CEWE Stiftung & Co. KGaA

Investor Presentation • May 14, 2025

Q1 2025 Analyst Conference Call

A warm welcome

Thomas Mehls CEO

Dr. Olaf Holzkämper CFO

Agenda (1) Results in a nutshell

• (2) Corporate Development by Business Segments
• (3) Group Results
• (4) Financial Details
• (5) Strategy & Outlook 2025
• (6) Q&A-Session

Successful start to the year: Q1 confirms annual targets for 2025

in Euro millions

Group turnover rises by +4.8% to €173.4 million (Q1 2024: €165.5 million).

At €6.1 million, Q1 Group EBIT is fully in line with expectations, confirming the annual target for 2025.

The EBIT difference compared to the previous year can be explained by, among other things, the shift in the Easter holiday (-1.5 million euros) and the increase in (online) marketing costs (-0.9 million euros). In the previous year, Easter fell in the first quarter (Good Friday was already on March 29, 2024), whereas this year it fell in the second quarter. In addition, the previous year was a leap year and had one more production day due to February 29.

Rounding differences may occur.

5

* Previous year's turnover and EBIT adjusted by €0.179 million due to the correction of a major customer invoice in COP; effect for the full year 2024 already taken into account in Q4 2024

Corporate Development by Business Segments Photofinishing

Innovation Strength

6 TIPA World Awards 2025 for CEWE, Pixum and WhiteWall

BEST PHOTOBOOK CEWE PHOTOBOOK with Panorama Page

BEST PROFESSIONAL PRINTING APP CEWE Passport Photo App

BEST PHOTO SERVICE CEWE Fineline Wall Calendar

BEST DESIGN & TECHNOLOGY CEWE Smart Layout Concept

BEST PHOTOBOOK APP Pixum App Smart Photobook Layouts

BEST PHOTO FRAME DESIGN WhiteWall 6mm Basel Frame

"BEST PHOTOBOOK" – CEWE PHOTOBOOK with Panorama Page

8

"BEST PROFESSIONAL PRINTING APP" – CEWE Passport Photo App

"BEST PHOTO SERVICE" – CEWE Fineline Wall Calendar

"BEST DESIGN & TECHNOLOGY" – CEWE Smart Layout Concept

12

TIPA World Awards 2025 for Pixum

"BEST PHOTOBOOK APP" – Pixum App Smart Photobook Layouts

TIPA World Awards 2025 for WhiteWall

"BEST PHOTO FRAME DESIGN" – WhiteWall 6mm Basel Frame

Business Segment Photofinishing Q1

in Euro millions

Photofinishing turnover rose by 5.3% to €144.8 million in the first quarter (Q1 2024: €137.6 million). Trend confirmed: Demand for photo products has been strong in the first quarter for years, a trend that was temporarily diluted in 2022 due to the coronavirus pandemic.

Photofinishing EBIT reached €5.6 million in the first quarter (Q1 2024: €7.5 million). Among other things this can be explained by a different public holiday constellation: In the previous year, Easter fell in the first quarter, this year in the second. The previous year was also a leap year and had one more production day due to February 29. This different calendar day constellation resulted in a total reduction in the contribution margin of around €1.5 million in the first quarter. In addition, the result includes around €0.9 million in higher marketing expenses – in particular due to online marketing activities which were needed in order to achieve the top-line result.

• Special effects Q1 2025: -0.6 million euros
• − Effects from the purchase price allocation of Cheerz: -0.2 mill. euros
• − Effects from the purchase price allocation of WhiteWall: -0.3 mill. euros
• − Effects from the purchase price allocation of Hertz: -0.1 Mio. mill. euros
• Special effects Q1 2024: -0.7 million euros
• − Effects from the purchase price allocation of Cheerz: -0.2 mill. euros
• − Effects from the purchase price allocation of WhiteWall: -0.5 mill. euros
  • − Effects from the purchase price allocation of Hertz: -0.1 mill. euros

»Successful start to the year: Photofinishing business continues to grow in the first quarter

Photofinishing-Turnover by Quarter

Seasonal distribution: CEWE 2021 to 2025 – Turnover by quarter in million euros

»Photofinishing turnover in first quarter slightly above expected target range

Photofinishing-EBIT by Quarter

Seasonal distribution: CEWE 2021 to 2025 – EBIT by quarter in million euros

»Photofinishing EBIT within planned target range in the first quarter

Number of prints and turnover Photofinishing Q1

» Total prints and turnover per photo continue to increase, leading to a rise in photofinishing turnover

CEWE PHOTOBOOK

• » Pleasing: CEWE PHOTO BOOKS sees significant growth of 5.1% in volume in Q1
• » Trend towards higher-quality CEWE PHOTOBOOKS continues: +7.2% turnover growth in Q1

Corporate Development by Business Segments Commercial Online-Print

Commercial Online-Print

»Business and advertising prints: flyers, business cards, stationery, packaging, promotional items, etc.

Business Segment Commercial Online-Print Q1

in Euro millions

COP grew by 3.0% in the weaker overall market in the first quarter. With its best price guarantee, COP appears to be continuing to gain market share.

Thanks to cost-efficient production in a highly price-competitive environment, the turnover achieved enabled COP to post an EBIT on a par with the previous year: EUR 0.7 million (EBIT Q1 2024: EUR 0.7 million).

▪ Special effects Q1 2025: -0.03 million euros − Effects from the purchase price allocation of Laserline: -0.03 mill. euros

• Special effects Q1 2024: -0.03 million euros
• − Effects from the purchase price allocation of Laserline: -0.03 mill. euros

»COP has maintained its position in the market with its best price guarantee and achieved an EBIT at the previous year's level

22 Rounding differences may occur.

* Previous year's turnover and EBIT adjusted by €0.179 million due to the correction of a major customer invoice in COP; effect for the full year 2024 already taken into account in Q4 2024

Corporate Development by Business Segments Retail

CEWE Retail with focus on Photofinishing business

Business Segment Retail* Q1

in Euro millions

The hardware retail business remains well positioned and even achieved a slight increase in turnover of +1.0% to EUR 6.7 million (Q1 2024: EUR 6.6 million).

With EBIT of EUR -0.2 million, the retail business achieved a typical Q1 result (Q1 2024: EUR -0.1 million; change: EUR -44 thousand). Due to the seasonal nature of the business, hardware retail is traditionally slightly negative in the first quarter.

• Special effects Q1 2025: none
• Special effects Q1 2024: none

»Retail business remains well positioned and even posts slight increase in turnover

Corporate Development by Business Segments Other

Business Segment Other Q1 in Euro millions

Structural and corporate costs and profits arising from real estate property and company investments are shown in the "other" business segment.

»Other results in line with expectations

Turnover Q1 in Euro millions

»Group turnover reaches new Q1 high

Rounding differences may occur.

29

* Previous year's turnover adjusted by €0.179 million due to the correction of a major customer invoice in COP; effect for the full year 2024 already taken into account in Q4 2024

EBIT in Euro millions

»Q1 earnings fully in line with targets set: 6.1 million euros EBIT

Rounding differences may occur.

30

* Previous year's EBIT adjusted by €0.179 million due to the correction of a major customer invoice in COP; effect for the full year 2024 already taken into account in Q4 2024

Financial Details

Consolidated income statement Q1 2025

Figures in thousands of euros	Q1 2024	in % of revenues	Q1 2025	in % of revenues	∆ as %	∆ as th.euros
Revenues	* 165,486	100%	173,426	100%	4.8%	7,940
Increase / decrease in finished and unfinished goods	-75	0.0%	-353	-0.2%	-371%	-278
Other own work capitalised	1,077	0.7%	609	0.4%	-43.5%	-468
Other operating income	7,500	4.5%	8,386	4.8%	11.8%	886
Cost of materials	-39,415	-23.8%	-40,950	-23.6%	-3.9%	-1,535
Gross profit	134,573	81.3%	141,118	81%	4.9%	6,545
Personnel expenses	-55,311	-33.4%	-60,251	-34.7%	-8.9%	-4,940
Other operating expenses	-58,588	-35.4%	-62,136	-35.8%	-6.1%	-3,548
EBITDA	20,674	12.5%	18,731	10.8%	-9.4%	-1,943
Amortisation/Depreciation	-12,751	-7.7%	-12,624	-7.3%	1.0%	127
Earnings before interest, taxes (EBIT)	* 7,923	4.8%	6,107	3.5%	-22.9%	-1,816
Financial income	938	0.6%	482	0.3%	-48.6%	-456
Financial expenses	-347	-0.2%	-444	-0.3%	-28.0%	-97
Financial result	591	0.4%	38	0.0%	93.6%	-553
Earnings before taxes (EBT)	8,514	5.1%	6,145	3.5%0	-27.8%0	-2,369

All business segments increased its turnover: PF +7.2 million euros (+5.3%), COP +0.6 million euros (+3.0%), RT +0.1 million euros (+1.0%)

Slight increase in income from recyclable production residues.

Slight reduction of the cost of materials ratio to 23.6% (previous year: 23.8%) due to the ongoing shift in the revenue structure (larger revenue share of the PF business segment with a lower cost of materials ratio).

Increase due to wage and salary adjustments, new hires in the PF business segment, provisions for departing board members and higher provisions for accrued holiday pay

Increased costs for advertising and higher IT costs.

Rounding differences may occur.

32

* Previous year's turnover and EBIT adjusted by €0.179 million due to the correction of a major customer invoice in COP; effect for the full year 2024 already taken into account in Q4 2024

Balance Sheet on 31 March

»Balance sheet total increased by 35.7 million euros to 621.9 million euros (+6.1%), "in line" with turnover (+4.8%)

»CEWE with strong equity ratio of 68.2% (31.03.2024: 66.6%)

From Balance Sheet to Management Balance Sheet

Management-Balance Sheet on 31 March

»Increase mainly in cash (+26.0 million euros) respectively equity (+33.9 million euros) raises capital employed respectively capital invested (+32.4 million euros)

• » Mainly operating working capital effects lead to a decrease in free cash flow in the first quarter to previous years' level
• » Investment promotion for new building in Freiburg of 2.8 million euros has a positive effect on cash flow from investing activities and free cash flow

received

ROCE

»ROCE remains at a strong level: 17.6%

»Excluding the increase in cash in capital employed, ROCE even at 18.6%

Sixteenth consecutive dividend increase

(dividend payout in following year)

* recommendation of board of management and supervisory board to AGM (June 4, 2025)

CEWE is a TOP dividend increaser

Source: "MyDividends.de" (2022), "Dividendenstudie 2023" and "Dividendenstudie 2024" from Dividenden Adel, isf Institut and Deutsche Schutzvereinigung für Wertpapierbesitz DSW

Q1 result confirms 2025 outlook

Q1 result confirms 2025 outlook

EBIT in million euros

Q1 result confirms 2025 outlook

Target		PY 2024	Target 2025	Change
1 Photos	billion photos	2.46	2.46 to 5.53	0% to +2%
CEWE PHOTO BOOK	millions	6.11	6.0 to 6.2	-1% to +2%
Operational Investments 2	million euros	56.0	~ 65
Revenue	million euros	832.8	835 to 865	0% to +4%
EBIT	million euros	86.1	84 to 92	-2% to +7%
EBT 3	million euros	86.9	83.5 to 91.5	-4% to +5%
4 Earnings after tax	million euros	60.1	58 to 63	-4% to +5%
Earnings per share	euro	8.64	8.32 to 9.12	-4% to +6%

1 The number of photos is the sum of the images with which CEWE photo products were designed and refers to all images that are used in value-added (CEWE PHOTOBOOK, calendars, wall art, greeting cards, etc.) 2 Outflows from investments in property, plant and equipment and intangible assets, netted against inflows from the sale of property, plant and equipment and intangible assets; without acquisitions/company acquisitions 3 Without subsequent valuations of equity instruments

4 Based on the normalized group tax rate of the previous year

The ranges of these targets for 2025 reflect the uncertainties that currently arise, for example, from possible developments in demand behavior, from price increases/inflation on the cost of sales and cost side and their potential impact on CEWE's business performance.

Rounding differences might occur.

This presentation contains forward-looking statements that are based on current assumptions and forecasts of the management of CEWE. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

All numbers are calculated as exactly as possible and rounded for the presentation. Due to this, rounding differences might occur.