Half-yearly report 2026

Half-yearly report 2026

1 The CEWE Group at a Glance I 2 To the shareholders I 3 Interim Group management report I 4 Condensed consolidated interim financial statements I 5 Further information

1. The CEWE Group at a Glance

   Key figures for the CEWE Group 3

   Highlights in Q2 2026/H1 2026 4

2. To the shareholders

   The Executive Board 6

   Letter to the shareholders 7

   CEWE shares 8

3. Interim Group management report

   Fundamental information about the Group 12

   Report on economic position 13

   Report on expected developments and on opportunities and risks 25

   Appendix: Description of key indicators 27

4. Condensed consolidated interim financial statements

   Consolidated statement of profit or loss 30

   Consolidated statement of comprehensive income 31

   Consolidated statement of financial position 32

   Consolidated statement of changes in equity 34

   Consolidated statement of cash flows 35

   Segment reporting by business unit 37

   Selected explanatory notes to the 39

   consolidated financial statements

5. Further Information

Responsibility statement 45

Report on Review of Interim Financial Information 46

Multi-year overview 47

Financial calendar 51

Publishing information 52

Navigation

Half-yearly report 2026 2

1 The CEWE Group at a Glance I 2 To the shareholders I 3 Interim Group management report I 4 Condensed consolidated interim financial statements I 5 Further information Key figures for the CEWE Group

‌Key figures for the CEWE Group

8

21 million euros

64.5

million

6.32

European countries

employees production sites

revenue in 2025

CEWE PHOTOBOOKS in 2025

CEWE Photostations

27

sales offices

retail stores

billion

2.60

supplied by CEWE photos produced in 2025

Half-yearly report 2026 3

1 The CEWE Group at a Glance I 2 To the shareholders I 3 Interim Group management report I 4 Condensed consolidated interim financial statements I 5 Further information Highlights in Q2 2026/H1 2026

‌Highlights in Q2 2026/H1 2026

→ Growth in photofinishing pushes up Q2 Group revenue (in accordance with IFRS 5, excluding the discontinued Commercial Online Printing (COP) business) to 143.9 million euros (Q2 2025: 135.8 million euros; +6.0%)

→ Operating Group EBIT (in acc. with IFRS 5, excl. COP) is an expected and seasonally-typical -3.1 million euros in Q2 (Q2 2025: -3.3 million euros), while

reported Group EBIT includes 3.7 million euros in transaction costs associated with the acquisition of KODAK MOMENTS Retail Photo Solutions and amounts to -6.8 million euros

→ Photofinishing grows by +7.5% in Q2 as revenue rises to 136.8 million euros (Q2 2025: 127.3 million euros)

→ The number of photos processed increases by +5.2% to 514.3 million in Q2, with CEWE PHOTOBOOK sales growing by +1.5% to 1.16 million photobooks

→ Revenue up by +4.4% to 284.1 million euros in the first half of 2026 (H1 2025: 272.2 million euros)

→ Operating EBIT in the Photofinishing business is a seasonally-typical

-3.0 million euros in the second quarter (Q2 2025: -2.9 million euros).

→ Reported EBIT comes to -6.6 million euros, including 3.7 million euros in transaction costs for the acquisition of KODAK MOMENTS Retail Photo Solutions (Q2 2025: -2.9 million euros).

→ CEWE sells Commercial Online Printing business unit to sharpen focus on profitable growth in Photofinishing business

→ A weak overall market causes Q2 Commercial Online Printing revenue to fall by -0.9 million euros to 19.6 million euros (Q2 2025: 20.5 million euros;

-4.2%)

→ EBIT in the COP business unit improves to -0.5 million euros in Q2 (Q2 2025:

-0.6 million euros), even when factoring in 0.7 million euros in transaction costs associated with the sale.

→ At 6.9 million euros, Retail generates weaker revenue in Q2 as planned compared to a strong prior-year quarter (Q2 2025: 8.1 million euros; -15.3%)

→ Despite this fall in revenue, EBIT in the Retail business unit in Q2 remains on a par with the previous year's figure at

0.0 million euros (Q2 2025: 0.0 million euros)

→ CEWE will continue to develop the retail goods business to maximise margins while avoiding unprofitable revenue streams.

→ Total assets down slightly by -1.4 million euros to 601.5 million euros due to increase in property, plant and equipment and fall in liquid assets

→ The equity ratio rises slightly to a robust 71.2% (30 June 2025: 66.7%)

→ Capital employed increases to 500.7 million euros due to higher net working capital and non-current assets.

→ A decline in trade payables and a sharper drop in earnings (than in Q2 2025) cause operating cash flow to fall by -13.8 million euros to -18.2 million euros

→ Net cash used in investing activities decreases by -1.1 million euros and has a positive effect on free cash flow

→ Free cash flow for the second quarter of 2026 comes in at -29.4 million euros

→ ROCE sustains robust level of 16.5% (30.06.2025: 17.1%)

→ ROCE calculation for the last time includes the now-sold (and ROCE-diluting) Commercial Online Printing business unit.

Half-yearly report 2026 4

1 The CEWE Group at a Glance I 2 To the shareholders I 3 Interim Group management report I 4 Condensed consolidated interim financial statements I 5 Further information

‌2 To the shareholders

Half-yearly report 2026 5