Westwing delivered growth and strong adjusted EBITDA in Q3 2025

• Gross Merchandise Volume (GMV) increased by 5.4% year-over-year despite changes in product assortment, leading to a revenue of EUR 99 million (+3.4% year-over-year).
• Adjusted EBITDA increased by 73% year-over-year to EUR 6 million at a margin of 6.1%, corresponding to an increase of 2.5 percentage points year-over-year. 
• Westwing Collection delivered strong growth of 19% year-over-year, resulting in an all-time high GMV share of 66%.
• Free cash flow amounted to EUR 10 million in Q3, and the net cash position stood at EUR 58 million at the end of September 2025.
• Westwing successfully reached its 2025 objective of launching websites in ten new countries and establishing four standalone stores and three store-in-stores.
• Westwing confirms the full-year guidance and currently expects to achieve an adjusted EBITDA at the upper end of this guidance.

 

Munich, 6 November 2025 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s #1 in Beautiful Living e-commerce and premium one-stop destination for design lovers, announces its results for the third quarter of 2025.

In Q3 2025, Gross Merchandise Volume (GMV) increased by 5.4% year-over-year. The dampening effect on topline growth due to the shift towards a more premium and smaller product assortment began to subside in Q3 2025, as anticipated. Revenue amounted to EUR 99 million, representing an increase of 3.4% compared to the same period last year, in line with guidance.

In terms of profitability, Westwing continued to deliver a strong improvement. Adjusted EBITDA increased by 73% year-over-year to EUR 6 million (Q3 2024: EUR 4 million), corresponding to a margin of 6.1% and representing a year-over-year improvement of 2.5 percentage points. Adjusted EBIT increased by EUR 4 million year-over-year to EUR 3 million (Q3 2024: EUR -2 million). The uplift was driven by margin improvements, operational efficiency gains and disciplined cost management.

Free cash flow was positive at EUR 10 million in the third quarter of 2025. Net cash stood at EUR 58 million and net working capital at EUR -1 million at the end of September. 

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

• The Westwing Collection grew by 19% year-over-year, reaching an all-time high of 66% of GMV, further improving margins and brand differentiation.
• Westwing successfully reached its 2025 objective of expanding its geographic footprint by launching ten new countries this year.
• In Q3, the Company opened new standalone stores in Munich, Berlin and Cologne and store-in-stores in Copenhagen and Duesseldorf, which further strengthened the physical brand and product experience for Westwing’s customers.
• Additionally, Westwing’s brand visibility was further elevated through high-impact initiatives such as the immersive Nordics launch event in Stockholm and the grand opening of its Berlin store, each generating widespread positive media attention. 

The Company remains confident in achieving its operational and financial targets for 2025, laying the foundation for a return to upper single- to double-digit growth in 2026, with further improved profitability.

 

CEO Statement

Dr Andreas Hoerning, CEO of Westwing, commented: “I am very proud that we successfully delivered on our ambitious expansion plans while further improving both adjusted EBITDA and cash flow. This progress not only demonstrates the strength of our strategy and execution but also lays a solid foundation for a successful 2026.”

 

Financial Outlook 2025

Westwing confirms its outlook for FY 2025, as published in March 2025. The Company delivered the first nine months of the year in line with expectations. The dampening effect on topline growth due to its strategic shift to a more premium and smaller product assortment began to subside in Q3 2025, as anticipated. Therefore, for the full year 2025, Westwing forecasts revenue between EUR 425 million and EUR 455 million with a year-over-year growth rate of -4% to +2%. While topline outlook remains dampened, the transformation of 2024 allows for significant profitability improvements in 2025. The FY 2025 guidance indicates an adjusted EBITDA between EUR 25 million and EUR 35 million at an adjusted EBITDA margin in the range of +6% to +8%. Currently, management expects to achieve an adjusted EBITDA at the upper end of this guidance.
 

Webcast and Conference Call
Westwing's Q3 2025 earnings call will be broadcasted via live stream on 6 November 2025, starting at 10:00 AM (CET) 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 more information, please visit the Westwing Investor Relations website: https://ir.westwing.com

 

	9M 2025	9M 2024	Change	Q3 2025	Q3 2024	Change
Results of operations
Revenue (in EUR million)	306.1	310.4	-1.4%	99.0	95.8	3.4%
Adjusted EBITDA (in EUR million)	21.4	13.7	7.7	6.1	3.5	2.6
Adjusted EBITDA margin (in % of revenue)	7.0%	4.4%	2.6pp	6.1%	3.7%	2.5pp
Financial position
Free cash flow (in EUR million)	-3.0	-9.3	6.2	10.4	-6.3	16.7
Cash and cash equivalents (in EURm, as at reporting date)	57.6	63.0	-5.5
Performance indicators
Westwing Collection share (in % of GMV)	64%	54%	10pp	66%	58%	8pp
GMV (in EUR million)	344	348	-1%	115	109	5%
Number of orders (in thousands)	1,385	1,782	-22%	456	528	-14%
Average basket size (in EUR)	248	195	27%	252	206	22%
Active customers (in thousands)	1,160	1,276	-9%
Average orders per active customer in the preceding 12 months	1.9	2.1	-13%
Average GMV per active customer in the preceding 12 months (in EUR)	425	388	9%

 

About Westwing

Westwing, Europe’s #1 in Beautiful Living e-commerce, is present in 22 European countries and achieved a GMV (Gross Merchandise Volume) of EUR 497 million in 2024. 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