Oxford Nanopore Technologies Plc · LSE:ONT
Oxford Nanopore Technologies — H1 2026 Earnings Presentation
46 slides from Oxford Nanopore Technologies's earnings presentation, Aug 19, 2026
Slide 1: 2026 Interim Results Presentation
2026 Interim Results Presentation 19 August 2026
Slide 2: Disclaimer
2 Disclaimer This presentation has been prepared by Oxford Nanopore Technologies plc (“Oxford Nanopore”) for This presentation and the discussion which follows it may contain statements that are forward- information purposes only and does not constitute an offer of, or solicitation to purchase or lo
Slide 3: Agenda
Agenda 01. Opening remarks | Francis Van Parys, CEO 02. H1 performance & FY26 guidance | Nick Keher, CFO 03. Corporate strategy & outlook | Francis Van Parys, CEO 04. Closing remarks | Francis Van Parys, CEO 05. Q&A | Francis Van Parys, CEO & Nick Keher, CFO
Slide 4: Opening Remarks
Opening Remarks Francis Van Parys, CEO
Slide 5: Setting the direction for the next phase
5 Setting the direction for the next phase First 6 months: Listening, learning and setting priorities 01 02 Customers Operations Listening to customers Understanding R&D, and partners to understand manufacturing, supply adoption, workflows and unmet chain and commercial execution needs 03 04 Strateg
Slide 6: Clear near-term path to profitability and cash generation
6 Clear near-term path to profitability and cash generation FY26 guidance unchanged; on track for adjusted EBITDA breakeven in FY27 and positive free cash flow in FY28 FY26 FY27 FY28 16–20% CC revenue growth* Adjusted EBITDA breakeven Positive free cash flow ~62% gross margin *Excludes $20m upfront
Slide 7: H1 2026 Performance
H1 2026 Performance Nick Keher, CFO
Slide 8: H1 performance
8 H1 26 performance Strong Margin and adjusted EBITDA progression; revenue below our expectations Revenue Revenue growth AMR £116.7m 12.3% CC £39.1m (H1 25: £105.6m) (10.5% reported) +12.5% CC 19% 33% Gross margin Adj. OpEX EMEAI 62.2% £(123.4)m £55.6m +23.8% CC (H1 25: 58.2%) (H1 25: £(132.6)m) 48%
Slide 9: Growth driven by PromethION range
Growth driven by PromethION range Strong device sales, slower consumables growth expected to be temporary in nature +15.7% +4.3% +7.4% £59m Devices and services £51m +32.6% 32% £28m £29m £27m £29m 68% PromethION range MinION range Other Consumables +2.7% H1 25 H1 26 The MinION product range includes
Slide 10: H1 26 revenue split by customer type
10 H1 26 revenue split by customer type Research 1 £76.0m (+5.4% YoY) Customers funded by grants or public funds to conduct research, 15% e.g. academic research institutes with the primary aim of publishing breakthrough science. Clinical £17.6m (+35.4% YoY) 8% Customers funded by reimbursement, usin
Slide 11: Gross margin bridge
11 Gross margin bridge Strong margin expansion in the period • H1 25 adversely impacted by a one-off non- +400bps cash, inventory charge of £3.3 million not repeated in FY26 +305bps (60)bps • Adoption of Capex model alongside Yield 62.2% improvements and recycling on Consumables +315bps (160)bps dro
Slide 12: Notable gross margin progression, with further potential over time
12 Notable gross margin progression, with further potential over time Pricing, yield and scale have improved product economics; further gains remain available 2023 Today Longer-term potential Approx. margin Approx. margin Consumables c.64% c.75% >80% 2023 average current level Approx. margin Approx.
Slide 13: Solid progress on pathway to breakeven
13 Solid progress on pathway to breakeven Adjusted EBITDA improvement driven by strong revenue growth and disciplined cost control FY27 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 H2 26 Reach breakeven Key levers £(22)m • Continued above market revenue growth; £(41)m £(38)m underpinned by £(48)m expan
Slide 14: Cash, cash equivalents and other liquid assets
14 Cash, cash equivalents and other liquid assets Cash bridge FY 2025 to H1 2026 £302.8m H1 reflects seasonality: £(17.6)m £(21.6)m • Operating Cashflows before movements £(2.6)m £(30.1)m in working capital improve by £27.2m to £(1.0)m £4.6m £234.5m £(17.6)m (H1 2025: £(44.8)m). • Working capital ou
Slide 15: New cross-licensing arrangement with global diagnostics company
New cross-licensing arrangement with global diagnostics company 15 Long-term economic benefit with enhanced IP position FY26 FY27 - FY28 Ongoing Strategic rationale Low to mid $20m $15m single digit ONT IP portfolio Counterparty IP portfolio royalty Upfront revenue Total revenue Royalty linked to 10
Slide 16: FY26 guidance
FY26 guidance 16 Strong underlying growth and operating leverage, with a one-off cross-licensing benefit Core business One-off uplift Reported Output CC revenue 16–20% +$20m 23–27% growth without upfront FY26 upfront with upfront Material Gross ~62% 100% ~64% improvement in margin without upfront gr
Slide 17: Corporate strategy
Corporate strategy Francis Van Parys, CEO
Slide 18: Why I believe Oxford Nanopore can win
18 Why I believe Oxford Nanopore can win A differentiated platform with a clear path to broader adoption and durable performance The platform The opportunity The potential The goal Differentiated Move from research Convert Build durable technology with into routine use innovation into performance gl
Slide 19: Strong foundation, clear areas to build
19 Strong foundation, clear areas to build Clear priorities to turn strong foundations into broader adoption and profitable growth Where we are today What we will do What this can deliver Focus on priority applications Adoption below potential Faster, broader adoption and customer experience Differe
Slide 20: Clear, focused strategy to drive sustainable, profitable growth
20 Clear, focused strategy to drive sustainable, profitable growth 01 02 03 Customer-centric growth Focused innovation Disciplined execution • Prioritise high-value applications • Innovate for customer needs • Simplify our portfolio, structure and go-to- where we can win market • Deliver robust, eas
Slide 21: Customer-centric growth
26 01 Customer-centric growth Sharper focus on selected high-value applications and clearer value propositions.
Slide 22: Differentiation and ease of realisation informs our participation model
01 Customer-centric growth 27 Differentiation and ease of realisation informs our participation model ILLUSTRATIVE EVALUATION MATRIX High Opportunistic Oxford Nanopore sweet spot (small lift) Segments may move on this Factors contributing to chart as they mature Research ease of realisation: • Solut
Slide 23: Clear participation model informs how we partner
01 Customer-centric growth 28 Clear participation model informs how we partner Route to market dictated by fit and ROI Category Model Our role Partner role How we earn Investment Best fit Develops and Tech enablement Out-licence None Royalties $ Opportunistic commercialises Off-the-shelf 3rd-party c
Slide 24: Focused partnering strategy across the value chain by end market
01 Customer-centric growth 29 Focused partnering strategy across the value chain by end market Sample prep, automation and analysis partners extend our utility across markets Sample Tertiary Library Nanopore Adapter Data Results into Sample collection Sample extraction Enrichment/ Sequencing Basecal
Slide 25: A focused path to 2030
01 Customer-centric growth 30 A focused path to 2030 Clear focus on high-value applications, across BioPharma, Clinical and Research markets Market opportunity funnel H1 26 Potential mix 2030 15% 8% Applied markets Research Research market market 35% ~40% Applied 65% 65% markets 12% ~60% c.$20–25B T
Slide 26: Research
01 Customer-centric growth Research 31 Winning where complex genome and methylation insight change the answer Where Oxford Nanopore can win Customer requirement Genome centres, biobanks, core Researchers need deeper biological insight than Target applications represent a SAM labs and disease-researc
Slide 27: Our advantage: Sequence + methylation in a single run
01 Customer-centric growth 32 Our advantage: Sequence + methylation in a single run Richer biological information creates differentiated, scalable products The biology Oxford Nanopore advantage Where we are today Revenue today DNA sequence 4 panels shipping The genetic code Methylation, PGx and canc
Slide 28: Biopharma
01 Customer-centric growth 33 Biopharma Opportunity to carve out a differentiated position within a large and growing market Where Oxford Nanopore can win Customer requirement Biopharma R&D and Biomanufacturing QC Customers need more information to advance Target applications represent a SAM pipelin
Slide 29: Multi-attribute mRNA QC test
01 Customer-centric growth 34 Multi-attribute mRNA QC test Reducing complexity, accelerating results – one test, one platform Oxford Nanopore Technologies Traditional methods Test Critical quality attributes mRNA QC Sequence confirmation One test Identity One platform Modified basecaller Intact tran
Slide 30: Clinical enablement
01 Customer-centric growth Clinical enablement 35 Building evidence where richer information and faster insights may enable future clinical applications Where Oxford Nanopore can win Customer problem Rare disease / rapid WGS, tumour profiling and Current technologies require batching or time to Targ
Slide 31: Acute Leukaemia: opportunities for workflow consolidation
01 Customer-centric growth 36 Acute Leukaemia: opportunities for workflow consolidation Conventional pathology assays consolidated into one adaptive sampling run Conventional pathology Next generation sequencing Flow cytometry Oxford Nanopore DNA adaptive sampling Karyotype Lesion-specific PCR or FI
Slide 32: High-performance culture
37 04 High-performance culture Successful execution relies on ambition, accountability and collaboration
Slide 33: Strengthening the leadership team for scaleup
04 High-performance culture 38 Strengthening the leadership team for scaleup Adding scaleup leadership depth across People, Data, Tech, Medical and Marketing Francis Van Parys Nick Keher Dr. Lakmal Jayasinghe Tina St Leger Chief Executive Officer Chief Financial Officer Chief Scientific Officer Chie
Slide 34: Employee feedback reinforced strategic priorities
04 High-performance culture 39 Employee feedback reinforced strategic priorities Strong alignment across the organisation Employee surveys carried out in January and July 2026. Culture review highlighted the same themes as the strategy process: 01 02 03 67% Participation Focus on Simplify ways of Cl
Slide 35: Outlook
Outlook Francis Van Parys, CEO
Slide 36: 2030 medium-term guidance
41 2030 medium-term guidance 2030 revenue target 2030 profitability BD / licensing / & cash targets Organic revenue growth mid- Accelerating towards 2030 royalties teens+ from FY26 additional upside Industrial Clinical >15% Adjusted BioPharma EBITDA margin Research >$700m Revenue by 2030 Positive c.
Slide 37: Capital allocation priorities
03 Disciplined execution 42 Capital allocation priorities Financial discipline and framework for success 01 02 03 Organic core investment Partnership enablement Selective M&A Capitalised development Assessed on SAM expansion, Drive adoption and spend and manufacturing capacity workflow enablement so
Slide 38: Closing remarks
Closing remarks Francis Van Parys, CEO
Slide 39: Key takeaways
44 Key takeaways A focused strategy to deliver 2030 targets and build towards a $1bn+ revenue business 01 02 03 Differentiated platform Clear strategy, now 2030 targets are a milestone and clear right to win being operationalised in a larger ambition Focused on high value applications Priority marke
Slide 40: Oxford Nanopore Technologies
Oxford Nanopore Technologies
Slide 41: Appendix
Appendix Oxford Nanopore Technologies
Slide 42: Investing for growth with improved cost control
47 Investing for growth with improved cost control £m H1 26 H2 25 H1 25 H2 24 H1 24 • Adjusted EBITDA loss improved in Revenue 116.7 118.3 105.6 99.1 84.1 H1 26 due to improved margins and disciplined cost control Adjusted gross profit 72.6 71.7 61.4 55.9 49.5 • Adoption of Capex model alongside yie
Slide 43: Revenue breakdown by regions
48 Revenue breakdown by regions Constant H1 2026 H1 2025 Reported Currency currency £m £m growth % impact % growth % AMR 39.1 36.0 8.6% 12.5% (3.9)% APAC 22.0 24.9 (11.6)% (8.4)% (3.2)% EMEAI 55.6 44.6 24.7% 23.8% 0.9% Total 116.7 105.6 10.5% 12.3% (1.8)%
Slide 44: Adjusted R&D expenses reconciliation
49 Adjusted R&D expenses reconciliation £m H1 26 H1 25 Research and development expenses 36.9 44.1 Adjusting items: Employer’s social security taxes on pre-IPO share awards - (0.1) Adjusted research and development expenses 36.9 44.0 Amortisation of capitalised development costs (17.9) (12.9) Capita
Slide 45: Adjusted SG&A expenses reconciliation
50 Adjusted SG&A expenses reconciliation £m H1 26 H1 25 Selling, general and administrative expenses 86.4 95.1 Adjusting items: Share-based payment expense on - (2.0) Founder Long Term Incentive Plan (LTIP) Employer’s social security taxes on 0.1 (0.3) Founder LTIP and pre-IPO share awards Restructu
Slide 46: Strategy recap
51 Strategy recap 2030 Targets 01 02 03 >$700m Revenue Customer-centric growth Focused innovation Disciplined execution Sharper focus on selected high- Translate technology leadership Create a focused, value applications and clearer into scalable model for disciplined value propositions. product lea
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