Monetizing Technology Leadership Nine-month results Scientific Excellence Operational Excellence Evotec SE, 9M 2025 results call, 05 November 2025 Agenda PAGE 3 1. 9M/Q3 review 2. Monetizing Technology Leadership 3. On track to reach 2028 outlook 4. Questions & Answers Disclaimer This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries) is being delivered on behalf of Evotec SE (the "Company", "we," ...

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Group revenues decreased to € 535.1 million, reflecting a decline of 7.1% [1] - The Discovery & Preclinical Development segment experienced a significant drop of 12.3% due to soft demand [1] - Just - Evotec Biologics showed strong performance with an increase of 11.3%, exceeding expectations [1] - The company anticipates the advancement of up to four molecules into clinical phase II within the next six to nine months [1] - A landmark transaction with Sandoz was signed on November 4, potentially resulting in payments exceeding US$ 650 million plus royalties on a portfolio of up to 10 biosimilar molecules [1] - The company confirmed its guidance for 2025 and outlook for 2028 [1] Financial Performance - Group revenues reported at € 535.1 million, down 7.1% [1] - Discovery & Preclinical Development segment revenue declined by 12.3% [1] - Just - Evotec Biologics segment revenue increased by 11.3% [1] Strategic Developments - The market for early drug discovery services remains soft, but strategic partnerships are progressing well [1] - Strong advancements in the partnered asset pipeline are noted [1] - The company is on track with its systematic execution of strategy [1]

Core Points - Evotec SE will announce its interim statement for the first nine months of 2025 on November 5, 2025 [1] - The company will hold a conference call to discuss the results and provide an update on its performance [1]

Core Insights - Evotec SE has received a payment of US$ 25 million from Bristol Myers Squibb to support the progression of their joint programs focused on neurodegenerative diseases [1] Company Developments - The payment is intended to advance further research within the strategic neuroscience partnership between Evotec and Bristol Myers Squibb [1] - The collaboration aims to enhance the joint pipeline of programs targeting neurodegenerative diseases [1]

Core Insights - iA Financial Group has launched the web version of its EVO Insurance platform, enhancing digital accessibility for financial security advisors [1] Company Overview - iA Financial Group is recognized as one of Canada's leading individual insurance providers, indicating a strong market position within the insurance sector [1] Product Development - The EVO Insurance platform is already utilized by over 30,000 financial security advisors across Canada, showcasing its widespread adoption and relevance in the industry [1] - The new web version of the platform aims to facilitate a more accessible, quicker, and intuitive experience for users, reflecting the ongoing digital transformation in the insurance sector [1] Industry Trends - The launch of the web version of the EVO Insurance platform signifies a significant step in the digital transformation of the insurance industry, emphasizing the need for innovative solutions to optimize advisors' daily activities [1]

Financial Data and Key Metrics Changes - In H1 2025, group revenues reached €371 million, a 5% decrease compared to 2024, primarily due to an 11% decline in DMPD revenues to €269 million, influenced by a temporary decline in BMS revenues [17][18] - Just Evotec Biologics (JEP) achieved €102.2 million in revenue, reflecting a 16% year-over-year growth, driven by strong demand from non-Sandoz and DoD customers [18][19] - Adjusted group EBITDA was negative €1.9 million, with a strong contribution of €7.5 million from JEP, offsetting lower operational leverage from the DMPD segment [19][20] Business Line Data and Key Metrics Changes - DMPD segment saw an 11% revenue decline, attributed to a temporary effect in the BMS collaboration and continued softness in the early drug discovery market [10][17] - JEP segment outperformed with a 16% revenue growth year-over-year, driven by expanding customer base and strong demand [13][19] - R&D spending decreased by 35% year-over-year, from €29.3 million in 2024 to €19 million in 2025, aligning with strategic focus [19] Market Data and Key Metrics Changes - The biotech funding landscape remains complex, with early-stage investments lagging behind later-stage funding, leading to cautious spending behavior in early-stage R&D [14][15] - Signs of a modest recovery in funding are emerging, with expectations for a more normalized distribution of funding and project flow in the coming quarters [15] Company Strategy and Development Direction - The company unveiled a new strategy in April 2025, focusing on pioneering drug discovery and development, operational excellence, and sustainable profitable growth [5][8] - The business model is evolving towards two core segments: discovery and preclinical development (DMPD) and Just Evotec Biologics (JEP), with an emphasis on reducing complexity and enhancing accountability [9][12] - The planned sale of the Toulouse site to Sandoz is part of the strategy to lean into JEP's capabilities as a scalable technology provider, marking a significant milestone in the asset-light model [13][35] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing market challenges but expressed confidence in the progress made and the transformation efforts underway [5][6] - The company anticipates improved visibility towards midterm goals following the Sandoz transaction, with a bold aspiration of 8% to 12% revenue CAGR and greater than 20% EBITDA margin by 2028 [40][41] - Management highlighted the importance of leveraging technology and scientific leadership to create new business opportunities and enhance value creation [27][30] Other Important Information - The company is navigating a cautious funding environment, particularly in early-stage biotech, while maintaining a strong pipeline and operational rigor [14][15][20] - The expansion of the molecular patient database is a key strategic initiative, enhancing capabilities in precision medicine and drug discovery [23][25] Q&A Session Summary Question: Guidance for 2025 and recovery in funding - Management does not expect a significant impact from VC funding recovery in the second half of 2025 [44][45] Question: Breakdown of R&D business revenues - Management indicated that the transactional part of the R&D business is shrinking relative to integrated and large partnerships, which are growing [46][47] Question: Value transfer from the Sandoz deal - Management emphasized the importance of technology capabilities and ongoing revenue streams from milestones and royalties, but did not provide specific numbers [48][49][53] Question: Trends in DMPD segment and customer spending - Management noted cautious spending behavior among biotech customers and mixed dynamics among pharma partners [56][60][62] Question: Pricing environment and competition - Management acknowledged increased price sensitivity in the transactional segment but emphasized the value provided in integrated partnerships [69][71] Question: Geographic market dynamics - Management observed different market behaviors, with stronger traction in East Asia compared to the US and Europe [73][74] Question: Mix of JEP business revenue sources - Management stated that current revenue from JEP is a package of drug production and licensing, with a focus on monetizing assets fully [75][78] Question: Rationale for the sale of the Toulouse site - Management reiterated that the sale aligns with the strategic direction and timing for the company [86] Question: Kidney disease projects and revenue proportion - Management highlighted ongoing investments in kidney disease research and partnerships with major pharma companies [90][91] Question: Customer base for JEP growth - Management confirmed that growth in JEP is derived from a mix of small and large pharma customers, primarily in earlier-stage development [94]

H1 2025 Performance & Strategic Review - Evotec achieved > €40 million in annualized gross savings through Priority Reset initiatives[13] - Discovery & Preclinical Development (D&PD) experienced an 11% revenue decline due to soft demand for transactional business[19] - Just - Evotec Biologics (JEB) saw a 16% year-over-year revenue growth, driven by strong non-Sandoz/non-DOD business[19] - The company is implementing a new operating model[18] and focusing investments in technology leadership[13] Technology & Asset Monetization - Evotec is expanding its E.MPD (Electronic Medical Product Documentation) database, now encompassing ~27,000 patients across various therapeutic areas[40] - A non-binding term sheet was signed for the sale of Just - Evotec Biologics EU site in Toulouse to Sandoz, including purchase price consideration, technology license fees, development revenues, milestones, and royalties[19] - The company is pursuing an IP licensing model for its proprietary continuous manufacturing platform and J CHO cell line[50] Financials & Outlook - The company is ahead of its cost-out plan[13], with FY 2025 total cost-out target of €60+ million[29] - Total liabilities and lease obligations decreased to €462 million from €478 million (end of Q1 '25)[35] - The company expects revenue between €800 million[62] for FY2025 - The company aspires to achieve revenue CAGR of 8-12% and an adjusted EBITDA margin >20% by 2028[70]

Revenue Performance - Group revenues decreased by 5.0% to €371.2 million for the first six months of 2025, compared to €390.8 million in the same period of 2024[13] - Discovery and Preclinical Development revenues fell by 11.0% to €269.0 million, while Just – Evotec Biologics revenues increased by 15.6% to €102.2 million[20][25] - Revenue for the six months ended June 30, 2025, was €371.2 million, a decrease of 5% from €390.9 million in the same period of 2024[51] - Total revenue for the first six months of 2025 was €371,213k, a decrease from €390,850k in the first half of 2024, representing a decline of approximately 5%[82][85] - Revenue from contracts with customers in 2025 included €316,756k from fee-for-service and FTE-based research payments, down from €341,367k in 2024, indicating a decrease of about 7%[82][85] - The USA contributed €212,758k to total revenue in the first half of 2025, accounting for approximately 57% of total revenue, compared to €222,747k in the same period of 2024[82][85] Financial Performance - Adjusted Group EBITDA for the first half of 2025 was €(1.9) million, compared to €(0.5) million in the same period of 2024, reflecting lower revenues[19] - The net loss improved to €(75.1) million from €(115.6) million in the first half of 2024, mainly due to non-recurring reorganization costs[18] - The net loss for the six months ended June 30, 2025, was €75.1 million, compared to a net loss of €115.6 million in the same period of 2024[52] - The operating loss for the first six months of 2025 was €47,782k, compared to an operating loss of €122,813k in the same period of 2024, showing an improvement of about 61.0%[75] - Adjusted EBITDA for the first half of 2025 was a loss of €1,850k, compared to a loss of €9,329k in the first half of 2024, indicating a significant improvement[78] - Adjusted EBITDA for the first six months of 2025 was a loss of €467k, compared to a loss of €3,767k in the same period of 2024[79] Expenses and Cost Management - R&D expenses decreased by 35.2% to €19.0 million, down from €29.3 million in the first half of 2024, focusing on selected projects[14][22] - SG&A expenses were reduced by 2.8% to €89.3 million, compared to €91.9 million in the prior year[15] - Other operating income increased to €29.6 million, driven by an insurance reimbursement related to a cyber-attack, compared to €24.2 million in the same period last year[16] - In the first half of 2025, share-based compensation expense recognized was €3,246k, significantly up from €713k in the same period of 2024[120] Liquidity and Financial Position - Total liquidity decreased to €348.0 million as of June 30, 2025, down from €396.8 million at the end of 2024[31] - Cash and cash equivalents at the end of the period were €267.8 million, down from €306.4 million at the beginning of the year[53] - Total financial assets amounted to €606,909k, with cash and cash equivalents at €302,825k and receivables at €162,353k[110] - Financial liabilities totaled €530,663k, including loans and borrowings of €287,556k and trade account payables of €85,792k[110] Equity and Assets - Total stockholders' equity decreased by €106.7 million to €845.8 million as of June 30, 2025, from €952.5 million on December 31, 2024[40] - The equity ratio decreased to 46.8% as of June 30, 2025, down from 49.8% on December 31, 2024[41] - As of June 30, 2025, total assets decreased to €1,808,259k from €1,912,502k as of December 31, 2024, reflecting a decline of approximately 5.4%[55] - Property, plant, and equipment decreased to €782,702k as of June 30, 2025, down from €823,937k at the end of 2024, primarily due to foreign exchange effects and depreciation[88] - Goodwill amounted to €275,207k as of June 30, 2025, a decrease from €282,854k at the end of 2024, attributed to changes in exchange rates[90] Future Guidance and Strategic Initiatives - Group revenues are expected to be in the range of €760 – 800 million for 2025, with an adjusted EBITDA target of €30 – 50 million[9] - Revenue guidance for FY2025 has been updated to a range of €760m to €800m, down from the previous guidance of €840m to €880m[124] - R&D guidance for FY2025 is projected at €40m to €50m, while adjusted EBITDA guidance remains at €30m to €50m[124] - The company announced a non-binding agreement with Sandoz AG for the potential sale of Just – Evotec Biologics EU, including the J.POD facility in Toulouse[7] - Evotec signed a non-binding term sheet for the sale of Just – Evotec Biologics EU SAS to Sandoz AG, pending regulatory requirements[125] Organizational Changes - The company appointed Paul Hitchin as the new Chief Financial Officer effective March 1, 2025, as part of its organizational adjustments[69] - The company continued its priority reset to profitable growth, which included targeted workforce reductions in specific functions and geographies[68] - The segment previously known as "Shared R&D" was renamed to "Discovery and Preclinical Development" to better reflect the company's strategic focus[71] - The number of employees decreased by 1.4% to 4,759 as of June 30, 2025, from 4,827 at the end of 2024, reflecting organizational adjustments[42] Legal and Compliance Matters - An arbitral court decision on July 14, 2025, requires Evotec to make retroactive lease payments in the low seven-figure range, with provisions set up as of June 30, 2025[123] - Reorganization costs charged against provisions amounted to €12,710k in the first half of 2025, with a remaining balance of €11,237k related to employee termination benefits and other direct costs[98][99]

Financial Data and Key Metrics Changes - The company's full-year 2024 group revenues reached €797 million, a 2% increase compared to 2023 [15] - Adjusted EBITDA for 2024 was €22.6 million, with a strong Q4 performance contributing to a significant uplift [19][22] - Operating cash flow for Q4 landed at €74.2 million, with total liquidity increasing by €94 million to €397 million by year-end [25][24] Business Line Data and Key Metrics Changes - Shared R&D revenue declined from €673 million in 2023 to €611 million in 2024, primarily due to lower revenues from Bristol Myers Squibb [16] - Just-Evotec Biologics saw a strong revenue growth of 71%, reaching €185.6 million in 2024, driven by existing relationships and new deals [18] - R&D expenditures decreased by 26% from €68.5 million in 2023 to €50.9 million in 2024, focusing investments on relevant projects [18] Market Data and Key Metrics Changes - The global R&D spending is approximately €260 billion, with expected growth rates of 3% to 4% per year [35][36] - The biologics manufacturing market is projected to grow at 10% per year, with Evotec positioned as a leader in continuous manufacturing [33][34] - The addressable market for Evotec is anticipated to grow by 5% to 7% from 2024 to 2028, driven by increased outsourcing in drug discovery [40] Company Strategy and Development Direction - The company aims to combine scientific excellence with operational excellence to achieve sustainable profitable growth [8][9] - A strategic review has led to a focus on technology and science leadership, with an emphasis on high-value, tech-driven segments [70][86] - The Priority Reset program has successfully implemented €40 million in run rate savings, with further cost-saving measures planned for 2025 [29][51] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued softness in the Shared R&D market in 2025, with a potential tipping point for growth expected in the second half of the year [49][47] - The biologics market remains robust, with confidence in the growth of Just-Evotec Biologics [48] - The company is committed to operational excellence and expects to achieve EBITDA margins over 20% in the coming years [98] Other Important Information - The company has streamlined its asset pipeline by 30%, focusing on high-quality, high-potential assets [74] - Evotec's predictive accuracy for drug-induced liver injury exceeds 87%, positioning the company as a leader in this area [126] - The company has divested from non-core assets and reduced its equity participation exposure [76] Q&A Session Questions and Answers Question: What is the sustainable level of income from tax credits for the foreseeable future? - Management indicated that tax credits would grow in line with business growth, with no current risks identified [110] Question: What are the net effects of the €50 million growth savings? - The €50 million represents gross cost savings, with net effects considering productivity and inflation expected to balance out over the planning period [112] Question: Can you provide details on the phase composition of the drug portfolio? - Currently, there are six assets in clinical stages and six in preclinical stages, with potential for 15 assets to move into clinical stages within the next 24 months [114][115] Question: How sophisticated are the models for phasing out animal testing? - Evotec supports the FDA's initiative to replace animal testing with human microphysiological systems and AI-based approaches, positioning itself as a leader in this developing market [123][124]