Märkte & Kurse

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Original-Research: Westwing Group SE - from NuWays AG

08.05.2026 / 09:01 CET/CEST
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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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