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Evotec SE
Investor Presentation • Dec 10, 2025
151_rns_2025-12-10_d0bd1466-fd6f-480a-a531-ef5c84bea82a.pdf
Investor Presentation
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Disclaimer
This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries) is being delivered on behalf of Evotec SE (the "Company", "we," "our" or "us"). This presentation is made pursuant to Section 5(d) and/or Rule 163B of the Securities Act of 1933, as amended, and is intended solely for investors that are qualified institutional buyers or certain institutional accredited investors solely for the purposes of familiarizing such investors with the Company. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy Evotec securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of anysuch state or jurisdiction. No representations or warranties, express or implied, are made as to the accuracy or completenessof the statements, estimates, projections or assumptions contained in the presentation, and neither the Company nor any of its directors, officers, employees, affiliates, agents, advisors or representatives shall have any liability relating thereto.
Cautionary Note Regarding Forward-Looking Statements
This presentation contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Many of the forward-looking statements contained in this presentation can be identified by the use of forwardlooking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "should," "target," "would" and other similar expressions that are predictions of or indicate future events and future trends, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forwardlooking statements due to a variety of factors. The forward-looking statements contained in this presentation speak only as of the date of this presentation, and unless otherwise required by law, we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.
- Pioneering Drug Discovery1
- Financials2
Pioneering Drug Discovery
Our purpose
Unleashing innovation in drug discovery to develop life-changing medicines
Four levers of mid-term value creation
Above market growth rates at better-quality earnings
Commitment to Operational Excellence
Just – Evotec Biologics – better monetization of technology & assets
Upside through returns on asset pipeline
Lever 1: Above market growth rates at better-quality earnings
Above market growth rates at better-quality earnings
Technological leadership and innovation; steering portfoliotowards high value segments
Commitment to Operational Excellence
Just – Evotec Biologics – better monetization of technology & assets
Upside through returns on asset pipeline
Operating in highly attractive markets
Outsourcing and paradigm shift as drivers for superior growth
manufacturing
Innovative D&PD platforms drive high value partnerships
Seamless AI enhanced DD platforms support expansion of co-owned asset pipeline
Versatile commercial model tailor-made to customers' needs
Targeted value proposition
| Our offerings | Our commercial position | |
|---|---|---|
| 3 Pioneering drug discovery & development |
|
Strategic partnerships & risk/ rewards sharing |
| 2 Premium research services and partnerships |
|
Integrated deals |
| 1 CRO Essentials |
|
Standalone deals (FFS) |
Lever 2: Commitment to Operational Excellence
Above market growth rates at better-quality earnings
Technological leadership and innovation; steering portfoliotowards high value segments
Commitment to Operational Excellence
Accelerating cost-out plans & further productivity improvement
Just – Evotec Biologics – better monetization of technology & assets
Upside through returns on asset pipeline
Cost-out initiatives ahead of initial plan
Cost reduction measures
Measure Progress
• Remaining Priority Reset initiatives implemented
• Disciplined spending & restricted hiring activities
· Demand reduction external spend
Increase target for disciplined spending & restricted hiring activities (€ +10 m vs. target comm. Q1)
2025 Impact
~ 600 FTE reduction in D&PD (Mar 24 – Jun 25); +200 FTE vs.
Priority Reset Target
FY 2025 total cost-out target of € 60+ m (incl. € 30 m FY impact of Priority Reset)
Additional cost reduction measures increased from € 20m to €30m 2025 impact
Lever 3: JEB – better monetization of technology & assets
Above market growth rates at better-quality earnings
Technological leadership and innovation; steering portfoliotowards high value segments
Commitment to Operational Excellence
Accelerating cost-out plans & further productivity improvement
Just – Evotec Biologics – better monetization of technology & assets
More capital efficient model
Upside through returns on asset pipeline
Just Evotec Biologics – better monetisation of technology & assets
Improving operational efficiency by focusing on technology leadership and core competencies
Intellectual property Revenue mix/ Capital useAddressable marketValidated technology leadershipEnhancing commercial model towards higher revenue share from technology and IP Access to higher margin businessRevenues derived from process and product design and manufacturing; Growth as function of number of J.PODsJust – Evotec Biologics today Expanding range of potential partnersSelection of partners is limited to CDMO spaceExpanding technology leadership on core technology competenciesOur vision for tomorrow
Fast track toward asset-lighter model
Evotec and Sandoz have signed the sale of Just – Evotec Biologics EU1, including the biologics manufacturing site (J.POD) located in Toulouse, France
Deal rationale
Transaction validates Evotec's technology leadership and accelerates shift to asset-lighter model
| Strategic focus | Transaction impact |
|---|---|
| Technology leadership |
|
| Commercial model |
|
| Operations |
|
| Financial profile |
|
PAGE 15
Attractive financial impact across multiple parameters
Key deal parameters
Key deal parameters, replacing existing commitments
| C | co | ne |
|---|---|---|
| S | CU | Pυ |
- Sale of Just Evotec's Biologics manufacturing site in Toulouse (J.POD)1
- Technology license to operate J.POD, Toulouse based on Just Evotec Biologics' technology
| Upfront purchase price 2 & | Upfront payment: ~US\$ 350m | 2025 | |
|---|---|---|---|
| Technology license fee | |||
| Financial terms |
Revenue commitments | License, Milestones & Development revenues during transition period: > US\$ 300 m | 2026 - 2028 |
| Royalties 3 |
|
> 2028 |
Supporting Sandoz in targeting US\$ > 90 bn originator net sales
JEB partnered biosimilars portfolio
| Targeted brand | Indication | Indication Originator net sales (US\$ bn) | |
|---|---|---|---|
| Darzalex® daratumumab SC |
Multiple Myeloma | 17 | Europe: 2031 US: 2029 |
| Enhertu® trastuzumab deruxtecan |
var. HER2-positive or HER2 low tumors |
15 | Europe: 2036 US: 2033 |
| Tecentriq® atezolizumab | Non-Small Cell Lung Cancer (NSCLC) |
4 | Europe: 2033 US: 2031 |
| Skyrizi® risankizumab |
Chronic immune-mediated inflammatory conditions | 25 | Europe: 2034 US: 2033 |
| Tremfya ® guselkumab | Multiple immune-mediated inflammatory conditions | 7 | Europe: 2032 US: 2031 |
| Dupixent ® dupilumab | Dermatology, respiratory, and gastrointestinal conditions | 24 | Europe: 2033 US: 2031 |
| 4 undisclosed in early | development | n/a |
Poised for long term growth
Next-generation CDMO model – Leveraging innovation, retaining platform control
Leverage existing CDMO offerings
Full CDMO services including molecular design, upstream, downstream, analytical and formulation development
Early and latestage commercialcapabilities forbiologics manufacturing under GMP
Continued investment and business momentum
> 2,400 m2
Expansion atRedmond in P&PD (completed) andMFG line (2026)
50+Ongoing customer projects
Shaping new markets through innovation
- •IP licensing model for proprietary continuous manufacturing platform
- •Licensing of J.CHO cell line and perfusion media to access new markets
- • Launchpad concept: Acceleration and enablement of alternative manufacturing platforms via proprietary J.POD design
- •Continued investments into technology platforms
Seattle Redmond
PAGE 18
Shaping the next generation CDMO model
Accelerating growth – Enhancing margins – Improving capital return
Continuation of existing commercial model
PAGE 19
Lever 4: Upside through returns on asset pipeline
Above market growth rates at better-quality earnings
Technological leadership and innovation; steering portfoliotowards high value segments
Commitment to Operational Excellence
Accelerating cost-out plans & further productivity improvement
Just – Evotec Biologics – better monetization of technology & assets
More capital efficient model
Upside through returns on asset pipeline
Milestone & royalty potential1 > € 500 m (till 2028) –significant upside to > € 1.2 bn by 2030
Asset pipeline with ~ € 16 bn opportunity (non-risk adjusted)
Financial upside is becoming more tangible as pipeline broadens and assets advance
Pipeline of product opportunities
-
100 assets, of which 60% partnered
- All preclinical and clinical projects are supported by partnerships
- Significant progress in clinical stage projects in 2025
- More progress expected in 2026
Existing portfolio with long-term revenue upside
Non-risk adjusted revenue, in € bn, excluding new pipeline building
Cumulated returns: up to € 500 m by 2028; significant upside to > € 1.2 bn by 2030
Expecting meaningful pipeline advancements next 6-9 months
14 partnered projects in pre-clinical & clinical stage, addressing markets in Onco, CNS, I&I
- • Two assets in phase II in Q4 2025, expected to grow to up to four assets in 2026
- Number of assets in clinical, preclinical, and discovery growing
Improving average success rate for access to milestones & royalties in multibillion US\$ markets
- Pioneering Drug Discovery1
- Financials2
FY 2024: Navigating a challenging year – JEB revenue +71%
Condensed income statement FY 2024
| in € m¹ | FY 2024 | FY 2023 | Change | Comments |
|---|---|---|---|---|
| External Revenues | 797.0 | 781.4 | 2% | Soft D&PD market; temporarily more |
| D&PD | 611.4 | 673.0 | (9)% | investments in late-stage assets |
| JEB | 185.6 | 108.4 | 71% | Strong growth momentum of JEB based on existing relationships & new deals |
| R&D expense 2 | (50.9) | (68.5) | (26%) | Focus on scalable, first-in-class platforms and technologies |
| Adjusted Group EBITDA 3 | 22.6 | 66.4 | (66%) | D&PD with high fixed cost base |
| D&PD | 12.7 | 7 8.4 | (84%) | Toulouse Q4 ramp-up costs over-compensated |
| JEB | 9.9 | (12.1) | mm | through strong U.S. revenue growth |
PAGE 24
1 Differences may occur due to rounding
2 FY2023 includes € 3.7 m partnered Re 3 Adjusted EBITDA excludes changes of contingent considerations, income from bargain purchase and impairments on goodwill, other intangible and tangible assets as well as the total non-operating result
9M 2025: D&PD behind expectations – JEB ahead of plan
Condensed income statement 9M 2025
| i € 1 n m |
M 9 2 0 2 5 |
M 9 2 0 2 4 |
h C a n g e |
C t o m m e n s |
|---|---|---|---|---|
| l E R t x e r n a e v e n u e s |
5 3 5 1 |
5 7 5 7 |
( ) % 7 |
l l h i i i O t t v e r a p a s n g p a e r n a s n p r e v o u s y e a r s |
| D & P D |
3 9 1. 9 |
4 4 7. 0 |
( ) % 1 2 |
f k i l d d i S t t t o m a r e n e a r y -s a g e r u g s c o v e r y |
| J E B |
1 4 3 2 |
8 1 2 7 |
% 1 1 |
d i b B t r o a e n n g c u s o m e r a s e |
| i G r o s s m a r g n |
% 6 7 |
% 1 1. 9 |
( ) 3 3 p p |
|
| D & P D |
8 % 1 |
% 1 4 4 |
( ) 6. 3 p p |
h d f l d l i i i i A t- t t t e a o c o s o u p a n, u n e r u z a o n r e m a n s |
| J E B |
% 2 7 |
8 % 3 |
( ) 1. 1 p p |
l h l d i J P O D T t t o u o u s e w p a n n e r a m p -u p c o s |
| R & D e x p e n s e |
( ) 2 7. 7 |
( ) 4 1. 1 |
( ) % 3 3 |
f d i M R & D t t o r e o c u s e n v e s m e n s |
| l i i h i I t t t n n e w g r o u p e x p e c a o n s - |
||||
| d j d A G A E B I T D 2 t s e r o p u u |
( ) 6 1 9 |
( ) 6 0 |
n m |
i h f i d b H t g x e c o s a s e |
| & D P D J E B |
( ) 8 8 1 1. 9 |
( ) 6. 8 n m 8 % 0 1 2 7 |
f i b l d i ( ) i f l P € T t t t 2 0 r o a e e s p e m m p a c r o m o u o u s e b l d- i t u o u |
PAGE 25
1 Differences may occur due to rounding
2 Adjusted EBITDA excludes changes of and impairments on intangible and tangible assets as well as the total non-operating result
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Significant reduction of net debt by end of year
Quarterly liquidity development
- Total liabilities and lease obligations increased to € 484 m from € 462 m (end of Q2'25) due to the start of a new lease in our Hamburg campus
- Strengthened balance sheet based on proceeds from agreement with Sandoz and disciplined cash management
Guidance 20251
| FY 2024 | Guidance 2025 | Comment | |
|---|---|---|---|
| Group revenues | € 797 m | € 760 - 800 m | Stable development driven by stron JEB segment; D&PD navigating in soft market environment |
| R&D expenditure 2 | € 51 m | € 40 - 50 m | Further prioritisation of scalable tech-platforms and technologies |
| Adjusted EBITDA 3 | € 23 m | € 30 - 50 m | Improved revenue mix and productivity measures to increase long-term profitability |
1 Guidance based on H1 Actuals and updated H2 FX rates of 1.17 EURUSD and 0.86 EURGBP, respectively 2 No material FX effects as most R&D efforts are carried out in € area.
3 Excluding one-off costs of € 55 m for the priority reset in 2024 and potential costs related to the transformation program in 2025
Promising overall development towards mid-term value creation
Above market growth rates at better-quality earnings
Technological leadership and innovation; steering portfoliotowards high value segments
Later tipping point
Commitment to Operational Excellence
Accelerating cost-out plans & further productivity improvement
Ahead of plan
Just – Evotec Biologics – better monetization of technology & assets
More capital efficient model
Ahead of plan
Upside through returns on asset pipeline
Milestone & royalty potential1 > € 500 m (till 2028) –significant upside to > € 1.2 bn by 2030
Progressing well
Mid-term Outlook
2028 aspiration
RevenueCAGR12024-20288-12%(FY 2024: € 797 m)
Adj. EBITDAmargin2028>20%(FY 2024: ~3%)
Drivers
Market recovery, Differentiation,Value add-ons
Operating leverage, Mix/Value add-ons, Productivity, Cost optimisation
Appendix
Experienced management team with long-term mission
The management team
Christian Wojczewski
CEO (as of 1 July 2024)
Experience
- 2017 2022 CEO of Media
- 2005 2017 Various leadership positions at Linde Group, since 2007 member of the Group Executive Committee & Head of Global Business Unit Healthcare
- 2000 2005 McKinsey & Company
Paul Hitchin CFO (since 1 March 2025)
Experience
- 2018 2024: CFO of Media
- 2016 2017: CFO of GE Mining
- 2001 2016: Different finance functions & leadership roles at General Electric
- 2001 2004: Different finance functions at Ford Motor Company
Aurélie Dalbiez CPO (as of 15 June 2024)
Experience
- 2021 2024 Chief Human Resources Officer at Corbion
- Prior to Corbion, various leadership positions at Lonza AG and Novartis AG
- More than 25 years of experience in international HR leadership
CSO (since 2010)
Cord Dohrmann
Experience
- 1999-2010: Leading DeveloGen from a start-up to an internationally recognised metabolic disease company
- 20 years in biomedical research at leading academic institutions and in the biotech industry
Global view and deep experience for best governance
Independent and diverse Supervisory Board
Iris Löw-Friedrich
- Since 2014 Member of Evotec's Supervisory Board (2021 Chairperson)
- Until 2024, CMO of UCB S.A., Brussels (Belgium)
- 2001-2009, Member of the Executive Board of Schwarz Pharma AG, responsible for global R&D
Roland Sackers CFO & Managing Director QIAGEN N.V.
- Since 2019 Member of the Supervisory Board (2021 Vice Chairperson) and Chairman of the Audit Committee of Evotec
- Since 2004, CFO of QIAGEN N.V.
- 1999-2004, Auditor at Arthur Andersen
Camilla Macapili
Languille
Head of Life Sciences
Mubadala Investment Company
- Since 2022 Member of Evotec's Supervisory Board
- Since 2013, Different positions at Mubadala Investment Company, (UAE)
- 2011-2013, Senior Manager Mergers & Acquisitions Daiwa Capital Advisory Partners (France)
- 2007-2010: Investment Manager at Virgin Management Ltd. (UK)
- 2005-2007, Analyst at JPMorgan Securities, Inc. (UK/USA)
Duncan McHaleFounder and Director of
Weatherden Ltd.
- Since 2024 Member of Evotec's Supervisory Board
- Since 2017 Founder and Director of Weatherden Ltd.
- 2018-2023 CMO of Evelo Biosciences
- 2011-2017 Global Head of Exploratory Development at UCB Pharma
- 2008-2011 AstraZeneca, most recent as Vice President of Translational Sciences
Wesley Wheeler
CEO of LabConnect
- Since 2024 Member of Evotec's Supervisory Board
- Since 2024 CEO of LabConnect
- 2019-2023 President of UPS Healthcare
- 2011-2019 CEO & Director of Marken, a UPS company
- 2007-2010 CEO & Director of Patheon
- 2003-2007 President of Valeant Pharmaceuticals International
- 2002-2003 CEO of DSM Pharmaceutical Products
- 1989-2002 SVP Manufacturing & Supply GlaxoSmithKline
Partner at Peters, Schönberger & Partner
- Since 2021 Member of Evotec's Supervisory Board
- Since 2022 Partner at the law firm Peters, Schönberger & Partner (PSP Munich)
- Until 2021 Equity Partner at Baker McKenzie
- 2012 2017 Managing Partner in the German and Austrian
Constanze Ulmer-Eilfort offices of Baker McKenzie
- 2017 2021 Member of the Global Executive Committee of Baker McKenzie
- Since 1994 Baker McKenzie
Shareholders supporting sustainable growth
Shareholder structure1
Number of shares:
Listings:
52 week high/low:
177.8 m
Frankfurt Stock Exchange (SDAX, TecDAX), Ticker: EVT
NASDAQ Global Select Market (ADS), Ticker: EVO
€ 10.62/€ 5.06
Volker BraunEVP Global Head of Investor Relations & ESG
+49 (0) 40 228 999 338 (direct)+49 (0) 151 1940 5058 (mobile)