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STRATEC SE Investor Presentation 2023

Oct 27, 2023

416_ip_2023-10-27_d947573f-4bbe-48c7-b2a7-14184b494279.pdf

Investor Presentation

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STRATEC 9M/2023 FINANCIAL RESULTS

Birkenfeld, 2023-10-27

Forward-looking statements involve risks.

This company presentation contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this. This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected.

It is not planned to update these forward-looking statements.

1.9M/2023 HIGHLIGHTS

  • 2.FINANCIAL REVIEW
  • 3.OUTLOOK
  • 4.Q&A
    1. APPENDIX

  • •Sales -9.1% at constant-currency to €187.7 million

    • – Sales performance still adversely affected by excess molecular diagnostics capacities built up during pandemic
    • –Market demand does not yet break through due to destocking effects following global supply crisis
    • – Stockholdings at customers expected to return to normal levels at the beginning/in the middle of 2024

  • •Significant intra-year improvement in profitability inQ3/2023 with adjusted EBIT margin of 14.8%

    • – Substantial progress within initiated earnings improvement program (current run rate ahead of schedule)

  • •Financial guidance for 2023: sales guidance slightly adjusted and margin target confirmed

  • • Well-stocked development pipeline and significant expansion of two major development cooperations

  • 2.FINANCIAL REVIEW
  • 3.OUTLOOK
  • 4.Q&A
    1. APPENDIX

FINANCIALS AT A GLANCE1

€
0
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Adj. = adjusted / bps = basis points

1For comparison purposes, adjusted figures have been adjusted to exclude amortization resulting from purchase price allocations in the context of acquisitions and other non-recurring items (advisory expenses and restructuring costs relating to M&A activities and one-off personnel expenses). In the previous year, the figures were additionally adjusted to exclude a provision for expected back payments of tax (including interest payments).

FINANCIAL REVIEW

SALES 9M/2023

Sales in € million

As of September 30

Sales in 9M/2023 -9.6% to € 187.7 million -9.1% at constant currency

  • (-) Pandemic related overcapacities within MDx market and still elevated inventory levels at customers
  • (-) Low utilization levels within the installed base limits growth with service parts
  • (+) Slight growth with development and service sales versus tough prior year base of comparison
  • (+) Growing contributions from newly launched systems

9M/2023 FINANCIAL RESULTS – OCTOBER 27, 2023

ADJUSTED EBIT AND EBIT MARGIN 9M/2023

9M/2023 adjusted EBIT down by 57.4% yoy to € 16.2 million, margin at 8.6%

  • (-) Negative economies of scale
  • (-) Product mix effects
  • (+) Implemented price adjustments
  • (+) Targeted measures in areas of personnel and development

Significant improvement in Q3/2023 with adjusted EBIT margin of 14.8%

As of September 30

FINANCIAL REVIEW

CASH FLOW AND NET DEBT

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+
  • • Operating cash flow burdened by lower operating profitability and still materially inflated inventory levels
  • • Cash flow from investment activities includes € 27.7 million outflow for Natech Plastics acquisition
  • •Investment ratio1 at 7.5% of sales versus 5.8% in 9M/2022 in-line with full year target corridor of 6.0% to 8.0%
  • •Net debt / EBITDA2 ~3x

1 Total investments in intangible and tangible assets in % of sales 2 Based on EBITDA forecast for 2023

  • 1.9M/2023 HIGHLIGHTS
  • 2.FINANCIAL REVIEW
  • 3.OUTLOOK
  • 4.Q&A
    1. APPENDIX

EARNINGS IMPROVEMENT PROGRAM*

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*Compared with the original company budget

UPDATED GUIDANCE FOR FISCAL YEAR 2023

  • •Adjustment of sales outlook 2023: Sales expected to fall slightly short on a constant-currency basis compared to previous year (previously: sales to remain stable or grow slightly)
    • Ongoing and pandemic-related period of subdued developments in the molecular diagnostics instrumentation solutions market
  • •Adjusted EBIT margin of around 10.0% to 12.0% (2022: 16.4%) - confirmed
    • Implemented price increases and further progress in the execution of earnings improvement program
  • •Investments in tangible and intangible assets combined of around 6.0% to 8.0% of sales - confirmed

QUESTIONS & ANSWERS

9M/2023 FINANCIAL RESULTS – OCTOBER 27, 2023

APPENDIX

ADJUSTMENTS 9M/2023

EBIT

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1 Advisory expenses and restructuring costs in connection with M&A activities as well as one-off personnel expenses

Consolidated net income

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Advisory expenses and restructuring costs in connection with M&A activities as well as one-off personnel expenses

CONTACT

STRATEC SE Gewerbestr. 37 75217 Birkenfeld Germany

Phone +49 7082 7916-0 Fax +49 7082 7916-999 www.stratec.com

CONTACT

Jan Keppeler, CFA Head of Investor Relations, Sustainability & Corporate Communications

Phone +49 7082 7916-6515 [email protected]

THANK YOU FOR YOUR ATTENTION

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