CEWE Stiftung & Co. (CWC) Company presentation summary

Business overview and strategy

• Operates as a leading European provider of photofinishing and online printing, with a strong multi-brand and omni-channel approach across 21 countries and 20,000 retail partners.

• Focuses on innovation, sustainability, and consumer centricity, with a high Net Promoter Score and top ESG ratings from MSCI, ISS ESG, and Sustainalytics.

• Maintains a premium positioning and continuous product innovation, leveraging AI and mobile channels to drive growth and customer engagement.

• Recognized as one of Germany's best managed companies and a top dividend increaser, combining family ownership stability with public listing advantages.

Financial performance and segment results

• Achieved record 2024 revenue of €832.8 million (+6.7%) and EBIT of €86.1 million, exceeding annual targets.

• Photofinishing segment grew turnover by 8.4% to €714.0 million and EBIT by 4.2% to €83.4 million, driven by premiumization and higher photo volumes.

• Commercial Online Print saw a slight turnover decline (-2.4%) but maintained positive EBIT; retail turnover decreased marginally (-1.5%) with improved EBIT.

• Strong equity ratio (59.1%) and normalized free cash flow of €73.8 million, with ROCE at 18.3%.

Outlook and targets for 2025

• Revenue target for 2025 set at €835–865 million, with EBIT expected between €84–92 million.

• Photofinishing turnover and EBIT targets remain robust, supported by ongoing product innovation and operational leverage, especially in Q4.

• Continued focus on premium products, international expansion, and digital transformation to sustain growth.