CEWE Stiftung & Co. (CWC) Company presentation summary

Strategic focus and portfolio changes

• Fully committed to Photofinishing, scaling production, logistics, and IT for efficiency and growth.

• Divested Commercial Online-Print segment, improving EBIT margin and ROCE, with proceeds to fund further Photofinishing investments and share buybacks.

• Acquired Kodak Moments Retail Photo Solutions, expanding into the US, Canada, Mexico, and Australia, and strengthening the brand portfolio.

• Integration of Kodak Moments brings vertical integration with a production facility in Colorado and enhances omnichannel retail presence.

• Strategic priorities include innovation, sustainability, and customer focus, supported by a strong family and anchor shareholder structure.

Financial performance and guidance

• 2025 revenue reached €864.5 million and EBIT €88.2 million, both exceeding targets.

• Photofinishing segment grew 4.4% in turnover and 3.8% in EBIT, with continued growth in CEWE PHOTOBOOK volumes and value-added products.

• 2026 guidance confirmed: revenue €780–810 million, EBIT €85–91 million, reflecting the portfolio shift.

• ROCE remains strong at 17.6% in 2025, with a robust equity ratio of 61.2%.

• Free cash flow normalized within long-term trend, despite a year-on-year decline due to higher investments and working capital.

Operational highlights and innovation

• CEWE PHOTOBOOK sales reached 6.32 million units in 2025, with a high Net Promoter Score of 66.7.

• Product innovation includes new premium offerings, AI-driven ordering, and mobile-first strategies.

• Multiple TIPA World Awards in 2025 for product and app excellence.

• Over 20,000 retail partners and 25,000 photostations across Europe, with strong omnichannel and retail integration.

• Recognized as one of Germany's Best Managed Companies and a top dividend increaser for 17 consecutive years.