CEWE Stiftung & Co. (CWC) Q4 2024 earnings summary

Executive summary

• Achieved record turnover of EUR 832.8 million in 2024, up 6.7% year-over-year, with operational growth at 5.1%.

• Group EBIT reached EUR 86.1 million, up 2.6%, at the upper end of the target range.

• Growth driven by photo finishing segment, which now represents 86% of turnover, with turnover up 8.4% to EUR 714 million.

• Commercial Online Print and Retail segments saw slight declines in turnover but maintained positive EBIT through cost efficiency.

• Sixteenth consecutive dividend increase proposed, reinforcing strong shareholder returns.

Financial highlights

• Group turnover reached a record EUR 832.8 million (+6.7% year-over-year); EBIT rose to EUR 86.1 million (+2.6%).

• Photo finishing turnover rose 8.4% to EUR 714 million; EBIT for this segment increased by EUR 3.4 million to EUR 83.4 million (including a EUR 3 million impairment on DeinDesign).

• Commercial Online Print turnover declined by 2.4% to EUR 90 million, but delivered a positive EBIT of EUR 3.4 million.

• Retail turnover was EUR 31 million, down 1.5%, with EBIT at EUR 0.7 million.

• Equity ratio improved to 59.1% from 58.4% year-over-year; ROCE at 18.3%.

Outlook and guidance

• 2025 revenue guidance set at EUR 835–865 million, with photo finishing expected to continue as the main growth driver.

• EBIT guidance for 2025 is EUR 84–92 million; after-tax profit expected between EUR 58–63 million.

• Earnings per share for 2025 targeted at EUR 8.32–9.12.

• Guidance reflects uncertainties from inflation, consumer demand, and cost pressures.

• Continued focus on premiumization, innovation, and omni-channel strategy.