EQS-Adhoc: Cherry SE: Cherry SE recognizes asset impairment for 2023; no impact on preliminary adjusted 2023 EBITDA and cash flow position as well as the forecast for the 2024 financial year

PUBLICATION OF AN INSIDE INFORMATION ACC. TO ARTICLE 17 OF THE REGULATION (EU) NO. 596/2014

Cherry SE recognizes asset impairment for 2023; no impact on preliminary adjusted 2023 EBITDA and cash flow position as well as the forecast for the 2024 financial year

Munich, April 24 2024 – Cherry SE expects further asset impairments (intangible assets, and PP&E), mainly on goodwill, in the total amount of approximately EUR 96 million while preparing the 2023 consolidated financial statements.

In close coordination with the newly mandated auditor, Cherry SE is making an adjustment to the aforementioned assets, which reflects the correction of the 2023 last quarter results and the planning for 2024 that have already been communicated in the company announcements of January 31, 2024, and February 27, 2024. This step also marks the conclusion of the historical assumptions regarding the future development of the company and is part of the series of management measures currently aligning the company for competitiveness and future viability.

The impairment reduces the consolidated operating result (EBIT*) for the 2023 financial year by the same amount. The impairment - which is by definition a non-cash item - has no impact on the key performance indicators revenue and adjusted EBITDA margin*.

*The definition of EBIT and of the adjusted EBITDA margin can be found on pages 27 and 37 of the Annual Report 2022 of Cherry SE, which is available at https://ir.cherry.de/.

Notifying person: Oliver Kaltner, Chairman of the Management Board