Westwing Group (WEW) H1 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 14% year-over-year to EUR 113–113.4 million, driven by country expansion and recurring sales events.

• Adjusted EBITDA was EUR 5.4 million (4.8% margin), down from 6.2–6.3% margin year-over-year, impacted by macro-driven margin pressure and one-off system migration costs.

• Net cash position improved to EUR 68 million, EUR 18 million higher than Q2 2025, despite option settlements and share buybacks.

• Free cash flow was negative at -EUR 9.4 million, mainly due to EUR 9.5 million in legacy stock option settlements.

• Active customers increased 13% year-over-year to 1.32 million, with order volume and GMV per customer stable.

Financial highlights

• H1 2026 revenue reached EUR 233.1 million, up 12.6–13% year-over-year.

• DACH segment revenue up 9.7–10% year-over-year; international segment up 18.8–19%.

• Q2 2026 gross margin declined by 0.7 percentage points to 51.9% year-over-year.

• Contribution margin decreased by 3.3 percentage points to 30.2%.

• Net working capital improved by EUR 11 million year-over-year, remaining negative at EUR -5.5 million.

Outlook and guidance

• Full-year 2026 revenue guidance confirmed at EUR 470–495 million (5–10% growth), expected in the upper half.

• Adjusted EBITDA guidance for FY 2026: EUR 36–48 million (margin 7.7–9.7%).

• Q3 growth expected below H1 levels due to temporary weather-related headwinds and a strong prior-year base.

• Marketing investments to be weighted toward Q4, impacting margins.

• Management remains cautious on H2 growth due to macro uncertainties.