Publication of Q1 2026 Interim Statement Presentation

Q1 2026

Analyst Conference Call

May 12, 2026

Sirka Hintze

CFO

Thomas Mehls

CEO

Agenda (1) Latest news: Sale of Commercial Online-Print

1. Results Q1 in a nutshell

2. Corporate Development by Business Segments Q1

3. Financial Details Q1

4. Q&A-Session

1

Focus - Profitability - Value & Growth

Focus

With this transaction, CEWE is

strengthening its position as the leading provider of premium photofinishing products.

CEWE consistently focuses its capital and management resources on growing its core Photofinishing business-both organically and through additional acquisitions planned for the future.

Profitability

On a pro forma basis, the CEWE

Group's margin quality improves: Excluding commercial online printing, the Group's EBIT margin for 2025 would be approximately 11.2% instead of 10.2%.

Excluding the Commercial Online-Print segment, the Group's return on capital employed (ROCE) is expected to increase by 2 percentage points to 19.6% (instead of 17.6%) on a pro forma basis in 2025.

Value & Growth

The cash inflow from the transaction

is to be used in a value-oriented

manner.

A strategic priority is the further development of the FF business, particularly through investments in technology, efficiency, and brand strength, as well as through selective, value-enhancing acquisitions.

The continuation of the share buyback program and a reliable dividend payout remain assured.

• 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 transaction, CEWE Stiftung & Co. KGaA will receive a cash inflow that exceeds the current book value of the Commercial Online Printing division.

• After accounting for the disposal of assets and liabilities allocated to this business segment, including goodwill, CEWE Stiftung & Co. KGaA expects to generate a gain from the sale of the discontinued business segment in the mid-double-digit million-euro range.

  
  
  
  
  
  
  

  Reference figures Commercial Online-Print Business year 2025

  • Turnover: 89.6 m€

  • EBITDA: 8.8 m€

  • EBIT: 1.7 m€

  • EBT: 0.9 m€

Now

(with Signing)

Separation of the Commercial Online-Print business from the

consolidated income statement in accordance with IFRS 5

Continuation of segment reporting with a COP segment and

group totals with and without COP

Later

(with Closing in

in the second half of the year 2026)

Complete deconsolidation of the Commercial Online-Print business segment, with recognition of the gain on disposal

Adjustment of segment reporting

Pro forma illustration based on the 2025 consolidated financial statements

w/o COP

with COP

ROCE 2025

(in %)

19.6

17.6

w/o COP

with COP

10.2

11.2

Profitability 2025

(EBIT-Margin in %)

w/o COP

with COP

86.0

88.2

EBIT 2025

(in m€)

w/o COP

with COP

Turnover 2025

(in m€)

864.5

777.0

»The target ranges for 2026 have been adjusted accordingly: revenue is now projected to be between

780 and 810 m€, and EBIT between 85 and 91 m€

Illustration without Commercial Online-Print segment

Digital Photofinishing Analogue Photofinishing

Hardware-Retail

Growth esp. through

Digital Photofinishing

e2026: 780 to 810

Euro millions

Transformation phase

Analogue / Digital

Regional expansion on the

analogue market

e2026

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

Analogue Photofinishing Digital Photofinishing

EBIT in Euro millions

79.7

72.2 75.6

83.9 86.1

Group-EBIT without COP

85 to 91

86.0

53.7 56.8

47.0 49.2

28.2 30.1

28.9

29.4 32.6

36.4

18.7

12.4

2025 e2026

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

New Targets 2026 without Commercial Online-Print (COP)

1 The number of photos is the sum of the images with which CEWE photo products were designed and refers to all images that are used in value-added (CEWE PHOTOBOOK, calendars, wall art, greeting cards, etc.)

2 Outflows from investments in property, plant and equipment and intangible assets, netted against inflows from the sale of property, plant and equipment and intangible assets; without acquisitions/company acquisitions

3 Without subsequent valuations of equity instruments

4 Based on the normalized group tax rate of the previous year

The ranges of these targets for 2026 reflect the uncertainties that currently arise, for example, from possible developments in demand behavior, from price increases/inflation on the cost of sales and cost side and their potential impact on CEWE's business performance.

Earnings after tax

in mill. Euro

EPS (Earnings per share)

in Euro

57+xx to 62+xx

57 to 62

Earnings after tax resulting from sale of the discontinued segment COP

8.43+x.x to 9.16+x.x

EPS resulting from sale of the discontinued segment COP

Earnings after tax from business segments to be continued

EPS from business segments to be continued

8.43 to

9.16

2025 e2026 2025 e2026

2

2022 2023 2024 2025 2026

2.1

5.6

6.1

5.2

7.9

in Mio. Euro

2022 2023 2024 2025 2026

138.9

173.4 175.8

165.5

155.3

in Mio. Euro

Group turnover Q1 Group EBIT Q1

Group EBIT reached

€5.6 million, as

planned.

Group turnover rose by

1.4% or €2.4 million.

This clearly confirms the targets for 2026: revenue is expected to reach between

€870 million and €900

million, and EBIT between

€87 million and €93 million.

Rounding errors may occur.

3

Corporate Development by Business Segments

19

"BEST PHOTOBOOK" - CEWE PHOTOBOOK on Photographic Paper with Memento Pocket

20

"BEST PHOTO SERVICE" - CEWE Wall Calendar XXL

21

"BEST PROFESSIONAL PRINTING APP" - CEWE Online Direct 2.0

22

"BEST PHOTO LAB SERVICE - WhiteWall Shopify Lab Connection

+1.7%

Turnover

144.8 147.3

112.6

126.1

137.6

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 per photo maintains its positive trend, increasing slightly further by +0.1%.

2022 2023 2024 2025 2026

in Euro millions

EBIT

2.5

5.2

7.5

-7.5%

5.6 5.1

EBIT for the Photofinishing segment reached €5.1 million in the first quarter (Q1 2025: €5.6 million), while still fully absorbing approximately €0.3 million in additional expenses resulting from the business model adjustment at DeinDesign, as well as the full impact of the increase in personnel costs from the tariff adjustment (€2.1 million), since this adjustment will not recur until the second half of 2026 and will accordingly increase personnel costs in the prior-year comparison base from that point onward. In addition, the result includes approximately €1.0 million in additional marketing expenses, the vast majority of which was "invested" in high-growth international markets.

2022 2023 2024 2025 2026

• One-off items Q1 2026: -€0.4m

Effects from the purchase price allocation for Cheerz: -€0.2m Effects from the purchase price allocation for WhiteWall: -€0.1m Effects from the purchase price allocation for Hertz: -€0.1m

• One-off items Q1 2025: -€0.6m

Effects from the purchase price allocation for Cheerz: -€0.2m Effects from the purchase price allocation for WhiteWall: -€0.3m Effects from the purchase price allocation for Hertz: -€0.1m

» Successful start to the year: Photofinishing business continues to grow in the first quarter

Seasonal distribution: CEWE 2022 to 2026 - turnover per quarter in m€

* Group turnover excluding the Retail, Commercial Online-Print and Other segments

112,6 126,1 137,6

144,8 147,3

101,2 110,4 122,6 127,3

120,2 128,7 136,1 145,3

282,1 293,6

317,7 328,0

2022 2023 2024 2025 2026

2022 2023 2024 2025 2026

2022 2023 2024 2025 2026

2022 2023 2024 2025 2026

Q1 Q2 Q3 Q4

Q1 Target: 146.0 to 151.9 m€

Q1 Actual: 147.3 m€

Q2 Target:

Q2 Actual:

Q3 Target:

Q3 Actual:

Q4 Target :

Q4 Actual:

»Photofinishing turnover within the planned Q1 target range

Seasonal distribution: CEWE 2022 to 2026 - EBIT by quarter in m€

EBIT target for 2026: approx. 85.5 to 91.5 m€*

* Group EBIT w/o segments Retail, Commercial Online-Print and Other

74.6 78.2 78.6 83.9

2.5 5.2 7.5 5.6 5.1

0.9 0.7 0.4 0.1

2022 2023 2024 2025 2026

-4.3 -4.1 -3.1 -2.9

2022 2023 2024 2025 2026

2022 2023 2024 2025 2026

2022 2023 2024 2025 e2026

Q1 Q2 Q3 Q4

Q1 target: 4.5 to 5.5 m€

Q1 actual: 5.1 m€

Q2 target:

Q2 actual:

Q3 target:

Q3 actual:

Q4 target:

Q4 actual:

» Photofinishing EBIT within the expected target range in all quarters

+1.6%

Target 2026:

-1% to +3%

Total prints

in millions

Value per photo Turnover per photo (Euro cent per photo)

Turnover Photofinishing

in Euro millions

+1.7%

137.6

126.1

553

562

25.89

26.21

26.23

516

531

24.10

24.42

112.6

467

x

+0.1%

144.8 147.3

2022 2023 2024 2025 2026

2022 2023 2024 2025 2026

2022 2023 2024 2025 2026

» Photo volume and revenue per photo continue to rise, driving an increase in photo finishing revenue

+2.2%

Target 2026:

-1% to +3%

Q1

in thousands

1,256

1,300

1,329

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

3

Corporate Development by Business Segments

Metropolitan area Berlin

Cost leader in industrial online printing

Service focus

» Business and advertising prints: flyers, business cards, stationery, packaging, promotional items, etc.

in Euro millions

Turnover

17.8

+0.9%

22.6 21.3 21.9 22.1

Commercial Online-Print (COP) continues to hold its ground in a highly competitive environment and, in the first quarter, even achieves a slight revenue increase of +0.9% to €22.1m despite a persistently declining market (Q1 2025: €21.9m). According to its own assessment, COP's "Best Price Guarantee" continues to support further market share gains.

2022 2023 2024 2025 2026

EBIT

0.4

-22.0%

0.7 0.7 0.5

The achieved revenue enables COP to generate EBIT of €0.5m in a highly price-competitive environment, supported by its cost-efficient production (EBIT Q1 2025: €0.7m).

-0.3

2022 2023 2024 2025 2026

• One-off items Q1 2026: -€0.03m

  − Effects arising from the purchase price allocation for Laserline: -€0.03m

• One-off items Q1 2025: -€0.03m

− Effects arising from the purchase price allocation for Laserline: -€0.03m

» COP continues to perform well in the market thanks to its best-price guarantee

3

Corporate Development by Business Segments

in Euro millions

Turnover

-3.7%

6.5 6.7 6.6 6.7 6.4

2022 2023 2024 2025 2026

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 foregoes comparatively lower-margin sales.

EBIT

-0.2

-0.3

-0.1 -0.2

+70.0%

-0.1

With EBIT of -€0.1m, the retail segment achieves a slightly improved, typical Q1 earnings level in the first quarter (Q1 2025: -€0.2m). Due to the seasonality of the business, hardware retail is traditionally slightly negative in the first quarter.

• One-off items Q1 2026: none

• One-off items Q1 2025: none

2022 2023 2024 2025 2026

» Retail improves its results despite a slight decline in turnover

34 *Hardware only, no photo finishing. Rounding errors may occur.

3

Corporate Development by Business Segments

in Euro millions

Structural and corporate costs, as well as income 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.

EBIT

0.1

0.1

0.0

Accordingly, the reported EBIT contribution of the "Other" segment in the first quarter is break-

even at €0.0m (Q1 2025: €0.1m). This slight change is attributable to a marginally lower result

from property leasing activities.

-0.2

-0.2

2022 2023 2024 2025 2026

» Business segment "Other" with contribution at expected level

4

» The Photofinishing business segment drives the increase in revenue (+€2.5m; +1.7%)

» Other capitalised own work includes self-manufactured CEWE photo stations

» Other operating income increases mainly due to higher income from recyclable residual materials generated in the production processes of the Photofinishing and Commercial Online-Print segments

» Other operating expenses increase mainly due to higher marketing expenses, higher shipping and logistics costs, and higher IT licence costs

» Depreciation and amortisation of intangible assets and property, plant and equipment increase in line with the rise in property, plant and equipment (mainly land and buildings as well as technical equipment)

Assets

in Euro millions

Liabilities

in Euro millions

504.1

586.2

544.9

621.9 639.5

419.1

+17.6

621.9 639.5

Non-current assets

Current

assets

393.4

203.7

220.4

2022 2023 2024 2025 2026

Equity

Non-current liabilities

Current liabilities

504.1

544.9

586.2

+28.7

120.1

105.6

97.1

123.4

119.7

66.5

73.7

84.6

452.9

424.2

2022 2023 2024 2025 2026

» CEWE reports a strong equity ratio of 70.8% (March 31, 2025: 68.2%)

» Total assets increase by €17.6 million (+2.8%): primarily due to an increase in property, plant

and equipment as well as inventories; offset by a decline in cash and cash equivalents

-26.5 -30.4

-24.3

-15.1

-13.0

Cash flow from investing

activities

in Euro millions

2022 2023 2024 2025 2026

-13.7

-9.2

-11.8

-8.0

-25.0

-22.2

-26.9

-38.0

-34.5

production sites (property invest)

-55.3

2022 2023 2024 2025 2026

Free cash flow

in Euro millions

» Cash flow from operating activities decreased by €3.8 million, primarily due to working capital effects

related to the reporting date

» Cash outflows from investing activities increased, primarily due to purchases of land and buildings as well as investments in technical equipment and machinery in the core business segment of Photofinishing

» Property investments: Last significant productions sites which CEWE did not own are now in our hands