Westwing Group (WEW) Q4 2024 earnings summary

Executive summary

• Revenue grew 4% year-over-year to EUR 444 million, with adjusted EBITDA at EUR 24 million and free cash flow of EUR 9 million, both at the upper end of guidance.

• Net cash stood at EUR 69 million at year-end after share buybacks and restructuring costs.

• Completed the second phase of a three-step value creation plan, including complexity reduction, premium assortment, brand positioning, and a new tech platform rollout.

• Published the first CSRD Sustainability Statement and achieved significant emission reductions.

Financial highlights

• Adjusted EBITDA margin improved to 5.4% (up 1.2pp year-over-year), and gross margin rose to 50.8% (+1.1pp).

• Contribution margin per order increased by 29% in 2024, with a 3.3pp increase as a share of revenue.

• DACH segment revenue grew 6.6% to EUR 252.2m, with Q4 EBITDA margin at a record 9%.

• International segment revenue was flat at EUR 192.2m, with improved EBITDA margin due to higher Westwing Collection share.

• Working capital remained negative at EUR 10 million, improving by EUR 2 million year-over-year.

Outlook and guidance

• 2025 revenue expected between EUR 425–455 million, a year-over-year change of -4% to +2%.

• Adjusted EBITDA guidance for 2025 is EUR 25–35 million (6–8% margin), with free cash flow expected to be clearly positive.

• No significant restructuring adjustments anticipated for 2025.

• 2026 targeted for high single to double-digit revenue growth and adjusted EBITDA margin above 10%.