Cherry SE Announces Asset Revaluation and Reports on Corporate Financial Adjustments

Munich, April 24, 2024 - Cherry SE today announced significant adjustments to its asset valuations, resulting in a non-cash impairment of approximately EUR 96 million affecting assets such as goodwill and property, plant, and equipment. These adjustments reflect a conservative revaluation of assets as acknowledged in the 2023 annual financial statements. Despite these impairments, the company's preliminary adjusted EBITDA and cash flow for 2023 and the forecast for 2024 remain stable and unaffected.

The company's CEO, Oliver Kaltner, stated that these changes were essential to correct historical assumptions and align the company's assets with its long-term strategy. He emphasized that the adjustments would strengthen Cherry SE's competitive position and support its future growth. Cherry SE previously adjusted its last quarter 2023 results and 2024 forecasts in earlier announcements, and the current revaluation was performed in coordination with their new auditor.

Due to these adjustments and the extensive audit process, the presentation of the 2023 Annual Report has been postponed until May 22, and the Annual General Meeting is rescheduled to July 24, 2024. Cherry SE also plans to discuss its financial progress during the Analyst and Investor Day on April 25, 2024, using preliminary, unaudited figures.