Westwing delivers fifth consecutive quarter of growth despite persistent macro headwinds

Westwing delivers fifth consecutive quarter of growth despite persistent macro headwinds

• In Q3 2026, revenue increased by 13% and Gross Merchandise Volume (GMV) by 7% year-over-year, with topline recovering throughout the quarter after a flat July.
• Adjusted EBITDA stood at EUR 6.5 million (+7% year-over-year), corresponding to a margin of 5.8%, 0.3 percentage points lower vs. Q3 2025. While the business showed operating leverage, contribution margin was particularly impacted by higher fuel prices.
• Free cash flow amounted to EUR –0.7 million in Q3, in line with seasonal cadence. Net working capital remained negative at EUR –2.7 million and net cash closed at a strong EUR 63 million.
• Westwing made further progress on its value creation strategy, expanding its international footprint by five additional countries in Q3, bringing the Total Fina Elf number of markets served to 28.
• In October, Westwing unveiled an exclusive collaboration with Victoria Beckham’s fashion house. The Westwing | Victoria Beckham Collection marks the designer’s homeware debut and strengthens Westwing’s positioning as a PREMIUM design brand.
• Westwing confirms the full-year guidance and currently expects to achieve revenue in the upper half of the range.

Munich, 5 November 2026 // Westwing Group SE (“Westwing” or “the Company”), Europe’s #1 in Beautiful Living, announces its results for the third quarter of 2026.

Westwing delivered its fifth consecutive quarter of Gross Merchandise Volume (GMV) growth amidst persistent macroeconomic headwinds. Following a flat July with very weak consumer demand due to the exceptionally strong summer heatwave, GMV accelerated throughout the remainder of the quarter, leading to a GMV growth of 7% year-over-year to EUR 123 million. Growth was led by the International segment, which recorded +14%, picking up from positive mid-single digit growth in July. GMV in the DACH segment, which contracted by mid-single digits in July, returned to growth during the remainder of the quarter, leading to a 1% year-over-year GMV growth in Q3. As in previous quarters, recurring sales events continued to perform exceptionally well, reflecting sustained high price sensitivity among consumers.

Westwing Collection GMV increased by 4% year-over-year, while our third-party assortment grew by 13%. This translated into a Westwing Collection share of 64% in Q3 2026, 2 percentage points down compared to Q3 2025.

Revenue increased by 13% year-over-year to EUR 111 million, significantly outpacing ordered GMV growth, as the Company shipped backlog caused by the migration to new order and warehouse management systems at the end of Q2. Revenue in the DACH segment grew by 5% year-over-year, while the International segment recorded a 22% growth. The number of active customers increased by 13% year-over-year, marking the third consecutive quarter of year-over-year growth.

Adjusted EBITDA increased by 7% year-over-year to EUR 6.5 million, corresponding to a margin of 5.8%, down 0.3 percentage points compared to Q3 2025. The decline in adjusted EBITDA margin was driven by a 4.3 percentage point contraction in contribution margin, which was largely offset by operating leverage across marketing and G&A.

The contraction in contribution margin was primarily driven by higher fuel prices, which resulted in increased container and outbound logistics costs. Temporary knock-on effects of the order and warehouse management systems migration, negative mix effects as well as ramp-up costs of UK logistics operations also impacted contribution margin.

To mitigate margin pressure, management implemented targeted measures during the third quarter, including price adjustments, increased shipping fees and further efficiency improvements, particularly in logistics. The full impact of these measures is expected to materialise in the fourth quarter. Tangible margin improvements were already visible in October.

Free cash flow amounted to EUR –0.7 million (Q3 2025: EUR 10.4 million), thereof EUR –0.6 million cash outflow for the settlement of stock options. The year-over-year decline in free cash flow was largely timing-related, as inventory build-up in 2025 was focused on the first half of the year, with lower inbound volumes required for peak season preparation in Q3 2025. Net working capital remained negative at EUR –2.7 million vs. EUR –1.2 million in the previous year’s period.

Westwing’s net cash position stood at EUR 63 million, EUR 5.2 million higher than at the end of Q3 2025 and seasonally down EUR 5.1 million vs. the previous quarter.

Westwing continued to make good progress on its 3-step plan to unlock the full value potential:

• Westwing launched its website in five more countries. Design lovers in Estonia, Latvia, Lithuania, Ireland and Bulgaria can now also shop at Westwing, bringing the Total Fina Elf number of countries served to 28. The Company further improved the physical brand and product experience for Westwing customers with the relocation of the Munich store to its permanent location in July.
• In October, Westwing unveiled an exclusive collaboration with Victoria Beckham’s fashion house. The Westwing | Victoria Beckham Collection marks the designer’s homeware debut and strengthens Westwing’s positioning as a PREMIUM design brand. The launch is supported by a major brand marketing campaign, with particular focus on Germany and the UK.
• On 12 October 2026, the Company commenced a new share buyback programme under which it may repurchase up to 640,000 shares for a maximum aggregate purchase price of EUR 10 million, excluding incidental acquisition costs.
• Westwing provided further details on medium-term initiatives for the third phase of its 3-step value creation plan, outlining four key focus areas:
  1. Further efficiency gains to drive sustained operating leverage, including warehouse consolidation at the Polish logistics centre and productivity improvements through artificial intelligence and automation.
  2. Growth in the core business through initiatives across assortment, brand and customer journey, alongside further scaling of 2024-26 expansion markets.
  3. Growth beyond the core business, e.g. from B2B topline expansion, sales channels beyond its own e-commerce (such as stores, partner sales channels), as well as the potential expansion to additional geographies.
  4. Financial levers to drive value creation beyond the P&L, including a continued focus on high-return capital allocation and improved cash conversion.

Together, these initiatives are expected to support sustained growth, profitability and cash generation.

Dr Andreas Hoerning, CEO of Westwing, commented: “We are pleased with our continued growth despite the persistently challenging macroeconomic environment. Higher fuel prices significantly increased transportation costs and weighed on our contribution margin, offset by scale effects. Mitigation measures already lead to substantial margin improvements at the beginning of Q4. Looking further ahead, we're very excited about key efficiency and growth levers we will be working on throughout the third phase of our 3-step value creation plan.”

Financial Outlook 2026

Westwing confirms its outlook for FY 2026, as published in March. For the full year, Westwing expects revenue between EUR 470 million and EUR 495 million, corresponding to a year-over-year growth of +5% to +10%. Management expects to achieve revenue in the upper half of this guidance. Adjusted EBITDA is projected to land between EUR 36 million and EUR 48 million, representing a margin of +7.7% to +9.7%.

Webcast and Conference Call

Westwing’s Q3 2026 earnings call will be broadcasted via live stream on 5 November 2026, starting at 10:00 AM (CET) 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 further information, please visit Westwing’s Investor Relations website at https://ir.westwing.com.

	9M 2026	9M 2025	Change	Q3 2026	Q3 2025	Change
Results of operations
Revenue (in EUR million)	344.6	306.1	12.6%	111.4	99.0	12.5%
Adjusted EBITDA (in EUR million)	21.5	21.4	0.1	6.5	6.1	0.4
Adjusted EBITDA margin (in % of revenue)	6.2%	7.0%	–0.7pp	5.8%	6.1%	–0.3pp
Financial position
Free cash flow (in EUR million)	–12.1	–3.0	–9.1	–0.7	10.4	–11.1
Cash and cash equivalents (in EURm, as at reporting date)	62.8	57.6	5.2
Performance indicators
Westwing Collection share (in % of GMV)	63%	64%	–1pp	64%	66%	–2pp
GMV (in EUR million)	384	344	11%	123	115	7%
Number of orders (in thousands)	1,545	1,385	12%	499	456	9%
Average basket size (in EUR)	248	248	0%	247	252	–2%
Active customers (in thousands)	1,316	1,160	13%
Average orders per active customer in the preceding 12 months	1.8	1.9	–5%
Average GMV per active customer in the preceding 12 months (in EUR)	415	425	–2%

About Westwing

Westwing, Europe’s #1 in Beautiful Living, is present in 28 European countries and achieved a GMV (Gross Merchandise Volume) of EUR 507 million in 2025. 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 third-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