Evotec SE — Investor Presentation 2021

Nov 11, 2021

Rapid Progress on the data-driven Autobahn to Cures

Cautionary statement regarding forward-looking statements

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 forward-looking 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 forwardlooking 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 forward-looking 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.

Non-IFRS Measures

This presentation contains references to certain non-IFRS measures including EBITDA and Adjusted EBITDA, each of which are not recognized under International Financial Reporting Standards ("IFRS"). The Company believes that non-IFRS financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-IFRS financial information to supplement their IFRS results. The non-IFRS financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly titled non-IFRS measures used by other companies. EBITDA and Adjusted EBITDA each have limitations as an analytical tool, respectively, and you should not consider any of these measures either in isolation or as a substitute for other methods of analyzing the results as reported under IFRS. Our management team uses these non-IFRS financial measures to evaluate our profitability and efficiency, to compare operating results to prior periods, and to measure and allocate financial resources internally. However, management does not consider such non-IFRS measures in isolation or as an alternative to measures determined in accordance with IFRS. See appendix to this presentation for

a reconciliation of Adjusted EBITDA to the nearest GAAP measure.

Note:

On 1 April 2020 Evotec GT announced the start of its operating business in Gene Therapy in Orth/Austria. In addition, the acquisition of the assets (mainly land and buildings) as well as the takeover of employees of the Biopark by Sanofi SAS in Toulouse became legally effective on 1 July 2020. Both entities were fully consolidated in the financial statements from the dates specified above.

Welcome to 9M 2021

The Management Team

Agenda

Highlights

Financial performance 9M 2021

Scientific and operational performance 9M 2021

Outlook and Guidance 2021

Strong performance and progress on all "lanes"

9M 2021 – Highlights & Lowlights

Highlights

• Growth acceleration based on strong performance in all business lines
• Multiple new & extended integrated drug discovery & development alliances (EVOiR&D)
• Opening of J.POD® Redmond (US); initiation of J.POD® Toulouse (EU) (EVOaccess) (EVOroyalty)
• Kazia Therapeutics Phase I clinical trial of EVT801 (after period-end)
• Positive Phase IIb results in RCC for eliapixant by partner Bayer
• Positive Phase III data (China) with JingXin Pharma in insomnia (after period-end)
• Excellent progress in iPSC and protein degradation collaborations with Bristol Myers Squibb (BMS); Opt-in for EVT8683 & enter clinical development
• IPO by holding and partner Exscientia Ltd ("EXAI") (after period-end) (EVOequity)
• Completion of NASDAQ public offering of "EVO" (after period-end)
• Lowlights
  • Increased ramp up costs for capacity expansion

Strong operational performance drives growth

Financials 9M 2021 & FY 2021 guidance

Progressing in all business lines

• Group revenues up 20% (€ 431.0 m vs. 9M 2020: € 360.4 m)
  • Like-for-like growth of Group revenues (adj. for end of Sanofi payment and fx) up 26%
  • Like-for-like growth of base business (excl. milestones, upfront payments, licenses) up 22%
• Adjusted Group EBITDA3) of € 70.1 m (9M 2020: € 76.9 m); Like-for-like growth (adj. for end of Sanofi payment and fx) up 16%
• Increased investment into unpartnered R&D expenses by 28% to € 42.6 m (9M 2020: € 33.4 m)

Unchanged Outlook

• Very good top-line growth expected
  • Total Group revenues € 550-570 m (2020: € 500.9 m) (€ 565-585 m at constant exchange rates1))

Accelerated R&D investments for growth

Unpartnered Group R&D expenses of € 50-60 m2) (2020: € 46.4 m)

EBITDA guidance confirmed – despite massive growth investments

Adjusted Group EBITDA3) € 105-120 m (2020: € 106.6 m) (€ 115-130 m at constant exchange rates1))

1) Average fx 2020: €/USD 1.12; GBP/€ 1.13

2) Evotec focuses its guidance and upcoming reporting on the "unpartnered R&D" part. ID-related R&D expenses will be fully reimbursed by its partner Sanofi ("partnered R&D").

3) Adjusted EBITDA excludes changes of contingent considerations, income from bargain purchase and impairments on goodwill, other intangible and tangible assets as well as the total non-operating result.

Completion of public offering at NASDAQ (Ticker: EVO)

U.S. public offering to support resilient growth

Expanding global investment position, scale and presence in the US Improving chances for market share gains, getting closer to partners with total raise of US\$ 500 m1)

Making set-up even more resilient

Completing existing platforms, service offerings and manufacturing capabilities (EVOiR&D, Precision Medicine platforms, EVOcells, EVOgenes, global J.POD® network, …)

Improving optionality for value generating co-owning strategy EVOroyalty & EVOequity

Agenda

Highlights

Financial performance 9M 2021

Scientific and operational performance 9M 2021

Outlook and Guidance 2021

Main KPIs underline positive development

Condensed income statement 9M 2021 – Evotec SE and subsidiaries

in € m1)
	9M 2021	9M 2020	Change
Revenues from contracts with customers	431.0	360.4	20%
Gross margin	23.1%	24.7%	–
 R&D expenses	(53.5)	(46.1)	16%
 SG&A expenses	(71.0)	(58.1)	22%
 Impairment of intangible assets and goodwill	(0.7)	–	–
 Other op. income (expenses), net	51.8	50.3	3%
Operating income	26.1	35.3	(26)%
Adjusted Group EBITDA2)	70.1	76.9	(9)%
Net income	247.0	5.8	>>>100%

• Revenue growth of 20% (excluding portfolio and fx effects: 26%) driven by all business areas
• Planned increase in unpartnered R&D (€ 42.6 m vs. 9M 2020: € 33.4 m) leads to 16% growth in R&D expenses
• Increase of 22% in SG&A expenses mainly caused by headcounts (+14%), ramp-up of J.POD® and costs for secondary public offering at NASDAQ
• Adj. EBITDA like-for-like growth 16%
• EVOequity: Net income significantly higher due to fair value adjustment of Exscientia Ltd. US IPO

2) Adjusted EBITDA excludes changes of contingent considerations, income from bargain purchase and impairments on goodwill, other intangible and tangible assets as well as the total non-operating result.

¹⁾ Differences may occur due to rounding

Strong revenue growth and anticipated gross margin effects

Revenues & Gross margin overview

Very strong organic top-line growth in Q3 2021

Condensed income statement Q3 2021 – Evotec SE and subsidiaries

in € m1)
	Q3 2021	Q3 2020	Change
Revenues from contracts with customers	159.7	129.4	23%
Gross margin	27.0%	27.9%	–
 R&D expenses	(18.0)	(16.3)	11%
 SG&A expenses	(24.6)	(21.6)	14%
 Impairment of intangible assets & goodwill	–	–	–
 Other op. income (expenses), net	17.3	18.1	(5)%
Operating income	17.7	16.4	8%
Adjusted Group EBITDA2)	33.9	29.7	14%
Net income	134.3	(1.4)	>>>100%

• Q3 revenue growth of 23%; Just – Evotec Biologics contributes € 11.7 m, up 41% vs. Q3 2020
• Strong milestone contribution
• R&D expenses grow 11% to € 18.0 m vs. € 16.3 m in Q3 2020, driven by unpartnered R&D
• SG&A expenses driven by investments to support the operational and financial growth and costs for secondary public offering at NASDAQ
• EBITDA up 14% (19% before adverse fx effects)
• EVOequity: Net Income increase due to fair value adjustment of Exscientia Ltd.

1) Differences may occur due to rounding

2) Adjusted EBITDA excludes changes of contingent considerations, income from bargain purchase and impairments on goodwill, other intangible and tangible assets as well as the total non-operating result.

Revenues up in all business areas

Segment information 9M 2021 – Evotec SE and subsidiaries

in € m1)

	EVT Execute	EVT Innovate	Inter segment elimination	Evotec Group
Revenues	429.8	101.9	(100.8)	431.0
Gross margin	20.1%	21.7%	–	23.1%
 R&D expenses	(2.1)	(60.4)	9.0	(53.5)
 SG&A expenses	(56.7)	(14.3)	–	(71.0)
 Impairment of intangible assets & goodwill	–	(0.7)	–	(0.7)
 Other op. income (expenses), net	17.5	34.3	–	51.8
Operating income	45.1	(19.0)	–	26.1
Adjusted Group EBITDA2)	86.0	(15.9)	–	70.1

• Total revenues show good progress in all business areas
• EVT Execute total revenue growth up 17%; 16% third party revenue growth
• 36% plus in revenue of EVT Innovate driven by strong project business as well as payments from milestones
• Adjusted EBITDA with anticipated strong improvement in Q3 2021

1) Differences may occur due to rounding

2) Adjusted EBITDA excludes changes of contingent considerations, income from bargain purchase and impairments on goodwill, other intangible and tangible assets as well as the total non-operating result.

Strong growth continues in third quarter

Revenue bridge 9M 2020 – 9M 2021 – Evotec SE and subsidiaries

Strong balance sheet as base for future growth

Balance sheet and liquidity – 30 September 2021 vs. 31 Dec. 2020 – Evotec SE & subsidiaries

1) incl. IFRS16 0.1 (31.12.20) vs 0.8 (30.09.21)

2) Anticipated Liquidity position after November 3rd > € 800 m

Agenda

Highlights

Financial performance 9M 2021

Scientific and operational performance 9M 2021

Outlook and Guidance 2021

Integrated business for drug discovery and development delivers

Comprehensive suite of next generation capabilities

Five pillars powering our innovation hub		Revenues generated through three core collaboration routes
EVOiR&D	Drug discovery & development for our partners		"Fee-for-service"	Work packages typically provided and compensated at FTE rates
EVOpanOmics &	Omics & iPSC-driven precision medicines
EVOpanHunter, iPSC				Combination of upfront payments, ongoing research payments and upside from milestones / royalties Investments via equity participation in academic projects (BRIDGES) , technology platforms and companies
EVOaccess	Biologics discovery and manufacturing		EVOroyalty
EVOcells Cell therapy based on iPSC
EVOgenes	Gene therapy platform		EVOequity

Continued strong demand for efficiency enhancing collaborations

EVOiR&D – Major achievements 9M 2021

• Integrated drug discovery collaborations with e.g. Bicycle Therapeutics, Evommune, …
• Several new INDiGO agreements e.g., with Oxford Cannabinoid Technologies and third INDiGO programme with Ildong
• Development agreement with Pasithea Therapeutics from target compound through to preclinical candidate in mental health
• Several strategic service collaborations e.g. Novo Nordisk (gene therapy)

Proving paradigm shift in iPSC partnership with BMS

Using EVOpanOmics & EVOpanHunter – Development since 2016

iPSC alliance in neurodegeneration

• Development of novel therapies for a broad range of neurodegenerative diseases
• First programme EVT8683 (eIF2b activator) started clinical development

2017 US\$ 5 m – Screening milestone		Oct 2018 US\$ 6 m – Expansion milestone	Sep 2019 US\$ 30 m – Extension	Sep 2020 US\$ 6 m – Expansion milestone	Sep 2021 US\$ 20 m – st 1 IND Target: eIF2b	Nov 2021 US\$ 40 m – Designation of additional programmes
2016	2017		2018	2019	2020	2021
 Upfront US\$ 45 m  Potential milestones > US\$ 250 m per project  Double-digit royalties		May 2018 US\$ 6 m – Expansion milestone	Dec 2018 US\$ 14 m – Lead optimisation payment	Jan 2020 US\$ 6 m – Expansion milestone	Dec 2020 US\$ 6 m – Expansion milestone	Oct 2021 US\$ 9 m – Expansion milestone

Protein degradation partnership is accelerating

Using EVOpanOmics & EVOpanHunter – Development since 2018

Bayer's eliapixant significantly decreased cough frequency

EVOroyalty example: P2X3 antagonist – eliapixant (BAY1817080)

Positive outcome of Phase IIb trial (PAGANINI)

• Statistically significant improvement in 24-hour cough counts per hour over placebo of up to 27% after 12 weeks of treatment in a dose dependent manner
• Positive benefit-risk profile in patients suffering from RCC, with taste-related AEs reported in 24% of patients treated with eliapixant 150 mg bid and in 13% of patients treated with eliapixant 75 mg bid
• The selective mechanism-of-action of eliapixant appears to be translating into improved tolerability in clinical trials versus non-selective P2X3 receptor antagonists

Cough frequency in Phase IIb1)

Change from baseline of 24-hour cough count by visit (per protocol population)

Multiple indications potential

"Evotec Inside" – Fully leveraged pipeline gaining visibility

Steady stream of high value catalysts in the near-to-medium term

Discovery

Selected pipeline events within next 18 – 24 months

• Market registration in China with JingXin in insomnia
• Phase III initiation with Bayer in RCC (eliapixant)
• Phase II data with Bayer in Overactive bladder (eliapixant)
• Phase II with Bayer in Endometriosis (eliapixant)
• Phase II with Bayer in Neuropathic pain (eliapixant)
• Phase II with Bayer in Gynaecology (B1 antagonist)
• Phase I data in Chikungunya virus (EVT 894 antibody)
• Phase I data with BMS in CNS
• Phase I data with Exscientia in Oncology (A2a)
• Phase I data with Kazia in Oncology (EVT801)
• Phase I initiation in Covid-19 (EVT075 biologic)
• Multiple co-owned equity companies (not outlined here) will progress in clinic (e.g. Topas, Forge, Carrick, Fibrocor, …)

	Molecule	Therapeutic Area/Indication	Partner	Discovery	Pre-clinical	Phase I	Phase II	Phase III
	EVT201	Insomnia (GABA-A)
	eliapixant	Chronic cough (P2X3)
	eliapixant	Overactive bladder
	eliapixant	Neuropathic pain
	eliapixant	Endometriosis
	XP-105	Oncology (mTORC1/2)
	EVT401	Immunology & Inflammation (P2X7)
	BAY2328065	Gynaecology
Clinical	EXS21546	Oncology (various programmes)
	CNTX 6016	Pain (CB2)
	EVT894	Chikungunya (Antibody)
	Not Disclosed	Gynaecology	n.a.
	Not Disclosed	Neuroscience & Pain	n.a.
	Not Disclosed	Neuroscience & Pain	n.a.
	Not Disclosed	Neuroscience & Pain	n.a.
	EVT801	Oncology (VEGFR3)
	EVT8683	Neurodegeneration (eIF2b)
	APN411	Oncology Immunotherapy –
	GLPGxxxx	Fibrosis (not disclosed)
	BAYxxxx	Nephrology (not disclosed)
Pre-clinical	QRB001	Metabolic – Diabetes (not disclosed)
	EVT075	COVID19 / HBV
	EVTxxxx	CNS, Metabolic, Pain, …	>10 further programmes

Multiple programmes across nephrology, oncology, immunology among other therapeutic areas

J.POD® - commercial biologics manufacturing

EVOaccess – Progress and status

J.POD® Redmond (US) – Facility completed in just 19 months

• Production from a few kilograms to metric tons in the same facility
• Partner at every stage of the biologics value chain
• Start of operations fully on track e.g. US Department of Defense (DoD),…

J.POD® Toulouse (EU) – Project initiation

• On two hectares of land1) at Campus Curie design plan started
• Creates capacity for biological treatments in EU
• Important support from French government, Occitanie region, Bpifrance, Haute-Garonne prefecture as well as Toulouse Métropole

EVOequity accelerates co-owning strategy

Operational VC model – diversified portfolio with multiple shots on goal

Keeping the promise

ESG & Sustainability – Measures taken in 9M 2021

Responsible use of resources

• Sourcing of 100% renewable energy since January 2021 at all German sites
• Decision on replacement of heating system in building B95 in Abingdon (estimated savings of CO2e of ~800t per year as of Q2 2022)
• Preparation of EVOearth week to raise overall awareness towards the protection of environment

ESG topics part of our DNA

• Group-wide inclusion of ESG topics in personal 2021 targets of all employees
• Definition of responsibilities for delivering expanded set of sustainability KPIs
• Group-wide appreciation & celebration of Diversity weeks in May and pride month in June
• DEI Diversity, Equity & Inclusion: Conception of global Diversity Strategy

Intensified stakeholder dialogue

• Increasing awareness and appreciation of investors and rating agencies
• MSCI ESG rating up from BBB to A as of January 2021
• ISS ESG rating up from C- to C as of May 2021
• EcoVadis assessment finalized in Q31)

1) In particular, in preparation for the upcoming EU Taxonomy (comprehensive reporting obligation from reporting year 2022 onwards) as well as CSRD / Corporate Sustainability Reporting Directive (first-time application for the reporting period 2023).

Agenda

Highlights

Financial performance 9M 2021

Scientific and operational performance 9M 2021

Outlook and Guidance 2021

Strong year paves way for future growth

Guidance 2021 confirmed

Very good top-line growth expected

• Assumption based on current orders, prospective milestone payments
• Total Group revenues € 550-570 m (€ 565-585 m at constant exchange rates1))

• Expanding scope of strategic investments for promising R&D projects, ramp-up of Just Evotec Biologics business, expansion of J.POD® Remond (US) capacities & J.POD® Toulouse (EU)
• Adjusted Group EBITDA2) € 105-120 m (€ 115-130 m at constant exchange rates1))

Accelerated R&D investments for growth

• Further expand long-term & sustainable pipeline of first-in-class projects & platforms
• Unpartnered Group R&D expenses of € 50-60 m3)

¹⁾ \$/€ 2020: 1.15; €/GBP 2020: 1.13

²⁾ Before contingent considerations, income from bargain purchase & excl. impairments on goodwill, other intangible & tangible assets as well as the total non-operating result 3) Evotec focuses its guidance and upcoming reporting on the "unpartnered R&D" part. ID-related R&D expenses will be fully reimbursed by its partner Sanofi ("partnered R&D").

Upcoming important dates

Financial calendar

Quarterly Statement Q1 2021	11 May 2021
Virtual Annual General Meeting 2021	15 June 2021
Half-year 2021 Interim Report	11 August 2021
Quarterly Statement 9M 2021	11 November 2021
Virtual Capital Markets Day	02 March 2022

Your contact:

Volker Braun SVP Head of Global Investor Relations & ESG

+49.(0).40.560 81-775 +49.(0).151.1940 5058 volker.braun@evotec.com

PAGE 30

Appendix

Completion of public offering at NASDAQ (Ticker: EVO)

Offering Summary

Issuer		Evotec SE
Ticker (Exchange)		American Depositary Shares ("ADSs") trade under the symbol "EVO" on NASDAQ Global Select Market; Existing ticker for public offering of Ordinary Shares ("Ordinary Shares") on Frankfurt Stock Exchange is "EVT"
Offering Structure		Pubic offering of ADSs in the US
Security Type		ADSs
Offering		20 million ADSs (representing 10 million ordinary shares) or approximately US\$ 435 million1)
Over-allotment		15% of total offering (3 million ADSs)
Share Composition		100% Primary Offering
	ADS to Ordinary Share Ratio	Two ADS represent one Ordinary Share
Use of Proceeds		i. Expanding our biologics manufacturing capacity in the United States Building additional J.POD® ii. capacity iii. Investing in our technology platforms, iv. Accelerating pipeline activities v. Expanding our portfolio of equity projects vi. General corporate purposes
Lock-up		90 days for Company, executive officers, directors and certain other existing security holders
Syndicate	Joint Lead Book-Running Managers	BofA Securities, Morgan Stanley
	Joint Book-Running Managers	Citigroup, Jefferies, Cowen, RBC Capital Markets
Closing	of transaction	8 November 2021

Investments remain at a high level

Revenue base affects receivables

Days Sales Outstanding stabilized within target range of 50-60 days

• Trade accounts receivables including receivables from associated companies and other long-term investments increased to € 93.5m (Dec 2020: € 87.9 m) related to significant growth in revenue base
• Days Sales Outstanding (DSO) of 54 slightly above 53 per end of Q2 2021
• Reduction of DSO by 16 days within 12 months

Our purpose is to go VERY long as ONE – #researchneverstops

Sustainable thinking is holistic and ensures long-term success