Westwing Group (WEW) Q3 2025 earnings summary

Executive summary

• Achieved 5.4% year-over-year GMV growth and 3.4% revenue growth in Q3 2025, with adjusted EBITDA up 73% to €6.1 million at a 6.1% margin (+2.5pp YoY), and positive free cash flow of €10 million.

• Net cash position reached €58 million at quarter-end, with no debt except lease and stock option liabilities.

• Westwing Collection GMV grew 19% YoY, now representing 66% of total GMV.

• Expanded into ten new countries and opened seven new stores in 2025, enhancing brand presence.

• Confirmed FY 2025 guidance and ambition for high single- to double-digit growth in 2026.

Financial highlights

• Q3 2025 revenue increased 3.4% YoY to €109 million; GMV reached €115 million.

• Adjusted EBITDA margin improved to 6.1% in Q3 2025 from 3.7% in Q3 2024.

• Adjusted EBIT margin reached 2.6% in Q3 2025, up 4.3 percentage points YoY.

• Gross margin increased by 2.2pp YoY to 52.7% in Q3 2025, mainly due to higher Westwing Collection share.

• Free cash flow was €10 million in Q3; net working capital at €-1 million.

Outlook and guidance

• FY 2025 revenue expected between €425–455 million (-4% to +2% YoY), with adjusted EBITDA of €25–35 million (6–8% margin), likely at the upper end.

• Ambition for high single- to double-digit growth and further profitability improvements in 2026.

• No further country launches in 2025; focus on peak season and operational execution.