Evotec SE (EVO) 2026 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Evotec first quarter 2026 financial results and business update conference call. I am Moira, the Chorus Call operator.

各位女士、先生，歡迎參加 Evotec 2026 年第一季財務業績與業務更新電話會議。我是 Chorus Call 的接線員 Moira。

I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

提醒各位，所有與會者將以僅收聽模式參與，本次會議將被錄音。（接線員指示）本次會議不得為出版或廣播目的進行錄製。

At this time, it's my pleasure to hand over to Sara Fakih, EVP, Head of Global Communications and Investor Relations. Please go ahead.

現在，我很高興將會議交給全球傳播與投資人關係執行副總裁 Sara Fakih。請開始。

Thank you, Moira. Good morning, good afternoon, and welcome to today's webcast and conference call. My name is Sarah Fakih; and I'm the Head of Global Communications and Investor Relations at Evotec.

謝謝你，Moira。各位早安、午安，歡迎參加今天的網路直播與電話會議。我是 Sarah Fakih，Evotec 全球傳播與投資人關係主管。

Please allow me to introduce today's speakers. Joining me on the call are Christian Wojczewski, Chief Executive Officer of Evotec; and Claire Hinshelwood, our Chief Financial Officer. Our Chief Scientific Officer, Cord Dohrmann, will be available for the Q&A session. Please note that this call is being webcast live and will be archived in the event calendar on our website.

請容我介紹今天的講者。與我一同出席的有 Evotec 執行長 Christian Wojczewski，以及我們的財務長 Claire Hinshelwood。我們的科學長 Cord Dohrmann 將在問答環節出席。請注意，本次電話會議正進行即時網路直播，並將存檔於我們網站的活動行事曆中。

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, May 6, 2026. During this call, we will make statements and provide responses that state our intentions, beliefs, expectations, or projections regarding the future.

在開始之前，先說明幾點前瞻性陳述。本次電話會議中對您問題的討論與回覆，反映管理層截至今天（2026 年 5 月 6 日，星期三）的觀點。在本次會議中，我們將發表陳述並提供回覆，說明我們對未來的意圖、信念、預期或預測。

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.

這些陳述構成適用證券法意義下的前瞻性陳述。其受風險與不確定性影響，實際結果可能與明示或暗示的內容存在重大差異。

Evotec 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 filings and disclosures.

Evotec 不承擔亦不表示有任何意圖或義務更新或修訂任何前瞻性陳述，以反映後續事件或情況。關於上述風險與不確定性的更多資訊，請參閱我們公開提交的文件與揭露資料。

With this, let me hand over the call to Christian.

接下來，讓我把電話會議交給 Christian。

Thank you, Sarah. Good morning and good afternoon to everyone. Thank you for joining today's call.

謝謝你，Sarah。各位早安、午安。感謝各位參加今天的電話會議。

In the first quarter of 2026, we advanced Evotec's value creation levers, most notably with the initiation of the Horizon business transformation, which calibrates the company across the three pillars of operational excellence, science leadership, and commercial execution.

在 2026 年第一季，我們推進了 Evotec 的價值創造槓桿，最值得一提的是啟動了 Horizon 業務轉型，該計畫以營運卓越、科學領導力與商業執行三大支柱來校準公司。

As communicated during our full-year 2025 results on April 8, we expected a strong year-on-year comparison for the first quarter, considering one-time revenue in the previous year quarter as well as continued softness in the early drug discovery market. In addition, we have started execution of the Horizon plan, which is designed to put Evotec on a path towards sustainable growth and greater profitability while navigating a still challenging market environment.

如同我們在 4 月 8 日公布 2025 全年業績時所傳達的，考量去年同期的一次性收入以及早期藥物發現市場持續疲弱，我們預期第一季的年對年比較將較為強勁。此外，我們已開始執行 Horizon 計畫，該計畫旨在在仍具挑戰的市場環境中，讓 Evotec 走上可持續成長與更高獲利能力的道路。

As such, the quarter's major business highlights were characterized by a strong operational focus, important leadership enhancements, and positive commercial indicators that support the next phase of our transformation. Let me start with our Horizon initiative.

因此，本季的主要業務亮點呈現為強烈的營運聚焦、重要的領導力強化，以及支持我們轉型下一階段的正向商業訊號。讓我先從 Horizon 計畫談起。

During the quarter, we moved from announcement into implementation. We're making progress in the formal works council consultation processes across our European sites as well as in the preparation for a footprint and organizational adjustment measures. These steps are laying the groundwork for a more focused operating model, improved cost discipline, and better alignment of our resources with strategic priorities.

本季期間，我們已從宣布階段進入落地執行。我們在歐洲各據點的正式工會／員工代表委員會（works council）諮詢程序，以及據點布局與組織調整措施的準備工作方面均取得進展。這些步驟正在為更聚焦的營運模式、更佳的成本紀律，以及使資源與策略優先事項更一致奠定基礎。

This operational progress was accompanied by targeted expansion of our leadership team to support execution. Following the appointment of Ashiq Khan as Chief Commercial Officer last month, we further strengthened operational leadership with the appointment of Ingrid Müller to the Management Board as Chief Operating Officer. Both roles will be instrumental in moving our transformation forward.

在營運進展的同時，我們也有針對性地擴充領導團隊以支持執行。繼上月任命 Ashiq Khan 為商務長（Chief Commercial Officer）後，我們進一步透過任命 Ingrid Müller 加入管理董事會並擔任營運長（Chief Operating Officer）來強化營運領導力。這兩個職位都將在推動我們的轉型方面發揮關鍵作用。

On the commercial side, we see early signs of improvement in key leading indicators. Customer engagement has increased, and we have continued to build a pipeline of potential partnerships, which indicates our revamped commercial organization is already making an impact.

在商業面，我們看到關鍵領先指標出現初步改善跡象。客戶互動有所增加，我們也持續建立潛在合作夥伴關係的管線，顯示我們重整後的商業組織已開始產生影響。

Turning to the headline quarterly financials. Group revenues came in at EUR156.6 million, while adjusted Group EBITDA was negative EUR21.9 million. As mentioned before, this was primarily due to a challenging prior-year comparison based on a one-off license sale in that quarter. Continued softness in D&PD demand and significant foreign exchange headwinds further enhance the year-on-year step-down.

接著看本季財務重點。集團營收為 1.566 億歐元，調整後集團 EBITDA 為負 2,190 萬歐元。如先前所述，主要原因是去年同期有一次性的授權出售交易，使得比較基期具挑戰性。D&PD 需求持續疲弱以及顯著的外匯逆風，進一步加大了年對年的下滑幅度。

We confirm our full-year '26 guidance of EUR700 million to EUR780 million or EUR730 million to EUR810 million at constant exchange rates in revenues and EUR0 to EUR40 million or EUR10 million to 50 million at constant exchange rates in adjusted EBITDA.

我們確認 2026 全年指引：營收為 7.00 億至 7.80 億歐元；或以固定匯率計為 7.30 億至 8.10 億歐元；調整後 EBITDA 為 0 至 4,000 萬歐元；或以固定匯率計為 1,000 萬至 5,000 萬歐元。

We continue to expect an improvement in both revenue and profitability over the course of the year with performance weighted toward the second-half. This improvement is driven by anticipated market and D&PD recovery, but also by increasing visibility across our strategic partnership pipeline.

我們仍預期全年營收與獲利能力將逐季改善，且表現將偏重於下半年。此改善來自預期的市場與 D&PD 復甦，同時也來自我們策略合作夥伴管線能見度的提升。

With respect to financial leadership, two weeks ago, we announced an orderly transition in the Chief Financial Officer role. Paul Hitchin decided to step down from his position effective April 30, 2026, for personal reasons. I would like to sincerely thank Paul for his extraordinary dedication and the skill with which he helped set Evotec on a path of strategic change during a period of transformation.

在財務領導方面，兩週前我們宣布財務長職務將有序交接。Paul Hitchin 因個人原因決定卸任，並自 2026 年 4 月 30 日起生效。我謹此衷心感謝 Paul 的卓越投入，以及他在轉型期間以專業能力協助 Evotec 走上策略變革之路。

As of May 1, Claire Hinshelwood has assumed the role of Chief Financial Officer. Claire is with us on the call today, and I would like to extend a warm welcome. Claire will ensure continuity in financial leadership and provide stability as we continue to recalibrate the company.

自 5 月 1 日起，Claire Hinshelwood 已接任財務長一職。Claire 今天也與我們一同出席電話會議，我在此表示熱烈歡迎。Claire 將確保財務領導的延續性，並在我們持續重新校準公司之際提供穩定性。

Before I move into the detailed quarterly review, I would like to give Claire the opportunity to briefly introduce herself. Claire, over to you.

在我進入更詳細的季度回顧之前，我想先讓 Claire 有機會簡短自我介紹。Claire，交給你。

Thank you, Christian, and good morning and good afternoon to everyone. It's a real pleasure to be joining you today, and I'm genuinely excited to take on the role of Chief Financial Officer at an important moment for the company.

謝謝你，Christian，也向各位道早安、午安。今天能加入各位我感到非常榮幸，也真心期待在公司關鍵時刻接任財務長一職。

I bring more than 30 years of experience in senior financial leadership roles and built much of my professional foundation at Syngenta where I held a number of finance positions and developed deep experience in global finance, business strategy, performance management, and governance within a strongly science-driven organization.

我在高階財務領導職務方面擁有超過 30 年的經驗，並在先正達（Syngenta）奠定了我職涯的重要基礎；我曾擔任多個財務職位，累積了全球財務、業務策略、績效管理與治理方面的深厚經驗，並在一個高度以科學驅動的組織中成長。

Following that, I joined Novartis, where I worked across multiple regions, portfolios, and regulatory environments, shaping my deep understanding of capital discipline, financial transparency, and decision-making in a big pharma context.

之後我加入諾華（Novartis），在多個地區、產品組合與監管環境中工作，形塑了我對資本紀律、財務透明度，以及在大型製藥公司情境下決策制定的深刻理解。

Most recently, as group CFO of BMI Group, I led the transformation of the company's financial operations and delivered significant underlying improvements in its financial position during a period of particularly challenging market conditions. That experience strengthened my hands-on experience in managing change, stabilizing performance, and creating financial resilience.

最近，我擔任 BMI Group 的集團財務長，帶領公司財務營運轉型，並在市場條件特別艱困的期間，實現其財務狀況的顯著基本面改善。這段經驗強化了我在管理變革、穩定績效與打造財務韌性方面的實務能力。

What attracted me to Evotec is its unique position at the heart of the life sciences ecosystem. This position is built on its well-established scientific excellence, a differentiated partnership-based business model, and the potential of cutting-edge technologies, such as the highly innovative Just - Evotec biologics platform, alongside a clear commitment to transformation through the Horizon initiative.

吸引我加入 Evotec 的，是其位於生命科學生態系核心的獨特定位。這一定位建立在其成熟的科學卓越能力、差異化的夥伴合作型商業模式，以及尖端技術的潛力之上，例如高度創新的 Just - Evotec biologics 平台；同時也包含透過 Horizon 計畫推動轉型的明確承諾。

As CFO, my priority is to ensure continuity and robustness in the financial leadership while supporting disciplined execution of the group's transformation agenda. Looking ahead, my focus will be on strengthening financial transparency, supporting progress towards improved profitability and sustainable growth, and working closely with the management board and all colleagues across the organization to ensure that financial discipline underpins decision-making at every level.

作為財務長，我的首要任務是在支持集團轉型議程的紀律性執行之同時，確保財務領導的延續性與穩健性。展望未來，我將聚焦於強化財務透明度、支持朝向提升獲利能力與可持續成長的進展，並與管理董事會及組織內所有同仁緊密合作，確保財務紀律在各層級的決策中都能發揮基礎性作用。

I'm very much looking forward to working with the team and to engaging with many of you over the coming months. And with that, I'll hand back to Christian.

我非常期待與團隊合作，也期待在未來幾個月與各位中的許多人交流。接下來我把時間交還給 Christian。

Thank you, Claire. On slide 6, let me briefly follow with an introduction to Ingrid Müller, who also joined the Evotec Management Board on May 1 as our new Chief Operating Officer. Ingrid joins us from CureVac and brings overall more than 20 years of international senior leadership experience in the life sciences industry, including prior roles at Sanofi and Fresenius Kabi, where she successfully managed complex operational environments and large-scale execution and transformation topics.

謝謝你，Claire。在第 6 張投影片上，讓我簡要介紹 Ingrid Müller。她也於 5 月 1 日加入 Evotec 管理董事會，擔任我們的新任營運長。Ingrid 來自 CureVac，並在生命科學產業擁有合計超過 20 年的國際高階領導經驗，曾任職於賽諾菲（Sanofi）與費森尤斯卡比（Fresenius Kabi），在那裡她成功管理複雜的營運環境，以及大規模的執行與轉型議題。

With a strong background across operations, strategy, supply, procurement, and R&D integration, Ingrid oversees Evotec's D&PD operations and plays a central role in strengthening cross-functional execution, delivery performance, and operational discipline. A key focus of her mandate is the implementation of the Horizon initiative; supporting improvements in quality, productivity, scalability; and cost control across the organization.

憑藉其在營運、策略、供應、採購與研發整合方面的深厚背景，Ingrid 負責監督 Evotec 的 D&PD 營運，並在強化跨職能執行、交付績效與營運紀律方面扮演核心角色。其職責授權的重點之一是推動 Horizon 計畫的落地；並支持全組織在品質、生產力、可擴展性與成本控管方面的改善。

Turning now to slide 7 and our most recent news flow. We continue to make progress across key partnerships in D&PD that reinforce a consistent theme, our ability to deliver high-quality outcomes at speed and through AI-enabled integrated platforms. This capability is increasingly critical across therapeutic areas and partner types, where execution speed, reliability, and scientific quality are essential.

現在請看第 7 張投影片以及我們最新的消息動態。我們在 D&PD 的關鍵合作夥伴關係上持續取得進展，並強化一個一致的主題：我們能夠以速度交付高品質成果，並透過 AI 賦能的整合式平台來實現。這項能力在各治療領域與不同類型的合作夥伴中愈發關鍵，因為執行速度、可靠性與科學品質都至關重要。

A good example is our public and global health work. Following engagements such as our collaboration with BARDA on Ebola and Sudan viruses preparedness, we received two new grants from the Gates Foundation to advance tuberculosis, drug discovery, and translational research, accelerating progress towards shorter, safer, and simpler tuberculosis treatment regimes. Both areas leverage our AI-enabled discovery and translational platforms to deliver rapidly and efficiently.

一個很好的例子是我們在公共與全球健康方面的工作。繼與 BARDA 就伊波拉與蘇丹病毒防備展開合作等專案之後，我們獲得蓋茲基金會兩項新補助金，用於推進結核病藥物發現與轉譯研究，加速朝向更短、更安全且更簡化的結核病治療方案邁進。兩個領域皆運用我們 AI 賦能的發現與轉譯平台，以快速且高效率地交付成果。

The same strengths show in our medical dermatology collaboration with Almirall, where the joint team nominated a first preclinical development candidate, progressing from lead identification to preclinical candidate in just two years, significantly faster than typical industry timelines. This milestone validates the efficiency of our AI and machine learning-enabled end-to-end data-driven discovery and preclinical model.

同樣的優勢也體現在我們與 Almirall 的醫學皮膚科合作中，聯合團隊提名了首個臨床前開發候選物，從先導化合物辨識到臨床前候選物僅用兩年，顯著快於典型產業時程。此一里程碑驗證了我們以 AI 與機器學習賦能的端到端、資料驅動之發現與臨床前模型的效率。

The program is now advancing toward IND with continued support through our Indigo platform. Taken together, whether in public sector engagements, global health initiatives, or pharma partnerships, these examples demonstrate the speed, efficiency, and quality of our D&PD platforms.

該計畫目前在 Indigo 平台的持續支援下，正朝向 IND 推進。綜合而言，無論是在公共部門合作、全球健康倡議或製藥合作夥伴關係中，這些例子都展現了我們 D&PD 平台的速度、效率與品質。

With this, let me hand back the call to Claire for an overview of our financial results for the first quarter of 2026.

接下來，我把電話交回給 Claire，請她概述我們 2026 年第一季的財務結果。

Thank you, Christian. Turning now to slide 8, which shows our condensed income statement for the first quarter of 2026.

謝謝你，Christian。現在請看第 8 張投影片，這張投影片顯示我們 2026 年第一季的簡明損益表。

Group revenues for the first quarter of 2026 amounted to EUR156.6 million, representing a decrease of EUR43.4 million, or 21.7%, compared to the same period in 2025. On a constant currency basis, Q1 group revenues decreased by 16.6% to EUR166.9 million.

2026 年第一季集團營收為 1.566 億歐元，較 2025 年同期減少 4,340 萬歐元，或 21.7%。以固定匯率計算，第一季集團營收下降 16.6% 至 1.669 億歐元。

Group revenues were impacted by the continued market softness for early clinical discovery, as well as the non-recurrence of a $25 million license sale to Sandoz in the first quarter of 2025, as well as negative foreign exchange effects, for which I will go into more detail on the next slide.

集團營收受到早期臨床發現市場持續疲軟的影響，亦受到 2025 年第一季向 Sandoz 出售 2,500 萬美元授權交易未再發生的影響，並且還有不利的外匯影響；我將在下一張投影片更詳細說明。

Looking at the segments, revenues in D&PD decreased versus prior year by EUR20.7 million or 14.7% on a reported currency basis to reach EUR119.9 million, reflecting the mentioned challenging market environment and FX headwind. Accordingly, at constant currencies. D&PD revenues declined by 10% to EUR126.6 million compared with the prior year period.

從各事業部來看，D&PD 的營收以報告幣別計較去年同期減少 2,070 萬歐元或 14.7%，至 1.199 億歐元，反映前述具挑戰性的市場環境與匯率逆風。因此，以固定匯率計算，D&PD 營收較去年同期下降 10% 至 1.266 億歐元。

Just - Evotec Biologics revenue decreased by EUR22.6 million, or 38%, to EUR36.8 million in the first quarter. The decline was primarily driven by the non-recurrence of the $25 million Sandoz license sale in the first quarter of 2025, as well as the expected decline in DOW revenues, which were offset by the year-on-year growth of non-DOW, non-Sandoz revenues of approximately 50%. On a constant currency basis, revenues in the segment amounted to EUR40.4 million.

Just - Evotec Biologics 的營收在第一季減少 2,260 萬歐元或 38%，至 3,680 萬歐元。下降主要由兩項因素驅動：其一是 2025 年第一季 2,500 萬美元的 Sandoz 授權出售未再發生；其二是 DOW 營收如預期下滑；上述影響部分被非 DOW、非 Sandoz 營收約 50% 的年增所抵銷。以固定匯率計算，該事業部營收為 4,040 萬歐元。

R&D expenses totaled EUR10.1 million, representing 6.4% of total revenue, compared with EUR14.9 million or 7.5% of total revenue in the first quarter of 2025. While continued investment in our technologies and platforms remains a core part of our strategy, spending in the quarter remained tightly focused on projects most relevant to our partners.

研發費用合計 1,010 萬歐元，占總營收 6.4%，相較之下 2025 年第一季為 1,490 萬歐元或占總營收 7.5%。雖然持續投資於我們的技術與平台仍是策略核心，但本季支出仍嚴格聚焦於與合作夥伴最相關的專案。

Adjusted group EBITDA for the first quarter of 2026 amounted to negative EUR21.9 million, compared with EUR3.1 million in the prior year period. It totaled negative EUR18.9 million at constant exchange rates.

2026 年第一季調整後集團 EBITDA 為負 2,190 萬歐元，去年同期為 310 萬歐元。以固定匯率計算為負 1,890 萬歐元。

At the segment level, adjusted EBITDA in D&PD decreased by EUR2.9 million to negative EUR9.8 million in the first quarter. At constant exchange rates, adjusted EBITDA amounted to negative EUR5.5 million. Broadly consistent with quarter one 2025 EBITDA levels despite the aforementioned lower revenues in the segment, reflecting the impact of reductions in their structural cost base and business mix.

在事業部層級，D&PD 的調整後 EBITDA 於第一季減少 290 萬歐元至負 980 萬歐元。以固定匯率計算，調整後 EBITDA 為負 550 萬歐元。儘管該事業部營收如前述下降，但 EBITDA 水準與 2025 年第一季大致一致，反映其結構性成本基礎降低與業務組合的影響。

Adjusted EBITDA in the Just - Evotec segment decreased by EUR22.1 million to negative EUR12.1 million or negative EUR13.4 million at constant exchange rates. The primary driver to the year-on-year change reflects the non-repeat of the Sandoz licence payment.

Just - Evotec 事業部的調整後 EBITDA 減少 2,210 萬歐元至負 1,210 萬歐元；以固定匯率計算為負 1,340 萬歐元。年對年變動的主要驅動因素是 Sandoz 授權款未再重複發生。

On slide 9, let me go into more detail on the year-on-year movement and revenues by isolating the main factors that impacted performance in the first quarter. Compared with the first quarter of 2025, the decline in reported revenues was driven by three main factors.

在第 9 張投影片，我將透過拆解影響第一季表現的主要因素，更詳細說明年對年變動與營收。與 2025 年第一季相比，報告營收的下降由三個主要因素所驅動。

First, the negative FX effects, which were a meaningful headwind of EUR10.2 million in the quarter, driven primarily by the US dollar and the British pound. Second, the non-recurrence of the $25 million or EUR23.1 million Sandoz license payment that was recognized in the first quarter of 2025 in the Just segment. And third, a continued softness in the D&PD demand, reflecting the expected challenging market environment.

第一，不利的外匯影響，本季形成 1,020 萬歐元的顯著逆風，主要由美元與英鎊所致。第二，2025 年第一季在 Just 事業部認列的 2,500 萬美元（或 2,310 萬歐元）Sandoz 授權款未再發生。第三，D&PD 需求持續疲軟，反映預期中的具挑戰性市場環境。

When adjusting for these effects, the underlying development is significantly more moderate. Excluding both foreign exchange and the non-recurring Sandoz license, group revenues declined by 6%.

在調整上述影響後，基本面發展顯著較為溫和。若同時排除外匯與一次性的 Sandoz 授權，集團營收下降 6%。

Accordingly, at segment level, the Just - Evotec Biologics results shows continued underlying momentum, with revenues increasing by 11% when excluding the Sandoz license and currency effects absorbing the expected decline in DOW revenues. As already stated, in D&PD, revenues declined by 10% on a constant currency basis.

因此，在事業部層級，Just - Evotec Biologics 的結果顯示基本面動能持續：在排除 Sandoz 授權與匯率影響後，營收成長 11%，並吸收了 DOW 營收如預期下滑的影響。如先前所述，D&PD 的營收以固定匯率計算下降 10%。

Turning to liquidity and the balance sheet on slide 10. Total liquidity in the first quarter of 2026 stood at EUR444.8 million, representing a quarterly decrease of EUR31.6 million compared with EUR476.4 million at the end of the fourth quarter 2025. The balance sheet remained solid, with the group continuing to hold a net cash position at the end of the quarter.

接著看第 10 張投影片的流動性與資產負債表。2026 年第一季總流動性為 4.448 億歐元，較 2025 年第四季末的 4.764 億歐元，單季減少 3,160 萬歐元。資產負債表仍然穩健，集團在季末仍維持淨現金部位。

The development in liquidity reflects a number of underlying dynamics. First, we saw favorable year-on-year movements in working capital, which supported an improved operating cash flow compared with the first quarter of 2025. Second, capital expenditure remained disciplined, resulting in lower cash outflows versus the prior year.

流動性的變動反映若干基本動態。第一，我們看到營運資金年對年出現有利變化，支持相較 2025 年第一季更佳的營運現金流。第二，資本支出維持紀律，使現金流出較去年降低。

And third, it is important to note that the reported liquidity excludes the expected gross proceeds of approximately $100 million related to the Gilead acquisition of our Evo equity portfolio company, Tubulis. We expect to receive these cash proceeds in the second quarter of 2026, which will provide a further strengthening of our liquidity position.

第三，需要特別指出的是，所報告的流動性不包含與 Gilead 收購我們 Evo 股權投資組合公司 Tubulis 相關、預期約 1 億美元的總收入。我們預期將在 2026 年第二季收到這筆現金收入，將進一步強化我們的流動性部位。

And with that, let me hand back to Christian.

接下來，我把話筒交回給 Christian。

Let me now turn to Horizon and provide an update on the progress we made during the first quarter, shown on slide 11.

我現在轉到 Horizon，並就我們在第一季取得的進展提供最新資訊，如第 11 張投影片所示。

Horizon is designed to accelerate growth and promote agility by streamlining the organization around the three core pillars, operational excellence, scientific leadership, and commercial execution. Since its announcement on March 10, Horizon moved from planning into active implementation with progress on the people and footprint-related measures. These actions are central to establishing a streamlined operating structure and improving cost base, centralizing technologies, and strengthening capabilities critical to our strategy.

Horizon 的設計旨在透過圍繞三大核心支柱（營運卓越、科學領導力與商業執行）精簡組織，以加速成長並提升敏捷性。自 3 月 10 日宣布以來，Horizon 已從規劃階段進入積極落地執行，並在人員與據點相關措施上取得進展。這些行動是建立精簡營運架構與改善成本基礎的核心，同時推動技術集中化，並強化對我們策略至關重要的能力。

In the United States, we are progressing well with the exit of the Framingham site as we are consolidating our US operational footprint. Across Europe, implementation is progressing; and we expect the majority of legally mandated works council consultations to be completed mid-2026.

在美國，隨著我們整併美國營運據點版圖，退出 Framingham 據點的進展良好。在歐洲，各項落地也在推進中；我們預期多數依法必須進行的勞資委員會諮詢將於 2026 年年中完成。

First, personal adjustments in Europe are expected to start within the third quarter of this year. In the first quarter of 2026, we recorded EUR75 million of reorganization cost provisions directly attributable to the Horizon restructuring measures. These mainly reflect personal measures, including severance payments as well as impairment losses on property, plant, and equipment; and are based on estimates that are regularly reviewed and refined as implementation progresses.

首先，歐洲的人員調整預期將於今年第三季開始。2026 年第一季，我們認列 7,500 萬歐元的重組成本準備金，直接歸因於 Horizon 重整措施。這些主要反映人員相關措施，包括資遣費，以及不動產、廠房及設備的減損損失；並係基於估計數，會隨著執行推進而定期檢視與精進。

As previously communicated, we continue to expect structural run rate savings of approximately EUR75 million by the end of 2027, with around 20% to 30% of these savings expected to materialize in 2026.

如先前所溝通，我們仍預期至 2027 年底可實現約 7,500 萬歐元的結構性常態化節省（run rate savings），其中約 20% 至 30% 預期將於 2026 年實現。

Building on the strategic recalibration established through Horizon, we're taking a broader look at the group to ensure that our structure and positioning reflect the intrinsic value of our platforms and portfolio. Horizon fundamentally transforms how we operate, allocate capital, execute scientifically and commercially, and compete more effectively in our markets.

在 Horizon 所建立的策略性重新校準基礎上，我們正以更宏觀的角度審視整個集團，以確保我們的架構與定位能反映我們各平台與投資組合的內在價值。Horizon 從根本上改變我們的營運方式、資本配置、科學與商業執行方式，並使我們能在市場中更有效地競爭。

With this optimized foundation in place, it's the right time to conduct a strategic evaluation to assess how the value being created through this transformation is most effectively realized within the corporate structure of the company. This includes our portfolio, capital structure, and ownership framework.

在這個優化後的基礎到位之後，現在正是進行策略評估的適當時機，以評估透過此轉型所創造的價值，如何在公司的企業架構中最有效地實現。這包括我們的投資組合、資本結構與所有權架構。

As customary in such processes, the evaluation is being conducted with the support of experienced external advisors. There is no predefined outcome, timeline, or commitment to pursue any transaction; and we will provide further updates if and when appropriate.

依照此類流程的慣例，本次評估在具經驗的外部顧問支持下進行。目前沒有預先設定的結果、時間表或進行任何交易的承諾；我們將在適當時機（如有需要）提供進一步更新。

Let me now turn to slide 12, which provides a perspective on commercial momentum in the D&PD business. The first quarter of 2026 shows a continuation of positive signals we began to observe already in the second-half of last year. Importantly, selected indicators are stabilizing or improving compared to early 2025.

接下來請看第 12 張投影片，該投影片提供 D&PD 業務商業動能的觀點。2026 年第一季延續了我們自去年下半年已開始觀察到的正向訊號。重要的是，部分指標相較於 2025 年初已趨於穩定或有所改善。

Starting with delivery stability, the decline in negative change orders we saw throughout 2025 and into early 2026 continued through the end of the first quarter, reaching levels below those recorded at the end of Q4 2025. This points to an increasingly stable delivery environment and higher customer confidence and investments.

先從交付穩定性來看，我們在 2025 年全年及 2026 年初所見到的負向變更訂單下降趨勢，延續至第一季末，並降至低於 2025 年第四季末所記錄的水準。這顯示交付環境日益穩定，客戶信心與投資也在提升。

Moving down the funnel, proposal activity and discovery and preclinical development reached the highest level of the past 12 months at the end of the first quarter. This suggests improvement in commercial outreach and higher levels of customer engagement over the past year.

沿著漏斗往下看，提案活動以及探索與臨床前開發在第一季末達到過去 12 個月的最高水準。這顯示過去一年我們的商業拓展有所改善，且客戶參與度更高。

These upstream indicators are complemented by continued progress in our execution metrics. Proposal turnaround times in discovery and preclinical development improved further and reached levels below the average number of days in 2025. This improvement reflects increasing efficiency in internal processes and better coordination between commercial teams.

這些上游指標也由我們在執行指標上的持續進展所補強。探索與臨床前開發的提案周轉時間進一步改善，並降至低於 2025 年平均天數的水準。此改善反映內部流程效率提升，以及商業團隊之間更佳的協調。

At the end of the funnel, net sales orders in the first quarter of 2026 remained broadly stable compared with Q4 2025. When viewed in combination with a reduction in negative change orders, the overall trend is positive.

在漏斗末端，2026 年第一季的淨銷售訂單與 2025 年第四季相比大致維持穩定。若結合負向變更訂單的減少來看，整體趨勢為正向。

At the same time, net sales orders increased by approximately 15% year-on-year. Given Evotec's business model, revenues are influenced by strategic partnerships and milestone-driven activities, which by nature can lead to timing-related volatility rather than linear quarter-to-quarter progression.

同時，淨銷售訂單年增約 15%。鑑於 Evotec 的商業模式，營收會受到策略合作夥伴關係與里程碑驅動活動的影響，而這些活動本質上可能導致與時點相關的波動，而非逐季線性成長。

We're seeing a range of activity and maturing discussions, spanning collaborations with pharma partners on opportunities around the out-licensing of differentiated biological targets as well as access to our molecular patient database. While these discussions are at different stages, their breadth reinforces our confidence in the strength of our D&PD platforms and supports a more positive outlook as the year progresses.

我們看到多元的活動與逐漸成熟的討論，涵蓋與製藥合作夥伴就差異化生物標的對外授權機會的合作，以及取得我們分子層級病患資料庫的存取權。雖然這些討論處於不同階段，但其廣度強化了我們對 D&PD 平台實力的信心，並支持我們在今年進程中採取更正向的展望。

Overall, the commercial transformation is progressing as planned. While it's still early, these metrics give us increased confidence that we are seeing initial signs of stabilization.

整體而言，商業轉型正按計畫推進。雖然仍屬早期，但這些指標讓我們更有信心，認為已出現初步的穩定跡象。

Before we turn to your questions, on slide 13, let me briefly summarize the key takeaways from today's presentation. As expected, our financial results in the first quarter of 2026 fell significantly compared with the same quarter last year due to a number of factors that we do not expect to persist into the rest of this year.

在進入問答之前，請看第 13 張投影片，我先簡要總結今天簡報的重點。如預期，2026 年第一季的財務結果相較去年同期大幅下滑，原因來自多項因素，而我們預期這些因素不會在今年其餘時間持續。

As we begin the implementation of Horizon, we expect to begin seeing impacts in the latter half of 2026, with 20% to 30% of the estimated structural run rate savings of EUR75 million being realized in 2026. We have already taken significant strides in implementing Horizon by strengthening our leadership in key commercial and operational roles, progressing our footprint reduction plans, and improving our commercial execution.

隨著我們開始推動 Horizon 的落地，我們預期在 2026 年下半年開始看到影響，並在 2026 年實現估計 7,500 萬歐元結構性年化節省中的 20% 至 30%。我們已在落實 Horizon 方面取得顯著進展，包括強化關鍵商業與營運職能的領導力、推進據點縮減計畫，以及改善商業執行。

Relevant to this last category, we have seen multiple leading indicators trending positive and expect to see the downstream effects of that early activity in future quarters. Our recent progress in drug discovery and preclinical development collaborations reinforces a consistent theme, the ability to deliver high-quality outcomes at speed through AI-enabled integrated platforms.

就最後一項而言，我們已看到多項領先指標呈現正向趨勢，並預期在未來幾季看到這些早期活動的下游效應。我們近期在藥物探索與臨床前開發合作上的進展，強化了一個一致的主題：透過 AI 賦能的整合式平台，以速度交付高品質成果的能力。

Whether in partnered programs such as dermatology with Almirall, global health initiatives supported by the Gates Foundation, or public sector engagement with BARDA, we continue to demonstrate that our D&PD capabilities can be applied across therapeutic areas and use cases where speed, reliability, and execution quality are critical.

無論是在與 Almirall 合作的皮膚科夥伴計畫、由蓋茲基金會支持的全球健康倡議，或是與 BARDA 的公部門合作，我們持續證明 D&PD 能力可應用於多種治療領域與使用情境，而在這些情境中，速度、可靠性與執行品質至關重要。

With a strong plan for transformation that is being implemented at pace, leading indicators showing increasing business activity into the second-half of 2026, and a strengthened leadership team that is focused on putting Evotec on the path to strong, sustainable growth, we expect to see consistent improvements in our financial results across the coming quarters.

憑藉一項強而有力且正快速推進的轉型計畫、領先指標顯示 2026 年下半年業務活動增加，以及一支強化後、專注於讓 Evotec 走向強勁且可持續成長的領導團隊，我們預期未來幾季的財務結果將持續改善。

With this, I would very much like to open the call for your questions.

接下來，我非常希望開放各位提問。

(Operator Instructions) Swayampakula Ramakanth, HCW.

（接線員指示）Swayampakula Ramakanth，HCW。

Just a couple of them. As you're keeping your full-year guidance -- and it looks like there is a require -- if you maintain that, it looks like there needs to be a ramp up in quarterly revenues from here onwards, from the second to the fourth quarter. How confident are you that you can gain that ramp going forward?

我只有兩個問題。你們維持全年指引——而且看起來有一個需要——如果維持該指引，從第二季到第四季，季度營收似乎需要從現在開始加速爬升。你們對於未來能達成這樣的爬升有多大信心？

And the second question is on the strategic review on the Horizon. Just trying to understand how you're going to sequence it. Do you need to get the horizon completely implemented when you're thinking about the strategic review of the group or is that going to be parallel?

第二個問題是關於 Horizon 的策略檢視。我想了解你們將如何安排順序。你們在考慮對集團進行策略檢視時，是否需要先把 Horizon 完全落地，還是會並行進行？

Okay. All right. Thank you. I'll start with the second question. I'll hand over to Claire for the first and maybe take it back afterwards.

好的。好，謝謝。我先回答第二個問題。第一個問題我交給 Claire，之後我可能再補充。

On the Horizon topic, the answer is no. We know what we're executing against and what our plans are. As I said earlier, Horizon is upgrading our operating model, reducing complexity, and making us more agile. We know precisely what we have to do. We are not required to wait.

關於 Horizon，答案是否定的。我們清楚自己正在執行什麼，以及我們的計畫是什麼。如我先前所說，Horizon 正在升級我們的營運模式、降低複雜度，並讓我們更敏捷。我們非常清楚必須做什麼。我們不需要等待。

First question, Claire?

第一個問題，Claire？

Okay. So on the full-year guidance then, as Christian mentioned as we were going through the introduction, the revenue, of course, is not linear because of the significant impacts that we see from milestones and strategic deals.

好的。關於全年指引，如 Christian 在開場時提到，營收當然不是線性的，因為里程碑與策略性交易會帶來顯著影響。

And if I take you back to a slide that Paul shared during the year-end presentation a couple of weeks ago, on that slide, he split down the dynamics that we were expecting for both half one and half two. And on that slide, it outlined that for half one, we would see, of course, the one-time negative impact from the Sandoz deal.

如果我帶你回到 Paul 在幾週前年終簡報中分享的一張投影片，在那張投影片上，他拆解了我們對上半年與下半年的預期動態。該投影片指出，上半年我們會看到來自 Sandoz 交易的一次性負面影響。

We would expect to see underlying growth in the Just business, excluding the impact of DOW and Sandoz, which is what we've seen. We've seen up to roughly 50% underlying growth there. And we also highlighted that we would continue to see a challenging but improving situation in the D&PD environment, and we would have a negative FX impact.

我們預期 Just 業務在扣除 DOW 與 Sandoz 的影響後仍會有內生成長，而這正是我們所看到的；該部分內生成長約達 50%。我們也強調，D&PD 環境仍具挑戰但正在改善，同時會有負面的匯率影響。

If you actually look at what the Q1 results show, it's very much in line with what that half one trajectory was expecting. Then when you look into half two, we start to see the impacts coming through on the strategic partnerships, and that's where we'll see the upturn. And then we'll also start to see the recovery of the D&PD underlying business.

如果你實際看第一季的結果，基本上與我們對上半年軌跡的預期非常一致。接著看下半年，我們開始看到策略合作夥伴關係的影響逐步顯現，這將帶來回升；同時我們也會開始看到 D&PD 內生業務的復甦。

And it's the dynamic of those large strategic partnerships and the milestones that are making the difference between what you see in the first quarter and when you look at the full-year outlook. But everything was in line with what we shared in that slide during the year-end presentation.

而正是這些大型策略合作夥伴關係與里程碑的動態，造成你在第一季所看到的情況與全年展望之間的差異。但一切都與我們在年終簡報那張投影片中所分享的內容一致。

Thank you very much, Claire. That is fantastic. Can I do a quick follow-up, please? So if you look at the gross margin, which was negative 1%, it's kind of striking initially. But underneath that, I'm imagining certain things which Claire just talked about, whether it is the FX effect or the Sandoz effect.

非常感謝你，Claire。這非常棒。我可以再追問一下嗎？如果你看毛利率是負 1%，一開始確實很醒目。但在其背後，我想像有一些因素如 Claire 剛提到的，可能是匯率影響或 Sandoz 影響。

How much of that is true? And is there anything else that we should be thinking about? And what needs to get done so that our gross margin gets back into the positive territory?

這些因素的影響有多大程度屬實？還有沒有其他我們應該考量的因素？以及需要做些什麼，才能讓毛利率回到正值區間？

So I mean, all of what -- I won't repeat what I just said a second ago. I think the other thing that you're going to see coming through is as Horizon is implemented, then clearly there's an under absorption that we see today in some of our sites that's having a drag effect on the margin. And as we move forward with the Horizon implementation, then you'll start to see that significantly reducing. And that will then have a positive impact on the margin going forward.

我想，關於我剛才說的內容——我就不再重複了。我認為你接下來會看到的另一件事是，隨著 Horizon 的落地推進，顯然我們目前在部分據點存在產能吸收不足（under absorption），這對毛利率造成拖累。隨著我們持續推進 Horizon 的實施，你將會看到這種情況顯著降低，並在未來對毛利率帶來正面影響。

Charles Weston, RBC Europe.

Charles Weston，RBC 歐洲。

Two topics, please, for me. The first is on D&PD and guidance. I think as you said, your guidance anticipates an improvement in the underlying D&PD market in the second half. But additionally, you have visibility on your strategic relationships.

我有兩個主題想請教。第一個是關於 D&PD 與指引。我想如你所說，你們的指引預期下半年 D&PD 的基本市場會改善。但另外，你們對策略性合作關係也有能見度。

So could you just help us understand your visibility in each, particularly as the language you used, I think, in Q1 to describe the market seems a tad more cautious than the full-year results? And sorry for the length of the question, but as part of that, could you give us some additional color on the order book? You talked about the number of proposals, but could you also talk about the value of them?

所以能否請你協助我們理解你們在這兩方面各自的能見度，特別是我覺得你們在第一季用來描述市場的措辭，似乎比全年結果時更為謹慎一些？另外抱歉問題有點長，作為其中一部分，能否也請你們對訂單能見度（order book）提供更多說明？你們談到提案的數量，但也能否談談其價值？

Thanks, Charles. And maybe starting with the first topic, when you look at the D&PD business, the way that you should obviously think about this is what you see in the first quarter revenues is the result of sales orders that were basically done or negotiated 9 to 12 months ago, right?

謝謝你，Charles。也許先從第一個主題開始，當你看 D&PD 業務時，你應該很清楚地這樣理解：你在第一季看到的營收，其實是基本上在 9 到 12 個月前完成或談判的銷售訂單所帶來的結果，對吧？

We've been consistently talking about a soft market environment last year. Now, that's a result of last year. Going forward, I think the indicators -- I didn't mention here. First on the not strategic business, fewer cancellations gives us more confidence that the biotech market is also recovering because they have more confidence in investing into projects.

我們一直在談去年市場環境偏疲弱。那是去年的結果。往前看，我認為一些指標——我剛才沒有在這裡提到。首先在非策略性業務方面，取消案變少讓我們更有信心，因為這顯示生技市場也在復甦，他們對投資專案更有信心。

Secondly, when you look at the sales orders, we've now seen actually the third quarter in row better performance compared to what we've seen Q1, Q2 last year. So Q3 was better than Q2, Q4 was better than Q3, and the first quarter was also in line with the fourth quarter.

第二，當你看銷售訂單時，我們現在其實已經連續第三個季度看到表現優於去年第一季、第二季的水準。所以第三季優於第二季，第四季優於第三季，而第一季也與第四季大致持平。

That takes a bit of time to materialize, obviously. But these indications for us are strong signals that we're moving in the right direction.

當然，這需要一些時間才會反映出來。但對我們而言，這些跡象是我們正朝正確方向前進的強烈訊號。

With regard to strategic relationships and partnerships, usually, obviously, that's more digital events, right? So you negotiate and either you do a deal or not, or you do the deal now or you do it six months later. So there's no real KPI behind that.

至於策略性關係與合作夥伴，通常很明顯那比較像是離散事件（discrete events），對吧？也就是你談判，然後要嘛成交、要嘛不成交；要嘛現在成交、要嘛六個月後成交。所以背後並沒有真正的 KPI。

But we see that a lot of these discussions have been picked up again. When they ultimately will be executed, you can't put it precisely into one quarter, Charles.

但我們看到很多這類討論又重新啟動了。至於最終何時會執行，你無法精準地把它放進某一個季度，Charles。

And maybe to put it also a little bit into perspective, when you look at the Q1 results, when I look at the D&PD business the last couple of quarters -- and this is all published. So quarter by quarter revenue swings last two years were easily in the range of EUR10 million to EUR20 million.

也許再把它放到一個脈絡中：當你看第一季結果時，若我回看過去幾季的 D&PD 業務——而這些都已公開——過去兩年逐季的營收波動，很容易就在 1,000 萬到 2,000 萬歐元的區間。

Why is that? Also partially because of our business model -- strategic deals, milestone payments, license payments. So Q4 '25, for example, versus Q3 was 12% up. Now you look at Q1 versus the Q4 quarter was 13% down.

為什麼會這樣？部分也因為我們的商業模式——策略性交易、里程碑款、授權金。所以例如 2025 年第四季相較第三季成長 12%。但你看第一季相較 2025 年第四季則下滑 13%。

The quarterly picture is not necessarily indicative of the full-year results. The same is true for Just. There's even bigger swings, as you can imagine.

單季的表現不一定能代表全年結果。Just 也是一樣；如你所想像，波動甚至更大。

Now with regard to the order book, that's not a number that we publish. But obviously you should assume that we have in 2025 consumed order book that was built in 2024. We're now starting to rebuild the order book, and there will be inflection point in the second-half where the order book is also starting to grow.

至於訂單能見度（order book），那不是我們會公布的數字。但你應該可以假設：我們在 2025 年消化的是 2024 年建立起來的訂單能見度。我們現在開始重建訂單能見度，而在下半年會出現一個拐點，屆時訂單能見度也會開始成長。

Sorry, lengthy answer, but I hope it gives some flavor.

抱歉回答有點長，但希望能提供一些脈絡。

Yes, it does. I did actually have one other topic, but this is a much quicker one, please. Probably one for Claire. Can you help me understand the underlying profitability and a gross margin level at Just, please, negative gross margin? I think you've mentioned there were some cost phasing issues. So how do we strip that out for an underlying view, and will those numbers actually reverse in Q2 and Q3 for a tailwind?

有的，確實有幫助。我其實還有另一個主題，但這個會快很多，麻煩了。可能是問 Claire 的：能否幫我理解 Just 的基本獲利能力與毛利率水準？毛利率為負。我想你們提到有一些成本認列時點（phasing）問題。所以我們要如何把這些因素剔除以看出基本面？而這些數字在第二季和第三季是否會反轉，形成順風？

I'll hand this over to Claire in a second, but maybe let me give you one or two sentences upfront, Charles. I just gave you the volatility swings in D&PD. When you look at Just quarter by quarter, just high level, the last eight quarters' revenues, EUR35 million, EUR40 million, EUR60 million, EUR40 million, EUR115 million, EUR37 million --

我等一下把這題交給 Claire，但也許我先講一兩句作為開場，Charles。我剛剛提到 D&PD 的波動幅度。若你逐季看 Just，大致上，過去八季的營收是 3,500 萬歐元、4,000 萬歐元、6,000 萬歐元、4,000 萬歐元、1.15 億歐元、3,700 萬歐元——

so you see on a quarterly basis, because of the business model, license payments, prepayments, and so forth, it's a quite volatile profile. And that also is true for the profitability, right? Depending on how we actually spend in preparation of a new deal, whether we actually get paid on a milestone basis or license basis. So there is volatility. The Q1 is not necessarily very conclusive. But Claire?

所以你可以看到，因為商業模式、授權金、預付款等等，單季表現相當波動。獲利能力也是如此，對吧？取決於我們為新交易準備時實際投入多少，以及我們是以里程碑或授權的方式收款。因此確實存在波動。第一季不一定很具結論性。但 Claire？

Yes, and really just to build on what you said there, Christian, it really is the factor of the phasing between the cost and investment that we have and then when we're able to recognize and receive the revenue from whether it be the milestone payments or other income. So it's really a factor of that phasing of investment versus revenue recognition. And therefore, you see the volatility in the margin movement across the quarters.

是的，而且基本上就是延伸你剛才說的，Christian，關鍵確實在於我們的成本與投資支出發生的時點，和我們何時能夠認列並收到收入（不論是里程碑款或其他收入）之間的時點差異。因此，這就是投資時點相對於收入認列時點的因素，也因此你會看到各季度毛利率變動的波動。

Christian Ehmann, Berenberg.

Christian Ehmann，Berenberg。

I would like to linger a bit on the H2 performance or guidance of that, if I may. So would it be fair to assume that -- because you mentioned something about the impact of strategic partnerships and milestones and royalties and so forth, would it be fair to assume that in your expectations to reach your guidance over the next couple of quarters for the full year? You would say that you see an improvement, so up from minus 10% underlying now to the low single-digit you have given us for the reported number for the full year?

如果可以的話，我想在下半年表現或相關指引上多停留一下。那麼是否可以合理假設——因為你提到策略性合作、里程碑、權利金等等的影響——在你們對未來幾季、以達成全年指引的預期中，你會說你們看到改善，也就是從目前基本面約 -10% 的變動，改善到你們給我們的全年申報數字（reported number）所對應的低個位數？

So would it be fair to assume to say, okay, we would expect an improvement of oil turnaround to slight growth rates over the couple of -- let's say, in the beginning of H2? And to top it off, we would expect a partial contribution from milestones. Just want to get an idea how significant or how impactful those milestones would need to be to achieve the target.

所以是否可以合理地說，好，我們預期在下半年初的幾個——比如說在下半年一開始——會看到改善，從下滑轉為小幅成長？再加上，我們會預期里程碑款有部分貢獻。我只是想了解，為了達成目標，這些里程碑款需要多大、影響需要多顯著。

The second question is in regards to the net sale order progression. Is there a seasonal pattern? So when you say you have quarter over quarter flat development, Q4 to Q1, is this a usual pattern? Because it's obviously a downturn compared to the recovery we saw in the quarters before.

第二個問題是關於淨銷售訂單（net sale order）的進展。是否存在季節性模式？所以當你說第四季到第一季是季對季持平，這是常見的模式嗎？因為相較於前幾季看到的復甦，這顯然是一個回落。

And the last question would be in regards to the new efforts from AI-first companies. So do you plan on giving us or the market more color on this, i.e., with a Capital Markets Day of maybe an Investor Day?

最後一個問題是關於來自 AI-first 公司的新動能。你們是否計畫向我們或市場提供更多資訊，例如舉辦資本市場日（Capital Markets Day）或投資人日（Investor Day）？

Good afternoon, Christian. Number one, yes, it's fair to assume that we are assuming a slight underlying growth in the D&PD business towards the end of the year. It's also fair to assume that we're assuming strategic deals to contribute to that.

下午好，Christian。第一點，是的，可以合理假設我們預期 D&PD 業務在年底前會出現小幅的基本面成長。同樣也可以合理假設，我們預期策略性交易會對此有所貢獻。

It's also fair to assume that we have a list of opportunities here we're working on. So all of your statements are correct. And then basically, given that we have confirmed guidance, you can basically calculate what it means for a second-half growth.

也可以合理假設我們手上有一份正在推進的機會清單。所以你剛才的陳述都正確。然後基本上，既然我們已確認指引，你就可以大致推算下半年成長需要達到什麼程度。

On the second topic of order progression, can you shed a bit more flavor or light on what your question is behind there?

關於第二個主題、訂單進展，你能否再多說一點，你這個問題背後想問的重點是什麼？

So you mentioned to us that Q3 was better than Q -- so year over year, Q3 was better -- '25 was better than '24. Q4 '25 was better than Q4 '24. And now, Q1 is a flat compared to the Q4 '25, if I heard it correctly. So it indicates to me a delay of improvement or recovery, or at least the flattening of the curve. Is that correct?

你跟我們提到第三季優於——所以年對年來看，第三季更好——2025 年優於 2024 年。2025 年第四季優於 2024 年第四季。而現在，如果我沒聽錯的話，第一季相較 2025 年第四季是持平。這讓我覺得改善或復甦有所延後，或至少曲線趨於平坦。這樣理解對嗎？

I see, okay. And then I think the second part of your question was seasonality, right?

我了解，好。那我想你問題的第二部分是季節性，對吧？

Yeah, is there a pattern here?

對，這裡是否有某種模式？

First of all, when I look at Q1 order intake in D&PD versus a year ago, we're double-digit up. So that tells you that it has been a good quarter in terms of new sales, but it was also a good quarter for us in the fourth quarter last year.

首先，當我看 D&PD 第一季的接單（order intake）相較一年前，是雙位數成長。所以這告訴你，就新銷售而言這是一個不錯的季度，但同時去年第四季對我們來說也同樣是一個不錯的季度。

I think from a revenue profile perspective, the events around milestones have a bigger impact than the seasonality. So there is some seasonality. We've seen the last couple of years that usually the fourth quarter is a strong quarter. And that is probably the last three years. But I would also not overemphasize the seasonality.

我認為從營收結構的角度來看，里程碑相關事件的影響大於季節性。因此確實存在一些季節性。我們在過去幾年看到，通常第四季是強勁的一季，大概是最近三年都是如此。但我也不會過度強調季節性。

And the last topic was an AI-related topic. Please also specify a little bit the question around the companies that you mentioned.

最後一個主題是與 AI 相關的主題。也請你再稍微具體說明一下你提到的那些公司相關的問題。

So you've given us some information about the increase of demand, let's say, for AI-first companies. Also in our last earnings call, in the full-year result, you mentioned in a side note that you've seen some improved demand of this type of customer base.

所以你已經提供了一些資訊，關於對以 AI 為先（AI-first）公司的需求增加。也在我們上一次的財報電話會議、全年業績的說明中，你在附帶提到你看到這類客戶群的需求有所改善。

Just to get an understanding and to give a little bit more meat on the bone of the potential impact of this kind of customers towards your long-term growth expectations, maybe. Is there an indicate -- plans? Or are you entertaining the possibility to give us more details about how these kind of offerings that you give those customers might impact your forecast or your expected growth in the future? So can we get more of an inside idea how this actually could play out in the future?

只是想更了解、也想更具體一些，這類客戶對你們長期成長預期可能帶來的影響。是否有任何指標——計畫？或者你們是否在考慮提供更多細節，說明你們提供給這些客戶的這類服務/方案，可能如何影響你們的預測或未來預期成長？也就是說，我們能否更深入了解這在未來實際可能如何發展？

I understand, Christian. Usually, we are not offering kind of a AI service line. Usually, it's part of our drug discovery capabilities and platforms. So it becomes part of it.

我了解，Christian。通常我們並不是提供一條所謂的 AI 服務線。一般而言，它是我們藥物發現能力與平台的一部分，所以會被整合在其中。

In the very specific case, and I think we talked about it last time, where AI companies come to us, what I can tell you is that, for example, our cyber tax business has benefited from that most recently. And we expect this to further benefit. But it's not a number that we usually can single out, because it's part of a package of a larger offering.

在非常特定的情況下——我想我們上次也談過——當 AI 公司來找我們時，我可以告訴你的是，例如我們的 cyber tax 業務最近就因此受益，而且我們預期這項受益還會持續擴大。但這通常不是我們能單獨拆出來的一個數字，因為它是更大型整體方案的一部分。

(Operator Instructions) Fynn Scherzler, Deutsche Bank.

（接線員指示）Fynn Scherzler，德意志銀行。

So I heard your earlier comments on the Q1 performance and that we should view the lower profitability during Q1 probably as more investments, maybe in anticipation of upcoming contracts, and so on and so forth.

我聽到了你先前對第一季表現的評論，也就是我們應該把第一季較低的獲利能力視為更多投資，可能是為了因應即將到來的合約等等。

So if we summarize all your comments, is it fair to assume that Q1 was now the trough in operating performance? So if we think about the second quarter both in terms of revenue and adjusted EBITDA generation, we should see first slight improvements. This would be helpful.

所以如果我們總結你所有的評論，是否可以合理地假設第一季是營運表現的谷底？也就是說，若我們看第二季，不論是營收或調整後 EBITDA 的產生，我們應該會先看到些微改善。這會很有幫助。

And then my second question. On the strategic review that you now initiate, was there any specific trigger for you to consider this now? I mean, you as a company, you've been approached in the past. We read about individual shareholders stepping up more recently and proposing some changes. Or is it thing to simply operating performance? Any sort of thoughts you could share with us here would be very helpful.

然後我的第二個問題：關於你們現在啟動的策略檢討（strategic review），是否有任何特定觸發因素讓你們現在考慮這件事？我的意思是，你們公司過去曾被接觸過。我們也看到最近有個別股東更積極並提出一些變革建議。或者這只是與營運表現有關？你們能與我們分享的任何想法都會很有幫助。

Thanks, Fynn. So first of all, your first question, I think I just tried to lay out a little bit that the quarterly view is not always helpful with the swings, also with the profile that we have in terms of milestone payments. So I'm not sure I want to guide on individual quarters. We've never done that before.

謝謝你，Fynn。首先，關於你的第一個問題，我想我只是試著說明：以我們這種包含里程碑款項的結構來看，按季觀察並不總是有幫助，因為會有波動。所以我不確定我是否想針對單一季度提供指引；我們以前也從未這麼做。

Important message is we stick to our guidance for the full year, which means that the first quarter will be evened out over the next three quarters. With regard to the strategic review, I can say that this was not initiated in response to any inbound interest. It's a very logical timing when you think about what we're doing.

重要訊息是：我們維持全年指引不變，這意味著第一季的情況會在接下來三個季度被平滑/抵消。至於策略檢討，我可以說這並不是因應任何外部主動接觸（inbound interest）而啟動的。若你思考我們正在做的事情，這是一個非常合乎邏輯的時點。

We're resetting the company. Mid last year, we've revised our long-term view, vision for the company towards tech and scientific leadership or positioning the competencies that we need. In March, we've announced Horizon, which basically defines our operating model to deliver that business strategy. That's now the next logical step.

我們正在重置公司。去年年中，我們修訂了公司的長期觀點與願景，朝向技術與科學領導地位，或是定位我們所需的能力。在三月，我們宣布了 Horizon，基本上定義了我們的營運模式，以交付該業務策略。這就是下一個合乎邏輯的步驟。

Charles Weston, RBC Europe.

Charles Weston，RBC Europe。

Now, I was listening to your previous answer where you said you weren't going to give quarterly guidance, but I'm going to ask perhaps again anyway in particular, around Q4. So Q4, it's often a Q4 weighted year just traditionally. Also, you've got your market improvements expected. You've got the strategic revenues coming through, and you've got the horizon savings.

我在聽你前一個回答時，你說你不會提供按季指引，但我還是想再問一次，特別是關於第四季。第四季傳統上往往是權重較高的一季。此外，你們預期市場改善、策略性營收會進來，還有 Horizon 的節省效益。

So could you perhaps give us some color on how Q4 weighted the EBITDA could be? Looking back the last couple of years, it was a loss for the first three quarters and a substantial profit in the fourth. Could that be the same or exacerbated even more?

所以你能否提供一些說明，第四季的 EBITDA 可能會有多偏重？回顧過去幾年，前三季是虧損、第四季則是可觀的獲利。這次會不會相同，甚至更為明顯？

And perhaps, I just wondered if you'd like to provide any color around what we might expect in Q2, whether there are any, puts and takes in the comp that might -- that we might want to bear in mind for our modelling.

另外，我也想知道你是否願意提供一些關於第二季可能會看到什麼的說明，是否有任何同比基期（comp）上的利多或利空因素——我們在建模時可能需要留意的。

Thanks, Charles. And I think we iteratively approach -- actually move from year to quarter and. I won't do the quarter view, but I won't actually help you with a half-year view. As you probably will remember, we've done that last time.

謝謝你，Charles。我想我們是逐步地——其實是從年度移到季度來看。但我不會做季度視角，不過我可以在半年視角上幫你一些。你可能記得我們上次就這麼做過。

It's really the dynamic difference here between H1 and H2 that Claire was explaining. When you look at the changes for the second half, we did mention that we expect a further negative impact from the JEP licensing versus 2025. However, a positive impact from JEP growth, actually in the range of double-digit growth excluding DOW.

這裡真正的動態差異是在上半年（H1）與下半年（H2）之間，正如 Claire 所解釋的。當你看下半年的變化時，我們確實提到，相較於 2025 年，我們預期 JEP 授權（licensing）會帶來進一步的負面影響。然而，JEP 成長會帶來正面影響，實際上在排除 DOW 後，成長區間為雙位數。

Then there is a positive impact from underlying DBD growth, where we said low single-digit growth in the base business and then strategic partnerships will add on top. But we also said that the FX effect will persist. So that's our view, and we're not breaking it down further by quarter, knowing exactly why. Because the quarterly volatility is not helpful.

接著還有來自 DBD 基礎成長的正面影響；我們說基礎業務為低個位數成長，然後策略性合作夥伴關係會在此之上再加成。但我們也說匯率（FX）影響會持續存在。這就是我們的看法，我們不會再按季度進一步拆解，原因也很清楚：季度波動並沒有幫助。

We will now take a text question coming from Brendan Smith from TD Cowen saying, appreciate all the color on your end markets here. I wanted to first ask about the continued softness you mentioned in preclinical speeding.

我們現在將採用一個文字提問，來自 TD Cowen 的 Brendan Smith，他表示：感謝你們就終端市場提供的所有說明。我首先想問你們提到的臨床前加速（preclinical speeding）持續疲弱的情況。

Qualitatively, what do you think needs to happen for customers to really round the corner? We've continued to see pretty steady biotech funding recovery, some albeit early signs of AI efficiency gains across this sector. So I guess I'm wondering if there's just a timing consideration here or if --

從質性角度來看，你認為客戶真正走出低谷需要發生什麼？我們持續看到生技資金回升相當穩定，也看到一些（雖然仍偏早期的）AI 效率提升跡象出現在這個產業。因此我想知道，這是否只是時間點的考量，或是——

Okay. So the sentence stops halfway, but I guess I get the question. We think it's a timing topic, as alluded to earlier. There's obviously two ways of looking at it. The funding situation seems to have stabilized in the last couple of, actually, months.

好的。句子在中途停住了，但我想我理解這個問題。我們認為這是時間點的議題，如同先前提到的。顯然有兩種看法。資金面情況在最近幾個——其實是最近幾個月——看起來已經趨於穩定。

From a biotech perspective, that's the external view. The internal view I alluded to, cancellations have come down quite significantly. Now some of the cancellations were more scientific and strategic nature in the past, but some also where biotech companies have pulled off for other reasons.

從生技的角度來看，那是外部觀點。我先前提到的內部觀點是：取消（cancellations）已經相當明顯地下滑。過去有些取消是較偏科學或策略性因素，但也有一些是生技公司因其他原因而撤回。

We've seen this decline also in the context of more confidence of biotech companies in funding. So that's the internal view. And as alluded to earlier, we do not see AI as a structural or disruptive challenge to our business model because we are applying AI in order to accelerate drug discovery. So we see this actually as a supporting tool in our toolbox.

我們也看到這種下降，與生技公司對資金更有信心的背景相呼應。這就是內部觀點。並且如先前所述，我們不把 AI 視為對我們商業模式的結構性或顛覆性挑戰，因為我們正在應用 AI 來加速藥物發現。因此我們實際上把它視為工具箱中的一項支援工具。

That was the last question. I would now like to turn the conference back over to Sarah Fakih for any closing remarks.

那是最後一個問題。現在我想把電話會議交回給 Sarah Fakih，請她做任何結語。

Thank you, Moira. With this, we would like to conclude today's conference call. Thank you for your participation and please feel free to reach out to the Investor Relations team should you have any further questions. Thank you and goodbye.

謝謝你，Moira。至此，我們要結束今天的電話會議。感謝各位的參與；若你們還有任何問題，歡迎隨時聯繫投資人關係團隊。謝謝，再見。