CEWE continues to see business growth, 2026 outlook confirmed

Gary Pageau ,

CEWE Stiftung & Co. KGaA continued to build momentum in its core photofinishing business during the second quarter of 2026 while reshaping the company around consumer photo products. The Oldenburg, Germany-based company reported second-quarter group revenue of €143.9 million, excluding its discontinued Commercial Online-Print (COP) business, up 6% from €135.8 million a year earlier. Photofinishing revenue rose 7.5% to €136.8 million, accounting for the vast majority of continuing operations.

Photo volumes also increased. CEWE sold 514 million photos during the quarter, up 5.2%, while CEWE PHOTOBOOK volume increased 1.5% to 1.157 million units. Revenue from CEWE PHOTOBOOK grew 3.1%, reflecting a continued shift toward higher-value products.

Profitability remained affected by CEWE’s seasonal business pattern and acquisition expenses. Operating EBIT was a loss of €3.1 million, compared with a €3.3 million loss a year earlier. Including €3.7 million in transaction costs related to the acquisition of KODAK MOMENTS Retail Photo Solutions, reported group EBIT was a €6.8 million loss.

The KODAK MOMENTS transaction represents a significant expansion of CEWE’s retail photo presence. The acquisition will extend the company’s instant-photo business into markets including the United States, Canada, Mexico and Australia. At the same time, CEWE completed the sale of its COP division, which included SAXOPRINT, viaprinto and LASERLINE, allowing management to concentrate resources on photofinishing.

Hardware retail revenue declined 15.3% to €6.9 million as CEWE continued to intentionally reduce low-margin camera and accessory sales.

CEWE maintained its 2026 outlook, forecasting continuing-operations revenue of €780 million to €810 million and EBIT of €85 million to €91 million. The company expects net income from continuing operations of €57 million to €62 million.

Written by 

Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.