Mabion SaGPW: MAB

Presentation of financial results for Q3 2025 – Mabion

Dec 2, 2025 at 9:06 AM UTC · Issued by Mabion SA

Presentation of financial results Q3 2025

2 December 2025

Management Board of Mabion

Gregor Kawaletz

Chief Executive Officer

Areas of responsibility:

Designing and executing

the Company's business strategy

Acquiring strategic business partners

Overseeing regulatory compliance, quality management, finance, HR, legal, administration, IR, PR, and ESG

Representing the Company externally and driving overall performance

Detlef Behrens

Chief Business Affairs Officer

Areas of responsibility:

Driving business development and new customer acquisition

Leading strategic projects related to international expansion

Building and managing relationships with key clients and partners

Identifying and pursuing new market opportunities

Joaquín Santos Benito

Chief Transformation Officer

Areas of responsibility:

Managing operations using Process/Operational Excellence tools

Optimizing 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 Summary

Strategy 2025-2030

Financial results for Q3 2025

Executive Summary

Selected key events in 3Q 2025 and up to the publication date of the report

R e v e n u e

( P L N m )

3Q 25

4,1

+692% r/r

9M 25

10,1

-84,4% r/r

C a s h

( P L N m )

3Q 25

4,6

2Q 25

10,8

Finance

Revenues in Q3 2025 generated mainly under services provided to Novavax and other CDMO projects

High cost discipline at every level - in terms of type -14% q/q in Q3 2025

Marginal level of Capex expenditure in Q3 2025 (PLN 0.2m) adjusted to current needs

PLN 4.6 million in cash at the end of Q3 2025 (-PLN 6.2m q/q)

After the balance sheet date, bridge financing of PLN 18 million was obtained

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)

N e t R e s u l t

( P L N m )

3Q 25

-10,8

-34,0% r/r

9M 25

-41,4

n.m.

E B I T D A

( P L N m )

3Q 25

-8,4

-34,7% r/r

9M 25

-29,9

n.m

Cooperation with Novavax, Inc. from US (analytics, stability testing)

WDP Pharmaceuticals Sp. z o.o. from Poland (analytics development for ADCs)

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) exceeding USD 50m

Expansion of strategic collaboration agreements, aimed at:

strengthening and complementing Mabion's service offering (e.g., selected DP formats, ADC
conjugation)
increasing visibility and promotion of Company portfolio within partner networks

Active presence at key industry events to build and develop networking, identify new strategic partners, and explore emerging business opportunities

Strategy 2025-2030

Mabion's equity story - from solid foundations to leadership and excellence

Mabion has built a strong foundation as an EU-GMP-certified CDMO, overcoming key business barriers and starts to earn market credibility through quality, expertise and competitive cost base

We focus fully on Drug Substance and expand into co-development partnerships and continuous manufacturing - addressing global trends as well as client demand

for added-value services

To stand out in the competitive CDMO market, we are implementing our 2025-2030 Strategy focused on technology, operational excellence and portfolio diversification to address changes in the market

By the end of 2026, Mabion is expected to reach break-even and evolve into a profitable, scalable Drug Substance CDMO in Europe, known for great quality and partnerships

We are reshaping our business model to meet the post-

COVID environment and unlock new avenues for growth

Standing out in the crowded CDMO market through realization of a strategy

Mabion is capturing the growing CDMO market and aligns with the new trends

Targeted areas are the most attractive project segments for Mabion and might be strengthened by strategic partnerships or co-development

Key trend on market is a progressing shift from pure CDMO to strategic partnerships and co-development to share costs, profits and risks, which Mabion will reflect in its value proposition

Total addressable market is expected to more than double from USD 64,3bn in 2025 to USD 136,5bn in 2030 (CAGR 16,1%)

Key drivers for project we target

Biosimiliars

Wave of patent expiries, which will affect 118 biologics by 2034

Europe leads in product approvals, with nearly 150 EMA biosimilar authorizations vs 74 FDA

Cost containment pressures

Bispecific Antibodies

79,6

2025 2030

35,5

22,4

16,0

9,8

15,0

8,7

7,6

2,7 3,5

+124% +129%

Biosimilars Bispecific Antibodies

+72% +111% +30%

High Potency APIs ADCs Animal Health

Biologics

Oncology remains the core market, but the fastest growth is expected in immunology and inflammation

For CDMOs, bispecifics demand advanced protein engineering, dual expression systems, and efficient regulatory navigation

High Potency APIs

High-potent/precision-handling biologics form part of the broader HPAPI segment, which includes small and large molecules such as high-potency peptides, enzymes, oligonucleotides, and bioconjugates

Biotech HPAPI market is set to outpace synthetic HPAPI, with 11.5% CAGR driven by advances in targeted therapies

ADCs

ADCs show enormous potential of these molecules to become second- or even first-line cancer therapies

The product pipeline is robust, with 13-15 FDA-approved ADCs and more than 100 candidates in various stages of clinical development, over half of which are in Phase II/III

Manufacturing ADCs places substantial demands on CDMO capabilities, necessitating high-potency containment

infrastructure and expertise in conjugation chemistry

Animal Health Biologics

Baseline and 2030 estimates for biosimilars are presented as average values from 3 sources:

Market Research,"Biosimilars Market - Forecasts From 2025 to 2030", 9 May 2025
Mordor Intelligence, "Biosimilars Market Size, Trends, Growth and Share Analysis 2025-2030", 2 July 2025
Precedence Research, "Biosimilars Market Size to Hit USD 175.99 Billion by 2034", 13 August 2025

Vaccines dominate sales (≈78.6% in 2024), while monoclonal antibodies are rapidly growing from a low base,

driven by improved pet and livestock care standards

Mabion today - our starting point to deliver world-class CDMO offer

Several foundations and assets highly desired by market are already in place and ready to be enhanced by new Strategy

Challenges to overcome:

Limited market recognition

Too narrow market value proposition

State-of-the-Art Capabilities Highly Skilled Team and Competitive Cost

Scientific excellence in developing and manufacturing of biologics

Operates to the highest global standards,

fully GMP and ISO certified

Generated over PLN 350 million in CDMO service revenues (in period Q4'21

- Q2'24)

Modern, scalable production and analytical infrastructure

Winner of the 2025 International CDMO Leadership Award in Biologics

Experienced, multidisciplinary leadership team with track-record

~200 qualified professionals delivering operational excellence and world-class performance

Advanced technological expertise across biologics development and manufacturing

EU based location allow for competitive costs and attractive offer

Strategic Pillars (2025-2030): Unlocking the full potential of Mabion

Development of our three strategic Pillars is designed to deliver integrated and value-added solutions

01 02 03

Pillar 1: Technological Advancement Pillar 2: Operational Excellence & Optimal Scalable Capacity Pillar 3:

Talent, Culture Development & Organizational Competitiveness

mAbs

Development and manufacturing

ADC

Offering of development capabilities with strategic partners

Increase production capacity

Increase total DS manufacturing capacity by 40-50%

Install 2 new Multipurpose cGMP reactor trains

(2000L & 3000L)

Optimize scheduling to reduce campaign changeover time by 10-15%

Improve operational activity

Increase Overall Equipment Effectiveness (OEE) by 20%

Reduce key Process Lead Time by 20%

Strengthen quality performance

Reduce Critical Deviations by 25% by thorough advanced root cause analyses & CAPA effectiveness monitoring

Attract, develop & retain top talent

Leadership development program

Clear career path for scientists & technical

Increase training expenses by 20% annually

Cultivate intuition and experience-driven leadership

Foster Fast-Thinking Culture

Design & Implement an AI Learning Plan

Guarantee each year full cohorts of 10% scientist & technical people be trained in AI pragmatic use

Prepare the transition to all Operating Activities be driven by AI-automation

Enhance Mabion brand

Be recognized as top-employer by 2030

Our focus areas and project diversification to drive sustainable CDMO growth

Go-to-market approach ensures agility - matching Mabion's capabilities with high-potential biotech demand

Dimension Project Offering Activity Characteristics

Strategic	Biosimilars	2025 and beyond	CDMO Co-developer	Niche products MENA and Asia region as a target destination Continuous manufacturing - to be considered at the later stage
Strategic	CD20	2025 - market, regulatory and grants search 2026 - start of activities	Co-developer with the company which has ADC capabilities Own innovative product	Use of CD20 as a part of a new ADC's (innovative drug), not as a biosimilar Looking for the highest market potential - unmet needs, possible to do fast and cost effectively Not strategy for a registration of CD20 as a biosimilar
Strategic	ADC's	Q3 2026 - start of activities	CDMO Co-developer Own innovative product	Vast market demand At the beginning as CDMO/co-developer (know-how gaining phase) At the later stage a goal is to implement conjugation capabilities in-house
Strategic	Bispecifics/ innovators	2025 - cost analysis and grant search 2026 - start of projects	CDMO Co-developer Own innovative product	CDMO/Co-development as an initial phase Own innovative products depending on EU grant approvals
Tactic	High potent large molecules	Dependable on clients demand	CDMO	Highly active proteins (more complex molecules) - low doses Animal cells as host, rather R&D scale Originator or biosimilar molecules Market search to be performed, excludes sexual hormones manufacturing

demand

Opportunistic Animal health Dependable on clients

Based on incoming questions from potential clients, the animal health market

CDMO is evolving while the price per batch is not so high as for human use Potential constraints with manufacturing for humans after an animal health

By expanding the offering, Mabion enhances its competitiveness and aligns with the market shift toward collaborative and value-driven models (e.g. co-development) as traditional CDMO lose attractiveness. We will share risks, costs and profits from co-development business model on top of fee for service activities which today is not sufficient anymore to stand out in a competitive CDMO landscape.

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