Cherry AG — Earnings Release 2025

Mar 5, 2026

Cherry SE | Preliminary Group Results Q4 2025

CHERRY

KEY GROUP FIGURES (IFRS)*

€ million / as reported	Oct. 1 to Dec. 31, 2025	Oct. 1 to Dec. 31, 2024	Change	Jan. 1 to Dec. 31, 2025	Jan. 1 to Dec. 31, 2024	Change
Revenue¹	23.7	26.3	-9.9%	94.3	110.4	-14.6%
thereof GAMING & OFFICE PERIPHERALS	16.9	16.6	1.8%	67.2	72.6	-7.4%
thereof DIGITAL HEALTH & SOLUTIONS	5.9	7.5	-21.3%	22.3	30.4	-26.6%
thereof COMPONENTS	0.9	2.2	-59.1%	4.8	7.4	-35.1%
EBITDA	-10.5	-8.2	-28.0%	-20.1	-11.6	-73.3%
EBITDA (adjusted)²	-4.9	-6.3	22.2%	-9.8	-7.0	-40.0%
EBITDA margin	-44.2%	-31.2%	-13.0 pp	-21.4%	-10.5%	-10.9 pp
EBITDA margin (adjusted)²	-20.3%	-23.9%	3.6 pp	-10.4%	-6.3%	-4.1 pp
Cash flows from operating activities	-1.8	10.8	-116.7%	-14.2	2.8	-607.1%
Cash flows from investing activities	-1.3	-3.1	58.1%	6.3	-9.1	169.2%
Free cash flow	-3.1	7.7	-140.3%	-7.9	-6.2	-27.4%
€ million / as reported	Dec. 31, 2025	December 31, 2024	Change
---	---	---	---
Cash and cash equivalents	5.6	16.4	-65.9%
Net working capital³	22.5	40.2	-44.0%
Trade working capital⁴	32.1	49.5	-35.2%
- Inventories	28.8	53.7	-46.4%
- Current trade receivables	16.8	20.1	-16.4%
- Current trade payables	-13.5	-24.3	44.4%
Net cash I (+) / net debt I (-)⁵	-20.2	-10.0	-102.0%
Net cash II (+) / net debt II (-)⁶	-32.7	-27.1	-20.7%
Employees (FTEs)	351	372	-5.6%

¹ Consolidated group revenue.
² Adjusted for non-budgeted one-time and/or non-operating items.
³ Balance of current assets (excluding cash and cash equivalents) and current liabilities (excluding financial debts).
⁴ Balance of inventories, current trade receivables, and current trade liabilities.
⁵ Liabilities to banks less cash and cash equivalents.
⁶ Liabilities to banks, current and non-current lease liabilities, and pensions obligations, less cash and cash equivalents.
* The information provided herein represents preliminary figures as of December 31, 2025 and therefore, may still be subject to change.