11.05.2026 CEWE Divests Its Commercial Online-Print Business to Cimpress and Fully Focuses on Its Core Photofinishing Business

Improved margin quality for the CEWE Group
The divestment follows a clear logic of returns and strategic focus. In financial year 2025, the core Photofinishing business generated revenue of EUR 745.5 million and EBIT of EUR 86.6 million, making it the most profitable of CEWE’s business segments (reported EBIT margin: 11.6%; operating EBIT margin: 11.9%). The Commercial Online-Print segment contributed revenue of EUR 89.6 million and EBIT of EUR 1.7 million (EBIT margin: 1.9%). On a pro forma basis, this improves the margin quality of the CEWE Group: without Commercial Online-Print, the Group EBIT margin for 2025 would be approximately 11.2% instead of 10.2%. On the same pro forma basis, return on capital employed (ROCE) would increase by 2 percentage points to 19.6% (instead of 17.6%).

Accelerating growth and leveraging size advantages with precision
The proceeds from the transaction will be deployed in a value-oriented manner. Strategic priority will be given to the further development of the Photofinishing business, particularly through investments in technology, efficiency and brand strength, as well as through selective, value-enhancing acquisitions. At the same time, the continuation of the share buyback program and a consistently reliable dividend distribution remains assured. “We allocate capital where it can generate the highest sustainable returns: in our core Photofinishing business – with scale effects across production, logistics and IT, a strong premium brand strategy, and targeted acquisitions to accelerate growth momentum while maintaining a continued positive margin trend. As demonstrated in the past through the acquisitions of WhiteWall and Cheerz, we intend to further expand our customer reach, strengthen our technological advantages, reinforce our regional market presence and leverage scale advantages through targeted acquisitions in Photofinishing, thereby delivering a sustainable increase in earnings,” said Thomas Mehls, CEO of the CEWE Group.

Commercial Online-Print benefits from the best‑owner‑principle
CEWE explicitly recognises the performance and commitment of all 544 employees in Commercial Online- Print at SAXOPRINT, viaprinto and LASERLINE, who have successfully advanced the business over many years and who will all be taken over by the new owner. “Their dedication, operational excellence and customer focus have made Commercial Online-Print a strong and well-established business segment,” said Thomas Mehls. “The divestment is the right decision not only for CEWE, but also for Commercial Online-Print itself. COP will become part of Cimpress, the global market leader, and will therefore have the right owner in a consolidating market. With additional production volumes, Cimpress will be able to fully leverage the efficiency and scale strengths of SAXOPRINT’s technically outstanding production site in Dresden, while benefiting from the large customer base of the strong SAXOPRINT, viaprinto and LASERLINE brands. Under the Cimpress umbrella, COP will in future be able to make full use of the market leader’s advantages.” Robert Keane, founder, chairman and CEO of Cimpress: “CEWE’s commercial online printing business brings a strong industrial asset with state-of-the-art production capabilities into our company. We will leverage and further develop these strengths as part of our European network to improve the value we deliver to customers.”

Sale of the Commercial Online Print business segment: transaction details
Completion of the transaction is subject to the usual closing conditions, particularly regulatory and antitrust approvals, and is expected during the second half of 2026. The parties have agreed not to disclose the purchase price. Upon completion of the transaction, CEWE Stiftung & Co. KGaA will receive a cash inflow that exceeds the current book value of the Commercial Online-Print division. After accounting for the disposal of the assets and liabilities allocated to this business segment, including goodwill, CEWE Stiftung & Co. KGaA expects to recognise a gain on the sale of the discontinued business in the mid-double-digit million-euro range.

Adjustment of CEWE’s 2026 corporate planning
With the sale agreement now signed, the Commercial Online Print business segment will be classified as discontinued operations and removed from the Group income statement in accordance with IFRS 5. CEWE Group is therefore adjusting its 2026 planning for the continuing operations as follows: Group revenue is expected to grow by up to 4% in 2026 and is projected in a range of EUR 780 million to EUR 810 million (pro forma revenue 2025: EUR 777.0 million). Group EBIT for 2026 is expected to be between EUR 85 million and EUR 91 million (pro forma EBIT 2025: EUR 86.0 million), EBT between EUR 84.5 million and EUR 90.5 million (pro forma EBT 2025: EUR 87.0 million), and net income after taxes from continuing operations between EUR 57 million and EUR 62 million (pro forma net income after taxes 2025: EUR 57.7 million). In setting these targets, CEWE’s management is guided in each case by values in the upper half of the respective ranges, while the lower end of the corridors primarily reflects exogenous uncertainties beyond the company’s control.