va-Q-tec AG — Earnings Release 2022

Apr 28, 2023

va-Q-tec FY 2022 Earnings Release Presentation

28th April 2023

VQT closes FY 2022 with revenue growth

Group sales increase by 7,5% to EUR 111.8 million despite strong decline in Covid19 vaccine deliveries; underlying business with continued double-digit growth

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Adj.EBITDA of EUR 15,7 million corresponds to an adj. EBITDA margin of 14% of revenue

For 2023, the Executive Board expects a revenue level between EUR 120 million and EUR 135 million and a significantly increasing EBITDA margin compared to 2022

Group revenues grew by 7,5%

Revenue Shares TempChain 78% Corona-related Business 23% Revenue Shares TempChain 78% Corona-related Business 16% FY 2021 104,1 Mio. EUR FY 2022 111,8 Mio. EUR +7,5% Services Systems Products 35,0 52,1 Services 22,3 Systems Products 22,0 36,4 44,1 2021 2022

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Continued strong momentum of underlying (non-COVID-19) TempChain business

Adj. EBITDA and adj. EBIT Adj. EBITDA and adj. EBIT

Adj. EBITDA*

In Mio. EUR

In Mio. EUR

All margins on revenues

*Certain cost items in other operating expenses in 2022 are not attributable to operating activities. These are non-recurring costs in connection with the public takeover offer by EQT Private Equity in the amount of kEUR 6,657 and tax arrears in various countries in the amount of kEUR 1,299 deferred in 2022

2021 2022

Breakdown by cost position

	FY 22 adj.* In Mio. EUR	FY 21 In Mio. EUR	Difference in %
Revenue	111.833	104,063	+7
Total income	122,803	122,531	0
Cost of Materials and Services	-46,701	-50,156	-7
Gross profit	76,102 62%	72,375 59%	+5
Personnel expenses	-37,578 31%	-33,191 27%	+13
Other operating expense	-22,823 19%	-18,995 16%	+20
EBITDA	15,692 13%	20,189 16%	-22
Depreciation & amortization	-15,000	-13,655	+10
EBIT	692	6,534	-89
Financial result & fair value result	-2,072	-2,246	-16
EBT	-1,380	4,288	-132

Decline in absolute values due to lower revenue in systems business as well as reduction in inventories

Increase due to the higher number of employees

One-off costs in relation to the public takeover offer by EQT Private Equity and tax topics adjusted

*Footnote: Certain cost items in other operating expenses in 2022 are not attributable to operating activities. These are non-recurring costs in connection with the public takeover offer by EQT Private Equity in the amount of kEUR 6,657 and tax arrears in various countries in the amount of kEUR 1,299 deferred in 2022

Cash flow summary

Free CF break-even achieved

In Mio. EUR	FY 22	FY 21	Comments
Operating cash flow before changes in Working Capital	7,4	13,3	in WC due to decline in EBITDA
Operating cash flow	9,7	3,3
Investing cash flow	-8,7	-24,2	in WC
Thereof payments for investments in property, plant and equipment*	-8,3	-22,1	repayments of leasing and loan
Financing cash flow	-1,6	13,6
Net change in cash	-0,4	-7,3
Free cash flow	1,0	-20,9
Cash and cash equivalents	9,4	9,8	Available lines + cash =

*c. 80% growth CAPEX

Comments

• Reduction in operating CF before changes in WC due to decline in EBITDA
• Operating CF with a strong development, +294% yoy due to a significant reduction in WC
• The financing CF resulted primarily from repayments of leasing and loan obligations, which are, however, largely offset by new financing, investment grants and further financing of the container fleet

28 Mio. EUR

Balance Sheet Overview

Profitable Growth aspired Short-term outlook

	Guidance FY23e	Assumptions
Revenues	120-135 Mio. EUR	• EBITDA expectations without taking into account any additional transaction costs that may be incurred in 2023 • Supply chain constraints and increased inflation considered to some extent
EBITDA	Strongly growing Margins

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

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