Oxford Biomedica plc

Hello and welcome to UXB's 2026 interim results presentation. We are joined today by Dr Frank Mathias, Chief Executive Officer, Dr Lucy Crabtree, Chief Financial Officer and Dr Sebastien Ribault, Chief Business Officer. If you would like to ask a question during today's call, please press star 1 on your telephone keypad. I would now like to hand the call over to Dr Frank Mathias. Please go ahead.

Thank you so much for the introduction and hello everyone. Thank you also for joining us today for OXP interim results briefing for the first half of 2026. As already mentioned, I'm delighted to be joined by two of my colleagues who most of you know already. Our Chief Financial Officer, Dr. Lucie Crabtree and our Chief Business Officer, Dr. Sebastien Ribault. Next slide please. So I just ask you to consider here as always the disclaimer and move to the next slide. Thank you. Before we begin, let me briefly take you through today's agenda. I will start with an update on the business and the progress we are making against our strategic priorities. Sebastien then will cover our commercial performance, including the continued demand for our services and the development of our client portfolio. And Lucy finally will follow with a review of our financial results and the outlook. I will then return for some closing remarks before we open the calls for questions which will be moderated by Sophia. With that let me begin with a business update and the next slide please. So before turning to our first half performance I would like to reaffirm that OXP long-term fundamentals and growth strategy remained Our confidence is underpinned by the strength of the cell and gene therapy market we see, our maturing and diversifying client pipeline and the commercial momentum we are also experiencing. As can be seen on the right hand side of this slide, it's also supported by strong foundations. More than 30 years of experience, 50 current clients, 59 client programs and over 1000 GMP batteries manufactured to date. So to reiterate, our full year 26 guidance remained unchanged at 180 to 200 million pounds. Around 168 million pounds of forecasted 26 revenues are already covered by contracted client orders. Our 2027 targets also remain unchanged. We plan for year-on-year revenue growth of 25% to 30% and at least double-digit EBITDA margins. Lucy will certainly provide more details on this later during the call. Now, looking further ahead, we remain focused on our ambition to deliver approximately 500 million pounds in revenue by 2030, with long-term EBITDA margins approaching Before moving on, I would like to briefly address the recent reports on fatalities in some CAR T clinical trials for autoimmune diseases. First and foremost, these events are devastating for those affected, both patients and families. However, I would like to make it absolutely clear that we have not seen any related issues in the few programs we are involved in, and as a result, our overlook remains unaffected. Next slide, please. I would like to highlight the strong commercial momentum we have seen during the first half of 2026 which continues to underpin our confidence in our long-term growth ambitions. We have continued to expand our client base, signing 17 new clients during the first half, which is more than 30% of the total number signed during the whole year of 2025. Today, this has increased further to 21, demonstrating sustained market demand for our CDMO service. De facto, it's already 22, because we signed another new client overnight. Our commercial pipeline stood in dollars at $730. This movement from end of June to end of August is a very positive indicator as it reflects the successful conversion of opportunities into signed client orders rather than any reduction in underlying demand. This conversion has strengthened our visibility of future revenues. Contracted orders increased from £97 million at the half year to £127 million by the end of August, while revenue backlog grew from £193 million to £299 million exactly over the same period. We continue to see maturation across our portfolio with nine programs having reached late stage development or commercial stage by the half year. As client programs progress towards higher value stages, they provide further opportunities to deepen our relationship and support sustainable revenue growth. Our expanding client base, improving revenue visibility and maturing programs portfolio all reinforce our confidence in our ambition to deliver around 500 million pounds or approximately 670 million dollars at the current exchange rate of revenue by 2030. Sebastien and Lucy will discuss this in more details. Let's move please to the next slide about our global footprint. I would like to conclude my section with this slide which captures the core message very simply. OXXP is at the right market with the right services at the right time. Our global footprint position has to capture growth across the world's leading cell and gene therapy markets while giving clients access to an integrated network spanning the UK, the US and France. Today, that network includes five facilities in Oxford, two in the United States, and two in France. Over recent years, we have strengthened these footprints through targeted investment in our existing site, as well as selective acquisitions that expand our capabilities and capacity in line with growing client demand. In the US, the acquisition of Duram in North Carolina has significantly strengthened our position in the world's largest cell and gene therapy market, where we see strong demand for commercial manufacturing. Together with Bedford, it gives us the full end-to-end offering in the US, from process and analytical development through to GMP manufacturing and commercial supply. Going to Europe, our sites in Oxford, Lyon and Strasbourg, place us at the heart of one of the world's leading centers for cell and gene therapy research and innovation, supported by a centralized approval process across European countries. This combination of US scale and European depth makes our global footprint an important enabler of our growth strategy. Additionally, in August we welcomed Eric Schmidhäuser to OXP as our new Chief Operating Officer. Eric brings the wealth of CDMO experience to OXP and will lead our global operation as we continue our focus on operational excellence and delivery of a world-class service to our clients. As shown here on the right hand side of the slide, we believe OXP is well positioned to outperform the outsourced cell and gene therapy market with our target of 25 to 30% year-on-year revenue growth. So to return to where I started, OXP is definitely in my view in the right market with the right services at the right time. Next slide please. I want to finish with good news. Before we discuss our own performance, let's take this moment to consider the environment in which we are operating, given that the news in our sector this year has been very encouraging. This snapshot on 26 headlines shows new approvals coming through, positive clinical data readouts, and fresh capital flowing back into the industry. Three things stand out for me here. Firstly, regulators continue to approve cell and gene therapies and the process is now well established. Secondly, clinical data continues to validate the science across an ever wider range of indications. And finally, thirdly, funding has returned. After a couple of difficult years, investors are backing cell and gene therapy developers again. So the market is moving in our direction and therefore I will now hand over to Sebastien who will provide you more details on our commercial performance and the opportunities ahead. Sebastien the floor is yours or the screen in this case.

Thank you Frank. Good morning, good afternoon everyone. Very happy to be with you today for this presentation. If we could move to the first slide of the commercial section, please. Frank finished with a comment on the market. I'm going to start with the market, and there are multiple ways to look at the market in which we operate. We usually look at the market by geography, by type of vector, by client segments, but I decided today to show you the market by therapeutic areas, by type of indication. Looking at the graph here, you see the multiple indications where we have programs in cell and gene therapy. And as you can see at the very bottom, OXB is active on multiple indications. Obviously very active in the oncology space where you have almost half of the assets of the CGT field, but also working on central nervous system, ophthalmology, dermatology, I mean, you name it. We're working across the board since we can offer development and manufacturing of multiple vectors. It's not a surprise to see here in dark blue or in light blue that the Lenti vectors and AEV vectors are making the majority of the vectors used across the different therapeutic areas. The number of CGT assets, if we compare year on year, continue to grow. The market is healthy. We were at 2,155 assets in Q2 2025, we're at 2,217 assets in Q2 2026. Moderate growth, if we look at the number of assets only, but if we are looking at the number of assets that we qualify as late stage activities, phase two, phase three, and pre-registration, The growth there is 18% year on year. So it's not only showing that the market is healthy and that the number of assets grows, but it's showing that the market is maturing and we see more and more assets in late stage activities where the phase one has been successful. So there is a good indication that the treatment looks safe, although it's not the end of the clinical study and working more on efficacy. To talk a bit more about where OXB is active, we're going to look on the next slide at the number of programs that we handle internally. We were at 44 programs active at OXB in September 2025. We're at 59 in September 2026. And actually, if we had updated the slide this morning, we would be at 68. We wanted to show you here how the portfolio of active projects evolved in one year. And you see first this pink column with the new programs. 29 new programs onboarded in one year. and 14 programs that were finished for multiple reasons that we see listed on the right. Funding constraints is part of the reasons. The clinical studies can be data readout and the efficacy being substandard or at the very bottom of the list here some safety concerns that are also part of the clinical readouts. All in all, we see a 34% increase in the number of programs that we have at OXB, with a massive increase in the number of AV projects, as it was already discussed during our Capital Markets Day event. But we continue to grow the number of active projects both on Lenti and AV, and also in other types of vectors, and I just want to quickly mention MVA, Measles, and a few others. On the next slide we'll see a different view of the number of active programs and you see that in the early stage category at the very top left of the slide we've moved from 40 to 50 active programs from March 26th to September 26th. So a lot of new signatures, a lot of programs that we have started, and you see at the top right some new names that we have not disclosed before, Brandchild Bio being one here, Plowshare Therapies being another one. There are many others, but we selected a few here. Number of active program in late stage has also increased between March and September from 5 to 6, number of commercial program being stable. I was talking about the market maturity before. When we look at the portfolio of active program at OXB, we see a different level of maturity as well. And I'm very happy to report here that when we look at the programs that we have in late stage, we see that in the next 12 months, Q4 26, Q1 27, Q3 27, twice, we'll see some of these late stage program reaching the stage of BLS submission. It's great for OXB. It means we're preparing for a commercial launch. And based on the first clinical data we've seen on these problems, we're very happy to see that patients will have access to new treatments relatively soon. Type of indication, diverse, very much like what I showed on my first slide, oncology, multiple program, obviously, but also dermatology, neurology, and ophthalmology. Looking not at the portfolio anymore, but the pipeline of opportunity in the next slide. We'll see that the pipeline is diversifying. And that's something that started a couple of years ago. But it's good to see that we're reaching a state today, first on the left, where the number of AV opportunities equal the number of Lanty opportunities during many years. During many years, we had a vast majority of Lanty opportunities. We're now in September 2026 with more or less the same number of AV and Lanty opportunity. And the biggest change for OXB in the middle is this $289 million of opportunities for AV programs versus $265 million for the Lenti programs. So it's the very first time in the company's history that the volume of opportunities on the AV side is above the volume of opportunity on the Lenti side. The pipeline in general grew 24% if we compare year on year and we obviously have lots of fluctuation as we onboard new opportunity but also sign opportunities which then disappear from the pipeline and enter into the backlog and the portfolio of active programs. Second biggest change, something that we had already discussed at Capital Markets Day is the split of programs between the geographies. If we look only at Q3 2025 versus Q3 2026, the relative volume of opportunities in the US was at 24% of the pipeline, 40% a year after. The French opportunities, 13% of the pipeline, 24% of the pipeline today. And obviously, with these two geographies delivering both Lenti and AV, we could expect that there would be a strong growth linked to the growth of the AV segment. The site in UK is serving today Lenti clients and not AVs, which explains why We don't see a very significant growth in UK versus the other geographies where we are actively and rapidly filling the capacity with the new AV programs. On the next slide, and I will be relatively short on that one, I just wanted to show you something that hasn't changed versus the last time I presented that slide. It's the conversion of the opportunities into signed contracts. And I won't elaborate on all the numbers here, since for each category, the biggest variation versus what I presented at Capital Markets Day is one person. So we're very stable on our conversion from proposal to contract. Drafted to negotiation and then finally to contract sign. Very, very stable. A sign that our business is healthy and that our negotiations are progressing very nicely. On the next slide, we'll see the evolution not only of the pipeline but also of the signed orders. From 2022 onwards and up to September 2026, very significant growth of the pipeline, 126% from 2022 to today. And we continue to see the order of volume increasing. You have the numbers here until September 26th. We've already commented at Capital Markets Day that we were seeing our existing clients signing small pieces by small pieces. So we have a number of opportunities where we've not signed yet the GMP activities that are planned at the beginning of next year. And that's the reason why we're still very optimistic about the volume of order for the year, knowing what's in front of us. and how many things are currently very actively negotiated. And if I was actually updating the number of signed orders as of today, it would already have increased, although we finalized that slide only a couple of days ago. there were several times in similar forms the question of our exposure to big clients it's good to see the evolution of the pipeline between september 25 and september 26 and see that as of today our largest opportunity in the pipeline is six percent of the pipeline value and 71 percent of the same pipeline value is about 200 different opportunities. So our exposure was more important in the past. We can see that pipeline minus the biggest seven clients was only 57% to the 71%. So as expected with the diversification of the client base, we've mitigated the concentration risk. Move now to OXB versus competition. We talk about OXB versus the market. We talk about OXB yesterday versus OXB today. But I wanted to compare the growth of the company to our main competitors that we've listed here. We've obviously listed the competitors for which we have access to the numbers. On the period 2023 to 2025, in pink, the OXB growth was 88%. And if we look at what we expect to be the growth 2023 to 2026 in purple, taking the middle of our guidance range, we expect to be at 112% growth. This is putting us far ahead of competition. I won't elaborate just now on the multiple reasons why, but on the next slide we'll find some of the reasons why today OXB is seen as a very solid partner for companies. We selected two of our clients, Cavaletta Bio and Brandchild Bio. Very happy to see that both actually had great news. Cabaletta on the clinical side about a quarter ago showed that they have excellent clinical results. on their CAR-T therapy for autoimmune disease. They needed a developer, but they also needed a manufacturer, and that's exactly what they found with OXB, an established track record of delivering programs through development, clinical and commercial activities, and experienced teams and a collaborative culture. Brandchild is one of the new names that we're disclosing today. CAR-T as well, but CNS tumors, very different from autoimmune. They need deep lentivector expertise and, again, a proven track record and commercial experience that we're providing them. People are coming to us because of the track record in development, because of the technologies that we can provide that are giving us the opportunity to support programs in multiple indications and with multiple vectors, and because we have a pragmatic approach to problem solving, if I read well the comments we have in our customer survey. Last slide for me will be a high-level summary of what we are discussing today. The market is healthy. It continues to expand and it continues to mature. AEV is still the fastest growing vector segment and we expect to see it growing 25% year-on-year over the next five years. All vectors can be used in multiple indications. That's the reason why we have a multi-site, multi-vector strategy. Our portfolio of programs increased very significantly as we've seen across all the vectors we have in the portfolio. And we've grown early and late stage program. On these late stage program, we expect them to reach BLA submission within the next 12 months. Great news for the patients, great news for these biotechs that we serve and great news for OXB as well. The commercial programs can be delivered from Oxford in UK and from Durham, North Carolina in USA. We have a healthy business when we look at the pipeline that continues to expand. Our AAV opportunities, like the AAV on the market, exceed the number of lentivirus programs. And finally, the geographical mix reflects the network's growing maturity. We can work as a network. We can deliver programs from multiple sites in parallel. That is of interest for our clients. We'll continue to deliver that strategy. I'm going to close here and hand over to my colleague Lucy.