Hvivo Plc · LSE:HVO
Hvivo — H1 2026 Earnings Presentation
34 slides from Hvivo's earnings presentation, Sep 15, 2026
Slide 1: Interim Results
Interim Results 15 September 2026 1
Slide 2: Disclaimer
Avivo Disclaimer The contents of this presentation and the information which you are given at the time of the presentation have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (the “Act”). Reliance on this presentation for the purpose of en
Slide 3: Presenting today
Presenting today Yamin ‘Mo’ Khan Stephen Pinkerton Andrew Catchpole Chief Executive Officer Chief Financial Officer Chief Scientific Officer 3
Slide 4: Interim Results
Interim Results 15 September 2026 4
Slide 5: hVIVO: More Than a CRO
hVIVO : More Than a CRO A shared vision for the future as a full -service integrated company Mission Purpose Clinical Research Consulting Unit Kiel To constantly pursue new ways to To accelerate development of Breda reduce the time, risk and cost of safe and effective medicines Screening & Clinic br
Slide 6: Built to Deliver Across the Development Pathway
Built to Deliver Across the Development Pathway Four integrated service lines Consultancy Clinical Trials Human Challenge Trials Laboratories o Non -Clinical, Clinical, CMC, PK o Phase I -II CRO Services o Phase II – III o Standalone Laboratory Services o Regulatory o Phase II -III Site Services o C
Slide 7: H1 2026 Interim Results: Orderbook More Than Doubles
H1 2026 Interim Results: Orderbook More Than Doubles Key Financial Highlights o HCT demand recovering – three full HCT contracts signed incl. ILiAD Phase III trial £16.3m £13.0m o Approximately three -quarters of Group revenue from repeat Revenue Cash customers H1 2025: £24.2m FY 2025: £14.3m o Comm
Slide 8: Revenue Bridge – HCT Timing Drives H1 Revenue Gap
Revenue Bridge – HCT Timing Drives H1 Revenue Gap Increase Decrease Total 30.0 25.0 24.2 20.0 16.3 £M 15.0 10.0 5.0 - H1 2025 HCT Clinical Services Labs Consultancy H1 2026 8
Slide 9: Revenue – H2 Acceleration Underpinned by Orderbook
Revenue – H2 Acceleration Underpinned by Orderbook £'m H1 2026 35.0 31.0 o Timing shifts on HCT & Clinical Services projects 30.0 o Clinical Services benefiting from full impact of 24.2 2025 acquisitions ~£1m 25.0 22.6 o Laboratory revenue increased by 110% 20.0 16.2 15.0 H2 2026 o Strong revenue pe
Slide 10: Adjusted EBITDA – Recovery in H2
Adjusted EBITDA – Recovery in H2 Increase Decrease Total H1 2026 4.0 o EBITDA reflects lower revenue 3.0 o Lower net revenue reflects reduced order intake and 2.0 contract cancellations in 2025 3.0 1.0 o Net savings arising from restructuring across the business in 2025 - EBITDA £'m (1.0) (8.0) FY 2
Slide 11: Cash – Cash-flow Strengthened by Order Intake
Cash – Cash -flow Strengthened by Order Intake 16.0 15.0 4.5 0.1 14.3 14.0 13.0 13.0 (1.7) 12.0 11.0 £m 10.0 (4.2) 9.0 8.0 7.0 6.0 5.0 Cash 31 Dec 2025 Cash from operations Net Working capital mvmnt Net Investments Net Fac. Leases Cash 30 Jun 2026 Cash unaffected by CRS Berlin acquisition 11
Slide 12: Contracted Orderbook Supports Future Growth
Contracted Orderbook Supports Future Growth Orderbook* (£m) 80 Up 45% Jun-26: £65m contracted orderbook 72 + £7m CRS Berlin = £72m 70 +7 Increase in proposals yoy 60 56 52 65 50 44 ~£50m 40 30 30 27 New contract awards in H126 20 10 3 HCT Contracts 0 Including landmark Phase III Dec-23 Jun-24 Dec-24
Slide 13: Diversifying Our Revenue Mix
Diversifying Our Revenue Mix 2024 2025 2026 CUSTOMER DIVERSIFICATION REVENUE HEAVYWEIGHTS REPEAT BUSINESS 92% → 75% >10% ~75% Revenue contribution from our top 10 customers Each year, 2 – 4 individual customers generate Existing customers account for around three has reduced from 92% (2024) to 75% (
Slide 14: World Leader in Human Challenge Trials (HCT)
World Leader in Human Challenge Trials (HCT) An integrated model built on scale, Integrated HCT platform experience and specialist infrastructure o 50 -bed individual en -suite o Internal infectious disease experts challenge unit o Integrated virology / bacteriology Consultancy o Dedicated recruitme
Slide 15: Human Challenge Trials: Renewed Momentum in Core Differentiator
Human Challenge Trials: Renewed Momentum in Core Differentiator Growing orderbook and expanding opportunities HCT revenue recognition cash flow positive Key updates Commercial momentum o Landmark Phase III pivotal o Earlier engagement creating opportunities trial in Bordetella pertussis, o Expanded
Slide 16: Strategic Growth Priorities
Strategic Growth Priorities Focused initiatives to broaden therapeutic expertise, scale existing capabilities and drive more diversified, sustainable growth Cardiometabolic Respiratory Laboratories Expand expertise and capabilities Broaden beyond viral disease Scale specialist analytical services AR
Slide 17: Rising Deal Activity, Growing Outsourcing
Rising Deal Activity, Growing Outsourcing Large -cap pharma holds Improving sentiment and Biopharma M&A: $119B YTD, c.$500 -600B of deal -making renewed capital deployment exceeding prior FY totals¹ capacity² Up to $400B of patent cliff Strong demand for de -risked, Growing reliance on biotech expos
Slide 18: Acquisition of CRS Berlin – Broadens Addressable Market
Acquisition of CRS Berlin – Broadens Addressable Market 32 beds c.6.2m 350+ c.50% including 18 intensive -monitoring people in Berlin's wider studies completed, with preferred of RFPs already submitted jointly beds metropolitan recruitment site status for two leading global with Mannheim catchment p
Slide 19: CRS Berlin: Nominal Cost, Immediate Contribution
CRS Berlin: Nominal Cost, Immediate Contribution Transaction terms Contribution and visibility Financial impact Expected o Initial consideration of €25,000, preserving the Group's balance sheet strength FY26 revenue contribution c.£3.0m* o Three-year revenue -based earn -out: 18% of CRS FY26 EBITDA
Slide 20: Strong Orderbook Underpins Future Growth
Strong Orderbook Underpins Future Growth Building momentum through 2026 Positioned for growth in 2027 and beyond o Revenue guidance of £47m for FY 2026 o Significant YoY growth forecasted, positive EBITDA o Low single digit adj EBITDA loss o Good early visibility for FY 2027 revenue, with diversific
Slide 21: Q&A
Q&A MAKING INNOVATION POSSIBLE Avivo
Slide 22: Appendix
Appendix MAKING POSSIBLE
Slide 23: The Investment Case — Six Reasons to Own hVIVO
The Investment Case — Six Reasons to Own hVIVO 1 2 2026: Diversification implemented 3 Key Differentiators Unrivalled Scientific Moat Stand-alone and integrated service Unique full -service offering across 200 - beds with in -house scientific/medical The world's leading HCT platform, offerings for e
Slide 24: Scale and Breadth of our Clinical Research Network
Scale and Breadth of our Clinical Research Network hVIVO LONDON, hVIVO LONDON hVIVO MANNHEIM hVIVO KIEL Berlin Clinical Research Outpatient Facilities Quarantine Unit, Clinical Research Unit Clinical Research Unit Unit Laboratory Whitechapel, Canary Wharf, Mannheim, near Kiel, near Hamburg, Location
Slide 25: Fixing the Bottlenecks in Early Clinical Development
Fixing the Bottlenecks in Early Clinical Development Faster, lower risk drug development at a significantly reduced cost 1 Why the current model 2 How hVIVO changes the model 3 What this unlocks underperforms Scientific Tech -enabled Development is slow & costly Integrated Delivery Faster proof -of-
Slide 26: Biopharma M&A Spend Is Rising
Biopharma M&A Spend Is Rising Biopharma M&A Spend by Therapeutic Area 5 Oncology US$146bn CNS/Neurology US$83bn *Immunology and inflammation US$82bn CRO/CDMO US$51bn Rare diseases US$41bn *Endocrine / Metabolic US$28bn *Cardiovascular US$21bn *Infectious disease US$20bn *Respiratory US$16bn Ophthalm
Slide 27: Industry Trends Increasingly Favour Specialist Early Clinical Development Partners
Industry Trends Increasingly Favour Specialist Early Clinical Development Partners Growing Demand for Early Phase CRO Services Outsourcing continues to increase o Phase I is the most outsourced stage of development o Biotechs value proof -of-concept data (Phase II) Speed matters o Customers prioriti
Slide 28: Real Life Examples of Our End-to-end Delivery
Real Life Examples of Our End -to-end Delivery Cidara : From HCT to Phase III Partnership Decoy Therapeutics: 31 Potential multi -service engagement % Human Infectious disease Challenge Delivered critical data supporting anti-viral candidate hVIVO Trial programme progression Consultancy 2023 Clinica
Slide 29: What is a Human Challenge Trial?
What is a Human Challenge Trial? A clinical trial where healthy volunteers are exposed to a pathogen to test the effectiveness of vaccine and treatments Stage 3 Volunteers undergo full disease trajectory of infection and recovery Stage 1 Stage 2 Stage 4 Volunteer recruitment, Inoculation with the Vo
Slide 30: Investment into New Challenge Models
Investment into New Challenge Models o World leading, expanding, challenge agent portfolio – 7 new agents added in past 2 years o >50% of costs covered by external funding from collaboration contracts o World’s only commercial hMPV, RSV B and influenza B challenge models Influenza Enhanced model H3,
Slide 31: HCTs Make A Difference
HCTs Make A Difference Maternal vaccination saving babies lives Pre -BLA/NDA hVIVO pioneered the RSV challenge model Pre -Submission Vaccine o Historically, RSV vaccines proved difficult to develop roll out MHRA / FDA o hVIVO’s RSV challenge model used to demonstrate Market authorisation approval wo
Slide 32: The World’s Largest Human Challenge Unit
The World’s Largest Human Challenge Unit Staff Space Kitchen Changing IMP Area Outpatient Unit Kitchen Quarantine Beds Airlock IMP Storage 32
Slide 33: Environmental, Social & Governance
Environmental, Social & Governance Board -led ESG Group, chaired by the CEO | ISO 14001 certified | EcoVadis committed | Six priority UN SDGs 1 2 3 Advancing Health & Research Commitment to Our Staff Social & Community Investment Social & Governance Social Social Accelerating medicines for serious a
Slide 34: hVIVO’s State-of-the-Art Facilities
hVIVO’s State-of-the-Art Facilities Canary Wharf Quarantine Unit hLAB Virology & Immunology Laboratories Plumbers’ Row Screening Facility Manchester Screening Centre Biobank Watch the walk -through tour of Canary Wharf here 34