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Cherry AG Investor Presentation 2026
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Investor Presentation
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CHERRY ENTER EXCELLENCE
CHERRY SE
HAMBURGER INVESTORENTAGE
4 FEBRUARY 2026
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.
INVESTMENT HIGHLIGHTS
CHERRY ENTER EXCELLENCE
INVESTMENT HIGHLIGHTS
4
Q4 AND FY 2025 PRELIMS* BURDEDED BY ONE-OFFS
Revenue
| FY 2025
EUR 94.3m
↓ 15% yoy | FY 2025
EUR -9.8m
↓ 40% yoy |
| --- | --- |
| Q4 2025
EUR 23.7m
↓ 10% yoy | Q4 2025
EUR -4.9m
↑ 22% yoy |
Adj. EBITDA
Revenue below previous period
| Due to divestment of Active Key; strong u/l demand for eHealth terminals |
|---|
| Increased momentum in Peripherals; decline in demand for Components |
| EBITDA momentum turned positive in Q4 |
| Heavily burdened by restructuring costs, impairments and legacy clean-up costs |
| Q4 Peripherals adj. EBITDA up yoy; central costs significantly down |
- See releases from 28 January 2026
February 2026 | Hamburger Investorentage
CHERRY ENTER EXCELLENCE
INVESTMENT HIGHLIGHTS
9M 2025 FINANCIALS SNAPSHOT – CASH BURN DRASTICALLY REDUCED
| Revenue | adj. EBITDA margin | Cash on hand | Cash burn ytd* | Equity ratio |
|---|---|---|---|---|
| EUR 70.7m | -6.9% | EUR 7.5m | EUR 8.8m | 43.2% |
| -16% | ||||
| yoy | -6.1%pts. | |||
| yoy | -0.3m | |||
| qoq | -28.9m | |||
| yoy | -2.4%pts. | |||
| qoq |
- Change in cash position 30 Sep 2025 vs. 31 Dec 2024
February 2026 | Hamburger Investorantage
CHERRY ENTER EXCELLENCE
INVESTMENT HIGHLIGHTS
MAJOR MILESTONES HAVE BEEN ACHIEVED IN Q3
AGM confirmed CHERRY's strategic realignment
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
February 2026 | Hamburger Investorentage
Q3 AND 9M 2025 FINANCIALS
CHERRY ENTER EXCELLENCE
Q3 AND 9M 2025 FINANCIALS
Q3 AND 9M GROUP KEY KPI OVERVIEW
9M REVENUE
(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
9M ADJ. EBITDA
(EUR m)
Rounding errors may occur
Q1
Q2
Q3
February 2026 | Hamburger Investorantage
CHERRY ENTER EXCELLENCE
Q3 AND 9M 2025 FINANCIALS
PERIPHERALS AND HEALTH Q3 REVENUES UP YOY
REVENUE SPLIT (EUR m)
ADJ. EBITDA SPLIT (EUR m)
COMP
PERIPHERALS
DH&S
CENTRAL
February 2026 | Hamburger Investorentage
CHERRY
ENTER EXCELLENCE
Q3 AND 9M 2025 FINANCIALS
NORMALIZING OUT 2025 EXTRAORDINARY ITEMS
FROM REPORTED TO OPERATIONAL P&L
(EUR m; % mgn.)
FROM OPERATIONAL TO SUSTAINABLE PERFORMANCE
(EUR m; % mgn.)
February 2026 | Hamburger Investorantage
CHERRY ENTER EXCELLENCE
Q3 AND 9M 2025 FINANCIALS
INVENTORY REDUCTION KEEPS ITS MOMENTUM
CHANGE IN INVENTORIES (in EUR m)
February 2026 | Hamburger Investorentage
OPERATING AND RESTRUCTURING UPDATE
CHERRY ENTER EXCELLENCE
OPERATING AND RESTRUCTURING UPDATE
13
AUERBACH RESHAPED TO 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 |
February 2026 | Hamburger Investorantage
CHERRY ENTER EXCELLENCE
OPERATING AND RESTRUCTURING UPDATE
14
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.
February 2026 | Hamburger Investorentage
CHERRY ENTER EXCELLENCE
OPERATING AND RESTRUCTURING UPDATE
15
DEVELOPMENT, TECHNOLOGY & INNOVATION – ON TRACK FOR A BRIGHT FUTURE
| Foundation Established | Innovation Momentum | Looking Ahead |
|---|---|---|
| Integrated Product & Technology Development implemented | Centralized & integrated Product & Technology Development | ~ 30 Technology Roadmap projects for Hardware, Switch, Connectivity, Software & Application targeted |
| Two Focus Businesses Peripherals and Digital Health & Solutions | Global Innovation Community in SE, DE, AT, CN | ~ 10 cross field Innovation building blocks defined |
| Global PMO driving Efficiency and Project Discipline | Technology roadmap 2026 & Innovation building blocks 2026+ defined |
February 2026 | Hamburger Investorentage
OUTLOOK
CHERRY ENTER EXCELLENCE
OUTLOOK: NEW CEO ROGIER VOLMER
ROGIER VOLMER INTERIM CEO SINCE JAN
Mission
"Cherry's strength lies in its brands and people; the focus now is disciplined execution to deliver sustainable performance."
Professional Experience
- MD, DACH & Benelux, Haier Europe - turnaround mandate
- CEO, Trust International - PE-backed transformation and scaling
- General Manager Europe, Logitech - 10 years in multiple international roles
- Philips Consumer Electronics - sales, marketing & management roles
February 2026 | Hamburger Investorentage
CHERRY ENTER EXCELLENCE
OUTLOOK: M&A PROCESS
18
STRATEGIC PORTFOLIO REVIEW TO ENHANCE FINANCIAL FLEXIBILITY
Objective: Strengthen financial position and finance future growth of the remaining division
Timeline: Transaction to be completed within H1 2026
Process Initiation
Initiation of structured M&A process to divest either Peripherals or Digital Health
Process Management
Cherry core team defined and supported by former CEO Oliver Kaltner as strategic M&A advisor; IB Partner selected
Investor Status
Substantial list of credible strategic and financial investors established for both business segments; NDAs signed
Information Memoranda
Distribution end of January
February 2026 | Hamburger Investorentage
CHERRY ENTER EXCELLENCE
OUTLOOK: STATUS QUO A STRONG BASIS
19
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; TI-M Pro launched
- 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 incl. SKU reduction
- Acquisition of highly qualified talent
- Increase reach of XTRFY brand
- EMEA transition process on track
- APAC best in class
- Strategic reset of AMERICAS business
February 2026 | Hamburger Investorentage
CHERRY ENTER EXCELLENCE
OUTLOOK: CHALLENGES
20
CHALLENGES TO MASTER
- Germany near-stagnant growth, clearly lagging behind most of its European peers*
- Strengthen forecasting discipline and data accuracy
- Connecting healthcare providers to TI 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
-
IMF January 2026
February 2026 | Hamburger Investorentage
CHERRY ENTER EXCELLENCE
OUTLOOK: PERIPHERALS OPPORTUNITIES
21
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
February 2026 | Hamburger Investorantage
CHERRY ENTER EXCELLENCE
OUTLOOK: IMPACT OF MARKETING RELAUNCH I
22
MARKETING RELAUNCH: FROM B2B- TO B2C-FOCUS AND CUSTOMER-CENTRIC MESSAGING
From partner-focused B2B messaging to consumer-driven storytelling
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
February 2026 | Hamburger Investorantage
CHERRY ENTER EXCELLENCE
OUTLOOK: IMPACT OF MARKETING RELAUNCH II
MARKETING RELAUNCH: EVOLVING THE BRAND & OWNING OUR STORY
Our content should feel like us – authentic, distinctive, and unmistakably CHERRY.
Then
- 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.
Now
https://www.youtube.com/watch?v=T85NYJrz4Cw
February 2026 | Hamburger Investorentage
CHERRY ENTER EXCELLENCE
OUTLOOK: STREAMLINED ORGANIZATION
24
FINANCING PARTNERS' STRONG COMMITMENT & MORE EFFICIENT GROUP 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
-
Number of legal entities reduced to 7 from 13
- New allocation of Management Board responsibilities
- Cash collection is king - liquidity management based on weekly targets
February 2026 | Hamburger Investorentage
IR CONTACT
NICOLE SCHILLINGER
SVP INVESTOR RELATIONS
EMAIL: [email protected]
PHONE: +49 9643 2061 848
WEB: HTTPS://IR.CHERRY.DE
CHERRY
ENTER EXCELLENCE