va-Q-tec reports at AGM in Würzburg on very successful business performance

- Over 250 people attend the 2022 AGM in Würzburg

- Around 60% of the share capital participated at the event

- All agenda items accepted by very large majorities

- Management Board reports on its record year in 2021 and further growth in Q1 2022

- Revenues still expected to grow to between EUR 115 million and EUR 122 million in 2022, and to between EUR 160 and EUR 180 million by 2025

Würzburg, 9 June 2022. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a pioneer in highly efficient products and solutions in the thermal insulation (so-called super insulation) and temperature-managed supply chains (so-called TempChain logistics) area, held its 2022 Annual General Meeting on 2 June 2022. As one of the very few such AGMs in the current season, the event was held in person and on a shareholder-friendly basis at the Vogel Convention Center in Würzburg. The company presented itself to more than 250 visitors mainly from Germany, including many from Würzburg and the surrounding area, as is traditionally the case. A very high presence of shareholders also attended the event this year, representing more than 60% of the share capital. All agenda items were approved by large majorities.

At the AGM, the Management Board reported in detail on the 2021 financial year and the first quarter of 2022. The actions of the Management and Supervisory boards for the 2021 financial year were approved by a very clear majority in each case. Group revenue grew by 44% to EUR 104.1 million over this period (previous year: EUR 72.1 million), thereby standing well above the upper end of guidance of between EUR 95 million and EUR 100 million. This significant business growth was reflected to a disproportionate extent in earnings, with va-Q-tec further improving its profitability in 2021. Earnings before interest, tax, depreciation and amortization (EBITDA) reported significant growth of 64%, from EUR 11.4 million in the previous year to EUR 18.7 million. This corresponds to an EBITDA margin on revenue of 18%, compared with 16% in the prior-year period.

In Q1 2022, va-Q-tec continued on its growth path. With 25% growth in revenue to EUR 28.0 million (previous year: EUR 22.4 million), the high growth momentum of the previous quarters was again confirmed. The overall earnings trend was impacted by the increase in other operating expenses, in particular by a sharp rise in transport and logistics costs, internationalization costs, and a normalization of travel and trade show activity. EBITDA was down compared with the prior-year quarter to EUR 3.9 million due to the current cost development, compared with EUR 4.6 million in Q1 2021 (-16%). The Management Board expects the earnings trend to increasingly normalize over the course of the year with the anticipated expansion of business activities.

For the 2022 financial year, va-Q-tec continues to expect further revenue growth to a revenue range of between EUR 115 million and EUR 122 million. For EBITDA, the company generally expects medium growth year-on-year in the 2022 financial year and disproportionately high growth relative to revenue due to operational economies of scale and a changed product mix reflecting a growing share of higher-margin products and services. Due to potential additional costs and uncertainties arising from the current geopolitical turmoil, va-Q-tec expects the EBITDA margin to remain constant or to increase slightly compared to 2021. The Management Board continues to expect revenues to grow to between EUR 160 million and EUR 180 million by 2025, with a targeted EBITDA margin of 22 to 26%. This guidance thereby follows on from the profitable growth story that va-Q-tec has presented over recent years.

Dr. Joachim Kuhn, CEO and founder of va-Q-tec AG, comments: “We are delighted that so many shareholders once again come to Würzburg to find out more about va-Q-tec and to discuss the development of our business. It was a great pleasure for us to finally welcome them back in person! Despite the current difficult macroeconomic environment, we are confident about the future as far the continuation of our profitable growth is concerned. We have further expanded our overall customer base in the pharmaceutical sector, and further promising projects in international drug distribution are already emerging in 2022. At the same time, we have also further strengthened our position as an innovation driver in the area of thermal energy efficiency through strategic industry and technology partnerships. Accordingly, we believe that va-Q-tec is excellently positioned – both technologically and strategically – to benefit sustainably from the megatrend of climate protection through thermal energy efficiency over the coming years.”

The detailed voting results of the 2022 Ordinary AGM are available for downloading from va-Q-tec’s corporate website, within the Investor Relations/Annual General Meeting area.

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IR contact
va-Q-tec AG
Felix Rau
Phone: +49 931 35942 – 2973
Email: Felix.Rau@va-Q-tec.com

cometis AG
Claudius Krause
Phone: +49 611 - 20 585 5-28
Email: krause@cometis.de

About va-Q-tec
va-Q-tec is a pioneer in highly efficient products and solutions in the area of thermal insulation and TempChain logistics. The company develops, produces and markets highly efficient and consequently thin vacuum insulation panels (VIPs) as well as phase change materials (PCMs) for reliable and energy-efficient temperature controlling. va-Q-tec deploys this key thermal technology in order to produce passive thermal packaging systems (containers and boxes) that maintain constant temperatures, depending on type, for up to 200 hours without external energy input. In order to implement temperature-sensitive logistics chains, va-Q-tec – within a global partner network – operates a fleet of rental containers and boxes meeting demanding thermal protection standards. Along with Healthcare & Logistics as the main market, va-Q-tec addresses the following further markets: Appliances & Food, Technics & Industry, Building, and Mobility. The high-growth company, which was founded in 2001, is based in Würzburg, Germany.

Further information: www.va-q-tec.com, Twitter: @vaQtec, LinkedIn: linkedin.com/company/va-Q-tec