Oxford Biomedica Plc · LSE:OXB
Oxford Biomedica — H1 2026 Earnings Presentation
43 slides from Oxford Biomedica's earnings presentation, September 2026
Slide 1: Strong commercial momentum continues to support long-term growth ambitions
Strong commercial momentum continues to support long-term growth ambitions Interim results for the six months ended 30 June 2026 September 2026
Slide 2: Legal disclaimer
Legal disclaimer This presentation does not constitute an offer to sell or a solicitation of offers to buy Ordinary Shares (the “Securities”). Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reason
Slide 3: Agenda
Agenda 1 Business Update CEO – Dr. Frank Mathias 2 Commercial Update CBO – Dr. Sébastien Ribault We wanted a partner that could support us from development through commercialisation, and OXB demonstrated the experience, Financial Update capability and flexibility to do that. 3 CFO – Dr. Lucy Crabtre
Slide 4: OXB fundamentals remain unchanged
OXB fundamentals remain unchanged A differentiated platform, expanding market and executional OXB IN NUMBERS excellence underpin the long-term strategy 30+ 50 Strong CGT market opportunity Years of Current experience in clients viral vectors Maturing and diversifying client pipeline 59 1,000+ Total
Slide 5: Strong commercial momentum in H1 underpins long-term growth
Strong commercial momentum in H1 underpins long-term growth Supporting OXB's ambition to deliver c.£500m revenue by 2030 H1 2026 New clients 17 Expanding client base (current: 21) Demonstrating continued market demand $713 million Pipeline value1 (current: $659 million) decrease due to signed orders
Slide 6: Positioned to capture growth across global CGT hubs
Positioned to capture growth across global CGT hubs OXB's global footprint provides access to the world's largest and fastest-growing CGT markets North America Europe Outsourced CGT potential market growth1: Durham and Bedford provide local Established network across the UK ~$10bn access to US clien
Slide 7: The CGT sector is delivering good news
The CGT sector is delivering good news Approvals, positive data and fresh funding across the industry in 2026 7
Slide 8: Commercial update
Commercial update 8
Slide 9: OXB is a key player across multiple therapeutic areas
OXB is a key player across multiple therapeutic areas AAV and LV remain dominant vector types CGT drug candidates by therapeutic areas and vector type: 2,217 CGT assets as of Q2 20263 891 The number of CGT assets in development continues to rise, with the total number climbing from 2,155 in Q2 2025
Slide 10: Strong growth and momentum in active client programmes
Strong growth and momentum in active client programmes 29 new programmes added resulting in 34% net portfolio growth Evolution of programmes between Sept. 20251 and Sept. 20262 # programmes Client programme portfolio expanded from 44 to 59 active programmes since September 2025 (net 15 new programme
Slide 11: A diversified portfolio of active client programmes
A diversified portfolio of 59 active client programmes Record number of client programmes OXB ranked in the top five CDMOs globally for advanced therapies by market share1 Contract stage: Contract size range per project (£): 46 Preclinical Dev & Early Stage 50k-5m 42 40 50 Expected BLA Therapeutic I
Slide 12: OXB's pipeline is diversifying across its global network
OXB’s pipeline is diversifying across its global network AAV momentum and multi-site capacity supports long-term revenue growth CAGR Opportunities by vector type Pipeline value by vector type One year pipeline dynamic by site Number of opportunities $ value of opportunities by vector type $ value of
Slide 13: Best-in-class conversion rates
Best-in-class conversion rates Our pipeline assumptions reflect our success rate New Business Number of Opportunities by Business Type % Proposal Contract drafting Negotiation Conversion % Conversion % Conversion % 30% 30% 74% 86% Existing Business 70% Proposal Contract drafting Negotiation Conversi
Slide 14: Large proportion of pipeline converting to signed orders
Large proportion of pipeline converting to signed orders Low dependence on large clients & significant repeat business support a more resilient pipeline Pipeline opportunities vs signed orders Pipeline by account Value in $m Value in $m 892 Signed orders 842 4% Pipeline 808 12% 6% 295 183 179 5% 238
Slide 15: OXB outperforming peers with sector-leading revenue growth
OXB outperforming peers with sector-leading revenue growth Expected to lead the peer group with 112% revenue growth from 2023-2026 Revenue growth for OXB competitors between 2023 and 2026: 2023-2025 2023-2026 112% Revenue growth (%) 88% 63% 56% 50% 48% 26% 23% 20% 17% Ø 23 12% 11% 4% 6% -2% -3% -7%
Slide 16: Why leading biopharma companies partner with OXB
Why leading biopharma companies partner with OXB The expertise to solve and the delivery to succeed Regardless of company size or development stage, clients partner with OXB for the expertise, capability and reliability needed to advance critical programmes Programme: Rese-cel Programmes: BCB-276 &
Slide 17: Commercial momentum supports sustainable growth
Commercial momentum supports sustainable growth Expanding market, maturing portfolio and growing pipeline Market Portfolio Pipeline • The CGT market continues to • The portfolio grew by a net 15 • The $659m pipeline continues to expand and mature programmes expand • AAV is the fastest-growing vector
Slide 18: Financial update
Financial update 18
Slide 19: Revenue growth reflects ongoing demand for services, cost discipline improving EBITDA
Revenue growth reflects ongoing demand for services, cost discipline improving EBITDA Condensed income statement: Six months to 30 June 2026 and cash balances H1 2026 H1 2025 Change Revenue growth reflecting demand • Manufacturing revenues of £43.1, up 20% driven by more clinical and commercial- Rev
Slide 20: OPEX stable as revenues grow, despite one-off factors driving lower gross margin in H1 2026
OPEX stable as revenues grow, despite one-off factors driving lower gross margin in H1 2026 Adjusted EBITDA bridge, comparing H1 2025 to H1 2026 +£6.8m £(4.2)m £(0.3)m +£0.3m £(1.2)m £(2.5)m £(3.9)m H1 2025 Revenue Raw materials Manpower Site cos ts Corporate and other H1 2026 H1 2025 Revenue Raw ma
Slide 21: H2 expected to benefit from a reduction in working capital
H2 expected to benefit from a reduction in working capital Cash bridge, 31 December 2025 to 30 June 2026 £96.9m £(7.8)m £(16.0)m £6.3m £(7.1)m £11.1m £1.6m £75.3m £(0.9)m £(8.8)m Dec 25 EBIT DA Working RDEC Capex Interes t Leases Oaktree Other Jun 26 capital and FX Dec 25 EBITDA Working RDEC Capex I
Slide 22: August guidance update driven primarily by timing-related factors
August guidance update driven primarily by timing-related factors Underlying demand and long-term growth strategy remain unchanged 01 – Client programme deferrals • Deferrals and delayed timelines of selected programmes in 2026 due to changes in client strategy or clinical data FY 2026 Revenue guida
Slide 23: ~£500m Revenue ambition by 2030 unchanged
~£500m Revenue ambition by 2030 unchanged Long-term revenue ambition is based on fundamentals, which continue to strengthen Client programme maturation progressing Number of late stage and commercial OXB programmes as of September 2026 programmes expected to increase Market fundamentals robust: Reco
Slide 24: Six levers drive operating leverage across the cost base
Six levers drive operating leverage across the cost base First-half evidence support path to increasing margins Corporate platform 01 Utilisation ramp 02 Procurement scale 03 leverage Installed capacity converts fixed manufacturing cost into Group sourcing scales across the raw material and external
Slide 25: Increasing utilisation and continued cost discipline support c.30% long-term EBITDA margin target
Increasing utilisation and continued cost discipline support c.30% long-term EBITDA margin target Operating EBITDA margin, % of revenue EBITDA margin bridge Uplift to Cost line Current status Approaching c.30% FY30/31 Cost of sales up to c.1,000bps 9 late-stage and commercial programmes (from 7 in
Slide 26: Wrap-up
Wrap-up 26
Slide 27: Why OXB is winning in the growing CGT market
Why OXB is winning in the growing CGT market Dedicated focus on CGT and viral vectors continues to differentiate OXB in a growing market High unmet medical Skilled & experienced Next-generation platforms & Multi-vector expertise with need people technologies full end-to-end offering Clear path to Hi
Slide 28: Q&A
Q&A 28
Slide 29: Appendix
29 ? , " bk a Be: ae " a? a i AP ity 4 At ar i “= B i a | . Appendix
Slide 30: Margin uplift expected in H2 2026
Margin uplift expected in H2 2026 Drivers of gross margin in first half Drivers for EBITDA margin improvement in second half • One-off factors. H1 2025 manufacturing included significant cancellation revenue with no associated cost 43% • Durham, NC site. GMP manufacturing online; site revenue genera
Slide 31: Revenue and Expenses breakdown
Revenue and Expenses breakdown Cost base increase of 7% vs. revenue increase of 9%. Revenues (£m) H1 2026 H1 2025 Change Adjusted cost base by type (£m) H1 2026 H1 2025 Change Manufacturing services 43.1 36.0 +20% Raw materials and external costs 28.3 24.1 +17% Development services 27.1 26.9 +1% Man
Slide 32: OXB has delivered significant financial momentum alongside a period of business transformation
OXB has delivered significant financial momentum alongside a period of business transformation Revenue (£’m) Key Operational Milestones 169 (171 CC ) 1 129 90 Continued commercial momentum through period of variable biotech sentiment FY23A FY24A FY25A CDMO transformation delivered with opera
Slide 33: Pure-play CDMO focus positions OXB to outgrow the market
Pure-play CDMO focus positions OXB to outgrow the market Driven by platform differentiation, scaled footprint and increasing late-phase mix Growing Late-Phase / Commercial Mix OXB 25-30 CAGR: ~25% >60% ~£500m revenue ambition FY25A revenue from late-phase projects Enlarged US Capacity OXB 23-25 CAGR
Slide 34: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income Jun 2026 Jun 2025 Jun 2026 Jun 2025 £'000 £'000 £'000 £'000 Continuing operations Other comprehensive expense Revenue 79,845 73,223 Loss on hedged instruments (206) - Cost of sales (50,708) (41,566) Foreign currency translation differences 1,093 (4,974)
Slide 35: Consolidated balance sheet
Consolidated balance sheet Jun 2026 Dec 2025 £'000 £'000 Jun 2026 Dec 2025 Assets £'000 £'000 Non-current assets Non-current liabilities Intangible assets & goodwill 24,302 25,168 Provisions 7,578 7,391 Property, plant and equipment 98,823 107,628 Contract liabilities 5,109 85 Trade and other receiv
Slide 36: Consolidated statement of cash flows
Consolidated statement of cash flows Jun 2026 Jun 2025 £’000 £’000 Cash flows from operating activities Cash used in operations (23,750) (1,498) Tax credit received 6,313 5,128 Net cash generated from /(used in) operating activities (17,437) 3,630 Cash flows from investing activities Purchases of pr
Slide 37: Revenue and Operating EBITDA
Revenue and Operating EBITDA1 Revenue (£m) 120 100 80 60 40 20 0 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Manufacturing Services & Commercial Development Lic
Slide 38: Management with strong CDMO expertise
Management with strong CDMO expertise Dr. Frank Mathias Dr. Lucy Crabtree Dr. Kyriacos Mitrophanous Dr. Sébastien Ribault Chief Executive Officer Chief Financial Officer Chief Innovation Officer Chief Business Officer (experience: >35 yrs) (experience: >20 yrs) (experience: >25 yrs) (experience: >25
Slide 39: Flexible development and manufacturing services
Flexible development and manufacturing services For all vector types at any clinical phase Vaccinia, MVA Other viral AAV LV Adeno & Pox virus vectors Drug development phases Preclinical Phase I Phase II Phase III Commercial Developing robust processes and delivering clinical materials Ensuring scala
Slide 40: OXB provides a critical capability for cell & gene therapies
OXB provides a critical capability for cell & gene therapies OXB's viral vector expertise is a vital link between scientific breakthroughs and patients OXB’s role CELL THERAPY Viral vector COLLECT EXPAND PATIENT ex vivo patient cells introduces genetic modified cells treatment material to cells GENE
Slide 41: Definitions – Page 1
Definitions – Page 1 Adjusted EBITDA Adjusted Operating EBITDA refers to Operating EBITDA removing one off items and foreign exchange gains and losses with revenue under constant currency. BLA Biologics License Application – the regulatory submission required for approval to market a biologic therap
Slide 42: Definitions – Page 2
Definitions – Page 2 Orders 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/contingent c
Slide 43: Let's deliver life-changing therapies together
Let’s deliver life-changing therapies together A global quality and innovation-led CDMO in cell and gene therapy Sophia Bolhassan, Head of Investor Relations IR@oxb.com OXB.com