Oxford Biomedica PLC Interim results for the six months ended 30 June 2025

• Strong H1 2025 financial results, confirming confidence in the near and medium-term outlook
• Total revenues in H1 2025 increased by 44% to £73.2 million (£73.4 million constant currency) (H1 2024: £50.8 million), demonstrating continued momentum

• £149 million contracted value of client orders¹ signed during H1 2025 (+166% y-o-y, H1 2024: £56 million) reflecting the strong demand for CDMO services and improving long-term revenue visibility
• Significant improvement in profitability, with Operating EBITDA loss of £(8.3) million (£(3.9) million constant currency) (H1 2024: £(20.3) million loss)
• Full year 2025 guidance confirmed: £160-170 million in revenues and low single digit £ million operating EBITDA profitability on a constant currency basis
• Post-period end, re-entered FTSE 250 index in September 2025

Oxford, UK – 23 September 2025: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces interim results for the six months ended 30 June 2025.

Dr. Frank Mathias, OXB’s Chief Executive Officer, said: “The first half of 2025 has been a period of strong delivery for OXB, driven by sustained high demand for our CDMO services across all vector types. Our multi-site, multi-vector model continues to be endorsed by our clients, with our performance reflecting improved operational efficiency and a high level of demand for late-stage and commercial programme activity – validating our market-leading position in cell and gene therapy manufacturing.

“With our order book more than doubling year-on-year and a strong revenue pipeline, we have good visibility on our growth trajectory and confidence in delivering our near and medium-term financial guidance. Since the period end, we have strengthened our balance sheet through the new Oaktree loan facility of up to $125 million and a c.£60 million placing of new shares. This provides the financial flexibility to expand our global manufacturing capabilities in response to the demand we are seeing from clients, including US commercial-scale GMP capacity with a complete end-to-end offering, and supports the acceleration of revenue and margin growth.

“I’m proud of the OXB team’s execution in advancing our “One OXB” strategy, driving operational excellence and maintaining disciplined capacity management. We are well-positioned for sustainable growth through 2025 and beyond, enabling our clients to deliver life-changing therapies to patients.”

FINANCIAL HIGHLIGHTS

• CC refers to constant currency which refers to the equivalent values based on the prior year exchange

1 Contracted value of client orders represent the value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingent contractual clauses.

• Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, revaluation of investments and assets at fair value through profit and loss, and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 12.
• Total revenues in H1 2025 increased by 44% to £73.2 million (£73.4 million constant currency¹) (H1 2024: £50.8 million), demonstrating continued momentum following the revenue growth in 2024.
• The strong revenue growth was driven by:
  • Continued strong lentiviral vector manufacturing of GMP batches for clients both in the clinical and commercial launch phases
  • Clients progressing their clinical development, including an increase in development revenues from process characterisation and validation work
  • Procurement and Storage services, which is a new revenue stream since H2 2024, to provide stability of supply of raw materials for clients undergoing commercial preparation activities.

• Significant improvement in profitability, with Operating EBITDA loss of £(8.3) million (£(3.9) million constant currency) (H12024: £(20.3) million loss) driven by the stronger revenues building on the growing momentum seen in H2 2024.
• Operating loss of £(23.6) million also represented a significant decrease compared with H1 2024 (£(32.2) million) due to a combination of increased revenues and focus on managing the overall cost base to drive the Group towards profitability.
• Reduced cash outflow to £(4.8) million (H1 2024: £(48.6) million) arising principally from operating loss improvement, disciplined cash control and enhanced working capital management via receipt of deposits and upfront payments from clients.
• Cash at 30 June 2025 was £53.9 million (31 December 2024: £60.7 million); net cash at 30 June 2025 was £17.1 million (31 December 2024: £20.6 million). Post-period end, cash at 31 August 2025 was £113.7 million.
• Following the exercise of the Call Option in March 2025, OXB completed the acquisition of the remaining 10% stake in its US subsidiary, OXB US LLC, from Q32 Bio, Inc., in June 2025, bringing its ownership to 100% as planned.
• Post-period, in August 2025 the Group entered into a new four-year term loan facility of up to $125 million with Oaktree Capital Management, L.P. (“Oaktree”), drawing $60 million (£45.3 million) on completion to refinance the existing $50 million (£37.8 million) facility.
• In August 2025, the Group completed a placing of new shares, raising c.£60 million gross proceeds to strengthen OXB’s global CDMO network, including expansion of US commercial-scale GMP capacity and to advance process quality, productivity and yields in response to increased client demand.

OUTLOOK AND FINANCIAL GUIDANCE

• All guidance as disclosed with the August 2025 share placing reiterated in
• FY 2025 guidance confirmed:
  • Revenues of £160-170 million and low single-digit £ million operating EBITDA on a constant currency basis
• Medium-term guidance:
  • FY 2026 revenues expected to reach between £220-240 million
  • 2027 and 2028 expected revenue growth of 25-30% year-on-year
• Revenue backlog² of £222 million at 30 June 2025; reinforces confidence in both full year 2025 and medium- term revenue growth.
  • £171 million of FY 2025 revenues contracted £106 million at the same time last year
• Long-term potential to approach operating EBITDA margins of 30% over a five-to-six-year period.
• All guidance excludes the impact of FX

1 Constant currency refers to the equivalent values based on the prior year exchange rates

2 Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of customer orders included in revenue backlog only includes the value of work for which the customer has signed a financial commitment for OXB to undertake, whereby any changes to agreed values will be subject to change orders, cancellation fees or the triggering of optional/contingent contractual clauses

Analyst briefing

OXB’s management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will host a virtual analyst briefing and Q&A today, 23 September, at 13:00 BST / 08:00 ET.

A live webcast of the presentation will be available via this link: https://brrmedia.news/OXB_HY25. The presentation will be available on OXB’s website at www.oxb.com.

If you would like to dial in to the call and ask a question during the live Q&A, please email OXB@icrhealthcare.com

Download PDF here

Capital Markets Day update

Following the Group’s recent equity placing (August 2025) to support investment to strengthen its CDMO network, including expansion of OXB’s US commercial-scale GMP capacity, the Company’s Capital Markets Day will now take place in the first half of 2026, to provide an update on initial deployment of proceeds and operational progress. The revised date will be confirmed in due course.

Notes

Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the Annual report and accounts.

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About OXB

OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world.

One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus(AAV), adenovirus and other viral vector types. OXB’s world-class

capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise.

OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines.

OXB, a FTSE 250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and Bedford MA, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.