va-Q-tec AG

Quarterly Report • Nov 30, 2023

9M Statement 2023

va-Q-tec reports on business trends in the first nine months of 2023

Würzburg, 30 November 2023 va-Q-tec AG, a pioneer of highly efficient products and solutions in the area of thermal insulation (so-called "super thermal insulation") and temperature-controlled supply chains (so-called "TempChain logistics"), reported a slight year-on-year reduction in revenue of 2% to EUR 80.4 million in 9M 2023 (9M 2022: EUR 82.1 million). In addition to the ongoing difficult macroeconomic conditions caused by the war in Ukraine, inflation, interest rate hikes and price increases in the commodities and energy sectors, the 2022 comparative year was still very much characterized by the coronavirus pandemic. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in 9M 2022 amounted to EUR 5.2 million (9M 2022: EUR 13.0 million) and were thereby significantly below the previous year's level, resulting in an adjusted EBITDA margin of 6% in relation to total income.

kEUR	9M 2023	9M 2022
Revenues	80,378	82,064
Total income	87,475	93,701
Adjusted earnings before interest, tax, depreciation and amortization (adjusted
EBITDA)	5,189	12,980
Adjusted EBITDA margin on total income	6 %	14 %
Adjusted EBITDA margin on revenue	6 %	16 %

The three divisions of va-Q-tec AG, Services, Systems and Products, report the following performance: The Services division, which comprises the container and box rental business for the transport of temperature-sensitive goods, mainly from the pharmaceutical and biotech sectors, recorded revenues of EUR 34.1 million in 9M 2023 (9M 2022: EUR 38.1 million). The Systems division (sale of thermal packaging systems) and Products division (sale of vacuum insulation panels and phase change materials) performed well. In the Systems division, revenues grew from EUR 25.4 million to EUR 26.8 million. In the Products division, revenues grew to EUR 17.8 million (9M 2022: EUR 15.9 million). In particular, the growth rates in the areas of vacuum panels and the sale of thermal boxes under difficult conditions show the potential for further growth at va-Q-tec AG.

Net cash flow from operating activities amounted to kEUR -7,965 thousand as of 30 September 2023 (previous year: kEUR 4,376). Adjusted for the one-off payments not attributable to the operating business in connection with the takeover transaction in the amount of kEUR 8,418, a slightly positive net cash flow from operating activities of around kEUR 453 would have been achieved.

As already stated in the company's half-year report, immediately following the completion of the takeover offer the Bidder subscribed for new va-Q-tec shares totaling 10% of the share capital at an issue price of EUR 26.00 per new va-Q-tec share as part of a capital increase,

which corresponds to a volume of around EUR 35 million. This increased the equity ratio to over 40% again as of 30 September 2023.

Consolidated income statement (IFRS | unaudited)

kEUR	9M 2023	9M 2022
Revenues	80,378	82,064
Changes in inventories	74	471
Work performed by the company and capitalized	4,171	4,590
Other operating income	2,853	6,576
Total income	87,475	93,701
Cost of materials (including purchased services)	-36,794	-35,924
Gross profit	50,682	57,777
Personnel expenses	-28,879	-27,828
Other operating expenses	-19,931	-19,000
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,872	10,950
Depreciation, amortization and impairment losses	-11,388	-10,921
Earnings before interest and tax (EBIT)	-9,516	29
Finance income	68	4
Finance expenses	2,441	-1,904
Net financial result	-2,373	-1.900
Earnings before tax (EBT)	-11,889	-1,872
Income tax expenses	-971	-1,557
Consolidated net income	-12,859	-3,429

Consolidated statement of financial position (IFRS | unaudited)

Assets

kEUR	30/09/2023	31/12/2022
Non-current assets
Intangible assets	5,167	6,036
Property, plant and equipment	80,751	80,645
Investment property	1,020	1,020
Contract assets	97	48
Other financial assets	8,991	7,752
Other non-financial assets	2,129	1,307
Deferred tax assets	721	875
Total non-current assets	98,877	97,683
Current assets
Inventories	18,594	18,838
Trade receivables	8,202	7,733
Other financial assets	3,192	6,734
Tax assets	72	-
Other non-financial assets	1,889	2,145
Cash and cash equivalents	18,407	9,381
Total current assets	50,356	44,831
Total assets	149,233	142,514

Consolidated statement of financial position (IFRS | unaudited)

Equity and liabilities

kEUR	30/09/2023	31/12/2022
Equity
Issued share capital	14,757	13,415
Treasury shares	-54	-54
Additional paid-in capital	87,557	54,020
Cumulative other comprehensive income	172	378
Retained earnings	-41,917	-29,060
Total equity	60,514	38,699
Non-current liabilities and provisions
Provisions	200	208
Bank borrowings	22,190	25,319
Other financial liabilities	7,937	5,307
Other non-financial liabilities	4,982	4,753
Total non-current liabilities and provisions	35,309	35,587
Current liabilities and provisions
Provisions	3,333	3,188
Liabilities from bonds issued	25,490	24,821
Bank borrowings	5,110	12,180
Other financial liabilities	8,175	11,732
Contract liabilities	197	65
Trade payables	4,322	7,130
Tax liabilities	-993	973
Other non-financial liabilities	7,777	8,139
Total current liabilities and provisions	53,410	68,228
Total equity and liabilities	149,233	142,514

Consolidated statement of cash flows (IFRS | unaudited)

Cash flow from operating activities Consolidated net income -12,859 -3,429 Current income taxes recognized in the income statement 474 1,296 Income taxes paid -595 -25 Net finance costs recognized in the income statement 2,373 1,900 Interest received 328 3 Interest paid -1,852 -970 Impairment of contract assets 2 4 Depreciation, amortization and impairment losses 11,289 10,831 Gain/loss from disposal of non-current assets -966 -559 Change in other assets 3,409 -1,797 Change in other liabilities -5,401 6,126 Change in provisions 139 15 Other non-cash expenses or income -1,266 -3,450 Cash flow from operating activities before working capital changes -4,924 9,945 Change in inventories 77 -971 Change in trade receivables -507 519 Change in trade payables -2,611 -5,117 Net cash flow from operating activities -7,965 4,376 Cash flow from investing activities Payments for investments in intangible assets -1,593 -2,738 Proceeds from disposal of property, plant and equipment -6,215 -6,357 Payments for investments in property, plant and equipment 1,216 415 Proceeds from disposal of non-current assets 0 759 Payments for increase in contract assets -51 -8 Net cash flow from investing activities -6,643 -7,929 Cash flow from financing activities Proceeds from capital increase 34,879 0 Proceeds from bank loans 23,045 23,617 Repayment of bank loans -33,244 -17,373 Proceeds from government grants 852 756 Payments for lease liabilities -1,834 -2,345	kEUR	9M 2023	9M 2022
	Net cash flow from financing activities	23,698	4,655
Net cash flows before exchange rate effects 9,090 1,102
Effect of exchange rate changes on cash and cash equivalents -104 516
Net change in cash and cash equivalents 8,986 1,618
Cash and cash equivalents at start of period 9,381 9,810 Cash and cash equivalents at end of period 18,407 11,428

Contact

va-Q-tec AG Felix Rau Telephone: +49 931 35942 – 2973 Email: Felix.Rau@va-q-tec.com

cometis AG Claudius Krause Telephone: +49 611 - 20 585 5-28 Email: krause@cometis.de

About va-Q-tec

va-Q-tec is a pioneer in highly efficient products and solutions in the area of thermal insulation and TempChain logistics. The company develops, produces and markets highly efficient and consequently thin vacuum insulation panels (VIPs), as well as phase change materials (PCMs) for reliable and energyefficient temperature controlling. va-Q-tec deploys this key thermal technology in order to produce passive thermal packaging systems (containers and boxes) that maintain constant temperatures, depending on type, for up to 200 hours without external energy input. In order to implement temperature-sensitive logistics chains, va-Q-tec – within a global partner network – operates a fleet of rental containers and boxes meeting demanding thermal protection standards. Along with Healthcare & Logistics as the main market, va-Q-tec addresses the following further markets: Appliances & Food, Technics & Industry, Building, and Mobility. The high-growth company, which was founded in 2001, is based in Würzburg, Germany.

Further information: www.va-q-tec.com,

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