Westwing Group (WEW) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA rose 61% year-over-year in Q2 2025 to €6.2 million, with margin up 2.6pp to 6.3%, despite a 3.6% GMV decline, driven by a shift to a more premium, smaller assortment.

• Westwing Collection GMV share reached a record 65% in Q2 2025, up 12pp year-over-year, growing 19% year-over-year.

• Expansion included launches in eight new countries and at least four new stores since the start of 2025, with further expansion planned.

• FY 2025 guidance confirmed for revenue (€425–455 million, -4% to +2% yoy), adjusted EBITDA (€25–35 million, 6–8% margin), and double-digit positive free cash flow.

• Free cash flow was negative at €-5 million in Q2, with net cash at €50 million at June-end.

Financial highlights

• Q2 2025 revenue declined 6.1% year-over-year to €99.6 million; GMV fell 3.6% to €110 million.

• Adjusted EBITDA for Q2 2025 was €6.2 million (6.3% margin), up from €3.9 million (3.7%) in Q2 2024.

• Gross margin improved to 52.6% in Q2 2025 (+2.1pp yoy); contribution margin reached 33.5% (+2.9pp yoy).

• Net profit for H1 2025 was €4.2 million, reversing a €-4.8 million loss in H1 2024.

• Net cash position at quarter-end was €50 million, with no debt except for IFRS 16 lease obligations.

Outlook and guidance

• FY 2025 revenue expected at €425–455 million (-4% to +2% yoy); adjusted EBITDA guidance €25–35 million (6–8% margin); double-digit positive free cash flow expected.

• Ambition for 2026 is a return to high single- to double-digit growth with further profitability improvements.

• Guidance for H2 2025: top-line recovery, with potential to move into positive sales growth territory.