Other information
to the quarterly report of Mabion S.A.
for Q3 2025
Konstantynów Łódzki, 1 December 2025
Table of contents
SELECTED FINANCIAL DATA 1
INFORMATION ABOUT MABION S.A. 2
Introduction 2
Company bodies 2
Share capital structure 3
Shareholder structure 4
Shareholdings of management and supervisory personnel 5
Information on the capital group 6
MABION S.A.'s OPERATIONS IN THE THIRD QUARTER OF 2025 7
Scope of activity 7
Description of the Company's significant achievements and failures in the third quarter of 2025 8
Identification of factors and events, including those of an unusual nature,
having a significant impact on the condensed financial statements 10
Transactions with related entities 10
Guarantees and sureties granted 10
Proceedings pending before a court, arbitration authority or public administration authority 10
Management Board's position on the feasibility of previously published performance forecasts 10
Events after the balance sheet date 10
Factors that will affect the results achieved in at least the next quarter 12
OTHER INFORMATION RELEVANT TO THE ASSESSMENT OF THE COMPANY'S SITUATION 15
SELECTED FINANCIAL DATA
in PLN thousand in thousands of EUR SELECTED FINANCIAL DATA from 01.01.2025 to 30.09.2025 from 01.01.2024 to 30.09.2024 from 01.01.2025 to 30.09.2025 from 1 January 2024 to 30.09.2024Net revenue from the sale of products, goods and materials
10,061
64,269
2,375
14,939
Profit (loss﴿ from operating activities
(39,449﴿
9,024
(9,312﴿
2,098
Gross profit (loss﴿
(41,425﴿
11,539
(9,778﴿
2,682
Net profit (loss﴿
(41,425﴿
11,539
(9,778﴿
2,682
Net cash flow from operating activities
(32,246﴿
48,114
(7,612﴿
11,184
Net cash flow from investing activities
(772﴿
(12,276﴿
(182﴿
(2,853﴿
Net cash flow from financing activities
(822﴿
(36,609﴿
(194﴿
(8,509﴿
Total net cash flow
(33,840﴿
(770﴿
(7,988﴿
(179﴿
30 September
31 December
30 September
31 December
2025
2024
2025
2024
Total assets
120,456
159,472
28,215
37,321
Liabilities and provisions for liabilities
50,439
48,031
11,815
11,241
Long-term liabilities
7,884
8,898
1,847
2,082
Short-term liabilities
42,555
39,133
9,968
9,158
Equity
70,017
111,442
16,401
26,080
Share capital
1,616
1,616
379
378
Number of shares (in units﴿
16,162,326
16,162,326
16,162,326
16,162,326
Earnings (loss﴿ per ordinary share (in PLN/EUR﴿
(2.56﴿
11.10
(0.60﴿
2.59
Selected balance sheet items presented in EUR were converted using the average EUR exchange rate announced by the National Bank of Poland on 30 September 2025 (4.2692 PLN/EUR﴿ and on 31 December 2024 (4.2730 PLN/EUR﴿. Selected items of the profit and loss account and cash flow statement were converted into EUR at the exchange rate announced by the National Bank
of Poland, which is the arithmetic mean of the average exchange rates for EUR applicable on the last day of each completed month in the 9 months ended 30 September 2025 and the
9 months ended 30 September 2024 (PLN 4.2365/EUR and PLN 4.3022/EUR, respectively﴿.
INFORMATION ABOUT MABION S.A.
-
Introduction
Mabion S.A. (hereinafter referred to as "Mabion" or "the Company"﴿ was established on 30 May 2007 as a limited liability company with its registered office in Kutno. The legal form of the Company changed on 29 October 2009 as a result of its transformation into a joint-stock company. Currently, Mabion S.A. is entered in the Register of Entrepreneurs of the National Court Register kept by the District Court for Łódź Śródmieście in Łódź, 20th Commercial Division of the National Court Register, under KRS number 0000340462. The company was assigned tax identification number NIP 7752561383 and statistical identification number REGON 100343056.
The Company's registered office is located at ul. gen. Mariana Langiewicza 60 in Konstantynów Łódzki. Mabion is a Polish biopharmaceutical company that provides contract development, analytics and manufacturing services for biological medicines (Contract Development and Manufacturing Organisation, "CDMO"﴿.
On 18 April 2023, the Company's Management Board adopted the Strategy of Mabion S.A. for 2023-2027 ("Strategy 2023-2027"﴿. In 2023-2024, the Company completed the first stage of its transformation from a product-based company into a CDMO service provider and focused on providing process development and analytics services and manufacturing biological medicines. The production infrastructure was modernised and diversified, and modern IT systems were successfully implemented. The sales team was expanded and strengthened, intensive marketing activities were initiated, and the first contracts with international customers were signed. At the same time, investments were made in new technological solutions (including bioreactors and a sterile filling line﴿, which increased the flexibility and scale of the Company's operations while maintaining a compact operating model. Mabion has thus completed its business and operational transformation and entered a growth phase as a CDMO providing an integrated range of services in the development and manufacture of protein-based biological medicines.
In connection with the above, on 23 April 2025, the Company's Management Board adopted a resolution to update the existing strategy by adopting the Mabion S.A. Strategy for 2025-2030, which provided for the continuation of previous assumptions and based on the Company's existing activities as a CDMO, including the experience and knowledge gained, took into account the alignment of the Company's offer with market needs and long-term investment plans, covering the period until 2030. Detailed information on the Strategy of Mabion S.A. for 2025-2030 is presented in the Management Board Report on the activities of Mabion S.A. for 2024, published on 24 April 2025.
The new Management Board of the Company, appointed in September 2025, conducted a comprehensive review of the strategic assumptions adopted to date and, as a result, on
14 November 2025 (event after the balance sheet date﴿, adopted a resolution on the adoption of a new Strategy for Mabion S.A. for the years 2025 - 2030. Its aim is to strengthen the Company's
position as a flexible, technologically advanced CDMO, to acquire new contracts in the service model to develop biosimilars with partners as well as new innovative products based on its intellectual property. The strategy is based on three pillars: technological development, operational excellence and strengthening human capital. Detailed information on the current Strategy of Mabion S.A. for 2025-2030 can be found in section 3.8 of this report.The Company's shares have been listed on the Warsaw Stock Exchange since 2010.
-
Company bodies
Management Board
As at 1 July 2025, the composition of the Management Board of Mabion S.A. was as follows:
Mr Krzysztof Kaczmarczyk - President of the Management Board,
Ms Julita Balcerek - Member of the Management Board,
Mr Grzegorz Grabowicz - Member of the Management Board,
Mr Adam Pietruszkiewicz - Member of the Management Board.
On 5 September 2025, the Company's Supervisory Board adopted resolutions to dismiss Mr Krzysztof Kaczmarczyk from the position of President of the Management Board and from the composition of the Company's Management Board, to appoint Mr Detlef Behrens to the Management Board and to entrust him with the position of Member of the Management Board for Business Affairs, and to appoint Mr Joaquín Santos Benito to the Management Board and entrust him with the position of Member of the Management Board for Transformation. The resolutions came into force on the date of their adoption.
On 5 September 2025, Mr Grzegorz Grabowicz resigned from his position as Member of the Management Board of the Company, with effect from 5 September 2025.
On 12 September 2025, Ms Julita Balcerek resigned from her position as Member of the Company's Management Board, with immediate effect.
On 19 September 2025, Mr Adam Pietruszkiewicz resigned from his position as a Member of the Company's Management Board, with immediate effect.
In connection with the above, as at 30 September 2025, the composition of the Company's Management Board was as follows:
Mr Detlef Behrens - Member of the Management Board,
Mr Joaquín Santos Benito - Member of the Management Board.
Furthermore, on 24 September 2025, the Company's Supervisory Board adopted a resolution to appoint Mr Gregor Kawaletz to
the Company's Management Board for a second term of office as of 1 October 2025 and to entrust him with the function of President of the Management Board.
In connection with the above, as at the date of submission of this interim report, the composition of the Company's Management Board is as follows:
Mr Gregor Kawaletz - President of the Management Board,
Mr Detlef Behrens - Member of the Management Board,
Mr Joaquín Santos Benito - Member of the Management Board.
The Company announced changes in the composition of the Management Board of Mabion S.A. in current reports No. 26/2025 of 5 September 2025, No. 27/2025 of 12 September 2025,
No. 28/2025 of 19 September 2025 and No. 29/2025 of 24 September 2025.
Supervisory BoardAs at 1 July 2025, 30 September 2025 and as at the date of submission of this interim report, the composition of the Supervisory Board of Mabion S.A. is as follows:
Robert Koński - Chairman of the Supervisory Board - Independent Member of the Supervisory Board,
Józef Banach - Deputy Chairman of the Supervisory Board - Independent Member of the Supervisory Board,
Mateusz Rosa-Gawałkiewicz - Independent Member of the Supervisory Board,
Przemysław Mencel - Independent Member of the Supervisory Board,
Wojciech Wośko - Member of the Supervisory Board.
During the third quarter of 2025 and until the date of submission of this interim report, there were no changes in the composition of the Company's Supervisory Board.
-
Share capital structure
As at 30 September 2025 and as at the date of submission of this report, the Company's share capital amounts to PLN 1,616,232.60 and is divided into 16,162,326 shares with a nominal value of PLN 0.10 each, including:
Table 1. Share capital structure
Number of shares
Type of shares
Series
450,000
registered preference
A
450,000
registered preference
B
450,000
registered preference
C
450,000
ordinary bearer
D
100,000
registered preference
E
100,000
registered preference
F
20,000
registered preference
G
2,980,000
ordinary bearer
H
1,900,000
ordinary bearer
I
2,600,000
ordinary bearer
J
790,000
ordinary bearer
K
510,000
ordinary bearer
L
360,000
ordinary bearer
M
340,000
ordinary bearer
N
300,000
ordinary bearer
O
1,920,772
ordinary bearer
P
11,000
ordinary bearer
S
2,430,554
ordinary bearer
U
Registered shares of series A, B, C, E, F and G are preferred in that each of them entitles the holder to two votes at the General Meeting. The total number of votes resulting from all issued shares of the Company is 17,732,326 votes.
In the third quarter of 2025 and until the date of submission of this report, there were no changes in the Company's share capital.
On 15 July 2024, the Company's Ordinary General Meeting adopted a resolution on the issue of 1 to 1,010 registered series C subscription warrants with the deprivation of pre-emptive rights of existing shareholders, entitling their holders to acquire series V shares, and a conditional increase in the share capital.145 series C registered subscription warrants with the deprivation of pre-emptive rights of existing shareholders, entitling them to acquire series V shares and a conditional increase in the Company's share capital by an amount not exceeding PLN 101,014.50 through the issue of no more than 1,010145 series V ordinary bearer shares with a nominal value of PLN 0.10 each, with the existing shareholders deprived of their pre-emptive rights and the related amendment to the Company's Articles of Association. The right to subscribe for subscription warrants shall be vested in Members of the Management Board and certain persons who are not Members of the Management Board, indicated by the Company's Supervisory Board, after meeting the allocation criteria and under the conditions specified in the Incentive Programme Regulations. Detailed information on the Incentive Programme for 2025-2029 can be found in section 2.5 of this interim report. In accordance with the adopted resolution, subscription warrants will be issued free of charge, and each subscription warrant will entitle the holder to subscribe for 1 share at an issue price equal to the nominal value of the share. The rights arising from the subscription warrants may be exercised until 15 July 2034. The conditional increase in the Company's share capital referred to above was registered in the National Court Register on 3 December 2024.
On 10 July 2025, the Extraordinary General Meeting of the Company (EGM﴿ adopted a resolution on amending the Company's Articles of Association and authorising the Company's Management Board to increase the share capital within the authorised capital, with the possibility for the Management Board to exclude the pre-emptive right to shares issued within the authorised capital in whole or in part, with the consent of the Supervisory Board. Pursuant to the resolution of the EGM, the Company's Management Board is authorised to increase the Company's share capital by issuing new ordinary bearer shares in a number not exceeding 8,081,163 with a total nominal value not exceeding PLN 808,116.30 (authorised capital﴿. The Company's Management Board is authorised to make one or more subsequent increases in the share capital within the target capital ( ﴿, and this authorisation expires 3 years after the registration of the relevant amendment to the Company's Articles of Association. Shares may only be issued for cash contributions. The Company's Management Board is authorised to decide on all matters
related to the increase of the share capital within the authorised capital, in particular to determine the number of shares to be issued each time, to set the issue price, the manner of offering the shares, as well as the detailed rules, the dates and conditions for the issue, subscription and allocation of shares, and is also authorised to take steps to register the shares in the securities depository and to apply for the admission and introduction of the shares to trading on the regulated market of the Warsaw Stock Exchange. The determination of the above rules and parameters of the share issue by the Company's Management Board on each occasion, as well as the deprivation of shareholders of their pre-emptive rights to new issue shares in whole or in part, requires the consent of the Company's Supervisory Board. If a decision is made to deprive shareholders of their preemptive rights, the Company's Management Board will be obliged to grant the Company's shareholders holding at least 1% of the Company's share capital on a specified date ("Eligible Investors"﴿ who meet the conditions specified in the resolution of the Extraordinary General Meeting, including, among others, submitting a valid subscription for shares, the right of priority to be allocated new issue shares in a number not lower than that necessary to maintain their existing share in the Company's share capital, and with regard to the remaining new issue shares, the Company's Management Board will be entitled to allocate them at its own discretion. The adoption by the Extraordinary General Meeting of a resolution providing for the above rules for the issue of shares within the target capital was aimed at creating conditions for an efficient increase in the Company's share capital for the purposes of its recapitalisation and raising capital at a convenient time, without the need to convene a general meeting in each case. The Company's intention is to offer new shares to investors outside the group of existing shareholders in order to recapitalise the Company and effectively issue shares at a price adjusted to the current market price and demand for the Company's shares, as well as the situation on the financial markets. The amendments to the Company's Articles of Association resulting from the resolution of the Extraordinary General Meeting referred to above were registered in the National Court Register on 23 July 2025.
-
Shareholding structure
To the best of the Company's Management Board's knowledge, as at the date of this interim report, i.e. 1 December 2025, the following shareholders hold at least 5% of the total number of votes at the Company's General Meeting:
Table 2. Shareholder structure
shares No. Shareholder Number of Number of votes Share in share capital Share in the total number of votes1. Twiti Investments Limited
1,917,982
2,512,282
11.87 %
14.17 %
2. Maciej Wieczorek through:*
1,717,485
2,210,335
10.63%
12.47%
Glatton Sp. z o.o.
1,097,135
1,097,135
6.79%
6.19%
Celon Pharma S.A.
620,350
1,113,200
3.84%
6.28%
3. Polfarmex S.A.
1,474,346
1,957,196
9.12%
11.04%
4. Others
11,052,513
11,052,513
68.38 %
62.33 %
Total
16,162,326
17,732,326
100%
100%
* Mr Maciej Wieczorek holds 100% of the share capital of Glatton Sp. z o.o. and, indirectly, through Glatton Sp. z o.o., 55.8% of the share capital of Celon Pharma S.A. and 65.4% of the total number of votes in Celon Pharma S.A. ( based on the interim report of Celon Pharma S.A. for the nine-month period of 2025﴿.
To the best of the Company's Management Board's knowledge, in the period from the date of publication of the previous interim report, i.e. the report for the first half of 2025 published on
1 October 2025, to the date of publication of this interim report, there have been no changes in the ownership structure of significant blocks of the Company's shares.
-
Shareholdings of management and supervisory personnel
As at the date of submission of this interim report, i.e. 1 December 2025, the members of the Management Board and Supervisory Board of Mabion S.A. do not hold any shares in the Company or rights to shares in the Company.
In the period from the date of submission of the previous interim report, i.e. the report for the first half of 2025 published on
1 October 2025, to the date of publication of this interim report, there have been no changes in the shareholdings and rights to shares in the Company held by management and supervisory personnel.
Incentive Programme for 2025-2029On 15 July 2024, the Ordinary General Meeting of Mabion S.A. adopted a resolution on the introduction of an Incentive Programme for persons of key importance to the Company. On 10 July 2025, the Extraordinary General Meeting of the Company (EGM﴿ adopted a resolution amending the above-mentioned resolution in terms of, among other things, clarifying the rules and operation of the programme, including the group of eligible persons, the procedure for granting rights, the competences of individual bodies and the rules applicable in the event of a change of control over the Company.
The Incentive Programme is implemented over a period of up to 5 financial years, i.e. for the financial years 2025-2029, through the issue and allocation to eligible persons of no more than 1,010,145 registered series C subscription warrants entitling them alternatively to (i﴿ the acquisition of no more than
1,010,145 series V shares of the Company issued as part of a conditional share capital increase, or (ii﴿ the sale of subscription warrants to the Company, in whole or in part, for the purpose of their redemption, at the price and on the terms specified in the resolution of the Extraordinary General Meeting. Throughout the entire duration of the programme, up to 75% of the abovementioned subscription warrants may be allocated to Members of the Management Board, and no less than 25% of the subscription warrants may be allocated to other eligible persons. Subscription warrants are issued free of charge. Each subscription warrant shall entitle the holder to acquire 1 share at an issue price equal to the nominal value of the share. The condition for the acquisition and exercise of rights under subscription warrants by eligible persons shall be the fulfilment of the financial criterion specified in accordance with the provisions of the EGM resolution. If the financial criterion is met, a Member of the Management Board may become an eligible person only for the financial year in which he or she performed his or her function for the entire financial year and remained a Member of the Management Board on the last day of that financial year. If the financial criterion is not met in a given financial year, the right to acquire and exercise subscription warrant rights not exercised in a given financial year may be exercised in subsequent years, provided that the financial criterion is also met in subsequent years in relation to the given financial year. With regard to Members of the Company's Management Board, subscription warrants will be taken up by eligible persons in the number specified in the resolution of the Supervisory Board, which will determine the preliminary and final list of eligible persons and the maximum and final number of subscription warrants for each of these persons, separately for each financial year of the Incentive Programme.
With regard to 2025, in December 2024, the Supervisory Board established a financial criterion which must be met in order to acquire the right to subscribe for and exercise rights under subscription warrants for 2025. In January 2025, the Supervisory Board adopted a resolution on the preliminary list of persons eligible to participate in the Incentive Programme for 2025, pursuant to which it decided that, as at the date of the resolution, the allocation of series C subscription warrants for 2025 would
cover only Members of the Management Board, with the allocation for 2025 comprising 113,640 series C subscription warrants, which represents approximately 15% of the total pool of subscription warrants allocated to Management Board Members in the entire Incentive Programme for 2025-2029. In the same resolution, the Supervisory Board also established a preliminary list of persons eligible to participate in the Incentive Programme for 2025, indicating that each Member of the Management Board may be allocated 28,410 series C subscription warrants, provided that the financial criterion set for 2025 is met. In the third quarter of 2025, there were changes in the composition of
the Company's Management Board (see section 2.2 of this interim report for more details﴿, as a result of which the abovementioned condition of serving on the Company's Management Board for the entire financial year 2025 will not be met by any Member of the Management Board.
- Information on the capital group
-
Introduction
Mabion S.A. has no subsidiaries and does not form a capital group.
MABION S.A.'S OPERATIONS
IN THE THIRD QUARTER OF 2025
-
Scope of activity
Mabion is an integrated biopharmaceutical service company. Mabion has expertise in the development and production of protein therapeutic products, including the development of protein production processes, analytics, technology transfer, validation, scaling up of production processes, and the manufacture of active pharmaceutical ingredients and drug products in cooperation with strategic partners. Mabion has many years of experience in the development and manufacture of biological medicines using mammalian cell cultures and insect cell cultures, as well as in the characterisation of recombinant protein biopharmaceuticals, including monoclonal antibodies (mAbs﴿ and vaccine antigens.
In the third quarter of 2025, the Company's highest sales revenues were generated under an agreement with Novavax, Inc.
Cooperation with Instituto De Biologia Molecular Do Paraná - IBMPOn 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 in the field of process development and production 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 preclinical 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 the third quarter of 2025, the Company proceeded with the next stages of the project in accordance with the schedule. A Master Project Plan was issued, defining the framework for the implementation of individual tasks. An analysis of the critical quality attributes of the product was conducted and completed. On this basis, an analytical strategy for the project was developed and work began on the development of the indicated analytical methods. The original drug, which is the starting material necessary for the development of analytical methods,
was obtained. At the same time, logistics services, documentation work and activities related to 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 the development of a cell line in cooperation 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. The activities were planned in accordance with the assumptions adopted ,and the work is continuing according to schedule. The current work carried out by Sartorius Stedim Cellca includes the clonal selection process.
Execution of orders for Novalgen LtdIn the third quarter of 2025, the Company continued its work for Novalgen Ltd, a pharmaceutical company developing immunotherapeutic products based in the United Kingdom. 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 drug product (DP﴿. In 2024, the transfer of documentation and data provided by the client was completed and the first test series was carried out. In the first half of 2025, work on the transfer of analytical methods was completed, the engineering series production process was carried out, a full range of analytical tests of the engineering series was performed for both the drug substance (DS﴿ and the drug product (DP﴿, and the series was produced in accordance with GMP (Good Manufacturing Practice﴿ series was produced, the manufactured GMP series was analysed for both DS and DP, and the product was released for customer use. Both processes - engineering series and GMP production - were carried out according to plan, maintaining all necessary quality standards and compliance with customer requirements. Immediately after the completion of the engineering and GMP series production, stability testing was initiated, which, due to its nature, is a long-term process. Stability testing of the drug substance (DS﴿ will continue until the second quarter of 2026, while for the drug product (DP﴿ it will be completed in the third quarter of 2027. Additionally, work is underway on further optimisation of the Potency method as part of an additional commission - completion of the work is planned for the end of 2025.
Cooperation with Novavax, Inc.In Q3 2025, 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 the Manufacturing Agreement concluded in 2021 for the contract manufacturing of the drug substance, i.e. the COVID-19 vaccine antigen called Nuvaxovid® (product﴿, and additional orders. In 2023, the parties extended their cooperation to include the production of antigens constituting the drug substance for vaccines against Omicron variants. Until May 2024, was subject to a so-called period of unconditional obligation of the contractor to recognise the service, 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 providing production capacity. After the end of this period, the Company continues to provide services to Novavax, receiving remuneration for the work performed, although the value of the services provided is significantly lower than the value of the remuneration previously received. The Manufacturing Agreement with Novavax is valid until the end of 2026.
In September 2024, Novavax expanded the scope of analytical work performed by Mabion, as a result of which the Company carried out the transfer/validation/verification of selected analytical methods using current variants of the SARS-CoV2 rS protein in the fourth quarter of 2024, and in the third quarter of 2025, it carried out work related to routine analysis of DS and DP samples of the Novavax product in accordance with GMP standards, stability test samples, as well as transfers and validations of analytical methods for methods selected by Novavax. In addition, in the Company the third quarter of 2025, as part of additional orders, carried out work related to third the
qualification of critical reagents, positive control and reference standard, qualificationsand analysed process samples and CIC product samples provided by Novavax. Work related to routine analytics is ongoing and will be carried out throughout 2025, depending on the number of samples provided for analysis by Novavax.
In the third quarter of 2025, the Company provided analytical services to Novavax in accordance with the signed Statement of Work (SOW﴿ presented in the table below.
Table 3. Additional orders executed in the third quarter of 2025 under the current Manufacturing Agreement between Mabion and Novavax
No. Name of order Order date ScopeSOW#1
1
- orders for analytical
work
7 October 2021
(Annex No. 1
of 22 September
2022, Annex No. 2 of 4 April 2023﴿
Additional analytical services for Novavax in the field of analytical work related to the development, transfer and validation/verification of analytical methods for the drug substance (DS﴿ and drug product (DP﴿ of rS SARS-CoV-2 protein samples of Novavax products, as well as testing of DS and DP samples of Novavax products as part of contract sample analysis in the area of quality control (QC﴿.
Order in progress. The task is ongoing, depending on the orders signed for analytical work.
SOW#9
23 November 2022
(Annex No. 1 of 14 April 2023﴿
Development of a method and performance of peptide mapping analysis for the drug substance (DS﴿ and drug product (DP﴿ of Novavax's rS SARS-CoV-2 protein samples.
Order completed. The task is ongoing, depending on the samples delivered for analysis.
SOW#11 26 June 2024
Feasibility assessment and validation of a new analytical method (based on peptide mapping technology﴿ and regular testing of a new product developed by Novavax - a combined influenza and COVID vaccine (COVID-influenza combination, CIC﴿.
Order in progress. The task is ongoing, depending on the samples provided for analysis
Execution of the agreement 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 in the development of analytical methods for candidate a drugin 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 conjugate, and release analytics. In the third quarter of 2025, the Company continued to implement the project in accordance with the orders placed for specific analytical packages. A study plan, was issued research in the form material to Mabion of a protein intermediate was delivered, and laboratory work began on the development of analytical methods for the evaluation of the structure and physicochemical parameters of the protein intermediate. The deadline for the completion of the agreement was set for the first quarter of 2026.
-
Description of the Company's significant achievements and failures in the third quarter of 2025
Expansion of cooperation with Instituto De Biologia Molecular Do Paraná - IBMP through the conclusion of a new order under the framework agreement
On 18 August 2025, the Company signed a second order (Statement of Work, "SOW#2"﴿ with Instituto De Biologia Molecular Do Paraná - IBMP based in Brazil ("Client"﴿ under the framework agreement for the provision of process development and clinical trial material manufacturing services (Master Development and Clinical Supply Services Agreement, "Framework Agreement"﴿ concluded on 13 April 2025.
The subject of the SOW#2 order is the transfer of the technology for the manufacture of the medicinal substance to the manufacturing site indicated by the Client, including the transfer
of the necessary documentation, the manufacturing process and the analytics necessary for control during the process and release of the product series. The Company's net remuneration for project management and administration and technology transfer to the Customer will amount to the equivalent of approximately PLN 1.6 million PLN (according to the average NBP exchange rate for USD applicable on the date of conclusion of SOW#2﴿. The above remuneration does not include the costs of materials, logistics services and other external costs specified in SOW#2. Payments will depend on the agreed schedules and progress of work. The deadline for the completion of the order, its final scope and duration will be agreed at a later date and depend on the progress of work carried out under the first order (SOW#1﴿.
The conclusion of SOW#2 is important for the Company from the perspective of expanding cooperation with the Client to a new area, as a result of the positive progress of the work carried out so far under the first contract ("SOW#1"﴿.
The Company announced the conclusion of the SOW#2 contract in current report No. 25/2025 of 18 August 2025, while the conclusion of the Framework Agreement and the first order were announced in current report No. 4/2025 of 14 April 2025, and the fulfilment of the conditions necessary to commence the first order was announced in current report No. 17/2025 of 30 June 2025.
Receipt of a Term Sheet from Twiti Investments Ltd. regarding the terms and conditions of a loan to the CompanyOn 29 September 2025, the Company received from its shareholder, Twiti Investments Ltd. (hereinafter: Twiti Investments﴿, a document signed by it containing the key terms and conditions agreed by the parties for the granting of a loan by Twiti Investments to the Company (Term Sheet﴿.
According to the Term Sheet, Twiti Investments will grant the Company a loan in the amount of PLN 18 million PLN for a period of two years. The loan will bear interest at a fixed annual rate and will be used to improve the Company's financial liquidity and for corporate purposes. The Term Sheet provides for the possibility of converting the loan into shares in the Company at any time, at the request of Twiti Investments, at a share price reflecting a 20% discount. The loan will be secured by a mortgage on the Company's real estate, a registered pledge on the Company's rights and movable property, and a declaration of submission to enforcement by the Company in accordance with Article 777 of the Code of Civil Procedure.
The above arrangements constitute the implementation of the declaration of support for the Company made by Twiti Investments in a letter of support. Obtaining the loan will enable the Company to carry out its current operations and maintain its readiness and ability to perform new contracts. The Company has stipulated that the Term Sheet is non-binding.
The Company announced the receipt of the Term Sheet in current report No. 30/2025 of 29 September 2025.
Following the above agreements, on 24 October 2025 (event after the balance sheet date﴿, the Company concluded a loan agreement with Twiti Investments Ltd. for up to PLN 18 million for a period of two years - more detailed information can be found in section 3.8 of this report.
Other activitiesIn the third quarter of 2025, the Company carried out activities aimed at implementing the Mabion Strategy for 2025-2030, undertaking the following activities in particular:
tendering and commercial and technological discussions as part of building a portfolio of orders for the Company in the field of CDMO, including participation in thirteen international trade fairs, including as an exhibitor at seven events,
continuation of intensive sales activities aimed at acquiring new contracts and further implementation of activities resulting in the positioning of the Company as a fully integrated player on the CDMO market, by expanding the range of competences and services,
continuation of intensive marketing activities to increase brand recognition and awareness of Mabion's services, including webinars available on industry portals, promotional campaigns on LinkedIn and updating the Company's website,
implementation of a computerised LIMS (Laboratory Information Management System﴿ system, which enables the management of processes and data in the Quality Control laboratory, helps to automate tasks, ensure data integrity, streamline processes and increase work efficiency, which is appreciated by CDMO customers - as of the date of publication of the report, the system has been validated (the correct operation of the configuration prepared for Mabion has been confirmed﴿,
updating Mabion's service offering based on market signals, feedback from current customers, the organisation's know-how and available infrastructure and human resources, in order to maximise the alignment of the offering with market expectations and increase its competitiveness,
adaptation of the quality system and the production area in the DP section to conduct manufacturing activities in accordance with the guidelines of the US Food and Drug Administration (FDA﴿, including the implementation of the guidelines of the amended Annex 1 (Manufacture of sterile medicinal products of 4 December 2024﴿ to the Regulation of the Minister of Health on Good Manufacturing Practice requirements1,
1 https://dziennikustaw.gov.pl/DU/2024/1816/D2024000181601.pdf
focus on acquiring industry business partners and continuation of strategic cooperation with the first partner, Sartorius Stedim Cellca GmbH - detailed information on this subject is described in section 3.1 of this report.
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Identification of factors and events, including those of an unusual nature, having a significant impact on the condensed financial statements
During the third quarter of 2025, there were no factors or events, including those of an unusual nature, other than those indicated in other sections of this interim report, that had a significant impact on the Company's condensed financial statements.
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Transactions with related entities
During the third quarter of 2025, the Company did not enter into any transactions with related parties on terms other than market terms.
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Guarantees and sureties granted
During the third quarter of 2025, the Company did not grant any loan or credit sureties or guarantees to a single entity or a subsidiary of that entity where the total value of existing sureties or guarantees would be significant for the Company.
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Proceedings pending before a court, arbitration authority or public administration authority
During the third quarter of 2025, there were no significant proceedings pending before a court, arbitration authority or public administration authority concerning the Company's liabilities and receivables.
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Management Board's position on the feasibility of previously published performance forecasts
The Company did not publish any financial forecasts for 2025.
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Events after the balance sheet date
Conclusion of a loan agreement with Twiti Investments Ltd.
On 24 October 2025 the Company concluded a loan agreement with Twiti Investments Ltd. for up to PLN 18 million for a period of two years (the 'Agreement' and the 'Loan', respectively﴿.
Pursuant to the Agreement, the Loan is made available at the Company's request, in whole or in tranches, and bear interest at a fixed annual rate of 9.53%. The Loan may be used to improve the Company's financial liquidity and for corporate purposes.
The availability of the Loan was conditional upon the Company fulfilling formal requirements mainly related to the establishment of collateral. The Company fulfilled all conditions and took all
necessary steps to establish the collateral required by the Agreement. The Loan is secured by a mortgage on the Company's real estate, a registered pledge on four movable assets (bioreactors﴿ owned by the Company, an assignment of movable property insurance agreements and a declaration of submission to enforcement by the Company in accordance with Article 777 of the Code of Civil Procedure. With regard to registered pledges on two movable assets (bioreactors﴿, the Company is awaiting entries in the pledge register. The remaining collateral has been effectively established.
The agreement contains standard provisions regarding the Company's obligations and the consequences of their breach, such as an increase in interest rates or making the entire or part of the Loan amount immediately due and payable, in the event of, among other things, failure to repay the Loan on time. 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 request of Twiti Investments. The share price for the conversion will be equal to the market price of the 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.
The Company announced the conclusion of the loan agreement in current report No. 32/2025 of 24 October 2025.
Adoption of the Strategy of Mabion S.A. for 2025-2030On 14 November 2025, following a review of its existing strategic assumptions, the Company's Management Board adopted a resolution on the adoption of a new Strategy for Mabion S.A. for the years 2025-2030 ("Strategy 2025-2030"﴿, and on 17 November 2025, in accordance with the requirement of §22(1﴿(h﴿ of the Articles of Association of Mabion S.A., a positive opinion was obtained from the Supervisory Board. Thus, the Strategy 2025-2030 was formally adopted for implementation.
MissionMabion accelerates the development and manufacturing of life-changing biologics, delivering world-class quality and service from our Polish facility.
Our goal is to bring such life changing medicines to market quickly and safely - driven by science, technology, and partnerships.
VisionOur aim is to become the most flexible and technologically advanced large molecule CDMO for biologics in Europe -synonymous with quality, scientific excellence, reliability of supply and lasting client relationships.
In 2025-2030, the Company plans to offer its services as a CDMO, including in development models, as well as to develop innovative projects based on its own intellectual property. In the Company's opinion, a diversified offering will be a factor
increasing Mabion's competitiveness, as cooperation based on added value and an expanded range of services will become increasingly important for the market.
The Company's scientific development and anticipation of market needs will be ensured by the establishment of an Advisory Board consisting of market experts and representatives of the scientific community.
Strengthening the recognition of the Mabion brand on the market will be one of the key aspects necessary to realise Mabion's vision as an entity providing reliable CDMO services and offering its innovative scientific contribution.
Core valuesWhat characterises Mabion is:
Quality and compliance,
Scientific and technological excellence,
Trusted partnerships,
Agility and speed of action,
Integrity and ethical responsibility.
Above all, the Company identifies scientific experience in the development and production of biological medicines as one of its strengths and opportunities. Its technological, equipment and system assets enable the Company to implement the most commercially attractive projects for the development of biosimilars (mAb﴿ and ADC (Antibody-Drug Conjugates﴿. The newly appointed Advisory Board will contribute additional expertise, and the implementation of lean management solutions in operational management will enable an increase in plant productivity.
Pillars of Strategy 2025-2030Mabion actively responds to market trends and changing customer needs by adapting its offer to current conditions. As a result of an analysis carried out by the company's new management board, strategic directions for the development of Mabion's offer were determined and the pillars for the implementation of this vision were defined.
Three strategic pillars for the implementation of Mabion's vision:
Technological advancement (pillar 1﴿
Development and production of biosimilars (mAb﴿,
Offering ADC development capabilities through strategic partnerships.
Operational excellence and optimal scalability (pillar 2﴿
Increase total production capacity (DS﴿ by 40-50%,
Increase Overall Equipment Effectiveness (OEE﴿ and reduce key process lead times by 20%,
Strengthening quality performance.
Talent development and organisational competitiveness (pillar 3﴿
Attracting and developing top talents and adapting team qualifications to market expectations,
Enhance the fast- thinking culture and intuition and experience- driven leadership,
Enhance Mabion brand.
Mabion will focus on projects related to the development of cell lines, the development and production of drug substances (DS﴿ and the development of analytical methods. The market segments that are of interest to the Company in terms of projects are biosimilars, antibody-drug conjugates (ADC﴿, bispecific/innovative drugs, highly potent/precision-handling biologics predominantly for human use. The Company plans to reinstate the MabionCD20 project, but in terms of using CD20 as part of an innovative drug.
The Company will pursue both early-stage and commercial projects. Geographically, Mabion will expand its operations into fast-growing markets, including the MENA region and Asia.
Strategic objectivesThe following time frame and weighting have been adopted for each type of project:
Short-term objectivesImplementation of projects in the biosimilars segment (as a CDMO﴿ and ADC (as a CDMO in partnership﴿ - strategic projects,
Implementation of projects in the Animal Health products and vaccines - projects of complementary/tactical importance,
Establishment of the Mabion Advisory Board,
Activities related to enhancing Mabion brand (trade fairs, networking﴿.
Medium-term objectivesImplementation of projects in the biosimilars segment (as CDMO﴿, ADC (as CDMO in partnership﴿, the MabionCD20 project (as an innovative drug﴿ and projects related to bispecific drugs - projects of a strategic nature,
Implementation of projects in the field of highly potent/precision-handling biologics and vaccines - projects of complementary/tactical importance.
Long-term objectivesImplementation of projects in the biosimilars segment (as a CDMO﴿ and independently implemented projects in the ADC segment - strategic projects,
Implementation of projects in the field of highly potent/precision-handling biologics and vaccines segments -projects of complementary/tactical importance.
The implementation of the Strategy 2025-2030 is to be financed from equity, cash flows, as well as debt and EU grants. According to the adopted assumptions, the implementation of the Strategy 2025-2030 is expected to result in revenues in 2030 that are 1.5 times higher than the average for 2021-2025 (the average for 2021-2025 is over PLN 70 million annually﴿, with an EBITDA margin (EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization﴿ of over 30%.
Mabion anticipates achieving EBITDA break-even by year-end 2026.
ESG StrategyIn parallel with the update of the Strategy 2025-2030, the Company also revised the existing assumptions of the ESG Strategy for 2025-2027. In order to align it with the current Company's business objectives the update of the ESG Strategy 2025-2027 is included in the appendix to this current report.
A presentation of Mabion S.A.'s Strategy for 2025-2030 and an update of the ESG Strategy for 2025-2027 is available on the Company's website at: https://www.mabion.eu.
The Company announced the adoption of the 2025-2030 Strategy and the update of the ESG Strategy in current report No. 33/2025 of 17 November 2025.
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Factors that will affect the results achieved in at least the next quarter
The main factors that will affect the Company's results in subsequent quarters are:
the implementation of newly acquired contracts for international clients,
the possibility of acquiring new customers in the CDMO area in the field of production, development and analytical work,
the possibility of expanding cooperation with current clients in the area of continuing analytical work and expanding it to include new items in Mabion's portfolio,
accelerating efforts to implement projects currently in the preparatory phase,
establishing an Advisory Board,
the possibility of meeting financing needs by obtaining the necessary funds (debt financing, attracting an industry or financial investor, issuing the Company's shares or combining selected or all of the above financing options﴿,
continuation of the performance of the contract for analytics commissioned by Novavax, as well as the performance of additional orders placed under other contracts,
future, possible changes in the terms of the contract with Novavax or IBMP,
the decision of the National Centre for Research and Development (NCBR﴿ regarding the acceptance of the implementation report and the report on the dissemination of R&D results of the project entitled "Development and scaling of an innovative process for the production of a therapeutic, recombinant monoclonal antibody to enable the industrial implementation of the first Polish biotechnological drug for oncological and autoimmune therapies",
the availability of grants and funds supporting the development of the biotechnology industry, including research and development projects and investments in innovation, may affect the acquisition of new contracts,
changes in remuneration costs and general administrative costs of the Company,
exchange rate differences resulting from changes in foreign exchange rates,
the level of inflation and interest rates affecting the level of costs generated.
Implementation of the 2025-2030 Strategy in terms of activities planned for 2025 - commercialisation, acceleration of expansion, securing financingThe Mabion S.A. Strategy for 2025-2030, adopted on 23 April 2025, assumed that 2025 would be crucial for converting existing customer relationships into contracts. Business development activities were intensified and, as a result, a significant increase in the number of contracts signed was planned (the assumptions and activities planned in the strategy were aimed at acquiring 5 to 10 contracts in 2025﴿. The Company's Management Board's goal for 2025 was to increase sales revenue compared to 2024, mainly thanks to the expected translation of established business relationships into contracts.
As at the date of publication of this interim report, the total value of all offers actively negotiated by the Company with potential
customers, taking into account the likelihood of successfully signing a contract, reached USD 50.7 million. The Company directs its offer mainly to small and medium-sized biotechnology companies, competing on the market primarily for projects worth PLN 10-40 million, offering flexible terms of cooperation, a fast implementation path and a cost advantage over other CDMOs. The second key target are well-established companies interested in the co-development of biotechnology products.
However, given the slower than expected progress in securing contracts, the Company's Management Board believes that the assumptions made for 2025 will be difficult to achieve despite all the Company's best efforts. Therefore, considering the current situation of the Company and the changes in the composition of the Company's Management Board that took place in September 2025, the assumptions of the Strategy 2025-2030 adopted in April this year Strategy 2025-2030 were revised and on
17 November 2025 a new Company Strategy for 2025-2030 was adopted for implementation. Detailed information on the adopted strategy can be found in section 3.8 of this report.
After analysing the possibilities of obtaining financing (debt financing, equity or mezzanine financing from local or international investors or financial institutions﴿, in the first half of 2025 the Company continues its efforts to develop an optimal financing structure, which would come from the following sources (alternatively or through joint implementation﴿:
obtaining debt financing, mainly from private debt funds,
obtaining financing through the issue of shares,
acquiring an industry or financial investor who would co-finance the Company.
The scenario currently being implemented is to obtain bridge financing from existing investors, which, in the opinion of the Management Board, is the optimal source of short-term financing until the appropriate level of financing required in the medium term is obtained. The Company's Management Board also continues to actively pursue activities aimed at obtaining debt financing from Private Debt funds and is taking steps to increase the Company's share capital through the issue of shares. In the opinion of the Management Board, these activities may supplement the estimated capital requirements. Acquiring an industry or financial investor who could significantly recapitalise the Company is one of three scenarios that the Company began to implement in April with the announcement of its 2025-2030 Strategy.
Work is currently underway to increase the Company's share capital at the beginning of 2026 through the issue of shares, which will provide the Company with funds to manage its liquidity in the coming months. It is estimated that as a result of the planned issue, the Company will be able to obtain additional funds up to the amount of the authorised capital (i.e. an issue of up to 8,081,163 shares﴿, which, in the opinion of the Company's Management Board, will secure the Company's liquidity for the coming months. The planned issue will be closed and will not be conducted as a public offering. The Company's Management
Board believes that the risk of failure to recapitalise through a capital increase in the form of a share issue is negligible, but there is no certainty of this.
Due to the complexity of the above-mentioned processes and their duration, the Company requested its shareholders to provide bridge financing in the form of a loan. As a result of the actions taken, on 24 October 2025, the Company concluded a Term Sheet with Twiti Investments Ltd. Term Sheet, a loan agreement under which Twiti Investments granted the Company a loan in the amount 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.
In the opinion of the Management Board, obtaining the loan will enable the Company to carry out its current operations and maintain its readiness and ability to perform new contracts. At the same time, the Company sees a need for further external financing, in the form of debt financing or share issues, as indicated above.
In the event that the actions of the Company's Management Board in terms of obtaining sales contracts or external financing prove insufficient, On 25 September 2025, the Company received a letter of support from its shareholder Twiti Investments, in which the shareholder upheld its decision to provide support as expressed in its letter of 31 March 2025, while also declaring its support for a further 12 months.
The critical scenario currently being considered following changes in the Company's Management Board (described in section 2.2 of this report﴿ is to reduce operating costs and capital expenditure. Such a scenario would support measures aimed at maintaining liquidity until a sufficient number of production orders are obtained. This scenario is currently being considered, taking into account the implementation of operational and manufacturing processes related to the performance of signed contracts, as well as the acquisition of new contracts. In the opinion of the Company's Management Board, the performance of all signed contracts is a priority over possible measures aimed at radically reducing costs, as such measures would impair the Company's operational capacity and thus undermine its ability to perform important contractual obligations.
Despite intensive market activities, the Company's Management Board identifies significant uncertainty regarding the possibility of acquiring and executing a sufficient number of production orders that would guarantee the Company cash resources ensuring liquidity in the foreseeable future. In addition, the Company sees a risk of a potential return of part or all of the subsidy received from NCBiR (the total subsidy amounts to PLN
24.9 million﴿ together with interest due for the implementation of the project related to the MabionCD20 drug, which could significantly affect the Company's financial condition. Detailed information in this regard is described in note 18 and 26 of the financial statements, where the Company referred to liquidity risk. The Company's Management Board believes that the risk of repayment is negligible, but cannot rule it out.
Therefore, there is significant uncertainty that may raise serious doubts about the Company's ability to continue as a going concern and, as a result, the Company may not obtain the expected economic benefits from its assets and may not settle its liabilities in the normal course of business. In the opinion of the Management Board, however, the market activities currently being undertaken and the status of talks with potential contractors give grounds to assume that the Company will continue its operations and that there is demand for the services it offers.
Factors related to the situation in UkraineAt the time of publication of this interim report, the armed conflict in Ukraine, a country neighbouring Poland, which began in 2022, is still ongoing. The international community has imposed severe sanctions on Russia, which attacked Ukraine, targeting specific entities and sectors of the economy. As at the
date of publication of this interim report, the sanctions imposed and the armed conflict have not had a direct impact on the Company's operations. Therefore, after analysing the impact of the Russian invasion to date and its current and future potential effects on the Company, the Company's Management Board believes that the invasion and its related effects do not affect the valuation and classification of assets and liabilities in the condensed interim financial statements as at 30 September 2025.
However, changing exchange rates, interest rates, economic growth potential, the impact of increased immigration and the possibility of the conflict spreading have increased the uncertainty of the environment in which the Company operates. The current economic situation in the East has prompted the Company to pay particular attention to regulations introduced by the Polish Government, the governments of other EU countries and the United States. The protracted conflict may result in further increases in prices, e.g. of energy, the introduction of restrictions on free trade or other business restrictions, including disruptions to the supply chain of goods and services. All of the abovementioned phenomena may have a direct impact on the Company's financial situation in the future.
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Scope of activity
OTHER INFORMATION RELEVANT TO THE ASSESSMENT
OF THE COMPANY'S SITUATION
As at the date of this interim report, there is no information other than that indicated in the other sections and below that is relevant to the assessment of the Company's personnel, assets, financial position, financial results and changes therein, or information that is relevant to the assessment of Mabion S.A.'s ability to meet its obligations.
The interim condensed financial statements for the 3- and
9-month periods ended 30 September 2025 have been prepared in accordance with the going concern principle, which assumes that the Company will continue as a going concern in the foreseeable future. The assumptions underlying the going concern principle are presented in note 3 to the interim condensed financial statements.
Extraordinary General Meeting of Mabion S.A.On 10 July 2025, an Extraordinary General Meeting of Mabion
S.A. was held, which adopted resolutions on, among other things:
amendment of §9b of the Company's Articles of Association to authorise the Company's Management Board to increase the share capital within the authorised capital, with the possibility for the Management Board to exclude the preemptive right to shares issued within the authorised capital in whole or in part, with the consent of the Supervisory Board (see section 2.3 of this interim report for more details﴿,
amendment to Resolution No. 1/VII/2024 of the Ordinary General Meeting of Mabion S.A. of 15 July 2024 on the introduction of the Incentive Programme (see more in section 2.5 of this interim report﴿.
The amendment to the Company's Articles of Association referred to above became effective upon its entry in the National Court Register on 23 July 2025, as announced by the Company in current report No. 23/2025 of 23 July 2025.
The content of the resolutions of the Extraordinary General Meeting of Mabion S.A. was published by the Company in current report No. 19/2025 of 10 July 2025.
Management Board This Other information to the quarterly report of Mabion S.A. was approved for publication by the Management Board of the Company on 1 December 2025. Gregor KawaletzPresident of the Management Board
Detlef Behrens Joaquín Santos BenitoMember of the Management Board Member of the Management Board
Konstantynów Łódzki, 1 December, 2025
SCIENTIFIC AND INDUSTRIAL COMPLEX OF MEDICAL BIOTECHNOLOGY
Gen. Mariana Langiewicza 60 95-050 Konstantynów Łódzki Poland
Phones:
Reception: +48 42 207 78 90
Pharmacovigilance: +48 506 809 249
RESEARCH AND DEVELOPMENT CENTER
FOR BIOTECHNOLOGICAL MEDICINAL PRODUCTS
Fabryczna 17
90-344 Łódź Poland
Phone:
+48 42 290 82 10
https://www.mabion.eu