CEWE again significantly increases turnover and earnings in 2023

CEWE again significantly increases turnover and earnings in 2023

• Strong Christmas business: photo products are popular Christmas gifts
• Turnover increases to 788.8 million euros (+6.5%), EBIT rises to 81.6 million euros
• Commercial Online-Print and Retail also clearly improve results

Oldenburg, February 14, 2024 - CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) closed the 2023 financial year with a significant increase in turnover and earnings according to preliminary, unaudited figures: Group turnover, including futalis, which was sold in December 2023, increased by +6.5% to 788.8 million euros (2022: 741.0 million euros), while the CEWE Group's operating result (EBIT) calculated in this way rose to 81.6 million euros (2022: 75.6 million euros). At 83.9 million euros, the Group EBIT reported in accordance with IFRS (excluding futalis) even increased by 11.0% or 8.3 million euros compared to the previous year (2022: 75.6 million euros), while the reported Group turnover (excluding futalis) rose to 780.2 million euros (2022: 732.7 million euros). CEWE had planned Group turnover in the target range of 720 to 780 million euros and EBIT of up to 82 million euros for 2023. "Behind these convincing figures is a team that once again made millions of people throughout Europe happy in 2023," says Yvonne Rostock, CEO of CEWE Stiftung & Co. KGaA. "Because that is our promise, especially at Christmas: High-quality, unique products full of personal memories - delivered on time and reliably. Together with our retail partners, we are thus continuing a great success story." According to Rostock, CEWE will continue to focus on investing in innovations, increasingly sustainable products of the highest quality as well as end-customer-centered and wide-reaching brand communication. The most important key figure here is customer satisfaction, measured as the 'Net Promoter Score', which has risen again in 2023 compared to previous years.

Strong Christmas business leads to annual success

CEWE's traditional seasonal peak in Christmas business in the fourth quarter also contributed significantly to the annual success in 2023: Group turnover increased by 3.3% to 327.0 million euros in the fourth quarter (Q4 2022: 316.7 million euros). Group EBIT improved by 4.6 million euros or 5.9% to 81.6 million euros (EBIT Q4 2022: 77.0 million euros). CEWE continues to benefit from its early transformation into an online business model: both the trend towards taking photos with smartphones and photo products that can be easily ordered online or via mobile apps are driving growth. Together with its strong retail partners, who guarantee customer-oriented service with over 20,000 stores in Europe, CEWE is continuously developing the photo market through innovations.

Demand for photo products independent of overall economic development

Photo products in particular have a very high emotional value for many people - especially as Christmas gifts - and are increasingly in demand, largely independently of the overall economic development. Thanks to its strong brand positions and the marketing activities carried out in the past financial year, CEWE was able to successfully convert the increased vacation travel activity in 2023 in particular, with many new photos taken by consumers, into its own business growth: The total number of photos across all CEWE products rose by 4.8% to 2.39 billion in the reporting year (2022: 2.28 billion photos), and the CEWE PHOTOBOOK also saw pleasing growth with an increase of 3.4% to a sales volume of 6.1 million copies (2022: 5.8 million copies).

Commercial Online-Print and Retail also improve profitability

According to preliminary calculations, both the Commercial Online-Print and Retail business segments closed the 2023 financial year with a significantly improved result. Both the best price guarantee and optimized production and cost structure in Commercial Online-Print and the improved branch structure in Retail contributed to this.

All information on the 2023 financial year is based on preliminary, unaudited data. The complete, audited annual financial statements for 2023 with details of the results by business segment and the planning for 2024 will be presented at the annual press and analysts' conference on March 22, 2024.

Full-year 2023 year-on-year and target comparison (preliminary figures)

Fourth quarter 2023 (preliminary figures)

Percentage differences are always calculated with the exact values.
Should you have any queries, please contact:
CEWE Stiftung & Co. KGaA, Axel Weber (Investor Relations)
Tel.: 0441 / 404 - 552, Fax: 0441 / 404 - 421, Email: IR@cewe.de

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

saxoprint.de, viaprinto.de , laser-line.de

The CEWE apps are all available in the app stores: CEWE PHOTO WORLD, CEWE POSTCARD and other photo apps, and the CEWE Investor Relations app for iPad© or android tablets, with annual reports and quarterly reports, presentations and sustainability reports.

You are welcome to join us at one of these investment conferences or to follow up on our pending publications:

Financial schedule

(insofar as already scheduled)

22.03.2024 CEWE Annual Press and Analyst Conference 2024

17.04.2024 Baader Consumer Day, Frankfurt

15.05.2024 Publication Interim Statement Q1 2024

16.05.2024 UBS Pan European Small and Mid-Cap Conference, London

05.06.2024 Annual General Meeting 2024, Weser-Ems-Halle Oldenburg

15.08.2024 Publication Interim Report H1 2024

22.08.2024 Montega Conference HIT, Hamburg

25.09.2024 Berenberg & Goldman Sachs German Corporate Conference 2024, Munich

26.09.2024 Baader Investment Conference 2024, Munich

14.11.2024 Publication Interim Statement Q3 2024

20.11.2024 CIC Market Solutions Forum, Paris

25.11.2024 Deutsches Eigenkapitalforum 2024, 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.