CHERRY ENTER EXCELLENCE

ANALYST CONFERENCE & Q1 2026 CALL

INVESTOR PRESENTAION

07 MAY 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

ROGIER VOLMER, CEO

CHERRY ENTER EXCELLENCE
INVESTMENT HIGHLIGHTS
4

FROM FOUNDATION TO FOCUSED EXECUTION

Peripherals transformation underway and DH&S divestment progressing

STRENGTHS	ACTIONS	DISCIPLINE
Strong foundations
• Trusted brand in quality input devices
• Leading switch technology and engineering
• Established positions in Office, Gaming, Security	Simplify & accelerate
• Streamline organization
• Reduce SKU & portfolio complexity
• Accelerate decision making
• Focus product portfolio	Drive performance
• Align cost base to revenue
• Focus on high-impact initiatives
• Increase accountability & transparency

Building a simpler, focused and high-performing CHERRY

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE
INVESTMENT HIGHLIGHTS

MAJOR MILESTONES YTD

Encouraging signals in Q1 2026

Improved OPEX control – cost cutting already paying off
Positive free cash flow
Strong DH&S performance

Launch of Project Blossom

Cherry's way forward with a combination of growth initiatives and organizational restructuring
Targeting at least EBIT break-even in 2027

EGM to restore capital market eligibility

Planned reverse stock split
Create necessary conditions for financing measure
Publication of annual report rescheduled to 15 July

Q1 Results Presentation 7 May 2026

Q1 2026 FINANCIALS

JURJEN JONGMA, CFO

CHERRY ENTER EXCELLENCE

Q1 2026 FINANCIALS

Q1 2026 GROUP REVENUE A MIXED BAG

Q1 26 Group Revenue at EUR 20.8m, c. 18% below Q1 25's EUR 25.3m
Extraordinary items in the Peripherals segment weighing on y-o-y performance, i.e., a one-off inventory deal (EUR 2.7m) in 2025 and FX headwinds (EUR 0.7m)
Genuine l-f-l decline in Peripherals of 17%, mainly driven by the continued challenging sell-in environment in Europe
Like-for-like, DH&S revenue more than tripled, stripping out the hygiene KB business sold in Q2 2025.
Further decline in Components numbers

1 2023 to 2026 restated for updated segment allocation in which Peripherals includes Security & Industry Keyboards 2 2025 figures w/o Active Key (formerly DH&S), one-off inventory purchase by certain affiliates of Argand Partners in 2025 and at comparable USD and RMB rates

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE

Q1 2026 FINANCIALS

Q1 2026 EBITDA IMPROVEMENT REFLECTS MARGIN EXPANSION AND COST SAVINGS

Q1 ADJ. EBITDA¹
(IN EUR M)

Q1 26 adj. Group EBITDA margin improved to -2.9% vs. -8.0% in Q1 25
Q1 26 adj. Group EBITDA margin improved by more than 5 ppts. on the basis of an improved gross margin and lower OPEX
Strong Gross margin improvement in Components and CDH, stable margins in Peripherals
EUR 4.6m (adj. EUR 5.5m) cost reduction y-o-y
The margin uplift translates into FCF of EUR 1m, yielding a y-o-y positive swing of EUR 10m

¹ 2023 to 2026 data reflects updated segment allocation in which Peripherals includes Security & Industry Keyboards

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE

Q1 2026 FINANCIALS

DEEP DIVE: MARGIN AND FCF EXPANSION

(in EUR m)	Q1 2023	Q1 2024	Q1 2025	Q1 2026
Group revenue	28.7	30.3	25.3	20.8
Gross profit II margin	23.0%	35.3%	28.5%	32.6%
Adj. EBITDA	-1.3	0.9	-2.0	-0.6
Adj. EBITDA margin	-9.8%	-0.5%	-8.0%	-2.9%
Adj. EBIT	-5.1	-1.1	-3.2	-1.5
Free Cash Flow	-26.0	-3.6	-9.1	1.1

PERIPHERALS & SECURITY/INDUSTRY

DIGITAL HEALTH & SOLUTIONS

Gross margin expansion on the back of
- effectiveness of pricing and sales initiatives
- scale benefits in DH&S
- a better product mix in Components

Q1 Results Presentation 7 May 2026

FINANCING STRATEGY

JURJEN JONGMA, CFO

CHERRY ENTER EXCELLENCE

FINANCING STRATEGY: REVERSE SHARE SPLIT

BALANCE SHEET RESET TO RESTORE CAPITAL MARKET ELIGIBILITY

REVERSE SHARE SPLIT AND CAPITAL REDUCTION

Technicals

4:1 reverse share split (four shares consolidated into one)
Reduction of share capital from EUR 24.300m to EUR 6.075m
Simplified capital reduction to offset accumulated losses
No cash outflow; purely nominal capital adjustment
Economic ownership ratios unchanged

Proposed for approval at EGM on 22 May 2026

Strategic rationale

Restoration of capital market eligibility
Structural basis for future financing transactions
Supports restructuring and exploring growth options

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE

FINANCING STRATEGY: EVALUATING OPTIONS

REVERSE SPLIT PROVIDES ADDITIONAL FLEXIBILITY TO SUPPORT AND ACCELERATE RESTRUCTURING

ANNOUNCED POTENTIAL SALE OF BUSINESS SEGMENT

November 2025 - announced plans for sale of one of its two business segments
Sale proceeds will reduce liabilities and fund growth in the remaining business

UNTAPPED VALUE IN PERIPHERALS

Peripherals division remains a strong market player
Opportunities identified to improve cost base of the division
Additional capital could accelerate the pace of restructuring

FINANCING STATUS QUO

EUR 23m UniCredit loan does not mature until Dec 2027
Q1 2026 Cash on hand EUR 3.5m
Enhanced opportunities for capital market solutions with reverse stock split

Q1 Results Presentation 7 May 2026

OUTLOOK

ROGIER VOLMER, CEO

CHERRY ENTER EXCELLENCE

OUTLOOK: DH&S IN EXCELLENT SHAPE

LEADING POSITION IN GERMAN E-HEALTH

DH&S operates in a regulated market with high entry barriers and strong visibility

TI Market opportunity

Large and mandated rollout
- ~150k institutions still to connect (by 2027)
- Broad installed base across healthcare providers established
- Predictable demand driven by regulation

Monetization (SaaS & hardware)

Recurring revenue model
- Fully prepared for transition from one-off sales to SaaS subscriptions
- Terminals enables cross-selling
- Defensible price point as quality leader

Core platform

Integrated secure platform
- Certified secure messenging
- Transfer of sensitive health data
- Expand into interoperable ecosystem

CLEAR GROWTH PATH

Installed base expansion through TI rollout
Monetization via SaaS and software
Expanding into additional TI use-cases and products

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE

OUTLOOK: BUILDING A FUTURE-READY CHERRY

PERIPHERALS: STRONG MARKET AND CLEAR TRANSFORMATION

Strong starting position

Premium brand and engineering heritage
Leading switch technology
Established positions in Office, Gaming & Security

Transformation underway

Asset-light operating model
Focus on core input device categories
Simplified and focused portfolio

EXPECTED IMPACT

A leaner, scalable peripherals business enables profitable growth. Faster innovation and time-to-market, combined with a competitive cost structure, drive higher margins, stronger cash generation, and improved long-term competitiveness.

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE

OUTLOOK: PERIPHERALS MARKET OPPORTUNITIES

ATTRACTIVE MARKETS & IMPROVED PRICE INDEX

Attractive and growing markets

Computer Peripherals market growing steadily
Gaming Peripherals high-growth segment
Office Peripherals stable and scalable

CHERRY increases price index

Price index growth ahead of peers
Strong position in EU3 corded keyboard market
Market share leadership in key segment

GAMING PERIPHERALS MARKET (USD)

OFFICE PERIPHERALS MARKET (USD)

STRONG #2 in EU3 PANEL MARKET
CHERRY EU3 average revenue increase

CHERRY EU3 average price increase vs. market

UNDISPUTED EU3 CORDED MARKET LEADER
Corded KB EU3 market share, sales value (%)

Sources: http://grandviewresearch.com/industry-analysis/gaming-peripherals-market, http://grandviewresearch.com/industry-analysis/office-peripherals-products-market, GfK Panel Market Data

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE
OUTLOOK: STRATEGIC INITIATIVES
17

CLEAR ACTION TO BE TAKEN TO TRANSLATE ENCOURAGING SIGNALS INTO VALUE CREATION

We have launched several strategic initiatives to reposition our Peripherals & Components business for profitable growth

Drive revenue uplift

Organizational right-sizing

Investment where it matters

Cost optimization

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE

OUTLOOK: PROJECT BLOSSOM

PROJECT BLOSSOM: GROWTH AND COST REDUCTION INITIATIVES TO REACH PROFITABILITY

PROJECT BLOSSOM

STRATEGIC GROWTH INITIATIVES

RIGHT SIZING

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE

OUTLOOK: PROJECT BLOSSOM

BUILDING A FOCUSED, SCALABLE CHERRY

TRANSFORMING CHERRY INTO A SIMPLER, ASSET-LIGHT AND SCALABLE BUSINESS, BUILT ITS STRENGTH IN INPUT TECHNOLOGY

PROJECTED REVENUE OF REMAINING BUSINESS (SCHEMATIC)

- Focus on core input devices
- Asset-light operating model
- Scalable global growth

Q1 Results Presentation 7 May 2026

CHERRY ENTER EXCELLENCE

OUTLOOK: SECURITY KEYBOARDS

SECURITY KB TO CAPTURE FURTHER GROWTH

SECURITY USPs	FRAMEWORK CONDITIONS	SHORT-TERM MEASURES	LONG-TERM POTENTIAL
DESIGNED AND SECURED IN EU	SURGING DEFENSE AND SECURITY INVESTMENTS	EXPAND CHERRY AS LEADER IN EUROPEAN SECURITY ARCHITECTURE	KEYSTROKE BIOMETRICS
SCALABLE MANUFACTURING IN SLOVAKIA	CLASSIC KB AS CRITICAL ATTACK SURFACE	DIRECT CONTACT TO CUSTOMERS	DEVELOP TMS INTO COMPREHENSIVE DEVICE MANAGEMENT SOLUTION
CERTIFIED DEFENSE EXPERIENCE	REGULATORY PUSH FOR TRUSTED HW	STRATEGIC COLLABORATION WITH SYSTEMS PROVIDERS	ESTABLISH SUBSCRIPTION REVENUES