va-Q-tec AG

Earnings Release • May 10, 2022

va-Q-tec Q1 2022 Earnings Release Presentation

10th May 2022

VQT with continued strong growth in Q1

Revenue up +25 % in Q1 2022 to EUR 28,0 million compared to EUR 22,4 million in Q1 2021

+

+

+

+

Outstanding growth in the Services (+48 %) and Systems (+29 %) divisions

EBITDA in Q1 2022 of EUR 3,9 million compared to EUR 4,6 million in Q1 2021 (-16 %); EBITDA margin of 13 % in Q1 2022 compared to 16 % in Q1 2021 based on total income

Significantly improved operating cash flow and capex reduction; free cash flow in Q1 2022 up by around EUR 3,7 million year-on-year and positive

Revenues by business line

Group revenues grew by 25%

3

Breakdown by cost position

	Q1 22 In Mio. EUR	Q1 21 In Mio. EUR	Difference in %
Revenue	27.988	22.359	+25%
Total income	30.940	28.445	+9%
Cost of Materials and Services	-12.261	-12.400	-
Gross profit	18.679	16.045	+16%
Personnel expenses	-9.273	-7.811	+19%	Anticipated future business
Other operating expense	-5.541	-3.646	+52%	Higher logistics and energy costs,
EBITDA	3.865	4.588	-16%	travel costs
Depreciation & amortization	-3.729	-3.163	+18%
EBIT	136	1.425
Financial result	-621	-528
EBT	-485	897
Income taxes	-442	156
Net income (EAT)	-927	1.053

Cash flow summary

Operating CF strongly improved

In Mio. EUR	Q1 22	Q1 21		Comments
Operating cash flow before changes in Working Capital	3,6	4,6		• Operating CF with a strong development, +62% yoy
Operating cash flow	2,1	1,3		term growth mainly done
Investing cash flow	-2,1	-4,9
Thereof payments for investments in property, plant and equipment*	-2,1	-5,0		• Positive FCF, +3,7 Mio. EUR improvement
Financing cash flow	0,2	-2,1
Net change in cash	0,2	-5,8		2022
Free cash flow	0,04	-3,6
Cash and cash equivalents	10,1	11,4		Available lines + cash =

*c. 80% growth CAPEX

Comments

• Operating CF with a strong development, +62% yoy
• Accelerated investments to ramp-up capacity for CoVid-19 logistics and midterm growth mainly done
• Positive FCF, +3,7 Mio. EUR improvement
• Continuing to expect a positive FCF in 2022

15,8 Mio. EUR

Solid equity ratio of 35%, no goodwill No Goodwill, Net Debt excl. mortgage loans: 2.0x last 12 months EBITDA

Short-term outlook

Guidance confirmed

	Guidance FY22e	Assumptions
Revenues	115-122 Mio. EUR	• With ~75% Healthcare revenues in 2022E, stable business assumed • No major negative impact from geopolitical tensions • Supply chain constraints and increased inflation considered to some extent
EBITDA	Growing – stable Margins

60% of primary energy consumption in industrialized countries is used for thermal purposes.

Thermal Energy Efficiency

70% of the world's top-selling pharmaceuticals require strictly temperature-controlled supply chain [TempChain].

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

Group revenues grew by 25%

Revenue Shares TempChain 72% Corona-related Business 14% Revenue Shares TempChain 78% Corona-related Business 20% Q1 2021 22,4 Mio. EUR Q1 2022 28,0 Mio. EUR +25% Services Systems Products 6,8 Services 5,5 Systems Products 6,3 6,8 8,8 Q1 2021 Q1 2022

11