CEWE Stiftung & Co. (CWC) Q4 2023 earnings summary

Executive summary

• Revenue reached €780.2m in 2023, up 6.5% YoY; EBIT rose €8.3m to a record €83.9m, exceeding the €70–82m target range.

• Growth was led by Photofinishing and Commercial Online-Print, with both segments increasing revenue and earnings.

Financial highlights

• Revenue increased €47.5m to €780.2m; FX-adjusted growth was 6.8%.

• EBITDA was €137.7m, up from €128.8m; EBIT was €83.9m versus €75.6m in 2022.

• EBT rose to €87.9m from €74.8m; gross profit was €622.7m, or 79.8% of revenue, versus 79.7% in 2022.

• Operating cash flow increased to €130.8m from €93.4m; free cash flow reached €82.8m versus €31.5m.

Outlook and guidance

• 2024 revenue target: €770m–€820m.

• 2024 EBIT target: €77m–€87m, extending the stated trend of increasing results.

• Strategic priorities include brand development, product and technology innovation, European growth, mobile ordering, omnichannel development and operational efficiency.