Cewe Stiftung & Co. Kgaa · XETR:CWC
Cewe Stiftung & Co. Kgaa — Investor Presentation (August 2026)
140 slides from Cewe Stiftung & Co. Kgaa's investor presentation, August 2026
Slide 1: CEWE Company Presentation
CEWE Company Presentation August 2026
Slide 2: Financial schedule
Financial schedule (insofar as already scheduled) 26.08.2026 Montega Conference HIT, Hamburg 22.09.2026 Berenberg & Goldman Sachs German Corporate Conference 2026, Munich 23.09.2026 Baader Investment Conference 2026, Munich 12.11.2026 Publication Q3 2026 Interim Statement 23.11.2026 Deutsches Eigenk
Slide 3: Contents
Contents Introduction 4-17 Equity Story 19-55 Share 57-61 Details Photofinishing 63-90 Results 2025 92-112 Results Q2/H1 2026 114-137 3
Slide 4: The CEWE-Group
The CEWE-Group EUROPE’S LEADING PHOTO SERVICE The CEWE Group is a widely recognized photo service. In fiscal year 2025, the CEWE Group generated revenue of 864.5 million euros and EBIT of 88.2 million euros. The core Photofinishing business made a significant contribution to these results, with reve
Slide 5: Key Indicators CEWE-Group
Key Indicators CEWE-Group -21 2864.5 European countries revenue in 2025 «4,000 a14 Production sites o2l 2>16,000 salesoffices 8 = = = —__ retailstor supplied by CEWE billion
Slide 6: Premium Quality with Leading Brands
Premium Quality with Leading Brands 6
Slide 7: House of Brands: Differentiation by target group
House of Brands: Differentiation by target group, product range and geographical focus Broad Target group Pointed Specialist Full range Product range 7
Slide 8: Success Factor: CEWE's omni-channel solution
Success Factor: CEWE’s omni-channel solution Order channels: Delivery: Strong Retail Partners: AT HOME MAILORDER IN STORE IN STORE ANYWHERE … and many more 8
Slide 9: Retail Partners in Europe
Retail Partners in Europe xcms_BUD8325_BUD13379_BUD28806 Kruidvat 20,000 retail Drugstores partners in Photo Europe retailers ▪ CEWE reaches High street consumers through strong retail brands ▪ Retail partners invest Grocers in distribution and marketing ▪ Retail sales channels Travel business with
Slide 10: 20,000 retail partners in Europe
20,000 retail partners in Europe since 1994 Partner since 1996 Partner 1990 Partner since 2001 Partner since 3,670 Stores 4,150 Stores 617 Stores 569 Stores since 1979 Partner since 1991 Partner 1997 Partner since 2020 Partner since 4,500 Stores 1,135 Stores 735 Stores 1,100 Stores Partner since 200
Slide 11: Our Strategic Principles
Our One cult ural Minds et Strategic Br ion Principles at a nd ov s Inn Customer Focus Su y st a nc ab in ce il it fi y Ef One Team 11
Slide 12: What drives us: Happy customers
What drives us: Happy customers 12
Slide 13: Success Story: 100 Million CEWE PHOTOBOOKs
Success Story: 100 Million CEWE PHOTOBOOKs 13
Slide 14: Net Promoter Score for CEWE PHOTOBOOK further increased
Consumer Centricity: Kunden Net Promotor Score for CEWE PHOTOBOOK further increased Fokus 66.1 66.7 2025 2024 Net Promoter Score indicates the willingness of all CEWE customers to recommend CEWE photo products. 14
Slide 15: Reducing environmental pollution and conserving natural resources
CEWE clearly focuses on reducing environmental pollution and conserving natural resources Assessment based on more than 40 criteria along the product life cycle Optimized sustainability of all CEWE products Targeted identification of Self-developed methodology evaluates all potential for improvement
Slide 16: Sustainability ratings: CEWE with excellent evaluation
Sustainability ratings: CEWE with excellent evaluation The three most important rating agencies give CEWE a consistently positive rating 16
Slide 17: The WE in CEWE
The WE in CEWE 17 Togetherness & Collaboration Sustainability & Longterm Orientation Entrepreneurship & Ownership Innovation Customer & Change Focus Product & Services cewe group
Slide 18: Contents
Contents Introduction 4-17 Equity Story 19-55 Share 57-61 Details Photofinishing 63-90 Results 2025 92-112 Results Q2/H1 2026 114-137 18
Slide 19: 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 20: CEWE divests Commercial Online-Print business segment
CEWE divests Commercial Online-Print business segment 20
Slide 21: Commercial Online-Print: Rationale of divestment
Commercial Online-Print: Rationale of divestment 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 us
Slide 22: 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 23: IFRS-compliant restatement following signing and closing
IFRS-compliant restatement following signing and closing Q2 2026 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 Q3 2026 Compl
Slide 24: 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 25: 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 through Euro millions Digital Photofinishing Hardware-Retail Transformation phase Analogue / Digital Regional expan
Slide 26: Steadily increasing results 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 27: Earnings after tax and EPS 2026 with one-time gain
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 28: Closing achieved: Sale of Commercial Online-Print 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 29: CEWE acquires Kodak Alaris' global instant photo business
CEWE acquires Kodak Alaris' global instant photo business and strengthens its strong brand portfolio with KODAK MOMENTS
Slide 30: A global brand joins CEWE's House of Brands
A global brand joins CEWE’s “House of Brands” 30
Slide 31: Born from one of the world's most iconic brands
Born from one of the world‘s▪Bild mit Filmen / … most iconic brands 31
Slide 32: Born from one of the world's most iconic brands
Born from one of the world‘s most iconic brands 32
Slide 33: Kodak Moments provides solutions for retailers
Hardware Software Kodak Moments provides SOLUTIONS Consumables for retailers Products
Slide 34: Servicing Retailers around the Globe
Servicing Retailers around the Globe 34
Slide 35: 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 35
Slide 36: 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 36
Slide 37: 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. 37
Slide 38: 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 38
Slide 39: Kodak Moments fits the CEWE House of Brands
KODAK MOMENTS FITS PERFECTLY TO THE CEWE “HOUSE OF BRANDS“ 39
Slide 40: 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... 40
Slide 41: 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"... 41
Slide 42: 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“. 42
Slide 43: Kodak Moments RPS business 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 43
Slide 44: 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 45: 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 46: 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 46
Slide 47: CEWE 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 48: Growth opportunities in Photofinishing
Growth opportunities in Photofinishing ➔ Still ongoing slight AI-functionality in ordering product mix shift to applications to attract customers value added products who don‘t buy yet today M&A: Track record of Continuous product more than 40 acquisitions innovations: in the company‘s history
Slide 49: CEWE's competitive advantages are hard to replicate
CEWE’s competitive advantages are hard to replicate Broad USP product Easy-to-use CEWE = Photo choice software, apps Aided brand awareness of Photo = CEWE Helpful and websites CEWE PHOTOBOOK in GER 20% Brand service High Net 70% CAGR marketing spend (2005-2020) centers Promoter Reliable High-quality
Slide 50: 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 1.00 1.05 dividend increase 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50
Slide 51: CEWE has paid a dividend every year since listing
CEWE has been paying a dividend every year since it was listed on the stock exchange Dividend in euros per share 3.00 2.85 +6.7% p.a. 2.60 2.45 2.30 2.35 10 years of analog / digital transformation 1.95 2.00 1.80 1.85 1.60 1.50 1.55 +9.7% p.a. 1.40 1.45 1.20 1.20 1.20 1.25 1.15 1.00 1.00 1.00 1.05 0
Slide 52: 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 53: Share buybacks
Share buybacks In addition to the continuous dividend increase Dividend payouts and share buybacks in million euros 33.6 31.3 29.7 27.4 13.0 Share 23.6 13.7 9.8 buyback 9.0 19.2 6.7 17.5 2.4 14.6 14.4 14.2 11.6 1.3 13.5 8.2 11.2 10.8 9.6 9.7 Dividend 9.2 8.2 19.9 20.6 1.0 18.4 2.3 1.0 14.2 14.6 16.8
Slide 54: Recognized as one of Germany's Best Managed Companies
CEWE 2025 recognized by Deloitte, UBS, FAZ and BDI as one of Germany's “Best Managed Companies” 54
Slide 55: CEWE is exceptionally well-positioned in the photofinishing industry
CEWE is exceptionally well-positioned in the photofinishing industry » High customer satisfaction and retention » Continuous innovation » Market share gains driven by strong brand positions » Steady organic growth, largely independent of economic development » Focus on efficiency in production and a
Slide 56: Contents
Contents Introduction 4-17 Equity Story 19-55 Share 57-61 Details Photofinishing 63-90 Results 2025 92-112 Results Q2/H1 2026 114-137 56
Slide 57: Share data
Share data CEWE Stiftung & Co. KGaA ISIN DE0005403901, WKN 540390, CWC Market segment regulated market Prime Standard Index SDAX DAXplus Family 30 ISIN DE 0005403901 Symbol CWC Reuters CWCG.DE Bloomberg CWC GR Date of initial listing March 24, 1993 Number of shares 7,442,003 Analysts 57
Slide 58: Consistently positive analyst opinions
Consistently positive analyst opinions Current analyst recommendations Analyst Date Recommendation Target Volker Bosse 13.08.2026 Buy 126 Euro Jens Nielsen 08.06.2026 Buy 142 Euro Sven Sauer 31.07.2026 Buy 150 Euro Ingo Schmidt 14.08.2026 Buy 147 Euro Philipp Kaiser 13.08.2026 Buy 158 Euro Klaus Bre
Slide 59: Stability through anchor shareholders
Stability through anchor shareholders Shares in % (investors with notification obligation) 7,442,003 million shares 27.1% Founding family Neumüller 27.1 % (AN Assets GmbH & Co. KG and CN Assets GmbH & Co. KG) CEWE Stiftung & Co. KGaA 7.9 % (589,959 own shares as of August 2026) 3.2 % Lazard Frères G
Slide 60: Legal structure: Limited Joint-Stock Partnership
Legal structure: Limited Joint-Stock Partnership until 2013 PLC Foundation Public limited company/ stock corporation General Foundation Partnership is and remains is and remains ▪… a gateway to capital ▪… the managing body (in markets accordance with the intention since 2013 of the founder) ▪… the a
Slide 61: Family enterprise
Advantages of family-run, stock-exchange listed companies Advantages Situation at CEWE + Less short-term quarterly mindset obliges Large-scale investment in digital technology in order to secure the future of the company + Focus on a few core areas ... Photofinishing as the core area of business; ne
Slide 62: Contents
Contents Introduction 4-17 Equity Story 19-55 Share 57-61 Details Photofinishing 63-90 Results 2025 92-112 Results Q2/H1 2026 114-137 62
Slide 63: Our Strategic Principles
Our One cult ural Minds et Strategic Br ion Principles at a nd ov s Inn Customer Focus Su y st a nc ab in ce il it fi y Ef One Team 63
Slide 64: Innovation
There are 4000 innovators working here, each of us with transformative ideas that drive our business forward. Innovation 64
Slide 65: Early innovations as key success factor
Early innovations as key success factor Photofinishing turnover development 1990 to 2014 Analogue Digital Photofinishing Photofinishing 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 CEWE First online installs webshop first photo for photo terminal products worldwide by CEWE CEWE i
Slide 66: Innovations @ CEWE
Innovations @ CEWE Focus on innovations that have led to a continuous flow of new products in recent years: 1. The comprehensive strengthening of the CEWE brand as a photofinishing brand, also through the 1 CEWE PHOTO AWARD, now the world's largest photo competition. 2. The multi-brand strategy with
Slide 67: NEW: Exclusive Wall Art with Swarovski Crystals
Exklusives Wandbild NEW: Exclusive Wall mit Art Swarovski Kristallen with Swarovski Crystals 67
Slide 68: NEW: Memento Pocket in photographic paper segment
NEW: Memento Pocket in photographic paper segment
Slide 69: NEW: Premium cover designs for the CEWE PHOTOBOOK
NEW: Premium cover designs for the CEWE PHOTOBOOK
Slide 70: NEW: Kitchen Calender with detachable photos
NEW: Kitchen Calender with detachable photos
Slide 71: NEW: XXL personalised Wall Calender
NEW: XXL personalised Wall Calender
Slide 72: NEW: Photo Treat Jar
NEW: Photo Treat Jar
Slide 73: NEW: Anniversary Collage – and many more designs
NEW: Anniversary Collage – and many more designs
Slide 74: NEW: Fill-your-own Photo Advent Calendar Boxes
NEW: Fill-your-own Photo Advent Calendar Boxes
Slide 75: NEW: Digital Greeting Card
Le NEW: Digital Greeting Card
Slide 76: TIPA World Awards 2025 for CEWE
TIPA World Awards 2025 for CEWE „BEST PHOTOBOOK“ – CEWE PHOTOBOOK with Panorama Page 76
Slide 77: TIPA World Awards 2025 for CEWE
TIPA World Awards 2025 for CEWE „BEST PROFESSIONAL PRINTING APP“ – CEWE Passport Photo App 77
Slide 78: TIPA World Awards 2025 for CEWE
TIPA World Awards 2025 for CEWE „BEST PHOTO SERVICE“ – CEWE Fineline Wall Calendar 78
Slide 79: TIPA World Awards 2025 for CEWE
TIPA World Awards 2025 for CEWE „BEST DESIGN & TECHNOLOGY“ – CEWE Smart Layout Concept 79
Slide 80: TIPA World Awards 2025 for Pixum
TIPA World Awards 2025 for Pixum „BEST PHOTOBOOK APP“ – Pixum App Smart Photobook Layouts 80
Slide 81: TIPA World Awards 2025 for WhiteWall
TIPA World Awards 2025 for WhiteWall „BEST PHOTO FRAME DESIGN“ – WhiteWall 6mm Basel Frame 81
Slide 82: Brands
Brands Each of our brands is a promise of transparency, trust, quality and reliability. 82
Slide 83: CEWE Photo Award
INTERNATIONAL PHOTO AWARD For every photo submitted CEWE donates 10 Cents to UNICEF bevorzugt keine Unternehmen, Marken, Produkte oder Dienstleistungen.
Slide 84: Efficiency
Innovative technologies and optimised processes guarantee the best customer experience Efficency 84
Slide 85: Extension of the production facility in Kozle (Poland)
Efficiency: Extension of the production facility in Kozle (Poland) 85
Slide 86: Extension of the production facility Freiburg (Germany)
Efficiency: Extension of the production facility Freiburg (Germany) 86
Slide 87: Sustainability
We try to live up to our responsibility for the environment and the society that we are a part of. Sustainability
Slide 88: Sustainability at the CEWE Group 2025 – CO2 Footprint
Sustainability at the CEWE Group 2025 – CO2 Footprint Goals in Scope 1,2 and 3 Current and Future Actions Scope 1 and 2 Direct emissions @ ▪ Photovoltaic Energy CEWE and indirect ▪ Green Electricity emissions by ▪ E-Mobility purchased energy ▪ Gas Heating replaced Further CO2 emission reductions Sco
Slide 89: Recognized as one of Germany's Best Managed Companies
CEWE 2025 recognized by Deloitte, UBS, FAZ and BDI as one of Germany's “Best Managed Companies” 89
Slide 90: One team
Across all sites and countries, there is a “WE in CEWE”. Our employees are One team the heart of our success.
Slide 91: Contents
Contents Introduction 4-17 Equity Story 19-55 Share 57-61 Details Photofinishing 63-90 Results 2025 92-112 Results Q2/H1 2026 114-137 91
Slide 92: CEWE 2025: Turnover and EBIT further increased, all targets achieved
CEWE 2025: Turnover and EBIT further increased, all targets achieved Group turnover Q1-4 Group EBIT Q1-4 in Euro millions in Euro millions Group turnover increased by 3.8% or 832.2 864.5 83.9 86.1 88.2 €31.7 million. 780.2 75.6 692.8 732.7 72.2 Group EBIT increased by 2.4% or €2.1 million. The 2025
Slide 93: All 2025 targets achieved
All 2025 targets achieved Targets Target 2025 Actual 2025 Photos billion photos 2.46 to 2.53 2.60 CEWE PHOTO BOOK millions 6.0 to 6.2 6.32 Operational Investments million Euro ~ 65 59.5 Revenue million Euro 835 to 865 864.5 EBIT million Euro 84 to 92 88.2 EBT million Euro 83.5 to 91.5 88.0 Earnings
Slide 94: Long-term growth path also continued in 2025
CEWE's long-term growth path also continued in 2025 Digital Photofinishing 2025: 864.5 million Euros Commercial Online-Print Growth esp. through Digital Photofinishing Analogue Photofinishing Hardware-Retail Transformation phase Analogue / Digital Regional expansion on the analogue market Analogue P
Slide 95: EBIT 2025 continues the line of increasing results
EBIT 2025 continues the line of increasing results EBIT in million Euros 88.2 86.1 83.9 79.7 75.6 72.2 56.8 55.7 47.0 49.2 36.4 29.4 32.6 27.2 28.3 28.9 17.9 11.2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 95
Slide 96: Business Segment Photofinishing Q1-4
Business Segment Photofinishing Q1-4 in Euro millions +4.4% Turnover 714.0 745.5 616.1 658.8 590.1 Photofinishing turnover rose by 4.4% to €745.5 million in 2025 (2024: €714.0 million). The total volume of photos across all products increased by 4.1%, while revenue per photo rose by 0.3%. 2021 2022
Slide 97: Photofinishing-Turnover by quarter
Photofinishing-Turnover by quarter Seasonal distribution: CEWE 2021 to 2025 – Turnover by quarter in million euros Turnover target 2025: approx. 709 to 739 m€* * group turnover w/o segments retail, commercial online-print and other 317.7 328.0 282.1 293.6 265.2 144.8 145.3 125.0 112.6 126.1 137.6 12
Slide 98: Photofinishing-EBIT by quarter
Photofinishing-EBIT by quarter Seasonal distribution: CEWE 2021 to 2025 – EBIT by quarter in million euros EBIT target 2025: approx. 80.5 to 88.5 m€* 83.9 * group EBIT w/o segments retail, commercial online-print and other 74.6 78.2 78.6 69.1 9.8 7.5 5.6 2.5 5.2 0.9 0.7 0.4 0.1 -5.7 -4.3 -4.1 -3.1 -
Slide 99: Number of prints and turnover Photofinishing Q1-4
Number of prints and turnover Photofinishing Q1-4 Total prints +4.1% Value per photo Turnover Photofinishing Target 2025: Turnover per photo +0.3% +4.4% in millions 0% to +2% in Euro millions Euro cent per photo 745.5 714.0 27.04 27.04 27.60 28.59 28.68 658.8 2,599 616.1 2,498 590.1 2,387 2,278 2,18
Slide 100: CEWE PHOTOBOOK
CEWE PHOTOBOOK +1.6% +3.5% Target 2025: Target 2025: Q4 -1% to +2% Q1-4 -1% to +2% in thousands in thousands 2,516 2,556 6,321 2,449 2,467 6,051 6,107 2,328 5,852 5,649 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 » CEWE PHOTOBOOK grows by 3.5% in 2025, with strong Q4 volume increasing once aga
Slide 101: Business Segment Photofinishing Q1-4
Business Segment Photofinishing Q1-4 in Euro millions +4.4% Turnover 714.0 745.5 616.1 658.8 590.1 Photofinishing turnover rose by 4.4% to €745.5 million in 2025 (2024: €714.0 million). The total volume of photos across all products increased by 4.1%, while revenue per photo rose by 0.3%. 2021 2022
Slide 102: Photofinishing-Turnover by quarter
Photofinishing-Turnover by quarter Seasonal distribution: CEWE 2021 to 2025 – Turnover by quarter in million euros Turnover target 2025: approx. 709 to 739 m€* * group turnover w/o segments retail, commercial online-print and other 317.7 328.0 282.1 293.6 265.2 144.8 145.3 125.0 112.6 126.1 137.6 12
Slide 103: Photofinishing-EBIT by quarter
Photofinishing-EBIT by quarter Seasonal distribution: CEWE 2021 to 2025 – EBIT by quarter in million euros EBIT target 2025: approx. 80.5 to 88.5 m€* 83.9 * group EBIT w/o segments retail, commercial online-print and other 74.6 78.2 78.6 69.1 9.8 7.5 5.6 2.5 5.2 0.9 0.7 0.4 0.1 -5.7 -4.3 -4.1 -3.1 -
Slide 104: Number of prints and turnover Photofinishing Q1-4
Number of prints and turnover Photofinishing Q1-4 Total prints +4.1% Value per photo Turnover Photofinishing Target 2025: Turnover per photo +0.3% +4.4% in millions 0% to +2% in Euro millions Euro cent per photo 745.5 714.0 27.04 27.04 27.60 28.59 28.68 658.8 2,599 616.1 2,498 590.1 2,387 2,278 2,18
Slide 105: CEWE PHOTOBOOK
CEWE PHOTOBOOK +1.6% +3.5% Target 2025: Target 2025: Q4 -1% to +2% Q1-4 -1% to +2% in thousands in thousands 2,516 2,556 6,321 2,449 2,467 6,051 6,107 2,328 5,852 5,649 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 » CEWE PHOTOBOOK grows by 3.5% in 2025, with strong Q4 volume increasing once aga
Slide 106: Business Segment Retail Q1-4
Business Segment Retail* Q1-4 in Euro millions +2.0% Turnover 31.2 32.4 31.3 31.4 The hardware retail segment remains well positioned and even saw a 2.0% increase in turnover 30.8 to €31.4 million (2024: €30.8 million). In particular, the retail business in Norway and Poland has performed very well:
Slide 107: Business Segment Other Q1-4
Business Segment Other Q1-4 Structural and corporate costs and profits arising in Euro millions from real estate property and company investments are shown in the "other" business segment. Turnover 8.3 7.6 Following the sale of futalis, the Other segment no longer generates any turnover. 0.0 0.0 0.0
Slide 108: Balance Sheet on December 31, 2025
Balance Sheet on December 31, 2025 Assets Liabilities in Euro millions in Euro millions 716.9 740.5 716.9 740.5 666.0 +23.7 666.0 632.7 632.7 599.5 599.5 395.2 407.1 453.2 423.8 380.1 362.8 389.2 Non-current 361.8 376.1 Equity 335.8 +29.4 assets Non-current 68.9 66.0 85.3 73.7 74.3 liabilities 285.9
Slide 109: Free Cash Flow Q1-4
Free Cash Flow Q1-4 Cash flow from operating Cash flow from investing Free cash flow activities activities in Euro millions in Euro millions in Euro millions 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 + = 130.8 131.9 82.8 73.8 104.2 93.4 65.6 43.7 -44.1 31.5 -47.9 21.
Slide 110: Normalized Free Cash Flow Q1-4
Normalized Free Cash Flow Q1-4 = normalized free cash flow 110 Rounding differences may occur
Slide 111: Multi-Year Overview: Normalized Free Cash Flow Q1-4
Multi-Year Overview: Normalized Free Cash Flow Q1-4 110,0 103.3 90,0 86.0 82.8 70.8 70,0 76.9 63.7 61.4 73.8 69.7 50,0 43.7 30,0 31.5 21.5 10,0 2020 2021 2022 2023 2024 2025 Free-Cash Flow Free-Cash Flow (adj.) Trend (Free-Cash Flow (adj.)) » Normalized free cash flow within the long-term trend rang
Slide 112: ROCE
ROCE 12-months-EBIT Avarage capital employed in ROCE* in Euro millions the past 4 quarters in % 88.2 in Euro millions 86.1 83.9 500.0 75.6 470.4 18.8% 72.2 445.9 18.3% 411.6 429.8 17.5% 17.6% 17.6% = 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 » ROCE remains at a stron
Slide 113: Contents
Contents Introduction 4-17 Equity Story 19-55 Share 57-61 Details Photofinishing 63-90 Results 2025 92-112 Results Q2/H1 2026 114-137 113
Slide 114: CEWE Group delivering a 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 115: 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 116: 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 117: 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 118: 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 119: 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 120: 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 121: 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 122: CEWE PHOTOBOOK
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 122 Rounding differences may occur.
Slide 123: CEWE PHOTOBOOK
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 123 Rounding differences may occur.
Slide 124: 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 125: 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 126: 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 127: 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 128: 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 129: 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 130: 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 131: 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 132: 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 133: 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 134: 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 135: 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 Rounding differences migh
Slide 136: 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 137: To be posted in Q3: Earnings after tax and EPS 2026
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 138: Forward-looking statements
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 developme
Slide 139: Contact
Contact +49 (0) 160 633 72 12 IR@cewe.de CEWE Stiftung & Co. KGaA Meerweg 30-32 26133 Oldenburg ir.cewe.de Axel Weber Sirka Hintze VP, Head of IR CFO
Slide 140: cewe group
cewe group
CEWE Stiftung & Co. KGaA — Investor Presentation (August 2026) on 6ix