Slides
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Strong commercial momentum continues to support long-term growth ambitions September 2026 Interim results for the six months ended 30 June 2026
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This presentation does not constitute an offer to sell or a solicitation of offers to buy Ordinary Shares (the “Securities”). Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, the contents of this presentation have not been formally verified by Oxford Biomedica plc (“OXB” or the “Company”) or any other person. Accordingly, no representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this presentation, and no reliance should be placed on such information or opinions. Further, the information in this presentation is not complete and may be changed. Neither the Company nor any of its respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of such information or opinions or otherwise arising in connection with this presentation. This presentation may contain forward-looking statements that reflect the Company's current expectations regarding future events, its liquidity and results of operations and its future working capital requirements. Forward- looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and may depend on a number of factors. Legal disclaimer 2
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Agenda CEO – Dr. Frank Mathias CBO – Dr. Sébastien Ribault CEO – Dr. Frank Mathias CFO – Dr. Lucy Crabtree Business Update Q&A Moderator: Head of IR – Sophia Bolhassan Commercial Update Wrap-up Financial Update 1 5 2 4 3 We wanted a partner that could support us from development through commercialisation, and OXB demonstrated the experience, capability and flexibility to do that. Dr. Arun Das, Cabaletta Bio
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OXB IN NUMBERSA differentiated platform, expanding market and executional excellence underpin the long- term strategy OXB fundamentals remain unchanged Strong CGT market opportunity Maturing and diversifying client pipeline 30+ Years of experience in viral vectors 59 Total current programmes 1,000+ GMP batches £180-200m guidance for FY 2026 and 25-30% YoY revenue growth guidance for FY 2027 unchanged At least double digit % EBITDA margins for FY 2027 £500m revenue ambition by 2030 and long-term EBITDA margins approaching c.30% 50 Current clients 4 Guidance reiterated:
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5 Strong commercial momentum in H1 underpins long-term growth Supporting OXB's ambition to deliver c.£500m revenue by 2030 Demonstrating continued market demand Providing confidence in future revenue generation Expanding client base Increasing commercial visibility New clients Pipeline value1 Contracted orders Revenue backlog Late-stage & commercial agreements 17 (current: 21) $713 million (current: $659 million) decrease due to signed orders £97 million (31st Aug 2026: £127 million) £193 million (31st Aug 2026: £199 million) 9 H1 2026 “Current” refers to data as at 9th September 2026. 1 Non-risk-adjusted pipeline of potential gross value of future revenues (multi-year). Clients progressing towards higher-value stages Maturing programmes
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6 Positioned to capture growth across global CGT hubs OXB's global footprint provides access to the world's largest and fastest -growing CGT markets Durham and Bedford provide local access to US clients and beyond 1 Based on GlobalData Jan’2026 2 Market share data based on internal estimates in 2025 North America Europe o Largest concentration of CGT developers o High commercial manufacturing demand 6% 94% 2025 2026 2027 2028 2029 2030 2031 ~$4bn ~$10bn ~18% CAGR OXB Market excl. OXB Outsourced CGT potential market growth1: OXB is well positioned to outperform the outsourced CGT market with 25-30% YoY revenue growth target for FY 2027 OXB is 4th largest viral vector CDMO by market share with 6%2 o Strong pipeline of clinical-stage programmes o Centralised approval process for all EU countries Established network across the UK and France OXB now serves the world's largest CGT market from two US locations Positioned within one of the world's leading centres for CGT research and innovation Oxford, UK Lyon, FR Strasbourg, FR Durham, US Bedford, US
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7 The CGT sector is delivering good news Approvals, positive data and fresh funding across the industry in 2026
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Commercial update 8
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9 OXB is a key player across multiple therapeutic areas CGT drug candidates by therapeutic areas and vector type: 2,217 CGT assets as of Q2 2026 3 Therapeutic indications OXB is active in AAV and LV remain dominant vector types 1 One drug candidate can be applied among several therapy areas; Discovery phase not included 2 Other viral (41%) includes all non-viral vectors, with no other vector holding the biggest stake. Source: GlobalData, Jan’26 3 ASCGT sector report Q2 2026 5% 41% 19% Oncology 6% 76% 6%11% Central Nervous System 10% 60% 5% 25% Metabolic Disorders 3% 84% 4%9% Ophthalmology 9% 67% 18% Genetic Disorders 49% 35% Immunology 44% Hematological Disorders 67% 28% Cardiovascular 47% Musculoskeletal Disorders Infectious Disease Gastrointestinal Respiratory Dermatology 891 35% 208 205 159 153 95 314 91 47 43 41 27 94 LV AAV Other viral Non-viral The number of CGT assets in development continues to rise, with the total number climbing from 2,155 in Q2 2025 to 2,217 in Q2 20263.
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10 29 new programmes added resulting in 34% net portfolio growth Strong growth and momentum in active client programmes 44 59 29 14 Sep-25 New Programmes Finished programmes Sep-26 +34% Client programme portfolio expanded from 44 to 59 active programmes since September 2025 (net 15 new programmes) Funding constraints: 4 Unfavourable data readouts: 3 Portfolio reprioritisation: 2 Acquisition or company closure: 2 Change in client strategy: 2 Safety concerns: 1 New programme additions significantly exceeded attrition, resulting in 34% net portfolio growth Programme attrition reflects the normal dynamics of the biotech sector: Evolution of programmes between Sept. 20251 and Sept. 20262 # programmes 1 As per the H1 2025 results release 2 As of the H1 2026 results release
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OXB ranked in the top five CDMOs globally for advanced therapies by market share1 11 Record number of client programmes A diversified portfolio of 59 active client programmes Client logos represent a selection of our clients and do not constitute a complete list. 1 Company estimates and third-party research 46 3 2 42 4 2 40 5 3 50 6 3 Preclinical Dev & Early StageLate StageCommercial Contract stage: Apr-24 Apr-25 Mar-26 Sep-26 Contract size range per project (£): 15m-150m per year 50k-5m 5m-15m Q4 2026 Expected BLA submission dates Therapeutic Indications (Late stage and commercial programmes) Q3 2027 Oncology (multiple) Q3 2027 Dermatology Neurology Ophthalmology Q1 2027
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AAV momentum and multi-site capacity supports long- term revenue growth CAGR OXB’s pipeline is diversifying across its global network Opportunities by vector type Number of opportunities AAV opportunity value surpasses lenti at $289m vs $265m Growing AAV opportunity volume broadening the pipeline mix Reduced dependence on lenti and increased distribution of opportunities across sites Source: Internal data12 One year pipeline dynamic by site $ value of opportunities by site over 12 months 13% 20% 23% 19% 24% 63% 49% 46% 46% 36% 5% 12% 12% 10% 11% 10% 13% 19% 23% 19% 9% 7% 6% 6% 13% 20% 23% 19% 24% 63% 49% 46% 46% 36% 5% 12% 12% 10% 11% 10% 13% 19% 23% 19% 9% 7% 6% 6% 13% 20% 23% 19% 24% 63% 49% 46% 46% 36% 5% 12% 12% 10% 11% 10% 13% 19% 23% 19% 9% 7% 6% 6% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Bedford Durham Bedford + Durham Oxford France US accounted for 40%+ of Q3 2026 opportunity value 7%7% 6% 51% 42% 34% 42% 7%7% 6% 51% 42% 34% 42% 4% 4% Sep-25 3% Sep-26 189 231 AAV Lenti Adeno MVA/Pox Other Q3 2026 “pipeline dynamic by site” data is for July and August 2026 only 275m 182m 43m 25m5m Sep-25 289m 265m 35m 36m 32m Sep-26 532m 659m +24% AAV Lenti Adeno MVA/Pox Other Pipeline value by vector type $ value of opportunities by vector type
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Our pipeline assumptions reflect our success rate Best-in-class conversion rates New Business Existing Business Proposal Conversion % 30% Contract drafting Conversion % 74% 70% 30% Number of Opportunities by Business Type % Existing businessNew business Negotiation Conversion % 86% Proposal Conversion % 85% Contract drafting Conversion % 90% Negotiation Conversion % 96% 13 Source: Internal data Strong contribution from existing clients reflects high client satisfaction
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Low dependence on large clients & significant repeat business support a more resilient pipeline Large proportion of pipeline converting to signed orders 120 172 238 295 179 120 172 238 295 183 291 FY 2022 438 FY 2023 570 FY 2024 597 FY 2025 659 Sep-26 411 610 808 892 842 +126% Signed orders Pipeline Pipeline opportunities vs signed orders Value in $m Total value of pipeline increased by 126% between December 2022 and September 2026 Note FX rate used was 1.3453 USD 14 Pipeline by account Value in $m 4% 6% 5% 3% 3% 4% 3% 71% 4% 6% 5% 3% 3% 4% 3% 71% Client 1 Client 2 Client 3 Client 4 Client 5 Client 6 Client 7 Other Pipeline is supported by an increasingly diversified client base, mitigating concentration risk 12% 9% 7% 5% 4% 4% 57% 2% 12% 9% 7% 5% 4% 4% 57% Sep 2025 Sep 2026
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15 Expected to lead the peer group with 112% revenue growth from 2023- 2026 OXB outperforming peers with sector-leading revenue growth Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Ø 23 88% OXB 20% 63% 4% 12% 17% 50% 26% 56% 23% 48% -2% 11% -3% 6% -42% -48% -7% 112% 2023-2025 2023-2026 Revenue growth for OXB competitors between 2023 and 2026: 2025 Revenues ($M) Revenue growth (%) 223 839 1,603 440 3,032 3,208 89 7,883 301 473 Notes: Private companies that do not report financial figures have been excluded preventing a like-for-like comparison. One public peer was excluded due to its scale as a diversified life sciences conglomerate, which is not directly comparable to OXB's CGT CDMO focus. OXB 2026 forecasted revenue was calculated using the middle of the range point from the August updated revenue guidance. Exchange rate 2025 average to USD: (GBP: 1.32, EUR: 1.13, CHF: 1.21, HKD: 0.13, KRW: 0.0007, JPY: 0.01, CNY: 0.14) Source: FactSet
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VS The expertise to solve and the delivery to succeed Why leading biopharma companies partner with OXB Client profileClient profile Clinical-stage biotech Developing CAR-T therapies for autoimmune diseases Advancing potentially registrational studies towards BLA What they needed Proven viral vector manufacturing expertise Reliable execution and commercial readiness Scalable global manufacturing capabilities Why OXB Established track record of delivery Ability to support commercial programmes Experienced teams and collaborative culture What they needed Why OXB BD Segment: Global Strategic Accounts BD Segment: Global BD Team Regardless of company size or development stage, clients partner with OXB for the expertise, capability and reliability needed to advance critical programmes Clinical-stage biotech Leader in development of CAR T-cell therapies for CNS tumours Advancing complex clinical programmes Programmes: BCB-276 & BCB-214 Deep lentiviral vector expertise Proven track record and commercial experience Confidence in programme execution Established track record of delivery Specialist technical knowledge and expertise Pragmatic approach to problem-solving Programme: Rese-cel 16
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Expanding market, maturing portfolio and growing pipeline Commercial momentum supports sustainable growth 17 Market Pipeline • The CGT market continues to expand and mature • AAV is the fastest -growing vector segment • All vectors can be used in multiple indications • The portfolio grew by a net 15 programmes • All late- stage programmes are expected to reach BLA submission within 12 months • Commercial programmes are delivered across the UK and US • The $659m pipeline continues to expand • AAV opportunities now exceed lentivirus in both number and value • The geographic mix reflects the network's growing maturity Portfolio
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Financial update 18
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Revenue growth reflects ongoing demand for services, cost discipline improving EBITDA Condensed income statement: Six months to 30 June 2026 and cash balances H1 2026 H1 2025 Change Revenue £79.8m (£80.2m CC) £73.2m (£73.4m CC) +9% (+10% CC) Operating EBITDA £(7.8)m £(8.3)m +£0.5m Adjusted EBITDA £(2.5)m £(3.9)m +£1.4m Operating loss £(29.1)m £(23.6)m -£5.5m 30/6/2026 31/12/2025 Change Gross cash £75.3m £96.9m -£21.6m Net cash £21.4m £55.4m -£34.0m Revenue growth reflecting demand • Manufacturing revenues of £43.1, up 20% driven by more clinical and commercial- launch batches • Development revenues of £27.1m, up 1% including increase in process characterisation and validation activity • Procurement services revenues of £8.4m, broadly flat due to timing related factors • Licences and royalties revenues of £1.2m, lower as Kymriah matures Disciplined cost control supporting improved EBITDA • Adjusted Operating EBITDA improved to £(2.5) million from £(3.9) million in H1 2025, driven by stronger revenues and continued cost discipline • £6.3m of one-off items in H1 2026, incl. £6.1m strategic improvements in US network (excluding FX impact) • £7.6 million impairment of France PPE due to lower near term revenue expectations per recent trading update; high conviction in the strength of the pipeline and long- term growth potential in France CC refers to Constant Currency, which refers to the equivalent growth based on prior year exchange rates. EBITDA ADJ refers to EBITDA removing one off items and foreign exchange gains and losses with revenue under constant currency19
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H1 2025 Revenue Raw materials Manpower S it e cos ts Cor por ate and other H1 2026 OPEX stable as revenues grow, despite one-off factors driving lower gross margin in H1 2026 Adjusted EBITDA bridge, comparing H1 2025 to H1 2026 Adjusted basis: excludes one-off items (£6.3m: Durham pre- revenue costs £4.4m, Durham integration £1.0m, Bedford £0.7m, corporat e £0.2m) and foreign exchange, with revenue at constant currency. The H1 2025 comparative is stated excluding the £4.7m foreign exchange loss. Corporate costs are net of the RDEC credit (£3.3m; H1 2025 £3.0m). 'Corporate and other' includes other income of £(0.2)m.lower than in 2025 adjusted EBITDA 2026 Growth at constant currency batch volume increase HC 1,017 from 900 cost control compliance, procurement adjusted EBITDA 2026 £(3.9)m +£6.8m £(4.2)m £(0.3)m +£0.3m £(1.2)m £(2.5)m H1 2025 Revenue Raw materials & external costs Manpower Site costs Corporate and other H1 2026 20
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Cash bridge, 31 December 2025 to 30 June 2026 H2 expected to benefit from a reduction in working capital Dec 25 EBIT DA Wor king capit al RDEC Capex Interes t Leases Oa ktr ee O ther and FX Jun 26 £96.9m £(7.8)m £(16.0)m £6.3m £(7.1)m £(0.9)m £(8.8)m £11.1m £1.6m £75.3m Dec 25 EBITDA Working capital RDEC Capex Interest Leases Oaktree Other and FX Jun 26 £(8.3)m in H1 25 Inventory build for H2, reduced accruals 2024 claim received Within the c.£50m 2026–27 envelope Excludes lease interest Durham added $15m tranche; facility to 2029 Net cash outflow £(34.3)m H1 2025: £(4.8)m Capex comprises property, plant and equipment of £6.9m and intangibles of £0.2m. Net interest of £(0.9)m excludes lease inter est, which sits within lease payments: cash interest paid was £7.5m against £1.8m received. 'Other and FX' comprises share issues of £0.5m and foreign exchange on cash balances of £1.1m. £ Second half expected to benefit from: Higher inventory consumption, accruals normalise Inventory build in H1 supports H2 production, Accruals expected to normalise R&D credit lands FY25 R&D tax credit expected in H2 Revenue is H2 weighted Receipts follow delivery, with c.£168m of FY26 revenue contracted Capex within guidance Network build largely complete 21
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August guidance update driven primarily by timing-related factors Underlying demand and long- term growth strategy remain unchanged 01 – Client programme deferrals • Deferrals and delayed timelines of selected programmes in 2026 due to changes in client strategy or clinical data 02 – Change in client ordering behaviour • Staged signing in accordance with project progress • Change in approval pathway for a larger client 03 – Durham operational readiness • Integration and GMP implementation delayed by c.6 months • First GMP run now completed and execution back on track FY 2026 Revenue guidance £180m - £200m +25-30% year-on-year growth in FY 2027 c.£168 million of forecast FY 2026 revenue covered by contracted client orders Unchanged medium and long-term ambitions remain supported by: • Strong commercial momentum • Diversified client base • Technical excellence and client-centric delivery • Expanding pipeline quality • Global footprint • Continued cost discipline 22
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~£500m Revenue ambition by 2030 unchanged Long-term revenue ambition is based on fundamentals, which continue to strengthen Commercial Market fundamentals robust: Market CAGR at 18%1 AAV opportunities in pipeline are gathering momentum OXB market share expected to grow: OXB currently has c.6% market share2 Modest market growth assumption to low double-digit teen % market share Strong service offering positioning us well for growing market share Client programme maturation progressing OXB programmes as of September 2026 50 (+35% y-o-y) Preclinical and Early Stage 6 Late-Stage Clinical 3 Commercial Number of late stage and commercial programmes expected to increase Record number of client programmes, early stage funnel is growing Number of late stage programmes have expected BLA submission dates over the next 12 months New late stage programmes also being added to pipeline (further growth opportunity beyond existing client program maturation) Illustrative medium-term view on late-stage client portfolio Late-Stage Clinical Double digit Commercial 5+ 23 1 Based on GlobalData Jan’2026 2 Market share data based on internal estimates in 2025
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First-half evidence support path to increasing margins Six levers drive operating leverage across the cost base 01 Utilisation ramp Installed capacity converts fixed manufacturing cost into operating leverage, evident as business scales Current status: ~£5m more of manpower and site costs absorbed into production as batch volumes rose (H1 26’) 02 Procurement scale Group sourcing scales across the raw material and external spend base, procurement strategy in place Current status: Procurement efficiencies to drive COS % improvement 03 Corporate platform leverage Administration costs grow materially slower than the top line as revenue scales, progress seen in H1 2026, to continue Current status: Administration costs 18.0% of revenue (H1 26’), from 18.6% (H2 25’), towards low double digit by FY30/31 04 Network optimisation Each site aligned to its core strength across a multi-vector network Current status: LV and AAV transferred into France; GMP consolidated at Durham 05 Commercial mix Shift to late-stage and commercial mix improves volumes, pricing and unit economics, expected in coming months Current status: 9 late-stage and commercial programmes, from 7 06 Platform productivity Yield, batch release and digital tools lower cost per batch, expected in coming months Current status: AAV to GMP in as little as 7 months, against ~15 FY27 EBITDA margin at least double-digit % approaching c.30% by FY30/31 24
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Increasing utilisation and continued cost discipline support c.30% long-term EBITDA margin target Operating EBITDA margin, % of revenue 1.4% FY25A actual, reported mid- single-digit (low single-digit reported) FY26E Guidance, ex one-off costs at least double digit (additional profitability measures being explored) FY27E Guidance: at least double-digit Approaching c.30% FY30/31 Guidance by FY30/31 EBITDA margin bridge Cost line Uplift to FY30/31 Current status Cost of sales up to c.1,000bps 9 late-stage and commercial programmes (from 7 in H1 2025) Yield and batch-release initiatives under way Operating costs up to c.1,000bps ~£5m more of manpower and site cost absorbed into production as batch volume rose (H1 26’) Network build complete: Durham online, France qualified, UK refits completed France GMP projects start increasing utilisation in H2 Administration up to c.700bps 18.0% of revenue, from 18.6% in H1 2025: c.60bps improvement Commercial c.0–50bps Pipeline c.$713m, up c.30% (H1 2026 vs H1 2025); 4 more clients since 30 June Innovation c.0–50bps 2.5% of revenue, from 2.7% in H1 2025: c.20bps improvementOngoing initiatives to enhance EBITDA margins in 2027+ 25
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Wrap-up 26
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Next-generation platforms & technologies Why OXB is winning in the growing CGT market Dedicated focus on CGT and viral vectors continues to differentiate OXB in a growing market Skilled & experienced people Multi-vector expertise with full end-to-end offering High unmet medical need High client satisfaction & commercial momentum Global footprint 27 Clear path to profitability Differentiated commercial manufacturing experience
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Q&A 28
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Appendix 29
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Margin uplift expected in H2 2026 Drivers of gross margin in first half • One-off factors. H1 2025 manufacturing included significant cancellation revenue with no associated cost • Plasmid mix. Manufacturing carried a higher share of lower- margin plasmid-related revenue • Product and client mix. Mix varies between comparative periods, and procurement runs at c.20% • Licences, milestones and royalties. Down to £1.2m from £1.7m in H1 2026 Drivers for EBITDA margin improvement in second half • Durham, NC site. GMP manufacturing online; site revenue generating in H2 2026 • France ramp-up. First full-scale GMP projects scheduled; suites already qualified • Volume on a fixed base. Cost of sales includes absorbed operational cost, in H2 spread over more revenue • Revenue Weighted to H2. Revenue is expected to be weighted to the second half, in line with prior years, supported by Durham's GMP capabilities coming online and by higher milestones • One off costs H1 weighted. One off costs related to Bedford and Durham sites are both expected to be only H1 impacting 43% H1 2025 37% H1 2026 Full year 41% FY2024 39% FY2025 Group gross margin 30
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Adjusted cost base by type (£m) H1 2026 H1 2025 Change Raw materials and external costs 28.3 24.1 +17% Manpower-related 41.3 41.0 +1% Site costs 10.1 10.4 -3% Corporate costs, net of RDEC 3.4 2.4 +42% Total 83.1 77.9 +7% Revenue and Expenses breakdown Cost base increase of 7% vs. revenue increase of 9%. Revenues (£m) H1 2026 H1 2025 Change Manufacturing services 43.1 36.0 +20% Development services 27.1 26.9 +1% Procurement services 8.4 8.6 -2% Licences, milestones and royalties 1.2 1.7 -29% Total 79.8 73.2 +9% 31
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OXB has delivered significant financial momentum alongside a period of business transformation 32 Revenue (£’m) 90 129 169 FY23A FY24A FY25A Operating EBITDA Margin (%) -59% -12% 1% FY23A FY24A FY25A Revenue grew from £90m in FY23 to £169m (£171m CC 1 ) in FY25, representing c.37% CAGR and delivering EBITDA inflection with positive Operating EBITDA in FY25 Continued commercial momentum through period of variable biotech sentiment CDMO transformation delivered with operating model reset and material cost base realignment EU footprint expanded through Lyon and Strasbourg acquisitions, strengthening global delivery capability US capacity scaled with acquisition of Durham site in October 2025 and integration with Bedford site (171 CC1) 1 CC refers to Constant Currency, which refers to the equivalent growth based on the prior year exchange rates. Key Operational Milestones (5% CC1)
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Driven by platform differentiation, scaled footprint and increasing late- phase mix >60% FY25A revenue from late-phase projects Growing Late-Phase / Commercial Mix Pure-play CDMO focus positions OXB to outgrow the market 33 90 129 169 FY23A FY24A FY25A FY30E OXB 23-25 CAGR: ~37% OXB 25-30 CAGR: ~25% 25-30 MARKET CAGR1: ~18% >100% Footprint expansion in 2025 Enlarged US Capacity 30% New business win-rate at the proposal stage Commercial Momentum Best-in-Class Relative titre across AAV / LV platforms AAV + LV Platform Differentiation PIVOT TO PURE-PLAY CDMO 1 Total viral vector market (outsourced). Source: Company estimates and third- party research 2 CC refers to Constant Currency, which refers to the equivalent growth based on the prior year exchange rates (171 CC2) ~£500m revenue ambition
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Consolidated statement of comprehensive income Jun 2026 Jun 2025 £'000 £'000 Continuing operations Revenue 79,845 73,223 Cost of sales (50,708) (41,566) Gross profit 29,137 31,657 Operating costs (29,024) (30,346) Innovation costs (2,288) (1,984) Commercial costs (3,808) (2,885) Administration expenses (15,879) (20,638) Impairment of assets (7,636) - Other operating income 425 623 Operating (loss) (29,073) (23,573) Finance income 1,834 4,429 Finance costs (8,978) (6,886) (Loss) before tax (36,217) (26,030) Taxation expense (744) (847) (Loss) for the period (36,961) (26,877) Jun 2026 Jun 2025 £'000 £'000 Other comprehensive expense Loss on hedged instruments (206) - Foreign currency translation differences 1,093 (4,974) Other comprehensive income/ (expense) 887 (4,974) Total comprehensive loss (36,074) (31,851) (Loss) attributable to: Owners of the Company (36,961) (26,360) Non-controlling interest - (517) (36,961) (26,877) Total comprehensive loss attributable to: Owners of the Company (36,074) (31,334) Non-controlling interest - (517) (36,074) (31,851) 34
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Consolidated balance sheet 35 Jun 2026 Dec 2025 £'000 £'000 Assets Non-current assets Intangible assets & goodwill 24,302 25,168 Property, plant and equipment 98,823 107,628 Trade and other receivables 7,395 7,275 130,520 140,071 Current assets Inventories 26,513 17,330 Trade and other receivables 66,630 71,268 Derivative financial instruments - 166 Cash and cash equivalents 75,283 96,884 168,426 185,648 Current liabilities Trade and other payables 25,891 35,364 Derivative financial instruments 40 - Contract liabilities 42,682 42,327 Deferred income 423 472 Lease liabilities 7,132 6,057 76,168 84,220 Net current assets 92,258 101,428 Jun 2026 Dec 2025 £'000 £'000 Non-current liabilities Provisions 7,578 7,391 Contract liabilities 5,109 85 Deferred income 485 606 Loans 53,845 41,488 Lease liabilities 97,666 100,583 164,683 150,153 Net assets 58,095 91,346 Equity attributable to owners of the parent Ordinary shares 60,520 60,377 Share premium account 446,271 445,849 Other reserves 8,358 7,471 Accumulated losses (457,054) (422,351) Equity attributable to owners of the Company 58,095 91,346
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Consolidated statement of cash flows 36 Jun 2026 Jun 2025 £’000 £’000 Cash flows from operating activities Cash used in operations (23,750) (1,498) Tax credit received 6,313 5,128 Net cash generated from /(used in) operating activities (17,437) 3,630 Cash flows from investing activities Purchases of property, plant and equipment (6,894) (1,509) Purchases of intangible assets (243) - Proceeds on disposal of PPE - 194 Interest received 1,834 1,076 Net cash (used in)/ generated from investing activities (5,303) (239) Cash flows from financing activities Proceeds from issue of ordinary share capital 484 94 Acquisition without change in control - (1,998) Payment of lease liabilities (4,053) (1,200) Payment of lease liabilities interest (4,735) (4,410) Loans received 11,093 - Loans repaid - (287) Interest paid (2,744) (2,352) Net cash (used in) / generated from financing activities 45 (10,153) Net decrease in cash and cash equivalents (22,695) (6,762) Cash and cash equivalents at 1 January 96,884 60,650 Movement in foreign currency balances 1,094 (11) Cash and cash equivalents at 30 June 75,283 53,877
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Revenue and Operating EBITDA1 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Operating EBITDA1 (£m) 0 20 40 60 80 100 120 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Revenue (£m) Manufacturing Services & Commercial Development Licences, incentives, royalties & grants 1 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments. 3737
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Management with strong CDMO expertise Lisa Doman Chief People Officer (experience: >15 yrs) Natalie Walter Chief Legal Officer (experience: >25 yrs) Dr. Sabine Sydow Chief of Staff (experience: >25 yrs) Dr. Frank Mathias Chief Executive Officer (experience: >35 yrs) Dr. Lucy Crabtree Chief Financial Officer (experience: >20 yrs) Dr. Kyriacos Mitrophanous Chief Innovation Officer (experience: >25 yrs) Dr. Sébastien Ribault Chief Business Officer (experience: >25 yrs) Melanie Kearney Head of Global Quality (experience: >30 yrs) Eric Schmidhäuser Chief Operating Officer (experience: >30 yrs) 38
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Flexible development and manufacturing services AAV For all vector types at any clinical phase LV Adeno Vaccinia, MVA & Pox virus Other viral vectors Drug development phases Our solutions Developing robust processes and delivering clinical materials Ensuring scalability and enabling tech transfer Large scale commercial supply Our development offering Vector substance GMP manufacturing Vector product GMP manufacturing Cell banking Stability studies QA & QP release CMC support Construct & plasmid design Cell line development Analytical method development including potency Process development Preclinical Phase I Phase II Phase III Commercial Our manufacturing offering Process characterisation Pilot manufacturing Regulatory support offering Analytical method validation 39
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40 OXB provides a critical capability for cell & gene therapies OXB's viral vector expertise is a vital link between scientific breakthroughs and patients OXB provides end-to-end viral vector manufacturing expertise to pharma & biotech clients COLLECT patient cells Viral vector introduces genetic material to cells EXPAND modified cells PATIENT treatment CELL THERAPY GENE THERAPY COLLECT patient cells in vivo ex vivo Viral vector introduces genetic material into patients’ cells Viral vector introduces genetic material to cells outside the body PATIENT treatment PATIENT treatment RETURN modified cells OXB’s role ex vivo
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41 Definitions – Page 1 Adjusted EBITDA Adjusted Operating EBITDA refers to Operating EBITDA removing one off items and foreign exchange gains and losses with revenue u nder constant currency. BLA Biologics License Application – the regulatory submission required for approval to market a biologic therapy in the US. CAR-T Chimeric antigen receptor T -cell therapy, a type of immunotherapy that alters a patient's own immune cells to target and destroy cancer cells. Constant Currency (CC) A basis of comparison that refers to the equivalent growth based on prior year exchange rates. CMC Chemistry, Manufacturing and Controls. Early -stage clinical trials (Phase 1 & 2) These trials focus on assessing the safety, tolerability, and optimal dosing. For early -stage clients, OXB helps to develop robust manufacturing processes and ensures scalability. Key activities include process development, cell banking, process characterisation, and CMC (Chemistry, Manufacturing, and Controls) support. Stability studies also begin in Phase 2 t o assess the viability of the therapy over time, laying the foundation for late -stage development. E2E End-to-end GxP, GMP, GCP, GLP GxP is a general term for Good (Anything) Practice. GMP, GCP and GLP are the practices required to conform to guidelines laid dow n by relevant agencies for manufacturing, clinical and laboratory activities. Late- stage clinical trials (Phase 3 & 4) These trials aim to confirm the efficacy and long -term safety of gene and cell therapies in larger patient populations. These tr ials are centred around large -scale production and regulatory compliance, ensuring that the therapy is manufactured consistently and efficiently for broader patient access. Key CDMO activities include vector substance and product G MP manufacturing, stability studies, and QA/QP release to meet stringent regulatory standards. Operating EBITDA Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment and share based payments) is a non -GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments. However, deferred bonus share option charges are not added back t o operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee.
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42 Definitions – Page 2 Orders Contracted value of client orders represents the gross value of client orders for which the client has signed a financial com mitment, whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingent contractual clauses. Pipeline Pipeline of potential gross value of future revenues (multi -year). RDEC Research and Development Expenditure Credit: a UK tax credit for qualifying R&D expenditure, recognised net within corporate costs. Revenue backlog Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of client orders included in revenue backlog only includes the value of work for which the client has signed a financial commitment for OXB to undertake, whereby any changes to agreed values will be subject to change orders, cancellation fees or the triggering of opti onal/contingent contractual clauses.
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A global quality and innovation-led CDMO in cell and gene therapy OXB.com Let’s deliver life-changing therapies together Sophia Bolhassan, Head of Investor Relations IR@oxb.com