va-Q-tec AG — Earnings Release 2019

May 10, 2019

va-Q-tec AG Q1 2019 Earnings Release

May 10th, 2019

• Highlights and Business Update
• Financial Performance Q1 2019
• Outlook 2019
• Q&A

Dr. Joachim Kuhn (CEO) Stefan Döhmen (CFO)

Good Financial Performance:

• Revenue +27% to 15,2 Mio. EUR
• EBITDA margin increases from 4% to 13%

Progress in "Services": Revenue +76%, broadened customer base

Cost ratios : Focus on cost efficiency driven by Power20+ program is starting to show in the numbers

CAPEX: Spending significantly reduced, as heavy investment period largely finalized in 2018

Progress on strategy: New small box rental project, lighthouse project in aerospace

Total Revenue by business line

EBITDA SHOWING STRONG RECOVERY

P&L In EUR Mio. and % of total income FY COMMENTS Q4 2018: 5,5 Mio. EUR Decrease vs. Q4 2018 (3,3 Mio. EUR), improved ratio: 15% (Q1 18: 17%) Increase due to high-pace CAPEX since IPO Q1/18 Q1/19 Delta Revenues 12,0 15,2 +27% Total Income 14,7 16,8 +15% COST OF MATERIALS AND SERVICES -6,9 -6,6 -4% GROSS PROFIT 7,8 10,2 +31% PERSONNEL EXPENSES -4,7 -5,4 +15% OPEX -2,4 -2,6 +7% EBITDA 0,7 2,2 +242% D&A -2,3 -2,9 +28% Earnings before interest and tax (EBIT) -1,6 -0,7 Significant Improvement due to accelerated Services revenues, increased GM 53% 61% 32% 32% 17% 15% 4% 13%

BALANCE SHEET

COMMENTS

in EUR Mio.	Q1/18	Q1/19
Operating cash flow before changes in Working Capital	0,6	0,5
Operating cash flow	-1,8	-0,9
Investing cash flow	3,3	-1,3
Financing cash flow	-1,2	-2,0
Net change in cash	0,3	-4,3

• Operating CF before WC stable and positive
• Progress in OCF visible, yet still negative as increased accounts receivables (in line with higher revenues) drive working capital
• Investing CF reflecting softer investments after a heavy investment period following the IPO, Q1 2018 influenced by 9 Mio. EUR dissolution of short-term investments (IPO funds)

LIQUIDITY DEVELOPMENT, 12/2018 – 03/2019

In EUR Mio.

	Liquidity	Total
Liquidity 12/18	03/2019 incl.	Headroom
	available lines	2019 YTG

INVITATION CAPITAL MARKETS DAY 2019

WHEN: June 6th, 2019, starting 12:30

WHERE: va-Q-tec AG ‖ Alfred-Nobel-Straße 33 ‖ 97080 Würzburg

WHAT: VQT Strategy & Business Update ‖ Financials ‖ Site visit incl. interactive learning sessions VQT core technologies ‖ Get-together with VQT management

RSVP: until May 30th ‖ Felix.Rau@va-Q-tec.com

OUTLOOK 2019

• Very strong revenue growth (CAGR +25%) in the past five years
• Moderate growth (+8%) in 2018

Topline: Medium to strong revenue growth

EBITDA: Strong growth and substantial margin improvement

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Progress in our strategy

US Small Box Rental Project Technological Leadership

• International business activities further evolving in 2019
• Small box rental project in the US had started in Q4 2018

• Planned run rate was already reached in Q1 2019

• Lighthouse project: Joint application for the "Crystal Cabin Award" with Airbus Operations GmbH in Q1 2019

• Aerospace market: Interesting potential applications for vacuum insulation panels delivering significant technical advantages

Thank you for your attention!

va-Q-tec AG

Alfred-Nobel-Straße 33 97080 Würzburg Tel.: +49 931 35942-1616 Fax: +49 931 35942-0 IR@va-Q-tec.com

TICKER

Symbol: VQT Bloomberg: VQT:GY Reuters: VQTG:DE ISIN: DE0006636681 WKN: 663668

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