Cherry AG

Quarterly Report • May 14, 2025

QUARTERLY FINANCIAL REPORT AS OF MARCH 31, 2025

Q1/2025

KEY GROUP FIGURES (IFRS)

€ million / as reported	Jan. 1-Mar. 31, 2025	Jan. 1-Mar. 31, 2024	Change
Revenue	25.3	30.3	-16.5%
thereof GAMING & OFFICE PERIPHERALS	19.1	20.6	-7.3%
thereof DIGITAL HEALTH & SOLUTIONS	4.8	8.0	-40.0%
thereof COMPONENTS	1.5	1.7	-11.8%
Gross profit	7.2	10.7	-32.7%
Gross profit margin	28.5%	35.3%	-6.80 pp
FRITDA	-2.3	-0.2	-1050.0%
EBITDA (adjusted)1	-2.0	0.9	-322.2%
EBITDA margin	-9.2%	-0.5%	-8.70 pp
EBITDA margin (adjusted)1	-8.0%	2.8%	-10.80 pp
FRIT	-4.9	-2.1	-133.3%
EBIT (adjusted)1	-3.2	-1.1	-190.9%
Group net loss	-5.8	-3.3	-75.8%
Earnings per share (in €)	-0.25	-0.14	-77.9%
Cash flows from operating activities	-7.9	-2.5	-216.0%
Cash flows from investing activities	-1.1	-1.1	0.0%
Free cash flow	-9.0	-3.6	-150.0%
€ million / as reported	Mar. 31, 2025	Dec. 31. 2024	Change
Total assets	149.9	168.1	-10.8%
Cash and cash equivalents	6.7	16.4	-59.1%
Net working capital2	44.7	40.2	11.2%
Equity	71.4	77.5	-7.9%
Equity ratio	47.7%	46.1%	1.6 pp
Net cash I (+) / net debt I (-)3	-36.3	-27.1	-33.9%
Employees4	414	412	0.5%

1 Adjusted for one-time and trens.
2 Balance of urrent assets lexcluding assh and current liabilites lexculing financia debt.
3 Liabilities to banks, current lease libilit

Share
ાંકાંગ	DF000A3CRRN9
WKN	A3CRRN
Ticker (trading symbol)	C3RY
Share type	Ordinary bearer shares (no par value)
First quotation	June 29, 2021
Total number of outstanding shares	24,300,000
thereof: Number of own shares	1.110.284
Stock exchange and segment	Prime Standard / regulated market FWB
Designated sponsor	Hauck Aufhäuser Lampe
Xetra closing price as of March 31, 2025	€ 0 85
Market capitalization as of March 31, 2025	€ 19,7 million

BUSINESS PERFORMANCE

Following a difficult 2024 financial year, the first quarter of 2025 was also challenging for Cherry SE, as expected. With consolidated revenue of EUR 25.3 million (Q1/2024: EUR 30.3 million) and an adjusted EBITDA margin of -8.0% (Q1/2024: 2.8%), the company's economic performance was significantly below that of the previous year, but in line with its own expectations.

The macroeconomic and geopolitical environment also remained tense in the first quarter of 2025, but developed largely in line with the Group's forecasts.

In Germany, the economic weakness continued unabated, reflecting sharply curtailed consumer spending and investment. Despite a moderate average inflation rate of only around 2.3% and two further key interest rate cuts by the European Central Bank (ECB), most recently on March 6, 2025, to 2.5% (compared to 3.0% as of December 31, 2024), the gross domestic product (GDP) of Germany stagnated with growth of only +0.2% (adjusted for price, seasonal and calendar effects) compared with this development, Germany is currently not only bringing up the rear of the also likely to experience a recession for the third year in a row. High energy costs and requlatory burdens are clear disadvantages in dobal competium and medium-sized enterprises particularly hard

China showed mixed development: With an annual GDP growth rate of around 5,4% in the first quarter, market expectations, which had recently been around 5.1%, were even exceeded once again. However, high government subsidies of growth, and industrial sectors suffered from continued weak domestic demand and export-related uncertainties.

The US economy unexpectedly contracted by 0.3% in the first quarter falling well short of the original forecasts of around +2.4%. Although the US Federal Reserve's key interest rate remained unchanged at 4.25 to 4.5% since December 19, 2024, and inflation rose slightly again to around 2.7% on average for the quarter, this development is likely to the domestic political situation and the current tariff disputes. In the first few months of the United States repeatedly increased or changed import duties on certain IT components and accessories, particularly for goods originating in China, which also extend to computer input devices and thus affect Cherry's core product portfolio. In addition to a flat-rate of 25%, further surcharges of 125% apply to certain product groups (e.g., microphones and headsets). The product groups most relevant to Cherry, keyboards and mice, are currently exempt from these surcharges in this regard may change at any time. These tariff increases are part of broader trade and geopolitical tensions between the US, China, and Europe.

The Gaming & Office Peripherals segment was particularly hard hit by the local economic downturn doe to the German market. At EUR 12.1 million, segment revenue was down by around 7.3% compared to the previous vear (01/2024; EUR 20.6 million). Adjusted EBITDA also remained below the previous year's level at EUR 2.0 million). The adjusted EBITDA margin amounted to 10.5% (Q1/2024: 10.6%).

The gross margin I from sales was 38.9%, below the previous year's level (Q1/2024: 42.7%) and significantly below the historical level of around 45%. The current high inventory levels, particularly at German distributors, significantly of Office Perioherals. In order to improve margin quality, the company discounted sell-in measures and focused on measures to optimize sell-through and sell-out rates. This was necessary to curb the gray market and increase and stabilize market prices in the long term. Business in China, on the other hand, developed very positively and even expectations, particularly in the gaming peripherals segment revenue generated by the Asian Group companies rose by around 11.9% to EUR 6.6 million on a currency-adjusted basis. In the US, however, development largely stagnated (TEUR -308; EUR 2.4 million). The development of order intake was below expectations. In addition to a difficult product mix in local inventories, it can be assumed that geopolitical developments (including the tariff dispute) had a negative impact on business and will lead to a postponement of orders.

A number of tactical and strategic measures were taken to return the gaming and office peripherals business to a growth path. On the one hand, inventory reduction measures were in the quarter under review. In doing so, great importance was attached to avoiding any negative impact on regular business or even cannibalization. Intensive work was carried out on connecting the B2B platform Albaba, which is scheduled to be available as an additional sales channel from the middle of the second quarter, and on simplifying the development of new sales regions.

As announced in the company announcement on November 14, 2024, the sales reorganized with effect from January 1, 2025. The newly created "Sales and Marketing Peripherals" function combines the marketing and sales activities for all finished products in the gaming, office, and hygiene segments. This consolidation strengthens the sales a uniform market position, improving brand consistency and end customers to benefit from a clearly structured product portfolio with uniform marketing parameters. At the heart of this restructuring was the revision of the exclusive 2025 partner program for peripherals, which significantly simplifies contract structures, optimizes processes, and makes future collaboration more efficient. In articular, the associated adjusted margin and pricing structure is designed to offer Cherry's sales partners economic advantages and thus improved sales incentives. Cherry's reseller partners will enjoy comprehensive benefits under the new program, including financial rebates marketing

support, and exclusive training opportunities tailored specifically to their needs. Additional support services a CHERRY Partner Portal, are currently in development.

The Digital Health & Solutions segment achieved consolidated revenue of EUR 4.2 million on the same quarter of the previous year (Q1/2024: EUR 8.0 million). The segment thus achieved adjusted EBITDA of EUR 2.6 million), corresponding to an adjusted EBITDA margin of around 17.6% (Q1/2024: 32.2%).

While there was considerable reluctance to purchase card terminals due to multiple postponements of the mandatory introduction of eprescriptions and e-patient records until the first half of 2024, these experienced a boom in demand in the second half of 2024 due to catchup effects resulting from the introduction of e-prescriptions in the introduction of electronic patient records ("ePA") now scheduled for the second quarter of 2025. Following the of implementation, demand for e-health terminals declined noticeably in the first quarter. Revenue from e-health products was significantly lower at EUR 1.5 million than in the same period of the previous year (Q1/2024: EUR 4.2 million) and also lower than in the fourth quarter of 2024 (EUR 3.3 million). Sales of hygiene peripherals also declined significantly to EUR 1.1 million). Logistics costs were reduced by switching to full container deliveries to the main distributor in the previous year. However, this also led to higher inventories and thus to a change in the calendar timing of sales revenues for the current fiscal year. The Security Devices business developed very positively and grew on-year to EUR 2.2 million (Q1/2024: EUR 1.3 million).

The Components segment continued to face significant challenges. Segment revenue amounted to EUR 2.8 million (01/2024: EUR 3.1 million), of which, as in the same period of the previous year, around EUR 1.4 million was attributable to intra-group revenue. Adjusted EBITDA was EUR -0.6 million below the previous year's level (Q1/2024: EUR 0.6 million), corresponding to an adjusted EBITDA margin of -22.5% (Q1/2024: 21.1%).

The main reason for the persistently low sales revenues is the continuing extremely competitive market environment, which is characterized by intense price competition. Due to its cost advantages, Chinese competition continued to occupy the leading position in the entry-level and volume segment for keyboard switches. The transfer of production of the MX2 switch for use in Cherry partner products to a Chinese contract manufacturer, which was completed in fiscal year 2024, resulted in in unit costs and a more competitive price positioning. However, the number and volume of international OEM partners and Chinese brands have remained at a low level to date

The switch business has been integrated into a central product management unit, which is managed directly by the COO of Cherry SE. This close integration is intent that the switch business is fully aligned with internal product targets in the future and to strengthen its market presence. Due to the conomic development of the segment, the Management Board of Cherry SE also sees a need for further information can be found in the section "Events after the end of the reporting period."

	COMPONENTS			GAMING & OFFICE PERIPHERALS		DIGITAL HFAI TH & SOI UTIONS			GROUP
€ million/ as reported	Jan. 1- Mar. 31. 2025	Jan. 1- Mar. 31. 2024	Change	Jan. 1- Mar. 31. 2025	Jan. 1- Mar. 31. 2024	Change	Jan. 1- Mar. 31, 2025	Jan. 1- Mar. 31. 2024	Change	Jan. 1- Mar. 31, 2025	Jan. 1- Mar. 31. 2024	Change
External revenue	1.5	1.7	-11.8%	19.1	20.6	-7.3%	4.8	8.0	-40.0%	25.3	30.3	-16.5%
Gross profit I (GPI)	1.3	2.0	-35.0%	7.4	88	-16.1%	2.5	4.5	-44.4%	11.1	15.5	-28.4%
Gross profit margin (GPI marqin)	47.5%	66.2%	-18.7 pp	38.9%	42.7%	-3.8 pp	52.4%	57.0%	-4.6 pp	43.7%	51.0%	-7.3 pp
Gross profit II (GPII)	-0.1	0.6	-116.7%	5.7	6.7	-14.9%	1.8	3.6	-50.0%	7.2	10.7	-32.7%
Gross profit margin II (GPII marqin)	-3.5%	20.4%	-23.9 pp	29.8%	32.6%	-2.8 pp	38.6%	45.6%	-7.0 pp	28.5%	35.3%	-6.8 pp
EBITDA (adjusted)®	-0.6	0.6	-200.0%	2.0	2.2	-9.1%	0.8	2.6	-69.2%	-2.0	0.9	-322.2%
EBITDA margin (adjusted)	-22.5%	21.1%	-43.6 pp	10.5%	10.6%	-0.1 pp	17.6%	32.2%	-14.6 pp	-8.0%	2.8%	-10.8 pp
EBIT (adjusted)1	-0.6	0 4	-250.0%	1.6	1.4	14.3%	0.3	19	-84.2%	-3.2	-1 1	-190.9%
EBIT margin ladiusted i	-22.0%	12.0%	-34.0 pp	8.3%	6.6%	1.7 pp	5.8%	23.6%	-17.8 pp	-12.7%	-3.6%	-9.1 pp

1 Adjusted for one-time and/or non-operating items.

EXPLANATORY NOTES TO THE INCOME STATEMENT

Group revenue in the first quarter of the current fiscal year amounted to EUR 25.3 million, down 16.5% on the previous year (Q1/2024. EUR 30.3 million). The main driver of the decline was a slowdown in demand for e-heath terminals in the Digital Health & Solutions segment. Sales figures for card terminals declined after the intilation wave due to the mandatory introduction of e-prescriptions and the announced introduction of electronic patient records ("ePA").

Gross profit I (GPI) amounted to EUR 15.5 million), corresponding to a GPI margin of 43.7% (01/2024-51.0%). The decline in Gross Profit I of EUR 4.4 million is attributable to a volume effect of EUR -2.5 million year-on-year decline in sales and a segment mix effect of EUR-1.3 million. The remaining decline is mainly due to the higher discount level in the Gaming & Office Peripherals segment.

Gross profit II (GPII) amounted to EUR 7.2 million), while the gross profit margin was 28.5% (Q1/2024: 35.3%) The decline, which was less than the decline in gross profit I, is mainly attributable to lower material costs and depreciation in production and other direct business areas.

Research and development expenses amounted to EUR 1.5 million, down 24.8% on the previous year (01/2024. EUR 2.1 million). The decline is mainly attributable to lower depreciation, which were due to impairment charges in fiscal year 2024 that were necessary as a result of the impairment tests carried out in the previous year. In addition, higher capitalization of development costs of EUR 0.8 million compared to the previous period (Q1/2024: EUR 0.6 million) led to a corresponding reduction in expenses.

Marketing and sales expenses amounted to EUR 6.8 million, roughly on par with the previous year (Q1/2024: EUR 6.9 million). In the same period of the previous year, additional expenses were incurred in connection with the relaunch of the Cherry brand (EUR 0.2 million) and the optimization of the sales strategy [EUR 0.2 million), the elimination of which led to a reduction in costs compared to the previous year. On the other hand, lower personnel expenses in the current year had a positive effect, which are attributable to the restructuring measures implemented in 2024 which were largely completed after the end of the first quarter of 2024. This was offset by a write-down of EUR 1.3 million on capitalized trademark rights, which arose as a result of an impairment test required in the first quarter.

Administrative expenses declined by 7.5% to EUR 3.9 million compared with the previous year (Q1/2024: EUR 4.2 million). This decline was primarily attributable to lower personnel of the restructuring measures and positive effects from the cost-cutting program initiated in the fourth quarter of 2024, which contribute to cost reductions in the first quarter of 2025. The savings potential from the program was limited by high audit and consulting costs driven by the company's economic situation.

Other operating income amounted to EUR 0.1 million (Q1/2024: EUR 0.3 million) and was mainly driven by currency effects.

EBITDA amounted to EUR - 2.3 million! (01/2024: EUR -0.2 million! Adjusted EBITDA amounted to EUR -2.0 million!

The financial result, which was mainly driven by interest payments, amounted to EUR-0.7 million and was in the same quarter of the previous year (Q1/2024: EUR -0.7 million).

The net loss for the year as of March 31, 2024, amounted to EUR -5.8 million (Q1/2024: EUR -3.3 million),

The net loss for the year includes imparment losses of EUR 1.4 million. On April 22, 2024, the company had extended its existing credit agreement with UniCredit Bank GmbH ahead of scheduring plan submitted. The adoption of this plan constitutes a triggering event within the meaning of IAS 36, which recoverability of the assets recognized in the balance sheet as of the balance sheet date of March 31, 2025, taking into account the adjusted planning assumptions. The calculated impairment loss, which is limited to the COU (cash generating unit) components, relates mainly to the trademark rights allocated to this GGU (EUR 1,341k), A further EUR 30k relates to property, plant, and equipment and EUR 8k to capitalized development costs.

Further information on the extension of the loan agreement with UniCredit Bank GmbH and the found in the section "Events after the end of the reporting period."

RECONCILIATION TO ALTERNATIVE PERFORMANCE MEASURES (ESMA)

€ thousand	Jan. 1- Mar. 31, 2025	Jan. 1- Mar. 31, 2024
Group net loss	-5,774	-3.318
- Taxes	138	486
- Financial result	739	721
FBIT	-4.897	-2.112
+/- Exceptional personnel expenses		92
+/- Impairment losses on inventories		434
+ Expenses incurred in the context of M&A transactions
+ Expenses incurred in the context of strategic projects
+/- Other non-recurring exceptional items	313	495
+/- Impairment losses on intangible assets, property, plant and equipment and right-of-use assets	1,379
Adjusted EBIT1	-3.205	-1.091
+ Depreciation and amortization	1,188	1,946
Adjusted EBITDA1	-2,017	855
FBIT	-4.897	-2,112
+ Depreciation, amortization and impairment losses	2,567	1,946
FRITDA	-2,330	-166

1 Adjusted for one-time and/or non-operating items

FXPI ANATORY NOTES IN THE FINANCIAL POSITION AND CASH FI OWS

Total assets decreased by EUR 18.2 million in the first quarter of the current fiscal year (December 31, 2024: EUR 16.1 million).

Current assets decreased by EUR 16.8 million (December 31, 2024: EUR 93.8 million). Bank balances decreased by EUR 9.7 million to EUR 6.7 million (December 31, 2024: EUR 16.4 million). Short-term trade receased by EUR 4.9 million from EUR 20.1 million as of December 31, 2024, to 15.1 million. The main reasons for this are the low quarterly sales and active working capital and receivables management as part of intensified liquidity management. Inventories were reduced by EUR 3.3 million (December 31, 2024: EUR 53.7 million) through targeted inventory reduction measures.

Non-current assets decreased by EUR 1.4 million (December 31, 2024: EUR 74.3 million), This was mainly due to the impairment of the brand in the impairment test in the amount of EUR 1.3 million. Current depreciation and amortization of around EUR 1.2 million was largely offset by new investments of around EUR 1.1 million.

Current liabilities decreased by EUR 11.3 million (December 31, 2024: EUR 43.7 million), This was driven by a reduction in current trade payables of EUR 10.5 million (December 31, 2024: EUR 24.3 million) through the settlement of trade payables due. Other current liabilities decreased by EUR 1.2 million (December 31, 2024: EUR 11.3 million), maily due to lower provisions for bonuses and other provisions related to the discount system.

Non-current liabilities decreased by around EUR 1.0 million (December 31, 2024: EUR 47.0 million), mainly due to a reduction in non-current lease liabilities.

Balance sheet equity decreased by EUR 6.1 million (December 31, 2024: EUR 77.5 million). The main drivers are the net loss for the year of EUR -5.8 million and currency effects of EUR -0.4 million recognized in OCI.

Cash flow from operating activities in the first quarter of 2025 amounted to EUR -7.9 million (01/2024: EUR -2.5 million) and was driven primarily by the negative EBITDA of EUR -2.3 million and an increase in working capital in the first quarter of EUR 4.5 million. The deterioration compared to the same period last year in the amount of EUR 5.4 million is mainly driven by the EUR 2.1 million lower EBITDA and a EUR 4.0 million stronger increase in working capital.

Cash flow from investing activities amounted to EUR -1.1 million, remaining at the previous year's level (Q1/2024: EUR -1.1 million), At EUR -0.8 million, the majority of capital expenditure was attributable to capitalized development services (Q1/2024: EUR -0.6 million).

Cash flow from financing activities amounted to EUR 10.8 million on the previous year (01/2024: EUR -1.3 million). This was mainly due to the early pro-rata repayment of the loan from UniCredit Bank GmbH in the first quarter of the previous year.

outlook REPORT

The forecast for the 2025 fiscal year, which was announced to the Management Board of Cherry SE on April 22 of the current fiscal year, is based on the restructuring report, which is explained in more detail in the end of the reporting period." The development in the first quarter in line with the assumptions made in the restructuring report. For this reason, the Management Board of Cherry SE continues to expect consolidated revenue of approximately EUR 105 to 120 million and an adjusted EBITDA margin* in the range of 3.0 to 6.0% for fiscal year 2025.

EVENTS AFTER THE END OF THE REPORTING PERIOD

On April 22, 2025, Cherry SE and UniCredit Bank GribH agreement on adjusted financing terms. The term of the agreement will be extended by one and a half years until December 31, 2027 (previously: June 30, 2026). In return, the loan amount will be reduced from EUR 25.0 million. The total repayment of EUR 2.0 million is to be made in two tranches of EUR 1.0 million each on June 30, 2025, and February 28, 2026. The interest rate remains unchanged at EURIBOR plus a margin of 3.75% p.a.

The extension of the financing was based on the presentation of a comprehensive restructuring plan, which Cherry prepared together with an external expert (Bachert & Partner) and in accordance of IDW S6. The former financial covenants based on the net leverage ratio, which were suspended until March 31, 2024, were deleted in this context. The most recently valid financial covenants, which stipulate minimum liquidity for the Group, remain in place and will be updated on the basis of the S6 report.

With effect from April 7, 2025, an external CRO (Chief Restructuring Officer) has taken up his duties at Cherry SE. His maintasks include coordinating and monitoring the measures contained in the restructuring plan.

In addition to measures to reduce costs and optimize margins, the restructuring plan includes, among other things, the complete discontinuation of switch production at the Auerbach site and its transfer to a partner in China. In this context, jobs are also to be cut in a socially responsible manner in consultation with the works council. The Auerbach site will be maintained and converted into a development, logistics, and service center for Europe.

On May 8, 2025, Cherry signed an agreement to sell its hygienic input devices fformerly Active Key) in the form of an asset deal to Danish peripheral device manufacturer Contour Design Nordic A/S.

The purchase agreement provides for the following terms and conditions:

• Fixed purchase price of EUR 12.5 million at closing [planned for the end of May 2025), subject to adjustment to normalized trade working capital
• Performance-related payment in the form of an earn-out model based on adjusted EBITDA of up to approximately EUR 5.5 million for the remainder of 2025 and 2026.
• Performance-related payment of EUR 3.0 million after the end of the 2026 calendar year if the underlying plans are largely achieved.

The US government has recently significantly increased import duties on certain IT components and accessories, in particular for goods originating in China. These tariff increases also extend to computer input devices and thus also affect Cherry's core product portfolio. In addition to a flat-rate fentanyl surcharges of 125% apply to certain product groups (e.g., microphones and headsets). The product groups most relevant to Cherry, keyboards and mice, are currently exempt from these surcharges.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the period from January 1, 2025 to March 31, 2025 (IFRS/unaudited)

€ thousand	Jan. 1 to Mar. 31, 2025	Jan. 1 to Mar. 31, 2024
Revenue	25,327	30,290
Cost of sales	-18,101	-19,588
Gross profit	7.226	10,702
Marketing and selling expenses	-6,807	-6,908
Research and development expenses	-1,549	-2,059
Administrative expenses	-3,871	-4 183
Other operating income	267	191
Other operating expenses	-162	146
Operating result before interest and taxes (EBIT)	-4,897	-2,112
Financial result	-739	-721
Earnings before taxes (EBT)	-5,636	-2,832
Income taxes	-138	-486
Group net loss	-5.774	-3.318
Undiluted (basic) earnings per share (in EUR)	-0.25	-0 14
Diluted earnings per share (in EUR)	-0.25	-0.14

Income and expenses not recognized through profit or loss

€ thousand	Jan. 1 to Mar. 31, 2025	Jan. 1 to Mar. 31, 2024
Other comprehensive income that will be reclassified subsequently to profit or loss	-373
Foreign currency translation of financial statements of foreign entities	-373
Other comprehensive income that will not be reclassified subsequently to profit or loss
Actuarial gains and losses
Other changes
Income and expenses not recognized through profit or loss	-373
lotal comprehensive income for year	-6.147

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of March 31, 2025 (IFRS/unaudited)

ASSETS
€ thousand	Mar. 31, 2025	Dec. 31, 2024
NON-CURRENT ASSETS
Intangible assets	61,376	62,641
Property, plant and equipment	3,869	3,944
Right-of-use assets	3,854	4,072
Financial assets		87
Other non-financial assets	28	31
Deferred taxes	3,768	3,523
Total non-current assets	72,895	74,298
CURRENT ASSETS
Inventories	50,412	53,689
Trade receivables	15,131	20,059
Current income tax receivables	377	399
Other non-financial assets	4,339	3,325
Cash and cash equivalents	6,699	16,370
Total current assets	76,958	93,842
Total assets	149,853	168,140
EQUITY AND LIABILITIES
€ thousand	Mar. 31, 2025	Dec. 31, 2024
EQUITY
Subscribed capital	23,190	23,190
Capital reserves	257,625	257,557
Accumulated deficit	-212,120	-206,347
Accumulated other comprehensive income	2,742	3,116
Total equity	71,437	77,516
NON-CURRENT LIABILITIES
Pension provisions	178	178
Other provisions	733	784
Financial debt	24,945	24,975
Lease liabilities	10,948	11,917
Other non-financial liabilities	83	85
Deferred tax liabilities	9,131	9,034
Total non-current liabilities	46.018	46,973
CURRENT LIABILITIES
Other provisions	730	789
Financial debt	1,955	1,377
Lease liabilities	4,925	5,053
Trade payables	13,761	24,339
Current income tax liabilities	882	822
Other financial liabilities	6,047	8,058
Other non-financial liabilities	4,098	3,213
Total current liabilities	32,398	43,651
Total equities and liabilities	149.853	168.140

CONSOLIDATED STATEMENT OF CASH FLOWS

For the period from January 1, 2025 to March 31, 2025 (IFRS/unauditded)

€ thousand	Jan. 1- Mar. 31, 2025	Jan. 1- Mar. 31, 2024
Net loss for the year	-5,774	-3,318
Depreciation, amortization and impairment losses (+) / reversals thereof (-) on fixed assets	2,658	1.954
Increase (+) / decrease (-) in provisions	-110	92
Other non-cash expenses [+] / income (-)	-133	68
Gains (-) / losses (+) on disposal of fixed assets	1	-3
Increase [-] / decrease [+] in inventories, trade receivables and other assets	6,814	11,751
Increase (+) decrease (-) in trade payables and other liabilities	-11,380	-13,286
Interest expenses [+] / interest income (-)	648	-771
Interest paid (-)	-588	-880
Interest received (+)		104
Tax expense [+] / tax income [-]	138	-486
Income tax paid (+/-)	-277	-188
Cash flows from operating activities	-7.948	-2.499
Cash received (+) from disposals of property, plant and equipment	1	3
Cash paid (-) for investments in property, plant and equipment	-324	-474
Cash paid (-) for investments in intangible assets	-824	-635
Cash flows from investing activities	-1.147	-1.106
Cash paid (-) for other non-current financial debt (IFRS 16 Leases)	-1.101	-1,259
Cash paid (-) for repayment of (financial) debt	-45	-10,026
Cash received (+) from (financial) debt raised	637
Cash flows from financing activities	-509	-11.285
Cash-relevant change in cash funds	-9.604	-14,890
Changes in cash and cash equivalents due to changes in exchange rates, scope of consolidation, and valuation	-67	11
Cash funds at beginning of year	16,370	46,083
Cash funds at end of vear	6.699	31.204

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the period from January 1, 2025 to March 31, 2025 (IFRS/unaudited)

€ thousand	Subscribed capital	Capital reserves	Accumulated deficit / unappropriated profit	Accumulated other comprehensive income Foreign currency translation of financial statements of foreign entities	Accumulated other comprehensive income Actuarial gains and losses	Total equity
January 1, 2024	23.190	257.324	-160.894	2,391	98	122,109
Group net loss			-3 318			-3,318
Foreign currency translation of financial statements of foreign entities				-4		-4
Actuarial gains and losses
Income taxes on other comprehensive income
Other comprehensive income				-4		-4
Total comprehensive income			-3,318	-4		-3,322
Impact of share-based payments		10				10
March 31, 2024	23,190	257,335	-164,212	2,387	98	118,797
January 1, 2025	23,190	257,557	-206,347	3,015	101	77,516
Group net loss			-5.774			-5,774
Foreign currency translation of financial statements of foreign entities				-373		-373
Actuarial gains and losses
Income taxes on other comprehensive income
Other comprehensive income				-373		-373
Total comprehensive income			-5.774	-373		-6.147
Impact of share-based payments		୧୫				୧୫
March 31, 2025	23.190	257.625	-212.120	2.642	100	71.437

FINANCIAL CALENDAR 2025

Annual Honort	Mor
Annual General Meeting
Publication of the half-vear financial report	uaust 14
Publication of the quarterly financial report (Q3 reporting date)	November 11, 2025

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