A N N U A L R E P O R T 2 0 2 3

Medicines that Matter S h a p i n g

Letter to shareholders _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 02
Evotec at a glance _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 04
Shaping Medicines that Matter _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 06
Five minutes with Evotec's Chief Financial Officer Laetitia Rouxel _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 08
The Evotec share _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 1 1
Supervisory Board Report _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 15

Combined Management Report _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 2 1
The Evotec Group - General information on business and strategy _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 22
Group Structure _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 22
Business Overview _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 23
Evotec's growth strategy _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 28
Financial performance indicators _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 28
Non-financial performance indicators _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 29
Research and development _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 31
Intellectual property _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 32

Report on the economic position _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 33
2023 financial results compared with forecast _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 33
Management Board's general assessment of Evotec's economic situation _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 33
Macroeconomic conditions and business environment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 34
Results of operations _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 34
Financing and financial position _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 42
Net assets_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 44

Evotec SE _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _P. 46
Financial performance indicators _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 46
Results of operations _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 46
Net assets and financial position _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 47
Net assets _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 47
General statement on expected developments by the Management Board _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 48
Outlook for Evotec SE _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 48

Reporting pursuant to section 289c and section 315c of the German Commercial Code _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _P. 49
Risk & Opportunities Report _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 50
Risk and opportunity management _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 50
Opportunities Report_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 65
Report on Strategy and future Perspectives _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 67
Outlook _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 67
Financial outlook for 2024 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 7 1
Dividends _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 72
Information pursuant to section 289a and section 315a of the German Commercial Code
and explanatory report _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 73
Declaration of corporate management_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 75
Remuneration Report _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 75

Consolidated financial statements (IFRS) 2023 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 76
Consolidated income statement _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 77
Consolidated statement of comprehensive income _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 78
Consolidated statement of financial position _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 79
Consolidated statement of cash flows _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 8 1
Consolidated statement of changes in stockholders' equity _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 82

Notes to consolidated financial statements for the fiscal year 2023 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 83
Independent Auditor's Report_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 127
Responsibility statement _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P. 133

IMPRINT

Publisher: Evotec SE, Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg; +49.(0)40.56081-0, +49.(0)40.56081-222 (Fax)

Project Leaders: Anja Ben Lekhal, Volker Braun; Content: Dr Mario Polywka, Dr Cord Dohrmann, Mahias Evers, Dr Craig Johnstone, Laetitia Rouxel; Concept and Graphic Design: Alessandri Design & Brand Manufactory, Rufgasse 3, 1090 Vienna, Austria

Publication Date: 24 April 2024

Evotec's Annual Report 2023 published on 24 April 2024 containing the Consolidated financial statements is available in English and German.

Forward-looking statements

Information set forth in this annual report contains forwardlooking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this report. Such forward- looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to dier materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

For further information on Evotec, please be invited to visit our website at www.evotec.com. You can also contact us by email: [email protected].

Dr Mario Polywka Chief Executive Ocer

Dear Shareholders and Friends of Evotec,

M 2023 started very strong. In Q1, traditionally y journey with Evotec now spans more than two decades, during which time I have witnessed the Company's evolution firsthand. I have seen us navigate challenges, seize opportunities, and push the boundaries of what is possible through partnering in drug discovery and development within the life sciences industry. Stepping in as the interim CEO, my role is to navigate the organisation through a challenging market and prepare it for the next strategic imperatives that a new CEO will pursue. So, while my tenure as CEO is clearly a transitional one – to me the limited time only makes it more important.

the weaker of quarters for Evotec, we delivered the strongest result in our Company's history. We signed a new strategic collaboration with Janssen for immune-based cancer therapies, an integrated R&D partnership with Related Sciences and achieved an important long-term expansion of our neuroscience partnership with Bristol Myers Squibb – with a deal potential of \$ 4 bn. Our deep disease insights matched with our human disease models and unparalleled drug discovery expertise continue to successfully drive this partnership. The collaboration has the potential to be a game changer for many dierent neurological

conditions, with a first programme from this partnership anticipated to enter a Phase II clinical study later this year, whilst we continue to progress pre-clinical assets and are still adding discovery-stage programmes to our joint pipeline.

However, over the Easter weekend, a vicious cyber-aack thwarted our plans to deliver a truly outstanding year, with many parts of the organisation paralysed through this criminal act. I am immensely grateful to my colleagues within Evotec, who showed their absolute best during the recovery that followed. Their strength, creativity, collaboration, and resilience are the reasons why the Company has been able to come out the other side. I would also like to thank our partners and other stakeholders for the unwavering support. Your confidence in us is most humbling. Moving into 2024, we will continue to work on further establishing the highest quality and secure IT infrastructure.

Only a month aer the aack, we signed an important partnership with Sandoz for the development and manufacture of biosimilars. Sandoz' mission of providing aordable, highquality medicines is perfectly aligned with Just – Evotec Biologics' ambition to provide global access to biotherapeutics through our worldleading continuous manufacturing platform. A major development and manufacturing partnership with an industry leader like Sandoz is a great validation for our Just – Evotec Biologics business model.

We also saw good progress in existing and several exciting new partnerships across Evotec's platform, from early discovery all the way to the market. In June, we achieved a milestone when Bayer initiated a Phase I clinical study with an asset from our kidney disease collaboration. The study investigates a monoclonal antibody as a potential first-tomarket treatment for Alport syndrome, a rare genetic disease. We also initiated a strategic partnership with Dewpoint Therapeutics to advance their portfolio targeting biomolecular condensates as a novel domain for therapeutic intervention towards the clinic. Through a further grant from the Bill & Melinda Gates Foundation for tuberculosis drug discovery and a contract from the U.S. Department of Defense for development of monoclonal antibodies against orthopoxviruses, we were able to further expand our contribution to global health. Finally in December, we were informed by our partner Jingxin that EVT201 had been approved by the Chinese National Medical Products Administration as a novel insomnia treatment.

Due to macroeconomic headwinds brought on by threats to global security, rising interest rates and supply chain challenges, 2023 has been labelled by many as a "year of eciency". This was no dierent at Evotec. We prioritised our investments and focused on cost eciency and optimisation. Despite a rocky start into 2024 with Werner Lanthaler's exit from the business, our focus remains clear: to continue our path to sustainable and profitable growth, through delivering the highest value End-to-End R&D solutions to our partners drug discovery and development challenges.

We strive to deliver excellence in our existing high-value partnerships, strengthen our platforms, meet our partners' expectations for the highest quality science, and optimise our operational eciencies across the entire company. Building on this relentless pursuit of excellence that has been Evotec's hallmark, we hope also to deliver new partnerships at the forefront of science and technology.

My tenure may be interim, but my commitment is enduring. I am here to ensure that we stay true to our mission, and that every step we take brings us closer to shaping medicines that maer.

Finally, I thank all my colleagues at Evotec for their boundless commitment, expertise and energy and also the Supervisory Board for their constant, unwavering support.

Thank you again for your trust and support.

Sincerely, Dr Mario Polywka

OUR PEOPLE CREATE OUR SUCCESS

4,217 ›86% 54.4%

93 Employees worldwide 31.9 %

with academic qualification

Employees Share of women

Nationalities Share of women in management positions

OUR OFFERING CLOSE TO PHARMA, BIOTECH AND ACADEMIA (AS OF 31 DECEMBER 2023)

USA

Branford, Princeton, Redmond, Seattle,

Scientists

Watertown, USA
~ 667 employees • Hit identification
Cell & protein production
ADME-Tox, DMPK
(Cyprotex)
Sample management • Biologics design, development, and
production (Just – Evotec Biologics)
J.POD
J.HAL

EUROPA

Hamburg (HQ), Goettingen, Cologne, Munich, Halle/Wesphalia, Germany
~ 1,368 employees
Hit identification and
Biophysics
In vitro & in vivo biology • PanOmics & PanHunter:
Genomics, Transcriptomics & Proteomics
E.MPD
Biomarker discovery and validation
Cell production
iPSC
Antibody discovery
Cell Therapy
(clinical and commercial) drug substance manufacturing

Lyon, Toulouse, France

~ 1,065 employees
Sample management
Hit identification
In vitro & in vivo oncology
Medicinal chemistry
ADME & PK
Cell, protein & antibody production
Proteomics & Metabolomics
Anti-infective research
and platforms • J.POD (start of
contruction 2022)

Verona, Medolla, Italy

~ 958 employees
In vitro & in vivo biology
Medicinal chemistry
ADME-Tox, DMPK • Biomarker discovery
and validation
INDiGO and INDiGO-Select
Integrated CMC • cGMP cell therapy manufacturing

Orth/Donau, Austria

~ 44 employees
Rare diseases
Research within gene therapy to different gene therapy-related technologies

UK

Abingdon, Alderley Park, UK
~ 1,057 employees
Medicinal chemistry
ADME-Tox, DMPK (Cyprotex) • Protein sciences and
production • Structural biology and SBDD
In-silico-design
In vitro & in vivo anti-infective platform/screening
Process development
CMC and Commercial
manufacture • Pre-formulation

JAPAN

Sales representative office

m € 68.7 ›110

R&D Expenses

641.6 m €

OUR SPIRIT OF INNOVATION

Capex investments over the last 5 years

›10

Precision platforms capable of generating multiple projects

Projects with Academia and biotech partners (BRIDGE) since 2010

Shaping Medicines that Maer

I first ultra-high-throughput screening system n 2023, we celebrated the Company's 30th birthday. Ref lecting back to 1993, the year Evotec was established, it is remarkable the profound transformation that technology has brought to our world. Throughout this journey, Evotec has been at the forefront of the life science industry with its pioneering technologies and platforms.

In 1993, testing a substance for biological activity in a research lab was a timeconsuming and inecient process. Manual experimentation and sequential steps limited the number of substances that could be realistically tested. Therefore, three decades ago, Evotec was established in Hamburg, Germany, by a group of scientists led by Nobel Laureate Manfred Eigen, with the vision to improve the speed and eciency of drug discovery through a ground-breaking, new screening platform. The introduction of this

(EVOscreen®) marked a paradigm shi in the industry, and the testing landscape underwent a transformation. Today, with the help of technological advancements and automation, screening timelines have significantly shortened, taking weeks or even days.

In 1993, the concept of "precision medicine" was only in its infancy and barely existed as a concept. Today, precision medicine is a reality, with personalised cancer therapies tailored to individual genetic profiles. The integration of PanOmics data and human patient databases, providing a comprehensive understanding of molecular, genetic, and clinical data, has enabled this holistic approach to drug discovery. The outdated notion of a "one-size-fits-all" approach has given way to treatments that consider each patient's unique characteristics.

Today, Evotec has all the necessary technologies for discovering, developing, and manufacturing a wide range of therapeutic drugs to further drive the paradigm shi from symptomatic treatments to curative precision medicine and data-driven healthcare. Even aer 30 years in this continuously evolving field, we remain flexible, constantly reshaping our research, development, and manufacturing processes to address the needs for precision, beer disease understanding, wider access, and improved safety. Our integrated platform, leveraging cuing-edge AI technology, facilitates collaboration among businesses, optimising the journey of drug development from the conception of ideas to the rigorous testing phase in clinical trials, thus increasing the probability of success from target to clinic.

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Evotec plays a pivotal role in the paradigm shift of biopharma research and development by revolutionising disease understanding and changing how therapies are discovered and developed.

F R O M

Need for more precision
Need for better disease
understanding
Need for wider access
Need for better safety earlier

T h r o u G H

T O

– More precise medicine – AI/ML & technology convergence – Right business model & best talent

Efficiency: End-to-End shared R&D; Our integrated A.I.-powered business-to-business platform for increased proba bility of success from target to the clinic
Precision: PanOmics driven drug discovery for deep disease under standing and effective therapies – Regenerative medicine: iPSCs "off-the-shelf" cell
therapy based on induced pluripotent stem cells
Access: Just Evotec Biologics; A.I. and continuous manu factu ring for better access to biologics
Safety: Cyprotex for enhanced prediction of human exposure, clinical efficacy and toxicological outcome of a drug

Shaping the Future with AI/ ML-driven R&D

The pharma industry is heading towards an era where the use of advanced analytics, AI, and ML will lead to new discoveries and precise medicines.

Looking ahead to the next 30 years, the prospect for medicine and biotechnology is even more exciting. Diseases will be redefined, leading to more accurate diagnosis and more effective treatments. AI will play a pivotal role in drug discovery. Starting from clinical stratification, data-driven strategies, powered by AI and ML algorithms, will further enhance our understanding of diseases at the molecular level. AI-driven algorithms will shift through vast datasets to identify potential drug candidates, speeding up the process and reducing costs. This technology will help us find the crucial "needle in the haystack" of potential treatments, bringing new hope for patients with previously untreatable conditions.

At Evotec, our goal is to shape the future of drug discovery and development by embracing new perspectives and driving revolutionary changes through a continuous flow of fresh ideas. We envision a transformative future of medicine, utilising AI and technology

convergence to precisely target patients, accelerate innovation, and reduce costs, with a specific focus on addressing previously incurable diseases. Our commitment extends to innovative pipeline-building solutions, encompassing end-to-end shared R&D and AI/ML-driven research, development, and manufacturing. Leveraging our experience and innovative spirit, we stand at the beginning of an increasingly exciting future, with the core of Evotec embodying the essence of innovation and strategically positioning us for what lies ahead.

Together, let us shape the next chapter for Medicines that Maer.

Five minutes with Evotec's Chief Financial Ocer Laetitia Rouxel

aetitia, thank you for taking the time to speak with us today. To start o, perhaps you can share some insight into how and why you came to build a career in the field of finance? L

Thank you for having me. I realised very early on in my life that the execution of even the strongest visions depends on a solid financial footing. On the corporate side, finance is not just about numbers, it is about understanding the pulse of an organisation, anticipating market and business trends, and making strategic decisions that facilitate profitable sustainable growth.

Throughout my career, I have had the privilege of working in dynamic sectors such as the life sciences, food, and cosmetics industries. These experiences have aorded me a broad perspective on the intricacies and challenges that each industry faces. Over the span of 30 years, I have assumed leadership roles in various sectors, honing my abilities to navigate complex financial landscapes and contribute to the success of the organisations I have been a part of.

votec combines ground breaking science with creative partnership models to try and change how drugs are discovered – but what makes Evotec interesting from the perspective of a CFO? E

To me, Evotec's platform is truly fascinating. However, if I had to pinpoint what excites me

laetitia rouxel Evotec's Chief Financial Officer

the most as a CFO, it is the Company's innovative business model. Evotec realised very early on that through sharing and co-ownership along the value chain, R&D can be transformed from a conventional cost centre into a profit centre and create long-term upside for all partners. Based on this notion, Evotec has made a name for itself as the go-to place for innovation eciency. And it's really the broad variety of partners ranging from Pharma and Biotech companies to mission-driven foundations and state actors that underscored the broad desire for a sharing economy in R&D – and that makes Evotec's business model so resilient even in times when certain individual customer groups may be facing some economic headwinds. On top of that, my personal driver is how proud I am of working for a company that is able to create such a positive impact on the quality of the life of patients and their families, ultimately creating value in the best interests of humanity.

ou joined Evotec in April 2023 – what were your first impressions? Y

Evotec is a place where passion for innovation really is palpable. What immediately stood out to me was how much a strong mission can make people stick together like glue. The spirit to work together as a team to fight diseases is what really drives everybody at Evotec. It is also what makes Evotec such a great partner because nobody at Evotec has to learn how to share. A new partnership means that our team is geing stronger. It means that we are in a beer position to find a novel treatment through the complementary experience the partner brings to the table. It is also what makes our organisation so resilient. Whatever the challenge, nobody at Evotec questions the mission, but starts looking for a way around what is perceived a mere bump in the road. This mindset has helped us master what was certainly a challenging year for the

Company. I really have to commend the entire team who did an absolutely outstanding job. I look forward to doing my part to contribute to continued success and growth.

L ooking back at the first year, what surprised you the most?

The "can do" aitude of everyone during Easter break, a few days aer my start and in the middle of our cyber aack, when everyone was actively and eciently working in synchronisation to redeploy IT equipment and laptops and enable to be back online. I knew at that very precise moment that it was the place I was looking for. It is the sense of belonging and collectiveness that goes beyond individual interest. My commitment is to strengthen the pride in the organisation and recognising this remarkable and not so common "can do" aitude.

o turn this around – what about you was the biggest surprise to the colleagues you met? T

I do not like alcohol or cheese – not expected for a French person, right? It doesn't prevent me from enjoying lunch at the canteen or taking a break to connect with my Evotec colleagues. Human relationships are the only eective way to deliver long-lasting impact and more resilient business. Wellbeing at work is my priority for myself and the Evotec community. Having fun together and constant learning is my path to individual and collective success.

As a woman in a field where the representation of females, particularly in executive roles like CFO, is notably low, gender equality is a topic close to my heart. As the first and surely not the last female management board member, promoting gender equity is crucial. It's an opportunity to champion diversity, inclusion, and representation within the organisation. By advocating for equal opportunities, fair treatment, and policies that support diversity, gender and otherwise, you can help create a more inclusive and equitable workplace for everyone. My moo is: diversity

is a fact – inclusivity is a choice. Additionally, serving as a role model and mentor for aspiring female leaders can further empower others to break barriers and pursue leadership roles.

votec is relying on innovations in AI to make R&D more precise and ecient. Do you see applications in finance as well? E

AI is undoubtedly a game-changer in the finance function. Its potential for automating routine tasks, enhancing data analysis, and improving decision-making is immense. Considering myself technology-savvy, I recognise applications in finance can significantly boost eciency and provide strategic insights. Comfort with technology in finance is especially important, and emphasising innovation is crucial in driving growth and eciency in financial operations. My experience at Evotec reflects this and aligns well with the evolving landscape where staying competitive means embracing technological advancements. However, careful implementation and quality in execution are key to managing potential challenges. AI will not suppress but surely transform and enhance further our role as a co-pilot.

he past years have seen some significant shis in the macroeconomic environment – a pandemic, armed conflicts, supply chain isruptions, inflation, and rising interest rates. How does this environment impact your job – and how do you build resilience in these uncertain times? T W

The macroeconomic environment has indeed been challenging with various uncertainties. My role is to provide a financial foundation that allows the Company to make business decisions on a basis of strength. My goal is to achieve a balance that provides both resilience against adverse external challenges and agility to make smart business moves. Overall, finance adds value in dicult environments by providing strategic guidance, financial expertise and proactive management to navigate uncertainties and position the organisation for resilience and success. In this way it's a bit like managing a sports team. You know the old saying: "the oense sells the tickets; the defence wins championships". It takes both – aer all we are here to shape the markets of the future.

hen you take a look around in the industry, what do you think are Evotec's most valuable aributes for a successful financial performance? W

Evotec's most valuable aribute for successful financial performance is its unique business model. We optimise eciency and reduce risks in the drug development process by adopting flexible business models with a risk-sharing approach in our strategic collaborations and partnerships. Utilising integrated drug discovery services through a data-driven end-to-end R&D continuum ultimately increases the probability of success in high-value therapeutic areas. This goes along with a technologically but also internationally diverse corporate setup and an equally diverse range of partners. The global footprint and broad customer mix are certainly the Company's core strengths to mitigate local risk factors as well as cyclical challenges. At the end of the day, it all comes down to the people. The experience and shared passion, driven by the core values of collaboration, innovation, and entrepreneurship, form the bedrock of a culture that contributes to sustained financial growth and drives success.

hat are you most excited about or looking forward to this year? Are there any particular milestones you want to achieve?

This year, I am particularly excited about contributing to Evotec's continued success and enabling growth. Overall, the period of transformation from hyper growth to profitable, sustainable growth represents a significant inflection point for organisations, requiring strategic recalibration, operational optimisation, and a disciplined approach. To do so, my focus is on aligning financial strategies to support the co-creation of pipelines and the development of Medicines that Maer. I am keen to further leverage innovation to contribute to our sustainable growth path. Drawing on my background in business transformation, finance, and commercial roles across diverse regions, including leading large-scale global transformation initiatives and fostering collaboration amongst enabling functions to enable the next 5 years of growth. I look forward to the next chapter ahead.

1 The Evotec share

H I E R N O C H K A P I T E L E I N F Ü G E N

The Evotec share

n light of an exceptional external challenge, resulting from the cyber-aack in April, the Company intensified the communication on the status of its business to the global financial markets in 2023. These communications were made through several channels, including participation and presentation at key national and international investor conferences, non-deal road shows in key financial centers in Europe and the United States as well as quarterly, six-months and annual results investor and analyst calls and a Capital Markets Day in November. In 2023, the total number of 14 Analysts regularly monitoring and evaluating the performance of Evotec shares has remained stable. Most analyst recommendations were positive, with an average price target of € 25.46. I

Performance of the Evotec share in 2023

The performance of the Evotec share in 2023 was accompanied by numerous company announcements. At the end of January, Evotec announced that it had entered into an agreement with Janssen for the development of immune-based therapies. The extension of the partnership with BMS at the end of March, too, led to an upward movement. The announcement of a criminal cyberaack on 6 April ended this trend.

Due to the aack, Evotec was unable to report its result for the fiscal year in due time. The 12 day delay, prompted Qontigo GmbH, a part of Deutsche Börse Group, to remove Evotec

from all relevant indices on 5 May and to implement its decision accordingly four days later. As a result, passive investors were forced to sell shares and the share price suered materially and the volume of shares traded exceeded daily average rates significantly. The announcement by Evotec and Sandoz to launch a technology partnership for the development and commercial manufacturing of biosimilars triggered a strong recovery with a 14% increase on 9 May 2023. With the publication of the annual report on 12 May, Evotec satisfied the conditions to re-join the MDAX and the TecDAX, which further strengthened the positive share price performance even before the announcement that shares would re-enter all relevant indices as of 19 June 2023.

In addition, the second contract between Just – Evotec Biologics and the Department of Defense as well as another license agreement within the neuroscience partnership with our collaboration partner BMS in July resulted in a visible impact on the shares, which led to a maximum share price of € 24.24 on 25 July 2023.

In the second half of 2023, a number of adjustments to guidance by peer companies aected the performance of the biotechnology sector overall, and had negative implications for Evotec's share price, too. On 30 October 2023, the share price reached its trough at € 15.74. The announcement of Q3/9M figures on 8 November 2023, our second Capital Markets Day in 2023 the week aer, as well as the approval of EVT201 in China on 6 December flanked by several new partnerships and collaborations supported the recovery and shares closed the year at € 21.28 on 29 December 2023.

Despite a number of challenges, Evotec shares traded 40% higher than at the end of 2022. The share price significantly outperformed both benchmark indices, TecDAX and MDAX, by more than 30% and 25%, respectively.

Evotec's average daily trading volume for all German stock exchanges amounted to 428,679 shares in 2023, compared to 425,033 shares in 2022. The decision of Qontigo GmbH, to remove Evotec from all relevant indices on 5 May led to an outstanding turnover of 4,767,569 shares on 8 May - more than factor 10x compared to average trading

volume. Same applies for the day before Evotec's re-entry to all relevant indices with another turnover of 4,565,859 on 16 June 2023.

Trading at NASDAQ in 2023

Evotec's 22,995,000 American Depositary Shares ("ADS") are listed since 3 November 2021 at Nasdaq in New York - each ADS representing one-half of one ordinary share.

SHAREHOLDER STRUCTURE AS OF 31 DECEMBER 2023 1)

Over the course of 2023 Evotec ADS increased by 45.0%. The dierence to the performance in Germany is related to fx-rate changes. Shares underperformed the NASDAQ Biotechnology index (3.7%) by 35.7 percentage points in the same period. The broader NASDAQ Composite Index was almost in line with a gain of 43.4%, only 1.6 percentage points behind the performance of Evotec shares.

Evotec's share capital

Evotec did not issue new shares that were unrelated to stock options in 2023. The exercise of 233.083,00 stock options and share performance awards resulted in an increase in the number of Evotec's registered share capital 177,185,736 at year-end 2023 (year-end 2022: 176,952,653). The increase corresponds to a negligible dilution of 0.3%. In 2023, no stock options were serviced out of treasury shares. As of 31 December 2023, a total of 249,915 treasury shares remained from a trust agreement terminated in 2012.

Shareholder structure

When certain thresholds related to voting rights are reached or crossed, the respective shareholders are required to inform the issuer of the shares and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) and since November 2021 the SEC as well. According to the voting rights notifications received by 31 December 2023, the following persons and institutions, excluding shares held via instruments, had exceeded the 5% threshold: T. Rowe Price Group held 10.1%, Novo Holdings A/S held an interest of 9.8%, and the government of Abu Dhabi (Mubadala Investment Company) held 6.6%. Free float as of 31 December 2023 therefore was approximately 72.5%.

1) Shareholdings excluding interests held via instruments

SHARE DATA	Frankfurt NASDAQ Stock Exchange New York		Virtual Annual
Ticker symbol	EVT	EVO
Securities identification number	566480
ISIN	DE0005664809	US30050E1055
Reuters XETRA symbol	EVTG.DE
Bloomberg symbol	EVT GY Equity
Market segment	Prime Standard	Global Select Market
Index	TecDAX, MDAX, STOXX Europe 600
Designated Sponsor	ODDO SEYDLER BANK AG		Investor Relations

KEY FIGURES PER SHARE	Frankfurt Stock Exchange (EVT)		NASDAQ New York (EVO)
	2023	2022	2023
High (date)	€ 24.24 (25 July)	€ 41.66 (3 January)	\$ 13.36 (20 July)
Low (date)	€ 15.28 (2 January)	€ 14.98 (28 December)	\$ 8.09 (2 January)
Opening price	€ 15.28	€ 43.01	\$ 8.09
Closing price	€ 21.28	€ 15.26	\$ 11.73
Weighted average number of shares outstanding	176,916,663	176,674,341	8,446,788
Total number of shares outstanding as at 31 December	177,185,736	176,952,653	354,371,472
Average daily trading volume	428,679	425,033	53,355
Market capitalisation as at 31 December	€ 3,771	€ 2,690	\$ 4,157
Earnings per share (diluted/basic)	€ (0.40) / € (0.40)	€ (0.99) / € (0.99)	\$ (0.21) / \$ (0.21)

General Meeting 2023

Evotec held its Ordinary Annual General Meeting on 20 June 2023, the AGM again was held as a virtual event. 67.68% of Evotec's share capital was represented at the AGM (2021: 65.68%) and Evotec's shareholders approved with the required majority all proposals put to vote by the Company's management.

Investor Relations and ESG @ Evotec

For further information on Evotec and its Investor Relations and ESG activities, please visit the IR & ESG section of Evotec's website. A continuous dialogue with the capital market participants is an essential part of the Company's philosophy. Please contact the Investor Relations and ESG team for any questions or suggestions.

Contact: Evotec SE Volker Braun, Head of Global Investor Relations & ESG Manfred Eigen Campus Essener Bogen 7 22419 Hamburg +49. 40 228 999 338 (direct) +49. 151 19405058 [email protected] hps://www.evotec.com/en/ir-news/ investor-relations

FINANCIAL CALENDAR 2024

24 April 2024	Annual Report 2023
22 May 2024	Quarterly Statement Q1 2024
10 June 2024	Annual General Meeting 2024
14 August 2024	Half-year 2024 Interim Report
10 October 2024	Capital Markets Day (Toulouse/France)
6 November 2024	Quarterly Statement 9M 2024

Prof. Dr Iris Löw-Friedrich Chair of the Supervisory Board

Supervisory Board Report

s required by the German Stock Corporation Act, Evotec SE has a two-tier board system consisting of Evotec's Management Board and Evotec's Supervisory Board. The Management Board is responsible for managing Evotec and representing the Company in its dealings with third parties, while the Supervisory Board appoints and dismisses the members of Evotec's Management Board and oversees the management of the Company. German law prohibits the Supervisory Board from making operational management decisions. The two boards, however, work closely together to achieve long-term and sustainable growth for the Company and to create shareholder value. They agree on the Company's strategy and on business transactions that are significant. A

Evotec's Supervisory Board consists of six members – as provided in the current Articles of Association – all of whom are elected by the shareholders with a simple majority of

the votes cast at an Annual General Meeting ("AGM"). The proposal to the AGM is carried out in accordance with the German Corporate Governance Code's recommendations regardless of gender, nationality or age, members are appointed based on their qualifications, work experience, independence and diversity. Four of the current members of Evotec's Supervisory Board were lastly elected at the AGM 2019. Constanze Ulmer-Eilfort has been elected at the AGM 2021 and Camilla Macapili Languille at the AGM 2022. The Company provides a relevant set of on-boarding materials regarding statutory documents, policies, rules of procedures etc. for each new Supervisory Board member which is also accessible to each member in a virtual Board room.

The Supervisory Board appoints a Chairperson and one Vice Chairperson from among its members. Prof. Dr Iris Löw-Friedrich is the elected Chairperson of the Supervisory

Board, and Roland Sackers is the elected Vice Chairperson. The members of the Supervisory Board are elected for a term of five years and may be re-elected. The term of the current Supervisory Board ends with the close of the AGM 2024 that is charged with approving the actions of the members of the Supervisory Board in the 2023 fiscal year. A shortening of the five-year term as well as staggering of terms is envisaged from the next election at the AGM 2024 in the form that new Supervisory Board members will be elected for an initial term of two years whereas re-elected Supervisory Board members will be elected for a three-year term.

The Supervisory Board has determined concrete objectives regarding its composition and competencies and prepared a profile of skills and expertise reflecting the company-specific situation. These objectives and skills profiles stipulate that the activities of the Company shall be represented by having a majority of independent Supervisory Board members

with national and international experience in the respective fields of (i) Research and Development, (ii) Finance, Capital markets, Legal, Corporate Governance, (iii) Marketing and Sales and Operations, (iv) Healthcare Economy/Public Health and (v) Sustainability. In December 2022 the Supervisory Board focussed the discussion on the right competency profile for the Supervisory Board going forward. To reflect the ongoing growth of the Company and its further specified oering and operational activities it has been decided to

further enlarge and update the competencies within the Supervisory Board following the elections at the AGM 2024. As a consequence, the Supervisory Board has agreed on the skills matrix and competency profile set out below.

SKILLS/EXPERTISE	Iris Löw-Friedrich (Chair; RemCom Chair)	Roland Sackers (Deputy Chair; ACC Chair)	Camilla Macapili Languille	Constanze Ulmer-Eilfort (ESG Chair)	Wesley Wheeler (prospective candidate)	NN (prospective candidate)
Independent Supervisory Board members (Chairman, ACC Chair, RemCom Chair; majority
of total members)	X1	X	X2	X	X	–
Research & Development	X	–	–	–	X	–
Biologics Manufacturing	–	–	X	–	X	–
Biopharma	X	–	X	–	X	–
Small Biotech	–	–	X	–	X	–
Healthcare economics	X	–	X	–	–	–
Commercial / B2B	–	–	–	–	X	–
M&A / Partnering	–	–	–	X	X	–
Capital Markets	X	X	X	–	X	–
Accounting / P&L / Risk Management	–	X3,4	X 4	X	–	–
Auditing & Sustainability Reporting	–	X3,4	–	X	–	–
Digitization	X	X	–	–	–	–
IT and Cybersecurity	–	X	–	–	–	–
General Management	X	X	X	X	X	–
Legal & Compliance	–	X	–	X	–	–
Environment and Sustainability	–	X	X	X	–	–
Social and HR	X	X	–	X	–	–
Governance	X	X	X	X	X	–
Age of Supervisory Board candidate does not exceed 72 years at the time of the proposal	X (1960)	X (1968)	X (1983)	X (1962)	X (1965)	X (19XX)
Nationality	German	German	Canadian	German	US
Regional experience in EU, USA, Asia	EU, USA, Asia	EU, USA	EU, USA, MENA	EU	USA
Female Supervisory Board members (at least 30%)	X	–	X	X	–	–

1) Management Board Member of UCB: The business relationship with UCB as a customer of Evotec is considered immaterial (~0.5% of 2022 group revenue)

2) Head of Life Sciences of Mubadala Investment Company: Mubadala Investment Company holds ~7% of Evotec's shares but does not have control as defined in C.9 of GCGC 3) Experience in audit and accounting

4) Experience in accounting

In addition, the Supervisory Board decided to keep the age limit of 72 years at the time of the (re-)election. The gender quota shall remain at a share of women of 30%. Finally, the Supervisory Board has agreed to a rule membership of a maximum of 12 years. Overall, the Supervisory Board shall remain composed in such a way that the majority of its members are independent, including the Chairperson and Chairpersons of Audit & Compliance Commiee and Remuneration & Nomination Commiee and that its members as a group possess the knowledge, ability and expert experience required to properly complete its tasks.

Currently, the composition of Evotec's Supervisory Board fulfils all those objectives: All members have an extensive international professional background from working in numerous internationally operating companies. All members are considered as independent following the two-dimensional evaluation criteria of the German Corporate Governance Code, three nationalities are represented and there are four female members. Evotec's aspiration of a "diversity of thoughts" is ensured by composing internationally experienced Management and Supervisory Boards with broad based skill sets.

Prof. Dr Löw-Friedrich is regarded as independent within the meaning of recommendation C.7 of the German Corporate Governance Code in its current version as of 28 April 2022. Although Prof. Dr Löw-Friedrich is on the Executive Commiee of UCB S.A., which is an Evotec customer, the Evotec Group's turnover with the UCB Group is only about 0.5% of the total turnover of the Evotec Group, so that no material business relationship between Evotec and UCB within the meaning of recommendation C.7 is to be assumed. Moreover, Iris Löw-Friedrich is responsible at UCB's Management Board for world-wide clinical development and life-cycle of marketed products but not for discovery research and pre-clinical development and manufacturing which are the only subjects of the services provided by Evotec to UCB. Since these services are not of significant business value, they are neither discussed within the UCB Executive Commiee nor Evotec's Supervisory Board.

Despite her position as Head of Life Sciences at Mubadala Investment Company, Camilla

Macapili Languille is considered an independent Supervisory Board member. Mubadala Investment Company holds approx. 7% of Evotec SE's voting shares and, thus, has a material interest in Evotec SE within the meaning of section C.13 of the German Corporate Governance Code. Nevertheless, Mubadala Investment Company is not a controlling shareholder within the meaning of section C.9 of the German Corporate Governance Code. A shareholder's (and thus also Ms Macapili Languille's) dependency would exist if a controlling agreement existed with the shareholder, the shareholder held an absolute majority of the voting rights or at least a sustainable majority at the Annual General Meeting. A voting share of 7% does not constitute a sustainable majority at the Annual General Meeting in favour of Mubadala Investment Company and, therefore, neither a conflict of interest that is not merely temporary, nor a dependency due to de facto majorities of voting rights, especially since the number of validly cast votes at past general meetings regularly amounted to significantly more than 40% of the share capital.

Dr Mario Polywka's cooling o period pursuant to section C.7 of the German Corporate Governance Code expired by the end of 2020.

Notwithstanding Section C.5 of the German Corporate Governance Code, Prof. Dr Iris Löw-Friedrich has also a seat in the Supervisory Board of Fresenius SE & Co. KGaA. However, Iris Löw-Friedrich always devoted sucient time to perform her function, including aendance to all board and commiee meetings (100%). She is running regular biweekly informal Supervisory Board calls, has regular biweekly calls with the CEO, as well as interactions with other members of the Management Board on an as-needed basis. She is also meeting with members of the n-1 leadership level, in groups and individually. Annual comprehensive governance roadshows with investors have enriched the mutual exchange and feedback loops. In summary, she is available to meet with internal and external stakeholders and has plausibly demonstrated that this will also be the case in the future. Information on the professional aliations of Supervisory Board members can be found on page 125.

A significant proportion of the Supervisory Board's work is conducted in commiees. Pursuant to the German Stock Corporation Act and the recommendations of the German Corporate Governance Code, Evotec's Supervisory Board has established an Audit & Compliance Commiee as well as a Remuneration and Nomination Commiee and – newly established in 2022 – an ESG Commiee from among its members.

Evotec's Audit & Compliance Commiee, comprising three members, supports the Supervisory Board in independently monitoring the Company's financial reporting activities and in auditing reports. In particular, the Audit & Compliance Commiee reviews the Company's accounting processes, the eectiveness of the internal control system and the audit of the financial statements. In addition, it discusses the quarterly and half-year reports with the Management Board as well as its risk management and IT security systems as well as the Company's compliance management systems. Within the scope of the audit of the financial statements commissioned by the Supervisory Board, the Audit & Compliance Commiee also reviews possible transactions with related parties. Moreover, the Audit & Compliance Commiee also discusses certain steps and procedures of the audit with the appointed auditing firm, including the auditors' independence, quality, the additional services rendered by the auditor, the issuing of the audit mandate to the auditing firm, the determination of auditing focal points, the fee agreement and compliance issues. The Audit & Compliance Commiee exchanges information regularly with the auditor as part of the preparation and implementation of the audit without the Management Board.

The members of the Audit Commiee possess the required skills and experience. As a Chief Financial Ocer, the Audit Commiee's Chairman Roland Sackers is not only independent, but also has the required specialist knowledge and experience in the application of accounting principles, internal control processes and audit, including sustainability reporting and its audit and assurance. Roland Sackers' expertise in the field of accounting includes special knowledge and experience in the application of accounting principles and internal control and risk management systems,

and his expertise in the field of auditing includes special knowledge and experience in the auditing of financial statements. In addition, as former member of the Management Board of Evotec, Dr Mario Polywka has expertise in the field of accounting, internal control and risk management systems. Following Dr Mario Polywka's assignment as interim CEO in January 2024, Camilla Macapili Languille has joined the Audit and Compliance Commiee. As per her role in Mubadala Investment Company and her professional background, Camilla Macapili Languille has also expertise in the field of accounting, internal control and risk management systems. Neither the Chairman of the Supervisory Board nor a former member of the Management Board may become Chairman of the Audit and Compliance Commiee. Evotec's Audit and Compliance Commiee Charter can be found on the Company's website under hps://www.evotec.com/en/sustainability/ governance

The main duties and responsibilities of the Company's Remuneration and Nomination Commiee are to prepare the appointment of Management Board members and to prepare recommendations concerning their remuneration system and Share Performance Plan. The Remuneration and Nomination Commiee also prepares the succession planning for both Management Board and Supervisory Board. Final decisions are made by the full Supervisory Board. The Articles of the Remuneration and Nomination Commiee can be viewed on the Company's website under the link hps://www.evotec.com/en/sustainability/ governance

Considering the increased importance of Environmental, Social and Governance (ESG) aspects in a corporate and global environment, Evotec's Supervisory Board has formed an ESG Commiee in 2022. The ESG Commiee consists of three members from the Supervisory Board and is supported by the Company's CEO, the Global Head of HR and the Head of Global Investor Relations & ESG. Together with the Management Board, the ESG Commiee defines the priorities of Evotec with respect to environment, people and governance on a rolling basis, and is advising on and monitoring the implementation of such priorities. Evotec's ESG Commiee Charter can be found on the Company's website under hps://www.evotec. com/en/sustainability/governance

Each of the commiees regularly report at the Supervisory Board meetings about recent meetings and discussions.

Members of all three commiees are appointed in accordance with the Code. For detailed information about the composition of the Supervisory Board and its commiees during fiscal year 2023, please find the table below:

	INITIALLY ELECTED TO THE COMPANY'S SUPERVISORY BOARD	AUDIT AND COMPLIANCE COMMITTEE	REMUNERATION AND NOMINATION COMMITTEE	ESG COMMITTEE
Prof. Dr Iris Löw-Friedrich (Chairperson)	2014		X (Chair)
Roland Sackers (Vice Chairman)	2019	X (Chair)	X
Camilla Macapili Languille	2022			X
Dr Mario Polywka	2019	X
Dr Constanze Ulmer-Eilfort	2021	X		X (Chair)
Dr Elaine Sullivan	2015		X	X

In the course of 2023, the Supervisory Board held four formal meetings and six extraordinary meetings to discuss the operational and strategic developments of the Evotec Group. The Audit Commiee convened separately for four meetings, the Remuneration and Nomination Commiee convened for two meetings, and the

ESG Commiee convened for three meetings. The ordinary meetings of the full Supervisory Board, and its Commiees were principally held in person. However, both ordinary and extraordinary meetings can also be held per videoconference in case of scheduling and/ or travel problems. Regularly, the Supervisory

Board met in closed session without the Management Board.

The individual participation of the Supervisory Board members in 2023 in meetings of the Supervisory Board of Evotec SE and its commiees was as follows:

SUPERVISORY BOARD MEMBER	SB MEETING	ACC	REMCOM	ESG	TOTAL PRESENCE
Prof. Dr Iris Löw-Friedrich (Chairperson)	10/10	/	2/2	/	100%
Roland Sackers (Vice Chairman)	9/10	4/4	2/2	/	94%
Camilla Macapili Languille	9/10	/	/	3/3	92%
Dr Mario Polywka	10/10	4/4	/	/	100%
Dr Constanze Ulmer-Eilfort	10/10	3/4	/	3/3	94%
Dr Elaine Sullivan	9/10	/	1/2	3/3	87%

* Camilla Macapili Languille was elected in the ACC only in January 2024

At each Supervisory Board meeting, the status of the Company's business, its scientific initiatives, its development partnerships, out-licensing activities and regular standard agenda items were discussed. The Supervisory Board is also regularly updated about Evotec's R&D portfolio, including in-depth discussions with the Chief Scientific Ocer.

In particular, the Supervisory Board addressed the following specific subjects in detail during its meetings:

In February 2023, the Supervisory Board discussed in an extraordinary call the potential Guidance for 2023 as well as potential M&A projects.
In April 2023, the Supervisory Board was updated in two meetings on the cyber aack that happened on 6 April 2023 and the potential impact on the operational business. In the second meeting, the Management Board also updated the Supervisory Board on the revised timelines for Closing Financial Year 2022 and publication of Annual Report aer the impact of the cyber aack.
In May 2023, the Supervisory Board discussed and approved the 2022 annual financial statements and the guidance for the fiscal year 2023 in the presence of the auditors and approved the achievement of Corporate Objectives for 2022 and the bonus payments for the Management Board members for their performance in 2022. As part thereof the Remuneration Report for 2022 was prepared and approved by the Supervisory Board. The sustainability report for Evotec SE and the Group was also approved. The LTI grants to the Management Board members were approved in a circular resolution in February 2023.
At the meeting in June 2022, the Supervisory Board focused on the upcoming Annual General Meeting, the operational business of the Company and on strategic development opportunities, including equity investments and academic BRIDGEs. The new Chief Financial Ocer shared her first impressions since her start in April 2023 and her plans for the Finance organisation.
In an extraordinary meeting in July 2023, the Supervisory Board discussed and approved the

adjusted Guidance 2023 aer final evaluation of the business impact of the cyber aack.

At a so-called "Strategy Day" in August 2023, the Supervisory Board discussed together with the Management Board the approaches to define the Strategy 2030 in a full day workshop. The "Strategy Day" was followed by a "Science Day" with a deep immersion of the Supervisory Board into the key scientific platforms of the company.
At its meeting in September 2023, the Supervisory Board discussed the operational business of the Company. It also followed up on the actions agreed on the Strategy Day. Furthermore, an engagement survey involving the whole company was discussed that was planned for Q4 2023. Finally, following the recommendation of the Remuneration and Nomination Commiee a new Clawback Policy was approved in compliance with updated SEC regulations.
In December 2023, the Supervisory Board discussed and approved the budget for the fiscal year 2024. The Supervisory Board further discussed Corporate Governance maers, including a revised competency profile and skills matrix as well as succession planning for the upcoming Supervisory Board elections at the AGM 2024. Governance and Compliance are regular topics of the Supervisory Board meeting and lead to the annual announcement of the Corporate Governance declaration in December. The Supervisory Board discussed the performance of the Company in 2023 and the objectives for 2024. It further continued the discussion on Strategy 2030 started in August 2023 and approved certain investments and divestments in the EVOequity portfolio.
In another extraordinary Supervisory Board call in late December 2023, the Supervisory Board was updated on recently disclosed director's dealings and discussed potential consequences.

In all ordinary meetings the Supervisory Board Commiees reported from their activities as a standing agenda item.

The Supervisory Board passed resolutions on all individual measures taken by the Management Board, which by law or the Statutes required the approval of the Supervisory Board.

The Management Board also provided continuous updates to the Supervisory Board through regular verbal and wrien reports that included in-depth analyses on the status of operations. The information provided included wrien monthly management reports with extensive coverage of the Company's financial figures for the previous month, accompanied by detailed comments and explanatory text. In addition, the Chairperson of the Supervisory Board and the Chief Executive Ocer as well as other members of the Management and Supervisory Board monitored and discussed current topics such as strategy, planning, risk management and compliance management systems during numerous conference calls, held whenever appropriate.

Furthermore, in February 2023 the Supervisory Board Chair together with the Head of Global IR & ESG, the Global Head of HR and the Global Head of Legal & Compliance of the Company conducted a Governance Roadshow where several investors and proxy advisors were met in individual virtual meetings. In these meetings, the Chairperson provided a strategic outlook and an overview on topics relevant for the Supervisory Board and ESG related focus areas. In addition, the revised Management Board remuneration system was explained to collect the investors' and proxy advisors' feedback prior to seeking approval of the Company's remuneration report at the Annual General Meeting. The next Governance Roadshow was conducted in January and February 2024.

The Supervisory Board Chair is also outside such roadshows available to discuss Supervisory Board-related issues with investors.

The financial statements and the Management Report for Evotec SE for the fiscal year 2023 as well as the Consolidated Financial Statements together with the consolidated Management Report of the Evotec Group were audited by BDO AG Wirtschasprüfungsgesellscha, Frankfurt. BDO is auditing Evotec since fiscal year 2021. The managing auditors of BDO for the Evotec Group are Silvia Sartori and Julia Wirth who have been newly appointed from fiscal year 2023 audit following Dr. Jens Freiberg. The auditors issued an unqualified audit opinion.

In preparation for the Supervisory Board meeting on 19 April 2024, the auditors presented the status of the 2023 audit, a summary of key audit findings and other relevant topics to the Audit

and Compliance Commiee. The Audit and Compliance Commiee used this information as guidance for its own evaluation of the statements and reports. The auditors participated in the meeting of the full Supervisory Board in April 2024 and presented a comprehensive report on the audit and their observations, including the Company's compliance and risk management system. The Supervisory Board examined both the financial statements and the Consolidated Financial Statements prepared by the Management Board based on its own judgment, taking into account the Audit Commiee's input as well as information on key topics provided by the auditors. Following this, the Supervisory Board approved the financial statements of Evotec SE and the Consolidated Financial Statements for the year 2023. Evotec issued a separate Sustainability Report and a Declaration on Corporate Management in accordance with section 315b and section 315d in conjunction with sections 289b to 289f German Commercial Code (HGB) for fiscal year 2023. The Supervisory Board examined these reports on the basis of a preliminary review by the Audit Commiee and has no objections to the reports.

The Supervisory Board regularly performs a self-evaluation of its eciency and working mode. In 2022, the evaluation was for the first time facilitated by external advisors who collected detailed input by interviewing each Supervisory Board member, each Management Board member and some key stakeholders. The external advisors analysed the collected feedback and provided a summary to the Chairperson and the full Supervisory Board which was then discussed among the full Supervisory Board in a full day workshop facilitated by the external advisors. The results of the assessment confirmed a professional and constructive cooperation within the Supervisory Board and with the Management Board based on trust and openness. The composition and the structure of the Supervisory Board, including the commiee structure and meeting organisation are confirmed and generally appropriate. Notwithstanding the foregoing, the Supervisory Board has developed and discussed throughout 2023 recommendations for improvement.

Approved changes were implemented and the Supervisory Board evaluated in the December 2023 meeting its progress on the implementation of such improvements.

The Supervisory Board chair has pro-actively engaged with stakeholders throughout the year, including major institutional investors, to discuss the vote outcomes of the previous general meeting, ESG strategy, the implementation of the revised remuneration policy as well as the composition of the board. Feedback from these meetings was analysed and presented during Supervisory Board as well as relevant commiee meetings to inform decision making.

The Supervisory Board was informed about one potential conflict of interest among one of its members in the course of 2023.

The year 2023 was a particularly dicult and demanding year with substantial headwinds for the Company first and foremost from the cyber aack suered in April 2023 and the significant recovery eorts. These circumstances make the performance and resilience of the 5,000 people who are Evotec even more impressive. The Supervisory Board is deeply grateful to the Company's employees and to the Management Board for their strong commitment and dedication and for the excellent work done in the year under review: Thank you very much! We wish you continuous success in 2024 and the joy of further building a unique company.

Hamburg, 23 April 2024

The Supervisory Board Prof. Dr Iris Löw-Friedrich

Group Management Report

The Evotec Group Report on the economic position Evotec SE Reporting pursuant to section 289c and section 315c of the German Commercial Code Risk & Opportunities Report Report on Strategy and future Perspectives Information pursuant to section 289a and section 315a of the German Commercial Code and explanatory report Declaration of corporate management Remuneration Report

Combined Management Report

The combined management report relates to the Evotec Group (Group management report) as well as to Evotec SE. The reporting period covers the period from 1 January to 31 December 2023. The presentation of the

business development, the position and the forecast of key performance indicators relate to the Evotec Group (the Group), unless otherwise stated. Information which solely relates to Evotec SE is disclosed as such.

The Evotec Group

GENERAL INFORMATION ON BUSINESS AND STRATEGY

– GROUP STRUCTURE –

Evotec SE, headquartered in Hamburg, is the parent company of the Evotec Group, which group structure reflects its strategic international positioning and activities. Evotec operates globally with 5,061 employees at 18 sites in six countries across Europe and the US. In Germany, we have operating sites in Hamburg (headquarters), Cologne, Göttingen,

Halle (Westphalia) and Munich (Germany). The remaining sites are located in Lyon and Toulouse (France), Abingdon and Alderley Park (United Kingdom), Verona and Medolla (Italy), Orth an der Donau (Austria), as well as in Branford, Framingham, Princeton, Seattle, and Redmond, (US).

MAJOR OPERATING ENTITIES1)

as of 31 December 2023

EVOTEC SE, HAMBURG, GERMANY
Evotec (UK) Ltd. Abingdon, UK	Cyprotex Ltd. Manchester, UK	Evotec (US) Inc. Princeton, USA	Evotec (Hamburg) GmbH Hamburg, Germany		Evotec (München) GmbH Munich, Germany	Evotec DS Germany GmbH Halle, Germany	Evotec GT GmbH Orth (Donau), Austria	Evotec (France) SAS Toulouse, France	Evotec ID (Lyon) SAS Lyon, France	Aptuit Global LLC USA	Aptuit (Potters Bar) Limited Abingdon, UK	Evotec (UK) Limited Abingdon, UK	Evotec (Modena) SH Medolla, Italy	Just-Evotec Biologics EU (SAS) Toulouse, France	Evotec Asia Pte. Ltd Singapore
	Cyprotex Discovery > Ltd. Manchester, UK Cyprotex US, LCC Framingham, USA	Just-Evotec Biologics, Inc. Seattle, USA		Evotec International GmbH Hamburg, Germany NephThera GmbH Hamburg, Germany						Aptuit (Verona) Srl Verona, Italy Aptuit (Oxford) > Ltd. Abingdon, UK

1) indirect and direct holdings

– BUSINESS OVERVIEW –

Evotec is a Research & Development ("R&D") company partnering with companies and mission driven organisations in the pharmaceutical and biotech industry with the aim to co-create pipelines and deliver highvalue life science services and solutions. The Groups's mission is to discover and develop medicines that matter in efficient collaborations with its partners by focusing on data-driven disease understanding, precision medicine, and early disease relevance to increase probabilities of success.

To achieve this mission, Evotec focuses in particular on the following four main areas:

PanOmics-driven drug discovery for deep disease understanding and effective therapies

IPSC cell therapies based on induced-pluripotent stem cells Just – Evotec Biologics: Artificial Intelligence ("AI") and continuous manufacturing for more cost-efficient access to antibodies End-to-End Shared R&D: integrated discovery and development (business-to-business) platform for increased probabilities of success from the target to the patient

To this end, Evotec has developed a comprehensive range of fully integrated technology platforms, from target identification/validation to approval, as shown in the graphic above. The Group collaborates with its partners across all research phases from sourcing of novel drug starting points, through to development and manufacturing of drug product up to commercial quantities. With more than 5,000 employees, the Company leverages its technologies and platforms to not only provide services and solution, but also to co-create pipelines together with its partners. Evotec provides solutions to its partners, which it believes will fundamentally transform drug discovery by reducing costs and timelines and improving quality to increase overall probabilities of success in the clinic. In addition, the company aspires to make a visible contribution to improve chances for better access to medicines in many underserved areas such as still developing countries or in the field of rare diseases.

Evotec's drug discovery therapeutic areas of expertise and capabilities cover autoimmune diseases, cancer, CNS diseases, diabetes and its

complications, fibrosis, immunology, infectious diseases, kidney diseases, liver diseases, pain and inflammation, rare diseases, respiratory diseases, tuberculosis and women's health.

Evotec's continuous manufacturing of biologics (Just Evotec Biologics) is located in the United States, in Redmond (WA). A second manufacturing plant is under construction at our site in Toulouse and scheduled for completion in Q2 of 2024 and expected to be fully operational in Q1 2025. In Europe, the Company has production capacity for active pharmaceutical ingredients ("API") at its sites in Abingdon (UK) and Verona (Italy) and Halle (Westphalia, Germany). The Group also has GMP production capacities ("Good Manufacturing Practice") for cell and gene therapies in Medolla, near Modena (Italy). Evotec is able to manufacture drug products across all relevant modalities (small molecules, biologics and cell and gene therapy) to support the clinical development of drug candidates and commercialisation of drugs for its partners on an industrial scale.

Our focus areas

PanOmics-driven drug discovery

Evotec's PanOmics platform generates genomics, transcriptomics, proteomics and metabolomics data on an industrial scale. This enables the Group to profile and select promising novel targets derived from comprehensive cell biological profiles from molecular patient databases – Evotec's Molecular Patient Databases ("E.MPD").

Profiles derived from Evotec's PanOmics platform can be used to identify new targets - often for specific patient populations - as well as to patient specific markers that can lead to tailored, more precise medicines. The aim of improving our understanding of molecular biology, cell regulation and the pathogenesis of individual diseases has led to a shift in focus, away from a "one-drug-fits-all" approach to more precise approaches. It has become possible with the developments of new platforms, tools, and methods based on AI to better understand, interpret, and translate the vast amounts of information and data being generated. PanHunter, Evotec's integrated data analytics platform, is a key enabler for achieving this goal. It makes the Company's -omics data available in a user-friendly manner at enterprise level. Users can freely interact with and combine data in a modular, app-based system where results are available immediately and can be interpreted or used as input for subsequent steps. This rapid feedback is a crucial feature making PanHunter very user-friendly even for non-bioinformaticians.

Molecular patient databases Re-defining health and disease via molecular disease profiles		Patient derived disease models & precision medicine approaches Focus on early disease relevance		Patient stratification and biomarkers Precision diagnostics and tracking of diseases
PanOmics Data Generation	► Genomics, transcriptomics, proteomics, metabolomics data at industrial scale > Multiple patient-derived data bases, e.g. CKD database (>10,000 patients; >600 billion data points)
PanHunter Interactive Omics Analysis	► User friendly A.I./M.L. driven multi-omics analysis platform ► Exceeding industry standards in e.g. predicting drug safety (e.g .: liver injury 86% vs. 70%)
E.IPSC Drug Discovery	▶ One of the largest and most sophisticated iPSC platforms for drug discovery and cell therapy in industry > First iPSC-derived drug candidate in clinic, large pipeline evolving in drug discovery and cell therapy

iPSCs

Evotec's AI and precision medicine platforms are complemented by our induced pluripotent stem cell ("iPSC") technology platform, which utilises patient-derived cell-based assays for disease modelling. iPSC cell assays are crucial to model diseases based on the use of human tissue and therefore represent an alternative to animal models for profiling drug candidates in the pre-clinical stage. The group has meanwhile more than 20 different cell models based on new cell types or co-cultures of more than one cell type in one model. The analysis of disease signatures and individual patient signatures improves patient stratification, driven by biomarker identification (EVOgnostic) as well as human in vitro model based safety prediction (E.SAFETY).

Induced pluripotent stem cells are not only used to model diseases in culture. They are the basis for next generation allogeneic cell based regenerative medicine addressing several non-communicable diseases that represent a large burden for patients and healthcare systems worldwide. Evotec's iPSC platform focuses on developing off-the-shelf cell therapies with long-lasting efficacy, such as immune cells in oncology (e.g., NK, T cells and others), beta cells for diabetes, cardiomyocytes in heart repair, and retina cells in ophthalmology. Evotec's lead cell therapy candidate is a cell replacement therapy for type 1 diabetes that is currently in pre-clinical development.

	Field		Program/ Project	Disease area	Protocol	iPSC-derived cell types
	Cancer immunotherapy Partnered Metabolic disease	Pharma	γδ iT	Oncology	Undisclosed	ink Natural killer cells in T cells
		Sernova	E.iBeta (Device)	Diabetes		iMAC Macrophages iBeta Pancreatic islets
Cancer immunotherapy 지 1 Partnering oppor- Metabolic tunities disease Other			iNK	Oncology		iCM Cardiomyocytes
			iMAC	Oncology		IRPE Retinal pigment epithelium cells
			αβ iT	Oncology		IPR Photoreceptors
			iNK, αβ iT	Fibrosis, SLE2
			E.iBeta (Engineered)	Diabetes
			iCM	Heart failure
			iRPE, iPR	Ophthalmology		Unpartnered programs/ projects are open for new
						business opportunities

1) Inflammation and Immunology disease area

2) Systemic Lupus Erythematosus

End-to-End Shared R&D

Evotec has built an end-to-end Shared R&D platform in drug discovery and development. Our network of partners and customers includes leading pharmaceutical companies, small and large biotechs, academic institutions, patient advocacy groups, venture firms ("VCs"), as well as foundations and other not-for-profit organizations.

Together with our partners, through a combination of leading technologies, expertise, knowledge and integrated scientific capabilities, we generate and progress assets through drug discovery and development pipelines across a broad range of diseases.

Evotec differentiates itself from its competitors by combining multimodal platforms, expertise and interdisciplinary integration over the entire added value of discovery and preclinical research and also the production of active substances for clinical development. The portfolio of platforms includes inter alia target validation, molecular design, chemistry, biology, pharmacology, absorption, distribution, metabolism, excretion ("ADME"), toxicology, formulation development, and active pharmaceutical ingredient ("API") manufacturing, across the various stages of research and development. Evotec's qualified and experienced scientists make a significant contribution in the technical coordination of these processes. In addition, the application of AI and modelling capabilities in predictive science aim to improve the probability of success of research projects and enhance performance in terms of speed, cost and quality.

Target ID/Validation	Hit identification	Lead optimisation	Pre-clinical/ IND"	Phases I/II/III	Approval	Market
> Disease area expertise > Exploratory biology ► Target validation ► Assay Development	► Structural biology > Screening, virtual screening ► Molecular design, chemistry > Biotherapeutic discovery	► Molecular optimization > PK/PD, ADME, PK ► Safety, biomarkers > Development readiness	▶ Regulatory Toxicology Formulation science > Process development and manufacture ▶ Drug Product	▶ Translational biology, biomarkers ► Clinical development support > API manufacturing, product for clinical testing	Commercial API and drug product manufacturing

Just – Evotec Biologics

In the field of biologics discovery, development and manufacturing, Evotec applies its machine learning and integrated technology platform J.DESIGN to bring further value to its partnerships by designing, developing, and manufacturing biologics in a cost-effective and efficient manner. Because Evotec utilises J.DESIGN early in the drug discovery stage, by the time it reaches the manufacturing stage of any given program, Evotec has already predicted and reduced the risk of most

scaling problems that may occur. As a result, Evotec can offer flexible, on-demand production compared to traditional large single batch-based processes, so-called fed-batch processes, without any loss of product quality. Due to significantly higher yields resulting from continuous harvesting of biologics over several weeks, and thus lower average unit costs, the new paradigm expands the indication areas for biologic drug candidates to include diseases with small case numbers for which a conventional process has proven uneconomical in the past.

Evotec operates a manufacturing site in Redmond (WA), USA, called J.POD, a late-stage clinical and commercial manufacturing facility that can manufacture larger quantities of products for late-stage clinical development and commercialisation. As there are no process differences in the production facility between clinical and commercial quantities, the facility can be operated at the same scale for both requirements, ensuring a seamless transfer from small to large quantities and reducing scale-up risk. The facility is approximately 12,000 square metres in size and houses more than 200 employees at full capacity. The site, which will be able to produce on a large enough scale to meet most of Evotec's current commercial needs in a single facility, will mainly supply markets in North America.

As global demand for more affordable access to medicines and flexible manufacturing capacity of biologics increases, Evotec has started construction of a second J.POD facility in Toulouse, France in September 2022. Europe is the second largest biologics market. Nevertheless, one of the lessons of the COVID 19 pandemic was that there were bottlenecks and national preferences in supply. This has increased the need for local capacity and the need for security of supply in all regions, including Europe, to improve pandemic preparedness in case needed. The decision to set up this infrastructure at the Company's own site in Toulouse, France was a strategic one, as the Toulouse footprint creates operational efficiency and co-location with oncology and immunology expertise, adding further synergy with Evotec's strategic needs. The second J.POD is expected to be completed in Q2 2024 and fully operational in Q1 2025.

Generation of revenues

Evotec's revenue mix varies by type of contract with its partners, often determined by the ownership or origination of intellectual property ("IP"):

In collaborations where ownership of IP is with the partner, Evotec provides stand-alone or fully integrated drug discovery and development services and solutions to its partners. Well-defined work packages are typically provided and compensated on a "fee-for-service"basis and they are distinct in scope and nature. Typical examples of such services include, among others, high-throughput screening, ADME-tox tests and API manufacturing. In addition, fully integrated drug discovery projects, in which partners work with Evotec to conduct interdisciplinary research in pursuit of novel therapeutics, usually under multi-year contracts, are typically compensated on an Full Time Equivalent ("FTE")-basis.

Evotec leverages its proprietary technology platforms and related IP to enable co-creation of pipelines with its partners. We partner with pharmaceutical and biotechnology companies, as well as academic institutions to develop new drug discovery projects and assets. Collaborations with partners are typically based on agreements, involving a combination of upfront payments, ongoing research payments, and financial upside via milestones and royalties.

By providing access to Evotec's industrialised and integrated technology platforms and expertise, Evotec facilitates acceleration of early-stage

scientific projects and supports product development up to IND-readiness and beyond. Based on the commitment to stay as a true long-term partner to start-ups, Evotec also provides access to capital in selected cases, augmented by informed decisions based on the data that is generated on Evotec's platform.

Evotec has a strong interest in patient-data-based discovery projects. This provides a significant potential for value creation from new

VALUE CREATION PILLARS OF BUSINESS-TO-BUSINESS MODEL IN BIOTECH

companies (e.g., trade sales, mergers and acquisitions or Initial Public Offerings) and on obtaining access to unique IP via our portfolio companies. As of 31 December 2023, Evotec holds 31 equity investments.

partnerships, future clinical successes, and positive commercial developments of portfolio companies. Realisation of returns on investments is based on both successful exits from our portfolio

	IP partnering1)/ Pipeline of co-owned assets	Partner owns IP
Value Creation Model	F Fee-for-Service/FTE-rates ► Upfront payments, milestones, licenses, royalties ► Equity investments	F Fee-for-Service/FTE-rates > Success payments ▶ Price per amount manufactured
Focus areas	iPSC PanOmics	End-to-End Shared R&D
	Just - Evotec Biologics

Reporting segments

Evotec reports the results of its work and collaboration with third parties through two operating segments:

EVT Execute

EVT Execute is the segment in which revenues are recognised from partners owning the IP. It primarily includes fee-for-service and FTErate based arrangements. In 2023 EVT Execute accounted for 66% of the group's revenues a (2022: 73%).

EVT Innovate

EVT Innovate includes Evotec's internal R&D activities as well as services and partnerships that originate from these R&D activities. In addition to FTE-based revenues, Evotec generates revenues from milestones and royalties on its pipeline assets. In 2023 EVT Innovate accounted for 34% of the groups's revenues (2022: 27%).

Revenue generated through each of Evotec's collaboration arrangements may contribute to either the EVT Execute or EVT Innovate segment, depending on the nature of the contract with Evotec's customer, the ownership of the intellectual property and the stage of the project. Evotec believes its partnership model is unique and allows to balance and diversify the risks associated with drug discovery.

Broad pipeline of development

Evotec's pre-clinical pipeline includes candidates that are wholly owned and those for which Evotec has the right to receive royalty or milestone payments. Since 2015, the number of Evotec's pipeline assets has more than doubled from 49 to over 140 of which 18 assets are in clinical development as of 31 December 2023. Of the pipeline assets, one obtained approval in South Korea in 2022, one obtained market approval in China in 2023, six are in Phase II and ten are in Phase I.

The partnered pipeline consists of projects, either derived from proprietary target identification or shared discovery & development activities. Involvement of Evotec's intellectual property is the basis for sharing returns in case of scientific and commercial success by means of milestone payments or royalties. For the sake of transparency, Evotec also discloses candidates that are being developed by partners in whom Evotec has an equity stake.

Beyond therapeutic areas, Evotec has also successfully expanded its pipeline across multiple modalities. In 2015, the group's therapeutic assets were exclusively small molecules. In contrast, in 2023, more than 10 assets were derived from cell and gene therapy, more than 20 from biologics, more than 90 from small molecules and more than 10 earlystage projects where several modalities are being investigated. Evotec expects the relative share of pipeline-related revenues as a percentage of total revenue to increase as the group's amount of projects increase, the pipeline matures and as the revenue mix within all focus areas increasingly includes also success-based components, such as milestone payments or, after approval, royalties.

— EVOTEC'S GROWTH STRATEGY —

Evotec's growth strategy aims to cover the entirety of the early R&D value chain by addressing a broad range of disease areas utilising a modality-agnostic approach. In addition, by leveraging the value of its platforms and sharing intellectual property, Evotec seeks to de-risk its portfolio through the breadth and diversity of pipeline assets. Evotec aims to have over 170 pipeline assets by the end of 2025.

Evotec believes the existing capital inefficient R&D model, with its fully integrated, pharma-like value chains, is no longer sustainable and, most importantly, in many aspects no longer competitive especially when it comes to the development of precision medicines. Evotec delivers solutions which allow for enhanced speed to the clinic, better prediction of clinical efficacy and reduced manufacturing costs. Evotec is able to deliver these critical solutions through a combination of:

–Biology-driven, patient-specific disease insights
–Steadily expanded capacities in the areas of data generation, data analytics and AI-supported efficacy and safety prediction, converging with scientific expertise
–Modality-agnostic expertise (small molecule, biologics, cell therapy among others) which can help to make the drugs of Evotec's partners precise, affordable and more accessible

Evotec is convinced that the future of drug discovery and development requires the integration of different disciplines and approaches to generate treatments that are patient-relevant, disease modifying and have curative potential. Evotec's proprietary discovery and development platforms leverage data, operational efficiencies and technological capabilities with the goal of driving rapid progress and successful outcomes in the early stages of the R&D process.

Evotec's strategic goals include:

–Establishing Evotec's offer as a competitive, integrated disease understanding and precision medicine platform
–Strengthening Evotec's position as a premier partner to the life sciences sector
–Building a high-value portfolio of co-owned assets
–Driving access to high-value and affordable biotherapeutics with Just Evotec Biologics
–Identifying risk-balanced, high-reward opportunities through equity investments

KEY FINANCIAL PERFORMANCE INDICATORS

in k€

20191) 20201) 2021 2022 2023 Revenues 446,437 500,924 618,034 751,448 781,426 Unpartnered R&D expenses2) (37,477) (46,441) (58,117) (70,204) (64,818) Adjusted Group EBITDA3) 123,256 106,654 107,270 101,654 66,352

1) 2019 and 2020 restated for IAS 19.

2) R&D expenses funded by Evotec.

3) Adjusted for changes in contingent considerations and external expenses related to the cyber-attack

— FINANCIAL PERFORMANCE INDICATORS —

The Management Board has committed to the following financial objectives: continued revenue growth, progressing R&D innovation, and increasing profitability. The Group's long-term key financial performance indicators are defined to support these goals.

The Group's performance is measured against budgeted financial targets and the prior-year's performance.

In addition, management thoroughly analyses all costs (with a focus on cost of sales, research and development expenses and selling and administrative expenses). Liquidity levels are monitored in comparison to forecasts and against defined minimum cash levels. Operating cash flows are reviewed on a regular basis with an emphasis on the receipt of contract research revenues and milestone payments as well as working capital management. Investing activities like capital expenditure in maintenance and expansion and funding of Evotec's equity portfolio are compared against budget every month. Balance sheet structure, equity ratio and net debt leverage are monitored to manage a balanced equilibrium of financing tools. Treasury management is undertaken on an ongoing basis with a focus on cash management, foreign exchange rate and interest risks, as well as funding and investment opportunities. Value analyses based on discounted cash flow and net present value models are the most important financial metrics for Evotec's investment decisions regarding M&A projects, equity investments and licensing opportunities.

Evotec reviews a number of key performance metrics and non-IFRS measures to assess the progress of its business, make decisions about where to allocate time and investments and assess the near-term and longer-term performance of its business. The measures set forth below should be considered in addition to, not as a substitute for or in isolation from, Evotec's financial results prepared in accordance with IFRS. The following table sets forth these metrics as of and for the period 2019–2023.

Revenues

Please refer to the 'Generation of revenues' section above.

Unpartnered R&D Expenses

Evotec's unpartnered R&D expenses comprise expenses incurred in connection with its in-house discovery platforms and developing new unpartnered pipeline assets as well as overhead expenses.

Adjusted Group EBITDA

Adjusted Group EBITDA is defined as net income (loss) adjusted for interest, taxes, depreciation and amortization of intangibles, impairments on goodwill and other intangible and tangible assets, total non-operating results, change in contingent consideration (earn-out) and items that in magnitude, nature or occurrence would distort the presentation of the financial performance of the Group.

Adjusted Group EBITDA is reported as an additional performance indicator and does not correspond to the EBITDA resulting from IFRS. Adjusted Group EBITDA should not be considered as an alternative to net income as a measure of financial performance. Adjusted Group EBITDA is presented because it is a key metric used by the Evotec Management Board to assess the Group's financial performance. Management believes adjusted Group EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate directly to the operational performance of the underlying business.

A reconciliation of adjusted Group EBITDA with the operating result can be found in the "Results of operations" chapter of this combined Management Report. The Company's 2023 performance compared to planned figures can be found in the "Comparison of 2023 financial results with forecast" chapter.

— NON-FINANCIAL PERFORMANCE INDICATORS —

Biotechnology is a research-driven and employee-based industry. Consequently, financial information alone does not provide a comprehensive picture of the Group's potential for value creation. Evotec's management therefore also uses non-financial performance indicators to manage the Group, e.g. total number of customers, number of customers who contributed more than € 1m to revenues, the repeat business, as well as pipeline progress.

Number of customers

The number of customer alliances has exceeded 800 in the past three years, confirming the range of offered services. Management intended for an increase in the total number of customers in 2023, however, during 2023, 298 new customers were added compared to 325 in 2022 and 337 in 2021, a decrease of (8)% versus 2022 and (12)% versus 2021, nevertheless highlighting the successful closing or larger collaborations with key partners. The decrease in 2023 was a direct result of the downturn in business in Q2 caused by the cyber-attack. An entity with multiple subsidiaries, segments, or divisions is defined and counted as one single customer, even if Evotec has separate agreements

with multiple subsidiaries, segments, or divisions that are part of the same entity.

Number of customers who contributed more than € 1 m to revenue The number of customer alliances that generate revenues of more than € 1.0 m per year has decreased to 102 in 2023 (2022: 118), or 12% and 14% of total customers in the last two years, in part caused by the interruption of the business in the second quarter.

Evotec's largest three customers by revenue collectively accounted for 35% of the Group´s revenues in 2023. In 2022, Evotec's three largest customers by revenue contributed 25% to revenues. As in the previous year, other than Bristol Meyers Squibb, no single customer contributed more than 10% of group revenues.

CUSTOMER EVOLUTION AND CONTRIBUTION

Despite the slight decrease of Evotec's customers over the last three years, revenues have grown significantly. The top 10 customers' contribution to total revenues has increased from 39% in 2022 to 47% in 2023.

EVOLUTION OF CUSTOMER CONCENTRATION

Repeat Business

Evotec has demonstrated solid customer retention rates, as defined by the percentage of revenues from customers that Evotec had a relationship within the prior year, with 90% or above in each of the last three years. Evotec reviews its repeat business on a yearly basis, and aims to maintain current retention rates. Repeat business was retained at 93% in 2023 and 92% in 2022, respectively. Evotec believes that its significant amount of repeat business is primarily due to the ability to achieve success and high satisfaction of its partners and customers. The extent to which Evotec generates repeat business from its customers will be an important factor in the Group's continued revenue growth.

SHARE OF ANNUAL REPEAT BUSINESS

PIPELINE OF DRUG CANDIDATES IN ADVANCED STAGES OF DEVELOPMENT

as of 31 December 2023

Pipeline development: Progression of drug programs and drug candidates in development partnerships – EVT 8683: iPSC-derived disease model with positive phase I data in neurodegeneration

Progress in the co-creation of pipelines together with our partners, based on drug discovery and development partnerships is another highly relevant performance indicator. The success of partnered ("co-owned") research, pre-clinical and clinical programs represents additional value creation potential for Evotec. The Group participates in the progress and success of those programmes through potential milestone and royalty payments, without own investments or expenditures after handover to the partner. In case of failure, Evotec may lose an option to benefit from future milestone payments or royalties linked to the respective product. However, such an event does not affect the overall set-up of Evotec.

Compared to 2022, one asset progressed from Phase III to market approval, one asset progressed from Phase I to Phase II and four assets progressed from the pre-clinical phase to Phase I. Overall, Evotec's work has resulted in 18 disclosed co-owned pipeline assets as of 31 December 2023, compared to a total number of 17 disclosed co-owned pipeline assets as of 31 December 2022.

Molecule	Treatment area/indication	Partner	End of December 2022	End of December 2023
SKY Covione	COVID-19	SK bioscience	Market approval	Market approval
EVT201	Insomnia (GABA-A)	JingXin	Phase III	Market approval
CT7001 + fulvestrant	Oncology (CDK7)	Carrick Therapeutics	Phase II	Phase II
CT7001 + elacestrant	Oncology (CDK7)	Carrick Therapeutics	Phase II	Phase II
CT7001 + vepdegestrant	Oncology (CDK7)	Carrick Therapeutics	Phase II	Phase II
CT7001 + giredestrant	Oncology (CDK7)	Carrick Therapeutics	Phase II	Phase II
Cell Pouch	Metabolic - Diabetes	Sernova	Phase I	Phase II
TPM502	Celiac Disease	Topas Therapeutics	Phase II	Phase II
GTAEXS617	Oncology (CDK7)	Exscientia	pre-clinic	Phase I
EVT401	Immunology & Inflammation (P2X7)	CONBA Group	Phase I	Phase I
CNTX-6016	Pain (CB2)	Centrexion	Phase I	Phase I
EVT894	Chikungunya (Antibody)	Sanofi/NIH	Phase I	Phase I
EVT801	Oncology (VEGFR3)	Kazia Therapeutics	Phase I	Phase I
EVT8683	Neurodegeneration (elF2b activator)	Bristol Myers Squibb	Phase I	Phase I
TPM203	Pemphigus Vulgaris (not disclosed)	Topas Therapeutics	Phase I	Phase I
IMT-009	Oncology (CD161)	Immunitas	pre-clinic	Phase I
BMS-986447	Immunology & Inflammation	Exscientia	pre-clinic	Phase I
BAY3401016	Alport Syndrome (Sema3A)	Bayer	pre-clinic	Phase I

— RESEARCH AND DEVELOPMENT —

All of Evotec's activities are related to R&D. Evotec's Innovate business segment distinguishes between partnered and unpartnered R&D: Partnered R&D is where Evotec bears the expenses and is reimbursed by its partners. Unpartnered R&D is conducted at Evotec's own expense and risk, and if successful, Evotec collaborates or licenses out such projects directly. Unpartnered R&D projects represent the starting points for future revenue and upside bearing strategic partnerships as well as spinouts in which Evotec holds significant equity stakes, generating value generation and revenue potential.

Unpartnered R&D

By investing into the discovery and development of proprietary assets and platforms, Evotec builds a long-term pipeline of first-in-class and/or best-in-class assets or unique proprietary platforms. Unpartnered R&D projects are carefully selected to either deliver high potential, first-inclass drug candidates in indications of high-unmet medical need or highly differentiated platforms that enable upside-bearing strategic deals. The goal is to use these assets and platforms to build strategic partnerships with Pharma, Biotech or Spin-out companies that deliver significant financial upside.

The Company's proprietary pre-clinical and clinical co-owned pipeline has thereby more than doubled from 49 projects in various stages in

2015 to more than 140 in 2023. Evotec continuously develops new technologies, platforms and projects, such as PanOmics, its industrialscale iPSC technology, its enterprise-level data analysis platform PanHunter as well as its machine-learning humanoid antibody library (J.HAL) platform. Thanks to these developments, Evotec continues to set up valuable partnerships, which offer significant financial value creation potential, participating in both the product development and subsequent commercial success of product candidates.

Evotec currently pursues unpartnered projects, e.g., in central nervous system disorders, diabetes, immunological diseases, infectious diseases, inflammation, kidney diseases, metabolic diseases, oncological diseases, rare diseases and women's health.

Partnered R&D

Partnered ("co-owned") R&D projects or R&D programmes are defined as proprietary Evotec projects funded by a partner. Evotec is investing among others in its infectious disease activities, which were acquired in 2018 as part of the acquisition of Sanofi's anti-infective unit in Lyon, the costs of which will be assumed by Sanofi up to a certain amount. After an extension of five months due to the cyber-attack, the contract ended November 2023 after over five years. Subsequent to the contract end, all capacities of the relevant units have been switched to the fee-for-service business available for Evotec's partners.

MAIN INDICATION AREAS PARTNERED AND UNPARTNERED R&D

— INTELLECTUAL PROPERTY —

Evotec seeks to protect and enhance the value of its proprietary drug discovery programs as well as technology platforms, including proprietary processes, technologies, inventions, and methods, and their application to the research and development of treatments for serious diseases and methods of manufacture through the filing of intellectual property. Evotec pursues a multi-layered intellectual property strategy to protect its technology platforms and their application to the research and development of treatments for serious diseases. One focus of Evotec's intellectual property strategy is to provide protection for the Company's platforms and pipeline assets currently in development. Evotec also pursues intellectual property protection for assets that may be used in future development programs and/or that may be of interest to its partners, or otherwise may prove valuable in the field.

Various aspects of Evotec's technology platforms and pipeline assets are protected by patent filings, while other aspects remain trade secrets. Evotec also pursues other methods of protection, including seeking trademark registrations, as appropriate. Many of the Company's intellectual property assets were developed and some have been acquired and are solely owned by Evotec, some have been developed via collaboration and are jointly owned, and some have been licensed from third parties. Evotec will continue to make additional patent application filings and pursue opportunities to acquire and license additional intellectual property assets, technologies, platforms or pipeline assets, as developments arise or are identified.

As of 31 December 2023, Evotec's owned patent portfolio included more than 50 patent families, each of which includes at least one filing in the United States or Europe, and several of which are pending or granted in multiple jurisdictions.

Report on economic position

2023 FINANCIAL RESULTS COMPARED WITH FORECAST

PERFORMANCE AGAINST FORECASTS

in € m

	Forecast in	Forecast
in € m	Annual Report 2022	July 2023	Result 2023	Result 2022
			781.4
Group revenues	820 - 840	750 - 790	(+4%)	751.4
			795.2
(at constant exchange rates)1)	835 - 855	765 - 805	(+6%)	-
			64,8
Unpartnered R&D expenses	70 - 80	60 - 70	(-8%)	70.2
			64,9
(at constant exchange rates)1)	70	-	(-8%)	-
			66.4
Group EBITDA	115 - 130	60 - 80	(-35%)	101.7
			73,6
(at constant exchange rates)1)	125 - 140	70 - 90	(-28%)	-

1) At constant exchange rates from Actual 2022 (EUR/USD 1.05; GBP/EUR 1.17)

— CYBER-ATTACK —

On 7 April, 2023 we announced an ad hoc release, that on 6 April, 2023 a cyber-attack occurred on our IT systems. As a result, the systems were shut down proactively and disconnected from the Internet to secure from data corruption.

As of the date of this annual report, the cyber-attack has had a significant adverse impact on our financial results. Overall, in 2023, we again exceeded previous year revenue, however productivity was affected throughout the entire second quarter 2023, which led to a revision of the guidance. We took immediate action to contain and remediate the attack by taking our external-facing systems offline. This was deemed necessary to protect all the Company's partners and stakeholders and allowed us to ensure that the integrity of our scientific data remained unaffected. The Company re-started operations at the end of April with productivity reaching more than 50% in May and more than 80% in June as our systems were brought back on-line.

MANAGEMENT BOARD'S GENERAL ASSESSMENT OF EVOTEC'S ECONOMIC SITUATION

Against the backdrop of the cyber-attack, Evotec successfully completed the financial year 2023 despite a challenging macro-economic environment and a competitive market. The revenue development evidenced the Company's strategy to extend and expand existing collaborations as well as to expand its network of alliances.

The start to the year was very dynamic with a year-over-year revenue growth of 30% in the first quarter. Measured by revenues per quarter Q1 2023 represented the strongest quarter in Evotec's history . Main drivers were extension and expansion of two contracts with BMS, as well a new contract with Janssen in the field of cell therapy.

While Q2 in particular was influenced by the cyber attack, it saw the signing of a technology partnership with Sandoz on 9 May.

The third quarter saw a recovery of the business and the majority of Evotec operations were back in business, resulting in a 13% revenues

growth versus Q3 2022. However, the cyber incident and necessary measures to mitigate related effects made it necessary to adjust guidance in July. The new guidance also reflected changing market dynamics, showing signs of a "buyers' market in some areas of our business, resulting in higher price sensitivity and a more competitive market environment.

Evotec delivered on the revised guidance by year-end. Revenue still grew by 4% (fx-adjusted +6%), despite a significant loss in business in Q2. Non-recoverable business and a temporary low utilisation of capacities resulted in a more pronounced - though anticipated - effect on EBITDA of -34%. In a particularly challenging year, the customer retention rate of 93% again exceeded our target of 90%, which we consider an excellent achievement and a strong basis for good start to 2024.

MACROECONOMIC CONDITIONS AND BUSINESS ENVIRONMENT

The biopharmaceutical industry was also affected by a number of negative market developments and indicators in 2023, especially in the second half of the year. Over 180 companies, encompassing both established pharmaceutical and emerging biotechnology firms, have implemented workforce reductions impacting thousands of employees. Additionally, a number of companies have ceased operations entirely. Private financing has also contracted substantially. While a limited number of companies ventured into the public markets through initial public offerings, the vast majority have adopted a wait-and-see approach,

RESULTS OF OPERATIONS

anticipating more favourable market conditions. Furthermore, the federal government has intensified its efforts to control drug pricing and has implemented heightened scrutiny of biopharmaceutical business transactions.

An analysis from Leerink through Q3 2023 revealed that the stocks of 154 biotechnology and pharmaceutical companies, with market capitalizations ranging from \$200 mi to \$10 billion, had depreciated by at least 20% in value. Notably, nearly 70% of these companies were biotech firms with market capitalizations between \$ 200 m and \$ 1 bn. Furthermore, the number of biotech companies in this size range experiencing a decline of at least 20% in stock value was three times greater than the number experiencing a gain of 20%. Additionally, the backlog of companies seeking IPOs has continued to grow in 2023, with 129 biotech firms having completed a crossover financing round but remaining private as of the third quarter's end.

Biopharmaceutical companies secured approximately \$ 22.9 bn in venture capital financing in 2023, reflecting a 23% decrease compared to 2022. Early-stage and first-time venture capital financings experienced a more pronounced decline relative to later-stage financings. PitchBook reports that despite the substantial decrease in venture capital availability, deal activity persists, albeit with a shift in investment strategy. This shift is characterized by a decrease in the total number of deals in favour of larger transactions, indicative of a more discerning approach that prioritizes investments in established or potentially more stable entities. Additionally, investors have implemented more rigorous standards for clinical data evaluations, a development that has revitalized fundraising efforts for early-stage ventures.

BRIDGE OF NET RESULT 2022-2023

In €m

CONDENSED INCOME STATEMENT

in €k

	2022	2023	Variance
Revenues	751,448	781,426	29,978
Cost of revenue	(577,383)	(606,375)	(28,991)
Gross profit	174,065	175,051	986
Gross margin %	23.2%	22.4%	(0.8) %

–R&D expenses	(76,642)	(68,529)	8,113
–SG&A expenses	(156,190)	(169,610)	(13,420)
–Impairment result (net)	0	(5,011)	(5,011)
–Other operating income (expenses), net	79,617	20,591	(59,026)
Operating income (loss)	20,850	(47,507)	(68,357)

Net income	(175,655)	(83,913)	91,742

Adjusted Group EBITDA	101,654	66,352	(35,302)

— REVENUES —

Another year of top line growth

REVENUES

In the financial year 2023, Evotec increased its consolidated revenues by 5%. During the twelve months ended 31 December 2023 Group revenues increased by € 30.0 m to € 781.4 m compared with the same period of the previous year (2022: € 751.4 m). The rise against the prior-year period was mainly driven by new collaborations (please see chapter "Business overview" in this combined Management Report). At constant FX rates, Group revenues grew by 5.8% to € 795.2 m. The base business increased by 7.0% from € 724.9 m in 2022 to € 776.0 m in 2023 despite operational disruption in Q2 and part of Q3 caused by the cyber-attack.

Milestones significantly decreased in 2023 to € 4.8 m (2022: € 18.1 m). In general, milestone revenue differs at the various development stages, which may not be within the Group's control. It also is determined by the entire set of terms of the respective contract.

Evotec's revenues in 2023 were generated primarily with US (60%) and European customers (36%), and only to a very small extent in the rest of the world (predominantly Japan). The shift towards the US was mainly triggered by the latest expansion in BMS partnerships.

REVENUES BY REGION

2022

2023

*2023 Different methodology for the breakdown of countries in Europe and the rest of the world. Previous year figures have been adjusted accordingly.

35 — COSTS OF REVENUE/GROSS MARGIN —

The Costs of revenue within 2023 amounted to € (606.4¹ )m (2022: € (577.4) m yielding a gross margin of 22.4% (2022: 23.2%).The increase in cost of revenues was mainly attributable to the accelerated expenses for Biologics, which increased by € 19.1 m year over year primarily driven by an increase in headcount to fulfil the increased sales demand and continue building up the J.Pod facility in the US. In the other business areas, we faced an increase of € 8.6 m year over year. This was driven by higher labour costs due to the yearly merit increase and higher costs for facilities and depreciation due to continued expansion of our footprint. Across all business areas, idle time of our operations group caused by the cyber-attack further increased cost of revenue. The internal time of our people in the operations functions focused on business recovery in the wake of the cyber-attack were included in Other Operating Expenses.

— RESEARCH AND DEVELOPMENT EXPENSES —

In 2023, Evotec has continued to progress its projects e.g., in central nervous system disorders, diabetes, immunological diseases, infectious diseases, inflammation, kidney diseases, metabolic diseases, oncological diseases, rare diseases and women's health (please see chapter "Partnered R&D" in this combined Management Report) the Company is working on. Thus, Evotec builds a long-term pipeline of assets and/or unique proprietary platforms; the ultimate goal of the EVT Innovate segment is to build proprietary platforms and early-stage assets to enable upside-bearing strategic deals.

R&D expenses were at € 68.5 m in 2023, compared to € 76.6 m in the twelve months ended 31 December 2022 ((11)%). The decrease in unpartnered R&D expenses by (7.7)% (€ 64.8 m vs. 2022: € 70.2 m) represents a balance between strong investments in Evotec's capabilities to improve efficiency and precision medicine platforms, and financial stewardship in the year impacted by the cyber-attack. Partnered R&D expenses decreased at a scheduled rate to € 3.7 m (2022: € 6.4 m). "Partnered" R&D projects are funded by our partners; for 2022 and 2023, this mainly concerned the ID Lyon site, which was acquired by Sanofi in 2018 and has been funded by Sanofi until the end of November 2023. Indirect expenses represented 15.6% (2022: 15.9%) of the total.

R&D EXPENSES BY CATEGORIES

in €k

	2022	2023	Variance
Neuroscience & Pain	(10,009)	(6,400)	3,609
Oncology	(10,242)	(11,701)	(1,459)
Metabolic Diseases	(9,341)	(10,966)	(1,625)
Innovate Platform R&D	(26,065)	(24,285)	1,780
Communicable Diseases	(6,442)	(3,159)	3,283
Total Innovate excl. Indirect Costs	(62,100)	(56,511)	5,588
Other	(2,345)	(1,319)	1,025
Total Execute excl. Indirect Costs	(2,345)	(1,319)	1,025
Total Indirect Costs	(12,198)	(10,698)	1,500
Total R&D	(76,642)	(68,529)	8,113

thereof:
Partnered (funded) R&D	(6,438)	(3,711)	2,728
Unpartnered R&D	(70,204)	(64,818)	5,386

— SELLING, GENERAL AND ADMINISTRATIVE EXPENSES —

The Group's selling, general and administrative expenses (SG&A) increased by € 13.4 m or 9% from € 156.2 m in 2022 to € 169.6 m end of 31 December 2023, mainly due to higher personnel-related expenses and headcount growth.

Personnel-related expenses increased by €13.3 m, from € 84.1 m in 2022 to € 97.4 m in 2023, mainly driven by growth in employee headcount in most areas of the enabling functions. Consultancy costs decreased by € 6.7 m, from € 28.6 m in 2022 to € 21.9m in 2023, partially compensating an increase in headcount growth and partly driven by delayed commencement of internal projects due to cyber-attack. Insurance costs decreased by € 2.6 m from € 10.3m to € 7.7 m driven by lower D&O insurance expenses. Audit and Tax Fee expenses increased by € 3.0 m from € 6.1 m in 2022 to € 9.1 m. Furthermore, IT and license costs increased by € 2.3 m from € 11.5 m in 2022 to € 13.8 m in 2023, due to continued expansion of IT capabilities.

— OTHER OPERATING INCOME AND EXPENSES —

Other operating income, which included mainly Sanofi recharges for Evotec ID Lyon, R&D tax credits and changes in fair value of earn-out liabilities, was € 64.8 m in 2023 compared to income of € 81.6 m for 2022. Other operating income, related to Sanofi decreased to € 16.6 m in 2023 (2022: € 34.2 m). R&D tax credits were mainly recognized in France for the Toulouse and Lyon sites, UK, and Italy, resulting in an a overall R&D related other operating income of € 44.0 m (2022: € 42.9 m).

Other operating expense amounted to € (44.2) m (2022: € (2.0) m. The significant increase was driven by the cyber-attack and related costs of € 43.5 m, which comprises of € 26.5 m internal costs and € 15.9 m of external costs. Internal costs represent employee's active efforts to restore normal operations after the attack. External costs are additional third-party costs incurred due to the cyber-attack, such as increased consulting and IT costs, that the Group would not have otherwise incurred. The external costs are considered to be an item that in magnitude, nature or occurrence would distort the presentation of the financial performance of the Group, as these are not deemed to be recurring costs.

— OPERATING RESULT —

The operating result of the Group came in at € (47.5) m for the twelve months ended 31 December 2023 (2022: € 20.8 m). The business excluding Just – Evotec Biologics generated an operating result of € (19.8) m (2022: € 79.0 m).

Albeit a decrease from prior year, the company maintained a high level of investment in R&D expenses. Overall, unpartnered R&D cost ratio (unpartnered R&D spend in relation to revenues) of (8)% for the twelve months ended 31 December 2023 remained stable.

The SG&A cost ratio increased from (21)% in 2022 to (22)% in the actual reporting period driven by slowdown in revenue and company's decision to maintain SG&A structures ready for future growth.

In addition, the operating result was further reduced by the impairment loss of intangible assets which amounted to € 5.0 m.

— OTHER NON-OPERATING RESULT —

The FY 2023 result from other non-operating contribution amounts to € (33.1) m versus € (174.8) m in 2022 and driven by a measurement loss of € (15.0) m from equity investments and convertibles, a share of loss in associates amounting to € (12.9) m and an impairment loss in the amount of € (7.9) m related to our investments in associates. This effect is offset by a remeasurement gain of the investment in Exscientia in the amount of € 11.3 m due to an increase of the share price from \$ 5.33 to \$ 6.41 in 2023. In 2022, the other non-operating result included a significant measurement loss of the investment from the investments in Exscientia of € (174.7) m.

During 2023 Evotec impaired some of the equity investments leading to an impairment in the amount of € (7.9) m as per 31 December 2023 (2022: € 0 m). The share of current losses from equity investments amounted to € (20.8) m in 2023 (2022: € (16.0) m).

Interest expense decreased by € 1.4 m from € (13.1) m in 2022 to € (11.7) m in 2023. This decrease was due to revaluation of interest rate swaps because of the steep increase in interest yield curve in the first half of 2023 (€ 4.8 m). The financial impact was further aided by higher interest income (€ 9.3 m in 2023 versus € 8.3 m in 2022) due to increased interest rates on short-term investments, in particular in EUR and USD, and interest income from convertible loans provided to minority shareholdings.

Foreign exchange loss amounted to € (2.5) m (2022: € 13.1 m), mostly due to the strengthened EUR vs USD from 1.067 as per 31 December 2022 to 1.105 as per 31 December 2023 which resulted in a devaluation in particular of the USD denominated cash and receivables after conversion in EUR.

Total Tax expense amounted to € (3.3) m for full year 2023, versus an amount of € (21.7) m in 2022. Thereof, Evotec recorded total income taxes of € (7.0) m (2022: € (14.0) m). The reduction in the current tax expense is generally a result of decreased taxable profits in Evotec International GmbH, Evotec ID (Lyon) SAS, Cyprotex Discovery Ltd and Aptuit (Verona) Srl. Deferred tax expense amounted to € 3.7 m (2022: € (7.7) m, generally relating to tax loss carry forward attributes as well as intangible assets.

— NET INCOME & ADJUSTED GROUP EBITDA —

Adjusted Group EBITDA within Guideline

The net income as of 31 December 2023 amounted to € (83.9) m (versus € (175.7) m in 2022.

Adjusted Group EBITDA for the twelve months ended 31 December 2023 amounted to € 66.4 m versus € 101.7 m in 2022. The result was driven by a combination of single digit revenue growth, led by new partnerships however impacted by cyber incident in Q2, and cost increases to support the investment posture of the company and mitigate the cyber incident. The adjusted Group EBITDA as well as revenue and unpartnered R&D all ended up within the revised guidance that was published in July 2023.

BRIDGE FROM NET INCOME TO ADJUSTED GROUP EBITDA FOR 2023 in €m

BRIDGE FROM NET INCOME TO ADJUSTED GROUP EBITDA FOR 2022

in €m

— SEGMENT REPORTING —

Overall Group revenues increased by 4% to € 781.4 m, compared to the four quarters in 2022, reflecting strength in both business segments – EVT Execute and EVT Innovate.

SEGMENT INFORMATION 2023

in €k

			Intersegment
	EVT Execute	EVT Innovate	eliminations	Evotec Group
External revenues	514,542	266,884	—	781,426
Intersegment revenues	224,196	—	(224,196)	—
Costs of revenue	(631,373)	(184,700)	209,698	(606,375)
Gross margin	15 %	31 %		22 %
R&D expenses	(4,391)	(78,636)	14,497	(68,529)
SG&A expenses	(130,810)	(38,800)	—	(169,610)
Impairment result (net)	(5,011)	—	—	(5,011)
Other operating income (expenses), net	(10,171)	30,762	—	20,591
Operating income (loss)	(43,018)	(4,489)	—	(47,507)
Adjusted EBITDA	65,394	958	—	66,352

SEGMENT INFORMATION 2022

in €k

			Intersegment
	EVT Execute	EVT Innovate	eliminations	Evotec Group
External revenues	546,718	204,730	—	751,448
Intersegment revenues	188,917	—	(188,917)	—
Costs of revenue	(605,751)	(145,566)	173,934	(577,383)
Gross margin	18 %	29 %		23 %
R&D expenses	(5,305)	(86,320)	14,983	(76,642)
SG&A expenses	(125,293)	(30,897)	—	(156,190)
Impairment result (net)	—	—	—	—
Other operating income (expenses), net	33,237	46,380	—	79,617
Operating income (loss)	32,523	(11,673)	—	20,850
Adjusted EBITDA	108,256	(6,602)	—	101,654