Slides
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1 Interim Results 15 September 2026
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2 Disclaimer
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3 Yamin ‘Mo’ Khan Chief Executive Officer Stephen Pinkerton Chief Financial Officer Andrew Catchpole Chief Scientific Officer Presenting today
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4 Interim Results 15 September 2026
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5 500+ Clinical Studies 250+ Compounds Tested 30+ Market Authorisations Screening & Clinic Whitechapel Quarantine, Labs, Clinical Canary Wharf Biobank London Biometry | Paris Consulting Leiden Clinical Research Unit Mannheim Clinical Research Unit Kiel Consulting Breda Purpose To accelerate development of safe and effective medicines that improve the lives around the world Mission To constantly pursue new ways to reduce the time, risk and cost of bringing much needed life - changing medicines to market Values Ingenuity Passion In partnership Pillars Integrated expertise Scientific & technical leadership Communities & Networks hVIVO : More Than a CRO A shared vision for the future as a full - service integrated company Clinical Research Unit Berlin
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6 Built to Deliver Across the Development Pathway Four integrated service lines Multiple entry points Non - Clinical Pre - clinical Phase I Phase II Phase III Post - Marketing < Consulting > < Laboratory Services > < Human Challenge Trials> < Clinical Trials > Clinical Trials o Phase I - II CRO Services o Phase II - III Site Services o Participant Recruitment Consultancy o Non - Clinical, Clinical, CMC, PK o Regulatory o Biometrics, Biomarker Strategies Laboratories o Standalone Laboratory Services o Biobank & Storage Services Human Challenge Trials o Phase II – III o Challenge Model Development o Human Challenge Trial Conduct
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7 H1 2026 Interim Results: Orderbook More Than Doubles Key Financial Highlights Contracted orderbook and programme phasing underpin significant growth in 2027 o HCT demand recovering – three full HCT contracts signed incl. ILiAD Phase III trial o Approximately three - quarters of Group revenue from repeat customers o Commercial momentum building, proposal volume up c.45% YoY o Acquired CRS Berlin, immediately earnings - accretive, expands hVIVO's early clinical development platform and addressable market o H2 2026 revenue expected to be approximately double H1, with positive adjusted EBITDA o Contracted orderbook of £65m at 30 June (FY25: £30m), rising to £72m with CRS Berlin Forward looking indicators £16.3m Revenue H1 2025: £24.2m £13.0m Cash FY 2025: £14.3m £72m Group Orderbook £65m + CRS Berlin +c.45% Proposal Volume Year - on - year
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8 Revenue Bridge – HCT Timing Drives H1 Revenue Gap 24.2 16.3 H1 2025 HCT Clinical Services Labs Consultancy H1 2026 £M - 5.0 10.0 15.0 20.0 25.0 30.0 Increase Decrease Total
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9 Revenue – H2 Acceleration Underpinned by Orderbook 24.2 22.6 16.2 31.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 H1 2025 H2 2025 H1 2026 H2 2026 (F) HCT Clinical Services Labs Consultancy hVIVO Berlin £'m H1 2026 o Timing shifts on HCT & Clinical Services projects o Clinical Services benefiting from full impact of 2025 acquisitions ~£1m o Laboratory revenue increased by 110% H2 2026 o Strong revenue performance expected o Backed by a strong order book o c.£3m from Berlin acquisition Group revenue guidance of £47m for FY 2026 H1 2025 (A), H2 2025 (A), H1 2026(A) H2 2026(F) Strong H2 momentum supports FY 2026 guidance
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10 Adjusted EBITDA – Recovery in H2 o EBITDA reflects lower revenue o Lower net revenue reflects reduced order intake and contract cancellations in 2025 o Net savings arising from restructuring across the business in 2025 FY 2026 o H2 2026 expected to be EBITDA positive o FY 2026 EBITDA expected to be low single digit loss 3.0 (8.0) (0.5) 1.0 (4.5) H1 2025 HCT Lower Net Revenue FY Acqn impact Net Savings H1 2026 EBITDA £'m (6.0) (5.0) (4.0) (3.0) (2.0) (1.0) - 1.0 2.0 3.0 4.0 Increase Decrease Total H1 2026 Note Adjusted EBITDA is stated before one off exceptional items related to acquisitions & re - organisation costs
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11 Cash – Cash - flow Strengthened by Order Intake 13.0 14.3 (4.2) 4.5 0.1 (1.7) Cash 31 Dec 2025 Cash from operations Net Working capital mvmnt Net Investments Net Fac. Leases Cash 30 Jun 2026 £m 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 Cash unaffected by CRS Berlin acquisition
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12 Contracted Orderbook Supports Future Growth *Orderbook figures restated where applicable to reflect revised methodology, including only fully contracted awards. Up 45% Increase in proposals yoy ~£50m New contract awards in H126 3 HCT Contracts Including landmark Phase III ILiAD programme +7 56 52 44 27 30 72 0 10 20 30 40 50 60 70 80 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Orderbook* (£m) HCT Clinical Services hLAB Consultancy CRS Berlin 65 Jun-26: £65m contracted orderbook + £7m CRS Berlin = £72m
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13 Diversifying Our Revenue Mix 2024 (A), 2025 (A), 2026(F) 2024 2025 2026 92% → 75% Revenue contribution from our top 10 customers has reduced from 92% (2024) to 75% (2026 H1), reflecting a broader and increasingly diversified customer base. CUSTOMER DIVERSIFICATION >10% Each year, 2 – 4 individual customers generate more than 10% of group revenue, being different customers each year depending on projects. REVENUE HEAVYWEIGHTS ~75% Existing customers account for around three quarters of annual revenue. REPEAT BUSINESS
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14 World Leader in Human Challenge Trials (HCT) ✓ Top line data within 12 months from Clinical Trial Agreement signature ✓ Proof of concept data up to 3.5x faster than natural infection studies ✓ 2026 has seen more demand for antiviral drug HCTs than for vaccines HCT Consultancy Laboratories Clinical Trials Integrated HCT platform An integrated model built on scale, experience and specialist infrastructure o 50 - bed individual en - suite challenge unit o Dedicated recruitment team o Flucamp database o 81 studies completed & >5000 participants safely inoculated o >13 distinct challenge models o Internal infectious disease experts o Integrated virology / bacteriology labs o Challenge agent production capabilities o Pipeline of new model growth opportunities
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15 Human Challenge Trials: Renewed Momentum in Core Differentiator Key updates o Landmark Phase III pivotal trial in Bordetella pertussis, first bacterial HCT ( ILiAD ) o Monoclonal antibody for influenza prevention HCT started (Biotech) o Prophylactic antiviral against influenza HCT signed ( Traws ) o Strong and growing HCT pipeline across multiple indications HCT revenue recognition cash flow positive Commercial momentum o Earlier engagement creating opportunities o Expanded laboratory capabilities increasing the scope of HCT sample analysis o Integrated platform creates opportunities to capture more of the development pathway o Potential to run FIH Phase I and HCT trials Pipeline opportunities o Growing demand in antiviral and other prophylactic programmes o Emerging opportunities across mucosal vaccines, prophylactic pre - exposure programmes, asthma/COPD challenge trials HCTs remain our core competitive differentiator, driving growth and opening opportunities across the wider platform Growing orderbook and expanding opportunities
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16 Strategic Growth Priorities Focused initiatives to broaden therapeutic expertise, scale existing capabilities and drive more diversified, sustainable growth Cardiometabolic Expand expertise and capabilities AREAS OF FOCUS o Capture demand in obesity and diabetes o Combined Phase I/II study capabilities o Specialist patient recruitment PROGRESS ✓ Integrated UK and German capabilities ✓ Multi - site capability ✓ Strong growth in sales pipeline ✓ Large pharma site work awarded Respiratory Broaden beyond viral disease AREAS OF FOCUS o Pitch clinical site projects, target CROs o Build database of asthma/COPD patients o Increased market awareness PROGRESS ✓ Pre - screening trial progressing ✓ Several clinical site projects awarded ✓ Pipeline includes COPD/asthma challenge trials Laboratories Scale specialist analytical services AREAS OF FOCUS o Standalone laboratory services beyond HCTs o Expand NGS, ddPCR and automation o Drive cross - selling and client retention PROGRESS ✓ New analytical capabilities implemented, and revenue generating ✓ Significant increase in sales pipeline ✓ Laboratory contracts could lead to HCT contracts Building a broader, more integrated and resilient business
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17 1 Citizens, “July Good News, Bad News,” 3 August 2026. 2 UBS Research, "US Equity Strategy: Sector themes + trades" , 20 July 2026. 3 Société Générale Healthcare Investment Banking, January 2026. 4 JPMorgan Research, "2Q26 CRO, Pharma Services Earnings Observations," 30 July 2026. Rising Deal Activity, Growing Outsourcing Up to $400B of patent cliff exposure² Strong demand for de - risked, data - rich, later - stage assets 3 Growing reliance on biotech for proof - of - concept Improving sentiment and renewed capital deployment Biopharma M&A: $119B YTD, exceeding prior FY totals¹ Large - cap pharma holds c.$500 - 600B of deal - making capacity² Shift towards faster, more consolidated early - stage research CRO market growth: rising outsourcing & clinical activity Emerging biopharma clinical trials increased from c.45% to c. 70% 4
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18 Acquisition of CRS Berlin – Broadens Addressable Market 32 beds including 18 intensive - monitoring beds c.6.2m people in Berlin's wider metropolitan recruitment catchment 350+ studies completed, with preferred site status for two leading global pharma companies c.50% of RFPs already submitted jointly with Mannheim o Expansion into Dermatology and Women’s Health o Strengthens European multi - site capability o Access to a large recruitment catchment area o Increases Group’s capacity to run larger trials o Immediate cross - selling opportunities o Established relationships with CRS Mannheim & CRS Kiel o Built on the common platform o Financial performance, and deal terms Strategic rationale 1. Fortune Business Insights (2026) Dermatology CRO market size, share | analysis report 2034 (2026) Fortune Business Insights. Ava ilable at: https://www.fortunebusinessinsights.com/dermatology - cro - market - 117000 Intelligence and Mordor (2026) Dermatology cro market size, report, Share & Growth trends 2030. Available at: https://www.mordorintelligence.com/industry - reports/dermatology - cro - market . 2. Visiongain (2026) Women's Clinical Trials & CROs Market Report 2026 - 2036: 8.5% CAGR (2026) Visiongain. Available at: Women's Cli nical Trials & CROs Market Report 2026 - 2036. Dermatology o Global dermatology CRO market c.US$6.1bn in 2026 → US$9.7bn by 2034 (6% CAGR)¹ o Growing demand for specialist sites with proven recruitment capability and early - phase execution Women's Health – established centre of excellence o Global women's clinical trials and CRO market valued at c.US$9.9bn in 2026, forecast to reach US$22.3bn by 2036 (8.5% CAGR) 2 o Regulators increasingly require female inclusion and sex - specific data, driving demand for early - phase capacity Expanding into two high - growth therapeutic areas Extends European early - phase platform into two growing therapeutic areas
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19 o Initial consideration of €25,000, preserving the Group's balance sheet strength o Three - year revenue - based earn - out: 18% of CRS Berlin's annual revenue in FY26, FY27 and FY28 o Expected gross earn - out of c.€6m, c.€4m net of acquired pension liability o Self - funding: earn - out payable only on delivered revenue o Supported by strong contracted orderbook CRS Berlin: Nominal Cost, Immediate Contribution Transaction terms Contribution and visibility Financial impact Expected FY26 revenue contribution c.£3.0m* FY26 EBITDA contribution c.£0.5m Contracted orderbook at 30 June 2026 c.€10m FY25 revenue / EBITDA (unaudited) €10m / €0.3m** o Immediately earnings accretive, contributing positively to FY 2026 revenue and EBITDA o c.€10m orderbook covers the majority of forecast 2026 CRS Berlin revenue and extends into 2027 Modest revenue multiple c.€6m gross earn - out over three years Downside protected Payable only if revenue thresholds met Balance sheet preserved Cash retained for investment Pension liability funded c.€2m from earn - out, not Group cash * c. 18% of CRS Berlin’s FY25 revenue came from hVIVO; contribution stated net of overlap **FY25 EBITDA margin held back by onerous legacy contract, now completed Disciplined capital allocation
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20 Strong Orderbook Underpins Future Growth Building momentum through 2026 o Revenue guidance of £47m for FY 2026 o Low single digit adj EBITDA loss o Near doubling of revenue from H1 to H2 o Shift of revenue from 2026, to 2027 and 2028 o Three HCT contracts signed o Strength of order intake improving cashflow o CRS Berlin acquired – minimal initial capital o Strong commercial momentum Positioned for growth in 2027 and beyond o Significant YoY growth forecasted, positive EBITDA o Good early visibility for FY 2027 revenue, with diversification o Record £72m Group orderbook and strong sales pipeline o CRS Berlin expands capabilities, and addressable market o Favourable industry dynamics and rising outsourcing o End - to - end platform strategy validated with awards Entering 2027 with good revenue visibility, diversified platform, and multiple drivers of sustainable long - term growth
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21 Q&A
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22 Appendix
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23 The Investment Case — Six Reasons to Own hVIVO Loyal Customer base Biotech to blue chip customer base, with repeat business. Short - and long - term contractual commitments. Potential to increase single contract values and potential cross - selling opportunities. Strong proposal pipeline. Attractive Valuation Entry Point Strong financial position, significant upside potential. Resilient balance sheet, £13m cash. Following a year of transformation, diversification and integration, we believe our medium - term earnings potential is not yet fully reflected. Unrivalled Scientific Moat The world's leading HCT platform, largest proprietary challenge model portfolio with related clinical data, and a purpose - built quarantine facility . 2026: Diversification implemented Stand - alone and integrated service offerings for early - stage clinical development. Diversification within & across service lines, therapeutic areas, geographic presence and stages of clinical development. Key Differentiators Unique full - service offering across 200 - beds with in - house scientific/medical expertise, wholly - owned clinical sites, and laboratory services. One of the largest participant databases in Europe built through in - house screening programs. 1 2 3 4 5 Market Outlook Increased M&A, and biotech funding. Patent cliff looming. Key deals in ID space, continue growth in cardiometabolic area. Phase III HCT sets a precedent. Integrated early CRO services in demand. 6
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24 hVIVO LONDON, Outpatient Facilities hVIVO LONDON Quarantine Unit, Laboratory hVIVO MANNHEIM Clinical Research Unit hVIVO KIEL Clinical Research Unit Berlin Clinical Research Unit Location Whitechapel, London, UK Canary Wharf, London, UK Mannheim, near Frankfurt, Germany Kiel, near Hamburg, Germany Berlin, Germany Founded 1989 1989 1977 1992 2013 Capacity 34 50 94 26 28 Therapeutic Focus Primary Care Infectious Disease Respiratory FIH, Cardiometabolic, Infectious Disease, Immunology, MAFLD Renal/Hepatic Impairment Women's Health, Dermatology Recent #Trials 7 80+ 120+ 42+ 40+ Long Term Beds N/A 50 58 20 18 Metropolitan Area 8.9 M inhabitants 8.9 M inhabitants 2.4M inhabitants 5.4M inhabitants 6.2M inhabitants Scale and Breadth of our Clinical Research Network
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25 1 Why the current model underperforms 2 How hVIVO changes the model 3 What this unlocks Fixing the Bottlenecks in Early Clinical Development Development is slow & costly Highest attrition rates 1 80% of trials do not meet enrolment timelines 2 Fragmented outsourcing model Faster proof - of - concept Better go / no - go decisions Greater capital efficiency Medicines to patients faster Integrated Platform Scientific Consulting Tech - enabled Integrated Delivery Phase I &II Owned Infrastructure Faster, lower risk drug development at a significantly reduced cost 1Vision Life Sciences 2McKinsey & Company
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26 5 EY Firepower M&A Report 2026 Biopharma M&A Spend Is Rising Biopharma M&A Spend by Therapeutic Area 5 US$146bn US$83bn US$82bn US$51bn US$41bn US$28bn US$21bn US$20bn US$16bn US$15bn Oncology CNS/Neurology *Immunology and inflammation CRO/CDMO Rare diseases *Endocrine / Metabolic *Cardiovascular *Infectious disease *Respiratory Ophthalmology 2021 2022 2023 2024 2025 2025 M&A Spend
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27 Industry Trends Increasingly Favour Specialist Early Clinical Development Partners Growing Demand for Early Phase CRO Services Outsourcing continues to increase o Phase I is the most outsourced stage of development o Biotechs value proof - of - concept data (Phase II) Speed matters o Customers prioritising faster routes to clinical proof - of - concept o Need for combo Phase I/II trial capability Recruitment remains a major bottleneck o ~55% of Early Phase studies experience recruitment challenges o Recruitment capability increasingly influences CRO partner selection Increasing complexity o End - to - end seamless providers sought o Growing demand for integrated clinical, laboratory and scientific expertise Slide source: The Business Research Company; Ken Research Analysis; Global Growth Insights
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28 Real Life Examples of Our End - to - end Delivery Cidara : From HCT to Phase III Partnership Delivered critical data supporting programme progression Human Challenge Trial 2023 Decoy Therapeutics: Potential multi - service engagement Infectious disease anti - viral candidate Clinical development strategy support hVIVO Consultancy hVIVO Clinical Trials (Phase I) hVIVO HCT One integrated development partner hVIVO Laboratories Phase II/III Site & Labs Phase III Field Trial 2025 / 2026 Clinical Site and Global Central Virology Lab Major clinical site - Trial ongoing) Laboratory support across 150+ sites Clinical Site and Global Central Virology Lab 817 volunteers enrolled ~ 450 PCR assays ~ 60k antibody assays Phase II Field Trial 2024 / 2025 $9B MSD Acquisition 31 % 69 %
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29 What is a Human Challenge Trial? A clinical trial where healthy volunteers are exposed to a pathogen to test the effectiveness of vaccine and treatments Vaccine Stage 1 Volunteer recruitment, screening & admission to quarantine Stage 2 Inoculation with the challenge agent Stage 3 Volunteers undergo full disease trajectory of infection and recovery Stage 5 Followed up after quarantine Stage 4 Volunteers discharged from quarantine after recovery Placebo ...in a faster and more efficient setting.
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30 Investment into New Challenge Models o World leading, expanding, challenge agent portfolio – 7 new agents added in past 2 years o >50% of costs covered by external funding from collaboration contracts o World’s only commercial hMPV, RSV B and influenza B challenge models RSV A & B hMPV Influenza H3, H1, B External funding enabled accelerated portfolio update and expansion Enhanced model performance: o Increased infection rates o Enhanced disease characteristics o New trial endpoints Expanding HCT opportunities through improved study performance, increased Sponsor value and a wider range of infectious diseases offered
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31 HCTs Make A Difference hVIVO pioneered the RSV challenge model o Historically, RSV vaccines proved difficult to develop o hVIVO’s RSV challenge model used to demonstrate worlds first human efficacy data of new Pre - F Vaccines o Real world data now shows maternal vaccinations can reduce RSV - related infant hospitalisations by up to 80% hVIVO RSV vaccine challenge study Pre - BLA/NDA Pre - Submission Maternal vaccination saving babies lives Pivotal efficacy testing MHRA / FDA approval Regulatory review of early phase data HCT Fast track status Phase 3 Market authorisation Vaccine roll out
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32 The World’s Largest Human Challenge Unit Changing Area Kitchen IMP Kitchen Outpatient Unit Staff Space Quarantine Beds Airlock IMP Storage
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33 Environmental, Social & Governance Board - led ESG Group, chaired by the CEO | ISO 14001 certified | EcoVadis committed | Six priority UN SDGs 1 Advancing Health & Research Social & Governance Accelerating medicines for serious and unmet needs; new challenge models including hMPV, SARS - CoV - 2 Omicron and the world's first RSV B model 2 Commitment to Our Staff Social Investment in wellbeing, learning and development, health and safety, and inclusive engagement across a growing international workforce 3 Social & Community Investment Social Resources directed to initiatives in education, healthcare and sustainable development in the communities we operate in 4 Commitment to Trial Participants Social & Governance High standards of care, clear communication and responsive feedback, reflected in strong participant satisfaction and retention in 2025 5 Operating Sustainably Environmental ISO 14001 maintained at Canary Wharf, improved waste and recycling performance, and responsible sourcing across the Group 6 Ethical & Compliant Business Practices Governance Risk management, updated anti - bribery and human rights policies, new whistleblowing app, supplier and participant safety oversight Oversight: Cross - functional ESG Group led by the CEO, reporting through the Audit and Risk Committee to the Board SDGs: UN Sustainable Development Goals
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34 hVIVO’s State - of - the - Art Facilities Canary Wharf Quarantine Unit Plumbers’ Row Screening Facility Manchester Screening Centre Biobank hLAB Virology & Immunology Laboratories Watch the walk - through tour of Canary Wharf here