Cherry Se · XETR:C3RY
Cherry — FY2025 Earnings Presentation
28 slides from Cherry's earnings presentation, Mar 5, 2026
Slide 1: Cherry SE Q4/FY 2025 Preliminary Results
CHERRY SE Q4/FY 2025 PRELIMINARY RESULTS INVESTOR PRESENTATION 05 MARCH 2026
Slide 2: Legal Disclaimer
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 dif
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS ROGIER VOLMER, CEO
Slide 4: Rogier Volmer, New (Interim) CEO
INVESTMENT HIGHLIGHTS 4 ROGIER VOLMER NEW (INTERIM) CEO Mission “Cherry’s strength lies in its brand, technology and people; the focus now is disciplined execution to deliver sustainable performance.” Professional Experience MD, DACH & Benelux, Haier Europe - turnaround mandate CEO, Trust Internatio
Slide 5: Major Milestones 2025
INVESTMENT HIGHLIGHTS 5 MAJOR MILESTONES 2025 New divisional heads Sale of Hygiene TI - Messenger Jurjen Jongma new Further inventory in Peripherals and Business provider approval CFO as of reduction achieved Digital Health 1 September • “Active Key” sold to • CHERRY Digital • Group inventories • Al
Slide 6: Q4 and FY 2025 Financials
6 Q4 AND FY 2025 FINANCIALS JURJEN JONGMA, CFO
Slide 7: Q4 and FY 2025 KPI Impacted by Active Key Sale
Q4 AND FY 2025 FINANCIALS 7 Q4 AND FY 2025 KPI IMPACTED BY ACTIVE KEY SALE Foto Revenue adj. EBITDA FY 2025 FY 2025 EUR 94.3m EUR - 9.8m 15% yoy 40% yoy Q4 2025 Q4 2025 EUR 23.7m EUR - 4.9m 10% yoy 22% yoy Q4/FY Results Presentation 5 March 2026
Slide 8: Q4 and FY Group Key KPI Overview
Q4 AND FY 2025 FINANCIALS 8 Q4 AND FY GROUP KEY KPI OVERVIEW FY REVENUE FY ADJ. EBITDA (EUR m) (EUR m; margin in %) • Revenue down 15% in FY and 10% in Q4 126.5 due to basis effect from Active Key 2.0 110.5 divestment and weak Components 28.7 1.6% demand 4.5 94.3 0.9 30.3 0.1 1.6 32.6 25.3 • On a co
Slide 9: Q4 and FY Segmental Key KPI Overview
Q4 AND FY 2025 FINANCIALS 9 Q4 AND FY SEGMENTAL KEY KPI OVERVIEW REVENUE SPLIT (EUR m) ADJ. EBITDA SPLIT (EUR m) 126.5 37.9 2.1 0.2 10.9 2.3 1.8 1.6 110.4 0.6 7.4 94.3 14.1 3.7 4.8 26.3 3.7 23.7 12.3 13.9 2.3 2.2 0.9 4.7 - 1.2 - 1.2 92.6 27.3 72.6 - 1.2 - 2.6 - 5.2 - 5.7 67.2 16.6 - 3.7 16.9 - 3.4 -
Slide 10: Normalizing Out 2025 Extraordinary Items
Q4 AND FY 2025 FINANCIALS 10 NORMALIZING OUT 2025 EXTRAORDINARY ITEMS Adjustments Adjustments 2025 (EUR m) Current Non - recurring • The starting point is that adjusted EBITDA Methodology items only should be a proxy for underlying, recurring, operational performance of both the segments Sales 0.0 0
Slide 11: Segmental Operational Performance
Q4 AND FY 2025 FINANCIALS 11 SEGMENTAL OPERATIONAL PERFORMANCE Components Peripherals Digital Health Full year 2025 2024 2025 2024 2025 2024 financials Reported Adjusted Operational Operational Reported Adjusted Operational Operational Reported Adjusted Operational Operational (EUR m) Sales 4.8 4.8
Slide 12: OPEX Development on a Comparable Basis
Q4 AND FY 2025 FINANCIALS 12 OPEX DEVELOPMENT ON A COMPARABLE BASIS OPEX in EUR m / 2023 2024 2025 % of sales Manufacturing costs 21.2 16.8% 17.3 15.7% 15.6 16.5% R&D 8.2 6.5% 7.5 6.8% 5.2 5.5% Selling expenses 25.9 20.5% 24.7 22.4% 21.1 22.4% G&A 15.8 12.5% 15.9 14.4% 13.2 14.0% TOTAL 71.1 56.2% 65
Slide 13: Optimized Inventory: Leaner and More Efficient
Q4 AND FY 2025 FINANCIALS 13 OPTIMIZED INVENTORY: LEANER AND MORE EFFICIENT CHANGE IN INVENTORIES (in EUR m) - 61% 75 5 5 77% Inventory GOP+ 13 GOP reduction from + CO sales CO 8 3 4 8 3 7 23% Inventory 5 write - off 9 29 GOP GOP+ CO + CO DHS DH DH DHS 30 Mar 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q
Slide 14: Cash Conversion Cycle - Accelerated Liquidity Generation
Q4 AND FY 2025 FINANCIALS 14 CASH CONVERSION CYCLE - ACCELERATED LIQUIDITY GENERATION 2023 2025 CCC = 206 days CCC=DIO+DSO - DPO CCC = 116 days 88 days Working Capital Days improved by 90 days (44%) 62 days 171 days 114 days 53 days 60 days - 26 days (reduced DSO) - 57 days (reduced DIO) +7 days DSO
Slide 15: Operations Update
15 OPERATIONS UPDATE DR. UDO STRELLER, COO
Slide 16: COO – Strategy Process
OPERATIONS UPDATE: COO STRATEGY 16 COO – STRATEGY PROCESS 5 key strategic fields embedded into our company culture HEART OF CHERRY Strategy Fields Long term Mission Deployment Culture & ESG make the core ▪ ESG Yearly cycle of strategy Customer value add centric, deployment: Review ▪ Product, Innovat
Slide 17: Materiality Analysis & Carbon Footprint
OPERATIONS UPDATE: ESG 17 MATERIALITY ANALYSIS & CARBON FOOTPRINT MATERIALITY ANALYSIS CO 2 SOURCES LEGAL ENTITIES SCOPES • Materiality matrix based on seven ESRS topics • Financial Materiality ( outside in ) 200.71t 6 and Impact Materiality ( inside 213.88t 5 586.35t 4 out) 249.72t3 258.5t 5 464.83
Slide 18: Restructuring Update
OPERATIONS UPDATE: RESTRUCTURING 18 RESTRUCTURING UPDATE The following restructuring measures have been implemented and completed: • Auerbach site transition and • Global logistics footprint adaption led to reduced complexity & cost More is needed to become profitable. Inhouse manufacturing sites Lo
Slide 19: Outlook
19 OUTLOOK ROGIER VOLMER, CEO
Slide 20: Cherry Evolves to a Platform for Secure and High-Performance Input Solutions
OUTLOOK: EVOLVE TO PLATFORM 20 CHERRY EVOLVE S TO A PLATFORM FOR SECURE AND HIGH - PERFORMANCE INPUT SOLUTIONS DH&S – REVENUE AND MARGIN GROWTH PERIPHERALS & COMPONENTS FOUNDATION STRENGTHENED • Ongoing strong demand for terminals • HW footprint enables bundling with new SW • Positioned as a focused
Slide 21: E-Health Business Fundamentals Built on Robust Core
OUTLOOK: E - HEALTH BUSINESS WITH SCALABLE BASE 21 E - HEALTH BUSINESS BUILT ON ROBUST CORE FUNDAMENTALS NUMBER OF E - HEALTH LICENSE / BUNDLE MODEL HIGHLIGHTS TERMINALS DELIVERED (UNITS) 2027FF • Up to 200k more unit deliveries expected for 2026 - 2028 • 2025 return rates decreased by +75% 45% yoy,
Slide 22: gematik Driven E-Health Tailwinds Ahead
OUTLOOK: E - HEALTH BUSINESS DRIVERS BEYOND 2026 22 GEMATIK DRIVEN E - HEALTH TAILWINDS AHEAD TI applications TIM- Connect TIM 3.0 Video 2026 2027 2028 2029 Technology and participants PoPP Mandatory Mandatory Introduction 1 connection of connection of c. socio - therapeutic 90,000 healthcare servic
Slide 23: Peripherals and Components: Strengthening the Foundation
OUTLOOK: PERIPHERALS FROM STABILIZATION TO EXECUTION 23 PERIPHERALS AND COMPONENTS: STRENGHTENING THE FOUNDATION Working Capital & Portfolio & Commercial Structural Simplification Inventory Discipline Focus • Inventory materially • Prioritization of top - • Optimized distribution reduced performing
Slide 24: Peripherals Innovation Pipeline Highlights
OUTLOOK: PERIPHERALS PRODUCT OPPORTUNITIES 24 PERIPHERALS INNOVATION PIPELINE HIGHLIGHTS SELECTED 2026 PRODUCT LAUNCHES GLOBAL OFFICE PORTFOLIO GLOBAL GAMING PORTFOLIO 8.2 K33 K5 TMR KW4000 KW3100 TMR M42V2 MZ2 GP8 CX K37ID H3 Wired MW3100 CHINESE GAMING PORTFOLIO GLOBAL INDUSTRY AND SECURITY PORTFO
Slide 25: Mid-Term Growth Opportunity in Retail and Cordless
OUTLOOK: PERIPHERALS MARKET OPPORTUNITIES 25 MID- TERM GROWTH OPPORTUNITY IN RETAIL AND CORDLESS STRONG RETAIL MARKET MOMENTUM CORDLESS OPPORTUNITY Retailer growth % retail value 80% cordless share yoy Germany* share Germany* in Germany* 74% 68% 2% 65% 30% 14% 50% 10% 18% Single Cordless Desktop Cor
Slide 26: Strategic Portfolio Review to Enhance Financial Flexibility
OUTLOOK: M&A PROCESS 26 STRATEGIC PORTFOLIO REVIEW TO ENHANCE FINANCIAL FLEXIBILITY Scope: Management Board of Cherry SE has initiated M&A process for the potential divestment of one of the two business segments, DH&S or Peripherals Objective: Strengthen financial position and finance future growth
Slide 27: The Way Forward
OUTLOOK: WHAT TO EXPECT FOR 2026 AND BEYOND 27 THE WAY FORWARD Continued inventory Clearer regional optimization and EXECUTION accountability structural clean - up Strengthened Sharpened focus on operational control and EFFICIENCY core portfolio priorities discipline Enhance gross margin PROFITABILI
Slide 28: IR Contact
IR CONTACT NICOLE SCHILLINGER SVP INVESTOR RELATIONS EMAIL: [email protected] PHONE: +49 9643 2061 848 WEB: HTTPS://IR.CHERRY.DE