Q1 2022 INVESTOR PRESENTATION

May 11, 2022

TODAY'S PRESENTERS

Rolf Unterberger - CEO

Bernd Wagner - CFO

CHERRY AT A GLANCE – FINANCIAL HIGHLIGHTS Q1 2022

CHERRY GAMING – LATEST DEVELOPMENTS

NEW SWITCHES / SWITCH VERSIONS

ULP tactile switch launch will be published end of Q2
New switch featuring a customizable functionality allowing for a competitive advantage and a completely new gaming experience available for marketing in Q3

COMPACT GAMING KEYBOARDS

Market launch of multi-platform 60% low latency wireless keyboards in late Q2 and Q3 (MX-LP2.1 Compact Wireless & MX-LP 6.1 Compact Wireless)

CHERRY ADVANCED WIRELESS TECHNOLOGY - KEY FEATURES

Safe, stable and fast (1ms) connection, as if it would be corded but wireless!
3-5 connection options: Low-Latency Mode (LLM),3x Bluetooth channels, USB-Cable

CHERRY PROFESSIONAL – LATEST DEVELOPMENTS

E-COMMERCE – CURRENT STATUS

E-commerce Europe setup is ongoing and on track. Focus is now on the digital sales market in the USA as a further expansion potential for our growing online sales business

NEW PRODUCTS AND MARKET TRENDS

Hybrid working trend is fueling consumer electronics demand
KW X ULP Wireless Mechanical Keyboard with its distinctive design and extra flat profile will be launched in H2

DIGITAL HEALTH – CURRENT AFFAIRS

Strong focus on cooperation with gematic and The Federal Ministry of Health
The "Telematics Infrastructure 2.0" is currently being designed and new software- and service-based revenue streams with the next generation of telematics infrastructure are expected as of 2025

PERFORMANCE Q1 2022 OVERVIEW

CHALLENGING MARKET ENVIRONMENT CONTINUES IN Q1

Underlying growth drivers remain fully intact despite COVID-19 pandemic, war in Ukraine, and lockdowns in China
Revenue growth of 18.6% compared with Q1 2020

IN €M/ AS INDICATED	Q1 2022	Q1 2021*	∆
Revenue	33.0	37.7	12 6% -
Gross profit	9.8	15.5	-36.6%
Gross profit margin	29.9%	41.1%	-11.2pp.
EBITDA (adj.)	4.4	11.0	-59.8%
EBITDA margin (adj.)	13.4%	29.0%	-15.6pp.
EBITDA	3.9	10.1	-61.1%
EBITDA margin	11.9%	26.8%	-14.9pp.
EBIT (adj.)	0.5	7.5	-93.5%
EBIT margin (adj.)	1.5%	20.0%	-18.5pp.
EBIT	0.0	6.7	-99.8%
EBIT margin	0.0%	17.7%	-17.7pp.

REVENUE GROWTH BURDENED BY CURRENT HEADWINDS

Mixed revenue momentum in business areas

Various lockdowns in China and Hong Kong PROFESSIONAL 14,6 PROFESSIONAL 18,9 PROFESSIONAL 21,1 GAMING 14,2 GAMING 18,8 GAMING 11,9 0 5 10 15 20 25 30 35 40 45 50 Q1 2020* Q1 2021* Q1 2022 € 33.0m € 37.7m € 27.8m

REVENUE IN €M.

PROFESSIONAL sales up 11.8% to € 21.1m supported by:
- Successful roll-out of e-Health-Terminals ST-1506
- Successful continuation of e-commerce business in Q1 2022
GAMING sales down by 36.8% to € 11.9m influenced by:
- Lower demand for switches due to flat end customer demand for gaming keyboards/higher demand for smaller keyboards with a reduced number of keys
- Customer-related delays in launching new products

DOUBLE-DIGIT GROUP PROFITABILITY SUSTAINED

Reduced fixed cost coverage in GAMING business area burdens operating profitability

EBITDA MARGINS (ADJ.)

13.4% EBITDA MARGIN (ADJ.) IN Q1 2022

16.7% EBITDA margin (adj.) in PROFESSIONAL business influenced by:
- Increased prices for raw materials
- Expansion of marketing activities
7.4% EBITDA margin (adj.) in GAMING business influenced by:
- Reduced fixed cost coverage in view of revenue decrease

STRONG FINANCIAL POSITION AS OF MAR. 31, 2022

450

Well positioned to finance growth

ASSETS [IN €M.]

EQUITY & LIABILITIES [IN €M.]

FORECAST FY 2022 CONFIRMED – FURTHER OUTLOOK

Continuation of profitable growth path despite adverse market conditions

IN €M/ AS INDICATED	Q1 2021*	Q1 2022	FORECAST FY 2022
Revenue	37.7	33.0	170 190 –
EBITDA margin (adj.)	29.0%	13.4%	23 26% to
BUSINESS AREA	REVENUE		EBITDA MARGIN (ADJ.)
GAMING	Mid single digit growth		Slight decrease
PROFESSIONAL	Low double digit growth		Slight decrease (impacted by accelerated

FURTHER OUTLOOK

GAMING

temporary increases in material prices, shipping costs, and non-recurring marketing expenses for expansion in the Asia-Pacific region. Revenue decrease due to extensive lockdowns in China

PROFESSIONAL

Accelerated investments in new products, software, manpower and marketing spends to drive future growth in the ecommerce business in EU and USA as well as the expansion into Asia Pacific

Beyond 2022

Continue double-digit growth and expand adjusted EBITDA margin

SHARE PERFORMANCE / CURRENT SHAREHOLDER STRUCTURE

RELATIVE SHARE PERFORMANCE

SHAREHOLDER STRUCTURE

RECONCILIATION TO ALTERNATIVE PERFORMANCE MEASURES (ESMA)

IN € MILLION	Q1 2022	Q1 2021*
Consolidated profit/loss	-0.253	2.356
+ Income taxes	0.200	0.699
+ Financial result	0.468	3.627
EBIT	0.014	6.682
+/- Staff expenses (incl. share-based expenses) / (income)	-	0.151
+ Expenses in connection with capital market transactions	-	0.145
+ Expenses in connection with M&A transactions	-	0.422
+ Expenses in connection with natural disaster and pandemic	-	-
+ Other one-off cost	0.472	0.128
Total operating result adjustments	0 472	0 846
Adjusted EBIT	0.486	7.528

IN € 000	Q1 2022	Q1 2021*
Adjusted EBIT	0.486	7.528
+ Depreciation and amortization	3.918	3.424
Adjusted EBITDA	4.405	10.952
EBIT	0.014	6.682
+ Depreciation and amortization	3.918	3.424
EBITDA	3.933	10.106

CHERRY VIRTUAL AGM ON JUNE 8, 2022, AT 10:00 A.M. (CEST)

AGENDA HIGHLIGHTS

Resolution on the approval of the Compensation Report for the 2021 financial year
Resolutions on the approval of the compensation systems for the members of the Management Board and the Supervisory Board
Resolution on the approval of the conclusion of a profit and loss transfer agreement between Cherry AG and Cherry Digital Health GmbH
Resolution on the conversion of the Company into a European company (Societas Europaea, SE)
Resolution on the election of the members of the first Supervisory Board of Cherry SE
Resolution on the creation of new Authorised Capital 2022

DEADLINES

May 18: Record date
June 1: Last filing date
June 6: Last day for questions under section 1 of the COVID-19 Act

INVESTORPORTAL AND DOCUMENTS

Registered shareholders have the opportunity to follow the Annual General Meeting live via video streaming on the InvestorPortal
The invitation and other documents for the Annual General Meeting can be found here:https://ir.cherry.de/home/annual-general-meeting/

FINANCIAL CALENDAR 2022

Date	Event
May 11	Interim Financial Statement Q1 2022
May 12 – 13	HAIB - Stockpicker Summit
May 17	ABN AMRO – ODDO BHF – BeNeLux Roadshow (virtual)
May 23 – 25	Equity Forum
June 8	Annual General Meeting (virtual)
August 11	Half-year Financial Report 2022
September 5 – 6	Equity Forum
September 19	Berenberg - German Corporate Flagship Conference
November 15	Interim Financial Statement Q3/9M 2022
November 16	Münchner Kapitalmarkt Konferenz
November 28 - 30	Eigenkapitalforum

KEY INVESTMENT HIGHLIGHTS – WHY INVEST IN CHERRY?

FORWARD LOOKING STATEMENTS

Disclaimer

This presentation contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Cherry AG and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those described herein due to factors affecting Cherry AG such as, among other things, changes in the general economic and competitive environment, capital market risks, 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 AG 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. No reliance may be placed, for any purpose, on the information contained in this announcement 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 involves 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.

THANK YOU FOR YOUR ATTENTION

Cherry AG Dr. Kai Holtmann │ Head of Investor Relations

Einsteinstrasse 174 │ Bogenhausen 81677 München, Deutschland

E-Mail [email protected] Tel. +49 175 1971503 Fax +49 9643 20 61 900 Internet www.cherry.de