Cherry SE Announces Strong Q1 2024 Results and Confirms Positive Outlook

On April 26, 2024, Cherry SE revealed during its Analyst and Investor Day that the preliminary figures for Q1 2024 surpassed both the company's forecasts and market expectations. Hosting a virtual event with more than 50 analysts and investors, the company's leadership, including CEO Oliver Kaltner and COO Dr. Udo Streller, provided insights into their "Roadmap 2025" restructuring program and discussed adjustments to Cherry's business model.

The preliminary reports showed Q1 2024 revenues of EUR 30.3 million, a 5.5% increase from Q1 2023, and 4.4% higher than the forecasted EUR 29.0 million. Furthermore, Cherry SE experienced a significant rise in its adjusted EBITDA margin, reaching 2.8%, which is 7.4 percentage points higher than the same quarter the previous year and surpasses the expected 0%. These results exceeded the average analyst predictions of EUR 28.3 million in revenue and a 1.3% adjusted EBITDA margin.

CEO Oliver Kaltner confirmed the company's positive outlook for 2024, projecting revenues between EUR 140 to 150 million and an adjusted EBITDA margin of 7-8%. Cherry SE is scheduled to publish its 2023 annual report and the definitive results for Q1 2024 on May 22, 2024. The Annual General Meeting will occur on July 24, 2024.