CEWE Stiftung & Co. KGaA CEWE continues to see business growth also in Q2: 2026 outlook confirmed

CEWE continues to see business growth also in Q2: 2026 outlook confirmed

• Group turnover increases by +6.0% to 143.9 million euros in the second quarter; core Photofinishing business reports turnover growth of +7.5%
• The most successful product continues to grow: CEWE PHOTOBOOK sales increase by +1.5% in Q2 to 1.16 million copies sold
• Strategic growth plan consistently executed as announced: CEWE sells its Commercial Online- Print division and strengthens its position with the acquisition of KODAK MOMENTS Retail Photo Solutions
• As is typical for the season, the Group’s operating EBIT remained negative in Q2 and, at -3.1 million euros, was fully in line with expectations (Q2 2025: -3.3 million euros)
• Reported Group EBIT in Q2 includes -3.7 million euros in transaction costs related to the KODAK MOMENTS acquisition, resulting in a figure of -6.8 million euros (Q2 2025: -3.3 million euros)

 

Oldenburg, August 13, 2026. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) continued to grow its turnover in the second quarter, reaching a new record high: Q2 Group turnover (in accordance with IFRS 5, excluding the discontinued Commercial Online-Print (COP) business segment) grew by +6.0% to 143.9 million euros (Q2 2025: 135.8 million euros). Group operating EBIT (also in accordance with IFRS 5, excluding the COP business segment) came in at the expected, seasonally typical -3.1 million euros (Q2 2025: -3.3 million euros). Reported Group EBIT includes -3.7 million euros in transaction costs from the acquisition of KODAK MOMENTS Retail Photo Solutions, bringing the total to -6.8 million euros. Following the completion of the sale of the Commercial Online-Print division, CEWE announced in early July 2026 that it would acquire the KODAK MOMENTS Retail Photo Solutions division from Kodak Alaris. CEWE is thus consistently implementing its announced strategy of improving returns and focusing on its core Photofinishing business. “In the first half of 2026, the CEWE Group opened a new chapter in its corporate history: With the sale of the Commercial Online-Print division, an important strategic course was set to sharpen CEWE’s corporate profile as a leading provider of premium photo products and to focus capital and management resources on the core business of Photofinishing. And with the acquisition of KODAK MOMENTS Retail Photo Solutions, we are expanding our instant photo business internationally and will have a presence in key markets such as the U.S., Canada, Mexico, and Australia. This lays the foundation for further profitable growth,” explains Thomas Mehls, CEO of the CEWE Group. With its second-quarter results, CEWE confirms the annual targets it set for 2026: Group revenue is expected to grow by up to +4% in 2026 and is projected to range from 780 to 810 million euros (pro forma revenue for 2025 excluding the COP business segment: 777.0 million euros). Group EBIT is expected to range from 85 to 91 million euros in 2026 (pro forma EBIT for 2025 excluding the COP business segment: 86.0 million euros).

 

Photofinishing business continues to grow and achieves an operating result in line with seasonality With Q2 turnover growth of +7.5% to 136.8 million euros (Q2 2025: 127.3 million euros), Photofinishing turnover rose by +4.4% to 284.1 million euros in the first half of 2026 (H1 2025: 272.2 million euros). The total number of photos sold grew by +5.2% in the second quarter to 514 million units (Q2 2025: 489 million), while sales of the CEWE PHOTOBOOK rose by +1.5% to 1.157 million copies (Q2 2025: 1.140 million copies). The trend towards higher-quality photobooks even boosted revenue from the CEWE PHOTOBOOK by +3.1%. Operating EBIT for Photofinishing amounted to -3.0 million euros in the second quarter (Q2 2025: -2.9 million euros). Due to high fixed costs, Photofinishing EBIT is traditionally still negative in Q2, when demand is seasonally weaker. The reported Q2 Photofinishing EBIT includes -3.7 million euros in transaction costs from the acquisition of KODAK MOMENTS Retail Photo Solutions, bringing the total to -6.6 million euros. Combined with the stronger winter quarter (Q1), the Photofinishing business segment achieved an operating EBIT of 2.3 million euros in the first half of 2026 (H1 2025: 2.7 million euros). The reported H1 Photofinishing EBIT includes -3.8 million euros in transaction costs for the acquisition of KODAK MOMENTS Retail Photo Solutions and thus amounts to -1.5 million euros.

Retail segment with active reduction in turnover and balanced earnings at the previous year’s level

In Q2, the hardware retail segment posted turnover of 6.9 million euros, in line with expectations of a year-over-year decline (Q2 2025: 8.1 million euros; -15.3%). CEWE is deliberately avoiding low-margin retail business in the photo hardware segment (cameras and accessories). In the first half of the year, the retail segment thus generated revenue of 13.3 million euros (H1 2025: 14.8 million euros; -10.1%). With a break-even Q2 EBIT of 0.0 million euros (Q2 2025: 0.0 million euros), the business segment achieved a slight improvement in EBIT for the first half of the year – which is typically still slightly negative due to seasonal factors – to -0.1 million euros (H1 2025: -0.2 million euros). Due to the seasonal nature of the business, the fourth quarter is also the most profitable quarter of the year for the hardware retail segment.

Sale of the Commercial Online-Print (COP) business unit completed

CEWE had previously been active in the European market for online-ordered promotional and business printing materials through its online printing brands SAXOPRINT, viaprinto, and LASERLINE. As part of the company’s strategy to focus on its core business of Photofinishing, the division has now – as announced – been sold and thus discontinued: With the successful completion of the transaction – the sale was finalized on July 2, 2026 – CEWE is sharpening its profile as a brand-driven company in Photofinishing and is aligning capital and management resources even more consistently with its core business. In the second quarter, Commercial Online-Print generated revenue of 19.6 million euros in a weak overall market (Q2 2025: 20.5 million euros; -4.2%). For the first half of 2026, Commercial Online-Print generated revenue of 41.7 million euros (H1 2025: 42.4 million euros; -1.6%). EBIT improved in Q2 to -0.5 million euros (Q2 2025: -0.6 million euros), including -0.7 million euros in transaction costs related to the sale. In the first half of 2026, COP achieved a break-even EBIT of 0.0 million euros, including -0.8 million euros in transaction costs from the sale (H1 2025: 0.0 million euros). CEWE expects a gain from the sale of the discontinued business segment in the mid-double-digit million-euro range. This represents a one-time, non-operating effect on earnings that will be realized upon the deconsolidation of the Commercial Online-Print business segment in the third quarter of 2026.

Excellent equity ratio rises to 71.2%; ROCE at a very decent 16.5%

The equity ratio has risen once again – from an already very solid level in the prior year (June 30, 2025: 66.7%) – to 71.2%, underscoring that the CEWE Group remains in an extremely stable position. Return on capital employed (ROCE) remained at a strong level of 16.5% as of the end of June 2026 (ROCE as of June 30, 2025: 17.1%).

2026 outlook confirmed with Q2/H1 results

Based on the results for the first half of the year, CEWE management believes its previously announced targets for 2026 are on track: Group turnover is expected to grow by up to +4% in 2026 and is projected to range from 780 to 810 million euros (pro forma revenue for 2025 excluding the COP business segment: 777.0 million euros). Group EBIT is expected to range from 85 to 91 million euros in 2026 (pro forma EBIT for 2025 excluding the COP business segment: 86.0 million euros), EBT between 84.5 and 90.5 million euros (pro forma EBT for 2025: 87.0 million euros), and net income (from continuing operations) between 57 and 62 million euros (pro forma net income for 2025: 57.7 million euros).

 

An overview of results for H1 and Q2 2026

 

CEWE Business Segments	Unit	H1 2025	H1 2026	Q2 2025	Q2 2026
(1) Photofinishing (PF)
Photos	m. photos	1,041	1,076	489	514
CEWE PHOTOBOOK	m. units	2.44	2.49	1.14	1.16
Turnover	EUR m.	272.2	284.1	127.3	136.8
EBIT	EUR m.	2.7	-1.5	-2.9	-6.6
Purchase price allocation effects	EUR m.	-1.1	-0.9	-0.6	-0.4
Transaction costs acquisition KODAK MOMENTS	EUR m.	—	-3.8	—	-3.7
EBIT before special effects	EUR m.	3.8	3.2	-2.3	-2.5
(2) Retail (RT)
Turnover	EUR m.	14.8	13.3	8.1	6.9
EBIT	EUR m.	-0.2	-0.1	0.0	0.0
(3) Commercial Online-Print (COP)
Turnover	EUR m.	42.4	41.7	20.5	19.6
EBIT	EUR m.	0.0	0.0	-0.6	-0.5
Purchase price allocation effects	EUR m.	0.0	-0.1	0.0	0.0
Transaction costs sale of COP	EUR m.	—	-0.8	—	-0.7
EBIT before special effects	EUR m.	0.1	0.9	-0.6	0.2
(4) Other
Turnover	EUR m.	0.0	0.0	0.0	0.0
EBIT	EUR m.	-0.4	-0.2	-0.4	-0.2
EBIT of the sold SAXOPARK property	EUR m.	0.2	0.2	0.1	0.1
CEWE Group	Unit	H1 2025	H1 2026	Q2 2025	Q2 2026
Turnover incl. COP	EUR m.	329.4	339.2	156.0	163.4
Turnover without COP (acc. to IFRS 5)	EUR m.	287.7	298.0	135.8	143.9
EBIT incl. COP	EUR m.	2.1	-1.8	-4.0	-7.4
Total special effects	EUR m.	-1.2	-5.5	-0.6	-4.9
EBIT before special effects incl. COP	EUR m.	3.3	3.7	-3.4	-2.5
EBIT without COP (acc. to IFRS 5)	EUR m.	2.3	-1.7	-3.3	-6.8
EBT without COP (acc. to IFRS 5)	EUR m.	2.4	-1.6	-3.2	-6.7

Rounding differences may occur. Exact values have always been used for percentage deviation calculations.

 

Notes to the table

(1) Photofinishing: Production and sale of photo products such as the CEWE PHOTOBOOK, calendars, greeting cards, wall art and individual photos as well as other photo gift articles

(2) Retailing: Trading in photo hardware in Norway, Sweden, Poland, the Czech Republic and Slovakia

(3) Commercial Online-Print: Production and sale of commercial print products in the online printing portals of SAXOPRINT, viaprinto and LASERLINE. This business unit was discontinued and sold in early July 2026.

(4) Other: Structural and corporate costs, as well as the results from real estate ownership and investments

Should you have any queries, please contact:
Axel Weber (Head of Group Controlling & Investor Relations)
E-Mail: IR@cewe.de

Internet: cewe-group.com , cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com

© 2026 Kodak Moments Division, Kodak Alaris Inc.

The Kodak trademark and Kodak trade dress are used under license from Eastman Kodak Company.

 

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 Eigenkapitalforum 2026, Frankfurt

 

 

About CEWE

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 revenue of 745.5 million euros and EBIT of 86.6 million euros.

From its beginnings in 1912, CEWE has progressed to become the leading photo service company for all those wanting to make more of their photos. This is mainly due to the much-awarded CEWE PHOTOBOOK, with about six million books being sold each year. Customers can purchase other personalized photo products under the brand names of CEWE, Cheerz, DeinDesign, Pixum and WhiteWall – and from many leading retailers in Europe. They are inspired to produce a variety of creative designs from their personal photos in these brand environments, entrusting the company with more than 2 billion photos every year.

The CEWE Group focuses on sustainable corporate management and has already received many awards for this effort: economically sustainable in the long term; cooperative and fair in dealings with customers, employees and suppliers; socially responsible and protective of the environment and resources. This is also reflected in the Neumüller founding family’s role as a long-term anchor shareholder.

The CEWE Group has a staff of 3,500 employees and operates in 21 countries. CEWE is listed on the SDAX. More information is available at www.cewe-group.com.