CEWE Stiftung & Co. (CWC) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew by 6.0% to €143.9 million, driven by strong photofinishing performance, despite challenging market conditions and higher costs.

• Completed the sale of the Commercial Online-Print division, sharpening focus on the core photofinishing business and expected to yield a mid double-digit million euro profit in Q3 2026.

• Announced and signed the acquisition of Kodak Moments Retail Photo Solutions for €88 million, expanding the global instant photo business, with closing expected in 6–12 months.

• Successfully launched S/4HANA across all business units, ensuring operational readiness and efficiency.

• 2026 outlook confirmed, with annual revenue expected to grow up to 4% and EBIT projected between €85–91 million.

Financial highlights

• Q2 2026 group revenue rose 6.0% year-over-year to €143.9 million; H1 2026 revenue increased 3.6% to €298.0 million.

• Photofinishing Q2 turnover up 7.5% to €136.8 million; H1 up 4.4% to €284.1 million.

• Q2 operating EBIT was -€3.1 million, with reported EBIT at -€6.8 million due to €3.7 million in transaction costs for the Kodak Moments acquisition.

• Free cash flow in Q2 was -€18.3 million, mainly due to working capital effects and early supplier payments.

• Equity ratio increased to 71.2%; ROCE at 16.5%.

Outlook and guidance

• 2026 revenue expected at €780–810 million, with EBIT forecasted at €85–91 million; management targets upper half of guidance.

• Earnings per share forecasted at €8.43–9.16, excluding one-time COP sale gain.

• Strong positive effects from the sale of the Commercial Online-Print division expected in Q3.

• Kodak Moments acquisition expected to close in 6–12 months, with significant growth and profitability contributions anticipated post-integration.

• Operational capital expenditure planned at up to €73 million for 2026.