Evotec (EVO) Q1 2026 results show restructuring hit, but liquidity and guidance intact
Rhea-AI Filing Summary
Evotec SE reported a sharp downturn in first‑quarter 2026 results while advancing a major restructuring and strategic review. Group revenue fell 21.7% to €156.6 million, or €166.9 million at constant exchange rates, mainly because Q1 2025 included a large Sandoz license payment and markets for early discovery remained soft.
Cost controls reduced R&D to €10.1 million and SG&A to €43.8 million, but a €75.0 million reorganization charge under the Horizon program pushed operating loss to €121.4 million and net loss to €121.9 million, or €0.69 per share. Adjusted Group EBITDA swung from €3.1 million profit to a €21.9 million loss.
Horizon aims to streamline Evotec’s footprint to ten sites and deliver about €75 million of structural annual savings by the end of 2027, with 20–30% expected in 2026. Despite the loss, liquidity remained sizeable at €444.8 million. After quarter‑end, Evotec agreed to receive about $100 million upfront, plus up to $58 million in milestones, from the sale of its minority stake in Tubulis to Gilead, and installed a new CFO and COO. Full‑year 2026 guidance was reaffirmed.
Positive
- Strong liquidity and incoming cash: Total liquidity was €444.8 million as of March 31 2026, and Evotec expects about $100 million in upfront cash plus up to $58 million in milestones from the agreed sale of its Tubulis stake to Gilead.
- Cost‑saving Horizon program with clear targets: The Horizon transformation recorded €75.0 million of reorganization costs but is projected to deliver roughly €75 million in structural annual savings by the end of 2027, with 20–30% expected in 2026.
- Guidance and partnerships support mid‑term outlook: Full‑year 2026 guidance was confirmed, and Evotec advanced key collaborations, including nominating a preclinical candidate with Almirall and securing new Gates Foundation grants for tuberculosis programs.
Negative
- Material deterioration in profitability: Adjusted Group EBITDA deteriorated from €3.1 million in Q1 2025 to a loss of €21.9 million, while net loss widened to €121.9 million, or €0.69 per share, amid weaker revenues and large restructuring charges.
- Segment pressure, especially in biologics: Just – Evotec Biologics revenue fell from €59.4 million to €36.8 million, and its adjusted EBITDA swung from a €10.0 million profit to a €12.1 million loss, highlighting sensitivity to non‑recurring license income.
- Equity dilution by losses and higher provisions: Stockholders’ equity decreased by €114.1 million to €699.6 million and the equity ratio declined to 42.7%, driven by the Q1 net loss and significant Horizon‑related restructuring provisions.
Insights
Heavy one‑off restructuring and weaker topline drive a large quarterly loss despite solid liquidity.
Evotec delivered Q1 2026 revenue of €156.6 million, down 21.7% year on year, as the prior period benefited from a sizable Sandoz license and demand in Discovery & Preclinical Development stayed soft. Both segments posted negative adjusted EBITDA, with Just – Evotec Biologics hit hardest by the missing license payment.
The new Horizon program generated €75.0 million of reorganization costs, driving operating loss to €121.4 million and net loss of €121.9 million. Management targets structural run‑rate savings of about €75 million by 2027, with 20–30% expected already in 2026, but execution risk remains until savings clearly materialize.
Liquidity of €444.8 million and reduced capex offer a cushion while the business resets. The announced sale of the Tubulis stake, with about $100 million upfront and up to $58 million contingent, plus a strategic review of portfolio and capital structure, could reshape the balance sheet and business mix once completed, though terms and outcomes beyond the disclosed figures are not specified in this excerpt.
Strategic review, Tubulis monetization and Horizon reshape Evotec’s financial and operating profile.
Evotec’s equity fell to €699.6 million, with the equity ratio down to 42.7% as of March 31 2026, reflecting the large quarterly loss and higher restructuring provisions. Provisions jumped to €195.0 million, mainly for Horizon headcount and footprint actions, while financial liabilities declined to €387.5 million through loan repayments and lease reclassification.
Total liquidity slipped moderately to €444.8 million, but subsequent events include an expected upfront of about $100 million from selling the Tubulis stake to Gilead, plus up to $58 million in potential milestones. A board‑led strategic options review, supported by Morgan Stanley and Moelis & Company, will evaluate portfolio and capital structure choices; outcomes, if any, would be disclosed in future communications.
Key Figures
Key Terms
Adjusted EBITDA financial
constant exchange rates financial
Project Horizon financial
reorganization costs financial
equity ratio financial
strategic options review financial
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 May, 2026
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 May 6, 2026, Evotec SE (the “Company”) submitted a press release announcing first quarter 2026 results attached hereto as Exhibit 99.1. and Exhibit 99.2. (press release)
EXHIBIT INDEX
| Exhibit | Description of Exhibit |
| 99.1 | Interim Statement First Quarter 2026 |
| 99.2 | Evotec Announces First Quarter 2026 Results: Building Transformation Momentum |
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/ Christian Wojczewski | |
| Name: Christian Wojczewski | ||
| Title: Chief Executive Officer | ||
Date: May 6, 2026
Exhibit 99.1
For further information, please contact: Dr. Sarah Fakih, EVP Head of Global Communications and Investor Relations, sarah.fakih@evotec.com, M. +49.(0)151 70 688 784, www.evotec.com
 | INTERIM STATEMENT 3M 2026 |
HIGHLIGHTS
| 4 | MEASURED START TO THE YEAR: D&PD BROADLY IN LINE WITH 2025 DEVELOPMENT; JUST – EVOTEC BIOLOGICS SHOWS LOW SINGLE DIGIT GROWTH IN BASE BUSINESS1 |
| 4 | SIGNIFICANT PROGRESS ACROSS TECHNOLOGY-ENABLED PARTNERSHIPS AND GLOBAL HEALTH PROGRAMS IN D&PD AND JUST - EVOTEC BIOLOGICS |
| 4 | EVOEQUITY WITH STRATEGIC INVESTMENT EXITS DELIVERING SIGNIFICANT CASH PROCEEDS |
| 4 | 2026 GUIDANCE AND 2030 FRAMEWORK CONFIRMED |
FINANCIAL PERFORMANCE REFLECTS CONTINUED SOFTNESS IN D&PD AND LOWER REVENUES IN JUST – EVOTEC BIOLOGICS
| 4 | Group revenues declined by 22% to € 156.6 m (3M 2025: € 200.0 m) |
| 4 | Total D&PD revenues declined by 15% to € 119.9 m (3M 2025: € 140.6 m); demand remains affected by a persistently challenging market environment; CRO revenues expected to recover to low single-digit growth in H2 2026, with contributions by strategic partnerships becoming more visible |
| 4 | Just – Evotec Biologics revenues declined by (38)% to € 36.8 m (3M 2025: € 59.4 m) primarily driven by the prior year impact of the $ 25 m Sandoz License payment in Q1 2025; segment expected to maintain strong underlying growth in 2026, with non-Sandoz and non-DoW activities expected to grow by approximately 40% |
| 4 | Adjusted Group EBITDA amounted to € (21.9) m (3M 2025: € 3.1 m) |
SEGMENT NEWS FLOW SHOWS STRONG PROGRESS ACROSS STRATEGIC PARTNERSHIPS AND FUNDING MOMENTUM IN PROTEIN DEGRADATION & GLOBAL HEALTH PROGRAMS
| 4 | March 23: Just – Evotec Biologics enters project agreement with BARDA to optimize biomanufacturing of antibodies against Ebola and related viruses |
| 4 | March 19: Evotec receives $10 m milestone from Bristol Myers Squibb protein degradation collaboration for phase 1 clinical study initiation |
| 4 | January 8: Just – Evotec Biologics awarded ~$1.7 m grant for AI-driven optimization of monoclonal antibody developability to support affordable access by the Gates Foundation |
1 Base business does not include revenue from licenses, milestone fees and royalties
2
| INTERIM STATEMENT 3M 2026 |
CORPORATE NEWS FLOW SHOWS MEANINGFUL PROGRESS IN STRATEGIC TRANSFORMATION AND COMPANY EVOLUTION
| 4 | March 10: Evotec announces ‘Horizon’ as the next inflection in its strategic transformation to accelerate growth and promote agility |
| ◦ | Horizon advances multi-stage transformation initiated with Priority Reset in 2024 and establishes new operating model across three pillars: operations, science and commercial execution |
| ◦ | Operations: Global footprint further streamlined to 10 sites to simplify organizational structures and improve cost base |
| ◦ | Science: Centers of Excellence concentrate key expertise and innovation infrastructure to deepen scientific leadership and strengthen competitiveness in high-value segments |
| ◦ | Commercial execution: Upgraded commercial organization enables faster execution, clearer ownership and improved customer responsiveness |
| ◦ | New operating model designed to deliver greater agility and sustainable growth, enabling improved value creation |
| ◦ | Structural Horizon measures expected to generate ~€75 million run-rate savings by end of 2027 |
| ◦ | Total cash restructuring charges of ~€100 million expected in the 2026 to 2028 period. |
| ◦ | New phased 2026-2030 mid-term framework introduced, aligned with transformation roadmap |
Events after Period-End
| 4 | Leadership and governance updates: Evotec appointed Dr. Ashiq H. Khan as Chief Commercial Officer and Dr. Ingrid Müller as Chief Operating Officer, and nominated Dieter Weinand as Supervisory Board Chairman |
| 4 | Evotec to receive approx. $100 million from equity stake as part of Tubulis acquisition by Gilead Sciences. The company is eligible to receive up to approximately $58 million in additional contingent consideration in line with its equity participation and subject to the achievement of specified milestones. |
| 4 | Evotec announces CFO transition to Claire Hinshelwood as successor to Paul Hitchin as of May 1, 2026 |
FULL-YEAR GUIDANCE 2026
| 4 | Group revenues of approximately €700-780 million (€730-810 million CER) |
| 4 | Adjusted Group EBITDA of approximately €0-40 million (€10-50 million CER) |
2026 represents a transition year as Horizon is implemented, with operational improvements expected to become increasingly visible in the second half of the year.
MID-TERM FRAMEWORK 2026 - 2030
| 4 | Group revenues are expected to grow to > €1 billion (8-12 % CAGR) |
| 4 | Adjusted EBITDA margin is expected to reach 20% by 2028 and exceed that level by 2030 |
3
| INTERIM STATEMENT 3M 2026 |
FINANCIAL HIGHLIGHTS
The following table provides an overview of the financial performance in the first three months of 2026 compared to the same period in 2025. More detailed information can be found on page 5 of this interim statement.
Key figures of consolidated income statement & segment information
Evotec SE & subsidiaries – First three months of 2026 and 2025
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||||||||||||||||||||||||||
In k€ | D&PD | JEB | Inter-segment Elimina-tions | Evotec Group | D&PD | JEB | Inter-segment Elimina-tions | Evotec Group | ||||||||||||||||||||||||
| Revenue1) | 119,800 | 36,844 | 156,644 | 140,590 | 59,389 | 199,978 | ||||||||||||||||||||||||||
| Intersegment revenue | 97 | — | (97 | ) | — | 2 | — | (2 | ) | — | ||||||||||||||||||||||
| Cost of Revenue* | (112,721 | ) | (45,589 | ) | 97 | (158,212 | ) | (119,371 | ) | (47,373 | ) | 2 | (166,742 | ) | ||||||||||||||||||
| Gross profit (loss) | 7,176 | (8,744 | ) | — | (1,569 | ) | 21,221 | 12,015 | — | 33,236 | ||||||||||||||||||||||
| Gross margin in % | 6 | % | (24 | )% | — | % | (1 | )% | 11 | % | 20 | % | — | % | 14 | % | ||||||||||||||||
| Research and development* | (10,081 | ) | — | — | (10,081 | ) | (14,877 | ) | (52 | ) | — | (14,929 | ) | |||||||||||||||||||
| Selling, general and administrative expenses* | (34,827 | ) | (8,961 | ) | — | (43,788 | ) | (41,179 | ) | (8,356 | ) | — | (49,536 | ) | ||||||||||||||||||
| Other operating income | 11,930 | 527 | — | 12,457 | 12,312 | 665 | — | 12,977 | ||||||||||||||||||||||||
| Other operating expense | (2,823 | ) | (618 | ) | — | (3,442 | ) | (904 | ) | (660 | ) | — | (1,564 | ) | ||||||||||||||||||
| Reorganization costs | (74,974 | ) | — | — | (74,974 | ) | (192 | ) | — | — | (192 | ) | ||||||||||||||||||||
| Operating income (loss) | (103,599 | ) | (17,797 | ) | — | (121,396 | ) | (23,620 | ) | 3,611 | — | (20,008 | ) | |||||||||||||||||||
| Adjusted EBITDA | (9,800 | ) | (12,051 | ) | — | (21,851 | ) | (6,856 | ) | 9,964 | — | 3,107 | ||||||||||||||||||||
1) Group revenue would have amounted to € 166,890 k at constant exchange rates.
*Certain costs previously reported within Cost of Revenue have been reclassified to Research and development and Selling, general and administrative expenses to align with the revised function of the underlying cost centers as a result of a reorganization. The reclassification relates primarily to In Silico & Bioinformatics as well as Alliance Management. In accordance with IAS 1 Presentation of Financial Statements, comparative prior-year figures have been adjusted accordingly to conform to the current period presentation. For the three months ended March 31, 2025, costs of € 6.0 m previously presented as Cost of Revenue have been reclassified to Research and development and Selling, general and administrative expenses in the amount of € 4.2 m and € 1.8 m, respectively. These reclassifications solely impact the D&PD segment.
4
| INTERIM STATEMENT 3M 2026 |
REPORT ON THE FINANCIAL SITUATION AND RESULTS
1. Results of operations
During the three months ended March 31, 2026 Group revenue decreased by 21.7% to € 156.6 m compared to the same period of the previous year (3M 2025: € 200.0 m). The decrease was driven by 14.8% lower revenues in the Discovery & Preclinical Development (D&PD) segment, whereas Just – Evotec Biologics contributed € 36.8 m during the three months ended March 31, 2026 versus € 59.4 m in the comparable prior year period. Excluding negative fx-effects, Group revenue decreased by 16.5% to € 166.9 m. Excluding the license sale to Sandoz in Q1 2025, revenues decreased by 5.6% from € 176.9 m in 3M 2025 to € 166.9 m in the three months ended March 31, 2026, driven by the continued softer market for early stage discovery.and the
The Cost of revenue for the three months ended March 31, 2026 amounted to € 158.2 m (3M 2025: € 166.7 m) yielding a gross margin of (1.0)% (3M 2025: 16.6%). The decrease of Cost of revenues was driven by lower personnel costs and lower project and material costs in both segments. D&PD saw continued underutilization which is being addressed as part of Project Horizon.
R&D expenses amounted to € 10.1 m, compared to € 14.9 m in the three months ended March 31, 2025 (32.5% reduction), as investment continues to be tightly controlled on projects most relevant to our partners.
SG&A expenses for the three months ended March 31, 2026 amounted to € 43.8 m and were thus € 5.7 m or 11.6% lower compared to last year (3M 2025: € 49.5 m) mainly driven by the JUST EU exit, lower personnel expenses, and reduced IT business consultancy costs.
For the three months ended March 31, 2026, other operating income amounted to € 12.5 m, compared with € 13.0 m in the corresponding prior-year period. The year-on-year variance was predominantly driven by two offsetting effects. On the one hand, Evotec recognized € 2.5 m one-off insurance income related to the 2023 cyber incident in the prior period, which did not recur in 2026. On the other hand, during the three months ended March 31, 2026, Evotec accounted for € 2.2 m of income related to transition services in connection with the sale of JUST EU (3M 2025: € 0.0 m).
Other operating expenses amounted to € 3.4 m for the three months ended March 31, 2026, representing an increase of € 1.9 m compared with the prior-year period (3M 2025: € 1.6 m). The increase was primarily driven by € 1.4 m of expenses related to transition services in connection with the sale of JUST EU.
Reorganization costs amounted to € 75.0 m in the three months ended March 31, 2026 (3M 2025: € 0.2 m). These costs are driven exclusively by the initial provision for future expenditures and asset impairments related to the recently announced Project Horizon.
5
| INTERIM STATEMENT 3M 2026 |
Adjusted Group EBITDA for the three months ended March 31, 2026 amounted to € (21.9) m (3M 2025: € 3.1 m) primarily driven by the Sandoz License sale in Q1 2025, as well as negative FX-impact of € 3 m.
The net income (loss) as of March 31, 2026 amounted to € (121.9) m (3M 2025: € (31.6) m), driven largely by the operating loss, which increased due to the reorganization provision and lower revenues, and only slightly offset by an increased deferred tax income.
2. Results of operations in Discovery & Preclinical Development and Just – Evotec Biologics
In the D&PD segment revenue (incl. intersegment revenues), decreased by (14.7)% to € 119.9 m (3M 2025: € 140.6 m) due to a still challenging market environment, and negative FX-impacts. In constant currency, revenues decreased by (10.0)%.
Cost of revenue within D&PD amounted to € 112.7 m in the three months ended March 31, 2026 (3M 2025: € 119.4 m) driven by lower personnel expense and lower project and material costs. This corresponds to a gross margin of 6.0% (3M 2025: 10.8%). R&D expenses came in at € 10.1 m (3M 2025: € 14.9 m). SG&A expenses decreased by (15.4)% to € 34.8 m (3M 2025: € 41.2 m), mainly caused by reduced IT consultancy expense and lower personnel expense. For the three months ended March 31, 2026, other operating income amounted to € 11.9 m, compared to € 12.3 m for the comparable prior year period. Other operating expenses were € 2.8 m (3M 2025: € 0.9 m) driven by expenses related to transition services in connection with the sale of JUST EU. In the first three months of 2026, Reorganization expenses totalling € 75.0 m related to the Horizon program were incurred (3M 2025: € 0.2 m).
The adjusted EBITDA of the Discovery & Preclinical Development (D&PD) segment was € (9.8) m (3M 2025: € (6.9) m), due to lower revenues which were mostly offset by reduced Costs of revenues, R&D, and SG&A expenses.
Revenue (incl. intersegment revenue) within Just – Evotec Biologics decreased to € 36.8 m (3M 2025: € 59.4 m). This decline of (38.0)% was driven by the USD 25 m Sandoz License sale from Q1 2025. Excluding this effect and negative FX-impact, revenues increased by 11.3%. Cost of revenue was € 45.6 m in the first three months of 2026, compared to € 47.4 m within the three months ended March 31, 2025. The decrease was driven by the sale of the Toulouse site in Q4 2025, offset partially by temporarily higher material and project costs due to production phasing. Due to the above effects, gross margin decreased to (23.7)% in the first quarter 2026 from 20.2% in the first three months of 2025. SG&A expenses (3M 2026: € 9.0 m vs. 3M 2025: € 8.4 m) were broadly in line with prior year.
The adjusted EBITDA within Just – Evotec Biologics has decreased to € (12.1) m (3M 2025: € 10.0 m) mainly driven by 2025 Sandoz License sale.
6
| INTERIM STATEMENT 3M 2026 |
3. Financing and financial position
Cash flow used in operating activities in the first three months of 2026 was € (3.9) m (3M 2025: € (31.8) m). The decrease in cash outflow is related to favorable changes in working capital compared to the first three months of 2025.
Net cash used in investing activities for the three months ended March 31, 2026 amounted to € (12.4) m (3M 2025: € (21.6) m). Capital expenditure decreased to € (4.2) m (3M 2025: € (18.2) m), primarily reflecting reduced investments after the sale of Just - Evotec Biologics EU SAS, Toulouse, France, (Just EU) at the end of 2025. The decrease in capital expenditure was partially offset by an increase in purchase of intangible assets and additions to capitalized development expenditures by € (3.0) m to € (6.6) m (3M 2025: € (3.6) m), transaction costs related to the disposal of affiliate companies amounting to € (3.9) m (3M 2025: € — m ) and lower net proceeds from current investments that decreased by € 3.2 m to € 0.9 m (3M 2025: € 4.1 m).
Net cash provided by (used in) financing activities amounted to € (19.1) m in the three months ended March 31, 2026 (3M 2025: € 35.4 m). The decrease is primarily attributable to the non-recurrence of proceeds from loans (3M 2025: € 44.0 m) and increased loan repayments (3M 2026: € (12.2) m; 3M 2025: € (1.1) m).
Cash and cash equivalents amounted to € 387.9 m as of March 31, 2026 (December 31, 2025: € 418.5 m). Total Liquidity in the first three months of 2026 decreased by € (31.6) m to € 444.8 m (December 31, 2025: € 476.4 m).
4. Assets, liabilities, and stockholders’ equity
Assets
Between December 31, 2025 and March 31, 2026, total assets decreased by € 74.1 m to € 1,639.8 m (December 31, 2025: € 1,713.9 m).
Trade and other receivables decreased by € 37.7 m to € 98.3 m (December 31, 2025: € 136.0 m). The decrease is mainly due to cash receipts related to the License Agreement signed in December 2025 as part of the Sandoz transaction.
7
| INTERIM STATEMENT 3M 2026 |
Property, plant and equipment decreased by € 23.8 m to € 530.8 m (December 31, 2025: € 554.6 m). The decrease is mainly due to planned footprint reductions affecting lease terms considered for Right-of-Use assets and impairments related to Project Horizon (see Note 5. Project Horizon for additional information).
Prepaid expenses and other current assets increased by € 13.1 m to € 43.5 m (December 31, 2025: € 30.5 m) primarily due to an increase in prepayments for insurances, IT and software licenses as well as subscription fees.
Liabilities
Between December 31, 2025 and March 31, 2026, total liabilities increased by € 40.0 m to € 940.2 m (December 31, 2025: € 900.2 m).
Current and Non-Current provisions increased by € 118.4 m to € 195.0 m (December 31, 2025: € 76.6 m) mainly due to Horizon, including headcount and footprint related provisions, along with reclassifications in the amount of € 43.0 m comprised of certain lease liabilities related to impacted leases.
Current and Non-current financial liabilities decreased by € 61.3 m to € 387.5 m (December 31, 2025: € 448.7 m) mainly due to the repayment of loans and the revaluation and reclassification of certain lease liabilities in the amount of € 43.0 m to the restructuring provision related to Project Horizon.
Trade and other payables decreased by € 9.9 m to € 54.9 m (December 31, 2025: € 64.8 m). The decrease occurred in the normal course of the business.
Stockholders’ equity
Total stockholders’ equity decreased by € 114.1 m to € 699.6 m (December 31, 2025: € 813.7 m) predominantly as a result of the net loss of the three months ended March 31, 2026 of € (121.9) m and a change in other comprehensive income of € 6.8 m, driven by foreign currency translation adjustments.
Evotec’s equity ratio as of March 31, 2026 decreased to 42.7% (December 31, 2025: 47.5%).
5. Project Horizon
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 three months ended March 31, 2026, Evotec recorded reorganization costs totaling € 75.0 m. These costs are directly attributable to the restructuring measures that are necessary for the restructuring and are not related to operating activities. Of the reorganization costs, significant portions include € 56.4 m attributable to personnel measures (including severance payments) and € 14.9 m attributable to impairment losses on property, plant, and equipment. 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 in discussions in accordance with local laws and regulations. The measurement assumptions are regularly reviewed as the restructuring program progresses.
6. Human Resources
Employees
Headquartered in Hamburg, Germany, the Evotec Group employed an average of 4,526 people globally for the three months ended March 31, 2026 (average for the year ended December 31, 2025: 4,757 employees). In addition, the divestiture of Just-Evotec Biologics EU completed in December 2025 resulted in an overall reduction of employee headcount.
8
| INTERIM STATEMENT 3M 2026 |
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS1
Evotec SE and Subsidiaries
Consolidated interim income statement for the period from January 1 to March 31, 2026
| in k€ except share and per share data | Three months ended March 31, 2026 | Three months ended March 31, 2025 | ||||||
| Revenue | 156,644 | 199,978 | ||||||
| Cost of Revenue* | (158,212 | ) | (166,742 | ) | ||||
| Gross profit (loss) | (1,569 | ) | 33,236 | |||||
| Operating income (expenses) | ||||||||
| Research and development* | (10,081 | ) | (14,929 | ) | ||||
| Selling, general and administrative expenses* | (43,788 | ) | (49,536 | ) | ||||
| Other operating income | 12,457 | 12,977 | ||||||
| Other operating expenses | (3,442 | ) | (1,564 | ) | ||||
| Reorganization costs | (74,974 | ) | (192 | ) | ||||
| Total operating income (expenses) | (119,828 | ) | (53,244 | ) | ||||
| Operating income (loss) | (121,396 | ) | (20,008 | ) | ||||
| Non-operating income (expense) | ||||||||
| Gain (loss) on investment in financial instruments revaluation | 192 | — | ||||||
| Share of profit (loss) and revaluation of at-equity investments | (286 | ) | (571 | ) | ||||
| Other financial income | 1,793 | 1,216 | ||||||
| Other financial expense | (2,583 | ) | (2,407 | ) | ||||
| Other non-operating income (expense) | 100 | (8,082 | ) | |||||
| Net income (loss) before taxes | (122,180 | ) | (29,851 | ) | ||||
| Income taxes | 244 | (1,726 | ) | |||||
| Net income (loss) | (121,936 | ) | (31,577 | ) | ||||
| Weighted average shares outstanding | 177,562,407 | 177,526,086 | ||||||
| Net result per share (basic) | (0.69 | ) | (0.18 | ) | ||||
*Certain costs previously reported within Cost of Revenue have been reclassified to Research and development and Selling, general and administrative expenses to align with the revised function of the underlying cost centers as a result of a reorganization. The reclassification relates primarily to In Silico & Bioinformatics as well as Alliance Management. In accordance with IAS 1 Presentation of Financial Statements, comparative prior-year figures have been adjusted accordingly to conform to the current period presentation. For the three months ended March 31, 2025, costs of € 6.0 m previously presented as Cost of Revenue have been reclassified to Research and development and Selling, general and administrative expenses in the amount of € 4.2 m and € 1.8 m, respectively.
1 Each financial statement line item is rounded individually. Totals and subtotals may therefore deviate slightly from the sum of the individual line items
9
| INTERIM STATEMENT 3M 2026 |
Evotec SE and Subsidiaries
Consolidated interim statement of financial position as of March 31, 2026
| in k€ | as of March 31, 2026 | as of December 31, 2025 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 387,912 | 418,517 | ||||||
| Investments | 56,851 | 57,873 | ||||||
| Trade and other receivables | 98,259 | 135,963 | ||||||
| Contract assets | 35,322 | 28,295 | ||||||
| Inventories | 32,982 | 29,317 | ||||||
| Current tax assets | 33,470 | 38,453 | ||||||
| Other current financial assets including derivatives | 19,020 | 20,217 | ||||||
| Prepaid expenses and other current assets | 43,549 | 30,480 | ||||||
| Assets classified as held for sale | 3,914 | 3,830 | ||||||
| Total current assets | 711,278 | 762,945 | ||||||
| Non-current assets: | ||||||||
| Non-current investments and other non-current financial assets | 48,965 | 48,004 | ||||||
| Investments in associates and joint ventures | 4,346 | 4,629 | ||||||
| Property, plant and equipment | 530,840 | 554,626 | ||||||
| Intangible assets and goodwill | 305,407 | 303,936 | ||||||
| Deferred tax assets | 1,686 | 2,949 | ||||||
| Non-current tax assets | 36,873 | 36,349 | ||||||
| Other non-current assets | 418 | 507 | ||||||
| Total non-current assets | 928,534 | 951,000 | ||||||
| Total assets | 1,639,812 | 1,713,945 | ||||||
10
| INTERIM STATEMENT 3M 2026 |
| in k€ | as of March 31, 2026 | as of December 31, 2025 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current financial liabilities | 88,615 | 104,720 | ||||||
| Trade and other payables | 54,900 | 64,763 | ||||||
| Contract liabilities | 111,733 | 104,849 | ||||||
| Deferred income | 2,953 | 3,220 | ||||||
| Provisions | 130,826 | 58,543 | ||||||
| Current income tax liabilities | 9,519 | 10,578 | ||||||
| Other current liabilities | 24,828 | 21,401 | ||||||
| Total current liabilities | 423,374 | 368,074 | ||||||
| Non-current liabilities: | ||||||||
| Non-current financial liabilities | 298,847 | 344,008 | ||||||
| Deferred tax liabilities | 12,668 | 14,735 | ||||||
| Provisions | 64,174 | 18,035 | ||||||
| Contract liabilities | 132,079 | 145,324 | ||||||
| Deferred income | 7,714 | 8,350 | ||||||
| Other non-current liabilities | 1,337 | 1,715 | ||||||
| Total non-current liabilities | 516,819 | 532,167 | ||||||
| Stockholders’ equity: | ||||||||
| Share capital | 177,878 | 177,779 | ||||||
| Treasury shares, at cost | (1,139 | ) | (1,548 | ) | ||||
| Additional paid in capital | 1,459,025 | 1,458,466 | ||||||
| Retained Earnings | (897,823 | ) | (775,887 | ) | ||||
| Accumulated other comprehensive income | (38,321 | ) | (45,106 | ) | ||||
| Total stockholders' equity | 699,620 | 813,704 | ||||||
| Total liabilities and stockholders’ equity | 1,639,812 | 1,713,945 | ||||||
11
| INTERIM STATEMENT 3M 2026 |
Evotec SE and Subsidiaries
Condensed consolidated interim statement of cash flows for the three months ended March 31, 2026
| in k€ | Three months ended March 31, 2026 | Three months ended March 31, 2025 | ||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | (121,936 | ) | (31,577 | ) | ||||
| Adjustments to reconcile net income to net cash used in operating activities | 46,530 | 32,971 | ||||||
| Change in assets and liabilities | 71,490 | (33,201 | ) | |||||
| Net cash provided by (used in) operating activities | (3,916 | ) | (31,808 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Interest Received | 1,871 | 1,309 | ||||||
| Purchase of property, plant and equipment | (4,163 | ) | (18,198 | ) | ||||
| Proceeds from sale of property, plant and equipment | 81 | 98 | ||||||
| Purchase of intangible assets and additions to capitalized development expenditures | (6,625 | ) | (3,640 | ) | ||||
| Investments to acquire associated companies, other non-current investments and convertibles | (650 | ) | (5,279 | ) | ||||
| Proceeds from sale of current investments | 905 | 4,105 | ||||||
| Proceeds from (payments due to) the disposal of affiliated companies | (3,854 | ) | — | |||||
| Net cash provided by (used in) investing activities | (12,434 | ) | (21,607 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Interest Paid | (101 | ) | (1,006 | ) | ||||
| Proceeds from loans | — | 43,961 | ||||||
| Proceeds from the exercise of share options | 99 | 210 | ||||||
| Repayment of loans | (12,198 | ) | (1,118 | ) | ||||
| Repayment of lease liabilities | (6,889 | ) | (6,619 | ) | ||||
| Net cash provided by (used in) financing activities | (19,090 | ) | 35,429 | |||||
| Net increase (decrease) in Cash and cash equivalents | (35,440 | ) | (17,985 | ) | ||||
| Effects of revaluation and of movements in exchange rates on cash held | 4,835 | (3,024 | ) | |||||
| Cash and cash equivalents at beginning of year | 418,517 | 306,387 | ||||||
| Cash and cash equivalents at end of the period | 387,912 | 285,377 | ||||||
12
| INTERIM STATEMENT 3M 2026 |
The following table shows the reconciliation of operating income (loss) to Adjusted EBITDA:
| in k€ | Three months ended March 31, 2026 | Three months ended March 31, 2025 | ||||||
| Operating income (loss) | (121,396 | ) | (20,008 | ) | ||||
| Depreciation of tangible assets | 22,153 | 23,181 | ||||||
| Amortization of intangible assets | 1,667 | 1,965 | ||||||
| External cyber-related costs, net of reimbursements | — | (2,223 | ) | |||||
| Reorganization costs | 75,725 | 192 | ||||||
| Adjusted EBITDA | (21,851 | ) | 3,107 | |||||
Subsequent Events
On April 7, 2026, the company announced that Evotec SE is expected to receive approximately $100 million in upfront consideration upon closing of the sale of Tubulis GmbH to Gilead Sciences. Evotec is eligible to receive up to approximately $58 million in additional contingent consideration in line with its equity participation and subject to the achievement of specified milestones. Closing of the transaction is expected in the second quarter of 2026, subject to customary closing conditions. Evotec SE held a minority equity stake in Tubulis GmbH.
On April 15, 2026, the company announced that the Supervisory Board of Evotec SE appointed Dr. Ingrid Müller as Chief Operating Officer and member of the Management Board with effect from May 1, 2026.
On April 24, 2026, the company announced that Paul Hitchin will step down as Chief Financial Officer on April 30, 2026. The Supervisory Board of Evotec SE appointed Claire Hinshelwood as Chief Financial Officer and member of the Management Board with effect from May 1, 2026.
FORWARD-LOOKING STATEMENTS
This 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 certain 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 20-F for the year ended December 31, 2025, 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.
13
Exhibit 99.2
Evotec Announces First Quarter 2026 Results: Building Transformation Momentum
| · | Q1 2026 financial performance: Full-year 2026 guidance confirmed; start to the year as expected with group revenues of €156.6 m (€166.9 m at CER); adj. Group EBITDA of -€21.9 m (-€18.9 m at CER) impacted by one-off effects and foreign exchange headwinds |
| · | D&PD partnerships progress: Nomination of a first preclinical development candidate in Almirall collaboration; new Gates Foundation grants advancing tuberculosis discovery programs |
| · | Horizon well on track: Implementation phase commenced with actions underway to streamline operations, reduce cost base and improve utilization; benefits expected to build through 2026 |
| · | Leadership update: Transition to Claire Hinshelwood as Chief Financial Officer, ensuring continued financial stewardship; appointment of Dr. Ingrid Müller as Chief Operating Officer, driving execution |
| · | Investor and analyst webcast and conference call today: 2 p.m. CET / 1 p.m. GMT / 8 a.m. EDT; details can be found below or at this link |
Hamburg, Germany, May 6, 2026 – Evotec SE (NASDAQ: EVO; Frankfurt Prime Standard: EVT) today announced financial results for the first quarter of 2026, reported against a strong prior-year comparison, while continuing disciplined execution of its strategic priorities under the Horizon transformation.
Dr. Christian Wojczewski, Chief Executive Officer of Evotec said:
“As expected and previously communicated, year-on-year growth in the first quarter of 2026 was driven by the significant one-off contribution recorded in the prior-year period, continued softness in parts of the business and foreign exchange headwinds. Looking ahead, we expect Evotec’s financial profile to improve as the year progresses, further supported by a recovery in market conditions and stabilization in D&PD activity. At the same time, we are executing on Horizon, our operating model transformation designed to guide Evotec toward sustainable growth and value creation. Since our last update, Horizon has moved into implementation, supported by targeted leadership additions in the commercial and operations areas. Progress across key partnerships with the Gates Foundation and Almirall highlights our diverse D&PD capabilities.”
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Selected Business Highlights
Drug Discovery and Preclinical Development (D&PD)
Evotec continues to show progress across key partnerships:
| · | Almirall Collaboration – Medical Dermatology |
Evotec and Almirall have nominated the first preclinical development candidate (PDC) from their medical dermatology collaboration, targeting inflammatory skin diseases (May 2026). The program progressed from lead identification to PDC within just two years, significantly outperforming typical industry timelines. The achievement validates Evotec’s AI/ML-enabled, data-driven and end-to-end discovery and preclinical development approach, demonstrating its ability to deliver high-quality candidates rapidly and efficiently. Evotec will continue to support the program’s progress toward IND submission through its INDiGO platform, which fully integrates the activities necessary to advance small molecules from candidate nomination into clinical development.
| · | Gates Foundation Grants - Tuberculosis |
Evotec received two new grants from the Gates Foundation to advance drug discovery and translational research in tuberculosis (TB), further expanding the Company’s long-standing engagement in the field (Apr 2026). The funding supports the discovery of novel small-molecule TB drug candidates as well as the nonclinical evaluation and prioritization of next-generation drug combinations, including long-acting injectable approaches. The program leverages Evotec’s AI-enabled discovery and translational platforms to accelerate candidate selection and reduce development risk in the advancement of shorter, safer and more effective TB treatment regimens.
Horizon Update
Horizon represents the next phase of Evotec’s multi-stage transformation and a decisive step in the Company’s evolution, implementing a new and focused operating model built across the three pillars of operational excellence, scientific leadership and commercial execution.
Since its announcement in March 2026, Horizon has progressed from planning into active implementation with advancement of the planned reduction in Evotec’s global operational footprint to ten sites.
For the first quarter of 2026, Evotec recorded reorganization cost provisions of €75 million, primarily reflecting personnel-related costs, including severance payments, as well as impairment losses on property, plant and equipment.
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As previously communicated, Evotec continues to project structural run-rate savings of approximately €75 million by the end of 2027, with ~20-30% of these savings expected to materialize in 2026.
Alongside the ongoing implementation of Horizon, the Company has initiated a comprehensive evaluation of strategic options at the Group level.
The review will consider how the Group’s portfolio, capital structure and long-term ownership framework can most effectively support the Company’s objective of sustainable long-term value creation. It complements Horizon by ensuring that Evotec’s strategic, operational and structural setup maximizes value for all stakeholders. In connection with this process, Morgan Stanley and Moelis & Company have been retained as financial advisors.
No decision has been made to pursue any transaction or other strategic alternative and there is no timetable for completion of the review. There can be no assurance that the review will result in any transaction or other outcome, or as to the timing, terms or structure of any such transaction or outcome. Evotec does not intend to provide further updates unless and until the Company determines that disclosure is appropriate or required.
Leadership Update
Chief Financial Officer: Claire Hinshelwood
Claire Hinshelwood has succeeded Paul Hitchin as Chief Financial Officer effective May 1, 2026 (Apr 2026). Mr. Hitchin has stepped down from his role at the end of April 2026 for personal reasons, having led Evotec through a significant period of financial and strategic evolution. Ms. Hinshelwood has more than 30 years of experience in senior financial leadership roles, most recently serving as Group Chief Finance Officer of BMI Group, where she transformed financial operations and delivered meaningful improvements to the company’s underlying financial position during a period of challenging market conditions. Her prior experience includes senior global finance positions at Novartis and Syngenta, with responsibility across multiple regions. As CFO, she will focus on maintaining strong financial governance and transparency, supporting the execution of Evotec’s transformation agenda, and advancing the Group’s progress toward sustainable and profitable growth.
Chief Operating Officer: Dr. Ingrid Müller
Effective May 1, 2026, Dr. Ingrid Müller joined Evotec as Chief Operating Officer and member of the Management Board (Apr 2026). Dr. Müller brings more than 20 years of international leadership experience in the life sciences industry, with a strong background across operations, strategy, supply, procurement and R&D integration. As COO, she will oversee Evotec’s D&PD operations and play a central role in enhancing cross-functional execution across the Group’s platforms and scientific capabilities. A key focus of her mandate will be the implementation of the Horizon initiative, with emphasis on quality, productivity, scalability, delivery performance and cost discipline, as well as the continued advancement of technology-enabled operational improvements across the business.
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Financial Results
Group Financials
In the first quarter of 2026, Group revenues amounted to €156.6 million (€166.9 million CER), reflecting a strong prior-year comparison that included a Sandoz license sale in Q1 2025. Adjusted Group EBITDA amounted to -€21.9 million (-€18.9 million CER), compared with €3.1 million in the prior-year period, primarily driven by the absence of the non-recurring license contribution and further impacted by negative foreign currency effects.
R&D expenses were maintained in line with the Company’s continued focus on cost discipline and tightly controlled investments and remained broadly stable at €10.1 million (6.4% of total Group revenues), compared with €14.9 million in the corresponding prior-year period.
The liquidity position in the first quarter of 2026 was €444.8 million, representing a slight decrease compared with the net cash position at year-end 2025 of €476.4 million.
Segment Financials
Drug Discovery and Preclinical Development (D&PD)
In the first quarter of 2026, D&PD revenues decreased by 15% to €119.9 million (€126.6 million CER), compared with €140.6 million in the same period of 2025. Adjusted EBITDA for the division amounted to -€9.8 million (-€5.5 million CER), down from -€6.9 million in the first quarter of the prior year.
Just – Evotec Biologics (JEB)
In the first quarter of 2026, segment revenues amounted to €36.8 million (€40.4 million CER), declining from €59.4 million in the prior-year period, primarily reflecting the absence of the incremental license payment from Q1 2025. Adjusted EBITDA totaled -€12.1 million (-€13.4 million CER), compared with €10.0 million in the first quarter of 2025.
Full-year 2026 Guidance Confirmed
| · | Group revenues of approximately €700-780 million (€730-810 million CER) |
| · | Adjusted Group EBITDA of approximately €0-40 million (€10-50 million CER) |
2026 represents a transition year as Horizon is implemented, with operational improvements expected to become increasingly visible in the second half of the year.
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Webcast Details
Evotec will host a webcast and conference call today at 2 p.m. CET / 1 p.m. GMT / 8 a.m. EDT.
To join the audio webcast and to access the presentation slides, please register via this link.
The on-demand replay of the webcast will be available under the same link after the event and on our website.
Conference Call Details
To join the conference call, please pre-register via this link. You will receive a confirmation email with dedicated dial-in details such as telephone number, access code and PIN to access the call.
A simultaneous slide presentation for participants dialing in via phone is available under this link.
About Evotec SE
Evotec is a life science company that is pioneering the future of drug discovery and development. By integrating breakthrough science with AI-driven innovation and advanced technologies, we accelerate the journey from concept to cure — faster, smarter, and with greater precision. Our expertise spans small molecules, biologics, cell therapies and associated modalities, supported by proprietary platforms such as Molecular Patient Databases, PanOmics and iPSC-based disease modeling. With flexible partnering models tailored to our customers’ needs, we work with all Top 20 Pharma companies, over 800 biotechs, academic institutions, and healthcare stakeholders. Our offerings range from standalone services to fully integrated R&D programs and long-term strategic partnerships, combining scientific excellence with operational agility. Through Just – Evotec Biologics, we redefine biologics development and manufacturing to improve accessibility and affordability. With a strong portfolio of over 100 proprietary R&D assets, most of them being co-owned, we focus on key therapeutic areas including oncology, cardiovascular and metabolic diseases, neurology, and immunology. Evotec’s global team of more than 4,500 experts operates from sites in Europe and the U.S., offering complementary technologies and services as synergistic centers of excellence. Learn more at www.evotec.com and follow us on LinkedIn and X/Twitter @Evotec.
Forward-looking statements
This announcement contains forward-looking statements concerning future events, including the proposed offering and listing of Evotec’s securities. 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, 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 number of 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.
Investor Relations and Media Contact
Dr. Sarah Fakih
EVP Head of Global Communications & Investor Relations
Sarah.Fakih@evotec.com
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Key figures of consolidated income statement & segment information
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||||||||||||||||||
| (in € thousands) | D&PD | JEB | Evotec Group | D&PD | JEB | Evotec Group | ||||||||||||||||||
| Revenues | 119,800 | 36,844 | 156,644 | 140,590 | 59,389 | 199,978 | ||||||||||||||||||
| Intersegment revenues | 97 | - | - | 2 | - | - | ||||||||||||||||||
| Costs of revenues | -112,721 | -45.589 | -158,212 | -119,326 | -47,373 | -166,697 | ||||||||||||||||||
| Gross profit | 7,176 | -8,744 | -1,569 | 21,266 | 12,015 | 33,281 | ||||||||||||||||||
| Gross margin in % | 6 | % | -24 | % | -1 | % | 11 | % | 20 | % | 14 | % | ||||||||||||
| R&D expenses | -10,081 | - | -10,081 | -14,883 | -52 | -14,935 | ||||||||||||||||||
| SG&A expenses | -34,827 | -8,961 | -43,788 | -41,219 | -8,356 | -49,576 | ||||||||||||||||||
| Other operating income | 11,930 | 527 | 12,457 | 12,312 | 665 | 12,977 | ||||||||||||||||||
| Other operating expense | -2,823 | -618 | -3,442 | -904 | -660 | -1,564 | ||||||||||||||||||
| Reorganization costs | -74,974 | - | -74,974 | -192 | - | -192 | ||||||||||||||||||
| Operating income (loss) | -103,599 | -17,797 | -121,396 | -23,620 | 3,611 | -20,008 | ||||||||||||||||||
| Adjusted EBITDA | -9,800 | -12,051 | -21,851 | -6,856 | 9,964 | 3,107 | ||||||||||||||||||
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