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CEWE Stiftung & Co. (CWC) investor relations material
CEWE Stiftung & Co. Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Group turnover grew 4.0% year-over-year in H1 2025 to €329.4 million, with Q2 turnover up 3.1% to €156.0 million, mainly driven by photofinishing and retail growth, despite commercial online print weakness.
EBIT in Q2 and H1 was fully in line with expectations and seasonal patterns, though H1 EBIT declined to €2.1 million from €5.1 million in H1 2024.
Annual targets for revenue (€835–865 million) and EBIT (€84–92 million) are confirmed, with strong outlook for Q3 and Q4.
Photofinishing remains the core growth driver, with premiumization and customer acquisition, while retail outperformed and commercial online print faced headwinds.
The company maintains robust brand positioning and operational efficiency, supporting its strategic goals.
Financial highlights
H1 2025 revenue: €329.4 million (+4.0% year-over-year); Q2 2025 revenue: €156.0 million (+3.1% year-over-year).
H1 2025 EBIT: €2.1 million (H1 2024: €5.1 million); Q2 2025 EBIT: -€4.0 million (Q2 2024: -€2.9 million), both in line with guidance and seasonal trends.
Free cash flow decreased by €3.7 million in Q2 and was -€52.2 million in H1 2025, mainly due to higher inventories and working capital for Christmas preparation.
Equity ratio stable at 66.7% as of June 30, 2025, reflecting a strong balance sheet.
ROCE at 17.1% (17.8% excluding cash increase in capital employed).
Outlook and guidance
Revenue and EBIT targets for 2025 reaffirmed: revenue €835–865 million, EBIT €84–92 million, EPS €8.32–9.12, and net income €58–63 million.
Growth expected mainly from digital photofinishing and premiumization, with positive market trends in travel supporting demand.
Guidance ranges reflect uncertainties in demand, inflation, and cost developments.
Operational capital expenditure planned up to €65 million in 2025, funded from operating cash flow.
Dividend policy targets further increases, with 2024 marking the 16th consecutive annual dividend hike.
How did the travel shift impact photo product orders?
Explain the hybrid production impact on commercial print.
What factors drove the increase in personal expenses?
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Next CEWE Stiftung & Co. earnings date
Q3 202513 Nov, 2025
Next CEWE Stiftung & Co. earnings date
Q3 202513 Nov, 2025
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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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