^ Original-Research: Westwing Group SE - from NuWays AG

08.05.2026 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Westwing Group SE

Company Name: Westwing Group SE ISIN: DE000A2N4H07

Reason for the research: Update Recommendation: BUY Target price: EUR 23.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Q1 confirms the attractive investment case

Westwing delivered its strongest quarterly growth since 2022, with GMV up 13% yoy to EUR 135m and revenue up 11% to EUR 120m. Three forces drove this: a successful January sales event, broad-based momentum across ten new countries launched in 2025, and continued outperformance from the Westwing Collection (WWC), whose GMV grew 14% to EUR 84m and now accounts for 63% of total GMV (+1pp yoy). International sales grew 22% yoy to EUR 57m (47% of group sales), while DACH growth stood at 3% (EUR 63m).

Profitability remained strong despite growth investments. Adj. EBITDA came in at EUR 9.6m, corresponding to an 8.0% margin, 0.4pp lower than previous year. This is entirely explained by intended investments into growth: elevated marketing expenses related to the recent UK market, physical store buildouts and the ramp-up of overhead in recently entered geographies. The contribution margin actually improved 1.9pp yoy to 34.1%, thanks to fulfilment efficiencies (warehouse efficiencies, partly offset by higher freight costs) and the increased Westwing Collection share, which naturally carries higher margins.

Confirmed FY26 guidance already reflects current noise. Management reaffirmed its FY26 guidance of 5-10% yoy revenue growth (eNuW: 6%) and adj. EBITDA of EUR 36-48m (EUR 42m). The range is intentionally wide, reflecting two offsetting dynamics: on the positive side, continued scaling across last year's ten new country launches and early traction from the recently entered UK; on the cautious side, softening consumer sentiment in Germany amid rising energy prices and elevated savings rates, which became visible in March. On the EBITDA line, the guidance factors in headwinds from lower order volumes in core markets (to materialize from Q2, eNuW), increasing freight costs, and the marketing investments for the UK.

With EUR 84m of net cash at quarter-end (roughly 31% of market cap) and continued cash generation, capital allocation is an increasingly important part of the Westwing story. The company is actively returning cash to shareholders through its buyback program, having deployed EUR 4.2m of the authorized EUR 8m, while simultaneously reducing its outstanding stock option overhang; recently reduced by 0.54m shares, 2.9m now remaining.

Investment case remains attractive. Sustainable growth alongside a good and increasing profitability combined with a strong balance sheet (EUR 84m of net cash) contrasts with what we view as a subdued valuation of a mere 6.3x EV/EBITDA FY26e should be highly attractive. Following the successful operational turnaround, the group has entered the third phase of its transformation strategy "Scaling with Operating Leverage".

We confirm our BUY rating with an unchanged EUR 23.50 PT based on DCF and keep the stock in our Alpha List.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=08979c91d8d525e6d55fd86c3910a740 For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2323670 08.05.2026 CET/CEST

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Quelle: dpa-Afx