Edison Investment Research - Evolva Holding SA (EVE) Evolva - Evolving the sales model

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Edison Investment Research

Kate Heseltine

Evolva - Evolving the sales model

Evolva has signed a distribution agreement to jointly develop the Brazilian market for resveratrol with its new partner, Tovani Benzaquen, a distributor of food and functional ingredients. Management expects revenues to exceed CHF1.5m over the next 2.5 years. The distribution agreement opens the Brazilian market for resveratrol, thus should result in an uplift in revenue expectations for the product. If successful, we believe the distribution agreement could be extended to other markets in Latin America and the model could eventually be rolled out to new markets in Asia, for example. We believe this is a significant step in Evolva’s commercialisation capabilities under new CEO Christian Wichert, as he instils a sense of urgency into the business and transitions the company to a fully product-based commercial model.

18/05/2022 1 EN

Underlying

Evolva Holding SA

Evolva Holding is an international biosynthetic group based in Switzerland. Co. is engaged in discovering and developing ingredients (and technologies for making ingredients) to other companies, in particular in the food and beverage, consumer health and pharmaceutical sectors. Co. maintains a proprietary fermentation-based platform that utilizes yeast. Co.'s internal focus is on high-value ingredients with relatively low production volume. Co.'s operations are organized in two segments: Products (Resveratrol, Vanilla, Stevia, Saffron , Pomecins and Agarwood ) and Legacy Products (EV-077 for diabetic complications and EV-035 for bacterial infections).

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CH0021218067 Six Swiss Exchange Switzerland

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

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Evolva - Evolving the sales model

Shareholders of Evolva Holding SA in liquidation approve BoD proposals at AGM; revocation of liquidation and delisting also approved whereas introduction of opting-out was rejected

Evolva and Lallemand close the sale of Evolva AG to Danstar Ferment AG on 28 December 2023

Shareholders approve the sale of Evolva AG to Lallemand Inc. Swiss subsidiary at extraordinary general meeting

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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