Interim report
Page 1
Press release OXFORD BIOMEDICA PLCINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 Strong commercial momentum and expanding global CDMO capacity continues to support long-termrevenue and profitability ambitions; Guidance reiterated • OXB delivers continued revenue growth and progress towards improving EBITDA profitability• Strong commercial momentum, including record number of new client wins, continuing into H2 with Durham, NCGMP manufacturing now online• All FY 2026 and medium-term guidance reiterated following August trading update Oxford, UK - 22 September 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapyCDMO, today announces interim results for the six months ended 30 June 2026. H1 2026 at a glance• Revenue growth: constant currency revenue increased 10% to £80.2 million; reported revenue increased 9% to£79.8 million reflecting continued demand across manufacturing and development services• Record commercial momentum: 17 new clients signed in H1 2026, more than 30% above the total numbersigned during FY 2025. Post period-end, a further 4 new clients signed, broadening future potential revenuebase and bringing the total client portfolio to 59 client programmes and 50 clients• Revenue visibility: revenue backlog1 of c.£193 million at 30 June 2026, with approximately £168 million offorecast FY 2026 revenue covered by contracted client orders2 (as at September 2026), supporting confidencein H2 2026 delivery and future growth.• Pipeline expansion: non-risk-adjusted new business pipeline3 increased by c.30% year-on-year to c.$713 million (c.£539 million), with reduced dependence on large clients and significant repeat businesssupporting a more resilient pipeline• Operational execution: Durham, NC GMP manufacturing capabilities are now online, the first GMP run hasbeen completed and client activity is expected to ramp up in H2 2026 following completion of remedial actionsrelated to the previously disclosed delay• Profitability progress: adjusted Operating EBITDA improved to £(2.5)4 million from £(3.9) million in H1 2025,driven by stronger revenues and continued cost discipline• Gross margin: reduction in gross margin to 37% (H1 2025: 43%) reflects product and client mix and oneoff comparatives• Guidance reiterated: FY 2026 constant currency revenue expected to be £180–200 million; FY 2026 EBITDAmargin expected to be mid-single-digit % excluding one off costs and low-single-digit % on a reported basis; FY2027 revenue growth expected to be 25-30% year-on-year• Medium and long-term ambitions unchanged: Expanding client base, increasing visibility and maturingprogrammes underpin OXB's confidence in its ambition to reach revenues of c.£500 million by 2030, withlong-term EBITDA margins approaching c.30% 1 Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of client orders included in revenuebacklog only includes the value of work for which the client has signed a financial commitment for OXB to undertake, whereby any changes toagreed values will be subject to change orders, cancellation fees or the triggering of optional/contingent contractual clauses.2 Contracted value of client orders represents the gross value of client orders for which the client has signed a financial commitment,whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingentcontractual clauses. 3 Pipeline of potential gross value of future revenues (multi-year). 4 Adjusted Operating EBITDA refers to EBITDA removing one off items and foreign exchange gains and losses with revenue underconstant currency. Dr. Frank Mathias, OXB's Chief Executive Officer, said: "OXB delivered a strong first half commercially, withrecord new client wins, an increase in programmes to 59 and continued revenue growth. Importantly, our Durham,NC site is now operationally ready and serving clients, with GMP manufacturing capabilities online and the firstGMP run completed. Alongside continued progress across our UK, France and Bedford, MA sites, this materiallystrengthens our global, multi-vector CDMO network and supports confidence in our revenue outlook. There is a clear demand for OXB's differentiated capabilities and we believe we are increasingly well positioned tobenefit from the maturation of the cell and gene therapy market. Our operational focus remains on disciplinedexecution and cost control as we drive utilisation and progress towards our 2030 revenue and sustainableprofitability ambitions." FINANCIAL HIGHLIGHTS £'m H1 2026 H1 2025 H1 2026 vsH1 2025Manufacturing services 43.1 36.0 7.1Development services 27.1 26.9 0.2Procurement services 8.4 8.6 (0.2)Licences, milestones and royalties 1.2 1.7 (0.5)Revenue 79.8 73.2 6.6Cost of sales 50.7 41.6 9.1Gross Margin 37% 43% Operating EBITDA1 (7.8) (8.3) 0.5 Revenue CC2 80.2 73.4 Operating EBITDA ADJ3 (2.5) (3.9) 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. However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 12. 2 CC refers to Constant Currency, which refers to the equivalent growth based on prior year exchange rates. 3 EBITDA ADJ refers to EBITDA removing one off items and foreign exchange gains and losses with revenue under constant currency.
Page 3
Analyst briefingOXB's management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault,CBO will host a virtual analyst briefing and Q&A today, 22 September, at 13:00 BST / 08:00 ET. A live webcast of the presentation will be available via this link. The presentation will be available on OXB's websiteat www.oxb.com. If you would like to dial in to the call and ask a question during the live Q&A, pleaseemail OXB@icrhealthcare.com. Investor presentationDr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sébastien Ribault, CBO, will provide a live investorpresentation via Investor Meet Company on 24 September 2026, at 11:15 BST / 06:15 ET. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via yourInvestor Meet Company dashboard up until 23 Sept 2026, 09:00 BST / 04:00 ET, or at any time during the livepresentation. Investors can sign up to Investor Meet Company for free and add to meet OXBvia: https://www.investormeetcompany.com/oxford-biomedica-plc/register-investor Investors who already follow OXB on the Investor Meet Company platform will automatically be invited. Notes Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the2025 Annual Report and Accounts. Enquiries Oxford Biomedica plc T: +44 (0)1865 509 737/ E: ir@oxb.comSophia Bolhassan, Head of Investor Relations ICR Healthcare T: +44 (0)20 3709 5700 / E: OXB@icrhealthcare.comMary-Jane Elliott Sarah Elton-Farr Phillip Marriage RBC Capital Markets (Joint Corporate Brokers): T: +44 (0)20 7653 4000Kathryn Deegan Jefferies (Joint Corporate Brokers): T: +44 (0)20 7029 8000Sam Barnett Gil Bar-Nahum About OXB OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation(CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patientsaround the world. One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the drivingforce behind the majority of cell and gene therapies. OXB collaborates with some of the world's mostinnovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturingexpertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-classcapabilities range from early-stage development to commercialisation. These capabilities are supported by robustquality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vectorsystem (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion processusing process enhancers and stable producer and packaging cell lines. OXB, a FTSE 250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development andmanufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA and Durham NC, US.Learn more at www.oxb.com and follow us on LinkedIn and YouTube. Overview In the first half of 2026, OXB continued to execute against its strategy, delivering strong commercial momentumwhilst advancing key operational initiatives across its global CDMO network. OXB delivered 10% constant currencyrevenue growth year-on-year to £80.2 million and its revenue backlog, which stood at c.£193 million as at 30 June2026, continues to support confidence in future revenue delivery. Approximately £168 million of forecast FY 2026revenue is covered by contracted client orders (as at September 2026), supporting confidence in H2 2026 deliveryand future growth. The first half of 2026 marked a strong commercial start to the year for OXB, with the successful onboarding of arecord 17 new clients across its global footprint, more than 30% above the total number of new clients signed duringthe whole of FY 2025. A further 4 new clients were signed post period end. Secured across all OXB geographies,these projects highlight the relevance and strength of OXB's global commercial model, which is differentiated, inpart, by ongoing collaboration across its network of sites to deliver best outcomes for clients. Building on thissuccess, OXB enters the remainder of 2026 with strong momentum and an increasingly diverse portfolio of clientprogrammes, which together with its multi‐vector strategy set the foundation for long‐term growth. During the period, OXB also made progress in integrating its newly acquired FDA-approved, commercial-scale viralvector manufacturing site in Durham, NC. Following the previously disclosed six-month delay to Durham, NC, GMPimplementation, the site is now back on track. GMP manufacturing capabilities are online, the first GMP run hasbeen completed and client activity is expected to ramp up in H2 2026. Operational Review CDMO Services: Commercial momentum accelerating
Page 4
OXB’s commercial performance in H1 2026 demonstrates the increasing relevance of its global, multi-vectorCDMO model. OXB's number of client programmes is at a record high at a total of 59 client programmesand 50 clients. Importantly, the mix of opportunities continues to mature, with a growing proportion of late-stage and commercial-stage programmes, supporting higher-quality long-term revenue potential, including thepreviouslyannounced new Commercial Supply Agreement with Bristol Myers Squibb for lentiviral vectors supporting BMS’CAR-T portfolio. The contracted value of client orders signed during the first half of 2026 totalled approximately £97 million,reflecting continued demand across OXB's global base of existing and new clients. While some clients are nowtaking a more staged approach to ordering work packages, thereby extending the time taken to realise the full valueof contracts, OXB continues to see strong underlying demand from clients globally. This is reflected in the c.30%year-on-year increase in the non-risk-adjusted new business pipeline to c.$713 million. The pipeline hasshown a reduced concentration of large clients and significant repeat business resulting in a more diversified andresilient pipeline. The Group's client programmes continue to mature, with the number of late stage programmesand commercial agreements growing from 7 to 9 since the time of the last half year report. This includes multipleclients preparing for Biologics License Application (BLA) filings, representing advanced programmes that areexpected to progress into commercial-stage manufacture. OXB continues to respond to market demand by tailoring its offerings to more effectively meet clients’ specificneeds and strengthen its competitive positioning at the forefront of the CGT industry. In April 2026, OXBannounced the launch of its new fast-track development and manufacturing offering, providing an expedited routeto GMP manufacture for clients utilising lentiviral and adeno-associated viral vectors. OXB’s fast-track programmefor AAV vectors can accelerate the pathway to GMP manufacture from an industry standard of ~15 months toas little as 7 months. For the manufacture of lentiviral vectors, OXB’s fast-track offering accelerates an industrystandard of 12-18 month timeline to as little as 9 months, through the use of platform datasets and advancedanalytics while proceeding directly from scale-down models into GMP manufacturing.
Page 6
Programme stage September-251 September-262 37 clients 50 clients 44 client programmes 59 client programmesPre-clinical through to early-stage clinical 37 50Late-stage clinical 5 6Commercial agreements 2 3 1 As per the H1 2025 results release 2 As of this results release (includes post-period events) Innovation: strengthening OXB's differentiated viral vector platforms During the period, OXB continued to advance its technology platforms and strengthen its position at theforefront of viral vector innovation. In March 2026, a peer-reviewed paper relating to the TetraVecta™ system was published in Molecular Therapy Advances, providing furtherinsights into OXB’s fourth-generation lentiviral vector which offers enhanced quality and safety. Additionally, OXB ismaking components of the TetraVecta™ system available to third parties developing new lentiviral vector-basedproducts at the discovery stage through R&D evaluation agreements, supporting the wider application of thesetechnologies. OXB is also progressing initiatives to improve the efficiency and quality of lentiviral vector manufacturing. Followingthe publication of a review article by members of the OXB team on replication-competent lentivirus (RCL) testing in Molecular Therapy Advances, OXB presented at the American Society of Gene& Cell Therapy (ASGCT) meeting in May 2026 and is initiating the RCV Assay Development Alignment Regulation(RADAR) network, which aims to bring together key stakeholders to develop a roadmap towards a risk-basedapproach to RCL testing, which could help accelerate batch release and reduce manufacturing costs. As an innovative CDMO, OXB is constantly striving to improve its client offering. OXB is assessing furtheradvances in the cell lines available for viral vector production across both its lentiviral and adeno-associated virus(AAV) platforms. A dual approach is being undertaken, with third-party cell lines being evaluated as well as internalscreening, to identify potential improved production hosts for future manufacturing applications. Within its invivo platform development programme, OXB has demonstrated the broad applicability of its existing manufacturingprocesses for the production of in vivo Chimeric Antigen Receptor (CAR) T-cells, lentiviral vectors and continues torefine these processes to further enhance their application in this emerging area. OXB is also working with clientsto help define target product attributes for in vivo applications, supporting the proactive development ofmanufacturing capabilities aligned with client requirements in this rapidly evolving field. The data sciences function also continues to support OXB's digital transformation and the application of artificialintelligence across the organisation, with several projects underway. These initiatives are expected to support futureimprovements in operational efficiency, innovation and data-driven decision-making across the business. Bolstering OXB's leadership The Group continued to strengthen its leadership team during the period, in support of its strategic growth plans as aglobal, innovation-led cell and gene therapy CDMO. Post-period end, Eric Schmidhäuser joined OXB as Chief Operating Officer in August 2026. Eric brings a wealthof CDMO experience to the Group, leading operations across multiple countries and sites, including the successfulacquisition and integration of four sites in Finland, France, UK and Norway while at NextPharma. Prior toNextPharma, Eric held senior leadership positions at Corden Pharma, Catalent and Gerresheimer, where he ledbusiness transformations, manufacturing excellence programmes and strategic growth initiatives. In his role asOXB's COO, Eric will lead global operations, supporting the Group's continued focus on operational excellence,manufacturing readiness and delivery of a world-class service to its clients. In addition, post-period end, Dave Backer was appointed as the new Site Head of OXB's Durham, NC site. Davepreviously served as OXB's Chief Commercial Officer between 2021 and 2022 and his deep understanding of thecell and gene therapy sector, combined with his knowledge of the business and its clients, position him well to leadthe Durham, NC site and deliver on the significant growth opportunity ahead for OXB in the US. Strengthening OXB's Global CDMO Network In the first half of 2026, OXB continued to build its scalable, multi-vector and multi-site CDMO platform capable ofmeeting growing client demand, from early development through to commercial manufacture. As previously announced in August 2026, GMP implementation at the Durham, NC site experienced a six-monthdelay. Remedial actions have now been completed, GMP manufacturing capabilities are online, and the first GMPrun has been completed. The site is already supporting business momentum, including a Phase III programme witha new client as well as the AAV manufacturing agreement with Plowshare Therapies signed during the period. WithGMP manufacturing now transferred to Durham, NC, the Bedford, MA site has now successfully transitioned itsfocus to process and analytical development. In the UK, planned increases in GMP manufacturing capacity were completed by refitting existing suites andmodifying operating cadence during the first half of 2026. The scale-up of quality control capabilities and theexpansion of lab capacity for development services have also been delivered as planned, supporting clientprogression from development activities into later-stage and commercial manufacturing. In France, OXB's GMP manufacturing suites supporting both the AAV and lentivirus platforms are now fully qualifiedand GMP-ready. The 200L lentivirus technology transfer into the GMP facility has been successfully completed, withthe remaining transfer activities progressing as planned. The first full-scale GMP manufacturing projects for bothAAV and lentiviral vectors are scheduled for H2 2026. France also continues to expand its capabilities across abroader portfolio of viral vectors, including Vaccinia (adherent and suspension cell culture systems) and Measlesvirus, further strengthening OXB's multi-vector strategy. Together, these developments create a more specialised, resilient and scalable global CDMO network whichposition OXB well to capture the market opportunity. OXB's end-to-end capabilities across key biotech hubs allow itto support clients from development to commercial supply across the US, UK and EU. Environmental, Social & Governance (ESG) Guided by its Values, OXB continues to invest in its people and operate responsibly, ethically and with robustgovernance to create long-term value, resilience and trust for all stakeholders. OXB maintains strong ESGgovernance and oversight, through the ESGR Committee, with regular reporting to the Corporate Executive Team(CET) and the Board and active Board-level engagement through an Independent Non-Executive Director whodrives sustainability objectives and progress monitoring. OXB remains on track to achieve its environmental targetsand continues to strengthen its sustainability framework across the Group.
Page 8
Financial review Selected highlights of the Group's financial results are as follows: • Revenues increased by 10% on a constant currency basis to £80.2 million ADJ1; reported revenues increased9% to £79.8 million (H1 2025: £73.2 million), reflecting continued momentum across OXB's manufacturing anddevelopment services.• Revenue growth was driven by:– Continued strong lentiviral vector GMP manufacturing for clinical-stage clients and clients preparing forcommercial launch.– Progression of client clinical programmes, including process characterisation and validation work– Procurement and Storage services supporting security of raw material supply for clients undergoingcommercial preparation activities.• Gross margins impacted by year-on-year changes in mix of product, client and volume of laterphase programmes.• EBITDA2 loss improved to £(7.8) million, (H1 2025 loss: £(8.3) million) driven by stronger revenues and costdiscipline, partially offset by Durham, NC costs incurred prior to the commencement of revenue-generatingactivities, which are considered one-off in nature.• Adjusted EBITDA1 improved to £(2.5) million (H1 2025: £(3.9) million ADJ1); excluding the following one-offitems and foreign exchange:– Cost of the Durham, NC site of £4.4 million incurred prior to the commencement of revenuegenerating activities.– Costs associated with the Durham, NC site's integration amounting to £1.0 million.– Costs of the one-off redundancies associated with ceasing GMP manufacturing at the Bedford, MA siteamounting to £0.7 million.– One-off corporate costs of £0.2 million.– Constant currency adjustment to revenue £0.4 million (H1 2025: £0.2 million) and exclusion of FX translationgains impacts £(1.4) million (H1 2025: loss £4.7 million).• Operating loss of £(29.1) million (H1 2025 loss: £(23.6) million) and Operating loss Adjusted1 of £(23.8) milliondue to the positive impact of the continued Group revenue growth offset by £7.6 million impairment of Franceproperty, plant and equipment. Aligned with our most recent trading update, the impairment in France is a resultof lower near term revenue expectations; however, there is high conviction in the strength of the pipeline andmanagement remains confident in the long-term growth potential in France.• Net cash outflow from operations of £(34.3) million (H1 2025: £(4.8) million) arising principally from financialresults and negative working capital movements as the sites prepare for the higher output in H2 2026 withoutthe repeat of the favourable impact of 2025 working capital benefits from new contractual arrangements.• Cash at 30 June 2026 was £75.3 million (31 December 2025: £96.9 million); net cash at 30 June 2026 was£21.4 million (31 December 2025: £55.4 million). Post-period end, cash at 31 August 2026 was £66.8 million• In March 2026, a further $15 million (£11.1 million) was drawn down under the existing Oaktree CapitalManagement, L.P. (Oaktree) loan facility, from the total principal amount of $125 million (£94.5 million). Outlook and Financial Guidance • FY 2026 revised guidance reiterated following the August 2026 trading update.• FY 2026 constant currency revenue expected to be £180–200 million• FY 2026 EBITDA margin expected to be mid-single-digit excluding one off costs and low-single-digit on areported basis.• Guidance for FY 2027 revenue growth remains 25-30% year-on-year.• Significant improvement in profitability expected for FY 2027 with at least double-digit % EBITDA margins.Management will continue to explore additional profitability measures to further enhance EBITDA margins.• Revenue backlog of approximately £193 million at 30 June 2026 (approximately £204 million as at 31 December2025); provides visibility over expected revenues. Approximately £168 million of forecasted 2026 revenues arecovered by contracted client orders (subject to revenue performance obligations).• Medium and long-term ambitions remain unchanged, supported by strong commercial momentum, anexpanding and maturing pipeline and continued cost discipline:– Continued ambition to achieve revenues of c.£500 million in 2030.– As revenues scale, operational leverage and continued cost discipline are expected to support the path tolong-term EBITDA margins approaching c.30%.• All guidance excludes the impact of FX fluctuations. 1 ADJ refers to removing one off items not deemed part of normal trading and foreign exchange gains and losses with revenue underconstant currency.2 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation Impairment and share based payments) is a non-GAAPmeasure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including thecharge for share based payments. However, deferred bonus share option charges are not added back to operating profits in thedetermination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation toGAAP measures is provided on page 11. Revenue £'m H1 2026 H1 2025Re-presentedRevenue Manufacturing services 43.1 36.0Development services 27.1 26.9Procurement services 8.4 8.6Licences, milestones and royalties 1.2 1.7Total revenue 79.8 73.2 Cost of sales Manufacturing services 28.3 21.2Development services 15.6 13.6Procurement services 6.8 6.8Total Cost of sales 50.7 41.6 Gross Profit 29.1 31.6Gross Margin 37% 43% Gross Margin - Manufacturing 34% 41%Gross Margin - Development 42% 49%Gross Margin - Procurement 20% 21% Group revenue of £79.8 million represented a 9% increase on H1 2025 (£73.2 million). Revenue generated from manufacturing services increased by 20% to £43.1 million (H1 2025: £36.0 million) due toan increase in the number of batches manufactured and released for clinical clients and for clients in preparation for
Page 9
commercial launch. Revenue generated from development services increased by 1% to £27.1 million (H1 2025: £26.9 million) dueto client products progressing their clinical development, including an increase in development revenues fromprocess characterisation and validation work. Procurement and storage services generated £8.4 million in revenue (H1 2025: £ 8.6 million) representing OXB'sreadiness to provide clients stability of supply and the maturity of the Group in its capacity as a CDMO. Revenues from licence fees, milestones and royalties decreased by 29% to £1.2 million (H1 2025: £1.7 million).Licences and milestones revenues of £0.5 million (H1 2025: £0.4 million) were received in the period. Royaltiesdecreased to £0.7 million (H1 2025: £1.3 million) as the Kymriah product matures through its life cycle. Refer to Note 4 for further details on client concentration.
Page 11
Gross Margin in H1 2026 was 37% (H1 2025: 43%). This movement has led to a reduction in overall gross profitcompared to last year and is due to a number of factors: • Product and client mix creates variability in gross margins across comparative periods.• Manufacturing services, last year included significant one off cancellation revenues, with a client who wasterminating their program, incurring no associated costs increasing H1 2025 margin.• Manufacturing services margin is impacted by a higher mix of lower margin plasmid related revenues whencompared to last year.• Development services covers a wide range of products with a varied mix of margin and increased costpressures have impacted the margin on these services year on year.• The reduction in higher margin Licences, milestones and royalties. During the period, the Group revised the presentation of certain development revenues from Development servicesto Manufacturing services to better reflect the nature of these items as they relate wholly to the manufacturingprocess. Further the table above also presents Procurement services margins separate from other revenue streams.Accordingly, the comparative revenues and associated cost of sales for the six months ended 30 June 2025 hasbeen re-presented to align with the current period presentation. As a result of this reclassification, Manufacturing services revenues for the six months ended 30 June 2025increased by £1.6 million and Development services revenues decreased by £1.6 million. Manufacturing servicescost of sales reduced by £9.4 million, Development services cost of sales increased by £2.6 million andProcurement services cost of sales increased by £6.8 million. There was no effect on the Group's profit before taxor EBITDA. Operating EBITDA £'m H1 2026 H1 2026 ADJ1 H1 2025 H1 2025 ADJ Revenue 79.8 80.2 73.2 73.4Other income 0.4 0.4 0.6 0.6FX gain/ (loss) 1.0 - (4.7) - EBITDA related expenses (exc.FX)2 (89.0) (83.1) (77.4) (77.9) Operating EBITDA3 (7.8) (2.5) (8.3) (3.9) Non cash items4 (21.3) (21.3) (15.3) (15.4)Operating (loss) (29.1) (23.8) (23.6) (19.3) 1 ADJ refers to EBITDA removing one off items not deemed part of normal trading and foreign exchange gains and losses with revenue under constant currency. 2 Total EBITDA related expenses are operational expenses including cost of goods incurred by the Group. A reconciliation to GAAP measures is provided on page 10. 3 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 to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 12. 4 Non-cash items include depreciation, amortisation and the share based payment charge. In H1 2026 the Operating EBITDA improved by £0.5 million to £(7.8) million (£(2.5) million ADJ1) (H1 2025:(£(8.3) million) (H1 2025: £(3.9) million ADJ), primarily as a result of the increased revenue offset by the increasedcosts of the new Durham, NC site incurred prior to the commencement of the revenue generating activities, whichis demonstrated in the Adjusted EBITDA. The table above discloses the impact of constant currency related to our disclosures where we have providedmarket guidance. A portion of the Group's UK based revenues and assets are denominated in USD which createsan FX exposure for the Group and there is also a translation exposure on the consolidation of overseassubsidiaries. The constant currency disclosure presents our results as if they had occurred at the prior year ratesto provide insight into the underlying growth, excluding FX. The Group has implemented FX hedging acrossa portion of these related revenues to provide stability to the predictability of revenues and the USD denominatedloan mitigates some of the impact of the asset revaluations.
Page 12
Other income of £0.4 million (H1 2025: £0.6 million) includes sub-lease rental income of £0.2 million (H1 2025:£0.3 million) due to the end of a sub-lease arrangement and grant income to further develop supply chaincapabilities of £0.2 million (H1 2025: £0.3 million). 1 ADJ refers to removing one off items not deemed part of normal trading and foreign exchange gains and losses with revenue underconstant currency. Total Expenses The Group has removed, from Operating Expenses, depreciation, amortisation and the share option charge asthese are non-cash items and do not form part of the Operating EBITDA alternative performance measure. As Operating (loss) is assessed separately as a key financial performance measure, the year-on-year movement inthese non-cash items is then individually analysed and explained specifically in the Operating and Net(loss) section. In order to provide the users of the accounts with a more detailed explanation of the reasons for the year-on-yearmovements of the Group's Total Expenses, the Group has categorised these costs according to their relevantnature with the year-on-year movement in the tables below and removed the Adjusted EBITDA items: Total Expenses 2026£'m Raw materials & externalcosts Man Power Site Costs Corporate Costs1 ADJ EBITDARelatedExpenses ADJitems EBITDArelateditems Cost of Sales 27.2 14.0 9.5 - 50.7 - 50.7Operating costs1 0.7 14.6 0.5 (3.3) 12.5 5.9 18.4 Innovation costs 0.4 1.6 - - 2.0 - 2.0Commercial costs - 3.2 0.1 0.2 3.5 - 3.5Administration expenses - 7.9 - 6.5 14.4 (1.0) 13.4Total Expenses 28.3 41.3 10.1 3.4 83.1 4.9 88.0 1 Includes the RDEC tax credit. Total Expenses 2025£'m Raw materials & externalcosts Man Power Site Costs Corporate Costs1 ADJ EBITDARelatedExpenses ADJitems EBITDARelatedExpenses Cost of Sales 23.0 10.2 8.4 - 41.6 - 41.6Operating costs 0.8 17.9 1.9 (2.8) 17.8 (0.5) 17.3Innovation costs 0.2 1.7 0.1 - 2.0 - 2.0Commercial costs - 2.7 - 0.2 2.9 - 2.9Administration expenses 0.1 8.5 - 5.0 13.6 4.7 18.3Total Expenses 24.1 41.0 10.4 2.4 77.9 4.2 82.1 1 Includes the RDEC tax credit. Total EBITDA related expenses increased by £5.9 million to £88.0 million (H1 2025: £82.1 million), including 22%increase in cost of sales to £50.7 million (H1 2025: £41.6 million) driven by volume based 18% increase in rawmaterial costs supporting the 9% increase of revenue demonstrating the impact of product and client mix. In arriving at the Adjusted Operating Expenses, the following non-recurring items have been adjusted. These areprimarily impacting Operating Costs in the financial statements:• Cost of the Durham, NC site of £4.4 million incurred prior to the commencement of the revenuegenerating activities.• Costs associated with the Durham, NC site integration of £1.0 million.• Costs of the one off redundancies associated with ceasing GMP manufacturing at the Bedford, MA siteoperations of £0.7 million.• One off corporate costs of £0.2 million.• Gain on foreign exchange of £1.4 million related primarily to the unrealised translation of USD denominatedbalances (H1 2025: loss £4.7 million). The increase in ADJ1 EBITDA Operating expenses by 7% to £(83.1) million (H1 2025: £(77.9) million), is a result ofthe costs supporting the Group's increase in revenue in the year and resourcing for H2 2026. • Cost of sales is the costs directly associated with delivering revenue. Of this, 54% is raw materials with theremainder being absorbed operational manpower and site costs. As the business continues to expand, the costof sales element of total expenses is expected to grow.• Operating costs have decreased to £12.5 million (H1 2025: £17.8 million), reflecting the Group's progresstowards operational leverage targets with increased utilisation of the Group's cost base as it operates at higheroutput levels delivering more batches for clients.• Innovation costs have remained flat at £2.0 million (H1 2025: £2.0 million), as the Group continues to invest inthe viral vector platforms, developing innovation for its clients including increasing yields.• Commercial costs have increased to £3.5 million (H1 2025: £2.9 million), as the Group continues to invest in theCommercial function supporting the revenue pipeline.• Administration costs have increased to £14.4 million (H1 2025: £13.6 million), this slight increase is primarilydriven by investment being made by the Procurement and other Corporate functions and compliance activities tosupport and ensure compliance with the growth of the Group offset by cost control measures. Review of Expenses by Type• Raw materials and external costs have increased by £4.2 million as a direct result of the increase in the numberof lentiviral vector batches produced and development activities. 96% of these costs are classified as cost ofsales and increase with revenue.• Manpower-related costs have increased by £0.3 million related to the increase in UK headcount to support thehigher revenue base and output in the second half of 2026.• Site costs have remained materially flat reflecting the impact of close down of GMP manufacturing activities inBedford, MA and the cost control focus as Durham, NC site costs are included in the Adjusted Items as not yetoperational.• Corporate costs have increased by £1.0 million primarily driven by the impact of ongoing compliance activitiesas the business continues to grow.• The Research and Development Expenditure Credit (RDEC) credit is broadly flat to H1 2025 due to the similarlevel of qualifying activities despite increase in revenue and expenses. £'m H1 2026 H1 2026Adjusted H1 2025Raw materials and other external manufacturing services costs 28.4 28.3 24.1Manpower-related 44.3 41.3 40.8Acquisition costs - - 0.2
Page 13
Other costs 18.6 16.8 20.0RDEC Credit (3.3) (3.3) (3.0)Total Expenses 88.0 83.1 82.1 1 ADJ refers to removing one off items not deemed part of normal trading and foreign exchange gains and losses with revenue underconstant currency. Operating (loss) and net (loss) £'m H1 2026 H1 2025 Operating EBITDA1 (7.8) (8.3)Depreciation, amortisation, impairment and share option charge (21.3) (15.3)Operating (loss) (29.1) (23.6)Interest (6.3) (5.9)Foreign exchange (loss)/gain on loans (0.8) 3.4Taxation (0.7) (0.8)Net (loss) (37.0) (26.9) 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. However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. In arriving at Operating (loss) it is necessary to deduct from Operating EBITDA the non-cash items referred toabove. The depreciation amounts to £10.0 million (H1 2025: £11.9 million) and amortisation £1.4 million (H1 2025:£1.2 million) impacted by the equipment life cycle and FX. The share option charge in the period is £2.3 million (H12025: £2.1 million). Additionally, an impairment assessment completed for France, resulted in a charge of £7.6mimpairment of France property, plant and equipment. Aligned with our most recent trading update, the impairment inFrance is a result of lower near term revenue expectations; however, there is high conviction in the strength of thepipeline and management remains confident in the long-term growth potential in France. The impact of these charges resulted in H1 2026 Operating loss of £(29.1) million compared to H1 2025 loss of£(23.6) million in the prior year. As the Oaktree loan facility is USD denominated the Group is exposed to unrealised FX impacts on period endtranslation. In H1 2026 foreign exchange losses were £0.8 million, a movement of £(4.2) million primarily driven bythe volatility in exchange rates in H1 2025 resulting in a comparative gain of (£3.4 million). Net interest cost has increased by £0.4 million to £(6.3) million. Higher interest received on higher cash balances in2026 £1.8 million (H1 2025: £1.1 million) has been offset by the additional interest payable on the Oaktree loanfacility of £3.1 million (H1 2025: £2.4 million), following a $15 million drawdown in March 2026 and the refinance in2025. Interest paid on finance leases also increased by £0.3 million as a result of the acquisition of the Durham,NC site. Other Comprehensive Income The Group recognised a gain within other comprehensive income in H1 2026 of £0.9 million (H1 2025:£(5.0) million) in relation to movements on the foreign currency translation reserve and hedged instruments. The translation reserve comprises all foreign currency differences arising from the translation of the results offoreign operations, including gains arising from monetary items that in substance form part of the net investment inforeign operations. Cash flow £'m H1 2026 H1 2025Operating (loss) (29.1) (23.6) Non-cash items included in operating loss1 21.3 15.3 Operating EBITDA2 (7.8) (8.3) Working capital movement3 (16.0) 6.8 Cash (used in) operations (23.7) (1.5)R&D tax credit received 6.3 5.1Net Cash (used in)/ generated in operations (17.4) 3.6Net interest (0.9) (1.3)Payment of lease liabilities (8.8) (5.6) Capex4 (7.1) (1.5) Net cash (outflow)5 (34.3) (4.8) 1 Depreciation, Amortisation, Impairment and share based payments. 2 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 to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 12. 3 This is Changes in working capital as laid out in: Cash flow from operating activities on page 32. 4 This is Purchases of property, plant and equipment as per the cash flow statement which excludes additions to Right-of-use assets. 5 Net cash (outflow) is net cash consumed from operations plus net interest plus capital expenditure. The Group held £75.3 million of cash at 30 June 2026 (31 December 2025: £96.9 million). Significant movementsacross the year, are explained below:• The Operating EBITDA loss of £(7.8) million.• A negative working capital movement of £(16.0) million principally driven by:– An increase in the working capital impact on Trade and other receivables of £(2.4) million from 31 December2025 (H1 2025: £(9.3) million) to £74.0 million. This is driven by offsettting impacts of higher trade debtorsdue to the increased revenues, as well as increased prepayments due to software licencing paymentsoffsetting lower contract assets due to comparative timing of completion of larger projects.– A decrease in Trade and other payables of (£9.6) million from 31 December 2025 (H1 2025: of (£3.9) million)to £25.9 million due to lower accruals in the comparative period, this is offset by the impact of higher tradecreditors as the sites prepare for the higher output in H2 2026.– An increase in Contract Liabilities and Deferred Income of £5.3 million from 31 December 2025 (H1 2025:£22.2 million) to £48.7 million reflecting the client payments in advance for the H2 2026 deliverables.– An increase in inventories of £9.2 million from 31 December 2025 (H1 2025: £2.0 million) to £26.5 million as aresult of increased upcoming manufacturing and strategic safety stocks.• The 2024 UK RDEC refund of £6.3 million from HMRC was received in February 2026 (H1 2025: £5.1 million).• Purchases of property, plant and equipment of £6.9 million (H1 2025: £1.5 million), as the Group completedinvestment in the expansion of lentiviral development and manufacturing capabilities to the sites in the US andFrance as part of the execution of its "One OXB" strategy which started in 2024.• Lease payments of £8.8 million (H1 2025: £5.6 million) for all facilities which have increased due to theadditional Durham, NC site and the impact of the 2025 rent review on the Oxbox site.
Page 14
The result of the above movements plus cash inflow from financing activities (£11.6 million) is a net decrease of£22.7 million which leads to a decrease in cash from £96.9 million to £75.3 million. Key Financial and Non-Financial Performance Indicators The Group evaluates its performance inter alia by making use of alternative performance measures as part ofits Key Financial Performance Indicators (refer to the table below). The Group believes that these Non-GAAPmeasures, together with the relevant GAAP measures, provide a comprehensive, accurate reflection of theGroup's performance over time. The Board has taken the decision that the Key Financial Performance Indicatorsagainst which the business will be assessed are Revenue, Operating EBITDA and Operating (loss). Thefigures presented in this section for prior years are those reported in the Interim Reports for those years. £'m H1 2026 H1 2025 Manufacturing services 43.1 36.0Development services 27.1 26.9Procurement services 8.4 8.6Licences, milestones and royalties 1.2 1.7Revenue 79.8 73.2 Operations Operating EBITDA1 (7.8) (8.3) Operating (loss) (29.1) (23.6) Cash Flow Cash (used in) operations (23.7) (1.5) Capex2 (7.1) (1.5) Net Cash (outflow)3 (34.3) (4.8) Financing Cash 75.3 53.9Loan 53.8 36.8 Non-Financial Key Indicators - Headcount Half Year 1,017 900Average 1,004 895 Net cash 21.4 17.1 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. However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 12. 2 This is Purchases of property, plant and equipment as per the cash flow statement which excludes additions to Right-of-use assets. 3 Net cash (outflow) is net cash consumed from operations plus net interest plus capital expenditure. A reconciliation to GAAP measures is provided on page 13. Financial Outlook Financial metric Guidance1 Revenue 2026: £180 - £200 million 2027: 25%-30% year-on-year growth 2028: 25%-30% year-on-year growth Operating EBITDA margins 2026: Mid-single-digit %, excluding one off costs (low-single-digit % on areported basis) 2027: At least double digit % Long-term: Approaching c.30% by FY30/FY31 Capex 2026 and 2027 (in aggregate): c.£50 million, c.£20- £25 million per year thereafter 1Excludes the impact of FX fluctuations The guidance, as disclosed within the August 2026 Trading Update, is reiterated in full, with the Group expecting FY2026 revenues of £180-200 million. FY 2026 EBITDA margin is expected to be mid-single-digit %, excluding one offcosts (low-single-digit % on a reported basis). The Group's revenue backlog stood at approximately £193 million as at 30 June 2026, providing meaningfulvisibility into future contracted revenues. Approximately £168 million of forecasted 2026 revenues are coveredby contracted client orders (subject to revenue performance obligations) as at September 2026, providing strongvisibility for the remainder of the year. Management will continue to drive cost discipline. Operating expense increases associated with strategicinvestments and increased capacity are limited and time-bound to qualification and ramp-up activities, with afocus on margin expansion as utilisation builds. H2 is expected to benefit from a reduction in working capital. With 2,217 cell and gene therapies in the clinical pipeline worldwide, up from 2,132 in Q1 2026 (ASGCT), theGroup remains confident in the sector's strong fundamentals. OXB's non-risk-adjusted new business pipelineincreased c.30% year-on-year to c.$713 million, reflecting broadening demand and an increasing proportion oflate-stage and commercial-stage opportunities, which are expected to contribute to above-market growth. Medium and long-term ambitions remain unchanged, supported by strong commercial momentum, expandingpipeline quality and continued cost discipline. Guidance for FY 2027 revenue growth remains 25-30% year-on-year,with significant improvement in profitability expected, including at least double-digit % EBITDA margins.Management will continue to explore additional profitability measures to further enhance EBITDA margins. Capitalexpenditure, including strategic investments for future growth, is expected to be approximately £50 million inthe aggregate for 2026 and 2027, as previously communicated. The Group's ambition to achieve revenues of c.£500 million by 2030, with operational leverage and continued cost discipline supporting the path to long-termEBITDA margins approaching c.30% is unchanged. Principal risks and uncertainties Risk assessment and evaluation is an integral and well-established part of the Group’s management processes.During the first six months of the financial year, the Group has continued to implement targeted mitigation strategies,each designed to address specific risks effectively.
Page 15
OXB continues to monitor its going concern position, as set-out below. The Group remains alert to the continuingemerging risks relating to geopolitics, cyber, legal, regulatory and compliance. As outlined above, OXB continuesto implement proactive strategies to manage and mitigate these evolving risk exposures. Details of the Group’s principal risks and uncertainties can be found on pages 58 to 66 of the 2025 Annual Reportand Accounts which is available on the Group’s website at www.oxb.com. The risks associated with "Failure toexecute strategic transition" and "Vector strategy", as disclosed in 2025 Annual Report and Accounts have beeneffectively mitigated. Commercialisation risks• Failure to attract, retain and successfully progress client opportunities through to confirmed sales orders.• Failure to execute partner collaborations.• Rapid technological change. Supply chain and business execution risks • Third party suppliers and supply chain failure to deliver supplies and services time.• Manufacturing failure, project and batch delays.• Product quality and patient safety.• Failure in information systems, emerging technologies, or cyber security.• Failure to attract, develop, engage and retain a diverse, talented and capable workforce.• Staff retention and attraction of talented and capable workforce. Legal, regulatory and compliance risks• Adverse outcome of litigation and/or governmental investigations.• Outdated GMP documentation.• Outdated quality records and resource constraints leading to regulatory risks. Economic and financial risks• Foreign currency exposure and loan facility.• Geopolitical Risks.• Liquidity constraints.• Business continuity. Climate RiskOXB recognises climate-related risks as a material factor in its business planning and strategy. These risksinclude: • Physical risks arising from extreme weather events or long-term changes in climate that could affect operations,facilities and supply chains.• Transition risks associated with regulatory changes, market shifts and technological developments as the globaleconomy moves toward a low-carbon model.• Operational and financial implications, including impacts on energy use, emissions management, water andwaste baselining and compliance with evolving climate-related regulations. OXB’s governance framework, in line with TCFD recommendations, ensures these risks are identified, monitoredand managed across all sites, with oversight from the Board and ESGR Committees. Going concern The financial position of the Group, its cash flows and liquidity position are described in the financial statementsand notes sections of these accounts. The Group made a loss after tax for the six-month period ended 30 June 2026 of £(37.0) million (H1 2025:£(26.9) million) and consumed net cash flows from operating activities for the period of £(23.7) million. The Groupended the period with cash and cash equivalents of £75.3 million (31 December 2025: £96.9 million). In considering the basis of preparation of the H1 2026 Report and half-year accounts, the Directors have preparedcash flow forecasts for a period of 15 months from the date of approval of these financial statements, based on theGroup’s 2026 latest forecast and forecasts for 2027. The Directors have undertaken a rigorous assessment of theforecasts in a base case scenario and assessed identified downside risks and mitigating actions. These cash flowforecasts also take into consideration severe but plausible downside scenarios including: • Commercial challenges leading to a substantial manufacturing and development revenue downside affectingboth the LentiVector™ platform and AAV businesses.• Considerable reduction in revenues from new clients.• Potential impacts of a downturn in the biotechnology sector on the Group and its clients including expectedrevenues from existing clients under long-term arrangements. Under both the base case and mitigated downside scenario, the Group and Company have sufficient cashresources to continue in operation for a period of at least 12 months from the date of approval of these financialstatements. In the event of all the downside scenarios above crystallising, the Group and Company would continue to complywith its covenants under its existing loan facility with Oaktree beyond December 2027 without taking any mitigatingactions, but the Board has mitigating actions in place that are largely within its control that would enable the Groupto reduce its spend within a reasonably short time-frame to increase the Group and Company’s cashcovenant headroom as required by the loan facility with Oaktree. Specifically, the Group will continue to monitor itsperformance against the base case scenario and if base case cash-flows do not crystallise, start taking mitigatingactions by the end of Q4 2026 which may include reduction in investments, rationalisation of sites and rightsizing theworkforce. In addition, the Board has confidence in the Group and Company’s ability to continue as a going concern for thefollowing reasons: • As noted above, the Group has cash balances of £75.3 million at the end of June 2026.• £168 million of 2026 forecasted revenues (as at September 2026) are covered by contracted client orders whichgives confidence in the level of revenues forecast over the next six months.• The Group’s ability to continue to be successful in winning new clients and building its brand as demonstratedby successfully entering into new client agreements over the last six months.• The Group has the ability to control capital expenditure costs and lower other operational spend, as necessary. Taking account of the matters described above, the Directors are confident that the Group and Company will havesufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approvalof the financial statements and therefore have prepared the financial statements on a going concern basis.
Page 16
Dr. Lucinda Crabtree Chief Financial Officer
Page 18
Consolidated Statement of Comprehensive Incomefor the six months ended 30 June 2026 (Unaudited) Six monthsended 30 Jun2026 Six monthsended 30 Jun2025 Notes £'000 £'000 Revenue 4 79,845 73,223Cost 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 623Operating (loss) (29,073) (23,573) Finance income 6 1,834 4,429Finance costs 6 (8,978) (6,886)(Loss) before tax (36,217) (26,030)Taxation (744) (847)(Loss) for the period (36,961) (26,877) 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) Earnings per share Basic (loss) per ordinary share (30.39) (25.35)Diluted (loss) per ordinary share (30.39) (25.35) The loss for the year is attributable to the owners of the parent.
Page 20
Consolidated Statement of Financial PositionAs at 30 June 2026 (Unaudited) 30 Jun 2026 31 Dec 2025Notes £'000 £'000 Assets Non-current assets Intangible assets & goodwill 7 24,302 25,168Property, plant and equipment 8 98,823 107,628Trade and other receivables 10 7,395 7,275 130,520 140,071Current assets Inventories 9 26,513 17,330Trade and other receivables 10 66,630 71,268Derivative financial instruments - 166Cash and cash equivalents 11 75,283 96,884 168,426 185,648Current liabilities Trade and other payables 12 25,891 35,364Derivative financial instruments 40 -Contract liabilities 15 42,682 42,327Deferred income 15 423 472Lease liabilities 13 7,132 6,057 76,168 84,220Net current assets 92,258 101,428 Non-current liabilities Provisions 14 7,578 7,391Contract liabilities 15 5,109 85Deferred income 15 485 606Loans 16 53,845 41,488Lease liabilities 13 97,666 100,583 164,683 150,153Net Assets 58,095 91,346 Equity attributable to owners of the parent Ordinary shares 17 60,520 60,377Share premium account 17 446,271 445,849Other reserves 8,358 7,471Accumulated losses (457,054) (422,351)Total equity 58,095 91,346
Page 22
Consolidated Statement of Cash Flows for the six months ended 30 June 2026 (Unaudited) Six monthsended 30 Jun2026 Six monthsended 30 Jun2025 Notes £’000 £’000 Cash flows from operating activities Cash used in operations 18 (23,750) (1,498)Tax credit received 6,313 5,128Net cash (used in)/generated from 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 7 (243) -Proceeds on disposal of PPE - 194Interest received 6 1,834 1,076Net cash (used in) investing activities (5,303) (239) Cash flows from financing activities Proceeds from issue of ordinary share capital 17 484 94Acquisition without change in control - (1,998)Payment of lease liabilities 13 (4,053) (1,200)Payment of lease liabilities interest 13 (4,735) (4,410)Loans received 11,093 -Loans repaid - (287)Interest paid 6 (2,744) (2,352)Net cash generated from/ (used in) from financing activities 45 (10,153) Net decrease in cash and cash equivalents (22,695) (6,762)Cash and cash equivalents at 1 January 11 96,884 60,650Movement in foreign currency balances 1,094 (11)Cash and cash equivalents at 30 June 11 75,283 53,877
Page 24
Consolidated Statement of Changes in Equity Attributable to Owners of the Parentfor the six months ended 30 June 2026 (Unaudited) Reserves Ordinaryshares Sharepremiumaccount Merger OtherEquity Translation CashflowHedge Accumulatedlosses Total Noncontrointer Group £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'00At 1 January 2025 52,981 394,856 6,417 (976) 3,268 - (399,500) 57,046 3Loss for period - - - - - - (26,360) (26,360) (Foreign currency translation differences - - - - (4,974) - - (4,974)Total comprehensive income for the period - - - - (4,974) - (26,360) (31,334) (Transactions with owners in their capacity as owners: Equity-settled share-based payment transactions 88 6 - - - - 2,049 2,143Acquisition of NCI without a change in control - - - 601 974 - 2,924 4,499 (2,Put Option revaluation - - - 375 - - - 375At 30 June 2025 53,069 394,862 6,417 - (732) - (420,887) 32,729 Loss for the period - - - - - - (3,768) (3,768)Foreign currency translation differences - - - - 1,818 - - 1,818Gain on hedged instruments - - - - - 147 - 147Total comprehensive income for the period - - - - 1,818 147 (3,768) (1,803)Transactions with owners in their capacity as owners: Proceeds from shares issued 7,308 50,987 - - - - (331) 57,964Equity-settled share-based payment transactions - - - - - - 2,635 2,635ESOP reserve - - - (179) - - - (179)At 31 December 2025 60,377 445,849 6,417 (179) 1,086 147 (422,351) 91,346 Loss for the period - - - - - - (36,961) (36,961)Foreign currency translation differences - - - - 1,093 - - 1,093Gain on hedged instruments - - - - - (206) - (206)Total comprehensive income for the period - - - - 1,093 (206) (36,961) (36,074)Transactions with owners in their capacity as owners: Proceeds from shares issued 143 422 - - - - (81) 484Equity-settled share-based payment transactions - - - - - - 2,339 2,339At 30 June 2026 60,520 446,271 6,417 (179) 2,179 (59) (457,054) 58,095
Page 26
Notes to the Financial Information 1 General information and basis of preparation This condensed set of financial statements has been prepared in accordance with IAS 34 Interim FinancialReporting as adopted for use in the UK, as well as the Disclosure Guidance and Transparency Rules of theFinancial Conduct Authority. The annual financial statements of the Group are prepared in accordance with UK-adopted internationalaccounting standards. As required by the Disclosure Guidance and Transparency Rules of the Financial ConductAuthority, the condensed set of financial statements has been prepared applying the accounting policies andpresentation that were applied in the preparation of the Group's published consolidated financial statements for theyear ended 31 December 2025. However, selected explanatory notes are included to explain eventsand transactions that are significant to an understanding of the changes in the Group's financial position andperformance since the last published annual financial statements. The financial information set out above does not constitute the Company's Statutory Accounts. Statutory accountsfor the year ended 31 December 2025 were approved by the Board of Directors and have been delivered to theRegistrar of Companies. The report of the auditor (i) was unqualified, (ii) included no references to any mattersto which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain astatement under section 498 (2) or (3) of the Companies Act 2006. These interim financial statements have been prepared applying consistent accounting policies to those applied bythe Group in the 2025 Annual Report and Accounts. These condensed consolidated interim financial statements were approved by the Board of Directors on22 September 2026. They have not been audited. Oxford Biomedica plc, the parent company in the Group, is a public limited company incorporated and domiciled inthe UK and listed on the London Stock Exchange. All material related party transactions in the first six months of 2026 are described in note 21 of these interimfinancial statements. There was no material change in related parties from those described in the 2025 AnnualReport and Accounts.
Page 28
2 Going concern The financial position of the Group, its cash flows and liquidity position are described in the financial statementsand notes section of these accounts. The Group made a loss after tax for the six-month period ended 30 June 2026 of £(37.0) million (H1 2025:£(26.9) million) and consumed net cash flows from operating activities for the period of £(23.7) million. The Groupended the period with cash and cash equivalents of £75.3 million (31 December 2025: £96.9 million). In considering the basis of preparation of the H1 2026 Report and half-year accounts, the Directors have preparedcash flow forecasts for a period of 15 months from the date of approval of these financial statements, based on theGroup's 2026 latest forecast and forecasts for 2027. The Directors have undertaken a rigorous assessment of theforecasts in a base case scenario and assessed identified downside risks and mitigating actions. These cash flowforecasts also take into consideration severe but plausible downside scenarios including: • Commercial challenges leading to a substantial manufacturing and development revenue downside affectingboth the LentiVector™ platform and AAV businesses.• Considerable reduction in revenues from new clients.• Potential impacts of a downturn in the biotechnology sector on the Group and its clients including expectedrevenues from existing clients under long-term arrangements. Under both the base case and mitigated downside scenario, the Group and Company have sufficient cashresources to continue in operation for a period of at least 12 months from the date of approval of these financialstatements. In the event of all the downside scenarios above crystallising, the Group and Company would continue to complywith its covenants under its existing loan facility with Oaktree beyond December 2027 without taking any mitigatingactions, but the Board has mitigating actions in place that are largely within its control that would enable theGroup to reduce its spend within a reasonably short time-frame to increase the Group and Company’s cashcovenant headroom as required by the loan facility with Oaktree. Specifically, the Group will continue to monitor itsperformance against the base case scenario and if base case cash-flows do not crystallise, start taking mitigatingactions by the end of Q4 2026 which may include reduction in investments, rationalisation of sites and rightsizing theworkforce. In addition, the Board has confidence in the Group and Company’s ability to continue as a going concern for thefollowing reasons: As noted above, the Group has cash balances of £75.3 million at the end of June 2026.• £168 million of 2026 forecasted revenues (as at September 2026) are covered by contracted client orders whichgives confidence in the level of revenues forecast over the next six months.• The Group’s ability to continue to be successful in winning new clients and building its brand as demonstratedby successfully entering into new client agreements over the last six months.• The Group has the ability to control capital expenditure costs and lower other operational spend, as necessary. Taking account of the matters described above, the Directors are confident that the Group and Company will havesufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approvalof the financial statements and therefore have prepared the financial statements on a going concern basis.
Page 30
3 Accounting policies The accounting policies, including the classification of financial instruments, applied in these interim financialstatements are consistent with those of the annual financial statements for the year ended 31 December 2025, asdescribed in those financial statements. Accounting standards not yet effective IFRS 18 – Presentation and Disclosure in Financial StatementsIFRS 18 introduces revised requirements for the presentation and disclosure of financial statements, replacing IAS1, with the aim of improving transparency and comparability. The standard is effective for annual reporting periodsbeginning on or after 1 January 2027, with full retrospective application required. The Group will adopt IFRS 18 in itsannual financial statements for the year ending 31 December 2027. The Group is currently implementing thenecessary changes required under IFRS 18. At the date of approval of this interim report, the quantitative impact ofadopting IFRS 18 on the Group’s financial statements is to be determined. Judgements Impairment assessment of Oxford Biomedica (US) LLC (OXB US) and Oxford Biomedica (France) SAS (OXB France)Cash Generating Units (CGU)OXB US and OXB France have been identified as separate CGUs of the business. Impairment triggers wereidentified in both the CGUs as they did not fully deliver their budgets in the period to 30 June 2026 and accordingly,full CGU impairment assessments have been performed as at 30 June 2026. The recoverable amount of a CGU is calculated as the higher of its fair value less cost of disposal, or valuein use. The valuation is considered to be level 3 in the fair value hierarchy due to unobservable inputs used inthe valuation. Management's approach and the key assumptions used to determine the CGU FVLCOD were as follows: The Group has assessed the FVLCODs through a discounted cash flow calculation to approximate the fair valuea buyer would be willing to pay for the CGU. The discounted cash flow calculation calculates the present value ofthe CGU taking into consideration the forecasted cash flows based on the Board approved long term forecast, aswell as the calculation of the terminal value at the end of the cash flow period. The assumptions in the model areconsistent with the Group's long range plan applied on a respective basis to the CGUs. Key estimation uncertainty inputs which directly impact the FVLCOD which are consistent across both CGUs areassessed to be:• Revenue growth - the average growth rates, including the ability of the CGU to acquire new clients and increaserevenues from existing clients, are in line with the expected growth rates for a start-up CDMO entity over theinitial growth period after which growth rates are brought down to more inflationary levels in line with overallexpected growth for the Cell and Gene Therapy segment . These growth rates are suitable due to the natureof both of the acquisitions, which although of established businesses, are expected to undergo significanttransformation. This includes utilisation of OXB's wider technologies as part of the Groups' One OXB strategyand leverage the wider commercial relationships and infrastructure.• Discount rate – the discount rate may be impacted by economic and market factors, as well as changes to therisk free rate of return which impacts debt borrowing rates. Should the discount rate calculated by Managementbe adjusted, this may impact the FVLCOD of the CGU. Management have calculated the post-tax discount rateof 11.6% based on the current risk free rate, the NASDAQ biotechnology Index’s expected rate of return andcost of debt adjusted for specific known cash flow risks for each CGU.• Operational expenditure and capital expenditure – the cash flows are based on the Management approvedforecasts. These forecasts may change in future or the actual results vary.• EBITDA Exit multiple - is applied to the terminal value rather than a long term growth rate as this is deemedto be more accurate as the multiple embeds the market view of the long-growth potential. The terminal value multiple is based on available data on transactions for comparativeCDMO companies. The FVLCOD calculation on the OXB France CGU has been prepared based on an approved forecast of 6 yearsfollowed by the calculation of the terminal value. This is based on bringing the CGU to its full operational efficientoutput given the stage of the maturity of the site. Average annual growth rates for the CGU are 35%. The CGU wastested for impairment at 30 June 2026, resulting in an impairment charge of £7.6m (H1 2025: £nil), which has beenallocated to property, plant and equipment on a pro-rata basis based on the carrying value of the fixed assets as aproportion of the total assets of the CGU, in line with the requirements of IFRS. Aligned with our most recenttrading update, the impairment in France is a result of lower near term revenue expectations; however, there is highconviction in the strength of the pipeline and management remains confident in the long-term growth potential inFrance. The FVLCOD calculation on the OXB US CGU has been prepared based on an approved forecast of 12 yearsfollowed by the calculation of the terminal value. This is based on bringing the CGU to its full operational efficientoutput following the acquisition of the facility at Durham, NC. Average annual growth rates for the CGU are 37%. Fair Value impact of sensitivities to the FVLCOD model outcome for OXB US across forecast period 30-Jun-26 Higher Lower £'m £'m Forecast revenues 10% higher or lower 93.6 (93.6)Operational expenditure 10% higher or lower 35.6 (35.6)Discount rate 1% higher or lower 14.2 (12.7)EBITDA Multiple 2.2x higher or lower 39.3 (39.3) Based on the valuation of the CGUs through discounted cash flow calculations, the Group has assessed that nofurther impairment of OXB US was required at 30 June 2026 (2025: nil) due to a headroom of £31.8 million. EstimationsThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities withinthe next financial year, are discussed below. The nature of estimation means that actual outcomes could differ fromthose estimates. Percentage of completion of manufacturing batch revenuesManufacturing of clinical/commercial product for clients is recognised on a percentage of completion basis overtime as the processes are carried out. Progress is determined based on the achievement of verifiable stages ofthe manufacturing process. Revenues are recognised on a percentage of completion basis and as such requirejudgement in terms of the assessment of the correct stage of completion including the expected costs ofcompletion for that specific manufacturing batch. The value of the revenue recognised with regards to themanufacturing batches which remain in progress at period end is £41.9 million. If the assessed percentage
Page 31
of completion was 10 percentage points higher or lower, revenue recognised in the period would have been£4.5 million higher or £5.7 million lower. Percentage of completion of fixed price process development revenuesAs it satisfies its performance obligations the Group recognises revenue and the related contract asset with regardsto fixed price process development work packages. Revenues are recognised on a percentage of completion basisand as such require judgement in terms of the assessment of the correct percentage ofcompletion for that specific process development work package. The value of the revenue recognised with regardsto the work packages which remain in progress at period end is £18.8 million. If the assessed percentageof completion was 10 percentage points higher or lower, revenue recognised in the period would have been£3.9 million higher or £3.8 million lower. 4 Single segment analysis and reporting Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement. For the six months ended 30 June 2026 30 Jun 2026 30 Jun 2025Re-presented £'000 £'000Manufacturing services 43,069 35,985Development services 27,148 26,930Procurement services 8,423 8,640Licences, milestones and royalties 1,205 1,668Total 79,845 73,223 During the period, the Group revised the presentation of certain development revenues from Developmentservices to Manufacturing services to better reflect the nature of these items as they relate wholly to themanufacturing process. Accordingly, the comparative revenues for the six months ended 30 June 2025 has beenre-presented to align with the current period presentation. As a result of this reclassification, Manufacturing services revenues for the six months ended 30 June 2025increased by £1.6 million and Development services revenues decreased by £1.6 million. There was no effect onthe Group's profit before tax or EBITDA. Revenue by geographical client location 30 Jun 2026 30 Jun 2025 £'000 £'000United Kingdom 1,206 1,389United States 66,516 58,187Europe 11,877 13,532Rest of World 246 115Total Revenue 79,845 73,223 In the first half of 2026, included in revenues arising from Manufacturing Services and Development, are revenuesof approximately £42.0 million (H1 2025: £28.4 million) and £14.2 million (H1 2025: £11.3 million) which arose fromthe sales to the Group's largest two clients (H1 2025: two), who individually both contributed more than 10% of theGroup's revenue. 5 Basic earnings and diluted earnings per ordinary share The basic loss per share of (30.39)p (H1 2025: (25.35)p) has been calculated by dividing the loss for the periodattributable to the owners of the company by the weighted average number of shares in issue during the six monthsended 30 June 2026, being 121,617,787 (H1 2025: 106,023,324). As the Group made a loss in the current and prior periods, there were no potentially dilutive options therefore there isno difference between the basic loss per ordinary share and the diluted loss per ordinary share.
Page 33
6 Finance Costs 30 Jun 2026 30 Jun 2025 £'000 £'000Finance income: Bank interest receivable 1,834 1,076Gain on foreign exchange - 3,353Total finance income 1,834 4,429 Finance costs: Unwinding of discount in provisions (283) (127)(Loss) on foreign exchange (812) -Interest payable on loan (3,148) (2,352)Interest payable on finance leases (4,735) (4,407)Total finance costs (8,978) (6,886)Net finance costs (7,144) (2,457) During the year ended 31 December 2025, the Group revised the presentation of foreign exchange gains arisingon financing activities from finance costs to finance income to better reflect the nature of these items. Accordingly,the comparative gain for the six months ended 30 June 2025 has been re-presented to align with the currentperiod presentation. As a result of this reclassification, finance income for the six months ended 30 June 2025 increased by £3.4 millionand finance costs increased by £3.4 million. There was no effect on the Group's profit before tax or EBITDA. 7 Intangible assets & goodwill Goodwill Developedtechnology Patents TotalNote £’000 £’000 £’000 £’000Cost At 1 January 2026 592 101,009 1,983 103,584Additions - - 243 243Effects of movements in exchange rates 12 1,974 (10) 1,976At 30 June 2026 604 102,983 2,216 105,803 Amortisation At 1 January 2026 592 76,012 1,812 78,416Amortisation charge for the period - 1,114 144 1,258Effects of movements in exchange rates 12 1,826 (11) 1,827At 30 June 2026 604 78,952 1,945 81,501 Net book amount at 30 June 2026 - 24,031 271 24,302Net book amount at 31 December 2025 - 24,997 171 25,168 One CGU identified is the manufacturing and process development operation of OXB US. Due to an impairmenttrigger being identified in the period, as the CGU did not fully deliver its 2026 budget YTD, the Group hascompleted an impairment assessment and concluded that no further impairment of the assets held by OXB USCGU is required at 30 June 2026.
Page 35
8 Property, plant & equipment Freeholdproperty LeaseholdImprovements Officeequipmentandcomputers Bio-processingand Laboratoryequipment Right-of-useassets Total £’000 £’000 £’000 £’000 £’000 £’000Cost At 31 December 2025 3,312 60,612 13,481 72,826 89,781 240,012Additions at cost 105 450 462 5,877 986 7,880Change in Estimate - - - - (97) (97)Effects of movements inexchange rates (27) 613 40 508 1,209 2,343At 30 June 2026 3,390 61,675 13,983 79,211 91,879 250,138 Depreciation At 31 December 2025 898 42,628 10,170 48,902 29,786 132,384Charge for the period 187 1,795 741 3,714 3,588 10,025Effects of movements inexchange rates (10) 463 20 397 400 1,270Impairment charge 1,645 124 429 4,320 1,118 7,636At 30 June 2026 2,720 45,010 11,360 57,333 34,892 151,315Net book amount at30 June 2026 670 16,665 2,623 21,878 56,987 98,823Net book value at31 December 2025 2,414 17,984 3,311 23,924 59,995 107,628 The Group has performed an impairment indicator assessment of OXB US and OXB France Cash-generating unit(CGU) as at 30 June 2026 and identified an impairment indicator relating to the operations in both the CGUs as theydid not fully deliver their budgets in the period. The Group has completed an impairment assessment on the OXB US CGU and concluded that no furtherimpairment of the assets held by OXB US CGU is required at 30 June 2026. The OXB France CGU was tested forimpairment at 30 June 2026, resulting in an impairment charge of £7.6m (H1 2025: £nil), which has been allocatedto property, plant and equipment on a pro-rata basis based on the carrying value of the fixed assets as a proportionof the total assets of the CGU, in line with the requirements of IFRS. The impairment charge has been recognisedwithin administration expenses in the condensed consolidated statement of profit or loss. 9 Inventory 30 Jun 2026 31 Dec 2025 £'000 £'000Raw materials 26,513 17,330Total Inventory 26,513 17,330 Inventories constitute raw materials held for manufacturing, research and development purposes. During 2026 the Group wrote down £0.4 million (H1 2025: £0.2 million) of inventory which is not expected to beused in production or sold onwards.
Page 37
10 Trade and other receivables 30 Jun 2026 31 Dec 2025Current £'000 £'000Trade receivables 25,133 22,686Contract assets 20,060 25,195Other receivables 2,417 1,542Other tax receivable 11,495 15,753Prepayments 7,525 6,092Total trade and other receivables 66,630 71,268 Non-current trade and other receivables constitute other receivables of £7.4 million (Dec 25: £7.3 million) which aredeposits held in escrow as part of the Oxbox UK, Bedford, MA and Durham, NC site lease arrangements. 11 Cash and cash equivalents 30 Jun 2026 31 Dec 2025 £'000 £'000Cash at bank and in hand 75,283 96,884 Cash and cash equivalents includes £1.5 million in relation to improvement works at Harrow House agreed underthe sale and leaseback arrangement. 12 Trade and other payables 30 Jun 2026 31 Dec 2025 £'000 £'000Trade payables 11,243 14,208Other taxation and social security 2,402 2,183Accruals 12,246 18,973Total Trade and other payables 25,891 35,364 13 Leases The Group leases many assets including Property. Information about leases for which the Group is a lessee ispresented below: Right-of-use assets Property IT Equipment Vehicles Total £'000 £'000 £'000 £'000Balance at 1 January 2026 59,908 18 69 59,995FX 811 (2) - 809Additions 560 426 - 986Change in Estimate (97) - - (97)Depreciation charge for the period (3,540) (42) (6) (3,588)Balance at 30 June 2026 57,642 400 63 58,105 Lease liabilities 30 Jun 2026 31 Dec 2025 £'000 £'000Maturity analysis - contractual undiscounted cash flows Less than one year 16,464 15,696One to five years 68,711 67,622Six to ten years 65,118 65,390More than ten years 11,580 17,022Total undiscounted cash flows 161,873 165,730 30 Jun 2026 31 Dec 2025 £'000 £'000Lease liabilities included in the Statement of Financial PositionCurrent 7,132 6,057Non-current 97,666 100,583Total lease liabilities 104,798 106,640 30 Jun 2026 31 Dec 2025 £'000 £'000Amounts recognised in Statement of Comprehensive Income Interest on lease liabilities 4,735 8,334Expense relating to short-term leases 13 12 30 Jun 2026 31 Dec 2025 £'000 £'000Amounts recognised in the Statement of Cash Flows Total cash outflow for leases (8,788) (12,392) 14 Provisions 30 Jun 2026 31 Dec 2025 £'000 £'000At 1 January 7,391 8,576Unwinding of discount 284 642Change in estimate (97) (1,016)Derecognition - (825)FX - 14At reporting period end 7,578 7,391 Provisions are exclusively in respect of dilapidations. The dilapidations provisions relate to properties in Oxford andWallingford, UK. They relate to anticipated costs of restoring the UK leasehold properties at Oxbox, WallingfordWarehouse, Windrush Court, Yarnton and Harrow House to their original condition at the end of the lease terms in2033, 2037, 2037, 2036 and 2037 respectively. The future anticipated costs of restoring the properties is calculated by inflating the current expected restorationcosts using the two year historic UK Consumer Price Inflation rate, up to the end of the lease term. The discount
Page 38
rate utilised for the purpose of determining the present value of the provision is 7.96% (2025: 7.79%) based on therisk free rate adjusted for inflation. The unwinding of this discount over time is included within finance costs. 15 Contract Liabilities Contract liabilities and deferred income arise when the Group has received payment for services in excess of thestage of completion of the services being provided. Contract liabilities and deferred income have increased from £43.5 million at the end of 2025 to £48.7 million at30 June 2026 due to funds received in advance for future manufacturing activities.
Page 40
Contract liabilities consist primarily of deferred manufacturing and process development revenues, which areexpected to be released as the related performance obligations are satisfied over the period as described below: Current Non-Current TotalAt 30 June 2026 £'000 £'000 £'000Manufacturing services income 35,762 5,081 40,843Process development income 4,548 - 4,548Procurement and storage services 2,356 - 2,356Licence fees and incentives 16 28 44Contract Liabilities 42,682 5,109 47,791Grant 423 485 908Deferred Income 423 485 908 Current Non-Current TotalAt 31 December 2025 £'000 £'000 £'000Manufacturing services income 30,266 - 30,266Process development income 6,346 56 6,402Procurement and storage services 5,699 - 5,699Licence fees and incentives 16 29 45Contract Liabilities 42,327 85 42,412Grant 472 606 1,078Deferred Income 472 606 1,078 16 Loans 30 Jun 2026 31 Dec 2025 £'000 £'000At 1 January 41,488 40,071New Loan - 41,954New drawdown 11,093 -Interest accrued 2,846 4,670Interest paid (2,744) (4,433)Foreign exchange movement 860 (2,803)Amortised fees 302 807Loan repayment - (38,778)At reporting period end 53,845 41,488 The Oaktree loan facility was refinanced in July 2025 resulting in an exchange of debt financial instruments undersubstantially similar terms. A new four year senior secured loan facility was provided by Oaktree in a principalamount of $125 million, of which $60 million was made immediately available. The first of three further tranches, for$15 million, was drawn in March 2026. 17 Share capital and Share premium At 31 December 2025 and 30 June 2026 OXB had an issued share capital of 120,752,962 and 121,038,363ordinary shares of 50 pence each respectively. 285,401 shares were created as a result of the exercise of options by employees during the period.
Page 42
18 Cash flows from operating activities Six monthsended 30 Jun2026 Six monthsended 30 Jun2025 £'000 £'000 Loss before tax (36,217) (26,030)Adjustment for: Depreciation 10,025 11,944Amortisation of intangible assets 1,258 1,232Gain on disposal of property, plant and equipment - (86)Impairment of assets 7,636 -Net finance costs 7,144 2,457Charge in relation to employee share schemes 2,339 2,007Non-cash loss - 153 Changes in working capital: (Increase) in trade and other receivables (2,401) (9,270)(Decrease) in trade and other payables (9,608) (3,904)Increase in contract liabilities and deferred income 5,257 22,163(Decrease) in provisions - (142)(Increase) in inventory (9,183) (2,022)Net cash used in operations (23,750) (1,498) 19 Non-controlling interest (NCI) In March 2025, the Group acquired the final 10% interest in OXB US from Q32 Bio, Inc. for $2.5 million. Thispurchase increased OXB's ownership to 100%. As a result the NCI balance at 30 June 2026 was £nil (31 Dec2025: £nil). 31 Dec 2025 £'000Carrying amount of NCI at 1 January 2025 3,441Share of loss (517)Revaluation (926)Consideration paid to NCI (1,998)Increase in equity attributable to owners of the Company - 20 Capital commitments At 30 June 2026, the Group had commitments of £3.4 million for capital expenditure for leasehold improvements,plant and equipment not provided in the financial statements (Dec 2025: £3.5 million).
Page 44
21 Related party transactions The following entities are considered related parties due to Directors and Key Management of the Group havingsignificant interest in the following entities: Transactions Balance Outstanding Other Related Party Transactions Six monthsended 30 Jun2026 Six monthsended 30 Jun2025 30 Jun 2026 31 Dec 2025 £'000 £'000 £'000 £'000Purchase of services: ArcticZymes AS 190 307 11 -Purchase of services: Coriolis PharmaResearch GmbH 55 25 - -Purchase of services: Calber FacilitiesManagement Ltd 11 14 - -Purchase of services: Oxford NanoporeTechnologies plc 2 3 1 -Purchase of services: BioMérieux S.A. 73 86 12 10Purchase of services: BioMérieuxUK Limited 30 9 4 - 22 Statement of Directors’ responsibilities The Directors of Oxford Biomedica plc are set out on page 37 of this report. We confirm that to the best of ourknowledge:• the condensed set of financial statements has been prepared in accordance with IAS 34 Interim FinancialReporting as adopted for use in the UK.• the interim management report includes a fair review of the information required by:– DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events thathave occurred during the first six months of the financial year and their impact on the condensed set offinancial statements; and a description of the principal risks and uncertainties for the remaining six months ofthe year.– DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that havetaken place in the first six months of the current financial year and that have materially affected the financialposition or performance of the entity during that period; and any changes in the related party transactionsdescribed in the last annual report that could do so. By order of the Board Dr. FrankMathias Chief Executive Officer22 September 2026
Page 46
Independent review report to Oxford Biomedica plc Report on the condensed consolidated interim financialstatements Our conclusion We have reviewed Oxford Biomedica plc’s condensed consolidated interim financial statements (the “interim financial statements”) in the Press Release of Oxford Biomedica plc for the 6 month period ended 30 June 2026 (the “period”). Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. The interim financial statements comprise: ● the Consolidated Statement of Financial Position as at 30 June 2026; ● the Consolidated Statement of Comprehensive Income for the period then ended; ● the Consolidated Statement of Cash Flows for the period then ended; ● the Consolidated Statement of Changes in Equity Attributable to Owners of the Parent for the period then ended; and● the explanatory notes to the interim financial statements. The interim financial statements included in the Press Release of Oxford Biomedica plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. Basis for conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Financial Reporting Council for use in the United Kingdom (“ISRE (UK) 2410”). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
Page 48
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We have read the other information contained in the Press Release and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements. Conclusions relating to going concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern. Responsibilities for the interim financial statements and the review Our responsibilities and those of the directors The Press Release, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Press Release in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. In preparing the Press Release, including the interim financial statements, the directors are responsible for assessing the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so. Our responsibility is to express a conclusion on the interim financial statements in the Press Release based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report.
Page 50
Use of this report This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLPChartered Accountants Reading22 September 2026 Shareholder information Directors Dr. Roch Doliveux (Chair) Peter Soelkner (ViceChair) Dr. FrankMathias (Chief Executive Officer) Dr. Lucinda Crabtree(Chief Financial Officer) Professor Dame Kay Davies(Senior Independent Director) Colin Bond(Independent Non-Executive Director) Laurence Espinasse (Non-Executive Director) Namrata P. Patel(Independent Non-Executive Director) Dr. Heather Preston(Independent Non-Executive Director) Joint Corporate Broker RBCEurope Limited 100Bishopsgate LondonEC2N 4AA Financial Adviser and Joint Corporate BrokerJefferies International Limited 100BishopsgateLondon EC2N 4JL Financial and Corporate CommunicationsICR Healthcare85 Gresham St LondonEC2V 7NQ Registered Independent AuditorsPricewaterhouseCoopers LLP OneStation HillGarrad Street ReadingRG1 1NR SolicitorCooley (UK) LLP 22BishopsgateLondon EC2N 4BQ RegistrarsMUFG Corporate Markets (previously Known as LinkGroup)29 Wellington Street LeedsLS1 4DL Company Secretary and Registered OfficeNatalie WalterWindrush CourtTransport Way OxfordOX4 6LT Tel: +44 (0) 1865 783 000 enquiries@oxb.com www.oxb.com
Page 51
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a PrimaryInformation Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, pleasecontact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication,and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London StockExchange use the personal data you provide us, please see our Privacy Policy. END