Slide 1: Q4 and Year-end 2025 Financial Results
NASDAQ: MRVI Q4 and Year-end 2025 Financial Results February 25, 2026
Slide 2: Agenda
Agenda 01 Welcome Deb Hart, Head of Investor Relations 02 Business Highlights Bernd Brust, Chief Executive Officer 03 Financial Results Raj Asarpota, Chief Financial Officer & Guidance 04 Q&A Session Bernd Brust, Chief Executive Officer Raj Asarpota, Chief Financial Officer Chanfeng Zhao, Chief Scie
Slide 3: Renamed Segment Reporting
Renamed Segment Reporting Nucleic Acid Now: Biologics Safety Now: Production TRILINK Testing CYGNUS Does not impact segment composition, financial results or historical comparability ©2026 Maravai LifeSciences.
Slide 4: Forward Looking Statements and Use of Non-GAAP Financial Measures
Forward Looking Statements and Use of Non-GAAP Financial Measures This presentation contains, and our officers and representatives may, from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Slide 5: Business Highlights
Q4 AND 2025 Business Highlights Bernd Brust Chief Executive Officer 5 © 2026 Maravai LifeSciences
Slide 6: 2025 and Q4 financial highlights
2025 and Q4 financial highlights Q4 ADJUSTED 2025 REVENUE Q4 2025 REVENUE Q4 Highlights EBITDA1 $185.7 M $49.9 M $0.5 M • Return to positive Adjusted EBITDA • TriLink revenue growth driven by GMP consumables and CDMO business • Cygnus growth driven by core customers Q4 base revenue2 grew 18% year-ov
Slide 7: Our Strategy is Driving Improved Results
Our Strategy is Driving Improved Results Commercial Operational R&D Focus Execution Excellence • Improved engagement increases • Centralized operations, clearer • Prioritizing highest return opportunity size ownership and accountability opportunities at TriLink and • Expanding mRNABuilder platform •
Slide 8: Market dynamics stable to improving
Market dynamics stable to improving Tools and Biotech environment stabilizing; private market funding improving1 Visibility improving – strong order volume Continued expansion of mRNA and gRNA companies2 Clinical trials by phase remain stable2 ©2026 Maravai LifeSciences. Sources: 1) Pitchbook data;
Slide 9: Financial Results
Q4 AND 2025 Financial Results Raj Asarpota Chief Financial Officer 9 © 2026 Maravai LifeSciences
Slide 10: Q4 2025 Results
Q4 2025 Results Business Segment Customer Mix Geographical Mix REVENUE $49.9 M • TriLink revenue of $34.6 M • BioPharma: 31% • NA: 55% • Cygnus revenue of $15.3 M • Life Sciences & Diagnostics: 29% • EMEA: 15% • Academia: 4% • Asia Pacific: 21% • CRO/CMO/CDO: 11% • China: 8% • Distributor: 25% • LAC
Slide 11: Financial Overview
Financial Overview Q4 2025 FY 2025 Adjusted Adjusted GAAP Net Loss GAAP Net Loss EBITDA EBITDA $63.0 M1 $0.5 M2 $230.8 M1 $(31.2) M2 1. GAAP net loss prior to amounts attributable to non-controlling interests 2. Adjusted EBITDA reconciliation provided on pages 22-24 11 ©2026 Maravai LifeSciences.
Slide 12: Earnings Per Share ($)
Earnings Per Share ($) Q4 and FY 2025 EPS1,2,3 Basic EPS Diluted EPS Adjusted EPS Basic EPS Diluted EPS Adjusted EPS ($0.04) ($0.24) ($0.24) ($0.29) ($0.90) ($0.90) Q4 2025 FY 2025 1. Basic and Diluted EPS (GAAP) equals Net Income attributable to our Class A shares divided by the weighted average Cl
Slide 13: Q4 2025 Balance Sheet, Cash Flow and Financial Highlights
Q4 2025 Balance Sheet, Cash Flow and Financial Highlights Long-Term Cash Net Cash1 Gross Debt $216.9 M $294.2 M ($77.3) M Cash Used by Operations Fully Diluted $22.8 M in Q4 2025 Net Interest Stock-based Shares Expense Compensation Outstanding2 $4.2 M $3.9 M 261 M 1. Based on Cash less long-term deb
Slide 14: Segment highlights
Segment highlights TriLink Cygnus $34.6 M $119.8 M $15.3 M $66.0 M Q4 revenue 2025 revenue Q4 revenue 2025 revenue • 69% of total Maravai revenue • 64% of total Maravai revenue • 31% of total Maravai revenue • 36% of total Maravai revenue • Base business1 revenue • Base business1 revenue • Revenue g
Slide 15: Cost reduction initiatives exceeding original targets
Cost reduction initiatives exceeding original targets >$65 M +$15 M >$50 M (previously) 15 ©2026 Maravai LifeSciences.
Slide 16: 2026 Guidance
2026 Guidance 2026 REVENUE $200 M to OTHER GUIDANCE ASSUMPTIONS (on an adjusted basis) $210 M • Gross margin: to expand 1,200 basis points • Operating Expenses: to decline 13% • G&A: to decline 18% 2026 ADJUSTED EBITDA1 • Sales and Marketing: to decline 13% $18 M to • R&D: to be up modestly $20 M 1.
Slide 17: Other 2026 model assumptions
Other 2026 model assumptions • Interest expense, net of interest income, between $15 M and $17 M • Depreciation and amortization between $50 M and $52 M • Stock-based compensation, which we show as a reconciling item from GAAP to Non-GAAP EBITDA, to be between $26 M and $28 M • As-if fully converted
Slide 18: Other Updates
Other Updates Remediation Plan Complete Securities Class Action Dismissed ©2026 Maravai LifeSciences.
Slide 19: Q&A
Q&A Bernd Brust, Chief Executive Officer Raj Asarpota, Chief Financial Officer Chanfeng Zhao, Chief Scientific Officer 19 © 2026 Maravai LifeSciences
Slide 20: Closing Commentary
Q4 AND 2025 Closing Commentary Bernd Brust Chief Executive Officer 20 © 2026 Maravai LifeSciences
Slide 21: Thank you
Thank you ©2026 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 22: Non-GAAP reconciliations
Non-GAAP reconciliations (in thousands, except per share amounts) This presentation contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include: Adjusted EBITDA and Adjusted fully diluted Ea
Slide 23: Non-GAAP reconciliations
Non-GAAP reconciliations These non-GAAP measures are supplemental measures of operating performance that are not prepared in accordance with GAAP and that do not represent, and should not be considered as, an alternative to net (loss) income, as determined in accordance with GAAP. Management uses th
Slide 24: Explanatory Notes to Reconciliations
Explanatory Notes to Reconciliations (1) Refers to the change in the estimated fair value of contingent consideration related to completed acquisitions. (2) Refers to incremental costs incurred to execute and integrate completed acquisitions, including retention payments related to integration that