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Q3/9M
PRELIMINARY
RESULTS
INVESTOR
PRESENTATION
30 OCTOBER 2025
CHERRY SE
LEGAL DISCLAIMER
This presentation contains forward
-looking statements.
These statements are based on the current views, expectations and assumptions of the management of Cherry SE and involve know
n and
unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expres
sed or
implied in such statements. Actual results, performance or events may differ materially from those described herein due to fa
ctors
affecting Cherry SE such as, among other things, changes in the general economic and competitive environment, capital market
ris ks,
currency exchange rate fluctuations and competition from other companies, and changes in international and national laws and
regulations, in particular with respect to tax laws and regulations. Cherry SE does not assume any obligation to update any forward
-
looking statements.
The information contained in this presentation is for background purposes only and does not purport to be full or complete. N
o reliance
may be placed, for any purpose, on the information contained herein or its accuracy or completeness. The information in this
presentation
is subject to change.
MARKET & INDUSTRY DATA
This presentation also contains estimates and other statistical data made by independent parties and by the Company relating
to the
Company’s industry, the Company’s business and the market for the Company’s products and its future growth. This data involve
s a
number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections,
assumptions, and estimates of the Company’s future performance and the future performance of the market for its products are
necessarily subject to a high degree of uncertainty and risk.
GENERAL REMARK
Figures may not add up due to rounding.
INVESTMENT HIGHLIGHTS
OLIVER KALTNER, CEO
4
9M 2025 FINANCIALS SNAPSHOT
– CASH BURN
DRASTICALLY REDUCED
INVESTMENT HIGHLIGHTS
Q3/9m Results Presentation 30 October 2025
Revenue
adj. EBITDA
margin
Cash burn
ytd*
Equity
ratio
EUR 70.7m
-6.9%
EUR 7.5m
43.2%
-16%
yoy
-6.1%pts.
yoy
-0.3m
qoq
-2.4%pts.
qoq
Cash on
hand
EUR 8.8m
-28.9m
yoy
* Change in cash position 30 Sep 2025 vs. 31 Dec 2024
5
AGM confirmed
CHERRY’s strategic
realignment
•
In person AGM on
22 July in Munich
•
Shareholder
approval for our
transformation
course
MAJOR MILESTONES HAVE BEEN ACHIEVED IN Q3
INVESTMENT HIGHLIGHTS
Jurjen Jongma new
CFO as of 1 September
•
Management Board
expanded to three
members again
•
Responsibility for
Finance, IT, Investor
Relations, M&A, and
Legal & Corporate
Affairs
TI-Messenger provider
approval
•
CHERRY Digital
Health received TI -M
provider approval
from gematik
•
TI-M enables
communication
among all healthcare
stakeholders
Q3/9m Results Presentation 30 October 2025
Further inventory
reduction achieved
•
Group inventories
EUR 37.8 m, down
by > EUR 5m qoq
•
Active Office
SKUs reduced by
c. 40% vs. 1
January 2025
6
Q3 AND 9M 2025 FINANCIALS
JURJEN JONGMA, CFO
7
9M REVENUE
(EUR m)
•
9M revenue below previous year in
all three divisions
•
Q3 revenue up 9% driven by growth
in Peripherals, despite pressure in
Europe and USA
•
DH&S regained momentum in Q3
•
Continued deterioration in
Components
•
9M 25 adj. EBITDA margin stands
at -6.9% vs. -0.8% as of 9M 24
Q3 AND 9M 2025 FINANCIALS
9M ADJ. EBITDA
(EUR m)
Rounding errors may occur
Q3 AND 9M GROUP KEY KPI OVERVIEW
33.0
32.9
32.1
2022
28.7
32.6
27.3
2023
30.3
31.3
22.6
2024
25.3
20.7
24.7
2025
98.0
88.6
84.2
70.7
4.4
5.0
4.2
2022
-1.3
4.5
-1.3
2023
0.9
1.6
-3.1
2024
-2.0
-0.3
-2.6
2025
13.6
1.9
-0.7
-4.9
Q3/9m Results Presentation 30 October 2025
Q3
Q1
Q2
8
Q3 AND 9M 2025 FINANCIALS
PERIPHERALS AND HEALTH Q3 REVENUES UP YOY
REVENUE SPLIT
(EUR m)
ADJ. EBITDA SPLIT
(EUR m)
8.5
65.3
14.8
9M 2023
5.2
56.4
22.6
9M 2024
3.9
50.3
16.5
9M 2025
88.6
84.2
70.7
1.8
20.7
4.7
Q3 2023
1.6
14.7
6.4
Q3 2024
1.5
16.7
6.5
Q3 2025
27.2
22.7
24.7
0.2
13.5
0.9
-12.7
9M 2023
0.0
3.8
8.5
-13.0
9M 2024
-4.0
0.2
11.62
-12.7
9M 2025
1.9
-0.7
-4.9
-0.3
5.2
-1.8
-4.3
Q3 2023
-0.6
-1.5
2.2
-3.3
Q3 2024
-1.0
0.2
1.7
-3.5
Q3 2025
-1.3
-3.1
-2.6
COMP
PERIPHERALS
DH&S 1
CENTRAL
Q3/9m Results Presentation 30 October 2025
9
Q3 AND 9M 2025 FINANCIALS
NORMALIZING OUT 2025 EXTRAORDINARY ITEMS
70.7
COGS
REVENUE
GP I
27.1
OP. COSTS
BEFORE D&A
0
-9.7
-13.7%
(ADJ. ) EBITDA
27.1
-4.9
-6.9%
27.8
-10.8
-15.0%
70.7
71.1
FROM REPORTED TO OPERATIONAL P&L
(EUR m; % mgn .)
FROM OPERATIONAL TO SUSTAINABLE PERFORMANCE
(EUR m; % mgn .)
32.0
-1.1
-1.5%
71.1
38%
39%
45%
CONSERVATIVE
OPTIMISTIC
35.6
50%
71.1
38%
ADJUSTMENTS
OPERATIONAL
+4.8 MAINLY
FROM AK SALE
+3.5
+4.9%
-5.9 MAINLY
FROM AK SALE
+0.7 CLEARING
OF AK
+0.4 CLEARING
OF AK
IMPROVE TO SUSTAINABLE SITUATION
ASSUME SAME SALES
+6PTS GROSS MARGIN
+5.5 COST SAVINGS
+9.7 EBITDA EFFECT
ASSUME SAME SALES
+11PTS GROSS MARGIN
+6.5 COST SAVINGS
+14.3 EBITDA EFFECT
Q3/9m Results Presentation 30 October 2025
10
Q3 AND 9M 2025 FINANCIALS
INVENTORY REDUCTION KEEPS ITS MOMENTUM
CHANGE IN INVENTORIES
(in EUR m)
Q3/9m Results Presentation 30 October 2025
75
38
5
5
13
8
8
7
5
30 Mar 23
Q2 23
Q3 23
Q4 23
Q1 24
4
Q2 24
3
Q3 24
Q4 24
3
Q1 25
Q2 25
Q3 25
-49%
30 Sep 25
11
OPERATING AND RESTRUCTURING UPDATE
UDO STRELLER, COO
12
Q3/9m Results Presentation 30 October 2025
AUERBACH RESHAPED TO CENTRAL DEVELOPMENT,
LOGISTICS, AND SERVICES HUB
OPERATING AND RESTRUCTURING UPDATE
Development
Services
Switch Assembly in China and Slovakia with
socially responsible Headcount Reduction in Germany
Optimized regional
Logistics Hubs
Subcon Management & Supply Chain
Management are key
Centralized & integrated Product &
Technology Development
Switch Technology Development will
be continued in Auerbach & Zhuhai
Logistics
New Tariff -optimized Setup in USA
Auerbach new multifunctional
Logistics Hub, excellent
geographical Location in the Heart of
Europe
ULP discontinued: Product Life Cycle
End & excessive Fixed Cost
Central Product (Life Cycle) &
Project Management
13
OPERATING AND RESTRUCTURING UPDATE
Q3/9m Results Presentation 30 October 2025
All shelving units in the former
production hall are ready and in
operation as well as filled
according to the revised
accelerated timeline within Q4.
AUERBACH LOGISTICS & SERVICES GO
-LIVE
SUCCESSFULLY AHEAD OF TIME
Looking ahead, by end of Q4 all logistic
tasks for Europe including the CHERRY
Webshop , Amazon Vendor Business,
Landskrona inhouse and external
warehouse services will be done & fully
managed from the new hub.
Contract with external logistics
partner terminated at the end
of the year
14
OPERATING AND RESTRUCTURING UPDATE
DEVELOPMENT, TECHNOLOGY & INNOVATION
– ON
TRACK FOR A BRIGHT FUTURE
Q3/9m Results Presentation 30 October 2025
Foundation Established
Integrated Product & Technology
Development implemented
Global PMO driving Efficiency and
Project Discipline
Innovation Momentum
Centralized & integrated Product &
Technology Development
Global Innovation Community in SE,
DE, AT, CN
Technology roadmap 2026 &
Innovation building blocks 2026+
defined
Looking Ahead
~ 30 Technology Roadmap
projects
for Hardware, Switch, Connectivity,
Software & Application targeted
~ 10 cross field Innovation building
blocks defined
Two Focus Businesses Peripherals
and Digital Health & Solutions
15
OUTLOOK
OLIVER KALTNER, CEO
16
CHERRY AIMS TO BECOME AN INTERNATIONAL
PROVIDER OF AGNOSTIC, DIGITAL ECOSYSTEMS
OUTLOOK: STATUS QUO A STRONG BASIS
DH&S – REVENUE AND MARGIN GROWTH
•
Continued strong demand for terminals
•
Fundamental paradigm shift
•
TI-M the key to new identity as platform
provider
•
From project based HW sales to multiple
predictable and recurring SW revenue
streams
•
PoPP SaaS revenues projected to surpass
terminal revenues by 2029
PERIPHERALS RESHAPED
•
Streamlined OFFICE structures
•
Acquisition of highly qualified talent
•
Targeted GAMING marketing initiatives
for CHERRY XTRFY to enhance visibility
•
COMPONENTS a valuable add
-on
•
EMEA recovery on track
•
APAC best in class
•
Strategic reset of AMERICAS business
Q3/9m Results Presentation 30 October 2025
17
CHALLENGES TO MASTER
OUTLOOK: CHALLENGES
Strengthen forecasting discipline and data
accuracy
Germany near -stagnant growth, clearly
lagging behind its European peers*
Cash constraints limit the ability to pursue
growth opportunities
Connecting healthcare providers to TI could
be postponed to October 2027
APAC: Pricing pressure and FX headwinds
Transformation from sell
-in to sell -out
takes time, given cash limitations
Q3/9m Results Presentation 30 October 2025
* IMF September 2025
18
PERIPHERALS OPPORTUNITY IN B2C AND WIRELESS
OUTLOOK: PERIPHERALS OPPORTUNITIES
Q3/9m Results Presentation 30 October 2025
Reseller Market*
ytd still under
Pressure
•
Germany up 2%
•
UK down massively at
-22%
•
France stagnant at
-1%
•
Cherry outperforming in trade
channels like system houses
Reseller
Retailer
-8%
10%
Consumer Retail segment* shows
robust momentum
ytd
•
Online channels dominating with
> 60% of EU3 KB
•
Cherry still underrepresented
80%
20%
cordless
corded
* GfK EU3 Panelmarket, 30 September 2025, all figures in value terms
EU3 KB market* dominated by c.
80% cordless product
•
Cherry only at 47%
•
Mix imbalance negatively affecting
ASPs
New distribution setup
•
Increased Consumer presence
•
Improved cordless relevance
•
Product pricing aligned with
overall EU3 value market
19
MARKETING RELAUNCH: FROM B2B
- TO B2C -FOCUS
AND CUSTOMER -CENTRIC MESSAGING
OUTLOOK: IMPACT OF MARKETING RELAUNCH I
Q3/9m Results Presentation 30 October 2025
From partner
-focused B2B messaging to
consumer -driven storytelling
What we sell
Why it matters
Push
Pull
Customer -centric messaging
– built to
resonate with their goals and values
What the product
does
What the product
means to the user
How the product is
built
Technology
secondary to
emotion
20
MARKETING RELAUNCH: EVOLVING THE BRAND &
OWNING OUR STORY
OUTLOOK: IMPACT OF MARKETING RELAUNCH II
Q3/9m Results Presentation 30 October 2025
•
Content creation and quality control
brought back in -house
•
Strong marketing team built to
produce own material and rely less
on external agencies to…
•
… create a more unified tone across
products and
•
… improve cost efficiency.
•
Goal: clear identity and unified
appearance.
Our content should feel like us
– authentic, distinctive, and unmistakably CHERRY.
Then
Now
https://www.youtube.com/watch?v=T85NYJrz4Cw
21
FINANCING PARTNERS’ STRONG COMMITMENT &
MORE EFFICIENT GROUP STRUCTURE
OUTLOOK
Q3/9m Results Presentation 30 October 2025
Management Board currently pursuing
strategic options
Restructuring allows for more efficient
personnel cost ratio in 2026
Cash collection is
king - liquidity
management is based on weekly targets
CHERRY goes 6
– new legal entity structure
Major shareholder confirms commitment
by injecting up to EUR 5.7 million
New allocation of Management Board
responsibilities
22
2024
2025
110.5m
107.5m*
-2.7%
2024
2025
-6.3%
+1%*
+10.8ppt.
2025 REVENUES
c. EUR 100m to 115m
2025 ADJ. EBITDA MGN.
of c. 0% to 2%
* mid point of guided range
OUTLOOK
FY 2025 FORECAST
Q3/9m Results Presentation 30 October 2025
IR CONTACT
NICOLE SCHILLINGER
SVP INVESTOR RELATIONS
EMAIL: IR@CHERRY.DE
PHONE: +49 9643 2061 848
WEB: HTTPS://IR.CHERRY.DE
