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Cherry (C3RY) investor relations material
Cherry Berenberg and Goldman Sachs German Corporate Conference 2025 Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Financial performance and restructuring
H1 2025 revenue reached EUR 46.0m, down 25% year-over-year, with an adjusted EBITDA margin of -5.0% and cash on hand at EUR 7.9m, up 18% quarter-over-quarter.
Equity ratio stood at 45.6%, down 2.1 percentage points quarter-over-quarter.
Inventory was reduced by half since summer 2023, from a peak of EUR 82m to EUR 43m in Q2 2025, supporting capital release and risk mitigation.
Financing was restructured with a loan extension to December 2027 and a reduction in loan amount, alongside the sale of Hygiene Peripherals for EUR 21m.
Segmental performance showed DH & S as a standout, while Components faced weak demand and negative EBITDA.
Operational and strategic developments
Centralized product management and technology development, with switch technology as a key innovation driver.
Auerbach established as a multifunctional logistics hub, supporting a resilient, duty-optimized setup across the USA, Europe, and Asia.
Realigned partner network and SKU reduction contributed to efficient inventory management and improved sell-out in Office Peripherals Europe.
Professional PMO and seamless integration between Europe and Asia enhanced operational agility.
DH & S segment and growth drivers
Regulatory push accelerated eHealth terminal sales, with SMC-B card applications up 500% year-over-year and cumulative applications expected to surpass 100,000 by 2026.
E-health terminals saw strong momentum, with H2 acceleration visible and return rates halved year-over-year, supporting margin improvement.
Only 30% of elderly care institutions connected to TI by H1, leaving significant growth potential in H2.
Strategic focus shifted to TI-Messenger, offering 160x the market potential of the discontinued Smartlink platform.
Leading hardware base and growing software portfolio, with a transition to SaaS models for scalable, recurring revenues.
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