EQS-News: CEWE confirms its 2025 annual targets with strong Q3 turnover

CEWE confirms its 2025 annual targets with strong Q3 turnover

• New high: Q3 group turnover up +6.1%, core Photofinishing business grows by +6.7%, CEWE PHOTOBOOK sales volume rise by a strong +7.3%
• Commercial Online-Print also saw a +2.0% increase in turnover in Q3
• Group EBIT with EUR -0.4 million at expected, seasonally typical Q3 level
• Recognized: CEWE wins the Photographers' Choice 2025 Award
• Excellently prepared: New products and stronger marketing activities support the upcoming Christmas peak season

Oldenburg, November 13, 2025. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) continues to grow its turnover in the third quarter and reaches a new high: Q3 group turnover grew by +6.1% to EUR 174.4 million (Q3 2024: EUR 164.3 million), while group EBIT reached an expected, seasonally typical Q3 level of EUR -0.4 million (Q3 2024: EUR -0.1 million). In the third quarter, CEWE invested the additional contribution margins from the increased business volume in further marketing measures (EUR +2.1 million), among other things – also in preparation for the important Christmas business. CEWE is therefore optimistic about the fourth quarter, in which the majority of the annual earnings are traditionally generated: "The CEWE Group is excellently positioned for the upcoming Christmas business, and all divisions have been preparing for the peak season for months. We have once again invested more in the market and further expanded our strong brand positions. In addition, we can inspire our customers to design photo products of the highest quality with many new products. Production has achieved further efficiency gains and is focused on excellent delivery capability. We are therefore very positive about the volume-driven business growth in the first nine months and expect to translate further growth based on our high operating leverage effect into increased earnings once again in Q4," said Thomas Mehls, CEO of CEWE Stiftung & Co. KGaA. Photo products in particular have a very high emotional value for many people, especially as Christmas gifts, and are in demand regardless of the overall economic development. With the business figures for the first nine months, the company is on track to achieve its annual targets: CEWE management forecasts group turnover in the range of EUR 835 to 865 million and group EBIT of EUR 84 to 92 million for the full year 2025.

Photofinishing business continues to grow

Photofinishing turnover rose by +6.7% to EUR 145.3 million in the third quarter of 2025 (Q3 2024: EUR 136.1 million). The total number of photos sold grew by +6.8% to 579 million units in the third quarter (Q3 2024: 543 million), while the sales volume of the CEWE PHOTOBOOK rose by +7.3% to 1.325 million copies (Q3 2024: 1.234 million copies). The trend towards higher-quality photobooks even increased turnover of the CEWE PHOTOBOOK by +8.9%. At EUR 0.1 million, Photofinishing EBIT is at a typical Q3 level and thus – despite, for example, around EUR 2.1 million in additional costs for marketing measures, including in preparation for the Q4 Christmas business – only slightly below the EBIT of the same quarter of the previous year (Q3 2023: EUR 0.4 million). In addition, the current quarterly result includes around EUR 3.4 million in increased personnel costs from agreed wage adjustments and new hires. CEWE continues to successfully expand its Photofinishing business through continuous innovation, strong brand positions, and extensive marketing activities. This year, too, many product innovations – such as new premium cover designs, colored inside covers and the integrated memory pocket for the CEWE PHOTOBOOK, the new Advent calendar to be filled with 24 boxes, new photo calendars and the wall picture number collage – will further strengthen Christmas business. CEWE received a very special honor in the past quarter: the CEWE PHOTOBOOK with panorama page was named “Favorite Design of the Year” and received the Photographers' Choice 2025 Award. What makes this award special is that it is given based on a global online poll of photographers, who can vote among all winners of the TIPA World Awards 2025.

Commercial Online-Print sees turnover growth again

After a weaker second quarter, Commercial Online-Print (COP) showed a slight recovery in Q3 with a 2.0% increase in turnover to EUR 21.5 million (Q3 2024: EUR 21.1 million) in a market that remains difficult overall. With this, COP achieved a slightly weaker EBIT of EUR -0.2 million in Q3, down EUR 0.2 million (EBIT Q3 2024: EUR 0.0 million). This slight decline in earnings was primarily due to deliberate investments in international markets and the generally enforceable price level in a highly price-competitive environment. In addition, the expansion of SAXOPRINT's production site in Dresden to a “hybrid production” facility is currently still resulting in minor additional expenses. To further increase efficiency, the current offset production is being supplemented by digital printing capacities.

CEWE Retail continues to be well positioned with another increase in turnover

The retail business with photo hardware (cameras, lenses, photo accessories) reported in the Retail segment achieved a clear increase in turnover of +7.1% to EUR 7.6 million in the third quarter (Q3 2024: EUR 7.1 million). Retail business in Norway and Poland, with its focus on premium products, developed very positively. CEWE continues to deliberately refrain from less profitable retail business and focuses on the business with Photofinishing products (reported in the Photofinishing segment). The division achieved a balanced result with Q3 EBIT of EUR 0.0 million (Q3 2024: EUR -0.1 million). Retail also traditionally generates the majority of its annual results in the fourth quarter's Christmas business.

Solid equity ratio rises to 66.6%, ROCE at a strong 16.8%

After already reaching a very solid level in the previous year (September 30, 2024: 65.8%), the equity ratio rose slightly again to 66.6%, underscoring the fact that the CEWE Group continues to be extremely stable. The return on capital employed (ROCE) remained at a strong level of 16.8% at the end of September 2025 (ROCE September 30, 2024: 18.7%).

Guidance for 2025 confirmed with Q3 results

CEWE management sees the results for the first nine months as confirmation of its targets and reaffirms its outlook for 2025: Group turnover is expected to grow by up to +4% in 2025 and is projected to be in the range of EUR 835 to 865 million. Group EBIT is expected to be in the range of EUR 84 to 92 million in 2025, EBT between EUR 83.5 and 91.5 million, and net income after taxes between EUR 58 and 63 million.

An overview of results for Q1-3 and Q3 2025

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

* Previous year's turnover and EBIT adjusted by €-0.158 million in Q3 2024 and €-0.500 million in Q1-3 2024 due to the correction of a major customer invoice in COP; effect for the full year 2024 already considered in Q4 2024

Notes to the "Earnings by Business Segment" chart

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

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

(3) Commercial online printing: Production and sale of commercial print products in the online printing portals of SAXOPRINT, viaprinto and LASERLINE

(4) Other: Structural and corporate costs, as well as the results from real estate ownership and investments, are shown in the Other business segment.

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

Internet:  cewe-group.com , cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com , saxoprint.de, viaprinto.de , laser-line.de

Financial schedule

(insofar as already scheduled)

24.11.2025 Deutsches Eigenkapitalforum 2025, Frankfurt

08.01.2026 ODDO BHF Forum 2026, Lyon

21.01.2026 GCC 2026 – UniCredit/Kepler Cheuvreux Conference

28.01.2026 ODDO BHF Small Mid Cap Conference, Frankfurt

26.03.2026 CEWE Annual Press and Analyst Conference 2026

12.05.2026 Publication Q1 2026 Interim Statement

03.06.2026 CEWE Annual General Meeting 2026, Weser-Ems-Halle Oldenburg

About CEWE:

The CEWE Group is Europe's leading photo service and online printing supplier.

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

The CEWE Group has also set up a highly efficient production system for advertising prints and business prints for the online printing market. Every year billions of high-quality printed products are delivered reliably to their purchasers through the SAXOPRINT, LASERLINE and viaprinto sales platforms.

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

The CEWE Group has a staff of 4,000 employees and operates in 21 countries. CEWE is listed on the SDAX. More information is available at www.cewe-group.com.