Westwing delivers strong profitability in 2025 and aims for growth in 2026
- Westwing delivered strong full-year 2025 profitability, with an adjusted EBITDA year-over-year increase of 84% to EUR 44 million (9.8% margin), significantly above initial guidance.
- Full-year 2025 revenue increased by 1.1% year-over-year to EUR 449 million despite changes in product assortment. This result lies in the upper half of the guidance.
- The Company achieved a year-over-year increase of 275% in free cash flow to EUR 34 million in full year 2025, resulting in a year-end net cash balance of EUR 92 million.
- The high-margin Westwing Collection business grew by 17% year-over-year to a new all-time high of EUR 321 million GMV, representing an 8 percentage points increase to 63% of GMV for full year 2025.
- Westwing successfully launched ten new countries in 2025 and opened four new standalone stores and three store-in-stores.
- Management’s focus for 2026 is to drive the third phase of Westwing’s three-step value creation plan. It includes increasing market share in existing markets, expanding into new geographies such as the United Kingdom, and continuing to focus on cost discipline and operational excellence.
- Full-year 2026 guidance: Revenue of EUR 470 to EUR 495 million (+5% to +10% year-over-year growth) and adjusted EBITDA of EUR 36 to 48 million (+7.7% to +9.7% margin), considering a temporary negative impact of the conflict in the Middle East.
Munich, 26 March 2026 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s #1 in Beautiful Living e-commerce, announces its audited results for the financial year 2025 as well as its results for the fourth quarter of 2025.
Westwing ended 2025 with a strong fourth quarter and delivered on all financial commitments. In addition, the Company achieved all operational targets for 2025 with regards to its three-step value creation plan.
2025 Financial Performance
Gross Merchandise Volume (GMV) in the fourth quarter of 2025 grew by 9.4% year-over-year to EUR 163 million (Q4 2024: EUR 149 million), while revenue rose by 6.8% year-over-year to EUR 143 million (Q4 2024: EUR 134 million). Growth was driven by a particularly strong performance during the Black Week sales event and at year-end. In addition, the dampening effect on topline growth due to the shift towards a more premium and smaller product assortment began to subside in Q4 2025. The number of active customers increased 3.5% quarter-over-quarter.
Full-year 2025 GMV increased by 2.0% year-over-year to EUR 507 million (FY 2024: EUR 497 million), while revenue grew by 1.1% to EUR 449 million, reaching the upper half of the guidance (FY 2025 revenue guidance: EUR 425 million to EUR 455 million).
Westwing delivered strong profitability, exceeding its targets with an adjusted EBITDA of EUR 23 million in the fourth quarter of 2025 and EUR 44 million for the full year, representing a growth rate of 84% year-over-year. Adjusted EBITDA margin reached 9.8% for full year 2025 (FY 2024: 5.4%). On a full year basis, free cash flow increased by 275% year-over-year to EUR 34 million, thereby increasing the Company’s year-end net cash position to EUR 92 million (FY 2024: EUR 69 million). Free cash flow after lease amounted to EUR 23 million for the full year 2025. These results demonstrate the positive financial impact of the Company’s successful business transformation, having completed the first two phases of the three-step value creation plan.
2025 Progress on Strategy Execution
Westwing’s focus in 2025 was to complete the second and enter the third phase of its three-step plan to unlock Westwing’s full value potential. Achievements included:
- Westwing successfully reached its 2025 objective of expanding its geographic footprint by launching ten new countries.
- The Company opened four new standalone stores and three store-in-stores, which further strengthened the physical brand and product experience for Westwing’s customers.
- The high-margin Westwing Collection business grew by 17% year-over-year to a new all-time high of EUR 321 million GMV, representing an 8 percentage points increase to 63% of GMV for full year 2025.
- Brand awareness and premium positioning significantly improved through high-impact initiatives, such as the immersive Nordics launch event in Stockholm and the exclusive product collaboration with the renowned artist and designer Harry Nuriev.
- Climate targets and social standards with suppliers were strengthened, packaging solutions were improved to reduce environmental impact, and the sustainability offer within the Westwing Collection was expanded.
2026 Planned Strategy Execution
As mentioned above, Westwing entered the third phase of its three-step value creation plan in 2025: ‘Scaling with operating leverage’. The focus for 2026 includes the following:
- The Company aims to increase its share in existing markets, supported by enhanced customer experience and its physical stores.
- Building on the successful geographic expansion of entering ten new countries last year, Westwing will scale operations and drive growth across these recently entered markets.
- To further expand its presence, Westwing launched its website in the United Kingdom, Europe’s largest online home and living market after Germany, and plans to enter additional countries as well as to open an additional store in Frankfurt in 2026.
- With regards to product assortment, the strategic focus remains on the continued expansion of the Westwing Collection alongside the ongoing onboarding and growth of third-party design brands.
- The Company plans to expand its sustainability efforts through various means, such as further reducing emissions across the supply chain as well as promoting innovation to increase recycled materials within the Westwing Collection.
- Westwing reiterates its confidence in the Company’s future development as well as its commitment to deliver additional shareholder returns through a new share buyback program, which began on 9 February 2026.
Overall, the third phase of Westwing’s three-step value creation plan provides for a clear roadmap to enable Westwing to grow further as Europe’s leading premium destination for Home & Living, targeting upper single to double-digit growth rate and continued improvements in profitability.
CEO Statement
“In 2025, we focused on profitability and delivered strong results, providing the foundation for the Company’s future development. This year, we aim to deliver growth in addition to high profitability despite weak consumer sentiment and expected short-term headwinds from the conflict in the Middle East. We are leveraging multiple initiatives - including our recent UK launch - to connect us with more customers, share our vision more widely, and bring Beautiful Living to even more homes.” says Dr Andreas Hoerning, CEO of Westwing.
Financial Outlook 2026
For the full year 2026, Westwing expects revenue to range between EUR 470 million and EUR 495 million, corresponding to a year-over-year growth of +5% to +10%. Supported by continued strong margin contribution and disciplined operational execution, adjusted EBITDA is projected to be between EUR 36 million and EUR 48 million, representing a margin of +7.7% to +9.7%.
The guidance reflects anticipated temporary headwinds from the Middle East conflict, which is expected to weigh on consumer sentiment in Europe, as well as cost pressures from elevated energy and fuel prices that may only ease gradually. However, the outlook does not factor in a scenario involving a prolonged conflict or a severe energy crisis, including potential energy shortages.
Webcast and Conference Call
Westwing's FY 2025 earnings call will be broadcasted via live stream on 26 March 2026, 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.
Westwing's Annual General Meeting is scheduled for 9 June 2026.
For further information, please visit Westwing's Investor Relations website at https://ir.westwing.com.
| |
2025 |
2024 |
Change |
| Results of operations |
|
|
|
| Revenue (in EUR million) |
449 |
444 |
1.1% |
| Adjusted EBITDA (in EUR million) |
44 |
24 |
84% |
Adjusted EBITDA margin
(in % of revenue) |
9.8% |
5.4% |
4.4pp |
| |
|
|
|
| Financial position |
|
|
|
| Free cash flow (in EUR million) |
34 |
9 |
275% |
Cash and cash equivalents
(in EURm, as at reporting date) |
92 |
69 |
34% |
| |
|
|
|
| Performance indicators |
|
|
|
Westwing Collection share
(in % of GMV) |
63% |
55% |
8pp |
| GMV (in EUR million) |
507 |
497 |
2.0% |
| Number of orders (in thousands) |
2,156 |
2,548 |
-15% |
| Average basket size (in EUR) |
235 |
195 |
21% |
| Active customers (in thousands) |
1,201 |
1,237 |
-2.9% |
Average orders per active customer
in the preceding 12 months |
1.8 |
2.1 |
-13% |
Average GMV per active customer
in the preceding 12 months (in EUR) |
422 |
402 |
5.1% |
About Westwing
Westwing, Europe’s #1 in Beautiful Living e-commerce, is present in 23 European countries and achieved a GMV (Gross Merchandise Volume) of EUR 507 million in 2025. 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
