CEWE Completes Sale of Its Commercial Online-Print Division and Strengthens Its Focus on Profitable Growth in Photofinishing

CEWE Completes Sale of Its Commercial Online-Print Division and Strengthens Its Focus on Profitable Growth in Photofinishing

• Increased profitability for CEWE: Group EBIT margin and ROCE rise
• Focus on growth and international expansion of Photofinishing
• Profit from the sale in the mid-double-digit million-euro range

Oldenburg, July 2, 2026. CEWE Stiftung & Co. KGaA (“CEWE”) today completed the sale of its Commercial Online-Print division to Cimpress. The transaction includes the SAXOPRINT production facility in Dresden as well as the sales units viaprinto and LASERLINE. Pursuant to the agreement signed on May 11, 2026, the sale was completed effective July 2, 2026.

Focused brand company in Photofinishing

With the successful completion of the transaction, CEWE is further strengthening its profile as a focused brand company in the Photofinishing sector and is aligning its capital and management resources even more consistently with its core business. CEWE enjoys a strong market position in Photofinishing, high brand awareness, long-standing customer relationships, and a business model characterized by attractive profitability and strong growth prospects. Building on this foundation, the company intends to further expand its leading position in Europe.

EBIT margin rises by one percentage point on a comparable basis

The sale also improves CEWE’s financial profile. Based on the 2025 key figures, the pro forma consolidated EBIT margin would have been approximately 11.2% without the Commercial Online-Print division, compared to the reported 10.2%. Pro forma ROCE would have been 19.6%, compared with the reported 17.6%. CEWE is thus increasing its focus on businesses with attractive returns, strong cash generation, and good opportunities for both organic and inorganic growth.

Investment in innovation, efficiency, and the internationalization of brands

“With the completion of this transaction, we are taking an important step in the consistent further development of CEWE. We are focusing even more strongly on our high-quality, high-margin Photo-finishing business and creating additional headroom to invest in innovation, efficiency, and the internationalization of our brands. Our goal is to further strengthen CEWE as an international Photo-finishing platform and to achieve sustainable, profitable growth,” says Thomas Mehls, CEO of CEWE.

Value-oriented investing and a sustainable dividend policy

The proceeds from the transaction will be used in a disciplined and value-oriented manner. The strategic priority is the further development of the Photofinishing business, in particular through investments in technology, automation, operational excellence, and international brand strength, as well as through selective, value-enhancing acquisitions. In addition, share buybacks and a reliable dividend policy remain integral parts of the capital allocation strategy.

Best-owner strategy for Commercial Online-Print

For its Commercial Online-Print business, CEWE has implemented a clear “best owner” strategy and, with Cimpress, has found the right owner for the divested business unit to lead it into its next phase of development. In a market characterized by economies of scale, Cimpress offers favorable conditions for further developing the business unit’s production capacities and brands.

Profit from the sale in the mid-double-digit millions of euros

CEWE will generate a cash inflow from the transaction that exceeds the carrying amounts of the divested business segment as reported on the balance sheet. After taking into account the transferred assets and liabilities, including goodwill, CEWE expects a gain from the sale of the discontinued business segment in the mid-double-digit million-euro range. This is a one-time, non-operating effect on earnings that will be realized upon the deconsolidation of the Commercial Online-Print business segment in the third quarter of 2026.

Should you have any queries, please contact:
Axel Weber (VP, Head of Group Controlling & Investor Relations)
E-Mail: IR@cewe.de

Internet: cewe-group.com , cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com  

Financial schedule

(insofar as already scheduled)

13.08.2026 Publication of H1 2026 Interim Report

22.09.2026 Berenberg & Goldman Sachs German Corporate Conference 2026, Munich

23.09.2026 Baader Investment Conference 2026, Munich

12.11.2026 Publication Q3 2026 Interim Statement

23.11.2026 Deutsches Eigenkapitalforum 2026, Frankfurt

About CEWE

The CEWE Group is Europe's leading photo service. In fiscal year 2025, the CEWE Group generated revenue of 864.5 million euros and EBIT of 88.2 million euros. The core Photofinishing business made a significant contribution to these results, with revenue of 745.5 million euros and EBIT of 86.6 million euros.

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 personalised 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 3,500 employees and operates in 21 countries. CEWE is listed on the SDAX. More information is available at www.cewe-group.com.