Westwing delivers 13% GMV growth in Q1 2026

• In Q1 2026, Gross Merchandise Volume (GMV) increased to EUR 135 million (+13% year-over-year) while revenue rose to EUR 120 million (+11% year-over-year), led by a successful January sales event and continued momentum from expansion initiatives.
• Adjusted EBITDA resulted in EUR 9.6 million (EUR +0.5 million year-over-year), corresponding to an 8.0% margin.
• Free cash flow was EUR -2.0 million (EUR +6.9 million year-over-year), with net working capital remaining negative at EUR -5.6 million (EUR -3.4 million year-over-year).
• Net cash stood at EUR 84 million at quarter-end, representing a EUR 27 million improvement compared to the end of Q1 2025.
• The Company invested EUR 3.0 million to buy back approximately 183,000 shares (0.9% of the share capital) as part of its share buyback program that started in February.

Munich, 7 May 2026 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s #1 in Beautiful Living e-commerce, announces its results for the first quarter of 2026.

In Q1 2026, Gross Merchandise Volume (GMV) grew by 13% year-over-year to EUR 135 million. Revenue reached EUR 120 million, representing an increase of 11% compared to the same period in the previous year. This development was supported by a successful January sales event and continued momentum from expansion initiatives, particularly in new countries. The Westwing Collection GMV increased by 14% to EUR 84 million, and its share of total GMV rose to 63% (+1pp year-over-year).

Adjusted EBITDA amounted to EUR 9.6 million in the first quarter of 2026 (Q1 2025: EUR 9.1 million), corresponding to a margin of 8.0%. While contribution margin improved and topline growth was strong, the increase in adjusted EBITDA remained limited, mainly due to a broadly flat average basket size year-over-year and ongoing investments into expansion.

In line with seasonal expectations, Westwing generated a negative free cash flow in the first quarter of 2026 of EUR -2.0 million, which constitutes a EUR 6.9 million improvement compared to the same period last year. Net working capital at the end of the quarter remained negative at EUR -5.6 million, which was EUR -3.4 million better than at the end of Q1 2025. The developments were primarily driven by higher topline performance and effective inventory management. 

Westwing’s net cash position stood at EUR 84 million at the end of the quarter, which was EUR 27 million higher than end of Q1 in the previous year. This includes EUR 3.0 million used to buy back 183,042 shares in the first quarter as part of its share buyback program.

While the macro environment remains uncertain, Westwing continues to successfully implement the third phase of its three-step value creation plan. Through disciplined execution of its growth initiatives—including scaling operations across twelve new countries, amongst them the recently launched United Kingdom, as well as further scaling its existing store portfolio—the Company maintains a clear focus on long-term value creation.

CEO Statement

Dr Andreas Hoerning, CEO of Westwing, commented: "We delivered a strong topline performance in the first quarter despite a challenging market environment, reflecting the resilience of our business. We are particularly pleased to be in a position to invest through the cycle while maintaining high profitability. As we move forward through the third phase of our three-step value creation plan, we remain firmly on track to unlock Westwing’s full potential.”

Financial Outlook 2026

Westwing confirms its outlook for FY 2026, as published in March 2026. For the full year 2026, Westwing expects revenue to range between EUR 470 million and EUR 495 million, corresponding to a year-over-year growth of +5% to +10%. Supported by continued strong margin contribution and disciplined operational execution, adjusted EBITDA is projected to be between EUR 36 million and EUR 48 million, representing a margin of +7.7% to +9.7%. The guidance reflects anticipated temporary headwinds from the Middle East conflict, which is expected to weigh on consumer sentiment in Europe, as well as cost pressures from elevated energy and fuel prices that may only ease gradually. However, the outlook does not factor in a scenario involving a prolonged conflict or a severe energy crisis, including potential energy shortages.

Webcast and Conference Call

Westwing's Q1 2026 earnings call will be broadcasted via live stream on 7 May 2026, 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 9 June 2026. 

For further information, please visit Westwing's Investor Relations website at https://ir.westwing.com.

About Westwing

Westwing, Europe’s #1 in Beautiful Living e-commerce, is present in 23 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 3rd 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