CEWE posts profit jump in the third quarter from the successful sale of Commercial Online-Print devision

  CEWE generated a profit after taxes of 25.2 million euros from the sale of its Commercial Online-Print division, which was completed in Q3 2026 Group turnover grows by +2.4% to 451.6 million euros in the first three quarters Group operating EBIT for Q1-3 fully in line with expectations at a seasonally typical 2.4 million euros (previous year Q1-3 2025: 2.6 million euros) Reported Group EBIT for Q1-3 amounts to -6.0 million euros, including -6.1 million euros in transaction costs for the Kodak Moments acquisition and -2.3 million euros in additional IT costs for the successfully completed SAP migration Results for the first three quarters confirm guidance for full year 2026 Excellently prepared: new products and an extensive marketing campaign support the upcoming Christmas season peak   Oldenburg, November 12, 2026. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) has successfully completed the sale of its Commercial Online-Print business unit, realizing an after-tax profit of 25.2 million euros from the transaction. Following the deconsolidation of the divested business unit, this profit is reported for the first time in the nine-month figures. With these proceeds from the sale, the CEWE Group’s after-tax earnings after three quarters rose to a total of 21.4 million euros (previous year, Q1-3 2025: 1.2 million euros). By divesting its Commercial Online-Print division, CEWE is consistently implementing its announced strategy of focusing on profitability and on its core Photofinishing business. In the first nine months, the CEWE Group further increased its turnover by +2.4% to 451.6 million euros (Q1-3 2025: 441.2 million euros; +10.4 million euros). Group operating EBIT reached an expected, seasonally typical 2.4 million euros in Q1-3 (Q1-3 2025: 2.6 million euros). Reported Group EBIT for the first three quarters includes -6.1 million euros in transaction costs related to the Kodak Moments acquisition and -2.3 million euros in additional IT costs for the successfully completed SAP S/4 HANA implementation, and thus amounts to -6.0 million euros. “With the first three quarters now behind us, we are looking forward with confidence to the Christmas season, which traditionally accounts for the majority of our annual earnings. All business units have once again prepared extremely well and are excellently positioned for a strong year-end business. Numerous new products and an extensive marketing campaign will further support our continued growth, which, thanks to our high operating leverage, we aim to translate once again into higher earnings in Q4,” explains Thomas Mehls, CEO of the CEWE Group. With the results of the first nine months, CEWE confirms its targets for the year: Group revenue is expected to grow by up to 4% in 2026 and is planned in a range of 780 to 810 million euros. Including the transaction and pre-closing costs of the Kodak Moments acquisition, which are estimated at approximately 9.5 million euros for fiscal year 2026, Group EBIT for 2026 is expected in a corridor of 75.5 to 81.5 million euros.
Photofinishing segment continues to grow Photofinishing turnover rose by +3.0% to 429.8 million euros in the first three quarters of 2026 (Q1-3 2025: 417.5 million euros). The total number of photos sold grew by +1.6% to 1.65 billion units in the first nine months (Q1-3 2025: 1.62 billion units, sales of the CEWE PHOTOBOOK rose by +1.9% to 3.84 million copies (Q1-3 2025: 3.77 million copies). The trend toward higher-value photobooks even increased CEWE PHOTOBOOK turnover by +4.0%. Operating Photofinishing EBIT reached a seasonally typical and expected 2.8 million euros in the first three quarters (Q1-3 2025: 2.7 million euros). Reported Photofinishing EBIT for Q1-3 amounts to -5.6 million euros and includes -6.1 million euros in transaction costs for the acquisition of Kodak Moments and -2.3 million euros in additional IT costs compared with the prior-year period due to the successfully completed SAP S/4HANA implementation. CEWE continues to successfully expand its Photofinishing business through continuous innovation, strong brand positions and extensive marketing activities. This year, too, numerous product innovations – such as the unique colored page edges, design templates from the Art Collection or finishes with a holographic effect for the CEWE PHOTOBOOK, the new XXL photo Advent calendar with poster collage, new photo calendars or the wall art with Swarovski® crystals – will once again give the Christmas business an additional boost.   CEWE Retail also enters the Christmas season well positioned The hardware retail business (cameras, lenses, photo accessories) remains well positioned and as planned, generated slightly lower turnover of 21.2 million euros in the first nine months compared with the previous year (Q1-3 2025: 22.4 million euros; -5.2%). By focusing on higher-margin photo hardware, CEWE Retail deliberately forgoes less profitable sales. At -0.2 million euros, Retail EBIT for the first nine months is a typical result at the prior-year level (Q1-3 2025: -0.2 million euros). Retail, too, traditionally generates the majority of its annual earnings in the Christmas business of the fourth quarter.   Successful sale of Commercial Online-Print completed In early May 2026, CEWE announced the sale of its Commercial Online-Print (COP) business unit, thereby consistently implementing its announced strategy of focusing on profitability and on its core Photofinishing business. In the third quarter that has now ended, the COP business was deconsolidated following full completion of the sale. Based on the sale proceeds received, CEWE realizes an after-tax profit of 25.2 million euros from the sale.   Very solid equity ratio rises to 69.8%, ROCE remains at a strong level Following an already very solid level in the previous year (September 30, 2025: 66.6%), the equity ratio increased again to 69.8%, underlining that the CEWE Group remains extremely solidly positioned. Despite the transaction costs incurred for the Kodak Moments acquisition, return on capital employed (ROCE) remained at a strong level of 15.3% as of the end of September 2026 (ROCE September 30, 2025: 17.0%). After fully adjusting the capital employed underlying the calculation for the divested Commercial Online-Print business unit and excluding the transaction costs of the Kodak Moments acquisition, operating ROCE as of the end of September 2026 even rises to 18.7%.   Results for the first nine months confirm outlook for full year 2026 CEWE management considers its 2026 targets confirmed by the results of the first nine months: Group revenue is expected to grow by up to 4% in 2026 and is planned in a range of 780 to 810 million euros. Including the transaction and pre-closing costs of the Kodak Moments acquisition, Group EBIT for 2026 is expected in a corridor of 75.5 to 81.5 million euros, EBT between 75 and 81 million euros, and net income from continuing operations between 51 and 56 million euros. In addition, the after-tax profit of 25.2 million euros from the discontinued Commercial Online-Print division will contribute to Group net income. CEWE recently specified its earnings target corridors to include the transaction and pre-closing costs of the Kodak Moments acquisition. The 2026 corporate planning communicated previously was prepared before the agreement to acquire Kodak Moments was concluded and continues to reflect CEWE management's assessment of expected operating earnings before acquisitions in 2026.   An overview of results for Q1-3 and Q3 2026  

CEWE Business Segments	Unit	Q1-3 2025	Q1-3 2026	Q3 2025	Q3 2026
(1) Photofinishing (PF)
Photos	m. photos	1,621	1,646	579	570
CEWE PHOTOBOOK	m. units	3.765	3.838	1.325	1.352
Turnover	EUR m.	417.5	429.8	145.3	145.7
EBIT	EUR m.	2.7	-5.6	0.1	-4.1
Transaction costs acquisition Kodak Moments	EUR m.	---	-6.1	---	-2.3
Additional IT costs for SAP S/4 implementation	EUR m.	---	-2.3	---	-0.9
Operating EBIT before special effects	EUR m.	2.7	2.8	0.1	-0.9
(2) Retail (RT)
Turnover	EUR m.	22.4	21.2	7.6	7.9
EBIT	EUR m.	-0.2	-0.2	0.0	-0.1
(3) Commercial Online-Print (COP)
Turnover	EUR m.	63.9	41.7	21.5	---
EBIT	EUR m.	-0.2	0.0	-0.2	---
(4) Other
Turnover	EUR m.	0.0	0.0	0.0	0.0
EBIT	EUR m.	-0.6	-0.4	-0.2	-0.1
CEWE Group	Unit	Q1-3 2025	Q1-3 2026	Q3 2025	Q3 2026
Turnover incl. COP (for information)	EUR m.	503.8	492.8	174.4	153.6
EBIT incl. COP (for information)	EUR m.	1.8	-6.1	-0.4	-4.3
Turnover (without sold COP)	EUR m.	441.2	451.6	153.5	153.6
EBIT (without sold COP)	EUR m.	2.6	-6.0	0.3	-4.3
Total special effects	EUR m.	---	-8.4	---	-3.2
Operating EBIT before special effects	EUR m.	2.6	2.4	0.3	-1.1
EBT (without sold COP)	EUR m.	2.6	-5.8	0.2	-4.2
Net income	EUR m.	1.2	21.4	-0.1	21.5

  Rounding differences may occur. Exact values have always been used for percentage deviation calculations.   Notes to the table: (1) Photofinishing (PF): Production and sale of photo products (2) Retail (RT): Trading in photo hardware in Norway, Sweden, Poland, the Czech Republic and Slovakia (3) Commercial Online-Print (COP): Production and sale of commercial print products; the business unit was sold and discontinued at the beginning of Q3 2026, so the segment figures shown for Q1-3 2026 correspond to H1 2026 (4) Other: Structural and corporate costs, as well as the results from real estate ownership and investments     Should you have any queries, please contact:
Axel Weber (Head of Group Controlling & Investor Relations)
Email: IR@cewe.de   Internet: cewe-group.com , cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com   © 2026 Kodak Moments Division, Kodak Alaris Inc. The Kodak trademark and Kodak trade dress are used by Kodak Alaris Inc. under license from Eastman Kodak Company.   Financial schedule (insofar as already scheduled) 23.11.2026 Deutsches Eigenkapitalforum 2026, Frankfurt 07.01.2027 ODDO BHF Forum 2027, Lyon 20.01.2027 GCC 2027 - UniCredit/Kepler Cheuvreux Conference, Frankfurt 25.03.2027 CEWE Annual Press and Analyst Conference 2027 25.03.2027 Publication of the 2026 Annual Report 13.05.2027 Publication of the Q1 2027 Interim Statement 13.05.2027  Press release on Q1 2027 02.06.2027 CEWE Annual General Meeting 2027     About CEWE CEWE Stiftung & Co. KGaA is Europe's leading photo service. From its beginnings in 1912, CEWE has progressed to become the leading photo service company for all those wanting to make more of their photos. This is mainly due to the much-awarded CEWE PHOTOBOOK, with about six million books being sold each year. Customers can purchase other personalized photo products under the brand names of CEWE, Cheerz, DeinDesign, Pixum and WhiteWall – and from many leading retailers in Europe. They are inspired to produce a variety of creative designs from their personal photos in these brand environments, entrusting the company with more than 2 billion photos every year. The CEWE Group focuses on sustainable corporate management and has already received many awards for this effort: economically sustainable in the long term; cooperative and fair in dealings with customers, employees and suppliers; socially responsible and protective of the environment and resources. This is also reflected in the Neumüller founding family's role as a long-term anchor shareholder. The CEWE Group has a staff of 3,800 employees and operates in 21 countries. CEWE is listed on the SDAX. More information is available at www.cewe-group.com.