Good morning, ladies and gentlemen, and welcome to today's Analyst Conference Call of the CEWE Group, following the publication of the Q3 financial results of 2025. I am delighted to welcome the CEO, Thomas Mehls, and CFO, Sirka Hintze, with Vice President IR Axel Weber, in the room, who will speak in a moment and guide us through the presentation and the results. Before I hand over to the management board, please note that you have the option of switching your camera on and off by yourself. In this case, you will be visible during the entire presentation, but not on the recording. The recording will be stopped after the presentation and before the Q&A session. Having said this, Mr. Mehls, the stage is yours.
Yes, thank you very much for your welcome, and I wish you all a very warm welcome on behalf of Sirka Hintze and Axel Weber, whom you will not see, but he is in the room controlling us a little bit, I would say. I hope you're all very well prepared for Christmas. You have made up your minds about your Christmas presents, because we are prepared for Christmas, and that's important. We will come back to that one. We would like to guide you a little bit through our Q3. You know, the Q3 is the most important quarter of CEWE, maybe not in a financial way, but especially in the way how we prepare for the Q4. This being said, this is obviously right now in our focus. Let's go through the figures and the results. We will present, as always, a slight overview.
We will also tell you a little bit about our Christmas preparation and what's coming up for Christmas, and then we would go into each of our segments. As said, the CEWE Group, and you have read our communication, with expected seasonally typical Q3 results. I would phrase it a little bit more optimistic, to be honest. We are quite happy with the top-line development we are seeing here. Group turnover increases by more than 6%, and you will see that later on. It's a little bit actually above our expectations, while the EBIT development is truly within our expectations. Yes, of course, some cost challenges remain, but I will tell you a little bit more about this while we are actually quite positive about the Q3 development.
You know, we will come to our outlook at the end of the presentation, but our annual targets for 2025 are also confirmed. Let's look a little bit at how the situation is in the view of the whole year. You see our revenue development, group turnover did increase by almost five percentages points. Again, there is a very positive notion in that one. We will come to that one in a little bit, but volume is the big topic, which we are quite optimistic and bullish about. The group EBIT, yes, is a little bit below last year's. We did comment in our last call already about a couple of one-off effects there. We do have some challenges on the cost sides, but we are quite optimistic nevertheless regarding Q4, and I will comment on that one in a little bit as well.
Obviously, looking at these figures, we also confirm our annual targets for 2025. Let's say more detailed comments will come in each of our sections. If I said, you know, are you prepared for Q4 and for your personal Christmas presents? We indeed are prepared for Q4. Actually, we are in Q4 already. I think it's important to kind of look at what's needed in Q4 to reach our guidance here. As I said, we are quite optimistic that Q4 will deliver as expected and maybe even beyond. Operating leverage, in fact, is the big topic here, and we will come to that one in a little bit. As you know, we have an EBIT target range between EUR 84 million and EUR 92 million.
What is needed to achieve that is somewhere in between an improvement of EUR 1 million and EUR 9 million. Given the growth we have experienced in Q1 and Q3, we have experienced, and kind of, you know, that is kind of passive, actually. We have managed that growth. You know, we have fought a lot about getting this growth in. If we succeed in the same way that we did in the first three quarters, if we succeed in the same way in Q4, we are again, as being said, quite optimistic to achieve this target. Again, as I said, EUR 1 million more, EUR 9 million more, that is the range improvement. That is the range we need to achieve there. Operating leverage, and we will come to volume in a little bit, is the big topic here.
Those of you, and I know many of you have followed us for many years right now, you know how big the operating leverage effect is that we have in Q4. You can contribute a little bit into that one as well by ordering some of your Christmas presents at CEWE. We will be happy. Okay, let's continue. As always, now let's look at the numbers of photo finishing, I would love to say, but as always, the numbers follow a lot of activities, and I would like to take you through a little bit of a journey we had. You might know, every two years, roughly, we do present the winners of the CEWE Photo Award. The CEWE Photo Award is something where we do not directly earn a lot of money with, but it is a very important brand activity.
This brand you're following is organizing the world's biggest photo contest, and we had more than 650,000 photos uploaded into our systems. We did the award ceremony in Prague, and we had people from all over the world: Indonesia, China, Cyprus, and so on. We would like to show you a little bit of the quality of the photos we did experience. The winner we're going to see right now is actually coming from Cyprus. That's the Dan Lok photo. I forgot the English name of these dancing, dancing, and I'm looking at Axel. That's a difficult name in German, even, but maybe I will follow up on that one. It is a great picture here. It's a macro, it's a macro shot of Hassan Bagler, who won with this shot, actually.
He did one with a similar shot, actually, in National Geographic Photo Awards, so quite astonishing. This beautiful artsy shot is the favorite of our present of the jury. It's something at the Lake Garda in Italy, shot in the early morning. Just a beautiful orchestrated picture you're seeing here. The next one is our Young Talent Award. It's very important for us to actually promote photography also to young people. We're actually also quite bullish on that one. I mean, that's a more strategic discussion we are having. Photography is quite popular beyond, actually, Insta and TikTok and all these platforms, and we are promoting that one. That's a very young photographer from France who won that one. Astonishing picture here from a photographer from Belgium. Between the lines, I think it's a perfect title.
You can imagine that's shot in a blink of an eye here. The next one comes from Indonesia. United Colors. You know, photography is about emotions, and this guy really managed to capture emotion. This is a photograph from Ukraine with a drone shot. You know, drones are famous in Ukraine now, sadly, for many other things. This is a drone shot, actually, from above a cruise ship, and it's called P. If you look a little bit from afar, you see that these swimming pools actually form two letters P. Thank you, Axel. I just got it. It's the praying mantis, the winner shot. Sorry for my bad English here, but that's the one you saw at the very beginning.
This is shot from China, and you see actually three creatures here in a very, well, lucky moment for the bird and an unhappy moment for the big fish. The small one actually was in an unhappy situation anyway. Very, very lucky and great shot. That is even an artsy kind of shot from a cat. This is a photographer from Brazil, actually, and he shot this one with a smartphone, so you do not need a big and expensive lens. For those of you who are football fans, this is a shot actually from the U.K., but you're not looking at U.K. spectators. You're looking actually at French spectators uniting in a pub in the U.K. I mean, this is really capturing emotions in a precise moment.
Actually, it's a missed shot from the French team, again, in the World Cup match against Argentina, but finally they won. It's about that one. Cooking and food, obviously, is an important category for many of these. This is a bit staged, but only a bit, because it's a real drink, and the photographer at the end of the day drank this drink. You know a lot about photography. Food photography is about staging, but this one is just a little bit staged. This is a great shot from Saudi Arabia. It's a professional photographer, actually, from Slovakia on a trip to Saudi Arabia, who really, you know, managed to get into a cave and shot this one from within the cave. Great pictures, great ceremony, great for the brand, and actually a lot of big reception also in the press of these photos.
You know, look into the publications in your respective countries, and you're very likely to find some of these covered. Coming up again to Christmas, and you know, we are preparing, and we did prepare a lot for Christmas. Actually, now we are prepared. Now we are in the running up. If you happen to have a look in the production right now, you see a lot of young people being trained on the different machines. You know that we will switch very soon into seven days a week, 24 hours production. We have a lot of seasonal workers on board. They need to be trained into the processes, and that's what's happening right now in production. On the customer side, obviously, we want to really convince our consumers, the new ones and the ones that did order before, with the new features.
We have the Momento Pocket, which we did test last year. It was quite successful, actually, also a bit above my personal expectations. You can actually collect within your CEWE Photo Book, you can collect things like boarding passes or pictures or postcards or whatever it might be that occurred during the holiday. Now you're able actually to do that with all the products because the test we did was very, very successful. Also, you know, design is a very important topic. A lot of our consumers complained about the first page, that this was always in either boring white or boring black, and design is very important to them. We now made it possible that they can order. That's something you don't find in books in the bookstore, that you can actually design your first page in the way you would the book continues. Very nice.
Design actually is a big topic. It's a big topic. People love to professionalize on the one-hand side of their books, but not all are professionals. You know, we need to really help people to create great books without putting in a lot of work. That's a very successful move we did over the last years. It's just one of the examples. Premium cover designs now for CEWE Photo Books. We do really roll out design features across the whole portfolio, and it's very successful in two ways, basically. It does increase conversion because, you know, it just doesn't create it does help you to create a more beautiful product.
We also did introduce premium designs so that you actually pay a little bit of extra, and you would call it a digital product almost because, you know, for the production, it's the same whether you print a product with a design or without a design. Also, economically speaking, quite a successful move, I would say. Sustainability and, you know, customer centricity is very important to us. We know that many consumers are reluctant to throw away their calendar after the month is over or the year is over. We are trying now to work with detachable photos in the respect that you can reuse these photos, maybe put it up in a pinboard or send it to relatives or something like this. That was a big request for consumers if we can help them with that one.
It's actually a test in one calendar type we're doing right now. Let's see how that is going to be. Yeah, calendars. I used to call calendars basically a piece of wall art which changes every month. You know, calendars, the biggest volume in calendars actually for us is A4 calendars, and then A3 is the next one. Then we have the A2. We now really introduce a breathtaking format, and it's really a piece of wall art which you can put against your wall, but it changes the picture every month if you happen to turn it around. Big one, costs about EUR 60 in the basic digital printed version. Also, economically speaking, quite nice. Yeah, calendar for two. You know, maybe you have your daily routines, your partner has his or her daily routines.
How to put them together, you know, I go to my yoga lessons, my partner maybe goes swimming, and, you know, how to match these calendars. It's quite a neat idea to say, okay, it's a calendar actually for two. It's also a nice gift for Christmas, we believe. Let's see how that goes. Also adding things to the calendar section, you know, sometimes removing things which are not doing that well anymore. You know, a constant change of portfolio is important to, you know, give it a fresh look, but also follow market trends or set market trends, actually. This being said, frames, astonishing, are quite in fashion. Is that the way you say that? You know, still, you know, you would say, well, frames is maybe an old-school product, but growth in frames is strong.
We see that, and you can now order your prints, and you know that prints maybe marginalized is not the best product we are having. It's also not the most expensive product. Average order value in prints, as you can imagine, is quite low. To directly order with the prints, a wooden frame is neat for consumers and hopefully neat for business as well. You know, as I said, printing with young people is quite fashionable. To have add-on products like a wooden photo rail where you can put your photos not only on maybe a pinboard, but actually at your wall, I mean, this really is an add-on product. Again, economically speaking, good. It's not a lot of work for us in the production. On the other hand side, it's great for consumers how to present their pictures. Actually, it's quite a young product.
Here, basically, you know, we did talk about design. We're helping a bit with design. This is something you don't design, the interior color of the mug. But, you know, mugs are design products. Here you see one of the designs you can order with your pictures. You have the avocado to my toast. That'll be a nice saying, right? Last, but certainly not least in terms of, you know, something we're trying to address, new target groups. In many European countries, pets, especially dogs and cats, are becoming a new family member, and people are willing to spend a lot on their beloved pets. You know, adding a nice photo maybe to the photo tree jar of Buddy, as it says here, I think is a nice idea.
If you happen to have an anniversary coming up in your family and you want to celebrate that one with pictures, and again, this is great designs we're introducing here. You know, you can celebrate it maybe in a different way. You can put it up in the gift table which you're setting up there. Quite a neat idea. It is the 13th of November. 1st of December is coming up, and in many, not in all, but in many European countries, advent calendars are quite fashionable. There you can have the diet version, as I call it, with just photos there. We will come to a special version in a minute here. We have the chocolate ones. We have the Tony Chocolonely one.
There are a lot of people out there which like to set up their own advent calendar with maybe little treats they put in there. This being in a box with very personal pictures is something new. You know, for us, we're quite professional in printing paper. I think it's a good product for us here. You know, we do have, you know, some movements out there where people do not want to maybe, you know, give a special gift or, you know, a small gift with an advent calendar or chocolate, but maybe with activities and inspirations and, you know, some sayings in there. You know, people are changing quite a bit and just reflecting on their inner self.
This is something we want to address here with a very special Advent calendar with activities and inspiration which goes beyond the usual chocolate treat, which is maybe a chocolate Advent calendar. Last but not least, we're working also on digital or, let's say, business models which are close to our business, but going more digital here. A digital greeting card. I did talk about the design orientation we have in a lot of products where design helps people to create products. You know, maybe you want to have your invitation to your birthday sent also in addition to the greeting card or just on a digital way, but we still help you to design this digital greeting card and not just a WhatsApp message, right? Where you can put in your personal picture and combine it with a great design.
This is a test how people respond to that one. No, it's not for free. I know we are an analyst call, so it's important. You might want to ask if we actually earn some money with that one. Yes, we do. Good news also running up for the Christmas season. You know, we talk a lot about ourselves that we think we are well prepared for Christmas and that we have great products. You know, the TEPA Association, that's a jury kind of prize, did award us with a record number of awards this year. The TEPA, you know, being publications and blogs for professional photographers, they also did ask their readers about their professional of their best choice products. They did choose the CEWE Photo Book with a panorama page as favorite design of the year.
This makes us quite proud because that's professional photographers. You know that professional photographers are opinion leaders also in the B2C community. This a little bit, and I could go on and talk for hours about the things that we're doing in preparation for Q4. Let's come to the photo finishing. Let's have a look at the numbers of the Q3. Again, as I said, you know, we are not entirely dissatisfied with what we're seeing here in Q3, to put it in Northern German humble wording here. Our photo finishing turnover did increase by almost 7%. That's good. That's not too bad, I would say. It is EUR 145.3 million. That's again a record. That's again a number we did not have before. The increase in revenue, we will come to that in a little bit, is primarily volume driven.
You would say, well, why is it not price driven? Can't you increase prices anymore? We did increase, as you know, prices in the year before quite a bit. We did pause a little bit on that one, also given a little bit the consumer sentiments we feel out there. We managed to really drive volume. That is a great sign for Q4, given the leverage effect which we have in Q4, that we really are seeing a volume growth which we did not see many years before. That is quite nice. On the EBIT scale, yes, we are a little bit below last year. We would say almost in the same range. Yes, of course, we are looking at transferring this growth which we have in turnover into EBIT. Obviously, that is our goal.
We do still have and are seeing some cost increase challenges, but they're a lot less so in Q3 than we did see them in Q2. That is a good sign. We know exactly where these cost increases are coming from. We did deliberately invest into marketing also in the light of Q4. Some of the cost increases, we did deliberately, but we're not as happy as with the marketing because that is IT cost increases and others. We are managing these ones. Also, you know, you will see that in a little bit, the EBIT line is fully in what we did expect from the Q3. While this is basically a repetition, if you did follow us in the last quarters, that is the sum of the quarters we had seen. We see a nice growth.
You know, comparing that one, you see that the growth in Q3 actually was stronger than it is accumulated in the 1st three quarters. We did talk about the EBIT. We're a bit behind. You still see the one-off effects we have here. You know that we did have a new collective agreement with one-off effects. We did have two departing board members. We have some salary accruals over there, one-off effects in the last quarter. This is why the gap in the EBIT and photo finishing here in accumulated is a bit higher, but it's all explainable for us. Again, it's fully in the expectation. This is why we are quite positive for Q4.
Giving a little bit of perspective here again, and you see actually the turnover, and that's the good news really in all quarters, Q1 and Q2 and Q3 is above the planned target range. What we are seeing here is a turnover development where we would say, well, it's even a little bit above our expectations there in all three quarters above the planned target range. What you see also is the big turnover impact which we are usually having in Q4. Obviously for the year 2025, if you don't see a column there, this is what we are working on right now. Good turnover development. And, you know, have that in mind, driven by volume growth, we will come to that one. The turnover target for 2025, we see that confirmed.
This, of course, looking at the EBIT in the same way. You know, I think you can see a little bit why I said Q3 is the most important quarter for us in terms of Christmas preparation, but maybe not in numbers. You can also see why we feel that everything we have seen so far in EBIT is in line with our expectations and is not blocking us from reaching our annual targets. This is what I commented on. We do see in Q3 a nice volume growth. You know, volume, you can see, you can look at that in different ways. We have the measurement of total prints. These are the prints in all of our photo products, maybe just a single print or a CEWE Photo Book with maybe 200 photos in there.
We have a volume growth of 6.8%. Actually, we are growing across mainly all categories. The value per photo, which gives then the turnover due to some, it's not accrual actually to some effects where we actually draw the border between the quarters compared to last year. Actually, it looks like we're stagnating here. Actually, we are continuing with our premiumization. If we really eliminate this effect, we did grow by 0.5% also in premiumization. This is what I was trying to say in terms of designs and all these other things. All these things play very well into our premiumization strategy. You do not see it in our official numbers, but I can tell you, and it's actually, it's in the bubble here, 0.5% actually premiumization effect. Also this story continues.
Very nice volume growth effect, which we are seeing in the third quarter, which again makes us optimistic for the fourth quarter. This is the effect we are seeing across the accumulated effect across the three years. Volume effect 4.2%. You see the third quarter was stronger in volume. Volume per photo about 1%. It is a constant growth. What we are seeing again is very, very little price effects because we did not work this year that much on prices. This gives us the turnover growth of a little bit more than 5% in photo finishing. Looking at the CEWE Photo Book, and you know how important the CEWE Photo Book is for us as a company. We are seeing growth numbers here, which are really good, really good in Q3.
Also very up makes us very optimistic for Q4 because the CEWE Photo Book for the fourth quarter is also quite important. We did experience a growth here. No, I continue to say we did experience, right? It sounds like it's coming from the sky. Actually, we did work on managing a growth of 7.3% for the CEWE Photo Book. There's a lot of work of all the teams in there. So more than 7% volume growth for the CEWE Photo Book. And you can see premiumization works here. Actually, the turnover growth with almost 9% is even stronger than volume growth. Also nice confirmation, I would say, on our strategy and also confirmation on our outlook. Let's come to the commercial online print segment.
Just also just to remember again, this is the setup we're having here with the service focus viaprinto brand, SAXOPRINT with a cost leader and actually the best price guarantee. You know that from the last course and the regional LA SERLINE brand. Actually, it was a better quarter. Q3 was a better quarter, though not good yet, not great yet, but a better quarter also than the second quarter. We actually did see some turnover development. You might remember me commenting on the last quarter where we said, you know, we do see a very weak German economy. This is reflected in our German numbers in the commercial online print segment. We did invest internationally. That continued. Actually, we did manage some turnover growth.
You also did hear me say, well, that this international growth is not as profitable, not as strong in margin as the German turnover. You might remember that we are still in the process of shifting to digital, not away from offset, but I would say additional to digital print, which gives us a big cost effect. It is not yet totally up and running. I think we brought in the last machine now. I am quite confident that from Q1 next year, because this is the focus, you know, that we are also helping with the commercial online print a little bit in the photo finishing. From Q1 on, we see hopefully the good effects that we did expect with the shift or additional digital print in the commercial online print.
In here, you see why I said, well, the third quarter was actually a healthier and more brighter outlook than the first two quarters because you see accumulated that we are EUR 1.7 million away from our last year result here in EBIT. Actually, the turnover, you know, accumulated only grew by 0.2%. Nothing which makes us extremely happy. Let's really real quick go into retail. You know, that's the segment which is not in the most strategic focus of us, but gives us a nice window to the world on photo finishing products. What are we doing in retail there? We have about 100 shops, mainly in Scandinavia and Central Eastern Europe, actually one in Oldenburg. If you happen to come by, visit our shop here. We also do have e-commerce webshops.
That's how hardware and also photo products in with all these brands. We are moving these brands closer to the CEWE brand. That works actually quite well. We are moving these stores away from the, we call it hard hardware, the hard hardware. What is hard hardware? It's a camera, it's a lens. These things which you usually associate in the old world with the camera shops. We are moving more to photo finishing. That's in line with our strategy, but also moving into products which are closer to photo finishing. These are frames and albums and so on. That actually pays off quite well. Looking at the next slide, you can see that also in the Q3, we did experience here a nice turnover growth, which comes from actually hardware. We are looking not at the photo finishing part of retail here.
We're looking at the hardware part of retail. It's 7% growth. We do profit a bit from the weakness of a competitor in Norway, but we're not only growing in Norway. The strategy to focus more on photo finishing related hardware, software hardware, that's the way we call it actually, on soft hardware products also pays off quite well. You also see that this is not the most or the strongest margin business. This is actually why it's not that much in our strategic focus, because the turnover growth we're seeing here did actually convert a little bit into EBIT. If we look to the accumulated figures, you see even better what I'm talking about. We did increase by EUR 1.4 million. The turnover was only very slightly the EBIT. It's not a very margin, it's not a big margin driver of our overall business.
Just to complete the segment overview, we have a segment of other which you did use to, you know, in the year 2021, you did see an activity there which we actually sold. What we do see here is special costs which are not related to all the other segments. Something like corporate costs regarding to the boards and so on and so on, but also some incomes and profits which we have from our real estate activities. It's not big usually, but we do have a couple of buildings and, you know, actually lands which we rent out. You know, the rent effects you see here. It's nicely a slight improvement. Now we are looking at the accumulated figures. It's EUR 500,000 better than it was last year. That's fine.
This now, me talking for 35 minutes, sorry, but it's important that, you know, also you get a glimpse of how we look into the fourth quarter. This was a little bit also of a commercial break in between. I will come back to my commercial break at the end of the session, but not to the financial details.
Thank you very much. Thank you very much. Thomas expressed quite detailed about our commercial developments. Of course, this is what we will see. This is especially expressed in our consolidated income statement. What you can read here is exactly what Thomas gave us a bit of flavor about, is the preparation of Christmas. You can see here, of course, some operating expenses are increasing. The marketing expenses Thomas mentioned. We are getting prepared for Christmas.
Maybe also as an insight, if you would go through our halls here in Oldenburg or in all the other locations we have, you would already feel how concentrated and focused the people are. If you go to our storages and inventory parts, you would see it is filling up. We are getting prepared. We will see that also later in our cash flow and cash outflows, actually. We had a good growth that was explained by Thomas. That being said, all business segments are contributed or contributing to our revenue increase, which is quite significant, especially also if you consider the different weaknesses in the different European countries in developing their economies.
That is why we are always saying we are not unsatisfied, but I guess we can also be proud as an organization to handle and service these emotional products to our consumers and customers. Personal expenses, also Thomas explained it a bit. We had some increases due to tariff changes. This is reflected, of course, in our personal expenses. All in all, not surprisingly, this is also where we take our responsibility and ownership to our people. We have, when we look into the personal expenses, also reflecting our growth, new hires in photo finishing. Also in the numbers, you can see the increase of wages. You can go to the next page. The balance sheet first time crosses the EUR 600 million.
It is quite a good and solid growth, especially driven by the higher cash position on the one hand, but also, as I said, in preparation of our Christmas and our last and most important season this year to increase the inventory by paper, photo paper, but also we built up into our facilities. The property and plant and equipment, and this is our backbone of the business to produce what you can hold in your hands later when you have bought our products. From an equity perspective, we are still on a very safe and strong growth into our equity ratio by end of September. We achieved 66.6%, which is quite a good development, but it is also on the other hand built on the strong results of 2024.
This is also what we can see, the cushion we built up in cash is also mainly coming out of the business of last year. For the free cash flow, we can see here only in Q3 a development which shows that a significant or significant outflows reflecting, of course, the free cash flow we have. On the other hand, we have operating activities which deliver, of course, the income and have to be taken for, I would say, reliabilities we have to pay for. The tax payments, which are a bit higher than last year and also due to the effects of the year of 2023. We have a cash outflow, which is related to our investing activities. We have invested into digital printing and part of sale machineries.
That leaves us in the Q3 with a decline of cash flow of EUR 3.4 million compared to previous year. Summing it up, for the year to date, free cash flow is decreased all in all by EUR 14.5 million compared to previous year. This is due to less operating cash-driven operating activities and due to, of course, lower earnings. All in all, we have a decrease of EUR 3.7 million EBITDA. This is, of course, reflected in the cash flow. On the other hand, we have acquisitions of Eastprint of the last year and the investment into the equipment, as I mentioned, into the new building in Freiburg or renews and modernizations. Of course, also we have less investments into intangible assets, like the higher investments into SAP for Hana. This leaves us with a year to date free cash flow of EUR -265.2 million.
For the return on capital employed, we don't see any strong changes, I would say. I mean, all in all, we have a strong level of 16.8%. Excluding the increase in cash, the capital employed ratio is even at 17%. Of course, also the ROSI is reflecting our overall business and is not only related to our photo finishing business and is influenced by our commercial online printing business, of course, as well. Okay, no new surprises, I would say. The commercial development is developing our and driving our passioned balance sheet development. Here and there are some X-ray effects, which has also a drive by our season.
Yeah, very much so. Thank you, Sirka. Looking forward again, as we said, everything we see here in the 1st three quarters actually makes us quite optimistic for the fourth quarter.
That's a very strong and important message for you to take away. All the effects which you where you would maybe say, well, this is something could be better here and there. Yes, we're seeing that one, but a very well explainable. It's also very, very important for you to as a takeaway. And this taking together confirms our outlook. You see here the famous chart, I would say, Axel, which you're used to. This is our revenue development here. You might remember that we did set a target between EUR 835 million-EUR 865 million. You know, everything you've seen today, I think, you know, gives you the strong idea that this outlook is probably being fulfilled. We're quite optimistic and we're confirming it. The same is true for the EBIT target.
Here you see the big, well, dependency importance, however you want to call that of photo finishing. You see that retail and commercial online print actually in our expectations play a minor role. It all comes down to photo finishing. This is why it's so important for us to prepare well for Christmas here. Again, we're confirming our outlook for the year 2025 between EUR 84 million and EUR 92 million. These are the volume figures and you saw that we are developing quite strongly over there. This brings us to my last commercial break, if you like. This is the German mindset of what we could put up, a Polish, we could put up an English one or a French one or whatever it might be here. It's not important the language.
It's important that you really care for your loved ones. Just remember, the best present under a Christmas tree is usually a very personal one. There's no better present than a photo product from CEWE. May it be a CEWE Photo Book or a calendar from us, you know, you will see some tears in the eyes of your beloved ones.