Cherry AG — Investor Presentation 2025

Oct 30, 2025

CHERRY SE

Q3/9M PRELIMINARY RESULTS INVESTOR PRESENTATION

30 OCTOBER 2025

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 and 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 ctors 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 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 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.

9M 2025 FINANCIALS SNAPSHOT – CASH BURN DRASTICALLY REDUCED

Revenue adj. EBITDA

-16%

yoy

margin

-6.1%pts. yoy

Cash on hand

EUR 70.7m -6.9% EUR 7.5m 43.2%

-0.3m qoq

Cash burn ytd*

EUR 8.8m

-28.9m yoy

Equity ratio

-2.4%pts. qoq

^* Change in cash position 30 Sep 2025 vs. 31 Dec 2024

MAJOR MILESTONES HAVE BEEN ACHIEVED IN Q3

AGM confirmed CHERRY's strategic realignment

• In person AGM on 22 July in Munich
• Shareholder approval for our transformation course

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

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

Q3 AND 9M GROUP KEY KPI OVERVIEW

• (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

Q1 Q2 Q3

Rounding errors may occur

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 11.6² -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

NORMALIZING OUT 2025 EXTRAORDINARY ITEMS

INVENTORY REDUCTION KEEPS ITS MOMENTUM

CHANGE IN INVENTORIES (in EUR m)

AUERBACH RESHAPED TO CENTRAL DEVELOPMENT, LOGISTICS, AND SERVICES HUB

AUERBACH LOGISTICS & SERVICES GO - LIVE SUCCESSFULLY AHEAD OF TIME

Contract with external logistics partner terminated at the end of the year

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.

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.

DEVELOPMENT, TECHNOLOGY & INNOVATION – ON TRACK FOR A BRIGHT FUTURE

Foundation Established

Integrated Product & Technology Development implemented

Two Focus Businesses Peripherals and Digital Health & Solutions

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

CHERRY AIMS TO BECOME AN INTERNATIONAL PROVIDER OF AGNOSTIC, DIGITAL ECOSYSTEMS

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

CHALLENGES TO MASTER

Germany near -stagnant growth, clearly lagging behind its European peers*

Strengthen forecasting discipline and data accuracy

Connecting healthcare providers to TI could be postponed to October 2027

APAC: Pricing pressure and FX headwinds

Cash constraints limit the ability to pursue growth opportunities

Transformation from sell -in to sell -out takes time, given cash limitations

PERIPHERALS OPPORTUNITY IN B2C AND WIRELESS

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

EU3 KB market* dominated by c. 80% cordless product

• Cherry only at 47%
• Mix imbalance negatively affecting ASPs

Consumer Retail segment* shows robust momentum ytd

• Online channels dominating with > 60% of EU3 KB
• Cherry still underrepresented

New distribution setup

• Increased Consumer presence
• Improved cordless relevance
• Product pricing aligned with overall EU3 value market

^* GfK EU3 Panelmarket, 30 September 2025, all figures in value terms

MARKETING RELAUNCH: FROM B2B - TO B2C - FOCUS AND CUSTOMER -CENTRIC MESSAGING

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

MARKETING RELAUNCH: EVOLVING THE BRAND & OWNING OUR STORY

Our content should feel like us – authentic, distinctive, and unmistakably CHERRY.

• 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.

Then Now

https://www.youtube.com/watch?v=T85NYJrz4Cw

FINANCING PARTNERS' STRONG COMMITMENT & MORE EFFICIENT GROUP STRUCTURE

CHERRY goes 6 – new legal entity structure Major shareholder confirms commitment by injecting up to EUR 5.7 million

Restructuring allows for more efficient personnel cost ratio in 2026

Management Board currently pursuing strategic options

New allocation of Management Board responsibilities

Cash collection is king - liquidity management is based on weekly targets

2024 2025

FY 2025 FORECAST

IR CONTACT

NICOLE SCHILLINGER SVP INVESTOR RELATIONS

EMAIL: IR@CHERRY.DE PHONE: +49 9643 2061 848 WEB: HTTPS://IR.CHERRY.DE