Slides
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Q3 2025 Analyst Conference Call November 13, 2025
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Sirka Hintze CFO A warm welcome 2 Thomas Mehls CEO
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Agenda (1) Results in a nutshell (2) Corporate Development by Business Segments (3) Financial Details (4) Strategy & Outlook 2025 (5) Q&A-Session
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Results in a nutshell 1
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5 CEWE Group with expected, seasonally typical Q3 results Third quarter results confirm annual target for 2025 Group turnover Q3 Group EBIT Q3 Group turnover increase by +6.1%. Group EBIT fully in line with expectations. Annual targets for 2025 also confirmed with Q3. Rounding differences may occur. in Euro millions in Euro millions -2.1 1.0 1.2 -0.1 -0.4 2021 2022 2023 2024 2025 132.4 149.2 157.8 164.3 174.4 2021 2022 2023 2024 2025
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6 Group turnover Q1-3 Group EBIT Q1-3 Group turnover increases by +4.7%. Group EBIT fully in line with expectations. Annual targets for 2025 confirmed with Q1-3. Rounding differences may occur. in Euro millions in Euro millions CEWE Group on target in Q1-3 2025 Results for Q1-3 confirm annual target for 2025 0.1 -1.4 2.3 5.0 1.8 2021 2022 2023 2024 2025 395.0 416.1 453.2 481.1 503.8 2021 2022 2023 2024 2025
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3.1 0.1 2.3 5.0 1.8 46.1 57.5 58.8 80.3 72.1 77.0 81.6 81.2 -3.8 -2.0 -0.6 -1.4 2017 2018 2019 2020 2021 2022 2023 2024 e2025 EBIT Q1-3 EBIT Q4 Earnings distribution Q1-3 vs. Q4 in million euros Required Q4 EBIT development to achieve the annual target 82.2 to 90.2 Required Q4 EBIT development to achieve the annual target difference to previous year in million euros 56.853.7 92 49.2 79.7 EBIT target range Development in Q4 EBIT required to achieve the annual target vs. PY would lead to 84 m€ EBIT would lead to 92 m€ EBIT 72.2 84 75.6 7 83.9 +1.0 86.1 +9.0 eQ4 2025 »The consistently positive (primarily volume-driven) revenue growth and Photofinishing’s significant operating leverage effect in Q4 makes the EBIT target range appear well within reach Rounding differences may occur.
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Corporate Development by Business Segments Photofinishing 2
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CEWE Photo Award 2025
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Award ceremony: CEWE Photo Award 2025
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Award ceremony: CEWE Photo Award 2025
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CEWE Photo Award 2025 Our world is beautiful Hasan Baglar (Cyprus) Danlock Overall Winner Winner of the Category Close-up & Macro Photography
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CEWE Photo Award 2025 Our world is beautiful Günter Kleber (Germany) Lazise Early Morning Winner of the Category Travel & Culture
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CEWE Photo Award 2025 Our world is beautiful Gregory Vergne (France) child day Young Talent Award Winner
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CEWE Photo Award 2025 Our world is beautiful Eric t´Kindt (Belgium) Between the lines Winner of the Category Sport & Action
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CEWE Photo Award 2025 Our world is beautiful Yadi Setiadi (Indonesia) United Colors Winner of the Category People
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CEWE Photo Award 2025 Our world is beautiful Yevhen Kostiuk (Ukraine) P-opular & I-gnored Winner of the Category Architecture
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CEWE Photo Award 2025 Our world is beautiful Xiapoing Lin (China) Jungle Rule Winner of the Category Nature & Wildlife
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CEWE Photo Award 2025 Our world is beautiful Gerson Antonio Togio (Brasil) GATO NA JANELA Winner of the Category Animals
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CEWE Photo Award 2025 Our world is beautiful Mike Taylor (United Kingdom) The beautiful game Winner of the Category Street Photography
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CEWE Photo Award 2025 Our world is beautiful Maizal Chaniago (Indonesia) Traditional drink Winner of the Category Cooking & Food
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CEWE Photo Award 2025 Our world is beautiful Filip Hrebenda (Slovakia) Into the cave Winner of the Category Landscapes
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What‘s new in Photofinishing?
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NEW: Memento Pocket in Photographic Paper Segment
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NEW: Coloured first/last Pages
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NEW: Premium cover designs for the CEWE PHOTOBOOK
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NEW: Kitchen Calendar with detachable Photos
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NEW: XXL Personalised Wall Calender
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NEW: Calendar for Two
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Wooden Photo Frame (as Add-on)
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NEW: Wooden Photo Rail (as Add-on)
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NEW: Color Expansion of Photo Mug with Interior Color
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NEW: Storage Jar – Photo Treat Jar
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NEW: Anniversary Collage – all your favorite moments arranged in the form of your individual number
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NEW: Fill-your-own Photo Advent Calendar Boxes
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NEW: Photo Advent Calendar with 24 activities and inspirations
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NEW: Digital Greeting Card
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Photographers` Choice 2025 Award
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39 CEWE honored with PHOTOGRAPHERS` CHOICE 2025 Award A worldwide online poll offered photographers the opportunity to vote for their top picks among all TIPA World Award winners 2025. The CEWE PHOTOBOOK with Panorama Page wins the Photographers' Choice 2025 Award as “FAVORITE DESIGN OF THE YEAR”
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Business Segment Photofinishing Q3 in Euro millions »Photofinishing continues to grow turnover in the third quarter and achieves a result typical for the season Turnover 40 Photofinishing turnover rose by 6.7% to EUR 145.3 million in the third quarter (Q3 2024: EUR 136.1 million). The increase in revenue is primarily volume-driven, with the total number of photos across all products rising by +6.8%, meaning that turnover per photo are almost exactly at the same level as in the previous year. At EUR 0.1 million, EBIT in Photofinishing is at a typical Q3 level and thus – despite additional marketing costs of around EUR 2.1 million, also in preparation for the Q4 Christmas business – only slightly below the EBIT for the same quarter of the previous year (Q3 2023: EUR 0.4 million). In addition, the quarterly result carries around €3.4 million in increased personnel costs resulting from the current collective agreement and new hires. Rounding differences may occur. ▪ Special items Q3 2025: -0.6 million euros - Effects from the purchase price allocation of Cheerz: -0.2 million euros - Effects from the purchase price allocation of WhiteWall: -0.3 million euros - Effects from the purchase price allocation of Hertz: -0.1 million euros ▪ Special items Q3 2024: -0.8 million euros - Effects from the purchase price allocation of Cheerz: -0.2 million euros - Effects from the purchase price allocation of WhiteWall: -0.5 million euros - Effects from the purchase price allocation of Hertz: -0.1 million euros +6.7% EBIT 106.3 120.2 128.7 136.1 145.3 2021 2022 2023 2024 2025 -2.1 0.9 0.7 0.4 0.1 2021 2022 2023 2024 2025 -84.5%
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Business Segment Photofinishing Q1-3 in Euro millions »Photofinishing in Q1-3 in line with planned and expected turnover and earnings development Turnover 41 Photofinishing turnover increased by 5.3% to EUR 417.5 million in the first nine months (Q1-3 2024: EUR 396.3 million). The total volume of photos across all products increased by 4.2%, while turnover per photo increased by 1.1%, driven primarily by the higher-value demand mix (“premiumization”) and price increases. Photofinishing-EBIT reached EUR 2.7 million in the first nine months (Q1-3 2024: EUR 4.9 million). In comparison to the previous year the result carries around EUR 9.3 million in more personnel costs (from current collective agreement and new hires), around EUR 2.4 million in one-off personnel cost (one-off payments in accordance with the collective agreement and provisions for departing board members) and around EUR 4.1 million in higher marketing expenses, which were necessary to achieve the top-line result and also to prepare for the Christmas business in the fourth quarter already. In addition, around EUR 1.9 million more in IT-licence-fees were incurred than in the previous year. Rounding differences may occur. +5.3% EBIT -43.8% 324.9 334.0 365.2 396.3 417.5 2021 2022 2023 2024 2025 2.1 -0.9 1.8 4.9 2.7 2021 2022 2023 2024 2025 ▪ Special items Q1-3 2025: -1.7 million euros -Effects from the purchase price allocation of Cheerz: -0.6 million euros -Effects from the purchase price allocation of WhiteWall: -0.9 million euros -Effects from the purchase price allocation of Hertz: -0.3 million euros ▪ Special items Q1-3 2024: -2.2 million euros -Effects from the purchase price allocation of Cheerz: -0.6 million euros -Effects from the purchase price allocation of WhiteWall: -1.4 million euros -Effects from the purchase price allocation of Hertz: -0.3 million euros
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Photofinishing-Turnover by Quarter Seasonal distribution: CEWE 2021 to 2025 – Turnover by quarter in million euros 125.0 112.6 126.1 137.6 144.8 2021 2022 2023 2024 2025 106.3 120.2 128.7 136.1 145.3 2021 2022 2023 2024 2025 265.2 282.1 293.6 317.7 2021 2022 2023 2024 2025 * group turnover w/o segments retail, commercial online-print and other Q3 actual: 145.3 m€ Q1 target: 138.3 to 144.1 m€ Q1 actual: 144.8 m€ Turnover target 2025: approx. 709 to 739 m€* Q3 target: 138.3 to 144.1 m€ Q1 Q2 Q3 Q4 »Photofinishing turnover in all quarters above the planned target range Rounding differences may occur.42 Q4 actual: - Q4 target: - 93.6 101.2 110.4 122.6 127.3 2021 2022 2023 2024 2025Q2 target: 120.5 to 125.6 m€ Q2 actual: 127.3 m€
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69.1 74.6 78.2 78.6 2021 2022 2023 2024 e2025 -2.1 0.9 0.7 0.4 0.1 2021 2022 2023 2024 2025 -5.7 -4.3 -4.1 -3.1 -2.9 2021 2022 2023 2024 2025 9.8 2.5 5.2 7.5 5.6 2021 2022 2023 2024 2025 Photofinishing-EBIT by Quarter Seasonal distribution: CEWE 2021 to 2025 – EBIT by quarter in million euros * group EBIT w/o segments retail, commercial online-print and other Q3 actual: +0.1 m€ Q1 target: +5.5 to +6.5 m€ Q1 actual: +5.6 m€ EBIT target 2025: approx. 80.5 to 88.5 m€* Q2 target: -2.5 to -4.0 m€ Q2 actual: -2.9 m€ Q3 target: 0.0 to 1.0 m€ Q1 Q2 Q3 Q4 »Photofinishing EBIT also within expected target range in all quarters Rounding differences may occur.43 Q4 actual: - Q4 target: -
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106.3 120.2 128.7 136.1 145.3 2021 2022 2023 2024 2025 459 517 529 543 579 2021 2022 2023 2024 2025 23.16 23.23 24.32 25.08 25.07 2021 2022 2023 2024 2025 Number of prints and turnover Photofinishing Q3 0.0%+6.8% Target 2025: 0% to +2% 44 Total prints in millions Value per photo Turnover per photo Euro cent per photo Turnover Photofinishing in Euro millions » Increase in photo volume drives revenue growth in the third quarter +6.7% Rounding differences may occur. x = Premiumization remains visible Higher revenue deferral than in the previous year due to calendar effects masks actual increase in revenue per photo of +0.5%
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324.9 334.0 365.2 396.3 417.5 2021 2022 2023 2024 2025 24.07 23.95 24.57 25.47 25.75 2021 2022 2023 2024 2025 1,350 1,394 1,486 1,556 1,621 2021 2022 2023 2024 2025 Number of prints and turnover Photofinishing Q1-3 +1.1%+4.2% Target 2025: 0% to +2% 45 Total prints in millions Value per photo Turnover per photo Euro cent per photo Turnover Photofinishing in Euro millions » Photo volume and revenue per photo continue to grow, driving up photofinishing revenue +5.3% Rounding differences may occur. x =
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1,088 1,229 1,252 1,234 1,325 2021 2022 2023 2024 2025 3,324 3,403 3,585 3,591 3,765 2021 2022 2023 2024 2025 CEWE PHOTOBOOK +7.3% Target 2025: -1% to +2%Q3 in thousands » CEWE PHOTOBOOK grows significantly in Q3 with +7.3%, Q1-3 volume growth at +4.8% » Trend toward higher-value CEWE PHOTOBOOKs continues: +8.9% sales growth in Q3, +7.4% in Q1-3 46 Rounding differences may occur. +4.8% Target 2025: -1% to +2%Q1-3 in thousands
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Corporate Development by Business Segments Commercial Online-Print 2
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Service focus Cost leader in industrial online printing Metropolitan area Berlin »Business and advertising prints: flyers, business cards, stationery, packaging, promotional items, etc. 48 Commercial Online-Print
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Business Segment Commercial Online-Print Q3 in Euro millions »COP with turnover growth in the third quarter Turnover 49 EBIT +2.0% Commercial Online-Print (COP) recorded a slight recovery in the third quarter (in a weaker overall market, particularly in Germany) with turnover growth of +2.0%. However, with its best price guarantee, COP appears to be continuing to gain market share. COP achieved in Q3 a slightly weaker EBIT of €-0.2 million than in the previous year (Q3 2024: €0.0 million). This slight decline was mainly due to the weak market in Germany, with lower price levels compared to the previous year, and deliberate investments in international markets (the Netherlands, Belgium, France, Spain and the UK). In addition, the establishment of efficiency-enhancing “hybrid production” (offset and digital printing) at Saxoprint is still resulting in minor additional expenses. The parallel expansion of digital printing capacities alongside the established offset printing will further increase the efficiency of the entire production site through optimal allocation of print jobs. Rounding differences may occur. * * * Previous year's turnover and EBIT adjusted by € -0.158 million due to the correction of a major customer invoice in COP; effect for the full year 2024 already taken into account in Q4 2024 -0.2 0.2 0.7 0.0 -0.2 2021 2022 2023 2024 2025 16.6 21.3 21.9 21.1 21.5 2021 2022 2023 2024 2025 ▪ Special items Q3 2025: -0.03 million euros − Effects from the purchase price allocation of Laserline: -0.03 million euros ▪ Special items Q3 2024: -0.03 million euros − Effects from the purchase price allocation of Laserline: -0.03 million euros
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Business Segment Commercial Online-Print Q1-3 in Euro millions Turnover 50 EBIT -115% +0.2% Commercial Online-Print (COP) managed to grow slightly in a weaker overall market, rising by 0.2% and thus achieving sales in Q1-3 at the previous year's level. With its best price guarantee, COP appears to be continuing to gain market share. COP achieved an EBIT of €-0.2 million in Q1-3 (Q1-3 2024: €1.5 million). The decline was mainly due to deliberate investments in international markets (the Netherlands, Belgium, France, Spain and the UK) and the generally enforceable price level in a highly competitive environment, particularly in Germany. In addition, the establishment of efficiency-enhancing “hybrid production” (offset and digital printing) at Saxoprint is still leading to minor additional expenses. The parallel expansion of digital printing capacities alongside the established offset printing will further increase the efficiency of the entire production site through optimal allocation of print jobs. Rounding differences may occur. * * * Previous year's revenue and EBIT adjusted by €0.5 million due to the correction of a major customer invoice in KOD; the effec t for the full year 2024 was already taken into account in Q4 2024. »COP invests in international markets and reduces earnings, mainly due to weak market in Germany 43.1 60.0 66.3 63.7 63.9 2021 2022 2023 2024 2025 -1.1 0.0 1.5 1.5 -0.2 2021 2022 2023 2024 2025 ▪ Special items Q1-3 2025: -0.1 million euros − Effects from the purchase price allocation of Laserline: -0.1 million euros ▪ Special items Q1-3 2024: -0.1 million euros − Effects from the purchase price allocation of Laserline: -0.1 million euros
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Corporate Development by Business Segments Retail 2
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101 stationary photo retail stores in Scandinavia and Central Eastern Europe E-commerce webshops sell hardware (cameras and accessories) and photo products from CEWE at the POS and on the Internet CEWE Retail with focus on Photofinishing business 52
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Business Segment Retail* Q3 in Euro millions Turnover EBIT +7.1% The hardware retail business continues to be well positioned and even achieved a +7.1% increase in turnover to €7.6 million (Q3 2024: €7.1 million). Among other things, the retail business in Norway and Poland continued to develop very positively: with its focus on premium products, CEWE's retail business there was able to further succeed against the often price- driven market participants and, according to its own assessment, gained market share. With an EBIT of €0.0 million, the retail business achieved a balanced Q3 result (Q3 2024: €-0.1 million). Due to the seasonal nature of the business, the fourth quarter is also the most profitable quarter of the year for hardware retail. ▪ Special items Q3 2025: none ▪ Special items Q3 2024: none * only hardware, no photofinishing Rounding differences may occur. 53 »Retail continues to be well positioned and even sees further growth in turnover 7.5 7.7 7.2 7.1 7.6 2021 2022 2023 2024 2025 0.0 -0.1 -0.1 -0.1 0.0 2021 2022 2023 2024 2025
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Business Segment Retail* Q1-3 in Euro millions Turnover EBIT +6.5% The hardware retail business continues to be well positioned and even achieved a +6.5% increase in turnover to €22.4 million (Q1-3 2024: €21.0 million). Among other things, the retail business in Norway and Poland developed very positively: with its focus on premium products, CEWE's retail business there was able to further succeed against the often price-driven market participants and, according to its own assessment, gained market share. With an EBIT of €-0.2 million, the retail business achieved an improved, typical level of earnings in the first nine months (Q1-3 2024: €-0.3 million). Due to the seasonal nature of the business, hardware retail is traditionally still slightly negative in the first nine months. In retail, too, Christmas sales in the fourth quarter deliver the positive full-year result. ▪ Special effects Q1-3 2025: none ▪ Special effects Q1-3 2024: none * only hardware, no photofinishing Rounding differences may occur. 54 »Retail continues to be well positioned and even increases its turnover +38.8% 21.4 22.2 21.8 21.0 22.4 2021 2022 2023 2024 2025 -0.8 -0.5 -0.4 -0.3 -0.2 2021 2022 2023 2024 2025
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Corporate Development by Business Segments Other 2
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Business Segment Other Q3 in Euro millions »Other results in line with expectations Turnover 56 EBIT After the sale of futalis, the business segment Others will no longer generate any turnover. The reported EBIT contribution of the Other segment amounted to €-0.2 million in the third quarter (Q3 2024: €-0.4 million). This slight improvement in EBIT was primarily due to higher income from property rentals. In the previous year, the impairment of a right of use for a sublet property reduced income from property ownership by €0.2 million. Structural and corporate costs and profits arising from real estate property and company investments are shown in the "other" business segment. Rounding differences may occur. +48.3% 1.9 0.0 0.0 0.0 0.0 2021 2022 2023 2024 2025 0.3 0.0 -0.2 -0.4 -0.2 2021 2022 2023 2024 2025
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Business Segment Other Q1-3 in Euro millions »Other results in line with expectations Turnover 57 EBIT After the sale of futalis, the business segment Others will no longer generate any turnover. The reported EBIT contribution of the Other segment amounted to €-0.6 million in the first nine months (Q1-3 2024: €-1.1 million). Higher income from property rentals was the main factor behind this improvement in EBIT. Structural and corporate costs and profits arising from real estate property and company investments are shown in the "other" business segment. Rounding differences may occur. +46.8% -0.2 0.0 -0.6 -1.1 -0.6 2021 2022 2023 2024 2025 5.6 0.0 0.0 0.0 0.0 2021 2022 2023 2024 2025
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Financial Details 3
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Figures in thousands of euros Q3 2024 in % of revenues Q3 2025 in % of revenues ∆ as % ∆ as th.euros Revenues 164,265 100% 174,366 100% 6.1% 10,101 Increase / decrease in finished and unfinished goods 10 0.0% 203 0.1% >1,000% 193 Other own work capitalised 1,130 0.7% 1,374 0.8% 21.6% 244 Other operating income 5,642 3.4% 6,351 3.6% 12.6% 709 Cost of materials -42,447 -25.8% -45,123 -25.9% -6.3% -2,676 Gross profit 128,600 78.3% 137,171 78.7% 6.7% 8,571 Personnel expenses -54,868 -33.4% -58,480 -33.5% -6.6% -3,612 Other operating expenses -60,771 -37.0% -66,032 -37.9% -8.7% -5,261 EBITDA 12,961 7.9% 12,659 7.3% -2.3% -302 Amortisation/Depreciation -13,065 -8.0% -13,038 -7.5% 0.2% 27 Earnings before interest, taxes (EBIT) -104 -0.1% -379 -0.2% -264% -275 Financial income 246 0.1% 255 0.1% 3.7% 9 Financial expenses -418 -0.3% -359 -0.2% 14.1% 59 Financial result -172 -0.1% -104 -0.1% -39.5% 68 Earnings before taxes (EBT) -276 -0.2% -483 -0.3% -75.0% -2070 0 Consolidated income statement Q3 2025 59 * » All business segments are contributing to the increase in revenues » Personnel expenses are increasing mainly due to wage and salary adjustments under collective agreements and new recruitments » The increase in other operating expenses is primarily attributable to higher spending on marketing activities and increased IT license fees Rounding differences may occur. * Previous year's EBIT adjusted by €-0.158 million due to the correction of a major customer invoice in KOD; effect for the full y ear 2024 already taken into account in Q4 2024
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130.5 145.5 124.9 121.3 131.7 84.4 73.7 69.0 70.9 69.1 288.2 309.2 341.1 369.4 400.0 503.1 528.4 535.1 561.7 600.8 2021 2022 2023 2024 2025 140.6 160.6 162.6 174.0 198.4 362.6 367.8 372.5 387.7 402.4 503.1 528.4 535.1 561.7 600.8 2021 2022 2023 2024 2025 Balance Sheet on 30 September Non-current liabilities Equity Current liabilities Assets in Euro millions +39.1 +30.6 Liabilities in Euro millions Non-current assets Current assets »CEWE with a strong equity ratio of 66.6% (September 30, 2024: 65.8%) »Total assets increase by €39.1 million (+7.0%), mainly due to rise in cash, inventories and property, plant, and equipment 60 Rounding differences may occur.
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-15.1 -16.0 -11.7 -15.6 -18.0 2021 2022 2023 2024 2025 3.7 12.0 8.5 5.8 5.0 2021 2022 2023 2024 2025 -11.5 -4.0 -3.2 -9.9 -13.0 2021 2022 2023 2024 2025 =+ Free cash flow Q3 » Cash flow from operating activities declines mainly due to tax payments » Cash outflow from investing activities increases due to investments in digital printing and point-of-sale » Free cash flow declines by €3.2 million compared to the previous year 61 Rounding differences may occur. Cash flow from operating activities in Euro millions Cash flow from investing activities in Euro millions Free cash flow in Euro millions
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-78.4 -61.3 -35.5 -50.8 -65.2 2021 2022 2023 2024 2025 -34.1 -44.1 -33.6 -43.1 -39.6 2021 2022 2023 2024 2025 -44.3 -17.1 -1.9 -7.7 -25.7 2021 2022 2023 2024 2025 =+ Free cash flow Q1-3 » The decrease in cash flow from operating activities is due to lower earnings and net operating working capital effects (increase in inventories and decrease in trade payables) » Investment cash outflows declined as a result of reduced spending on fixed assets and the absence of the previous year’s acquisition of East-Print » Free cash flow decreased by €14.5 million compared to the previous year 62 Rounding differences may occur. Cash flow from operating activities in Euro millions Cash flow from investing activities in Euro millions Free cash flow in Euro millions
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19.8% 16.6% 18.1% 18.7% 16.8% 2021 2022 2023 2024 2025 405.2 426.0 439.2 463.0 493.4 2021 2022 2023 2024 2025 = Avarage capital employed in the past 4 quarters in Euro millions ROCE * ROCE = EBIT / Capital Employed. Rounding differences may occur »ROCE remains at a strong level: 16.8% »Excluding the increase in cash in capital employed, ROCE even at 17.3% ROCE* in % 63 80.4 70.7 79.3 86.6 82.9 2021 2022 2023 2024 2025 12-months-EBIT in Euro millions
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Outlook 4
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Transformation phase Analogue / Digital 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 e2025 Revenue (CONCEPTUAL) Regional expansion on the analogue market Growth especially through Digital Photofinishing Hardware-Retail Commercial Online-Print Digital Photofinishing Analogue Photofinishing Analogue Photofinishing Digital Photofinishing Q3 result confirms 2025 outlook Target 2025: 835 to 865 million euros 65
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86.1 2024 e2025 CEWE Group EBIT target 2025: 84 to 92 million euros 92 84 EBIT in million euros 66 EBIT target 2025 Photofinishing Retail Commercial Online-Print Q3 result confirms 2025 outlook
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75.6 83.9 86.1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 e2025 28.329.427.2 17.9 11.2 28.9 32.6 36.4 47.0 49.2 55.7 Target 2025: 84 to 92 million euros 56.8 79.7 92 84 72.2 EBIT in million euros 67 Q3 result confirms 2025 outlook
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Rounding differences might occur. 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 pro perty, 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 Target PY 2024 Target 2025 Change Photos 1 billion photos 2.46 2.46 to 2.53 0% to +2% CEWE PHOTO BOOK millions 6.11 6.0 to 6.2 -1% to +2% Operational Investments 2 million euros 56.0 ~ 65 Revenue million euros 832.8 835 to 865 0% to +4% EBIT million euros 86.1 84 to 92 -2% to +7% EBT 3 million euros 86.9 83.5 to 91.5 -4% to +5% Earnings after tax 4 million euros 60.1 58 to 63 -4% to +5% Earnings per share euro 8.64 8.32 to 9.12 -4% to +6% The ranges of these targets for 2025 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. 68 Q3 result confirms 2025 outlook
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Q&A-Session 5
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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 development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments. All numbers are calculated as exactly as possible and rounded for the presentation. Due to this, rounding differences might occur.