Slides
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CEWE Company Presentation January 2026
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2 Financial schedule (insofar as already scheduled) 21.01.2026 GCC 2026 – UniCredit/Kepler Cheuvreux Conference Mid February Publication of preliminary figures for 2025 28.01.2026 ODDO BHF Small Mid Cap Conference, Frankfurt 26.03.2026 CEWE Annual Press and Analyst Conference 2026 26.03.2026 Publication Annual Report 2025 12.05.2026 Publication of Q1 2026 Interim Statement 12.05.2026 Press Release on Q1 2026 03.06.2026 CEWE Annual General Meeting 2026, Weser-Ems-Halle Oldenburg
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Contents 3 Introduction 4-17 Equity Story 19-35 Share 37-41 Details Photofinishing 43-78 Results 2024 80-97 Results Q3/Q1-3 2025 99-121
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The CEWE-Group EUROPE’S LEADING PHOTO SERVICE AND ONLINE PRINTING PROVIDER From its beginnings in 1912, CEWE has established itself as the first choice as a photo service for anyone looking to make more of their photos. The company’s CEWE PHOTOBOOK in particular stands for this, with multiple awards and significantly more than six million copies sold every year. Customers can obtain further personalised photo products through the brands CEWE, WhiteWall and Cheerz, for instance – and from many leading European retailers. These brand worlds inspire customers to produce a wide range of creative designs with their personal photos, and customers entrust the company with more than 2 billion photos every year. In addition, for the online printing market the CEWE Group has established a highly efficient production system for printed advertising media and business stationery. Billions of quality printing products reliably reach their customers via the distribution platforms SAXOPRINT, LASERLINE and viaprinto every year. The CEWE Group is committed to a sustainable corporate management philosophy which is also supported by the Neumullers, the company’s founding family and anchor investor, and has been recognised with multiple awards: for its long-term business focus; its fair, partnership-based relationships with customers, employees and suppliers; and for assuming social responsibility while pursuing an environmentally friendly approach and conserving resources. The CEWE Group is present in 21 countries, with 4,000 employees. The CEWE share is listed in the SDAX index. 4
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Key Indicators CEWE-Group 5
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30.8 714.0 89.9 2024 Turnover in m€ 832.8 Brands Sites Commercial Online-Print Photofinishing 1 Printing company 13 Photo labs 101 Photo retail shopsRetail 3 Key business segments 6
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7
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Broad Full rangeSpecialist Product range Target group Pointed House of Brands: Differentiation by target group, product range and geographical focus 8
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Delivery: Strong Retail Partners: AT HOME IN STORE ANYWHERE IN STORE MAILORDER Order channels: … and many more Success Factor: CEWE’s omni-channel solution 9
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Retail Partners in Europe ▪ CEWE reaches consumers through strong retail brands ▪ Retail partners invest in distribution and marketing ▪ Retail sales channels with online retailers and system partners Travel business Grocers High street Drugstores Photo retailers Internet retailers xcms_BUD8325_BUD13379_BUD28806 Kruidvat 20,000 retail partners in Europe 10
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20,000 retail partners in Europe 1994 3,670 Stores Partner since 600 Stores 1986Partner since 1996 4,150 Stores Partner since 1990 617 Stores Partner since 2001 569 Stores Partner since 1979 4,500 Stores Partner since 1991 1,135 Stores Partner since 1997 735 Stores Partner since 2020 1,100 Stores Partner since 1999 500 Stores Partner since 1995 966 Stores Partner since 2004 860 Stores Partner since 11
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Our principles 12
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Consumer Centricity: Net Promoter Score increased again 62.3 LTM December 23 62.9 LTM December 24 Net Promoter Score indicates the willingness of all CEWE customers to recommend CEWE photo products. LTM = Last Twelve Month 13
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CEWE clearly focuses on reducing environmental pollution and conserving natural resources Optimized sustainability of all CEWE products Self-developed methodology evaluates all CEWE products regarding the sustainability aspects of ecology, society and economy Assessment based on more than 40 criteria along the product life cycle Targeted identification of potential for improvement 14
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Sustainability ratings: CEWE with excellent evaluation The three most important rating agencies give CEWE a consistently positive rating 15
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The WE in CEWE 17
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Contents 18 Introduction 4-17 Equity Story 19-35 Share 37-41 Details Photofinishing 43-78 Results 2024 80-97 Results Q2/H1 2025 99-121
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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 CEWE's long-term growth path will also continue in 2025 Target 2025: 835 to 865 million euros 19
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Growth in revenue for various product groups »CEWE PHOTOBOOK and photo gift articles replace single-print revenue Photo gift articles (e.g. calendars, greeting cards, wall decoration) CEWE PHOTOBOOK Digital prints Hardware Retail Prints from films Commercial Online Print Photofinishing Revenue (CONCEPTUAL) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 62% DACH (Germany, Austria, Switzerland) Ex-DACH Regional turnover split Photofinishing
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Strong development: Operational Photofinishing EBIT margin* * without special items shown in segment reporting (mainly PPA-effects) 7.8% 8.6% 9.0% 9.5% 10.2% 10.5% 11.7% 11.9% 12.1% 12.4% 15.1% 12.7% 12.7% 12.8% 12.8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 21
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Worldwide camera production 0 1.5 bn. 0 120 m. … incl. smartphones » Smartphones are the most important devices for taking pictures Camera production volume … Analogue cameras Digital cameras Smartphones 22
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CEWE takes advantage of smartphone photography 32% 39% 47% 55% 61% 70% 74% 74% 80% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Share of smartphone images in CEWE production in December in % 23
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Service focus Cost leader in industrial online printing Metropolitan area Berlin Commercial Online-Print »Business and advertising prints: flyers, business cards, stationery, packaging, promotional items, etc. 24
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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 25
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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 e2025 will continue the line of increasing results EBIT in million euros 26
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CEWE’s competitive advantages are hard to replicate Easy access to CEWE photo products anywhere anytime Dedicated in-house tech development teams built up over many years Available offline & online Online access through any technology Automatic product design CEWE = Photo Photo = CEWE USP High-quality production Reliable outbound logistics Experienced Christmas scale-up capabilities Helpful service centers Easy-to-use software, apps and websites Broad product choice CAGR marketing spend (2005-2020) 20% Aided brand awareness of CEWE photobooks in GER 28% 70% 2010 2020 World’s biggest photo award ▪ Management of numerous retail partners, their websites/apps … ▪ …. as well as more than 20,000 CEWE photostations at their POS across Europe which also serve as pick-up opportunities (in addition to mail order) and information points for consumers ▪ Continuous improvement of broad suite of online order opportunities: mobile apps (iOS, Android) as well as desktop software and web-app for all CEWE products and channels ▪ Continuous development of CEWE’s applications for increased ease-of-use ▪ Clear vision and implementation roadmap for AI features to speed up and automate the product design process for customers … 27 High Net Promoter Score BrandTechnology
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Growth opportunities in Photofinishing Still ongoing slight product mix shift to value added products Continuous product innovations: Premiumisation strategy M&A: Track record of more than 40 acquisitions in the company‘s history Growth beyond Germany: Increasing brand awarness and gaining market share AI-functionality in ordering applications to attract customers who don‘t buy yet today Mobile: Everyone takes pictures with their smart- phone everywhere at any time every day Premium positioning potentially allows for price increases 2000 2024 Digital Photofinishing Turnover Growth 28 ➔ ➔
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Corporate Development: In search of adjacent growth »Corporate development: CEWE‘s well-known areas of expertise, but also new ground in adjacent areas Potential new businessCEWE competences ▪ Online business model ▪ Mass Customization ▪ Outstanding high-quality products with substantial customer benefit (USP) ▪ Strong brand building ▪ Capability to scale businesses internationally ▪ Potential to leverage strong retail relationships 29
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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 27% Shareholders taking decisions 27% of shares are represented in management and supervisory board »Reliable stability, growing profitability, growth ahead CEWE Equity Story Solid cash position Strong equity ratio Stable also in weak economy 59.1% Dec 31, 2024 net cash @ year end Growth 2009 +1.8% -4.2% Euro 17 CEWE revenue FX-adjusted Reliable stability Operational Photofinishing EBIT margin Growth ahead 2010 2012 2014 2016 2018 2020 2022 2024 Growing profit Increasing profitability Reliable Dividend Dividend per share [EUR] ROCE [%] Strong ROCE EPS Earnings per share [EUR] 201320142015201620172018201920202021202220232024 201020112012201320142015201620172018201920202021202220232024 7.8% 12.8% 15.0% 18.3% 8.64 2.02 1.00 2.85 2008 2024 2013 2024 2010 20242010 2024 Strong brand awareness protects price and supports B2C-Business Objective: CEWE as the equivalent of photo CEWE = photo │ photo = CEWE 30 AI-functionality Growth beyond Germany Continuous product innovations Premium positioning Product mix shift M&A Mobile
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Sixteenth consecutive dividend increase in Euro 1.00 1.05 1.25 1.40 1.45 1.50 1.55 1.60 1.80 1.85 1.95 2.00 2.30 2.35 2.45 2.60 2.85 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 16 Years of consecutive dividend increase Year of profit generation (dividend payout in following year) 31
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0.66 0.72 0.72 0.72 0.77 0.93 1.15 1.00 0.80 1.00 0.80 0.60 1.20 1.20 1.20 1.00 1.05 1.25 1.40 1.45 1.50 1.55 1.60 1.80 1.85 1.95 2.00 2.30 2.35 2.45 2.60 2.85 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CEWE has been paying a dividend every year since it was listed on the stock exchange Dividend in euros per share 10 years of analog / digital transformation +9.7% p.a. +6.8% p.a. 32
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CEWE is a TOP dividend increaser Source: „MyDividends.de“ (2022), „Dividendenstudie 2023“ and „Dividendenstudie 2024“ from Dividenden Adel, isf Institut and Deutsche Schutzvereinigung für Wertpapierbesitz DSW since 2024 #2 out of 611 listed German companies 16 Years of consecutive dividend increase #5 2022 13 2023 #3 14 33
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6.9 7.2 8.6 9.3 9.7 10.8 11.2 11.6 13.1 13.5 14.2 14.6 16.8 16.9 17.6 18.4 19.9 2.3 1.0 1.0 8.2 1.3 2.4 6.7 13.7 9.0 9.8 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Share buybacks In addition to the continuous dividend increase Dividend payouts and share buybacks in million euros 9.2 8.2 9.6 17.5 9.7 10.8 11.2 11.6 14.4 13.5 14.2 14.6 19.2 23.6 31.3 34 27.4 Dividend payout Share buyback 29.7
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CEWE 2025 recognized by Deloitte, UBS, FAZ and BDI as one of Germany's “Best Managed Companies” 35
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Contents 36 Introduction 4-17 Equity Story 19-35 Share 37-41 Details Photofinishing 43-78 Results 2024 80-97 Results Q3/Q1-3 2025 99-121
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CEWE Stiftung & Co. KGaA ISIN DE0005403901, WKN 540390, CWC Market segment regulated market Prime Standard Index SDAX DAXplus Family 30 ISIN DE 0005403901 Symbol CWC Reuters CWCG.DE Bloomberg CWC GR Date of initial listing March 24, 1993 Number of shares 7,442,003 Share data Analysts 37
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Consistently positive analyst opinions Current analyst recommendations 38 Analyst Date Recommendation Target Volker Bosse 13.11.2025 Buy 126 Euro Jens Nielsen 04.12.2025 Buy 142 Euro Sven Sauer 14.08.2025 Buy 125 Euro Ingo Schmidt 14.11.2025 Buy 148 Euro Thilo Kleibauer 13.11.2025 Buy 140 Euro Klaus Breitenbach 13.11.2025 Outperform 145 Euro
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Stability through anchor shareholders Shares in % (investors with notification obligation) Founding family Neumüller (AN Assets GmbH & Co. KG and CN Assets GmbH & Co. KG)27.1 % Other shareholders60.4 % 7,442,003 million shares CEWE Stiftung & Co. KGaA (468,239 own shares)6.3 % 27.1% 6.3% 3.2% 3.0% 60.4% 39 Lazard Frères Gestion SAS3.2 % Lazard Small Caps Euro3.0 %
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Legal structure: Limited Joint-Stock Partnership General Partnership PLC Foundation Public limited company/ stock corporation is and remains ▪… a gateway to capital markets ▪… the advocate of a permanent focus on returns on capital employed and on profitability Foundation is and remains ▪… the managing body (in accordance with the intention of the founder) ▪… the advocate of a long-term mindset Limited Joint- Stock Partnership Shareholders Foundation since 2013 until 2013 40
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»CEWE combines the advantages of stock-exchange listed companies and family enterprises Less short-term quarterly mindset obliges Focus on a few core areas ... ... in which the management is an expert No principal-agent problems mainly organic growth, only minor acquisitions Sound financing Transparent information policy Focus on earnings Large-scale investment in digital technology in order to secure the future of the company Photofinishing as the core area of business; new area with positive synergies Anchor persons in the management have shaped the development of the industry for many years Board of Management and Supervisory Board with large share ownership Only "digestible" acquisitions Sound equity ratio Comprehensive available credit lines Comprehensive IR activities Profit in each year of transformation Advantages + + + + + + Situation at CEWE + + Family enterprise Stock- exchange listed company Advantages of family-run, stock-exchange listed companies 27.1% Joint heirs of company founder (represented in supervisory board) CEWE shareholder structure 41
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Contents 42 Introduction 4-17 Equity Story 19-35 Share 37-41 Details Photofinishing 43-78 Results 2024 80-97 Results Q3/Q1-3 2025 99-121
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The CEWE omnichannel approach enables consumers to create, experience and enjoy the fascination of their personal photos and manage them seamlessly, whenever and wherever. Omni-Channel Solution 43
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The In-Store solution: On-site Printing via Mobile Devices » Instant print orders placed via mobile devices 44
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24 monthly winners 153 countries 656,738 Photos submitted School‘s Out by Ruedi Frei, CH Barva by Jan Martinek, CZ Perfect haircut by Verena Streicher, AT Lesson by Yevhen Kostiuk, UA The Jury Brand Orientation CEWE PHOTO AWARD 46
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Innovations @ CEWE 1. The comprehensive strengthening of the CEWE brand as a photofinishing brand, also through the CEWE PHOTO AWARD, now the world's largest photo competition. 2. The multi-brand strategy with the brands Pixum, DeinDesign, WhiteWall and Cheerz, which cover additional market segments. 3. The consistent orientation towards "mobile phones" as an order channel: No photofinisher in Europe receives more orders directly from cell phones. 4. The establishment of MAIC, the "Mobile and Artificial Intelligence Center," to bundle knowledge and findings on artificial intelligence and implement applications. Last year, CEWE received the prestigious EISA award for the resulting mobile app. Focus of innovations that have led to a continuous flow of new products in recent years: 1 2 3 4 47
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Innovation Days 48
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BEST PHOTOBOOK CEWE PHOTOBOOK with Panorama Page BEST PROFESSIONAL PRINTING APP CEWE Passport Photo App BEST PHOTO SERVICE CEWE Fineline Wall Calendar BEST DESIGN & TECHNOLOGY CEWE Smart Layout Concept Innovation Strength 6 TIPA World Awards 2025 for CEWE, Pixum and WhiteWall BEST PHOTOBOOK APP Pixum App Smart Photobook Layouts BEST PHOTO FRAME DESIGN WhiteWall 6mm Basel Frame 49
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50 TIPA World Awards 2025 forCEWE „BEST PHOTOBOOK“ – CEWE PHOTOBOOK with Panorama Page
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51 TIPA World Awards 2025 forCEWE „BEST PROFESSIONAL PRINTING APP“ – CEWE Passport Photo App
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52 TIPA World Awards 2025 forCEWE „BEST PHOTO SERVICE“ – CEWE Fineline Wall Calendar
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54 TIPA World Awards 2025 forCEWE „BEST DESIGN & TECHNOLOGY“ – CEWE Smart Layout Concept
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55 TIPA World Awards 2025 forPixum „BEST PHOTOBOOK APP“ – Pixum App Smart Photobook Layouts
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56 TIPA World Awards 2025 forWhiteWall „BEST PHOTO FRAME DESIGN“ – WhiteWall 6mm Basel Frame
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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” 57
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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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• New ChatBot for assistance • New 3D display for products Innovation Strength New ChatBot and 3D product display 72
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• Scan a QR code • Select your photos on your cell phone • Transfer photos and find the photos directly in the editor Innovation Strength New Smart photo transmission 73
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Intelligent cropping developed by MAIC (intent driven) 74 Innovation Strength
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Efficiency: Extension of the production facility in Kozle (Poland) 75
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Efficiency: Extension of the production facility Freiburg (Germany) 76
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1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Hardware Retail Commercial Online-Print Photofinishing Revenue development 1990 to 2014 Early innovations as key success factor CEWE invents the „Photo Index“ as first digitally produced picture CEWE installs first photo terminal worldwide First online webshop for photo products by CEWE Add-on of competencies: web-based digital printing for professionals CEWE starts M&A discussions in business printing CEWE introduces Viaprinto CEWE acquires Saxoprint and introduces CEWE-PRINT »Each growth area needs patience … and long-term perspective CEWE introduces the „Photo-CD“ (digitization of analogue films and prints) 77
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Next Level Customer Service Efficient Delivery & Production Innovations and Brands Personalised Creation True Omnichannel Personalised Advertising AI impacting the CEWE value chain 78
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Contents 79 Introduction 4-17 Equity Story 19-35 Share 37-41 Details Photofinishing 43-78 Results 2024 80-97 Results Q3/Q1-3 2025 99-121
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780.2 832.8 Q1-4 2023 Q1-4 2024 83.9 86.1 Q1-4 2023 Q1-4 2024 in Euro millions Group-Turnover Group-EBIT Rounding differences may occur. CEWE 2024: Turnover and earnings increased, targets achieved Reported group turnover increases by 52.6 million euros to 832.8 million euros (2023: 780.2 million euros). Without taking into account the (earnings-neutral) conversion of a trading partner to commission-based settlement, the group turnover would increase by +5.1% (corresponding to EUR 820.0 million for 2024). Group EBIT increases by 2.2 million euros to 86.1 million euros (2023: 83.9 million euros). Annual targets for 2024 clearly achieved: Group turnover should reach between EUR 770 and 820 million and Group EBIT between EUR 77 and 87 million. + 6.7% + 2.6% 80
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Business Segment Photofinishing Q1-4 in Euro millions »Strong development in photofinishing: significant turnover and earnings growth in 2024 620.0 590.1 616.1 658.8 714.0 2020 2021 2022 2023 2024 Turnover 88.6 71.2 73.7 80.0 83.4 2020 2021 2022 2023 2024 EBIT +4.2% Photofinishing turnover increases by 8.4% to 714.0 million euros in 2024 (2023: 658.8 million euros). The conversion of a retail partner supplied by CEWE to commission-based accounting resulted in around 12.8 million euros of the increase in turnover (without affecting EBIT). Excluding this conversion, which has no impact on earnings, photofinishing turnover would increase by 6.4% (comparable to the previous year). Photofinishing EBIT continues to improve in 2024 and increases by 3.4 million euros to 83.4 million euros. The annual result includes impairment losses at DeinDesign in the amount of -3.1 million euros (goodwill and web shop). Excluding this special effect, photofinishing EBIT increases by +6.5 million euros in operational terms. Rounding differences may occur. ▪ Special effects 2024: -6.1 million euros − Effects from the purchase price allocation of Cheerz: -0.8 mill. euros − Effects from the purchase price allocation of WhiteWall: -1.8 mill. euros − Effects from the purchase price allocation of Hertz: -0.4 Mio. mill. euros −Impairment loss on DeinDesign (goodwill and online store): -3.1 mill. euros ▪ Special effects 2023: -4.0 million euros − Effects from the purchase price allocation of Cheerz: -0.9 mill. euros − Effects from the purchase price allocation of WhiteWall: -2.1 mill. euros − Effects from the purchase price allocation of Hertz: -0.5 mill. euros − Software licenses no longer required : -0.5 mill. euros +8.4% 81
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Photofinishing-Turnover by Quarter Seasonal distribution: CEWE 2020 to 2024 – Turnover by quarter in million euros 114.7 125.0 112.6 126.1 137.6 2020 2021 2022 2023 2024 110.6 93.6 101.2 110.4 122.6 2020 2021 2022 2023 2024 110.4 106.3 120.2 128.7 136.1 2020 2021 2022 2023 2024 284.3 265.2 282.1 293.6 317.7 2020 2021 2022 2023 2024 * group turnover w/o segments retail, commercial online-print and other Q3 actual: 136.1 m€ Q1 target: 125.8 to 135.5 m€ Q1 actual: 137.6 m€ Turnover target 2024: approx. 645 to 695 m€* Q2 target: 109.7 to 118.2 m€ Q2 actual: 122.6 m€ Q3 target: 125.8 to 135.5 m€ Q1 Q2 Q3 Q4 »Photofinishing turnover in fourth quarter also above target range Rounding differences may occur. Q4 actual: 317.7 m€ Q4 target: 283.8 bis 305.8 m€ 82
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80.0 69.1 74.6 78.2 78.6 2020 2021 2022 2023 2024 0.2 -2.1 0.9 0.7 0.4 2020 2021 2022 2023 2024 5.1 -5.7 -4.3 -4.1 -3.1 2020 2021 2022 2023 2024 3.3 9.8 2.5 5.2 7.5 2020 2021 2022 2023 2024 Photofinishing-EBIT by Quarter Seasonal distribution: CEWE 2020 to 2024 – EBIT by quarter in million euros * group EBIT w/o segments retail, commercial online-print and other Q3 actual: +0.4 m€ Q1 target: +5.8 to +6.6 m€ Q1 actual: +7.5 m€ EBIT target 2024: approx. 73 to 83 m€* Q2 target: -3.5 to -4.0 m€ Q2 actual: -3.1 m€ Q3 target: +0.3 to +0.4 m€ Q1 Q2 Q3 Q4 »Photofinishing EBIT also slightly above the planned target range in the fourth quarter Rounding differences may occur. Q4 actual: +78.6 m€ Q4 target: +68.9 bis +78.4 m€ 83
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620.0 590.1 616.1 658.8 714.0 2020 2021 2022 2023 2024 26.51 27.04 27.04 27.60 29.08 2020 2021 2022 2023 2024 2,339 2,182 2,278 2,387 2,455 2020 2021 2022 2023 2024 Number of prints and turnover Photofinishing Q1-4 +5.4%+2.9% Target 2024: -2% to +2% Total prints in millions Value per photo Turnover per photo (Euro cent per photo) Turnover Photofinishing in Euro millions » Total prints and turnover per photo continue to increase, leading to a significant rise in photofinishing turnover. » The trend of increasing turnover per photo through premiumization (higher-quality product mix) and price increases is clearly visible. +8.4% Rounding differences may occur. x = 84
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6,521 5,649 5,852 6,051 6,107 2020 2021 2022 2023 2024 2,600 2,328 2,449 2,467 2,499 2020 2021 2022 2023 2024 CEWE PHOTOBOOK +1.3% Target 2024: -2% to +2% +0.9% Target 2024: -2% to +2% Q4 in thousands Q1-4 in thousands » Pleasing: CEWE PHOTOBOOKS are growing more strongly in the important Q4 Christmas business than in the year as a whole » Trend towards higher-quality CEWE PHOTOBOOKS continues: +8% turnover growth in 2024 Rounding differences may occur.85
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Business Segment Commercial Online-Print Q1-4 in Euro millions »COP is holding its own in the market with its best price guarantee and has once again achieved a clearly positive EBIT 67.8 66.0 86.5 92.2 89.9 2020 2021 2022 2023 2024 Turnover -3.7 1.2 2.3 4.2 3.4 2020 2021 2022 2023 2024 EBIT -18.7% -2.4% In the weaker overall market in 2024, COP turnover falls only slightly by -2.4%. With its best price guarantee, COP seems to continue to succeed in losing less compared to its competitors and thus gaining market share. Thanks to cost-efficient production, the achieved turnover lifts COP to a clearly positive EBIT. The price-competitive environment in a slightly declining market makes the EBIT, at EUR -0.8 million, weaker than in the previous year. Rounding differences may occur. ▪ Special effects 2024: -0.1 million euros − Effects from the purchase price allocation of Laserline: -0.1 mill. euros ▪ Special effects 2023: -0.1 million euros − Effects from the purchase price allocation of Laserline: -0.1 mill. euros 86
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Business Segment Retail* Q1-4 in Euro millions 34.1 31.2 32.4 31.3 30.8 2020 2021 2022 2023 2024 Turnover -4.2 0.2 0.2 0.5 0.7 2020 2021 2022 2023 2024 EBIT -1.5% Hardware retailing remains well positioned and, in line with expectations and strategy, achieves a slightly reduced turnover of 30.8 million euros (2023: 31.3 million euros), down 1.5%.By focusing on the photofinishing business and actively avoiding the low-margin hardware business, the active reduction in turnover has been as high as around -10% for several years. With a focus on margins and an optimized branch structure, retail is able to improve its earnings again: EUR 0.7 million EBIT in 2024 (2023: EUR 0.5 million). ▪ Special effects 2024: none ▪ Special effects 2023: none * only hardware, no photofinishing Rounding differences may occur. »Retail business remains well positioned with optimized store structure +38.8% 87
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Business Segment Other Q1-4 in Euro millions »Cost items from structural and corporate costs at expected level 6.6 7.6 8.3 0.0 0.0 2020 2021 2022 2023 2024 Turnover -1.1 -0.4 -0.6 -0.8 -1.4 2020 2021 2022 2023 2024 EBIT After the sale of futalis in December 2023, the business segment Others will no longer generate any turnover. In accordance with IFRS 5, futalis was already excluded from the income statement for the full year 2023 in the previous annual financial statements, and accordingly, no turnover is shown here for the previous year either. EBIT for the previous year 2023 is also reported excluding futalis effects.In particular, lower rental income (after taking over the former tenant Eastprint at Saxopark Dresden), a necessary impairment of a right-of-use asset for a sublet property, and construction and infrastructure measures at the property in Bad Schwartau reduced income from property holdings by around EUR -0.6 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. -77.9% 88
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620.0 590.1 616.1 658.8 714.0 67.8 66.0 86.5 92.2 89.9 34.1 31.2 32.4 31.3 30.8 6.6 7.6 0.0 0.0728.5 694.9 735.0 782.2 834.7 2020 2021 2022 2023 2024 Photofinishing Commercial Online-Print Retail Other Turnover Q1-4 +6.7% (fx-adj.: +6.6%) Target 2024: -1% to +5% »Group turnover reach new high in 2024 Retail continues to be well positioned and, in line with expectations and strategy, achieved slightly lower sales than in the previous year. in Euro millions Retail: -1.5% (fx-adj.: -2.1%) The COP is holding its own against the competition and shows a slight decline in sales in 2024 (in a market that is currently declining more sharply overall). Commercial Online-Print: -2.4% (fx-adj.: -2.6%) FF continues to grow well in terms of sales (even without the retail partner conversion effect) and reaches a new high. Photofinishing: +8.4% (fx-adj.: +8.3%) Rounding differences may occur. 780.2 832.8 89
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EBIT Photofinishing in Euro millions 83.480.073.771.288.6 Comm. Online-Print 3.44.22.31.2-3.7 Retail 0.70.50.20.2-4.2 Others -1.4-0.8-0.6-0.4-1.1 CEWE Group 86.183.975.672.279.7 20242023202220212020 86.183.9 75.672.2 79.7 »CEWE Group 2024 with further increase in earnings: 86.1 million euros EBIT Rounding differences may occur.90
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Figures in Euro millions Q1 - Q4 2023 in % of revenues Q1 - Q4 2024 in % of revenues ∆ as % ∆ as m€ Revenues 780.2 100% 832.8 100% 6.7% 52.6 Increase / decrease in finished and unfinished goods 0.2 0.0% 0.2 0.0% -32.9% -0.1 Other own work capitalised 4.2 0.5% 5.0 0.6% 19.1% 0.8 Other operating income 25.5 3.3% 27.3 3.3% 7.2% 1.8 Cost of materials -187.4 -24.0% -188.0 -22.6% -0.3% -0.6 Gross profit 622.7 79.8% 677.2 81.3% 8.8% 54.5 Personnel expenses -218.9 -28.1% -236.3 -28.4% -7.9% -17.4 Other operating expenses -266.1 -34.1% -299.2 -35.9% -12.4% -33.1 EBITDA 137.7 17.7% 141.7 17.0% 2.9% 4.0 -53.8 -6.9% -55.6 -6.7% -3.3% -1.8 Earnings before interest, taxes (EBIT) 83.9 10.8% 86.1 10.3% 2.6% 2.2 Financial income 6.0 0.8% 2.4 0.3% -60.2% -3.6 Financial expenses -1.9 -0.2% -1.6 -0.2% 16.6% 0.3 Financial result 4.0 0.5% 0.7 0.1% -81.3% -3.3 Earnings before taxes (EBT) 87.9 11.3% 86.9 10.4% -1.2% -1.1 Amortisation of intangible assets, depreciation of property, plant and equipment Consolidated income statement 2024 Rounding differences may occur. PF business segment increased its turnover by 55.2 million euros or 8.4%. Slight decline compared to the previous year in COP (–2.4%) and RT (–1.5%) business segments. Increased revenues from recyclable production residues. Reduction of the cost of materials ratio to 22.6% (previous year: 24.0%) due to structural improvement (less turnover in the business segment RT with high cost of sales ratio and more turnover in the business segment PF with low cost of materials ratio) as well as price- induced turnover increase. Increase due to wage and salary adjustments, payment of an inflation premium and new hires in the PF business segment. Increased marketing activities, higher IT, legal and consulting costs, and (earnings-neutral) conversion of a trading partner to commission- based billing (commissions as selling expenses). In the previous year, high financial income from profit distributions from financial investments in the amount of 5.4 million euros (LeanIX). 91
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253.5 237.7 256.6 285.9 321.7 371.9 361.8 376.1 380.1 395.2 625.5 599.5 632.7 666.0 716.9 2020 2021 2022 2023 2024 230.7 178.4 196.2 202.4 224.1 93.8 85.3 73.7 74.3 68.9 301.0 335.8 362.8 389.2 423.8 625.5 599.5 632.7 666.0 716.9 2020 2021 2022 2023 2024 Balance Sheet on 31 December = 59.1% Equity ratio= 58.4% Equity ratio Non-current liabilities Equity Current liabilities Assets in Euro millions +50.9 +34.6 Comprehensive Income +61.1 million euros Dividend –18.1 million euros Share buy-back –9.8 million euros Stock option plans +1.4 million euros Liabilities in Euro millions Non-current assets Current assets »Balance sheet total increased by 50.9 million euros to 716.9 million euros (+7.6%), “in line” with turnover (+7.4% in Q4; +6.7% in Q1-4) »CEWE with strong equity ratio of 59.1% (2023: 58.4%) Rounding differences may occur.92
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=+ 142.3 65.6 93.4 130.8 131.9 2020 2021 2022 2023 2024 -39.0 -44.1 -61.9 -47.9 -58.1 2020 2021 2022 2023 2024 103.3 21.5 31.5 82.8 73.8 2020 2021 2022 2023 2024 Free cash flow Q1-4 Increase of 1.1 million euros due to: (+) 6.4 million euros earnings (total EBITDA + non-cash effects) (+) 3.8 million euros operating net working capital (Revenue-related increase in trade receivables is compensated by increase in trade payables) (+) 2.5 million euros other net working capital (–) 12.8 million euros higher net tax payments (tax refunds in the previous year due to advance payments exceeding the tax expense for 2021 and 2022 assessment years) (+) 1.1 million euros interest received Cash flow from operating activities in Euro millions Cash flow from investing activities in Euro millions Free cash flow in Euro millions Increase of 10.2 million euros due to higher operational investments (3.4 million euros), mainly due to the expansion of photofinishing production sites, the business-acquisition of Eastprint in COP (2.2 million euros) and income from financial investments in the previous year (5.4 million euros) » Cash flow from operating activities increases and more than compensates for the previous year's exceptional and high tax refunds (“late coronavirus effects”) » Cash outflow from investing activities increases by +10.2 million euros, mainly due to the expansion of photofinishing production sites and the absence of income from financial investments in the previous year » Free cash flow due to investments at +73.8 million euros * The coronavirus boom and coronavirus-related reduction in advance tax payments resulted in an extraordinary high cash flow from operating activities Rounding differences may occur. * 93
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Normalized Free cash flow Q1-4 = normalised free cash flow + + + + + + + + + + + + + + + + 94
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103,3 21,5 31,5 82,8 73,876,9 63,7 61,4 69,7 86,0 10,0 30,0 50,0 70,0 90,0 110,0 2020 2021 2022 2023 2024 Free-Cash Flow Free-Cash Flow (adj.) 5-year view: Normalized Free cash flow Q1-4 Trend (Free-Cash Flow(adj.)) »Normalized Free cash flow above previous year and still shows upward trend Rounding differences may occur.95
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= 79,7 72,2 75,6 83,9 86,1 2020 2021 2022 2023 2024 385,9 411,6 429,8 445,9 470,6 2020 2021 2022 2023 2024 Avarage capital employed in the past 4 quarters in Euro millions 20,6% 17,5% 17,6% 18,8% 18,3% 2020 2021 2022 2023 2024 ROCE * ROCE = EBIT / Capital Employed. Rounding differences may occur 12-months-EBIT in Euro millions ROCE* in % »ROCE remains at a strong level: 18.3% »Excluding the increase in cash in capital employed, ROCE even rises to 19.7% 96
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Rounding differences might occur. Targets Target 2024 Actual 2024 Photos billion photos 2.3 to 2.4 2.46 CEWE PHOTO BOOK millions 5.9 to 6.2 6.11 Operational Investments million euros 60 56.0 Revenue million euros 770 to 820 832.8 EBIT million euros 77 to 87 86.1 EBT million euros 75.5 to 85.5 86.9 Earnings after tax million euros 51 to 58 60.1 Earnings per share euro 7.26 to 8.22 8.64 All 2024 targets achieved 97
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Contents 98 Introduction 4-17 Equity Story 19-35 Share 37-41 Details Photofinishing 43-78 Results 2024 80-97 Results Q3/Q1-3 2025 99-121
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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 99
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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 100
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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 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.101
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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 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% 102
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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 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 103
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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. 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€ 104
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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. Q4 actual: - Q4 target: - 105
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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% 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% 106
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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% 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 = 107
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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 Rounding differences may occur. +4.8% Target 2025: -1% to +2%Q1-3 in thousands 108
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Business Segment Commercial Online-Print Q3 in Euro millions »COP with turnover growth in the third quarter Turnover 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 109
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Business Segment Commercial Online-Print Q1-3 in Euro millions Turnover 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 110
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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. »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 111
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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. »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 112
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Business Segment Other Q3 in Euro millions »Other results in line with expectations Turnover 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 113
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Business Segment Other Q1-3 in Euro millions »Other results in line with expectations Turnover 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 114
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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 * » 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 2024115
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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 Rounding differences may occur.116
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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 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 117
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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 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 118
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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 % 80.4 70.7 79.3 86.6 82.9 2021 2022 2023 2024 2025 12-months-EBIT in Euro millions 119
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86.1 2024 e2025 CEWE Group EBIT target 2025: 84 to 92 million euros 92 84 EBIT in million euros EBIT target 2025 Photofinishing Retail Commercial Online-Print Q3 result confirms 2025 outlook 120
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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. Q3 result confirms 2025 outlook 121
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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. Figures may not sum to 100, because of rounding.
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Contact Axel Weber VP, Head of IR Sirka Hintze CFO +49 (0) 160 633 72 12 IR@cewe.de CEWE Stiftung & Co. KGaA Meerweg 30-32 26133 Oldenburg ir.cewe.de