Half Year 2026 Cewe Stiftung & Co KGaA Earnings Call Transcript
Key Points
- CEWE Stiftung & Co KGaA (XTER:CWC) reported a strong Q2 with significant revenue growth of 6% in photofinishing, driven by higher volumes and increased value per print.
- The acquisition of Kodak Moments expands CEWE's global footprint into key markets like the US, Mexico, Canada, and Australia, adding a strong brand and growth platform.
- The deal includes vertical integration of thermal media production, securing supply chains and reducing dependency on Asian suppliers.
- The sale of the Commercial Online Print division closed in July, with expected positive effects on Q3 results and a clearer focus on photofinishing.
- The company confirmed its 2026 guidance, with photofinishing revenue growth and EBIT within the communicated ranges, despite market challenges.
- The Kodak Moments acquisition is subject to regulatory approvals and a complex carve-out, with closing expected in 6-12 months, creating uncertainty.
- Transaction costs for both the acquisition and the sale of Commercial Online Print negatively impacted reported EBIT in Q2.
- The company faced higher material, logistics, and personnel costs, which pressured profitability in the first half.
- Free cash flow turned negative at EUR -18.3 million due to working capital effects, including preparations for the S/4HANA implementation and early supplier payments.
- The retail segment is undergoing a strategic shift, reducing turnover by focusing on higher-margin products, which may impact short-term revenue.
Welcome, ladies and gentlemen, to the earnings call of CEWE Group following the publication of the first half-year figures of 2026. I would like to welcome CEO Thomas Mehls and CFO Sirka Hintze, who will speak in a moment and guide us through the figures.
But before I hand over to the management board, please note that you have the option of switching your camera on and off. In this case you will be visible during the entire presentation.
But not on the recording. The recording will be stopped before the Q&A session. And having said this, Mr. Mehls, the stage is yours.
Yes, wonderful and very warm welcome and a very good morning to all of you.
Yeah, also from my side, very warm welcome.
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