Westwing Group Se · XETR:WEW
Westwing — Q1 2026 Earnings Presentation
31 slides from Westwing's earnings presentation, May 7, 2026
Slide 1: Westwing
WESTWING
Slide 2: Q1 2026 Results
Q1 2026 Results Munich, 7 May, 2026 Copyright © 2023 Westwing. All rights reserved.
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
Slide 4: Agenda
Agenda 01 Businessupdate 02 Financial update 03 Investmenthighlights 04 Q&A 05 Appendix 4
Slide 5: 1. Business update
1. Business update 5
Slide 6: State of Westwing
State of Westwing Q1 topline grew double-digit due to a successful January sales event and continued momentum from expansion. • Revenue increased by 11% year -over -year ( yoy ) to EUR 120 million, driven by a successful sales event and expansion. • Adjusted EBITDA reached EUR 9.6 million (EUR +0.5m
Slide 7: We are advancing in the third phase of our 3-step plan
We are advancing 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 increase O
Slide 8: 2. Financial update
2. Financial update 8
Slide 9: Revenue increased by 11% in Q1 2026
Revenue increased by 11% in Q1 2026 • GMV increase of 13% year - Group revenue [in EUR million] over -year. • Growth was mainly driven by +11% a successful January Sales 120 event and continued 107 momentum from expansion. 57 47 • DACH segment grew by 3% in Q1, while the International segment increa
Slide 10: Improvements in contribution margin reinvested into expansion initiatives
Improvements in contribution margin reinvested into expansion initiatives Delta [as % of revenue] Q1 2025 Q1 2026 26 vs. 25 Driven by favorable one -off inventory effects, improved cost of goods Gross margin 51 .5% 52 .9% +1 .3pp sold, and a modest increase in the share of Westwing Collection. Fulfi
Slide 11: Adjusted EBITDA margin in Q1 2026 reflects investments into expansion to support growth
Adjusted EBITDA margin in Q1 2026 reflects investments intoexpansion to support growth • DACH segment margin Segment adjusted EBITDA [as % of revenue] decreased by 1.1pp in Q1, primarily driven by ramp -up DACH segment costs associated with store -1.1pp portfolio. 9.4% 8.3% • International segment m
Slide 12: Net working capital improved
Net working capital improved Net working capital [in EUR million] • Net working capital remained strong at EUR -6m, reflecting disciplined and -3 effective management. • Customer prepayments -2 increased in line with GMV growth, and stock intake shifted into Q2 due to timing effects. -6 31 Mar. ‘25
Slide 13: CAPEX in Q1 2026 remained at a healthy level
CAPEX in Q1 2026 remained at a healthy level • Investments in intangibles CAPEX [in EUR million, as % of revenue] increased by EUR 0.8m, driven by implementation costs related to the transition of 2.0% 2.0% legacy systems to SaaS -based order and warehouse 0 management systems. 2 2 • Investments int
Slide 14: Strong net cash position of EUR 84 million at the end of March 2026
Strong net cash position of EUR 84 million at the end of March 2026 Net cash [in EUR million] Free cash flow Q1 2026: EUR -2 million 92 0 84 -2 -3 -3 Free cash flow after lease payments Q1 2026: EUR -5 million Net cash Operating cash flow Investing cash flow IFRS 16 Other financing Net cash 31 Dec.
Slide 15: Progress on reduction of outstanding stock options and the current share buyback
We made good progress on the reduction of outstanding stock options and on the current share buyback Five Key Capital Allocation Principles 1 Maintain strong balance sheet and strategic flexibility Outstanding stock options • Further reduction by 539,079 shares ( -15%) 2 Invest selectively in high -
Slide 16: Initial impact from the Middle East conflict remained limited in Q1 2026
While the initial impact from the Middle East conflict remained limited in Q1 2026, we continue to monitor the situation Current impact Risk outlook Worsening consumer sentiment weighing on average Potential longer -term shift in demand towards lower - Topline order value and unit economics. margin
Slide 17: We confirm our guidance for FY 2026
We confirm our guidance for FY 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
Slide 18: 3. Investment highlights
3. Investment highlights 18
Slide 19: 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 20: 4. Q&A
4. Q&A 20
Slide 21: 5. Appendix
5. Appendix 21
Slide 22: Return to growth of active customers
Return to growth of active customers 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 Q4’25 Q1’26 Average GMV LTM per activ
Slide 23: 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 Group KPIs Unit 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Westwing Collection in % of 31% 32% 38% 37% 37% 38% 44% 44% 46% 46% 48% 47% 51% 53% 58% 58% 62% 65% 66%
Slide 24: Consolidated income statement
Consolidated income statement EUR million, in % of revenue FY 2024 FY 2025 Q1 2025 Q1 2026 Revenue 444.3 449.2 107.5 119.7 Cost of sales -218.7 -211.4 -52.1 -56.4 Gross profit 225.7 237.8 55.4 63.3 Fulfilment expenses -85.2 -82.9 -20.8 -22.5 Marketing expenses -57.1 -54.9 -12.8 -16.2 General and adm
Slide 25: Adjusted income statement
Adjusted income statement EUR million, in % of revenue FY 2024 FY 2025 Q1 2025 Q1 2026 Revenue 444.3 449.2 107.5 119.7 Revenue growth yoy 3.7% 1.1% -1.1% 11.4% Cost of Sales -218.7 -211.4 -52.1 -56.4 Gross Profit 225.7 237.8 55.4 63.3 Gross margin 50.8% 52.9% 51.5% 52.9% Fulfilment expenses -84.0 -8
Slide 26: Segment reporting
Segment reporting DACH in EUR million FY 2024 FY 2025 Q1 2025 Q1 2026 Revenue 252.2 246.8 60.7 62.6 yoy growth (in %) 6.6% -2.1% 1.0% 3.2% Adj. EBITDA 14.5 24.7 5.7 5.2 Adj. EBITDA margin % 5.8% 10.0% 9.4% 8.3% International in EUR million FY 2024 FY 2025 Q1 2025 Q1 2026 Revenue 192.2 202.4 46.8 57.
Slide 27: Excluding adjustments, Q1 2026 EBITDA of EUR 3.9 million and EBIT of EUR 0.2 million
Excluding adjustments,Q1 2026 EBITDA of EUR 3.9 million and EBIT of EUR 0.2 million FY FY Q1 Q1 EUR million 2024 2025 2025 2026 Adjusted EBITDA 24 .0 44 .0 9.1 9.6 Adjusted D&A -20 .3 -14 .9 -3.8 -3.7 Adjusted EBIT 3.7 29.0 5.3 5.9 Share -based compensation expenses 0.0 -7.8 -1.9 -5.3 Complexity red
Slide 28: Share Buyback Program 2026
Share Buyback Program 2026 Share information as of and including 30 April 2026 Stock exchange Frankfurt Stock Exchange Market segment Regulated market ( prime standard) Total number of shares cancelled 1,253,968 Maximum number of shares 700, 000 Maximum aggregate purchase price EUR 8,000,000 Total:
Slide 29: Issued share capital
Issued share capital Share information as at 31 March 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
Slide 30: In February, we entered the UK market, our largest country expansion opportunity in Europe
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 Service in London. • Fu
Slide 31: Financial Calendar & Contact
Financial Calendar & Contact 12 May 2026 Frühjahreskonferenz Equity Forum 9 June 2026 Annual General Meeting 6 August 2026 Publication of half -year financial report ir@westwing.de 31