hVIVO (HVO) investor relations material

Executive summary

• Achieved strong commercial momentum in H1 2026, with orderbook more than doubling to £65 million from £30 million at the start of the year.

• Revenue for H1 2026 was £16.3 million, down from £24.2 million in H1 2025, with full-year revenue expected to be heavily weighted to H2.

• Proposal volumes increased approximately 45% year-over-year, supporting mid-term growth and further orderbook expansion.

• Operating under a unified brand across four service lines, supporting a diversified and resilient revenue profile.

Financial highlights

• H1 2026 revenue: £16.3 million (H1 2025: £24.2 million).

• Adjusted EBITDA for H1 2026 expected to be negative mid-single digit (H1 2025: £3.0 million), with positive adjusted EBITDA anticipated in H2 2026.

• Cash position at 30 June 2026: £13 million (31 December 2025: £14.3 million), reflecting positive working capital inflows.

Outlook and guidance

• Full-year 2026 revenue expected to be broadly in line with guidance for high single-digit growth, with revenue heavily weighted to H2.

• Some modest deferral of revenues from H2 2026 into 2027 due to timing shifts on certain contracted programmes.

• Board confident in sustainable mid- and long-term growth, supported by a robust orderbook and diversified platform.