CEWE acquires Kodak Alaris's global instant photo business and strengthens its strong brand portfolio with KODAK MOMENTS
 

• Acquisition of KODAK MOMENTS Retail Photo Solutions accelerates international growth in photofinishing and expands the instant photo business globally

• The inclusion of KODAK MOMENTS’ production facility in Windsor (Colorado, USA) increases delivery capacity in the instant photo business

• KODAK MOMENTS Retail Photo Solutions generates annual revenue of approximately 200 million euros and is expected to make a positive contribution to the CEWE Group’s earnings as early as 2027, with a mid-single-digit EBIT margin

Oldenburg, July 16, 2026. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE0005403901) today signed an agreement with Kodak Alaris, a portfolio company of Kingswood Capital Management, to acquire the KODAK MOMENTS Retail Photo Solutions business unit. With this acquisition, CEWE is expanding its core Photofinishing business internationally, improving its position in physical retail, and expanding its presence at the point of sale. KODAK MOMENTS Retail Photo Solutions operates a global instant photo business under the KODAK MOMENTS brand, with approximately 37,000 connected in-store photo kiosks in 16,000 retail locations and 500 employees in 54 countries. The business unit currently generates annual revenue of approximately 200 million euros. The transaction is structured as a carve-out from Kodak Alaris. CEWE is acquiring the business unit, including consumables production facility in Windsor (Colorado, USA) at an agreed enterprise value totaling approximately 88 million euros. The purchase price is calculated based on the net debt and the net working capital to be assumed at the time of closing. Based on the figures as of March 31, 2026, an illustrative calculation indicates a purchase price payment of approximately 72 million euros. However, this amount may still vary depending on the figures as of the closing date.  The completion of the transaction (closing) is subject to various closing conditions, including antitrust approvals, and is expected in the first half of 2027.

Strategic Expansion of the Core Photofinishing Business

“With the acquisition of Kodak Alaris’s global instant photo business, we are improving our Photofinishing business and significantly expanding our international retail presence,” says Thomas Mehls, CEO of CEWE Stiftung & Co. KGaA. “Instant photography is already a valuable, customer-focused business segment for CEWE, with high visibility at the point of sale. The acquisition brings together the international reach, retail proximity, and operational excellence and efficiency of two trusted brands under one roof: KODAK MOMENTS and CEWE. We are making targeted investments in the global expansion of the instant photo business because we are convinced that we can achieve profitable growth in this area over the next few years.” With this acquisition, CEWE is continuing the value-driven expansion of its Photofinishing business. The acquisition enables CEWE to enter key international markets such as the United States, Canada, Mexico, and Australia.

Brand recognition of KODAK MOMENTS

The KODAK MOMENTS brand has been associated with photography internationally for decades and is well known in the consumer market. “KODAK MOMENTS is far more than just an iconic brand,” says CEO Thomas Mehls, “it is highly trusted by consumers and retailer partners. For the CEWE Group, the brand is a clear differentiator for the expansion into new markets, combined with our ability to further develop photo products – technologically, operationally, and in collaboration with strong retail partners.” Instant photography thrives on customer proximity, visibility, and spontaneous use in retail settings. The acquisition improves the CEWE Group’s presence precisely where customers directly experience, select, and purchase photo products. This gives the CEWE Group access to new customer groups and enables the company to further develop the instant photography business together with international retail partners.

Omnichannel Platform for International Growth

The acquisition also supports the further development of CEWE’s omnichannel model. This will integrate the instant photo business on an international scale into a business model that ideally aligns customer access, marketing, and operational implementation. The goal is to engage customers across relevant channels, expand collaboration with retail partners, and further develop the instant photo offering internationally.

Diversification in the supply chain improves supply capabilities and operational control

Part of the transaction is the Kodak Alaris production facility in Windsor, (Colorado, USA), which manufactures consumables needed for the instant photo business. Through this acquisition, CEWE is expanding its value chain in a key segment of the instant photo business. CEWE expects this to yield benefits in terms of delivery capability, cost position, and efficiency. “With this production site, we gain additional capabilities in the value chain,” says Thomas Mehls. “Especially in times of geopolitical uncertainty, this increases the resilience of our instant photo business and lays the foundation for further improving quality, availability, and efficiency in the long term.”

Long-Term Outlook for KODAK MOMENTS Retail Photo Solutions within CEWE

The CEWE Group views KODAK MOMENTS Retail Photo Solutions as an established business with a strong international retail presence. The goal is to further develop the business within the group over the long term, expand collaboration with retail partners, and strengthen the visibility of the KODAK MOMENTS brand in the instant photo business. “With CEWE, KODAK MOMENTS Retail Photo Solutions is finding a long-term home in a company whose core competence has been the photo business for decades,” says Thomas Mehls.

A positive contribution to earnings is expected as early as 2027

CEWE management estimates the transaction and pre-closing costs for fiscal year 2026 to be in the low to mid single-digit millions of euros. The CEWE Group’s existing operational business plan for fiscal year 2026 remains unaffected by this and continues to apply unchanged. Starting with the first full fiscal year following completion (expected to be 2027), the Executive Board anticipates a mid-single-digit EBIT margin for the acquired business. The planned realization of all operational cost synergies is expected to increase the earnings contribution gradually in subsequent years. The transaction is in line with CEWE’s capital allocation principles: It improves the core Photofinishing business, expands the Group’s international market position, and is expected to make a positive contribution to the Group’s sustainable value creation while generating attractive returns.

© 2026 Kodak Moments Division, Kodak Alaris Inc.

The Kodak trademark and Kodak trade dress are used under license from Eastman Kodak Company.

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  

Financial schedule

(insofar as already scheduled)

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

About CEWE

The CEWE Group is a widely recognized photo service. In fiscal year 2025, the CEWE Group generated revenue of 864.5 million euros and EBIT of 88.2 million euros. The core Photofinishing business made a significant contribution to these results, with revenue of 745.5 million euros and EBIT of 86.6 million euros.

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 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 3,500 employees and operates in 21 countries. CEWE is listed on the SDAX. More information is available at www.cewe-group.com.

About KODAK MOMENTS

KODAK MOMENTS is a global leader in photo products, services and experiences for retailers, consumers and travel & leisure industry. We inspire people to capture, create and celebrate life's moments through innovative, beautifully designed products and services that help turn memories into something real.

With more than 37,000 connected retail photo stations in 16,000 retail stores across 54 countries, KODAK MOMENTS makes it easy to preserve and share memories - from spontaneous everyday moments to life's unforgettable milestones.

Our purpose is to help people preserve the joy behind life's most meaningful moments.

© 2026 Kodak Moments Division, Kodak Alaris Inc.

The Kodak trademark and Kodak trade dress are used under license from Eastman Kodak Company.