CEWE Stiftung & Co. (CWC) Q1 2025 earnings summary

Executive summary

• Group turnover increased by 4.8% year-over-year to €173.4 million in Q1 2025, reaching a new Q1 high and confirming annual targets.

• EBIT for Q1 2025 was €6.1 million, in line with expectations, impacted by calendar effects and higher marketing costs.

• All business segments reported turnover growth, with Photofinishing leading at +5.3%.

• CEWE PHOTOBOOK volumes grew 5.1% to 1.3 million copies, reinforcing market leadership in Europe.

• Six TIPA World Awards were won for product innovation and quality.

Financial highlights

• Revenue: €173.4 million in Q1 2025, up from €165.5 million in Q1 2024 (+4.8%).

• EBIT: €6.1 million, down from €7.9 million in Q1 2024, mainly due to holiday shifts and increased marketing.

• Free cash flow decreased by €11.5 million, primarily due to working capital effects and lower EBITDA.

• Balance sheet total rose by €35.7 million to €621.9 million (+6.1%), with a strong equity ratio of 68.2%.

• EPS: €0.60, compared to €0.81 in Q1 2024.

Outlook and guidance

• 2025 revenue target set at €835–865 million, EBIT guidance at €84–92 million, and EPS at €8.32–9.12.

• Q1 results confirm the full-year outlook, with growth expected mainly from Digital Photofinishing.

• Management notes uncertainties from demand, inflation, and cost developments.

• Dividend proposed to increase to €2.85 per share, marking the 16th consecutive annual increase.