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Cewe

CEWE Stiftung & Co. KGaA is a company headquartered in , founded in 1961 as a specialist in photo finishing and online printing services, and established as Europe's technology and market leader in the sector with operations across 21 countries. The company produces a wide range of personalized photo products, including CEWE PHOTOBOOKS, calendars, greeting cards, and photo gifts, alongside commercial online printing through its subsidiaries SAXOPRINT and viaprinto. In 2024, CEWE delivered 2.46 billion photos and 6.11 million CEWE PHOTOBOOKS, generating a group turnover of 832.8 million euros. In Q3 2025, the company reported a 6.1% increase in turnover to €174.4 million. Tracing its origins to , when Carl Wöltje and Helene Kass established a in , the company evolved under subsequent leadership to pioneer color film development in the and industrial-scale photo processing in 1965. Key milestones include the introduction of photo and the photo print in 1994, the launch of the innovative CEWE with proprietary design software in 2005, and the surpassing of film prints by ones in 2007. CEWE has since expanded through acquisitions, such as SAXOPRINT in 2012 and WhiteWall in 2019, and maintains a commitment to , positioning itself as a leader in climate protection within the industry. Listed on the since 1993, the company employs advanced high-tech production sites to support its pan-European presence with 14 facilities and 27 sales offices.

History

Founding and early development

The origins of CEWE trace back to 1912, when 26-year-old Carl Wöltje founded the 'Photographische Anstalt' in , , establishing a photographic focused on traditional processing and . In 1915, Wöltje married Helene Kass, and together they managed the business through the challenges of the World Wars, initially catering to professional and local photographic needs. In 1947, Heinz Neumüller, a former marine officer, married Carl Wöltje's daughter Sigrid—a qualified master who had joined the in —and took on the role of commercial manager, helping to modernize operations. The early centered on photofinishing services for photographers, including development and production. By 1951, the Neumüllers introduced color development services to their customers, positioning the laboratory as an early adopter in a market where was gaining traction among consumers. The company's formal establishment as CEWE Color occurred in 1961, when Heinz Neumüller founded the organization in , naming it after the initials of his father-in-law, Carl Wöltje (CW). Initial growth was supported through partnerships with local retailers, as evidenced by the opening of branches on Lange Strasse in 1953 and Achternstrasse in 1956, which offered photographic services, equipment sales, and processing to a broader customer base. In the mid-1960s, lab capabilities expanded significantly with the construction of an industrial photo laboratory on Meerweg in , completed and opened in 1965, enabling higher-volume color film processing and supporting the rising demand from photographers. By 1969, CEWE employed over 300 staff, reflecting steady expansion in its photofinishing operations during the decade.

Expansion and diversification

During the 1970s, CEWE began its geographic expansion beyond , starting with the establishment of operations in the in 1971, followed by additional facilities in several German cities including , , , , and between 1972 and 1975. This period marked the company's transition from a regional photolab to a broader European player, with further international growth into countries such as , , and by the end of the decade. By focusing on high-volume , CEWE solidified its position as 's leading color lab during this time. In the 1980s, CEWE continued its diversification by introducing innovative photo gifts, such as printed mugs and t-shirts, which expanded its offerings beyond traditional photofinishing. A key step in European expansion occurred in 1986 with the opening of a branch in , providing access to the through a local color photo lab acquisition. Further branches were established in , , , and over the following years, enhancing production capacity amid growing demand for color prints. The late and brought significant technological shifts as CEWE adopted technologies to address the rise of consumer cameras and the decline of analog film. In 1994, the company pioneered the printing of photos on and invented the photo index, a tool for organizing images. By 1997, CEWE launched its first photo services, including the 'Digistation' ordering kiosk and online photo ordering capabilities, facilitating the shift to photo services across . This era also saw diversification into retail partnerships through the introduction of CEWE Kiosks in the late , enabling in-store photo processing at partner chains and boosting accessibility for consumers. From the 1990s onward, CEWE accelerated its geographic footprint with expansions into , , and Central between 1993 and 2000, including additional developments in the UK market. These moves, combined with technological adaptations, propelled CEWE to become Europe's largest photofinishing provider by the end of the decade, processing billions of color prints and capturing significant market share through integrated services.

Stock market listing and modern era

CEWE Stiftung & Co. KGaA went public in 1993 with an initial public offering on the Frankfurt Stock Exchange, marking a pivotal shift that enabled the company to access broader capital markets for growth initiatives. This listing, under the leadership of Executive Board Member Hubert Rothärmel, transformed CEWE COLOR Holding AG into a publicly traded entity, facilitating subsequent inclusion in the SDAX index, which further enhanced its visibility and funding opportunities for strategic expansions. The capital raised supported accelerated European expansion, including entries into markets in France, Scandinavia, and Central Eastern Europe during the 1990s. In response to the boom of the , CEWE invested heavily in technological adaptations to maintain relevance amid the shift from analog to . These efforts culminated in 2005 with the introduction of the CEWE PHOTOBOOK, supported by proprietary design software, and by 2007, digital prints had surpassed traditional film prints in volume at 1.515 billion units compared to 1.277 billion. By the , these innovations drove substantial growth in personalized photo products, with CEWE producing over 6 million photobooks annually by 2017, reflecting the success of integrated online platforms and mobile apps for uploading and ordering. Strategic acquisitions in the bolstered CEWE's commercial printing capabilities and diversified its portfolio. A key milestone was the 2012 acquisition of Saxoprint GmbH, a Dresden-based online specialist, which integrated advanced technologies and expanded CEWE's B2B offerings in marketing materials and large-format prints. Further acquisitions included LASERLINE in 2017, a stake in the photo Cheerz in 2018, and WhiteWall in 2019, enhancing online printing, mobile services, and premium photo products. This move, part of a broader merger and acquisition strategy, enhanced operational efficiencies and market reach without overlapping core photofinishing services. From 2020 to 2025, CEWE demonstrated resilience amid global challenges, particularly during the , by leveraging its infrastructure for sustained growth. Despite disruptions to physical partnerships, sales in photofinishing and printing segments increased, compensating for pandemic-related declines and contributing to an overall earnings rise in 2020. Concurrently, the company advanced efforts, setting ambitious environmental targets such as a 50% reduction in Scope 1 and 2 CO₂ emissions by 2025 from 2015 levels (13,401 tonnes), which it achieved ahead of schedule in 2023 through energy-efficient production upgrades and adoption. These initiatives, embedded in CEWE's five-dimensional framework, underscored its commitment to long-term ecological responsibility while supporting ongoing digital and market expansions.

Corporate Structure

Business Segments

CEWE operates through three core business segments: Photofinishing, Commercial Online Printing, and Retail. These divisions leverage shared production infrastructure to optimize efficiency and cost management across the group, enabling synergies such as centralized printing facilities and supply chain integration that support overall operational resilience. The Photofinishing segment serves as CEWE's primary revenue generator, focusing on consumer-oriented photo personalization services including prints, books, calendars, and gifts ordered via online platforms or mobile apps. In 2024, this segment contributed approximately 86% of the group's total turnover of €832.8 million, with revenues estimated at €715 million, driven by strong demand for premium products and volume growth in photo prints and photobooks. Through the first nine months of 2025, Photofinishing turnover reached €417.5 million, reflecting a 5.3% year-over-year increase and underscoring its role as the cornerstone of CEWE's business model amid sustained consumer engagement with digital photo services. The Commercial Online Printing segment addresses B2B requirements for customized printing solutions, such as business cards, flyers, posters, and large-format marketing materials, primarily through dedicated online portals under brands like Saxoprint and Viaprinto. This division generated €89.9 million in turnover for 2024, representing about 11% of group revenue, following a slight 2.4% decline from the prior year due to competitive pressures in the European market. In the first half of 2025, revenues stood at €42.4 million, a marginal 0.6% decrease, yet the segment maintained profitability through cost controls and a focus on high-margin orders. The segment, operated under the MOSAIK brand, provides backend photofinishing and processing services to partner retailers, allowing them to offer in-store photo services without managing production themselves; key partnerships include Boots in the and similar chains across . This segment accounted for roughly 3% of group turnover in 2024, with full-year revenues around €28 million, building on H1 2024 figures of €14.0 million. By the first half of 2025, turnover grew 6.2% to €14.8 million, supported by expanded premium offerings in select markets like , though it remains the smallest division by scale. Overall, revenue distribution trends through 2025 highlight Photofinishing's dominance and trajectory, with the comprising over 82% of group turnover in the first nine months of 2025 (€417.5 million out of an estimated €503.8 million), while Commercial Online and Retail provide diversification amid fluctuating B2B demand and stable partnership revenues. These segments benefit from interdependencies, including shared logistics and technology platforms, which have contributed to consistent group-level efficiency gains.

Ownership and Governance

CEWE Stiftung & Co. KGaA operates as a (KGaA) under German law, with the Neumüller CEWE COLOR Stiftung serving as the general partner and bearing personal to promote long-term stability and strategic continuity. This structure integrates foundation oversight to safeguard the company's foundational values while allowing for public share trading. Leadership is provided by the Executive Board, chaired by CEO Thomas Mehls, who assumed the role on May 1, 2025, following Yvonne Rostock's departure. Other key members include Reiner Fageth as , Patrick Berkhouwer as Deputy Chairman, and Sirka Hintze as since August 15, 2025. The , comprising nine members led by Chairman Kersten Duwe, oversees management and includes figures such as Daniela Mattheus and Paolo Dell’Antonio, ensuring balanced representation from business, finance, and legal expertise. Governance reflects family influence from the Neumüller lineage, whose heirs hold significant stakes and maintain ties to the founding principles through the foundation's advisory mechanisms. As a publicly traded listed on the index of the , CEWE has no single controlling shareholder, with ownership dispersed among institutional investors (approximately 26%), individual investors including the Neumüller family (27%), and private entities such as the CEWE Stiftung itself (6.3% as of April 2025). Major institutional holders include Union Investment (1.8%) and alpha Asset (1.1%), reflecting broad market participation without dominant control. The adheres to the German Corporate Governance Code, emphasizing , shareholder rights, and responsible management practices. CEWE complies with SDAX regulatory requirements through annual financial reporting, audited disclosures, and adherence to ethical standards in business conduct, including measures and initiatives on its boards.

Products and Services

Photofinishing Offerings

CEWE's photofinishing offerings center on consumer-oriented, personalized photo products that allow users to transform digital images into tangible keepsakes. The flagship product, the CEWE , is a customizable designed for high-volume production, featuring options for various sizes such as large and square formats, intuitive layouts, and premium papers for professional-quality printing. This award-winning photobook supports creative elements like panoramic spreads across pages, personalized maps, and video integration, enabling users to preserve memories in a durable, lay-flat binding that maintains image integrity. In 2025, innovations include new premium cover designs, colored inside covers, and integrated memory pockets. Standard photo prints form another core offering, produced on high-quality in formats ranging from 9x13 cm snapshots to large posters, with delivery options for quick turnaround. These prints emphasize vibrant color reproduction and longevity, including eco-friendly variants on 100% recycled paper certified by , using water-based inks to minimize environmental impact. Users can order through CEWE's intuitive mobile app, which facilitates seamless uploading, editing, and customization of prints for personal use. Wall art products extend the photofinishing range with durable, artistic options like prints stretched over wooden frames, acrylic panels for a modern effect with UV for enhanced vibrancy, and framed photos complete with beveled mats and high-quality wood surrounds. These items prioritize fade-resistant finishes and gallery-style presentation, allowing consumers to display enlarged personal images as home decor. Personalization is streamlined via the CEWE app, supporting material choices like aluminum or sustainably sourced wood for added aesthetic and environmental appeal. Complementing these are additional personalized gifts, including photo calendars for yearly displays, ceramic mugs with sublimation printing for everyday use, and greeting or playing cards featuring custom designs. These items integrate directly with CEWE's for easy design, offering high-volume printing capabilities to meet seasonal demands like holidays. Such offerings support retail partnerships by providing backend customization tools, though the focus remains on accessibility.

Commercial Online Printing

CEWE's commercial online printing segment provides B2B solutions tailored for businesses seeking efficient, high-volume print production of marketing and materials. This division operates primarily through the Saxoprint and Viaprinto brands, offering a range of offset and options that emphasize , quality, and to meet the needs of small and medium-sized enterprises (SMEs) across . Saxoprint specializes in large-scale printing projects, including flyers, brochures, and business cards, utilizing offset technology for high-volume runs that ensure cost-effective production without compromising on quality. The brand supports customization through its online designer tool, allowing users to personalize designs with company logos, images, and specific layouts, while providing digital templates compatible with software like InDesign and PDF for seamless file preparation. Although variable data printing is not explicitly highlighted as a core feature, the platform's flexible upload and editing capabilities enable tailored outputs for promotional campaigns. Production benefits from shared infrastructure across CEWE's facilities, optimizing efficiency for bulk orders. In contrast, Viaprinto focuses on small to medium print runs of promotional materials such as flyers, roll-ups, and business cards, to freelancers and SMEs with flexible quantities from 1 to 200,000 units through a mix of digital and offset methods. It includes over 500 design templates and an intuitive online preview function to simplify the creation process, alongside fast turnaround options like express and for urgent needs. These features target time-sensitive requirements, with free shipping on select products and processing available Monday through Friday. Both brands integrate advanced digital tools, including online configurators for instant quotes, file uploads, and data checks (basic and professional variants), which streamline the ordering process for European SMEs by providing immediate feedback on file readiness and pricing. This e-commerce-oriented approach has driven segment growth since the 2010s, fueled by rising demand for online print services; for instance, acquisitions like Saxoprint in 2012 expanded capabilities, leading to significant revenue increases, such as 31% sales growth in the commercial online printing division in 2022. Emphasis on cost-efficiency is achieved through automated production and fair pricing models, while quality is maintained via rigorous data validation and certifications aligned with CEWE's sustainability standards, ensuring reliable outputs for business applications.

Retail Partnerships

CEWE's MOSAIK segment specializes in providing white-label photofinishing solutions to third-party retailers, enabling them to offer photo services under their own branding. This B2B model allows retailers to integrate CEWE's expertise in photo and production without visible CEWE involvement on the consumer-facing end. Key partnerships include the exclusive arrangement with Boots Photo in the and , where CEWE powers the entire photo service from order to delivery. Similar collaborations exist with major chains in other countries, such as Müller, BUDNI, and in , which utilize CEWE's backend capabilities to support their in-store photo offerings. These partnerships leverage CEWE's production facilities to handle high-volume photofinishing while maintaining the retailer's brand identity. Services under the MOSAIK segment encompass the provision of in-store kiosks for photo uploads and instant prints, allowing users to create and products like prints, canvases, and photo books directly at locations. with retailer programs is a core feature, enabling seamless rewards accumulation and personalized promotions for customers. On the backend, CEWE manages comprehensive , including from facilities like the one in Warwick, , with rigorous quality checks to ensure rapid delivery—often within days—to store collection points, all without CEWE branding appearing to end-users. The expansion of these partnerships began in the early , with CEWE launching dedicated white-label photo services for retailers in 2007 to capitalize on the shift to . By 2025, this network has grown to encompass over 20,000 retail points across 21 European countries, solidifying CEWE's position as a key backend provider for photofinishing in the retail sector.

Operations

Production Facilities

CEWE operates 14 production sites across , enabling efficient localized to support its photofinishing and printing operations. The primary facility is located in , , which serves as the company's and largest production plant, handling the bulk of high-volume output. This site, along with others in locations such as , Freiburg, , , , Koźle, , , and , processes materials for prints, photobooks, and related products. Total group paper consumption reached 22,968 tons in 2023. Production relies on advanced technologies, including Indigo presses for toner-based and Durst systems for UV inkjet with water-based inks, which are optimized for high-volume, short-run and . These systems ensure flexibility in handling customized orders while maintaining efficiency in output. Quality control is integrated throughout the facilities, with all larger sites certified under DIN EN ISO 14001 for environmental management and several German locations, including , also holding DIN EN for energy management. These certifications support rigorous processes for color accuracy, adhering to standards that ensure consistent reproduction across digital and offset printing, as well as environmental standards in paper sourcing, where nearly 100% of is FSC-certified since 2018. A central in further monitors photochemical solutions and , achieving high rates and low contaminant levels to uphold product safety and quality. Automation enhances capacity, particularly in and shipping, where systems at sites like , Germering, and Eschbach can process up to 540 photobook orders per hour. This robotic integration, including in-house designed solutions, streamlines workflows from printing to fulfillment, supporting the production of millions of units annually while minimizing manual intervention.

International Presence

CEWE maintains a strong international footprint primarily within , operating in 21 countries where its photofinishing and printing services are available through an extensive network of over 20,000 retail partners and channels. The company's operations are supported by 27 sales offices across the continent, enabling localized marketing efforts, dedicated customer service, and multilingual platforms tailored to diverse user needs. These offices facilitate seamless adaptation to regional demands, such as through brand-specific offerings like Cheerz for mobile-focused consumers in and Pixum for broader European photo services. Key revenue-generating markets include , the , , and the , with more than 90% of the company's total turnover derived from activities, reflecting its concentrated focus on the region. In 2024, group turnover reached €832.8 million, underscoring the scale of these operations, which are bolstered by partnerships with retailers and online platforms to distribute personalized photo products. In the third quarter of 2025, group turnover grew by 6.1% to €174.4 million compared to Q3 2024, with photofinishing up 6.7%. Export strategies extend beyond via global shipping options introduced in December 2021, allowing delivery to regions including North and , , the , , and , thereby enhancing for international customers. CEWE has pursued growth through strategic acquisitions in the to enter and strengthen new markets, including the purchase of Pixum to expand digital photo services across and the acquisition of Cheerz to capture the mobile photofinishing segment. These moves, part of over 40 acquisitions in the company's history, have driven market share gains beyond . From 2020 to 2025, the company accelerated online expansion amid digital shifts, with enhancements contributing to a 6.7% turnover increase in 2024 and sustained growth into 2025.

Sustainability and Recognition

Environmental Initiatives

CEWE has committed to increasing the use of recycled in its products to minimize environmental impact. Since 2022, the inside pages of CEWE PHOTOBOOKs have been produced using 100% recycled , while products such as Prints and desk calendars utilize fully recycled certified by the environmental label, which verifies reduced virgin material consumption and lower resource use. Wall calendars were introduced with recycled options in 2023. In 2023, CEWE processed approximately 23,000 tons of , with 13.5% consisting of secondary raw materials, reflecting ongoing efforts to boost recycled content. The company addresses its carbon footprint through energy-efficient printing processes and waste reduction strategies. CEWE offsets unavoidable CO₂ emissions from photobook production, rendering every CEWE PHOTOBOOK carbon-neutral. Scope 1 and 2 emissions were reduced by 830 tons of CO₂ equivalents in 2023 compared to the previous year, achieving the 2025 target of a 50% reduction from the 2015 baseline ahead of schedule, with total Scope 1 and 2 emissions at 4,368 tons of CO₂ equivalents. Energy consumption decreased by 6.1% to 126.1 terajoules in 2023, supported by LED lighting, green electricity, and optimized hardware like sleep timers on photostations that save 8.6 million kWh annually. Waste minimization includes a 97% recycling rate for total waste of 11,738 tons in 2023. CEWE ensures transparency via responsible sourcing and supplier assessments. Nearly 100% of its photographic and paper is FSC-certified, promoting sustainable practices. The company sources 41% of materials locally and evaluates suppliers using the BME and EcoVadis platform for environmental compliance. For inks, CEWE employs water-based and UV-curing varieties in solvent-free processes, with optimized profiles reducing color deviation to 0.72% in 2023. These initiatives align with broader goals under SDGs 13 () and 15 (Life on Land). CEWE publishes annual sustainability reports, detailing environmental metrics and progress. The 2023 report, the 14th in the series and aligned with GRI Standards 2021, covers material use, emissions, and waste, with integration into the annual financial report starting in 2024 per the EU Corporate Sustainability Reporting Directive. Reports have been issued since 2010, providing transparency on increasing recycled content and emission reductions through 2025.

Awards and Achievements

The CEWE Supplier Sustainability Award, first introduced in 2020, was presented in 2024 to recognize its partners' outstanding contributions to environmental and sustainable practices, with the recipients including Schmidt GmbH for innovative wooden frame production and UPM Communication Papers for responsible paper sourcing. This initiative underscores CEWE's commitment to fostering across its , awarding suppliers based on criteria such as resource efficiency and emission reductions. CEWE has secured multiple accolades in the photo industry, particularly for its photobook quality. In 2025, the CEWE PHOTOBOOK with panoramic pages won the TIPA World Award in the "Best Photo Book" category, affirming its innovation in design and printing excellence. Additionally, CEWE received the Photographers' Choice 2025 Award, highlighting its leadership in consumer photography products. These victories build on prior European recognitions, such as consistent top placements in photobook quality contests throughout the 2010s and early 2020s. On the corporate front, CEWE has earned sustainability rankings within the index, including an improved rating of C+ in 2022 and an AA rating with a 49.7% score, positioning it among top performers for practices. For employer excellence, CEWE received the fourth recertification of the 'audit berufundfamilie' certificate in 2025 from the Hertie Foundation, validating its family-friendly HR policies at key locations including and . It also holds the 'Excellent Employer' certificate since 2014, with modules for parent-friendliness and health management. A key milestone is CEWE's designation as Europe's leading photo finisher, as confirmed in annual market reports and company analyses from the through 2025, driven by its dominant share in photobook production and service volume. This status reflects sustained market leadership, with 1.3 million CEWE PHOTOBOOK units sold in early 2025 alone, marking a 5.1% growth.

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