Cherry AG — Investor Presentation 2025

Apr 30, 2025

CHERRY ENTER EXCELLENCE

CHERRY SE

ANALYST & INVESTOR CONFERENCE 2025

30 APRIL 2025

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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 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 SE 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 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. No 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 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.

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AGENDA

• State of Play, Oliver Kaltner (CEO)
• 2024 and Q1 2025 Financials, Volker Christ (EVP Finance and IT)
• Operations and Restructuring Update, Dr Udo Streller (COO)
• Deep Dive Peripherals, Alexander Hecker (SVP Global Peripherals)
• Outlook, Oliver Kaltner (CEO)
• Q&A

Moderator: Nicole Schillinger (SVP Investor Relations)

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OLI

OLIVER KALTNER, CEO: STATE OF PLAY

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CHERRY ENTER EXCELLENCE

STATE OF PLAY

TURNING CHALLENGES INTO ACTION - 2024

ADVERSITY AND RESPONSE MEASURES

Adverse Trends continued	Further Restructuring Steps executed	Highlights
Recessionary Trends in Germany	Reorganization of Finance Department	> 70% Market Share in E-Health new Terminals Sales
Lackluster Corporates and Consumer Spending	New central Product Management and Development Unit	Sound post-pandemic Demand for Hygienic KB
Difficult competitive Position of Components	BU Reorganization within Europe	Strong TWC Reduction
Red Sea Shipping Turmoil	New Partner Program for GOP	Robust Cost Management

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE

OVERVIEW

6

Q1 2025 – A QUARTER OF CONTRASTS

Annual Report
Implications of Restructuring Concept
on Reportable Elements result in
Postponement of Publication

New shareholder
Huamei
International
Investment Group

DH&S
in line with Budget;
SmartLink Provider
Approval

APAC
Overperformance;
encouraging Inventory
Reduction

Components
Underperformance;
weak Demand

Americas
Underperformance;
Order Postponements

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE

STATE OF PLAY

PAVING THE PATH BACK TO PROFITABLE GROWTH

Further Restructuring	Bank Financing extended
Discontinuation of Switch Production at Auerbach (ARB)	Repayments of EUR 1m each in June 2025 and in Feb 2026
Transfer to Partner in China	EUR 23m Financing Facility until Dec 2027
ARB to become Development, Logistics, and Service Hub	EURIBOR + 3.75% unchanged
Socially responsible Headcount Reduction	Adjustment of Covenants

Analyst & Investor Conference 30 April 2025

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VOLKER CHRIST, EVP FINANCE:
2024 AND Q1 2025 FINANCIALS

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CHERRY ENTER EXCELLENCE

2024 FINANCIALS RECAP

2024 TOP LINE SHORTFALL PARTLY COMPENSATED FOR BY COST CONTROL*

FY 2024 REVENUE SPLIT
(IN EUR M)

ADJ. EBITDA SPLIT
(IN EUR M)

Analyst & Investor Conference 30 April 2025

• after impairment and other subsequent accounting adjustments; deviates from figures published on 11 February

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CHERRY ENTER EXCELLENCE

Q1 2025 FINANCIALS

PRELIMINARY Q1 IN LINE WITH BUDGET

Q1 REVENUE
(IN EUR M)

• Q1 25 Group Revenue at EUR 25.3m, c. 16% below Q1 2024's EUR 30.3m
• Q1 25 adj. Group EBITDA margin at -8.0%, down vs. Q1 24 at 2.8%
• Q1 KPI in line with assumptions underpinning 2025 forecast
• Americas weak while CHERRY APAC outperformed
• DH&S y-o-y down due to basis effect '24 and postponed ePA '25

ROUNDING errors may occur

Q1 ADJ. EBITDA
(IN EUR M)

Analyst & Investor Conference 30 April 2025

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DR. UDO STRELLER, COO:
OPERATIONS UPDATE

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CHERRY ENTER EXCELLENCE

OPERATIONS UPDATE

12

RESHAPING AUERBACH TO OUR CENTRAL DEVELOPMENT, LOGISTICS, AND SERVICES HUB

Development	Services	Logistics
Centralized & integrated Product & Technology Development	Subcon Management & Supply Chain Management are key	New Tariff-optimized Setup in USA
Switch Technology Development will be continued in Auerbach & Zhuhai	Central Product (Life Cycle) & Project Management	Auerbach new multifunctional Logistics Hub, excellent geographical Location in the Heart of Europe
ULP discontinued: Product Life Cycle End & excessive Fixed Cost	Optimized regional Logistics Hubs
Switch Assembly in China and Slovakia with socially responsible Headcount Reduction in Germany

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE

OPERATIONS UPDATE

13

WE HAVE CENTRALIZED GLOBAL PRODUCT / LIFE CYCLE MANAGEMENT AND DEVELOPMENT

Two strong Focus Businesses	Centralized & structured Product (Life Cycle) Management	Centralized & Integrated Product & Technology Development
Peripherals	"Idea to Concept" - Streamlined Project Management for all Businesses and Locations	Technology Focus Areas
• Mechanics & Switch
• Electronics & Firmware
• Software & Applications
Digital Health & Solutions	"Concept to Product to Cash" - Global Project Management & Product Marketing/Lauch	Global Innovation Community @ Landskrona, Auerbach, Vienna & Zhuhai
Central PMO for Optimization & Restructuring

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE

OPERATIONS UPDATE

DH&S - PLENTY OF OPPORTUNITIES

Excess of bureaucratized digitalization in Germany

• Physicians still spend around 44% of their time on documentation — while more and more systems, portals, and applications are being introduced.
• Processes are being transferred one-to-one into digital formats without being simplified.
• One in five medical practices still uses fax as the primary means of communication.

=> Digital processes must be designed with people in mind and built to be technically interoperable.

CHERRY SmartLink has received gematik provider approval on 31 March

• Simple & interoperable
  Patients use their NFC-enabled smartphone as a card terminal to redeem e-prescriptions; no additional hardware required.
• Scalable, recurring SaaS revenue CHERRY earns €0.36 per redemption, tapping into a highly attractive market with 500+ million e-prescriptions processed in Germany in 2024.

Analyst & Investor Conference 30 April 2025

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ALEXANDER HECKER, SVP PERIPHERALS:
DEEP DIVE CHERRY PERIPHERALS

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CHERRY ENTER EXCELLENCE
DEEP DIVE: PERIPHERALS
16

MARKET SHARE GAINS ACCELERATED IN Q4 2024

CHERRY MARKET SHARE* (in %)

EU3 MARKET SPLIT* (as of Q4 2024)

CORDLESS OPPORTUNITY (in EUR m)

CONSUMER OPPORTUNITY* (in %)

Source: GfK
* Panel Market; Keying Devices no Gaming
** Share of EU3 retail sales
*** CHERRY share of EU3 retail sales
Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE
DEEP DIVE: PERIPHERALS
17

INITIAL ASSESSMENT AND KEY CHALLENGES IDENTIFIED

| Quarter End Deals

Sustainable Demand Generation
Deal Dynamics

Step-by-step Approach for each Region |
| Distribution Strategy

Clear Focus and Pay-for-Performance to drive Sell-out
Gray Market Pricing

Progress |

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CHERRY ENTER EXCELLENCE
DEEP DIVE: PERIPHERALS
18

REGIONAL STRATEGY: FOCUS ON EU3+

Major Countries with Opportunity, e.g. Retail
Focused resource and Investment Allocation

Adapt EU3+ Activities and reduce Complexity
Sustain existing Business and realize Quick Wins

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE
DEEP DIVE: PERIPHERALS
19

REDEFINING OUR PERIPHERALS STRATEGY WITH A CLEAR DEMAND FOCUSED APPROACH

SPLIT B2B AND CONSUMER

Protected Peripherals
Office B2B
Office Consumer
Gaming

Product Focus

FROM PUSH TO PULL

• Sell-in follows Sell-through
• Stocking based on Target-group focused Campaigns
• E-Commerce: Further Expansion (Amazon Countries, Alibaba)
• Demand driven Supply => lower Inventory
• Process Focus

MASTER DISTRIBUTION

• Logistics decoupled from Distributor Sales Approach
• Rebate Reallocation
• Monthly and quarterly SI Deals => ongoing Order Management
• Stabilize Market Pricing
• Organizational Focus

Analyst & Investor Conference 30 April 2025

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OLIVER KALTNER, CEO:
OUTLOOK

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CHERRY ENTER EXCELLENCE
OUTLOOK
21

MASTERING A VOLATILE ENVIRONMENT

Ongoing Coalition Negotiations lack Clarity

Germany in 3rd Year of Recession

Hesitant Consumer

US Tariffs

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE

OUTLOOK

22

MITIGATING HEADWINDS IN A VOLATILE ENVIRONMENT

Ongoing Coalition Negotiations lacking Clarity

KK

Germany in 3rd Year of Recession

Hesitant Consumer

US Tariffs

→ Relocation of Switch Production to China	→ Strong Cash and Cost Control	→ SKU Reduction & new B2C Approach
→ Extended Financing Facility	→ DH&S new Professions/ Replacement Demand

→ Positive Effect expected for Q2

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE

OUTLOOK

23

PRODUCT INNOVATION EXAMPLE: XTRFY H3 WIRELESS GAMING HEADSET

Emil 'HeatoN' Christensen, eight-time world champion in Counter-Strike and first inductee in the E-Sports Hall of Fame:

"This headset is perfect for FPS games. I've been using it with CS2, and its directional audio really stands out, making it easier to position enemies and read the game. The fit is extremely good, and it's super comfortable for long sessions."

• Wireless multi-platform gaming headset
• Crystal-clear sound and full precision
• Both wireless with low latency and Bluetooth compatible
• Up to 100 hours of use
• Sturdy aluminum construction combined with soft over-ear cushions

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE
OUTLOOK
24

WE HAVE SET CLEAR PRIORITIES FOR 2025

PERIPHERALS

CHERRY Europe

• Revenue and margin growth
• Master distribution model
• Product allocation policy

CHERRY Americas

• Accelerate revenue and margin growth
• Expand peripherals sales
• New partner network

DH&S

Hardware

• Strengthen market share as replacement demand for terminals kicks in
• Expand TI reach by onboarding new healthcare professions

Software

• TIM: accelerate adoption, e.g. by winning tenders from large hospitals
• TMS: leverage tailwind from new professions
• SmartLink: unlock recurring SaaS revenue in an EUR 500m+ annual eRx market after supplier approval by gematik

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE
OUTLOOK
25

FY 2025 FORECAST

2025 REVENUES
C. EUR 105M TO 120M

2025 ADJ. EBITDA
MGN. OF C. 3 TO 6%

• preliminary data ** mid point of guided range

Analyst & Investor Conference 30 April 2025

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CHERRY ENTER EXCELLENCE

Q&A

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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

CHERRY
ENTER EXCELLENCE