28 April 2025
Management Board of Mabion
Gregor Kawaletz
Chief Executive Officer
Detlef Behrens
Chief Business Affairs Officer
Joaquín Santos Benito
Chief Transformation Officer
Areas of responsibility:
Designing and executing the Company's business strategyAcquiring strategic business partners
Overseeing regulatory compliance, quality management, finance, HR, legal, administration, IR, PR, and ESG
Representing the Company externally and driving overall performance
Areas of responsibility:
Driving business development and new customer acquisitionLeading strategic projects related to international expansion
Building and managing relationships with key clients and partners
Identifying and pursuing new market opportunities
Areas of responsibility:
Managing operations using Process/Operational Excellence toolsOptimizing key business processes to achieve strategic goals
Leading transformation programs and continuous improvement initiatives
Shaping long-term growth vision and organizational culture (including AI-driven change)
Ensuring sustainable performance and high employee engagement
Agenda
Executive SummaryExecuting the 2025-2030 Strategy
Financial results for Q4'25 and FY 2025
Presentation of financial results Q4'25 and FY 2025
Executive Summary
Selected key events in 2025 and up to the publication date of the report
R e v e n u e
( P L N m )
4Q 25
5,7
+19,9% r/r
FY 25
15,8
-77,2% r/r
C a s h
( P L N m )
4Q 25
6,4
3Q 25
4,6
Finance
Revenues in Q4 2025 generated mainly under services provided to Novavax and other CDMO projectsHigh cost discipline at every level - in terms of type -5% y/y in 2025
Marginal level of Capex expenditure in 2025 (PLN 0.9m) adjusted to current needs
PLN 6.3 million in cash at the end of Q4 2025 (+PLN 1.8m q/q)
Ongoing projects
Cooperation with Instituto De Biologia Molecular Do Paraná from Brazil - IBMP (process development and production of material for clinical trials)Cooperation with Novalgen Ltd. from UK (stability testing and optimisation of the Potency method)
Cooperation with Novavax, Inc. from US (analytics, stability testing)
N e t R e s u l t
( P L N m )
4Q 25
-21,2
FY 25
-62,6
E B I T D A
( P L N m )
4Q 25
-18,2
FY 25
-50,5
Cooperation with WPD Pharmaceuticals Sp. z o.o. from Poland (analytics development for ADCs)Cooperation with Sartorius (joint commercialisation of services and Co-development for clients)
Business development
Acquisition of new clients, with a focus on projects involving biosimilars, mAbs, ADCs and Animal Health, targeting an active pipeline value (probability-weighted) of USD 53mExpansion of strategic collaboration agreements, aimed at:
strengthening and complementing Mabion's service offering, incl. ADC conjugation and ATMPs
Co-Development of Biosimilars as a substantial pillar of Mabion's business model
increasing visibility and promotion of Company portfolio within partner networks
Executing the 2025-2030 Strategy
The prerogatives for the Strategy 2025-2030 From short-term to long-term perspectives
Tactical Strategic Vision
The CDMO business monetizes the existing pipeline, generating near-term cash flows through established global partnerships
Co-development is being actively scaled: building a diversified, double-digit partner base and expanding into a broader portfolio of molecules with attractive upside potential.
Through innovation and re-positioning of CD20 platform Mabion is redefining its strategic direction.
Leveraging in-house expertise and collaboration with a partner, the company will accelerate this pillar supported by selective acquisitions and onboarding of high-potential assets.
Building on scientific excellence in Poland, Mabion is well positioned to become a leading CEE innovation champion with scalable size, integrated service offering including business development capabilities, and enhanced attractiveness to financial investors.
Why Mabion Now?
New Leadership &
Governance
New management team fully onboarded.
Advisory board onboarded
New 2025-2030 Strategy
published November 2025.
What has changed in the last 12 months
"Mabion is not a commodity CDMO. We are a science-driven, GMP-certified biologics partner for the next generation of biotech companies."
Strategic Repositioning
From a conventional CDMO to IP owning biologics development and manufacturing partner.
Co-Development is key for success
Drug Substance expertise as core differentiator.
Market Timing
CD20 to be re-introduced Growing number of bio-similars Inorganic growth as accelerater
EU-based GMP infrastructure at competitive cost.
-
New BD structure operational,
Lean management program launched
Faster and more effective decision-making across the organization.
Improved cost efficiency and optimized resource allocation.
Extended global network
Stronger commercial focus and clearer accountability in BD activities.
Increased agility and ability to respond quickly to market opportunities. -
WPD Pharmaceuticals CDMO Contract
New CDMO services contract: ADC ~PLN 2.0 million.
Expands client portfolio into new therapeutic area
Demonstrates growing market recognition. -
Novavax Analytical Expansion
Ongoing analytical transfer and validation services.
Expanded scope beyond original commercial manufacturing relationship.
Long-term, recurring revenue stream. -
UK Client: SOW → MSA Progression
Progressed from Statement of Work to full Master Services Agreement.
Contract value: ~PLN 5.5 million.
Focus: immunotherapeutic products.
First in a series of newly acquired contracts. - New Advisory Board - December 2025
Strategic guidance on the development of antibody-drug conjugate capabilities:
Firelli Alonso, Ph.D. - Ex Pfizer executive directorDr. Thomas Richter - CEO of BTI
Advisory on bioprocessing and the advancement of manufacturing and development platform:
Jonas Skjødt Møller - Ex Sartorius Head of advance technologiesAbhishek Mathur, PhD, MBA - Ex Head of R&D at Enzene and Amgen
Expertise in market research and bioprocessing
Lourdes Gonzalez-Novo - Ex Enzene CCOFrom PLN -18,2M EBITDA for 4Q'26 to Break-Even by December 2026
Two levers: revenue ramp + operational efficiency+ Revenue Ramp
UK MSA +
pipeline conversion
IBMP/Sartorius +
+ Operational Efficiency
lead time -20%
OEE +20%,
+ Cost Discipline
Maintained -4% y/y
opex trend
Starting Point
Q4 2025 EBITDA
PLN -18,2m
Target
Q4 2026 EBITDA
Break-Even
Horizon | Revenue Target | EBITDA Margin | Main Goal |
2026 | 70-80 PLN milion | >0% | Break-even |
2027 | 80-100 PLN million | <35% | Exceed break-even |
2028 | >100 PLN milion | >35% | Operational excellence |
2029 | ~PLN 100 million | >30% | Market leadership |
Revenue mix shifting toward higher-margin DS Production as pipeline matures (2027-2030).
A Measurable Roadmap - Hold Us Accountable to These Catalysts Key value drivers across Q1-Q4 2026Q1/Q2 2026
Contract Wins
Revenue ramp-up fromIBMP/Sartorius partnership.
Expanding UK client MSA scope.First meaningful revenue contribution from 2025 contract wins.
Q3 2026
ADC Entry
Entry in to segment with strong growth potential in Poland and EU with unmet medical needsCurrently exploring ATMP capabilities integration, including partnerships, collaborations, and potential acquisitions
Q4 2026
Continuous Manufacturing
Achievement of OEE and lead time operational targets.EBITDA break-even
reached.
Annual report for 2025 published (28 April2026).
Q3 2026 report: 17
November 2026.
New contract announcements converting from late-stage pipeline in Q2.Focus areas: Biosimilars and
CD20 projects.
Expected: 2-3 new signed contractsQ2/Q3 2026
Revenue Ramp
Official initiation of Antibody-Drug Conjugate (ADC) activities.
Entry into one of the fastest-growing segments in biologics manufacturing.
Positions Mabion for 2027-
2028 revenue diversification.
Q3 2026
ATMP
Currently investigating implementation possibilities
Q4 2026
Break-Even
"These milestones are not aspirational - they are the operational and commercial outputs of work already underway."
PLN 37m Bridge Financing Secured - Fully Funded to Execute Our StrategyTransparent liquidity position and recent financing actions
Capital Allocation
Priorities
Execution of signed contracts
(IBMP, UK client, WPD).
Maintenance of GMP-certified infrastructure.
Business development to accelerate pipeline conversion.
No speculative CAPEX -disciplined deployment.
Current Position
Cash at Q4 2025 end:
PLN 6.4m
Total assets: PLN 110.4m
Total equity: PLN 48.8m
Debt remains at a low level (mainly convertible loans).
Recent Financing Actions
PLN 37m bridge financing secured from main shareholder .
Business development loans (CBC, ACRX) utilized to support pipeline growth and BD activities.
"Founding shareholders have declared long-term commitment to the Company.
The PLN 37m financing reflects strong sponsor conviction in our new strategic direction."
GMP-Certified Infrastructure, Proven Track Record, and Scientific ExcellenceInfrastructure & Credentials
GMP-certified manufacturing plant:
Konstantynów Łódzki
(in total >10,000L bioreactors)
GMP-certified R&D Centre: Łódź
Full analytical capabilities: Drug Substance and Drug Product testing
ISO-certified quality management
systems
Capacity expansion potential: +40-50% without major CAPEX
Mabion's tangible competitive advantages
Track Record & Recognition
>PLN 350m in CDMO revenues delivered (Q4 2021 - Q2 2024)
200+ qualified professionals
Successful delivery for global clients including Novavax
2025 International CDMO Leadership
Award
in Biologics
>>100 bids submitted since Q1 2023
"From cell line derivation to commercial Drug Substance manufacturing - Mabion delivers the full biologics value chain."
Strategic Expansion into Next-Generation Biologics and Advanced Therapies Execution across ADCs, process innovation and ATMP entry validates Mabion's transition into a high-value biologics partner-
Continuous collaboration on ADCs
with partners
Simplification of supply chain
Cost effectiveness by reducing parties involved
Higher efficacy with reduced side effects due to novel linker technology
Flexible model: client projects and co-development options.
Strengthens Mabion's future integrated ADC offering. -
Technology innovation towards democratisation of biologics
mAbs manufacturing innovative solution
Efficient robust manufacturing process
Radical COGS reduction and drastical titer increase
Optimal equipment throughput - Advanced Therapy Medicinal Products
Due to high demand on the market and
Mabion's scientific capabilities the company is evaluating stepping into ATMPs that support the innovation hub Mabion is building.
In this area Mabion expects the first business coming in not later than in Q3'26
Our focus areas to drive Mabion's growth Focused portfolio across high-growth biologics segments, combining CDMO services, co-development and selective innovationBiosimilars | CDMO Co-Developer | Niche products USA, MENA and Asia region as a target destination Continuous manufacturing - to be considered at the later stage |
CD20 | Co-developer with AI capabilities Own innovative product | Use of CD20 as a part of a new (innovative orphan drug), not as a biosimilar Looking for the highest market potential - unmet needs, possible to do fast and cost effectively |
ADC's | CDMO Co-Developer Own innovative product | Vast market demand At the beginning as CDMO/Co-Developer (know-how and IP gaining phase) At the later stage a goal is to implement conjugation capabilities in-house |
Bispecifics/ innovators | CDMO Co-Developer Own innovative product | CDMO/Co-Development as an initial phase Own innovative products dependent on dilutive and non-dilutive funds |
ATMP | CDMO Co-Developer Own innovative product | Strong growth potential in Poland and EU with unmet medical needs Accelerated timelines through streamlined clinical requirements and earlier potential for commercialization - efficient delivery of impactful therapies |
Project Activity Characteristics
Mabion seeks advantage in focus on selected projects with high growth potential
Mabion is Executing. The Thesis is Validated. The Trajectory is Clear. Three reasons to follow Mabion in 2026Execution
Strategy is in motion, validated by four major contract wins in the last 12 months.
New management, new Advisory Board, and new commercial structure are all operational.
Commercial Traction
USD 258m pipeline growing at 34% - with USD 53m probability-weighted and converting to 2026 revenue.
Analytics and process development projects provide near-term visibility.
Financial Trajectory
Fully funded through PLN 37m bridge financing
Clear, operational bridge to EBITDA break-even by year-end
Long-term target: >PLN 100m revenue and >30% EBITDA margin by 2030.
P&L statement
In Q4'25, the Company generated a total of PLN 5.7 million in revenue, including PLN 4.1 million in sales revenue from the provision of CDMO services
Costs necessary to maintain production capacity and provide CDMO services have been allocated to the cost of goods sold
In 4Q'25, the Company maintained control
over its operating costs
In Q4'25, an impairment loss of PLN 8m was recognised on PP&E (including the IMA packaging line and the Ebetech vial filling line)
In 4Q'25, the Company continued to recognize revenues from the contracted and ongoing projects in line with its existing methodology
PLN m 1Q'23 Total income 39,5 | 2Q'23 36,0 | 3Q'23 29,6 | 4Q'23 46,5 | 1Q'24 34,0 | 2Q'24 29,8 | 3Q'24 0,5 | 4Q'24 4,8 | 1Q'25 2,7 | 2Q'25 3,3 | 3Q'25 4,1 | 4Q'25 5,7 |
Income from sales 38,2 | 34,3 | 28,0 | 39,9 | 32,2 | 29,2 | 0,7 | 3,3 | 2,5 | 3,2 | 3,7 | 4,1 |
Lease income 1,2 | 1,1 | 0,0 | 0,3 | 0,9 | 0,6 | - | - | - | - | - | - |
Income from settling the purchase of 0,2 | 0,6 | 1,6 | 6,3 | 0,9 | - | -0,2 | 1,4 | 0,2 | 0,1 | 0,4 | 1,6 |
Cost of sales and own cost of purchased -9,1 | -8,6 | -6,4 | -13,0 | -7,5 | -3,4 | -0,1 | -16,8 | -8,5 | -8,5 | -7,4 | -8,7 |
Gross profit on sales 30,5 | 27,4 | 23,2 | 33,5 | 26,4 | 26,4 | 0,4 | -12,1 | -5,8 | -5,3 | -3,3 | -3,0 |
Gross profit margin 77,0% | 76,1% | 78,3% | 72,1% | 77,8% | 88,6% | 77,1% | - | - | - | - | - |
R&D cost and general administration -12,5 | -10,2 | -12,3 | -11,5 | -12,5 | -15,6 | -15,8 | 1,2 | -8,3 | -9,1 | -7,9 | -8,6 |
EBITDA 19,8 | 19,2 | 12,8 | 10,4 | 15,5 | 12,9 | -12,9 | -13,9 | -11,7 | -12,2 | -8,4 | -18,2 |
EBITDA margin 50,1% | 53,3% | 43,4% | 22,4% | 45,6% | 43,2% | - | - | - | - | - | - |
EBIT 18,0 | 17,5 | 10,9 | 8,7 | 13,5 | 10,6 | -15,1 | -16,2 | -14,1 | -14,6 | -10,7 | -20,1 |
EBIT margin 45,6% | 48,5% | 36,7% | 18,7% | 39,8% | 35,6% | - | - | - | - | - | - |
NET PROFIT/(LOSS) 16,5 | 15,2 | 10,9 | -1,3 | 17,5 | 10,3 | -16,3 | -17,9 | -15,3 | -15,4 | -10,8 | -21,2 |
Growing revenues in each quarter of this year, but not yet sufficient to cover current operating costs
materials and services materials and services
costs
Current cash burn rate: PLN 15m
Balance sheet
The positions includes a PLN 10.3 million asset-backed loan provided by Twiti. The total available loan amount is PLN 18 million, with the option to convert all or part of it into equity.
The cash level required the acquisition of bridge financing therefore after the balance sheet date the Company obtained additional funding of
PLN 19million..
Prepaid expenses include, among others, licenses, services, property tax, capitalized business development costs, and insurance
Trade receivables relate to amounts arising from ongoing contracts; other receivables include PLN 1.2 million of VAT
The value of inventories, was adjusted in 2025 by an impairment write-down (PLN 673K)
The level of fixed assets is related to the modernization of the facility; the value was partially adjusted in 4Q'23 by an impairment write-down of construction-in-progress fixed assets (PLN 12.2m) concerning expenditures for Mabion II. In 2025, a further write-down of approximately PLN 8m was made in respect of the packaging and bottling line.
Cash position of PLN 6.4 million, requires strengthening through the acquisition of financing
PLN m | 1Q2023 | 2Q2023 | 3Q2023 | 4Q2023 | 1Q2024 | 2Q2024 | 3Q2024 | 4Q2024 | 1Q2025 | 2Q2025 | 3Q2025 | 4Q2025 |
Total fixed assets | 103,3 | 107,3 | 117,0 | 117,8 | 122,6 | 121,3 | 120,1 | 113,6 | 112,0 | 110,4 | 108,3 | 97,6 |
Total current assets incl.: | 95,3 | 67,5 | 113,4 | 90,5 | 91,3 | 75,1 | 59,3 | 45,9 | 31,5 | 17,7 | 12,2 | 12,8 |
Inventories | 8,2 | 7,6 | 7,7 | 6,8 | 7,3 | 7,5 | 7,7 | 2,5 | 2,6 | 2,4 | 2,5 | 1,4 |
Trade receivables | 7,9 | 2,9 | 10,8 | 25,5 | 27,5 | 13,2 | 0,3 | 1,1 | 0,1 | 1,0 | 0,8 | 1,9 |
Other receivables | 1,5 | 11,1 | 8,2 | 7,1 | 4,8 | 2,3 | 2,1 | 2,0 | 1,6 | 1,4 | 2,2 | 2,0 |
Prepayments and accrued income | 8,2 | 7,3 | 3,2 | 3,1 | 3,0 | 1,9 | 2,2 | 1,7 | 3,4 | 2,1 | 2,1 | 1,1 |
Cash and cash equivalents | 69,5 | 38,5 | 83,5 | 47,8 | 48,8 | 50,2 | 47,0 | 38,4 | 23,7 | 10,8 | 4,6 | 6,4 |
Total assets | 198,6 | 174,7 | 230,4 | 208,3 | 213,9 | 196,4 | 179,3 | 159,5 | 143,5 | 128,0 | 120,5 | 110,4 |
Total equity | 93,0 | 108,2 | 119,1 | 117,8 | 135,3 | 145,6 | 129,3 | 111,4 | 96,3 | 80,8 | 70,0 | 48,8 |
Total non-current liabilities incl: | 35,1 | 34,6 | 35,0 | 35,2 | 35,0 | 34,4 | 9,2 | 8,9 | 8,9 | 8,4 | 7,9 | 17,8 |
Deferred income from grants | 31,1 | 31,1 | 31,2 | 31,8 | 31,7 | 6,8 | 6,7 | 6,7 | 6,7 | 6,6 | 6,6 | 6,5 |
Loans and borrowings | 0,3 | 0,3 | 0,3 | 0,2 | 0,2 | 0,1 | 0,1 | 0,1 | 0,3 | 0,3 | 0,3 | 10,2 |
Long-term liabilities | 0,0 | 0,0 | 0,0 | 0,4 | 0,4 | 0,4 | 0,4 | 0,4 | 0,4 | 0,0 | 0,0 | 0,0 |
Lease | 3,6 | 3,3 | 3,5 | 2,7 | 2,7 | 2,2 | 1,9 | 1,7 | 1,5 | 1,4 | 1,1 | 1,0 |
Total non-current liabilities incl: | 70,6 | 31,9 | 76,4 | 55,3 | 43,6 | 41,2 | 40,9 | 39,1 | 38,2 | 38,9 | 42,6 | 43,9 |
Repayable advances on distribution rights | 1,8 | 1,7 | 1,8 | 1,7 | 1,7 | 1,7 | 1,6 | 1,6 | 1,6 | 1,6 | 1,7 | 1,6 |
Trade liabilities | 9,7 | 3,5 | 4,4 | 7,9 | 4,4 | 2,4 | 2,7 | 4,4 | 2,4 | 2,5 | 5,0 | 6,1 |
Other liabilities | 9,0 | 3,4 | 3,3 | 3,4 | 4,8 | 3,7 | 3,4 | 3,3 | 3,5 | 3,8 | 3,7 | 5,6 |
Loans and borrowings | 0,1 | 0,1 | 47,4 | 31,3 | 19,7 | 0,2 | 0,1 | 0,2 | 0,2 | 0,2 | 0,2 | 0,1 |
Deferred income from grants | 0,2 | 0,2 | 0,2 | 0,2 | 0,2 | 25,1 | 25,1 | 25,1 | 25,1 | 25,2 | 25,2 | 25,1 |
Liabilities under contracts with customers | 41,3 | 14,6 | 10,4 | 1,5 | 3,2 | 1,5 | 1,6 | 1,5 | 0,9 | 0,5 | 3,2 | 2,0 |
Lease and lease prepayments | 2,8 | 2,0 | 1,9 | 1,6 | 1,6 | 1,4 | 1,6 | 1,4 | 1,5 | 1,4 | 1,4 | 1,3 |
Accrued costs | 5,5 | 6,1 | 6,8 | 7,6 | 8,0 | 5,1 | 4,7 | 1,6 | 3,0 | 3,7 | 2,2 | 1,9 |
Total liabilities and equity | 198,6 | 174,7 | 230,4 | 208,3 | 213,9 | 196,4 | 179,3 | 159,5 | 143,5 | 128,0 | 120,5 | 110,4 |
HIGH POTENTIAL FOR FUTURE GROWTH
C o n c l u d i n g f u r t h e r o r d e r s a n d C D M O c o n t r a c t s↗ The current value of all offers under consideration, as at the date of 24 April 2026 is USD 258,3 million, of which the value of active probability-weighted bids is USD 53.64 million. The change compared to the data for H1 2025 reflects an increase in the value of all offers under consideration as well as in the value of active probability-weighted bids.
↗ As at the date of presentation (24 April 2026), the Company has 35 sales processes open, the average time observed in the industry from the start of bidding to the decision to approve or
reject a proposal is at least 12 months, and the formal conclusion of a contract and commencement of services may take several more months.
↗ In Q1 2026, Mabion submitted a total of 13 bids.
↗ The average unit value of the bids submitted ranges from USD 1.5 to 13.0 million, with a completion time of several weeks to several years.
NUMBER OF BIDS SUBMITTED IN A GIVEN QUARTER/TIME PERIOD
VALUE OF ACTIVE BIDS
VALUE OF ACTIVE OFFERS WEIGHTED BY PROBABILITY
31
(as at the date of presentation) (USD million) (USD million)
4
6
9
10
11
11
13
13
15
18
2 2
1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025
Jan-Aug 2025
31 Dec 2025
24 Apr 2026
USD 244M
USD 258M
31 Dec 2025
24 Apr 2026
USD 50M
20% of the total
USD 53M
21% of the total
23
Sep-Dec 2025
PROJECT PIPELINE AND REVENUE ESTIMATION
K e y s t r a t e g y e l e m e n t s o v e r t h e n e x t y e a r s (2026 - 2030)
86
64%
55
53%
29
2026 2027 2028
79%
18
23
21%
6
17%
50%
50%
Revenues | Potential for ~70-80 PLNm in annual revenue | Potential for ~20-25 PLNm in annual revenue | >100 PLNm in annual revenue |
EBITDA margin | >0% | <35% | >35% |
Financing sources | OCF, Debt, Share Issue, Strategic or financial investor | OCF, Debt, Share Issue, Grants | OCF, Debt, Grants |
Main goal | Securing financing for further development | Exceeding the financial break-even point | Operational excellence |
Anticipated revenue source breakdown (2025-2030)
Process development AnalyticsDS Production
2026 2027 2028 2029 2030 2031