Hvivo Plc · LSE:HVO
Hvivo — H1 2025 Earnings Presentation
34 slides from Hvivo's earnings presentation, September 2025
Slide 1: Interim Results
Interim Results September 2025 AIM: HVO
Slide 2: Disclaimer
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 engaging
Slide 3: Full-Service Early Phase European CRO & World Leader in Human Challenge Trials
Full-Service Early Phase European CRO & World Leader in Human Challenge Trials Mission Dublin Delivering today’s healthcare by Corporate Office Manchester empowering tomorrow’s innovation. Screening Kiel Clinical Research Unit Ely Vision Biobank To transform global healthcare by revolutionising the
Slide 4: A Full-Service Early Phase CRO
A Full-Service Early Phase CRO Service Lines HCT Clinical Services hLAB Consultancy • hVIVO challenge services • CRS Phase I/II CRO services • hVIVO standalone laboratory • Standalone Venn Life • hVIVO laboratory • hVIVO & CRS clinical site services Sciences consulting services • FluCamp recruitment
Slide 5: H1 25 Interim Results
H1 25 Interim Results Key Financial Highlights Operational Highlights £24.2m £3.0m • Synergistic acquisitions of two Clinical Research Units from CRS, and Cryostore Revenue EBITDA (pre-exceptionals) • Integration near completion & sales synergies being realised H1 24: £35.6m H1 24: £8.7m • £5.5m CRS
Slide 6: Stephen Pinkerton, Chief Financial Officer
Stephen Pinkerton Chief Financial Officer Macroeconomic & sector-specific headwinds impacted H1 25 Expect to return to growth in 2026 and beyond
Slide 7: Revenue
Revenue Revenue by Service £35.6m • Delivering on diversification strategy • hLAB & Clinical Services, including acquisitions, accounted £27.3m for £7.9m versus minimal revenues in H1 24 £24.2m • Acquisitions delivered £5.5m: o CRS £5.2m & Cryostore £0.3m since acquisition date • Broader therapeutic
Slide 8: EBITDA (pre-exceptional items)
EBITDA (pre-exceptional items) £13.1m EBITDA EBITDA Margin Upfront Payments £8.7m 24.5% £29.1m £12.5m HVO Cash Upfront Payments 19.1% £21.2m £5.2m HVO Cash £15.9m HVO Cash 12.5% £3.0m H1-23 H1-24 H1-25 H1-23 H1-24 H1-25 • Excludes exceptional costs of £1.4m ie acquisition & restructuring • Headcount
Slide 9: Healthy Cash Balance - No Debt
Healthy Cash Balance - No Debt Cash • Cash balance impacted by: £37.1m o Acquisitions account for net £13.8m (operating loss & related working capital movement) £31.3m o Reduction in deferred revenue/advance receipts due to cancellations & lower volume of HCT contracts signed £23.3m • Tight cost con
Slide 10: Cash Utilisation Analysis
Cash Utilisation Analysis Core business utilisation £7m 48 44.2 0.6 43 Net cash utilised on acquisitions £13.8m 38 2.2 0.1 -8.6 -1.1 -1.4 33 -2.2 £m 28 23.3 23 -10.5 18 10
Slide 11: Dr Yamin 'Mo' Khan, Chief Executive Officer
Dr Yamin ‘Mo’ Khan Chief Executive Officer A resilient and well-diversified organisation with strong fundamentals, diversified revenue streams, and a healthy sales pipeline
Slide 12: Market Trends
Market Trends • Changes at Health & Human Services (HHS) Opportunities • Changes in US regulatory bodies • FDA timelines unpredictable • UK Life Sciences Sector Plan • Drug pricing reforms & tariffs • Regulatory changes – UK & Germany • Vaccine policy Market • Oxford Vaccine Group five-year project
Slide 13: Realisation of Synergies – Combined Service Offering
Realisation of Synergies – Combined Service Offering • Integration nearing completion • Cost rationalization: >£1m annualised cost savings • Cross-selling being realised • £2.1m Venn opportunities in CRS sales pipeline • Establishment of four key hVIVO service lines • Cryostore – earnings accretive
Slide 14: CRS Acquisition Unlocks Evolving Obesity Market
CRS Acquisition Unlocks Evolving Obesity Market % Adults with Obesity Products in Development Molecules in Development Obesity Trials % Share Millions1 No. by Phase2 No. by Type3 Europe4 Germany Region of Americas UK European Region Small Molecule Spain Western Pacific Region Peptide (incl GLP-1) Ne
Slide 15: hLAB – At a Glance
hLAB – At a Glance Leading Virology & Immunology Laboratory Services Business Progress • Revenues grew strongly in H1 25 580m2 Bacterial 9x Laboratories Lab Growth in • Strong sales in H2 25: c.£5 million new awards operational proposals • 895% increase in proposals by value H1 24 vs H1 25 • Strong
Slide 16: Orderbook & Pipeline – 30 June 2025
Orderbook & Pipeline – 30 June 2025 £40m Weighted Proposals by Value H1 24 v H1 25 Pipeline by Value Pipeline by Value Pipeline by Value Contracted Orderbook* by Service (incl. CRS & Cryostore) By Service By industry By Region +141% +895% HCT HCT Biotech North America Clinical Services Consultancy +
Slide 17: Outlook
Outlook Strong Fundamentals • Revenue guidance of £47 million for FY25 • Unique early-phase clinical provider • Trusted partner & experienced team • Low-single digit EBITDA loss pre-exceptionals, improvement on previous guidance Diversification of Revenues • Increase in multi-service contracts • New
Slide 18: Questions
Avivo Questions
Slide 19: Appendix
Avivo Clinical Trials Recruitment Appendix
Slide 20: Experienced Board of Directors
Experienced Board of Directors Shaun Chilton Dr Yamin ‘Mo’ Khan Stephen Pinkerton Independent Non- CEO CFO Executive Chair Elaine Sullivan Prof Brendan Buckley Senior Independent NED NED 20
Slide 21: 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 Inoculation with Volunteers discharged from Vo
Slide 22: Human Challenge Trials
Human Challenge Trials Benefits Average #Volunteers per HCT • Generates valuable dosing, safety • Significant valuation uplift for biotech 2x Growth and efficacy data • Quick, cost-effective data in a tight • Helps optimise & derisk larger field funding environment trials • Potential for Fast
Slide 23: hVIVO's Expanding Challenge Agent Portfolio
hVIVO’s Expanding Challenge Agent Portfolio 10 challenge agents manufactured in the past three years – investing in sustainable growth New to hVIVO in the past 2 years * In development In planning for the future: Bacterial challenge, Norovirus, Dengue 23
Slide 24: Challenge Trial Revenue Recognition Profile
Challenge Trial Revenue Recognition Profile £6m Stage 1: Stage 2: Stage 3: Stage 4: Pre-study preparation FluCamp Quarantine Phase Trial completion activities Reservation fee recruitment £5m • hVIVO receives an upfront, non- refundable booking of c.10-20% of £4m total trial value to reserve quaranti
Slide 25: HCT Services: Significant Barriers to Entry
HCT Services: Significant Barriers to Entry USP CUSTOMERS RECRUITMENT FACILITY • Precedent EXPERTISE • Established • Challenge data relations EXPERIENCE • 50-bed CL-3 • Flucamp • Sample PRODUCTS quarantine • Sole provide to • Generic calculations big pharma • Scientific Team • Virology/ Screening Im
Slide 26: The World's Largest Human Challenge Unit
The World’s Largest Human Challenge Unit Staff Space Kitchen Changing IMP Area Outpatient Unit Quarantine Beds Kitchen Airlock IMP Storage 26
Slide 27: Cryostore Acquisition - Strengthening hLAB Offering
Cryostore Acquisition - Strengthening hLAB Offering 1999 Established A specialist provider of biological and clinical materials storage 32 Freezers Home office- GMP & GDP HTA GMO CL-3 compliant license controlled drugs licence approved approved c.2,800 sqft Scope for future expansion 37 Clients 2024
Slide 28: Strategic Acquisition of CRS Mannheim & Kiel
Strategic Acquisition of CRS Mannheim & Kiel 45+ Years of experience Long-term track record as early-phase specialist 120 Expanding hVIVO’s Expanding hVIVO’s Expanded European Beds (78 long-term) Site Services Therapeutic Expertise Footprint Phase I-II Cardiometabolic 94 Beds Mannheim +1,850 Trials
Slide 29: CRS: Long History & Recognised Quality
CRS: Long History & Recognised Quality C RS 1977 1992 2006 2013 2017 2025 Prof. Dr. Lücker Pharm PlanNet CRS Clinical CRS Clinical Management Acquired by GmbH Research Services Research Services buy-out hVIVO Institut für klinische Contract Kiel, Mannheim, Berlin, Wuppertal Acquisition of LTS Pharma
Slide 30: CRS Experience (5 Years)
CRS Experience (5 Years) Studies performed – Healthy Volunteers First-in-Human (2018 - YTD 2024) Top 5 CRO in Europe for FIH SAD/MAD, Biosimilars , 6 #1 in the DACH region. Bioequivalence, 9 FIH & ascending dose, 27 FIH & ascending dose BA / PK / PD , 15 DDI Clinical Pharmacology during Renal Hepati
Slide 31: Venn Life Sciences Service Offering
Venn Life Sciences Service Offering Discovery/Lead Drug Development NDA, BLA, MAA Lifecycle Management Optimization Gap Analysis, Due diligence Quality (Chemistry, Manufacturing, and Controls) Variations/ Changes Quality development (CMC): process development, analytical development, product Quality
Slide 32: Focus on ESG
Focus on ESG ESG Highlights • Sustainability is integral to our corporate ethos & ISO 14001 accreditation achieved at Canary operational framework Wharf site 2024 • ESG Group reports to the Audit & Risk Committee Expanded facilities & services support the • We play a pivotal role in expediting the d
Slide 33: 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 33
Slide 34: Stay in touch
Avivo Stay in touch AIM: HVO