Westwing Group SE — Investor Presentation 2021

May 12, 2021

Capital Markets Day 2021

Munich, May 12, 2021

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 forwardlooking statements discussed on this call due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfillment centers, inaccurate personnel and capacity forecasts for fulfillment centers, hazardous material / conditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and changes in competition levels.

Today's speakers

Founder & Chief Executive Officer Chief Financial Officer

Founder & Chief Creative Officer

Our mission To inspire and make every home a beautiful home.

Our agenda for today

Summary of Westwing Capital Markets Day 2021

1 Westwing uniquely combines the superior profitability of a consumer love brand with the opportunity of a high-growth eCommerce business

2 Creativity, inspiration and loyalty are at the very core of Westwing - this is what makes us a consumer love brand and this is how we differentiate

3 The opportunity is massive in our EUR 120 billion market due to dynamic eCommerce adoption and our brand's transformational power to make everyone a Home Enthusiast

4 With our "Westwing Customer Experience 2.0" we follow a clear strategy to grow to EUR 1 billion revenue by 2024/25

5 We are a highly profitable and cash-generating, high-growth business targeting 15% Adj. EBITDA margin in the long term

Westwing: The Home & Living consumer love brand

Interior design is never just about what you see, it's about what you feel.

We have built a brand that

Home & Living categories

We inspire our customers with the best products, styles, and rich editorial content

We are uniquely combining the profitability of a consumer love brand with the opportunity of a high-growth eCommerce business in a EUR 120 billion market

We are uniquely combining the profitability of a consumer love brand with the opportunity of a high-growth eCommerce business in a EUR 120 billion market

We are targeting a huge addressable market

11 Source: Euromonitor International as of April 19, 2021. Scope: Home & Living is defined as "Homewares and Home Furnishings"

Home & Living is very early in eCommerce and provides a massive growth opportunity

Source: Euromonitor International as of April 19, 2021. Scope: Home & Living is defined as "Homewares and Home Furnishings" within Westwing's European footprint. Consumer electronics market defined as "Category Consumer Electronics" and Fashion market defined as "Category Apparel" for Western European markets.

We are uniquely combining the profitability of a consumer love brand with the opportunity of a high-growth eCommerce business in a EUR 120 billion market

Consumer love brands generate superior profitability by building long-term customer relationships

All consumer love brands start from a core of enthusiasts – the great ones have the transformational power to make everyone an enthusiast

We are uniquely combining the profitability of a consumer love brand with the opportunity of a high-growth eCommerce business in a EUR 120 billion market

of sales from customers who visit us on average >100x per year 85%

The loyalty of our customers results in best-in-class repeat order shares of 80%

80% Best-in-class

of orders are placed by

loyal repeat customers

We have almost subscription-like GMV retention rates

Westwing customers have a very high lifetime spend: EUR 1,300 after 7 years already (and counting)

1,300 EUR GMV after 7 years

Loyal customer base results in a very high lifetime spend

7 years and counting

Customer lifetime spend continues to increase and increase, it doesn't stop

Business model: We build our customers' loyalty through our unique Flywheel

Business model: We build our customers' loyalty through our unique Flywheel

Daily Themes are the start and end of our business model Flywheel – as a curated shoppable magazine, we combine daily inspiration, freshness and unique content

Broad Home & Living assortment

Storytelling presentation

Rich editorial content

Attractive prices

We uniquely combine inspiration and shopping in a "curated shoppable magazine"

With our daily newsletter, we gradually pull our customers into our world and build loyalty and brand trust

The Daily Themes model provides urgency and playful fear-of-missing-out to customers, which helps in building loyalty and conversion

Products available for a limited time	Beautiful imagery triggers inspiration
1-300 SKUs per event
250,0001) SKUs per year	Curated selection of products featured as part of	Events centered around themes
5,000 suppliers	the event
	Limited stock	Time limitation triggers urgency
Urgency and playful fear-of-missing-out translates into loyalty and conversion	triggers urgency Best price, but not focused on
	discounts

Business model: We build our customers' loyalty through our unique Flywheel

In our Permanent Assortment WestwingNow, we then monetize our loyal customers at very attractive margins through cross-selling and up-selling

Our Permanent Assortment serves our loyal Daily Themes customers for considered and planned purchasing decisions

Business model: We build our customers' loyalty through our unique Flywheel

Our Westwing Collection leverages the loyalty to our love brand with bestsellers tailored to the taste of our customers at good prices, high quality, and very high margins

We generate extraordinary Westwing Collection margins because of our pricing power and sourcing power: 12-15%pts higher Adj. EBITDA margin than from third party suppliers

Note: Westwing Collection Adj. EBITDA upside originates from its higher contribution margin.

Westwing Collection is our most powerful strategic initiative – we are growing our Westwing Collection share to 50% of GMV in the long term

Westwing Collection share of total GMV [%]

Business model: We build our customers' loyalty through our unique Flywheel

Our Organic Marketing model is the ultimate love brand builder – we provide inspiration and content to our target group through a magnitude of engaging channels

Our biggest Organic Marketing channel is Instagram with massive increase in followers

Note: Instagram followers based on the sum of all Instagram accounts of each country Westwing is active in

Our customers' engagement on social media is best-in-class

We trail only Mercedes-Benz in social media engagement in Germany

	Brand analysis for December 2020	# of interactions
1		Mercedes-Benz	2.5m
2		Westwing DE	2.2m
3		Netflix	2.1m
4		Audi	1.2m
5		Disney	0.9m

Traffic share Organic vs. Paid Marketing in 2020 [%]

Offering our customers a vast amount of relevant content and inspiration is the basis to our organic success

Traffic focused on engagement not conversion

Strong organic visits driven by daily newsletter and social media

Our Organic Marketing model is highly differentiated vs. typical Paid Marketing models

	Westwing Organic Marketing model	Typical Paid Marketing model
Asset-building	High	Low
Operating leverage	High	Low
Inspiration and engagement	High	Low
Entry barrier for competitors	High	Low
Competitive advantage	Expertise Creative talent	Budget Algorithms

Our Organic Marketing model results in rapid payback times of c. 12 months and extremely high long-term ROIs

Note: Return of marketing investments calculated as cumulative contribution profit in relation to member acquisition costs of a given cohort. Member acquisition costs defined as marketing costs of a given period divided by new members in the respective period.

Accordingly, we allocate most of our marketing invests into Organic and support these investments with Paid channels

The Westwing Flywheel is the perfect business model to serve our customers

We attract and serve our customers through …

Effective and efficient communication

Bestsellers from Westwing Collection

The Flywheel is supported by a state-of-the art platform of Creative experts, leading-edge inhouse Technology, scalable customized Operations, a passionate and diverse team

200+ Creatives are the foundation of our love brand

Delia Lachance Founder & Chief Creative Officer

Sebastian Freitag Creative Director Daily Themes Global

Alexandra Tobler Creative Director Westwing Collection

Giorgia d'Amico Head of Content Production

Marta Suchodolska Creative Director Poland/CEE

Alice Etro Creative Director Italy

Ana de Olazábal Creative Director

Spain

Sarah Bachmair Creative Director DACH

Creative Team 200+ world-class experts

• Creatives cover all business areas
• Creatives scout and define new styles and trends
• Creatives curate from a vast ocean of brands and products

Creatives take the final decision in product offering

We are a Technology company through and through

The front-end to our customers on sites and apps strengthens our love brand

We are mobile-first

Focus on mobile leads to constantly improving customer experience and subsequent conversion uplifts

Based on c. 70,000 ratings

Mobile visit share of total visits [%]

We have built a European logistics and warehouse network that masters the complex logistics in the Home & Living market

Impressions from our main warehouse in Poznan, Poland

In-house team to ensure highest quality standards Team of 160 FTE with c. 75% in-house agents

Fast and solution-oriented service Average hotline waiting time: 15 sec1) 98% of customer tickets answered within 24 hours1)

High customer satisfaction Trustpilot score of 4.62)

What our customers say

Fast answer and perfectly solved! Thank you!

That's what I call service, fast and uncomplicated. Great!

Super friendly and competent service agent.

Key to our success is our team and their passion

We are proud to have built a truly diverse team…

1,775 employees

60+ nationalities

Employees

62% female

Senior leaders

53% female

47% male

38% male

…and our very own and positive culture at Westwing

Note: Group data per end of 2020, employees based on headcount, Senior leaders defined as executives and their direct reports 1) Employee satisfaction survey in March 2021 for HQ in Munich

Westwing is managed by our experienced Executive team

Stefan Smalla Chief Executive Officer 10 years at Westwing

Sebastian Säuberlich Chief Financial Officer 7 years at Westwing

Delia Lachance Chief Creative Officer 10 years at Westwing

Andreas Hoerning Managing Director Permanent Assortment & Westwing Collection 6 years at Westwing

Matthias Siepe Managing Director Daily Themes 10 years at Westwing

Steffani Busch Chief Operating Officer 5 years at Westwing

Tobias Seitz Chief Marketing Officer 8 years at Westwing

Miriam Rabung Director HR & Organization 5 years at Westwing

Adam Maschek Chief Technology Officer 10 years at Westwing

Sebastian Freitag Global Creative Director 9 years at Westwing

Alessa Vogler Interim Head of Corporate Development 2 years at Westwing

Jutta Rumpel Head of Corporate Development (on maternity leave) 0.5 years at Westwing

Based on the consumer love brand strategy and focus on inspirational eCommerce, the Westwing business model is superior to standard eCommerce retail models

1 We are a Home & Living consumer love brand

2 We uniquely combine the profitability of a consumer love brand with the opportunity of a high-growth eCommerce business in a EUR 120 billion market that is moving online

3 Our business model, the unique Westwing Flywheel, perfectly serves our customers of Home Enthusiasts and builds extremely strong loyalty

4 Our Organic Marketing model is highly differentiated vs. typical eCommerce models and perfectly leverages our creative and inspirational core

5 Westwing's love brand and inspirational eCommerce business model result in a superior profitability compared to standard eCommerce

'Love brands' – brands that exert such strong attraction on consumers that they are not only preferred over other brands but are actually 'loved'

How does the love show?

• Consumers highly identify with the brand; it becomes part of their life and personality
• Consumers have a higher brand loyalty and stay connected
• Consumers become 'blinded by love' the connection with the brand is more important than the price tag or actual needs
• Consumers become brand advocates and promoters beloved brands are protected by their fans
• Love brand companies attract better talent

We are the leading love brand for Home Enthusiasts

Love is all about an emotional connection. Love is not rational.

Love has a lot of reciprocity. The love we have for our customers is shown in everything we do – it is part of our brand DNA. Our mission is to make every home a beautiful home, to inspire our customers at every touchpoint and be their one friend who always has the best interior advice.

This intimate connection that we create with our customers and that we tenderly nurture every day makes us the leading love brand for Home Enthusiasts.

We are the leading love brand for Home Enthusiasts. And this is how we do it: Customer communication

We stay in touch and create meaningful connections with our customers and our Westwing community by offering much more than others – curation, great advice, entertainment, daily inspiration!

Our most personal voice to our customers and a community of likeminded friends rather than simply customers. Several times per day, we engage with our community of 7 million followers on Instagram.

We are the leading love brand for Home Enthusiasts. And this is how we do it: Brand experiences

We always innovate and offer new experiences to our customers. We provide value, we exceed their expectations, and we offer the most memorable brand interactions.

We are the leading love brand for Home Enthusiasts. And this is how we do it: Brand advocacy

Love radiates! Our employees and our customers are the best and most authentic brand advocates and brand ambassadors we can have, and they eagerly show their love on social media.

We are the leading love brand for Home Enthusiasts. And this is how we do it: Current trends

Being with the Zeitgeist and engaging in current trends is a key priority for us! Our business model and our strong community allow us to identify customer needs and respond in real-time.

Laughing together as well as getting through rough patches together – this is what strengthens relationships. We live with our customers in the here and now – be it by sharing a laugh or

into our favorite

at home.

Social Media & Influencers

We are the leading love brand for Home Enthusiasts. And this is how we do it: Sustainability

The planet is our home, and we are all about homes and the people living in them. Sustainability is a top priority for us, and we launched several initiatives to support this evolving goal that is also important to our customers.

Our boxes are made from 100% recycled material. Even the color (turquoise coating) is biodegradable. We actively and steadily work towards reducing the footprint we leave behind.

With our 'We care' label we want to highlight brands that care about the environment and share our ethical values.

We are the leading love brand for Home Enthusiasts And this is how we do it: Collaborations

Having strong cooperations with style icons and telling great authentic stories via PR is essential to our love brand strategy. Seeing the tastemakers with our products makes Westwing a truly aspirational brand – a go-to brand for Home Enthusiasts!

We are the leading love brand for Home Enthusiasts And this is how we do it: Emotions

We want to win Home Enthusiasts' hearts and we are not afraid to show emotions to do so. We always speak to their heart!

So, who are these Home Enthusiasts? Home Enthusiasts are all those who …

… have a deep passion to beautify their home

… make up the majority of spend in the Home & Living market

… make Home & Living part of their lifestyle

… are highly engaged and interested in daily content for Home & Living

Home Enthusiasts are across all of society, independent of gender, sexual orientation, age, income, religion, and ethnicity

We have the perfect business model to serve Home Enthusiasts, so that we are part of our customers' lives and routines and create strong brand intimacy

Westwing is a 'shoppable magazine', we are not only a retailer – we are much more

We are a place for inspiration, entertainment, information, and advice – a place to immerge and fall in love with interior & our brand

Our storytelling retail approach is unique in the online industry and strengthens our relationships with the leading brands

Our ability to give deeper context to brands and their products offers a whole new brand experience to customers

Beautiful visuals, home stories, influencers, styling advice, … are part of our storytelling and make Westwing a place for inspiration, a helpful friend, a knowledgeable expert and an opinion leader for interior

We are storytellers, not only sellers

What's on Westwing today? Our offering changes daily and our shoppable entertainment approach creates daily curiosity by our customers

Added-value content creates a special connection with our customers and leads to increased loyalty

Our customers come to Westwing to have fun, be inspired, be informed about new trends, styles and design – not only when they need something

Core to our business is our Creative team of 200+ Creatives, who bring our love brand to life and take many of the most important decisions in our company

The Creative mindset at Westwing spans across the whole organization

Creatives are strategically positioned in all departments, in all Westwing countries, also outside the 'classic' Creative areas

Creatives at Westwing are the guardians of brand love: from strategy to Operations, Creatives are highly involved and the driving engine for innovation!

The core of our business, the offering, is driven by Creatives to ensure the most customercentric retail approach

At the heart of our Westwing universe are our Creative Directors and the Westwing Creative Studios – the place where our unique 360-degree communication is born

Our Westwing Collection – an affair of the heart

• A collection of more than 3,5001) products for interior lovers
• Brings a touch of luxury to everyday life
• Surprisingly affordable
• Approx. 2 million2) items sold in the last 12 months
• Accounts for >30%3) of our Group GMV and growing
• Several hundred employees are working towards the success of it across the Group

Westwing Collection is the perfect representation of our love brand: beautiful bestsellers with high design aesthetics at fantastic price points for every home

Westwing Collection are products with high design aesthetics and at the same time very relatable, they have a great price point and are perfect for daily use in every home.

Westwing Collection Lennon sofa: from influencer design favorite to family couch

• A true bestseller initially discovered by the fashionforward tastemakers for its unique design aesthetic
• Quickly spilled over to the masses because of its practical modularity and its amazing value for money
• Available in in 6 different colors, 8 more coming incl. different types of fabrics
• 500 reviews with 4.9/5 stars1)

Our customers love our Westwing Collection that represents >80% of our bestsellers in our permanent assortment with an average rating of 4.5 stars

Note: Rating as of April 2021

At Westwing, we work with a Creative-first approach in everything we do

• Just like the big love brands do (Apple, Nike, Dior) design is done by the Creative team, not an Excel sheet
• It's about connecting with customers on an emotional level, because emotions drive purchase decisions and long-term customer bonds
• Our team is full of Home Enthusiasts, we really love making a home beautiful and so do our customers and that is why we click with them
• Only this approach makes Home Enthusiasts and opinion leaders fans of our brand and turns everybody into a Home Enthusiast!

Our creative and inspirational core is the basis of everything we do

Targets 2024/25: European Home & Living eCommerce consumer love brand at EUR 1 billion revenue

Largest driver to meet our EUR 1 billion target is extremely attractive market growth, based on a strong and dynamic eCommerce adoption for years to come

Source: Source: Euromonitor International as of April 19, 2021. Scope: Home & Living is defined as "Homewares and Home Furnishings" within Westwing's European footprint. Consumer electronics market defined as "Category Consumer Electronics" and Fashion market defined as "Category Apparel" for Western European markets.

eCommerce adoption is further accelerated by eCommerce-trained millennials entering home shopping age and older generations increasingly buying online

Technology trends such as Augmented Reality will enhance the use cases for Home & Living eCommerce significantly

Live example of Augmented Reality in our WestwingNow app

Massive upside of trying products in one's own home through Augmented Reality vs. offline showrooms

3D models in a real-world environment are a game changer for our customer experience

Augmented Reality improves conversion rates and return rates

The armchair on the image is not really there. It's Augmented Reality!

We target c. 70% of market volume

Home & Living market spend by households [%]

We will continue to be at the forefront of the strongly growing Home & Living eCommerce market through our unique Flywheel business model

Westwing Customer Experience 2.0 will guide our path to 2024/25

Westwing Customer Experience 2.0

Double down on our Creative & inspirational core

• Westwing Collection
• Creative team
• Organic marketing
• Video & Live shopping
• AR/3D/CGI

Set the next level of Order & post-order experience

• Westwing Delivery Service
• Westwing Interior Design Service
• Personalization

Scale up Business model & platform

• Supplier partnerships
• Technology scale-up
• International profitability
• Warehouse capacity

Deeply embed Sustainability into our operating model

Key Initiatives of Westwing Customer Experience 2.0 Westwing Collection as most powerful strategic initiative

Westwing Collection share of total GMV [%]

Key Initiatives of Westwing Customer Experience 2.0 First mover in Video & Live shopping for Home & Living

Customers interact with us during our Live Shopping events and can directly purchase products

41 Live shopping events already done

Key Initiatives of Westwing Customer Experience 2.0 Westwing Delivery Service as a game changer for an unmatched customer experience

Better customer experience

Branding on the streets through own Westwing fleet

Higher customer loyalty

Focus on large products

Customer feedback

94% Net Promoter Score in Q1 2021

Extremely friendly and helpful, in each aspect extraordinary. A substantial reason to buy at Westwing again.

Pilot in Munich ongoing → Further geographical roll-out planned

Key Initiatives of Westwing Customer Experience 2.0 Westwing Interior Design Service builds loyalty and increases customer spend

• Stronger customer relationships through personal interaction and individualization 1
• EUR 2,200 GMV per customer within 12 months after Interior Design Service concept
• Already generating c. EUR 9m1) 3 of GMV
• Scalable service: Expansion of the service to all our markets and customers planed (for now in DACH, NL, FR)

Key Initiatives of Westwing Customer Experience 2.0 Social media expansion in core channels and new channels

Key Initiatives of Westwing Customer Experience 2.0 Double down on Creative team at our core

Key Initiatives of Westwing Customer Experience 2.0 Scale up warehouse capacity

Key Initiatives of Westwing Customer Experience 2.0 Sustainability: Strong progress, and much more upcoming (1/2)

Key Initiatives of Westwing Customer Experience 2.0 Sustainability: Strong progress, and much more upcoming (2/2)

Key Initiatives of Westwing Customer Experience 2.0 Next-level customer experience with 3D and Augmented Reality (AR)

We let customers try products in their own homes with AR…

Products with AR feature Currently 1,074 Future 5,000

incl. majority of Westwing Collection

…and will show products in 360-degree model viewer

…and will be very profitable due to our consumer love brand

The long-term opportunity is massive in our EUR 120 billion market – at EUR 1 billion we will have a market share of less than 1%

Note: Total Home & Living market based on Euromonitor as of April 19, 2021. Illustrative eCommerce Home & Living market projection for 2024/25.

Key takeaways from Strategy & Targets 2024/25

1 Strong and dynamic eCommerce adoption drives high market growth for years to come

2 We target c. 70% of the EUR 120 billion market by targeting Home Enthusiasts

3 In our Westwing Customer Experience 2.0 we have defined a clear strategic pathway to grow to EUR 1 billion in revenue with strong initiatives underway

4 Our love brand and business model will enable high profitability of EUR >100m Adj. EBITDA

5 The long-term opportunity is massive in our EUR 120 billion market: Even at EUR 1 billion in revenue, we will only have less than a 1% market share. We are just getting started!

Westwing has a record of strong growth

We are very profitable at an early stage, showing the power of our consumer love brand

[% of revenue]	FY 2019	FY 2020	Delta
Contribution margin	21.4%	29.5%	+8.1%pts	Mostly structural improvements, driven by Westwing Collection combined with scale and efficiency gains in fulfillment
Marketing ratio	-8.6%	-7.1%	+1.5%pts	Consumer love brand results in attractive marketing ratio
1) G&A ratio	-20.0%	-13.3%	+6.7%pts	Operating leverage
D&A	3.4%	2.5%	-1.0%pts
	-3.8%	11.5%	+15.4%pts
Adj. EBITDA	EUR -10m	EUR 50m	EUR +60m
	-8.3%	9.1%	+17.4%pts	Strong cash conversion based on low CAPEX and negative NWC
Free Cash Flow	EUR -22m	EUR 40m	EUR +62m

Note: 1) Including other income and expenses; Adj. EBITDA is excluding (i) share-based compensation expenses, (ii) expenses for the restructuring of the Italian and French business.

The strong contribution margin improvement in 2020 has been mostly structural

Contribution margin [% of revenue]

Our 2024/25 target is to grow revenues to EUR 1 billion

For 2024/25, we target an attractive profitability of 10-12% Adj. EBITDA and best-in-class cash conversion

	FY 2020	FY 2021 guidance	Targets 2024/25
Revenue	EUR 433m	EUR 510-550m	EUR 1 bn
Adj. EBITDA	11.5%	8-10%	10-12%
CASH	NWC: Negative CAPEX 1.9%	NWC: Negative CAPEX: 2-3%	NWC: Negative CAPEX: 2-3%

[in % of revenue]	FY 2020	FY 2021 expected	Targets 2024/2025
Contribution margin	29.5%	28-30%	c. 30%	(+) Westwing Collection margin gains; (-) investments into customer experience and warehouse capacity expansion
Marketing ratio	-7.1%	-8-9%	-9-11%	Marketing investments for attractive growth rates
G&A ratio1)	-13.3%	-13-14%	-11-13%	(+) Operating leverage; (-) Growth investments into Technology and Westwing Collection
D&A	2.5%	2-3%	2-3%
Adj. EBITDA	11.5%	8-10%	10-12%
NWC	EUR -4m	Negative	Negative
CAPEX	1.9%	2-3%	2-3%

customer experience and warehouse capacity expansion
(+) Operating leverage; (-) Growth investments into Technology

108 Note: 1) Including other income and expenses. Indicative estimates for 2021. Adj. EBITDA is excluding (i) share-based compensation expenses, (ii) restructuring costs and (iii) other non-recurring effects.

Net Working Capital will continue to be negative

Note: Inventory including prepayments on inventories. Customer prepayments refer to contract liabilities in the IFRS balance sheet.

CAPEX-light warehouse expansions ensure best-in-class cash conversion

Long-term opportunity

The long-term opportunity is massive in our EUR 120 billion market – at EUR 1bn we will have a market share of less than 1%

Note: Total Home & Living market based on Euromonitor as of April 19, 2021. Illustrative eCommerce Home & Living market projection for 2024/25.

	FY 2021 guidance	Targets 2024/25	NEW long-term target
Revenue	EUR 510-550m	EUR 1bn	Outgrow eCommerce Home & Living market
Adj. EBITDA	8-10%	10-12%	15%
CASH	NWC: Negative CAPEX: 2-3%	NWC: Negative CAPEX: 2-3%	NWC: Negative CAPEX: 2-3%

There are three strategic drivers to realize our long-term target P&L

Westwing: A highly profitable and cash-generating high-growth business

[% of revenue]	FY 2021 expected	Targets 2024/2025	NEW long term Target
Contribution margin	28-30%	c. 30%	c. 32%	Westwing Collection margin gains
Marketing ratio	-8-9%	-9-11%	-8-10%	Consumer love brand results in attractive marketing ratio
G&A ratio1)	-13-14%	-11-13%	-10%	Operating leverage based on our scalable platform
D&A	2-3%	2-3%	2-3%
Adj. EBITDA	8-10%	10-12%	15%
NWC	Negative	Negative	Negative
CAPEX	2-3%	2-3%	2-3%

115 Note: 1) Including other income and expenses. Indicative estimates for 2021. Adj. EBITDA is excluding (i) share-based compensation expenses, (ii) restructuring costs and (iii) other non-recurring effects.

Key takeaways from financial section

1 Based on our consumer love brand strategy we have reached a very strong profitability of 11.5% Adj EBITDA and are Free Cash Flow positive at EUR 40m and 9% Free Cash Flow margin in FY 2020

2 We are investing decisively and profitably into growth to lay the foundation for our long-term success

3 Our 2024/25 target is to grow to EUR 1 billion and realize a very attractive profitability of 10-12% Adj. EBITDA while maintaining our best-in-class cash conversion

4 We are a highly profitable and cash-generating high-growth business and target 15% Adj. EBITDA profitability long-term

5 There are three strategic drivers to realize our long-term target P&L: (1) Scale, (2) grow Westwing Collection to 50% share, and (3) seize the value opportunity in our International Segment

Our agenda for today

Key takeaways from Westwing Capital Markets Day 2021

1 Westwing uniquely combines the superior profitability of a consumer love brand with the opportunity of a high-growth eCommerce business

2 Creativity, inspiration and loyalty are at the very core of Westwing - this is what makes us a consumer love brand and this is how we differentiate

3 The opportunity is massive in our EUR 120 billion market due to dynamic eCommerce adoption and our brand's transformational power to make everyone a Home Enthusiast

4 With our "Westwing Customer Experience 2.0" we follow a clear strategy to grow to EUR 1 billion revenue by 2024/25

5 We are a highly profitable and cash-generating business targeting 15% Adj. EBITDA margin in the long term