Cherry SE Revises 2024 Financial Forecast after Q3 Results

Munich, 22 October 2024 - Cherry SE has updated its financial forecast for 2024 following preliminary third-quarter results. The company's Q3 2024 consolidated revenue was approximately EUR 22.6 million, a decline from the previous EUR 35 million. Additionally, the adjusted Group EBITDA margin fell to around -13.9%, from the earlier estimate of 5% to 6%.

Due to unmet sales targets and inadequate coverage of fixed costs, Cherry SE's Management Board has revised its annual sales projection to roughly EUR 120 million, down from the earlier forecast of EUR 140 to 150 million. The adjusted EBITDA margin expectation has also been lowered to around 3%, from the previous 7% to 8%.