Cewe Stiftung & Co. Kgaa · XETR:CWC
Cewe Stiftung & Co. Kgaa — Q1 2026 Earnings Presentation
47 slides from Cewe Stiftung & Co. Kgaa's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Analyst Conference Call
Q1 2026 Analyst Conference Call May 12, 2026
Slide 2: A warm welcome
A warm welcome Sirka Hintze Thomas Mehls CFO CEO 2
Slide 3: Agenda
Agenda (1) Latest news: Sale of Commercial Online-Print (2) Results Q1 in a nutshell (3) Corporate Development by Business Segments Q1 (4) Financial Details Q1 (5) Q&A-Session
Slide 4: Latest news: Sale of Commercial Online-Print business segment
1 Latest news: Sale of Commercial Online-Print business segment
Slide 5: CEWE divests Commercial Online-Print business segment
CEWE divests Commercial Online-Print business segment 5
Slide 6: Rationale of the Transaction
Rationale of the Transaction Focus – Profitability – Value & Growth Focus Profitability Value & Growth With this transaction, CEWE is On a pro forma basis, the CEWE The cash inflow from the transaction strengthening its position as the Group’s margin quality improves: is to be used in a value-orient
Slide 7: The Best-Owner Principle for Commercial Online-Print
The Best-Owner Principle for Commercial Online-Print ▪ All 544 employees will be taken over by the new owner, Cimpress. ▪ Commercial Online-Print will become part of the global market leader Cimpress, thereby gaining the right owner in a consolidating market. With additional production volumes, Cimp
Slide 8: Transaction details
Transaction details ▪ The closing of the transaction is subject to the typical closing conditions, in particular regulatory and antitrust approvals, and is expected to take place during the second half of 2026. ▪ The parties have agreed not to disclose the purchase price. ▪ Upon completion of the tr
Slide 9: IFRS-compliant restatement following signing and closing
IFRS-compliant restatement following signing and closing Now Separation of the Commercial Online-Print business from the (with Signing) consolidated income statement in accordance with IFRS 5 Continuation of segment reporting with a COP segment and group totals with and without COP Later Complete de
Slide 10: Turnover, EBIT, and profitability trends resulting from the sale
Turnover, EBIT, and profitability trends resulting from the sale Pro forma illustration based on the 2025 consolidated financial statements Turnover 2025 EBIT 2025 Profitability 2025 ROCE 2025 (in m€) (in m€) (EBIT-Margin in %) (in %) 19.6 864.5 777.0 11.2 17.6 88.2 10.2 86.0 with COP w/o COP with C
Slide 11: The long-term growth path is expected to continue into 2026
The long-term growth path is expected to continue into 2026 Illustration without Commercial Online-Print segment e2026: Digital Photofinishing 780 to 810 Analogue Photofinishing Growth esp. through Euro millions Digital Photofinishing Hardware-Retail Transformation phase Analogue / Digital Regional
Slide 12: Also the trend of steadily increasing results is expected to continue in 2026
Also the trend of steadily increasing results is expected to continue in 2026 Group-EBIT without COP EBIT in Euro millions 85 to 91 86.1 86.0 83.9 79.7 75.6 72.2 56.8 53.7 49.2 47.0 36.4 32.6 28.2 30.1 29.4 28.9 18.7 12.4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 13: New Targets 2026 without Commercial Online-Print (COP)
New Targets 2026 without Commercial Online-Print (COP) NEW Target PY 2025 (Old) Target PY 2025 Target 2026 incl. COP 2026 incl. COP w/o COP w/o COP Photos 1 billion photos 2.60 2.57 to 2.68 2.60 2.57 to 2.68 CEWE PHOTOBOOK millions 6.32 6.3 to 6.5 6.32 6.3 to 6.5 Operational Investments 2 million eu
Slide 14: Earnings after tax and EPS 2026 with one-time gain from the sale
Earnings after tax and EPS 2026 with one-time gain from the sale of Commercial Online-Print (COP) Earnings after tax EPS (Earnings per share) in mill. Euro in Euro 8.43+x.x to 9.16+x.x 57+xx to 62+xx Earnings after tax resulting EPS resulting from sale of from sale of the discontinued the discontinu
Slide 15: Strategic positioning: 100% focus on Photofinishing
Strategic positioning: 100% focus on Photofinishing CEWE will focus entirely on its core business of Photofinishing and will pursue the following objectives: ▪ Scaling and economies of scale across production, logistics, and IT ▪ Continuation of the premium brand strategy ▪ Investments in innovation
Slide 16: Results Q1 in a nutshell
2 Results Q1 in a nutshell cewe group
Slide 17: Strong start to the year: Q1 results confirm 2026 targets
Strong start to the year: Q1 results confirm 2026 targets Group turnover Q1 Group EBIT Q1 in Mio. Euro in Mio. Euro Group turnover rose by 1.4% or €2.4 million. 173.4 175.8 7.9 Group EBIT reached 165.5 155.3 6.1 5.6 €5.6 million, as 138.9 5.2 planned. 2.1 This clearly confirms the targets for 2026:
Slide 18: Corporate Development by Business Segments: Photofinishing
3 Corporate Development by Business Segments Photofinishing
Slide 19: TIPA World Awards 2026 for CEWE
TIPA World Awards 2026 for CEWE „BEST PHOTOBOOK“ – CEWE PHOTOBOOK on Photographic Paper with Memento Pocket 19
Slide 20: TIPA World Awards 2026 for CEWE
TIPA World Awards 2026 for CEWE „BEST PHOTO SERVICE“ – CEWE Wall Calendar XXL 20
Slide 21: TIPA World Awards 2026 for CEWE
TIPA World Awards 2026 for CEWE „BEST PROFESSIONAL PRINTING APP“ – CEWE Online Direct 2.0 21
Slide 22: TIPA World Awards 2026 for WhiteWall
TIPA World Awards 2026 for WhiteWall „BEST PHOTO LAB SERVICE – WhiteWall Shopify Lab Connection 22
Slide 23: The new NIVOCASE by DeinDesign
The new NIVOCASE by DeinDesign 23
Slide 24: Business Segment Photofinishing Q1
Business Segment Photofinishing Q1 in Euro millions +1.7% Turnover 137.6 144.8 147.3 126.1 112.6 Photofinishing turnover increases by 1.7% in the first quarter to €147.3m (Q1 2025: €144.8m). The CEWE PHOTOBOOK continues to perform very well (with unit sales up 2.2% and turnover up 4.5%), turnover pe
Slide 25: Photofinishing turnover per quarter
Photofinishing turnover per quarter Seasonal distribution: CEWE 2022 to 2026 – turnover per quarter in m€ Turnover target for 2026: approx. 749 to 779 m€* * Group turnover excluding the Retail, Commercial Online-Print and Other segments 317,7 328,0 282,1 293,6 137,6 144,8 147,3 136,1 145,3 112,6 126
Slide 26: Photofinishing-EBIT by Quarter
Photofinishing-EBIT by Quarter Seasonal distribution: CEWE 2022 to 2026 – EBIT by quarter in m€ EBIT target for 2026: approx. 85.5 to 91.5 m€* 83.9 * Group EBIT w/o segments Retail, Commercial Online-Print and Other 74.6 78.2 78.6 5.2 7.5 5.6 5.1 2.5 0.9 0.7 0.4 0.1 -4.3 -4.1 -3.1 -2.9 2022 2023 202
Slide 27: Number of prints and turnover Photofinishing Q1
Number of prints and turnover Photofinishing Q1 Total prints +1.6% Value per photo Turnover Photofinishing Target 2026: Turnover per photo +0.1% +1.7% in millions -1% to +3% in Euro millions (Euro cent per photo) 144.8 147.3 137.6 126.1 553 562 26.21 26.23 25.89 112.6 516 531 24.10 24.42 467 x = 202
Slide 28: CEWE PHOTOBOOK
CEWE PHOTOBOOK Q1 +2.2% Target 2026: in thousands -1% to +3% 1,300 1,329 1,256 1,231 1,143 2022 2023 2024 2025 2026 » CEWE PHOTO BOOK volume continues to grow by +2.2% in Q1 » The trend toward higher-value CEWE PHOTO BOOKS continues: +4.5% revenue growth in Q1 28 Rounding differences may occur.
Slide 29: Corporate Development by Business Segments: Commercial Online-Print
3 Corporate Development by Business Segments Commercial Online-Print
Slide 30: Commercial Online-Print
Commercial Online-Print Service focus Cost leader in industrial online printing Metropolitan area Berlin » Business and advertising prints: flyers, business cards, stationery, packaging, promotional items, etc. 30
Slide 31: Business Segment Commercial Online-Print Q1
Business Segment Commercial Online-Print Q1 in Euro millions +0.9% Turnover Commercial Online-Print (COP) continues to hold its ground in a highly competitive environment 22.6 21.3 21.9 22.1 and, in the first quarter, even achieves a slight revenue increase of +0.9% to €22.1m despite a 17.8 persiste
Slide 32: Corporate Development by Business Segments: Retail
3 Corporate Development by Business Segments Retail
Slide 33: CEWE Retail with focus on Photofinishing business
CEWE Retail with focus on Photofinishing business 101 stationary photo retail stores in Scandinavia and Central Eastern Europe E-commerce webshops sell hardware (cameras and accessories) and photo products from CEWE at the POS and on the Internet 33
Slide 34: Business Segment Retail Q1
Business Segment Retail * Q1 in Euro millions -3.7% Turnover 6.5 6.7 6.6 6.7 6.4 The hardware retail business remains well positioned and records revenue of €6.4m, slightly below the prior year as planned (Q1 2025: €6.7m; -3.7%). By focusing on higher-margin photo hardware, CEWE Retail deliberately
Slide 35: Corporate Development by Business Segments: Other
3 Corporate Development by Business Segments Other
Slide 36: Business Segment Other Q1
Business Segment Other Q1 Structural and corporate costs, as well as income in Euro millions from property holdings and investments, are reported under the ‘Other’ business segment. Turnover 2.0 Following the sale of futalis, no revenue is generated in the “Other” business segment. 0.0 0.0 0.0 0.0 2
Slide 37: Financial Details
4 Financial Details cewe group
Slide 38: Consolidated profit and loss statement Q1 2026
Consolidated profit and loss statement Q1 2026 in % of in % of ∆ as Figures in thousands of euros Q1 2025 Q1 2026 ∆ as % revenues revenues th.euros Revenues 173,426 100% 175,826 100% 1.4% 2,400 Increase / decrease in finished and unfinished goods -353 -0.2% -437 -0.2% -23.8% -84 Other own work capit
Slide 39: Balance Sheet on 31 March
Balance Sheet on 31 March Assets Liabilities in Euro millions in Euro millions 621.9 639.5 621.9 639.5 586.2 +17.6 586.2 544.9 544.9 504.1 504.1 393.4 419.1 424.2 452.9 382.5 390.3 Non-current 372.8 Equity 322.4 365.7 +28.7 364.5 assets Non-current liabilities 73.7 76.3 74.3 66.5 228.5 84.6 Current
Slide 40: Free cash flow Q1
Free cash flow Q1 Cash flow from operating Cash flow from investing Free cash flow activities activities in Euro millions in Euro millions in Euro millions 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 -24.3 -13.0 -15.1 -26.5 -30.4 + -13.7 -9.2 -11.8 -8.0 production site
Slide 41: ROCE
ROCE 12-months-EBIT Avarage capital employed in ROCE* in Euro millions the past 4 quarters in % in Euro millions 504.9 86.6 87.6 478.5 84.3 452.8 78.7 437.8 413.3 65.7 19.1% 18.0% 17.6% 17.4% = 15.9% 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 » ROCE remains strong at
Slide 42: 17th consecutive dividend increase
17th consecutive dividend increase in Euro 2.35 2.45 2.60 2.85 3.00* 17 2.30 1.95 2.00 1.80 1.85 1.25 1.40 1.45 1.50 1.55 1.60 Years of consecutive dividend increase 1.00 1.05 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 * recommendation of board of manag
Slide 43: CEWE is a TOP dividend increaser
CEWE is a TOP dividend increaser 17 Years #2 of consecutive dividend increase out of all listed German companies #3 since 2024 14 #5 2023 13 2022 Sources: „MyDividends.de“ (2022), „Dividendenstudie 2023“ and „Dividendenstudie 2024“ from Dividenden Adel, isf Institut and Deutsche Schutzvereinigung fü
Slide 44: What drives us: Happy customers
What drives us: Happy customers 44
Slide 45: Q&A-Session
o Q&A-Session cewe group
Slide 46: Forward-looking statements disclaimer
This presentation contains forward-looking statements that are based on current assumptions and forecasts of the management of CEWE. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual developmen
Slide 47: cewe group
cewe group
CEWE Stiftung & Co. KGaA — Q1 2026 Earnings Presentation on 6ix