Investor Relations

Westwing reports a successful Q2 2021 with 19% revenue growth and profitability of 8% Adj EBITDA margin

DGAP-News: Westwing Group AG / Key word(s): Half Year Results
12.08.2021 / 08:00
The issuer is solely responsible for the content of this announcement.


Westwing reports a successful Q2 2021 with 19% revenue growth and profitability of 8% Adj EBITDA margin

  • Topline level shift confirmed: 19% revenue growth yoy to EUR 132 million in Q2 2021
  • Strong profit generation of EUR 11 million Adj EBITDA and 8% Adj EBITDA margin in Q2 2021
  • Westwing with five consecutive quarters of positive Free Cash Flow, Q2 2021 at EUR 7 million Free Cash Flow
  • The strategically important Westwing Collection share increased by 10%pts yoy to 32% GMV share in Q2 2021
  • Management confirms guidance for FY 2021 with revenues of EUR 510-550 million (18-27% growth) and EUR 42-55 million Adj EBITDA (8-10% Adj EBITDA margin)


Munich, August 12, 2021. Westwing, the European leader in inspiration-based Home & Living eCommerce, announced its financial results for the second quarter of 2021 today.

Results Q2 2021

Westwing reported strong growth on top of last year's extraordinary baseline. In the second quarter of 2021 revenues grew by 19% compared to the same quarter last year to EUR 132 million (Q2 2020: EUR 111 million).

This very attractive growth was once more driven by both segments of Westwing. The International segment increased revenues by 11% to EUR 57 million (Q2 2020: EUR 51 million), while the DACH segment grew by 25% to EUR 75 million (Q2 2020: EUR 60 million) in the second quarter of 2021.

The underlying driver of this growth continues to be the very loyal customer base of Westwing. The number of Active Customers having made at least one order in the last twelve months amounted to 1.7 million per end of June 2021, which is 47% more Active Customers compared to end of June last year. The strong retention of the significantly increased customer base, which Westwing had acquired in the last quarters, is a strong confirmation of Westwing's loyalty driven business model and will provide the basis for future growth.

Westwing continued to generate strong profits based on this positive revenue development. Driven by strong contribution margins, Westwing realized an Adj EBITDA profitability of EUR 11 million (Q2 2020: EUR 15 million), which resulted in an Adj EBITDA margin of 8.1% in the second quarter of 2021 (Q2 2020: 13.2%). The lower Adj EBITDA compared to last year is mainly driven by long-term growth investments into marketing, the Westwing Collection business and technology to enable the ambitious growth target of EUR 1 billion revenue by 2024/25.

Based on Westwing's cash-efficient business model with negative net working capital and low CAPEX ratios these profits resulted yet again in very attractive cash flows. For Westwing this marks the fifth consecutive Free Cash Flow positive quarter. The Free Cash Flow in the second quarter of 2021 amounted to EUR 7 million (Q2 2020: EUR 23 million), bringing the Free Cash Flow for the last twelve months to EUR 44 million at a very attractive Free Cash Flow Margin of 8% for the last twelve months.


Westwing Customer Experience 2.0

In the second quarter of 2021, Westwing made significant progress on its multi-year "Westwing Customer Experience 2.0" strategy to grow to EUR 1 billion in sales by 2024/25.

As one of the key strategic initiatives, the Westwing Collection continued its very positive development in 2021. In Q2 2021, the Westwing Collection share of the Group's GMV rose by 10%pts compared to the same period in the previous year to 32%, supported by the launch of two new exclusive collections. Westwing therefore continues to move forward to achieve its strategic goal of a 50% GMV Westwing Collection share.

Furthermore, Westwing started a new warehouse building project in the second quarter to create additional capacity for its growth strategy towards EUR 1 billion in revenues. The future warehouse with over 80,000 sqm and a capacity of EUR 250 million GMV per year will be built in Poznan, Poland, in close proximity to existing warehouses and is expected to open in the first half of 2022.

"The second quarter was once again a great proof that our business model works extremely well and profitably at scale", said Westwing founder and CEO Stefan Smalla. "But even more important than the results in the second quarter is that our team made great progress on our strategic agenda. We continue to operate with a clear focus on our long-term opportunities and have accelerated growth investments in marketing, technology, Westwing Collection and sustainability."

Outlook 2021

Based on the strong first half year of 2021, Westwing confirms the guidance for 2021. For the full year 2021, Westwing expects continued strong growth and profitability, with revenues of EUR 510-550 million (18-27% growth) and EUR 42-55 million Adj EBITDA (8-10% Adj EBITDA margin).

Westwing's Q2 2021 earnings call will be broadcasted via live stream starting at 10:00 AM (CEST) on the Company's investor relations website: The recording of the live stream will be available thereafter at this site.

For further information, please visit Westwing's investor relations website at:

  Q2 2021 Q2 2020 Change
Results of operations      
Revenue (in EUR m) 132 111 +19%
Adj EBITDA (in EUR m) 11 15 -4
Adj EBITDA margin (in % of revenue) 8.1% 13.2% -5.1 pp
Key performance indicators      
Westwing Collection share (in %) 32% 22% +10 pp
GMV (in EUR m) 139 128 +8%
Number of orders (in k) 1,022 1,051 -3%
Average basket size (in EUR) 135 122 +11%
Active customers LTM (in k) 1,730 1,178 +47%
Average orders per active customer LTM 2.7 2.6 +3%
Average GMV per active customer LTM (in EUR) 341 325 +5%
Mobile visit share (in %) 80% 79% +1 pp

Note: All figures are unaudited.

About Westwing
Westwing is the European leader in inspiration-based Home and Living eCommerce with EUR 433 million of revenue in 2020. Through its 'shoppable magazine', Westwing inspires its loyal Home Enthusiast customers with a curated product selection and combines that with gorgeous content. With unparalleled loyalty, Westwing is generating more than 79% of orders from repeat customers. Westwing's mission is: To inspire and make every home a beautiful home. The company was founded in 2011 and is headquartered in Munich. Westwing went public on the Frankfurt Stock Exchange in October 2018 and is active in eleven European countries.

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 the Company undertakes no obligation to update or revise these statements. The Company's actual results may differ materially and adversely from any forward-looking statements discussed in this press release due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfilment centres, inaccurate personnel and capacity forecasts for fulfilment centres, hazardous material / conditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and changes in competition levels.

12.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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