CEWE Stiftung & Co. (CWC) Q2 2025 earnings summary

Executive summary

• Group turnover reached record levels in Q2 and H1 2025, up 3.1% in Q2 and 4.0% in H1 year-over-year, mainly driven by photofinishing and retail growth despite commercial online print weakness.

• EBIT was fully in line with expectations and guidance, though down year-over-year due to seasonal effects and one-off personnel expenses.

• Strong customer acquisition and volume growth in photofinishing, with premiumization and brand strength reinforced by major photo contests and sustainability initiatives.

• Retail segment saw significant revenue growth, especially in Norway, while commercial online print faced headwinds from a weak German market and higher international costs.

• Annual targets confirmed, supported by robust brand positioning and operational efficiency.

Financial highlights

• H1 2025 revenue: €329.4 million (+4.0% year-over-year); Q2 2025 revenue: €156.0 million (+3.1% year-over-year).

• H1 2025 EBIT: €2.1 million (H1 2024: €5.1 million); Q2 2025 EBIT: -€4.0 million (Q2 2024: -€2.9 million), both in line with guidance.

• Free cash flow declined in H1 2025 to -€52.2 million, mainly due to higher inventories and working capital effects.

• Turnover per photo increased, with premiumization effects stronger than price increases.

• H1 2025 net income: €1.3 million; H1 2025 EPS: €0.19.

Outlook and guidance

• 2025 revenue target: €835–865 million; EBIT target: €84–92 million; EPS target: €8.32–9.12; net income target: €58–63 million.

• Guidance confirmed, with growth expected mainly from digital photofinishing and all European markets.

• Operational capex planned up to €65 million in 2025, funded from operating cash flow.

• Dividend policy targets further increases, with 2024 marking the 16th consecutive annual dividend hike.

• Guidance ranges reflect uncertainties in demand, inflation, and cost developments.