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Company Presentation CEWE Company Presentation March 2021 Financial schedule (insofar as already scheduled) 12.05.2021 Publication of interim statement Q1 2021 12.05.2021 Press release Q1 2021 09.06.2021 AGM 2021 10.06.2021 Warburg Highlights Conference 2019 2018 10.08.2021 Publication interim report H1 2021 10.08.2021 Press release H1 2021 #2 SDAX: CEWE #2 SDAX: CEWE 21.09.2021 Berenberg & Goldman Sachs German Corporate Conference 2021 23.09.2021 Baader Investment Conference 2021 12.11.2021 Publication interim statement Q3 2021 12.11.2021 Press release Q3 2021 22.11.2021 Deutsches Eigenkapitalforum Available in the App Stores: the CEWE Investor Relations app for an iPad® or android tablet, with annual reports and quarterly reports, presentations and sustainability reports. 2 Agenda Introduction 4-11 Equity Story 13-29 Sustainability 31-41 Share 43-46 Details Photofinishing 48-82 Backup » Results 2020 84-104 » Multi-Year Overview 106-110 The CEWE-Group EUROPE’S LEADING PHOTO SERVICE AND ONLINE PRINTING PROVIDER From its beginnings in 1912, CEWE has established itself as the first choice as a photo service for anyone looking to make more of their photos. The company’s CEWE PHOTOBOOK in particular stands for this, with multiple awards and significantly more than six million copies sold every year. Customers can obtain further personalised photo products through the brands CEWE, WhiteWall and Cheerz, for instance – and from many leading European retailers. These brand worlds inspire customers to produce a wide range of creative designs with their personal photos, and customers entrust the company with around 2.3 billion photos every year. In addition, for the still young online printing market the CEWE Group has established a highly efficient production system for printed advertising media and business stationery. Billions of quality printing products reliably reach their customers via the distribution platforms SAXOPRINT, LASERLINE and viaprinto every year. The CEWE Group is committed to a sustainable corporate management philosophy which is also supported by the Neumullers, the company’s founding family and anchor investor, and has been recognised with multiple awards: for its long-term business focus; its fair, partnership-based relationships with customers, employees and suppliers; and for assuming social responsibility while pursuing an environmentally friendly approach and conserving resources. For instance, all CEWE brand products are produced on a climate-neutral basis. The CEWE Group is present in more than 20 countries, with over 4,000 employees, and its turnover increased to 727.3 million euros in 2020. The CEWE share is listed in the SDAX index. 4 Key Indicators CEWE-Group 727.3 million euros turnover in 2020 21 27 6.5Mio. European countries Distribution CEWE PHOTOBOOK offices copies in 2020 >20,000 CEWE Photostations 4,000 14 20,000 2.3billion Employees Production plants Retailers supplied photos produced in 2020 5 Business segments of CEWE Revenue in EUR millions 727.3* Commercial 67.8 Online-Print 618.8 Photofinishing 34.1 Retail 20202016 * including revenue from the "Other" segment 6 Premium Quality with Leading Brands 7 Retail Partners in Europe 20,000 retail Drugstores partners in Europe Photo retailers ▪ CEWE reaches High street consumers through strong retail brands ▪ Retail partners invest Grocers in distribution and marketing ▪ Retail sales channels Travel business with online retailers and system partners Internet retailers 8 20,000 retail partners in Europe Partner Partner Partner Partner since 1994 since 1996 since 1990 since 2001 3,670 Stores 4,150 Stores 617 Stores 569 Stores Partner Partner Partner Partner since 1979 since 1991 since 1997 since 2020 4,500 Stores 1,135 Stores 735 Stores 1,100 Stores Partner Partner Partner Partner since 2004 since 1995 since 1986 since 1999 860 Stores 966 Stores 600 Stores 500 Stores 9 Success Factor: CEWE’s omni-channel solution THE CUSTOMER CAN ORDER: PICKUP: AT HOME MAILORDER IN STORE IN STORE ANYWHERE 10 CEWE products: An extensive range of premium products PRODUCT RANGE ▪ CEWE PHOTOBOOK: 8 formats, 6 paper types, hard and soft covers with special effects ▪ Prints: 6 formats, enlargements, square prints, stickers, retro prints, fine-art prints ▪ Wall Art: 9 different materials, from 20x20cm to 100x150cm, hanging fittings can be included ▪ Calendars: 6 formats, 4 paper types, up to A2 format ▪ Cards: 8 formats, envelopes included, pre- made templates or own customized design ▪ Phone cases: 11 different cases, for almost all phone types, new iPhone and Samsung types available »CEWE offers a 100% satisfaction ▪ Photo gifts: 35 products, 8 different mug types, guarantee on all products for home and office 11 Agenda Introduction 4-11 Equity Story 13-29 Sustainability 31-41 Share 43-46 Details Photofinishing 48-82 Backup » Results 2020 84-104 » Multi-Year Overview 106-110 13 Revenue e2021: CEWE should continue to grow Revenue Hardware Retail Hardware OnlineCommercial Photofinishing (CONCEPTUAL) - Print Analogue Transformation / Digital phase e2021: 710 710 e2021: Euro Euro millions 1991 1993 1998 2000 2003 2005 2010 2012 2017 2019 1990 1992 1994 1995 1996 1997 1999 2001 2002 2004 2006 2007 2008 2009 2011 2013 2014 2015 2016 2018 2020 e2021 to 770 Growth in revenue for various product groups CONCEPTUAL Revenue Hardware Retail Commercial Online Print Prints from films Digital prints Photo gift articles (e.g. calendars, greeting cards, wall decoration) CEWE PHOTOBOOK Photofinishing 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 »CEWE PHOTOBOOK and photo gift articles replace single-print revenue 14 Operational Photofinishing EBIT margin* continues to increase 15.1% 12.1% 12.4% 11.7% 11.9% 10.2% 10.5% 9.5% 9.0% 8.6% 7.8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 »Especially economies of scale in the production of additional Christmas orders, together with corona-related cost savings, contributed to this improvement 15 * without special items shown in segment reporting (mainly PPA-effects) Worldwide camera production figures from 1947 to 2018 Camera production volume … … incl. smartphones 1.5 bn. 120 m. 0 Analogue cameras Digital cameras Smartphones 0 » Smartphones are the most important devices for taking pictures 16 Share of smartphone images in CEWE production Dec-20: 61% » First time more than every second image in CEWE production » Two out of three images printed at the CEWE PHOTOSTATION 17 Commercial Online-Print Service focus Cost leader in industrial online printing Metropolitan area Berlin »Business and advertising prints: flyers, business cards, stationery, packaging, promotional items, etc. 18 Benefits of Online Printing The sum of all advantages are directly handed over to our customers: Significant price advantage Printing quality Service quality/personal contact person Standard artwork check included Acceptance of print data until 6pm for next day delivery Environmentally conscious printing Reseller benefits »The internet makes printing more efficient 19 Retail with focus on photofinishing business ▪ Own retail stores in NO, PL, CZ, SK ▪ Strategic focus on photofinishing and online business ▪ EUR 34.1 million revenue (2020) with photo-hardware (cameras, lenses, …) »Retail segment contains hardware revenue only, photofinishing business is shown in photofinishing segment 20 Retail strategy »Focus on photofinishing products in CEWE-retail shops »Adjustments in hardware pricing and product range to improve margins 21 EBIT development: e2021 in Euro millions EBIT e2021: 84 72 to 84 Euro millions 79.7 72 56.8 55.7 49.2 47.0 36.4 32.6 27.2 29.4 28.3 28.9 17.9 11.2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 e2021 22 Corporate development: Early innovations as key success factor Revenue development 1990 to 2014 Hardware Retail Commercial Online-Print CEWE introduces the „Photo-CD“ (digitization of analogue films and prints) Photofinishing 1991 1992 1994 1995 1996 1998 1999 2001 2002 2003 2005 2006 2008 2009 2010 2012 2013 1990 1993 1997 2000 2004 2007 2011 2014 CEWE acquires Saxoprint CEWE invents the and introduces CEWE-PRINT „Photo Index“ as first digitally produced picture CEWE starts First online CEWE M&A discussions webshop installs in business for photo CEWE first photo printing Add-on of products introduces terminal competencies: by CEWE Viaprinto worldwide web-based digital printing for professionals »Each growth area needs patience … and long-term perspective 23 Corporate Development: In search of adjacent growth CEWE competences Potential new business ▪ Online business model ▪ Mass Customization ▪ Outstanding high-quality products with substantial customer benefit (USP) ▪ Strong brand building ▪ Capability to scale businesses internationally ▪ Potential to leverage strong retail relationships »Corporate development: CEWE‘s well-known areas of expertise, but also new ground in adjacent areas 24 Very solid perspective across all segments Photofinishing Commercial Online-Print Retail » Very strong development - » Cost position is key USP … » Well positioned after also in Corona times restructuring » … and enables low price » Continuous and consistent guarantee: new customers » Business picking up / development and innovation attracted stabilized even in Corona along many dimensions times » Volume expected to » Acquisitions bring increase post Corona » Very solid and increasing something new and support contribution to photofinishing the strong organic segment development 25 CEWE Group Targets 2021 Targets PY 2020 Target 2021 Change in % Photos 1 billion photos 2.34 ~2.3 to ~2.4 -2 to +3 CEWE PHOTO BOOK millions 6.52 ~6.4 to ~6.7 -2 to +3 Operational Investments 2 Euro millions 35.6 ~48 Revenue Euro millions 727.3 710 to 770 -2 to +6 EBIT Euro millions 79.7 72 to 84 -10 to +5 EBT 3 Euro millions 76.4 70 to 82 -8 to +7 Earnings after tax 4 Euro millions 51.9 48 to 56 -8 to +7 Earnings per share Euro 7.20 6.60 to 7.73 -8 to +7 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 products Rounding differences might occur.
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