CEWE confirms its 2025 annual targets with strong Q3 turnover

CEWE Stiftung Co. KGaA continues to grow its turnover in the third quarter and reaches a new high: Q3 group turnover grew by +6.1% to EUR 174.4 million (Q3 2024: EUR 164.3 million), while group EBIT reached an expected, seasonally typical Q3 level of EUR -0.4 million (Q3 2024: EUR -0.1 million). In the third quarter, CEWE invested the additional contribution margins from the increased business volume in further marketing measures (EUR +2.1 million), among other things – also in preparation for the important Christmas business.

“The CEWE Group is excellently positioned for the upcoming Christmas business, and all divisions have been preparing for the peak season for months,” said Thomas Mehls, CEO of CEWE Stiftung Co. KGaA. “We have once again invested more in the market and further expanded our strong brand positions. In addition, we can inspire our customers to design photo products of the highest quality with many new products. Production has achieved further efficiency gains and is focused on excellent delivery capability. We are therefore very positive about the volume-driven business growth in the first nine months and expect to translate further growth based on our high operating leverage effect into increased earnings once again in Q4. Photo products in particular have a very high emotional value for many people, especially as Christmas gifts, and are in demand regardless of the overall economic development. With the business figures for the first nine months, the company is on track to achieve its annual targets: CEWE management forecasts group turnover in the range of EUR 835 to 865 million and group EBIT of EUR 84 to 92 million for the full year 2025.”

Photofinishing business continues to grow

Photofinishing turnover rose by +6.7% to EUR 145.3 million in the third quarter of 2025 (Q3 2024: EUR 136.1 million). The total number of photos sold grew by +6.8% to 579 million units in the third quarter (Q3 2024: 543 million), while the sales volume of the CEWE PHOTOBOOK rose by +7.3% to 1.325 million copies (Q3 2024: 1.234 million copies). The trend towards higher-quality photobooks even increased turnover of the CEWE PHOTOBOOK by +8.9%. At EUR 0.1 million, Photofinishing EBIT is at a typical Q3 level and thus – despite, for example, around EUR 2.1 million in additional costs for marketing measures, including in preparation for the Q4 Christmas business – only slightly below the EBIT of the same quarter of the previous year (Q3 2023: EUR 0.4 million). In addition, the current quarterly result includes around EUR 3.4 million in increased personnel costs from agreed wage adjustments and new hires. CEWE continues to successfully expand its Photofinishing business through continuous innovation, strong brand positions, and extensive marketing activities. This year, too, many product innovations – such as new premium cover designs, colored inside covers and the integrated memory pocket for the CEWE PHOTOBOOK, the new Advent calendar to be filled with 24 boxes, new photo calendars and the wall picture number collage – will further strengthen Christmas business.

Commercial Online-Print sees turnover growth again

After a weaker second quarter, Commercial Online-Print (COP) showed a slight recovery in Q3 with a 2.0% increase in turnover to EUR 21.5 million (Q3 2024: EUR 21.1 million) in a market that remains difficult overall. With this, COP achieved a slightly weaker EBIT of EUR -0.2 million in Q3, down EUR 0.2 million (EBIT Q3 2024: EUR 0.0 million). This slight decline in earnings was primarily due to deliberate investments in international markets and the generally enforceable price level in a highly price-competitive environment. In addition, the expansion of SAXOPRINT’s production site in Dresden to a “hybrid production” facility is currently still resulting in minor additional expenses. To further increase efficiency, the current offset production is being supplemented by digital printing capacities.

CEWE Retail continues to be well positioned with another increase in turnover

The retail business with photo hardware (cameras, lenses, photo accessories) reported in the Retail segment achieved a clear increase in turnover of +7.1% to EUR 7.6 million in the third quarter (Q3 2024: EUR 7.1 million). Retail business in Norway and Poland, with its focus on premium products, developed very positively. CEWE continues to deliberately refrain from less profitable retail business and focuses on the business with Photofinishing products (reported in the Photofinishing segment). The division achieved a balanced result with Q3 EBIT of EUR 0.0 million (Q3 2024: EUR -0.1 million). Retail also traditionally generates the majority of its annual results in the fourth quarter’s Christmas business.