Revaluation of assets

Munich, 24. April 2024 - Cherry SE corrects old assumptions about the company's development and carries out conservative, non cash-effective revaluations

Cherry SE is recognizing asst impairments in the 2023 annual financial statements. These non-cash items relate to intangible assets, mainly goodwill, as well as property, plant and equipment and amount to approximately EUR 96 million. Accordingly, the preliminary, adjusted EBITDA and the cash flow position for 2023 as well as the forecast for the 2024 financial year remain unaffected by the impairments.

The valuation adjustments of the aforementioned assets were preceded by an impairment test in close coordination with the newly mandated auditor. Cherry SE had already communicated adjustments to its 2023 last quarter results and the planning for 2024 in the company announcements of January 31, 2024 and February 27, 2024. The audit firm is working intensively on auditing and confirming the annual financial statements for 2023.

Oliver Kaltner, CEO of Cherry SE, comments: “With this important step, we are finally correcting historical assumptions about the company's future development. At the same time, we decided on a series of far-reaching measures in the past financial year and have already finalized them, which will put Cherry SE in a better competitive position in the long term and set it up for the future. We are convinced that Cherry can now work unencumbered on a prosperous future.”

In view of the value adjustments and the additional audit effort, the presentation of the 2023 Annual Report will be shifted from April 25 to May 22 and, accordingly, the Annual General Meeting from June 14 to July 24, 2024.

Cherry SE will hold its Analyst and Investor Day on April 25, 2024 without prejudice to this and provide information on the course of the 2023 financial year, the first quarter of 2024 and the outlook for the current second quarter and the 2024 financial year on the basis of preliminary, unaudited figures.

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