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

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

• Focus on growth and the expansion of Photofinishing
• ‘Best owner principle’ for Commercial Online-Print: all 544 employees will transfer to the new owner, Cimpress
• Higher profitability for CEWE: Group EBIT margin and ROCE will increase
• The proceeds are intended to fund value-enhancing acquisitions in Photofinishing

Oldenburg/Dresden, May 11, 2026. CEWE Stiftung & Co. KGaA (“CEWE”) announced today that it contractually agreed to sell its Commercial Online-Print business to Cimpress, the global market leader in web-to-print, known for brands such as “WIRmachenDRUCK” and “VistaPrint.” The transaction includes SAXOPRINT’s production facility in Dresden as well as the sales units viaprinto and LASERLINE. With this transaction, CEWE is sharpening its profile as a leading provider of premium photofinishing products. It is also directing even more capital and management capacity towards growing its core Photofinishing business—both organically and through further planned acquisitions. The sale is expected to further improve the profitability of CEWE’s continuing operations. Based on 2025 metrics, the Group’s pro forma EBIT margin, excluding Commercial Online-Print, would be approximately 11.2% (instead of 10.2%). On the same pro forma basis, return on capital employed (ROCE) for 2025 would rise by 2 percentage points to 19.6% (instead of 17.6%). As part of Cimpress, Commercial Online-Print will have the right owner in a consolidating market. Cimpress will be able to fully leverage the efficiency and scale advantages of SAXOPRINT’s technically outstanding production site in Dresden through additional production volumes, while also benefiting from the large customer base of the strong SAXOPRINT, viaprinto and LASERLINE brands.

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.

Full-year 2025 results and 2026 targets before and after the COP carve-out in accordance with IFRS 5

The target ranges for the 2026 financial year represent approximate expected levels and reflect the current uncertainties arising from rising prices and inflation in the cost of materials and on the cost side, as well as their potential impact on CEWE’s business performance.

1  The number of photos represents the total number of images used to create CEWE photo products and includes all images incorporated into value-added products (e.g. CEWE PHOTOBOOK, CEWE CARDS, CEWE CALENDARS, CEWE WALL ART and other photo gifts).

2  Cash outflows for investments in property, plant and equipment and intangible assets, net of cash inflows from the disposal of property, plant and equipment and intangible assets; excluding acquisitions and business combinations

3  2026 target: excluding subsequent measurement of equity instruments

4  2026 target: based on the prior year’s normalised Group tax rate

Rounding differences may occur. Percentage variances are generally calculated using the exact figures.

About Commercial Online-Print

To date, CEWE has operated its Commercial Online-Print business through the SAXOPRINT, viaprinto and LASERLINE brands. SAXOPRINT’s production facility in Dresden has served as the technological backbone of CEWE’s Commercial Online-Print business—a highly automated production site equipped with state-of-the-art offset and digital printing technology that routes print jobs in the most volume-efficient way, thereby combining efficiency, quality and delivery reliability. In the 2025 financial year just ended, the Commercial Online-Print business generated revenue of EUR 89.6 million, EBITDA of EUR 8.8 million, EBIT of EUR 1.7 million and EBT of EUR 0.9 million.

About Cimpress

Cimpress plc (Nasdaq: CMPR) helps millions of businesses build brands, stand out and grow via customized physical marketing products and branded merchandise. Founded in 1995, Cimpress has become the global leader in web-to-print mass customization, delivering high-quality, affordable customized physical products quickly and conveniently, even in very low quantities. Cimpress brands include VistaPrint, WIRmachenDRUCK, Pixartprinting, Pens.com, BuildASign, druck.at, Drukwerkdeal, easyflyer, Exaprint, Packstyle, Printi, Tradeprint and BoxUp. To learn more, visit https://www.cimpress.com.

About CEWE

The CEWE Group is Europe's leading photo service and online printing supplier.

From its beginnings in 1912, CEWE has progressed to become the leading photo service company for all those wanting to make more of their photos. This is mainly due to the much-awarded CEWE PHOTOBOOK, with about six million books being sold each year. Customers can purchase other personalised photo products under the brand names of CEWE, Cheerz, DeinDesign, Pixum and WhiteWall – and from many leading retailers in Europe. They are inspired to produce a variety of creative designs from their personal photos in these brand environments, entrusting the company with more than 2 billion photos every year.

The CEWE Group has also set up a highly efficient production system for advertising prints and business prints for the online printing market. Every year billions of high-quality printed products are delivered reliably to their purchasers through the SAXOPRINT, LASERLINE and viaprinto sales platforms.

The CEWE Group focuses on sustainable corporate management and has already received many awards for this effort: economically sustainable in the long term; cooperative and fair in dealings with customers, employees and suppliers; socially responsible and protective of the environment and resources. This is also reflected in the Neumüller founding family's role as a long-term anchor shareholder.

The CEWE Group has a staff of 4,000 employees and operates in 21 countries. CEWE is listed on the SDAX. More information is available at www.cewe-group.com.

Should you have any queries, please contact:
Axel Weber (VP, Head of Group Controlling & Investor Relations)
E-Mail: IR@cewe.de

Dr. Christian Wilbers (Head of PR & Corporate Communication)

E-Mail: presse@cewe.de

Internet:  cewe-group.com , cewe.de , pixum.de , deindesign.de , whitewall.com , cheerz.com , saxoprint.de, viaprinto.de , laser-line.de

Financial schedule

(insofar as already scheduled)

12.05.2026 Publication Q1 2026 Interim Statement

03.06.2026 CEWE Annual General Meeting 2026, Weser-Ems-Halle Oldenburg

13.08.2026 Publication of H1 2026 Interim Report

22.09.2026 Berenberg & Goldman Sachs German Corporate Conference 2026, Munich

23.09.2026 Baader Investment Conference 2026, Munich

12.11.2026 Publication Q3 2026 Interim Statement

23.11.2026 Deutsches Eigenkapitalforum 2026, Frankfurt