CEWE achieves all targets in 2025 and aims to further increase revenue and earnings in 2026; plans to uphold continuous dividend growth

CEWE achieves all targets in 2025 and aims to further increase revenue and earnings in 2026; plans to uphold continuous dividend growth
 

• Revenue rises by +3.8% to €864.5m in 2025; EBIT increases to €88.2m
• 17th consecutive dividend increase proposed: €3.00 per share
• CEWE PHOTOBOOK sales surpass 100 million copies since launch
• Strong results planned for 2026: revenue expected to increase to up to €900m; EBIT to rise further to up to €93m

Oldenburg, March 26, 2026. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE0005403901) today presented its results for the 2025 financial year and its outlook for 2026 at its annual press and analyst conference. CEWE once again successfully closed the 2025 financial year with increases in revenue and earnings: With Group revenue of €864.5m (2024: €832.8m; +3.8%), CEWE achieved a figure at the upper end of its own revenue guidance for 2025 of €835m to €865m. The CEWE Group’s operating result (EBIT) rose to €88.2m (2024: €86.1m) and therefore came in fully within the planned target range of €84m to €92m. The Executive Board and Supervisory Board will propose to the 2026 Annual General Meeting that the dividend be increased to €3.00 per share – the 17th consecutive dividend increase, which continues to secure CEWE a top position (ranked 2nd) among all listed German companies. “My sincere thanks go to the entire CEWE team, whose outstanding commitment and passion underpinned the success of the 2025 financial year. Looking ahead, our clear focus is on profitability and value creation: we will continue to strengthen our market and brand positions and deliver sustainable, profitable growth. To this end, we will deliberately leverage the combined expertise and resources of the entire CEWE Group and consistently accelerate innovation across all areas. This ensures that we continue to set benchmarks in quality and customer satisfaction, while further building on our strong foundation for long-term success,” says CEO Thomas Mehls. CEWE is also planning further growth in the 2026 financial year: Group revenue is expected to reach between €870m and €900m in 2026, while Group EBIT is anticipated in a range of €87m to €93m.

Photofinishing: growth engine, with major CEWE PHOTOBOOK milestone

CEWE’s core business, Photofinishing, once again drove growth in the CEWE Group in 2025: Photofinishing revenue increased by +4.4% to €745.5m (2024: €714.0m), while EBIT rose to €86.6m (2024: €83.4m). Across all CEWE products, the total number of photos increased by +4.1% to 2.60bn (2024: 2.50bn). Moreover, the CEWE PHOTOBOOK reached a significant milestone in 2025: since its launch, more than 100 million individual copies have been sold in Europe – a symbol of both consistency and innovative strength. In 2025 alone, unit sales again reached a record level of 6.32m copies (2024: 6.11m). Demand was driven in part by successful new product launches and premium enhancements, alongside the continued strengthening of CEWE’s powerful brand positions. Thanks to excellent planning, high-performing systems and the outstanding commitment of all teams, CEWE once again ensured maximum delivery reliability and proven quality during the critical and demanding Christmas-season peak.

Commercial Online Printing holds its ground in a challenging market environment

In 2025, Commercial Online Printing generated revenue of €89.6m (2024: €89.9m; -0.4%) – demonstrating its ability to hold its ground successfully even in an overall declining market. Supported by its best price guarantee, targeted international expansion and the further build-out of efficient hybrid production capabilities (offset and digital printing) at SAXOPRINT’s production site in Dresden, CEWE continued to strengthen the market position of its Commercial Online Printing business. In a highly price-competitive environment, EBIT amounted to €1.7m (2024: €3.4m). Disciplined process and cost management, coupled with ongoing investments in automation and technology, will continue to form the basis for sustainable success in the Commercial Online Printing segment going forward.

Retail increases revenue and delivers higher earnings contribution

In 2025, CEWE’s photo hardware retail business increased revenue by +2.0% to €31.4m (2024: €30.8m). With EBIT of €0.7m, Retail delivered a slightly higher contribution to Group EBIT (2024 EBIT: rounded €0.7m) – underscoring the effectiveness of CEWE’s deliberate decision to step away from low-margin merchandise and its strategic focus on using its own retail operations as a B2C sales channel for photofinishing products.

Outlook for 2026: CEWE Group aims to further increase revenue and earnings

Group revenue is expected to grow by up to +4% in 2026 and is planned within a range of €870m to €900m. Group EBIT is forecast to be in a target range of €87m to €93m in 2026, EBT is expected between €86.5m and €92.5m, and net profit after taxes is anticipated in a range of €59m to €64m. In setting these targets, CEWE’s management is guided by values in the upper half of the respective ranges; the lower end primarily reflects exogenous uncertainties outside the Company’s control.

Long-term dividend strategy – CEWE again ranks in Germany’s top two for dividend growth

Based on the strong results for the 2025 financial year, the Executive Board and Supervisory Board will propose to the Annual General Meeting that the dividend be increased to €3.00 per share (dividend for the 2024 financial year: €2.85). This represents an increase of 5.3%. Subject to approval by shareholders at the Annual General Meeting on 3 June 2026, the proposed dividend of €3.00 per share (based on the current share price level) corresponds to a dividend yield of more than 3.0%. This would be the 17th consecutive dividend increase, marking a new all-time high. According to the dividend study conducted by Dividenden Adel, the isf institute and DSW (German Association for the Protection of Securities Ownership), CEWE continues to hold an outstanding top position: CEWE remains ranked 2nd among all 611 analysed listed German companies that have increased their dividend continuously over many years.

Full year 2025 and targets for 2026

The ranges of these targets for the business year 2026 reflect the uncertainties currently resulting from the increase in prices/inflation on the cost of sales and cost side and their potential effects on CEWE's business development.

1  The number of photos is the total amount of photos used to create CEWE photo products and includes all the photos used in added-value products (e.g. CEWE PHOTOBOOKS, CEWE CARDS, CEWE CALENDARS, CEWE WALL ART and other photo gifts).

2  Outflows of funds for investments in fixed and intangible assets, balanced by inflows of funds from the disposal of fixed and intangible assets; not including additional purchases and corporate acquisitions

3  Target for 2026: Excluding subsequent valuation of equity instruments

4  Target for 2026: Based on the normalised Group tax rate for the previous year

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

An overview of results for 2025

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

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)

12.05.2026 Publication Q1 2026 Interim Statement

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

13.08.2026 Publication of H1 2026 Interim Report

22.09.2026 Berenberg & Goldman Sachs German Corporate Conference 2026, Munich

23.09.2026 Baader Investment Conference 2026, Munich

12.11.2026 Publication Q3 2026 Interim Statement

23.11.2026 Deutsches Eigenkapitalforum 2026, Frankfurt

About CEWE:

The CEWE Group is 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.