Cherry SE publishes financial statement on the first quarter of 2024 and
confirms outlook for the year

EQS-News: Cherry SE / Key word(s): Interim Report
Cherry SE publishes financial statement on the first quarter of 2024 and
confirms outlook for the year

22.05.2024 / 16:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Cherry SE publishes financial statement on the first quarter of 2024 and
confirms outlook for the year

Munich, 22 May 2024 - Cherry SE, an international manufacturer of computer
input devices such as keyboards, mice, and headsets for applications in the
Gaming & E-Sports, Office & Hybrid Workplaces, Industry and Healthcare
sectors, today published its report for the first quarter of 2024 and
reaffirmed its full-year guidance for 2024.

* First quarter 2024 group revenue up 5.6% on comparable quarter of 2023

  * Adjusted EBITDA margin reached 2.8% and is 7.4 percentage points above
    the first quarter of 2023 as a result of strong demand for e-health
    terminals.

* Full year 2024 forecast confirmed

Group revenue up 5.6% on previous year, with dynamic demand in the
healthcare sector being one of the drivers

Cherry SE published its report for the first quarter of 2024 today. In the
past financial quarter, the company generated consolidated revenue of EUR
30.3 million. This corresponds to an increase of 5.6% compared to the EUR
28.7 million achieved in the same quarter of the previous year. The increase
results in particular from the pleasant development in the DIGITAL HEALTH &
SOLUTIONS segment, which achieved revenue growth of almost 76%. The strong
demand for the company's e-health terminals as a result of the introduction
of e-prescriptions contributed significantly to the dynamic sales growth.
The business with hygiene keyboards and mice for hospitals and medical
practices grew dynamically, too. In the GAMING & OFFICE PERIPHERALS segment,
revenue was around 3% higher than in the same quarter of the previous year.
Due to the switch business being largely discontinued in the second half of
2023, COMPONENTS did not yet make a significant contribution to Group sales
again in the first quarter.

Adjusted EBITDA margin for the first quarter of 2024 significantly above
previous year

The adjusted EBITDA margin reached 2.8% in the first quarter, significantly
exceeding the previous year's figure of -4.6%. The main driver for the
pleasing increase in profitability was the profit growth in the DIGITAL
HEALTH & SOLUTIONS segment due to the development in demand described above.
The profit levels of the GAMING & OFFICE PERIPHERALS and COMPONENTS segments
were roughly on a par with those of the first quarter of 2023.

Cherry confirms forecast for 2024

On the back of this, the Management Board of Cherry SE continues to expect
to achieve the full year forecast set on February 27, 2024, of EUR 140 - 150
million in consolidated revenue and 7 - 8% in the adjusted EBITDA margin.

Oliver Kaltner, CEO of Cherry SE, explains: "The realignment of the Cherry
Group has presented us with immense challenges. The decisions we made were
tough, but they are leading us consistently along the path of profitable
growth. As of today, all these decisions have largely been implemented, so
that we will steer through our revitalization year 2024 based on the
following framework conditions: Our adjusted product pipeline and optimized
planning process will allow us to maintain an inventory level significantly
below that of recent quarters. Stringent cash and cost management are
already having a positive impact on liquidity and profitability. New sales
partnerships are increasing our presence on both sides of the Atlantic and
in Asia, particularly in China. Further favorable regulatory conditions and
structural demand growth support the dynamic expansion of our position in
the healthcare sector. This paves the way for us to return to a
profitability level above the 20% mark in the medium term."

About Cherry

Cherry SE (ISIN: DE000A3CRRN9) is a globally operating manufacturer of
high-end mechanical keyboard switches and computer input devices such as
keyboards, mice, and headsets for applications in the worlds of gaming,
e-sports, office and hybrid workplaces, industry, and healthcare. Since it
was founded in 1953, Cherry has been synonymous with innovative,
high-quality products developed specifically to meet the various needs of
its customers.

Cherry has its operational headquarters in Auerbach in Germany's Upper
Palatinate region and employs in production facilities in Auerbach, Zhuhai
(China), and Vienna (Austria) as well as in various sales offices in
Auerbach (Germany), Pegnitz (Germany) Munich (Germany), Landskrona (Sweden),
Paris (France), Kenosha (USA), Taipei (Taiwan), and Hong Kong (China).

For more information: https://ir.cherry.de

Contact

Cherry SE

Nicole Schillinger

Investor Relations

P: Rosental 7, c/o Mindspace, 80331 München

T: +49 (0) 9643 2061 848

E: nicole.schillinger@cherry.de


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22.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.

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   Language:       English
   Company:        Cherry SE
                   Rosental 7, c/o Mindspace
                   80331 Munich
                   Germany
   ISIN:           DE000A3CRRN9
   WKN:            A3CRRN
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1906061

End of News EQS News Service
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1906061 22.05.2024 CET/CEST