CEWE (AO) | Buy | Q1 2026 results on plan

Research evidence excerpt

CEWE (AO) | Buy | Q1 2026 results on plan

News comment

Release date: 12 May 2026

Sven Sauer

Equity Research Analyst

Buy +49 69 7 56 96 131CEWE ssauer@keplercheuvreux.com

Germany | General retail Beta Profile: MCap: EUR734.5M

Target Price: EUR119.00 Bloomberg: CWC GR Reuters: CWCG.DE

Current Price: EUR98.70 Free float 56%

Up/downside: 20.6% Avg. daily volume (EURm) 2.4

YTD abs performance -4.9% Market data: 11 May 2026

52-week high/low (EUR) 105.80/90.30

Q1 2026 results on plan

Key points:

Q1 is fully in line with management's expectations, and FY 2026 guidance is confirmed. Group sales rose by 1.4% to EUR175.8m, and EBIT

was slightly down at EUR5.6m vs EUR6.1m.

Photofinishing is continuing to grow, but costs are weighing on the quarter. Sales in the segment were up 1.7%, photos up 1.6%, CEWE

PHOTOBOOK volumes up 2.2%, and EBIT slightly down due to >EUR2m wage inflation and c. EUR1m higher marketing.

Yesterday's announced sale of its Commercial Online Printing segment remains the bigger catalyst. The disposal to Cimpress sharpens

focus on Photofinishing. FY 2026 continuing operating guidance has been rebased to EUR780-810m sales and EUR85-91m EBIT, with an

improved margin and ROCE profile.

Q1 is neutral-to-slightly positive; the Commercial Online Printing disposal is the bigger catalyst.

Group sales rose 1.4% YOY to EUR175.8m, a new Q1 high, while EBIT declined to EUR5.6m from EUR6.1m (EBIT before PPA from

EUR6.6m to EUR6.0m), which management says was fully in line with expectations. Despite a small EBIT decline, CEWE remains

on track for FY 2026, and guidance is confirmed. Q1 is only c. 6% of the full-year EBIT target midpoint, so the Christmas quarter

remains the decisive quarter.

Photofinishing is still growing, but the margin pressure remains visible.