Oxford Biomedica PLC

22 September 2026

Pressrelease

OXFORDBIOMEDICAPLC

INTERIMRESULTSFORTHESIXMONTHSENDED30JUNE2026

StrongcommercialmomentumandexpandingglobalCDMOcapacitycontinuestosupportlong-term revenue and profitability ambitions; Guidance reiterated

•OXBdeliverscontinuedrevenuegrowthandprogresstowardsimprovingEBITDA profitability

•Strongcommercialmomentum,includingrecordnumberofnewclientwins,continuingintoH2withDurham,NC GMP manufacturing now online

•AllFY2026andmedium-termguidancereiteratedfollowingAugusttradingupdate

Oxford,UK-22September2026:OXB(LSE:OXB),aglobalqualityandinnovation-ledcellandgenetherapy CDMO, today announces interim results for the six months ended 30 June 2026.

H12026ataglance

•Revenuegrowth:constantcurrencyrevenueincreased10%to£80.2million;reportedrevenueincreased9%to

£79.8millionreflectingcontinueddemandacrossmanufacturinganddevelopmentservices

•Recordcommercialmomentum:17newclientssignedinH12026,morethan30%abovethetotalnumber signed during FY 2025. Post period-end, a further 4 new clients signed, broadening future potential revenue base and bringing the total client portfolio to 59 client programmes and 50 clients

•Revenue visibility: revenue backlog1of c.£193 million at 30 June 2026, with approximately £168 million of forecastFY2026revenuecoveredbycontractedclientorders2(asatSeptember2026),supportingconfidence in H2 2026 delivery and future growth.

•Pipelineexpansion:non-risk-adjustednewbusinesspipeline3increasedbyc.30%year-on-yeartoc.

$713million(c.£539million),withreduceddependenceonlargeclientsandsignificantrepeatbusiness supporting a more resilient pipeline

•Operational execution: Durham, NC GMP manufacturing capabilities are now online, the first GMP run has beencompletedandclientactivityisexpectedtorampupinH22026followingcompletionofremedialactions related to the previously disclosed delay

•Profitabilityprogress:adjustedOperatingEBITDAimprovedto£(2.5)4 millionfrom£(3.9)millioninH12025, driven by stronger revenues and continued cost discipline

•Grossmargin:reductioningrossmarginto37%(H12025:43%)reflectsproductandclientmixandone off comparatives

•Guidance reiterated: FY 2026 constant currency revenue expected to be £180–200 million; FY 2026 EBITDA marginexpectedtobemid-single-digit%excludingoneoffcostsandlow-single-digit%onareportedbasis;FY 2027 revenue growth expected to be 25-30% year-on-year

•Mediumandlong-termambitionsunchanged:Expandingclientbase,increasingvisibilityandmaturing programmes underpin OXB's confidence in its ambition to reach revenues of c.£500 million by 2030, with long-term EBITDA margins approaching c.30%

1Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of client orders included in revenue backlogonlyincludesthevalueofworkforwhichtheclienthassignedafinancialcommitmentforOXBtoundertake,wherebyanychanges to agreed values will be subject to change orders, cancellation fees or the triggering of optional/contingent contractual clauses.

2Contracted value of client orders represents the gross value of client orders for which the client has signed a financial commitment, wherebyanychangestoagreedvalueswillbesubjecttoeitherchangeorders,cancellationfeesorthetriggeringofoptional/contingent contractual clauses.

3Pipelineofpotentialgrossvalueoffuturerevenues(multi-year).

4AdjustedOperatingEBITDAreferstoEBITDAremovingoneoffitemsandforeignexchangegainsandlosseswithrevenueunder constant currency.

Dr. Frank Mathias, OXB's Chief Executive Officer, said: "OXB delivered a strong first half commercially, with recordnewclientwins,anincreaseinprogrammesto59andcontinuedrevenuegrowth.Importantly,ourDurham, NC site is now operationally ready and serving clients, with GMP manufacturing capabilities online and the first GMPruncompleted.AlongsidecontinuedprogressacrossourUK,FranceandBedford,MAsites,thismaterially strengthens our global, multi-vector CDMO network and supports confidence in our revenue outlook.

ThereisacleardemandforOXB'sdifferentiatedcapabilitiesandwebelieveweareincreasinglywellpositionedto benefit from the maturation of the cell and gene therapy market. Our operational focus remains on disciplined execution and cost control as we drive utilisation and progress towards our 2030 revenue and sustainable profitability ambitions."

FINANCIAL HIGHLIGHTS

£'m	H12026	H12025	H12026vs H12025
Manufacturingservices	43.1	36.0	7.1
Development services	27.1	26.9	0.2
Procurement services	8.4	8.6	(0.2)
Licences,milestonesand royalties	1.2	1.7	(0.5)
Revenue	79.8	73.2	6.6
Cost of sales	50.7	41.6	9.1
GrossMargin	37%	43%
Operating EBITDA1	(7.8)	(8.3)	0.5
RevenueCC2	80.2	73.4
OperatingEBITDAADJ3	(2.5)	(3.9)

1. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment and share based payments) is a non-GAAP measure often used as a surrogate for operationalcash 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 addedbacktooperatingprofitsinthedeterminationofOperatingEBITDAastheymaybepaidincashupontheinstructionoftheRemunerationCommittee.AreconciliationtoGAAPmeasuresisprovided on page 12.
2. CCreferstoConstantCurrency,whichreferstotheequivalentgrowthbasedonprioryearexchange rates.
3. EBITDAADJreferstoEBITDAremovingoneoffitemsandforeignexchangegainsandlosseswithrevenueunderconstant currency.

Analyst briefing

OXB'smanagementteam,ledbyDr.FrankMathias,CEO,Dr.LucindaCrabtree,CFOandDr.SebastienRibault, CBO will host a virtual analyst briefing and Q&A today, 22 September, at 13:00 BST / 08:00 ET.

Alivewebcastofthepresentationwillbeavailableviathislink.ThepresentationwillbeavailableonOXB's website at www.oxb.com.

IfyouwouldliketodialintothecallandaskaquestionduringtheliveQ&A,please email OXB@icrhealthcare.com.

Investor presentation

Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sébastien Ribault, CBO, will provide a live investor presentation via Investor Meet Company on 24 September 2026, at 11:15 BST / 06:15 ET.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 23 Sept 2026, 09:00 BST / 04:00 ET, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet OXB via: https://www.investormeetcompany.com/oxford-biomedica-plc/register-investor

Investors who already follow OXB on the Investor Meet Company platform will automatically be invited.

Notes

Unlessotherwisedefined,termsusedinthisannouncementshallhavethesamemeaningasthoseusedinthe 2025 Annual Report and Accounts.

Enquiries

OxfordBiomedicaplc	T:+44(0)1865509737/E:ir@oxb.com
SophiaBolhassan,HeadofInvestorRelations
ICR Healthcare	T:+44(0)2037095700/E:OXB@icrhealthcare.com
Mary-JaneElliott
SarahElton-Farr
PhillipMarriage
RBCCapitalMarkets(JointCorporateBrokers):	T:+44(0)2076534000
KathrynDeegan
Jefferies(JointCorporateBrokers):	T:+44(0)2070298000
Sam Barnett
GilBar-Nahum

About OXB

OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO)incellandgenetherapywithamissiontoenableitsclientstodeliverlifechangingtherapiestopatients 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 innovativepharmaceuticalandbiotechnologycompanies,providingviralvectordevelopmentandmanufacturing expertiseinlentivirus,adeno-associatedvirus(AAV),adenovirusandotherviralvectortypes.OXB’sworld-class

capabilitiesrangefromearly-stagedevelopmenttocommercialisation.Thesecapabilitiesaresupportedbyrobust quality-assurance systems, analytical methods and depth of regulatory expertise.

OXBoffersavastnumberoftechnologiesforviralvectormanufacturing,includinga4thgenerationlentiviralvector 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 manufacturingfacilitiesacrossOxfordshire,UK,LyonandStrasbourg,France,BedfordMAandDurhamNC,US. Learn more at www.oxb.com and follow us on LinkedIn and YouTube.

Overview

In the first half of 2026, OXB continued to execute against its strategy, delivering strong commercial momentum whilstadvancingkeyoperationalinitiativesacrossitsglobalCDMOnetwork.OXBdelivered10%constantcurrency revenue growth year-on-year to £80.2 million and its revenue backlog, which stood at c.£193 million as at 30 June 2026, continues to support confidence in future revenue delivery. Approximately £168 million of forecast FY 2026 revenue is covered by contracted client orders (as at September 2026), supporting confidence in H2 2026 delivery and future growth.

The first half of 2026 marked a strong commercial start to the year for OXB, with the successful onboarding of a record 17 new clients across its global footprint, more than 30% above the total number of new clients signed during the whole of FY 2025. A further 4 new clients were signed post period end. Secured across all OXB geographies, these projects highlight the relevance and strength of OXB's global commercial model, which is differentiated, in part, by ongoing collaboration across its network of sites to deliver best outcomes for clients. Building on this success, OXB enters the remainder of 2026 with strong momentum and an increasingly diverse portfolio of client programmes, which together with its multi‑vector strategy set the foundation for long‑term growth.

Duringtheperiod,OXBalsomadeprogressinintegratingitsnewlyacquiredFDA-approved,commercial-scaleviral vectormanufacturingsiteinDurham,NC.Followingthepreviouslydisclosedsix-monthdelaytoDurham,NC,GMP implementation, the site is now back on track. GMP manufacturing capabilities are online, the first GMP run has been completed and client activity is expected to ramp up in H2 2026.

Operational Review

CDMOServices:Commercialmomentumaccelerating

OXB’s commercial performance in H1 2026 demonstrates the increasing relevance of its global, multi-vector CDMO model. OXB's number of client programmes is at a record high at a total of 59 client programmes and50clients.Importantly,themixofopportunitiescontinuestomature,withagrowingproportionoflate-stageand commercial-stage programmes, supporting higher-quality long-term revenue potential, including the previously announcednewCommercialSupplyAgreementwithBristolMyersSquibbforlentiviralvectorssupportingBMS’ CAR-T portfolio.

The contracted value of client orders signed during the first half of 2026 totalled approximately £97 million, reflecting continued demand across OXB's global base of existing and new clients. While some clients are now taking a more staged approach to ordering work packages, thereby extending the time taken to realise the full value of contracts, OXB continues to see strong underlying demand from clients globally. This is reflected in the c.30% year-on-year increase in the non-risk-adjusted new business pipeline to c.$713 million. The pipeline has shownareducedconcentrationoflargeclientsandsignificantrepeatbusinessresultinginamorediversifiedand resilient pipeline. The Group's client programmes continue to mature, with the number of late stage programmes and commercial agreements growing from 7 to 9 since the time of the last half year report. This includes multiple clients preparing for Biologics License Application (BLA) filings, representing advanced programmes that are expected to progress into commercial-stage manufacture.

OXB continues to respond to market demand by tailoring its offerings to more effectively meet clients’ specific needs and strengthen its competitive positioning at the forefront of the CGT industry. In April 2026, OXB announcedthelaunchofitsnewfast-trackdevelopmentandmanufacturingoffering,providinganexpeditedroute toGMPmanufactureforclientsutilisinglentiviralandadeno-associatedviralvectors.OXB’sfast-trackprogramme for AAV vectors can accelerate the pathway to GMP manufacture from an industry standard of ~15 months to

aslittleas7months.Forthemanufactureoflentiviralvectors,OXB’sfast-trackofferingacceleratesanindustry standard of 12-18 month timeline to as little as 9 months, through the use of platform datasets and advanced analytics while proceeding directly from scale-down models into GMP manufacturing.

Programmestage	September-251	September-262
	37clients	50clients
	44client programmes	59client programmes
Pre-clinicalthroughtoearly-stageclinical	37	50
Late-stageclinical	5	6
Commercialagreements	2	3

1. AspertheH12025resultsrelease
2. Asofthisresultsrelease(includespost-period events)

Innovation:strengtheningOXB'sdifferentiatedviralvectorplatforms

During the period, OXB continued to advance its technology platforms and strengthen its position at the forefrontofviralvectorinnovation.InMarch2026,apeer-reviewedpaperrelatingtotheTetraVecta™systemwaspublished in Molecular Therapy Advances, providing further insights into OXB’s fourth-generation lentiviral vector whichoffers enhanced quality and safety. Additionally, OXB is making components of the TetraVecta™ system available to third parties developing new lentiviral vector-based products at the discovery stage through R&D evaluation agreements, supporting the wider application of these technologies.

OXBisalsoprogressinginitiativestoimprovetheefficiencyandqualityoflentiviralvectormanufacturing.Following thepublicationofareviewarticlebymembersoftheOXBteamonreplication-competentlentivirus(RCL)testingin Molecular Therapy Advances, OXB presented at the American Society of Gene & Cell Therapy (ASGCT) meeting in May 2026 and is initiating the RCV Assay Development Alignment Regulation (RADAR) network, which aims to bring together key stakeholders to develop a roadmap towards a risk-based approach to RCL testing, which could help accelerate batch release and reduce manufacturing costs.

As an innovative CDMO, OXB is constantly striving to improve its client offering. OXB is assessing further advances in the cell lines available for viral vector production across both its lentiviral and adeno-associated virus (AAV)platforms.Adualapproachisbeingundertaken,withthird-partycelllinesbeingevaluatedaswellasinternal screening, to identify potential improved production hosts for future manufacturing applications. Within its in vivo platform development programme, OXB has demonstrated the broad applicability of its existing manufacturing processes for the production of in vivo Chimeric Antigen Receptor (CAR) T-cells, lentiviral vectors and continuesto refine these processes to further enhance their application in this emerging area. OXB is also working with clients to help define target product attributes for in vivo applications, supporting the proactive development of manufacturing capabilities aligned with client requirements in this rapidly evolving field.

ThedatasciencesfunctionalsocontinuestosupportOXB'sdigitaltransformationandtheapplicationofartificial intelligence across the organisation, with several projects underway. These initiatives are expected to support future improvements in operational efficiency, innovation and data-driven decision-making across the business.

BolsteringOXB's leadership

TheGroupcontinuedtostrengthenitsleadershipteamduringtheperiod,insupportofitsstrategicgrowthplansas a global, innovation-led cell and gene therapy CDMO.

Post-period end, Eric Schmidhäuser joined OXB as Chief Operating Officer in August 2026. Eric brings a wealth

of CDMO experience to the Group, leading operations across multiple countries and sites, including the successful acquisition and integration of four sites in Finland, France, UK and Norway while at NextPharma. Prior to NextPharma, Eric held senior leadership positions at Corden Pharma, Catalent and Gerresheimer, where he led business transformations, manufacturing excellence programmes and strategic growth initiatives. In his role as OXB's COO, Eric will lead global operations, supporting the Group's continued focus on operational excellence, manufacturing readiness and delivery of a world-class service to its clients.

In addition, post-period end, Dave Backer was appointed as the new Site Head of OXB's Durham, NC site. Dave previouslyservedasOXB'sChiefCommercialOfficerbetween2021and2022andhisdeepunderstandingofthe cellandgenetherapysector,combinedwithhisknowledgeofthebusinessanditsclients,positionhimwelltolead the Durham, NC site and deliver on the significant growth opportunity ahead for OXB in the US.

StrengtheningOXB'sGlobalCDMONetwork

In the first half of 2026, OXB continued to build its scalable, multi-vector and multi-site CDMO platform capable of meeting growing client demand, from early development through to commercial manufacture.

As previously announced in August 2026, GMP implementation at the Durham, NC site experienced a six-month delay. Remedial actions have now been completed, GMP manufacturing capabilities are online, and the first GMP run has been completed. The site is already supporting business momentum, including a Phase III programme with a new client as well as the AAV manufacturing agreement with Plowshare Therapies signed during the period. With GMP manufacturing now transferred to Durham, NC, the Bedford, MA site has now successfully transitioned its focus to process and analytical development.

In the UK, planned increases in GMP manufacturing capacity were completed by refitting existing suites and modifying operating cadence during the first half of 2026. The scale-up of quality control capabilities and the expansion of lab capacity for development services have also been delivered as planned, supporting client progression from development activities into later-stage and commercial manufacturing.

In France, OXB's GMP manufacturing suites supporting both the AAV and lentivirus platforms are now fully qualified and GMP-ready. The 200L lentivirus technology transfer into the GMP facility has been successfully completed, with the remaining transfer activities progressing as planned. The first full-scale GMP manufacturing projects for both AAV and lentiviral vectors are scheduled for H2 2026. France also continues to expand its capabilities across a broader portfolio of viral vectors, including Vaccinia (adherent and suspension cell culture systems) and Measles virus, further strengthening OXB's multi-vector strategy.

Together, these developments create a more specialised, resilient and scalable global CDMO network which position OXB well to capture the market opportunity. OXB's end-to-end capabilities across key biotech hubs allow it to support clients from development to commercial supply across the US, UK and EU.

Environmental,Social&Governance (ESG)

Guided by its Values, OXB continues to invest in its people and operate responsibly, ethically and with robust governance to create long-term value, resilience and trust for all stakeholders. OXB maintains strong ESG governance and oversight, through the ESGR Committee, with regular reporting to the Corporate Executive Team (CET) and the Board and active Board-level engagement through an Independent Non-Executive Director who drives sustainability objectives and progress monitoring. OXB remains on track to achieve its environmental targets and continues to strengthen its sustainability framework across the Group.

Financial review

SelectedhighlightsoftheGroup'sfinancialresultsareas follows:

•Revenues increased by 10% on a constant currency basis to £80.2 million ADJ1; reported revenues increased 9%to£79.8million(H12025:£73.2million),reflectingcontinuedmomentumacrossOXB'smanufacturingand development services.

•Revenuegrowthwasdrivenby:

–ContinuedstronglentiviralvectorGMPmanufacturingforclinical-stageclientsandclientspreparingfor commercial launch.

–Progressionofclientclinicalprogrammes,includingprocesscharacterisationandvalidationwork

–ProcurementandStorageservicessupportingsecurityofrawmaterialsupplyforclientsundergoing commercial preparation activities.

•Grossmarginsimpactedbyyear-on-yearchangesinmixofproduct,clientandvolumeoflater phase programmes.

•EBITDA2lossimprovedto£(7.8)million,(H12025loss:£(8.3)million)drivenbystrongerrevenuesandcost discipline, partially offset by Durham, NC costs incurred prior to the commencement of revenue-generating activities, which are considered one-off in nature.

•AdjustedEBITDA1improvedto£(2.5)million(H12025:£(3.9)millionADJ1);excludingthefollowingone-off items and foreign exchange:

–CostoftheDurham,NCsiteof£4.4millionincurredpriortothecommencementofrevenue generating activities.

–CostsassociatedwiththeDurham,NCsite'sintegrationamountingto£1.0million.

–Costsoftheone-offredundanciesassociatedwithceasingGMPmanufacturingattheBedford,MAsite amounting to £0.7 million.

–One-offcorporatecostsof£0.2million.

–Constantcurrencyadjustmenttorevenue£0.4million(H12025:£0.2million)andexclusionofFXtranslation gains impacts £(1.4) million (H1 2025: loss £4.7 million).

•Operating loss of £(29.1) million (H1 2025 loss: £(23.6) million) and Operating loss Adjusted1of £(23.8) million due to the positive impact of the continued Group revenue growth offset by £7.6 million impairment of France property,plantandequipment.Alignedwithourmostrecenttradingupdate,theimpairmentinFranceisaresult of lower near term revenue expectations; however, there is high conviction in the strength of the pipeline and management remains confident in the long-term growth potential in France.

•Net cash outflow from operations of £(34.3) million (H1 2025: £(4.8) million) arising principally from financial resultsandnegativeworkingcapitalmovementsasthesitesprepareforthehigheroutputinH22026without the repeat of the favourable impact of 2025 working capital benefits from new contractual arrangements.

•Cashat30June2026was£75.3million(31December2025:£96.9million);netcashat30June2026was

£21.4million(31December2025:£55.4million).Post-periodend,cashat31August2026was£66.8 million

•InMarch2026,afurther$15million(£11.1million)wasdrawndownundertheexistingOaktreeCapital Management,L.P.(Oaktree)loanfacility,fromthetotalprincipalamountof$125million(£94.5million).

OutlookandFinancial Guidance

•FY2026revisedguidancereiteratedfollowingtheAugust2026tradingupdate.

•FY2026constantcurrencyrevenueexpectedtobe£180–200 million

•FY2026EBITDAmarginexpectedtobemid-single-digitexcludingoneoffcostsandlow-single-digitona reported basis.

•GuidanceforFY2027revenuegrowthremains25-30%year-on-year.

•SignificantimprovementinprofitabilityexpectedforFY2027withatleastdouble-digit%EBITDAmargins. ManagementwillcontinuetoexploreadditionalprofitabilitymeasurestofurtherenhanceEBITDAmargins.

•Revenuebacklogofapproximately£193millionat30June2026(approximately£204millionasat31December 2025); provides visibility over expected revenues. Approximately £168 million of forecasted 2026 revenues are covered by contracted client orders (subject to revenue performance obligations).

•Mediumandlong-termambitionsremainunchanged,supportedbystrongcommercialmomentum,an expanding and maturing pipeline and continued cost discipline:

–Continuedambitiontoachieverevenuesofc.£500millionin2030.

–Asrevenuesscale,operationalleverageandcontinuedcostdisciplineareexpectedtosupportthepathto long-term EBITDA margins approaching c.30%.

•AllguidanceexcludestheimpactofFXfluctuations.

1ADJreferstoremovingoneoffitemsnotdeemedpartofnormaltradingandforeignexchangegainsandlosseswithrevenueunder constant currency.

2OperatingEBITDA(EarningsBeforeInterest,Tax,Depreciation,AmortisationImpairmentandsharebasedpayments)isanon-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

determinationofOperatingEBITDAastheymaybepaidincashupontheinstructionoftheRemunerationCommittee.Areconciliationto GAAP measures is provided on page 11.

Revenue

£'m	H12026	H12025 Re-presented
Revenue
Manufacturingservices	43.1	36.0
Development services	27.1	26.9
Procurement services	8.4	8.6
Licences,milestonesand royalties	1.2	1.7
Totalrevenue	79.8	73.2
Cost of sales
Manufacturingservices	28.3	21.2
Development services	15.6	13.6
Procurement services	6.8	6.8
TotalCostofsales	50.7	41.6
GrossProfit	29.1	31.6
GrossMargin	37%	43%
GrossMargin-Manufacturing	34%	41%
GrossMargin-Development	42%	49%
GrossMargin-Procurement	20%	21%

Grouprevenueof£79.8millionrepresenteda9%increaseonH12025(£73.2million).

Revenuegeneratedfrommanufacturingservicesincreasedby20%to£43.1million(H12025:£36.0million)dueto an increase in the number of batches manufactured and released for clinical clients and for clients in preparation for commercial launch.

Revenuegeneratedfromdevelopmentservicesincreasedby1%to£27.1million(H12025:£26.9million)due to client products progressing their clinical development, including an increase in development revenues from process characterisation and validation work.

Procurementandstorageservicesgenerated£8.4millioninrevenue(H12025:£8.6million)representingOXB's readiness to provide clients stability of supply and the maturity of the Group in its capacity as a CDMO.

Revenuesfromlicencefees,milestonesandroyaltiesdecreasedby29%to£1.2million(H12025:£1.7million). Licences and milestones revenues of £0.5 million (H1 2025: £0.4 million) were received in the period. Royalties decreased to £0.7 million (H1 2025: £1.3 million) as the Kymriah product matures through its life cycle.

RefertoNote 4for furtherdetails onclient concentration.

GrossMargininH12026was37%(H12025:43%).Thismovementhasledtoareductioninoverallgrossprofit compared to last year and is due to a number of factors:

•Productandclientmixcreatesvariabilityingrossmarginsacrosscomparativeperiods.

•Manufacturingservices,lastyearincludedsignificantoneoffcancellationrevenues,withaclientwhowas terminating their program, incurring no associated costs increasing H1 2025 margin.

•Manufacturingservicesmarginisimpactedbyahighermixoflowermarginplasmidrelatedrevenueswhen compared to last year.

•Developmentservicescoversawiderangeofproductswithavariedmixofmarginandincreasedcost pressures have impacted the margin on these services year on year.

•ThereductioninhighermarginLicences,milestonesand royalties.

Duringtheperiod,theGrouprevisedthepresentationofcertaindevelopmentrevenuesfromDevelopmentservices to Manufacturing services to better reflect the nature of these items as they relate wholly to the manufacturing process. Further the table above also presents Procurement services margins separate from other revenue streams. Accordingly, the comparative revenues and associated cost of sales for the six months ended 30 June 2025 has been re-presented to align with the current period presentation.

As a result of this reclassification, Manufacturing services revenues for the six months ended 30 June 2025 increasedby£1.6millionandDevelopmentservicesrevenuesdecreasedby£1.6million.Manufacturingservices cost of sales reduced by £9.4 million, Development services cost of sales increased by £2.6 million and Procurement services cost of sales increased by £6.8 million. There was no effect on the Group's profit before tax or EBITDA.

Operating EBITDA

£'m	H12026	H12026ADJ1	H12025	H12025ADJ
Revenue	79.8	80.2	73.2	73.4
Other income	0.4	0.4	0.6	0.6
FX gain/ (loss)	1.0	-	(4.7)	-
EBITDArelatedexpenses (exc.FX)2	(89.0)	(83.1)	(77.4)	(77.9)
Operating EBITDA3	(7.8)	(2.5)	(8.3)	(3.9)
Noncash items4	(21.3)	(21.3)	(15.3)	(15.4)
Operating (loss)	(29.1)	(23.8)	(23.6)	(19.3)

1ADJreferstoEBITDAremovingoneoffitemsnotdeemedpartofnormaltradingandforeignexchangegainsandlosseswithrevenueunderconstant currency.

2TotalEBITDArelatedexpensesareoperationalexpensesincludingcostofgoodsincurredbytheGroup.AreconciliationtoGAAPmeasuresisprovidedonpage10.

3Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment and share based payments) is a non-GAAP measure often used as a surrogate for operationalcash 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 addedbacktooperatingprofitsinthedeterminationofOperatingEBITDAastheymaybepaidincashupontheinstructionoftheRemunerationCommittee.AreconciliationtoGAAPmeasuresisprovided on page 12.

4Non-cashitemsincludedepreciation,amortisationandthesharebasedpayment charge.

InH12026theOperatingEBITDAimprovedby£0.5millionto£(7.8)million(£(2.5)millionADJ1)(H1 2025:

(£(8.3)million)(H12025:£(3.9)millionADJ),primarilyasaresultoftheincreasedrevenueoffsetbytheincreased costs of the new Durham, NC site incurred prior to the commencement of the revenue generating activities, which is demonstrated in the Adjusted EBITDA.

The table above discloses the impact of constant currency related to our disclosures where we have provided market guidance. A portion of the Group's UK based revenues and assets are denominated in USD which creates an FX exposure for the Group and there is also a translation exposure on the consolidation of overseas subsidiaries.Theconstantcurrencydisclosurepresentsourresultsasiftheyhadoccurredattheprioryearrates to provide insight into the underlying growth, excluding FX. The Group has implemented FX hedging across a portion of these related revenues to provide stability to the predictability of revenues and the USD denominated loan mitigates some of the impact of the asset revaluations.

Otherincomeof£0.4million(H12025:£0.6million)includessub-leaserentalincomeof£0.2million(H1 2025:

£0.3million)duetotheendofasub-leasearrangementandgrantincometofurtherdevelopsupplychain capabilities of £0.2 million (H1 2025: £0.3 million).

1ADJreferstoremovingoneoffitemsnotdeemedpartofnormaltradingandforeignexchangegainsandlosseswithrevenueunder constant currency.

TotalExpenses

TheGrouphasremoved,fromOperatingExpenses,depreciation,amortisationandtheshareoptionchargeas these are non-cash items and do not form part of the Operating EBITDA alternative performance measure.

AsOperating(loss)isassessedseparatelyasakeyfinancialperformancemeasure,theyear-on-yearmovement in these non-cash items is then individually analysed and explained specifically in the Operating and Net

(loss) section.

Inordertoprovidetheusersoftheaccountswithamoredetailedexplanationofthereasonsfortheyear-on-year movements of the Group's Total Expenses, the Group has categorised these costs according to their relevant nature with the year-on-year movement in the tables below and removed the Adjusted EBITDA items:

TotalExpenses2026 £'m	Raw materials & external costs	Man Power	SiteCosts	Corporate Costs1	ADJ EBITDA Related Expenses	ADJ items	EBITDA related items
Cost of Sales	27.2	14.0	9.5	-	50.7	-	50.7
Operatingcosts1	0.7	14.6	0.5	(3.3)	12.5	5.9	18.4
Innovationcosts	0.4	1.6	-	-	2.0	-	2.0
Commercialcosts	-	3.2	0.1	0.2	3.5	-	3.5
Administrationexpenses	-	7.9	-	6.5	14.4	(1.0)	13.4
TotalExpenses	28.3	41.3	10.1	3.4	83.1	4.9	88.0

1IncludestheRDECtax credit.

TotalExpenses2025 £'m	Raw materials & external costs	Man Power	SiteCosts	Corporate Costs1	ADJ EBITDA Related Expenses	ADJ items	EBITDA Related Expenses
Cost of Sales	23.0	10.2	8.4	-	41.6	-	41.6
Operatingcosts	0.8	17.9	1.9	(2.8)	17.8	(0.5)	17.3
Innovationcosts	0.2	1.7	0.1	-	2.0	-	2.0
Commercialcosts	-	2.7	-	0.2	2.9	-	2.9
Administrationexpenses	0.1	8.5	-	5.0	13.6	4.7	18.3
TotalExpenses	24.1	41.0	10.4	2.4	77.9	4.2	82.1

1IncludestheRDECtax credit.

TotalEBITDArelatedexpensesincreasedby£5.9millionto£88.0million(H12025:£82.1million),including22% increase in cost of sales to £50.7 million (H1 2025: £41.6 million) driven by volume based 18% increase in raw material costs supporting the 9% increase of revenue demonstrating the impact of product and client mix.

InarrivingattheAdjustedOperatingExpenses,thefollowingnon-recurringitemshavebeenadjusted.Theseare primarily impacting Operating Costs in the financial statements:

•CostoftheDurham,NCsiteof£4.4millionincurredpriortothecommencementoftherevenue generating activities.

•CostsassociatedwiththeDurham,NCsiteintegrationof£1.0million.

•CostsoftheoneoffredundanciesassociatedwithceasingGMPmanufacturingattheBedford,MAsite operations of £0.7 million.

•Oneoffcorporatecostsof£0.2 million.

•Gainonforeignexchangeof£1.4millionrelatedprimarilytotheunrealisedtranslationofUSDdenominated balances (H1 2025: loss £4.7 million).

TheincreaseinADJ1EBITDAOperatingexpensesby7%to£(83.1)million(H12025:£(77.9)million),isaresultof the costs supporting the Group's increase in revenue in the year and resourcing for H2 2026.

•Cost of sales is the costs directly associated with delivering revenue. Of this, 54% is raw materials with the remainderbeingabsorbedoperationalmanpowerandsitecosts.Asthebusinesscontinuestoexpand,thecost of sales element of total expenses is expected to grow.

•Operating costs have decreased to £12.5 million (H1 2025: £17.8 million), reflecting the Group's progress towardsoperationalleveragetargetswithincreasedutilisationoftheGroup'scostbaseasitoperatesathigher output levels delivering more batches for clients.

•Innovationcostshaveremainedflatat£2.0million(H12025:£2.0million),astheGroupcontinuestoinvestin the viral vector platforms, developing innovation for its clients including increasing yields.

•Commercialcostshaveincreasedto£3.5million(H12025:£2.9million),astheGroupcontinuestoinvestinthe Commercial function supporting the revenue pipeline.

•Administration costs have increased to £14.4 million (H1 2025: £13.6 million), this slight increase is primarily drivenbyinvestmentbeingmadebytheProcurementandotherCorporatefunctionsandcomplianceactivitiesto support and ensure compliance with the growth of the Group offset by cost control measures.

ReviewofExpensesbyType

•Rawmaterialsandexternalcostshaveincreasedby£4.2millionasadirectresultoftheincreaseinthenumber of lentiviral vector batches produced and development activities. 96% of these costs are classified as cost of sales and increase with revenue.

•Manpower-relatedcostshaveincreasedby£0.3millionrelatedtotheincreaseinUKheadcounttosupportthe higher revenue base and output in the second half of 2026.

•SitecostshaveremainedmateriallyflatreflectingtheimpactofclosedownofGMPmanufacturingactivitiesin Bedford, MA and the cost control focus as Durham, NC site costs are included in the Adjusted Items as not yet operational.

•Corporatecostshaveincreasedby£1.0millionprimarilydrivenbytheimpactofongoingcomplianceactivities as the business continues to grow.

•TheResearchandDevelopmentExpenditureCredit(RDEC)creditisbroadlyflattoH12025duetothesimilar level of qualifying activities despite increase in revenue and expenses.

£'m	H12026	H12026 Adjusted	H12025
Rawmaterialsandotherexternalmanufacturingservicescosts	28.4	28.3	24.1
Manpower-related	44.3	41.3	40.8
Acquisitioncosts	-	-	0.2
Other costs	18.6	16.8	20.0
RDECCredit	(3.3)	(3.3)	(3.0)
TotalExpenses	88.0	83.1	82.1

1ADJreferstoremovingoneoffitemsnotdeemedpartofnormaltradingandforeignexchangegainsandlosseswithrevenueunder constant currency.

Operating (loss) and net (loss)

£'m	H12026	H12025
Operating EBITDA1	(7.8)	(8.3)
Depreciation,amortisation,impairmentandshareoptioncharge	(21.3)	(15.3)
Operating (loss)	(29.1)	(23.6)
Interest	(6.3)	(5.9)
Foreignexchange(loss)/gainonloans	(0.8)	3.4
Taxation	(0.7)	(0.8)
Net (loss)	(37.0)	(26.9)

1. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment and share based payments) is a non-GAAP measure often used as a surrogate for operationalcashflowasitexcludesfromoperatingprofitorlossallnon-cashitems,includingthechargeforsharebasedpayments.However,deferredbonusshareoptionchargesarenotaddedbackto operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee.

In arriving at Operating (loss) it is necessary to deduct from Operating EBITDA the non-cash items referred to above.Thedepreciationamountsto£10.0million(H12025:£11.9million)andamortisation£1.4million(H12025:

£1.2million)impactedbytheequipmentlifecycleandFX.Theshareoptionchargeintheperiodis£2.3million(H1 2025: £2.1 million). Additionally, an impairment assessment completed for France, resulted in a charge of £7.6m impairment of France property, plant and equipment. Aligned with our most recent trading update, the impairment in France is a result of lower near term revenue expectations; however, there is high conviction in the strength of the pipeline and management remains confident in the long-term growth potential in France.

TheimpactofthesechargesresultedinH12026Operatinglossof£(29.1)millioncomparedtoH12025lossof

£(23.6)millionintheprioryear.

As the Oaktree loan facility is USD denominated the Group is exposed to unrealised FX impacts on period end translation.InH12026foreignexchangelosseswere£0.8million,amovementof£(4.2)millionprimarilydrivenby the volatility in exchange rates in H1 2025 resulting in a comparative gain of (£3.4 million).

Net interest cost has increased by £0.4 million to £(6.3) million. Higher interest received on higher cash balances in 2026 £1.8 million (H1 2025: £1.1 million) has been offset by the additional interest payable on the Oaktree loan facilityof£3.1million(H12025:£2.4million),followinga$15milliondrawdowninMarch2026andtherefinancein 2025. Interest paid on finance leases also increased by £0.3 million as a result of the acquisition of the Durham, NC site.

OtherComprehensiveIncome

TheGrouprecognisedagainwithinothercomprehensiveincomeinH12026of£0.9million(H12025:

£(5.0)million)inrelationtomovementsontheforeigncurrencytranslationreserveandhedged instruments.

The translation reserve comprises all foreign currency differences arising from the translation of the results of foreignoperations,includinggainsarisingfrommonetaryitemsthatinsubstanceformpartofthenetinvestmentin foreign operations.

Cash flow

£'m	H12026	H12025
Operating (loss)	(29.1)	(23.6)
Non-cashitemsincludedinoperatingloss1	21.3	15.3
Operating EBITDA2	(7.8)	(8.3)
Workingcapitalmovement3	(16.0)	6.8
Cash (used in) operations	(23.7)	(1.5)
R&Dtaxcredit received	6.3	5.1
Net Cash (used in)/ generated in operations	(17.4)	3.6
Net interest	(0.9)	(1.3)
Paymentofleaseliabilities	(8.8)	(5.6)
Capex4	(7.1)	(1.5)
Net cash (outflow)5	(34.3)	(4.8)

1. Depreciation,Amortisation,Impairmentandsharebasedpayments.
2. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment and share based payments) is a non-GAAP measure often used as a surrogate for operationalcash 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 addedbacktooperatingprofitsinthedeterminationofOperatingEBITDAastheymaybepaidincashupontheinstructionoftheRemunerationCommittee.AreconciliationtoGAAPmeasuresisprovided on page 12.
3. ThisisChangesinworkingcapitalaslaidoutin:Cashflowfromoperatingactivitiesonpage32.
4. ThisisPurchasesofproperty,plantandequipmentasperthecashflowstatementwhichexcludesadditionstoRight-of-useassets.
5. Netcash(outflow)isnetcashconsumedfromoperationsplusnetinterestpluscapitalexpenditure.

TheGroupheld£75.3millionofcashat30June2026(31December2025:£96.9million).Significantmovements across the year, are explained below:

•TheOperatingEBITDAlossof£(7.8)million.

•Anegativeworkingcapitalmovementof£(16.0)millionprincipallydrivenby:

–AnincreaseintheworkingcapitalimpactonTradeandotherreceivablesof£(2.4)millionfrom31December 2025 (H1 2025: £(9.3) million) to £74.0 million. This is driven by offsettting impacts of higher trade debtors due to the increased revenues, as well as increased prepayments due to software licencing payments offsetting lower contract assets due to comparative timing of completion of larger projects.

–AdecreaseinTradeandotherpayablesof(£9.6)millionfrom31December2025(H12025:of(£3.9)million) to £25.9 million due to lower accruals in the comparative period, this is offset by the impact of higher trade creditors as the sites prepare for the higher output in H2 2026.

–AnincreaseinContractLiabilitiesandDeferredIncomeof£5.3millionfrom31December2025(H1 2025:

£22.2million)to£48.7millionreflectingtheclientpaymentsinadvancefortheH22026 deliverables.

–Anincreaseininventoriesof£9.2millionfrom31December2025(H12025:£2.0million)to£26.5millionasa result of increased upcoming manufacturing and strategic safety stocks.

•The2024UKRDECrefundof£6.3millionfromHMRCwasreceivedinFebruary2026(H12025:£5.1 million).

•Purchases of property, plant and equipment of £6.9 million (H1 2025: £1.5 million), as the Group completed investmentintheexpansionoflentiviraldevelopmentandmanufacturingcapabilitiestothesitesintheUSand France as part of the execution of its "One OXB" strategy which started in 2024.

•Leasepaymentsof£8.8million(H12025:£5.6million)forallfacilitieswhichhaveincreasedduetothe additional Durham, NC site and the impact of the 2025 rent review on the Oxbox site.

Theresultoftheabovemovementspluscashinflowfromfinancingactivities(£11.6million)isanetdecreaseof

£22.7millionwhichleadstoadecreaseincashfrom£96.9millionto£75.3 million.

KeyFinancialandNon-FinancialPerformance Indicators

TheGroupevaluatesitsperformanceinteraliabymakinguseofalternativeperformancemeasuresaspartof itsKeyFinancialPerformanceIndicators(refertothetablebelow).TheGroupbelievesthattheseNon-GAAP measures, together with the relevant GAAP measures, provide a comprehensive, accurate reflection of the Group'sperformanceovertime.TheBoardhastakenthedecisionthattheKeyFinancialPerformanceIndicators against which the business will be assessed are Revenue, Operating EBITDA and Operating (loss). The figures presented in this section for prior years are those reported in the Interim Reports for those years.

£'m	H12026	H12025
Manufacturingservices	43.1	36.0
Development services	27.1	26.9
Procurement services	8.4	8.6
Licences,milestonesand royalties	1.2	1.7
Revenue	79.8	73.2
Operations
OperatingEBITDA1	(7.8)	(8.3)
Operating(loss)	(29.1)	(23.6)
Cash Flow
Cash(usedin) operations	(23.7)	(1.5)
Capex2	(7.1)	(1.5)
NetCash(outflow)3	(34.3)	(4.8)
Financing
Cash	75.3	53.9
Loan	53.8	36.8
Non-FinancialKeyIndicators- Headcount
Half Year	1,017	900
Average	1,004	895
Net cash	21.4	17.1

1. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation Impairment and share based payments) is a non-GAAP measure often used as a surrogate for operationalcash 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 addedbacktooperatingprofitsinthedeterminationofOperatingEBITDAastheymaybepaidincashupontheinstructionoftheRemunerationCommittee.AreconciliationtoGAAPmeasuresisprovided on page 12.
2. ThisisPurchasesofproperty,plantandequipmentasperthecashflowstatementwhichexcludesadditionstoRight-of-useassets.
3. Netcash(outflow)isnetcashconsumedfromoperationsplusnetinterestpluscapitalexpenditure.AreconciliationtoGAAPmeasuresisprovidedonpage13.

Financial Outlook

Financial metric	Guidance1
Revenue	2026:£180-£200million 2027:25%-30%year-on-year growth 2028:25%-30%year-on-year growth
OperatingEBITDAmargins	2026:Mid-single-digit%,excludingoneoffcosts(low-single-digit%ona reported basis) 2027:Atleastdoubledigit% Long-term:Approachingc.30%byFY30/FY31
Capex	2026and2027(inaggregate):c.£50million,c.£20-£25millionperyearthereafter

1Excludesthe impactof FX fluctuations

Theguidance,asdisclosedwithintheAugust2026TradingUpdate,isreiteratedinfull,withtheGroupexpecting FY 2026 revenues of £180-200 million. FY 2026 EBITDA margin is expected to be mid-single-digit %, excluding one off costs (low-single-digit % on a reported basis).

The Group's revenue backlog stood at approximately £193 million as at 30 June 2026, providing meaningful visibility into future contracted revenues. Approximately £168 million of forecasted 2026 revenues are covered bycontractedclientorders(subjecttorevenueperformanceobligations)asatSeptember2026,providingstrong visibility for the remainder of the year.

Management will continue to drive cost discipline. Operating expense increases associated with strategic investmentsandincreasedcapacityarelimitedandtime-boundtoqualificationandramp-upactivities,witha focusonmarginexpansionasutilisationbuilds.H2isexpectedtobenefitfromareductioninworking capital.

With 2,217 cell and gene therapies in the clinical pipeline worldwide, up from 2,132 in Q1 2026 (ASGCT), the Group remains confident in the sector's strong fundamentals. OXB's non-risk-adjusted new business pipeline increasedc.30%year-on-yeartoc.$713million,reflectingbroadeningdemandandanincreasingproportionof late-stage and commercial-stage opportunities, which are expected to contribute to above-market growth.

Medium and long-term ambitions remain unchanged, supported by strong commercial momentum, expanding pipeline quality and continued cost discipline. Guidance for FY 2027 revenue growth remains 25-30% year-on-year, with significant improvement in profitability expected, including at least double-digit % EBITDA margins. ManagementwillcontinuetoexploreadditionalprofitabilitymeasurestofurtherenhanceEBITDAmargins.Capital expenditure, including strategic investments for future growth, is expected to be approximately £50 million in

the aggregate for 2026 and 2027, as previously communicated. The Group's ambition to achieve revenues of c.£500millionby2030,withoperationalleverageandcontinuedcostdisciplinesupportingthepathtolong-term EBITDA margins approaching c.30% is unchanged.

Principalrisksanduncertainties

Riskassessmentandevaluationisanintegralandwell-establishedpartoftheGroup’smanagementprocesses. During the first six months of the financial year, the Group has continued to implement targeted mitigation strategies, each designed to address specific risks effectively.

OXBcontinuestomonitoritsgoingconcernposition,asset-outbelow.TheGroupremainsalerttothecontinuing emergingrisksrelatingtogeopolitics,cyber,legal,regulatoryandcompliance.Asoutlinedabove,OXBcontinues to implement proactive strategies to manage and mitigate these evolving risk exposures.

DetailsoftheGroup’sprincipalrisksanduncertaintiescanbefoundonpages58to66ofthe2025AnnualReport and Accounts which is available on the Group’s website at www.oxb.com. The risks associated with "Failure to execute strategic transition" and "Vector strategy", as disclosed in 2025 Annual Report and Accounts have been effectively mitigated.

Commercialisation risks

•Failuretoattract,retainandsuccessfullyprogressclientopportunitiesthroughtoconfirmedsales orders.

•Failuretoexecutepartnercollaborations.

•Rapidtechnologicalchange.

Supplychainandbusinessexecution risks

•Thirdpartysuppliersandsupplychainfailuretodeliversuppliesandservicestime.

•Manufacturingfailure,projectandbatchdelays.

•Productquality andpatient safety.

•Failureininformationsystems,emergingtechnologies,orcybersecurity.

•Failuretoattract,develop,engageandretainadiverse,talentedandcapable workforce.

•Staffretentionandattractionoftalentedandcapableworkforce.

Legal,regulatoryandcompliancerisks

•Adverseoutcomeoflitigationand/orgovernmentalinvestigations.

•OutdatedGMPdocumentation.

•Outdatedqualityrecordsandresourceconstraintsleadingtoregulatory risks.

Economicandfinancial risks

•Foreigncurrencyexposureandloanfacility.

•GeopoliticalRisks.

•Liquidity constraints.

•Business continuity.

ClimateRisk

OXBrecognisesclimate-relatedrisksasamaterialfactorinitsbusinessplanningandstrategy.These risks include:

•Physicalrisksarisingfromextremeweathereventsorlong-termchangesinclimatethatcouldaffectoperations, facilities and supply chains.

•Transitionrisksassociatedwithregulatorychanges,marketshiftsandtechnologicaldevelopmentsastheglobal economy moves toward a low-carbon model.

•Operationalandfinancialimplications,includingimpactsonenergyuse,emissionsmanagement,waterand waste baselining and compliance with evolving climate-related regulations.

OXB’sgovernanceframework,inlinewithTCFDrecommendations,ensurestheserisksareidentified,monitored and managed across all sites, with oversight from the Board and ESGR Committees.

Going concern

ThefinancialpositionoftheGroup,itscashflowsandliquiditypositionaredescribedinthefinancialstatements and notes sections of these accounts.

TheGroupmadealossaftertaxforthesix-monthperiodended30June2026of£(37.0)million(H1 2025:

£(26.9)million)andconsumednetcashflowsfromoperatingactivitiesfortheperiodof£(23.7)million.TheGroup ended the period with cash and cash equivalents of £75.3 million (31 December 2025: £96.9 million).

In considering the basis of preparation of the H1 2026 Report and half-year accounts, the Directors have prepared cashflowforecastsforaperiodof15monthsfromthedateofapprovalofthesefinancialstatements,basedonthe Group’s 2026 latest forecast and forecasts for 2027. The Directors have undertaken a rigorous assessment of the forecasts in a base case scenario and assessed identified downside risks and mitigating actions. These cash flow forecasts also take into consideration severe but plausible downside scenarios including:

•Commercialchallengesleadingtoasubstantialmanufacturinganddevelopmentrevenuedownsideaffecting both the LentiVector™ platform and AAV businesses.

•Considerablereductioninrevenuesfromnewclients.

•PotentialimpactsofadownturninthebiotechnologysectorontheGroupanditsclientsincludingexpected revenues from existing clients under long-term arrangements.

Underboththebasecaseandmitigateddownsidescenario,theGroupandCompanyhavesufficientcash resources to continue in operation for a period of at least 12 months from the date of approval of these financial statements.

In the event of all the downside scenarios above crystallising, the Group and Company would continue to comply withitscovenantsunderitsexistingloanfacilitywithOaktreebeyondDecember2027withouttakinganymitigating actions, but the Board has mitigating actions in place that are largely within its control that would enable the Group to reduce its spend within a reasonably short time-frame to increase the Group and Company’s cash covenant headroomasrequiredbytheloanfacilitywithOaktree.Specifically,theGroupwillcontinuetomonitorits performance against the base case scenario and if base case cash-flows do not crystallise, start taking mitigating actionsbytheendofQ42026whichmayincludereductionininvestments,rationalisationofsitesandrightsizing the workforce.

Inaddition,theBoardhasconfidenceintheGroupandCompany’sabilitytocontinueasagoingconcernforthe following reasons:

•Asnotedabove,theGrouphascashbalancesof£75.3millionattheendofJune2026.

•£168millionof2026forecastedrevenues(asatSeptember2026)arecoveredbycontractedclientorderswhich gives confidence in the level of revenues forecast over the next six months.

•TheGroup’sabilitytocontinuetobesuccessfulinwinningnewclientsandbuildingitsbrandasdemonstrated by successfully entering into new client agreements over the last six months.

•TheGrouphastheabilitytocontrolcapitalexpenditurecostsandlowerotheroperationalspend,as necessary.

Takingaccountofthemattersdescribedabove,theDirectorsareconfidentthattheGroupandCompanywillhave sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Dr.LucindaCrabtree

ChiefFinancialOfficer

ConsolidatedStatementofComprehensiveIncome

forthesixmonthsended30June2026 (Unaudited)

Sixmonths ended30 Jun 2026			Sixmonths ended30Jun 2025
Notes		£'000	£'000
Revenue	4	79,845	73,223
Cost of sales		(50,708)	(41,566)
Grossprofit		29,137	31,657
Operatingcosts		(29,024)	(30,346)
Innovationcosts		(2,288)	(1,984)
Commercialcosts		(3,808)	(2,885)
Administrationexpenses		(15,879)	(20,638)
Impairment of assets		(7,636)	-
Otheroperatingincome		425	623
Operating (loss)		(29,073)	(23,573)
Financeincome	6	1,834	4,429
Financecosts	6	(8,978)	(6,886)
(Loss)beforetax		(36,217)	(26,030)
Taxation		(744)	(847)
(Loss)fortheperiod		(36,961)	(26,877)
Othercomprehensiveexpense
Lossonhedged instruments		(206)	-
Foreigncurrencytranslationdifferences		1,093	(4,974)
Othercomprehensiveincome/(expense)		887	(4,974)
Totalcomprehensiveloss		(36,074)	(31,851)
(Loss)attributable to:
Ownersofthe Company		(36,961)	(26,360)
Non-controllinginterest		-	(517)
		(36,961)	(26,877)
Totalcomprehensivelossattributableto:
Ownersofthe Company		(36,074)	(31,334)
Non-controllinginterest		-	(517)
		(36,074)	(31,851)
Earningspershare
Basic (loss) per ordinary share		(30.39)	(25.35)
Diluted(loss)perordinaryshare		(30.39)	(25.35)
Thelossfortheyearisattributabletotheownersoftheparent.

Consolidated Statement of Financial Position

Asat30June2026(Unaudited)

		30Jun 2026	31Dec 2025
Notes		£'000	£'000
Assets
Non-current assets
Intangibleassets&goodwill	7	24,302	25,168
Property,plantandequipment	8	98,823	107,628
Tradeandotherreceivables	10	7,395	7,275
		130,520	140,071
Current assets
Inventories	9	26,513	17,330
Tradeandotherreceivables	10	66,630	71,268
Derivativefinancialinstruments		-	166
Cashandcash equivalents	11	75,283	96,884
		168,426	185,648
Current liabilities
Tradeandotherpayables	12	25,891	35,364
Derivativefinancialinstruments		40	-
Contract liabilities	15	42,682	42,327
Deferredincome	15	423	472
Leaseliabilities	13	7,132	6,057
		76,168	84,220
Net current assets		92,258	101,428
Non-current liabilities
Provisions	14	7,578	7,391
Contract liabilities	15	5,109	85
Deferredincome	15	485	606
Loans	16	53,845	41,488
Leaseliabilities	13	97,666	100,583
		164,683	150,153
Net Assets		58,095	91,346
Equityattributabletoownersoftheparent
Ordinary shares	17	60,520	60,377
Sharepremium account	17	446,271	445,849
Other reserves		8,358	7,471
Accumulatedlosses		(457,054)	(422,351)
Totalequity		58,095	91,346

Consolidated Statement of Cash Flows

forthesixmonthsended30June2026 (Unaudited)

		Sixmonths ended30 Jun 2026	Sixmonths ended30Jun 2025
Notes		£’000	£’000
Cashflowsfromoperatingactivities
Cashusedin operations	18	(23,750)	(1,498)
Taxcreditreceived		6,313	5,128
Netcash (usedin)/generated fromoperating activities		(17,437)	3,630
Cashflowsfrominvestingactivities
Purchasesofproperty,plantandequipment		(6,894)	(1,509)
Purchasesofintangibleassets	7	(243)	-
ProceedsondisposalofPPE		-	194
Interest received	6	1,834	1,076
Net cash (used in) investing activities		(5,303)	(239)
Cashflowsfromfinancingactivities
Proceedsfromissueofordinarysharecapital	17	484	94
Acquisitionwithoutchangeincontrol		-	(1,998)
Paymentofleaseliabilities	13	(4,053)	(1,200)
Paymentofleaseliabilitiesinterest	13	(4,735)	(4,410)
Loans received		11,093	-
Loans repaid		-	(287)
Interest paid	6	(2,744)	(2,352)
Netcash generatedfrom/ (used in)from financing activities		45	(10,153)
Netdecreaseincashandcashequivalents		(22,695)	(6,762)
Cashandcashequivalentsat1January	11	96,884	60,650
Movementinforeigncurrencybalances		1,094	(11)
Cashandcashequivalentsat30June	11	75,283	53,877

ConsolidatedStatementofChangesinEquityAttributabletoOwnersofthe Parent

forthesixmonthsended30June2026 (Unaudited)

Reserves
	Ordinary shares	Share premium account	Merger	Other Equity	Translation	Cash flow Hedge	Accumulated losses	Total	Non-controlling interest	Total equity
Group	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At1January2025	52,981	394,856	6,417	(976)	3,268	-	(399,500)	57,046	3,441	60,487
Loss for period	-	-	-	-	-	-	(26,360)	(26,360)	(517)	(26,877)
Foreigncurrencytranslationdifferences	-	-	-	-	(4,974)	-	-	(4,974)	-	(4,974)
Totalcomprehensiveincomefortheperiod	-	-	-	-	(4,974)	-	(26,360)	(31,334)	(517)	(31,851)
Transactionswithownersintheircapacityasowners:
Equity-settledshare-basedpaymenttransactions	88	6	-	-	-	-	2,049	2,143	-	2,143
AcquisitionofNCIwithoutachangein control	-	-	-	601	974	-	2,924	4,499	(2,924)	1,575
PutOption revaluation	-	-	-	375	-	-	-	375	-	375
At30June2025	53,069	394,862	6,417	-	(732)	-	(420,887)	32,729	-	32,729
Lossforthe period	-	-	-	-	-	-	(3,768)	(3,768)	-	(3,768)
Foreigncurrencytranslationdifferences	-	-	-	-	1,818	-	-	1,818	-	1,818
Gainonhedgedinstruments	-	-	-	-	-	147	-	147	-	147
Totalcomprehensiveincomefortheperiod	-	-	-	-	1,818	147	(3,768)	(1,803)	-	(1,803)
Transactionswithownersintheircapacityasowners:
Proceeds from shares issued	7,308	50,987	-	-	-	-	(331)	57,964	-	57,964
Equity-settledshare-basedpaymenttransactions	-	-	-	-	-	-	2,635	2,635	-	2,635
ESOP reserve	-	-	-	(179)	-	-	-	(179)	-	(179)
At31December2025	60,377	445,849	6,417	(179)	1,086	147	(422,351)	91,346	-	91,346
Lossforthe period	-	-	-	-	-	-	(36,961)	(36,961)	-	(36,961)
Foreigncurrencytranslationdifferences	-	-	-	-	1,093	-	-	1,093	-	1,093
Gainonhedgedinstruments	-	-	-	-	-	(206)	-	(206)	-	(206)
Totalcomprehensiveincomefortheperiod	-	-	-	-	1,093	(206)	(36,961)	(36,074)	-	(36,074)
Transactionswithownersintheircapacityasowners:
Proceeds from shares issued	143	422	-	-	-	-	(81)	484	-	484
Equity-settledshare-basedpaymenttransactions	-	-	-	-	-	-	2,339	2,339	-	2,339
At30June2026	60,520	446,271	6,417	(179)	2,179	(59)	(457,054)	58,095	-	58,095