Cherry SE publishes further key figures for the fourth quarter and 2025 financial year

Munich, March 5, 2026 – Cherry SE today announced additional preliminary and unaudited consolidated figures for the fourth quarter and the full financial year 2025. In 2025, Cherry SE generated consolidated revenue of EUR 94.3 million (previous year: EUR 110.4 million) and an adjusted EBITDA of EUR -9.8 million (previous year: EUR -7.0 million). The year was marked by consistent operational stabilization and the strategic realignment of the product portfolio to current market conditions. Additional factors such as weaker demand in the Components segment as well as special effects in the Digital Health segment impacted revenue development. Capital efficiency was further improved as net working capital declined significantly during the reporting period.

In the fourth quarter of 2025, revenue amounted to EUR 23.7 million (same quarter previous year: EUR 26.3 million) and adjusted EBITDA to EUR -4.9 million (same quarter previous year: EUR -6.3 million). In addition to direct savings from the restructuring of the Auerbach site, strict cost discipline overall mitigated the impact of declining revenue on earnings. Adjusted operating expenses were reduced by slightly more than EUR 10 million in fiscal year 2025, from EUR 65.4 million in 2024 to EUR 55.1 million.

The significant reduction in inventories to EUR 28.8 million from EUR 53.7 million in 2024, as well as the substantial improvement in the cash conversion cycle over the course of the year from 178 to 116 days, underline the progress made in optimizing the balance sheet structure and strengthening operational capital discipline.

The Digital Health & Solutions segment contributed to the Group’s results in fiscal year 2025 with revenue of EUR 22.3 million (previous year: EUR 30.4 million) and adjusted EBITDA of EUR 13.9 million (previous year: EUR 12.3 million). On a comparable basis, adjusted for the divestment of “Active Key,” segment revenue exceeded the prior-year level. While the eHealth business recorded a very dynamic development with a significant increase in terminals sales, a short-term decision by the German Bundestag to postpone the mandatory connection to the telematics infrastructure led to noticeable revenue losses versus our projections in the fourth quarter.

In the Gaming & Office Peripherals segment, the Company recorded a decline in revenue in the past fiscal year from EUR 72.6 million to EUR 67.2 million. Adjusted EBITDA remained negative at EUR -3.4 million (previous year: EUR -2.6 million). Despite the overall year-on-year decline, increases in sales volumes and gross margin in the fourth quarter of 2025 led to slightly improved revenue and margin momentum compared to the prior year. By increasingly focusing on the market potential in the retail (B2C) segment as well as in the cordless keyboards and mice category, Cherry SE intends to capitalize more strongly on opportunities for further growth going forward.

In the Components segment, weak demand continued towards the end of the year, resulting in declining revenue and a negative segment result. This development confirms the strategic decision to relocate switch assembly to China. Results in 2025 were significantly impacted by one-off restructuring costs related to the conversion of the Auerbach site into a logistics center; however, this lays the foundation for a significantly leaner cost structure in the future.

Rogier Volmer, CEO of Cherry SE: “Our results indicate an initial operational stabilization in the fourth quarter of 2025. Behind these figures are strong technologies and a highly dedicated team. 2025 was a year in which we focused on strengthening the foundation for our future growth. We are now clearly prioritizing the key initiatives required to position CHERRY sustainably and profitably for the future.      

Jurjen Jongma, CFO of Cherry SE: "Q4 showed a year-on-year improvement in adjusted EBITDA, yet two priorities remain critical to fully restoring Cherry’s financial health: enhancing gross margins in the Peripherals segment and optimizing our cost base. These are our clear short-term priorities to strengthen the company and achieve sustainable profitability."

Further selected key figures for the fourth quarter and fiscal year 2025 are available today on the company’s website at https://ir.cherry.de/en/home/publications/#presentations-webcasts

About CHERRY

Cherry SE [ISIN: DE000A3CRRN9] is a global manufacturer of computer input devices such as keyboards, mice, microphones, and headsets for applications in office, gaming, and industry for hybrid work, as well as hardware and software solutions in digital healthcare. Since its founding in 1953, CHERRY has been synonymous with innovative and durable high-quality products, developed in-house, specifically to meet customer needs.

CHERRY’s operational headquarters is in Germany (Auerbach in der Oberpfalz) and it employs staff in development, services, logistics, and production sites in Germany (Auerbach), China (Zhuhai), and Austria (Vienna), as well as in multiple sales offices in Germany (Munich, Auerbach), France (Paris), Sweden (Landskrona), the USA (Kenosha), China (Shanghai) and Taiwan (Taipei).

For more information, visit:https://ir.cherry.de/en/

Contact

Cherry SE
Nicole Schillinger
Investor Relations
P: Rosental 7, c/o Mindspace, 80331 Munich
T: +49 (0) 9643 2061 848
E: ir@cherry.de