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Copyright © 2026 Westwing. All rights reserved. Q3 2026 Results Munich, 5 November 2026
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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. 3
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Agenda Business update Financial update Update on our value creation plan Investment highlights Appendix 4
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Business u pdate 5
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State of Westwing yoy +7% GMV REVENUE yoy +7% ADJUSTED EBITDA yoy + 13 % ACTIVE CUSTOMERS 8 G&A RATIO FY 2026 guidance confirmed with revenue expected in the upper half of the guided range. yoy + 13 % SHARE BUYBACKS ytd [in EUR million] 9m consecutive quarters of operating leverage in G&A ratio 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
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Market weighed on furniture sales and margins, outlook is still positive Market is impacted by an already subdued consumer sentiment, a challenged construction sector and high fuel prices . Consumers are postponing home investments and/or trading down to cheaper options . The main resulting topline challenge for Westwing is dampened furniture demand in our pre - 2024 markets . Other categories, such as decoration, and new markets are growing strongly . Fuel prices were the main driver for a 4 pp year - over - year ( yoy ) decline in contribution margin . For Q 3 , this was compensated by scale effects . Price increases & higher logistics efficiency provide for mitigation in Q 4 . Q 3 was also marked by the launch of five new countries, a tableware collection with Victoria Beckham, the opening of Westwing's Munich flagship store and the start of another share buyback programme . For the third phase of our value creation plan, we’ve specified key levers across efficiency (AI/automation, warehouse consolidation), growth (core & non - core, e . g . B 2 B), and financials (capital allocation, cash conversion) . Note: All figures unaudited. 7
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8 We are making progress in the third phase of our 3 - step plan Turnaround & Strategy Update 2022 – 2023 Building a Scalable Platform 2024 – 2025 Scaling with Operating Leverage 2025 – 202x PROFITABILIT Y LEVERS Organisational rightsizing Complexity reduction Westwing Collection share increase OneWestwing commercial model Share gains in existing markets Stronger premium brand positioning Country expansion Path to 10%+ 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 ite ms. All figures unaudited. Cost discipline – 1% to +4% +3% to +5% TOPLINE LEVERS ADJUSTED EBITDA MARGIN TOPLINE
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During the quarter, we launched Estonia, Latvia and Lithuania in July, and Ireland and Bulgaria in September, bringing our footprint to 28 markets. We are pleased with the traction in our expansion markets (i.e. those launched since May 2024), which reached 13% of Group GMV in Q3 2026. The UK, our largest expansion market, continues to grow, while ramp - up costs weigh on Group margins. We continue targeted marketing investments to drive customer acquisition, with brand marketing concentrated on Q4 2026, mainly in the UK. LT FI SE NO DK DE PL RO HU SI HR CZ GR PT ES FR IT CH AT SK BE NL LU UK 1 Pre - 2024 Countries 2024/2025 Expansion 2026 Expansion LV EE Note: (1) UK expansion excludes Northern Ireland, the Isle of Man and the Channel Islands. All figures unaudited. 9 IE BG We launched five new countries and continued to scale operations
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10 We celebrated the opening of our permanent store in Munich
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11 Picadilly Circus, London A landmark brand moment: global launch of the Westwing | Victoria Beckham collaboration The collection includes 32 products (tableware), launched on 12 October 2026, across all 28 Markets, with dedicated marketing ca mpaigns in Germany, UK, France and Poland.
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Financial u pdate 12
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F ifth consecutive quarter of growth amidst macro headwinds • GMV growth accelerated after a flat July, driven by the International segment and strong recurring sales events. • Westwing Collection GMV increased by 4% yoy , while the third - party assortment grew by 13%. D ampened furniture demand is weighing on Westwing Collection growth, while lower price point categories such as decoration have a higher third - party share. • Revenue growth outpaced GMV growth as Q2 backlog was shipped in Q3. Note: All figures unaudited. 13 Group topline development [in EUR million] GMV REVENUE 99 111 Q3 25 Q3 26 +13% 115 123 Q3 25 Q3 26 +7%
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Growth driven by continued momentum from country expansion in the International segment Segment revenue [in EUR million] Note: All figures unaudited. 14 52 55 Q3 25 Q3 26 +5% DACH SEGMENT INTERNATIONAL SEGMENT • Topline growth accelerated in both segments during Q3 following subdued demand in July with both segments benefiting from Q2 backlog shipped in Q3. • Growth in the International segment was driven by expansion countries. 47 57 Q3 25 Q3 26 +22%
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Resilient profitability despite margin pressure Profitability development [in EUR million, as % of revenue] 15 21 22 9M 25 9M 26 +1% ADJUSTED EBITDA Q3 26 6.2% 7.0% • In Q3, adjusted EBITDA increased by EUR 0.4m yoy , despite continued macro - driven pressure , most notably higher transportation costs due to increased fuel prices, and negative one - offs . • Contribution margin contraction was largely offset by operating leverage across Marketing and G&A. ADJUSTED EBITDA 9M 2 6 6 6 Q3 25 Q3 26 +7% 5.8% 6.1% 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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Higher container costs, one - offs and mix effects. Operating leverage despite additional G&A costs for new stores. Efficiency gains and additional scale effects from Q2 backlog shipped in Q3. 9M 25 – 19 .1% 33.2 % – 12.8% – 17.1% 52 .3% 3 .7% 7. 0 % 9M 26 – 20.6% 31.4 % – 12.8% – 15.8% 52 .0% 3.4 % 6 .2% Delta 26 vs. 25 – 2.8 – 4.3 +1.4 +2 .6 – 1.6 +0.1 – 0.3 Q3 25 – 18.8 % 33 .9% – 13.4% – 17.9% 52 .7% 3.6% 6 .1% Q3 26 – 21.6% 29.6% – 12.1% – 15.4% 51 .2% 3.6 % 5.8% Delta 26 vs. 25 – 1.6 – 1.8 0.0 +1.3 – 0.3 – 0.3 – 0.7 Fulfilment ratio Contribution margin Marketing ratio Gross margin G&A ratio 1 D&A ratio Adj. EBITDA margin 3.3% 2.8% – 0.4 2.6% 2.2% – 0.5 Adj. EBIT margin Higher freight cost due to fuel prices, one - offs and ramp up costs for UK operations. 16 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 ite ms. Figures are rounded. Totals, deltas and percentages are calculated on unrounded figures and may therefore differ from the sum or difference of the displayed values. All figures unaudited. [as % of revenue] Macro - led margin contraction largely offset by operating leverage
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17 Contribution margin Q3 25 Container costs Freight costs System migrations UK ramp - up costs Mix & other Contribution margin Q3 26 33.9% - 0.5% - 1.7% - 0.9% - 0.4% - 0.8% 29.6% - 4.3 pp Key drivers of decrease in contribution margin [as % of revenue] Note: All figures unaudited. Temporary (depending on fuel prices) No material impact expected post - Q3 Improving with scale Mixed impact duration Margin pressures are largely temporary, while countermeasures deliver lasting benefits • Margin contraction primarily driven by higher fuel prices and other temporary impacts. • Targeted countermeasures implemented in Q3 included price adjustments, increased shipping fees and further improvements to logistics efficiency. • As these measures were implemented progressively throughout Q3, their full impact is expected in Q4.
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Strong operating leverage with revenue per FTE increasing for four consecutive years 18 45 60 70 83 94 0 20 40 60 80 100 0 500 1,000 1,500 2,000 Q3 22 Q3 23 Q3 24 Q3 25 Q3 26 FTE (left axis) Quarterly revenue/FTE (right axis) Note: (1) FTE = Full - time equivalent. All figures are unaudited. FTE 1 end of quarter and q uarterly revenue/FTE 1 [in EUR thousand] • From 2022 to 2025 , structural efficiency gains from centralisation, scalable technology and operational streamlining drove higher revenue per FTE. • From 2025 to 2026 , a return to growth and continued operating leverage further improved revenue per FTE, despite country and store expansion.
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Adjusted EBITDA increased in both segments 19 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 SEGMENT 9M 26 DACH SEGMENT Q3 26 INTERNATIONAL SEGMENT 9M 26 INTERNATIONAL SEGMENT Q3 26 12 11 9M 25 9M 26 - 13% 6.1% 7.4% 3 3 Q3 25 Q3 26 4% 6.0% 6.0% 3 3 Q3 25 Q3 26 9% 5.7% 6.4% 9 11 9M 25 9M 26 15% 6.3% 6.6% • Adjusted EBITDA margin decline was driven by a contraction in the contribution margin, largely offset by lower marketing ratio and operating leverage in G&A. • The International segment experienced a decline in its adjusted EBITDA margin primarily due to ramp - up costs for UK business operations. Segment adjusted EBITDA [in EUR million , as % of revenue ]
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Net working capital improved year - over - year and remained negative Note: All figures unaudited. 20 54 63 Q3 25 Q3 26 +9 - 1 - 3 Q3 25 Q3 26 - 1 • Net working capital improved by EUR 1.5m yoy , as higher trade payables more than offset seasonal inventory build - up. • Net inventory as percentage of revenue increased by 0.7pp yoy , driven by higher goods in transit and UK specific stock. NET WORKING CAPITAL [in EUR million] NET INVENTORY [in EUR million, as % of LTM revenue] 13 % 12 %
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2 June 2026 Operating cash flow Investing cash flow IFRS 16 (lease payments) Other financing cash flow September 2026 68 - 3 - 3 - 1 63 Net cash stood at EUR 63 million at the end of September 2026 Net cash [in EUR million] Note: All figures unaudited. 21 Free cash flow Q3 26: EUR – 0.7m Free cash flow after lease payments Q3 26: EUR – 3.6m Includes EUR – 1.5m related to the purchase of treasury shares Includes EUR – 0.6m related to the settlement of employee stock options
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We completed one share buyback programme and launched another 22 COMPLETED PROGRAMME TOTAL CAPITAL EUR 8m SHARES PURCHASED 512,118 TIMEFRAME 9 February – 29 July 2026 ACTIVE PROGRAMME CAPITAL SPENT TO DATE 1 EUR 1.3m of max. volume of EUR 10m SHARES PURCHASED TO DATE 1 95,441 of max. volume of 640,000 shares TIMEFRAME 12 October 2026 – 31 March 2027 Note: (1) As of 4 November 2026. All figures unaudited.
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We confirm our guidance for FY 2026 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. Revenue expected in the upper half of the guided range. GUIDANCE FY 2026 EUR 470m to 495m 5% to 10% yoy growth REVENUE ADJUSTED EBITDA GUIDANCE FY 2026 EUR 36m to 48m 7.7% to 9.7% margin 23
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Update on our value creation plan 24
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Our ambition is to be the Superbrand in design, the ultimate aspiration in Home & Living 25
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26 We are making progress in the third phase of our 3 - step plan Turnaround & Strategy Update 2022 – 2023 Building a Scalable Platform 2024 – 2025 Scaling with Operating Leverage 2025 – 202x PROFITABILIT Y LEVERS Organisational rightsizing Complexity reduction Westwing Collection share increase OneWestwing commercial model Share gains in existing markets Stronger premium brand positioning Country expansion Path to 10%+ 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 ite ms. All figures unaudited. Cost discipline – 1% to +4% +3% to +5% TOPLINE LEVERS ADJUSTED EBITDA MARGIN TOPLINE
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27 We need to sell “more of the same” … … with operating leverage … … and allocate capital in the best way possible EFFICIENCY A structurally leaner cost base GROWTH IN CORE Share gains in European B2C e - commerce GROWTH BEYOND CORE New engines of profitable growth FINANCIAL LEVERS Value creation beyond P&L How to reach our ambition by 2030
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To further scale with operating leverage, we will focus on efficiency, growth initiatives , and levers beyond the P&L EFFICIENCY A structurally leaner cost base AI - transformed way of working Merge of Poland based warehouses GROWTH IN CORE Share gains in European B2C e - commerce Assortment refinement & category expansion Brand & community development Customer journey improvement & personalisation Scaling of countries launched in 2024 - 26 GROWTH BEYOND CORE New engines of profitable growth B2B growth Partner channel growth Further geographic expansion Stores & omnichannel connection FINANCIAL LEVERS Value creation beyond P&L Cash conversion Capital allocation Other 28 Fixed cost leverage
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Investment highlights 29
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Investment highlights 30 ONE - STOP DESTINATION FOR DESIGN LOVERS Unique assortment of gorgeous, own Westwing Collection & the best third - party design brands. Best - in - class inspirational storytelling with distinct visuals & tone of voice. Premium services such as Design Service & branded delivery fleet. SIGNIFICANT MARKET POTENTIAL Large addressable market targeting the premium home segment across Europe , possibly beyond. Structural B2C online growth in a predominantly offline market. Sizeable B2B potential . Additional market potential through physical retail presence. STRONG BRAND AND TRUSTED PRODUCT BRAND Brand with a large base of loyal customers and followers (Social Media, newsletter). Trusted Westwing Collection product brand distinguished by superior design, quality and sustainability. HIGH MARGINS AND OPERATING LEVERAGE High margins driven by strong brand - led pricing power especially with the unique Westwing Collection. Platform and commercial model allows for scaling with operational leverage . STRONG CASH CONVERSION AND BALANCE SHEET Significant and growing cash generation , value adding capital allocation, no debt. Strong net working capital position & strategy. CAPEX light business model.
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Appendix 31
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We remain committed to our capital allocation principles FIVE KEY CAPITAL ALLOCATION PRINCIPLES 1 Maintain strong balance sheet and strategic flexibility 2 Invest selectively in high - return opportunities 3 Actively reduce dilution from stock option programmes 4 Hold treasury shares to hedge dilution and cash risks from outstanding stock options 5 Return excess capital via buybacks and EPS - accretive share cancellations 32
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0 100 200 300 400 500 0 250 500 750 1,000 1,250 1,500 1,750 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Active customer year - over - year growth continued for the third consecutive quarter Note: Active customer defined as a customer who has made a valid order within the last 12 months per end of the reporting per iod . All figures unaudited. 33 Active customers and average GMV LTM per active customer [in thousand, in EUR] Average GMV per active customer LTM Active customers
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KPI overview 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). Note: All figures unaudited. 34 Group KPIs Unit 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 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Westwing Collection share as % of GMV 37% 38% 44% 44% 46% 46% 48% 47% 51% 53% 58% 58% 62% 65% 66% 61% 63% 63% 64% Active customers in k 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 1,170 1,160 1,201 1,225 1,271 1,316 Number of orders in k 872 685 620 951 694 614 605 939 676 578 528 766 505 424 456 770 560 486 499 Average basket size in EUR 147 159 164 149 169 178 177 157 185 198 206 194 236 260 252 211 239 260 247 Average orders LTM per active customer in # 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 1.9 1.9 1.8 1.8 1.8 1.8 Average GMV LTM per active customer in EUR 345 349 355 364 373 376 377 377 381 385 388 402 409 416 425 422 426 423 415 GMV in EUR m 128 109 102 142 118 109 107 147 125 114 109 149 119 110 115 163 134 127 123
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Consolidated income statement [in EUR million, as % of revenue ] 9M 2025 9M 2026 Q3 2025 Q3 2026 Revenue 306.1 344.6 99.0 111.4 Cost of sales – 146.1 – 165.4 – 46.8 – 54.4 Gross profit 160.0 179.2 52.2 57.0 Fulfilment expenses – 58.5 – 71.2 – 18.6 – 24.0 Marketing expenses – 39.7 – 44.4 – 13.7 – 13.2 General and administrative expenses – 59.4 – 60.2 – 22.9 – 16.3 Other operating expenses – 6.8 – 5.0 – 2.3 – 0.7 Other operating income 5.1 5.0 1.4 2.0 Operating result 0.8 3.5 – 3.9 4.7 Financial result – 0.3 – 0.4 – 0.2 – 0.3 Result before income tax 0.5 3.1 – 4.1 4.4 Income tax 0.0 0.1 0.3 0.3 Result for the period 0.5 3.1 – 3.8 4.6 Reconciliation to adjusted EBITDA Operating result (EBIT) 0.8 3.5 – 3.9 4.7 Share - based compensation expenses 7.4 5.1 5.9 2.6 Complexity reduction 1.9 1.2 0.5 0.3 Adjusted EBIT 10.1 9.8 2.5 2.4 Adjusted EBIT margin (%) 3.3% 2.8% 2.6% 2.2% Depreciation and amortisation 11.3 11.7 3.5 4.1 Adjusted EBITDA 21.4 21.5 6.1 6.5 Adjusted EBITDA margin (%) 7.0% 6.2% 6.1% 5.8% Note: All figures unaudited. 35
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Adjusted income statement [in EUR million, as % of revenue ] 9M 2025 9M 2026 Q3 2025 Q3 2026 Revenue 306.1 344.6 99.0 111.4 Revenue growth yoy – 1.4 % 12.6% 3.4 % 12.5% Cost of Sales – 146.1 – 165.4 – 46.8 – 54.4 Gross Profit 160.0 179.2 52.2 57.0 Gross margin 52.3% 52.0% 52.7% 51.2% Fulfilment expenses – 58.4 – 71.1 – 18.6 – 24.0 Contribution Profit 101.6 108.1 33.6 33.0 Contribution margin 33.2% 31.4% 33.9% 29.6% Marketing expenses – 39.2 – 44.0 – 13.3 – 13.4 General and administrative expenses – 51.9 – 55.5 – 17.3 – 18.7 Other operating expenses – 6.8 – 5.0 – 2.3 – 0.7 Other operating income 6.4 6.2 1.8 2.3 Adjusted EBIT 10.1 9.8 2.5 2.4 Adjusted EBIT margin (%) 3.3% 2.8% 2.6% 2.2% Adjusted depreciation and amortisation 11.3 11.7 3.5 4.1 Adjusted EBITDA 21.4 21.5 6.1 6.5 Adjusted EBITDA margin (%) 7.0% 6.2% 6.1% 5.8% 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 ite ms. All figures unaudited. 36
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Segment reporting DACH [in EUR million] 9M 2025 9M 2026 Q3 2025 Q3 2026 Revenue 167.2 176.8 52.3 54.7 yoy growth (in %) – 3.7% 5.7% – 2.4% 4.5% Adj. EBITDA 12.4 10.8 3.1 3.3 Adj. EBITDA margin % 7.4% 6.1% 6.0% 6.0% International [in EUR million] 9M 2025 9M 2026 Q3 2025 Q3 2026 Revenue 138.9 167.8 46.7 56.7 yoy growth (in %) 1.5% 20.8% 10.8% 21.5% Adj. EBITDA 9.2 10.5 3.0 3.2 Adj. EBITDA margin % 6.6% 6.3% 6.4% 5.7% 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 ite ms. All figures unaudited. 37
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Issued share capital Share information as at 30 September 2026 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 19,650,000 Issued share capital EUR 19,650,000 Treasury shares 1,324,161 Stock option programmes as at 30 September 2026 Programme # of options outstanding Weighted average exercise price (in EUR) Total 3,199,880 15.15 VSOPs 2 LTIP 2019 LTIP 2016 143,563 1,397,850 46,200 9.98 19.30 0.01 ECP 2022 304,889 1.00 LTIP 2023 1 612,214 11.00 Other 351,350 22.48 ECP 2026 51,369 8.95 LTIP 2026 292,418 16.01 Note: Stock option programmes are categorized as granted and include only those options, that have been granted on or before the reporting date (30.9.2026). (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 o ption programmes with an average cap of EUR 40.48. All figures unaudited. 38
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Note: (1) Free cash flow, after leases, before stock option settlements. Legacy stock option programmes refer to programmes i nit iated before 2020. All figures unaudited. 39 9M 2026 free cash flow significantly impacted by stock option settlements Free cash flow Leases (IFRS 16) 7 3 Stock option settlements Free cash flow aLbSO 1 - 12 - 9 - 11 Free cash flow Leases (IFRS 16) 2 0 Stock option settlements Free cash flow aLbSO 1 - 3 - 8 - 9 Legacy programmes Newer programmes Pro forma free cash flow adjusted for leases and stock option settlements [in EUR million] 9M 2025 9M 2026
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Events 23 – 25 NOVEMBER 2026 Deutsches Eigenkapitalforum 40