EQS-News

Westwing ended 2023 with continued profitable growth in Q4 and started well into 2024. Topline outlook remains cautious.

EQS-News: Westwing Group SE / Key word(s): Annual Results Westwing ended 2023 with continued profitable growth in Q4 and started well into 2024. Topline outlook remains cautious. 28.03.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. Westwing ended 2023 with continued profitable growth in Q4 and started well into 2024. Topline outlook remains cautious.

• In the last quarter of 2023, Westwing’s topline continued to grow (GMV by 4%, Revenue by 2%) despite the challenging market environment, bringing FY 2023 figures to EUR 481 million GMV and EUR 429 million Revenue, the latter in the upper half of the guidance.
• Westwing also delivered profitability in the upper half of the updated (increased) guidance, with EUR 18 million Adjusted EBITDA in FY 2023.
• Profitability and Net Working Capital improvements resulted in EUR 30 million Free Cash Flow (FY 2023) and a strong Net Cash position of EUR 82 million (end of 2023).
• Positive Adjusted EBITDA was supported by a share increase of the high-margin Westwing Collection, which grew by 6 percentage points year-over-year to 47% of Group GMV for FY 2023.
• Management’s focus for 2024 is to drive the transformation towards a less complex, scalable platform, while initiating growth levers to scale the business with operating leverage going forward.
• Westwing had a good start into 2024, with GMV up by 6% year-to-date. Due to the ongoing challenging market environment as well as topline risks in Italy and Spain, Revenue outlook for 2024 is still cautious.
• FY 2024 guidance: Revenue of EUR 415 million to EUR 445 million (-3% to +4% year-over-year growth) and positive Adjusted EBITDA of EUR 14 to 24 million (+3% to +5% Adjusted EBITDA margin).

Munich, 28 March 2024 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s No.1 in Beautiful Living e-Commerce, announces its audited results for the financial year 2023 as well as its results for the fourth quarter of 2023.