Cherry Se · XETR:C3RY
Cherry — H1 2026 Earnings Presentation
28 slides from Cherry's earnings presentation, Jul 30, 2026
Slide 1: Analyst Conference & H1/Q2 2026 Call Investor Presentation
ANALYST CONFERENCE & H1/Q2 2026 CALL INVESTOR PRESENTAION 30 JULY 2026
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 know n a nd unknown risks and uncertainties that could cause actual results, performance or events to dif
Slide 3: Investment Highlights
3 INVESTMENT HIGHLIGHTS ROGIER VOLMER, CEO
Slide 4: Three Moves, One Ambition
INVESTMENT HIGHLIGHTS 4 THREE MOVES, ONE AMBITION 1 2 3 Stabilize › Simplify › Focus Cost base aligned to revenue. Healthier Lean organization with clear Clear strategic priorities. Resources inventories. Strong operational control accountability. Optimized product concentrated on winning segments.
Slide 5: From Findings to Execution: What Has Moved
INVESTMENT HIGHLIGHTS 5 FROM FINDINGS TO EXECUTION: WHAT HAS MOVED AMBITION PROGRESS 1 • Cost base aligned to revenue • Lower operating expense year - on- year in H1 • Inventories toward industry norms • Gross margin materially improved vs prior year Stabilize • Strong operational control • Channel
Slide 6: Leadership Update & Management Alignment
INVESTMENT HIGHLIGHTS 6 LEADERSHIP UPDATE & MANAGEMENT ALIGNMENT LEADERSHIP UPDATE MANAGEMENT COM MITMENT • Rogier Volmer has been confirmed as CEO of • CEO Rogier Volmer and CFO Jurjen Jongma Cherry, effective July 1, 2026, following the both participated and oversubscribed in the conclusion of his
Slide 7: H1/Q2 2026 Financials
7 H1/ Q2 2026 FINANCIALS JURJEN JONGMA, CFO
Slide 8: Important to Know Upfront
H1/Q2 2026 FINANCIALS 8 IMPORTANT TO KNOW UPFRONT H1 2026 FINAL NUMBERS DISCONTINUED OPERATIONS DH&S • The presentation will dive deeper into the operational • Final H1 2026 numbers will be released after the segments as currently structured for comparability finalization of the 2025 audit reasons,
Slide 9: P&L Reflecting DiscOps DH&S
H1/Q2 2026 FINANCIALS 9 P&L REFLECTING DISCOPS DH&S (in EUR m) H1 2025 H1 2026 Sales 38.94 31.12 • Revenue remained under pressure, especially in Gross profit I margin 36.78% 43.40% Peripherals & Components, while DH&S continues OPEX - 20.97 - 17.31 to show strong growth. EBIT - 15.27 - 9.12 EBITDA
Slide 10: H1 2026 Group Revenue
H1/Q2 2026 FINANCIALS 10 H1 2026 GROUP REVENUE 39.0 40.0 • H1 2026 Group Revenue amounted to EUR 40.0m, H1 COMPARABLE 2 6.3 8.9 approximately 3% above H1 2025 comparable revenue of H1 REVENUE 1 REVENUE (IN EUR M) EUR 39.0m. (IN EUR M) • The year - on- year comparison is affected by extraordinary 30.
Slide 11: H1 Adjusted EBITDA
H1/Q2 2026 FINANCIALS 11 H1 ADJUSTED EBITDA H1 ADJ. EBITDA 1 2025- 2026 w/o active key (IN EUR M) Strong Adj. EBITDA improvement despite 3.2 2.4 challenging market conditions 2.8 6.3 • H1 2026 Adj. EBITDA improved significantly to EUR - 2.5 4.0m (H1 2025: EUR - 10.2m). 8.3 5.3 0.1 4.8 3.2 • Tight co
Slide 12: H1 2026 Adjusted EBITDA Bridge
H1/Q2 2026 FINANCIALS 12 H1 2026 ADJUSTED EBITDA BRIDGE H1 ADJ. EBITDA 1 (IN EUR T) We value transparency on operational, recurring performance • Margin adjustments mainly relate to transactions geared to selling off slow moving inventories in the 875 Peripherals/Components segments. - 4,018 • Cost
Slide 13: Components & Peripherals: Margin Expansion & Cost Containment
H1/Q2 2026 FINANCIALS 13 COMPONENTS & PERIPHERALS: MARGIN EXPANSION & COST CONTAINMENT Adjusted GM I & GM II Peripherals* Adjusted costs Peripherals* 45.1% - 17.5 41.7% - 8,1 - 10.8 29.0% - 5.1 16.5% - 7.9 - 4.4 - 0.1 - 1.3 0.1 - 1.4 2025 2026 GM I GM II Manuf Sellex R&D G&A Improvement in GM I is d
Slide 14: Update on Key Topics
H1/Q2 2026 FINANCIALS 14 UPDATE ON KEY TOPICS 2025 ANNUAL ACCOUNTS RIGHTS ISSUE M&A DIGITAL HEALTH • The FY2025 audit is in an advanced • Cherry SE launched a rights issue • Management has received a stage, with most audit topics to increase it’s share capital by a number of non - binding offers com
Slide 15: Operational Update
15 OPERATIONAL UPDATE ROGIER VOLMER, CEO
Slide 16: Peripherals: Where We Stand
OPERATIONAL UPDATE 16 PERIPHERALS: WHERE WE STAND Europe: focus on sell - out Margin recovery activation and channel clean - up; B2B growth project starting. Gross margin materially higher year - on- year in H1, supported by cost discipline and portfolio focus. Channel normalization Structured plan
Slide 17: Leading Position in German E-Health
OPERATIONAL OUTLOOK 17 LEADING POSITION IN GERMAN E - HEALTH DH&S operates in a regulated market with high entry barriers and strong visibility TI Market opportunity Core platform Large and mandated rollout Integrated secure platform • ~150k institutions still to connect (by 2027) • Certified secure
Slide 18: Project Blossom: Focused Initiatives
OPERATIONAL UPDATE 18 PROJECT BLOSSOM: 5 FOCUSED INITIATIVES US commercial model China growth acceleration redesign Standard in Security & Industry DACH growth & expansion Efficiency & effectiveness enabling H1/Q2 Results Presentation 30 July 2026
Slide 19: Outlook
19 OUTLOOK ROGIER VOLMER, CEO
Slide 20: Key Priorities for the Group
OUTLOOK 20 KEY PRIORITIES FOR THE GROUP completed Well underway 1 Capital Raise 2 Sale of DHS Process well underway; several non - binding offers under Rights issue successfully completed review Pending Well underway 3 4 Repay debt and strengthen the balance sheet Execute Project Blossom Reduce debt
Slide 21: Management Summary
OUTLOOK 21 MANAGEMENT SUMMARY 1 Stabilizing on plan 2 A clear strategy Cost base aligned to revenue; gross margin materially up Stabilize → Simplify → Focus, with one transformation year - on- year in H1. program, Project Blossom. 3 2027 break - even ambition 4 Disciplined execution Peripherals targ
Slide 22: Q&A
22 Q&A H1/Q2 Results Presentation 30 July 2026
Slide 23: IR Contact
IR CONTACT VIONA BRANDT INVESTOR RELATIONS EMAIL: IR@CHERRY.DE PHONE: +49 9643 2061 898 WEB: HTTPS://IR.CHERRY.DE
Slide 24: Appendix
APPENDIX
Slide 25: Discontinued Operations DH&S
H1/Q2 2026 FINANCIALS 25 DISCONTINUED OPERATIONS DH&S (in EUR m) Q2 2025 Q2 2026 Sales 16.20 15.51 • Revenue remained under pressure, especially in Gross profit I margin 23.48% 44.60% Peripherals & Components, while DH&S continues OPEX - 10.55 - 9.15 to show strong growth. EBIT - 12.13 - 5.03 EBITDA
Slide 26: Q2 2026 Group Revenue
H1/Q2 2026 FINANCIALS 26 Q2 2026 GROUP REVENUE 19.2 17.6 • Q2 2026 Group Revenue amounted to EUR 17.6m. Q2 COMPARABLE 2 3.7 • On a comparable basis, Group Revenue increased to EUR 1 4.8 Q2 REVENUE REVENUE (IN EUR M) 19.2m after adjusting for the one - off Argand inventory (IN EUR M) transaction (EUR
Slide 27: Q2 Adjusted EBITDA
H1/Q2 2026 FINANCIALS 27 Q2 ADJUSTED EBITDA Q2 ADJ. EBITDA 1 2025- 2026 w/o active key (IN EUR M) Strong Q2 Adj. EBITDA improvement despite challenging market conditions 0.7 1.6 2.1 • Q2 2026 Adj. EBITDA improved significantly to EUR - - 0.4 3.4m (Q2 2025: EUR - 7.9m), reflecting a substantial - 1.1
Slide 28: Q2 2026 Adjusted EBITDA Bridge
H1/Q2 2026 FINANCIALS 28 Q2 2026 ADJUSTED EBITDA BRIDGE Q2 ADJ. EBITDA 1 (IN EUR M) We value transparency on operational, recurring performance • Adjusted EBITDA improved by EUR 0.6m, supported by higher GM I from LSV - related adjustments and lower one - off advisory costs, mainly related to the 35