Cherry Se · XETR:C3RY
Cherry — H1 2024 Earnings Presentation
21 slides from Cherry's earnings presentation, Aug 6, 2024
Slide 1: Cherry SE Q2/H1 Results Investor Presentation
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER This presentation contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Cherry SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ
Slide 3: Q2/H1 2024 Highlights
Q2/H1 2024 HIGHLIGHTS CEO OLIVER KALTNER
Slide 4: Q2/H1 2024 Highlights
Q2/H1 2024 HIGHLIGHTS CHERRY® ENTER EXCELLENCE H1 PERFORMANCE UNDERPINS REVITALIZATION i i ALIGNMENT OF FINANCING HEALTHY SECURED INVENTORY SALES AND LEVELS CONTROLLING * & = EARLIER START DH&S w OF CHINESE PLATFORM MARCI OER ASSEMBLY OWNERSHIP VOLUME” LED TO LFL SEQUENTIAL INCREASE IN PROFITABILITY
Slide 5: Q2/H1 2024 Financials
Q2/H1 2024 FINANCIALS EVP FINANCE & IT VOLKER CHRIST
Slide 6: Group revenue and adjusted EBITDA H1 2022-2024
➢ ➢ 65.9 9.4 61.3 61.6 • 14.3% Q1 4.4 Q1 33.0 28.7 • 30.3 • Q2 revaluation 3.2 ➢ 1.7 2.4 Q2 5.0 0.9 Q2 32.9 32.6 31.3 2.8 4.0% 5.2% 1.6 -1.3 H1 2022 H1 2023 H1 2024 H1 2022 H1 2023 H1 2024 • like-for-like, i.e. without Q2 2023 revaluation effect of EUR 2.8m, when inflation led to higher valuation of
Slide 7: Results by segment
61.3 61.6 32.6 2.4 4.5 31.3 3.2 3.6 0.6 0.1 1.6 COMP 6.7 COMP 2.6 1.9 COMP 0.5 COMP 0.0 5.3 GOP 8.3 GOP 5.8 3.1 41.7 21.1 6.3 GOP 44.5 GOP 24.4 3.8 DH&S 2.8 2.4 DH&S CENTRAL -8.4 -9.8 CENTRAL -3.7 -5.3 16.2 8.3 DH&S 10.1 DH&S 5.6 H1 2023 H1 2024 Q2 2023 Q2 2024 H1 2023 H1 2024 Q2 2023 Q2 2024 Roundi
Slide 8: Balance sheet, inventories and liquidity
364* 206* 67% 79 Intangibles -27% 160 56% 80 51% 75 76 15 PPE 62 4 59 37 other non-current assets 55 7 59 Inventories 80 Trade receivables 25 31 Cash and equivalents 52 16 Other current assets 3 3 H1 2023 H1 2024 H1 2023 H2 2023 H1 2024 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Rounding errors may occur
Slide 9: Divisional and Restructuring Update
DIVISIONAL AND RESTRUCTURING UPDATE COO DR. UDO STRELLER
Slide 10: Project North restructuring on track
CHERRY® ENTER EXCELLENCE DIVISIONAL AND RESTRUCTURING UPDATE PROJECT NORTH™ RESTRUCTU MX2 assembly right at the epicentre of global keyboard production \ Resilient, fast & environmental- friendly Supply Chain Switch assembly for 3rd parties: Plastics from China, major metal parts Made in Germany \ _
Slide 11: Components: recovery
CHERRY® ENTER EXCELLENCE COMPONENTS -S RECOVE —— Back to competitive pricing \ Customers’ new products: *MX Multipoint KB + Fightstick MX Multipoint RY \ DIVISIONAL AND RESTRUCTURING UPDATE Computex - new switches: *Inductive MX Multipoint *MX Silent Clear \eMX Low Profile 2.0/ (—_ New volume custom
Slide 12: Gaming & Office Peripherals market share by keyboard type
5% 31% 47% 17% * Source: GfK, Keying Devices Computer Keyboard No Gaming, EU3 Panelmarket = DE + FR + GB, Q1 2024 Sales Value %; Single Cordless Single Corded Desktop Cordless Desktop Corded
Slide 13: DH&S at core of transformation to a digital ecosystem
CHERRY® ENTER EXCELLENCE DH&S AT CORE OF OUR TRANSFOR- MATION TO A DIGITAL ECO SYSTEM | ) — Benefit from progressing digitisation in healthcare \_ i, a Building up new asset-light revenue streams Ne DIVISIONAL AND RESTRUCTURING UPDATE _ >75% market share in new terminal sales See (_ Q2 strongest qua
Slide 14: Outlook
OUTLOOK CEO OLIVER KALTNER
Slide 15: Market and consumer climate outlook
➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ * Source: GfK “The Recovery of the Consumer Climate Takes a Break“, 26 June 2024
Slide 16: Opportunities by division and group
CHERRY® ENTER EXCELLENCE OPPORTUNITIES COMPONENTS > Market potential of new switches > Additional demand from completely new devices > Full cost synergies from Chinese assembly > Additional OEM signings in H2 2024 OUTLOOK GOP Focus on core markets Minimize product variations Emphasize wireless Incre
Slide 17: DH&S deep dive: new software/cloud offerings
CHERRY® OUTLOOK ENTER EXCELLENCE DH&S DEEP DIVE: NEW SW/CLOUD OFFERINGS TMS SMARTLINK TI-M Terminal Management System for Virtualized patient authentication Messenger: certification and remote device management service launch planned for Q4
Slide 18: Oliver Kaltner and Dr. Udo Streller
CHERRY® OUTLOOK r ENTER EXCELLENCE 4 = is = = < Ww oe 70 / >< nas oO on =! < < Ww O > ze OC Z .- a — a 7 IT] \ a | Oliver Kaltner Dr. Udo Streller CEO
Slide 19: Q3 2024 forecast
+28% + 5.9ppt. 35M 5.5%* 27M Q3 2023 Q3 2024 -4.6% Q3 2023 Q3 2024 * Mid point of forecast range
Slide 20: Full-year 2024 forecast
+15% + 5.9ppt. 145M* 127M 7.5%* 1.6% 2023 2024 2023 2024 * Mid point of forecast range
Slide 21: IR Contact