www.eurofins.com

Q3 / First Nine Months 2020

Management Update

22 October 2020

2

Disclaimer

The statements made during this presentation or as response to questions during the Question & Answers period that are

not historical facts are forward looking statements. Furthermore, estimates and judgements may be made based on market

and competitive information available at a certain time. Forward looking statements and estimates represent the judgement

of Eurofins Scientific’s management and involve risks and uncertainties including, but not limited to, risks associated with the

inherent uncertainty of research, product/service development and commercialisation, the impact of competitive products

and services, patents and other risk uncertainties, including those detailed from time to time in period reports, including

prospectus and annual reports filed by Eurofins Scientific with the Luxembourg Stock Exchange and regulatory authorities,

that can cause actual results to differ materially from those projected. Eurofins Scientific expressly disclaims any obligation

or intention to release publicly any updates or revisions to any forward looking statement or estimate.

Eurofins provides in the Income Statement certain alternative performance measures (non-IFRS information as “Adjusted

Results and Separately Disclosed Items”) that excludes certain items because of the nature of these items and the impact

they have on the analysis of underlying business performance and trends. (Please refer to description of these terms in the

Company’s Annual Report). The management believes that providing this information enhances investors' understanding of

the company’s core operating results and future prospects, consistent with how management measures and forecasts the

company’s performance, especially when comparing such results to previous periods or objectives and to the performance of

our competitors. This information should be considered in addition to, but not in lieu of, information prepared in accordance

with IFRS. These APMs are described in more detail in the Condensed Interim Consolidated Financial Statements for the

period ended 30 June 2020 in Note 1 and in the Consolidated Financial Statements 2019 in Notes 1.27 and 1.28.

This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or

purchase securities in Eurofins Scientific S.E. and neither this document nor anything contained or referred to in it shall form

the basis of, or be relied on in connection with, any offer or commitment whatsoever.

Analyst forecasts quoted are based on published analyst views. They are the responsibility of the investment banks which

publish those forecasts and should not be interpreted as representing the views or expectations of Eurofins Scientific or the

Eurofins Scientific management. In particular, they do not constitute a profit forecast or estimate or trading statement by

Eurofins Scientific S.E. Similarly, objectives presented are only objectives and may not be achieved in reality, potentially by a

wide margin, due to a variety of factors.

▪ Q3/NM Financial Highlights

▪ Business Review

▪ Outlook

▪ Q&A

▪ Appendix

3

Agenda – Q3/NM 2020 Results Presentation

Q3 2020 Reported Revenues €1,413m +21.0% yoy

+22.7% organic growth (OG)

+21.9% OG corrected for cyber-attack & fires

NM 2020 Reported Revenues €3,736m +12.0% yoy

+11.1% organic growth

+9.0% OG corrected for cyber-attack & fires

Successful refinancing of the Schuldschein loans maturing in July 2022. Average life of senior

debt instruments extended from 3.3 years to 4.1 years.

Ten-for-one stock split to improve trading liquidity and make stock ownership more accessible.

Proposal to EGM on 16 November 2020.

4

Q3/NM 2020 Financial Highlights

Eurofins’ end markets proved to be very resilient once again

➢ In spite of continued COVID-19 pandemic related business disruptions, Eurofins core

business* returned to small positive organic growth in Q3 2020

➢ Many of Eurofins’ core businesses* across Food, Environment and BioPharma testing

achieved more than 5% organic growth in Q3 2020

➢ Food service, restaurants, hospitality, travel and activities requiring on-site sampling or

patient’s enrolment for clinical trials still see many restrictions in several countries and thus

continued to require less testing services than usual in Q3 2020. Clients relationships

remain strong and a resumption of these activities to normal is expected when the pandemic

is brought under control

Eurofins’ financial performance year-to-date is concrete evidence of its positioning in attractive

end markets as well as the results of years of investments to build a network of state-of-the-art

laboratories and leading R&D teams which enabled the Group to mobilise quickly and develop

solutions to support healthcare authorities and its clients fighting the pandemic

➢ A Eurofins company received a FDA EUA** for their At Home COVID-19 Nasal PCR test

which will help remove sampling bottlenecks to access gold standard PCR testing

5

Q3/NM 2020 Business Highlights

* Core business excludes any COVID-19 clinical testing and reagents revenues

** U.S. Food and Drug Administration (FDA); Emergency Use Authorisation (EUA)

▪ Q3/NM Financial Highlights

▪ Business Review

▪ Outlook

▪ Q&A

▪ Appendix

6

Agenda – Q3/NM 2020 Results Presentation

Eurofins is a key provider of COVID-19 testing. Some examples

include:

• Testing for the Netherlands and Belgian governments

• Testing for all entry points into Bavaria, Germany (ie. airports,

train stations, highway toll booth)

• Testing for a number of players in the travel industry:

• Airports: Brussels Zaventem, Munich, Paris Charles de

Gaulle Airport

• Airlines: Emirates, Etihad, Air France

• Cruise lines: Royal Cruise Lines

7

COVID-19 related business developments (1/3)

Over 900 contracts signed since the launch of the programme on 29/05/2020,

another 1,100 agreements under negotiation including some very large global

contracts

81 Emergency Use Authorization (EUA)

Eurofins Diatherix launched Flu Plus

• New test to identify the most prevalent viruses associated with respiratory illnesses

• Identifies SARS-CoV-2, Influenza A, A(H1N1)pdm09, Influenza B, Respiratory

Syncytial Virus (A&B), and Human Rhinovirus/Enterovirus

Eurofins U.S. Clinical Diagnostics launched FDA EUA1-authorised At-

Home COVID-19 Nasal PCR test

• Self-collection kit gives consumers painless, convenient and quick

option to detect the virus from the comfort of their home

• Results provided via email within 24 hours of sample receipt

• Removes sampling bottlenecks to access gold standard PCR testing

COVID-19 related business developments (2/3)

91 SentinelTM Wastewater test 2 Seroneutralization Studies

Eurofins scientists published robust method1 to analyse SARS-CoV-2 in wastewater samples

• Offered as part of Eurofins COVID-19 Sentinel™ programme, wastewater testing allows for early

detection of COVID-19 presence at a given site, before the virus spreads too broadly or as a way to

monitor the effectiveness of containment measures put in place

Studies2 published by Eurofins Ingenasa and NYU Grossman School

of Medicine & NYU Langone Health demonstrated strong correlation

between Eurofins’ antibody detection assays and seroneutralization

capability of the antibodies detected

• Detection of the presence of acquired immunity or monitoring

vaccine induced immunity in individuals will be an important task in

the fight against the pandemic

COVID-19 related business developments (3/3)

10

➢ Eurofins Discovery expanded its chemistry capacity to serve customer demand in the growing market of outsourced drug

discovery with a new building nearing completion at Eurofins Discovery’s flagship chemistry site at Eurofins Villapharma

in Murcia, Spain

➢ Eurofins Technologies announced world’s first AOAC Performance Tested MethodsSM status for a screening method to

detect aflatoxin M1 in milk commodities

➢ Eurofins’ Expertise Centre for Complex Carbohydrates & Chemistry (CCC) announced the development and availability

of a new method for the identification of fructans in infant formula and adult nutritionals matrices. CCC co-developed, in

close co-operation with Nestlé Research (Lausanne, Switzerland), this novel method and managed the necessary

collaborative study to fulfil the specific official standard method performance requirements

➢ As research programmes progress towards clinical trials, Eurofins Biopharmaceutical services companies are

increasingly active in supporting COVID-19 vaccines and pharmaceutical products developers

Core business Q3 2020 developments

After achieving this position in Europe, Eurofins became the market leader in non-

invasive prenatal testing (NIPT) in Japan with the acquisition of GeneTech Inc.

• a leading player in genetic analysis in Japan with over €10m revenues in 2019

11

Q3/NM 2020 M&A update

Eurofins became the market leader in environment testing in

Taiwan with the acquisition of the SunDream Group

• the second largest player in the market employing over 350 staff

These transactions reflect Eurofins’ increasing focus on expansion in the Asia-Pacific region

▪ Q3/NM Financial Highlights

▪ Business Review

▪ Outlook

▪ Q&A

▪ Appendix

12

Agenda – Q3/NM 2020 Results Presentation

Eurofins has achieved leading market positions:

➢ Global leader in fast growing Environment, Food, BioPharma & Cosmetics Products Testing

➢ Leading start-up position in several promising niches

• Strong global position in Molecular & Genomics Clinical Testing

• Top 3 global player in Genomic Services

• #1 worldwide in Material Sciences Testing, Agroscience CRO services & BioPharma

Discovery services

• Fast growing diagnostics products business line

➢ 5-year investment programme to build unique state of the art fully digitalised hub & spoke

laboratory network will be completed soon

13

Eurofins’ 5-year investment programme update

Based on leading market positions already achieved:

➢ Eurofins is setting new objectives for 2022 and beyond (at constant FX rates as of 30/09/2020):

• €5.7bn revenues with core business growing 5% organically per annum from 2019

• €1.35bn Adjusted EBITDA

• €800m of Free Cash Flow to the Firm

• Leverage below 2x and Investment Grade rated long term funding

• Above market standard governance ratings

➢ COVID-19 pandemic is likely to add to long term growth potential of Eurofins markets

➢ Continued >5% organic growth and margin & Free Cash Flow improvements beyond 2022

14

Eurofins 2022 objectives (excluding any COVID-19 testing &

reagents revenues or successor multi pathogens clinical testing)

15

Illustration of Eurofins’ 2020-2022 revenues objectives

* Objectives include €150m from acquisitions in 2020 & 2021 and €200m in 2022 (€50m, €75m and €100m, revenues consolidated each year respectively). All objectives include IFRS 16 and for 2022 are

set at constant FX rates as of 30/09/2020. 2022 objectives assume the pandemic is brought under control and no COVID-19 related impact (neither positive nor negative) and catch-up of lockdown

related revenue losses occurring in 2020 & 2021.

** Pro-forma revenue.

*** Could be significantly higher due to COVID-19 testing & reagents revenues. 2020 & 2021 objectives were set at constant average 2019 FX rates.

**** Organic growth (OG) calculated on pro-forma Y-1 revenues of core business excluding COVID-19 impacts.

New objective to achieve €5.7bn reported revenues in 2022

2020 and 2021 objectives are left unchanged for now due to uncertainty on COVID-19 pandemic evolution

and may be significantly exceeded

2022 objective assumes no COVID-19 clinical testing & reagents revenues

16

Outlook

➢ Given the uncertainty on the net impact of the COVID-19 pandemic in 2020 & 2021, it was decided to leave objectives for those two years

unchanged for now (2020-21 objectives were set before onset of the COVID-19 pandemic at constant average 2019 FX rates)

➢ 2022 should hopefully be the first year without any COVID-19 related impact (neither positive nor negative impacts)

➢ As can be judged today, Eurofins management is confident that the Group should be able to achieve the following objectives*:

FY 2020 – unchanged:

▪ 5% organic growth

▪ €5bn revenues

▪ €1.1bn Adjusted EBITDA

▪ €600m of Free Cash Flow to the Firm**

▪ Leverage (net debt / L12M adjusted EBITDA) ca. 2.5x by the end of 2020

FY 2021 – unchanged:

▪ 5% organic growth of non-COVID business

▪ €5.45bn revenues

▪ €1.25bn Adjusted EBITDA

▪ €700m of Free Cash Flow to the Firm**

FY 2022 – new:

▪ 5% organic CAGR of non-COVID business from 2019

▪ €5.7bn revenues

▪ €1.35bn Adjusted EBITDA

▪ €800m of Free Cash Flow to the Firm**

▪ Leverage below 2x by end of 2022

Outlook 2023 & beyond:

▪ Continued organic growth >5%

▪ Further margin & Free Cash Flow improvements

* Objectives include €150m from acquisitions in 2020 & 2021 and €200m in 2022 (€50m, €75m and €100m, revenues consolidated each year respectively). All objectives include IFRS 16 and for 2022 are set at

constant FX rates as of 30/09/2020. 2020 & 2021 objectives were set at constant average 2019 FX rates. 2022 objectives assume the pandemic is brought under control and no COVID-19 related impact

(neither positive nor negative) and catch-up of lockdown related revenue losses occurring in 2020 & 2021.

** Free Cash Flow to the Firm objectives updated to reflect the classification used in the H1 2020 restated cash flow statement.

2020 & 2021 objectives

unchanged

(set before COVID-19

pandemic)

New objectives

assuming zero impact

from COVID (neither

positive nor negative)

Actual results will be higher in 2020:

• Less M&A (€150m FY pro-forma vs. €200m)

• Core business growth <5% due to lockdowns

• Significant COVID testing & reagents revenues

Management commentary

Objectives for 2021 set in March 2020 were not updated:

• Impossible to know when the pandemic impacts and

COVID testing & reagents revenues will end

• Results could be higher if COVID testing continues

at high levels in 2021

New 2022 objectives assume:

• Pandemic is over

• No more negative impact from lockdowns

• Zero COVID testing & reagents revenues

• Zero successor combined COVID & respiratory

pathogens (Flu, RSV, etc.) testing revenues

17

Conclusion

Eurofins’ financial performance is concrete evidence of the Group’s positioning in attractive end markets,

agility and adaptability, as well as results of years of investments to build a network of state-of-the-art

laboratories and leading R&D teams:

➢ Exceeded 22% organic growth in Q3 2020 (over 11% in NM 2020)

➢ Mobilised quickly to develop solutions to support healthcare authorities and its clients fighting the

pandemic

➢ Eurofins core business (excluding any COVID-19 clinical testing and reagents revenues) returned to

small positive organic growth in Q3 2020

➢ A Eurofins company received a FDA EUA for their At Home COVID-19 Nasal PCR test which will help remove

sampling bottlenecks to access gold standard PCR testing

Q&A

18

Agenda – Q3/NM 2020 Results Presentation

▪ Q3/NM Financial Highlights

▪ Business Review

▪ Outlook

▪ Q&A

▪ Appendix

19

Agenda – Q3/NM 2020 Results Presentation

Eurofins accounting practices are in line with its

more mature TICS peers and the Business

Services industry

20* TICS ex. ERF = Applus, Bureau Veritas, Intertek, SGS

0

1

2

3

4

5

6

7

8

9

Scorecardbreakdown

Overall Score

Auditor focus Pension deficit Debtor days Accrued/Deferredincome and

accruals

FCF to Equityconversion from

EBIT

Avg asset age Exceptionals Provisions

Credit Suisse research – Accounting Scorecard Breakdown (Score 0-10, best score = 10)

Eurofins TICS ex. ERF* Business Services

➢ Exceptionals/Separately Disclosed Items (SDIs) – should continue to decrease gradually as the Group

completes:

➢ 2015-2020 investment programme;

➢ network reorganisations linked to the significant acquisitions completed in 2017-2018; and

➢ start-ups of Programme 3 reach break-even.

➢ FCF conversion – as the aforementioned dilutive investments programmes are completed, Eurofins’

shareholders should begin to reap the benefits from increased profitability and cash flow generation

4.0

4.5

5.0

5.5

6.0

FY19 Reported(at 30/09/2020

FX)

M&A (notconsolidated)

Cyber lostrevenues

PF19 Adj. forcyber

5% OG** M&A PF PF20 5% OG** M&A PF PF21 5% OG** M&A(consolidated)

FY22 Reported

21

Revenues bridge 2019-2022, without COVID-19 impacts*

* Objectives include €150m from acquisitions in 2020 & 2021 and €200m in 2022 (€50m, €75m and €100m, revenues consolidated each year respectively). All objectives include IFRS 16 and for 2022 are set at constant FX rates

as of 30/09/2020. 2020 & 2021 objectives were set at constant average 2019 FX rates. 2022 objectives assume the pandemic is brought under control and no COVID-19 related impact (neither positive nor negative) and

catch-up of lockdown related revenue losses occurring in 2020 & 2021.

Objectives*

(€bn)

+

-

** Organic growth (OG) calculated on pro-forma Y-1 revenues excluding COVID-19 impacts.

2020-2021 revenues will in reality be different:

• Higher due to COVID-19 testing & reagents revenues

• Lower due to lockdowns and travel/eat-out restrictions

30/09/2020 FX negative

impact of €0.12bn

€5.7bn*

€4.4bn

350

400

450

500

550

600

650

700

750

800

850

FCFF CAPEXgrowth

Δ NWC Cyber-attack Profit growth FCFF CAPEXgrowth

Δ NWC Cyber-attack Profit growth FCFF CAPEXgrowth

Δ NWC Profit growth FCFF

22

Free Cash Flow to the Firm (FCFF):

2020, 2021 and 2022 objectives*

* Objectives include €150m annual revenues from acquisitions in 2020 & 2021 and €200m annual revenues in 2022 (€50m, €75m and €100m, revenues consolidated each year respectively). All objectives include

IFRS 16 and for 2022 are set at constant FX rates as of 30/09/2020. 2022 objectives assume the pandemic is brought under control and no COVID-19 related impact (neither positive nor negative) and catch-up

of lockdown related revenue losses occurring in 2020 & 2021.

** 2019 reported figures and 2020 & 2021 objectives have been restated to take into account the cash flow statement reclassification performed in H1 2020. 2019 reported figure has been corrected for estimated

cyber-attack impacts (operating profit lost and NWC drag) and buildings purchase carried forward in 2019: €356.5 + €55m + €37m + €29m = €478m.

*** 2020 & 2021 objectives were set on 04 March 2020 at constant average 2019 FX rates.

Objectives*

FY 2022FY 2020***FY 2019 FY 2021***

€478m**

€600m**

€700m**

€800m

(€m)

Eurofins is providing in the Income Statement certain alternative performance measures (non-IFRS information).

APMs used in the Consolidated Income Statement

Adjusted results – reflect the ongoing performance of the mature and recurring activities excluding “separately disclosed items”.

Separately disclosed items – include one-off costs from integration, reorganisation, discontinued operations and other non-recurring income and costs, temporary losses and other costs related to network

expansion, start-ups and new acquisitions undergoing significant restructuring, share-based payment charge, impairment of goodwill, amortisation of acquired intangible assets, negative goodwill,

loss/gain on disposal and transaction costs related to acquisitions as well as income from reversal of such costs and from unused amounts due for business acquisitions, net finance costs related to

borrowing and investing excess cash and one-off financial effects (net of finance income) and the related tax effects.

EBITDA – Earnings before interest, taxes, depreciation and amortisation, share-based payment charge, impairment of goodwill, amortisation of acquired intangible assets, negative goodwill, loss/gain on disposal

and transaction costs related to acquisitions as well as income from reversal of such costs and from unused amounts due for business acquisitions.

EBITAS – EBITDA less depreciation and amortisation.

Share-based payment charge and acquisition-related expenses – Share-based payment charge, impairment of goodwill, amortisation of acquired intangible assets, negative goodwill, loss/gain on disposal and

transaction costs related to acquisitions as well as income from reversal of such costs and from unused amounts due for business acquisitions.

EBIT – EBITAS less Share-based payment charge and acquisition-related expenses.

These measures exclude certain items because of the nature of these items and the impact they have on the analysis of the underlying business performance and trends.

Eurofins shows EBITDA, EBITAS as defined in the notes to the Condensed Interim Income Statement with the objective to be consistent with the information used in internal Group reporting to measure the

performance of Group companies and information published by other companies in the sector.

APMs used in the Consolidated Cash flow Statement

Net capex – Purchase of intangible assets (incl. capitalisation) property, plant and equipment, less proceeds of same assets.

Free Cash Flow to the Firm – Net cash provided by operating activities, less Net capex.

APMs used in the Notes

Net debt – Borrowings, less Cash and cash equivalents (Note 4).

Net working capital – Inventories, trade receivables and contract assets, prepaid expenses and other current assets less trade accounts payable, contract liabilities and other current liabilities excluding accrued

interest receivable and payable (Note 9).

Management believes that providing these APMs (Alternative Performance Measures) enhances investors' understanding of the Group’s core operating results and future prospects, consistent with how

management measures and forecasts the Group’s performance, especially when comparing such results to previous periods or objectives and to the performance of our competitors.

This enables Eurofins to demonstrate the underlying profitability of the business. In the interest of full transparency, Eurofins discloses both the adjusted results (i.e. without the separately disclosed items) and full

reported results (i.e. including the separately disclosed items). This information should be considered in addition to, but not in lieu of, information prepared in accordance with IFRS. These APMs are

described in more detail in the Group consolidated financial statements 2019 in Notes 1.27 and 1.28.

23

Definitions / Alternative Performance Measures

(APMs)