CEWE: Turnover and earnings increased further, targets achieved

CEWE: Turnover and earnings increased further, targets achieved
 

• Successful Christmas business: photo products are popular Christmas gifts
• Group turnover to increase by +6.7% to €832.8 million in 2024 (2023: €780.2 million)
• Group EBIT to rise to €86.1 million in 2024 (2023: €83.9 million)
• Earnings targets for 2024 at the upper end of the target range achieved

Oldenburg, February 25, 2025. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) has closed the 2024 financial year once again with a significant increase in turnover and earnings, according to preliminary, as yet uncertified figures: Group turnover increased by +6.7% to 832.8 million euros (2023: 780.2 million euros). CEWE thus exceeds its own target for 2024 of up to 820 million euros in turnover. The CEWE Group's operating result (EBIT) rose to 86.1 million euros (2023: 83.9 million euros), even reaching a figure at the upper end of the planned target corridor of 77 to 87 million euros. “Thanks to an outstanding team performance by all our employees, we have once again made millions of people throughout Europe happy with photo products in the past financial year of 2024. We continued to grow in 2024 along our strategic priorities with a focus on innovation, brand strength, efficiency and sustainability. The CEWE Group once again invested more in the market, inspiring many people to create and share photo products of the highest quality and full of personal memories. This top-line growth makes us very proud and shows how well CEWE has held its own in a challenging macroeconomic environment characterized by recession, cost increases and increasing regulation”, explains Yvonne Rostock, CEO of CEWE Stiftung & Co. KGaA. Customer satisfaction is always at the center of all corporate activities. Particularly encouraging is the fact that the net promoter score, a measure of customer satisfaction, rose again in the past financial year, from what was already a very high level.

Strong Christmas trade guarantees a successful year

CEWE's traditional seasonal peak in the Christmas business in the fourth quarter also made a significant contribution to the annual success in 2024: Group turnover in the fourth quarter rose by +7.4% to 351.2 million euros (Q4 2023: 327.0 million euros). The CEWE team managed to meet the challenge of customer orders arriving later and later just before Christmas. Efficiency increases in production, site expansions and new printing and shipping technologies were successfully implemented. At a strong 80.6 million euros, Group EBIT in Q4 again accounts for the lion's share of the annual result (Q4 2023: 81.6 million euros). CEWE was thus once again able to successfully hold its own in a competitive environment during the Christmas season thanks to the premium quality of its innovative products, the strong positioning of all CEWE brands and the strong investments in the market.

CEWE photo products increasingly in demand in 2024 as well

Photo products in particular have a very high emotional value for many people – especially as Christmas gifts. In the past financial year, CEWE once again successfully converted the high volume of photos available in general, primarily due to smartphone photography, into its own business growth: the total number of photos across all CEWE products rose by +1.7% to 2.43 billion units (2023: 2.39 billion photos) in the reporting year. During the past Christmas season, many product and software innovations – such as the panorama page in the CEWE PHOTOBOOK, the photo domino, the large photo puzzle with up to 2,000 pieces and many other new photo gifts, the new editor in the ordering software or the new ID photo app – further strengthened the Christmas business.

 

All information on the 2024 financial year is based on preliminary, unaudited data. The complete, audited annual financial statements for 2024 with details of the results by business segment and the planning for 2025 will be presented at the annual press and analysts' conference on March 27, 2025.

 

 

Full-year 2024 year-on-year and target comparison (preliminary figures)

 

CEWE Group	Unit	2023	Target 2024	2024	%-change
Photos	billion	2.387	2.3 to 2.4	2.427	+1.7%
CEWE PHOTOBOOK	million	6.05	5.9 to 6.2	6.11	+0.9%
Turnover	million euros	780.2	770 to 820	832.8	+6.7%
Turnover adjusted*	million euros	780.2		820.0	+5.1%
EBIT	million euros	83.9	77 to 87	86.1	+2.6%

 

 

Fourth quarter 2024 (preliminary figures)

 

CEWE Group	Unit	Q4-2023	Q4-2024	%-change
Photos	billion	0.901	0.916	+1.7%
CEWE PHOTOBOOK	million	2.47	2.50	+1.3%
Turnover	million euros	327.0	351.2	+7.4%
Turnover adjusted*	million euros	327.0	347.1	+6.1%
EBIT	million euros	81.6	80.6	-1.2%

 

Percentage differences are always calculated with the exact values.

 

* without taking into account the (revenue-increasing but earnings-neutral) conversion of a retail partner supplied by CEWE to commission-based settlement
Should you have any queries, please contact:
Axel Weber (VP, Head of Investor Relations)
E-Mail: IR@cewe.de

 

Internet:  cewe-group.com , cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com , saxoprint.de, viaprinto.de , laser-line.de

 

Financial schedule

(insofar as already scheduled)

 

27.03.2025 CEWE Annual Press and Analyst Conference 2025

27.03.2025 Publication Annual Report 2024

15.05.2025 Publication of Q1 2025 Interim Statement

04.06.2025 CEWE Annual General Meeting 2025, Weser-Ems-Halle Oldenburg

12.06.2025 Warburg Highlights Conference, Hamburg

14.08.2025 Publication of H1 2025 Interim Report

27.08.2025 Montega Conference HIT, Hamburg

23.09.2025 Berenberg & Goldman Sachs German Corporate Conference 2025, Munich

24.09.2025 Baader Investment Conference 2025, Munich

13.11.2025 Publication Q3 2025 Interim Statement

24.11.2025 Deutsches Eigenkapitalforum 2025, Frankfurt

 

About CEWE:

The CEWE Group is Europe's leading photo service and online printing supplier.

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 has also set up a highly efficient production system for advertising prints and business prints for the online printing market. Every year billions of high-quality printed products are delivered reliably to their purchasers through the SAXOPRINT, LASERLINE and viaprinto sales platforms.

The CEWE Group, through the founder family of Neumüller as an anchor shareholder, 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.

The CEWE Group has a staff of 4,000 employees and operates in 21 countries. CEWE is listed on the SDAX. More information is available at company.cewe.de.