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6-K 1 tm2530265d2_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November, 2025

 

COMMISSION FILE NUMBER 001-34041

 

Evotec SE
(Translation of registrant’s name into English)

 

Essener Bogen 7

22419 Hamburg

Germany

Tel: +49 40 560810
(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F: Form 20-F x Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

 

 

 


 

On November 5, 2025, Evotec SE (the “Company”) issued a press release announcing the Company’s financial results and business updates for the first nine months of 2025 attached hereto as Exhibit 99.1.

 

EXHIBIT INDEX

 

Exhibit   Description of Exhibit
99.1   Evotec SE reports 9M 2025 results: Continued strong execution on strategic priorities

 

 


 

SIGNATURE

 

Pursuant to the requirements, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Evotec SE
     
  By: /s/ Paul Hitchin
    Name: Paul Hitchin
    Title: Chief Financial Officer

 

Date: November 5, 2025

 

 

 

EX-99.1 2 tm2530265d2_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 


 

INTERIM STATEMENT 9M 2025  

 

HIGHLIGHTS

 

4 CHANGE IN REVENUE MIX ALIGNED WITH NEW STRATEGY FOR LONG-TERM PROFITABLE GROWTH

 

4 DEMAND IN THE DISCOVERY & PRECLINICAL DEVELOPMENT (“D&PD”) SEGMENT STILL SOFT; JUST – EVOTEC BIOLOGICS (“JEB”) IS OUTPERFORMING EXPECTATIONS

 

4 EVOTEC SIGNS AGREEMENT WITH SANDOZ RESULTING IN PAYMENTS POTENTIALLY OVER US$ 650 M PLUS ROYALTIES ON PORTFOLIO OF UP TO 10 BIOSIMILAR MOLECULES (AFTER PERIOD-END)

 

4 2025 GUIDANCE AND 2028 OUTLOOK CONFIRMED

 

SOFT MARKET FOR D&PD; JEB WITH CONTINUING STRONG MOMENTUM

 

4 Group revenues decrease by (7.1)% to € 535.1 m (9M 2024: € 575.7 m)

 

4 Total D&PD revenues decrease by (12.3)% to € 392.1 m (9M 2024: € 447.1 m), due to soft demand in the early drug discovery market; quotations are growing in number and value, negative change orders are receding

 

4 JEB revenues increase by 11.3% to € 143.4 m (9M 2024: € 129.3 m), driven by continued strong non-Sandoz / non-Department of Defense (“DoD”) business growth of 105% year over year

 

4 Cost out initiatives are on track (remaining Priority Reset initiatives implemented, disciplined spending & restricted hiring activities), expected to result in a total cost reduction of more than € 60 m in 2025

 

4 Adjusted Group EBITDA totalled € (16.9) m (9M 2024: € (6.0) m) driven by continued underutilization and a high fixed cost base in the D&PD segment as well as costs related to the ramp-up of the JEB Toulouse facility.

 

DRIVING FORWARD STRATEGIC PRIORITIES

 

4 Significant progress in the strategic protein degradation collaboration with Bristol Myers Squibb (“BMS”) resulted in performance- and program-based payments totaling US$ 75 m the first half of the year

 

4 In the second quarter, Evotec reported key advancements in its neuroscience collaboration with BMS, resulting in a US$20 m research payment to the company

 

DEVELOPMENTS AFTER PERIOD-END

 

4 On 04 November 2025, Evotec signed an agreement with Sandoz, which includes approximately US$ 350 m in cash for Just – Evotec Biologics’ manufacturing site in Toulouse and upfront technology license fees to Evotec’s continuous manufacturing platform. In addition, Evotec is eligible for license fees, and development revenues including success-based milestones adding up to more than US$ 300 m over the coming years. The transaction also covers royalties on a portfolio of up to ten biosimilars in technical and early development targeting more than US$ 90 bn of originator net sales

 

4 Progress in the strategic preclinical neuroscience partnership with BMS resulted in a payment of US$ 25 m to support the continued progression of joint programs

 

2


 

INTERIM STATEMENT 9M 2025  

 

4 Investigational New Drug (“IND”) submission by partner Dewpoint Therapeutics for novel oncology therapy marks culmination of the partnership, advancing a de novo development candidate from discovery through IND-enabling studies

 

4 Evotec’s collaboration with Esperion leads to the nomination of a preclinical development candidate for the treatment of Primary Sclerosing Cholangitis, a chronic, progressive disease causing inflammation and sclerosis of the bile ducts leading over time to liver cell damage and can result in fibrosis, cirrhosis, and eventually liver failure

 

GUIDANCE FOR FULL-YEAR 2025 CONFIRMED

 

4 Group revenues expected in the range of € 760 – 800 m (2024: € 797.0 m)

 

4 R&D expenditures are expected in a range of € 40 – 50 m (2024: € 50.9 m)

 

4 Adjusted Group EBITDA1 is expected to reach € 30 – 50 m (2024: € 22.6 m)

 

OUTLOOK 2028

 

4 Group revenues CAGR 2024-2028 targeted to be in a range of 8 – 12%

 

4 Adjusted EBITDA margin 2028 expected to be above 20%

 

 

1Net income (loss) adjusted for interest, taxes, depreciation, amortization of intangibles, impairments on goodwill and other intangible and tangible assets, total non-operating income and expense, change in contingent consideration (earn-out) and items that in magnitude, nature or occurrence would distort the presentation of the financial performance of the Group.

CAGR: Compound annual growth rate

 

3


 

INTERIM STATEMENT 9M 2025  

 

FINANCIAL HIGHLIGHTS

 

The following table provides an overview of the financial performance in the first nine months of 2025 compared to the same period in 2024.

 

Key figures of consolidated income statement & segment information

 

Evotec SE & subsidiaries – First nine months of 2025 and 2024

 

    Nine months ended September 30, 2025     Nine months ended September 30, 2024  
in k€   D&PD     JEB     Intersegment
eliminations
    Evotec
Group
    D&PD     JEB     Intersegment
eliminations
    Evotec
Group
 
Revenues1)     391,861       143,239             535,100       447,016       128,723             575,739  
Intersegment revenues     195       126       (321 )           99       583       (682 )      
Costs of revenues     (360,231 )     (139,432 )     321       (499,342 )     (382,888 )     (124,363 )     296       (506,955 )
Gross profit     31,825       3,933             35,758       64,227       4,944       (387 )     68,784  
Gross margin in %     8.1 %     2.7 %           6.7 %     14.4 %     3.8 %           11.9 %
                                                                 
R&D expenses     (27,610 )     (71 )           (27,681 )     (41,326 )     (188 )     387       (41,128 )
SG&A expenses     (109,033 )     (22,585 )           (131,619 )     (115,369 )     (22,928 )           (138,297 )
Other operating income     38,516       2,856             41,371       33,385       1,599             34,983  
Other operating expense     (7,224 )     (3,631 )           (10,855 )     (11,393 )                 (11,393 )
Reorganization costs     741                   741       (61,249 )     (1,007 )           (62,257 )
Operating income (loss)     (72,786 )     (19,499 )           (92,284 )     (131,725 )     (17,581 )           (149,306 )
                                                                 
Adjusted EBITDA2)     (18,826 )     1,940             (16,886 )     (6,752 )     781             (5,971 )

 

1) Group revenues for the nine months ended September 30, 2025 would have amounted to € 543.4 m at constant exchange rates

2) Net income (loss) adjusted for interest, taxes, depreciation, amortization of intangibles, impairments on goodwill and other intangible and tangible assets, total non-operating income and expense, change in contingent consideration (earn-out) and items that in magnitude, nature or occurrence would distort the presentation of the financial performance of the Group.

 

4


 

INTERIM STATEMENT 9M 2025  

 

REPORT ON THE FINANCIAL SITUATION AND RESULTS

 

1. Results of operations

 

During the nine months ended September 30, 2025 Group revenues decreased by (7.1)% to € 535.1 m compared to the same period of the previous year (9M 2024: € 575.7 m). The decrease was driven by (12.3)% lower revenues in the D&PD segment, whereas JEB contributed € 143.2 m during the nine months ended September 30, 2025 versus € 128.7 m in the comparable prior year period. € 8.3 m of the € 40.6 m reduction in revenue was driven by fx. Revenue from base business (excluding milestones and royalties) decreased by (7.9)% from € 572.5 m  in 9M 2024 to € 527.5 m  in the nine months ended September 30, 2025.

 

The Costs of revenue for the nine months ended September 30, 2025 amounted to € 499.3 m (9M 2024: € 507.0 m) yielding a gross margin of 6.7% (9M 2024: 11.9%). The reduction is driven by lower overall costs in the Discovery & Preclinical Development segment, where we have recognized significant year over year savings in personnel expense, materials expense, and external spend. Despite the lower cost base, continued overcapacity is driving the lower overall gross margin. This cost reduction within D&PD was partially offset by Just-Evotec Biologics, where the continued growth of the business and continued investment in Toulouse build-out contributed to increased expenses..

 

R&D expenses were € 27.7 m, compared to € 41.1 m in the nine months ended September 30, 2024 ((32.7)%), with a focused capital allocation to selected R&D projects.

 

SG&A expenses for the nine months ended September 30, 2025 amounted to € 131.6 m and were thus € 6.7 m or -5% lower compared to last year (9M 2024: € 138.3 m) especially driven by lower external spend and lower personnel expense due to reduced headcount.

 

For the nine months ended September 30, 2025, other operating income amounted to € 41.4 m, compared to € 35.0 m for the comparable prior year period. The increase was driven by an insurance reimbursement related to the cyber-attack, which occurred in 2023.

 

Other operating expenses decreased from € 11.4 m in the first nine months of 2024 to € 10.9 m in the first nine months of 2025, this was driven by a significant reduction in expenses related to the cyber-attack in 2023, partially offset by costs incurred related to the planned sale of the Just Toulouse site, as well as one off arbitration costs.

 

The Group has also reviewed its finite lived intangible assets as well as Goodwill for impairment whenever triggering events or changes in circumstances indicate that carrying amount value may not be recoverable. Following this review, the Group has not identified any impairment trigger.

 

For the nine months ended September 30, 2025 Reorganization costs showed an income due to reversal of provisions of € 0.7 m (9M 2024: € 62.3 m) related to the finalization of reorganization projects performed in the prior year.

 

The net income (loss) for the nine months ended September 30, 2025 amounted to € (118.1) m (9M 2024: € (155.2) m), predominantly driven by lower reorganization expense, and overall lower cost base, offset by lower revenues.

 

Adjusted Group EBITDA for the nine months ended September 30, 2025 amounted to € (16.9) m (9M 2024: € (6.0) m) driven by the decrease in topline revenues and partially offset by the cost reductions recognized in all cost positions.

 

5


 

INTERIM STATEMENT 9M 2025  

 

2. Result in our reportable segments Discovery & Preclinical Development and Just-Evotec Biologics

 

In the Discovery & Preclinical Development segment, revenues (incl. intersegment revenues) decreased by (12.3)% to € 392.1 m (9M 2024: € 447.1 m) mainly driven by weaker than anticipated demand, as the company continues to navigate a suppressed market.

 

Costs of revenue within D&PD were at € 360.2 m in the nine months ended September 30, 2025 (9M 2024: € 382.9 m), corresponding to a gross margin of 8.1% (9M 2024: 14.4%). The decrease in the gross margin was mainly driven by a lower top-line performance, as well as under-utilization in some areas of Discovery & Preclinical Development, despite the overall drop in costs of revenue year over year.

 

R&D expenses came in at € 27.6 m (9M 2024: € 41.3 m), a reflection of our strategic focus regarding capital allocation to key R&D projects.

 

SG&A expenses decreased to € 109.0 m (9M 2024: € 115.4 m), mainly due to a decrease in consultancy costs and lower personnel costs after the implementation of the priority reset. For the nine months ended September 30, 2025, other operating income amounted to € 38.5 m, compared to € 33.4 m for the comparable prior year period, driven by an insurance reimbursement related to the cyber-attack. Other operating expenses amounted to € 7.2 m (9M 2024: € 11.4 m), which was predominantly caused by lower IT expenses caused by the cyber-attack compared to the same period in the previous year.

 

The adjusted EBITDA of the Discovery & Preclinical Development segment was € (18.8) m (9M 2024: € (6.8) m), due to reduced revenues, which could only partially be offset by a lower cost base within Costs of revenues, R&D and SG&A.

 

Revenues (incl. intersegment revenues) within Just-Evotec Biologics increased to € 143.4 m (9M 2024: € 129.3 m).

 

This growth of 11.3% was strongly driven by the strong order book in our Redmond, US facility, specifically outside of our Sandoz and DoD collaborations (105% growth year over year).

 

Costs of revenues of € 139.4 m were incurred in the first nine months of 2025, with higher labor and service and supplier costs to cover the increased base business in the US and the continuous ramp-up in France, compared to € 124.4 m within the nine months ended September 30, 2024. In the same period, the gross margin decreased to 2.7% from 3.8% in the first nine months of 2024, driven by the ramp up in France.

 

SG&A expenses (9M 2025: € 22.6 m vs. 9M 2024: € 22.9 m) remained essentially stable year-on-year, while Other Operating Expense showed an increase to € 3.6 m in the nine months ended September 30, 2025 (9M 2024: € 0.0 m). This increase is primarily due to the expenses incurred in connection with the planned sale of the Toulouse site to Sandoz.

 

The adjusted EBITDA within Just-Evotec Biologics has increased to € 1.9 m (9M 2024: € 0.8 m) as the revenue has increased stronger than the cost base, excluding costs related to the planned sale of Just - Evotec Biologics EU SAS.

 

6


 

INTERIM STATEMENT 9M 2025  

 

3. Financing and financial position

 

Cash flow from operating activities in the nine months ended September 30, 2025 was € (72.8) m compared with € (56.0) m in the first nine months of 2024. This year’s figure is negatively affected by changes in working capital, mainly due to lower Contract liabilities (€ (30.8) m) and lower Trade and other payables (€ (19.1) m), partially offset by a lower net loss compared to the previous year.

 

Net cash used in investing activities for the nine months ended September 30, 2025 amounted to € (50.8) m (9M 2024: € (88.1) m). The lower cash outflow is mainly caused by a decrease of purchases of property, plant and equipment (9M 2025: € (57.8) m; 9M 2024: € (102.3) m), most significantly in relation to the Just – Evotec Biologics facilities.

 

Net cash provided by (used in) financing activities amounted to € 8.6 m in the nine months ended September 30, 2025 (9M 2024: € (132.1) m). Proceeds from bank loans (€ 44.0 m; 9M 2024: € 0.9 m) were partially offset by the repayment of loans and lease obligations (€ (29.6) m; 9M 2024: € (128.4) m). Last year’s figure was affected by the repayment of a promissory note loan in the amount of € (108.5) m.

 

Cash and cash equivalents amounted to € 174.0 m (excluding Cash and Cash equivalents in the amount of € 5.2 m reclassified to Assets classified as Held for Sale) as of September 30, 2025 (December 31, 2024: € 306.4 m ).

 

Total Liquidity (Cash and cash equivalents and Current investments) decreased to € 237.3 m (December 31, 2024: € 396.8 m).

 

4. Assets, liabilities, and stockholders’ equity

 

Assets

 

Between December 31, 2024 and September 30, 2025, total assets decreased by € 139.8 m to € 1,772.7 m (December 31, 2024: € 1,912.5 m).

 

Investments amounted to € 63.2 m (December 31, 2024: € 90.4 m). This decrease was due to the sale of current investments.

 

Assets classified as Held for Sale amounted to € 281.5 m (December 31, 2024: 0.0), see “5. Assets and Liabilities Held for Sale”.

 

Property, plant and equipment decreased by € 258.7 m to € 565.2 m (December 31, 2024: € 823.9 m) which is mainly related to the reclassification to Assets classified as Held for Sale (€ (251.2) m). Depreciation (€ (69.9) m) and negative FX-effects (€ (28.5) m) exceeded additions to Property, plant and equipment (€ 91.9 m).

 

Non-current tax assets increased to € 51.9 m (December 31, 2024: € 34.4 m). The increase is mainly due to R&D tax credits, most significantly in Evotec France.

 

Liabilities

 

Current financial liabilities increased to € 96.9 m (December 31, 2024: € 50.8 m) predominantly due to reclassifications of loan liabilities from non-current to current.

 

Trade and other payables decreased by € 36.3 m to € 49.5 m (December 31, 2024: € 85.8 m) due to the timing of payments and consist of payables in relation with the normal course of business.

 

Current provisions decreased by € 18.9 m to € 43.3 m (December 31, 2024: € 62.2 m) mainly because of the consumption of provisions for reorganization and the payout of the annual employee bonus.

 

7


 

INTERIM STATEMENT 9M 2025  

 

Liabilities classified as Held for Sale amounted to € 40.1 m (December 31, 2024: —), see “5. Assets and Liabilities Held for Sale”.

 

Non-current deferred income decreased by € 21.4 m to € 9.1 m (December 31, 2024: € 30.6 m) mainly due to the reclassification to Liabilities classified as Held for Sale.

 

Stockholders’ equity

 

Total stockholders’ equity decreased by € 152.4 m to € 800.1 m (December 31, 2024: € 952.5 m) predominantly as a result of the net loss of the nine months ended September 30, 2025 (€ (118.1) m) and a change in other comprehensive income of (€ (39.8) m), which is mainly due to effects of translating the financial statements of foreign operations into euros.

 

Evotec’s equity ratio as of September 30, 2025 decreased to 45.1% (December 31, 2024: 49.8%).

 

5. Assets and Liabilities classified as Held for Sale

 

On July 30, 2025, Evotec SE announced the signing of a non-binding agreement with Sandoz AG concerning the potential sale of JUST Evotec Biologics EU SAS, a subsidiary of Evotec SE. In accordance with IFRS 5, the assets and liabilities of the entity, that was identified as a disposal group, were reclassified to Assets classified as Held for Sale (€ 276.8 m) and Liabilities classified as Held for Sale (€ 40.1 m).The disposal group was measured at the lower of net book value and fair value less cost to sell and were not subject to an impairment in accordance with IFRS 5.

 

The Assets classified as Held for Sale of the disposal group can be disaggregated as follows:

 

in k€   as of September 30,
2025
 
— Cash and cash equivalents     5,234  
— Trade and other receivables     622  
— Inventories     6,338  
— Prepaid expenses and other current assets     5,094  
— Non-current investments and other non-current financial assets     4  
— Property, plant and equipment     251,151  
— Intangible assets and Goodwill     1,125  
— Deferred tax assets     6,023  
— Non-current tax assets     1,195  

 

8


 

INTERIM STATEMENT 9M 2025  

 

The Liabilities classified as Held for Sale of the disposal group can be disaggregated as follows:

 

in k€   as of September 30,
2025
 
— Current financial liabilities     6,625  
— Trade and other payables     7,131  
— Current deferred income     1,500  
— Current provisions     2,403  
— Current income tax liabilities     689  
— Other current liabilities     1,942  
— Non-current provisions     301  
— Non-current deferred income     19,497  

 

The remaining balance in Assets classified as Held for Sale is related to equity investments in the amount of € 4.7 m that were previously measured at fair value through profit or loss in accordance with IFRS 9 and presented under “Non-current investments and other non-current financial assets”.

 

6. Human Resources

 

Employees

 

As of September 30, 2025, the Evotec Group, headquartered in Hamburg, Germany, employed 4,788 people worldwide (compared to 4,8272 employees as of December 31, 2024), representing a slight decrease from the previous year-end. A total of 4,043 employees were engaged in our D&PD segment (December 31, 2024: 4,201) and 745 in the Just – Evotec Biologics segment (December 31, 2024: 626). The total headcount decline reflects organizational adjustments and efficiency measures implemented across various sites. An exception to this trend were our two JEB entities, which saw an increase in staffing.

 

 

2 Headcount as of December 31, 2024 without leavers.

 

9


 

INTERIM STATEMENT 9M 2025  

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS3

 

Evotec SE and Subsidiaries

Consolidated interim income statement for the period

from January 1, to September 30, 2025

 

in k€ except share and per share data   Nine months ended
September 30, 2025
    Nine months ended
September 30, 2024
    Three months ended
September 30, 2025
    Three months ended
September 30, 2024
 
Revenue     535,100       575,739       163,887       184,890  
Costs of revenue     (499,342 )     (506,955 )     (163,949 )     (166,607 )
Gross profit (loss)     35,758       68,784       (62 )     18,283  
                                 
Operating income (expenses)                                
Research and development     (27,681 )     (41,128 )     (8,713 )     (11,874 )
Selling, general and administrative expenses     (131,619 )     (138,297 )     (42,311 )     (46,391 )
Other operating income     41,371       34,983       11,730       10,750  
Other operating expenses     (10,855 )     (11,393 )     (5,254 )     (3,459 )
Reorganization costs     741       (62,257 )     108       6,199  
Total operating income (expenses)     (128,042 )     (218,090 )     (44,441 )     (44,776 )
Operating income (loss)     (92,284 )     (149,306 )     (44,502 )     (26,493 )
                                 
Non-operating income (expense)                                
Gain (loss) on investment and financial instruments reevaluation     1,739       (14,788 )     1,312       (6,233 )
Share of profit (loss) and reevaluation of at-equity investments     (736 )     (1,507 )     480       (1,910 )
Other Financial income     3,264       2,802       841       917  
Other Financial expense     (10,685 )     (7,282 )     (2,283 )     (1,866 )
Other non-operating income (expense)     (17,527 )     (8,029 )     1,192       (11,290 )
Total non-operating income (expense)     (23,946 )     (28,805 )     1,542       (20,381 )
                                 
Net Income (loss) before taxes     (116,230 )     (178,111 )     (42,960 )     (46,874 )
Income taxes     (1,911 )     22,872       (127 )     7,241  
Net income (loss)     (118,141 )     (155,239 )     (43,087 )     (39,634 )
                                 
Weighted average shares outstanding     177,598,303       177,277,605       177,670,313       177,347,294  
Net result per share (basic)     (0.67 )     (0.88 )     (0.24 )     (0.22 )
Net result per share (diluted)     (0.67 )     (0.88 )     (0.24 )     (0.22 )

 

 

3) Each financial statement line item is rounded individually. Totals and subtotals may therefore deviate slightly from the sum of the individual items.

 

10


 

INTERIM STATEMENT 9M 2025  

 

Evotec SE and Subsidiaries

Consolidated interim statement of financial position as of September 30, 2025

 

in k€   as of September 30,
2025
    as of December 31,
2024
 
ASSETS                
Current Assets:                
— Cash and cash equivalents     174,038       306,387  
— Investments     63,230       90,413  
— Trade and other receivables     103,765       116,319  
— Contract assets     51,915       46,034  
— Inventories     31,184       31,122  
— Current tax assets     36,968       41,879  
— Other current financial assets including derivatives     5,527       4,290  
— Prepaid expenses and other current assets     45,018       45,519  
— Assets classified as Held for Sale     281,471        
Total current assets     793,115       681,964  
                 
Non-current assets:                
— Non-current investments and other non-current financial assets     45,039       40,014  
— Investments in associates and Joint ventures     4,977       2,138  
— Property, plant and equipment     565,226       823,937  
— Intangible assets and Goodwill     300,556       309,295  
— Deferred tax assets     11,122       17,333  
— Non-current tax assets     51,904       34,357  
— Other non-current assets     761       3,464  
Total non-current assets     979,585       1,230,538  
                 
Total assets     1,772,700       1,912,502  

 

11


 

INTERIM STATEMENT 9M 2025  

 

in k€   as of September 30,
2025
    as of December 31,
2024
 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current Liabilities                
— Current financial liabilities     96,873       50,795  
— Trade and other payables     49,485       85,792  
— Contract liabilities     106,826       106,599  
— Deferred income     2,886       3,216  
— Provisions     43,346       62,219  
— Current income tax liabilities     7,021       8,517  
— Other current liabilities     27,943       27,446  
— Liabilities classified as Held for Sale     40,087        
Total current liabilities     374,467       344,585  
                 
Non-current liabilities:                
— Non-current financial liabilities     387,744       392,743  
— Deferred tax liabilities     13,641       14,516  
— Provisions     18,245       19,585  
— Contract liabilities     169,341       156,679  
— Deferred income     9,126       30,557  
— Other non-current liabilities           1,312  
Total non-current liabilities     598,097       615,392  
                 
Stockholders’ equity:                
— Share capital     177,772       177,553  
— Additional paid-in capital     1,460,041       1,454,688  
— Retained Earnings     (790,511 )     (672,370 )
— Accumulated other comprehensive income     (47,165 )     (7,347 )
Total stockholders' equity     800,136       952,525  
                 
Total liabilities and stockholders’ equity     1,772,700       1,912,502  

 

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INTERIM STATEMENT 9M 2025  

 

Evotec SE and Subsidiaries

Condensed consolidated interim statement of cash flows for the nine months ended September 30, 2025

 

in k€   Nine months ended
September 30, 2025
    Nine months ended
September 30, 2024
 
Cash flows from operating activities:                
— Net income (loss)     (118,141 )     (155,239 )
— Adjustments to reconcile net income to net cash provided by operating activities     112,410       122,992  
— Change in assets and liabilities     (67,077 )     (23,752 )
Net cash used in operating activities     (72,809 )     (55,999 )
                 
Cash flow from investing activities:                
— Interest Received     3,269       3,217  
— Purchase of property, plant and equipment     (57,846 )     (102,266 )
— Proceeds from sale of property, plant and equipment     25       1,592  
— Acquisition of intangible assets and capitalization of development expenditures     (9,256 )     (4,890 )
— Purchase of investments in associated companies and other long-term investments and convertibles     (10,360 )     (12,618 )
— Proceeds from divestment / sale of investments in associated companies, other non-current investments and convertibles, net of transaction costs     (3,764 )      
— Acquisition of current investments     (2,988 )     (8,000 )
— Proceeds from sale of current investments     29,472       30,791  
— Dividends received     1,053        
— Divestment of affiliated companies, net of cash disposed and transaction costs     (396 )      
— Proceeds from Government Grants           4,066  
Net cash used in investing activities     (50,791 )     (88,108 )
                 
Cash flow from financing activities:                
— Interest Paid     (4,638 )     (4,940 )
— Transaction Costs related to Loans     (1,365 )      
— Proceeds from loans     43,961       900  
— Proceeds from option exercise     218       368  
— Repayment of loans     (13,039 )     (110,384 )
— Repayment of lease obligation     (16,538 )     (18,038 )
Net cash provided by (used in) financing activities     8,599       (132,095 )
                 
Net increase (decrease) in cash and cash equivalents     (115,001 )     (276,202 )
Exchange rate difference     (12,113 )     (3,408 )
Cash and cash equivalents at beginning of year     306,387       510,908  
Cash and cash equivalents at end of the period*     179,272       231,298  

 

*on September 30, 2025 € 5.2 m of Cash and cash equivalents are classified as Assets classified as Held for Sale and related to JUST - Evotec Biologics EU SAS On 04 November 2025, Evotec SE and Sandoz AG signed a share purchase agreement (SPA) that entails the sale of Just - Evotec Biologics EU SAS, Toulouse, France.

 

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INTERIM STATEMENT 9M 2025  

 

in k€   Nine months ended
September 30, 2025
    Nine months ended
September 30, 2024
    Three months ended
September 30, 2025
    Three months ended
September 30, 2024
 
Operating income (loss)     (92,284 )     (149,306 )     (44,502 )     (26,493 )
Depreciation of tangible assets     69,860       69,452       23,722       23,707  
Amortization of intangible assets     5,811       4,667       1,594       1,603  
External Cyber-related Costs, net of reimbursements     (6,203 )     6,960       352       1,879  
Reorganization Costs     (741 )     62,257       (108 )     (6,199 )
One-off arbitration costs     3,785             1,021        
(Income)/Expenses related to the potential disposal of Just - Evotec Biologics EU SAS     2,885             2,885        
Adjusted EBITDA     (16,886 )     (5,971 )     (15,036 )     (5,504 )

 

Subsequent Events

 

The transaction is expected to close in 2025, subject to meeting closing conditions including foreign direct investment (FDI) clearance by the French authorities. The gain on disposal is expected to be a low single-digit million euro amount. The purchase price is based on an Enterprise Value of € 225 m (cash and debt free basis). In addition, a license agreement was signed which will become effective upon closing and which includes non-refundable payments in the amount of US$ 58 m on the closing date and of US$ 25 m 60 days following closing.

 

FORWARD-LOOKING STATEMENTS

 

This half-year interim statement 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 have been correct, These statements involve known and unknown risks and are based upon a few assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Evotec, Factors that could cause actual results to differ are discussed under the heading "Risk Factors" in our Annual Report for the year ended December 31, 2022, 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.

 

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