Press release

Revenue guidance clearly exceeded in a record FY 2021 - further strong and profitable growth expected in FY 2022 and beyond

- va-Q-tec AG grows by 44 % to reach EUR 104.1 million in FY 2021 on the basis of preliminary unaudited figures, clearly exceeding EUR 100 million revenue mark

- Overall growth driven by double-digit growth rates in all business areas: Systems business +87 %, Services business +35 % and Products business +20 %

- Healthcare sector's revenue share expands to 78 % (2020: 74 %)

- Further dynamic growth, including outside the vaccines business, expected in FY 2022 and beyond

Würzburg, 27 January 2022 va-Q-tec AG (ISIN DE0006636681 / WKN 663668), pioneer of highly efficient products and solutions in the area of thermal insulation (so-called "super thermal insulation") and temperature-controlled supply chains (so-called "TempChain logistics"), announces that, following an analysis of preliminary results emerging from the ongoing process of preparing the company's financial statements for the 2021 financial year, its revenue guidance has been exceeded. Consolidated revenues for 2021 will lie significantly above the upper end of the forecast range of EUR 95 million to EUR 100 million, as specified in the fourth quarter of 2021, and are expected to amount to EUR 104.1 million. As a consequence, va-Q-tec realized year-on-year revenue growth of 44 % in the 2021 financial year. In the fourth quarter of 2021, va-Q-tec thereby once again clearly exceeded the previous quarters' business performance, which had already been very positive.

The Systems business (thermal packaging) recorded the fastest growth with an increase of 87 % to EUR 36.4 million (previous year: EUR 19.5 million). This area benefited particularly from global COVID-19 vaccine campaigns, such as with box and pallet solutions for one-way transport that enabled temperature-stable transport autonomously over many days. In the Services business ("Serviced Rental" of thermal packaging systems), va-Q-tec recorded revenues of EUR 44.1 million in 2021, representing an increase of 35 % (previous year: EUR 32.7 million). Here, the rental of small thermal boxes for transports "on the last mile" recorded a very positive trend in the third and fourth quarters, while at the same time the rental of large thermal containers also benefited from an accelerated start-up of new projects in the second half of the year. In addition to vaccine distribution, va-Q-tec benefited from a further broadening of its overall customer base. In the Products division (vacuum insulation panels and phase change materials), revenues grew by 20 % year-on-year to reach EUR 22.0 million (previous year: EUR 18.3 million), driven mainly by strong demand for energy-efficient refrigerators and freezers. This trend is also being bolstered by the new EU energy efficiency labels for refrigerators and freezers, which came into force on 1 March 2021.

The company anticipates that dynamic demand for products and services in TempChain logistics will continue in 2022 and beyond. Increasingly, biotechnologically produced drugs require constant and secure "TempChains" during transport and storage. With potential booster vaccinations and adaptations of the coronavirus vaccine to address mutated virus variants as well as a continuing low vaccination rate from a global perspective, it is also becoming apparent that this business will stabilize in subsequent years. The development of mRNA technology, which has become established in the pharmaceutical industry as a consequence of the COVID-19 pandemic, also offers numerous new applications against diseases such as cancer and multiple sclerosis. This should give a further additional boost to the TempChain business, which is already very dynamic without additional impetus from vaccine distribution.

In addition to the TempChain business, demand in the other application areas also performed well in 2021: high-tech vacuum insulation panels offer crucial advantages wherever secure and highly efficient insulation solutions are required in the tightest of spaces. In numerous other sectors such as Technics & Industry (e.g. insulation of pipelines), Building (building insulation) and in the Mobility area (e.g. high-tech insulation of electric vehicles), va-Q-tec is valued as a reliable partner. With strategic partnerships such as with Hutchinson for thermal management in the mobility sector and Uponor for highly energy-efficient and form-flexible pipe insulation, va-Q-tec underscores both its reliability and its growth ambitions in these areas. The innovative va-Q-steel panel solution also deserves special mention. With this newly developed product, the efficiency of e.g. fuel cells and high-temperature batteries can be greatly enhanced by means of vacuum insulation at high temperatures. With its high-tech insulation solutions, va-Q-tec is thereby excellently positioned and diversified to benefit from the megatrend of climate protection through thermal energy efficiency.

Dr. Joachim Kuhn, CEO of va-Q-tec AG, comments: "Following an extraordinary record year in 2021, we will maintain our high growth rate in the short and medium term. We are not benefiting exclusively from a vaccine boom. Rather, we are continuing to expand our position as a leading and broadly diversified company in the area of thermal energy efficiency and high-performance thermal packaging for TempChain logistics. I am particularly pleased that we reached a major milestone in the year of our twentieth anniversary and clearly exceeded the EUR 100 million mark. With this excellent growth, va-Q-tec leaves many competitors far behind and gains market shares. This launches the next chapter in our company's development on its path to becoming a successful high-tech company, and it creates a solid foundation for the company's long-term success and profitability. We are looking forward with particular confidence to the current financial year, which has already enjoyed a promising start."

All figures are preliminary. Preliminary 2021 results will be published as planned on 28 February 2022. The annual report for 2021 will follow on 29 March 2022.


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IR contact
va-Q-tec AG
Felix Rau
Phone: +49 931 35942 - 2973
Email: [email protected]

cometis AG
Claudius Krause
Phone: +49 611 - 20 585 5-28
Email: [email protected]

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

Further information: www.va-q-tec.com