va-Q-tec AG — Earnings Release 2021

Mar 29, 2022

va-Q-tec FY 2021 Earnings Release Presentation

29th March 2022

VQT with outstanding FY 2021 figures

EBITDA +64% to 18,7 Mio. EUR (FY 2020: 11,4 Mio. EUR); EBIT 5,0 Mio. EUR (FY 2020: -0,9 Mio. EUR) Systems revenue +86% YoY to 36,4 Mio. EUR (FY 2020: 19,5 Mio. EUR) va-Q-tec solutions generated high international Excellent growth performance: Revenue +44% to 104,1 Mio. EUR (FY 2020: 72,1 Mio. EUR) ⁺ + + +

acknowledgment enabling the Corona vaccine distribution

Group revenues grew by 44%

Almost tripled revenue since IPO in 2016

EBITDA and EBIT with strong improvement EBITDA and EBIT

Group EBIT In Mio. EUR

All margins on revenues

Group EBT In Mio. EUR

Group EBITDA

In Mio. EUR

Breakdown by cost position

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	FY 21 In Mio. EUR	FY 20 In Mio. EUR	Difference in %
Revenue	104,063	72,106	44
Total income	122,531	84,132	46
Cost of Materials and Services	-50,754	-32,751	55	Incl. temp workers for temporary capacity expansion
Gross profit	71,777 59%	51,381 61%	40
Personnel expenses	-33,082 27%	-26,111 31%	27	Improved ratio
Other operating expense	-19,996 16%	-13,870 16%	44
EBITDA	18,699 15%	11,400 14%	64
Depreciation & amortization	-13,655	-12,299	11
EBIT	5,044	-900		Positive EBIT
Financial result	-2,246	-1,259
EBT	2,798	-1,511
Income taxes	-636	77		First tax payment
Net income (EAT)	2,162	-1,434		Positive EAT

Cash flow summary

Operating CF before WC strongly improved

In Mio. EUR	FY 21	FY 20	Comments
Operating cash flow before changes in Working Capital	13,3	6,7	development, +99% yoy
Operating cash flow	3,3	7,4	and for intl, subsidiaries
Investing cash flow	-24,2	-11,8
Thereof payments for investments in property, plant and equipment*	-22,1	-11,4	term growth
Financing cash flow	13,6	14,1	to negative FCF
Net change in cash	-7,3	9,6
Free cash flow	-20,9	-4,4	in 2022
Cash and cash equivalents	9,8	17,1	Available lines + cash =

*c. 80% growth CAPEX

Comments

• Operating CF before WC with a strong development, +99% yoy
• WC build-up mainly for business in Q3/Q4 and for intl, subsidiaries
• Accelerated investing CF to ramp-up capacity for CoVid-19 logistics and midterm growth
• Growth CapEx (c. 80% of 2021 CapEx plus WC for extraordinary business growth led to negative FCF
• Fully on track to achieve FCF break-even in 2022

15.3 Mio. EUR

No Goodwill, Net Debt excl. mortgage loans: 2.0x 2021 EBITDA

Solid equity ratio of 36%, no goodwill

Profitable Growth aspired Short-term outlook

	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

Mid-term targets for 2025 – Strong Growth continues

160-180 Mio. EUR Revenues - 22-26% Margin

	Strategic and Financial KPIs
	2021	2025
Revenues	104,1 Mio. EUR	160-180 Mio. EUR (Implied 2020-2025 CAGR: ~20%)
EBITDA Margin	18%	22-26%
Main		TempChain +++ (Systems & Services)
Growth Drivers		Thermal Energy Efficiency ++ (Products)

Our path to 2025

2021 2025 • Efficiency gains in operations, logistics and purchasing • Scaling effects for IT, corporate functions and personnel • Marketing & Brand power Operating Leverage & Excellence Operating and strategic levers to achieve 2025 goals • Novel healthcare areas (mRNA, Cell & Gene) • Food & consumer products • Construction • Mobility Contribution of new markets Sales Mix and margin • Increasing share of Services • Sales of high-margin Thermal Energy Applications • Broadened global footprint, e.g. enhanced Footprint in the US High Margin Sales & International BizDev 160-180 Mio. EUR Revenues 22-26% EBITDA margin 104,1 Mio. EUR Revenues 18% EBITDA margin

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

Revenues by business line

Strong growth across the board

• Continued good growth in H1, Q4 with strong comparison basis and frontloading effect

• Explosive growth in Q3 & Q4, highest Corona share (va-Q-pal)

• Accelerating momentum in Q3 & Q4

Group revenues grew by 44%

Revenue Shares TempChain 74% Corona-related Business 2% Revenue Shares TempChain 78% Corona-related Business 23% FY 2020 72,1 Mio. EUR FY 2021 104,1 Mio. EUR +44% Services Systems Products 36,4 44,1 Services 22,0 Systems Products 18,3 19,5 32,7 2020 2021

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Consolidated Income Statement

In Mio. EUR	FY 2021	in %	FY 2020	in %	Difference in %
Revenue	104,063	100,0%	72,106	100,0%	44,32
Change in inventory	2,846		978		191,00
Own work capitalized (primarily building of own container fleet)	11,328		6,379		77,58
Other operating income	4,294		4,669		-8,03
Total income	122,531		84,132		45,64
COGS	-50,754		-32,751		54,97
Gross profit	71,777	69%	51,381	71%	39,70
Personnel expenses	-33,082		-26,111		26,70
Other operating expense	-19,996		-13,871		44,16
EBITDA	18,699	18%	11,399	16%	64,04
Depreciation & amortization	-13,656		-12,299		11,03
EBIT	5,044	5%	-900	-1%	-660,44
Valuation and result from equity investments	0		0		0,00
Financial result	-2,246		-1,259		78,40
EBT	2,798	3%	-1,512	-2%	-285,05
Income taxes	-636		77		-925,97
Net income	2,162	2%	-1,435	-2%	-250,66

Consolidated Balance Sheet

In Mio. EUR	31.12.2021	31.12.2020	Difference in %
Cash & cash equivalents	9,810	17,134	-42,75
Trade receivables	12,432	6,532	+90,32
Inventories	18,469	11,615	+59,01
Other current assets	7,570	2,479	+205,4
Total current assets	48,281	37,760	+27,86
Tangible fixed assets	82,649	69,636	+18,69
Intangible assets	4,273	2,955	+44,60
Other noncurrent assets	9,962	8,717	+14,3
Total noncurrent assets	96,884	81,308	+19,16
Total assets	145,165	119,068	+21,92
Short-term financial liabilities	31,756	16,605	+191,2
Other short-term liabilities	5,437	4,595	+18,32
Long-term financial liabilities	51,697	51,187	+01,0
Other long-term liabilities	4,628	5,425	-14,69
Total provisions and liabilities	93,518	77,812	+20,2
Total equity	51,647	41,256	+25,19
Total liabilities and equity	145,165	119,068	+21,92

Consolidated Cash Flow Statement

In Mio. EUR	FY 2021	FY 2020	Difference in %
Cash flow from operating activities before change in NWC	13,333	6,745	+97,7
Cash flow from operating activities after change in NWC	3,280	7,405	-55,7
Cash flow from investing activities	-24,222	-11,819	+104,9
Free cash flow	-20,942	-4,414	-374,4
Cash flow from financing activities	13,571	14,124	-03,9
Effects of exchange rate changes	47	-66
Net cash inflow/outflow	-7,324	9,644
Cash and cash equivalents per start of period	17,134	7,490	+128,8
Cash and cash equivalents per end of period	9,810	17,134	-42,8