Full year Trading Update and Notice of Results

Revenues at the upper end of guidance and pivot to EBITDA profitability - expectations for 2026 unchanged and guidance reiterated

• Revenues expected to increase c.30% as OXB continues to execute its strategy, FY 2025 revenues expected to be £166-169 million (£168 - 171 million CC¹), at the upper end of guidance of £160-170 million (CC) (FY 2024: £128.8 million)
  
  
  
  
• FY 2025 Operating EBITDA² profitability expected to be mid-to-high single-digit £ million (CC) including a larger than expected non-recurring gain from the Durham, NC acquisition; excluding the impact of the acquisition, underlying Operating EBITDA profit expected to be low single-digit £ million (CC) for FY 2025 (FY 2024: £(15.3) million loss) in line with guidance
  
  
  
  
• FY 2025 contracted value of client orders³ increased 20% to £224 million (FY 2024: £186 million); reflecting increased demand from both existing and new clients
  
  
  
  

Oxford, UK – 24 February 2026: OXB (LSE: OXB), a global quality and innovation-led cell and gene therapy CDMO, provides a trading update for the full year ended 31 December 2025.

Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “2025 has been a milestone year for OXB, in which we continued to successfully execute our pure-play CDMO strategy and expect to deliver an outstanding full-year performance with continued strong revenue growth and EBITDA-level profitability.

“Expected FY 2025 revenues represent a nearly 90% growth since FY 2023, further demonstrating the scale and momentum we have built over the past two years. These results reflect sustained demand for our viral vector services, and improved operational efficiency throughout our global network.”

Strong 2025 performance expected to deliver EBITDA profitability

For the year ended 31 December 2025, OXB (the “Company”) expects to report revenues of £166-169 million (£168 - 171 million CC), at the upper end of guidance of £160 - £170 million (CC). This performance represents an increase of c.30% over FY 2024 revenues of £128.8 million and an almost 90% revenue growth since FY 2023, reflecting the strong execution of the Company’s pure-play CDMO strategy and sustained demand as client programmes progress.

For FY 2025 the Company expects to report mid-to-high single-digit £ million Operating EBITDA profitability (CC), which includes a larger than expected non-recurring gain associated with the of a viral vector manufacturing facility in Durham, North Carolina (NC) from National Resilience, Inc. in October 2025. On an underlying basis, excluding the impact of this acquisition and the associated costs, Operating EBITDA is expected to be in line with guidance of low single-digit £ million profitability (CC), driven by increased revenue growth, operational efficiency and disciplined cost control.

OXB closed the year with a strong balance sheet, including a gross cash position of £96.9 million and a net cash position of £55.4 million. The balance sheet was strengthened by a c.£60 million in August 2025 and entry into a new of up to $125 million with Oaktree, of which $60 million has been drawn to date, of which $50 million was used to repay the existing loan facility. Together, these provide additional liquidity and support for planned capacity expansion to meet growing client demand and the pursuit of OXB’s medium-term ambitions.

Commercial momentum supporting growth in 2026 and beyond

Reflecting increasing demand for OXB’s services, the contracted value of client orders reached £224 million for the year ended 31 December 2025, an increase of 20% compared to £186 million for the year ended 31 December 2024. Revenue backlog⁴ stood at approximately £204 million as at 31 December 2025 compared to approximately £150 million as at 31 December 2024.

As a result of this commercial momentum, the Company expects to continue to deliver above-market revenue growth, and an expansion of EBITDA margins following positive Operating EBITDA in 2025. The Company therefore reiterates its short- and medium-term financial guidance.

FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised.

Notice of Preliminary Results

OXB will report its preliminary results for the twelve months ended 31 December 2025 on 26 March 2026. OXB's management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will host a virtual analyst briefing at 13:00 GMT / 08:00 ET. To register, please contact .

¹ CC refers to constant currency, the equivalent values based on the prior year exchange rates.

² Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, revaluation of investments and assets at fair value through profit and loss, and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments.

³ Contracted value of client orders represents the gross value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingent contractual clauses.

⁴ Revenue backlog represents the ordered gross value of CDMO revenues available to earn. The value of customer orders included in revenue backlog only includes the value of work for which the customer has signed a financial commitment for OXB to undertake, whereby any changes to agreed values will be subject to change orders, cancellation fees or the triggering of optional/contingent contractual clauses.

-Ends-

Enquiries:        

OXB:

Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E:

ICR Healthcare:

T: +44 (0)20 3709 5700 / E: 

Mary-Jane Elliott / Angela Gray / Davide Salvi

About OXB

OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world.

One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world's most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB's world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise.

OXB offers a vast number of technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines.

OXB, a FTSE 250 and FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, Bedford MA, and Durham NC, US. Learn more at and follow us on and

APPENDIX: RULE 28 OF THE TAKEOVER CODE

FY25 Profit Estimate

The following statements included in this announcement constitute an ordinary course profit forecast for the purposes of Rule 28.1(a) and Note 2(b) on Rule 28.1 of the Takeover Code (the “FY25 Profit Estimate”):

“FY 2025 Operating EBITDA² profitability expected to be mid-to-high single-digit £ million (CC) including a larger than expected non-recurring gain from the Durham, NC acquisition; excluding the impact of the acquisition, underlying Operating EBITDA profit expected to be low single-digit £ million (CC) for FY 2025 (FY 2024: £(15.3) million loss) in line with guidance.”

“For FY 2025 the Company expects to report mid-to-high single-digit £ million Operating EBITDA profitability (CC), which includes a larger than expected non-recurring gain associated with the acquisition of a viral vector manufacturing facility in Durham, North Carolina (NC) from National Resilience, Inc. in October 2025. On an underlying basis, excluding the impact of this acquisition and the associated costs, Operating EBITDA is expected to be in line with guidance of low single-digit £ million profitability (CC), driven by increased revenue growth, operational efficiency and disciplined cost control.”

FY26 Profit Forecast

In addition, the following statements included in this announcement constitute an ordinary course profit forecast for the purposes of Rule 28.1(a) and Note 2(b) on Rule 28.1 of the Code (the “FY26 Profit Forecast”):

“FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised.”

“Expectations for 2026 unchanged and guidance reiterated”

“The Company therefore reiterates its short- and medium-term financial guidance.”

FY27 Profit Forecast

In addition, the following statements included in this announcement constitutes a profit forecast for a financial period ending more than 15 months from the date in which it is published for the purposes of Rule 28.2(a) of the Code (the “FY27 Profit Forecast”):

“FY 2026 revenues are expected to be between £220-240 million (CC). The Company expects 25-30% year-on-year revenue growth in 2027 and 2028, ahead of the broader market. Operating EBITDA margin is expected to exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term potential to approach c.30% (within a five-to-six year time period) as expanded capacity is utilised.”

“Expectations for 2026 unchanged and guidance reiterated”

“The Company therefore reiterates its short- and medium-term financial guidance.”

Directors’ confirmation

Pursuant to Note 2(a) to Rule 28.1 and Rule 28.2(a) of the Code, the Panel granted a dispensation from the Code requirement for the Company’s reporting accountants and financial advisers to prepare reports in relation to the FY25 Profit Estimate, FY26 Profit Forecast, and FY27 Profit Forecast.

In accordance with Rule 28.1(c)(i) of the Code, the OXB Directors confirm that the FY25 Profit Estimate, FY26 Profit Forecast, and FY27 Profit Forecast remain valid as at the date of this announcement and each has been properly compiled on the basis of the assumptions stated below, and that the basis of accounting used is consistent with OXB’s accounting policies.

Basis of preparation

The FY25 Profit Estimate is based on OXB’s current internal unaudited consolidated accounts for the year ended 31 December 2025. The basis of the accounting policies used in the FY25 Profit Estimate is consistent with the existing accounting policies of the Company. These policies are consistent with those applied in the preparation of OXB’s annual results for the year ended 31 December 2024.

The FY26 and FY27 Profit Forecasts are based on internal OXB forecasts on a constant currency basis. The basis of the accounting policies used in the FY26 Forecast and FY27 Profit Forecast is consistent with the existing accounting policies of the Company.

Assumptions

The FY25 Profit Estimate is not based on any assumptions.

The FY26 Profit Forecast and the FY27 Profit Forecast are based on the following assumptions:

Factors outside the influence or control of the OXB Directors

• There will be no material changes to existing prevailing macroeconomic or political conditions in the markets and regions in which the Company operates.
• There will be no material changes to the general market conditions or the behaviour of competitors in the markets and regions in which the Company operates.
• There will be no material adverse change to the Company’s commercial relationships or customer demand.
• Interest rates, inflation, foreign exchange rates and tax rates in the markets and regions in which the Company operates will remain materially unchanged from prevailing levels.
• There will be no material adverse events that have a significant impact on the Company’s financial performance, including business disruptions affecting the Company or its key customers.
• There will be no material changes in legislation, regulatory requirements or accounting policies that materially impact the Company’s operations or reported results.
• There will be no material litigation in relation to any of the Company’s operations.
  
  

Factors within the influence and control of the OXB Directors

• There will be no material change to the present management of the Company.
• There will be no material change in the operational strategy of the Company.
• There will be no material adverse change in the Company’s ability to maintain customer and partner relationships.
• There will be no material acquisitions or disposals.
• There will be no material strategic investments over and above those currently planned.
• There will be no material change in the dividend or capital policies of the Company.