CEWE (AO) | Buy | A strategic Kodak moment

Research evidence excerpt

CEWE (AO) | Buy | A strategic Kodak moment

News comment

Release date: 16 July 2026

Sven Sauer

Equity Research Analyst

+49 69 7 56 96 131

ssauer@keplercheuvreux.com

BuyCEWE

Germany | General retail Beta Profile: MCap: EUR709.2M

Target Price: EUR127.00 Bloomberg: CWC GR Reuters: CWCG.DE

Current Price: EUR95.30 Free float 73%

Up/downside: 33.3% Avg. daily volume (EURm) 2.0

YTD abs performance -8.2% Market data: 15 July 2026

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

A strategic Kodak moment

Key points:

CEWE has agreed to acquire KODAK MOMENTS Retail Photo Solutions from Kodak Alaris for an EV of c. EUR88m. The scope

comprises c. 37,000 connected photo stations in 16,000 retail locations across 54 countries, around 500 employees and the

consumables production facility in Windsor, Colorado. The business generates c. EUR200m in annual revenue at a mid-single-

digit EBIT margin. CEWE is acquiring access to the KODAK MOMENTS brand under licence.

The acquisition terms imply an 8.8x EV/EBIT (0.44x EV/Sales) at a 5% margin midpoint. The deal should support revenue and

earnings growth and materially accelerate CEWE’s internationalisation. The acquisition should be earnings accretive but initially

margin dilutive.

Overall, we regard the announcement as modestly positive for the shares, with no change to the underlying 2026 outlook and

potential upside to earnings from 2027/28.

What CEWE is buying and the transaction terms

The transaction covers Kodak Alaris's (a Kingswood Capital Management portfolio company) Retail Photo Solutions operation, its

installed kiosk network, employees and the Colorado consumables facility, which is branded under KODAK MOMENTS Retail

Photo Solutions and generates c. EUR200m in sales annually at a mid-single digit EBIT margin in 54 countries with c. 500