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Copyright © 2023 Westwing. All rights reserved. Q1 2025 Results Munich, 8 May, 2025
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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. 2
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3 Agenda 01 Business update 02 Financial update 03 Investment highlights 04 Q&A 05 Appendix
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4 1. Business update
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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. State of Westwing 5 We improved profitability significantly in absence of scale effects. • Revenue decline of 1% year-over-year (yoy) due to shifts in product assortment. • Adjusted EBITDA of EUR 9 million at 8% margin (+3pp yoy) driven by 2024 complexity reduction and cost discipline. • Free cash flow of EUR -9 million and end of Q1 net cash of EUR 57 million, impacted by temporary inventory increase. • Net working capital of EUR -2 million at the end of Q1. We are confirming our FY 2025 guidance. • Revenue of EUR 425 million to EUR 455 million (-4% to +2% yoy growth). • Adjusted EBITDA of EUR 25 million to EUR 35 million (+6% to +8% adjusted EBITDA margin). We are continuing to implement our 3-step value creation plan with a focus on expansion. • Our country expansion is fully on track with the successful launch of Sweden in April 2025. • We continued our store expansion with the recent opening of a new store-in-store at Printemps in Paris, France.
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(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. 6 We successfully completed the first two phases of our 3-step plan Profitability levers Topline levers Westwing Collection share increase OneWestwing commercial model -1% to +4% Turnaround & Strategy Update 2022-2023 Organisational rightsizing +3% to +5%(1) Building a Scalable Platform 2024-2025 Complexity reduction Path to 10%+ Scaling with Operating Leverage 2025-202x Share gains in existing markets Cost discipline Country expansion Adj. EBITDA margin Topline Stronger premium brand positioning
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7 We improved adjusted EBITDA margin by 10 percentage points in 3 years -4 -2 5 6 9 Q1’19 Q1’22 Q1’23 Q1’24 Q1’25 +45% -1.5% 4.9%-6.3% Adjusted EBITDA [in EUR million, as % of revenue] 8.5%5.8% +10pp pre-covid 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.
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(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. 8 We are advancing in the third phase of our 3-step plan Profitability levers Topline levers Westwing Collection share increase OneWestwing commercial model -1% to +4% Turnaround & Strategy Update 2022-2023 Organisational rightsizing +3% to +5%(1) Building a Scalable Platform 2024-2025 Complexity reduction Path to 10%+ Scaling with Operating Leverage 2025-202x Share gains in existing markets Cost discipline Country expansion Adj. EBITDA margin Topline 2 1 4 Stronger premium brand positioning 3
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9Note: All figures unaudited. Westwing Collection share continued to increase Westwing Collection share [as % of GMV] 21% 25% 31% 37% 46% 51% 62% 79% 75% 69% 63% 54% 49% 38% Q1’19 Q1’20 Q1’21 Q1’22 Q1’23 Q1’24 Q1’25 100% Westwing Collection 3rd party suppliers Westwing Collection share increase1
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Hamburg Stuttgart Berlin Leipzig Cologne MunichParis 10 Share gains in existing markets and stronger premium brand positioning We are on track to open a mid-single-digit number of offline stores in 2025 Existing stores Completed store openings 2025 to date Planned store openings 2025 Standalone stores Hamburg Leipzig Munich opening soon Berlin opening soon Cologne opening soon Store-in-stores Stuttgart (Breuninger) Paris (Printemps) 2 3
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11 Share gains in existing markets and stronger premium brand positioning We just opened our second store-in-store at Printemps in Paris, a leading high-end department store with grand artistic and architectural heritage 2 3
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12 Country expansion Existing countries Completed expansion 2025 to date Planned short-term expansion FI SE NO DK DE PL RO HU SI HR CZ GRPT ES FR IT CH AT SK BE NL LU We brought 3 countries live in 2025 so far, in line with our full-year goal of 5 to 10 new countries Expansion so far in 2025 Luxembourg Denmark Planned short-term expansion Croatia Norway Finland Romania Greece Slovenia Hungary Sweden 4 In the mid-term, we aim to be present in approximately all European countries.
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13 2. Financial update
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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. Revenue declined by 1% in Q1 2025 Group revenue [in EUR million] 55% 45% Q1’24 56% 44% Q1’25 109 107 -1% DACH International 14 • GMV decline of 5% year- over-year; smaller decline in revenue driven by positive timing effect of 2024 orders. • As expected, negative topline development is due to switch to mostly global and more premium product assortment, especially impacting International segment. • DACH segment grew by 1% in Q1, while the International segment declined by 4% year-over-year.
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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. All figures unaudited. 15 Strong improvements across all P&L lines before start of 3-step plan [as % of revenue] Fulfilment ratio Contribution margin Marketing ratio Gross margin G&A ratio(1) D&A ratio Adj. EBIT margin Driven by increased Westwing Collection share, partially offset by e.g. higher container costs. Successful implementation of complexity reduction measures. Reduced investment into brand awareness. Adj. EBITDA margin Q1 2024 -19.6% 31.8% -12.7% -18.4% 51.4% 5.2% 0.6% 5.8% Delta 25 vs. 24 +0.2pp +0.4pp +0.9pp +3.0pp +0.2pp -1.6pp +4.3pp +2.7pp Q1 2025 -19.3% 32.2% -11.8% -15.5% 51.5% 3.6% 4.9% 8.5% Mainly due to reduced D&A of internally developed technology assets. Q1 2022 -23.4% 25.3% -10.4% -20.0% 48.7% 3.6% -5.1% -1.5% Leading to positive net result of EUR 2.5m.
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Q1’24 Q1’25 5.8% 9.4% +3.7pp DACH segment International segment 16 Strong improvement in adjusted EBITDA margin in both segments in Q1 2025 • DACH segment margin improved by 3.7pp in Q1, driven by reduced brand awareness investment. • International segment margin improved by 1.3pp in Q1 year-over-year. Segment adjusted EBITDA [as % of revenue] 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. Q1’24 Q1’25 6.1% 7.4% +1.3pp
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17 Net working capital remained negative Net working capital [in EUR million] 31 Mar. ‘24 31 Mar. ‘25 -18 -2 +16 • Assortment improvement leading to timing effect of inventory build-up for new products in various categories. • Increased availability and higher inventories for major sales event in the beginning of April. Note: All figures unaudited.
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• Reduced CAPEX for internally developed tech assets year- over-year due to 2024 complexity reduction measures. CAPEX [in EUR million, as % of revenue] 18 CAPEX in Q1 2025 remained at a healthy level Q1’24 Q1’25 5 2 -3 Property, plant and equipment Intangible 4.9% 2.0% Driven by EUR 3m impact of change of lease contract of logistics centre equipment, reversal in Q2 2024. Note: All figures unaudited.
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19 Strong net cash position of EUR 57 million at the end of March 2025 69 57 Net cash 31 Dec. ‘24 Operating cash flow Investing cash flow IFRS 16 (lease payments) Other financing cash flow Net cash 31 Mar. ‘25 -9 0 -3 0 Net cash [in EUR million] Free cash flow Q1 2025: EUR -9 million Free cash flow after lease payments Q1 2025: EUR -12 million Mainly driven by temporary increase in inventory. Note: All figures unaudited.
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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. 20 We confirm our guidance for FY 2025 FY 2024 Guidance FY 2025 Revenue EUR 444m EUR 425m to 455m (-4% to +2% yoy growth) Adjusted EBITDA EUR 24m EUR 25m to 35m (+6% to +8% margin) Enabling double-digit positive free cash flow
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Ambition is upper single to double-digit growth rate in 2026. 21 Our ambition is to return to significant growth in 2026 while continuously improving profitability Revenue assumptions Market 2024 change in product assortment 2025 expansion 2025 expansion 2024 change in product assortment 2024 complexity reduction Profitability assumptions Continued improvement in profitability. 2025 2026 2025 2026
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22 3. Investment highlights
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23Note: All figures unaudited. (1) Euromonitor International as of May 30, 2022, scope: Home & Living is defined as “Homewares and Home Furnishings”. Investment highlights • Addressing sizeable premium segment of EUR 130bn total Home & Living market(1) in existing 15 Westwing geographies. Future country expansion with additional potential. • Massive online penetration potential in a mostly offline market, flanked by selected offline presence. Huge market potential • Unique assortment of gor- geous, 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. Unique, relevant customer value proposition • 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. High margins and operating leverage in scaling • Strong net cash position and no debt. • Strong net working capital. • Low CAPEX. Strong balance sheet Clear path towards mid-term adjusted EBITDA margin of 10%+ with strong cash conversion. 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.
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24 4. Q&A
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25 5. Appendix
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26Note: All figures unaudited. Active customer defined as a customer who has made a valid order within the last 12 months per end of the reporting period. Continuously expanding share of wallet with customers Active customers and average GMV per active customer [in k, in EUR] 0 100 200 300 400 500 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q1 ’14 Q2 ’14 Q3 ’14 Q4 ’14 Q1 ’15 Q2 ’15 Q3 ’15 Q4 ’15 Q1 ’16 Q2 ’16 Q3 ’16 Q4 ’16 Q1 ’17 Q2 ’17 Q3 ’17 Q4 ’17 Q1 ’18 Q2 ’18 Q3 ’18 Q4 ’18 Q1 ’19 Q2 ’19 Q3 ’19 Q4 ’19 Q1 ’20 Q2 ’20 Q3 ’20 Q4 ’20 Q1 ’21 Q2 ’21 Q3 ’21 Q4 ’21 Q1 ’22 Q2 ’22 Q3 ’22 Q4 ’13 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q4 ’22 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q1 ’24 Average GMV per active customer LTM Active customers
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27Note: All figures unaudited. KPI overview Group KPIs Unit 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 Q1 2025 Westwing Collection share in % of GMV 31% 32% 38% 37% 37% 38% 44% 44% 46% 46% 48% 47% 51% 53% 58% 58% 62% Active customers in k 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 1,200 Number of orders in k 1,268 1,022 819 1,262 872 685 620 951 694 614 605 939 676 578 528 766 505 Average basket size in EUR 129 135 144 131 147 159 164 149 169 178 177 157 185 198 206 194 236 Average orders LTM per active customer in # 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 2.0 Average GMV LTM per active customer in EUR 337 341 340 343 345 349 355 364 373 376 377 377 381 385 388 402 409 GMV in EUR m 164 139 118 166 128 109 102 142 118 109 107 147 125 114 109 149 119 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 VA T, but including returns).
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28 Consolidated income statement EUR million, in % of revenue FY 2023 FY 2024 Q1 2024 Q1 2025 Revenue 428.6 444.3 108.6 107.5 Cost of sales -215.7 -218.7 -52.9 -52.1 Gross profit 212.9 225.7 55.8 55.4 Fulfilment expenses -90.3 -85.2 -22.0 -20.8 Marketing expenses -45.6 -57.1 -13.9 -12.8 General and administrative expenses -85.2 -84.6 -21.2 -19.5 Other operating expenses -6.2 -8.9 -1.7 -2.0 Other operating income 5.9 5.4 1.5 2.3 Operating result -8.4 -4.8 -1.5 2.6 Financial result -0.7 0.1 -0.2 -0.0 Result before income tax -9.1 -4.8 -1.7 2.5 Income tax expense -3.3 -0.2 -0.2 -0.1 Result for the period -12.4 -5.0 -1.9 2.5 Reconciliation to adjusted EBITDA Operating result (EBIT) -8.4 -4.8 -1.5 2.6 Share-based compensation expenses 2.3 -0.0 -0.7 1.9 Complexity reduction 4.1 8.5 2.7 0.8 Adjusted EBIT -2.0 3.7 0.7 5.3 Adjusted EBIT margin (%) -0.5% 0.8% 0.6% 4.9% Depreciation and amortisation 19.8 20.3 5.6 3.8 Adjusted EBITDA 17.8 24.0 6.3 9.1 Adjusted EBITDA margin (%) 4.1% 5.4% 5.8% 8.5% Note: All figures unaudited.
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29 Adjusted income statement 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. EUR million, in % of revenue FY 2023 FY 2024 Q1 2024 Q1 2025 Revenue 428.6 444.3 108.6 107.5 Revenue growth yoy -0.5% 3.7% 5.6% -1.1% Cost of Sales -215.7 -218.7 -52.9 -52.1 Gross Profit 212.9 225.7 55.8 55.4 Gross margin 49.7% 50.8% 51.4% 51.5% Fulfilment expenses -90.3 -84.0 -21.3 -20.8 Contribution Profit 122.7 141.7 34.5 34.6 Contribution margin 28.6% 31.9% 31.8% 32.2% Marketing expenses -45.3 -56.9 -13.8 -12.7 General and administrative expenses -80.3 -79.1 -19.8 -17.3 Other operating expenses -4.9 -8.3 -1.7 -2.0 Other operating income 5.9 6.3 1.5 2.7 Adjusted EBIT -2.0 3.7 0.7 5.3 Adjusted EBIT margin (%) -0.5% 0.8% 0.6% 4.9% Depreciation and amortisation 19.8 20.3 5.6 3.8 Adjusted EBITDA 17.8 24.0 6.3 9.1 Adjusted EBITDA margin (%) 4.1% 5.4% 5.8% 8.5%
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30 Segment reporting 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. DACH in EUR million FY 2023 FY 2024 Q1 2024 Q1 2025 Revenue 236.5 252.2 60.1 60.7 yoy growth (in %) -2.4% 6.6% 7.7% 1.0% Adj. EBITDA 16.1 14.5 3.5 5.7 Adj. EBITDA margin % 6.8% 5.8% 5.8% 9.4% International in EUR million FY 2023 FY 2024 Q1 2024 Q1 2025 Revenue 192.1 192.2 48.5 46.8 yoy growth (in %) 2.0% 0.0% 3.2% -3.6% Adj. EBITDA 2.1 9.8 3.0 3.4 Adj. EBITDA margin % 1.1% 5.1% 6.1% 7.4%
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31Note: 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. EUR million FY 2023 FY 2024 Q1 2024 Q1 2025 Adjusted EBITDA 17.8 24.0 6.3 9.1 Adjusted D&A -19.8 -20.3 -5.6 -3.8 Adjusted EBIT -2.0 3.7 0.7 5.3 Share-based compensation expenses -2.3 0.0 0.7 -1.9 Complexity reduction -4.1 -8.5 -2.7 -0.8 EBIT -8.4 -4.8 -1.5 2.6 EBITDA 11.4 15.5 4.3 6.4 Excluding adjustments, Q1 2025 EBITDA of EUR 6.4 million and EBIT of EUR 2.6 million
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32 Issued share capital 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 Share information as at 31 March 2025 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 2,078,311 Stock option programs as at 31 March 2025 Program # of options outstanding Weighted average exercise price (in EUR) Total 4,063,455 12.28 VSOPs(2) LTIP 2019 LTIP 2016 599,563 1,828,800 96,450 3.15(2) 19.30 0.01 ECP 2022 480,260 1.00 LTIP 2023(1) 322,207 11.71 Other 735,725 11.55
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33 Investor Relations Contact T eresa Fischer Perez-Lozao ir@westwing.de Director Corporate Finance
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34 Events 14 May 2025 Frühjahreskonferenz Equity Forum 17 June 2025 Annual General Meeting 07 August 2025 Publication of half-year financial report 2025