Preliminary results for the year ended 31 December 2025

• Strong 2025 financial performance; revenues at upper end of guidance, with full year Operating EBITDA profitability achieved:
• Revenue growth of 33% to £170.9 million (CC) (FY 2024: £128.8 million)
• Operating EBITDA profit of £8.1 million (CC) (FY2024: £(15.3) million), driven by revenue growth and increasing focus on operating costs, and including one-off gain from the acquisition of the Durham, North Carolina (NC) facility.
• Underlying Operating EBITDA CC of £3.3 million, excluding the impact of the Durham, NC facility (the gain, acquisition, integration and site costs).
• Revenue backlog up c.36% to c.£204 million, a strong indicator of future revenues and continued growth through 2026 and beyond.
• Contracted value of orders up c.20% YoY to £224 million reflecting strong commercial momentum.
• Strategic expansion of global CDMO network with acquisition of FDA-approved commercial-scale viral vector manufacturing facility in Durham, NC.
• New multi-year Commercial Supply Agreement with Bristol Myers Squibb (BMS) for the manufacture and supply of lentiviral vectors for BMS’ CAR-T programmes (signed post-period).
• Financial guidance: FY 2026 revenues of £220 – 240 million with Operating EBITDA margin c.10%; medium‑term revenue growth of 25 – 30% in FY27 – 28 and EBITDA margins rising to at least 20% in FY 2027, with longer‑term potential approaching c.30% over a five-to-six-year period.

Oxford, UK – 26 March 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, today announces preliminary results for the year ended 31 December 2025.

Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “2025 was a year of outstanding execution for OXB as we delivered on our pure-play CDMO strategy. Strong commercial and operational execution resulted in 33% (CC) revenue growth and Operating EBITDA profitability.

“During the year, we made targeted investments across our global network to expand capacity and increase efficiency, including the acquisition of an FDA-approved, commercial scale viral vector manufacturing facility in Durham, North Carolina. This has enhanced our late-stage and commercial capabilities, particularly in AAV, whilst strengthening our world-class offering to clients. Innovation remained central to this, with enhancements to our platforms and analytical capabilities to enable faster, more scalable, high-quality and cost-effective manufacturing.

“Alongside this, demand increased across all vector types, as more client programmes progressed into later-stage development, driving a significant increase in orders and strengthening revenue visibility into 2026 and early 2027.

“With an established and growing position as a global leader in viral vector development and manufacturing, an integrated global network and a strong balance sheet, OXB enters 2026 well positioned to deliver on our near and medium-term guidance and continue our trajectory of sustainable profitable growth.”

SUMMARY FINANCIAL PERFORMANCE

* Revenue was £170.9 million in constant currency

** Operating EBITDA was £8.1 million in constant currency

*** Underlying EBITDA was £3.3 million in constant currency excluding the gain (£9.9 million), acquisition (£1.3 million), integration and site (£3.8 million) costs for the Durham, NC facility.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

• Revenues increased by 33% on a constant currency basis (CC)¹ to £170.9 million CC; reported revenues increased 31% to £168.7 million (2024: £128.8 million), demonstrating continued momentum
• Revenue growth was driven by:
  • Growth in lentiviral vector GMP manufacturing, supporting clinical and commercial launch programmes.
  • Increased client progression through clinical development, reflected in higher development revenues from process characterisation and validation work.
  • Growth in Procurement and Storage services, supporting clients preparing for commercialisation by ensuring stability of raw material supply.
• Significant improvement in profitability, with Operating EBITDA profit of £2.3 million (£8.1 million (CC)), driven by stronger revenues and increasing focus on operating costs (2024 loss: £(15.3) million).
  • Includes a non-recurring gain of £9.9 million and costs of £1.3 million related to the acquisition of the Durham, NC facility.
• Underlying Operating EBITDA CC of £3.3 million; excludes the benefit of the one-off non-recurring gain related to the acquisition of the Durham, NC facility of £9.9 million and the costs associated with the site, its integration and purchase.
• Operating loss substantially lower at £(22.5) million (2024 loss: £(39.4) million) reflecting strong revenue growth and disciplined cost control.
• Acquisition of an FDA approved commercial-scale viral vector manufacturing facility in Durham, NC for $4.5 million (£3.3 million).
  • The transaction comprised a purchase of key assets with a fair value of $17.9 million (£13.3 million), resulting in a favourable gain of $13.4 million (£9.9 million).
• Improved net cash from operations of £0.5 million (2024 loss: £(50.7) million) reflecting improved operating performance, disciplined cash control and increased client deposits and upfront payments.
• Cash at 31 December 2025 was £96.9 million (2024: £60.7 million); net cash at 31 December 2025 was £55.4 million (2024: £20.6 million).
• Completed several key financial transactions in 2025 including:
  • Increased ownership of Oxford Biomedica (US) LLC (“OXB US”) by purchasing the remaining 10% interest for $2.5 million (£2.0 million), extinguishing the put/call option held on the balance sheet.
  • New four-year term loan facility of up to $125 million with Oaktree Capital Management, L.P. (“Oaktree”).
  • Equity placing raising additional c.£60 million to invest in and scale OXB’s global network.
• In February 2026, post-period end, OXB announced a new multi-year Commercial Supply Agreement with BMS, for the manufacture and supply of lentiviral vectors for BMS’ CAR-T programmes.
• In March, post-period end, OXB extended global reach of its platforms through a licensing and option agreement with Australian CDMO Viral Vector Manufacturing Facility (VVMF).
• In March, post-period end, the Board approved, a further $15 million draw down under the existing Oaktree loan facility, from the total principal amount of $125 million.

 ¹CC refers to Constant Currency, which refers to the equivalent growth based on the prior year exchange rates.

²Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment, 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 payments. 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 17.

OUTLOOK AND FINANCIAL GUIDANCE

• On a constant currency basis, FY 2026 revenues are expected to be between £220-240 million, representing >35% CAGR for 2023-2026 and Operating EBITDA margin is expected to be approximately 10%
• In FY 2026, revenues and EBITDA are expected to be second half weighted with H2 set to benefit from the completion of the AAV and lentiviral vector technology transfers in France and the ramp up of Durham revenues
• H1 2026 is expected to be loss-making on an EBITDA level due to the phasing of revenues, planned shutdowns and non-recurring costs, with H2 delivering a double-digit Operating EBITDA margin
• Contracted client orders of £224 million in FY 2025 and revenue backlog of c. £204 million at 31 December 2025 reinforces confidence in continued growth through 2026 and beyond
• 60% of forecasted 2026 revenues are covered by contracted client orders (subject to revenue performance obligations), with over 80% coverage including the risk adjusted pipeline, providing good visibility for the year (as at February 2026)

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 session today at 13:00 GMT / 08:00 ET. A live webcast of the presentation will be available via this link. 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

Capital Markets Day

As previously announced, the Company will hold its Capital Markets Day at the London Stock Exchange Group (LSEG) headquarters on 2 June 2026.  The event will provide investors and analysts with an overview of OXB’s strategy, positioning within the growing cell and gene therapy (CGT) market, and progress in strengthening its global capabilities and client partnerships.

Presentations from senior leadership will outline OXB’s strategic priorities, innovation and technology platforms, and approach to supporting clients across the CGT value chain. The event will also include external industry perspectives on sector trends and the evolving market opportunity.

Further details, including the agenda and registration information, will be provided in due course.

Enquiries

OXB

T: +44 (0) 1865 509 737 / E: ir@oxb.com

Sophia Bolhassan, Head of Investor Relations

ICR Healthcare

T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com

Mary-Jane Elliott / Sarah Elton-Farr / Angela Gray

RBC Capital Markets (Joint Corporate Broker)

T: +44 (0)20 7653 4000

Matthew Coakes / Kathryn Deegan

Jefferies (Joint Corporate Broker)

T: +44 (0)20 7029 8000

Sam Barnett / Gil Bar-Nahum

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 FTSE250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.

Read the OXFORD BIOMEDICA PLC Preliminary results for the year ended 31 December 2025 in full:

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