Westwing Group SE

Investor Presentation • Mar 29, 2022

FY 2021 Results

Munich, March 29, 2022

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 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.

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

AGENDA

• Business Update
• Financial Update
• Summary & Q&A
• Appendix

Business Update

• Westwing has donated EUR 100,000 in emergency aid to Caritas International
• Flexible vacation and breaks offered to Ukrainian team members to deal with family matters
• Legal, visa and relocation and mental health assistance for impacted team members provided through our external partners
• Collection drive conducted by our teams in partnership with the Ukrainian Church of Mary Protection in Munich as well as Municipal Help Point in Poznan, close to Westwing's warehouses
• Donations of Westwing inventory for immediate use for refugees

How we are supporting Impact to our operations

• Ukraine is the 3rd largest nationality at the Westwing team, with >300 team members plus temporary warehouse workers
• Limited impact on warehouse operations so far
• Trucking and other areas with Eastern European workers might be affected, but not visible right now
• Significant share of wood for furniture is coming from Ukraine, Russia, Belarus; we are working with suppliers and partners to source wood from other countries
• Generally, there is a high risk and low visibility on consumer/market sentiment

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FY 2021 RESULTS	GROWTH	EUR 522m Revenue, 21% growth on top of strong baseline from last year
	PROFITABILITY	Profit generation of EUR 40m Adj. EBITDA at 7.7% Adj. EBITDA margin
	FREE CASH FLOW	Positive Free Cash Flow of EUR 2.7m while financing inventory buffers against supply chain disruptions
ACTIVE CUSTOMERS		Loyal active customer base at 1.7m end of 2021, +11% vs. end of 2020 driven by existing as well as new customer acquisition
COHORT UPDATE		91% GMV retention in 2021 in line with a strong first half of the year followed by a weaker second half; 2021 and 2020 cohorts continue to behave in line with pre-pandemic cohort behavior

Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based compensation (in Fulfilment, Marketing and General and Administrative expenses) and (ii) expenses for a tax claim provision against a divested entity regarding previous years, (iii) expenses for the SE conversion and (iv) income/expenses for the French business restructuring. "Adjusted EBITDA" is calculated by adjusting for these items.

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FY 2021 Revenue growth of 21% on top of an exceptionally high baseline from 2020; +96% growth vs. 2019

Note: All figures unaudited.

Positive development across both the DACH and International segment

Note: All figures unaudited.

Strong GMV retention in H1 2021 followed by a weaker H2 2021 leads to an overall full year retention rate of 91%

2020 and 2021 cohort behavior in line with pre-pandemic cohorts

Loyalty of our customers results in a very attractive customer lifetime spend

Strategic update 2022: Managing a very uncertain 2022 by navigating growth with a long-term focus and protecting profitability

Protecting topline in a dynamic and uncertain macro environment, while managing profitability levels alongside inflationary headwinds and continued supply chain challenges
Driving strategic investments for long-term growth in line with our Customer Experience 2.0 strategy
Remaining long-term oriented by focusing on key areas to enable future growth, despite the short-term macro developments

Our high-margin Westwing Collection continues to be on track towards the 50% strategic target share

• 9%pts improvement in Q4 2021 vs. Q4 2020 in Westwing Collection share (as % of GMV)
• FY 2021 Westwing Collection GMV: EUR 200m (+55% vs. FY 2020)
• Filter feature added to website for sustainable Westwing Collection products

Initiatives for 2022

• Category expansion for future growth: textiles, wardrobes, decoration and tabletop
• WE CARE by Westwing Collection sustainable line launch and expansion
• Increasing share of Westwing Collection in the International segment

New and innovative businesses powering future growth: (1/2): Provide unmatched customer experience with Westwing Studio

Available countries Germany, France and Netherlands

7,100 individually designed rooms for 4,800 customers in 2021

Average GMV per customer More than EUR 2,000 2022 Focus

Scaling service in existing countries

Differentiating our offering to customer segments

New and innovative businesses powering future growth: (2/2): Successful multi-city rollout of Westwing Delivery Service

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(1) Net Promoter Score, average score.

Our ambition on sustainability: Enabling a sustainable way to live beautifully

Sustainability touches all parts of our business, from people to products and from customers to supply chain.

Our new Sustainability Strategy 2030 accordingly covers all aspect of our business model based on our belief that there is a sustainable way to live beautifully.

by

Sustainability is already deeply embedded into our operating model

Westwing is scored within the top 30% of our industry

The use by Westwing Group SE of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks , service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Westwing Group SE by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided 'as is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

Selected sustainability initiatives already implemented

Climate neutral in our own operations since 2021

100% recycled(1) packaging

+100 campaigns with our WE CARE(2) label launched in 2021

90% of returns being resold on our site

99% of our (non-EU) suppliers for Westwing Collection audited on social aspects

18 Note: As of December 2021. (1) Outbound packaging from our warehouses; valid for warehouses in Germany, Poland, and Italy. (2) ''WE CARE" label is assigned to brands based on select sustainability criteria as defined by Westwing.

Our Sustainability strategy 2030 sets clear focus areas and commitments to reach true sustainability in all part of our business

Financial Update

Continued revenue growth of +21% in FY 2021, on top of last year's extraordinary baseline

Income statement details

[in % of revenue]	Q4 2019	Q4 2020	Q4 2021	Delta 21 vs. 20	FY 2019	FY 2020	FY 2021	Delta 21 vs. 20
Gross margin	47.1%	51.3%	47.6%	-3.8%	44.6%	49.4%	49.1%	-0.3%	Higher sea freight rates compensated by increased Westwing Collection share
Fulfilment ratio	-21.1%	-18.8%	-20.0%	-1.2%	-23.2%	-19.9%	-20.5%	-0.6%	Rise in logistics and warehousing costs due to temporary supply chain disruptions and inflation
Contribution margin	26.0%	32.5%	27.6%	-4.9%	21.4%	29.5%	28.7%	-0.9%
Marketing ratio	-8.2%	-7.0%	-9.5%	-2.6%	-8.6%	-7.1%	-9.4%	-2.3%	Growth investments into Marketing
G&A ratio1) G&A ratio(1)	-17.7%	-11.0%	-13.4%	-2.5%	-20.0%	-13.3%	-14.0%	-0.7%	Growth investments into Technology and Westwing Collection
D&A ratio D&A ratio	2.9%	1.9%	2.4%	+0.5%	3.4%	2.5%	2.5%	+0.0%
Adj. EBITDA Adj. EBITDA margin margin	3.1%	16.5%	7.0%	-9.5%	-3.8%	11.5%	7.7%	-3.8%

(1) Includes "Other result".

Note: Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based compensation (in Fulfilment, Marketing and General and Administrative expenses) and (ii) expenses for a tax claim provision against a divested entity regarding previous years, (iii) expenses for the SE conversion and (iv) income/expenses for the French business restructuring. "Adjusted EBITDA" is calculated by adjusting for these items.

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Full year profitability of 7.7% Adj. EBITDA margin on the back of supply chain disruptions and funding of growth investments

Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based compensation (in Fulfilment, Marketing and General and Administrative expenses) and (ii) expenses for a tax claim provision against a divested entity regarding previous years, (iii) expenses for the SE conversion and (iv) income/expenses for the French business restructuring. "Adjusted EBITDA" is calculated by adjusting for these items.

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Net Working Capital end of 2021 temporarily positive at EUR 4m

Positive Free Cash Flow of EUR 2.7m leads to strong Net Cash position of EUR 97m

Outlook 2022

Guidance FY 2022 Comments

EUR 460m to 540m Revenue

-12% to +3% yoy growth Positive in H2 after baseline effects phase out

EUR -9m to +16m Adj EBITDA

-2% to +3% Adj. EBITDA margin Much better in H2

• Low consumer sentiment and adverse market developments in combination with extraordinary baseline effects to drive negative yoy growth in H1 2022
• Positive yoy growth rates expected in H2 2022, as baseline normalizes and consumer sentiment improves
• Outlook is given in an environment of high uncertainty around consumer sentiment, supply chain disruptions, inflation and geopolitical developments
• We remain confident in the mid to long-term Home & Living eCommerce market potential and Westwing's strategy; to account for the challenging market environment and low consumer sentiment in 2022 the mid-term targets of EUR 1bn revenue and more than EUR 100m Adj. EBITDA are moved to 2026

We reiterate our 10-12% Adj. EBITDA mid-term target margin based on the proven scalability of our business model

Summary and Q&A

FY 2021 Revenue: EUR 522m

at 21% growth yoy

FY 2021 Adj. EBITDA: EUR 40m

at 7.7% margin

1.7m Active Customers

4.4m orders delivered LTM

Westwing Collection

Westwing Collection at 34% share towards strategic target of 50%

FY 2021 Summary Investment highlights

The opportunity is massive

Huge Home & Living market of EUR 120bn is still very early in eCommerce adoption

Customer loyalty at the core

The differentiating creative and inspirational core of Westwing drives superior loyalty with 80% repeat order share(1)

Westwing Collection

Our growing Westwing Collection perfectly leverages the loyalty to our love brand at +12 to +15%pts Adj. EBITDA margin upside vs. 3rd party suppliers

Attractive target P&L

Based on our highly profitable consumer love brand strategy we target a long-term profitability of 15% Adj. EBITDA

Strong cash profile

Structurally negative Net Working Capital and low CAPEX ratio

Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based compensation (in Fulfilment, Marketing and General and Administrative expenses) and (ii) expenses for a tax claim provision against a divested entity regarding previous years, (iii) expenses for the SE conversion and (iv) income/expenses for the French business restructuring. "Adjusted EBITDA" is calculated by adjusting for these items. (1) as of FY 2021.

Growing Active Customer base while expanding share of wallet

Loyalty-driven business model results in exceptional repeat order rates

KPI overview

Group KPIs	Unit	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021
Westwing Collection share	in % of GMV	21%	22%	27%	25%	25%	22%	26%	28%	31%	32%	38%	37%
Active customers	in k	927	909	926	949	986	1,178	1,284	1,529	1,720	1,730	1,750	1,705
Number of orders	in k	591	492	539	805	675	1,051	874	1,474	1,268	1,022	819	1,262
Average basket size	in EUR	129	132	132	121	127	122	129	119	129	135	144	131
Average orders LTM per active customer	in #	2.6	2.6	2.6	2.6	2.5	2.6	2.7	2.7	2.7	2.7	2.6	2.6
Average GMV LTM per active customer	in EUR	318	322	326	327	324	325	330	328	337	341	340	343
GMV	in EUR m	76	65	71	98	85	128	113	175	164	139	118	166
Mobile visit share	in %	75%	76%	77%	76%	76%	79%	80%	79%	79%	80%	80%	80%

KPI definitions

Westwing Collection share	GMV share of Westwing Collection (formerly "Own & Private Label"): GMV of Westwing Collection business as % of GMV Group in the same reporting period
Active customers	A customer who has made a valid order within the last 12 months
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 of a reporting period
Average GMV LTM per active customer	GMV of the last 12 month divided by active customers
GMV	Gross Merchandise Volume: Value of all valid customer orders placed of a reporting period (i.e. excluding cancelation and VAT, but including returns).
Mobile visit share	Share of daily unique visits per platform via mobile devices (tablets and smartphones) as % of all daily unique visits per platform of a reporting period

Consolidated income statement

EUR m, in % of revenue	FY 2020	FY 2021	Q4 2020	Q4 2021
Revenue	433	522	156	149
Cost of Sales	-219	-266	-76	-78
Gross profit	214	257	80	71
Fulfilment expenses	-86	-107	-29	-30
Marketing expenses	-31	-49	-11	-14
General and administrative expenses	-65	-79	-18	-16
Other operating expenses	-4	-4	-2	-2
Other operating income	3	4	1	1
Operating result	31	21	21	10
Financial result	-4	-2	-2	-1
Result before income tax	28	19	20	9
Income tax expense	2	-7	5	-2
Result for the period	30	12	25	8
Reconciliation to Adj. EBITDA
Operating result (EBIT)	31	21	21	10
Share-based compensation expenses	8	6	1	-3
Centralization France	-0	-0	-0	0
SE Conversion Costs	0	0	0	0
Provision tax claim Russia	0	0	0	-0
D&A	11	13	3	4
Adj. EBITDA	50	40	26	10
Adj. EBITDA margin (%)	11.5%	7.7%	16.5%	7.0%

Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based compensation (in Fulfilment, Marketing and General and Administrative expenses) and (ii) expenses for a tax claim provision against a divested entity regarding previous years, (iii) expenses for the SE conversion and (iv) income/expenses for the French business restructuring. "Adjusted EBITDA" is calculated by adjusting for these items.

Adjusted income statement

EUR m, in % of revenue	FY 2020	FY 2021	Q4 2020	Q4 2021
Revenue	433	522	156	149
Revenue Growth yoy	62.0%	20.7%	76.1%	-4.2%
Cost of Sales	-219	-266	-76	-78
Gross Profit	214	257	80	71
Gross Margin	49.4%	49.1%	51.3%	47.6%
Fulfillment expenses	-86	-107	-29	-30
Contribution profit	128	150	51	41
Contribution margin	29.5%	28.7%	32.5%	27.6%
Marketing expenses	-31	-49	-11	-14
General and administrative expenses	-57	-73	-17	-19
Other operating expenses	-4	-3	-2	-2
Other operating income	3	4	1	1
Depreciation and Amortization	11	13	3	4
Adj. EBITDA	50	40	26	10
Adj. EBITDA Margin	11.5%	7.7%	16.5%	7.0%

Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based compensation (in Fulfilment, Marketing and General and Administrative expenses) and (ii) expenses for a tax claim provision against a divested entity regarding previous years, (iii) expenses for the SE conversion and (iv) income/expenses for the French business restructuring. "Adjusted EBITDA" is calculated by adjusting for these items.

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Segment reporting

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DACH in EUR m	FY 2020	FY 2021	Q4 2020	Q4 2021
Revenue	243	297	91	87
yoy Growth (in %)	60%	22%	75%	-5%
Adj. EBITDA	41	39	20	11
Adj. EBITDA Margin %	16.9%	13.1%	22.1%	12.2%

International in EUR m	FY 2020	FY 2021	Q4 2020	Q4 2021
Revenue	190	226	65	62
yoy Growth (in %)	64%	19%	77%	-3%
Adj. EBITDA	9	3	6	1
Adj. EBITDA Margin %	4.8%	1.2%	8.6%	1.1%

Figures in this section are presented on an adjusted basis, i.e. excluding (i) share-based compensation (in Fulfilment, Marketing and General and Administrative expenses) and (ii) expenses for a tax claim provision against a divested entity regarding previous years, (iii) expenses for the SE conversion and (iv) income/expenses for the French business restructuring. "Adjusted EBITDA" is calculated by adjusting for these items.

Net Working Capital

Note: Unaudited.

Net Working Capital (NWC) breakdown as of December 31, 2021 (EUR m)

Share Information as of December 31, 2021
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	326,475

Stock Option Programs as of December 31, 2021

Program	# of options outstanding	Weighted average exercise price (EUR)
VSOPs(1)	898,000	2.44(1)
LTIP 2019(2)	1,861,050	19.30(2)
LTIP 2016	96,450	0.01
Other	755,075	11.24
Total	3,610,575	12.90

Upcoming Events

March 30, 2022	Jefferies 2nd Annual Pan-European Mid-Cap Conference
May 11, 2022	Publication of quarterly statement Q1 2022
May 17, 2022	Bank of America Consumer eCommerce Virtual Field Trip
May 18, 2022	Annual General Meeting for the 2021 financial year
August 11, 2022	Publication of half-year financial report 2022
September 13, 2022	Jefferies Virtual Home Retail Summit 2022
September 19, 2022	Berenberg and Goldman Sachs Eleventh German Corporate Conference
November 10, 2022	Publication of quarterly statement Q3 2022