Mabion (MAB) Q3 2025 earnings summary

Executive summary

• Q3 and 9M 2025 revenues were primarily from services for Novavax and other CDMO projects, with strong cost discipline and minimal Capex (PLN 0.2m).

• The report covers the 3 and 9 months ended September 30, 2025, prepared under IFRS and going concern principle.

• Ongoing collaborations with IBMP (Brazil), Novalgen (UK), Novavax (US), and WDP Pharmaceuticals (Poland).

• Significant management changes occurred in Q3 2025, including new appointments and resignations.

• Active business development, expanding client base and strategic partnerships, with a pipeline value exceeding USD 50m.

Financial highlights

• Q3 2025 revenue: PLN 4.1m (+692% year-over-year); 9M 2025 revenue: PLN 10.1m, down sharply from PLN 64.3m in 9M 2024.

• Q3 2025 net loss: PLN -10.8m (improved by 34% year-over-year); 9M 2025 net loss: PLN -41.4m, compared to net profit of PLN 11.5m in 9M 2024.

• Q3 2025 EBITDA: PLN -8.4m (improved by 34.7% year-over-year); average EBITDA margin during forecast period: 11%.

• Cash at September 30, 2025: PLN 4.6m, down from PLN 38.4m at December 31, 2024.

• Total assets: PLN 120.5m; total equity: PLN 70.0m; total liabilities: PLN 50.4m as of September 30, 2025.

Outlook and guidance

• Strategy 2025-2030 targets break-even by end of 2026 and profitability thereafter.

• 2030 targets: revenue > PLN 100m, EBITDA margin > 30%, OTIF delivery ≥ 98%.

• Anticipates annual revenue of EUR 15–25m by 2028, with EBITDA margin > 35%.

• Management expects additional contracts to be signed to secure liquidity, but current contracts and pipeline are insufficient for 12-month liquidity.

• Focus on biosimilars, mAbs, ADCs, and animal health, with co-development and strategic partnerships.