In Q1 2024, Westwing continued to grow in a declining market and improved
adjusted EBITDA margin further

EQS-News: Westwing Group SE / Key word(s): Quarter Results
In Q1 2024, Westwing continued to grow in a declining market and improved
adjusted EBITDA margin further

07.05.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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In Q1 2024, Westwing continued to grow in a declining market and improved
adjusted EBITDA margin further

  * In Q1 2024, revenue grew 6% year-over-year to EUR 109 million in a
    declining market.

  * The number of active customers increased year-over-year for the first
    time since the end of the pandemic (+2% year-over-year).

* The contribution margin increased to 32% (+4pp year-over-year).

  * Adjusted EBITDA amounted to EUR 6 million at an adjusted EBITDA margin
    of 5.8% (+0.9pp year-over-year).

  * Westwing's adjusted EBITDA profitability and a strong net working
    capital of EUR -18 million resulted in a free cash flow of EUR 4 million
    in Q1 and a net cash position of EUR 82 million at the end of March
    2024.

  * The Westwing Collection share increased by 5 percentage points
    year-over-year to 51% of Group GMV.

Munich, 7 May 2024 // Westwing Group SE ('Westwing' or 'the Company'),
Europe's #1 in Beautiful Living e-commerce, announces its results for the
first quarter of 2024.

Westwing continued its growth trajectory in the first quarter of 2024 with
both Gross Merchandise Volume (GMV) and revenue up by 6% year-over-year.
Revenue amounted to EUR 109 million. Growth was also driven by a growing
number of active customers, which - for the first time since the end of the
pandemic - saw a positive year-over-year growth of 2%.

With regards to profitability, Westwing reported EUR 6 million of adjusted
EBITDA in the first quarter of 2024 (Q1 2023: EUR 5 million), corresponding
to an adjusted EBITDA margin of 5.8%. The improvement in adjusted EBITDA
profitability was supported by the continued expansion of the high margin
Westwing Collection and improvements in fulfilment costs. The Westwing
Collection reached an all-time high of 51% of overall Group GMV in the first
quarter of 2024, an increase of 5 percentage points compared to previous
year's Q1. The contribution margin increased by 4 percentage points
year-over-year to 31.8%.

Westwing's positive adjusted EBITDA and a strong net working capital of EUR
-18 million led to a free cash flow of EUR 4 million in Q1 2024 and a net
cash balance of EUR 82 million at the end of March 2024.

The good financial results in a still weak market environment prove the
strength and potential of Westwing's commercial model. The Company will
continue the transformation to build a less complex platform that enables
the business to scale with operating leverage going forward. In parallel,
Westwing continues to strengthen its premium brand positioning. Besides
ongoing investments into brand awareness in Germany, Westwing presented the
design highlights of the Westwing Collection, e.g. the newly launched sofa
'WOLKE', as well as a collaboration with the prestigious fabric house Dedar
Milano in an immersive exhibition during Milan Design Week in April.

Dr Andreas Hoerning, CEO of Westwing, commented: 'Westwing's continued
strong performance compared to market is the result of our clear strategy
and excellent execution and underscores the strength of our commercial
model. On top, we were able to increase our adjusted EBITDA margin while
investing further into our brand. We are clearly on track to become Europe's
leading premium one-stop destination in Home & Living.'

Outlook 2024
Westwing confirms its outlook for FY 2024, published in March 2024. Due to
the ongoing challenging market environment and expected topline losses from
the complexity reduction in Italy and Spain, Management remains cautious and
expects high uncertainty for the remainder of the year. The Company expects
revenue of EUR 415 million to EUR 445 million at -3% to +4% year-over-year
growth and an adjusted EBITDA of EUR 14 million to EUR 24 million (+3% to
+5% adjusted EBITDA margin).

Webcast and Conference Call
Westwing's Q1 2024 earnings call will be broadcasted via live stream on 7
May 2024, starting at 10:00 AM (CEST) on the Company's investor relations
website https://ir.westwing.com. The recording of the live stream will be
available on the same site.

Westwing's Annual General Meeting is scheduled for 19 June 2024.

For more information, please visit the Westwing Investor Relations website:
https://ir.westwing.com

    Key performance indicators                    Q1 2024  Q1 2023  Change
    Westwing Collection share (in %)                  51%      46%    +5pp
    GMV (in EUR m)                                    125      118     +6%
    Number of orders (in k)                           676      694     -3%
    Average basket size (in EUR)                      185      169     +9%
    Active Customers LTM (in k)                     1,282    1,262     +2%
    Average orders per Active Customer LTM            2.2      2.3     -6%
    Average GMV per Active Customer LTM (in EUR)      381      373     +2%
    Mobile visit share (in %)                         81%      79%    +2pp

About Westwing

Westwing is Europe's #1 in Beautiful Living e-commerce, with EUR 481 million
GMV (Gross Merchandise Volume) across 11 countries in 2023. As Europe's
premium one-stop destination for Design Lovers we offer a unique brand
experience with a carefully curated assortment of our Westwing Collection
and 3rd party design brands. The integrated platform combines Shop,
Club-Sales, (offline) Stores, the B2B Service (Westwing Business) and our
Westwing Design Service. Our team consists of more than 1,700 professionals
working together on our 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 the Company undertakes no
obligation to update or revise these statements. The Company's actual
results may differ materially and adversely from any forward-looking
statements discussed in this press release due to a number of factors,
including without limitation, risks from macroeconomic developments,
external fraud, inefficient processes at fulfilment centres, inaccurate
personnel and capacity forecasts for fulfilment centres, 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.

Contact
Westwing Group SE
Investor Relations
E-Mail: ir@westwing.de


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07.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        Westwing Group SE
                   Moosacher Straße 88
                   80809 Munich
                   Germany
   Fax:            +49 (89) 550 544 445
   E-mail:         ir@westwing.de
   Internet:       www.westwing.com
   ISIN:           DE000A2N4H07
   WKN:            A2N4H0
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1896843

End of News EQS News Service
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1896843 07.05.2024 CET/CEST