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Evotec : Half-year report 2026, PDF (Interim Statement H1 2026 English)
Evotec : Half-year report 2026, PDF (Interim Statement H1 2026
About this update from Evotec Se
INTERIM STATEMENT 6M 2026 For further information, please contact : Dr. Sarah Fakih, EVP Head of Global Communications and Investor Relations, [email protected], M. +49.(0)151 70 688 784, www.evotec.com INTERIM STATEMENT 6M 2026 HIGHLIGHTS D&PD NET SALES 1 EXCLUDING STRATEGIC PARTNERSHIPS INCREASED BY 28% YOY, REFLECTING STRONG CUSTOMER ENGAGEMENT AND COMMERCIAL EXECUTION JUST - EVOTEC BIOLOGICS ("JEB") SHOWED CONTINUED PROGRESS WITH HIGH CAPACITY UTILIZATION AND EXPANDED CUSTOMER BASE HORIZON TRANSFORMATION ON TRACK: OPERATIONAL AND COST INITIATIVES PROGRESSING AS PLANNED JEB LAUNCHED J.TRAIN TURNKEY CONTINUOUS MANUFACTURING; EVOTEC ADVANCED AN ALMIRALL DERMATOLOGY DRUG CANDIDATE PRE-CLINICALLY FY 2026 OUTLOOK UPDATED, REFLECTING PARTNERSHIP TIMING SHIFTS AND LOWER REVENUE CONVERSION H1 RESULTS IMPACTED BY CHALLENGING MARKET CONDITIONS AND REVENUE TIMING EFFECTS DESPITE POSITIVE COMMERCIAL EXECUTION Group revenues decreased by 19.2% to € 300.1 m (6M 2025: € 371.2 m) Total D&PD revenue decreased by 15.2% to € 228.1 m (6M 2025: € 269.0 m), primarily driven by weak sales to revenue conversion across all business areas; Just - Evotec Biologics revenue decreased by 29.3% to € 72.3 m (6M 2025: € 102.2 m) primarily driven by the Sandoz License sale in Q1 2025 Adjusted Group EBITDA totaled € (42.7) m (6M 2025: € (1.9) m) primarily driven by lower revenues, partly offset by reduced cost of revenue as well as lower R&D and SG&A expenses 1 Net sales are defined as signed work orders, positive change orders and negative change orders. 2 BUSINESS DEVELOPMENT ACTIVITIES SHOW CONTINUED PROGRESS ACROSS STRATEGIC PARTNERSHIPS, PIPELINE ADVANCEMENT, BIOLOGICS INNOVATION AND GLOBAL HEALTH PROGRAMS June 30: Just - Evotec Biologics launches J.TRAIN, a new offering enabling biopharmaceutical companies to deploy Evotec's proprietary continuous manufacturing technology directly within their own facilities on a turnkey basis May 4: Evotec announces nomination of first small molecule preclinical development candidate from its multi-target drug discovery alliance in medical dermatology with Almirall April 30: Evotec awarded two grants totaling $ 9.9 m by the Gates Foundation for drug discovery and translation in tuberculosis March 23: Just - Evotec Biologics enters project agreement with BARDA to optimize biomanufacturing of antibodies against Ebola and related viruses March 19: Evotec receives $10 m milestone from Bristol Myers Squibb protein degradation collaboration for phase 1 clinical study initiation January 8: Just - Evotec Biologics awarded ~$ 1.7 m grant by the Gates Foundation for AI-drive n optimization of monoclonal antibody developability to support affordable access EVENTS AFTER PERIOD-END Financial updates: July 13: Evotec Announces Preliminary Second Quarter and First Half 2026 Results and Updates Full-Year 2026 Outlook August 6: Evotec and Odyssey Therapeutics entered an AI-enabled R&D collaboration in autoimmune and inflammatory diseases CORPORATE Leadership and governance updates: June 11: Results of Annual General Meeting 2026: all agenda items adopted; successful new elections to the Supervisory Board June 2: Rui Wang appointed Executive Vice President, Head of Global In Silico and AI April 29: Dr. Wolfgang Hofmann nominated for election as independent Supervisory Board member April 24: Claire Hinshelwood appointed successor to Paul Hitchin as Chief Financial Officer effective May 1, 2026 April 15: Dr. Ingrid Müller appointed as Chief Operating Officer effective May 1, 2026 April 7: Dieter Weinand nominated as Supervisory Board Chairman April 1: Dr. Ashiq H. Khan appointed EVP Global Head, Chief Commercial Officer Financial and portfolio developments: May 12: Evotec successfully placed € 116.1 m convertible bonds April 7: Evotec received approx. $ 100 m from equity stake as part of Tubulis acquisition by Gilead Sciences. The company is eligible to receive up to approximately $ 58 m in additional contingent consideration in line with its equity participation and subject to the achievement of specified milestones Strategic transformation: March 10: Evotec announced "Horizon", the next phase of its strategic transformation designed to accelerate growth, increase agility and enhance value creation. New operating model focused on operations, science and commercial execution Structural measures expected to generate ~ € 75 m run-rate savings by end of 2027 After period end: Effective August 7, Camilla Macapili Languille has decided to step down from Evotec's Supervisory Board. The Supervisory Board has initiated the process to identify a successor. ADJUSTED GUIDANCE FOR FULL-YEAR 2026 CONFIRMED Group revenues expected in the range of € 570 - 610 m (€ 595 - 635 m CER; 2025: € 788.4 m) Adjusted Group EBITDA is expected to reach € (70) - (105) m (€ (60) - (90) m CER; 2025: € 41.1 m) GENERAL MARKET AND HEALTHCARE ENVIRONMENT Trends in the pharmaceutical and biotechnology sector The biopharmaceutical industry continues to operate in a selective and evolving market environment in 2026. Although early-stage drug discovery funding remains constrained, signs of stabilization are emerging, reflected in increased financing, partnering and M&A activity across the sector. However, customers continue to act cautiously amid ongoing economic, regulatory and geopolitical uncertainties, and any broader recovery in demand is expected to occur gradually. For further information, please see the "Macroeconomic conditions and business environment" section of the 2025 Annual Report. FINANCIAL HIGHLIGHTS Consolidated income statement & segment information Evotec Group 6M 2026 Intersegment in k€ D&PD JEB eliminations Evotec Group Revenue 1 227,868 72,254 - 300,123 Intersegment revenue 206 - (206) - Cost of revenue (217,966) (85,510) 206 (303,271) Gross profit (loss) 10,108 (13,256) - (3,148) Gross margin % 4.4% (18.3)% -% (1.0)% Research and development costs (20,337) - - (20,338) Selling, general and administrative expenses (66,496) (16,582) - (83,078) Other operating income 20,967 1,063 - 22,029 Other operating expenses (49,664) (1,546) - (51,210) Reorganization costs (98,924) - - (98,924) Operating income (loss) (204,348) (30,322) - (234,669) Adjusted EBITDA (24,438) (18,245) - (42,684) 6M 2025 Intersegment in k€ D&PD JEB eliminations Evotec Group Revenue 268,969 102,244 - 371,213 Intersegment revenue 29 23 (52) - Cost of revenue 2 (227,967) (92,937) 52 (320,852) Gross profit (loss) 41,031 9,330 - 50,361 Gross margin % 15.3% 9.1% -% 13.6% Research and development costs 2 (29,346) (62) - (29,408) Selling, general and administrative expenses 2 (77,779) (15,631) - (93,410) Other operating income 27,885 1,756 - 29,642 Other operating expenses (5,066) (535) - (5,601) Reorganization costs 634 - - 634 Operating income (loss) (42,641) (5,141) - (47,782) Adjusted EBITDA (9,329) 7,478 - (1,850) 1 Group revenue would have amounted to € 313.2 m at constant exchange rates 2 For the six months ended June 30, 2025, costs of € 14.5 m previously presented as Cost of revenue have been reclassified to Research and development costs and Selling, general and administrative expenses in the amount of € 10.4 m and € 4.1 m, respectively. For further details see Note 2 "Basis of Preparation". These reclassifications solely impact the D&PD segment. REPORT ON THE FINANCIAL SITUATION AND RESULTS Results of operations During the six months ended June 30, 2026 , Group revenue decreased by 19.2% to € 300.1 m compared with € 371.2 m in the corresponding period of the prior year. At constant exchange rates, Group revenue declined by 15.6% to 313.2 m compared with € 371.2 m in the prior-year period. Base revenues decreased by 17.8% from € 347.5 m in 6M 2025 to € 285.8 m in 6M 2026. Revenue in the Discovery & Preclinical Development (D&PD) segment (including intersegment revenue) declined by 15.2% to € 228.1 m in 6M 2026, compared with € 269.0 m in the prior-year period. The decrease was primarily driven by weak sales conversion across all business areas and softer-than-expected customer demand, reflecting the continued challenging market environment. Revenue from Just - Evotec Biologics (JEB) decreased by 29.3% to € 72.3 m in 6M 2026, down from € 102.2 m in the prior-year period. The decline was primarily driven by the Sandoz License sale in Q1 2025. Excluding Sandoz License sale and negative FX-impact, revenues decreased by 2.3% . Cost of revenue for the six months ended June 30, 2026 amounted to € 303.3 m compared with € 320.9 m in the corresponding period of 2025, resulting in a gross margin of (1.0)% (6M 2025: 13.6%). The decrease in cost of revenue was primarily driven by lower personnel and material costs in the D&PD segment. Within D&PD, cost of revenue totaled € 218.0 m for the six months ended June 30, 2026, compared with € 228.0 m in the prior-year period. Gross margin decreased to 4.4% from 15.3% in 6M 2025, primarily driven by a lower top-line performance. D&PD saw continued underutilization which is being addressed as part of Project Horizon. Within JEB, cost of revenue decreased to € 85.5 m in the first six months of 2026, compared to € 92.9 m in the corresponding period of 2025. Gross margin declined to (18.3)% compared with 9.1% in the first six months of 2025, reflecting delayed program activities, temporarily higher material and project costs due to production phasing as well as the Sandoz License sale in Q1 2025. R&D expenses decreased to € 20.3 m, compared to € 29.4 m in the six months ended June 30, 2025 (30.8%), driven by more focused capital allocation to selected R&D projects. Research and development expenses were incurred predominantly within the D&PD segment. SG&A expenses for the six months ended June 30, 2026 amounted to € 83.1 m, representing a decrease of € 10.3 m or 11.1%, compared with € 93.4 m in the first six months of 2025. This change was primarily attributable to lower SG&A expenses within the D&PD segment, which declined to € 66.5 m from € 77.8 m in the first six months of 2025, mainly driven by lower IT business consultancy expenses. For the six months ended June 30, 2026 , other operating income amounted to € 22.0 m, compared with € 29.6 m in the corresponding prior-year period. The year-on-year decrease was primarily driven by the D&PD segment, where other operating income declined to € 21.0 m (6M 2025: € 27.9 m), mainly reflecting a € 7.5 m one-off insurance reimbursement related to the cyber-attack received in 2025, which did not recur in 2026. Other operating expenses increased from € 5.6 m in the first six months 2025 to € 51.2 m in the first six months 2026. The increase was primarily attributable to an impairment loss of € 42.3 m in the D&PD segment relating to a laboratory building in Hamburg, recognized during 2026. For the six months ended June 30, 2026 Reorganization costs amounted to € 98.9 m, reflecting expenses for provisions and asset impairments related to the recently announced Project Horizon. Adjusted Group EBITDA for the six months ended June 30, 2026 represented a loss of € 42.7 m (6M 2025: loss of € 1.9 m) mainly caused by lower revenue, partially offset by lower cost of revenue as well as reduced R&D and SG&A expenses. The adjusted EBITDA of the D&PD segment was a loss of € 24.4 m (6M 2025: loss of € 9.3 m), primarily caused by the reduced top-line performance. The adjusted EBITDA within JEB has decreased to a loss of € 18.2 m (6M 2025: income of € 7.5 m), primarily driven by the non-recurring Sandoz License sale in Q1 2025. The net loss as of June 30, 2026 totaled € 168.6 m (6M 2025: loss of € 75.1 m). The year-on-year increase in net loss was mainly driven by reorganization costs incurred in connection with the Horizon project, asset impairments and lower revenues during the period. These adverse effects were partially offset by higher non-operating income, including realized gains on investments, notably from the recent sale of Tubulis GmbH. Cash flows and financial position Net cash provided by (used in) operating activities in the first six months ended June 30, 2026 was € (111.1) m compared with € (5.3) m in the first six months 2025. This year's figure was largely driven by lower operating performance. Net cash provided by (used in) investing activities for the six months ended June 30, 2026 amounted to € 7.1 m (6M 2025: € (43.6) m). The increase was primarily attributable to the proceeds of € 89.3 m from the disposal of Tubulis GmbH. Conversely, the net cashflow from current investments (net) amounted to € (59.1) m (6M 2025: € 9.6 m) and originated from the net purchase of coupon bonds and money market funds. Capital expenditure decreased to € (13.3) m (6M 2025: € (37.6) m), primarily reflecting reduced investment after the sale of JUST EU at the end of 2025. Net cash provided by (used in) financing activities was € 33.8 m in the six months ended June 30, 2026 (6M 2025: € 20.7 m) which mainly resulted from proceeds from convertible bonds and other loans of € 112.9 m (6M 2025: € 43.5 m ) , partially offset by repayments of loans and lease liabilities amounting to € 76.3 m. In comparison, the six months ended June 30, 2025 were negatively affected by loan repayments of € 19.3 m. Total Liquidity decreased to € 465.6 m (31 December 2025: € 476.4 m). Assets, liabilities, and stockholders' equity Assets Between December 31, 2025 and June 30, 2026, total assets decreased by € 140.0 m to € 1,574.0 m (31 December 2025: € 1,713.9 m). Investments increased by € 59.4 m to € 117.2 m (31 December 2025: € 57.9 m ). The increase was mainly due to the purchase of money market funds and short-term deposits. Trade and other receivables decreased by € 39.6 m to € 96.4 m (December 31, 2025: € 136.0 m). The decrease was mainly due to cash receipts related to the License Agreement signed in December 2025 as part of the Sandoz transaction. Property, plant and equipment decreased by € 104.9 m to € 449.8 m (December 31, 2025: € 554.6 m). The decrease was mainly due to impairment and depreciation of € 81.5 m and € 44.6 m, respectively, that exceeded capital expenditures of € 14.2 m and a positive foreign exchange effect totaling € 6.1 m. Liabilities Between December 31, 2025 and June 30, 2026, total liabilities increased by € 8.2 m to € 908.4 m (31 December 2025: € 900.2 m). Current and Non-current financial liabilities increased by € 27.1 m to € 475.9 m (31 December 2025: € 448.7 m). The increase was mainly due to € 104.5 m of issuance of convertible bonds, partially offset by € 76.3 m of repayments of loans and lease liabilities. Trade and other payables decreased by € 15.6 m to € 49.1 m (31 December 2025: € 64.8 m). The decrease occurred in the normal course of business. Current and Non-current contract liabilities decreased by € 45.1 m to € 205.1 m (December 31, 2025: € 250.2 m). The decrease occurred as a result of greater revenue earned versus upfront payments received. Current and Non-current provisions increased by € 42.4 m to € 119.0 m (December 31, 2025: € 76.6 m), mainly due to Horizon, including € 48.6 m attributable to personnel measures (including severance payments) and € 10.6 m attributable to the recognition of restoration obligations for impacted leases. The provision increase due to Horizon was partially offset by € 16.6 m in reductions in short-term incentive accruals. Stockholders' equity Total stockholders' equity decreased by € 148.1 m to € 665.6 m (December 31, 2025: € 813.7 m) predominantly as a result of the net loss of the six months ended June 30, 2026 of € 168.6 m, a positive change in other comprehensive income of € 9.3 m driven by foreign currency translation adjustments and a positive change in additional paid-in capital of € 10.4 m driven by the recognition of € 8.4 m related to the issuance of convertible bonds. Evotec's equity ratio as of June 30, 2026 decreased to 42.3% (December 31, 2025: 47.5%). Human Resources Employees Headquartered in Hamburg, Germany, the Evotec Group employed an average of 4,461 people globally as of June 30, 2026, which corresponds to a decrease of 6.2% to the prior year's end. Overall, the number of employees decreased by 296 compared to the twelve months average ended December 31, 2025 with 4,757. The decrease primarily reflects the divestiture of Just -Evotec Biologics EU, completed in December 2025, as well as workforce reductions associated with Project Horizon during H1 2026. Other workforce movements also contributed to the overall decrease in employee headcount. RISKS AND OPPORTUNITIES MANAGEMENT The risks and opportunities described in Evotec's 'Risk and Opportunities Report' of the 2025 Annual Report remain mainly unchanged. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Income statement of the Evotec Group for the period January 1 to June 30 in k€ except share and per share data 6M 2026 6M 2025 Revenue 300,123 371,213 Cost of revenue¹ (303,271) (320,852) Gross profit (loss) (3,148) 50,361 Operating income (expenses) Research and development costs¹ (20,338) (29,408) Selling, general and administrative expenses¹ (83,078) (93,410) Other operating income 22,029 29,642 Other operating expenses (51,210) (5,601) Reorganization costs (98,924) 634 Total operating income (expenses) (231,521) (98,143) Operating income (loss) (234,669) (47,782) Non-operating income (expenses) Realized gain (loss) on investments and financial instruments revaluation 70,027 427 Share of profit (loss) and revaluation of at-equity investments (1,155) (1,217) Other financial income 1,976 2,422 Other financial expenses (5,557) (8,402) Other non-operating income (expenses) (922) (18,719) Net income (loss) before taxes (170,300) (73,270) Income taxes 1,715 (1,785) Net income (loss) (168,585) (75,055) Weighted average shares outstanding 177,618,086 177,561,699 Net result per share (basic) (0.95) (0.42) Net result per share (diluted) (0.95) (0.42) ¹ For the six months ended June 30, 2025, costs of € 14,541 k previously presented as Cost of revenue have been reclassified to Research and development costs and Selling, general and administrative expenses in the amount of € 10,439k and € 4,102k , respectively. For further details see Note 2 "Basis of Preparation". INTERIM STATEMENT 6M 2026 Statement of Comprehensive Income of the Evotec Group for the period January 1 to June 30 in k€ 6M 2026 6M 2025 Net income (loss) (168,585) (75,055) Items which are not re-classified to the income statement Revaluation of equity investments (724) (846) Items which have to be re-classified to the income statement at a later date Foreign currency translation 9,722 (35,397) Revaluation and disposal of other current investments 336 1,108 Other comprehensive income (loss) 9,334 (35,135) Total comprehensive income (loss) (159,251) (110,190) Statement of Cash Flows of the Evotec Group for the period from January 1 to June 30 in k€ 6M 2026 6M 2025 Cash flows from operating activities: Net income (loss) (168,585) (75,055) Adjustments to reconcile net income to net cash used in operating activities¹ 69,409 40,684 Change in assets and liabilities (11,926) 29,120 Net cash provided by (used in) operating activities (111,102) (5,252) Cash flow from investing activities: Interest received 4,146 2,463 Purchase of property, plant and equipment (13,280) (37,637) Proceeds from sale of property, plant and equipment 92 25 Purchase of intangible assets and additions to capitalized development expenditures (8,522) (8,061) Investments to acquire associated companies, other non-current investments and convertibles (2,635) (9,657) Proceeds from the disposal of associated companies, other non-current investments and convertibles, net of transaction costs 90,557 (274) Purchase of current investments (70,000) - Proceeds from sale of current investments 10,865 9,590 Proceeds from (payments due to) the disposal of subsidiaries (4,140) - Net cash provided by (used in) investing activities 7,082 (43,550) Cash flow from financing activities: Interest paid (3,015) (3,695) Proceeds from convertible bonds and other loans² 112,931 43,513 Proceeds from the exercise of share options 131 213 Repayment of loans (65,791) (6,689) Repayment of lease liabilities (10,482) (12,610) Net cash provided by (used in) financing activities 33,774 20,733 Net increase (decrease) in Cash and cash equivalents (70,247) (28,070) Effects of revaluation and of movements in exchange rates on cash held 86 (10,492) Cash and cash equivalents at beginning of year 418,517 306,387 Cash and cash equivalents at end of the period 348,356 267,825 1 Adjustments include the following material non recurring items: Impairments in the amount of €81,482 k partially offset by the gain from the sale of Tubulis GmbH in the amount of €(71,929) k. ² Including transactions costs, which were presented as a separate line item in the amount of €(448) k in the published Half Year Interim Report 2025. Statement of financial position of the Evotec Group as of June 30, 2026 and as of December 31, 2025 in k€ 06/30/2026 12/31/2025 ASSETS Current assets: Cash and cash equivalents 348,356 418,517 Investments 117,231 57,873 Trade and other receivables 96,353 135,963 Contract assets 33,286 28,295 Inventories 38,563 29,317 Current tax assets 36,819 38,453 Other current financial assets including derivatives 18,032 20,217 Prepaid expenses and other current assets 40,246 30,480 Assets classified as held for sale - 3,830 Total current assets 728,888 762,945 Non-current assets: Non-current investments and other non-current financial assets 39,070 48,004 Investments in associates and joint ventures 3,477 4,629 Property, plant and equipment 449,773 554,626 Intangible assets and goodwill 306,511 303,936 Deferred tax assets 1,890 2,949 Non-current tax assets 43,269 36,349 Other non-current assets 1,097 507 Total non-current assets 845,087 951,000 Total assets 1,573,975 1,713,945 in k€ 06/30/2026 12/31/2025 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current financial liabilities 61,544 104,720 Trade and other payables 49,128 64,763 Contract liabilities 68,414 104,849 Deferred income 4,111 3,220 Provisions 92,763 58,543 Current income tax liabilities 8,897 10,578 Other current liabilities 27,602 21,401 Total current liabilities 312,460 368,074 Non-current liabilities: Non-current financial liabilities 414,322 344,008 Deferred tax liabilities 10,269 14,735 Provisions 26,229 18,035 Contract liabilities 136,707 145,324 Deferred income 7,073 8,350 Other non-current liabilities 1,337 1,715 Total non-current liabilities 595,937 532,167 Stockholders' equity: Share capital 177,910 177,779 Treasury shares, at cost (980) (1,548) Additional paid in capital 1,468,893 1,458,466 Retained Earnings (944,472) (775,887) Accumulated other comprehensive income (35,772) (45,106) Total stockholders' equity 665,578 813,704 Total liabilities and stockholders' equity 1,573,975 1,713,945 INTERIM STATEMENT 6M 2026 Statement of changes in stockholders' equity of the Evotec Group for the period January 1 to June 30 Share capital comprehensive income Treasury shares, at Additional Foreign currency Revaluation Retained Total stockholders' in k€ except share data Shares Amount cost paid in capital translation reserve Earnings equity Income and expense recognized in other Balance at January 1, 2025 177,553,456 177,553 - 1,454,688 5,078 (12,427) (672,370) 952,525 Exercised stock options 213,085 213 - - - - - 213 Stock option plan - - - 3,239 - - - 3,239 Other comprehensive income - - - - (35,397) 262 - (35,135) Net income (loss) for the period - - - - - - (75,055) (75,055) Total comprehensive income (loss) - - - - (35,397) 262 (75,055) (110,190) Balance at June 30, 2025 177,766,541 177,766 - 1,457,927 (30,319) (12,165) (747,425) 845,787 Balance at January 1, 2026 177,778,907 177,779 (1,548) 1,458,466 (33,954) (11,154) (775,887) 813,704 Exercised stock options 130,652 131 - - - - - 131 Stock option plan - - - 2,582 - - - 2,582 Release of treasury shares to employees - - 568 (568) - - - - Issuance of convertible bonds - - - 8,412 - - - 8,412 Other comprehensive income - - - - 9,722 (387) - 9,334 Net income (loss) for the period - - - - - - (168,585) (168,585) Total comprehensive income (loss) - - - - 9,722 (387) (168,585) (159,251) Balance at June 30, 2026 177,909,559 177,910 (980) 1,468,892 (24,232) (11,541) (944,472) 665,578 14 NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Corporate information Evotec SE, including its subsidiaries and other affiliates ("Evotec", the "Group" or the "Company") is a life science company, continuously driving innovative approaches to develop new pharmaceutical products. Our offerings range from standalone services to fully integrated R&D programs and long-term strategic partnerships with leading pharma and biotechnology companies as well as academic institutions, patient advocacy groups and venture capital partners. Evotec SE, located in Hamburg (Essener Bogen 7, 22419 Hamburg, Germany) is registered in the Commercial Registry of Hamburg with HRB 156381. The Company was founded on 8 December 1993, and is listed on the Frankfurt Stock Exchange (XETRA) since 10 November 1999, Segment Prime Standard, under the ticker "EVT" as well as on Nasdaq, New York, USA under the trading symbol "EVO" since 8 November 2021. Basis of Preparation The interim condensed consolidated financial statements for the six months ended June 30, 2026, have been prepared in accordance with IAS 34 Interim Financial Reporting as endorsed in the European Union. The Group has prepared the interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. The Group considers that there are no material uncertainties that may cast significant doubt over this assumption. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's consolidated financial statements and accompanying notes for the year ended December 31, 2025. All majority-owned subsidiaries of the Company are included in the interim condensed consolidated financial statements, and intercompany transactions have been eliminated in consolidation. The interim condensed consolidated financial statements are presented in Euros. Due to rounding, amounts may not add up to totals provided. Prior-period information Certain prior-period amounts have been adjusted to reflect the current period presentation, following the completion of a Group reorganization that revised the functional allocation of cost centers primarily related to the In Silico & Bioinformatics and Alliance Management departments. To ensure comparability, the corresponding prior-year figures were adjusted accordingly. For the six months ended June 30, 2025, costs of € 14,541k previously presented as Cost of revenue have been reclassified to Research and development and Selling, general and administrative expenses in the amount of € 10,439k and € 4,102k , respectively. New Standards, Interpretations and Amendments adopted by the Group The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2025, except for the adoption of the new amendments described below. The following amendments became effective for annual periods beginning on or after January 1, 2026, and have been adopted by the Group in these interim condensed consolidated financial statements: Amendments to IFRS 9 and IFRS 7 -Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 - Power Purchase Agreements Annual Improvements to IFRS Accounting Standards - Volume 11 The adoption of these amendments did not have a significant impact on the Group's consolidated financial statements. Evotec has not early adopted any new standards, interpretations, or amendments that have been issued but are not yet effective. The most significant of these is IFRS 18 - Presentation and Disclosure in Financial Statements, effective for annual periods beginning on or after January 1, 2027. IFRS 18 is expected to change the presentation of the Consolidated Income Statement, differentiating between earnings from operating, investing, and financing activities, and will require structural changes to the Consolidated Cash Flow Statement, including use of operating profit (loss) as the starting point for the indirect method reconciliation. IFRS 18 will also introduce additional disclosures, including for management-defined performance measures, but will not change the recognition or measurement of transactions and balances, and therefore will not change reported net income. The Group is in the process of assessing the impact of IFRS 18 and, at this stage, is not yet able to reasonably estimate its effect on the consolidated financial statements. Apart from IFRS 18, the Group has also assessed IFRS 19, Subsidiaries without Public Accountability: Disclosures (effective January 1, 2027), and IFRS 20, Regulatory Assets and Regulatory Liabilities (effective January 1, 2029), and concluded that neither standard is expected to be relevant to the Group's operations or to have a material impact on the Group's consolidated financial statements. Significant Events during the Reporting Period The Supervisory Board of Evotec SE appointed Claire Hinshelwood as the new Chief Financial Officer and member of the Management Board to succeed Paul Hitchin, with effect from May 1, 2026, and Ingrid Müller as the new Chief Operating Officer and member of the Management Board, with effect from May 1, 2026. On March 10, 2026, Evotec announced 'Horizon', the next phase in its multi-stage transformation initiative. Horizon advances the company's evolution by implementing a new and focused operating model built across the three pillars of operations, science, and commercial execution. For the six months ended June 2026, Evotec recorded reorganization costs totaling € 98,924k. These costs are directly attributable to the restructuring measures that are necessary for the restructuring and are not related to operating activities. Further details are provided in Note 8 Property, Plant and Equipment, and Note 11 Restructuring Provision. On May 11, 2026, Evotec SE announced its intention to issue senior unsecured convertible bonds due 2033 to finance Project Horizon, and on May 21, 2026 priced and issued the bonds in a final aggregate principal amount of € 116,100k, convertible into new and/or existing ordinary bearer shares at an initial Conversion Price of € 6.5313. The bonds have been accounted for as a compound financial instrument under IAS 32, with the liability component recognized at amortized cost and the residual equity component recognized within additional paid-in capital, together with the related allocation of transaction costs; further details are provided in Note 13 Fair Value of Financial Assets and Liabilities. The sale of Tubulis GmbH to Gilead Sciences was completed on May 21, 2026, for a total consideration of € 93,652k. The European Investment Bank was entitled to 5.25% of the transaction proceeds. Consequently, Evotec received net cash proceeds of € 89,339k. A gain on disposal of € 71,929k was recognized within 'Realized gain (loss) on investments and financial instruments revaluation.' Through its Evotec Ventures activities, Evotec SE held a 3.14% minority equity stake in Tubulis GmbH. Management's decision in June to actively market a laboratory building at the Company's Hamburg headquarters for sublease led to the recognition of an impairment loss of € 42,337k on this asset. Further details are provided in Note 8 Property, Plant and Equipment. Segment information For information on the basis used for identifying reportable segments, refer to Note 4 "Segment Information" of the 2025 Annual Report. The segment information is as follows: 6M 2026 Intersegment in k€ D&PD JEB eliminations Evotec Group Revenue 1 227,868 72,254 - 300,123 Intersegment revenue 206 - (206) - Cost of revenue (217,966) (85,510) 206 (303,271) Gross profit (loss) 10,108 (13,256) - (3,148) Research and development costs (20,337) - - (20,338) Selling, general and administrative expenses (66,496) (16,582) - (83,078) Other operating income 20,967 1,063 - 22,029 Other operating expenses (49,664) (1,546) - (51,210) Reorganization costs (98,924) - - (98,924) Operating income (loss)³ (204,348) (30,322) - (234,669) 6M 2025 Intersegment in k€ D&PD JEB eliminations Evotec Group Revenue 1 268,969 102,244 - 371,213 Intersegment revenue 29 23 (52) - Cost of revenue 2 (227,967) (92,937) 52 (320,852) Gross profit (loss) 41,031 9,330 - 50,361 Research and development costs 2 (29,346) (62) - (29,408) Selling, general and administrative expenses 2 (77,779) (15,631) - (93,410) Other operating income 27,885 1,756 - 29,642 Other operating expenses (5,066) (535) - (5,601) Reorganization costs 634 - - 634 Operating income (loss)³ (42,641) (5,141) - (47,782) 1 Includes Revenue from contributions of € 5,440k and € 7,123k for the six months ended June 30, 2026 and 2025, respectively. 2 For the six months ended June 30, 2025, costs of € 14,541k previously presented as Cost of revenue have been reclassified to Research and development costs and Selling, general and administrative expenses in the amount of € 10,439k and € 4,102k, respectively. For further details see Note 2 "Basis of Preparation". These reclassifications solely impact the D&PD segment. ³ Includes €33,016k (6M 2025: €33,518k) of depreciation and €3,633k (6M 2025: €4,217k) of amortization related to D&PD and includes €11,611k (6M 2025: €12,620k) of depreciation and €-k (6M 2025: €-k) of amortization related to JEB The adjusted EBITDA is derived from Operating income (loss) as follows: 6M 2026 in k€ D&PD JEB Evotec Group Operating income (loss) (204,348) (30,322) (234,669) Depreciation of tangible assets 33,016 11,611 44,626 Amortization of intangible assets 3,633 - 3,633 Impairment of tangible assets¹ 42,337 - 42,337 External cyber-related costs, net of reimbursements - - - Reorganization costs 98,924 - 98,924 One-off arbitration costs - - - (Income) / Expenses related to the disposal of Just -Evotec Biologics EU SAS - 465 465 Other non-recurring costs 2,000 - 2,000 Adjusted EBITDA (24,438) (18,245) (42,684) ¹ Impairment of tangible assets not included in reorganization costs 6M 2025 in k€ D&PD JEB Evotec Group Operating income (loss) (42,641) (5,141) (47,782) Depreciation of tangible assets 33,518 12,620 46,137 Amortization of intangible assets 4,217 - 4,217 Impairment of tangible assets¹ - - - External cyber-related costs, net of reimbursements (6,554) - (6,554) Reorganization costs (634) - (634) One-off arbitration costs 2,765 - 2,765 (Income) / Expenses related to the disposal of Just -Evotec Biologics EU SAS - - - Other non-recurring costs - - - Adjusted EBITDA (9,329) 7,478 (1,850) ¹ Impairment of tangible assets not included in reorganization costs Revenue The following tables show the breakdown of the revenue: 6M 2026 in k€ D&PD JEB Total Revenue from contracts with customers Fee for service and FTE-based research services 197,842 66,989 264,830 Material re-charges to customers 15,082 - 15,082 Milestone fees 8,982 5,266 14,248 Licenses 120 - 120 Other fees 402 - 402 Total revenue from contracts with customers 222,428 72,254 294,682 Timing of revenue recognition At a point in time 24,586 5,266 29,852 Over a period of time 197,842 66,989 264,830 Total revenue from contracts with customers 222,428 72,254 294,682 Revenue by region USA 138,339 40,618 178,957 Germany 5,516 - 5,516 France 9,138 - 9,138 United Kingdom 28,962 - 28,962 Switzerland 4,980 31,327 36,307 Rest of the world 35,492 309 35,801 Total revenue from contracts with customers 222,428 72,254 294,682 Revenue from contributions 5,440 - 5,440 Total Revenue 227,868 72,254 300,123 6M 2025 in k€ D&PD JEB Total Revenue from contracts with customers Fee for service and FTE-based research services 237,628 79,127 316,756 Material re-charges to customers 16,370 - 16,370 Milestone fees 500 - 500 Licenses 7,178 23,116 30,294 Other fees 170 - 170 Total revenue from contracts with customers 261,847 102,244 364,090 Timing of revenue recognition At a point in time 24,219 23,116 47,335 Over a period of time 237,628 79,127 316,756 Total revenue from contracts with customers 261,847 102,244 364,090 Revenue by region USA 157,965 54,793 212,758 Germany 12,896 - 12,896 France 10,496 3 10,498 United Kingdom 33,638 - 33,638 Switzerland 5,932 47,448 53,380 Rest of the World 40,921 - 40,921 Total revenue from contracts with customers 261,847 102,244 364,090 Revenue from contributions 7,123 - 7,123 Total Revenue 268,969 102,244 371,213 Income Taxes The income tax amounted to a benefit of € 1,715k for the first six months until June 30, 2026 compared to an expense of € 1,785k for the six months ended June 30, 2025. This change is mainly driven by the fact that in 2026, deferred taxes were recognized on current losses in Italy and UK. Property, Plant and Equipment Property, plant and equipment amounted to € 449,773k as of June 30, 2026 (December 31, 2025: € 554,626k) and included owned property, plant and equipment as well as right-of-use assets. The decrease of € 104,853k is mainly due to impairment and depreciation (€ 81,482k and € 44,626k, respectively) that exceeded capital expenditures of € 14,176k and a positive foreign exchange effect totaling € 6,108k. Following the announcement of Project Horizon, the Group reassessed lease terms, restoration obligations and the recoverability of right-of-use assets and leasehold improvements at affected sites. This resulted in a decrease in right-of-use assets of € 9,123k from lease remeasurements, an increase in right-of-use assets and provisions of € 8,804k relating to restoration obligations, and an impairment loss of € 41,916k which was allocated to the D&PD segment and disclosed within reorganization costs. Estimates and assumptions are regularly reviewed as the restructuring program progresses. Following management's decision in June 2026 to actively market a laboratory building at the Company's Hamburg headquarters for sublease, the asset was assessed for impairment on a stand-alone basis. This assessment resulted in the recognition of an impairment loss of € 42,337k, which was allocated to the D&PD segment and disclosed within other operating expenses. The group determined the recoverable amounts of the right-of-use assets tested for impairment on a stand-alone basis based on fair value less costs of disposal. The fair value measurement was categorized within Level 3 of the fair value hierarchy and took into account real estate market conditions specific to each building. Intangible Assets and Goodwill Goodwill: Goodwill amounted to € 274,681k as of June 30, 2026, versus € 272,365k as of as of December 31, 2025. The movement during the period was due to the impact of changes in exchange rates. The Group performs its annual impairment test over goodwill in the fourth quarter of the fiscal year and when circumstances indicate that the carrying value may be impaired. The Group's impairment test for goodwill is based on the fair-value less costs to sell methodology. The key assumptions used to determine the recoverable amount for the different cash generating units are disclosed in the Group's consolidated financial statements for the year ended December 31, 2025. Based on the analysis of the business performance as of and for the six months ended June 30, 2026 as well as on the updated guidance issued on July 13, 2026 for FY2026 and taking into account the sensitivity analysis performed, the Group has not identified any impairment trigger. Finite lived intangible assets: The Group also reviews its finite lived intangible assets for impairment whenever triggering events or changes in circumstances indicate that the carrying amount may not be recoverable. Following this review, the Group has not identified any impairment trigger. Earnings per Share Basic earnings per share are calculated by dividing the Net income (loss) attributable to shareholders by the weighted average number of common shares outstanding during the period, adjusted for own shares held. Diluted EPS is determined by adjusting the Net income (loss) attributable to shareholders and the weighted average number of common shares outstanding during the period, adjusted for own shares held, for the effects of all dilutive potential common shares, which comprises forward purchase contracts, restricted shares, performance shares and share options granted to employees. As Evotec reports a net loss all share equivalents are anti-dilutive, so that diluted and non-diluted (basic) earnings per share are identical (see "Net result per share (basic)" and "Net result per share (diluted)" in the Consolidated Income Statement). The weighted average number of ordinary shares is calculated as follows: Shares in thousands 06/30/2026 12/31/2025 Issued shares Jan 1 177,779 177,553 Treasury shares Jan 1 (320) (167) Effect of weighted average stock options exercised 159 192 Weighted average number of shares outstanding 177,618 177,578 The share capital of € 177,910k was divided into 177,909,559 shares. The increase in shares outstanding is related to the exercise of stock options (see Note 14). Restructuring Provision Significant portions of the restructuring provision include € 48,568k attributable to personnel measures (including severance payments) and € 10,593k attributable to restoration obligations. The measurement of restructuring provisions is based on estimates and assumptions regarding the amount of severance payments, the timeline for the implementation of the measures and the progress of discussions in accordance with local laws and regulations. The measurement assumptions are regularly reviewed as the restructuring program progresses. Financial Risk Management The Group's activities expose it to a variety of financial risks such as currency risks, interest rate risks, credit risks and liquidity risks. The interim condensed consolidated financial statements do not include all financial risk management information. Additional disclosures can be found in the "Risks and opportunities" described in Evotec's Annual Report 2025. There have not been significant changes to the risk management approach or to risk management policies since December 31, 2025. Fair Value of Financial Assets and Liabilities The Group classifies its fair value measurements using a fair value hierarchy that reflects the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety. The fair value hierarchy has the following levels: Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities that the Company can access at the measurement date. This includes e.g. bonds, money market funds, shares and other current cash investments. Level 2 - all significant inputs (other than quoted prices included within Level 1) are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). This includes equity investments in unlisted companies measured based on observable prices close to the balance sheet date, derivative financial instruments with a hedging relationship measured based on spot and forward rates observable in the market, as well as the liability component of issued convertible bonds measured using an observable market interest rate. Level 3 - one or more of the significant inputs are not based on observable market data, such as third-party pricing information without adjustments, for the asset or liability. This includes equity investments in unlisted companies measured using the net asset value as a proxy for the fair value of the investment (Net-Asset-Value-Method). The valuation processes, valuation techniques, and types of inputs used for the fair value measurement of the financial instruments previously disclosed in the consolidated financial statements as of December 31, 2025 have remained unchanged. During the first half of 2026, the Group recognized additional financial instruments measured at fair value. The valuation techniques and significant inputs used for these instruments are described above. Apart from borrowings, the Group considers the carrying value of the financial instruments to approximate their fair value. The carrying amounts and fair values of the financial assets and liabilities measured at fair value and at amortized cost as of June 30, 2026 and as of December 31, 2025 are shown in the tables below. 06/30/2026 Carrying in k€ Financial assets amount Fair value Level 1 Level 2 Level 3 Equity instruments 26,659 26,659 - - 26,659 Other financial assets - - - - - Derivative financial instruments 1,375 1,375 - 162 1,213 Financial assets carried at FVTPL 28,034 28,034 - 162 27,872 Equity instruments 7,034 7,034 7,034 - - Current investments 117,231 117,231 117,231 - - Cash equivalents 149,690 149,690 149,690 - - Financial assets carried at FVTOCI 273,955 273,955 273,955 - - Financial assets carried at fair value 301,989 301,989 273,955 162 27,872 Cash and cash equivalents¹ 198,666 198,666 - - - Receivables and contract assets 129,639 129,639 - - - Other financial assets 22,017 22,017 - - - Carried at (amortized) costs 350,322 350,322 - - - Total financial assets 652,311 652,311 273,955 162 27,872 Financial liabilities Derivative financial instruments 2,535 2,535 - 2,535 - Financial Liabilities carried at FVTPL 2,535 2,535 - 2,535 - Financial liabilities carried at fair value 2,535 2,535 - 2,535 - Trade and other payables 49,128 49,128 - - - Loans and borrowings 314,494 291,932 - 291,932 - Other financial liabilities 737 737 - - - Carried at (amortized) costs 364,359 341,797 - 291,932 - Lease liabilities² 158,099 - - - - Total financial liabilities 524,993 344,332 - 294,467 - ¹ excludes Money Market Funds classified under Cash and cash equivalents amounting to € 149,690k. ² measurements within the scope of IFRS 16 are exempted from the requirements of IFRS 13 (IFRS 13.6(b)). 12/31/2025 Carrying in k€ Financial assets amount Fair value Level 1 Level 2 Level 3 Equity instruments¹ Derivative financial instruments 45,205 996 45,205 996 - - 21,240 996 23,965 - Financial assets carried at FVTPL 46,201 46,201 - 22,236 23,965 Equity instruments 1,265 1,265 1,265 - - Current Investments 57,873 57,873 57,873 - - Cash equivalents 159,056 159,056 159,056 - - Financial assets carried at FVTOCI 218,194 218,194 218,194 - - Financial assets carried at fair value 264,395 264,395 218,194 22,236 23,965 Cash and cash equivalents² 259,461 259,461 - - - Receivables and contract assets 164,258 164,258 - - - Other financial assets 24,585 24,585 - - - Carried at (amortized) costs 448,304 448,304 - - - Total financial assets 712,699 712,699 218,194 22,236 23,965 Financial liabilities Derivative financial instruments 222 222 - 222 - Financial Liabilities carried at FVTPL 222 222 - 222 - Financial liabilities carried at fair value 222 222 - 222 - Trade and other payables 64,764 64,764 - - - Loans and borrowings 276,403 249,568 - 249,568 - Other financial liabilities 2,532 2,532 - - - Carried at (amortized) costs 343,699 316,864 - 249,568 - Lease liabilities³ 171,286 - - - - Total financial liabilities 515,207 317,086 - 249,790 - ¹ includes assets held for sale totaling € 3,830k. ² excludes Money Market Funds classified under Cash and Cash Equivalents amounting to € 159,056k. ³ measurements within the scope of IFRS 16 are exempted from the requirements of IFRS 13 ( IFRS 13.6(b)). The following tables show the development of the fair values of Level 3 for the six months ended June 30, 2026 and during year 2025: Expected dividend yield - % Expected volatility of Evotec share 59.00 % Risk-free interest rate 2.65 % Expected life of share options (years) 4 Equity instruments and other financial The fair value of options granted during the six months ended June 30, 2026 was estimated on the Grant Date using the following assumptions: Balance as of January 1, 2026 23,965 Additions and reclassifications 3,845 Disposals - Transfer from Level 2 to Level 3 3,830 Transfer from Level 3 to Level 2 - Fair value change through P&L (3,767) Balance as of June 30, 2026 27,872 in k€ assets Balance as of January 1, 2025 21,909 Additions and reclassifications 7,259 Disposal (848) Transfer from Level 2 to Level 3 - Transfer from Level 3 to Level 2 (329) Fair value change through P&L (2,974) Dividends received (1,053) Balance as of December 31, 2025 23,965 in k€ Equity instruments and other financial assets In addition, a total of 1,628,100 Restricted Share Units were granted in the six months ended June 30, 2026. These Restricted Share Units were granted exclusively to key employees. The fair value of the Restricted Share Units on January 1, 2026 was $ 4.01 and the share price on the Grant Date, March 20, 2026, was $ 3.07. For the six months ended June 30, 2026, the Group recognized € 2,582k of share-based compensation expense in the income statement (6M 2025: € 3,246k). Additions to Level 3 investments refer to capital increases in Evotec minority investments. As of June 30, 2026, minority investments for a total of € 3,830k have been transferred from Level 2 to Level 3 of the fair value hierarchy as the observable market inputs previously used in the valuation process were no longer considered applicable. Share based Payments In March 2026, 2,179,470 Share Performance Awards were granted. Thereof, 620,553 were granted to members of the Management Board and the remaining 1,558,917 to other key employees. The exercise price of the options was € 1.00 for both Management Board members and other key employees. The "Fair Market Value" (FMV), which represents the present value of the respective option rights at the Grant Date, is calculated as of January 1 of the respective year. The fair value of the Share Performance Awards on January 1, 2026 was € 5.62 and the share price on the Grant Date, March 20, 2026, was € 4.30. During the first half of 2026, employees and members of the Management Board exercised 98,875 Share Performance Awards, 31,777 Restricted Share Awards as well as 133,290 Restricted Share Units, which were settled using treasury shares. Related Party Transactions Evotec's related parties include associated companies as well as the members of the Supervisory Board and the key management personnel of the Group. Except for the transactions described in Evotec's Annual Report 2025 Note 20, no other material transactions with related parties were entered into in the first six months of 2026. Subsequent Events On July 13, 2026, Evotec issued an updated guidance on revenue and adjusted EBITDA for FY2026. The Group expects revenue to be approximately € 570 m to € 610 m (€ 595 m to € 635 m CER) and adjusted Group EBITDA approximately € (70) m to € (105) m (€ (60) m to € (90) m CER), compared with previous guidance of € 700 m to € 780 m (€ 730 m to € 810 m CER) for Group revenues and € 0 to € 40 m (€ 10 m to € 50 m CER) for adjusted Group EBITDA. III. RESPONSIBILITY STATEMENT To the best of our knowledge and in accordance with the applicable reporting principles for interim financial reporting, the Interim Condensed Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position and financial results of the Group, and the Group Interim Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group. August 13, 2026 Dr Christian Wojczewski Claire Hinshelwood Aurélie Dalbiez Chief Executive Officer Chief Financial Officer Chief People Officer Dr Cord Dohrmann Dr Ingrid Müller Chief Scientific Officer Chief Operating Officer Financial calendar 2026 Quarterly Statement 9M 2026 November 5, 2026 FORWARD-LOOKING STATEMENTS This half-year interim report contains forward-looking statements concerning future events. Words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "should," "target," "would" and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding Evotec's expectations for revenues, Adjusted Group EBITDA and unpartnered R&D expenses. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Evotec at the time these statements were made. No assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon certain assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Evotec. Evotec expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Evotec's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.