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 COP): revenue €780–810 million, EBIT €85–91 million, with a one-time gain in the mid double-digit million euro range expected from the sale.

• Continued innovation in core products, including new features for CEWE PHOTOBOOK and digital solutions for retail partners.

• Four TIPA World Awards received for product and service innovation.

Financial highlights

• Group turnover increased by €2.4 million (+1.4%) to €175.8 million in Q1 2026; EBIT was €5.6 million, impacted by investments and higher costs.

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

• COP Q1 revenue: €22.1 million (+0.9% YoY); EBIT: €0.5 million.

• 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 COP): €780–810 million; EBIT: €85–91 million; EPS: €8.43–9.16.

• Earnings after tax projected at €57–62 million, excluding one-time effects from the sale.

• Management remains optimistic but cautious, confirming 2026 targets and focusing on Photofinishing growth and selective acquisitions.