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Q3/9M PRELIMINARY RESULTS INVESTOR PRESENTATION 30 OCTOBER 2025 CHERRY SE
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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 a nd 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 cto rs 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 r eliance may be placed, for any purpose, on the information contained herein or its accuracy or completeness. The information in this pre sentation 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.
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INVESTMENT HIGHLIGHTS OLIVER KALTNER, CEO
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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
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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
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6 Q3 AND 9M 2025 FINANCIALS JURJEN JONGMA, CFO
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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
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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 11.6 2 - 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
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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
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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
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11 OPERATING AND RESTRUCTURING UPDATE UDO STRELLER, COO
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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
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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
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14 OPERATING AND RESTRUCTURING UPDATE DEVELOPMENT, TECHNOLOGY & INNOVATION – ON TRACK FOR A BRIGHT FUTURE Q3/9m Results Presentation 30 October 2025 Foundation Established I ntegrated 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
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15 OUTLOOK OLIVER KALTNER, CEO
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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
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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
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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
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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
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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
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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 - l iquidity 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
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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
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IR CONTACT NICOLE SCHILLINGER SVP INVESTOR RELATIONS EMAIL: IR@CHERRY.DE PHONE: +49 9643 2061 848 WEB: HTTPS://IR.CHERRY.DE