CEWE Stiftung & Co. (CWC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue increased by 1.4% year-over-year to €175.8 million, with EBIT at €5.6 million, confirming annual targets and setting a new first-quarter record.

• Announced the sale of the Commercial Online-Print segment to Cimpress, focusing future growth on Photofinishing and premium brand strategy.

• Pro forma 2026 targets (excluding Commercial Online-Print): revenue €780–810 million, EBIT €85–91 million, with a one-time gain expected from the sale.

• Won four TIPA World Awards, highlighting innovation leadership.

Financial highlights

• Q1 2026 group revenue: €175.8 million (+1.4% YoY); EBIT: €5.6 million (down from €6.1 million YoY).

• Photofinishing Q1 revenue: €147.3 million (+1.7% YoY); EBIT: €5.1 million (down from €5.6 million YoY).

• Commercial Online-Print Q1 revenue: €22.1 million (+0.9% YoY); EBIT: €0.5 million (down from €0.7 million YoY).

• Retail Q1 revenue: €6.4 million (-3.7% YoY); EBIT: -€0.1 million (improved from -€0.2 million YoY).

• Equity ratio at 70.8% as of March 31, 2026; total assets increased by €17.6 million to €639.5 million.

Outlook and guidance

• 2026 revenue guidance (excluding Commercial Online-Print): €780–810 million; EBIT: €85–91 million; EPS: €8.43–9.16.

• Earnings after tax expected at €57–62 million, with additional one-time gain from the sale.

• Sale of Commercial Online-Print expected to improve EBIT margin and ROCE for continuing operations.

• Continued focus on Photofinishing, with investments in technology, efficiency, and selective acquisitions.

• Ongoing share buyback and increasing dividend policy, with a proposed dividend of €3 per share (+€0.15 YoY).