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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.
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Berenberg and Goldman Sachs German Corporate Conference 2025 Presentation summary22 Sep, 2025

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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Q3 2025 TU13 Nov, 2025
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Frequently asked questions

Cherry AG, formerly known as Cherry Corporation and stylized as CHERRY, is a German-based company renowned for its production of computer peripheral devices. The company has made significant contributions to the industry with its line of MX and ML key switches, which have become staples in both industrial electronics and consumer PC keyboards since the 1980s. Cherry AG's product portfolio includes keyboards, mice, card readers, and peripherals utilizing MIX Technology. The company's MX switches, developed in the early 1980s, are especially notable for their use in various keyboard designs due to their distinct characteristics, such as the color-coded stem system that indicates different tactile and auditory feedback mechanisms. The company is headquartered in Auerbach in der Oberpfalz, Germany, and its shares are listed on the Berlin Stock Exchange.

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