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STRATEC SE

Investor Presentation • Mar 30, 2021

416_ip_2021-03-30_ab4ee113-dd41-45b9-93d5-6c74ca9ffead.pdf

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EXANE BNPP FIRST DILS CEO CONFERENCE

March 30, 2021

Forward-looking statements involve risks.

This company presentation contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this. This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected.

It is not planned to update these forward-looking statements.

    1. THE IVD MARKET
    1. FINANCIALS
    1. OUTLOOK AND STRATEGY

STRATEC AT A GLANCE

  • • Leading OEM player for automation solutions for the diagnostics industry and translational research
  • • Three decades of experience in highly regulated healthcare markets and growing technology pool
  • • Around 1.300 employees worldwide
  • More than 50% allocable to R&D
  • • Production sites in Germany (HQ), Switzerland, Hungary and Austria
  • • High number of systems installed globally
  • More than 13,000 medium to high throughput systems
  • More than 25,000 low throughput systems
  • • Sales of € 221.6 million in 2019
  • CAGR sales since IPO in 1998: ~15%
  • •Dividend payments raised over 16 consecutive years

UNIQUE MARKET POSITION STRATEC IN THE IVD VALUE CHAIN

BUSINESS MODEL

STRATEC provides instrumentation, consumables, software and automation solutions

  • OEM development and manufacturing
  • Around 8,000 fully automated analyzer systems and modules manufactured annually
  • Wide range of intellectual property rights

Extensive collaboration with partner during design phase

  • STRATEC: Engineering / automation, software, QM
  • Partner: System / reagent / market requirements

Systems have long market lifecycles

  • Product lifecycles typically in an area of 12 to 15 years
  • Leads to longstanding partnerships
  • Expanding installed base of systems
  • Product enhancement and extension drives value

SECURING RETURN ON INVESTMENT

Long-term agreements with partners

  • Milestone payments during development stage
  • Operating sales during series production stage
  • Recurring sales from service parts & consumables sales

Minimum volume commitment

  • Firm purchase orders
  • STRATEC an integral part of partners' plans

Reliable partnership

  • Shortened development time
  • Integration of analyzer system and reagents
  • Agreed development budget & transfer price
  • High commitment by both partners

INDICATIVE SALES CHARACTERISTICS OF AN ANALYZER OEM PROJECT

UPDATE COVID-19 PANDEMIC

  • •Several STRATEC customers are at the forefront of containing the COVID-19 pandemic
  • •Significant proportion of genetic COVID-19 testing is performed on systems developed and manufactured by STRATEC
  • • Unbroken and unprecedented demand within certain product lines:
  • Number of molecular diagnostics analyzer shipments more than doubled yoy in 9M 2020
  • Additional demands for immunoassay solutions due to antibody screening and antigen tests
  • Still unprecedented demand levels and strong order trends
  • • Longer-term dynamics:
  • Increased installed base set to trigger higher demand for Service parts & Consumables
  • Replacement potential due to elevated utilization levels
  • Significant shift of research budgets towards infectious diseases
  • Overall increased awareness and appreciation of IVD methods

THE IVD MARKET

THE IVD MARKET

IVD MARKET SEGMENTS / IVD MARKET: ~ 70 BILLIONUSD IN 2019

Growth drivers

  • Aging world population
  • Rising prevalence of chronic diseases
  • Expansion in healthcare systems, especially in emerging markets
  • New technologies broadening scope of IVD applications (e.g. oncology, personalized medicine or non-invasive prenatal testing)
  • Increasing automation

Market growth CAGR 2018/19 - 2023/24

To
l
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V
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ke
ta
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ar
-		 4
5
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p.
a.
-
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-
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f
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in
t o
re
:		 8
%
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a.
~

Source: Kalorama: "The worldwide market for In Vitro Diagnostic Tests, 12th Edition", Aug 2019MarketsandMarkets: "In vitro diagnostics market – forecast to 2023", Dec 2018

MARCH 30, 2021

OUTSOURCED VS IN HOUSE INSTRUMENTATION MARKET

  • •The majority of instrumentation equipment in the IVD market is still developed in-house by diagnostics companies
  • •Share of outsourced developments has already increased significantly over the last couple of years
  • • Trend of outsourcing towards specialized players set to continue, due to:
  • Engineering of automation solutions often not core competence of diagnostics companies
  • Shorter development timeframes due to already existent technology pools
  • Guaranteed project budget and firm transfer prices
  • Keeping up with regulatory developments easier for specialized players
  • Structured processes in order to address end customer needs, such as ease of use, user experience, workflow efficiencies, remote access, serviceability and preventive maintenance

PROPORTION OF OUTSOURCED INSTRUMENTION DEVELOPMENTS

A SELECTION OF STRATEC CUSTOMERS

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Not a STRATEC customer

Source: IVD News / non-public companies estimated / non-reported sector sales estimated

Sales in € million

CAGR ~11%

KEY FIGURES - TRACK RECORD

76102116.6 122.7 128 144.9 146.9 184.9207.5187.8221.60501001502002502009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

EBIT in € millionCAGR ~8%

Figures adjusted for comparison; adjusted for depreciation and amortization from purchase price allocation for acquisitions, related integration expenses and other extraordinary effects. Reconciliation to IFRS figures can be found in the respective annual report.

MARCH 30, 2021

KEY FIGURES - TRACK RECORD

Net income in € million CAGR ~8%

Dividend per share in € CAGR ~6%

Figures adjusted for comparison; adjusted for depreciation and amortization from purchase price allocation for acquisitions, related integration expenses and other extraordinary effects. Reconciliation to IFRS figures can be found in the respective annual report.

MARCH 30, 2021

9M 2020 AT A GLANCE

  • • Sales in 9M 2020 up organically by 13.1% yoy to € 179.1 million (9M 2019: € 158.3 million)
  • Organic growth of 22.4% in Q3 2020
  • • Adjusted EBIT in 9M 2020 up by 40.7% to € 28.1 million (9M 2019: € 20.0 million)
  • Adjusted EBIT in Q3 2020 up by 35.2%
  • • Achievement of major development milestones
  • e.g. launch of serial production for a polymer-based smart consumable in the field of flow cytometry
  • • New cooperation agreements concluded and several promising late stage negotiations regarding new development projects with partners
  • • Number of employees up by 2.6% to 1,315 organic increase of 7.0%

9M 2020 FINANCIALS AT A GLANCE

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bps = basis points

To facilitate comparison, adjusted figures exclude amortization resulting from purchase price allocations in the context of acquisitions and associated reorganization expenses

2Retrospectively adjusted to account for the recognition of the Data Solutions business unit as a discontinued operation pursuant to IFRS 5.

Consolidated net income from continuing operations.

SALES 9M 2020

107.2126.3149.4134.6158.3179.10204060801001201401601809M/15 9M/16 9M/17 9M/18 9M/19 9M/20

Sales in € million

As of September 30

9M 2020 sales organically up by 13.1% yoy to € 179.1 million

  • • Double-digit growth with systems as well as service parts and consumables
  • • Continuing strong demand for MDx systems as a result of COVID-19 pandemic
  • • Significantly lower amount of recognized development revenues due to strong prior year comparison basis (particularly in Q2)

ADJUSTED EBIT AND EBIT MARGIN 9M 2020

9M 2020 adjusted EBIT up 40.7% yoy to € 28.1 million

9M 2020 adjusted EBIT margin at 15.7 %

Margin expansion of 310 bps yoy

  • (+) Economies of scale
  • (+) Positive sales and product mix
  • (+) Earnings improvement initiative
  • (-) Stock appreciation rights (negative margin effect of 280 bps)

As of September 30

CASH FLOW AND NET DEBT 9M 2020

€
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• 1
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1 Total investments in intangible and tangible assets in % of sales

SALES BY OPERATING DIVISIONS H1 2020

Others

In % of total sales

Development & services

CER = Constant exchange rates

As of June 30

SEGMENT PERFORMANCE H1 2020

Instrumentation

€
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Adverse margin effect from stock appreciation rights

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Diatron

Strong growth with molecular and veterinary diagnostics products

Scale effects and strong product mix

Smart Consumables

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Backend loaded year expected

OUTLOOK AND STRATEGY

OUTLOOK ANDSTRATEGY

FINANCIAL GUIDANCE FOR FY 2020

  • • Group sales are expected to increase by 14.0% to 18.0% (at constant exchange rates; 2019 revenue basis of € 214.2 million)
  • Additional demand due to COVID-19 pandemic expected to remain high in Q4 2020
  • Upper end of target corridor expected
  • • Adjusted EBIT margin of around 15.5% to 16.5% (2019: 13.7%)
  • Sales and product mix expected to remain strong in Q4 2020
  • Upper end of target corridor expected
  • • Investments in tangible and intangible assets of around 10% to 12% of sales
  • After the completion of construction projects for capacity expansion, investment ratio will likely decline considerably from 2021 onwards

OUTLOOK ANDSTRATEGY

STRATEGIC PRIORITIES

SELECTION OF ESG TOPICS AND LATEST ACHIEVEMENTS

•Challenges of COVID-19 pandemic successfully managed

  • Employee health top priority (new shift system, extended options for remote working, increased working hours flexibility, early and strict travel restrictions)
  • Business continuity (supply chain, production, logistics, development and business operations)

•Strong commitment to combat climate change

Science based reduction target (SBT) in line with Paris agreement to limit global warming to clearly less than 2.0°C

30% absolute reduction of scope 1 and 2 emissions by 2030 (versus 2019)

  • Expanded disclosure: Scope 3 emissions to be reported from 2020 onwards
  • Compensation of unavoidable Scope 1 and 2 emission (certified emission reduction projects)
  • • Employer attractiveness and talent management
  • Further employee surveys conducted in 2020
  • Roll-out of new group-wide talent development program

•New ESG initiatives

E.g. new waste reduction program initiated in 2020 (targets to be announced in 2021)

APPENDIX

APPENDIX

KEY FIGURES AT A GLANCE1

I
F
R
S
(
€
i
l
l
io
)
m
n		 2
0
1
5		 2
0
1
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1
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5		 1
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1,
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(
%
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3
1		 4
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(
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-

Figures adjusted for comparison; adjusted for depreciation and amortization from purchase price allocation for acquisitions, related integration expenses and other extraordinary effects. Reconciliation to IFRS figures can be found in the respective annual report.

2From continuing operations

APPENDIX

ADJUSTMENTS 9M 2020

EBIT

€
0
0
0s		 9
/
2
0
2
0
M		 1
9
/
2
0
9
M
1
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d
E
B
I
T
te
us		 2
8,
2
1
1		 9,
9
8
1
5
A
d
j
tm
ts
us
en
:
P
P
A
iza
io
t
t
am
or
n		 -6
0
7
1
,		 -6
7
7
4
,
Ex
lat
ing
io
to
tr
ct
p
en
se
s r
e
an
sa
ns
d a
d
iat
ing
str
tu
an
sso
c
e
re
uc
r
ex
p
en
se
s		 0 -2
2
3
0
,
E
B
I
T		 2
2,
0
5
0		 1
0,
9
8
1

Retrospectively adjusted

Consolidated net income

€
0
0
0s		 9
M
/
2
0
2
0		 1
9
M
/
2
0
1
9
A
d
j
d
l
i
da
d
in
te
te
t
us
co
ns
o
ne
co
m
e
fro
in
in
io
t
t
m
c
on
op
er
a
ns
u
g		 2
3,
6
7
5		 9
3
1
5,
1
A
d
j
d
in
ha
fro
te
us
ea
rn
g
s p
er
s
re
m
in
in
io
in
€
(
ba
ic
)
t
t
co
n
op
er
a
ns
s
u
g		 9
1.
7		 3
3
1.

Adjustments:

P
P
A
iza
io
t
t
am
or
n		 -6
0
7
1
,		 -6
7
7
4
,
Ex
lat
d
ing
io
to
tr
ct
p
en
se
s r
e
an
sa
ns
an
d
iat
ing
str
tu
as
so
c
e
re
uc
r
ex
en
se
s
p		 0 -2
2
3
0
,
Ta
inc
xe
s o
n
om
e		 9
4
6		 1,
6
7
6
Co
l
i
da
d
in
te
t
ns
o
ne
co
m
e
fro
in
in
io
t
t
m
co
n
op
er
a
ns
u
g		 8,
6
4
0
1		 8,
6
0
3
in
fro
Ea
ha
rn
g
s p
er
s
re
m
in
in
io
in
€
(
ba
ic
)
t
t
co
n
u
g
op
er
a
ns
s		 1.
5
5		 0.
2
7

Retrospectively adjusted

SHAREHOLDER STRUCTURE(AS OF: JUNE 2020)

SHARE

IPO Aug. 1998 Number of shares 12,102,945Share price (03/26/2021) € 117.00 Market capitalization € 1.4 billon

Fixed and family ownership(incl. their investment companies)

Free float

Institutional investors > 3%:Allianz Global Investors

Ameriprise Financial Juno Investment Partners

CONTACT

STRATEC SEGewerbestr. 3775217 BirkenfeldGermany

Phone +49 7082 7916-0Fax +49 7082 7916-999www.stratec.com

CONTACT

Jan Keppeler, CFAHead of IR & CCPhone +49 7082 [email protected]

THANK YOU FOR YOUR ATTENTION

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