Evotec SE — Investor Presentation 2022

Nov 11, 2022

Together for medicines that matter

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 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 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.

Welcome

The Management Team

Agenda

Highlights

Financial performance 9M 2022

Scientific and operational performance 9M 2022

ESG, Outlook and Guidance 2022

Focused on execution and acceleration

9M 2022 – Latest highlights & lowlights

Highlights

• Undisrupted demand in all sectors; New and extended discovery & development agreements and several smaller milestones
• Significant progress in neuroscience collaboration with Bristol Myers Squibb
• Just Evotec Biologics: Collaboration with Alpine Immune Sciences; U.S. Department of Defense ("DOD") first contract for monoclonal antibody; Second award after period end; Ground-breaking for biologics facility J.POD® Toulouse, France
• Acquisition of Central Glass Germany, which will operate as Evotec Drug Substance (Germany) GmbH ("Evotec DS"), effective 1 November
• E.MPD molecular database in autoimmune diseases with Hannover Medical School ("MHH") (after period-end)
• Launch of multi-omics data analysis platform PanHunter (after period-end)

Lowlights

• Delays in milestones and of revenue recognition from scaling biologics manufacturing
• Strong headwinds from rising energy and material costs and overall inflation

Strong profitable growth of base business

Financials 9M 2022 & FY 2022 guidance

Undisrupted demand from all industry sectors

• Group revenues of € 510.8 m up 19%
• − Growth of Group revenues, adj. for fx-effects up 13%
• − Growth of base business (excl. milestones, upfront payments, licenses) up 27%

• Adjusted Group EBITDA3) of € 44.6 m down 36%

• − Lower milestones, upfront and license revenues
• − Just Evotec Biologics in start-up phase
• − Energy / material costs as well as M&A related costs
• Adjusted Group EBITDA3) excluding Just – Evotec Biologics of € 84.6 m up 14%
• − Higher utilisation and high margin business compensating lower milestones
• − fx-tailwind of € 12.4 m

Guidance confirmed

• Very good top-line growth expected
• − Total Group revenues € 715-735 m; 2021: € 618 m (€ 690-710 m at constant exchange rates1))
• Accelerated R&D investments for sustained growth
• − Unpartnered Group R&D expenses of € 70-80 m2) (2021: € 58 m)

• At least stable adj. Group EBITDA – investing in growth

− Adjusted Group EBITDA4) € 105-120 m (unchanged) (2021: € 107.3 m) (€ 85-100 m at constant exchange rates1))

1) EUR/US\$ 1.18; EUR/GBP 0.86

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) Before contingent considerations, income from bargain purchase & excl. impairments on goodwill, other intangible & tangible assets as well as the total non-operating result 4) Excluding M&A related costs (€ -2 m ytd) and before contingent considerations, income from bargain purchase & excl. impairments on goodwill, other intangible & tangible assets as well as the total non-operating result

Agenda

Highlights

Financial performance 9M 2022

Scientific and operational performance 9M 2022

ESG, Outlook and Guidance 2022

Strong growth & investments in capacity, R&D, SG&A and M&A

Condensed income statement 9M 2022 – Evotec SE and subsidiaries

9M 2022	9M 2021	Change
510.8	431.0	19%
17.9%	23.1%	–
(55.3)	(53.5)	3%
(109.9)	(71.0)	55%
-	(0.7)	nm
56.7	51.8	9%
(16.8)	26.1	nm
44.6	70.1	(36)%
(148.5)	247.0	nm

• Revenue growth 19% (13%, adjusted for fx-effects); comparison impacted by high milestone contribution in Q3 2021
• Increasing share of unpartnered R&D (+19%)
• SG&A up 55% due to upscaling at all sites, US-listing, consulting fees (M&A, digitalisation), energy costs, higher depreciation & amortisation
• Decline of adj. EBITDA due to change in revenue mix, and cost structure
• Strong net income impact from share price adjustment of EVOequity holding 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

High quality gross margin, clearly identified challenges

Revenues & Gross margin overview – Evotec SE and subsidiaries

• Group revenues € 482.8 m excluding Just – Evotec Biologics up 22%
• Base revenues € 502.7 m up 27%
• Group base revenues excluding Just Evotec Biologics of € 474.7 m up 32%
• Group gross margin of 27.3% excluding Just – Evotec Biologics despite lower milestones
• Gross margin excluding milestones of 26.5% significantly improved versus 21.7% despite significantly higher energy and material costs
• fx-tailwind accounts for 1.6 percentage points margin improvement

Accelerating underlying EBITDA growth

Adj. EBITDA overview – Evotec SE and subsidiaries incl./excl. Just – Evotec Biologics

• € 44.6 m strongly impacted by start-up costs for Just – Evotec Biologics
• Group adj. EBITDA of € 84.6 m, excl. Just – Evotec Biologics up 14%

• Group adj. EBITDA decline by 36% to

• Positive

• − High margin business
• − Higher utilisation
• − fx-tailwind

• Challenges

• − Lower contribution from milestones, upfront and licenses
• − Higher energy costs and inflation
• − M&A related costs

Strong underlying performance

Segment information 9M 2022 – Evotec SE and subsidiaries

in € m1)

	EVT Execute	EVT Innovate	Inter segment elimination	Evotec Group
Revenues	526.7	121.9	(137.9)	510.8
Gross margin	16.2%	14.2%	–	17.9%
• R&D expenses	(4.2)	(62.2)	11.1	(55.3)
• SG&A expenses	(88.2)	(21.7)	–	(109.9)
• Impairment of intangible assets and goodwill	–	–	–	–
• Other op. income (expenses), net	25.3	31.4	–	56.7
Operating result	18.3	(35.1)	–	(16.8)
Adjusted EBITDA2)	75.8	(31.2)	–	44.6

• EVT Execute: 23% growth including intersegment revenues; 18% growth of external revenues driven by strong base business (23% excluding Just – Evotec Biologics)
• EVT Innovate: 20% growth in 9M 2022 despite high milestone driven comparable base in Q3 2021; demand for precision medicine platforms remains very strong
• Adjusted Group EBITDA influenced by lower contribution from milestones, upfronts and licenses as well as ramp-up costs of Just - Evotec Biologics, energy and material costs as well as M&A costs as part of higher SG&A costs

¹⁾ Differences may occur due to rounding

Strong growth of base business – expanding at high speed

Condensed income statement Q3 2022 – Evotec SE and subsidiaries

Q3 2022	Q3 2021	Change
173.9	159.7	9%
16.3%	27.0%	–
(18.5)	(18.0)	3%
(42.5)	(24.7)	72%
–	–	–
–	–	–
19.0	17.3	10%
(13.5)	17.7	nm
11.0	33.9	-68%
(47.3)	134.3	nm

• Reported growth of 9% due to high comparable basis of milestones, upfronts & licenses in Q3 2021 (Δ € 23 m)
• Base revenues increased by 29% in Q3
• Gross margin contraction due to high comparable base in Q3 2021 and Just – Evotec Biologics ramp-up
• Gross margin excluding Just – Evotec Biologics: 28.8%
• SG&A reflects further scaling, higher energy costs and M&A
• Adj. EBITDA excluding Just Evotec Biologics at previous years level despite lower milestones and higher costs

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 supports strategic growth

Balance sheet and liquidity – 31 Dec. 2021 vs. 30 Sep. 20221) – Evotec SE and subsidiaries

Agenda

Highlights

Financial performance 9M 2022

Scientific and operational performance 9M 2022

ESG, Outlook and Guidance 2022

Precise medicines with omics, cell therapy & tech convergence

Overview & focus areas to accelerate leadership and profitable growth

PanOmics	iPSC-based Cell Therapies	Just – Evotec Biologics	End-to-end Shared R&D
	Data-driven R&D Autobahn to	Cures
From disease understanding to precise medicines	Industry leading iPSC capability at scale for off the shelf solutions	Disruptive technology to offer lowest cost, highest quality bio logics	Multi-modality end-to-end shared drug discovery & development

Expanded and new alliances with precision medicine platforms

Latest highlights in 9M 2022

PanOmics	iPSC-based Cell Therapies	Just – Evotec Biologics	End-to-end Shared R&D
Data-driven R&D Autobahn to Cures
	Neurodegeneration: Two new programmes identified for further development
	Expansion of E.MPD molecular database into autoimmune diseases
PanHunter	Launch of first commercial version of PanOmics data analysis platform

Offering Software as a Service (SaaS)

PanHunter

Delivering health by expanding & improving cell therapy research

Overview 9M 2022

PanOmics	iPSC-based Cell Therapies	Just – Evotec Biologics	End-to-end Shared R&D
Data-driven R&D Autobahn to Cures
	• QRBeta 1.0 – First generation cell therapy for Insulin-dependent diabetes • iPSC-based beta cells combined with Cell Pouch™
Evotec (Modena)	• Acquisition of Rigenerand Srl, Medolla, Italy, now operating as Evotec (Modena) Srl • Evotec Cell Accelerator: cGMP manufacturing as basis for off-the-shelf cell therapies

Paradigm shift in biologics starting its market entry strategy

Latest highlights in 9M 2022

PanOmics	iPSC-based Cell Therapies	Just – Evotec Biologics	End-to-end Shared R&D
Data-driven R&D Autobahn to Cures
	• Just – Evotec Biologics is in its build up and initial investment phase • Discovery and pre-clinical programs build a robust pipeline towards commercial contracts
	Ground-breaking for second new biologics facility J.POD® Toulouse

We are expanding across disease areas

Just – Evotec Biologics client programmes

Disease area	No. of programmes	Discovery	J.MDTM Optimization	Pre-clinical development	Clinical manufacturing	Commercial Manufacturing	Good initial basis for growth
	1						• >15 partners / >20 programmes
Oncology	4						• 3 programmes added in Q3 and one
	2						more DOD award in Q4
Autoimmune	1						• Continued emphasis on optimal
Cardiovascular	2						value mix of − Fee for service, EVOroyalty,
CNS	1						EVOequity
	1						• Better access to affordable medicine
Infectious diseases	3						for all
	3						− >50% of programmes addressing targets set to reach UN SDG 32)
Other / undisclosed	ND1)
	ND

Annual sales have already tripled versus FY21

Biologics sales

Continued strong performance of shared R&D platform

Latest highlights in 9M 2022

PanOmics	iPSC-based Cell Therapies	Just – Evotec Biologics	End-to-end Shared R&D
Data-driven R&D Autobahn to Cures
	• Several new and extended integrated drug discovery agreements e.g., Viotika, … • Continued increased demand for integrated CMC (Chemistry, Manufacturing and Control) capabilities e.g., Zogenix, … • Successful achievement of four performance-based small milestones within existing partnerships; e.g., IND submission, pre-clincial development candidate nomination, and lead optimisation start • Strong performance of DMPK / ADME-tox testing, e.g., UCB, …

Clear path to the market for rare diseases & precision medicine

Complementing our Abingdon, UK and Verona, Italy API Capabilities

• State-of-the-art laboratory equipment
• GMP labs and kilo lab facilities
• 3 GMP pilot plants (18 reactors from 100 to 1,600L, 7 m³ )
• Commercial API manufacturing capacity

EU GMP certified facility

• ~60 chemical manufacturing experts
• EU cGMP certified and provides highly flexible drug substance manufacturing space with over 5,000 square metres
• Highly flexible product lifecycle management strategies, particularly in rare diseases

"Evotec Inside"

Steady stream of high-value catalysts

Selected pipeline events within next 12 – 24 months

• Phase III & registration (CHN) JingXin in insomnia (EVT201)
• Approval of COVID Biologic (KOR) with SK Bioscience (SKYCovione)
• Phase II data with Bayer in DNP (BAY2395840)
• Phase II initiation with Bayer in Gynaecology (BAY2395840)
• Phase I data in Chikungunya virus (EVT894)
• Phase I data with BMS in CNS (EVT8683)
• Phase I data with Kazia in Oncology (EVT801)
• Phase Ib / II initiation of Exscientia in Oncology (EXS21546)
• Phase I initiation in Covid-19 / HBV (EVT075)
• Phase I initiation with Bayer in Kidney diseases
• Phase I initiations with Kidney diseases with other partners
• Phase I initiation with BMS in CNS
• Phase I initiation with BMS in Oncology
• 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	Approved
	SKYCovione	COVID-19
	EVT201	Insomnia (GABA-A)
	BAY2395840	Diabetic Neuropathic Pain (B1)
	CT7001	Oncology (CDK7)
	XP-105	Oncology (mTORC1/2)
	EVT401	Immunology & Inflammation (P2X7)
	BAY2328065	Gynaecology
	EXS21546	Oncology (various programmes)
Clinical	CNTX 6016	Pain (CB2)
	EVT894	Chikungunya (Antibody)
	Not Disclosed	Neuroscience & Pain	n.a.
	Not Disclosed	Neuroscience & Pain	n.a.
	EVT801	Oncology (VEGFR3)
	EVT8683	Neurodegeneration (eIF2b activator)
	TPM203	Pemphigus Vulgaris (ND)
	CT7001	Oncology (CDK7)
	CT7001	Oncology (CDK7)
	APN411	Oncology – Immunotherapy
	GLPGxxxx	Fibrosis (not disclosed)
	BAYxxxx	Nephrology (not disclosed)
	QRB001	Metabolic – Diabetes (not disclosed)
Pre-clinical	EVT075	Covid-19 / HBV	n.a.
	Not disclosed	Various programmes
	EVTxxxx	CNS, Metabolic, Pain, …	>10 further programmes

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

EVOequity continues co-owning strategy

Operational VC model – diversified portfolio with multiple shots on goal

Agenda

Highlights

Financial performance 9M 2022

Scientific and operational performance 9M 2022

ESG, Outlook and Guidance 2022

Keeping the promise

ESG & Sustainability – Measures taken in 9M 2022

• Environment

• − Starting final phase of SBTi alignment project: Completion of Scope 3 emission assessment
• − Currently setting targets for scopes 1, 2 and 3, where engaging our suppliers is included
• − Installation of first air source heat pump (Building B95 in Abingdon)

• Social

• − Expansion of investments in disease areas under UN SDG3
• − Launch of Aurobac Therapeutics, JV with Boehringer Ingelheim and bioMérieux; Targeting Antimicrobial Resistance ("AMR") with next generation antimicrobials and diagnostics
• − Diversity Month and Pride Month; Joined Proud Science Alliance; Evotec @ London Pride

• Governance

• − Governance roadshow of Chairwoman of Supervisory Board
• − Formation of ESG Committee within the Supervisory Board
• − Scoping and prioritisation of ESG projects in 2023
• − Expansion of ESG Team
• − Implementation of Supplier Code of Conduct

Guidance confirmed – On track towards reaching AP 2025 goal

Guidance 2022

	Guidance 2022	YE 2021	Implied growth at midpoint
Group revenues (H1 2022) constant fx-rates1)) (at	735 m € 715 – (€ 690 – 710 m)	€ 618 m	>15%
Unpartnered R&D2)	80 m € 70 –	€ 58 m	~30%
Adjusted EBITDA3) constant fx-rates1)) (at	120 m € 105 – 85 – 100 m) (€	€ 107 m	At least stable

1) EUR/US\$ 1.18; EUR/GBP 0.86

2) No material fx effects as most R&D efforts are carried out in € area

3) Excl. estimated M&A related costs (€ -5 m) & before contingent considerations, income from bargain purchase & excl. impairments on goodwill, other intangible & tangible assets as well as the total non-operating result

Strong finish to the year needed and anticipated

EBITDA bridge 9M 2022 – FY 2022 guidance target

¹⁾ Excluding M&A costs composing of transaction costs and earnings impact related to acquisitions of Rigenerand ("Evotec Modena Srl") and Central Glass, Halle ("Evotec DS") 2) fx-effect/M&A costs

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

2020-2025e Key Performance Indicator goals

Setting the pace to accelerate growth along Action Plan 2025

Next key events to watch

	R&D efficiency platforms	• Continued >15% growth of base business (EVOiR&D) • Significant capacity and value chain expansion for all modalities and sites
	Precision medicine platforms	• New partnerships, important milestones • Multiple clinical trial initiations and progression of co-owned pipeline; (EVOroyalty) • Spin-Offs and investments along AP 2025 (EVOequity)
	Just – Evotec Biologics	• Multiple new partnerships (EVOaccess) • Completion of construction for J.POD® Toulouse, France (EU)

Upcoming important dates

Financial calendar 2023

Preliminary FY 2022 results	28 March 2023
Full year 2022 report	25 April 2023
Quarterly Statement Q1 2023	10 May 2023
Virtual Annual General Meeting 2023	20 June 2023
Half-year 2023 Interim Report	09 August 2023
Quarterly Statement 9M 2023	08 November 2023

Your contact:

Volker Braun Head of Global Investor Relations & ESG

+49.(0).40.560 81-775 +49.(0).40.560 81-333 Fax volker.braun@evotec.com