Oxford Biomedica (OXB) investor relations material

Executive summary

• Achieved strong commercial and operational progress in H1 2025, with significant order growth and increased revenue visibility driven by high demand for CDMO services across all vector types and late-stage client activities.

• Revenue increased 44% year-over-year to £73.2M, with significant improvements in profitability and EBITDA loss narrowing by £12M to £8.3M.

• Expanded global footprint and manufacturing capabilities in the UK, US, and France, with strategic investments and manufacturing optimization initiatives underway.

• Strengthened balance sheet with a £60M equity placement and a new $125M loan facility, enhancing financial flexibility.

Financial highlights

• Total revenues rose 44% to £73.2M in H1 2025 from £50.8M in H1 2024, driven by robust demand for CDMO services.

• Manufacturing services revenue increased 25% to £34.4M; development services up 48% to £28.5M.

• Contracted client orders signed in 2025 totaled £149M, up from £56M in H1 2024; revenue backlog at June 30 was £222M, rising to £241M by August 31.

• Cash position at period end was £53.9M, increasing to £113.7M post-period after equity raise and loan facility.

• Operating EBITDA loss improved to £8.3M from £20.3M last year; operating cash outflow reduced to £4.8M from £48.6M.

Outlook and guidance

• 2025 revenue guidance reiterated at £160M–£170M, with low single-digit million pounds operating EBITDA profitability expected.

• 2026 revenue expected at £220M–£240M, representing 35–39% CAGR from 2023–2026.

• Long-term revenue growth targeted at 25–30% annually for 2027 and 2028, with EBITDA margins approaching 30%.

• Over £171M of 2025 revenues already covered by contracted orders.

• Funding in place to expand global manufacturing capabilities, including US GMP capacity, to meet rising client demand.