Westwing

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2. Slide 2: Q2 2026 Results

   Q2 2026 Results Munich, August 6 th, 2026 Copyright © 2026 Westwing. All rights reserved.

3. Slide 3: 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

4. Slide 4: Agenda

   Agenda Business Update Financial Update Investment Highlights Q&A Appendix 4

5. Slide 5: Business Update

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6. Slide 6: State of Westwing

   State of Westwing We delivered strong growth amid a challenging macro environment. • Revenue increased by 14% year -over -year (yoy ), driven by country expansion and strong recurring sales events. • Adjusted EBITDA reached EUR 5.4 million at a 4.8% margin ( -1.5pp yoy ), impacted by expected macro

7. Slide 7: We are making progress in the third phase of our 3-step plan

   We are making progress in 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 share incre

8. Slide 8: We aim to drive share gains also through offline GMV growth

   1 Share gains in existing markets We aim to drive share gains also through offline GMV growth Standalone stores Hamburg Copenhagen Leipzig Berlin Cologne Hamburg Frankfurt Berlin Munich(1) Leipzig Duesseldorf Cologne Store-in-stores Frankfurt Stuttgart CZ (Breuninger) Stuttgart Paris Paris Munich (P

9. Slide 9: We strengthened our physical brand and product experience by opening two new stores

   1 Share gains in existing markets We strengthened our physical brand and product experience by opening two new stores Munich store Frankfurt store 9

10. Slide 10: We launched three new countries and continued to scale operations

    2 Country expansion We launched three new countries and continued to scale operations SE FI • Our expansion markets (i.e. countries launched since May NO 2024) accounted for 12% of Group GMV in Q2 2026. EE • The UK market showed strong momentum, becoming LV already our largest market among all expan

11. Slide 11: Financial Update

    Financial Update 11

12. Slide 12: Strong revenue growth continued in Q2

    Strong revenue growth continued in Q2 Group revenue development [in EUR million] +13% • Topline development was 233 driven by country expansion 207 and stronger recurring sales +14% events. 113 100 H1’25 H1’26 Q2’25 Q2’26 Note: All figures unaudited. 12

13. Slide 13: On segment level, both DACH and International delivered strong growth in Q2 2026

    On segment level, both DACH and International delivered strong growth in Q2 2026 Segment revenue [in EUR million] DACH segment International segment • Solid growth in the DACH segment, supported by store expansion. +10% +19% • Strong growth in the 59 54 54 International segment driven 45 by our expa

14. Slide 14: Adjusted EBITDA was impacted by macro-driven pressure and negative one-off effects

    Adjusted EBITDA was impacted by macro-driven pressure and negative one -off effects Adjusted EBITDA [in EUR million, as % of revenue] • Q2 adjusted EBITDA decreased by EUR 1m yoy 7.4% 6.4% 6.3% 4.8% from macro -driven pressure -0 on contribution margin (incl. 15 15 fuel prices), as well as negative

15. Slide 15: Q2 contribution margin contracted while G&A continued to see significant scale effects

    Q2 contribution margin contracted while G&A continued to see significant scale effects Delta Delta H1 2025 H1 2026 Q2 2025 Q2 2026 [as % of revenue] 26 vs. 25 26 vs. 25 Driven by a slightly lower Westwing Gross margin 52 .1% 52 .4% +0 .3pp 52 .6% 51 .9% -0.7pp Collection share and overall margin pre

16. Slide 16: DACH segment saw bigger impact from mix effects and investments in freight quality

    DACH segment saw bigger impact from mix effects and investments in freight quality Segment adjusted EBITDA [in EUR million, as % of revenue] DACH segment • Both segments were affected 8.1% 6.2% 6.5% 4.0% by negative one -offs from the migration to new order and -2 -1 9 4 warehouse management 8 2 sys

17. Slide 17: Net working capital improved significantly year-over-year and remained negative

    Net working capital improved significantly year - over-year and remained negative Net working capital [in EUR million] Net inventory [in EUR million and as a percentage of LTM revenues] • Net working capital improved by EUR 11m yoy, mainly 12.4% 11.8% reflecting a favourable development in trade -11

18. Slide 18: CAPEX ratio increased slightly in H1 2026 due to system migrations

    CAPEX ratio increased slightly in H1 2026 due to system migrations CAPEX [in EUR million, as % of revenue] 2.1% 2.4% • Intangible assets: temporarily increased +1 CAPEX mostly related to 6 the migration to new order 4 and warehouse management systems. H1’25 H1’26 Property, plant and equipment Intang

19. Slide 19: Net cash remained strong at EUR 68 million at the end of June 2026

    Net cash remained strong at EUR 68 million at the end of June 2026 Net cash [in EUR million] Free cash flow Q2 2026: EUR -9 million 84 -7 -3 68 -3 -3 Free cash flow after lease payments Q2 2026: EUR -12 million Net cash Operating cash flow Investing cash flow IFRS 16 Other financing Net cash 31 Mar.

20. Slide 20: The adjustment for stock option settlements highlights the strong net working capital-driven cash flow

    The adjustment for stock option settlements highlights the strong net working capital-driven cash flow improvement in H1 2026 Pro forma free cash flow adjusted for leases and stock option settlements [in EUR million] H1 2025 H1 2026 6 -8 -11 -13 2 -17 -6 3 -6 0 Free cash flow Leases Stock option Fre

21. Slide 21: The reduction of legacy options lowered dilution risks from potential share price increases

    • Management continued to The reduction of legacy options lowered dilution accelerate the exercise of legacy stock option risks from potential share price increases programmes in H1 2026 through forced exercises Development of the number of outstanding stock options [in million options] (overall avg

22. Slide 22: We successfully completed the share buyback programme and remain committed to our capital allocation

    We successfully completed the share buyback programme and remain committed to our capital allocation principles Five Key Capital Allocation Principles 1 Maintain strong balance sheet and strategic flexibility 2 Invest selectively in high -return opportunities Share Buyback Programme Feb -July 2026 3

23. Slide 23: We confirm our guidance for FY 2026

    We confirm our guidance for FY 2026 Actuals FY 2025 Guidance FY 2026 EUR 470 m to 495 m (5% to 10% yoy growth) Revenue EUR 449 m Revenue expected in the upper half of guided range Adjusted EUR 36 m to 48 m EUR 44m EBITDA (7.7% to 9.7% margin) Strong cash conversion (1) Note: (1) Excludes cash settle

24. Slide 24: Investment Highlights

    Investment Highlights 24

25. Slide 25: Investment Highlights

    Investment Highlights UNIQUE, RELEVANT HUGE MARKET POTENTIAL SUPERBRAND IN DESIGN HIGH MARGINS AND STRONG BALANCE SHEET CUSTOMER VALUE OPERATING LEVERAGE PROPOSITION IN SCALING • Unique assortment of • Addressing the • Superbrand in Design • High margins as a result • Strong net cash position gorgeo

26. Slide 26: Q&A

    Q&A 26

27. Slide 27: Appendix

    Appendix 27

28. Slide 28: Active customer year-over-year growth continues for the second consecutive quarter

    Active customer year -over-year growth continues for the second consecutive quarter, with recent additions not yet fully reflected in average LTM KPIs 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 Q

29. 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 Q4 Q1 Q2 Group KPIs Unit 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Westwing Collection in % of 31% 32% 38% 37% 37% 38% 44% 44% 46% 46% 48% 47% 51% 53% 58% 58% 62%

30. Slide 30: Consolidated income statement

    Consolidated income statement EUR million, in % of revenue H1 2025 H1 2026 Q2 2025 Q2 2026 Revenue 207.1 233.1 99.6 113.4 Cost of sales -99.3 -111.0 -47.2 -54.5 Gross profit 107.8 122.2 52.4 58.8 Fulfilment expenses -39.8 -47.1 -19.0 -24.6 Marketing expenses -26.0 -31.2 -13.2 -15.0 General and admin

31. Slide 31: Adjusted income statement

    Adjusted income statement EUR million, in % of revenue H1 2025 H1 2026 Q2 2025 Q2 2026 Revenue 207.1 233.1 99.6 113.4 Revenue growth yoy -3.5% 12.6% -6.1% 13.8% Cost of Sales -99.3 -111.0 -47.2 -54.5 Gross Profit 107.8 122.2 52.4 58.8 Gross margin 52.1% 52.4% 52.6% 51.9% Fulfilment expenses -39.8 -4

32. Slide 32: Segment reporting

    Segment reporting DACH in EUR million H1 2025 H1 2026 Q2 2025 Q2 2026 Revenue 114.9 122.1 54.2 59.4 yoy growth (in %) -4.2% 6.3% -9.5% 9.7% Adj. EBITDA 9.3 7.6 3.5 2.4 Adj. EBITDA margin % 8.1% 6.2% 6.5% 4.0% International in EUR million H1 2025 H1 2026 Q2 2025 Q2 2026 Revenue 92.2 111.0 45.4 54.0 y

33. Slide 33: Excluding adjustments, H1 2026 EBITDA of EUR 6.5 million and EBIT of EUR -1.2 million

    Excluding adjustments, H1 2026 EBITDA of EUR 6.5 million and EBIT of EUR -1.2 million H1 H1 Q2 Q2 EUR million 2025 2026 2025 2026 Adjusted EBITDA 15.3 15.0 6.2 5.4 Adjusted D&A -7.8 -7.7 -4.0 -3.9 Adjusted EBIT 7.6 7.4 2.3 1.5 Share -based compensation expenses -1.6 -7.7 0.3 -2.4 Complexity reductio

34. Slide 34: We completed the share buyback programme 2026

    We completed the share buyback programme 2026 Share information as of and including 29 July 2026 Stock exchange Frankfurt Stock Exchange Market segment Regulated market ( prime standard) Number of shares bought back 512 ,118 [maximum allowance 700,000 shares] Aggregate purchase price EUR 8,000,000 [

35. Slide 35: Issued share capital

    Issued share capital Share information as at 30 June 2026 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 19,650,000 Issued share capital EUR 19,650,000 Treasury

36. Slide 36: Events

    Events 21 September 2026 Baader Investment Conference 22 September 2026 Berenberg & Goldman Sachs German Corporate Conference 5 November 2026 Publication of third quarter results 23 - 25 November 2026 Deutsches Eigenkapitalforum 36

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