In Q2 2025, Westwing delivers strong adjusted EBITDA growth and confirms FY 2025 guidance

• In Q2 2025, adjusted EBITDA increased by 61% year-over-year to EUR 6 million at an adjusted EBITDA margin of 6.3%, corresponding to a margin increase of 2.6 percentage points.
• Gross Merchandise Volume (GMV) declined by 3.6% year-over-year due to a more premium and smaller product assortment. 
• Westwing Collection delivered strong growth of 19% year-over-year, resulting in an all-time high GMV share of 65%.
• Free cash flow amounted to EUR -5 million in Q2, and net cash position stood at EUR 50 million at the end of June 2025.
• Westwing already launched its website in eight new countries and opened three standalone stores as well as one store-in-store this year.
• Westwing confirms the financial guidance for FY 2025 and its 2026 ambition to return to high single- to double-digit growth.

Munich, 7 August 2025 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s #1 in Beautiful Living e-commerce and premium one-stop destination for design lovers, announces its results for the second quarter of 2025.

In Q2 2025, Westwing continued to deliver a strong improvement in profitability. Adjusted EBITDA increased by 61% year-over-year to EUR 6 million (Q2 2024: EUR 4 million), corresponding to a margin of 6.3%, representing a year-over-year improvement of 2.6 percentage points. EBIT increased by EUR 5 million year-over-year to EUR 2 million (Q2 2024: EUR -3 million), reflecting the successful implementation of complexity reduction measures in 2024. The overall profitability uplift was driven by margin improvements, operational efficiency gains and disciplined cost management - all achieved despite negative scale effects.

Gross Merchandise Volume (GMV) declined by 3.6% year-over-year. This development was primarily driven by the negative topline impact of the transition to a more premium and smaller product assortment. Revenue amounted to EUR 100 million, representing a decline of 6.1% compared to the same period last year, in line with guidance. June GMV grew slightly with the upward trend strengthening in July. Westwing continues to expect a positive H2 2025.

Free cash flow was negative at EUR -5 million in the second quarter of 2025 and net working capital stood at EUR 5 million end of June. Net working capital was primarily impacted by a reduction in trade payables, resulting from a temporary inventory build-up driven by the launch of a significant number of new Westwing Collection products in the first half of the year. Inventory levels are expected to decrease in the second half of 2025 with positive effects on net working capital. Net cash stood at EUR 50 million at the end of June. 

In the second quarter of 2025, Westwing made good progress on its 3-step value creation plan to unlock the full value potential:

• The Westwing Collection grew by 19% year-over-year, reaching an all-time high of 65% of GMV (an increase of 12pp compared to Q2 2024), further improving margins and brand differentiation.
• Westwing successfully expanded its geographic footprint by launching eight new countries this year, with plans to enter two more countries by year-end.
• The opening of new stores in Munich and Berlin strengthened the physical brand and product experience for Westwing’s customers. 
• Additionally, brand visibility was further elevated through high-impact initiatives, including an exclusive product collaboration with the renowned artist and designer Harry Nuriev, reinforcing Westwing’s position as a leading premium design brand.

The Company remains confident in achieving its operational and financial targets for 2025, laying the foundation for a return to high single- to double-digit growth in 2026, with further improved profitability.

CEO Statement

Dr Andreas Hoerning, CEO of Westwing, commented: "Westwing delivered a strong first half of the year in terms of profitability, driven by the changes we successfully implemented in 2024. As we progress into the third phase of our 3-step value creation plan, we are well on track to unlock Westwing´s full value potential.”

Financial Outlook 2025

Westwing confirms its outlook for FY 2025, as published in March 2025. The Company delivered the first half of the year in line with expectations. The negative impact on topline development from the introduction of a mostly global, more premium and smaller product assortment is expected to ease during the second half of the year. Therefore, for the full year 2025, Westwing forecasts revenue between EUR 425 million and EUR 455 million with a year-over-year growth rate of -4% to +2%. While topline outlook remains dampened, the transformation of 2024 allows for significant profitability improvement in 2025. Westwing expects an adjusted EBITDA between EUR 25 million and EUR 35 million at an adjusted EBITDA margin in the range of +6% to +8%.
 

Webcast and Conference Call
Westwing's Q2 2025 earnings call will be broadcasted via live stream on 7 August 2025, starting at 10:00 AM (CEST) on the Company's Investor Relations website https://ir.westwing.com. The recording of the live stream will be available on the same site.

For more information, please visit the Westwing Investor Relations website: https://ir.westwing.com

About Westwing

Westwing, Europe’s #1 in Beautiful Living e-commerce, is present in 20 European countries and achieved a GMV (Gross Merchandise Volume) of EUR 497 million in 2024. As Europe’s premium one-stop destination for Design Lovers, it offers a unique brand experience with a carefully curated assortment of the Westwing Collection and 3rd party design brands. The integrated platform combines Shop, Daily Specials, Stores, the B2B Service (Westwing Business) and the Westwing Design Service. Westwing’s team works together on its shared purpose to “Excite people to create homes that unlock the full beauty of life”. Founded in 2011, Westwing is headquartered in Munich and went public on the Frankfurt Stock Exchange in October 2018.

Disclaimer

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 rely on these forward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to a number of factors. These include, without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfilment centres, inaccurate personnel and capacity forecasts for fulfilment centres, hazardous materials/production conditions with regard to private labels, insufficient innovation capabilities, inadequate data security, insufficient market knowledge, strike risks and changes in competition levels.

Contact
Westwing Group SE
Investor Relations
E-Mail: ir@westwing.de