Cewe Stiftung & Co. Kgaa · XETR:CWC
Cewe Stiftung & Co. Kgaa — Q2 2026 Earnings Presentation
62 slides from Cewe Stiftung & Co. Kgaa's earnings presentation, Aug 13, 2026
Slide 1: Q2 2026 Analyst Conference Call
Q2 2026 Analyst Conference Call August 13, 2026
Slide 2: A warm welcome
A warm welcome Sirka Hintze Thomas Mehls CFO CEO 2
Slide 3: Agenda
Agenda (1) Latest news: CEWE acquires KODAK MOMENTS Retail Photo Solutions (2) Results H1/Q2 in a nutshell (3) Corporate Development by Business Segments H1/Q2 (4) Financial Details H1/Q2 (5) Outlook 2026 (6) Q&A-Session
Slide 4: Latest news: CEWE acquires Kodak Alaris' global instant photo business
1 Latest news: CEWE acquires Kodak Alaris' global instant photo business and strengthens its strong brand portfolio with KODAK MOMENTS
Slide 5: A global brand joins CEWE's House of Brands
A global brand joins CEWE’s “House of Brands” 5
Slide 6: Born from one of the world's most iconic brands
Born from one of the world‘s▪Bild mit Filmen / … most iconic brands 6
Slide 7: Born from one of the world's most iconic brands
Born from one of the world‘s most iconic brands 7
Slide 8: Kodak Moments provides solutions for retailers
Hardware Software Kodak Moments provides SOLUTIONS Consumables for retailers Products
Slide 9: Servicing Retailers around the Globe
Servicing Retailers around the Globe 9
Slide 10: Company overview – Kodak Moments at a glance
Company overview – Kodak Moments at a glance ~ 500 16,000 Revenue EUR 200M Employees Points of sales (incl. Production) 1 Production site 37,000 1.5bn Windsor, CO Connected photo stations Retail prints annually 10
Slide 11: Expanding CEWE's OSF business globally and in key European markets
Expanding CEWE’s OSF business globally and in key European markets CEWE to enter multiple new markets through the Kodak Moments acquisition 11
Slide 12: Expanding CEWE's OSF business globally and in key European markets
Expanding CEWE’s OSF business globally and in key European markets CEWE to enter multiple new markets through the Kodak Moments acquisition Adding new key markets: USA, Mexico, Canada and Australia. 12
Slide 13: A brand that connects with consumers at the POS
A brand that connects with consumers at the POS … strengthening CEWE´s presence in a highly customer-centric and high- frequency environment: retail 13
Slide 14: Kodak Moments fits perfectly to the CEWE House of Brands
KODAK MOMENTS FITS PERFECTLY TO THE CEWE “HOUSE OF BRANDS“ 14
Slide 15: Vertical integration through a production facility in Colorado
Vertical integration through a production facility in Colorado manufacturing ribbons (media kits for photo kiosks) The production facility enhances product innovation capabilities and supply chain resilience through... 15
Slide 16: A state-of-the-art production facility in Windsor, Colorado
A state-of-the-art production facility in Windsor, Colorado ...in-house manufacturing of ribbons via advanced chemical processes in the "wet end"... 16
Slide 17: A state-of-the-art production facility in Windsor, Colorado
A state-of-the-art production facility in Windsor, Colorado ...and further processing brought together in media kits in the "dry end“. 17
Slide 18: Transaction scope: Kodak Moments RPS within Kodak Alaris Group
Kodak Moment‘s RPS business sits within Kodak Moments which, together with Alaris, forms the overall Kodak Alaris Group (Holding) (Business Unit) (Business Unit) Retail Photo Transaction Solutions (RPS) Film Scope 18
Slide 19: Key Facts: Transaction
Key Facts: Transaction ▪ Carve out of Kodak Alaris: Kodak Moments RPS (and its “Kodak Moments” brand) is currently part of Kodak Alaris and will be “carved out” as a standalone business. ▪ Closing subject to regulatory approvals: Completion is currently expected within approximately 6 to 12 months.
Slide 20: Summary: Strategic Rationale
Summary: Strategic Rationale ▪ Combining Strengths: Two iconic brands unite to grow the Instant Photo business profitably. Both will emerge stronger and better positioned to develop the instant photo business together. ▪ A Long-Term Growth Perspective for the Instant Photo Business: Scale the busine
Slide 21: Next steps: Where do we go from here?
Next steps: Where do we go from here? >12 months 6-12 months Today Signing Closing Integration & Growth 21
Slide 22: Creating moments of joy together.
Creating moments of joy together. 22
Slide 23: Creating moments of joy together.
Creating moments of joy together. 23
Slide 24: Closing achieved: Sale of Commercial Online-Print division completed
Closing achieved: Sale of Commercial Online-Print division completed CEWE completed the sale of its Commercial Online-Print division to Cimpress. The transaction includes the SAXOPRINT production facility in Dresden as well as the sales units viaprinto and LASERLINE. Pursuant to the agreement signed
Slide 25: Results H1/Q2 in a nutshell
2 Results H1/Q2 in a nutshell | JJ) uve cewe group
Slide 26: CEWE Group in line with expectations, seasonally typical operating Q2 result
CEWE Group in line with expectations, delivering a seasonally typical operating Q2 result Second-quarter results confirm the 2026 full-year guidance Group Revenue Q2 Group EBIT Q2 in EUR million in EUR million Revenue including COP Excluding COP (IFRS 5) EBIT including COP Excluding COP (IFRS 5) +4.
Slide 27: CEWE Group on track in H1 2026
CEWE Group on track in H1 2026 First-half results confirm full-year guidance for 2026 Group Revenue H1 Group EBIT H1 in EUR million in EUR million Revenue incl. COP Excl. COP (IFRS 5) EBIT incl. COP Excl. COP (IFRS 5) 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 +3.0% Prior-year compa
Slide 28: CEWE is consistently implementing its strategic and operational next steps
As announced and promised, CEWE is consistently implementing its strategic and operational next steps Sale of the Commercial Online-Print unit, with a clear profitability- and focus-strategy centered on the core Photofinishing business Value-adding acquisition in the core Photofinishing business: pu
Slide 29: Corporate Development by Business Segments: Photofinishing
3 Corporate Development by Business Segments Photofinishing
Slide 30: International Photo Award
INTERNATIONAL PHOTO AWARD For every photo submitted CEWE donates 10 Cents to UNICEF bevorzugt keine Unternehmen, Marken, Produkte oder Dienstleistungen.
Slide 31: New: Exclusive Wall Art with Swarovski Crystals
Exklusives Wandbild NEW: Exclusive Wall mit Art Swarovski Kristallen with Swarovski Crystals 31
Slide 32: Business Segment Photofinishing Q2
Business Segment Photofinishing Q2 in Euro millions +7.5% Turnover 136.8 122.6 127.3 110.4 Turnover from the Photofinishing segment increased by 7.5% in the second quarter to €136.8 million 101.2 (Q2 2025: €127.3 million). The CEWE PHOTOBOOK continued to perform well, with units sold up 1.5% and tur
Slide 33: Business Segment Photofinishing H1
Business Segment Photofinishing H1 in Euro millions +4.4% Turnover 272.2 284.1 260.2 236.5 213.8 Photofinishing turnover increased by 4.4% in the first half of the year to €284.1 million (H1 2025: €272.2 million). The CEWE PHOTOBOOK continued to perform well, with units sold up 1.9% and turnover up
Slide 34: 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 317.7 328.0 282.1 293.6 144.8 147.3 136.8 136.1 145.3 126.1 137
Slide 35: 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 -3.0 -6.6 (op
Slide 36: Number of prints and turnover Photofinishing Q2
Number of prints and turnover Photofinishing Q2 Total prints +5.2% Value per photo +2.1% Turnover Photofinishing +7.5% Target 2026: in millions -1% to +3% Turnover per photo in Euro millions (Euro cent per photo) 136.8 127.3 122.6 26.61 25.43 26.06 110.4 24.68 25.04 101.2 514 474 489 x = 441 410 202
Slide 37: Number of prints and turnover Photofinishing H1
Number of prints and turnover Photofinishing H1 Total prints +3.3% Value per photo Turnover Photofinishing Target 2026: Turnover per photo +1.0% +4.4% in millions -1% to +3% in Euro millions (Euro cent per photo) 284.1 272.2 26.41 260.2 25.67 26.13 1,041 1,076 24.37 24.71 236.5 1,013 957 213.8 877 x
Slide 38: CEWE PHOTOBOOK Q2
CEWE PHOTOBOOK Q2 in thousands +1.5% Target 2026: -1% to +3% 1,126 1,140 1,157 1,031 1,077 2022 2023 2024 2025 2026 » CEWE PHOTOBOOK volume continues to grow by +1.5% in Q2 » The trend toward higher-value CEWE PHOTO BOOKS continues: +3.1% revenue growth in Q2 38 Rounding differences may occur.
Slide 39: CEWE PHOTOBOOK H1
CEWE PHOTOBOOK +1.9% H1 Target 2026: in thousands -1% to +3% 2,440 2,486 2,333 2,357 2,174 2022 2023 2024 2025 2026 » CEWE PHOTOBOOK volume continues to grow by +1.9% in H1 » The trend toward higher-value CEWE PHOTOBOOKS continues: +3.9% revenue growth in H1 39 Rounding differences may occur.
Slide 40: Corporate Development by Business Segments: Commercial Online-Print
3 Corporate Development by Business Segments Commercial Online-Print
Slide 41: Business Segment Commercial Online-Print (COP) Q2
Business Segment Commercial Online-Print (COP) Q2 in Euro millions -4.2% Turnover 21.8 In the second quarter, COP recorded a 4.2% decline in turnover to EUR 19.6 million in a 20.8 21.4 20.5 19.6 persistently declining market (Q2 2025: EUR 20.5 million). According to its own assessment, COP’s “best-p
Slide 42: Business Segment Commercial Online-Print (COP) H1
Business Segment Commercial Online-Print (COP) H1 in Euro millions -1.6% Turnover In the first half of the year, COP recorded only a slight 1.6% decline in turnover to EUR 41.7 44.4 42.7 42.4 41.7 million in a persistently declining market (H1 2025: EUR 42.4 million). According to its own 38.7 asses
Slide 43: Corporate Development by Business Segments: Retail
3 Corporate Development by Business Segments Retail
Slide 44: Business Segment Retail Q2
Business Segment Retail * Q2 in Euro millions -15.3% Turnover 7.9 7.8 8.1 7.3 6.9 In Q2, the hardware retail business generated an expected lower turnover of EUR 6.9 million compared to the previous year (Q2 2025: EUR 8.1 million). Turnover growth in the previous year had been exceptionally strong.
Slide 45: Business Segment Retail H1
Business Segment Retail * H1 in Euro millions -10.1% Turnover 14.4 14.6 14.0 14.8 13.3 The hardware retail business remains well positioned and generated turnover of EUR 13.3 million, which was expected lower compared to the previous year (H1 2025: EUR 14.8 million; -10.1%). By focusing on higher-ma
Slide 46: Corporate Development by Business Segments: Other
3 Corporate Development by Business Segments Other
Slide 47: Business Segment Other Q2
Business Segment Other Q2 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 (in 2023), there is no longer any turnover in the ‘Other’ business segment.
Slide 48: Business Segment Other H1
Business Segment Other H1 Structural and corporate costs, as well as income in Euro millions from property holdings and investments, are reported under the ‘Other’ business segment. Turnover 4.0 Following the sale of futalis (in 2023), there will no longer be any turnover in the ‘Other’ business seg
Slide 49: Financial Details
4 Financial Details | Jini ; cewe group
Slide 50: Consolidated profit and loss statement Q2 2026
Consolidated profit and loss statement Q2 2026 in % of in % of ∆ as Figures in thousands of euros Q2 2025 Q2 2026 ∆ as % revenues revenues th.euros Revenues 135,776 100% 143,927 100% 6.0% 8,151 Increase / decrease in finished and unfinished goods 73 0.1% 44 0.0% -40% -29 Other own work capitalised 1
Slide 51: Balance Sheet on 30 June
Balance Sheet on 30 June Assets Liabilities in Euro millions in Euro millions 602.9 601.5 602.9 601.5 557.9 557.9 -1.4 515.5 521.7 515.5 521.7 338.3 402.3 397.7 371.6 428.0 382.1 Equity 309.5 344.9 +25.7 Non-current 365.8 372.8 assets Non-current liabilities 74.9 70.3 70.1 72.0 63.3 Current 263.1 17
Slide 52: Free cash flow Q2
Free cash flow Q2 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 -4.3 2.6 1.6 -4.1 + -14.4 -12.8 -15.7 -13.5 -11.6 = -10.1 -14.0 -18.3
Slide 53: ROCE
ROCE 12-months-EBIT Avarage capital employed in ROCE* in Euro millions the past 4 quarters in % in Euro millions 87.9 83.2 84.2 509.1 79.1 486.2 19.1% 459.3 437.7 67.7 420.8 18.1% = 16.1% 17.1% 16.5% 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 » ROCE (including the dil
Slide 54: Outlook 2026
o Outlook 2026 | JJuueeaag — cewe group
Slide 55: Q2/H1 result confirms 2026 outlook
Q2/H1 result confirms 2026 outlook Illustration without Commercial Online-Print segment e2026: Digital Photofinishing 780 to 810 Analogue Photofinishing Growth through Euro millions Digital Photofinishing Hardware-Retail Transformation phase Analogue / Digital Regional expansion on the analogue mark
Slide 56: Q2/H1 result confirms 2026 outlook
Q2/H1 result confirms 2026 outlook 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 2023 2024 2025 e2026 56 Rounding differences m
Slide 57: Q2/H1 result confirms 2026 outlook
Q2/H1 result confirms 2026 outlook Target PY 2025 PY 2025 Target 2026 incl. COP w/o COP w/o COP Photos 1 billion photos 2.60 2.60 2.57 to 2.68 CEWE PHOTOBOOK millions 6.32 6.32 6.3 to 6.5 Operational Investments 2 million euros 59.5 52.0 ~ 73 Revenue million euros 864.5 777.0 780 to 810 EBIT million
Slide 58: To be posted in Q3: Earnings after tax and EPS 2026 with one-time gain from COP sale
To be posted in Q3: 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 discont
Slide 59: What drives us: Happy customers
What drives us: Happy customers 59
Slide 60: Q&A-Session
o Q&A-Session | JJuueeaag — cewe group
Slide 61: 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 62: cewe group
cewe group
CEWE Stiftung & Co. KGaA — Q2 2026 Earnings Presentation on 6ix