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CEWE Stiftung & Co. (CWC) investor relations material
CEWE Stiftung & Co. Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 group turnover reached €174.4 million, up 6.1% year-over-year, setting a new quarterly record, with all business segments contributing to revenue growth and photofinishing as the main driver.
EBIT for Q3 was between €-0.4 million and €1.2 million, in line with seasonal expectations and reflecting increased marketing and personnel costs.
Annual targets for 2025 are confirmed, with optimism for Q4 based on strong volume growth and operating leverage.
Financial highlights
Q3 2025 group turnover: €174.4 million (+6.1% YoY); Q1-3 turnover: €503.8 million (+4.7% YoY).
Q3 2025 EBIT: between €-0.4 million and €1.2 million; Q1-3 EBIT: between €1.8 million and €2.3 million, both impacted by higher personnel and marketing costs.
Free cash flow for Q1-3 declined by €14.5 million year-over-year, reflecting lower earnings and higher investments.
Equity ratio reached 66.6% at end of September 2025, reflecting a strong balance sheet.
Outlook and guidance
Revenue target for 2025 set between €835 million and €865 million, with EBIT target between €84 million and €92 million, both confirmed.
Q4 is expected to deliver the majority of annual earnings, with optimism based on strong volume growth and effective Christmas preparation.
Guidance reflects uncertainties from demand, inflation, and cost developments.
Quantify Q4 EBIT needed for annual target
Assess COP's international investment impact on EBIT
Detail Photofinishing Q1-3 cost drivers
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Next CEWE Stiftung & Co. earnings date
Q4 202526 Mar, 2026
Next CEWE Stiftung & Co. earnings date
Q4 202526 Mar, 2026
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Frequently asked questions
CEWE Stiftung & Co. KGaA is one of Europe's leading provider of photo finishing services, complementing its offerings with commercial online printing services. Its product range includes CEWE PHOTOBOOK, wall art, calendars, traditional prints, and various photo gifts, catering to a diverse consumer base. CEWE operates through a multi-channel concept, offering its products both in brick-and-mortar stores and online shops across several countries. Additionally, the company's activities are segmented into photofinishing, retail, and commercial online printing, with operations extending to production plants and distribution branches. The company is headquartered in Oldenburg, Germany, and its shares are listed on the Frankfurt Stock Exchange.
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