CEWE Stiftung & Co. (CWC) Q3 2025 earnings summary

Executive summary

• Q3 2025 group turnover reached €174.4 million, up 6.1% year-over-year, setting a new quarterly record, with all business segments contributing to revenue growth and photofinishing as the main driver.

• EBIT for Q3 was between €-0.4 million and €1.2 million, in line with seasonal expectations and reflecting increased marketing and personnel costs.

• Annual targets for 2025 are confirmed, with optimism for Q4 based on strong volume growth and operating leverage.

Financial highlights

• Q3 2025 group turnover: €174.4 million (+6.1% YoY); Q1-3 turnover: €503.8 million (+4.7% YoY).

• Q3 2025 EBIT: between €-0.4 million and €1.2 million; Q1-3 EBIT: between €1.8 million and €2.3 million, both impacted by higher personnel and marketing costs.

• Free cash flow for Q1-3 declined by €14.5 million year-over-year, reflecting lower earnings and higher investments.

• Equity ratio reached 66.6% at end of September 2025, reflecting a strong balance sheet.

Outlook and guidance

• Revenue target for 2025 set between €835 million and €865 million, with EBIT target between €84 million and €92 million, both confirmed.

• Q4 is expected to deliver the majority of annual earnings, with optimism based on strong volume growth and effective Christmas preparation.

• Guidance reflects uncertainties from demand, inflation, and cost developments.