- In FY 2020 sales EUR 76.1 million (+8.4% compared to EUR 70.1 million in 2019) and adjusted EBIT -8.6 million EUR (-11.3% margin) compared to EUR -10.3 million (-14.7% margin) in 2019

- In Q4 2020 revenues EUR 17.3 million (-14.8% compared to EUR 20.3 million in Q4 2019) and adjusted EBIT -3.1 million EUR (-17.9% margin) after EUR -1.0 million in Q4 2019 (-5.0% margin)

- Cash and cash equivalents of EUR 8.5 million as of December 31, 2020; currently available cash and cash equivalents of around EUR 5 million, esa. after build-up of net working capital for growth in China

- After six years of service, Executive Board member and CFO Dr. Nikolaus Weinberger is leaving windeln.de at his own request on March 31, 2021 to take on new professional challenges

Munich, March 25, 2021: windeln.de SE ("windeln.de", "Group" or "Company"; ISIN DE000WNDL201 and DE000WNDL128) today announces its financial results for the full year (FY) 2020 and the fourth quarter (Q4). At the full year 2020 level, sales increased by 8.4% to EUR 76.0 million (FY 2019: EUR 70.1 million). The adjusted (ber.) EBIT improved to EUR -8.6 million for the full year 2020 (-11.3% in percent of sales) compared to EUR -10.3 million for the full year 2019 (-14.7% in percent of sales). In the 4th Quarter 2020, the company achieved a turnover of EUR 17.3 million, which is a decrease of -14.8% compared to the 4. quarter of the previous year (EUR 20.3 million) for its continuing operations (i.e. excluding the Bebitus business, which is reported as a discontinued operation). The ber. EBIT amounted to 4. Quarter 2020 to EUR -3.1 million compared to 4. Quarter 2019 with EUR -1.0 million.

China, DACH and Bebitus sales increased year-on-year; However, China sales in the fourth quarter below targets

Full-year 2020 sales in China amounted to EUR 56.0 million compared to EUR 51.3 million for FY 2019, an increase of +9.1% year-on-year and thus accounting for 74% of Group sales (FY 2019: 73%). In China, in the 4. Quarter 2020 achieved sales of EUR 12.4 million, a decrease of -20.0% compared to the previous year (4. Quarter 2019: EUR 15.6 million). This development is mainly due to insufficient product availability in the fourth quarter, which meant that customer demand could not be fully met. The market in China has also changed structurally and the platform business is becoming increasingly attractive. For this reason, windeln.de launched a shop on the Chinese platform JD.com in December 2020 and launched the WeChat mini-program, which, in addition to other windeln.de shops, should contribute to sales growth in 2021. In addition, the channel for duty-bearing deliveries from Germany to China was adapted last year and rolled out again in December 2020 after
being inactive for several months due to new regulatory and technical requirements from Chinese customs. In Europe (excluding Bebitus), sales for the full year 2020 amounted to EUR 20.0 million compared to EUR 18.8 million in the same period of the previous year, which corresponds to an increase of +6.5% with a strong focus on profitable sales. The turnover in the 4. Quarter 2020 amounted to EUR 4.9 million. Compared to the same quarter of the previous year, this represents an increase of +2.4% (Q4 2019: EUR 4.8 million). Sales in the DACH region account for 26% of company sales in FY2020 (27% in FY2019). Reported Group sales do not include the Bebitus business in Spain, Portugal and France, which is reported as a discontinued operation due to the ongoing divestment process. Bebitus sales amounted to EUR 12.6 million for the full year 2020, corresponding to a growth rate of +3.3% compared to the previous year (FY 2019: EUR 12.2 million). In the 4th Revenue rose by +9.3% to EUR 2.9 million (Q4 2019: EUR 2.7 million).

Improvement in adjusted EBIT for the full year 2020 for the company compared to the same period last year

On a full-year basis, gross profit margin decreased to 21.3% in FY2020 from 25.6% in FY2019 due to a higher revenue share from business customers. The gross profit margin in the 4. Quarter 2020 amounted to 17.4% (28.1% in Q4 2019) as a result of numerous sales promotions such as 11.11., 12.12. and the Black Week in China. Marketing costs amounted to EUR 2.6 million in FY2020 (FY2019 EUR 2.8 million) and EUR 4 million in FY2020. Quarter 2020 EUR 0.9 million (5.4% of sales) compared to EUR 0.7 million in the same quarter of the previous year (3.3% of sales). Fulfillment costs fell to EUR 5.8 million at the full-year level (FY 2019: EUR 9.3 million) due to the increased share of business customers. For the same reason, fulfillment costs decreased to EUR 1.5 million (8.5% of revenue) in Q4 2020 compared to EUR 2.0 million (10.1% of revenue) in the prior-year quarter. The move to the new warehouse location is currently being implemented. After a transitional period, the new warehouse will be fully operational in the first half of 2021 and will contribute to further cost savings in the long term. For the full year 2020, the operating contribution margin (gross profit less marketing and fulfillment costs) increased to EUR 7.8 million (10.2% of sales) compared to EUR 5.9 million (8.4% of sales) in FY 2019. In the fourth quarter of 2020, the operating contribution margin amounted to EUR 0.6 million (3.5% of sales) after EUR 3.0 million in Q4 2019. Business in China contributed significantly to this development, whose operating contribution margin rose to EUR 8.2 million for the full year 2020 (FY 2019: EUR 7.6 million) and fell to EUR 0.7 million in the fourth quarter of 2020 (EUR 3.6 million in Q4 2019) due to the lower gross margin. In the Europe segment (excluding Bebitus), the contribution margin improved to EUR -0.4 million in FY2020 (FY 2019: EUR -1.7 million) and was found in the 4. Quarter of 2020 with EUR -0.0 million (-0.8% of sales), a strong improvement compared to the fourth quarter of the previous year to (EUR -0.6 million; -13.0% of sales). Bebitus' contribution margin rose to a positive EUR 0.3 million at the full-year level in 2020.
of EUR -0.1 million in 2019. In Q4 2020, Bebitus' contribution margin improved to a positive EUR 0.1 million from EUR -0.1 million in the previous year. For the entire period of 2020, the ber. other selling and administrative expenses of the company to EUR 16.4 million (FY 2019: EUR 16.2 million) due to the establishment of the local team in China. The ber. other selling and administrative expenses decreased to EUR 3.7 million in the fourth quarter of 2020 compared to EUR 3.8 million in the third quarter of 2020. In 2020 as a whole, the ber. THE COMPANY'S EBIT to EUR -8.6 million (-11.3% of sales) compared to EUR -10.3 million for the full year 2019 (-14.7% of sales). The ber. The company's EBIT fell to EUR -3.1 million (-17.9% margin) in the fourth quarter of 2020 after EUR -1.0 million (-5.0% margin) in the same period of the previous year, which is due in particular to the development in China.

Cash inflow in the 4. Quarter 2020 of EUR 3.1 million after capital increase; Successful completion of a further 10% capital increase in March 2021 with gross proceeds of EUR 1.4 million

In the 4th In the quarter of 2020, the cash inflow amounted to EUR 3.1 million (incl. Bebitus), which can be derived from the successful capital increase in October 2020. As a result, the company had EUR 8.5 million in cash and cash equivalents at its disposal as of December 31, 2020. Net working capital including bebitus amounted to EUR 2.2 million as of December 31, 2020 and thus decreased significantly from EUR 6.2 million on September 30, 2020 due to sales after the sales promotions in Q4 2020, especially in China. The cash outflow from operating activities improved significantly in FY2020 (FY 2020: EUR -7.1 million; FY 2019: EUR -11.6 million). The reduction in net working capital and the improvement in net profit for the period from EUR -14.6 million in FY2019 to EUR -13.7 million made a significant contribution to this. In March 2021, the company successfully completed a further capital increase with existing investors. The placement of 1,098.207 new no-par value bearer shares with a pro rata amount of the share capital of EUR 1.00 each and dividend entitlement from 1 January 2020 ("New Shares") generated gross proceeds of EUR 1,427,669.10 on the basis of the subscription price of EUR 1.30 per New Share. The total amount of the Group's currently available cash and cash equivalents currently amounts to around EUR 5 million (including issue proceeds), in particular with regard to the build-up of storage assets in order to enable growth in China.

Positive outlook for 2021 with very strong sales growth and earnings improvement

The company expects very strong sales growth and a very significant improvement in the operating contribution margin in the 2021 financial year. Adjusted EBIT as a percentage of sales is also expected to improve very strongly in 2021. In the 2021 financial year, the Group plans to reduce the
cash outflow from operating activities to a mid-single-digit million range. Matthias Peuckert, CEO of windeln.de, comments: "We were able to increase sales revenues in 2020 by 8% compared to the previous year. However, the increase was less significant than targeted, as the end customer business in China was below our targets in the fourth quarter. The development of our European business continued to be positive in the fourth quarter, especially with regard to margin development. With the recent 10% capital increase, we have secured further funds to support our growth and earnings improvement projects for 2021. This development is to be continued in the 2022 financial year and will gradually lead us to adjusted EBIT break-even, which we continue to strive for with full commitment."

Changes in the Management Board of windeln.de

After six years of service, Dr. Nikolaus Weinberger, Member of the Management Board and CFO of windeln.de SE, will leave the company at his own request on March 31, 2021 to take on new professional challenges. The separation takes place in the best mutual agreement. Dr. Weinberger's areas of responsibility will be taken over by Matthias Peuckert, Chairman of the Management Board of the company, in addition to his previous duties. Mr Peuckert's contract has been extended for a further three years until 30 April 2024.

Clemens Jakopitsch, Chairman of the Supervisory Board of windeln.de SE: "Since joining windeln.de in 2015, Dr. Weinberger has had a significant influence on the company and driven the development of windeln.de. His achievements include contributing to the company's new strategic direction, carrying out several financing transactions and implementing numerous efficiency measures to improve the cost structure, which has set the company on its future path to success. The entire Supervisory Board would like to thank Dr. Weinberger for his successful and dedicated work for windeln.de SE and wishes him all the best for his personal and professional future. The Supervisory Board is also very pleased that continuity will continue with the extension of Mr. Peuckert's contract and looks forward to further productive cooperation."