Westwing delivers a strong 15% GMV growth in Q2 2026 amid a challenging macro environment

Westwing delivers a strong 15% GMV growth in Q2 2026 amid a challenging macro environment

• In Q2 2026, Gross Merchandise Volume (GMV) increased to EUR 127 million (+15% year-over-year) while revenue rose to EUR 113 million (+14% year-over-year), driven by continued momentum from country expansion and strong recurring sales events.  
• Adjusted EBITDA amounted to EUR 5.4 million (EUR -0.8 million year-over-year), corresponding to a 4.8% margin, primarily impacted by the expected macro-driven pressure on contribution margin as well as negative one-off effects from the migration to new order and warehouse management systems. 
• Free cash flow totaled EUR -9.4 million in Q2, after a EUR 9.5 million cash outflow for the settlement of primarily legacy stock options. Net cash position remained strong at EUR 68 million at the end of June 2026 (EUR +18 million year-over-year), despite stock option settlements and share buybacks.
• Net working capital remained negative at EUR -5.5 million and improved by EUR 11 million year-over-year.
• Westwing made further progress on its three-step value creation plan by expanding into three additional countries, opening new stores in Frankfurt and Munich, and completing the transition to SaaS-based order and warehouse management systems. 
• Westwing confirms the full-year guidance and currently expects to achieve revenue in the upper half of the range.

Munich, 6 August 2026 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s #1 in Beautiful Living e-commerce, announces its results for the second quarter of 2026.

In Q2, Gross Merchandise Volume (GMV) increased by 15% year-over-year to EUR 127 million, supported by growth across both segments. GMV in the DACH segment grew by 9% year-over-year, while the International segment recorded a 22% growth. The Westwing Collection continued its positive momentum with GMV increasing by 11% year-over-year. The successful onboarding of partner design brands during previous quarters also contributed to growth, driving a 23% increase in GMV of Westwing’s third-party assortment. As in the previous quarter, topline performance was driven by country expansion and stronger recurring sales events. 

Revenue reached EUR 113 million, up 14% year-over-year. Revenue in the DACH segment grew by 10% year-over-year, while the International segment recorded a 19% growth. The number of active customers increased by 13% year-over-year, marking the second consecutive quarter of growth.

Adjusted EBITDA amounted to EUR 5.4 million in the second quarter of 2026 (Q2 2025: EUR 6.2 million), corresponding to a margin of 4.8%. It was impacted by pressure on contribution margin, as well as negative one-off effects related to the replacement of the order and warehouse management systems. The former was, as expected, primarily driven by macroeconomic factors, including higher transportation costs resulting from increased fuel prices and shifts in customer demand. 

Free cash flow amounted to EUR -9.4 million (Q2 2025: EUR -4.5 million). It was negatively impacted by a EUR 9.5 million cash outflow for the settlement of stock options triggered by an increase in share price in Q1 2026 as well as forced exercises. Two thirds of the cash outflow was related to legacy stock option programmes initiated before 2020. 

Net working capital remained negative at EUR -5.5 million and improved by EUR 11 million year-over-year, mostly due to a favourable development in trade payables and higher inventory efficiency.

Westwing’s net cash position stood at EUR 68 million at the end of the quarter, EUR 18 million more than end of Q2 2025 and EUR 16 million less than end of Q1 2026. The quarter-over-quarter reduction was mainly driven by the aforementioned option settlements and EUR 3.5 million spent on share buybacks.

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

• The UK business delivered a strong performance since the launch in February 2026, already establishing itself as Westwing's largest market among all countries launched since 2024.
• Westwing launched its website in three more countries. Since the end of July, design lovers in Estonia, Latvia and Lithuania can also shop at Westwing, bringing the total number of countries served to 26.
• The Company further enhanced the physical brand and product experience for Westwing customers with the opening of a new store in Frankfurt and the relocation of the Munich store to its permanent location.
• In addition, Westwing further strengthened its operational capabilities through the switch from a legacy order and warehouse management system to Software-as-a-Service solutions, enabling faster shipping, flexible delivery options and improved warehouse efficiency.
• The share buyback programme launched in February 2026 was successfully completed at the end of July, following the full utilisation of the maximum investment volume of EUR 8 million and the repurchase of 512,118 shares.  

CEO Statement

Dr Andreas Hoerning, CEO of Westwing, commented: "We are pleased with our strong topline in such a challenging macro environment. While profitability was impacted as expected by margin headwinds from the current macro environment and one-off costs related to a large software migration, our business remains highly resilient and our value-creation initiatives well on track."

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%. Currently, management expects to achieve revenue in the upper half of this guidance while remaining cautious regarding growth in the second half of the year, given the stronger baseline in H2 2025 and continued macro uncertainties. Adjusted EBITDA is projected to land 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 are 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 Q2 2026 earnings call will be broadcasted via live stream on 6 August 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.

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 26 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