Evotec SE — Investor Presentation 2021

Aug 11, 2021

Driving growth & Getting ready for launch

Cautionary statement regarding forward-looking statements

Information set forth in this presentation contains forward-looking statements, which involve a number of risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate", "believe", "could", "estimate", "expect", "goal", "intend", "look forward to", "may", "plan", "potential", "predict", "project", "should", "will", "would" and similar expressions. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this presentation. 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 differ 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. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements.

Note:

The operating business of Evotec GT commenced on 1 April 2020. In addition, the acquisition of the assets (mainly land and buildings) and the takeover of employees of the Biopark by Sanofi SAS in Toulouse became legally effective on 1 July 2020. The two entities were fully consolidated in the consolidated financial statements from the dates specified above.

Welcome to H1 2021

The Management Team

Agenda

Highlights

Financial performance H1 2021

"Building for growth"

Guidance 2021

Strong overall performance and progress in all "lanes"

H1 2021 – Highlights & Lowlights

Highlights

• Business building accelerated, despite COVID-19
• Multiple new & extended integrated drug discovery and development alliances (EVOiR&D)
• J.POD® 1 US in Redmond opening August 18th; construction of J.POD® 2 EU to start in Q4 2021 (EVOaccess)
• Acquisition of Verona site completed Now "Campus Levi-Montalcini"
• BMS Oncology protein degradation partnership significant extension ahead of term
• New protein degradation collaboration in undisclosed therapeutic area also signed with BMS
• PRROTECT, an initiative for pandemic preparedness, launched
• Confidential submission of draft registration statement on Form F-1 with the U.S. Securities and Exchange Commission for a proposed offering of American Depositary Shares (after period-end)
• Positive Phase IIb results for Bayer's eliapixant in patients with refractory chronic cough (RCC) (after period-end) (EVOroyalty)

Lowlights

Slight delays in milestones, but several important milestones imminent

Fully in line with strategy – investments for long-term growth

Financials H1 2021 & FY 2021 Guidance

Strong overall performance

• Group revenues increase by 17% to € 271.3 m (H1 2020: € 231.0 m). Organic growth at record level of 27%
• Adjusted Group EBITDA1) of € 36.2 m (H1 2020: € 47.3 m) mainly affected by planned capacity build-up ahead of imminent production start of J.POD® 1 US. Like-for-like growth 13%
• Increase of expenses for unpartnered R&D by 29% to € 27.8 m (H1 2020: € 21.6 m)
• Despite high investments in new J.POD® 1 US and other capacity expansions, Net debt leverage ratio remains at even negative level -1.0 x adjusted EBITDA excl. IFRS 16

Confirmation of 2021 outlook & Action Plan 2025 ambitions

• Group revenues € 550 570 m (2020: € 500.9 m)
• Adjusted Group EBITDA € 105 -120 m (2020: € 106.6 m)
• Unpartnered R&D € 50 60 m (2020: € 46.4 m)
• Action Plan 2025 targets confirmed: Revenues > € 1,000 m, adjusted EBITDA ≥ € 300 m, unpartnered R&D > € 100 m

Our innovation hub addresses the industry's needs

Leadership in efficiency, data, science, multimodality and access

Evotec's integrated platforms	Core collaboration routes
R&D efficiency platforms1)	Fully integrated AI/ML-driven drug discovery & development platforms	EVOiR&D
Precision medicine platforms	Industrial scale Omics and iPSC platforms	EVOpanOmics & EVOpanHunter
Just – Evotec Biologics1)	AI/ML powered disruptive biologics discovery and manufacturing platforms	EVOaccess	"Fee-for-service"2)
Multimodality drug design	Small molecules, biologics, iPSC-based cell therapy, emerging gene therapy toolbox	EVOcells & EVOgenes	EVOequity EVOroyalty

Stand-alone & integrated offerings see strong demand

Examples of capabilities & expertise overview

Agenda

Highlights

Financial performance H1 2021

"Building for growth"

Guidance 2021

Strong growth & investments into capacity, R&D, and SG&A

Condensed income statement H1 2021 – Evotec SE and subsidiaries

in € m1)
	H1 2021	H1 2020	Change
Revenues from contracts with customers	271.3	231.0	17%
Gross margin	20.8%	23.0%	–
 R&D expenses	(35.4)	(29.8)	19%
 SG&A expenses	(46.4)	(36.5)	27%
 Impairment of intangible assets and goodwill	(0.7)	–	-
 Other op. income (expenses), net	34.5	32.2	7%
Operating result	8.3	18.9	(56)%
Adjusted Group EBITDA2)	36.2	47.3	(23)%
Net income	112.7	7.3	>>>100%

• Revenue growth 17% (27%, adjusted for portfolio3) & fx effects)
• R&D expenses up 19% as planned
• SG&A up 27% as planned due to upscaling and depreciation, plus final ramp-up J.POD® 1 US ahead of opening
• Adj. EBITDA like-for-like growth 13% despite higher R&D and SG&A
• Net income benefits from fair value adjustment of EVOequity investment Exscientia

1) Differences may occur due to rounding

2) Before contingent considerations, income from bargain purchase and excl. impairments on goodwill, other intangible and tangible assets as well as the total non-operating result 3) Sanofi payment Q1 2020

Gross margin affected by ongoing capacity build-up – as planned

Revenues & Gross margin overview – Evotec SE and subsidiaries

• Base revenues up 17% or € 38.1 m to € 261.3 m. Adjusted for anticipated end of Sanofi subsidy and unfavourable fx effects growth would have reached 22%
• Just Evotec Biologics added revenues of € 23.0 m, increase of 44%
• Despite higher year-on-year milestone revenues of € 4.1 m (H1 2020: € 2.2 m), some milestone payments still delayed due to COVID-19, but imminent
• Gross margin decreased mainly due to capacity build-up ahead of launch of J.POD® 1 US in Q3 and fx

Strong performance across all business lines

Segment information H1 2021 – Evotec SE and subsidiaries

in € m1)

	EVT Execute	EVT Innovate	Inter segment elimination	Evotec Group
Revenues	279.5	57.3	(65.5)	271.3
Gross margin	19.0%	16.3%	–	20.8%
 R&D expenses	(1.0)	(40.5)	6.0	(35.4)
 SG&A expenses	(37.2)	(9.2)	–	(46.4)
 Impairment of intangible assets and goodwill	–	(0.7)	–	(0.7)
 Other op. income (expenses), net	11.4	23.2	–	34.5
Operating result	26.2	(17.9)	–	8.3
Adjusted EBITDA2)	51.9	(15.7)	–	36.2

• Both segments show very strong performance versus Q1
• EVT Execute: 18% growth including intersegment revenues implies accelerated demand for integrated offering EVOiR&D; 15% growth of external revenues driven by strong base business demand
• EVT Innovate: 27% growth driven by precision medicine platforms
• Adjusted Group EBITDA influenced by end of Sanofi subsidy, unfavourable fx effects, increased R&D investments and planned capacity expansion, reflected by growing SG&A

PAGE 11

1) Differences may occur due to rounding

Growth acceleration continues in second quarter

Revenue bridge H1 2020 – H1 2021 – Evotec SE and subsidiaries

Well-balanced global customer mix further improving

Selected KPIs H1 2021

Double-digit organic EBITDA growth year-on-year

EBITDA bridge H1 2020 – H1 2021 – Evotec SE and subsidiaries

Capacity build-up temporarily affects margin

Condensed income statement Q2 2021 – Evotec SE and subsidiaries

in € m1)
	Q2 2021	Q2 2020
Revenues from contracts with customers	138.2	111.6
Gross margin	18.5%	17.7%
 R&D expenses	(17.0)	(14.7)	planned
 SG&A expenses	(25.2)	(19.3)
 Impairment of intangible assets	(0.7)	–
 Impairment of goodwill	–	–
 Other op. income (expenses), net	18.8	17.0	from 2
Operating result	1.5	2.8
Adjusted Group EBITDA2)	15.1	17.3
Net income	60.0	(9.8)

• Base revenues accelerated in Q2 versus Q1 2021 across all business lines while fx headwinds
• R&D investments higher as planned
• SG&A reflects further dynamic growth and strategic projects
• As a result EBITDA slightly below previous year level
• EVOequity: Net Income benefits nd fair value adjustment in 2021 of Exscientia investment

1) Differences may occur due to rounding

2) Before contingent considerations, income from bargain purchase and excl. impairments on goodwill, other intangible and tangible assets as well as the total non-operating result

Strong balance sheet supporting accelerated growth

Balance sheet and liquidity – 31 Dec. 2020 vs. 30 June 20211) – Evotec SE and subsidiaries

• Total assets, liabilities and equity increased by around 11%
• Equity ratio again increased by 3.2 percentage points
• With cash spend in first quarter, net debt leverage ratio remains very comfortable at -1.0 x adjusted EBITDA excl. IFRS 16
• While strong operating cash flow, liquidity decreased € 33 m from investments for J.POD® 1 US, capex for growth and continued EVOequity engagements

Agenda

Highlights

Financial performance H1 2021

"Building for growth"

Guidance 2021

Record demand – Capacity expansion around the globe

Expansion of footprint at all sites

France – "Campus Curie" J.POD® 2 EU initiated

Italy – Verona Acquisition of Verona site from GlaxoSmithKline SpA – Now "Campus Levi-Montalcini"

Germany – Hamburg, Goettingen – "Manfred Eigen Campus", Munich, Cologne New building initiated for "The lighthouse of iPSC" in Hamburg; expansion in Munich and Goettingen

UK – Abingdon – "Dorothy Crowfoot Hodgkin Campus", Manchester Dorothy Crowfoot Hodgkin Campus and Manchester expansion

USA – Branford, Princeton, Redmond, Seattle, Watertown

• All sites ready for expansion
• J.POD® 1 US operational start in Q4 2021

Austria – Orth

Footprint expansion under evaluation

Campus Levi-Montalcini creates long-term growth opportunities

"Campus Levi-Montalcini" – Acquisition of the Verona site from GlaxoSmithKline SpA

Ownership improves flexibility

• Acquisition from GSK strengthens fully integrated R&D solutions for partners
• 75,000 m² of state-of-the-art scientific and tertiary facilities plus 38,000 m² plot
• Currently ~ 750 employees in Verona with space to further grow following Action Plan 2025
• "Campus Levi-Montalcini" in commemoration of Italian Nobel laureate Rita-Levi Montalcini

J.POD® 1 in US - Grand opening on 18th of August

State-of-the-art manufacturing facility for biologics

Initially operational in Q4 2021

New manufacturing options to avoid biologics shortage in EU

Campus Curie home for new J.POD® showcases next-generation options

• Europe is second-largest market for biologics; local capacities to secure supply urgently needed
• J.POD® 2 EU creates operational efficiency and capacity for biological treatments in EU
• Strong support from French government, Occitanie region, Bpifrance, Haute-Garonne prefecture as well as Toulouse Métropole
• Two hectares of land1) at Campus Curie already identified and design plan started
• Opportunity to build global J.POD® network

The iceberg of co-owned product opportunities is growing

In total > 200 projects with big financial upside

				Neuroscience & Pain				Oncology			Metabolic Diseases			Inflammation & Immunology*			Virology	Anti-bacterial		Global Health
	Ph3	Insomnia
	Ph2	CC - P2X3	NP– P2X3	OAB–P2X3		Breast cancer			Carrick Breast Cancer					Endo – P2X3
Clinical		ND	Pain						Carrick CRPC					Endo	Endo
	Ph1	ND	ND			A2A			Carrick TNBC						P2X7	Topas Pemphis vulgaris				CHIK-V
		ALS							Exscientia ND 2		ND 10	QRbeta Encapsß		ND 8	Fibrocor IPF	Topas Topas Uveitis/Cholangiti Celiac disease s	HBV	Noso-502	Forge LpxC UTI
Preclinical		ND				EVT 801			Exscientia ND 3			EVT S460			Topas Anti-drug IR	Exscientia ND 5	Covid-19 3
		ND 12							Immunitas solid and hemat		ND 9	QRbeta
		ND 11						EVT LAB301 4	Immunitas IMT-073		ND 8	iBeta EVT
		ND 10					EVT TargetFAP	EVT LAB301 3	Exscientia ND 4		ND 7	Fibr. IBD 2 EVT Fibr. IBD 1			Topas ND 2
		ND 9					EVT FF-Ab 2	EVT LAB301 2	Quantro ND		ND 6	EVT TargetTF CDK/fibrosis	Eternygen NASH/Diabetes	ND 8	Topas ND 1		HBV-HBx	Naphtamidine s	Forge LpxC Lung
		ND 8		EVT	Cajal Neurosciences		EVT FF-Ab 1	EVT LAB301 1	Breakpoint ND 2 Breakpoint		ND 5	EVT TargetTF Fibrosis	NephThera ND	ND 7	Blacksmith ND		HBV RNA	Neopyrrolomy cins	Forge LpxC STD
		ND 7		Glaucoma EVT Fragile X	Aeovian ND	IO	EVT MDSC-screen	EVT iTab	ND 1 Blacksmith		ND 4	EVT iCardiomyocyte	Topas T1D	ND 6	Celmatix OS		HBV-HBc	Tribe Carb-X	Forge DXR	Malaria
Discovery		ND 6		EVT Canavan	Facio FSHD 1	LDD 5	EVT/MF AlloMod 3	EVT iM	ND Exscientia		ND 3	EVT NephSyn	Topas PV	ND 5	Celmatix PCOS		EBV 2	Noso-2G	Forge IspF	AP series Resorcinomyci
		ND 5	ND 14	EVT Gaucher	Facio FSHD 2	LDD 4	EVT/MF AlloMod 2	EVT iTgd	IO 1 Exscientia		ND 2	EVT Nurture	LAB150 N=1	ND 4	Fibrocor Fibrosis		EBV 1 Flu 2	Cystobactamid eAMR	Forge RNAP	n TB HTS
		ND 4	LDD 3	EVT RPE-P	Exscientia Psychiatry	Onco 4	EVT/TMF AlloMod 1	EVT iNK	IO 2 Exscientia N=5		ND 1	EVT QUOD	LAB282 N=2	ND 3	Fibrocor CA Nephropathy		Flu 1	Staph persist	Forge ThrS	TB Whole Cell
		ND 3	LDD 2	EVT iPSC Myelin	Exscientia ND 1	Onco 3	EVT/Indiv Lung c 3	EVT act	DarkBlue Therapeutics	Immunitas ND	Fibrosis	EVT Neplex	EVT Nurture TID 4	ND 2	Exscientia Respiratory		BKV	RNA Pol	Forge ND	HTS Natural product
		ND 2	LDD 1	EVT iPSC- ICT	LAB282 N=3	Onco 2	EVT/Indiv Lung c 2	EVT Ice	Autobahn Labs	LAB150 N=1	LDD 7	EVT HPP	EVT Nurture TID 3	ND 1	Exscientia N=5	LAB150 N=2	Exscientia Covid-19	HDT	Exscientia ND 6	TB patDB
		ND 1	ND 15	EVT iPSC Dir. Diff.	LAB150 N=1	Onco 1	EVT/Indiv Lung c 1	EVT ObliTaim	OxVax	LAB282 N=7	LDD 6	EVT Nurture TID 1	EVT Nurture TID 2	EVT ILR-23	CureXsys ND	LAB282 N=5	LAB282 N=2	VMM	LAB282 N=2	Product screen
		Partnered Pipeline			Unpartnered Pipeline		Equity Pipeline			BRIDGEs Pipeline

*Also includes Women's Health, Respiratory projects

The Equity Pipeline does not contain programs from EVT/partners that are not publically disclosed

Protein degradation partnership extended and expanded

Alliance with BMS since 2018 – already proven to be highly productive

Proteomics approach to targeted protein degradation

• Development of novel therapies for a broad range of diseases
• Opportunity to expand and accelerate with AI/ML

"Evotec Inside" – Fully invested pipeline gaining visibility

Discovery

Progress of drug candidates in advanced stages

Selected pipeline events within next 18 – 24 months

• Phase III data (China) with JingXin in insomnia
• Phase IIb data 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
• Phase I initiation with BMS in CNS
• Phase I data with Exscientia in Oncology (A2a)
• Phase I initiation with Kazia in Oncology (EVT801)
• Phase I with Sanofi in HBV
• Multiple co-owned equity companies 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)
		BAY-1817080 Chronic cough (P2X3)
		BAY-1817080 Overactive bladder
		BAY-1817080 Neuropathic pain
		BAY-1817080 Endometriosis
	CT7001	Oncology (CDK7)
	CT7001	Oncology (CDK7)
	EVT401	Immunology & Inflammation (P2X7)
Clinical	BAYxxx	Women's health
	BAY2328065 Gynaecology
	BI 894416	Asthma (not disclosed)
	BI 860585	Oncology (mTORC1/2)
	TPM203	Pemphigus Vulgaris (not disclosed)
	DSP-1181	Obessive-compulsive disorder (5-HT1A)
	CNTX 6016	Pain (CB2)
	EVT894	Chikungunya (Antibody)
	BAYxxx	Endometriosis (not disclosed)
	EVT801	Oncology (VEGFR3)
	APN411	Oncology – Immunotherapy
	EXS21546	Oncology (variousprogrammes)
	GLPGxxxx	Fibrosis (not disclosed)
Pre-clinical	BAYxxxx	Nephrology (not disclosed)
	QRB001	Metabolic – Diabetes (not disclosed)
	BMSxxxx	Neurodegeneration (not disclosed)
	EVT895	HBV
	EVTxxxx	CNS, Metabolic, Pain …	>10 further programmes

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

Positive Phase IIb headline data supports best-in-class potential

P2X3 antagonist – eliapixant (BAY1817080) Refractory Chronic Cough (RCC)

Positive outcome of Phase IIb trial (PAGANINI)

• Statistically significant improvement in 24-hour cough counts per hour over placebo after 12 weeks of treatment2)
• Positive outcome in chronic cough regarding efficacy, safety and differentiation3)
• Favourable safety and tolerability profile

Multiple indications potential

Detailed efficacy and safety data will be presented by Bayer at upcoming scientific congress

Lessons from COVID-19

Building a unique pandemic Preparedness and Rapid RespOnse TEChnology PlaTform

Welcome back, Kara!

Kara Carter re-joining Evotec to strengthen Evotec's position in Virology

"Chronic Hepatitis B continues to have a tremendous burden on global health. Finding a cure for this disease requires innovative approaches and is critically important to improving the health of millions of patients world wide."

Kara Carter

Keeping the promise

ESG & Sustainability – Measures taken in H1 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)

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

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

BRIDGEs bring multiple future investment options

Creating long-term optionality with efficient translation

Growing portfolio with operational synergies

EVOequity overview

Equity participation FSHD Initiated 2017 Equity participation and partnership Oncology Initiated 2020 Equity participation Women's health Initiated 2019 Equity participation Metabolic disorders Initiated 2016 Spin-off Nanoparticlebased therapeutics Initiated 2016 Spin-off DNA damage response Initiated 2019 Equity participation Cross therapeutic areas Initiated 2020 Joint Venture At equity investments (share ≥ 20% or significant influence) Equity participation Failsafe cloaking for cell therapies Initiated 2020 Spin-off (LAB282) Oncology Initiated 2020 Joint Venture with Vifor Pharma Nephrology Initiated 2019 Equity (in-kind) Cross therapeutic areas Initiated 2019

Minority Shareholdings (share < 20%)

Equity participation	Equity participation	Equity participation	Equity participation	Equity participation	Equity participation	Equity participation	Equity participation	Venture fund Invests into	Equity participation	Equity participation	Equity participation
Innovative pathways in oncology	AI for auto mated drug design	Targeting metallo enzymes	Fibrosis partnership	Inflammatory disease	Oncology / Biologics	Oncology	Formulation nanotech nologies	early-stage life science companies	Neuro-science	Immuno oncology	Cross therapeutic areas
Initiated 2016	Initiated 2017	Initiated 2017	Initiated 2017	Initiated 2019	Initiated 2019	Initiated 2019	Initiated 2020	Initiated 2020	Initiated 2020	Initiated 2021	Initiated 2021

Agenda

Highlights

Financial performance H1 2021

"Building for growth"

Guidance 2021

Strong year ahead

Guidance 2021

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® 1 US capacities in US & J.POD® 2 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").

Our mid-term aspirations are "…just the beginning"

2020-2025e Key Performance Indicator goals

Upcoming important dates

Financial calendar 2021

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 December 2021

Your contact:

Dr Werner Lanthaler Chief Executive Officer

+49.(0).40.560 81-242 +49.(0).40.560 81-333 Fax werner.lanthaler@evotec.com

Appendix

Plenty of headroom despite significant capex & equity invested

Further improvement of accounts receivables management

Days Sales Outstanding comfortably within target range

• Trade accounts receivables including receivables from associated companies decreased to € 79.8m (Dec 2020: € 87.9m)
• Days Sales Outstanding (DSO) of 53 comfortably within target range of 50-60 days
• Effect from extension of alliance with BMS in protein degradation at the end of Q1 mitigated in Q2 as planned
• Reduction of DSO by 27 days versus Q2 2020

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

Sustainable thinking is holistic and ensures long-term success