Interim condensed financial statements for the 3-month period ended 31 March 2026

MABION S.A.

Interim condensed financial statements for the 3-month period ended 31 March 2026

Konstantynów Łódzki, 19 May 2026

The accompanying translation has not been reclassified or adjusted in any way to conform to the accounting principles generally accepted in countries other than Poland. In case of any discrepancies between Polish version and English translation, Polish version shall prevail.

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME

in PLN thousand, unless otherwise stated Note

1 January 2026

- 31 March 2026 (not audited﴿

1 January 2025

- 31 March 2025 (not audited﴿

Revenue 8 3,790 2,502

Revenue from the settlement of purchases of materials 8 261 214

Revenue from the settlement of service purchases 8 520 -

Revenue from leasing 8 - -

Total revenue 4,571 2,716

Cost of sales 8, 9 (6,638﴿ (8,306﴿

Cost of materials purchased 8, 9 (261﴿ (214﴿

Cost of purchased services 8, 9 (520﴿ -

Total costs (7,419﴿ (8,520﴿

Gross (loss﴿ on sales (2,848﴿ (5,804﴿

Research and development costs 9, 10 (4﴿ (38﴿

General and administrative expenses 9 (6,603﴿ (8,314﴿

Other operating income 11 320 107

Other operating expenses 11 (48﴿ (38﴿

(Loss﴿ on operating activities (9,183﴿ (14,086﴿

Financial income 12 77 369

Financial costs 12 (632﴿ (1,538﴿

Gross (loss﴿ (9,738﴿ (15,255﴿

Income tax - -

NET (LOSS﴿ (9,738﴿ (15,255﴿

Other comprehensive income - -

TOTAL COMPREHENSIVE INCOME (9,738﴿ (15,255﴿

Basic and diluted loss per share (in PLN per share﴿ (0.60﴿ (0.94﴿

The explanatory notes presented on pages 5 to 27 form an integral part of these interim condensed financial statements.

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

(not audited﴿

The explanatory notes presented on pages 5 to 27 form an integral part of these interim condensed financial statements.

INTERIM CONDENSED CASH FLOW STATEMENT

in PLN thousand Note

1 January 2026

- 31 March 2026 (not audited﴿

1 January 2025

- 31 March 2025 (not audited﴿

Net (loss﴿ (9,738﴿ (15,255﴿

Adjustments for:

Depreciation 9 2,203 2,405

Interest income 12 (22﴿ (228﴿

Interest expense 12 453 225

Revenue from grants 11 (52﴿ (56﴿

Loss/(profit﴿ on investing activities - (81﴿

Costs of the share-based incentive scheme - 129

Unrealised exchange rate differences (31﴿ -

Valuation of lease payments (276﴿ (453﴿

Loan valuation - -

Unrealised interest on the loan - -

Change in assets and liabilities:

Change in inventories 14 (72﴿ (141﴿

Change in trade and other receivables 15 (1,021﴿ 1,369

Change in prepayments 16 (222﴿ (1,694﴿ Change in assets held for trading - 109

Change in trade payables and other liabilities 23 (3,440﴿ (789﴿

Change in deferred income 18 16 (5﴿

Change in refundable advances on distribution rights 20 25 (35﴿ Change in other financial liabilities 221 332

Cash flows from operating activities (11,956﴿ (14,166﴿

Interest received 22 228

Interest paid (124﴿ (225﴿

Net cash flow from operating activities (12,058﴿ (14,163﴿

Disposal of property, plant and equipment - 81

Acquisition of property, plant and equipment and intangible assets (39﴿ (526﴿

Net cash flows from investing activities (39﴿ (445﴿

Repayment of loans (53﴿ (43﴿

Repayment of bank loans - -

Proceeds from loans 21 12,679 349

Interest paid

Repayment of the principal portion of the lease (311﴿ (458﴿

Net cash flows from financing activities 12,315 (152﴿

Net increase/(decrease﴿ in cash and cash equivalents 218 (14,760﴿

Cash and cash equivalents at the beginning of the period 6,372 38,448

Cash and cash equivalents at the end of the period 6,590 23,688

The explanatory notes presented on pages 5 to 27 form an integral part of these interim condensed financial statements.

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

capital

in PLN thousand Note Share

Share premium

Reserve capital

Other reserve funds

Accumulated losses

Total equity

The explanatory notes presented on pages 5 to 27 form an integral part of these interim condensed financial statements.

ADDITIONAL INFORMATION

1. The Company

   Mabion S.A. (Mabion or the Company﴿ was established on 30 May 2007 as a limited liability company. The Company's legal form changed on 29 October 2009 as a result of the conversion of the limited liability company into a joint-stock company established in accordance with the laws of the Republic of Poland. Mabion is currently entered in the Register of Entrepreneurs of the National Court Register maintained by the District Court for Łódź - Śródmieście in Łódź, 20th Commercial Division of the National Court Register, under KRS number 0000340462. The Company has been assigned tax identification number NIP 7752561383 and statistical identification number REGON 100343056. The Company's registered office is in Konstantynów Łódzki, ul. gen. Mariana Langiewicza 60.

   The Company's shares are listed on the Warsaw Stock Exchange.

   Mabion S.A. is a Polish biopharmaceutical company. The Company provides contract services in the development, analysis and manufacture of biological medicines (Contract Development and Manufacturing Organisation, 'CDMO'﴿ and conducts comprehensive operations in the biopharmaceutical industry. Mabion S.A.'s operations are based on three strategic pillars: integrated development and manufacturing services for biological products, including monoclonal antibodies, for the global biopharmaceutical market; co-development of biosimilars; and innovative products leveraging the Company's scientific excellence.

   Mabion S.A.'s strategy for 2025-2030 ('Strategy 2025-2030'﴿ focuses entirely on drug substances ('DS'﴿ and on expanding the business through partnerships in joint development and continuous manufacturing. The development plan also envisages entering segments with the highest growth potential. The aim is to strengthen the Company's position as a flexible, technologically advanced CDMO and to secure new service-based contracts for the development of biosimilars in collaboration with partners, as well as new innovative products based on its own intellectual property. Geographically, Mabion will expand its operations into rapidly growing markets, including the MENA region (Middle East and North Africa﴿ and Asia, although the United States will continue to play an important role. Detailed information on Mabion S.A.'s Strategy for 2025-2030 is presented in the Management Board's Report on the Activities of Mabion S.A. for 2025, published on 28 April 2026.

2. Basis for the preparation of the financial statements
   1. Basis of preparation

      These interim condensed financial statements of Mabion S.A. for the three-month period ended 31 March 2026 have been prepared in accordance with International Financial Reporting Standards (IFRS﴿ as adopted by the European Union, effective as at 31 March 2026.

      The interim condensed financial statements do not contain all the information required in full financial statements in accordance with IFRS as adopted for use in the European Union and should be read in conjunction with the Company's audited financial statements for the financial year ended 31 December 2025, published on 28 April 2026.

      The interim condensed financial statements of Mabion S.A. as at and for the three-month period ended 31 March 2026 have been prepared on a going concern basis (further information regarding the assumptions concerning the Company's ability to continue as a going concern is provided in Note 3﴿.

      The most significant accounting policies applied in these interim condensed financial statements are set out in note 4. The same policies have been applied in all financial years, unless otherwise stated. There were no changes to the accounting policies applied in the first quarter of 2026.

      The interim condensed financial statements have been prepared in accordance with the historical cost principle, except for certain assets and liabilities measured at fair value in accordance with IFRS.

      Significant accounting estimates and management judgements are presented in note 4.3.

      These interim condensed financial statements were approved for publication by the Company's Management Board on 18 May 2026.

   2. Statement of compliance

      These interim condensed financial statements have been prepared in accordance with the requirements of International Accounting Standard No. 34 "Interim Financial Reporting" as adopted by the EU ("IAS 34"﴿.

      The scope of the interim condensed financial statements complies with the Regulation of the Minister of Finance of 6 June 2025 on current and periodic information disclosed by issuers of securities and the conditions for recognising as equivalent information required by the laws of a non-member state (consolidated text: Journal of Laws 2025, item 755﴿ ("Regulation"﴿ and covers the quarterly reporting period from 1 January to 31 March 2026 and the comparative period from 1 January to 31 March 2025 for the statement of comprehensive income, the statement of changes in equity and the cash flow statement, as well as the statement of financial position as at 31 March 2026 and comparative figures as at 31 December 2025 and 31 March 2025.

3. Going concern principle

   During the current reporting period, the Company continued its operations in the areas indicated below:

   • operational activities consisting of the performance of:

   a﴿ the agreement signed with Novavax Inc. and orders for analytical and stability testing of the Client's samples;

   b﴿ the agreement and contracts signed with Novalgen Ltd covering process transfer, manufacturing and release of the product for clinical use; the development, transfer and validation of analytical methods, together with stability testing of the active substance and the finished product;

   c﴿ a framework agreement signed with Instituto De Biologia Molecular Do Paraná, based in Brazil, for the provision of services relating to the development of the process and production of material for clinical trials;

   d﴿ an agreement signed with WPD Pharmaceuticals Sp. z o.o. for the provision of services involving the development of analytical methods for a drug candidate in the form of a recombinant protein conjugated with a cytotoxic substance and a protein intermediate for the purposes of production process control, characterisation of the protein intermediate and the conjugate, and release testing;

   e﴿ additional orders received for analytical and service work;

   • implementation and verification of platform solutions for recombinant protein production processes, aimed at expanding capabilities and increasing competitiveness in the provision of contract manufacturing and development services;

   • tendering and business negotiations as part of building the Company's CDMO order portfolio.

   Update on the status and plans regarding operational activities involving the execution of production orders and the impact on the Company's liquidity position:

   The assumption of securing contracts for the execution of production orders is the baseline scenario of the Company's financial plan. Listed below are the contracts concluded in the previous financial year which were executed during the current period covered by these interim condensed financial statements.

   Cooperation with Novavax, Inc.

   In the first quarter of 2026, the Company continued its activities under the CDMO service project for Novavax, Inc., based in the USA (hereinafter: Novavax﴿. The cooperation with Novavax is based on a Manufacturing Agreement concluded in 2021 for the contract manufacturing of the active substance, i.e. the COVID-19 vaccine antigen known as Nuvaxovid® (the product﴿, and additional orders. In 2023, the parties extended their cooperation to include the manufacture of antigens constituting the active substance for vaccines against the Omicron variants. Until May 2024, the so-called period of the counterparty's unconditional obligation to accept performance was in force, during which the parties agreed on remuneration for the Company for the provision of services, and in the absence of a production order, remuneration for guaranteeing and making production capacity available. Following the end of this period, the Company

   continues to provide services to Novavax, receiving remuneration for the work carried out, although the value of the services provided is significantly lower compared to the remuneration previously received. The Manufacturing Agreement with Novavax remains in force until the end of 2026.

   Cooperation with Instituto De Biologia Molecular Do Paraná - IBMP

   On 13 April 2025, the Company entered into a framework agreement with Instituto De Biologia Molecular Do Paraná, based in Brazil (hereinafter: IBMP﴿, for the provision of services relating to process development and the manufacture of material for clinical trials, and received its first order (Statement of Work, "SOW#1"﴿. The subject of SOW#1 is the provision of services in the following areas: cell line development, process development, manufacture of products for pre-clinical and clinical trials, development and validation of analytical methods, and preparation of the necessary documentation. Selected services are provided by the Company in cooperation with subcontractors. In 2025, the Company carried out the project in accordance with the schedule agreed with the client. An analysis of the product's critical quality attributes was performed and an analytical strategy for the project was developed; seven analytical methods were developed, and further methods necessary for product evaluation are under development. The reference drug, constituting the starting material necessary for the development of analytical methods, was procured. In parallel, activities relating to logistics services, documentation work and the development of the purification process are being carried out on an ongoing basis. Gene synthesis, cloning and transfection were carried out as part of the work on cell line development conducted in collaboration with Sartorius Stedim Cellca, as well as the production of material on a 50L scale, which enabled the Company to commence work on the development of the product purification process. Following a decision by the client, it is necessary to optimise the cell culture process, which entails expanding the scope of work. In January 2026, as part of a signed change order, the parties expanded the scope of work to include additional process optimisation alongside a DoE (Design of Experiment﴿ analysis. The expansion of the scope necessitated an update to the project schedule, which was accepted by the Client without comment. The total net value of the contract currently amounts to approximately PLN 18.5 million (converted at the USD exchange rate as at 19 January 2026﴿, of which approximately 20-25% constitutes the anticipated remuneration for subcontractors. Payments for the performance of the work are linked to the work schedule and are made in line with the progress of the work.

   On 18 August 2025, the Company entered into a second order ("SOW#2"﴿ with the client under the framework agreement, the subject of which is the transfer of technology for the manufacture of a medicinal substance to a manufacturing site designated by the client, including the transfer of the necessary documentation, the manufacturing process and the analytical methods required for in-process control and product batch release. The Company's net remuneration for project management and administration, as well as the technology transfer to the client, will amount to the equivalent of approximately PLN 1.6 million (converted at the USD exchange rate as at 18 August 2025﴿. The above remuneration does not include the costs of materials, logistics services and

   other external costs. The order completion date, its final scope and duration will be agreed at a later date and are dependent on the progress of work carried out under SOW#1.

   Execution of orders for Novalgen Ltd

   In the first quarter of 2026, the Company continued to carry out work for Novalgen Ltd - a UK-based pharmaceutical company developing immunotherapeutic products. The work was carried out on the basis of orders received in August 2024 and covered stability testing of the drug substance (DS﴿ and the finished product (DP﴿. In 2024, the transfer of documentation and data provided by the client was completed, and the first test batch was produced. In the first half of 2025, work on the transfer of analytical methods was completed, the production of an engineering batch was carried out, a full range of analytical tests on the engineering batch was performed for both the drug substance and the finished product, and a batch was produced in accordance with GMP (Good Manufacturing Practice﴿ standards. Good Manufacturing Practice﴿, analytical testing of the manufactured GMP batch was carried out for both the active substance and the finished product, and the product was released for customer use. Both processes - the production of the engineering batch and the GMP batch - were carried out according to plan, whilst maintaining all necessary quality standards and compliance with customer requirements.

   Immediately following the completion of the engineering and GMP batches, stability testing was initiated; due to its nature, this is a long-term study. In the first quarter of 2026, at the customer's request, the duration of the stability studies for the active substance manufactured to GMP standards was extended by adding two additional time points (18 and 24 months﴿ at which stability analyses will be carried out. Consequently, the stability studies for the active substance (AS﴿ will continue until the second quarter of 2027. The duration of the stability testing for the finished product (DP﴿ remains unchanged - the work will be completed in the third quarter of 2027. Additionally, work related to the further optimisation of the ELISA Potency method was carried out in the last quarter of 2025 as part of an additional contract. The value of the work carried out for Novalgen Ltd under orders placed to date amounts to approximately PLN 5.6 million (payments denominated in USD﴿. The above figure does not include the costs of raw materials and supplies, which are settled separately.

   Performance of the contract with WPD Pharmaceuticals Sp. z o.o.

   On 17 April 2025, the Company entered into an agreement with WPD Pharmaceuticals Sp. z o.o. for the provision of services consisting of the development of analytical methods for a drug candidate in the form of a recombinant protein conjugated with a cytotoxic substance and a protein intermediate for the purposes of production process control, characterisation of the protein intermediate and the conjugate, and release testing. From the date the agreement came into force, the Company carried out the project in accordance with orders placed by the client and based on the approved work schedule. A study plan was issued, test materials were delivered to Mabion (including both the drug candidate in the form of a recombinant protein conjugated with a cytotoxic substance and the protein intermediate﴿, and

   laboratory work commenced on the development of analytical methods to assess the structure and physicochemical parameters of the protein intermediate. In 2025, 2 out of 6 ordered packages were completed. In the first quarter of 2026, the remaining commissioned work packages were completed and the project was settled in accordance with the substantive requirements specified in the orders, the scopes applicable to the ordered packages, and the completion deadline. The final remuneration for the Company for the ordered and completed packages amounted to approximately PLN 1.3 million net (the originally estimated remuneration was approximately PLN 2.0 million net, and the reduction in remuneration was due to the Client's decision to withdraw from part of the originally planned work﴿.

   The Company continues its intensive sales activities, aimed at signing further contracts to maximise the utilisation of the Company's production capacity.

   Although, as at the date of preparation of these interim condensed financial statements, no contracts have been signed to secure sufficient cash inflows to sustain operations for a period of twelve months from the date of these interim condensed financial statements, the assumption that such contracts will be secured in the near future is a key element of the Company's financial plan. As at the date of signing these interim condensed financial statements, there is a broad base of potential projects and clients with whom discussions are ongoing and which, in line with the Company's expectations, may in subsequent periods result in signed agreements for the performance of CDMO contracts.

   Based on the Management Board's current forecasts, revenue from the performance of contracts signed to date and from contracts potentially secured with new clients is insufficient to maintain current liquidity for a one-year period from the balance sheet date. Consequently, the Management Board has concluded that, in order to ensure the Company has an adequate level of funding to conduct its day-to-day operations and continue to secure production orders, immediate additional funding for the Company will be necessary. Action plans regarding the Company's liquidity management

   In the first quarter of 2026, the Company's Management Board continued its efforts to identify potential external sources of financing. In 2025, following offers received from advisers and meetings held regarding consultancy and support in negotiations for securing new financing, the Company decided to implement a process aimed at developing an optimal financing structure, which would be sourced from the following sources (alternatively or through a combination of these﴿:

   1. raising debt financing, including mainly from private debt funds,

   2. raising funds through a share issue,

   3. securing an industry or financial investor to provide additional funding to the Company.

   The scenario currently being pursued is to secure bridge financing from existing investors or other interested financing entities, which, in the Management Board's view, is the optimal source of short-term financing until the appropriate level of financing required in the medium term is secured. The current progress of the financing process is described below.

   The Company's Management Board also continues to actively pursue activities aimed at securing debt financing and is taking steps to increase capital through a share issue. In the Management Board's view, these activities constitute one of the key elements in meeting the estimated capital requirements. Securing an industry or financial investor who could significantly recapitalise the Company is one of three scenarios which the Company began implementing in April 2025 with the announcement of the update to the Strategy for 2025-2030, and which it is also continuing under the new Mabion S.A. Strategy for 2025-2030 adopted in November 2025.

   Work is currently underway to raise additional funds for the Company by increasing the Company's share capital through the issue of shares under the authorisation granted to the Company's Management Board in July 2025 to issue new shares in a number not exceeding 8,081,163 Company shares (authorised capital﴿.

   The planned share issue under the authorised capital will provide the Company with additional funds to secure liquidity for the coming months. This process was initiated in accordance with the resolution of the Company's Extraordinary General Meeting of 10 July 2025 and is currently being implemented. The planned issue will be a private placement and will not be conducted as a public offering. The Company's Management Board considers that the risk of the recapitalisation not being carried out by way of an increase in the Company's share capital through a share issue is negligible, but there is no certainty that such an issue will take place.

   Due to the complexity of the above-mentioned processes and their duration, the Company has requested bridge financing in the form of a loan from its shareholders.

   As a result of these actions, on 24 October 2025, the Company entered into a loan agreement with Twiti Investments Ltd., under which Twiti Investments granted the Company a loan of PLN 18 million for a period of two years. On 3 November 2025, the Company received the first tranche of the loan in the amount of PLN 6 million, and on 22 December 2025, a further tranche of PLN 4 million.

   At the same time, recognising the need for further external financing in the form of debt financing, on 9 February 2026 the Company's Management Board entered into a loan agreement with an unrelated party, namely ACRX Investments Limited, based in Nicosia, Cyprus, for an amount of up to PLN 6 million. The funds from this loan were made available in full on 10 February 2026. The loan was granted for a period of 6 months from the date of disbursement, and the agreement provides for the possibility of converting all or part of the loan, together with interest, into shares in the Company at any time, at the lender's request.

   Subsequently, on 13 March 2026, the Company entered into a loan agreement for up to EUR 3.1 million with an unrelated party, namely CBC Co., Ltd., based in Tokyo, Japan. Pursuant to the Agreement, the loan was made available at the Company's request in two equal tranches, with the first tranche being disbursed on 17 March 2026 and the second tranche on 22 April 2026 (an event after the balance sheet date﴿. The loan was granted for a period of 3 years from the date of disbursement, and the agreement provides for the possibility of converting all or part of the loan, together with interest, into shares of the Company at any time, at the lender's request.

   In the Management Board's view, securing the above loans has enabled the Company to carry out its current operational activities and maintain its readiness and capacity to execute new contracts. The Company's Management Board assumes that bridge financing in the form of loans will provide the Company with liquidity until contracts are concluded with new clients and funds are raised from a share issue; however, there is no certainty of this.

   In parallel with the measures described above, the Company's Management Board has taken steps to reduce operating costs and capital expenditure. This scenario supports efforts to maintain liquidity until a sufficient number of production orders are secured. This scenario is currently being pursued, taking into account the execution of operational and manufacturing processes related to the fulfilment of signed contracts, as well as the acquisition of new contracts. In the Management Board's view, the fulfilment of all signed contracts takes priority over any measures aimed at radically reducing costs, as such measures would impair the Company's operational capacity and thereby undermine its ability to meet its key contractual obligations.

   Significant uncertainty regarding the going concern

   Despite intensive market activities, the Management Board identifies significant uncertainty regarding the ability to secure and fulfil a sufficient number of production orders that would guarantee the Company the cash flow necessary to maintain liquidity in the foreseeable future.

   Consequently, there is significant uncertainty which may raise serious doubts as to the Company's ability to continue as a going concern, and for this reason the Company may not realise the expected economic benefits from its assets or settle its liabilities in the ordinary course of business. In the opinion of the Management Board, the market activities currently being undertaken and the status of discussions with potential counterparties provide grounds for assuming the continued operation of the business and indicate the existence of demand for the services offered by the Company.

   Despite the significant uncertainty described above, the Management Board has adopted the going concern principle as the basis for the preparation of these interim condensed financial statements. The basis for the Management Board's adoption of the going concern assumption is the market activities described above, aimed at securing production orders, and measures aimed at obtaining the necessary financing during the transitional period.

   These interim condensed financial statements have been prepared in accordance with the going concern principle, which assumes that the Company will continue as a going concern for the foreseeable future, for a period of not less than 12 months from the balance sheet date. Consequently, no adjustments have been made to the financial statements which might have been necessary had the going concern assumption not been valid.

4. Key accounting policies
   1. Functional currency and presentation currency

      The Company's functional currency and presentation currency is the Polish zloty. The financial statements are presented in thousands of zlotys, rounded to the nearest thousand, unless otherwise stated.

      Transactions denominated in currencies other than the Polish zloty are translated into Polish zlotys at the time of initial recognition using the exchange rate prevailing on the date of the transaction.

      As at the balance sheet date:

      • monetary items are translated using the closing rate, i.e. the average rate set for the currency in question by the National Bank of Poland on that date;

      • Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rate prevailing on the date of the original transaction;

      • non-monetary items measured at fair value in a foreign currency are translated using the exchange rate on the date the fair value was determined.

      Foreign exchange gains and losses arising from the settlement of transactions in foreign currencies, as well as those resulting from the periodic translation of monetary assets and liabilities, are recognised in profit or loss.

   2. Standards applied for the first time

      New or amended standards and interpretations effective from 1 January 2026 and their impact on the Company's interim condensed financial statements:

      • Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial Instruments: Disclosures' regarding the classification and measurement of financial instruments.

      The amendments to IFRS 9 introduce an accounting policy choice regarding the timing of the settlement of a liability where payment is made via an electronic payment system (provided certain conditions are met﴿.

      The amendments to IFRS 9 concerning the SPPI test provide guidance to help assess whether the cash flows arising from a contract are consistent with the basic lending arrangement.

      Furthermore, the amendments introduce a clearer definition of the 'non-recourse' feature.

      The amendments to IFRS 9 also provide additional guidance on the characteristics of contractually linked instruments.

      The amendments to IFRS 7 add new disclosure requirements:

      • relating to investments in equity instruments designated as measured at fair value through other comprehensive income;

      • for each class of financial assets measured at amortised cost or at fair value through other comprehensive income, as well as for financial liabilities measured at amortised cost.

        The amendments are effective for annual periods beginning on or after 1 January 2026.

        The amendments had no impact on the company's interim condensed financial statements.

      • Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial Instruments: Disclosures' regarding PPAs (Contracts Referencing Nature-dependent Electricity﴿

        The amendments to IFRS 9 include information on which PPAs may be used in hedge accounting and what specific terms are permitted in such hedging relationships.

        The amendments to IFRS 7 introduce new disclosure requirements for PPA contracts as defined in the amendments to IFRS 9.

        The amendments are effective for annual periods beginning on or after 1 January 2026.

        The amendments had no impact on the company's interim condensed financial statements.

      • Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7

      These are purely editorial amendments under the Annual Improvements cycle, which are effective for annual periods beginning on or after 1 January 2026. The amendments had no impact on the Company's interim condensed financial statements.

      Standards and interpretations in force in the version published by the IASB but not yet endorsed by the European Union are disclosed below in Note 5 regarding the impact of new and amended standards and interpretations on the Company's financial statements.

   3. Professional judgement and estimates

      The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions that affect the amounts recognised in the financial statements. Although the assumptions and estimates used are based on the best knowledge of the Company's management regarding current operations and events, actual results may differ from those anticipated.

      The following discusses the key forward-looking assumptions and other key sources of uncertainty as at the balance sheet date, which involve a significant risk of material adjustment to

      the carrying amounts of assets and liabilities in the next financial year. The Company has made assumptions and estimates regarding the future based on the information available at the time of preparing the separate financial statements. These assumptions and estimates may change as a result of future events arising from market changes or changes beyond the Company's control. Such changes are reflected in the estimates or assumptions at the time they occur.

      1. Estimates regarding revenue recognition and the classification of inventories from CDMO contracts

         Revenue from the contract manufacturing of active pharmaceutical ingredients was recognised by the Company over time in proportion to the progress made in fulfilling the performance obligation.

         The Company has selected the percentage-of-completion method based on expenditure, considering that it best reflects the entity's performance in fulfilling the performance obligation.

         The input-based method of measuring progress reflects the Company's performance to date in relation to the total fulfilment of the performance obligation. In the input-based method applied, the Company excluded the effects of any inputs which, in accordance with the objective of measuring progress, do not reflect the Company's performance in terms of transferring control of goods or services to the customer. The adjustment to the measure of progress has been incorporated into the contract value estimation model, taking into account that the cost incurred is not proportional to the entity's progress in fulfilling its performance obligation.

         The Company has analysed whether, in the event of early termination of the contract for reasons other than non-performance, it is entitled to receive payment that at least compensates the Company for the work performed to date.

         Using the cost-based method, raw materials purchased by the Company were recognised in the profit and loss account immediately upon purchase, rather than at the time of actual use in production. As a result, the Company did not recognise purchases of raw materials acquired for the purpose of fulfilling a contract for work and materials in the balance sheet under the item 'inventories'. With regard to the cost of raw materials used, revenue from the purchase of materials is recognised up to the cost of such raw materials where all of the following criteria are met, i.e.:

         • the raw material is not distinct (i.e. there is a significant service of integrating the raw material with the manufacturing service provided by the Company﴿;

         • the customer obtains control of the raw materials well before receiving the services related to the raw materials;

         • the cost of the transferred raw material is significant in relation to the total expected costs of fully fulfilling the performance obligation;

         • The Company procures the raw material from a third party and is not significantly involved in the design and production of the raw material.

           Raw materials purchased by the Company for contract manufacturing were immediately recognised in the profit and loss account as cost of sales due to the fact that:

         • these raw materials had no alternative use (i.e. the Company had no right to use these raw materials for purposes other than contract manufacturing, and other conditions indicated that control over the raw materials was transferred to the Client by the Company﴿;

         • the contract manufacturing of the active substance met the criteria for revenue recognition over time; consequently, costs incurred in connection with the fulfilment of the Company's obligation to perform the service were recognised in the profit and loss account as incurred, including raw materials purchased specifically for the purposes of the contract.

           In the statement of financial position as at 31 March 2026, the Company did not capitalise expenditure on the purchase of raw materials, but recognised this expenditure as costs incurred in fulfilling the performance obligation, given the nature of the purchases and the nature of the contracts referred to above.

           Revenue recognised using the cost-based method reflects:

         • the profit margin generated by the Company from the start of production in accordance with the signed contract and the incurrence of production costs other than merely the use of raw materials or the performance of activities aimed at confirming the effectiveness of technology transfer;

         • the profit margin realised on the management of materials and raw materials (logistics service﴿ and outsourced services.

      2. Deferred tax assets relating to income tax relief

         The Company has built a fully equipped research and industrial centre within the Łódź Special Economic Zone (ŁSSE﴿. In accordance with the Act on Special Economic Zones, business activities conducted within a special economic zone under the terms of the permit obtained are exempt from corporation tax up to an amount resulting from the available level of state aid and the eligible costs incurred. The basis for the exemption is the amount of eligible costs incurred, which may not exceed the maximum value specified in the permit granted by the ŁSSE Management Board. Mabion is entitled to the relief until 31 December 2026,

         i.e. the final year of the ŁSSE's operation under current legislation. In order to retain the right to the relief, the Company had to meet the criteria of investment permanence and employment levels by 31 December 2021. The investments covered by the permits issued in 2010 and 2012 have been completed, and the Company's compliance with the conditions entitling it to the tax relief was positively verified during audits conducted by the ŁSSE.

         Deferred tax assets relating to operations conducted in the Special Economic Zone are recognised at their initial value in the amount of the expected utilisation of the public aid pool, and their value is reduced by the relief utilised in the tax year. In the statement of comprehensive income as at the balance sheet date, the Company did not recognise deferred tax assets due to the insufficient likelihood of generating taxable income in the tax year following the date of the financial statements.

         Historically, the Company has realised significant negative temporary differences, mainly as a result of research and development activities, which will reduce the tax base in the future.

         Apart from 2024, the Company has generated tax losses deductible from non-zone activities over the last five years. In the interim condensed statement of financial position as at the balance sheet date, the Company did not recognise deferred tax assets arising from losses incurred from non-zone operations, due to the insufficient likelihood of generating taxable income in the tax year following the reporting date.

      3. Depreciation of property, plant and equipment

         Depreciation rates are based on the expected useful life of property, plant and equipment. Each year, the Company reviews the useful lives adopted on the basis of current estimates. Useful lives are determined with reference to the estimated periods over which the Company intends to derive future economic benefits from the use of the relevant assets. The Company also takes into account past experience with similar assets, where available, and considers anticipated future events that may affect the useful life of the assets, such as changes in technology.

      4. Recognition of research and development costs

         The Company does not recognise any intangible asset arising from research work (or from the research phase of an in-house project﴿. Expenditure incurred on research (or on the research phase of an in-house project﴿ is recognised as an expense when incurred. The Company does not currently meet the criteria for capitalising such expenditure and, consequently, expenditure on development work, like expenditure on research work, is recognised as an expense in the profit or loss statement as incurred.

5. Impact of new and amended standards and interpretations on the Company's financial statements

   Application of a standard or interpretation before its effective date

   No voluntary early adoption of a standard or interpretation has been applied in these interim condensed financial statements.

   Published standards and interpretations that have not yet come into force for periods beginning on 1 January 2026 and their impact on the financial statements

   As at the date of preparation of these interim condensed financial statements, new or amended standards and interpretations have

   been published, effective for annual periods beginning after 2026. The list also includes amendments, standards and interpretations that have been published but not yet endorsed by the European Union.

   • New IFRS 18 "Presentation and Disclosures in Financial Statements" The new standard will replace IAS 1 'Presentation of Financial Statements'. IFRS 18 introduces, amongst other things:

     • a new structure for the income statement;

     • increased requirements regarding the aggregation and disaggregation of data;

     • requirements to disclose management-defined performance measures.

     The standard is effective for annual periods beginning on or after 1 January 2027.

     The Company is still assessing the impact of the new standard on its financial statements.

   • New IFRS 19 'Subsidiaries without public accountability: disclosures'

     The standard applies to non-publicly accountable subsidiaries where the parent entity prepares financial statements in accordance with IFRS. The new IFRS 19 exempts entities from disclosures required by other standards and introduces a new list in their place.

     The standard is effective for annual periods beginning on or after 1 January 2027.

     The new IFRS 19 will not affect the company's financial statements, as it does not apply to public entities.

   • Amendments to IFRS 19 "Subsidiaries without public accountability: disclosures"

     IFRS 19 allows subsidiaries that are not publicly accountable to apply IFRS with limited disclosure requirements. It limits the disclosure requirements relating to other standards and amendments to standards issued up to February 2021.

     Newly issued amendments to IFRS 19 allow subsidiaries to reduce disclosure requirements for standards and amendments published between February 2021 and May 2024, in particular: IFRS 18, amendments to IAS 7 and IFRS 7, amendments to IAS 12, amendments to IAS 21, amendments to IFRS 9 and IFRS 7. As a result of these amendments, IFRS 19 reflects the amendments to IFRS standards effective until 1 January 2027, i.e. until the date from which IFRS 19 will apply.

     The amendments are effective for annual periods beginning on or after 1 January 2027.

     The amendments to IFRS 19 will not affect the Company's financial statements, as IFRS 19 does not apply to public sector entities.

   • Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates'

   The amendments to IAS 21 clarify the rules for currency translation in specific situations. Where an entity translates data from the functional currency of a non-hyperinflationary

   economy into the presentation currency of a hyperinflationary economy, it applies the closing rate on the date of the most recent statement of financial position, including comparative data. However, if the presentation currency ceases to be the currency of a hyperinflationary economy, whilst the functional currency remains the currency of a non-hyperinflationary economy, the entity applies the currently effective requirements of IAS 21 prospectively, without restating comparative data. In addition, it is specified that an entity whose functional and presentation currencies are those of a hyperinflationary economy shall, when restating the comparative figures of a foreign entity operating in a non-hyperinflationary economy, apply a general price index in accordance with IAS 29. The amendments also introduce additional disclosure requirements relating to the above changes.

   The amendments are effective for annual periods beginning on or after 1 January 2027.

   The Company estimates that the amendments will not have an impact on its financial statements.

   The Company intends to implement the above regulations within the timeframes specified for application by the standards or interpretations.

6. Operating segments

   During the period covered by these interim condensed financial statements, the Company conducted its business activities solely in Poland. All of the Company's assets are located in Poland.

   Operating results are analysed by the Management Board, which is also the principal body responsible for making operational decisions at the Company level; for this reason, no more than one operating segment has been identified.

7. Seasonality of operations

   The Company's operations are not characterised by seasonality or cyclicality. The nature and intensity of operations are determined by the contracts or orders held and executed as part of the CDMO services provided.

8. Revenue and cost of sales

   in PLN thousand

   1 January 2026

   - 31 March 2026 (not audited﴿

   1 January 2025

   - 31 March 2025 (not audited﴿

   Revenue from contracts with customers, including 4,571 2,716

   Revenue from production and services 3,790 2,502

   Revenue from the settlement of purchases of materials 261 214

   Revenue from the settlement of service purchases 520 -

   Revenue from leasing - -

   Cost of sales (6,638﴿ (8,306﴿

   Cost of materials purchased (261﴿ (214﴿

   Cost of purchased services (520﴿ -

   Gross (loss﴿ on sales (2,848﴿ (5,804﴿

   The Company recognises revenue from contracts with customers in the amount of the consideration expected to be received in exchange for the performance of the promised scope of services or the delivery of specific goods.

   During the reporting period, the Company generated revenue from the provision of services to Novavax in the following areas:

   • peptide mapping analysis for the active substance (DS﴿ and the finished product (DP﴿ of rS SARS-CoV-2 protein samples from Novavax products under SOW#9 signed in 2022;

   • peptide mapping analysis for the finished product (DP﴿ - the COVID-influenza combination (CIC﴿ vaccine, a Novavax product under SOW#11 signed in 2024;

   • analytical work related to the development, transfer and validation/verification of analytical methods for the active substance (AS﴿ and finished product (FP﴿ of rS SARS-CoV-2 protein samples of Novavax product variants, and the testing of AS and FP samples of Novavax products under the contract analytical testing of samples in the area of quality control;

   • stability studies of the active substance (DS﴿ and finished product (DP﴿ of SARS-CoV-2 rS protein samples for Novavax product variants.

     Revenue from a contract with a UK-based client (Novalgen Ltd﴿

     On 16 August 2024, the Company signed three contracts with a UK-based immunotherapy company for the performance of specific work on behalf of the Client.

     The company commenced work for the client in September 2024 and had completed the key activities relating to the project by the balance sheet date. The value of the work commissioned amounted to approximately PLN 5.6 million (payments denominated in USD﴿. During the reporting period, payments were made on a monthly basis. The value of the commissioned work did not include the costs of raw materials and supplies, which were settled separately.

     Revenue from the performance of this contract was recognised over time using the percentage of completion method, which, in the Company's opinion, best reflected the entity's progress in fulfilling the identified obligation to render the service.

     The contract manufacturing service was carried out using a general process provided by the customer, subsequently developed and adapted at the customer's request; due to binding contractual provisions and intellectual property law issues, the customer was also the sole entity authorised to accept the manufactured batches of the active substance. The service provided by the Company constituted an asset with no alternative use, and the Company was entitled to remuneration at every stage of the service's performance; therefore, it was concluded that the conditions for recognising revenue from the performance of this contract over time were met.

     Revenue from the contract with the Brazilian counterparty (Instituto De Biologia Molecular Do Paraná - IBMP﴿

     On 13 April 2025, the Company entered into a framework agreement with Instituto De Biologia Molecular Do Paraná, based in Brazil (hereinafter: IBMP﴿, for the provision of services relating to the development of processes and the production of material for clinical trials, and received the first order (Statement of Work, "SOW#1"﴿.

     Selected services are provided by the Company in cooperation with subcontractors. The total net value of the order as at the balance sheet date is approximately PLN 18.5 million (converted at the USD exchange rate as at 19 January 2026﴿, of which approximately 20-25% will constitute remuneration for subcontractors. Payments, denominated in USD, for the performance of the work are linked to the work schedule and are therefore made as the work progresses.

     Upon signing the Framework Agreement, the Company and the Client commenced preparatory work. The commencement of services under the contract was conditional upon the Client entering into an agreement with a third party regarding project financing and the subcontractor's formal acceptance of the Company's tender for the performance of part of the work under the contract. The Company was informed of the fulfilment of the above conditions on 30 June 2025, following which the services covered by SOW#1 were commenced.

     On 18 August 2025, the Company entered into a second contract with the Client under the Framework Agreement (Statement of Work, "SOW#2"﴿. The subject of the SOW#2 contract is the transfer of technology for the manufacture of a medicinal substance to a manufacturing site designated by the Client,

     including the transfer of the necessary documentation, the manufacturing process and the analytical methods required for in-process control and batch release.

     The Company's net remuneration for project management and administration, as well as the technology transfer to the Client, will amount to the equivalent of approximately PLN 1.6 million (converted at the USD exchange rate as at 18 August 2025﴿. The above remuneration does not include the costs of materials, logistics services and other external costs specified in SOW#2. Payments will be subject to agreed schedules and progress of work.

     The order completion date, its final scope and duration will be agreed at a later date and are dependent on the progress of work carried out under SOW#1.

     When accounting for the CDMO contract, the Company recognised revenue using the percentage-of-completion method based on expenditure, which, in the Company's opinion, best reflected the entity's performance in fulfilling the identified obligation to render the service. The amount of remuneration allocated to this performance obligation was recognised as revenue in proportion to the cost-based progress of the performance. Revenue was based solely on costs directly related to the fulfilment of the obligation and did not include overheads, potential inefficiencies, excess consumption, etc. Given that the production cycle and the timing of costs (in particular, where one of the costs consists of significant goods purchased from third parties for the purpose of contract performance﴿ of fulfilling contractual obligations do not necessarily correspond to the stage of completion of the obligation, then where costs are incurred but the performance obligation has not yet been fulfilled, revenue is recognised only to the extent of the costs incurred.

     Revenue from the settlement of material purchases comprised the value of raw materials purchased by the Company for use in the performance of the CDMO contract and was recognised in the same amount in the costs and revenue of the statement of comprehensive income at the time of purchase, rather than at the time of actual use in production, as these raw materials had no alternative use (i.e. these raw materials are specifically identifiable and the Company has no right to use them for purposes other than contract manufacturing, and other conditions indicate that control over the raw materials is transferred from the Company to the client at the time of their acquisition﴿.

     Consequently, the Company did not recognise purchases of raw materials acquired for the purpose of fulfilling a contract for contract manufacturing in the balance sheet under the heading 'inventories'.

     Recognition and presentation of cost of sales

     During the reporting period, the Company recognised and presented cost of sales at a level aggregating the costs necessary to maintain production capacity and provide CDMO services.

     Given the insufficient utilisation of production capacity for the provision of CDMO services, this resulted in a negative sales margin. In view of the above, in the event of downtime or a lack of services being provided, significant fluctuations in profitability

     at the sales level are to be expected, which do not reflect the actual unit profitability of the projects being carried out.

     As part of the costs allocated to the cost of sales incurred during the period, the Company recognised the following costs:

   • salaries and benefits for employees in the operational and quality control departments,

   • depreciation of equipment,

   • consumption of materials (controlled by the Company﴿ and energy,

   • external services,

   • bonuses due for securing contracts,

   directly related to the performance of contracts or maintaining readiness to provide services. The note below presents costs by nature for the comparative periods, reconciled with costs incurred on a functional basis.

9. Costs by nature

   The table below presents the categories of costs by nature for the period ended 31 March 2026 and for the comparative period:

   (not audited﴿

   in PLN thousand 1 January 2026 - 31 March 2026

   1 January 2025 - 31 March 2025 (not audited﴿

   Depreciation	2,203	2,405
   Consumption of materials and energy, utilities	1,097	1,809
   Cost of materials purchased	261	214
   External services, including:	2,107	2,888
   waste collection and disposal	101	107
   maintenance services	393	607
   renovation services	-	-
   analytical services	-	20
   research services	-	-
   consultancy services and audit costs	240	295
   legal services	82	21
   telecommunications and IT services	816	1,072
   recruitment costs	8	56
   marketing, sales and business development costs	94	369
   services for acquiring new distribution partners	-	-
   logistics services	2	9
   property protection	80	80
   laundry services	76	161
   other	215	92
   Cost of purchased services	520	-
   Drug registration costs	2	1
   Taxes and fees	237	226
   Payroll costs	6,178	7,493
   Employee benefits	1,144	1,603
   Other costs	278	234
   Total costs by type	14,027	16,872
   Cost of sales	6,638	8,306
   Cost of materials purchased	261	214
   Cost of purchased services	520	-
   Research and development costs	4	38
   General and administrative expenses	6,603	8,314
   Total costs by function	14,027	16,872

   In the first quarter of 2026, strict cost discipline was maintained across most areas, resulting in a reduction of over 15% in cost categories. The largest reduction in costs was recorded in the consumption of materials and energy, primarily due to significantly lower consumption of utilities (electricity, gas and heating﴿ and the optimisation of spare parts costs. Equally significant, the approximately 20% decrease in payroll costs, including employee benefits, in the first quarter of 2026 compared to the first quarter

   of 2025 was mainly due to the absence of provisions for bonuses and a lower average headcount.

   The decrease in external service costs is mainly due to lower marketing, sales and business development costs. One of the few areas where increases were recorded was legal services - this was primarily due to the handling of financing acquisition processes.

10. Research and development costs

    (not audited﴿

    in PLN thousand 1 January 2026 - 31 March 2026

    1 January 2025 - 31 March 2025 (not tested﴿

    MabionCD20	-	2
    Other projects	4	36
    Total research and development costs	4	38

    Following the adoption in April 2023 of the Company's Strategy for 2023-2027, work and expenditure on the development of MabionCD20 have been reduced to the minimum necessary to maintain the project's potential. In accordance with the new Company Strategy for 2025-2030 adopted in November 2025, the Company plans to revive the MabionCD20 project, albeit in a new format involving the use of CD20 as part of an innovative medicine.

11. Other operating income and expenses

    (not audited﴿

    in PLN thousand 1 January 2026 - 31 March 2026

    1 January 2025 - 31 March 2025 (not audited﴿

    Gain on disposal of fixed assets	-	-
    Grants	52	56
    Value of current assets received free of charge	-	13
    Other	268	39
    Total other operating income	320	107
    Loss on disposal of fixed assets	-	28
    Write-downs on current assets	29	-
    Compensation	4	9
    Other	15	1
    Total other operating expenses	48	38

    Revenue from grants relates in particular to the portion of grants received in previous years for the purchase of fixed assets in projects co-financed from EU funds, amounting to PLN 52,000 and PLN 56,000 in the first quarter of 2026 and 2025 respectively, which was recognised in the profit or loss for the respective periods in proportion to the depreciation of the assets financed by the grants.

    The write-down on current tangible assets relates to those inventory items for which, in the opinion of the Company's management, there is no foreseeable future use or whose expiry date falls within 12 months of the balance sheet date.

12. Financial income and expenses

    (not audited﴿

    in PLN thousand 1 January 2026 - 31 March 2026

    1 January 2025 - 31 March 2025 (not audited﴿

    Interest income	22	228
    Net foreign exchange gains	-	-
    Other	55	141
    Total financial income	77	369
    Interest expense, including:	453	225
    on loans and borrowings	335	8
    from lease liabilities	109	217
    from trade and budgetary liabilities	9	-
    Net foreign exchange losses	178	1,313
    Other financial expenses	1	-
    Total financial costs	632	1,538

    Interest income in the first quarter of 2026 and in the first quarter of 2025 arises from interest accrued on cash held in bank deposits. Financial expenses in the first quarter of 2026 consist mainly of interest expenses on loans, whereas in the first quarter of 2025 they consist of foreign exchange losses.

13. Property, plant and equipment and intangible assets

    In the current reporting period, the Company incurred expenditure on property, plant and equipment and intangible assets (including those not yet put into use﴿ amounting to PLN 52,000.

    In accordance with the requirements of IAS 36, the Management Board assessed the indicators that might suggest impairment of assets as at 31 March 2026. In view of the situation described in Note 3 (going concern assumption﴿, concerning the identified material uncertainty regarding the maintenance of financial liquidity, the Management Board considered this to be an internal indication of impairment.

    Despite the existence of the uncertainty indicated above, the Management Board has adopted the going concern principle as the basis for the preparation of these interim condensed financial statements. Adopting the assumption of discontinuation of operations could have a material adverse effect on the Company's existing and newly established business relationships with counterparties, undermining the Company's credibility as a potential counterparty, and would result in the Company's assets being measured at liquidation value rather than fair value. In the opinion of the Company's Management Board, however, making such adjustments and preparing the Company's financial statements using the net realisable value of assets obtainable through liquidation is currently not justified either substantively or economically,

    as the Management Board does not intend to liquidate the Company or cease its operations. The Company's Management Board is taking and will continue to take all possible measures to improve the Company's financial and liquidity position and to minimise the uncertainties that have arisen regarding the future.

    The Company has not carried out a valuation using this method and therefore does not have information regarding the quantitative impact of asset value adjustments that would be necessary in such a case. Consequently, in the first quarter of 2026, no need to recognise impairment losses on property, plant and equipment was identified.

14. Inventories

    The inventory balance comprises materials and, as at 31 March 2026, amounted to PLN 1,480,000 (as at 31 December 2025, it amounted to PLN 1,407,000﴿.

    As at 31 March 2026, the Company recognised impairment losses on inventories totalling PLN 7,301 thousand (as at 31 December 2025, these amounted to PLN 7,466 thousand﴿. Write-downs are recognised if the expiry date of the inventories is approaching and there is a risk that they will not be used, or in a situation where there is currently no sales project applicable to the inventories in question.

    Under the cost method, in accordance with the revenue recognition policy for contracts with customers to whom CDMO services were provided, raw materials purchased by the Company for the performance of these contracts were recognised in the profit and loss account at the time of purchase, rather than at the time of actual use in production, due to the fact that these raw materials have no alternative use.

    Raw materials are specifically identified, and the contracts with counterparties in the United Kingdom and Brazil in force as at the balance sheet date do not permit the Company to use these raw materials for purposes other than the performance of the contract manufacturing agreement.

    Consequently, the Company does not recognise raw materials purchased for the purpose of fulfilling CDMO contracts as inventory; instead, in the current reporting period, the Company recognises the purchased raw materials as cost of sales in the profit and loss

    account, with revenue recognised in an amount equal to the cost of acquiring the raw materials, and thus does not recognise a profit margin.

    Under agreements with counterparties in the United Kingdom and Brazil, the Company provides logistics services consisting of comprehensive management of the raw material procurement process. The margin realised on this service is recognised together with the margin on core services in accordance with the methodology described in Note 8.

15. Trade receivables and other receivables

    Trade receivables are amounts due from customers for goods sold or services rendered in the ordinary course of the Company's business. They are typically due within 30 days. Trade receivables are initially recognised at the amount of unconditional payment due. The Company recognises trade receivables to realise cash flows arising from contracts with customers, and subsequently measures them at amortised cost using the effective interest rate method.

    (not audited﴿

    in PLN thousand 31 March 2026

    31 December 2025

    VAT receivables	577	1,218
    Trade receivables	3,640	1,911
    Advances for materials and services	198	286
    Deposits	313	346
    Other receivables	248	195
    Trade and other receivables	4,976	3,956

    Trade receivables which, as at 31 March 2026, were overdue by between 1 and 180 days had not been paid after the balance sheet date as at the date of preparation of these interim condensed financial statements. Nevertheless, the Company's management has assessed that there is no risk of non-recovery of these receivables, given the ongoing cooperation with the customer. Consequently, and based on historical data regarding the repayment of receivables by counterparties, the Company has not made a provision for expected credit losses.

16. Prepaid expenses

    (not audited﴿

    in PLN thousand 31 March 2026

    31 December 2025

    Insurance	197	308
    Training	5	-
    Complaints	103	103
    Licences	159	165
    Services	10	10
    Costs associated with participating in the trade fair	350	327
    Other	460	149
    Total prepaid expenses	1,284	1,062

    The Company recognised periodic fees for access to the eQMS computerised system under licence costs.

    The Company recognised, among other things, stand fees and venue hire costs for the BIO International trade fair in San Diego in June 2026 under costs related to participation in trade fairs.

17. Capital management and equity a﴿ Capital management

    The objective of the Company's capital management is to ensure the ability to continue operations in order to generate a return on capital for shareholders, as well as to maintain an optimal capital structure to optimise the cost of capital.

    The Company is subject to a legal capital requirement under the Commercial Companies Code (KSH﴿, pursuant to which the Company is obliged to create a reserve fund to cover net losses in an amount of at least 8% of the profit for the relevant financial year, until such time as the reserve capital reaches an amount equal to at least one-third of the share capital. In previous reporting periods (excluding the years 2021, 2022 and 2023﴿, the Company generated losses or allocated generated profits to the reserve capital and to cover losses from previous years. Nevertheless,

    the requirement to create a reserve capital equal to at least one-third of the share capital has not been met.

    As at the date of preparation of these interim condensed financial statements, the Company's Annual General Meeting had not adopted a resolution approving the financial statements for the financial year 2025 or on the method of covering the net loss disclosed therein.

    b﴿ Share-based payments

    General assumptions

    Pursuant to Resolution No. 1/VII/2024 of the Company's Annual General Meeting of 15 July 2024, the Annual General Meeting resolved to implement an incentive scheme within the Company for key personnel. The scheme will be implemented over a period of five financial years (2025-2029﴿. The aim of the scheme is to ensure optimal conditions for the growth of the Company's financial results and the long-term growth of the Company's value by securing the long-term commitment of participants in the scheme to the Company and its objectives.

    The Programme will be implemented through the issue and allocation to Eligible Persons of no more than 1,010,145 subscription warrants entitling them to subscribe for shares in the Company issued as part of a conditional increase in the share capital (1 warrant entitles the holder to subscribe for 1 share at an issue price of PLN 0.10﴿. Members of the Management Board will be allocated a maximum of 75% of the Warrants, and the remaining Participants - a maximum of the remaining 25%.

    The condition for the subscription and exercise of rights under the Warrants shall be the fulfilment by the Eligible Persons of the Financial Criterion specified in accordance with the provisions of the Resolution. Additionally, the Resolution requires the Service Condition to be met. In the case of Members of the Management Board, Warrants may only be allocated for the financial year in which the relevant Member of the Company's Management Board held their position for the entire financial year and remained a Member of the Management Board on the last day of that

    financial year. For other Participants who became employees or associates of the Company during the financial year in which the Incentive Scheme is in force, provided the Financial Criterion is met, Warrants will be allocated in proportion to the length of their employment or tenure in the Company during that financial year.

    The list of Programme Participants and the maximum number of Warrants to which each Participant is entitled in a given financial year shall be determined by the Supervisory Board by way of a resolution within 30 days of the start of the relevant financial year, with Participants who are not members of the Management Board being recommended by the Management Board by way of a resolution. If the Supervisory Board fails to determine the list of Participants within 30 days, members of the Management Board shall be entitled to receive a maximum of 15% of the total pool of all Warrants, to be divided equally amongst the members of the Management Board.

    In the event of a change of control, defined as the date on which the shareholding of a single shareholder or a group of shareholders acting in concert exceeds 50% of the total number of votes at the Company's general meeting, or the date on which the Company's General Meeting adopts a resolution to delist the Company's shares from trading on the regulated market operated by the Warsaw Stock Exchange, the Eligible Persons shall, on the Change of Control date, be entitled to subscribe for all Warrants not previously subscribed for.

    On 10 July 2025, the Extraordinary General Meeting of the Company (EGM﴿ adopted a resolution amending the aforementioned resolution with regard to, amongst other things, clarifying the rules and operation of the scheme, including the group of eligible persons, the procedure for granting rights, the powers of the respective bodies, and the rules applicable in the event of a change of control over the Company. Pursuant to the EGM resolution, Alternatively, Eligible Persons may sell subscription warrants to the Company, in whole or in part, for consideration, for the purpose of their cancellation, at the price and on the terms specified in the EGM resolution. In the event that the financial criterion is not met in a given financial year, the right to subscribe for and exercise the rights attached to subscription warrants not exercised in that financial year may be exercised in subsequent years, provided that the financial criterion is met in those subsequent years, including in respect of the relevant financial year.

    Programme for 2025

    On 23 January 2026, by Resolution No. 2/I/2026, the Company's Supervisory Board decided to waive the grant of subscription warrants under the 2025 Incentive Scheme due to the fact that the persons covered by the 2025 Scheme did not hold their positions for the entire 2025 financial year, which was a condition for the grant of warrants. As no participant met the Programme's criteria in 2025, the Company did not recognise any costs in this respect in the financial statements for the 12 months of 2025, and costs recognised in previous periods (the first half of 2025﴿ were reversed.

    The 2026 Programme

    On 29 December 2025, the Company's Supervisory Board, by Resolution No. 4/XII/2025, established the financial criteria for

    the Incentive Scheme for 2026. On 28 January 2026, the Company's Supervisory Board, by Resolution No. 3/I/2026, established a preliminary list of Persons Eligible to participate in the Incentive Scheme for 2026. The total number of warrants that may be allocated for 2026 has been set at 113,640 warrants.

    The Company intends to settle the Scheme in equity instruments. The Company will determine the fair value of 113,640 warrants for 2026 as at the grant date (i.e. 28 January 2026, the date on

    which the preliminary list of Eligible Persons was established﴿.

    In accordance with accounting standards (IFRS 2﴿, as at each balance sheet date, the Company updates the expected number of options to which Eligible Persons will acquire rights. Due to the ongoing assessment of the extent to which the financial criteria have been met (in particular the level of sales revenue﴿, the Management Board assessed the likelihood of the conditions for acquiring the 2026 entitlements being met as low. Consequently, the Company did not recognise any costs relating to the valuation of the Scheme for 2026 in the profit or loss for the first quarter of 2026. The Scheme remains in force, and any recognition of costs in future periods will depend on securing new contracts and an improvement in profit forecasts.

18. Deferred income
    1. Deferred income from grants

       in PLN thousand	31 March 2026	31 December 2025
       Grants for property, plant and equipment	5,763	5,815
       Grants for research and development costs	25,816	25,816
       Deferred income, including:	31,579	31,631
       Current	25,107	25,107
       Long-term	6,472	6,524

       (not audited﴿

       In the past, the Company financed part of its operating activities with grants from the European Regional Development Fund administered by the following government institutions in Poland: the Łódź Regional Development Agency (ŁARR﴿, the Polish Agency for Enterprise Development (PARP﴿, the National Centre for Research and Development (NCBR﴿ and the Ministry of Funds and Regional Policy.

       As part of the project entitled "Development and scaling of an innovative process for the production of a therapeutic, recombinant monoclonal antibody, with a view to enabling the industrial implementation of the first Polish biotechnology drug for oncological and autoimmune therapies", the Company received funding of PLN 24,897,000. The project commenced its three-year duration in May 2022. The Company was obliged, by the end of the project's duration (May 2025﴿, to achieve the target result indicator, i.e. to implement the results of the R&D work carried out under the project into its own operations (commercial production of the MabionCD20 drug﴿ and to generate revenue from the implemented R&D work (revenue from drug sales﴿. Due to a number of force majeure factors, the Company identified a risk regarding its ability to meet the abovementioned indicators and immediately initiated a dialogue with the NCBR. The Intermediate Body agreed to change the method of implementation from introducing the results of R&D work into the Applicant's own business activities by commencing production or providing services based on the project results, to granting a licence (on market terms﴿ for the use of the Applicant's rights to the results of R&D work in the business activities conducted by another entrepreneur. This was a solution in which

       the Company saw an opportunity to meet the project results implementation target and generate revenue from the implementation of the R&D work. The project's duration ended on 11 May 2025. At the end of the project duration, a report on the dissemination of the Project's R&D results was submitted, followed by an implementation report on 10 June 2025.

       On 25 March 2026, the Company received the NCBR's assessment and decision regarding the acceptance of the Company's arguments concerning the circumstances affecting the fulfilment of the project conditions. Based on the assessment of the report, the NCBR deemed the implementation to be unfulfilled due to the market situation following the completion of the project, which had changed, rendering the application of the results in business operations unprofitable or significantly reducing its profitability, as well as due to force majeure and unforeseeable circumstances beyond the beneficiary's control. Consequently, the Intermediate Body waived the demand for repayment of the grant awarded for the project's implementation.

       The company is also a party to two project funding agreements:

       Entitled: "Development of a biotechnological drug through the development of an innovative IgG1 subclass monoclonal antibody with a reduced content of adverse glycoforms compared to the reference drug - directed against EGFR". In 2022, a decision was taken to discontinue the project due to the fact that, in the Management Board's assessment, its continued implementation was not justified. The value of the grant received amounted to PLN 3,912,000. In October 2022, the National Centre for Research and Development (NCBR﴿ accepted the final report on the

       project's implementation, and the project entered a three-year maintenance period, which ended on 30 September 2025. As at the date of approval of these interim condensed financial statements, the Company is awaiting the assessment of the submitted report on the dissemination of the project's R&D results.

       Title: "Development of a panel of analytical methods for characterising immunogenicity in a clinical trial targeting patients suffering from rheumatoid arthritis using rituximab as a therapeutic agent". The main objective of the project was to increase research and development activity through the development and implementation of a new panel of analytical methods on a Company-wide scale. As a result of the project, an innovative solution was implemented in the form of a product, i.e. a commercially provided service consisting of the operation of a panel of analytical methods for assessing the immunogenicity of biological products in clinical trials. The project was scheduled to run until 31 December 2023; however, as it had ceased to be viable in the form planned for the project, the Company decided to terminate the project early, by the end of March 2023. The

       funding body agreed to the shortening of the project's duration and approved the final payment claim, which was settled in December 2024 (PLN 45,000﴿. The final value of the funding received under the project amounted to PLN 918,000. At the end of December 2024, the project entered a three-year sustainability period. As at the date of approval of the financial statements, the Company sees no risk in maintaining the result indicator during the project's sustainability period.

       Grants are recognised in deferred income when the Company has sufficient assurance that it will be able to meet the conditions for receiving the grant and that it will receive it.

       18.2 Other deferred income

       The amount of revenue remaining to be recognised in subsequent periods as at 31 March 2026 was PLN 29,000. Under this heading, the Company recognised, among other things, a freezer received free of charge in previous periods with a value of PLN 78,000.

       Revenue will be recognised in parallel with the depreciation of the freezer.

19. Liabilities arising from contracts with customers

    in PLN thousand	31 March 2026	31 December 2025
    Liabilities arising from the performance of contracts	1,590	2,005
    Total	1,590	2,005

    (not audited﴿

    Liabilities arising from the performance of contracts with customers mainly comprise payments received from the Instituto de Biologia Molecular do Paraná in connection with the Master Development and Clinical Supply Services Agreement (the 'Framework Agreement'﴿.

    Upon conclusion of the Framework Agreement, the Customer placed the first order (Statement of Work, SOW#1﴿. The subject of SOW#1 is the provision of services in the following areas: cell line development, process development, manufacture of products for pre-clinical and clinical trials, development and validation of analytical methods, and preparation of the necessary documentation. Selected services are provided by the Company in cooperation with subcontractors. The total net value of the contract is approximately PLN 18.5 million (converted at the USD exchange rate as at 19 January 2026﴿, of which approximately 20-25% will constitute remuneration for subcontractors. Payments, denominated in USD, for the performance of the work are linked to the work schedule and are therefore made as the work progresses.

    On 18 August 2025, the Company entered into a further contract with the Client under the Framework Agreement (Statement of Work, SOW#2﴿. The subject of SOW#2 is the transfer of technology for the manufacture of a medicinal substance to a manufacturing

    site designated by the Client, including the transfer of the necessary documentation, the production process and the analytical methods required for in-process control and batch release. The Company's net remuneration for project management and administration, as well as the technology transfer to the Client, will amount to the equivalent of approximately PLN 1.6 million (converted at the USD exchange rate as at 18 August 2025﴿.

    Payments will be contingent upon agreed schedules and progress of work. The completion date of the contract, its final scope and duration will be agreed at a later date and are dependent on the progress of work carried out under SOW#1.

    The value of the commissioned work does not include the costs of raw materials and supplies, which are accounted for separately. Revenue from the above-mentioned payments is recognised by the Company on an accrual basis during the contract period.

    Raw materials purchased for the purpose of contract performance constitute a cost of contract performance at the time of their purchase. In accordance with the accounting policy set out in these interim condensed financial statements (Note 4﴿, these raw materials are recognised as cost of sales at the time of purchase by Mabion, and revenue is simultaneously recognised in an amount equal to the cost of acquiring the raw materials.

20. Refundable advances against distribution rights

    The table below presents a list of all signed cooperation agreements, together with the amounts of advances received and the target markets covered by each agreement:

    in PLN thousand Partner

    31 March 2026

    Market (not audited﴿

    31 December 2025

    FARMAK	Ukraine, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan,	1,072	1,057
    ONKO	Turkey	472	465
    Sothema Laboratories	Morocco, Algeria, Tunisia	99	97
    Lyfis	Iceland	26	25
    Total		1,669	1,644

    Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Uzbekistan

    Advances received by the Company are repayable in the event of an occurrence beyond the Company's control (i.e. failure to complete clinical trials conducted as part of drug development and/or failure to obtain marketing authorisation in a specific market from the regulatory authority﴿, and have therefore been classified as financial liabilities. As the timing of the occurrence or non-occurrence of the above event is also beyond the Company's control, the liability is measured at the amount payable on demand and classified as a current liability. As at the date of publication of the financial statements, in accordance with the applicable agreements, the advances presented had not become due.

    Changes in the value of liabilities arising from refundable advances against distribution rights during the three-month period ended 31 March 2026 result from changes in exchange rates, as all advances were denominated in euros.

    In accordance with the information included in the Company's financial statements for the financial year ended 31 December 2025, these advances are refundable and are treated by the Company as current liabilities. During the period covered by these interim condensed financial statements, there were no material changes in the terms of the agreements with distribution partners.

21. Loans and borrowings

    The structure of loans and borrowings is presented in the table below:

    in PLN thousand	31 March 2026	31 December 2025
    Loans secured by assets, including:	23,290	10,366
    short-term portion	6,168	129
    long-term portion	17,122	10,237
    Total loans and borrowings	23,290	10,366

    (not audited﴿

    1. Bank loans

       As at 31 March 2026 and as at the date of publication of these interim condensed financial statements, the Company is not a party to any bank loan agreement.

       21.2 Loans secured against assets

       The Company is a party to sale-and-leaseback agreements for the financing of laboratory equipment purchases, which are treated as loans due to the fact that the equipment financed in this way was initially paid for in full by the Company, and the lease agreements contain irrevocable offers to repurchase the equipment covered by the agreement at the end of the lease term. These agreements were entered into for a term of 4 to 5

       years and are secured by blank promissory notes. The lessor has the right to fill in the promissory note up to an amount equivalent to all due but unpaid amounts owed to the lessor under a given lease agreement, in particular amounts due in respect of lease payments, compensation, contractual penalties or reimbursement of costs, including interest due, in the event that the Company fails to settle any of these amounts by their due date.

       In the financial year 2026, the Company was granted the following loans:

       a﴿ Loan agreement with ACRX Investments Limited

       On 9 February 2026, the Company entered into a loan agreement with an unrelated party, namely ACRX Investments Limited, with

       its registered office in Nicosia, Cyprus (the Lender﴿, for an amount of up to PLN 6 million.

       In accordance with the agreement, the loan was made available in full on 10 February 2026 at the Company's request. The loan bears interest at a fixed annual rate of 9.53% and will be used to improve the Company's financial liquidity and for corporate purposes. The loan was granted for a period of 6 months from the date of disbursement. The agreement provides for the possibility of converting all or part of the loan, together with interest, into shares in the Company at any time, at the Lender's request. The share price for the conversion will be equal to the market price of the Company's shares, taking into account a 20% discount, or, in the event of a share issue by the Company, will be equal to the share price offered to other investors.

       In accordance with the original terms of the agreement, the loan was to be secured by: (i﴿ a mortgage on the Company's real estate, (ii﴿ a registered pledge on movable property (selected bioreactors and a system intended for cell line development﴿ owned by the Company, and (iii﴿ a blank promissory note together with a promissory note declaration. By an annex dated 2 March 2026, the Parties modified the security in such a way that the blank promissory note together with a promissory note declaration was replaced by a declaration of the Company's submission to enforcement in accordance with Article 777 of the Code of Civil Procedure. [...]

       The agreement contains standard provisions regarding the Company's obligations and the consequences of breaching them, such as an increase in the interest rate or the declaration of the entire or part of the utilised loan amount as immediately due and payable, in the event of, inter alia, failure to repay the loan on time. The loan agreement was concluded under Polish law.

       The Company announced the conclusion of the loan agreement in Current Report No. 2/2026 of 9 February 2026.

       b﴿ Loan agreement with CBC Co., Ltd.

       On 13 March 2026, the Company's Management Board entered into a loan agreement with an unrelated party, namely CBC Co., Ltd. with its registered office in Tokyo, Japan ("Lender"﴿, for an amount of up to EUR 3.1 million ("Agreement"﴿.

       Pursuant to the Agreement, the loan was made available at the Company's request in two equal tranches, with the first tranche being disbursed on 17 March 2026 and the second tranche on 22 April 2026 (an event after the balance sheet date﴿.

       The loan will be used to improve the Company's financial liquidity and for corporate purposes.

       The loan was granted for a period of 3 years from the date of its disbursement. The agreement provides for the possibility of converting all or part of the loan, together with interest, into shares of the Company at any time, at the Lender's request. The share price for the conversion will be equal to the market price of the Company's shares as at the date of signing the Agreement,

       taking into account a 20% discount, or, in the event of a share issue by the Company, will be equal to the share price offered to other investors. The interest rate on the loan is 10.53% per annum until the Company's General Meeting adopts a resolution on increasing the Company's share capital, enabling the conversion of the loan, and thereafter it will be equal to the reference rate of the National Bank of Poland, plus a fixed margin of 2 percentage points.

       The loan is secured by a mortgage on the Company's real estate, a registered pledge on movable property (selected bioreactors and production lines﴿ owned by the Company, and a declaration by the Company to submit to enforcement proceedings in accordance with Article 777 of the Code of Civil Procedure. The agreement contains standard provisions regarding the Company's obligations and the consequences of breaching them, such as an increase in the interest rate or the declaration of all or part of the utilised loan amount as immediately due and payable, in the event of, amongst other things, failure to repay the loan on time. The loan agreement was concluded under Polish law. CBC Co., Ltd. is a private company with a global reach, acting as an experienced operating entity and strategic investor. The entity specialises in the high-tech and life sciences sectors, focusing on long-term value creation through international development projects.

       The Company announced the conclusion of the loan agreement in Current Report No. 5/2026 dated 13 March 2026.

       As at 31 March 2026, the total value of outstanding loans secured against assets amounted to PLN 23,291,000.

22. Leases

The Company is the lessee of laboratory equipment and vehicles under lease agreements.

The lease agreements entered into by the Company provide for a lease term of 3 to 5 years. These lease agreements are secured by blank promissory notes. The lessor has the right to fill in the promissory note up to an amount equivalent to all due but unpaid amounts owed to the lessor under a given lease agreement, in particular amounts due for lease payments, compensation, contractual penalties or reimbursement of costs, including interest due, in the event that the Company fails to settle any of these amounts by their due date.

Changes in the interest rate used to calculate the lease payment amount result in changes to the lease payment amounts. All lease agreements include an option to purchase the leased asset at the end of the lease term.

During the period covered by these interim condensed financial statements, the Company entered into one new lease agreement for a printer, as a result of which it recognised a lease liability of PLN 11,000. The agreement was entered into for a period of 21 months.

On 17 December 2019, the Company entered into a lease agreement for office space in Łódź for the years 2020 to 2023 and recognised a lease liability in respect of this as at 31 December 2019. In August 2022, the Company signed an annex to the aforementioned lease agreement, which extended the term of the agreement until the end of 2027. As at 31 March 2026, the Company recognised a lease liability of PLN 31,000 relating to the indexation of rates contained in the lease agreement for the building at 17 Fabryczna Street in Łódź.

Depreciation of leased fixed assets in the current reporting period amounted to PLN 342,000, whilst lease interest amounted to PLN 109,000.

The total gross carrying amount of leased assets as at 31 March 2026 is PLN 5,456,000.

The table below sets out information on the amount of future minimum lease payments and the present value of minimum lease payments as at 31 March 2026 and 31 December 2025:

(not audited﴿

in PLN thousand 31 March 2026

31 December 2025

Minimum lease payments

(not audited﴿

The fair value of trade payables and other liabilities is considered to be the same as their carrying amount due to their short-term nature.

1. Accrued expenses

   The Management Board of Mabion S.A., by Resolution No. 1/XII/2025 of 15 December 2025, decided that the Company would not establish a Company Social Benefits Fund in 2026.

   in PLN thousand	31 March 2026	31 December 2025
   Provision for unused holiday entitlement	1,267	1,063
   Provision for bonuses	-	-
   Provision for severance pay	665	665
   Other provisions	160	134
   Total accrued expenses	2,092	1,862

   (not audited﴿

   The Company has recognised a provision for the severance costs of former members of the Company's Management Board in connection with their dismissal in September 2025.

2. Effective income tax rate

   The tax asset as at 31 March 2026 remained unchanged from the tax asset presented at the end of the previous reporting period due to the absence of significant changes in the assumptions regarding the level estimated and recognised in the financial statements for the previous financial year.

3. Financial risk management

   With regard to the types of financial risks to which the Company is exposed, the extent of such exposure and the management of these risks, there have been no material changes compared to the last annual financial statements published on 28 April 2026.

   1. Liquidity risk

      In the first quarter of 2026, the Company generated cash inflows from the sale of products and services rendered as a result of the performance of signed contracts. Additionally, the business operations were financed by a loan obtained from Twiti Investments Ltd., ACRX Investments Limited and CBC Co., Ltd., as well as leases.

      The Company's management monitors current forecasts regarding the Company's liquid assets and liabilities based on projected cash flows. The measures taken to cover the expected liquidity gap are described in Note 3 to the financial statements. The measures taken to cover the expected liquidity gap are described in Note 3 to the financial statements.

      As disclosed in note 18 to these interim condensed financial statements, the Company received funding of PLN 24,897 thousand. The project duration ran until May 2025. Although the Company actively pursued measures aimed at identifying and securing a licensee, it was not possible to secure a licensee within the required timeframe. Furthermore, at the end of the project's duration, the employment rate was achieved at a slightly lower level than anticipated (this was also one of the outcome indicators that the Company was required to maintain throughout the project's duration﴿. The Company submitted reports to the NCBR on the implementation and dissemination of the project's R&D results. On 25 March 2026, it received the NCBR's assessment and decision regarding the acceptance of the Company's arguments concerning the circumstances affecting the fulfilment of the project conditions. On the basis of the assessment of the Report, the NCBR deemed the implementation to be unfulfilled due to the market situation following the completion of the project,

      which had changed and rendered the application of the results in business operations unprofitable or significantly reduced its profitability, as well as due to force majeure and unforeseeable circumstances beyond the Beneficiary's control. In view of the above, the Intermediate Body has waived the demand for repayment of the funding granted for the implementation of the project.

      The Company does not identify any further risks associated with the implementation of the Project in question.

      Other risks are described in Note 3, under the section on significant uncertainty regarding the going concern.

   2. Fair values of financial instruments carried at amortised cost

      The Company does not hold any financial instruments measured at fair value. For the purposes of disclosing fair values in respect of financial instruments measured at amortised cost, the Company applies a discounted cash flow method.

      The main items of financial instruments measured at amortised cost include: cash and cash equivalents, trade receivables, short-term loans and borrowings, and repayable advances against distribution rights, shareholder loans and loans secured by assets.

      In the opinion of the Company's management, the fair values of these items are close to their carrying amounts.

4. Transactions with related parties

   The Company has no direct controlling entity or ultimate controlling entity.

   During the period covered by these interim condensed financial statements, the Company did not enter into any transactions with related parties on terms other than arm's length.

5. Remuneration of key management personnel

   The remuneration of the Company's key management personnel and its Supervisory Board is presented below.

   Under the item 'Remuneration of Management Board members', the Company presents remuneration arising from employment contracts, management contracts and appointments.

   (not audited﴿

   in PLN thousand 1 January 2026 - 31 March 2026

   1 January 2025 - 31 March 2025 (not audited﴿

   Remuneration of Supervisory Board members	120	120
   Remuneration of Management Board members	661	600
   Provisions for bonuses	-	-
   Total short-term remuneration	781	720

6. Off-balance sheet liabilities
   1. Contractual liabilities

      As at 31 March 2026, the Company has a contractual liability relating to the acquisition of property, plant and equipment towards IMA S.p.A., based in Italy (IMA﴿, arising from the fulfilment of specific conditions set out in the agreement under which IMA undertook to manufacture a packaging line for the Company.

      The value of the liability as at the balance sheet date is EUR 11 thousand.

      As at 31 March 2026, there is a contractual liability of the Company relating to the acquisition of property, plant and equipment, to Bonfiglioli Engineering Srl, based in Italy, arising from the fulfilment of specific conditions set out in the contract under which Bonfiglioli Engineering Srl undertakes to manufacture and supply to the Company a line for leak testing and optical inspection of primary packaging, together with related documentation and services. Under the agreement, the Supplier will manufacture, deliver and install at the Company's premises a device for the automatic leak testing of primary pharmaceutical packaging (vials containing a finished, sterile medicinal product﴿ and for the optical inspection of filled packaging and the product inside the packaging, in accordance with the specifications set out in the agreement. The device incorporates a state-of-the-art measurement and control system, and its design complies with GMP (Good Manufacturing Practice﴿ requirements as well as national and international standards. The net value of the Agreement is EUR 829,000, i.e. PLN 3,728,000 according to the average exchange rate of the National Bank of Poland announced on 6 September 2023. The value of the contractual liability as at the balance sheet date is EUR 567,000. On 9 January 2025, Mabion entered into an amendment to the contract with Bonfiglioli Engineering srl.

      Under the amendment, the parties modified the parameters of the ordered equipment to increase its analytical capabilities for the additional 2R vial format. The net value of the remuneration for the Supplier will increase by EUR 44,000 as a result of the amendment. Subsequently, on 25 June 2025, Mabion entered into an amendment to the contract with the Supplier, under which the parties agreed on a new delivery date for the equipment in the fourth quarter of 2025; however, due to a change in the Company's Strategy adopted on 14 November 2025, the Company postponed acceptance of the equipment and suspended it pending further decisions by the Management Board in this regard.

      In December 2023, the Company entered into an agreement with the US company LabVantage Solutions Inc. to implement a LIMS (Laboratory Information Management System﴿ at Mabion. The implementation of the LIMS system at Mabion will, amongst other things, enable the automation of laboratory processes and their strict control, and as a result will increase productivity and efficiency, as well as enable the identification of potential problems at an early stage, thereby limiting and minimising the risk of errors, which is expected and appreciated by CDMO clients. The conclusion of the contract was part of the implementation of the Strategy for 2023-2027. The project to implement the LIMS system at Mabion began in the first quarter of 2024, whilst the implementation of the system was completed in March 2026.

      The contract value was EUR 1,230,000. In 2026, the company uses the system under a SaaS (Software as a Service﴿ model. The value of the contractual liability in this respect as at the balance sheet date is EUR 379,000.

      In total, the Company's contractual liabilities as at the balance sheet date amounted to EUR 957,000.

   2. Contingent liabilities

      As at the balance sheet date, the Company has no contingent liabilities which, in the opinion of management, could have a material adverse effect on the Company's financial position, operating activities or cash flows.

   3. Settlements arising from legal proceedings

      The Company is not a party to any legal, regulatory or arbitration proceedings which, in the opinion of management, could have a material adverse effect on the Company's financial position, operating activities or cash flows.

7. Events after the balance sheet date

On 7 May 2026, the Management Board of Mabion S.A. entered into a letter of intent ("Letter of Intent"﴿ with Oddifact SAS, a company based in France, regarding the establishment of cooperation to investigate and evaluate the potential use of the MabionCD20 drug in new clinical indications in the field of orphan diseases.

The Letter of Intent is non-binding and expresses the parties' intention to conduct negotiations and enter into a partnership aimed at collaborating on the MabionCD20 drug, with a view to its further development and registration as an innovative medicine for orphan diseases. The letter of intent provides that, in the first stage, the parties will cooperate in preparing the materials necessary for regulatory interactions and materials for potential investors, partners and other possible sources of funding. The parties will jointly participate in meetings with regulatory authorities, including in particular the US Food and Drug Administration (FDA﴿, and will agree on key decisions regarding the drug, including the regulatory strategy and further development.

During the first phase, which the parties intend to complete by 30 September 2026, each party will bear the costs associated with its participation in the project.

Once the feasibility and conditions for the use of MabionCD20 in new indications have been established, in the second phase the parties will make a decision and determine the next steps, including the material and financial contributions of each party. The terms of cooperation in the second phase will be set out in a Cooperation Agreement and a relevant Statement of Work (SOW﴿. The parties plan to enter into a Cooperation Agreement by the end of 2026, although the duration of the negotiations may be extended.

Taking steps to investigate the potential and development of MabionCD20 for new indications forms part of Mabion S.A.'s Strategy for 2025-2030. In the Management Board's view, the signing of the letter constituted a significant event for the Company, as it provides an opportunity to reactivate the MabionCD20 project - which was crucial for Mabion in previous years - and to utilise the knowledge and skills developed, which could be a breakthrough achievement for the Company and have a significant impact on its future business operations.

Oddifact SAS is a biotechnology company using artificial intelligence to develop new therapies for orphan diseases by identifying opportunities and preparing development programmes for pharmaceutical partners.

Information regarding the signing of the Letter of Intent was published in Current Report No. 9/2026 dated 7 May 2026.

The Management Board

These interim condensed financial statements for the three-month period

ended 31 March 2026 were approved for publication by the Company's Management Board on 18 May 2026.

Chairman of the Management Board

Member of the Management Board Member of the Management Board

Konstantynów Łódzki, 19 May 2026

SCIENTIFIC AND INDUSTRIAL COMPLEX OF MEDICAL BIOTECHNOLOGY

Gen. Mariana Langiewicza 60 95-050 Konstantynów Łódzki Poland

Phones:

Reception: +48 42 207 78 90

RESEARCH AND DEVELOPMENT CENTER

FOR BIOTECHNOLOGICAL MEDICINAL PRODUCTS

Fabryczna 17

90-344 Łódź Poland

Phone:

+48 42 290 82 10

https://www.mabion.eu