Cherry (C3RY) Investor presentation summary

Company overview

• Operates globally as a developer and manufacturer of high-end input devices and solutions, including hardware, software, and cloud services.

• Serves diverse markets: gaming, office, health, and industrial, with significant user bases in each segment.

• Signature products include keyboards, mice, microphones, mechanical switches, eHealth terminals, robotics modules, and SaaS for eHealth.

• Focuses on user-centric design, customization, ergonomic solutions, and strong client support.

• Recognized with multiple international awards for design, innovation, and sustainability.

Business update and transformation

• 2023 marked a transformation year with group revenue of €126.5m and adjusted EBITDA of €15.2m.

• Initiated cost-saving measures, strict cash management, and expanded partnerships in key markets.

• Prudent balance sheet adjustments included a €96m impairment and a streamlined financial structure.

• Secured €25m credit line with covenant holiday and achieved €5.5m in restructuring benefits.

• Q1 2024 showed a strong start with revenue of €30.3m and improved adjusted EBITDA compared to Q1 2023.

Strategy and outlook

• 2024 targets: revenue of €140m–€150m and EBITDA margin of 7–8%, driven by organic growth and cost management.

• Focus on debt reduction, internal financing, and innovation in esports, hybrid work, and healthcare.

• Growth expected across all divisions: components, peripherals, and digital health, with new product launches and expanded distribution.

• Global market share in keyboard switches expected to recover, and eHealth terminals maintain high market share.

• Profitability forecast to increase by approximately 5.9 percentage points year-over-year.