CEWE Stiftung & Co. (CWC) investor relations material

Transaction overview

• Acquisition covers Kodak Moments Retail Photo Solutions, an international instant-photo business carved out of Kodak Alaris, plus the brand licence and Windsor, Colorado production site.

• Purchase price, including the production site, is ~€88m; closing is expected in H1 2027, subject to customary conditions including regulatory approvals.

• Kodak Moments joins a portfolio of photo brands and extends the instant-photo business beyond Europe.

Business profile and strategic fit

• Kodak Moments generates €200m revenue, with ~500 employees, 16,000 retail points of sale, 37,000 connected photo stations and 1.5bn retail prints annually.

• Retail partners span the US, Canada, Mexico, Europe and other markets; the business also serves travel and leisure venues, including Disneyland Paris.

• Offers include snapshot and ID prints, photo cards, enlargements, canvas, mugs, calendars, photo books, equipment, media and break-fix services.

• The acquisition is intended to strengthen retail access, recurring consumables demand, younger-customer engagement and international partner relationships.

• Strategic priorities include global expansion, a stronger instant-photo platform, supply-chain resilience, scale benefits and profitable growth.

Integration and growth plans

• First 6–12 months: complete the Kodak Alaris carve-out as a standalone business and close the transaction; following 12–24 months: pursue synergies, Colorado production integration, joint software engineering and market development.

• Beyond 24 months, plans focus on scaling instant photo operationally, geographically and through retail; beyond 36 months, expand the broader photofinishing portfolio through an omnichannel model.

• Windsor manufactures ribbons in-house using wet-end chemical processes and assembles paper and ribbons into media kits in the dry end, supporting innovation and supply resilience.

• Kodak Moments EBIT is expected to contribute increasingly through realized operational synergies, instant-photo growth and eventual omnichannel expansion; initial integration is expected to slightly dilute margin before later improvement.

• Key risks include regulatory approvals, carve-out complexity, continuity, retail-partner concerns, market development and cultural integration; mitigations include structured preparation, transition planning and transparent communication.