Evotec SE

Ladies and gentlemen, welcome to the fourth quarter and full year 2025 financial results. My name is Youssef, the course call operator. I would like to remind you that all participants will be in listen-only mode in that this conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and then 0. The conference must not be recorded for publication or for broadcasting. At this time, it's my pleasure to hand over to Sarah Fahki, Head of Global Communications and Investor Relations. Please go ahead.

Thank you, Youssef. Good morning, good afternoon, and welcome to today's webcast and conference call. My name is Sarah Fahki, and I'm the Head of Global Communications and Investor Relations at Evotech. Please allow me to introduce today's speakers. Joining me on the call are Christian Wojciechowski, Chief Executive Officer of Evotech, Paul Hitchen, our Chief Financial Officer, and our Chief Scientific Officer, Court Dorman, will be available for the Q&A session. Please note that this call is being webcast live and will be archived in the events calendar on our website. Before we begin, a few forward-looking statements. The discussion and responses to your questions on this call reflect management's views as of today, Wednesday, April 8th, 2026. During this call, we will make statements and provide responses that state our intentions, beliefs, expectations or projections regarding the future. These statements constitute forward-looking statements within the meaning of applicable securities laws. They are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied. EWOTAC disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. For further information regarding these risks and uncertainties, please refer to our public findings and disclosures. With this, let me hand over the call to Christian.

Thank you, Sarah. Good morning and good afternoon to everyone. Thank you for joining today's call. Let me start with the headline results for 2025 and the first month of 2026. Twenty-five was a year of significant progress for Evotech as we laid critical groundwork for the company's next chapter of sustainable and profitable growth. Throughout a persistently challenging market environment, we remained anchored in the strength of our science and the dedication of our teams, which continue to be the foundation of our performance. Building on these fundamentals, we introduced a new company strategy in 2025 that defined our priorities and now guides the transformation work underway in 2026 and beyond. Our four levers of mid-term value creation, scientific leadership, operational excellence, better monetization of just Evotech biologics, and capturing pipeline value have already translated strategy into targeted action. As a result of this work in 2025, we have delivered more than 60 million Euro in annualized cost savings, streamlined our asset pipeline, and reduced our capital expenditure by around 60%, important steps that have strengthened our balance sheet and our financial resilience. Against the challenging market backdrop of 2025, financial results were at the high end of our guidance range, and Paul will go into more detail on that later in this presentation. Both segments of Evotech business have contributed to our progress in the past year in discovery and preclinical development, continued clinical advancement across partner programs, delivered milestones, and underscored the productivity of our platforms, despite continued softness in early-stage biotech funding. Just Evotech Biologics delivered a breakthrough year supported by the landmark agreement with Sandoz and continued progress across global health programs. And last month, we kicked off our Horizon initiative, a comprehensive transformation of our operating model. We are already making substantial progress across the three Horizon pillars of operations, science, and commercial execution. The last of which recently saw the appointment of a new chief commercial officer reinforcing our commitment to building a more agile, customer-focused organization. As Horizon implementation continues, we expect to see the first structural and financial benefits in the second half of 2026. Turning to the progress in our discovery and preclinical development segment on slide five, we saw robust clinical and scientific advancement over the past 12 to 18 months across key therapeutic areas, including oncology, neurodegeneration, and kidney disease, as well as exciting developments in emerging modalities, such as condensate modulation. During this period, and as already reported during our Q3 results in November 2025, two partner assets moved into phase two clinical studies. Since then, a partner preclinical asset advanced to a first in human phase one study, bringing our partner clinical portfolio to a total of two programs in phase two and five programs in phase one. Let me briefly highlight the progress within some of our key alliances. In our cancer protein degradation collaboration with Bristol Myers Scripps, We are jointly developing a broad pipeline of next-generation molecular glue degraders, a revolutionary modality with a potential to target previously undruggable disease-causing proteins, and an area in which BMS is the clear industry leader. The first candidate progressed from IND acceptance in November 2025 into a phase one clinical study in March 2026, In advance, clear cell renal cell carcinoma, the most common form of kidney cancer. These advancements, which validate the strength of our screening and AI-supported analytical platforms, resulted in milestone payments of $5 and $10 million, respectively. In our neuroscience partnership with BMS, we achieved continued progress across a jointly developed preclinical pipeline focused on therapies for neurodegenerative disorders, triggering a $25 million milestone payment in October 2025. Lastly, in our kidney disease partnership with Bayer, a phase two clinical study in Alport syndrome, a rare genetic kidney disease was initiated in December 2025, underscoring our discovery and translational capabilities and renal conditions. The momentum across these collaborations highlights our ability to translate our outstanding science into successful clinical. It validates our platforms and carries through on our fourth strategic lever, capturing pipeline value as assets advance to generate meaningful financial upside. Looking ahead, we expect the total number of assets in phase two to have grown from two to four during 2026. Turning from our small molecule business to biologics, let me give you an overview of our Just Evotech Biologics segment on slide six. 2025 was a breakthrough year for JAB defined by a strategic pivot away from a capacity-constrained manufacturing model. toward an asset lighter technology focused partner enablement model. This evolution centered on our highly differentiated continuous manufacturing platform is reflected in the news flow throughout the year, featuring technology enabled partnerships and significant progress in global health programs. However, the defining milestone for JET was the completion of our strategic agreement with Sandoz, which closed in December, 2025. The agreement is valued at $650 million with additional royalty potential for 10 biosimilars, the six most advanced of which have an originated value of about $92 billion. Further recent developments include a multi-year Biomap Consortium Award of up to $10 million from the US government's Biomedical Advanced Research and Development Authority. The program aims to optimize the biomanufacturing of monoclonal antibodies against Ebola and pseudoviruses, strengthening preparedness for hemorrhagic fever outbreaks. In January 2026, we also expanded our longstanding collaboration with the Gates Foundation receiving a new grant supporting 10 new molecular design projects over the next three years. These projects apply our AI and computation-driven JMD platform to improve antibody developability and advance access to affordable biologics. Taken together, these advances show how JET is evolving into high-margin technology-driven business with durable long-term value creation potential firmly validating JEP as a core pillar of our future growth ambitions. Let me now hand over the call to Paul to walk you through our financial results.