Publication of Q1 2026 Interim Statement Report

NEW

Target

PY 2025

incl. COP

(Old) Target 2026 incl. COP

PY 2025

w/o COP

Target 2026 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 euros

59.5

~ 77

52.0

~ 73

Revenue

million euros

864.5

870 to 900

777.0

780 to 810

EBIT

million euros

88.2

87 to 93

86.0

85 to 91

EBT 3

million euros

88.0

86.5 to 92.5

87.0

84.5 to 90.5

Earnings after tax business segments to be continued 4

million euros

58.0

59 to 64

57.7

57 to 62

Earnings per share business segments to be continued

euro

8.45

8.62 to 9.36

8.40

8.43 to 9.16

0.0

0.0

0.0

0.0

2022

2023

2024

2025

2026

Figures in thousands of euros

Q1 2025

in % of revenues

Q1 2026

in % of revenues

∆ as %

∆ as

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 capitalised

609

0.4%

1,195

0.7%

96.2%

586

Other operating income

8,386

4.8%

10,323

5.9%

23.1%

1,937

Cost of materials

-40,950

-23.6%

-41,195

-23.4%

-0.6%

-245

Gross profit

141,118

81.4%

145,712

82.9%

3.3%

4,594

Personnel expenses

-60,251

-34.7%

-61,415

-34.9%

-1.9%

-1,164

Other operating expenses

-62,136

-35.8%

-65,247

-37.1%

-5.0%

-3,111

EBITDA

18,731

10.8%

19,050

10.8%

1.7%

319

Amortisation/Depreciation

-12,624

-7.3%

-13,446

-7.6%

-6.5%

-822

Earnings before interest, taxes (EBIT)

6,107

3.5%

5,604

3.2%

-8.2%

-503

Financial income

482

0.3%

344

0.2%

-28.6%

-138

Financial expenses

-444

-0.3%

-330

-0.2%

25.7%

114

Financial result

38

0.0%

14

0.0%

63.2%

-24

Earnings before taxes (EBT)

6,145

3.5%

5,618

3.2%

-8.6%

-527

Figures in thousands of euros

Q1 2025

in % of revenues

Q1 2026

in % of revenues

∆ as %

∆ as

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 capitalised

609

0.4%

1,195

0.7%

96.2%

586

Other operating income

8,386

4.8%

10,323

5.9%

23.1%

1,937

Cost of materials

-40,950

-23.6%

-41,195

-23.4%

-0.6%

-245

Gross profit

141,118

81.4%

145,712

82.9%

3.3%

4,594

Personnel expenses

-60,251

-34.7%

-61,415

-34.9%

-1.9%

-1,164

Other operating expenses

-62,136

-35.8%

-65,247

-37.1%

-5.0%

-3,111

EBITDA

18,731

10.8%

19,050

10.8%

1.7%

319

Amortisation/Depreciation

-12,624

-7.3%

-13,446

-7.6%

-6.5%

-822

Earnings before interest, taxes (EBIT)

6,107

3.5%

5,604

3.2%

-8.2%

-503

Financial income

482

0.3%

344

0.2%

-28.6%

-138

Financial expenses

-444

-0.3%

-330

-0.2%

25.7%

114

Financial result

38

0.0%

14

0.0%

63.2%

-24

Earnings before taxes (EBT)

6,145

3.5%

5,618

3.2%

-8.6%

-527

Figures in thousands of euros

Mar. 31, 2025

in % of total

Mar. 31, 2026

in % of total

∆ as of

Mar. 31, 2025

∆ in TEuro

T-12

Property, plant and equipment

251,549

40.4%

277,799

43.4%

10.4%

26,250

Investment properties

15,711

2.5%

15,579

2.4%

-0.8%

-132

Goodwill

79,736

12.8%

79,736

12.5%

0.0%

0

Intangible assets

19,962

3.2%

20,781

3.2%

4.1%

819

Financial assets

6,469

1.0%

7,117

1.1%

10.0%

648

Non-current financial assets

1,112

0.2%

1,358

0.2%

22.1%

246

Non-current other receivables and assets

1,373

0.2%

1,069

0.2%

-22.1%

-304

Deferred tax assets

17,452

2.8%

15,630

2.4%

-10.4%

-1,822

Non-current assets

393,364

63.3%

419,069

65.5%

6.5%

25,705

Inventories

61,360

9.9%

69,326

10.8%

13.0%

7,966

Current trade receivables

32,832

5.3%

33,952

5.3%

3.4%

1,120

Current receivables from income tax refunds

8,710

1.4%

11,384

1.8%

30.7%

2,674

Current financial assets

2,144

0.3%

2,923

0.5%

36.3%

779

Other current receivables and assets

13,922

2.2%

16,112

2.5%

15.7%

2,190

Cash and cash equivalents

109,573

17.6%

86,738

13.6%

-20.8%

-22,835

Current assets

228,541

36.7%

220,435

34.5%

-3.5%

-8,106

Assets

621,905

100%

639,504

100%

2.8%

17,599

Figures in thousands of euros

Mar. 31, 2025

in % of total

Mar. 31, 2026

in % of total

∆ as of

Mar. 31, 2025

∆ in TEuro

T-12

Subscribed capital

19,349

3.1%

19,349

3.0%

0.0%

0

Capital reserve

74,189

11.9%

74,850

11.7%

0.9%

661

Treasury shares at acquisition cost

-46,759

-7.5%

-58,084

-9.1%

-24.2%

-11,325

Retained earnings and unappropriated profits

377,381

60.7%

416,769

65.2%

10.4%

39,388

Equity of the shareholders of CEWE KGaA

424,160

68.2%

452,884

70.8%

6.8%

28,724

Non-current accruals for pensions

33,340

5.4%

32,756

5.1%

-1.8%

-584

Non-current deferred tax liabilities

2,868

0.5%

2,294

0.4%

-20.0%

-574

Non-current other accruals

502

0.1%

515

0.1%

2.6%

13

Non-current lease liabilities

36,715

5.9%

30,173

4.7%

-17.8%

-6,542

Non-current financial liabilities

412

0.1%

317

0.0%

-23.1%

-95

Non-current other liabilities

487

0.1%

487

0.1%

0.0%

0

Non-current liabilities

74,324

12.0%

66,542

10.4%

-10.5%

-7,782

Current tax liabilities

10,356

1.7%

8,520

1.3%

-17.7%

-1,836

Current other accruals

2,932

0.5%

3,160

0.5%

7.8%

228

Current interest-bearing financial liabilities

735

0.1%

0

0.0%

-100%

-735

Current lease liabilities

9,918

1.6%

9,296

1.5%

-6.3%

-622

Current trade payables

64,463

10.4%

58,466

9.1%

-9.3%

-5,997

Current financial liabilities

219

0.0%

117

0.0%

-46.6%

-102

Current other liabilities

34,798

5.6%

40,519

6.3%

16.4%

5,721

Current liabilities

123,421

19.8%

120,078

18.8%

-2.7%

-3,343

Equity and liabilities

621,905

100%

639,504

100%

2.8%

17,599

Digital photos

in millions of units

498.9

501.4

514.0

460.6

511.2

522.3

546.2

555.7

Photos from film

in millions of units

7.3

6.8

6.1

6.4

5.0

5.4

6.3

5.9

Total volume of photos

in millions of units

466

506

508

520

467

516

553

562

CEWE PHOTOBOOKS

in thousand of units

1,334

1,363

1,333

1,143

1,256

1,237

1,300

1,329

Earnings

Turnover

in millions of euros

140.4

146.4

145.9

138.9

155.3

165.5

173.4

175.8

EBITDA

in millions of euros

14.7

15.5

21.6

15.2

18.0

20.7

18.7

19.1

EBITDA margin

as % of turnover

7.6

10.4

10.6

14.8

10.9

12.5

10.8

10.8

EBIT

millions of euros

1.9

2.0

8.6

2.1

5.2

7.9

6.1

5.6

EBIT margin

as % of turnover

0.2

1.4

1.4

5.9

1.5

4.8

3.5

3.2

EBT

in millions of euros

1.7

1.7

8.3

1.8

5.0

8.5

6.1

5.6

Earnings after taxes

in millions of euros

1.1

1.7

5.7

1.2

3.4

5.6

4.1

4.1

Equity

Total assets

in millions of euros

464.3

488.1

528.4

504.1

544.9

586.2

621.9

639.5

Capital employed (CE)

in millions of euros

359.9

378.2

410.4

417.1

449.3

476.7

509.1

528.7

Equity

in millions of euros

254.9

263.4

307.3

322.4

365.7

390.3

424.2

452.9

Equity ratio

as % of the balance sheet total

57.1

54.9

54.0

58.2

64.0

66.6

68.2

70.8

Net financial liabilities

in million euros

56.5

53.1

-2.3

23.1

0.1

-37.3

-62.2

-47.3

ROCE (previous 12 months)

as % of average capital employed)

17.6

14.6

21.9

15.9

18.0

19.1

17.6

17.4

Cash Flow

Cash flow from operating activities

in millions of euros

-10.7

-7.1

-23.1

-24.3

-13.0

-15.1

-26.5

-30.4

Cash flow from investing activities

in millions of euros

-4.0

-8.0

-14.2

-13.7

-9.2

-11.8

-8.0

-25.0

Free cah flow

in millions of euros

-58.9

-14.6

-15.2

-37.4

-38.0

-22.2

-34.5

-55.3

Cash flow from financing activities

in millions of euros

-0.3

2.2

-4.2

-17.1

-3.0

-6.2

-6.2

-7.3

Change in cash and cash equilalents

in millions of euros

-15.0

-13.0

-41.6

-55.2

-25.1

-33.8

-40.7

-62.6

Share

Number of shares (nominal value: 2.60 euros)

in units

7,400,020

7,414,939

7,423,919

7,442,003

7,442,003

7,442,003

7,442,003

7,442,003

Earnings per share

Undiluted

in euros

0.16

0.24

0.80

0.17

0.47

0.81

0.60

0.60

Diluted

in euros

0.16

0.24

0.79

0.17

0.47

0.81

0.60

0.60