hVIVO (HVO) investor relations material

Executive summary

• Revenue for H1 2026 was £16.3 million, down from £24.2 million in H1 2025, mainly due to delays and timing shifts in Human Challenge Trial (HCT) and Clinical Services contracts.

• EBITDA loss for H1 2026 was £4.5 million, with full-year guidance indicating a low single-digit EBITDA loss and positive EBITDA expected in H2.

• Order book reached a record £72 million, more than doubling year-over-year and providing strong visibility into 2027 and beyond.

• CRS Berlin acquisition expands the clinical platform into dermatology and women’s health, is immediately earnings accretive, and broadens the addressable market.

• Approximately 75% of revenue comes from repeat customers, reflecting a resilient and diversified customer base.

Financial highlights

• H1 2026 revenue: £16.3 million (H1 2025: £24.2 million); FY 2026 revenue expected at £47 million, including £3 million from CRS Berlin.

• Adjusted EBITDA loss for H1 2026 was £4.5 million; full-year EBITDA loss expected to be £2–3 million.

• Cash at 30 June 2026: £13.0 million, expected to reduce to £8–9 million by year-end due to working capital needs.

• Laboratory segment revenue grew 110% year-over-year, showing strong momentum.

• Gross profit for H1 2026 was £3.7 million, with a gross margin of 22.5%.

Outlook and guidance

• FY 2026 revenue guidance is £47 million, slightly below consensus due to contract deferments, not cancellations.

• H2 2026 revenue expected to nearly double H1, with positive EBITDA forecasted for H2.

• Record orderbook and programme phasing underpin significant growth and positive EBITDA projected for 2027.