Evotec SE — Earnings Release 2025

May 6, 2025

Pioneering Drug Discovery

Q1 2025 results

Evotec SE, Q1 2025 results call, 06 May 2025

Disclaimer

This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries) is being delivered on behalf of Evotec SE (the "Company", "we," "our" or "us"). This presentation is made pursuant to Section 5(d) and/or Rule 163B of the Securities Act of 1933, as amended, and is intended solely for investors that are qualified institutional buyers or certain institutional accredited investors solely for the purposes of familiarizing such investors with the Company. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy Evotec securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No representations or warranties, express or implied, are made as to the accuracy or completeness of the statements, estimates, projections or assumptions contained in the presentation, and neither the Company nor any of its directors, officers, employees, affiliates, agents, advisors or representatives shall have any liability relating thereto.

Cautionary Note Regarding Forward-Looking Statements

This presentation contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Many of the forward-looking statements contained in this presentation can be identified by the use of forwardlooking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "should," "target," "would" and other similar expressions that are predictions of or indicate future events and future trends, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forwardlooking statements due to a variety of factors. The forward-looking statements contained in this presentation speak only as of the date of this presentation, and unless otherwise required by law, we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

1. Business overview 2. Financials 3. Questions & Answers

1. Business overview 2. Financials 3. Questions & Answers

Q1 2025 at a glance

Summary

Shared R&D

• Expansion of pipeline of high value molecular glue degraders in strategic partnership with BMS
• Evotec receives grant from Korean Government to develop novel antibody-based treatments for lung diseases
• 9% revenue decline, in line with Fy 2024 development; continued headwinds from soft market environment

Just – Evotec Biologics

• Strong growth with new and existing partners
• Continued strong demand for paradigm shift in discovery, process development & manufacturing of biologics
• 11% revenue growth versus strong comparable basis

Evotec Group

• Strategic review conducted & execution initiated

Drug Discovery and Pre-clinical Development Just – Evotec Biologics

New ways of working

Enhanced commercial model

Commitment to operational excellence

Focus on talent development

Leadership in next-gen Drug Discovery tools

Source for strategic deals

Next-gen platforms already operating at industrial scale

Unprecedented volumes of data

Novel insights via AI/ML supported data management & analytics

PAGE 8 MPD = Molecular Patient Database

BMS strategic partnership based on Evotec platforms – Neuro…

Building a co-owned pipeline in neuronal diseases

Dec 2016 Signing of partnership \$ 45 m	May 2018 Expansion \$ 6 m	Jan 2019 LO designation \$ 14 m	Jan 2020 Expansion \$ 6 m	Jan 2021 Expansion \$ 6 m	Oct 2021 Expansion \$ 9 m	Jan 2022 Targeted protein degradation program \$ 15 m	Dec 2022 Expansion & Programme designation \$ 26 m	Jul 2023 Programme licencing \$ 40 m	Jun 2024 Preclinical programme designation \$ 20 m		Mar 2025 Further development of preclinical program \$ 20 m
2016 2017	2018	2019	2020	2021		2022		2023	2024		2025
Oct 2017 Screening completion	Oct 2018 Expansion	May 2019 Expansion	Oct 2020 Expansion	Sep 2021 st 1 IND	Nov 2021 Programme designations	Apr 2022 ASO Programme designation		Mar 2023 Extension of partnership	Jan 2024 Expansion	Aug 2024 Expansion
\$ 5 m	\$ 6 m	\$ 9 m	\$ 6 m	\$ 20 m	\$ 40 m	\$ 16 m		\$ 50 m	\$ 25 m	\$ 25 m

...and Oncology, relating to \$ 75 m payment announced

Long-term partnership with BMS in oncology

1. Business overview 2. Financials 3. Questions & Answers

Strong start of JEB into 2025 – Group result at € 3 m adj. EBITDA

Condensed income statement Q1 2025

in € m1	Q1 2025	Q1 2024	Change	Comments
External Revenues	200.0	208.7	(4)%	In-line with group expectations
Shared R&D	140.6	155.2	(9)%	Shared R&D softer than expected
Evotec Biologics (JEB)2 Just –	59.4	53.5	11%	Growth of JEB better than planned
Gross margin	13.6%	16.2%	(2.6) pp.
Shared R&D	10.8%	12.8%	(2.0) pp.	Shared R&D with lower operational leverage
Just – Evotec Biologics (JEB)	20.2%	28.0%	(7.8) pp.	JEB with planned ramp-up cost
R&D expense	(10.8)	(16.2)	(33%)	Focus on scalable platforms; new run-rate
Adjusted Group EBITDA3	3.1	7.8	(60%)	Slightly better than planned
Shared R&D	(6.9)	(5.5)	(25%)	Shared R&D with high fixed cost base
Just – Evotec Biologics (JEB)	10.0	13.3	(25%)	JEB benefiting from phasing of work packages

1 Differences may occur due to rounding

2 JEB business segment with additional € 0.0m (€ 0.3 m) intersegment revenue in Q1 2025 (Q1 2024). Details on intersegment eliminations see full interim statement Q1 2025 3 Adjusted EBITDA excludes changes of and impairments on intangible and tangible assets as well as the total non-operating result

Improved Operating and Investing cash flow vs. Q1 2024

Quarterly Cash Flows

	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25
Quarterly Cash flows, in € m				91.1
			16.7	74,2
			42,6	16,9
	(48.2)	(50.4)	(25.9)		(31.8)
					(21.6)
	(30.9)	(31.3)			(53.4)
	(79.1)	(81.7)

• Improved Operating Cash flow (OCF) Q1 '25 vs. prior year period driven by favourable change in working capital
• Reduced cash outflow from investing activities in Q1 '25 vs. Q1 '24 due to:
  • − Capex spending of € (18) m in Q1 '25 vs. € (40) m in Q1 '24¹ reflecting the ramp down of the Capex cycle for the JEB Toulouse site

Liquidity developing as expected, with headroom after loan draw down

Quarterly liquidity development

• Draw down of existing R&D financing facility (€ 44 m) compensated part of cash outflow from operating and investing activities € (53) m
• Correspondingly, total liabilities and lease obligations increase to € 478 m from € 439 m (end of Q4 '24)
• Net debt leverage (NDL) at 5.97x

Guidance confirmed

Guidance 2025¹

	FY 2024	Guidance 2025	Comment
Group revenues	€ 797 m	€ 840 - 880 m	5%-10% growth driven by strong JEB segment; Shared R&D in soft market environment pivoting towards high value offering
R&D expenditure2	€ 50 m	€ 40 - 50 m	Further prioritisation of scalable tech-platforms and technologies
Adjusted EBITDA3	€ 23 m	€ 30 - 50 m	Improved operating leverage and productivity measures to increase long-term profitability vs. ramp-up costs of J.POD Toulouse

Mid-term Outlook

2028 aspiration

Drivers

Market recovery, Differentiation, Value add-ons

Operating leverage, Mix/Value add-ons, Productivity, Cost optimisation

The team is ready to take your questions

Christian Wojczewski CEO

Paul Hitchin CFO

Aurélie Dalbiez CPO

Cord Dohrmann CSO

Volker Braun EVP Head of Global Investor Relations & ESG

+49 (0) 40 228 999 338 (d) +49 (0) 151 1940 5058 (m) volker.braun@evotec.com