CEWE Stiftung & Co. (CWC) Q4 2025 earnings summary

Executive summary

• Achieved all 2025 targets, with revenue up 3.8% to €864.5 million and EBIT rising 2.4% to €88.2 million, both at the upper end of guidance.

• High customer satisfaction, with Net Promoter Score at 66.7, and recognized as one of Germany's best managed companies.

• CEWE PHOTOBOOK sales surpassed 100 million copies since launch, with 2025 unit sales at a record 6.32 million.

• Strategic focus on innovation, efficiency, sustainability, and differentiated brand positioning.

• Proposed 17th consecutive dividend increase to €3.00 per share, maintaining a top ranking for dividend growth in Germany.

Financial highlights

• Group revenue rose to €864.5 million (+3.8% YoY); EBIT increased to €88.2 million (+2.4% YoY); EBT at €88.0 million.

• Photofinishing segment contributed 86% of turnover, growing by 4.4% to €745.5 million; EBIT €86.6 million.

• Commercial Online-Print revenue declined by 0.4% to €89.6 million; EBIT fell to €1.7 million.

• Retail revenue increased 2.0% to €31.4 million; EBIT stable at €0.7 million.

• Free cash flow at year-end was €43.7 million; normalized for one-offs, €70.8 million.

• Equity ratio stands at 61.2%, reflecting strong financial health.

• Return on Capital Employed at 17.6%.

• Earnings per share reached €8.45; net profit after taxes was €58.0 million.

• Dividend yield for proposed €3.00 per share exceeds 3.0%.

Outlook and guidance

• 2026 revenue guidance: €870–900 million (+1% to +4%), driven by photofinishing.

• EBIT guidance: €87–93 million (-1% to +6%), with profitability improvement as a key goal.

• Net profit after taxes anticipated at €59–64 million; EPS projected at €8.62–9.36.

• CapEx planned at €77 million, with €47 million for operating investments and €30 million for property and plant.

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