FY 2024 Results

Munich, 27 March, 2025

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 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.

Agenda 01 Business update

Financial update
Path to full value creation
Financial outlook
Investment highlights
Q&A
Appendix

1. Business update

Westwing's key achievements of 2024

We delivered on all our 2024 financial commitments.

GMV growth of 3% and revenue growth of 4% year-over-year (yoy) despite shifts in product assortment and market headwinds.
Adjusted EBITDA of EUR 24 million at 5% margin (+1pp yoy) with improved contribution margin and brand awareness investments.
Free cash flow of EUR 9 million and net cash of EUR 69 million (end of 2024) after share buybacks and restructuring costs.
Net working capital at EUR -10 million at the end of FY 2024.

We delivered on the second phase of our 3-step plan to unlock Westwing's full value potential.

Our new technology platform was rolled out to all countries, ahead of plan.
We successfully implemented reorganisations in Italy, Spain, Central and Eastern Europe and at our headquarters.
We introduced a mostly global and more premium product assortment with detrimental topline effect expected in FY 2025.
We continued to strengthen our premium brand positioning (beyond product assortment) through marketing activities.
The Westwing Collection share increased to 55% of GMV in FY 2024, a new all-time high.

We made good progress in all our sustainability focus areas.

• Specifically, we published our first Sustainability Statement under the Corporate Sustainability Reporting Directive (CSRD).

We delivered on our FY 2024 guidance.

Revenue Adjusted EBITDA 2024 guidance 2024 results EUR 415m to 445m EUR 444m -3% to +4% yoy growth +4% yoy growth EUR 14m to 24m EUR 24m 3% to 5% margin 5% margin EUR 9m Free cash flow

6 Note: Free cash flow was not part of capital market guidance for FY 2024. Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based payments and (ii) restructuring expenses. Adjusted EBITDA is calculated by adjusting reported EBITDA for these items.

We also implemented all transformation levers …

	Turnaround & Strategy Update 2022-2023	Building a Scalable Platform 2024-2025	Scaling with Operating Leverage 2025-202x
Profitability levers	Organisational rightsizing	Complexity reduction	Cost discipline
		Westwing Collection share increase
	OneWestwing commercial model	Share gains in existing markets
Topline levers	Stronger premium brand positioning	Country expansion
Adj. EBITDA margin	-1% to +4%	+3% to +5%(1)	Path to 10%+
Topline

Note: (1) Financial guidance for 2024. For 2025 guidance, see further down in this document. Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based payments and (ii) restructuring expenses. Adjusted EBITDA is calculated by adjusting reported EBITDA for these items. All figures unaudited. 7

... of the second phase of our 3-step plan

Over the past 2.5 years, we transformed Westwing from the ground up

2. Financial update

We achieved 4% topline growth in 2024

Group revenue [in EUR million]

• FY & Q4 growth despite switch to a mostly global and more premium product assortment plus continued market headwinds.

Note: Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based payments and (ii) restructuring expenses. Adjusted EBITDA is calculated by adjusting reported EBITDA for these items.

We significantly improved our contribution margin per order

Strong improvements across nearly all P&L lines

[as % of revenue]	FY 2023	FY 2024	Delta 24 vs. 23	Q4 2023	Q4 2024	Delta 24 vs. 23
Gross margin	49.7%	50.8%	+1.1pp	49.3%	50.7%	+1.4pp	Strong Westwing Collection share gains.
Fulfilment ratio	-21.1%	-18.9%	+2.2pp	-19.9%	-17.5%	+2.4pp	Improved basket size and freight costs, efficiency gains.
Contribution margin	28.6%	31.9%	+3.3pp	29.4%	33.2%	+3.8pp
Marketing ratio	-10.6%	-12.8%	-2.2pp	-12.2%	-12.8%	-0.6pp	Continued investments as planned.
G&A ratio(1)	-18.5%	-18.3%	+0.2pp	-16.8%	-15.7%	+1.1pp	Successful implementation of cost savings, first effects visible.
Adj. EBIT margin	-0.5%	0.8%	+1.3pp	0.3%	4.7%	+4.4pp
D&A ratio	4.6%	4.6%	+0.0pp	4.2%	3.0%	-1.2pp	Driven by reclassification of subleased office space.
Adj. EBITDA margin	4.1%	5.4%	+1.2pp	4.5%	7.7%	+3.2pp

Note: (1) Includes "Other result". Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based payments and (ii) restructuring expenses. Adjusted EBITDA is calculated by adjusting reported EBITDA for these items. 13 Strong improvement in adjusted EBITDA margin in both segments in Q4 2024 Segment adjusted EBITDA [as % of revenue]

In full year 2024, DACH segment impacted by investment in brand awareness.
International segment catching up very fast at +4pp adjusted EBITDA margin improvement year-over-year, mainly driven by change in product assortment incl. Westwing Collection share increase.

Net working capital remained negative with improvement of EUR 2 million year-over-year

Net working capital [in EUR million]

-2 Net working capital improved year-over-year despite higher inventory levels.
- Higher inventory (incl. goods prepayments) was mainly driven by higher average item price and improved availability for Q1.

CAPEX in FY 2024 slightly increased compared to previous year's level

CAPEX [in EUR million, as % of revenue]

Property, plant and equipment Intangible

• Intangible driven by capitalisation of implementation efforts for new SaaS-based technology platform.

• Property, plant and equipment driven by investments in central logistics centre.

Strong net cash position of EUR 69 million at the end of December 2024

We reached new milestones regarding sustainability in 2024

86% of Westwing Collection suppliers audited for environmental topics, WE CARE 98% for social for People topics(1)		87% of our key and strategic suppliers completed training on social and environmental topics(1)
WE CARE for our Products		66% share of WE CARE products in the Westwing Collection, +18pp improvement compared to 2023	100% of packaging waste recovered, reused, and/or recycled in our logistics centre
for		WE CARE the Planet	64% reduction in our (2) total Scope 1 and 2 emissions compared to 2022	81% of suppliers, brand partners, and logistics carriers by spend engaged on setting SBTs	Silver Eco/Green Design Award for our 3D-printed lamp Keani

3. Path to full value creation

3.a Recap of what Westwing is today

Westwing is Europe's leading premium one-stop destination in Home & Living.

The Beautiful Living Company

3.b The third phase of our 3-step plan

We're now entering the third phase of our 3-step plan

(1) Financial guidance for 2024. For 2025 guidance, see further down in this document. Note: Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based payments and (ii) restructuring expenses. Adjusted EBITDA is calculated by adjusting reported EBITDA for these items. All figures unaudited. 23 1 Stronger premium brand positioning

We will be creating many more "brand moments" to shape our positioning further.

Westwing Collection share increase & share gains in existing markets

For share gains in existing markets, we will continue to create the perfect product assortment, and we will offer more offline touchpoints

Product assortment expansion Store expansion

design brands

The topline dampening from 2024's change in product assortment will be felt throughout 2025, especially in the first half.

We will continue to grow our Westwing Collection business at a double-digit growth rate

Many more to come!

Product assortment expansion – The best third-party design brands ² ³

The shift in assortment is also driven by onboarding the best third-party design brands.

Store expansion 2 3

We will open a mid-single-digit number of offline stores in 2025

Standalone stores

Hamburg
Leipzig
Munich	opening soon
Berlin	opening soon
Cologne	opening soon

opening soon

Since last week, customers can experience our brand and products in our newest store in Leipzig, Germany

Country expansion

We will increase our operating leverage by entering 5 to 10 new countries in 2025

In the mid-term, we aim to be present in approximately all European countries.

What will the 3-step plan lead us to?

Superbrand in design –

the ultimate aspiration in Home & Living.

4. Financial outlook

We expect year-over-year topline development in 2025 to be slightly negative to flat with strong improvements in profitability

Guidance 2025

Note: Free cash flow is not part of capital market guidance for FY 2025. Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based payments and (ii) restructuring expenses. Adjusted EBITDA is calculated by adjusting reported EBITDA for these items.

Our ambition is to return to significant growth in 2026 while continuously improving profitability

Based on a return to significant growth, a 10%+ adjusted EBITDA margin can be reached in the mid-term

Adjusted EBITDA [in % of revenue]

Strong profitability and compelling cash conversion.

5. Investment highlights

Investment highlights

Unique, relevant customer value proposition

Unique assortment of gorgeous, own design Westwing Collection and the best third-party design brands.
Best-in-class inspirational storytelling with distinct visuals and tone of voice.
Premium services such as interior design service and branded delivery fleet.
The one-stop destination for premium Home & Living.

Huge market potential

Addressing sizeable premium segment of EUR 130bn total Home & Living market(1) in existing 14 Westwing geographies. Future country expansion with additional potential.
Massive online penetration potential in a mostly offline market, flanked by selected offline presence.
Superbrand in design
Superbrand in design inspiring and engaging design lovers, leaving a lasting impact.
Clear premium positioning, only getting stronger.
Huge upside potential from brand marketing invest and offline presence.
Westwing Collection product brand with attributes superior design, quality and sustainability.

High margins and operating leverage in scaling

High margins as a result of pricing power based on a strong brand, as well as the unique Westwing Collection with further GMV share potential.
Platform & commercial model allowing for scaling with operating leverage in existing countries and beyond.

Strong balance sheet

Strong net cash position and no debt.
Strong net working capital.
Low CAPEX.

Clear path towards mid-term adjusted EBITDA margin of 10%+ with strong cash conversion.

7. Appendix

Continuously expanding share of wallet with customers

Active customers and average GMV per active customer [in k, in EUR]

KPI overview

Group KPIs	Unit	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Westwing Collection share	in % of GMV	25%	22%	26%	28%	31%	32%	38%	37%	37%	38%	44%	44%	46%	46%	48%	47%	51%	53%	58%	58%
Active customers	in k	986	1,178	1,284	1,529	1,720	1,730	1,750	1,705	1,593	1,486	1,422	1,320	1,262	1,252	1,262	1,275	1,282	1,282	1,276	1,237
Number of orders	in k	675	1,051	874	1,474	1,268	1,022	819	1,262	872	685	620	951	694	614	605	939	676	578	528	766
Average basket size	in EUR	127	122	129	119	129	135	144	131	147	159	164	149	169	178	177	157	185	198	206	194
Average orders LTM per active customer	in #	2.5	2.6	2.7	2.7	2.7	2.7	2.6	2.6	2.5	2.4	2.4	2.4	2.3	2.3	2.3	2.2	2.2	2.2	2.1	2.1
Average GMV LTM per active customer	in EUR	324	325	330	328	337	341	340	343	345	349	355	364	373	376	377	377	381	385	388	402
GMV	in EUR m	85	128	113	175	164	139	118	166	128	109	102	142	118	109	107	147	125	114	109	149
Mobile visit share	in %	76%	79%	80%	79%	79%	80%	80%	80%	80%	80%	80%	80%	79%	78%	79%	82%	81%	81%	81%	81%

KPI definitions
Westwing Collection share	GMV share of Westwing Collection: GMV of Westwing Collection business as % of Group GMV in the same reporting period.
Active customers	A customer who has made a valid order within the last 12 months at the end of the reporting period.
Number of orders	Total number of valid orders (excluding failed and cancelled orders) of a reporting period.
Average basket size	Weighted average value of an order: GMV divided by total number of orders of the same reporting period.
Average orders LTM per active customer	Total number of orders of the last 12 months divided by active customers at the end of the reporting period.
Average GMV LTM per active customer	GMV of the last 12 months divided by active customers.
GMV	Gross Merchandise Volume: Value of all valid customer orders placed of a reporting period (i.e. excluding cancellation and VAT, but including returns).
Mobile visit share	Share of daily unique sessions per platform via mobile devices (tablets and smartphones) as % of all daily unique sessions per platform of a reporting period.
Note: All figures unaudited.		43

Consolidated income statement

EUR million, in % of revenue	FY 2023	FY 2024	Q4 2023	Q4 2024
Revenue	428.6	444.3	131.1	133.9
Cost of sales	-215.7	-218.7	-66.5	-66.1
Gross profit	212.9	225.7	64.6	67.9
Fulfilment expenses	-90.3	-85.2	-26.1	-23.8
Marketing expenses	-45.6	-57.1	-16.1	-17.1
General and administrative expenses	-85.2	-84.6	-25.6	-22.0
Other operating expenses	-6.2	-8.9	-2.6	-3.8
Other operating income	5.9	5.4	1.4	1.3
Operating result	-8.4	-4.8	-4.4	2.4
Financial result	-0.7	0.1	-0.1	-0.0
Result before income tax	-9.1	-4.8	-4.4	2.4
Income tax expense	-3.3	-0.2	-2.5	-0.6
Result for the period	-12.4	-5.0	-7.0	1.8
Reconciliation to adjusted EBITDA
Operating result (EBIT)	-8.4	-4.8	-4.4	2.4
Share-based compensation expenses	2.3	-0.0	0.7	-0.1
Complexity reduction	4.1	8.5	4.1	4.0
Adjusted EBIT	-2.0	3.7	0.4	6.3
Adjusted EBIT margin (%)	-0.5%	0.8%	0.3%	4.7%
Depreciation and amortisation	19.8	20.3	5.5	4.0
Adjusted EBITDA	17.8	24.0	5.9	10.3
Adjusted EBITDA margin (%)	4.1%	5.4%	4.5%	7.7%

Adjusted income statement

EUR million, in % of revenue	FY 2023	FY 2024	Q4 2023	Q4 2024
Revenue	428.6	444.3	131.1	133.9
Revenue growth yoy	-0.5%	3.7%	2.1%	2.2%
Cost of Sales	-215.7	-218.7	-66.5	-66.1
Gross Profit	212.9	225.7	64.6	67.9
Gross margin	49.7%	50.8%	49.3%	50.7%
Fulfilment expenses	-90.3	-84.0	-26.1	-23.5
Contribution Profit	122.7	141.7	38.5	44.4
Contribution margin	28.6%	31.9%	29.4%	33.2%
Marketing expenses	-45.3	-56.9	-16.0	-17.1
General and administrative expenses	-80.3	-79.1	-22.2	-20.0
Other operating expenses	-4.9	-8.3	-1.3	-3.2
Other operating income	5.9	6.3	1.4	2.2
Adjusted EBIT	-2.0	3.7	0.4	6.3
Adjusted EBIT margin (%)	-0.5%	0.8%	0.3%	4.7%
Depreciation and Amortisation	19.8	20.3	5.5	4.0
Adjusted EBITDA	17.8	24.0	5.9	10.3
Adjusted EBITDA margin (%)	4.1%	5.4%	4.5%	7.7%

Segment reporting

DACH in EUR million	FY 2023	FY 2024	Q4 2023	Q4 2024
Revenue	236.5	252.2	73.9	78.6
yoy growth (in %)	-2.4%	6.6%	0.4%	6.5%
Adj. EBITDA	16.1	14.5	4.2	7.1
Adj. EBITDA margin %	6.8%	5.8%	5.7%	9.0%

International in EUR million	FY 2023	FY 2024	Q4 2023	Q4 2024
Revenue	192.1	192.2	57.2	55.3
yoy growth (in %)	2.0%	0.0%	4.2%	-3.3%
Adj. EBITDA	2.1	9.8	1.8	3.5
Adj. EBITDA margin %	1.1%	5.1%	3.2%	6.3%

Excluding adjustments, FY 2024 EBITDA of EUR 15.5 million and EBIT of EUR -4.8 million

EUR million	Q4 2023	Q4 2024	FY 2023	FY 2024
Adjusted EBITDA	5.9	10.3	17.8	24.0
Adjusted D&A	-5.5	-4.0	-19.8	-20.3
Adjusted EBIT	0.4	6.3	-2.0	3.7
Share-based compensation expenses	-0.7	0.1	-2.3	0.0
Complexity reduction	-4.1	-4.0	-4.1	-8.5
EBIT	-4.4	2.4	-8.4	-4.8
EBITDA	1.1	6.4	11.4	15.5

Issued share capital

Share information as at 31 December 2024

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
Treasury shares	2,081,461

Stock option programs as at 31 December 2024

Program	# of options outstanding	Weighted average exercise price (in EUR)
2023(1) LTIP	235,370	12.55
ECP 2022	389,327	1.00
VSOPs(2)	596,750	3.16(2)
LTIP 2019	1,828,800	19.30
LTIP 2016	96,450	0.01
Other	729,275	11.62
Total	3,900,872	12.56

Note: All figures unaudited. Stock option programs are categorized as granted

(1) Assumes 100% performance achievement, final number can only be determined after 3-year performance period; exercisable earliest 4 years after grant date

(2) VSOPs are virtual, cash-settled option programs with an average cap of EUR 24.55

Investor Relations Contact

Teresa Fischer Perez-Lozao Director Corporate Finance

[email protected]

Events

8 May 2025 Publication of first quarter results

14 May 2025 Frühjahreskonferenz Equity Forum

17 June 2025 Annual General Meeting

AI Terminal

Westwing Group SE

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