Slide 1: Monetizing Technology Leadership
Monetizing Technology Leadership Nine-month results Scientific Operational Excellence Excellence Evotec SE, 9M 2025 results call, 05 November 2025
Slide 2: Disclaimer
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,” “our” or “us”). This presentation is made pursuant to Sec
Slide 3: Agenda
Agenda 1. 9M/Q3 review 2. Monetizing Technology Leadership 3. On track to reach 2028 outlook 4. Questions & Answers PAGE 3
Slide 4: Agenda
Agenda 1. 9M/Q3 review 2. Monetizing Technology Leadership 3. On track to reach 2028 outlook 4. Questions & Answers PAGE 4
Slide 5: 9M 2025 at a glance
9M 2025 at a glance Summary Discovery & Preclinical Development (D&PD) Just – Evotec Biologics (JEB) • Softer than expected market for early drug discovery • Cont´d strong momentum. Revenues: € 143.2M (+11%) services. Revenues € 391.9M (-12%) • Strong growth in non-Sandoz / non-DoD business in • Str
Slide 6: Funding of early drug discovery still soft
Funding of early drug discovery still soft Early-stage companies still navigating cash constraints Share of Discovery & Pre-Clinical, in % of total U.S. biotech VC funding Discovery & Pre- 65 Clinical vs. Clinical 60 not in sync 55 30-40% of D&PD 50 customer base still 45 facing funding constrains
Slide 7: Navigating the market with agile offering
Navigating the market with agile offering Positive trends in Proposals & Change orders – selected KPIs Change orders Change order Net Value Positive early (CO) recovering indicators from trough level in Q1 • Improving trend in change orders Normalization of cancelations Q3 24 Q4 24 Q1 25 Q2 25 Q3
Slide 8: D&PD behind expectations – JEB ahead of plan
D&PD behind expectations – JEB ahead of plan Condensed income statement 9M 2025 in € m1 9M 2025 9M 2024 Change Comments External Revenues 535.1 575.7 (7)% Overall phasing pattern as in previous years D&PD 391.9 447.0 (12)% Soft market in early-stage drug discovery JEB 143.2 128.7 11% Broadening cust
Slide 9: Ending the year with positive cash-flow
Ending the year with positive cash-flow Free cash-flow, in € m • Operating Cash-flow influenced by timing Q3 Q3 9M 9M 2024 2025 +/- in % 2024 2025 +/- in % BMS Neuro payment invoiced in late Q3 – Cash received Operating cash-flow 42.6 -67.6 nm Operating cash-flow -56.0 -72.8 30% early October CAPE
Slide 10: Significant reduction of net debt by end of year
Significant reduction of net debt by end of year Quarterly liquidity development Net debt, in € m 173 164 43 107 114 247 • Total liabilities and ++ lease obligations Liquidity at increased to € 484 m quarter end, 397 from € 462 m (end of in € m 371 348 Q2‘25) due to the start of a new lease in our 2
Slide 11: Agenda
Agenda 1. 9M/Q3 review 2. Monetizing Technology Leadership 3. On track to reach 2028 outlook 4. Questions & Answers PAGE 11
Slide 12: Evotec’s innovative DD platforms drive high value partnerships
Evotec’s innovative DD platforms drive high value partnerships Seamless AI enhanced DD platforms support expansion of co-owned asset pipeline Patient stratification In silico Target ID/ validation design Data Target ID / Hit Lead Pre-Clinical Clinical Sourcing Validation Identification Optimisation
Slide 13: AI-powered platforms drive scientific & commercial achievements
AI-powered platforms drive scientific & commercial achievements Platforms generate unique value proposition for co-owned product opportunities Scientific Achievements in 2025 Partner Portfolio Significant expansion of proprietary database: New cohorts in Kidney Disease, Obesity, and other Therapeuti
Slide 14: Asset pipeline with ~ € 16 bn opportunity
Asset pipeline with ~ € 16 bn opportunity (non-risk adjusted) Financial upside is becoming more tangible as pipeline broadens and assets advance Pipeline of product opportunities Existing portfolio with long-term revenue upside • >100 assets, of which 60% partnered Non-risk adjusted revenue, in € bn
Slide 15: Expecting meaningful pipeline advancements next 6-9 months
Expecting meaningful pipeline advancements next 6-9 months 14 partnered projects in pre-clinical & clinical stage, addressing markets in Onco, CNS, I&I Q1 2025 Today 2026 • Two assets in Ph III phase II in Q4 2025, expected to grow to up to four assets in Ph II Clinical 2026 • Number of assets Ph I
Slide 16: A Landmark Transaction
A Landmark Transaction PAGE 16
Slide 17: Fast track toward asset-lighter model of Just – Evotec Biologics
Fast track toward asset-lighter model of Just – Evotec Biologics Further validation of Just – Evotec Biologics’ manufacturing technology Toulouse, France Evotec and Sandoz have signed the sale of Just – Evotec Biologics EU1, including the biologics manufacturing site (J.POD) located in Toulouse, Fra
Slide 18: Natural progression of partnership
Natural progression of partnership Change in ownership and continuation of collaboration New Strategy Announcement 17 April 2025 Initial partnership Partnership Reconfiguring announced expanded Partnership May 2023 July 2024 Q4 2025 Joint mission of accelerating access to life-changing biotherapeuti
Slide 19: Deal rationale
Deal rationale Transaction validates Evotec’s technology leadership and accelerates shift to asset-lighter model Strategic focus Transaction impact Technology • Validation of leadership – Retaining high-value IP and core R&D competencies leadership • Leveraging technology advantage for shaping a new
Slide 20: Attractive financial impact across multiple parameters
Attractive financial impact across multiple parameters Key deal parameters Key deal parameters, replacing existing commitments • Sale of Just – Evotec’s Biologics manufacturing site in Toulouse (J.POD)1 Scope • Technology license to operate J.POD, Toulouse based on Just – Evotec Biologics’ technolog
Slide 21: Assets in technical development
Supporting Sandoz in targeting US$ > 90 bn originator net sales JEB partnered biosimilars portfolio Targeted brand Originator net sales (US$ bn) Darzalex® Assets in technical development 17 daratumumab SC Enhertu® 15 trastuzumab deruxtecan Tecentriq® 4 atezolizumab Skyrizi® 25 risankizumab Tremfya®
Slide 22: Poised for long term growth
Poised for long term growth Next-generation CDMO model – Leveraging innovation, retaining platform control Leverage existing CDMO offerings Shaping new markets through innovation • IP licensing model for proprietary continuous manufacturing platform Full CDMO services Early and late- • Licensing of
Slide 23: Shaping the next generation CDMO model
Shaping the next generation CDMO model Accelerating growth – Enhancing margins – Improving capital return Continuation of existing commercial model ML enabled Molecule Complex Biologics Molecule Discovery Continuous mfg services Development Process Development Product Customer Traditional path enabl
Slide 24: Agenda
Agenda 1. 9M/Q3 review 2. Monetizing Technology Leadership 3. On track to reach 2028 outlook 4. Questions & Answers PAGE 24
Slide 25: Guidance 2025
Guidance 20251 FY 2024 Guidance 2025 Comment Stable development driven by strong Group revenues € 797 m € 760 - 800 m JEB segment; D&PD navigating in soft market environment Further prioritisation of scalable R&D expenditure2 € 51 m € 40 - 50 m tech-platforms and technologies Improved revenue mix an
Slide 26: Mid-term Outlook
Mid-term Outlook 2028 aspiration Revenue Adj. EBITDA CAGR1 margin 2024-2028 2028 8-12% >20% (FY 2024: € 797 m) (FY 2024: ~3%) Drivers Market recovery, Operating leverage, Differentiation, Mix/Value add-ons, Value add-ons Productivity, Cost optimisation PAGE 26 1 CAGR = Compound annual growth rate
Slide 27: Levers of mid-term value creation
Levers of mid-term value creation Above market growth rates at better-quality earnings Technological leadership and innovation; steering portfolio Later tipping point towards high value segments Commitment to Operational Excellence Ahead of plan Accelerating cost-out plans & further productivity imp
Slide 28: The team is ready to take your questions
The team is ready to take your questions Christian Wojczewski Paul Hitchin Aurélie Dalbiez Cord Dohrmann Linda Zuckerman CEO CFO CPO CSO EVP, Global Head of Biotherapeutics PAGE 28
Slide 29: #PioneeringDrugDiscovery
&A #PioneeringDrugDiscovery
Slide 30: Volker Braun
Volker Braun EVP Head of Global Investor Relations & ESG +49 (0) 40 228 999 338 (d) +49 (0) 151 1940 5058 (m) volker.braun@evotec.com