Original-Research: Westwing Group SE (von NuWays AG): BUY

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Original-Research: Westwing Group SE - from NuWays AG

07.08.2026 / 09:00 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

Q2 with strong growth, confirming the investment case

Growth accelerated further to the strongest print in years, with GMV up 15%

yoy to EUR 127m and revenue up 14% to EUR 113m. The drivers were the ongoing

successful country expansion, especially with the recent UK launch

(International

GMV grew 22%, revenue +19% yoy EUR 54.0m), new store openings and well

performing sales events in Germany (DACH GMV grew 9%, revenue +10% yoy to EUR

59.4m) despite the generally weak consumer sentiment; customers are buying,

but increasingly timing purchases to event windows. Third-party GMV rose 23%

against 11% for the Westwing Collection, taking the WWC share to 63% (-2pp

yoy), a reflection of successfully onboarded partner design brands rather

than own-brand weakness, negatively impacting the gross margin by 0.7pp

(51.9%).

Adj. EBITDA of EUR 5.4m (4.8% margin, -1.5pp yoy) was burdened by a 2.6pp

increase of the fulfilment ratio. Roughly 1pp (some EUR 1.4m) of that was from

the migration to the new order and warehouse management system, having a

one-off character. The remainder was due to higher transportation costs from

elevated fuel prices, the changed mix effect (low-ticket items are more

expensive to ship in relation to their price) and higher DHL fulfilment to

increase customer satisfaction. Note that the migration itself is a positive

as it allows faster shipping, flexible delivery options and better warehouse

efficiency going forward.

Guidance confirmed, with revenue now indicated in the upper half. Management

reaffirmed FY26 revenue of EUR 470-495m (5-10% growth. eNuW old: EUR 475m) and

adj. EBITDA of EUR 36-48m (eNuW: EUR 42m). With H1 revenue of EUR 233m, the

implied H2 growth stands at 4-9% despite the successful UK launch and the

three Baltic launches came at end-July. Management hence pointed towards the

upper end of the revenue target (eNuW new: EUR 493m). We leave adj. EBITDA

estimates unchanged due to mentioned brand marketing investments in Q4 to

further accelerate the momentum across new markets.

Cash down qoq, but for the right reasons. Net cash fell EUR 16m qoq to EUR 68m

(+ EUR 18m yoy) and FCF was EUR -9.4m (Q2 25: EUR -4.5m), driven by a EUR 9.5m stock

option settlement plus EUR 3.5m of buybacks. Two thirds related to pre-2020

legacy programmes struck at EUR 3.1. Terminations and forced exercises should

remove c. 70% (1.4m) of legacy options by end-Q2 2027. Importantly, those

have an avg. strike price of EUR 18.4 (~ 30% above current levels). Also,

1.23m treasury shares provide a natural hedge if options move into the

money.

Investment case remains fully intact. Accelerating growth, a resilient

underlying margin and a strong balance sheet contrast with a valuation of

6.5x EV/EBITDA FY26e. We confirm BUY with an unchanged EUR 23.50 PT (DCF).

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=ecdf0f363e1692f1d27c07943d0673b8

For additional information visit our website:

https://www.nuways-ag.com/research

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

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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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2379032 07.08.2026 CET/CEST

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