Oxford Biomedica PLC — Call Transcript 2025

Good morning, everybody. My name is James Vane-Tempest, Jefferies' European Pharma Services Analyst. Delighted to be here with OXB today. We have got the CEO to give a presentation, Frank Mathias. With that, I will hand over to Frank. Thank you. Thank you so much, James. Hello everyone. Thank you for your kind introduction, James, and for inviting us to present today. I will start my presentation by giving you an overview of what we stand for: a pure play, quality, and innovation-led CDMO focused exclusively on Cell and Gene Therapy. I will come back to this point. Afterwards, I will outline how we are positioning the company for business, which is scalable and for profitable growth. You all know the disclaimer, as I will give some forward-looking statements. Please have a look at it. Let's start with highlighting what our company is: a pure play CDMO. I said it already, with a unique position within the Cell and Gene Therapy landscape. I'm convinced that this is a big differentiator because just focusing on viral vector is something which gives you a competitive advantage. We are already a trusted partner with proven delivery and capabilities, positioned for growth. The success of our company is built on a combination of differentiated capabilities, like deep scientific expertise and a long history of successfully delivering in vital vector manufacturing. We have a broad viral vector expertise, obviously. We have state-of-the-art facilities now in three different geographies, with scalable manufacturing capacity to meet growing demand, with proven operational execution, a strong commercial track record underpinned by more than 30 years of innovation. In short, we have led the innovation in vector design, process optimization, and scalable manufacturing for more than 30 years now. Our track record speaks for itself. Look at that. We have done about 1,000 GMP batches so far, have more than 40 active programs currently, have supported more than 30 IND submissions, and have successfully passed more than 65 audits so far. That is what we are at OXB. I wanted to show a little bit of the story at the beginning of the year. As usual, we have set some objectives for the year 2025, and they are mentioned here. We wanted to secure long-term financing. We wanted to strengthen our operational excellence. We had a plan to expand U.S. commercial capabilities more in AAV. We wanted to increase our multi-vector offering, continue to enhance our commercial pipeline, and also accelerate our innovation. Let's have a look at how we progressed during the year. The first question is, why the U.S.? Why is it so important to us? Indeed, it's a key priority for our company. Firstly, and this is on the left-hand side of the slide, you can see the market opportunity. I believe that's nothing new to us, but it's probably important to mention it again. The U.S. is currently the home for over more than 1,000 Cell and Gene Therapy programs in development, which is around two and a half times more than in Europe and significantly more also than in APAC. All this is led, by the way, by AAV programs, which have the largest proportion. Secondly, in the middle, proximity to clients is something which is, in my view, a big success factor. Just half of our pipeline would benefit from a strong support out of the U.S. Finally, it's on the right-hand side, and it's not something we're not aware of, are the current geopolitical trends. Localizing our supply chain in the U.S. will unlock a lot of attractive tax incentives and help us, and this is even more important, to manage geopolitical risks such as tariffs and export controls. That is why we announced recently the acquisition of a new site in Durham in North Carolina. This brings me to the next slide, which is showing you what we acquired. It is fair to say that this acquisition has a strong strategic fit. It is a state-of-the-art, FDA-approved commercial facility with additional Fill and Finish capacity. This will help us to improve our end-to-end services. It also has a proven track record across all vector types and expands so far our capacity to support late-stage and commercial programs. At the same time, it is a capital-efficient way to expand. By using an existing operational site, you avoid the time, you avoid the cost, you avoid the risk involved in building from scratch. This will enable us to respond more quickly to the needs of our clients or to the needs of the market. It will also accelerate our ability to capture U.S. AAV commercial opportunities in the U.S. As far as the other sites are concerned, U.K. and France will remain an integral part of the network, and Bedford will be our center of excellence for AAV Process Analytical Development. This will remain in Bedford. Having said that, this is what we have now as state-of-the-art facilities in the main key biotech hubs. We have two in the U.S., Bedford, Durham. We have a few in the U.K. around Oxford. We have two now in continental Europe, in Strasbourg, in Lyon, both in France. This footprint positions us closer to major client clusters, as I said before, an important success factor, and will provide flexibility and resilience by helping us to balance capacity across the regions to manage regulatory, geopolitical, and supply chain considerations. Let's have a look at what I believe is the opportunity to be at the right place at the right time and in the right market. Obviously, we see a lot of growth in the number of programs around the Cell and Gene Therapy landscape, with programs continuing to progress to later clinical stages. This is important to us, as you can imagine, because late-stage progression ultimately will drive manufacturing demand. This is on the left-hand side. We see also on the right-hand side that we still have a strong momentum in regulatory. In the U.S. and Europe, we have now more than 30 Cell and Gene Therapies already approved, with others to come this year and also in 2026. In a nutshell, the trend is clear. The pipeline is expanding, late-stage activities are increasing, and commercial approvals are accelerating. All this can support the growing demand for our services. Let me come now to our own performance in this market. I believe that the trends of the market are reflected directly in our commercial performance. On the left-hand side, and we are very happy to show such nice figures, as you can imagine, it is the number of signed orders, which increased from about GBP 56 million in the first half year of 2024 to more than GBP 149 million in the first half of this year. This is an increase of more than 160%. A significant proportion of these orders signed are backed by binding client forecasts. By saying that, it helps us to have a strong visibility into the remainder of 2025, but also into 2026 and at least for the beginning of 2027. What is also interesting to mention is that 80% of the signed contracts are coming from existing clients. I believe this reflects a high level of satisfaction of our clients. The rest is coming from new clients who joined us, and this is mainly, interestingly enough, in AAV. Finally, this is on the right-hand side, sorry, it is the geographical split. Two years ago, the same slide would have shown that we had about 80%-90% of our business coming out of the U.S. Now it is going down, not really going down, but changing to 60%. At the same time, we see that EMA and APAC are growing, showing also that our company is becoming more international. If we look now at the portfolio of our projects internally, what we can see here is first that it's a very balanced portfolio. We continue to support over 40 client programs. If you compare September 2023 to now September 2025, you see that we have a nice increase in early-stage clinical development projects. We see that we have also a nice increase from one to five in late-stage clinical. These are the programs which are supposed to transition into commercial within the next years, depending on regulatory submissions. In a nutshell, our portfolio is maturing. We see a higher proportion of our work now aligned to late-stage and commercial opportunities, which is important because it's larger in scale and longer in duration. Now, our company has always been founded on science and on innovation. Indeed, innovation is playing an important part in our development. As you can see here, I do not want to go into too much detail here because it can take a lot of time to go through all this. What I want to say is that our innovation is client-centric, so it is shaped by what our clients are expecting from us. We have five priorities: title, cost, speed, robustness, and quality. If you look at the four different areas here, you can see that we focus first on Vector Cell Engineering. We are developing more or less the next generation of Vectors to allow us to have a higher potency, better capacity, and ability to target specific cells. It is something we are looking seriously at. In terms of production, we have already introduced several innovations to our biotech processes, again, with the objective to improve the yield and quality of both AAV and Lenti. AI is starting to play an important role also in analysis. We try to automate sample analysis and apply AI and Machine Learning to help us to get a lot of data, data that play an important role for our clients because they can drive yield and quality. The fourth area is about analytical development. Here we more or less continue to invest in automated analytics to allow us to release batches more quickly. The next is now something some of you might have seen. It's a slide which I took from our half-year results presentation in September 2025, but I believe that it illustrates very well the strength of our execution and the progress we made in the first half of 2025. I have already addressed the fact that we had a very strong order momentum with an increase of signed orders by 160%, which is remarkable. We have also a strong operational progress in manufacturing optimization, aligning our teams across the different regions. We finally had a very nice increase in our revenue of over 40% with a narrowing EBITDA loss to GBP 8.3 million. This reflects what our CFO is doing extremely well: top-line growth and continued cost discipline. At the same time, and we are proud about that, as you might know, in August, we were able to strengthen our balance sheet by securing a loan of up to $125 million from Oaktree. At the same time, also in August, we were able to raise GBP 60 million this time in Equity. This gives us a lot of financial flexibility to support further investment, as you can imagine. This strong performance over the first part of this year, together with this better balance sheet, gives us real confidence in our guidance for 2025. If we speak about guidance, let me show what is the guidance we have given. Remember that we started at GBP 90 million in 2023. We guided this year for revenues between GBP 160 million-GBP 170 million in this case and a low single-digit million operating EBITDA profitability. Now, looking into 2026, we anticipate revenues in the range of GBP 220 million-GBP 240 million. This represents, again, a CAGR of 35%-40% from 2023 to 2026. I believe this is remarkable. In the long term, we want to outgrow the market, the CDMO market. We target currently something between 25%-30% on the year-to-year revenue growth for 2027 and 2028. In terms of operating EBITDA margin, we believe that we are able to go over 10% in 2026, over 20% in 2027, and we should be able to achieve something around 30% in the next five to six years. We are very confident in the future of this company because all this is underpinned by contracted backlog. It is underpinned also by our U.S. expansion, and we have a lot of operational leverage which we can use. I believe in a nutshell, we will certainly be higher than the market growth, CDMO market growth in this field. We will be able to expand profitability and at the same time to reinforce our leadership in Viral Vector. Just a few words about external recognition, which is part of the success of a company. I'm very happy to see that we have achieved a lot of milestones. The first milestone was our inclusion in the FTSE 250, which happened in September, gives a lot more confidence in our strategy and broadens certainly our visibility with investors. We are also very proud to have been recognized with two CDMO leadership awards in Cell and Gene Therapy, both one globally, the other one in Europe. We are extremely happy to say that we have also been recognized by the Financial Times as one of the U.K.'s best employers and by Fortune as one of Europe's most innovative European companies. Alongside that, the already mentioned capital increase and the acquisition of this site in Durham. Now I come to my last slide, which is a summary of what we have achieved. I show you again the first slide on what has been our objective for 2025. You can see that we were able to tick a lot of the different objectives. Our focus was clear: strengthen our financial foundation and scale up our operation. I believe we did well on this objective. We increased our operational excellence by removing a lot of bottlenecks and increasing capacity. We secured financial flexibility through the loan and the capital increase. We expanded our U.S. commercial capabilities with acquisition in Durham. We also broadened our multi-vector offering, which is good. Innovation has been a consistent topic running through all these priorities. The last one is the most important one. Probably we believe that we are on track to deliver our financial guidance, but we only know at the end of the year. That is a problem here. I hope that we will be able, Lucy, to tick this one too. All in all, these milestones reflect a business that is executing, that is scaling and building for sustainable growth. I believe we are able to position OXB for the next phase of this growing journey. Thank you. That concludes my presentation for today. Thank you very much, Frank. We do have a few more minutes if anyone does have a question. For anyone who's joined on stage as well as Lucy, the CFO, are happy to take any questions from the room. If anyone's got any, please. Right. Understanding that you've expanded your manufacturing, but if those five programs in late-stage development get to the market in sort of on a three- to five-year basis, and then those things will be in to run, do we have enough capacity? From what we know by now, yes, we have, because our facility in Oxford has a grey zone which we can develop at any time. The same applies to the facility in Durham, where we have a big part of the building which we can use for additional suites. Yeah. We should be okay. Any others going once? All right. Given I know how busy the stairs are, happy to close the session a few minutes early. Thank you very much, Frank and Lucy. Thank you.

Speaker 2: Good morning, everybody. My name is James Vane-Tempest, Jefferies' European Pharma Services Analyst. Delighted to be here with OXB today. We have got the CEO to give a presentation, Frank Mathias. With that, I will hand over to Frank. Thank you. Good morning, everybody. good morning everybody My name is James Vane- Tempest, Jefferies' European Pharma Services Analyst. my name is james vane- tempest jefferies' european pharma services analyst Delighted to be here with OXB today. We have got the CEO to give a presentation, Frank Mathias. delighted to be here with oxb today. we have got the ceo to give a presentation frank mathias With that, I will hand over to Frank. with that i will hand over to frank Thank you. thank you

Speaker 1: Thank you so much, James. Thank you so much, James. thank you so much james Hello everyone. Thank you for your kind introduction, James, and for inviting us to present today. I will start my presentation by giving you an overview of what we stand for: a pure play, quality, and innovation-led CDMO focused exclusively on Cell and Gene Therapy. I will come back to this point. Afterwards, I will outline how we are positioning the company for business, which is scalable and for profitable growth. You all know the disclaimer, as I will give some forward-looking statements. Please have a look at it. Let's start with highlighting what our company is: a pure play CDMO. I said it already, with a unique position within the Cell and Gene Therapy landscape. I'm convinced that this is a big differentiator because just focusing on viral vector is something which gives you a competitive advantage. Hello everyone. hello everyone Thank you for your kind introduction, James, and for inviting us to present today. thank you for your kind introduction james and for inviting us to present today I will start my presentation by giving you an overview of what we stand for: a pure play, quality, and innovation-led CDMO focused exclusively on Cell and Gene Therapy. i will start my presentation by giving you an overview of what we stand for a pure play quality and innovation-led cdmo focused exclusively on cell and gene therapy I will come back to this point. i will come back to this point Afterwards, I will outline how we are positioning the company for business, which is scalable and for profitable growth. afterwards i will outline how we are positioning the company for business which is scalable and for profitable growth You all know the disclaimer, as I will give some forward-looking statements. you all know the disclaimer as i will give some forward-looking statements Please have a look at it. please have a look at it Let's start with highlighting what our company is: a pure play CDMO. let's start with highlighting what our company is a pure play cdmo I said it already, with a unique position within the Cell and Gene Therapy landscape. i said it already with a unique position within the cell and gene therapy landscape I'm convinced that this is a big differentiator because just focusing on viral vector is something which gives you a competitive advantage. i'm convinced that this is a big differentiator because just focusing on viral vector is something which gives you a competitive advantage We are already a trusted partner with proven delivery and capabilities, positioned for growth. The success of our company is built on a combination of differentiated capabilities, like deep scientific expertise and a long history of successfully delivering in vital vector manufacturing. We have a broad viral vector expertise, obviously. We have state-of-the-art facilities now in three different geographies, with scalable manufacturing capacity to meet growing demand, with proven operational execution, a strong commercial track record underpinned by more than 30 years of innovation. In short, we have led the innovation in vector design, process optimization, and scalable manufacturing for more than 30 years now. Our track record speaks for itself. Look at that. We are already a trusted partner with proven delivery and capabilities, positioned for growth. we are already a trusted partner with proven delivery and capabilities positioned for growth The success of our company is built on a combination of differentiated capabilities, like deep scientific expertise and a long history of successfully delivering in vital vector manufacturing. the success of our company is built on a combination of differentiated capabilities like deep scientific expertise and a long history of successfully delivering in vital vector manufacturing We have a broad viral vector expertise, obviously. we have a broad viral vector expertise obviously We have state-of-the-art facilities now in three different geographies, with scalable manufacturing capacity to meet growing demand, with proven operational execution, a strong commercial track record underpinned by more than 30 years of innovation. we have state-of-the-art facilities now in three different geographies with scalable manufacturing capacity to meet growing demand with proven operational execution a strong commercial track record underpinned by more than 30 years of innovation In short, we have led the innovation in vector design, process optimization, and scalable manufacturing for more than 30 years now. in short we have led the innovation in vector design process optimization and scalable manufacturing for more than 30 years now Our track record speaks for itself. our track record speaks for itself Look at that. look at that We have done about 1,000 GMP batches so far, have more than 40 active programs currently, have supported more than 30 IND submissions, and have successfully passed more than 65 audits so far. That is what we are at OXB. I wanted to show a little bit of the story at the beginning of the year. As usual, we have set some objectives for the year 2025, and they are mentioned here. We wanted to secure long-term financing. We wanted to strengthen our operational excellence. We had a plan to expand U.S. commercial capabilities more in AAV. We wanted to increase our multi-vector offering, continue to enhance our commercial pipeline, and also accelerate our innovation. Let's have a look at how we progressed during the year. The first question is, why the U.S.? Why is it so important to us? We have done about 1,000 GMP batches so far, have more than 40 active programs currently, have supported more than 30 IND submissions, and have successfully passed more than 65 audits so far. we have done about 1,000 gmp batches so far have more than 40 active programs currently have supported more than 30 ind submissions and have successfully passed more than 65 audits so far That is what we are at OXB. that is what we are at oxb I wanted to show a little bit of the story at the beginning of the year. i wanted to show a little bit of the story at the beginning of the year As usual, we have set some objectives for the year 2025, and they are mentioned here. as usual we have set some objectives for the year 2025 and they are mentioned here We wanted to secure long-term financing. we wanted to secure long-term financing We wanted to strengthen our operational excellence. we wanted to strengthen our operational excellence We had a plan to expand U.S. commercial capabilities more in AAV. we had a plan to expand u.s commercial capabilities more in aav We wanted to increase our multi-vector offering, continue to enhance our commercial pipeline, and also accelerate our innovation. we wanted to increase our multi-vector offering continue to enhance our commercial pipeline and also accelerate our innovation Let's have a look at how we progressed during the year. let's have a look at how we progressed during the year The first question is, why the U.S.? the first question is why the u.s Why is it so important to us? why is it so important to us Indeed, it's a key priority for our company. Firstly, and this is on the left-hand side of the slide, you can see the market opportunity. I believe that's nothing new to us, but it's probably important to mention it again. The U.S. is currently the home for over more than 1,000 Cell and Gene Therapy programs in development, which is around two and a half times more than in Europe and significantly more also than in APAC. All this is led, by the way, by AAV programs, which have the largest proportion. Secondly, in the middle, proximity to clients is something which is, in my view, a big success factor. Just half of our pipeline would benefit from a strong support out of the U.S. Finally, it's on the right-hand side, and it's not something we're not aware of, are the current geopolitical trends. Indeed, it's a key priority for our company. indeed it's a key priority for our company Firstly, and this is on the left-hand side of the slide, you can see the market opportunity. firstly and this is on the left-hand side of the slide you can see the market opportunity I believe that's nothing new to us, but it's probably important to mention it again. The U.S. is currently the home for over more than 1,000 Cell and Gene Therapy programs in development, which is around two and a half times more than in Europe and significantly more also than in APAC. i believe that's nothing new to us but it's probably important to mention it again. the u.s is currently the home for over more than 1,000 cell and gene therapy programs in development which is around two and a half times more than in europe and significantly more also than in apac All this is led, by the way, by AAV programs, which have the largest proportion. all this is led by the way by aav programs which have the largest proportion Secondly, in the middle, proximity to clients is something which is, in my view, a big success factor. secondly in the middle proximity to clients is something which is in my view a big success factor Just half of our pipeline would benefit from a strong support out of the U.S. just half of our pipeline would benefit from a strong support out of the u.s Finally, it's on the right-hand side, and it's not something we're not aware of, are the current geopolitical trends. finally it's on the right-hand side and it's not something we're not aware of are the current geopolitical trends Localizing our supply chain in the U.S. will unlock a lot of attractive tax incentives and help us, and this is even more important, to manage geopolitical risks such as tariffs and export controls. That is why we announced recently the acquisition of a new site in Durham in North Carolina. This brings me to the next slide, which is showing you what we acquired. It is fair to say that this acquisition has a strong strategic fit. It is a state-of-the-art, FDA-approved commercial facility with additional Fill and Finish capacity. This will help us to improve our end-to-end services. It also has a proven track record across all vector types and expands so far our capacity to support late-stage and commercial programs. At the same time, it is a capital-efficient way to expand. Localizing our supply chain in the U.S. will unlock a lot of attractive tax incentives and help us, and this is even more important, to manage geopolitical risks such as tariffs and export controls. localizing our supply chain in the u.s will unlock a lot of attractive tax incentives and help us and this is even more important to manage geopolitical risks such as tariffs and export controls That is why we announced recently the acquisition of a new site in Durham in North Carolina. that is why we announced recently the acquisition of a new site in durham in north carolina This brings me to the next slide, which is showing you what we acquired. this brings me to the next slide which is showing you what we acquired It is fair to say that this acquisition has a strong strategic fit. it is fair to say that this acquisition has a strong strategic fit It is a state-of-the-art, FDA-approved commercial facility with additional Fill and Finish capacity. it is a state-of-the-art fda-approved commercial facility with additional fill and finish capacity This will help us to improve our end-to-end services. this will help us to improve our end-to-end services It also has a proven track record across all vector types and expands so far our capacity to support late-stage and commercial programs. it also has a proven track record across all vector types and expands so far our capacity to support late-stage and commercial programs At the same time, it is a capital-efficient way to expand. at the same time, it is a capital-efficient way to expand By using an existing operational site, you avoid the time, you avoid the cost, you avoid the risk involved in building from scratch. This will enable us to respond more quickly to the needs of our clients or to the needs of the market. It will also accelerate our ability to capture U.S. AAV commercial opportunities in the U.S. As far as the other sites are concerned, U.K. and France will remain an integral part of the network, and Bedford will be our center of excellence for AAV Process Analytical Development. This will remain in Bedford. Having said that, this is what we have now as state-of-the-art facilities in the main key biotech hubs. We have two in the U.S., Bedford, Durham. We have a few in the U.K. around Oxford. We have two now in continental Europe, in Strasbourg, in Lyon, both in France. By using an existing operational site, you avoid the time, you avoid the cost, you avoid the risk involved in building from scratch. by using an existing operational site you avoid the time you avoid the cost you avoid the risk involved in building from scratch This will enable us to respond more quickly to the needs of our clients or to the needs of the market. this will enable us to respond more quickly to the needs of our clients or to the needs of the market It will also accelerate our ability to capture U.S. it will also accelerate our ability to capture u.s AAV commercial opportunities in the U.S. aav commercial opportunities in the u.s As far as the other sites are concerned, U.K. and France will remain an integral part of the network, and Bedford will be our center of excellence for AAV Process Analytical Development. as far as the other sites are concerned u.k and france will remain an integral part of the network and bedford will be our center of excellence for aav process analytical development This will remain in Bedford. this will remain in bedford Having said that, this is what we have now as state-of-the-art facilities in the main key biotech hubs. having said that this is what we have now as state-of-the-art facilities in the main key biotech hubs We have two in the U.S., Bedford, Durham. we have two in the u.s bedford durham We have a few in the U.K. around Oxford. we have a few in the u.k around oxford We have two now in continental Europe, in Strasbourg, in Lyon, both in France. we have two now in continental europe in strasbourg in lyon both in france This footprint positions us closer to major client clusters, as I said before, an important success factor, and will provide flexibility and resilience by helping us to balance capacity across the regions to manage regulatory, geopolitical, and supply chain considerations. Let's have a look at what I believe is the opportunity to be at the right place at the right time and in the right market. Obviously, we see a lot of growth in the number of programs around the Cell and Gene Therapy landscape, with programs continuing to progress to later clinical stages. This is important to us, as you can imagine, because late-stage progression ultimately will drive manufacturing demand. This is on the left-hand side. We see also on the right-hand side that we still have a strong momentum in regulatory. This footprint positions us closer to major client clusters, as I said before, an important success factor, and will provide flexibility and resilience by helping us to balance capacity across the regions to manage regulatory, geopolitical, and supply chain considerations. this footprint positions us closer to major client clusters as i said before an important success factor and will provide flexibility and resilience by helping us to balance capacity across the regions to manage regulatory geopolitical and supply chain considerations Let's have a look at what I believe is the opportunity to be at the right place at the right time and in the right market. let's have a look at what i believe is the opportunity to be at the right place at the right time and in the right market Obviously, we see a lot of growth in the number of programs around the Cell and Gene Therapy landscape, with programs continuing to progress to later clinical stages. obviously we see a lot of growth in the number of programs around the cell and gene therapy landscape with programs continuing to progress to later clinical stages This is important to us, as you can imagine, because late-stage progression ultimately will drive manufacturing demand. this is important to us as you can imagine because late-stage progression ultimately will drive manufacturing demand This is on the left-hand side. this is on the left-hand side We see also on the right-hand side that we still have a strong momentum in regulatory. we see also on the right-hand side that we still have a strong momentum in regulatory In the U.S. and Europe, we have now more than 30 Cell and Gene Therapies already approved, with others to come this year and also in 2026. In a nutshell, the trend is clear. The pipeline is expanding, late-stage activities are increasing, and commercial approvals are accelerating. All this can support the growing demand for our services. Let me come now to our own performance in this market. I believe that the trends of the market are reflected directly in our commercial performance. On the left-hand side, and we are very happy to show such nice figures, as you can imagine, it is the number of signed orders, which increased from about GBP 56 million in the first half year of 2024 to more than GBP 149 million in the first half of this year. This is an increase of more than 160%. In the U.S. and Europe, we have now more than 30 Cell and Gene Therapies already approved, with others to come this year and also in 2026. in the u.s and europe we have now more than 30 cell and gene therapies already approved with others to come this year and also in 2026 In a nutshell, the trend is clear. in a nutshell the trend is clear The pipeline is expanding, late-stage activities are increasing, and commercial approvals are accelerating. the pipeline is expanding late-stage activities are increasing and commercial approvals are accelerating All this can support the growing demand for our services. all this can support the growing demand for our services Let me come now to our own performance in this market. let me come now to our own performance in this market I believe that the trends of the market are reflected directly in our commercial performance. i believe that the trends of the market are reflected directly in our commercial performance On the left-hand side, and we are very happy to show such nice figures, as you can imagine, it is the number of signed orders, which increased from about GBP 56 million in the first half year of 2024 to more than GBP 149 million in the first half of this year. on the left-hand side and we are very happy to show such nice figures as you can imagine, it is the number of signed orders which increased from about gbp 56 million in the first half year of 2024 to more than gbp 149 million in the first half of this year This is an increase of more than 160%. this is an increase of more than 160% A significant proportion of these orders signed are backed by binding client forecasts. By saying that, it helps us to have a strong visibility into the remainder of 2025, but also into 2026 and at least for the beginning of 2027. What is also interesting to mention is that 80% of the signed contracts are coming from existing clients. I believe this reflects a high level of satisfaction of our clients. The rest is coming from new clients who joined us, and this is mainly, interestingly enough, in AAV. Finally, this is on the right-hand side, sorry, it is the geographical split. Two years ago, the same slide would have shown that we had about 80%-90% of our business coming out of the U.S. Now it is going down, not really going down, but changing to 60%. A significant proportion of these orders signed are backed by binding client forecasts. a significant proportion of these orders signed are backed by binding client forecasts By saying that, it helps us to have a strong visibility into the remainder of 2025, but also into 2026 and at least for the beginning of 2027. by saying that it helps us to have a strong visibility into the remainder of 2025 but also into 2026 and at least for the beginning of 2027 What is also interesting to mention is that 80% of the signed contracts are coming from existing clients. what is also interesting to mention is that 80% of the signed contracts are coming from existing clients I believe this reflects a high level of satisfaction of our clients. i believe this reflects a high level of satisfaction of our clients The rest is coming from new clients who joined us, and this is mainly, interestingly enough, in AAV. the rest is coming from new clients who joined us and this is mainly interestingly enough in aav Finally, this is on the right-hand side, sorry, it is the geographical split. finally this is on the right-hand side sorry, it is the geographical split Two years ago, the same slide would have shown that we had about 80%-90% of our business coming out of the U.S. two years ago the same slide would have shown that we had about 80%-90% of our business coming out of the u.s Now it is going down, not really going down, but changing to 60%. now it is going down not really going down but changing to 60% At the same time, we see that EMA and APAC are growing, showing also that our company is becoming more international. If we look now at the portfolio of our projects internally, what we can see here is first that it's a very balanced portfolio. We continue to support over 40 client programs. If you compare September 2023 to now September 2025, you see that we have a nice increase in early-stage clinical development projects. We see that we have also a nice increase from one to five in late-stage clinical. These are the programs which are supposed to transition into commercial within the next years, depending on regulatory submissions. In a nutshell, our portfolio is maturing. We see a higher proportion of our work now aligned to late-stage and commercial opportunities, which is important because it's larger in scale and longer in duration. At the same time, we see that EMA and APAC are growing, showing also that our company is becoming more international. at the same time we see that ema and apac are growing showing also that our company is becoming more international If we look now at the portfolio of our projects internally, what we can see here is first that it's a very balanced portfolio. if we look now at the portfolio of our projects internally what we can see here is first that it's a very balanced portfolio We continue to support over 40 client programs. we continue to support over 40 client programs If you compare September 2023 to now September 2025, you see that we have a nice increase in early-stage clinical development projects. if you compare september 2023 to now september 2025 you see that we have a nice increase in early-stage clinical development projects We see that we have also a nice increase from one to five in late-stage clinical. we see that we have also a nice increase from one to five in late-stage clinical These are the programs which are supposed to transition into commercial within the next years, depending on regulatory submissions. these are the programs which are supposed to transition into commercial within the next years depending on regulatory submissions In a nutshell, our portfolio is maturing. in a nutshell our portfolio is maturing We see a higher proportion of our work now aligned to late-stage and commercial opportunities, which is important because it's larger in scale and longer in duration. we see a higher proportion of our work now aligned to late-stage and commercial opportunities which is important because it's larger in scale and longer in duration Now, our company has always been founded on science and on innovation. Indeed, innovation is playing an important part in our development. As you can see here, I do not want to go into too much detail here because it can take a lot of time to go through all this. What I want to say is that our innovation is client-centric, so it is shaped by what our clients are expecting from us. We have five priorities: title, cost, speed, robustness, and quality. If you look at the four different areas here, you can see that we focus first on Vector Cell Engineering. We are developing more or less the next generation of Vectors to allow us to have a higher potency, better capacity, and ability to target specific cells. It is something we are looking seriously at. Now, our company has always been founded on science and on innovation. now our company has always been founded on science and on innovation Indeed, innovation is playing an important part in our development. indeed innovation is playing an important part in our development As you can see here, I do not want to go into too much detail here because it can take a lot of time to go through all this. as you can see here i do not want to go into too much detail here because it can take a lot of time to go through all this What I want to say is that our innovation is client-centric, so it is shaped by what our clients are expecting from us. what i want to say is that our innovation is client-centric so it is shaped by what our clients are expecting from us We have five priorities: title, cost, speed, robustness, and quality. we have five priorities title cost speed robustness and quality If you look at the four different areas here, you can see that we focus first on Vector Cell Engineering. if you look at the four different areas here you can see that we focus first on vector cell engineering We are developing more or less the next generation of Vectors to allow us to have a higher potency, better capacity, and ability to target specific cells. It is something we are looking seriously at. we are developing more or less the next generation of vectors to allow us to have a higher potency better capacity and ability to target specific cells. it is something we are looking seriously at In terms of production, we have already introduced several innovations to our biotech processes, again, with the objective to improve the yield and quality of both AAV and Lenti. AI is starting to play an important role also in analysis. We try to automate sample analysis and apply AI and Machine Learning to help us to get a lot of data, data that play an important role for our clients because they can drive yield and quality. The fourth area is about analytical development. Here we more or less continue to invest in automated analytics to allow us to release batches more quickly. The next is now something some of you might have seen. In terms of production, we have already introduced several innovations to our biotech processes, again, with the objective to improve the yield and quality of both AAV and Lenti. in terms of production we have already introduced several innovations to our biotech processes again with the objective to improve the yield and quality of both aav and lenti AI is starting to play an important role also in analysis. ai is starting to play an important role also in analysis We try to automate sample analysis and apply AI and Machine Learning to help us to get a lot of data, data that play an important role for our clients because they can drive yield and quality. we try to automate sample analysis and apply ai and machine learning to help us to get a lot of data data that play an important role for our clients because they can drive yield and quality The fourth area is about analytical development. the fourth area is about analytical development Here we more or less continue to invest in automated analytics to allow us to release batches more quickly. here we more or less continue to invest in automated analytics to allow us to release batches more quickly The next is now something some of you might have seen. the next is now something some of you might have seen It's a slide which I took from our half-year results presentation in September 2025, but I believe that it illustrates very well the strength of our execution and the progress we made in the first half of 2025. I have already addressed the fact that we had a very strong order momentum with an increase of signed orders by 160%, which is remarkable. We have also a strong operational progress in manufacturing optimization, aligning our teams across the different regions. We finally had a very nice increase in our revenue of over 40% with a narrowing EBITDA loss to GBP 8.3 million. This reflects what our CFO is doing extremely well: top-line growth and continued cost discipline. It's a slide which I took from our half-year results presentation in September 2025, but I believe that it illustrates very well the strength of our execution and the progress we made in the first half of 2025. it's a slide which i took from our half-year results presentation in september 2025 but i believe that it illustrates very well the strength of our execution and the progress we made in the first half of 2025 I have already addressed the fact that we had a very strong order momentum with an increase of signed orders by 160%, which is remarkable. i have already addressed the fact that we had a very strong order momentum with an increase of signed orders by 160% which is remarkable We have also a strong operational progress in manufacturing optimization, aligning our teams across the different regions. we have also a strong operational progress in manufacturing optimization aligning our teams across the different regions We finally had a very nice increase in our revenue of over 40% with a narrowing EBITDA loss to GBP 8.3 million. we finally had a very nice increase in our revenue of over 40% with a narrowing ebitda loss to gbp 8.3 million This reflects what our CFO is doing extremely well: top-line growth and continued cost discipline. this reflects what our cfo is doing extremely well top-line growth and continued cost discipline At the same time, and we are proud about that, as you might know, in August, we were able to strengthen our balance sheet by securing a loan of up to $125 million from Oaktree. At the same time, also in August, we were able to raise GBP 60 million this time in Equity. This gives us a lot of financial flexibility to support further investment, as you can imagine. This strong performance over the first part of this year, together with this better balance sheet, gives us real confidence in our guidance for 2025. If we speak about guidance, let me show what is the guidance we have given. Remember that we started at GBP 90 million in 2023. We guided this year for revenues between GBP 160 million-GBP 170 million in this case and a low single-digit million operating EBITDA profitability. At the same time, and we are proud about that, as you might know, in August, we were able to strengthen our balance sheet by securing a loan of up to $125 million from Oaktree. at the same time and we are proud about that as you might know in august we were able to strengthen our balance sheet by securing a loan of up to $125 million from oaktree At the same time, also in August, we were able to raise GBP 60 million this time in Equity. at the same time also in august we were able to raise gbp 60 million this time in equity This gives us a lot of financial flexibility to support further investment, as you can imagine. this gives us a lot of financial flexibility to support further investment as you can imagine This strong performance over the first part of this year, together with this better balance sheet, gives us real confidence in our guidance for 2025. this strong performance over the first part of this year together with this better balance sheet gives us real confidence in our guidance for 2025 If we speak about guidance, let me show what is the guidance we have given. if we speak about guidance let me show what is the guidance we have given Remember that we started at GBP 90 million in 2023. remember that we started at gbp 90 million in 2023 We guided this year for revenues between GBP 160 million-GBP 170 million in this case and a low single-digit million operating EBITDA profitability. we guided this year for revenues between gbp 160 million-gbp 170 million in this case and a low single-digit million operating ebitda profitability Now, looking into 2026, we anticipate revenues in the range of GBP 220 million-GBP 240 million. This represents, again, a CAGR of 35%-40% from 2023 to 2026. I believe this is remarkable. In the long term, we want to outgrow the market, the CDMO market. We target currently something between 25%-30% on the year-to-year revenue growth for 2027 and 2028. In terms of operating EBITDA margin, we believe that we are able to go over 10% in 2026, over 20% in 2027, and we should be able to achieve something around 30% in the next five to six years. We are very confident in the future of this company because all this is underpinned by contracted backlog. It is underpinned also by our U.S. expansion, and we have a lot of operational leverage which we can use. Now, looking into 2026, we anticipate revenues in the range of GBP 220 million-GBP 240 million. now looking into 2026 we anticipate revenues in the range of gbp 220 million-gbp 240 million This represents, again, a CAGR of 35%-40% from 2023 to 2026. this represents again a cagr of 35%-40% from 2023 to 2026 I believe this is remarkable. i believe this is remarkable In the long term, we want to outgrow the market, the CDMO market. in the long term we want to outgrow the market the cdmo market We target currently something between 25%-30% on the year-to-year revenue growth for 2027 and 2028. we target currently something between 25%-30% on the year-to-year revenue growth for 2027 and 2028 In terms of operating EBITDA margin, we believe that we are able to go over 10% in 2026, over 20% in 2027, and we should be able to achieve something around 30% in the next five to six years. in terms of operating ebitda margin we believe that we are able to go over 10% in 2026 over 20% in 2027 and we should be able to achieve something around 30% in the next five to six years We are very confident in the future of this company because all this is underpinned by contracted backlog. It is underpinned also by our U.S. expansion, and we have a lot of operational leverage which we can use. we are very confident in the future of this company because all this is underpinned by contracted backlog. it is underpinned also by our u.s expansion and we have a lot of operational leverage which we can use I believe in a nutshell, we will certainly be higher than the market growth, CDMO market growth in this field. We will be able to expand profitability and at the same time to reinforce our leadership in Viral Vector. Just a few words about external recognition, which is part of the success of a company. I'm very happy to see that we have achieved a lot of milestones. The first milestone was our inclusion in the FTSE 250, which happened in September, gives a lot more confidence in our strategy and broadens certainly our visibility with investors. We are also very proud to have been recognized with two CDMO leadership awards in Cell and Gene Therapy, both one globally, the other one in Europe. I believe in a nutshell, we will certainly be higher than the market growth, CDMO market growth in this field. i believe in a nutshell we will certainly be higher than the market growth cdmo market growth in this field We will be able to expand profitability and at the same time to reinforce our leadership in Viral Vector. we will be able to expand profitability and at the same time to reinforce our leadership in viral vector Just a few words about external recognition, which is part of the success of a company. just a few words about external recognition which is part of the success of a company I'm very happy to see that we have achieved a lot of milestones. i'm very happy to see that we have achieved a lot of milestones The first milestone was our inclusion in the FTSE 250, which happened in September, gives a lot more confidence in our strategy and broadens certainly our visibility with investors. the first milestone was our inclusion in the ftse 250 which happened in september gives a lot more confidence in our strategy and broadens certainly our visibility with investors We are also very proud to have been recognized with two CDMO leadership awards in Cell and Gene Therapy, both one globally, the other one in Europe. we are also very proud to have been recognized with two cdmo leadership awards in cell and gene therapy both one globally the other one in europe We are extremely happy to say that we have also been recognized by the Financial Times as one of the U.K.'s best employers and by Fortune as one of Europe's most innovative European companies. Alongside that, the already mentioned capital increase and the acquisition of this site in Durham. Now I come to my last slide, which is a summary of what we have achieved. I show you again the first slide on what has been our objective for 2025. You can see that we were able to tick a lot of the different objectives. Our focus was clear: strengthen our financial foundation and scale up our operation. I believe we did well on this objective. We increased our operational excellence by removing a lot of bottlenecks and increasing capacity. We secured financial flexibility through the loan and the capital increase. We are extremely happy to say that we have also been recognized by the Financial Times as one of the U.K.'s best employers and by Fortune as one of Europe's most innovative European companies. we are extremely happy to say that we have also been recognized by the financial times as one of the u.k.'s best employers and by fortune as one of europe's most innovative european companies Alongside that, the already mentioned capital increase and the acquisition of this site in Durham. alongside that the already mentioned capital increase and the acquisition of this site in durham Now I come to my last slide, which is a summary of what we have achieved. now i come to my last slide which is a summary of what we have achieved I show you again the first slide on what has been our objective for 2025. i show you again the first slide on what has been our objective for 2025 You can see that we were able to tick a lot of the different objectives. you can see that we were able to tick a lot of the different objectives Our focus was clear: strengthen our financial foundation and scale up our operation. our focus was clear strengthen our financial foundation and scale up our operation I believe we did well on this objective. i believe we did well on this objective We increased our operational excellence by removing a lot of bottlenecks and increasing capacity. we increased our operational excellence by removing a lot of bottlenecks and increasing capacity We secured financial flexibility through the loan and the capital increase. we secured financial flexibility through the loan and the capital increase We expanded our U.S. commercial capabilities with acquisition in Durham. We also broadened our multi-vector offering, which is good. Innovation has been a consistent topic running through all these priorities. The last one is the most important one. Probably we believe that we are on track to deliver our financial guidance, but we only know at the end of the year. That is a problem here. I hope that we will be able, Lucy, to tick this one too. All in all, these milestones reflect a business that is executing, that is scaling and building for sustainable growth. I believe we are able to position OXB for the next phase of this growing journey. Thank you. That concludes my presentation for today. We expanded our U.S. commercial capabilities with acquisition in Durham. we expanded our u.s commercial capabilities with acquisition in durham We also broadened our multi-vector offering, which is good. we also broadened our multi-vector offering which is good Innovation has been a consistent topic running through all these priorities. innovation has been a consistent topic running through all these priorities The last one is the most important one. the last one is the most important one Probably we believe that we are on track to deliver our financial guidance, but we only know at the end of the year. That is a problem here. probably we believe that we are on track to deliver our financial guidance but we only know at the end of the year. that is a problem here I hope that we will be able, Lucy, to tick this one too. i hope that we will be able lucy to tick this one too All in all, these milestones reflect a business that is executing, that is scaling and building for sustainable growth. all in all these milestones reflect a business that is executing that is scaling and building for sustainable growth I believe we are able to position OXB for the next phase of this growing journey. i believe we are able to position oxb for the next phase of this growing journey Thank you. thank you That concludes my presentation for today. that concludes my presentation for today

Speaker 2: Thank you very much, Frank. We do have a few more minutes if anyone does have a question. Thank you very much, Frank. thank you very much frank We do have a few more minutes if anyone does have a question. we do have a few more minutes if anyone does have a question For anyone who's joined on stage as well as Lucy, the CFO, are happy to take any questions from the room. If anyone's got any, please. For anyone who's joined on stage as well as Lucy, the CFO, are happy to take any questions from the room. for anyone who's joined on stage as well as lucy the cfo are happy to take any questions from the room If anyone's got any, please. if anyone's got any please

Speaker 3: Right. Understanding that you've expanded your manufacturing, but if those five programs in late-stage development get to the market in sort of on a three- to five-year basis, and then those things will be in to run, do we have enough capacity? Right. right Understanding that you've expanded your manufacturing, but if those five programs in late-stage development get to the market in sort of on a three- to five-year basis, and then those things will be in to run, do we have enough capacity? understanding that you've expanded your manufacturing but if those five programs in late-stage development get to the market in sort of on a three- to five-year basis and then those things will be in to run do we have enough capacity

Speaker 1: From what we know by now, yes, we have, because our facility in Oxford has a grey zone which we can develop at any time. The same applies to the facility in Durham, where we have a big part of the building which we can use for additional suites. Yeah. We should be okay. From what we know by now, yes, we have, because our facility in Oxford has a grey zone which we can develop at any time. from what we know by now yes we have because our facility in oxford has a grey zone which we can develop at any time The same applies to the facility in Durham, where we have a big part of the building which we can use for additional suites. the same applies to the facility in durham where we have a big part of the building which we can use for additional suites Yeah. yeah We should be okay. we should be okay

Speaker 2: Any others going once? All right. Given I know how busy the stairs are, happy to close the session a few minutes early. Any others going once? any others going once All right. all right Given I know how busy the stairs are, happy to close the session a few minutes early. given i know how busy the stairs are happy to close the session a few minutes early Thank you very much, Frank and Lucy. Thank you very much, Frank and Lucy. thank you very much frank and lucy

Speaker 1: Thank you. Thank you. thank you