Westwing Group (WEW) investor relations material

Executive summary

• Q2 2026 revenue grew 14% year-over-year to EUR 113–113.4 million, driven by country expansion and recurring sales events.

• Adjusted EBITDA was EUR 5.4 million (4.8% margin), down year-over-year due to macro-driven margin pressure and one-off system migration costs.

• Net cash position improved to EUR 68 million, EUR 18 million higher than Q2 2025, despite option settlements and share buybacks.

• Free cash flow was negative at -EUR 9.4 million, mainly due to EUR 9.5 million in legacy stock option settlements.

• Expanded into the U.K. and three Baltic countries, with new stores opened in Frankfurt and Munich and a SaaS-based system transition completed.

Financial highlights

• Q2 2026 revenue: EUR 113–113.4 million, up 13.8–14% year-over-year; H1 2026 revenue up 12.6–13%.

• Adjusted EBITDA for Q2: EUR 5.4 million (4.8% margin), down from 6.2–6.3% margin in Q2 2025.

• Gross margin in Q2: 51.9%, down 0.7 percentage points year-over-year; contribution margin at 30.2%, down 3.3 percentage points.

• Net working capital remained negative at EUR -5 to -5.5 million, improved by EUR 11 million year-over-year.

• CapEx for H1 2026 was EUR 6 million (2.4% of revenue), up EUR 1 million year-over-year, mainly due to system migrations.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue EUR 470–495 million (5–10% growth), adjusted EBITDA EUR 36–48 million (7.7–9.7% margin), with revenue expected in the upper half of the range.

• Q3 growth expected below H1 levels due to temporary weather-related headwinds and a strong prior-year base.

• Marketing investments to be concentrated in Q4, impacting margins.

• Management remains cautious on H2 growth due to macro uncertainties.