Mabion (MAB) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues mainly from Novavax and other CDMO projects, with high cost discipline and minimal Capex (PLN 0.9m).

• Cash at end of Q4 2025 was PLN 6.3m, up PLN 1.8m quarter-over-quarter.

• Ongoing collaborations with IBMP, Novalgen, Novavax, WPD Pharmaceuticals, and Sartorius.

• Active business development with a pipeline value (probability-weighted) of USD 53m.

• Four major contract wins in the last 12 months validate the new strategic direction.

Financial highlights

• Q4 2025 revenue: PLN 5.7m (+19.9% year-over-year); FY 2025 revenue: PLN 15.8m (-77.2% year-over-year).

• Q4 2025 EBITDA: PLN -18.2m; FY 2025 EBITDA: PLN -50.5m.

• Q4 2025 net result: PLN -21.2m; FY 2025 net result: PLN -62.6m.

• Gross profit margin in Q4 2025: 77.1%.

• Current cash burn rate: PLN 15m.

Outlook and guidance

• Targeting break-even EBITDA by Q4 2026, with revenue ramp and operational efficiency as key levers.

• 2026 revenue target: PLN 70–80m; 2027: PLN 80–100m; 2028+: >PLN 100m.

• Long-term goal: >PLN 100m revenue and >30% EBITDA margin by 2030.

• Anticipated revenue diversification from biosimilars, ADCs, and ATMPs.