Interim report
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MABION S.A. Sprawozdanie finansowe za rok obrotowy zakończony 31 grudnia 2024 r MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 Konstantynów Łódzki, 14 September 2026
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 1 INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME in thousands of zlotys, unless otherwise stated Notes 1 April 2026 – 30 June 2026 ﴿ 1 January 2026 – 30 June 2026 ﴿ 1 April 2025 – 30 June 2025 ﴿ 1 January 2025 – 30 June 2025 ﴿ Revenue from sales 8 2,753 6,543 3,170 5,672 Revenue from the settlement of purchases of materials 8 80 341 91 305 Revenue from the settlement of service purchases 8 430 950 - - Lease income 8 - - - - Total revenue 3,263 7,834 3,261 5,977 Cost of sales 8, 9﴿﴿﴿﴿ Cost of materials purchased 8, 9﴿﴿﴿﴿ Cost of services purchased 8, 9﴿﴿- - Total costs﴿﴿﴿﴿ Gross loss on sales﴿﴿﴿﴿ Research and development costs 9, 10﴿﴿﴿﴿ General and administrative expenses 9﴿﴿﴿﴿ Other operating income 11 4,824 5,145 80 188 Impairment loss on property, plant and equipment﴿﴿- - Other operating expenses 11﴿﴿﴿﴿ Operating loss﴿﴿﴿﴿ Financial income 12﴿49 60 429 Financial costs 12﴿﴿﴿﴿ Gross loss﴿﴿﴿﴿ Income tax - - - - NET LOSS﴿﴿﴿﴿ Other comprehensive income - - - - TOTAL COMPREHENSIVE INCOME﴿﴿﴿﴿ ﴿0.92 -1.53 -0.95 -1.90 The explanatory notes set out on pages 5 to 37 form an integral part of these interim condensed financial statements.
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 2 in thousands of zlotys Notes 30 June 2026 ﴿31 December 2025 Intangible assets 13 119 159 Property, plant and equipment 13 84,537 95,485 Advance payments for fixed assets under construction 2,480 1,748 Long-term receivables 244 244 Total non-current assets 87,380 97,636 Stock 14 6,113 1,407 Trade receivables 15 1,077 1,911 Other receivables 15 797 2,045 Prepayments 16 1,042 1,062 Cash and cash equivalents 5,795 6,372 Total current assets 14,824 12,797 TOTAL ASSETS 102,204 110,433 Share capital 1,616 1,616 Share premium 237,443 237,443 Reserve capital 23,192 23,192 Accumulated losses﴿﴿ Total equity 24,153 48,828 Deferred income from grants 18 6,419 6,524 Loans and borrowings 21 24,284 10,237 Long-term liabilities - - Leases 22 708 990 Total long-term liabilities 31,411 17,751 Refundable advances on distribution rights 20 1,672 1,644 Trade payables 23 5,735 6,126 Other liabilities 23 3,520 5,636 Provisions 24 2,066 1,862 Loans and borrowings 21 6,296 129 Deferred income 18 25,132 25,120 Liabilities arising from the performance of contracts 19 1,069 2,005 Leases 22 1,150 1,332 Total current liabilities 46,640 43,854 TOTAL LIABILITIES 78,051 61,605 TOTAL LIABILITIES 102,204 110,433 INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION The explanatory notes set out on pages 5 to 37 form an integral part of these interim condensed financial statements.
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 3 INTERIM CONDENSED CASH FLOW STATEMENT in thousands of zlotys Notes 1 January 2026 – 30 June 2026 ﴿ 1 January 2025 – 30 June 2025 ﴿ Net loss﴿﴿ Adjustments for the following items: Depreciation 9 4,298 4,793 Interest income 12﴿﴿ Interest costs 12 1,305 450 Revenue from grants 11﴿﴿ loss on investing activities 7,927﴿ Unrealised exchange rate differences﴿- Valuation of lease payments﴿﴿ Changes in assets and liabilities: Change in inventories 14﴿76 Change in trade and other receivables 15 2,082 668 Change in prepayments and accrued income 16 20﴿ Change in assets held for trading - 109 Change in trade payables and other liabilities 23﴿﴿ Change in deferred income 18 12 29 Change in the balance of refundable advances against distribution rights 20 28﴿ Change in other financial liabilities 270 423 Cash flows from operating activities﴿﴿ Interest received 25 344 Interest paid﴿﴿ Net cash flow from operating activities﴿﴿ Disposal of property, plant and equipment 36 81 Acquisition of property, plant and equipment and intangible assets ﴿﴿ Net cash flows from investing activities﴿﴿ Repayment of loans ﴿﴿ Proceeds from loans 21 19,384 349 Repayment of the principal portion of a lease﴿﴿ Net cash flows from financing activities 18,738﴿ in cash and cash equivalents﴿﴿ Cash and cash equivalents at the beginning of the period 6,372 38,448 Cash and cash equivalents at the end of the period 5,795 10,757 The explanatory notes set out on pages 5 to 37 form an integral part of these interim condensed financial statements.
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 4 INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY in thousands of zlotys Share capital Share premium Reserve capital Other reserve funds Accumulated losses Total equity As at 1 January 2025 1,616 237,443 23,192 -﴿111,442 Net loss/Total comprehensive income - - - -﴿﴿ As at 30 June 2025 1,616 237,443 23,192 -﴿80,769 As at 1 January 2026 1,616 237,443 23,192 -﴿48,828 Net loss/Total comprehensive income - - - -﴿﴿ As at 30 June 2026 1,616 237,443 23,192 -﴿24,153 The explanatory notes set out on pages 5 to 37 form an integral part of these interim condensed financial statements.
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 1. The Company was established on 30 May 2007 as a limited liability company. The Company’s legal form changed on 29 October 2009 following its conversion from a limited liability company into a public limited company established in accordance with the law of the Republic of Poland. Mabion is currently entered in the Register of Entrepreneurs of the National Court Register maintained by the District Court for Łódź – Śródmieście in Łódź, 20th Commercial Division of the National Court Register, under KRS number 0000340462. The ﴿ ﴿ 100343056. The Company’s registered office is in Konstantynów Łódzki, at 60 Gen. Mariana Langiewicza Street. The Company’s shares are listed on the Warsaw Stock Exchange .﴿ Mabion S.A. is a Polish biopharmaceutical company. The company provides contract services in the development, analysis and manufacture of biological medicines (Contract Development and and conducts comprehensive operations in the biopharmaceutical sector. Mabion S.A.’s operations are based on three strategic pillars: integrated development and manufacturing services for biological products, including monoclonal antibodies, for the global biopharmaceutical market; the co-development of biosimilars; and innovative products utilising the Company’s scientific excellence. ﴿ and on expanding its activities to include partnerships in co-development and continuous manufacturing. The development plan also envisages entering segments with the highest growth potential. The aim is to strengthen the Company’s position as a flexible, technologically advanced CDMO and to secure new service-based contracts for the development of biosimilars in collaboration with partners, as well as new innovative products based on its own intellectual property. Geographically, Mabion will expand its operations into rapidly growing markets, including the MENA region (the Middle and Asia, although the United States will continue to play an important role. Detailed information on Mabion S.A.’s Strategy for 2025–2030 is set out in the Management Board’s Report on the Activities of Mabion S.A. for 2025, published on 28 April 2026. 2. Basis for the preparation of the interim condensed financial statements 2.1. Basis of preparation These interim condensed financial statements of Mabion S.A. for the six-month period ended 30 June 2026 have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union, in force as at 30 June 2026. The interim condensed financial statements do not contain all the information required in full financial statements in accordance with IFRS as adopted for application in the European Union and should be read in conjunction with the Company’s audited financial statements for the financial year ended 31 December 2025, published on 28 April 2026. The interim condensed financial statements of Mabion S.A. as at and for the six-month period ended 30 June 2026 have been prepared on a going concern basis (further information regarding the assumptions concerning the Company’s ability to .﴿ The key accounting policies applied in these interim condensed financial statements are set out in Note 4. The same policies have been applied in all financial years, unless expressly stated otherwise. There were no changes to the accounting policies applied in the first half of 2026. The interim condensed financial statements have been prepared in accordance with the historical cost principle, except for certain assets and liabilities measured at fair value in accordance with IFRS. Significant accounting estimates and management judgements are set out in note 4.3. These interim condensed financial statements were approved for publication by the Company’s Management Board on 14 September 2026. 2.2. Statement of compliance These interim condensed financial statements have been prepared in accordance with the requirements of International Accounting Standard 34 ‘Interim Financial Reporting’, as adopted .﴿ 5 ADDITIONAL INFORMATION
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 The scope of the interim condensed financial statements complies with the Regulation of the Minister of Finance of 6 June 2025 on current and periodic information provided by issuers of securities and the conditions for recognising as equivalent information required by the laws of a non-Member State the and covers the reporting period from 1 January to 30 June 2026 and the comparative period from 1 January to 30 June 2025 for the interim condensed statement of comprehensive income, the statement of changes in equity and the cash flow statement, as well as balance sheet figures as at 30 June 2026 and comparative figures as at 31 December 2025. 3. Going concern principle During the current reporting period, the Company continued its operations in the areas set out below: > operational activities consisting of the performance of: ﴿the agreement and contracts signed with Novavax Inc. relating to analytical and stability testing of the Client’s samples; ﴿the contract and orders signed with Novalgen Ltd for the conduct of long-term stability studies of the active substance and the finished product; ﴿a framework agreement signed with Instituto De Biologia Molecular Do Paraná, based in Brazil, for the provision of services relating to the development of processes and the production of material for clinical trials; ﴿an agreement signed with WPD Pharmaceuticals Sp. z o.o. for the provision of services involving the development of analytical methods for a drug candidate in the form of a recombinant protein conjugated with a cytotoxic substance and a protein intermediate, for the purposes of production process control, characterisation of the protein intermediate and the conjugate, and release testing; ﴿additional orders received for analytical and service work; > the commencement of work aimed at implementing Fully technology, including, amongst other things, conducting a market analysis to identify potential solutions, defining the individual components of the production line and the possible scale of the manufacturing process; > carrying out activities to identify potential partners in the establishing and developing business relationships, and working on cooperation agreements with selected entities; > a comprehensive analysis of the opportunities, benefits, limitations and risks associated with implementing specific ADC-related activities; > mapping the biosimilar market in terms of both molecules and opportunities to participate in projects as a co-developer and CDMO; > discussions regarding the potential application of the anti- CD20 molecule in areas other than the biosimilar market; concluding an agreement to explore the potential application of the MabionCD20 drug in the field of orphan diseases; > activities aimed at establishing cooperation to enable the implementation of ATMP (Advanced Therapy Medicinal development projects: development of implementation measures, guidelines and requirements for the manufacturing site. Update on the status and plans regarding operational activities involving the fulfilment of production orders and the impact on the Company’s liquidity position: The assumption that contracts for the fulfilment of production orders will be secured forms the basis of the Company’s financial plan. Listed below are the contracts entered into in previous years which were carried out during the current period covered by these interim condensed financial statements. Cooperation with Novavax, Inc. In the first half of 2026, the Company continued its activities under the CDMO service project for Novavax, Inc., based in the The collaboration with Novavax is based on a Manufacturing Agreement concluded in 2021 for the contract manufacturing of an active substance, namely the COVID-19 vaccine antigen known as Nuvaxovid ,﴿ as well as additional orders. On 18 June 2026, the parties entered into an amendment to the Manufacturing Agreement, pursuant to which the term of the agreement was extended until the end Under the Manufacturing Agreement, the Company will also provide services to Novavax other than commercial manufacturing, in accordance with the requirements identified by the client. In the first half of 2026, the Company carried out work for Novavax ﴿ samples of the Novavax product in accordance with GMP standards, stability test samples, as well as analytical methods for new virus strains, the qualification of critical reagents, positive controls and reference standards; it also analysed process samples and CIC (Novavax’s COVID-19- product samples supplied by Novavax. Furthermore, the Company carried out analytical work as part of study under non-GMP conditions, comprising the comprehensive analysis of samples supplied by Novavax, their storage under controlled conditions, the conduct of tests and the reporting of results in accordance with the study objectives and protocol, which constituted an extension of the scope of cooperation to include an additional commission. 6
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 Cooperation with the Instituto de Biologia Molecular do Paraná – IBMP In the first half of 2026, the Company continued its collaboration with the Instituto de Biologia Molecular do Paraná, based in pursuant to a framework agreement concluded in April 2025 for the provision of services relating to process development and the manufacture of material for clinical .﴿ The subject matter of SOW#1 is the provision of services in the following areas: cell line development, process development, manufacture of products for pre-clinical and clinical trials, development and validation of analytical methods, and preparation of the necessary documentation. Selected services are provided by the Company in collaboration with subcontractors. In the first half of 2026, following a decision taken by the client, additional work was carried out to optimise the cell culture process, including analysis. Following the completion of this work, analytical studies were carried out on a pool of clones, and on this basis the main clones were selected from which working cell lines were prepared – stability studies are currently being conducted on these, and material is being generated for the final determination of the purification process. In parallel, work is continuing on the development and optimisation of analytical methods and the assessment of the .﴿ Furthermore, following the client’s decision, the analytical scope of services provided at the current stage of development has been expanded, which enhances the substantive value of the work being carried out and may result in a further expansion of the scope of analytical work in subsequent project phases, particularly in relation to product characterisation. The work was carried out in accordance with the schedule, which – given the developmental nature of the project – is subject to ongoing, effective adjustments agreed with the client. Work carried out for Novalgen Ltd In the first half of 2026, the Company continued to carry out work for Novalgen Ltd – a UK-based pharmaceutical company developing immunotherapeutic products. The work was carried out on the basis of orders received in August 2024 and covered and the finished In 2024, the transfer of documentation and data provided by the client was completed, and the first test batch was produced. In 2025, work on the transfer of analytical methods was completed, the production of an engineering batch was carried out, a full range of analytical tests on the engineering batch was performed for both the active substance and the finished product, the GMP batch was manufactured, analytical testing of the manufactured GMP batch was carried out for both the DS and the DP , and the product was released for the client’s use. Both processes – the production of the engineering batch and the GMP batch – were carried out according to plan, whilst maintaining all necessary quality standards and complying with the client’s requirements. Immediately following the completion of the engineering and GMP batch production, stability testing commenced; due to its nature, this is a long-term study. In the first half of 2026, at the customer’s request, the duration of the stability studies for the active substance manufactured to GMP standards was extended by adding two additional time points at which stability analyses will be carried out. ﴿ will continue until the second quarter of 2027. The duration of remains unchanged – the work will be completed in the third quarter of 2027. Implementation of the contract with WPD Pharmaceuticals Sp. z o.o. In the first half of 2026, the Company continued its collaboration with WPD Pharmaceuticals Sp. z o.o. under an agreement concluded in April 2025 for the provision of services involving the development of analytical methods for a drug candidate in the form of a recombinant protein conjugated with a cytotoxic substance, and a protein intermediate for the purposes of production process control, characterisation of the protein intermediate and the conjugate, and release testing. In 2025, the Company carried out the project in accordance with the orders placed by the client and based on the agreed work schedule – the delivery of 2 out of 6 ordered work packages was completed. In the first half of 2026, the remaining commissioned work packages were completed and the project was settled in accordance with the technical requirements specified in the orders, the scopes applicable to the commissioned packages, and the completion deadline. The Company is continuing its intensive sales activities, aimed at securing further contracts to maximise the utilisation of the Company’s production capacity. Although, as at the date of preparation of these interim condensed financial statements, no contracts have been signed that would guarantee sufficient cash inflows to sustain operations for a period of twelve months from the date of signing these interim condensed financial statements, the assumption that such contracts will be secured in the near future is a key element of the Company’s financial plan. As at the date of signing this interim condensed financial statements, there is a broad base of potential projects and clients with whom discussions are ongoing and which, in line with the Company’s expectations, may in subsequent periods result in signed agreements for the performance of CDMO contracts. Based on the Management Board’s current forecasts, the revenue from the performance of contracts already signed and from contracts potentially secured with new clients is insufficient to maintain current liquidity for a one-year period from the balance sheet date. Consequently, the Management Board has concluded that, in order to ensure the Company has an adequate level of funding to conduct its day-to-day operations and continue to secure production orders, it will be necessary to provide the Company with additional funding without delay. 7
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 Action plans regarding the management of the Company’s liquidity In the first half of 2026, the Company’s Management Board continued its efforts to assess potential external sources of funding. In 2025, following offers received from advisers and meetings held regarding consultancy and support in negotiations to secure new financing, the Company decided to undertake a process aimed at developing an optimal financing structure, which would be sourced from the following sources :﴿ 1. raising debt financing, including mainly from private debt funds, 2. raising funds through a share issue, 3. securing an industry or financial investor to provide additional funding to the Company. The scenario currently being pursued is to secure bridge financing from existing investors or other interested financing entities, which, in the Management Board’s view, is the optimal source of short-term financing until the appropriate level of financing required in the medium term is secured. The current progress of the financing process is described below. The Company’s Management Board also continues to actively pursue measures aimed at securing debt financing and is taking steps to increase capital through a share issue. In the Management Board’s view, these measures constitute one of the key elements in meeting the estimated capital requirements. Securing an industry-specific or financial investor who could significantly recapitalise the Company is one of three scenarios which the Company began to implement in April 2025, alongside the announcement of the update to the Strategy for 2025–2030, and which it is also continuing under the new Mabion S.A. Strategy for 2025–2030, adopted in November 2025. the Company’s Extraordinary General Meeting adopted a resolution to amend the Company’s Articles of Association by revoking the Management Board’s existing authorisation to increase the Company’s share capital within the limits of the authorised capital, and by granting the Management Board a new authorisation to increase the Company’s share capital within the limits of the authorised capital, together with authorisation to deprive shareholders of their pre-emptive rights to shares issued within the limits of the authorised capital. The above resolution authorises the Company’s Management Board to increase the Company’s share capital by issuing new ordinary shares with a total nominal value not exceeding PLN 1,212,174.40. The issue may take place by way of a private placement, a closed subscription or an open subscription, and the newly issued shares may be taken up in return for cash or non-cash contributions. As at the date of publication of this report, the Company had carried out an issue of Series W and Y ordinary bearer shares with a total nominal value of PLN 255,883.60, as described in more detail in Note 30 to this report. however, there is no certainty that such an issue will take place. Given the complexity and duration of the processes involved in securing new financing, the Company approached its shareholders in 2025 with a request for bridge financing in the form of a loan. As a result of these actions, on 24 October 2025, the Company entered into a loan agreement with Twiti Investments Ltd., under which Twiti Investments granted the Company a loan of PLN 18 million for a period of two years. On 3 November 2025, the Company received the first tranche of the loan amounting to PLN 6 million, and on 22 December 2025, a further tranche of PLN 4 million. As a result of the conversion of the debt into shares in the Company, which took place on 31 August 2026 (an event after the balance the liability arising from the loan agreement was almost entirely extinguished. Subsequently, on 1 September the parties entered into an amendment to the loan agreement, pursuant to which the credit facility limit was increased from PLN 18 million to PLN 28 million. Consequently, as at the date of publication of the financial statements, an amount of PLN 18 million remained available to the Company under the financing provided by Twiti Investments Ltd. At the same time, recognising the need for further external financing in the form of debt financing, on 9 February 2026 the Company’s Management Board entered into a loan agreement with an unrelated party, namely ACRX Investments Limited, with its registered office in Nicosia, Cyprus, for an amount of up to PLN 6 million. The funds under this loan were made available in full on 10 February 2026. The loan was originally granted for a period of 6 months from the date of disbursement; however, by an amendment to the agreement dated 16 July 2026 (an event the parties extended the loan repayment date to 20 September 2026. On 31 August 2026 (an the debt arising from the loan in question, together with accrued interest, was converted into shares in the Company as part of a share capital increase. Consequently, the loan liability was almost entirely settled through the Lender’s acquisition of the Company’s shares in exchange for a contribution in the form of a claim against the Company. Furthermore, on 1 September 2026 (an event after the balance the Company entered into an addendum to the loan agreement with ACRX Investments Limited, extending the credit facility limit from PLN 6 million to PLN 12 million. In accordance with the provisions of the addendum, the additional amount of PLN 6 million remains at the Company’s disposal until 31 December 2028. Subsequently, on 13 March 2026, the Company entered into a loan agreement for up to EUR 3.1 million with an unrelated party, namely CBC Co., Ltd., with its registered office in Tokyo, Japan. Under the Agreement, the loan was made available at the Company’s request in two equal tranches, with the first tranche being disbursed on 17 March 2026 and the second on 22 April 2026. The loan was granted for a term of 3 years from the date of disbursement, and the agreement provides for the possibility of converting all or part of the loan, together with interest, into shares in the Company at any time, at the lender’s request. In the Management Board’s view, securing these loans has enabled the Company to carry out its day-to-day operations and maintain its readiness and capacity to fulfil new contracts. The Company’s 8
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 Management Board anticipates that bridge financing in the form of loans and their conversion into Company shares will ensure the Company’s liquidity until contracts are concluded with new customers; however, there is no certainty of this. In parallel with the measures described above, the Company’s Management Board has taken steps to reduce operating costs and capital expenditure. As part of these measures, on 24 July an agreement was concluded with a third party for the sale of a line for leak testing and optical inspection of primary packaging, as well as currently unused fixed assets – a filling line and a packaging line. The total net sale price amounted to 5 million euros. The space freed up as a result of the removal of the lines will be used to implement innovative DS production technology, which will enable a significant reduction in production costs. These optimisation measures are aimed at maintaining liquidity until a sufficient volume of production orders is secured. This scenario is currently being pursued, taking into account the execution of operational and manufacturing processes related to the fulfilment of signed contracts, as well as the acquisition of new contracts. In the Management Board’s view, the fulfilment of all signed contracts is a priority over any measures aimed at radically reducing costs, as such measures would impair the Company’s operational capabilities and thereby undermine its ability to meet important contractual obligations. Significant uncertainty regarding the going concern Despite intensive market activities, the Management Board identifies significant uncertainty regarding the ability to secure and fulfil a sufficient volume of production orders that would guarantee the Company the cash flow necessary to maintain liquidity in the foreseeable future. Consequently, there is significant uncertainty which may raise serious doubts as to the Company’s ability to continue as a going concern; as a result, the Company may not realise the expected economic benefits from its assets or settle its liabilities in the ordinary course of business. In the Management Board’s view, the market activities currently being undertaken and the status of discussions with potential counterparties provide grounds for assuming that operations will continue and indicate that there is demand for the services offered by the Company. Despite the significant uncertainty described above, the Management Board has adopted the going concern principle as the basis for the preparation of these interim condensed financial statements. The basis for the Management Board’s adoption of the going concern assumption is the market activities described above, aimed at securing production orders, and measures aimed at obtaining the necessary financing during the transitional period. Furthermore, the Company holds letters of support from its shareholders – Twiti Investments Ltd., Polfarmex S.A. and ACRX Investments Ltd. – in which these entities have expressed their willingness to support the Company in the further development of its operational activities and the implementation of the Company’s adopted strategy and business objectives. These interim condensed financial statements have been prepared in accordance with the going concern principle, which assumes that the Company will continue as a going concern for the foreseeable future, for a period of not less than 12 months from the balance sheet date. Consequently, no adjustments have been made to the financial statements which might have been necessary had the going concern assumption not been valid. 4. Key accounting policies 4.1. Functional currency and presentation currency The Company’s functional currency and presentation currency is the Polish zloty. The interim condensed financial statements are presented in thousands of zlotys, rounded to the nearest thousand, unless otherwise stated. Transactions denominated in currencies other than the Polish zloty are translated into Polish zlotys at the time of initial recognition using the exchange rate prevailing on the date of the transaction. As at the balance sheet date: > monetary items are translated using the closing rate, i.e. the average rate set for the relevant currency by the National Bank of Poland on that date, > non-monetary items measured at historical cost in a foreign currency are translated using the exchange rate prevailing on the date of the original transaction, > non-monetary items measured at fair value in a foreign currency are translated using the exchange rate on the date the fair value was determined. Foreign exchange gains and losses arising from the settlement of transactions in foreign currencies, as well as those resulting from the periodic translation of monetary assets and liabilities, are recognised in profit or loss. 4.2. Standards applied for the first time New or amended standards and interpretations effective from 1 January 2026 and their impact on the Company’s interim condensed financial statements: > Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’ regarding the classification and measurement of financial instruments The amendments to IFRS 9 introduce an option to choose an accounting policy regarding the timing of the settlement of a liability where payment is made via an electronic payment .﴿ The amendments to IFRS 9 concerning the SPPI test provide guidance to help assess whether the cash flows arising from a contract are consistent with the basic lending arrangement. Furthermore, the amendments introduce a clearer definition of the ‘non-recourse’ characteristic. 9
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 The amendments to IFRS 9 also provide additional guidance on the characteristics of contractually linked instruments. The amendments to IFRS 7 introduce new disclosure requirements: ▪ relating to investments in equity instruments designated as measured at fair value through other comprehensive income, ▪ for each class of financial assets measured at amortised cost or at fair value through other comprehensive income, as well as for financial liabilities measured at amortised cost. The amendments are effective for annual periods beginning on or after 1 January 2026. The amendments had no impact on the company’s interim condensed financial statements. > Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’ relating to PPAs (Contracts Referencing Nature‐dependent Electricity﴿ The amendments to IFRS 9 cover information on which PPAs may be used in hedge accounting and what specific terms are permitted in such hedging relationships. The amendments to IFRS 7 introduce new disclosure requirements for PPA contracts as defined in the amendments to IFRS 9. The amendments are effective for annual periods beginning on or after 1 January 2026. The amendments had no impact on the company’s interim condensed financial statements. > Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 These are purely editorial amendments as part of the Annual Improvements cycle, which are effective for annual periods beginning on or after 1 January 2026. The amendments had no impact on the Company’s interim condensed financial statements. Standards and interpretations in force in the version published by the IASB, but not yet endorsed by the European Union, are set out below in Note 5 concerning the impact of new and amended standards and interpretations on the company’s financial statements. 4.3. Professional judgement and estimates The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions that affect the amounts recognised in the financial statements. Although the assumptions and estimates made are based on the best knowledge of the Company’s management regarding current operations and events, actual results may differ from those anticipated. The following section discusses the key forward-looking assumptions and other key sources of uncertainty existing as at the balance sheet date, which involve a significant risk of material adjustments to the carrying amounts of assets and liabilities in the next financial year. The Company has made assumptions and estimates regarding the future based on the information available at the time of preparing the separate financial statements. These assumptions and estimates may change as a result of future events arising from market developments or changes beyond the Company’s control. Such changes are reflected in the estimates or assumptions as and when they occur. 4.3.1. Estimates regarding revenue recognition and the classification of inventories arising from CDMO contracts Revenue from the contract manufacturing of active pharmaceutical ingredients was recognised by the Company on a percentage-of- completion basis in proportion to the progress made in fulfilling the performance obligation. The Company has elected to use the input-based percentage-of-completion method, as it considers this to best reflect the entity’s performance in fulfilling the performance obligation. The input-based method of measuring progress reflects the Company’s performance to date in relation to the full fulfilment of its performance obligation. In the input-based method applied, the Company has excluded the effects of any inputs which, in accordance with the objective of measuring progress, do not reflect the Company’s performance in terms of transferring control of goods or services to the customer. The adjustment to the measure of progress has been incorporated into the contract value estimation model, taking into account that the cost incurred is not proportional to the entity’s progress in fulfilling its performance obligation. The Company has analysed whether, in the event of early termination of the contract for reasons other than failure to fulfil the obligation, it is entitled to receive payment that at least compensates the Company for the work performed to date. Under the cost-based method, raw materials purchased by the Company were recognised in the interim condensed statement of comprehensive income immediately upon purchase, rather than at the time of their actual use in production. Consequently, the Company did not recognise purchases of raw materials acquired for the purpose of fulfilling a contract for work under the ‘inventories’ heading in the balance sheet. With regard to the cost of raw materials used, revenue from the purchase of materials is recognised up to the cost of such raw materials where all of the following criteria are met, namely: > the raw material is not distinct (i.e. there is a significant service involved in integrating the raw material with the ;﴿ >the client obtains control of the raw materials well before receiving the services relating to the raw materials; > the cost of the transferred raw material is significant in relation to the total expected costs of fully fulfilling the obligation to perform the service; 10
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 > The Company procures the raw material from a third party and is not significantly involved in the design and production of the raw material. Raw materials purchased by the Company for contract manufacturing were immediately recognised in the interim condensed statement of comprehensive income as cost of sales, given that: > these raw materials had no alternative use (i.e. the Company had no right to use these raw materials for purposes other than contract manufacturing, and other conditions indicated that control over the raw materials was transferred from the ,﴿ >the contract manufacturing of the active substance met the criteria for revenue recognition on a time-based basis; consequently, the costs incurred in connection with the fulfilment of the Company’s obligation to perform the service were recognised in the interim condensed statement of comprehensive income as and when incurred, including raw materials purchased specifically for the purposes of the contract. In the interim condensed statement of financial position as at 30 June 2026, the Company did not capitalise the expenditure on the purchase of raw materials, but recognised this expenditure as costs of fulfilling the obligation to perform the service, given the nature of the purchases and the nature of the contracts with Novalgen Ltd and the Instituto de Biologia Molecular do Paraná, referred to above. Revenue recognised using the expenditure-based method reflects: > the profit margin generated by the Company from the start of production in accordance with the signed contract and the incurrence of production costs other than merely the use of raw materials or the carrying out of activities aimed at confirming the effectiveness of the technology transfer, > the profit margin realised on the management of materials and outsourced services. 4.3.2. Deferred tax assets relating to income tax relief The Company has built a fully equipped research and industrial In accordance with the Act on Special Economic Zones, business activities carried out within a special economic zone under the terms of the permit granted are exempt from corporation tax up to an amount corresponding to the available level of state aid and the eligible costs incurred. The basis for the exemption is the amount of eligible costs incurred, which may not exceed the maximum value specified in the authorisation granted by the ŁSSE Management Board. Mabion is entitled to benefit from the relief until 31 December 2026, which is the final year of the ŁSSE’s operation under current legislation. In order to retain the right to the relief, the Company had to meet the criteria regarding the permanence of the investment and the level of employment by 31 December 2021. The investments covered by the permits issued in 2010 and 2012 have been completed, and the Company’s compliance with the conditions entitling it to the tax relief was confirmed during audits carried out by the ŁSSE. Deferred tax assets relating to operations carried out in the Special Economic Zone are recognised at their initial value, equal to the expected utilisation of the public aid allocation, and their value is reduced by the relief utilised in the tax year. In the interim condensed statement of financial position as at the balance sheet date, the Company did not recognise deferred tax assets due to the expiry of the period for utilising the relief on 31 December 2026 and the inability to settle it at a later date. Historically, the Company has realised significant negative temporary differences, mainly as a result of research and development activities, which will reduce the tax base in the future. Apart from 2024, the Company has generated tax losses deductible from non-zone operations over the last five years. In the interim condensed statement of financial position as at the balance sheet date, the Company did not recognise deferred tax assets in respect of losses incurred from operations outside the zone, due to the insufficient likelihood of generating taxable income in the tax year following the date of the financial statements. 4.3.3. Depreciation of property, plant and equipment Depreciation rates are based on the expected useful lives of property, plant and equipment. Each year, the Company reviews the useful lives adopted on the basis of current estimates. Useful lives are determined with reference to the estimated periods over which the Company intends to derive future economic benefits from the use of the relevant assets. The Company also takes into account past experience with similar assets, where available, and considers anticipated future events that may affect the useful life of the assets, such as changes in technology. 4.3.4. Recognition of research and development costs The Company does not recognise any intangible asset arising from research activities (or from the research phase of an in-house Expenditure incurred on research (or on the research is recognised as an expense as and when it is incurred. The Company does not currently meet the criteria for capitalising such expenditure and, consequently, expenditure on development work, like expenditure on research, is recognised as an expense in the profit or loss account as and when incurred. 4.3.5. Share-based payments The Company measures share-based payments in return for services rendered by employees by estimating the value of the equity instruments granted to eligible individuals. This approach is based on the inability to directly determine the fair value of the services that employees will render in return for the equity instruments granted. A hierarchy of methods for determining the valuation by 11
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 comparison with the prices of financial instruments identical to valuation by comparison with the prices the use of valuation models. When estimating the value of equity instruments, the company applies one of the most commonly used models from three groups of valuation models, based on forecasts regarding the development of the parameters taken into account by the capital market as at the valuation date. This approach allows for the most reliable estimate of fair value. It is important to emphasise that an inherent characteristic of financial markets, in particular the equity and derivatives markets, is their volatility. This means that if the valuation were carried out on any date other than the valuation date and/or different assumptions were made regarding the valuation parameters, the results could vary significantly. The final cost to be borne by the Company depends not only on the financial markets, but also on the decisions of participants in the share-based payment scheme. In particular, the actual date and manner of exercising option rights depend on the individual decisions of the holders taken during the exercise period of their rights. 5. Impact of new and amended standards and interpretations on the Company’s interim condensed financial statements Application of a standard or interpretation before its effective date No voluntary early adoption of any standard or interpretation has been applied in these interim condensed financial statements. Published standards and interpretations that have not yet come into force for periods beginning on 1 January 2026 and their impact on the financial statements As at the date of preparation of these interim condensed financial statements, new or amended standards and interpretations had been published, effective for annual periods beginning after 2026. The list also includes amendments, standards and interpretations that have been published but not yet endorsed by the European Union. > New IFRS 18 ‘Presentation and Disclosures in Financial Statements’ The new standard will replace IAS 1 ‘Presentation of Financial Statements’. IFRS 18 introduces, amongst other things: ▪ a new structure for the profit and loss account, ▪ increased requirements regarding the aggregation and disaggregation of data, ▪ disclosure requirements for management-defined performance measures. The standard is effective for annual periods beginning on or after 1 January 2027. The Company is still assessing the impact of the new standard on its financial statements. > New IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ The standard applies to subsidiaries without public accountability for which the parent entity prepares financial statements in accordance with IFRS. The new IFRS 19 exempts entities from the disclosures required by other standards and introduces a new list in their place. The standard is effective for annual periods beginning on or after 1 January 2027. The new IFRS 19 will not affect the company’s financial statements, as it does not apply to public-sector entities. > Amendments to IFRS 19 ‘Subsidiaries without public accountability: disclosures’ IFRS 19 allows subsidiaries that are not publicly accountable to apply IFRS with limited disclosure requirements. It limits the disclosure requirements relating to other standards and amendments to standards issued up to February 2021. Newly issued amendments to IFRS 19 allow subsidiaries to reduce disclosure requirements for standards and amendments published between February 2021 and May 2024, in particular: IFRS 18, amendments to IAS 7 and IFRS 7, amendments to IAS 12, amendments to IAS 21, amendments to IFRS 9 and IFRS 7. As a result of these amendments, IFRS 19 reflects the amendments to IFRS standards effective from 1 January 2027, i.e. the date from which IFRS 19 will apply. The amendments are effective for annual periods beginning on or after 1 January 2027. The amendments to IFRS 19 will not affect the company’s financial statements, as IFRS 19 does not apply to public sector entities. > Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ The amendments to IAS 21 clarify the rules for currency translation in specific situations. Where an entity translates data from the functional currency of a non-hyperinflationary economy into the presentation currency of a hyperinflationary economy, it applies the closing rate as at the date of the most recent statement of financial position, including comparative figures. However, if the presentation currency ceases to be the currency of a hyperinflationary economy, whilst the functional currency remains the currency of a non- hyperinflationary economy, the entity applies the currently effective requirements of IAS 21 prospectively, without restating comparative figures. In addition, it is specified that an entity whose functional and presentation currencies belong to a hyperinflationary economy shall, when restating the comparative figures of a foreign entity operating in a non- hyperinflationary economy, apply a general price index in accordance with IAS 29. The amendments also introduce additional disclosure requirements relating to the above changes. The amendments are effective for annual periods beginning on or after 1 January 2027. The Company estimates that the amendments will not have an impact on its financial statements. 12
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 The Company intends to implement the above regulations by the dates specified for application in the standards or interpretations. 6. Operating segments During the period covered by these interim condensed financial statements, the Company conducted its business activities solely in Poland. All of the Company’s assets are located in Poland. Operating results are analysed by the Management Board, which is also the principal body responsible for making operational decisions at Company level; for this reason, no more than one operating segment has been identified. 7. Seasonality of operations The Company’s operations are not characterised by seasonality or cyclicality. The nature and intensity of its operations are determined by the contracts or orders held and executed as part of the services provided. 13 in thousands of zlotys 1 April 2026 – 30 June 2026 ﴿ 1 January 2026 – 30 June 2026 ﴿ 1 April 2025 – 30 June 2025 (not ﴿ 1 January 2025 – 30 June 2025 ﴿ Revenue from contracts with customers, including 3,263 7,834 3,261 5,977 Revenue from production and services 2,753 6,543 3,170 5,672 Revenue from the settlement of purchases of materials 80 341 91 305 Revenue from the settlement of purchases of services 430 950 - - Cost of sales﴿﴿﴿﴿ Cost of materials purchased﴿﴿﴿﴿ Cost of services purchased﴿﴿- - Gross loss on sales﴿﴿﴿﴿ 8. Revenue and cost of sales The Company recognises revenue from contracts with customers as the amount of consideration expected to be received in exchange for the performance of the promised scope of services or the delivery of specified goods. When accounting for a contract manufacturing agreement under the CDMO model, the Company recognised revenue using the percentage-of-completion method based on expenditure, which, in the Company’s view, best reflected the entity’s performance in fulfilling the identified obligation to render the service. The amount of remuneration allocated to this performance obligation was recognised as revenue in proportion to the cost-based progress of the performance. Revenue was based solely on costs directly related to the fulfilment of the obligation and did not take into account overheads, potential inefficiencies, excess consumption, etc. Given that the production cycle and the timing of costs (in particular, where one of the costs consists of significant goods purchased from third parties for the purpose of fulfilling the in fulfilling contractual obligations need not be proportional to the extent to which the obligation has been fulfilled, then where costs are incurred but the performance obligation has not yet been met, revenue is recognised only up to the amount of the costs incurred. Revenue from the settlement of material purchases comprised the value of raw materials purchased by the Company for use in the performance of the CDMO contract and was recognised in the same amount in the costs and revenue of the statement of comprehensive income at the time of purchase, rather than at the time of actual use in production, as these raw materials had no alternative use (i.e. these raw materials are specifically identifiable and the Company has no right to use them for purposes other than contract manufacturing, and other conditions indicate that control over the raw materials is transferred from .﴿ Consequently, the Company did not recognise purchases of raw materials acquired for the purpose of fulfilling a contract for production on a contract-manufacturing basis under the ‘inventories’ heading in the balance sheet. Recognition and presentation of cost of sales During the reporting period, the Company recognised and presented the cost of sales at a level aggregating the costs necessary to maintain production capacity and provide CDMO services. Given the insufficient utilisation of production capacity for the provision of CDMO services, this resulted in a negative sales margin. In view of the above, in the event of downtime or a lack of services being provided, significant fluctuations in profitability at the sales level are to be expected, which do not reflect the actual unit profitability of the projects being carried out. As part of the costs allocated to the cost of sales incurred during the period, the Company recognised the following costs: > salaries and benefits for staff in the operational and quality control departments,
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 > depreciation of equipment, >and energy, > external services, > bonuses payable in respect of securing contracts, directly related to the performance of contracts or maintaining readiness to provide services. The note below presents costs by nature for the comparative periods, reconciled with costs incurred on a functional basis. 14
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 15 9. Costs by nature The table below sets out the categories of costs by nature for the period ended 30 June 2026 and for the comparative period:: in thousands of zlotys 1 April 2026 – 30 June 2026 ﴿ 1 January 2026 - 30 June 2026 ﴿ 1 April 2025 - 30 June 2025 ﴿ 1 January 2025 - 30 June 2025 ﴿ Depreciation 2,095 4,298 2,388 4,793 Consumption of materials and energy, utilities 1,067 2,164 1,659 3,468 Cost of materials purchased 80 341 91 305 External services, including: 2,586 4,693 4,687 7,575 waste collection and disposal 91 192 110 217 maintenance services 475 868 800 1,407 renovation services - - - - analytical services - - 158 178 research services - - - - consultancy services and audit costs 473 713 454 748 legal services 77 159 255 275 telecommunications and IT services 795 1,611 975 2,047 recruitment services 21 29 68 124 marketing, sales and business development costs 273 367 1,443 1,811 services for acquiring new distribution partners - - - - logistics services - 2 9 19 property protection 81 162 81 162 laundry services 75 151 170 331 Other 225 440 165 256 Cost of services purchased 430 950 - - Drug registration costs 2 4 2 2 Taxes and charges 245 482 222 448 Payroll costs 5,571 11,749 7,015 14,508 Employee benefits 1,030 2,175 1,402 3,004 Other costs 428 706 255 489 Total costs by type 13,535 27,562 17,721 34,592 Cost of sales 6,169 12,807 8,450 16,756 Cost of materials purchased 80 341 91 305 Cost of purchased services 430 950 - - Research and development costs 6 10 37 75 General and administrative costs 6,850 13,454 9,143 17,456 Total costs by function 13,535 27,562 17,721 34,592
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 16 Following the adoption in April 2023 of Mabion S.A.’s Strategy for 2023–2027, work on and expenditure for the development of MabionCD20 were limited in previous years to the minimum necessary to maintain the project’s potential. Following the adoption in November 2025 of the new Mabion S.A. Strategy for 2025–2030, a decision was taken to resume development of the MabionCD20 project. The implementation of this plan was initiated by the signing, on 7 May 2026, of a letter of intent, followed on 16 June 2026 by an agreement with Oddifact SAS, in thousands of zlotys 1 April 2026 – 30 June 2026 ﴿ 1 January 2026 - 30 June 2026 ﴿ 1 April 2025 - 30 June 2025 ﴿ 1 January 2025 - 30 June 2025 ﴿ MabionCD20 2 2 2 4 Other projects 4 8 35 71 Total research and development costs 6 10 37 75 10. Research and development costs in thousands of zlotys 1 April 2026 - 30 June 2026 ﴿ 1 January 2026 - 30 June 2026 ﴿ 1 April 2025 - 30 June 2025 ﴿ 1 January 2025 - 30 June 2025 ﴿ Impairment losses on current assets 4,778 4,778 - - Gain on disposal of fixed assets 35 35 - - Grants 52 105 55 111 Value of current assets received free of charge - - 10 23 Other ﴿227 15 54 Total other operating income 4,824 5,145 80 188 Loss on the disposal of fixed assets - - - 28 Impairment losses on current assets﴿- 247 247 Compensation 130 134 - 9 Other 293 308 10 11 Total other operating costs 394 442 257 295 11. Other operating income and expenses In the first half of 2026, strong cost discipline was maintained across all areas, resulting in a fall of over 20 per cent in costs by type. The largest fall in costs, at nearly 80 per cent, was recorded in the item covering marketing, sales and business development costs. This was due to a reduction in expenditure related to participation in the Bio International trade fair in San Diego – the company opted not to build its own stand, as it had done the previous year, and instead utilised the space available in the Polish pavilion. The approximately 20 per cent decrease in the cost of salaries and employee benefits in the first half of 2026, compared with the first half of 2025, was mainly due to the absence of a provision for bonuses and a lower average headcount. The cost of purchased services relates to the implementation of a cooperation agreement with the Instituto de Biologia Molecular do Paraná, under which selected services are provided by the Company in collaboration with subcontractors. No such cost was incurred in the first half of the previous year. One of the few areas where an increase in costs was recorded was the ‘other costs’ item. This was primarily due to higher travel costs associated with the intensification of business development activities. based in France, covering the first stage of collaboration on the development of MabionCD20 for indications relating to rare diseases. The aim of the first phase of the collaboration is to prepare for consultations with the US Food and Drug On 25 August 2026 (an event after the the Company received confirmation from the FDA that a Type B Pre-IND meeting could take place, and that the consultation meeting had been scheduled for 5 October 2026.
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 17 Revenue from grants relates in particular to the portion of grants received in previous years for the purchase of fixed assets in projects co-financed by EU funds, amounting to PLN 105,000 in the first half of 2026. (in the first half of 2025, this figure was PLN which was recognised in the profit or loss for the respective periods in proportion to the depreciation of the assets financed by the grants. The write-down on current tangible assets relates to those stock items which, in the opinion of the Company’s management, will not be used in the foreseeable future or whose expiry date falls within 12 months of the balance sheet date. On 16 June 2026, the Company’s Management Board adopted a resolution on the partial reversal of the inventory impairment provision in the amount of PLN 4,794,000. The provision recognised in the previous year covered materials and reference medicines (MabThera ® and which were not expected at that time to be used in commercial projects within the next 12 months. The decision to partially reverse the write-down was a consequence of the reactivation of the MabionCD20 project and a re-analysis of the economic usefulness of the inventories, which demonstrated the possibility of their direct use in the implementation phase of the reactivated project. 12. Financial income and expenses in thousands of zlotys 1 April 2026 – 30 June 2026 ﴿ 1 January 2026 - 30 June 2026 ﴿ 1 April 2025 - 30 June 2025 ﴿ 1 January 2025 - 30 June 2025 ﴿ Interest income 3 25 116 344 Net foreign exchange gains - - - - Other ﴿24﴿85 Total financial income ﴿49 60 429 Interest expense, including: 852 1,305 225 450 on loans and borrowings 652 987 11 19 from lease liabilities 103 212 213 430 trade payables 97 106 1 1 Net foreign exchange losses 253 432 616 1,929 Other - - - - Total finance costs 1,105 1,737 841 2,379
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 Interest income in 2026 and 2025 arises from interest accrued on cash held in bank deposits. Finance costs in the first half of 2026 consist mainly of interest expense on loans, whilst in the first half of 2025 they consist of foreign exchange losses and interest on lease liabilities. 13. Property, plant and equipment and intangible assets During the current reporting period, the Company incurred expenditure on property, plant and equipment and intangible amounting to PLN 282,000. In accordance with the requirements of IAS 36, the Management Board assessed the indicators that might suggest impairment of assets as at 30 June 2026. In view of the situation described in concerning the identified material uncertainty regarding the maintenance of financial liquidity, the Management Board considered this situation to be an internal indication of asset impairment. Despite the existence of the material uncertainty referred to above, the Management Board has adopted the going concern principle as the basis for the preparation of these interim condensed financial statements. In the opinion of the Management Board, preparing financial statements by valuing assets at their net realizable value in the event of liquidation is currently not justified either substantively or economically, as the Management Board does not intend to liquidate the Company or cease its operations. The Company’s Management Board is taking, and will continue to take, all possible measures to improve the Company’s financial position and liquidity and to minimise uncertainties regarding the future. At the same time, in connection with the identified indication of impairment, the Management Board carried out a separate valuation of the assets in respect of which a decision to sell was taken after the balance sheet date. On 24 July 2026 (an event the Company entered into an agreement with a third party for the sale of a line for leak testing and optical inspection of primary packaging, as well as currently unused fixed assets – a filling line and a packaging line. Consequently, the Management Board recognised impairment losses on the assets related to this transaction, the carrying amounts of which as at 30 June 2026 were written down to their recoverable amounts. The write-down covered fixed assets under construction amounting to PLN 6,986,000 and advance payments for fixed assets under construction amounting to PLN 976,000. The total value of the recognised impairment losses amounted to PLN 7,962,000. With regard to other tangible fixed assets, the Management Board, taking into account the going concern assumption and the circumstances described above, did not identify any need to recognise further impairment losses on their value. 18
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 19 13.1. Property, plant and equipment in thousands of zlotys Land, buildings and structures Technical equipment and machinery Vehicles Tools and equipment not classified elsewhere Fixed assets under construction Total Gross value as at 1 January 2025 60,670 48,566 2,890 46,888 42,579 201,593 Increases in the balance due to: 622 130 21 775 1,530 3,078 Purchases and modernisation - - - - 1,530 1,530 Transfers from fixed assets under construction 662 130 21 775 - 1,548 Decreases in stock due to: - - - -﴿﴿ Sales - - - - - - Winding up - - - - - - Transfers from fixed assets under construction - - - -﴿﴿ Gross value as at 30 June 2025 61,292 48,696 2,911 47,663 42,561 203,123 Amortisation and impairment losses as at 1 January 2025 ﴿﴿﴿﴿﴿﴿ Increases in the balance due to:﴿﴿﴿﴿- ﴿ Depreciation charge for the reporting period﴿﴿﴿﴿- ﴿ Decreases in stock due to: - - - - - - Sales - - - - - - Winding up - - - - - - Amortisation and impairment losses as at 30 June 2025 ﴿﴿﴿﴿﴿﴿ Net value as at 1 January 2025 45,153 26,061 1,183 8,453 30,346 111,196 Net value as at 30 June 2025 44,706 24,271 934 7,749 30,328 107,988
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 20 in thousands of zlotys Land, buildings and structures Technical equipment and machinery Vehicles Tools and equipment not classified elsewhere Fixed assets under construction Total Gross value as at 1 January 2026 58,235 47,011 2,453 47,759 42,826 198,284 Increases in the balance arising from: 31 27 93 - 352 502 Purchases and modernisation - - - - - - Transfers from fixed assets under construction 31 27 93 - 352 502 Decreases in stock due to: -﴿﴿- ﴿﴿ Sales - - - - - - Liquidation -﴿﴿- -﴿ Transfers from fixed assets under construction - - - -﴿- Gross value as at 30 June 2026 58,266 47,037 1,731 47,759 43,027 197,820 Amortisation and impairment losses as at 1 January 2026 ﴿﴿﴿﴿﴿﴿ Increases in the balance arising from:﴿﴿﴿﴿﴿﴿ Depreciation charge for the reporting period ﴿﴿﴿﴿- ﴿ Impairment loss on fixed assets - - - -﴿﴿ Decreases in stock due to: - - 759 - - 759 Sales - - - - - - Liquidation - - 759 - - 759 Amortisation and impairment losses as at 30 June 2026 ﴿﴿﴿﴿﴿﴿ Net value as at 1 January 2026 43,325 22,531 663 6,364 22,602 95,485 Net value as at 30 June 2026 42,359 20,861 496 5,004 15,817 84,537
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 21 in thousands of zlotys IT systems Intangible assets under construction Total Gross value as at 1 January 2025 2,348 - 2,348 Increases in the balance due to: - - - Purchases and modernisation - - - Transfers from intangible assets under construction - - - Decreases in the balance due to: - - - Sales - - - Liquidation - - - Transfers from intangible assets under construction - - - Gross value as at 30 June 2025 2,348 - 2,348 Accumulated depreciation as at 1 January 2025﴿- ﴿ Increases in the balance due to:﴿- ﴿ Depreciation charge for the reporting period﴿- ﴿ Decreases in the balance due to: - - - Sales - - - Liquidation - - - Amortised value as at 30 June 2025﴿- ﴿ Net value as at 1 January 2025 264 - 264 Net value as at 30 June 2025 210 - 210 13.2 Intangible assets in thousands of zlotys IT systems Intangible assets under construction Total Gross value as at 1 January 2026 2,348 - 2,348 Increases in the balance due to: - - - Purchases and modernisation - - - Transfers from intangible assets under construction - - - Decreases in the balance due to: - - - Sales - - - Liquidation - - - Transfers from intangible assets under construction - - - Gross value as at 30 June 2026 2,348 - 2,348 Amortised carrying amount as at 1 January 2026﴿- ﴿ Increases in the balance due to:﴿- ﴿ Depreciation charge for the reporting period﴿- ﴿ Decreases in the balance due to: - - - Sales - - - Liquidation - - - Amortised value as at 30 June 2026﴿- ﴿ Net value as at 1 January 2026 159 - 159 Net value as at 30 June 2026 119 - 119
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 14. Inventories The balance of inventories comprises raw materials and, as at 30 June 2026, amounted to PLN 6,113,000 (as at 31 December .﴿ As at 30 June 2026, the Company recognised impairment losses on inventories totalling PLN 2,428,000 (as at 31 December 2025, Write-downs are recognised if the expiry date of the inventories is approaching and there is a risk that they will not be used, or where there is currently no sales plan applicable to the inventories in question. On 16 June 2026, the Company’s Management Board adopted a resolution regarding the partial reversal of an inventory write- down amounting to PLN 4,794,000. The write-down recognised in the previous year covered materials and reference medicines for which it was not anticipated at the time that they could be utilised in commercial projects within the next 12 months. The decision to partially reverse the write- down follows the reactivation of the MabionCD20 project and a re-evaluation of the economic viability of the inventories, which demonstrated the possibility of their direct use in the implementation phase of the reactivated project. In particular, the following factors supported the reversal of the impairment loss: > the conclusion of an agreement with a strategic partner, Oddifact SAS, governing the terms of cooperation regarding the further development of the MabionCD20 project; > the formal resumption of development work on the MabionCD20 project and the definition of the scope of activities aimed at expanding the product’s therapeutic indications in the field of orphan diseases; > confirmation by the parties of the project’s commercial and clinical potential, as reflected in the signing of a letter of intent and a subsequent cooperation agreement; > the commencement of work on preparing regulatory documentation and a product development strategy, including, amongst other things, the development of a clinical trial programme and preparations for consultation ;﴿ >identification of a specific therapeutic indication, namely as the most promising direction for the development of MabionCD20; > the anticipated use of existing materials in further stages of the project’s development, indicating that their useful value will be recovered; > the alignment of the reactivated project with Mabion S.A.’s long-term Strategy for 2025–2030, which envisages the development of innovative biological projects based on the Company’s assets and intellectual property. In the Management Board’s assessment, the aforementioned circumstances constituted objective grounds indicating an increased likelihood that the inventories would be utilised in future research and development activities and that they would recover their economic value. Consequently, the reasons for which the previous impairment loss had been recognised no longer applied. The Management Board deemed it appropriate to reverse the impairment loss on inventories in the amount of PLN 4,794,000 and to restore their carrying amount to a level corresponding to the anticipated future economic benefits associated with the implementation of the MabionCD20 project. Applying the cost-based method, in accordance with the policy for recognising revenue from contracts with customers to whom CDMO services were provided, raw materials purchased by the Company for the performance of these contracts were recognised in the interim condensed statement of comprehensive income at the time of purchase, rather than at the time of their actual use in production, due to the fact that these raw materials have no alternative use. The raw materials are specifically identified, and the contracts with counterparties in the United Kingdom and Brazil in force as at the balance sheet date do not permit the Company to use these raw materials for purposes other than the performance of the contract manufacturing agreement. Consequently, the Company does not recognise raw materials purchased for the purpose of fulfilling CDMO contracts as inventory; rather, in the current reporting period, the Company recognises the purchased raw materials as cost of sales in the interim condensed statement of comprehensive income, with revenue recognised in an amount equal to the cost of acquisition of the raw materials. Under agreements with counterparties, the Company may provide logistics services consisting of comprehensive management of the raw materials procurement process. The margin realised on this service is recognised together with the margin on core services in accordance with the methodology described in Note 8. 15. Trade receivables and other receivables Trade receivables are amounts due from customers in respect of goods sold or services rendered in the course of the Company’s ordinary business. They are usually due within 30 days. Trade receivables are initially recognised at the amount of the unconditional payment due. The Company recognises trade receivables to account for cash flows arising from contracts with customers, and subsequently measures them at amortised cost using the effective interest rate method. 22
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 The Company recognised periodic fees for access to the eQMS computerised system under licence costs. The Company recognised, amongst other things, fees for a stand at the CPHI trade fair in Milan in October 2026 as part of the costs associated with participating in trade fairs. 17. Capital management and equity Capital management The objective of the Company’s capital management is to ensure its ability to continue as a going concern in order to generate a return on capital for shareholders, as well as to maintain an optimal capital structure to minimise the cost of capital. The Company is subject to a statutory capital requirement under pursuant to which the Company is obliged to create a reserve fund to cover net losses in an amount of at least 8 per cent of the profit for the relevant financial year, until such time as the reserve fund reaches an amount equal to at least one-third of the share capital. In previous the Company either incurred losses or allocated its profits to the reserve fund and to cover losses from previous years. Nevertheless, the requirement to establish a reserve fund amounting to at least one-third of the share capital has not been met. By a resolution dated 15 June 2026, the Annual General Meeting of Mabion S.A. decided to cover the Company’s net loss for the financial year 2025 from profits from future years. Share-based payments Terms of the Incentive Scheme for the years 2025–2029 Pursuant to Resolution No. 1/VII/2024 of the Company’s Ordinary General Meeting of 15 July 2024, the Ordinary General Meeting resolved to implement an incentive scheme within the Company for key personnel. The scheme was to be implemented and its aim was to ensure optimal conditions for the growth of the Company’s 23 in thousands of zlotys﴿31 December 2025 VAT receivables 424 1,218 Trade receivables 1,077 1,911 Advance payments for materials and services 134 286 Deposits 112 346 Other receivables 127 195 Trade and other receivables 1,874 3,956 The vast majority of trade receivables, excluding those subject to impairment losses, as at 30 June 2026 are not due for payment as at the date of publication of these interim condensed financial statements. In view of the above, and based on historical data regarding the repayment of receivables by counterparties, the Company has not recognised any provision for expected credit losses. in thousands of zlotys﴿31 December 2025 Insurance 89 308 Training 3 - Complaints 103 103 Licences 140 165 Services 12 10 Costs associated with participating in the trade fair 387 327 Other 308 149 Total prepaid expenses 1,042 1,062 16. Prepaid expenses
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 financial results and the long-term growth of the Company’s value, by securing the long-term commitment of the scheme participants to the Company and its objectives. The Scheme was to be implemented through the issue and allocation to Eligible Persons of no more than 1,010,145 subscription warrants entitling them to subscribe for shares in the Company issued as part of a conditional increase in the share capital (1 warrant entitles the holder to subscribe for 1 share at Members of the Management Board were to be allocated a maximum of 75% of the Warrants, whilst the remaining Participants were to be allocated a maximum of the remaining 25%. The condition for the acquisition and exercise of rights under the Warrants was the confirmation that the Eligible Persons had met the Financial Criterion specified in accordance with the provisions of the Resolution. In addition, the Resolution required the Service Condition to be met. In the case of Members of the Management Board, Warrants could only be allocated for the financial year in which the relevant member of the Company’s Management Board held office for the entire financial year and remained a member of the Management Board on the last day of that financial year. For other Participants who became employees or associates of the Company during the financial year in which the Incentive Scheme was in force, provided the Financial Criterion was met, Warrants were to be allocated in proportion to the length of their employment or tenure with the Company during that financial year. The list of Programme Participants and the maximum number of Warrants to which each Participant was entitled in a given financial year were to be determined by the Supervisory Board by way of a resolution within 30 days of the start of the relevant financial year, with Participants who were not members of the Management Board to be recommended by the Management Board by way of a resolution. Should the Supervisory Board fail to determine the list of Participants within 30 days, members of the Management Board could receive a maximum of 15 per cent of the total pool of all Warrants, to be divided equally amongst the members of the Management Board. In the event of a change of control, defined as the date on which the shareholding of a single shareholder or a group of shareholders acting in concert would exceed 50 per cent of the total number of votes at the Company’s general meeting, or the date on which the Company’s general meeting adopts a resolution to delist the Company’s shares from trading on the regulated market operated by the Warsaw Stock Exchange, On the Change of Control Date, the Eligible Persons would be granted the right to subscribe for all Warrants not previously subscribed for. On 10 July 2025, the Company’s Extraordinary General Meeting adopted a resolution amending the aforementioned resolution with regard to, amongst other things, clarifying the rules and operation of the scheme, including the group of eligible persons, the procedure for granting entitlements, the powers of the various governing bodies, and the rules applicable in the event of a change of control over the Company. In accordance with the EGM resolution, Eligible Persons had the option, as an alternative, to sell subscription warrants to the Company, in whole or in part, for a consideration, for the purpose of their redemption, at the price and on the terms set out in the EGM resolution. In the event of failure to meet the financial criterion in a given financial year, the right to subscribe for and exercise the rights attached to subscription warrants not exercised in that financial year could be exercised in subsequent years, provided that the financial criterion was also met in those subsequent years in respect of the relevant financial year. Terms of the Incentive Scheme for the years 2026–2030 ﴿ adopted a resolution amending the resolution of the Extraordinary General Meeting referred to above, with a view to aligning the Incentive Scheme in force to date with Mabion S.A.’s new Strategy for 2025–2030 and creating an instrument that would positively influence its implementation. In accordance with the resolution adopted by the AGM, the Incentive Scheme will now be implemented over a period of up to five financial years, i.e. for the financial years 2026–2030. The Programme will be implemented through the issue and allocation to Eligible Persons of no more than 1,010,145 registered Series C subscription warrants entitling the holders to subscribe for no more than 1,010,145 shares in the Company, issued as part of a conditional increase in the share capital, with the pre-emption rights of the Company’s existing shareholders excluded. Under the Scheme, throughout its duration, 75 per cent of the subscription warrants may be allocated to Members of the Management Board and 25 per cent to the remaining Eligible Persons, provided that the Supervisory Board is authorised to amend this ratio. Verification of the fulfilment of the Programme Objectives (as defined in a resolution of the Annual General will be carried out annually by the Supervisory Board for each year of the Programme’s duration; however, the Supervisory Board may set Programme Objectives which may be achieved over a period longer than one year. Programme Objectives may include, amongst others: financial objectives, technological objectives, and objectives relating to research and development in the field of drug production and development. Subscription warrants will be taken up by Eligible Persons in the number specified in a resolution of the Supervisory Board, which will determine the final list of Eligible Persons entitled to take up subscription warrants, whilst also specifying the maximum number of subscription warrants allocated to each Eligible Person in each year of the Programme’s duration. An Eligible Person who is a Member of the Company’s Management Board may, provided the Programme Targets are met, be allocated subscription warrants only for the financial year in which that Member of the Company’s Management Board held office for at least 6 months and remained a Member of the Management Board on the last day of that financial year. Implementation of the Incentive Scheme The 2025 Scheme On 23 January 2026, by Resolution No. 2/I/2026, the Company’s Supervisory Board decided to waive the grant of subscription 24
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 warrants under the 2025 Incentive Scheme due to the fact that the persons covered by the 2025 Scheme had not held their positions for the entire 2025 financial year, which was a condition for the grant of the warrants. As no participant met the Programme’s criteria in 2025, the Company did not recognise any costs in this respect in the financial statements for the 12 months of 2025, and costs recognised in previous periods (the first half were reversed. The 2026 Programme On 29 December 2025, the Company’s Supervisory Board, by Resolution No. 4/XII/2025, established the financial criteria for the Incentive Scheme for 2026. On 28 January 2026, the Company’s Supervisory Board, by Resolution No. 3/I/2026, established a preliminary list of Eligible Persons for participation in the 2026 Incentive Scheme. The total number of warrants that may be allocated for 2026 was set at 113,640 warrants. In view of the ongoing assessment of the extent to which the financial criteria have been met (in particular the level of sales the Management Board assessed the likelihood of the conditions for vesting the entitlements for 2026, as set out in the above resolutions, being met as low. Consequently, the Company did not recognise any costs relating to the valuation of the Scheme for the year 2026 in its results for the first half of 2026. In accordance with the new rules of the Incentive Scheme, with regard to 2026, the preliminary list of eligible persons referred to above was drawn up by the Company’s Supervisory Board pursuant to Resolution No. 4/VII/2026 of 31 July 2026 on declaring Resolution No. 3/I/2026 of 28 January 2026 to be repealed and on establishing the preliminary list of Eligible Persons for participation in the Incentive Scheme in 2026. In accordance with the aforementioned Resolution, the Supervisory Board decided that, as part of the implementation of the Incentive Scheme for 2026, of all the Members of the Management Board, only the Chairman of the Management Board would be covered by the Scheme. Should the targets specified in the Supervisory Board’s resolution be achieved, the Chairman of the Management Board will be entitled to subscribe for 50,000 subscription warrants. At the same time, in accordance with the Management Board’s recommendation, the Supervisory Board has identified the group of other persons eligible to participate in the Scheme in 2026, comprising 153 employees of the Company. In total, these employees may be granted 49,905 subscription warrants, provided that they meet the individual programme targets set out in accordance with the rules of the Incentive Scheme. The Company intends to settle the Scheme in equity instruments. The Company will determine the fair value of the granted warrants as at the Grant Date (i.e. 31 July 2026, the date on which In accordance the expected number of warrants to which Eligible Persons will acquire rights will be updated at each balance sheet date until the vesting date. The costs of the Scheme will be recognised on a pro rata basis in 2026. This change constitutes a post-balance-sheet event that does not require adjustments to the interim condensed financial statements for the six-month period ended 30 June 2026, as it does not provide evidence of the existence of conditions as at the balance sheet date. Consequently, the amendment to the Incentive Scheme’s terms and conditions had no impact on the financial figures for the first half of 2026. Ordinary General Meeting of Mabion S.A. On 15 June 2026, the Ordinary General Meeting of Mabion S.A. was held, at which resolutions were passed on, amongst other matters: > the approval of the Company’s financial statements for the financial year 2025, the Management Board’s report on the Company’s operations for the financial year 2025, and the Supervisory Board’s report for 2025; > the approval of the report on the remuneration of members of the Management Board and members of the Supervisory Board of Mabion S.A. for 2025; > to grant discharge to the members of the Company’s Management Board and Supervisory Board in respect of the performance of their duties during the 2025 financial year, with the exception of the resolution concerning the granting of discharge to Mr Krzysztof Kaczmarczyk in respect of his performance of his duties as Chairman of the Company’s Management Board during the 2025 financial year; > to cover the loss for the financial year 2025, pursuant to which the Company’s net loss for the financial year 2025, amounting to PLN 62,614,237.79, was covered from retained earnings, in accordance with the applicable regulations; > an amendment to § 6 of the Company’s Articles of Association aimed at aligning the Company’s scope of business with the amended Polish Classification of Economic the amendment was registered in the ;﴿ >amendments to Resolution No. 1/VII/2024 of the Company’s Ordinary General Meeting of 15 July 2024 on the introduction of an Incentive Scheme, as amended by Resolution No. 4/VII/2025 of the Company’s Extraordinary General Meeting of 10 July 2025. Under the agenda item of the Ordinary General Meeting concerning the adoption of a resolution on amending the Company’s Articles of Association by revoking the existing authorisation of the Company’s Management Board to increase its share capital within the limits of the authorised capital and granting the Company’s Management Board a new authorisation to increase its share capital within the limits of the authorised capital, together with authorisationto deprive shareholders of their pre-emptive rights to shares issued within the limits of the authorised capital, the Chairman of the Meeting presented the draft resolution and stated that, pursuant to Article 445 §1 of the Commercial Companies Code, the presence of one-third of the Company’s share capital was required for the resolution to be 25
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 passed. Given that 28 per cent of the Company’s share capital was represented at the Meeting, the Chairman of the Meeting decided not to put the draft resolution on the above matter to the vote. The text of the resolutions of the Ordinary General Meeting of Mabion S.A. was published by the Company in current report No. 11/2026 dated 15 June 2026. Extraordinary General Meeting of Mabion S.A. an Extraordinary General Meeting of Mabion S.A. was held, which adopted, amongst other things, a resolution on amending the Company’s Articles of Association by revoking the existing authorisation of the Company’s Management Board to increase its share capital within the limits of the authorised capital, and granting the Company’s Management Board a new authorisation to increase its share capital within the limits of the authorised capital, together with authorisation to exclude shareholders from pre-emptive rights in respect of shares issued within the limits of the authorised capital. In accordance with the resolution adopted, the Company’s Management Board has been authorised, for a period not exceeding 31 May 2029, to increase the Company’s share capital by means of one or more successive issues of new ordinary shares with a total nominal value not exceeding PLN 1,212,174.40. The issue may take place by way of a private placement, a closed subscription or a public offering, and the newly issued shares may be taken up in return for cash or non- cash contributions. The determination by the Company’s Management Board of the issue price of the shares or the decision by the Company’s Management Board to issue shares in exchange for non-cash contributions requires the consent of the Supervisory Board. With the consent of the Supervisory Board, the Company’s Management Board may deprive existing shareholders, in whole or in part, of their pre-emptive rights. In the event of a share issue as part of a public offering excluding the pre-emptive rights of existing shareholders, the Company’s Management Board is authorised to grant existing shareholders of the Company priority rights to subscribe for shares in the new issue in accordance with the terms set out in a resolution of the Company’s Extraordinary General Meeting. The text of the resolutions of the Extraordinary General Meeting of Mabion S.A. was published by the Company in current report No. 20/2026 dated 29 July 2026. 26 in thousands of zlotys﴿31 December 2025 Grants for tangible fixed assets 5,710 5,815 Grants towards research and development costs 25,816 25,816 Deferred income, including: 31,526 31,631 Current 25,107 25,107 Long-term 6,419 6,524 18. Deferred income 18.1. Deferred income from grants In the past, the Company financed part of its operating activities with grants from the European Regional Development Fund administered by the following government institutions in Poland: the Polish Agency the National Centre for and the Ministry of Funds and Regional Policy. As part of the project ‘Development and scaling-up of an innovative process for the production of a therapeutic, recombinant monoclonal antibody, with a view to enabling the industrial implementation of the first Polish biotechnology medicine for oncological and autoimmune therapies’, the Company received funding of PLN 24,897,000. In May 2025, the three-year duration of the Project came to an end. At the end of the project period, a report on the dissemination of the Project’s R&D results was submitted, followed by an implementation report. On 25 March 2026, the Company received an assessment and decision from the National Centre for Research and regarding the acceptance of the Company’s arguments concerning the circumstances that had arisen and affected the fulfilment of the project conditions. On the basis of its assessment of the report, the NCBR deemed the implementation to have been unfulfilled due to the market situation following the completion of the project, which had changed such that the application of the results in business operations had become unprofitable or its profitability had significantly decreased, as well as due to force majeure and unforeseeable circumstances beyond the beneficiary’s control. Consequently, the Intermediate Body waived the demand for repayment of the grant awarded for the project’s implementation. The Company, as the beneficiary, still has one technical task to complete in relation to the aforementioned project, namely to provide information on the social and economic effects of the implementation by 25 March 2027. The company is also a party to two project funding agreements:
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 Entitled: ‘Development of a biotechnological medicinal product through the development of an innovative IgG1 subclass monoclonal antibody with a reduced content of adverse glycoforms compared to the reference medicinal product – directed against EGFR’. In 2022, a decision was taken to discontinue the project, as the Board of Directors considered that its continued implementation was not justified. The value of the grant received amounted to PLN 3,912,000. In October 2022, the National accepted the final report on the project’s implementation, and the project entered a three-year maintenance period, which ended on 30 September the Company was informed that, following an assessment of the report submitted by the Company, the NCBR had concluded that Mabion S.A. had fulfilled the conditions for the award of a bonus for the wide dissemination of the results of industrial research and development work and had met its obligations in this regard. Title: ‘Development of a panel of analytical methods for characterising immunogenicity in a clinical trial targeting patients suffering from rheumatoid arthritis, using rituximab as the medicinal substance’. The main objective of the project was to increase research and development activity through the development and implementation of a new panel of analytical methods on a company-wide scale. As a result of the project, an innovative solution was implemented in the form of a product, namely a commercially provided service consisting of the operation of a panel of analytical methods for assessing the immunogenicity of biological products in clinical trials. The project was scheduled to run until 31 December 2023; however, as it had ceased to be viable in the form planned for the project, the Company decided to bring the project to an early close by the end of March 2023. The funding body agreed to the shortening of the project’s duration and approved the final payment claim, The final amount of funding received under the project was PLN 918,000. At the end of December 2024, the project entered a three-year sustainability period. As at the date of approval of the financial statements, the Company sees no risk in maintaining the result indicator during the project’s sustainability period. Grants are recognised as deferred income when the Company has sufficient certainty that it will be able to meet the conditions for receiving the grant and that it will receive it. 18.2 Other deferred income The amount of revenue remaining to be recognised in subsequent periods as at 30 June 2026 was PLN 25,000. Under this heading, the Company recognised, amongst other items, a freezer received free of charge in previous periods with a value of PLN 78,000. The revenue will be recognised in parallel with the depreciation of the freezer. 27 in thousands of zlotys Liabilities arising from the performance of contracts 1,069 2,005 Total 1,069 2,005 19. Zobowiązania z tytułu kontraktów z klientami Liabilities arising from the performance of contracts with customers mainly comprise payments received from the Instituto de Biologia Molecular do Paraná in connection with the Master Development and Clinical Supply Services Agreement (the ‘Framework .﴿ Upon conclusion of the Framework Agreement, the Client placed The subject of SOW#1 is the provision of services in the following areas: cell line development, process development, manufacture of products for pre-clinical and clinical trials, development and validation of analytical methods, and preparation of the necessary documentation. Selected services are provided by the Company in collaboration with subcontractors. The total net value of the contract is approximately PLN 19.2 million (converted at the USD exchange of which approximately 20–25 per cent will constitute remuneration for subcontractors. Payments, denominated in US dollars, for the performance of the work are linked to the work schedule and are therefore made as the work progresses. On 18 August 2025, the Company entered into a further order with the Client under the Framework Agreement (Statement of The subject of the SOW#2 contract is the transfer of technology for the manufacture of a medicinal substance to a manufacturing site designated by the Client, comprising the transfer of the necessary documentation, the manufacturing process and the analytical methods required for in-process control and batch release. The Company’s net remuneration for project management and administration, as well as the transfer of technology to the Client, will amount to the equivalent of approximately PLN 1.6 million (converted at the Payments will be contingent upon agreed schedules and the progress of the work. The completion date of the contract, its final scope and duration will be agreed at a later date and are dependent on the progress of the work carried out under SOW#1. The value of the commissioned work does not include the costs of raw materials and supplies, which are accounted for separately. Revenue from the above-mentioned payments is recognised by the Company on an accrual basis during the contract period. Raw materials purchased for the purposes of fulfilling the contract constitute a cost of contract fulfilment at the time of their purchase. In accordance with the accounting policy set out in these interim condensed financial statements
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 these raw materials, upon purchase by Mabion, are recognised as cost of sales, whilst revenue equal to the cost of acquiring the raw materials is recognised simultaneously. 28 Advance payments received by the Company are repayable in the event of an occurrence beyond the Company’s control (i.e. failure to complete clinical trials conducted as part of drug development and/or failure to obtain marketing authorisation in and have therefore been classified as financial liabilities. As the timing of the occurrence, or non-occurrence, of the aforementioned event is also beyond the Company’s control, the liability is measured at the amount payable on demand and classified as a current liability. As at the date of publication of the interim condensed financial statements, in accordance with the applicable agreements, the advance payments presented had not become due. Changes in the value of liabilities arising from refundable advance payments towards distribution rights during the six- month period ended 30 June 2026 result from changes in exchange rates, as all advance payments were denominated in euros. In accordance with the information contained in the Company’s financial statements for the financial year ended 31 December 2025, these advance payments may be repayable and are treated by the Company as current liabilities. During the period covered by these interim condensed financial statements, there were no material changes to the terms of the agreements with distribution partners. 20. Refundable advances towards distribution rights The table below sets out a list of all signed cooperation agreements, together with the amounts of advances received and the target markets covered by each agreement: in thousands of zlotys Partner Market 30 June 2026 ﴿ 31 December 2025 FARMAK Ukraine, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Uzbekistan 1,074 1,057 ONKO Turkey 473 465 Sothema Laboratories Morocco, Algeria, Tunisia 99 97 Lyfis Iceland 26 25 Total 1,672 1,644 21. Loans and borrowings The structure of loans and borrowings is set out in the table below:: in thousands of zlotys﴿31 December 2025 Loans secured against assets, of which: 30,580 10,366 short-term portion 6,296 129 long-term portion 24,284 10,237 Total loans and borrowings 30,580 10,366 21.1. Bank loans As at 30 June 2026 and as at the date of publication of these interim condensed financial statements, the Company is not a party to any bank loan agreement. 21.2 Loans secured against assets The Company is a party to sale-and-leaseback agreements to finance the purchase of laboratory equipment, which are treated as loans due to the fact that the equipment financed in this way was initially paid for in full by the Company, and the lease
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 agreements contain irrevocable offers to repurchase the equipment covered by the agreement at the end of the lease term. These agreements have been entered into for a term of between 4 and 5 years and are secured by blank promissory notes. The lessor has the right to fill in the promissory note up to an amount equivalent to all due but unpaid amounts owed to the lessor under a given lease agreement, in particular amounts due in respect of lease payments, compensation, contractual penalties or reimbursement of costs, including interest due, in the event that the Company fails to settle any of these amounts by their due date. In the financial year 2026, the Company was granted the following loans: Loan agreement with ACRX Investments Limited On 9 February 2026, the Company entered into a loan agreement with an unrelated party, namely ACRX Investments Limited, with for an amount of up to PLN 6 million. In accordance with the agreement, the loan was made available in full on 10 February 2026 at the Company’s request. The loan bears interest at a fixed annual rate of 9.53% and is intended to improve the Company’s financial liquidity and for corporate purposes. The loan was originally granted for a period of 6 months from the date of disbursement, after which, on 16 July 2026 (an the parties entered into an addendum under which the loan repayment date was set for 20 September 2026. At the same time, the Agreement provides for the possibility of converting all or part of the loan, together with interest, into shares in the Company at any time, at the Lender’s request. The share price for the purposes of conversion is equal to the market price of the Company’s shares as at the date of signing the agreement, taking into account a 20 per cent discount, or, in the event of a share issue by the Company, is equal to the share price offered to other investors. The agreement contains standard provisions regarding the Company’s obligations and the consequences of breaching them, such as an increase in the interest rate or the declaration of the whole or part of the drawn-down loan amount as immediately due and payable, in the event of, amongst other things, failure to repay the loan on time. In accordance with the original terms of the agreement, the loan a mortgage on the Company’s a registered pledge over movable a blank promissory note together with a promissory note declaration. By an addendum dated 2 March 2026, the Parties amended the security arrangements such that the blank promissory note together with the promissory note declaration was replaced by a declaration of submission to enforcement by the Company in accordance with Article 777 of the Code of Civil Procedure. The Company created a mortgage on its properties and submitted a declaration of submission to enforcement in accordance with Article 777 of the Code of Civil Procedure. The loan agreement was concluded under Polish law. the debt arising from the loan in question, together with accrued interest, was converted into shares in the Company as part of a share capital increase. Consequently, the loan liability was almost entirely settled through the Lender’s acquisition of the Company’s shares in exchange for a contribution in the form of a claim against the Company. Furthermore, on 1 September 2026 (an the Company entered into an addendum to the loan agreement with ACRX Investments Limited, extending the credit facility limit from PLN 6 million to PLN 12 million. In accordance with the provisions of the addendum, the additional amount of PLN 6 million remains at the Company’s disposal until 31 December 2028 (an event after the balance .﴿ The Company announced the conclusion of the loan agreement in Current Report No. 2/2026 dated 9 February 2026, whilst the extension of the repayment deadline and the conclusion of the annexes to the agreement were disclosed in current reports No. 18/2026 dated 16 July 2026 and No. 30/2026 dated 1 September 2026. The Company announced the conclusion of the set-off agreement in current report No. 28/2026 dated 31 August 2026. Loan agreement with CBC Co., Ltd. On 13 March 2026, the Company’s Management Board entered into a loan agreement with an unrelated party, namely CBC Co., for .﴿ Under the Agreement, the loan was made available at the Company’s request in two equal tranches, with the first tranche being disbursed on 17 March 2026 and the second tranche on 22 April 2026. The loan is intended to improve the Company’s financial liquidity and for corporate purposes. The loan was granted for a period of 3 years from the date of disbursement. The Agreement provides for the possibility of converting all or part of the loan, together with interest, into shares in the Company at any time, at the Lender’s request. The share price for the purposes of conversion will be equal to the market price of the Company’s shares as at the date of signing the Agreement, taking into account a 20 per cent discount, or, in the event of a share issue by the Company, will be equal to the share price offered to other investors. The interest rate on the loan was 10.53 per cent per annum until the Company’s General Meeting adopted a resolution on increasing the Company’s share capital, enabling the conversion of the loan, and thereafter is equal to the reference rate of the National Bank of Poland, plus a fixed margin of 2 percentage points, with the change in the interest rate taking effect from the day following the date on which the Lender was notified of the adoption of the resolution in question. On 29 July 2026 (an event after the balance sheet the Company’s General Meeting adopted a resolution providing, amongst other things, for the authorisation of the Company’s Management Board to increase the Company’s share capital within the limits of the authorised capital, thereby 29
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 enabling the conversion of the loan. The Lender was informed of the adoption of the resolution on 30 July 2026; consequently, with effect from 31 July 2026, the interest rate on the loan is 5.75 per cent per annum. The loan is secured by a mortgage on the Company’s immovable property, a registered pledge on movable property (selected owned by the Company, and a declaration by the Company to submit to enforcement proceedings in accordance with Article 777 of the Code of Civil Procedure. By an annex dated 16 July 2026 (an event after the the parties amended the movable assets subject to the registered pledge – the registered pledge is now established on selected bioreactors and a system intended for cell line development. The agreement contains standard provisions concerning the Company’s obligations and the consequences of breaching them, such as an increase in the interest rate or the declaration of the whole or part of the loan amount drawn down as immediately due and payable, in the event of, amongst other things, failure to repay the loan on time. The loan agreement was concluded under Polish law. CBC Co., Ltd. is a privately owned company with a global reach, acting as an experienced operator and strategic investor. The company specialises in the high-tech and life sciences sectors, focusing on long-term value creation through international development projects. The Company announced the conclusion of the loan agreement in Current Report No. 5/2026 dated 13 March 2026. As at 30 June 2026, the total value of outstanding loans secured against assets amounted to PLN 30,580,000. 22. Leases The Company is the lessee of laboratory equipment and vehicles under lease agreements. The lease agreements entered into by the Company provide for a lease term of 3 to 5 years. These lease agreements are secured by blank promissory notes. The lessor has the right to fill in the promissory note up to an amount equivalent to all due but unpaid amounts owed to the lessor under a given lease agreement, in particular amounts due in respect of lease payments, compensation, contractual penalties or reimbursement of costs, including interest due, in the event that the Company fails to settle any of these amounts by their due date. Changes in the interest rate used to calculate the lease instalment amount result in changes to the amount of the lease instalments. All lease agreements include an option to purchase the leased asset at the end of the lease term. During the period covered by these interim condensed financial statements, the Company entered into one new lease agreement for a printer, as a result of which it recognised a lease liability of PLN 11,000. The agreement was entered into for a term of 21 months. On 17 December 2019, the Company entered into a lease agreement for office space in Łódź for the years 2020 to 2023 and, as a result, recognised a lease liability as at 31 December 2019. In August 2022, the Company signed an addendum to the aforementioned tenancy agreement, which extended the term of the agreement until the end of 2027. As at 30 June 2026, the Company recognised a lease liability of PLN 31,000 relating to the indexation of the rates set out in the lease agreement for the building at 17 Fabryczna Street in Łódź. Depreciation of leased fixed assets for the current reporting period amounted to PLN 603,000, whilst lease interest amounted to PLN 212,000. The total gross carrying amount of leased assets as at 30 June 2026 is PLN 3,436,000. Depreciation of leased fixed assets by asset group: 30 in thousands of zlotys﴿﴿ Group 1 – buildings and premises, as well as co-operative rights to commercial premises and co-operative ownership rights to residential premises 301 373 Group 4 – general-purpose machinery, equipment and apparatus 6 7 Group 5 – specialised machinery, equipment and apparatus - - Group 7 – means of transport 199 265 Group 8 – tools, instruments, movable property and equipment, not elsewhere classified 97 170 Total depreciation of leased fixed assets 603 815 The total carrying amount of finance lease assets as at 30 June 2026 and 31 December 2025 was PLN 1,457,000 and PLN 2,296,000 respectively.
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 31 Breakdown of leased fixed assets by carrying amount by asset group: in thousands of zlotys﴿31 December 2025 Group 1 – buildings and premises, as well as co-operative rights to commercial premises and co-operative ownership rights to residential premises 911 1,181 Group 4 – general-purpose machinery, equipment and apparatus 20 14 Group 5 – specialised machinery, equipment and apparatus - - Group 7 – means of transport 461 623 Group 8 – tools, instruments, movable property and equipment, not elsewhere classified 65 478 Total leased fixed assets 1,457 2,296 in thousands of zlotys﴿31 December 2025 Minimum lease payments For a period of up to 1 year 1,264 1,309 For a term of between 1 and 5 years 843 1,438 Future minimum lease payments 2,107 2,747 Future interest costs﴿﴿ Present value of lease payments For a period of up to 1 year 1,150 1,332 For a term of between 1 and 5 years 708 990 Lease liability 1,858 2,322 in thousands of zlotys﴿31 December 2025 Trade payables 5,735 6,126 Budgetary liabilities 1,494 3,431 Liabilities arising from salaries 1,343 1,554 Other liabilities 683 651 Total trade payables and other liabilities 9,255 11,762 23. Trade payables and other liabilities The fair value of trade payables and other payables is considered to be the same as their carrying amount due to their short-term nature. The Management Board of Mabion S.A., by Resolution No. 1/XII/2025 of 15 December 2025, decided that the Company would not establish a Company Social Benefits Fund in 2026. The table below sets out information on the amounts of future minimum lease payments and the present value of minimum lease payments as at 30 June 2026 and 31 December 2025:
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 The Company has recognised a provision for the severance costs of former members of the Company’s Management Board in connection with their dismissal in September 2025. The item presented in previous periods as ‘Accrued expenses’ has been renamed ‘Provisions’ in the current period to better reflect its economic nature. The change is purely for presentation purposes and does not affect comparative figures or the financial result. 25. Effective income tax rate The tax asset as at 30 June 2026 remained unchanged from the tax asset presented at the end of the previous reporting period, due to the absence of any material changes in the assumptions underlying the level estimated and recognised in the financial statements for the previous financial year. 26. Financial risk management With regard to the types of financial risks to which the Company is exposed, the extent of such exposure and the management of these risks, there have been no material changes compared with the last annual financial statements published on 28 April 2026. 26.1 Liquidity risk In the first half of 2026, the Company generated cash inflows from the sale of products and the provision of services as a result of the performance of signed contracts. In addition, its operations were financed by a loan obtained from Twiti Investments Ltd., ACRX Investments Limited and CBC Co., Ltd., as well as through leases. The Company’s management monitors current forecasts regarding the Company’s liquid assets and liabilities based on projected cash flows. The measures taken to cover the expected liquidity gap are described in Note 3 to the financial statements. As disclosed in Note 18 to these interim condensed financial statements, the Company received funding of PLN 24,897,000. The project’s duration ran until May 2025. Although the Company actively pursued measures aimed at identifying and securing a licensee, it was not possible to secure a licensee within the required timeframe. Furthermore, at the end of the project’s duration, the employment target was achieved at a slightly lower level than anticipated (this was also one of the outcome indicators which the Company was obliged to maintain throughout the The Company submitted reports to the NCBR on the implementation and dissemination of the project’s R&D results. On 25 March 2026, it received the NCBR’s assessment and decision regarding the acceptance of the Company’s arguments concerning the circumstances that had arisen and affected the fulfilment of the project conditions. On the basis of its assessment of the report, the NCBR deemed the implementation to have failed due to the market situation following the completion of the project, which had changed such that the application of the results in business operations had become unprofitable or its profitability had significantly decreased, as well as due to force majeure and unforeseeable circumstances beyond the Beneficiary’s control. Consequently, the Intermediate Body has waived the demand for repayment of the grant awarded for the project’s implementation. The Company does not identify any further risks associated with the implementation of the Project in question. Other risks are described in Note 3, under the sub-section on material uncertainty regarding the going concern. 26.2 Fair values of financial instruments carried at amortised cost The Company does not hold any financial instruments measured at fair value. For the purposes of disclosing fair values in respect of financial instruments measured at amortised cost, the Company applies a discounted cash flow method. The main items of financial instruments measured at amortised cost include: cash and cash equivalents, trade receivables, short- term loans and borrowings, and repayable advances against distribution rights, shareholder loans and loans secured against assets. In the opinion of the Company’s management, the fair values of these items are close to their carrying amounts. 27. Transactions with related parties The Company has no direct controlling entity or ultimate controlling entity. 32 24. Provisions in thousands of zlotys﴿31 December 2025 Provision for unused annual leave 1,310 1,063 Provision for bonuses - - Provision for severance pay 665 665 Other provisions 91 134 Total provisions 2,066 1,862
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 During the period covered by these interim condensed financial statements, the Company did not enter into any transactions with related parties on terms other than arm’s length. 28. Remuneration of key management personnel The remuneration of the Company’s key management personnel and members of its Supervisory Board is set out below. Under the heading ‘Remuneration of Management Board members’, the company reports remuneration arising from employment contracts, management contracts and appointments. 33 in thousands of zlotys 1 January 2026 – 30 June 2026 ﴿ 1 January 2025 – 30 June 2025 ﴿ Remuneration of members of the Supervisory Board 240 240 Remuneration of Management Board members 1,320 1,203 Provisions set aside for bonuses - - Total short-term remuneration 1,560 1,443 29. Off-balance-sheet liabilities 29.1 Contractual liabilities As at 30 June 2026, the Company has a contractual liability relating to the acquisition of property, plant and equipment arising from the fulfilment of specific conditions set out in the contract under which IMA undertook to manufacture a packaging line for the Company. The value of the liability as at the balance sheet date is EUR 11,000. As at 30 June 2026, the Company has a contractual liability relating to the acquisition of property, plant and equipment, to Bonfiglioli Engineering Srl, based in Italy, arising from the fulfilment of specific conditions set out in the contract under which Bonfiglioli Engineering Srl undertook to manufacture and supply to the Company a line for leak testing and optical inspection of primary packaging, together with the associated documentation and services. Under the contract, the Supplier undertook to manufacture, deliver and install at the Company’s premises a device for the automatic leak testing of primary pharmaceutical packaging (vials containing a finished, sterile and for the optical inspection of filled packaging and the product inside the packaging, in accordance with the specifications set out in the contract. The equipment incorporates a state-of-the-art measurement and control system, ﴿ requirements as well as national and international standards. The net value of the contract was originally EUR 829,000, i.e. PLN 3,728,000, based on the average exchange rate published by the National Bank of Poland on 6 September 2023. On 9 January 2025, Mabion entered into an amendment to the contract with Bonfiglioli Engineering srl, under which the parties amended the specifications of the ordered equipment to increase its analytical capabilities for the additional 2R vial format. As a result of the amendment, the net value of the remuneration payable to the Supplier increased by EUR 44,000. Subsequently, on 25 June 2025, Mabion entered into an amendment to the contract with the Supplier, under which the parties agreed on a new delivery date for the equipment, set for the fourth quarter of 2025; however, due to a change in November 2025 to the Company’s Strategy for the coming years, the Company deferred acceptance of the equipment and suspended it pending further decisions by the Management Board in this regard. During the reporting period, the Company recognised in the balance sheet a liability arising from the invoice for the third instalment of payment to the Supplier. As at 30 June 2026, the remaining contractual liability for the fourth instalment, which had not yet been invoiced, amounted to EUR 174,000. In July 2026 (an event after the Company entered into an agreement with the Supplier setting out the terms for the repayment of subsequent instalments and the further handling of the equipment. Furthermore, in the same month, the equipment was sold to a third party. Consequently, the remaining contractual liability for the fourth instalment, amounting to EUR 174,000, will be settled in accordance with the new schedule in two parts: EUR 128,000 within 30 days of signing the contract with the purchaser, whilst the remaining EUR 46,000 following acceptance tests at the the amount of EUR 128,000 was paid in accordance with the schedule .﴿ In total, the Company’s contractual liabilities as at the balance sheet date amounted to EUR 185,000. 29.2 Contingent liabilities As at the balance sheet date, the Company has no contingent liabilities which, in the opinion of management, could have a material adverse effect on the Company’s financial position, operating activities or cash flows.
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 29.3 Settlements arising from legal proceedings The Company is not a party to any legal, regulatory or arbitration proceedings which, in the opinion of management, could have a material adverse effect on the Company’s financial position, operating activities or cash flows. 30. Events after the balance sheet date Conclusion of a contract for the sale of unused production lines On 24 July 2026, the Company entered into an agreement with a third party for the sale of a line for leak testing and optical and currently unused fixed assets – a filling line and a packaging line. The total net sale price amounts to EUR 5 million. Full settlement of the price will take place once the bank has executed the documentary letter of credit in favour of the Company, following the presentation of the required shipping documents. The leak-testing line and the other lines sold were acquired as part of the Company’s previous strategy, which envisaged the Company undertaking commercial projects in areas including, amongst others, the bottling of finished products (drug products The Company’s decision to sell the aforementioned line stems from the implementation of Mabion S.A.’s new Strategy for 2025–2030, under which the space freed up by the line’s decommissioning will be used to implement innovative DS production technology, enabling a significant reduction in production costs. The Company reported this event in Current Report No. 19/2026 dated 24 July 2026. The Extraordinary General Meeting of Mabion S.A. and the issue of Series W and Y shares On 29 July 2026, an Extraordinary General Meeting of Mabion S.A. was held, which, amongst other things, a resolution to amend the Company’s Articles of Association by revoking the existing authorisation of the Company’s Management Board to increase its share capital within the limits of the authorised capital, and granting the Company’s Management Board a new authorisation to increase its share capital within the limits of the authorised capital, together with authorisation to exclude shareholders from pre-emptive rights in respect of shares issued within the limits of the authorised capital. The amendment to the Articles of Association of Mabion S.A. relating to the authorisation granted to the Company’s Management Board to increase the Company’s share capital within the limits of the authorised capital was registered in the National Court Register on 10 August 2026. Issue of the Company’s Series W and Y ordinary bearer shares the Company’s Management Board adopted a resolution to increase the Company’s share capital within the limits of the authorised capital referred to above, through the issue of new Series W and Y ordinary bearer shares, with the pre-emption rights of existing shareholders being excluded in full, the dematerialisation of shares, and applying for the admission and listing of Series W and Y shares to trading on the regulated market operated by the Warsaw Stock Exchange S.A., as well as amending the Company’s Articles of Association. Pursuant to the resolution, the Company’s Management Board decided to increase the Company’s share capital within the limits of the Company’s Articles of Association from PLN 1,616.232.60 to 1,872,116.20, i.e. by 255,883.60, through the issue of: a. 1,597,429 new Series W ordinary bearer shares, with a nominal value of PLN 0.10 each and a total nominal value ,﴿ b. 961,407 new Series Y ordinary bearer shares, with a nominal value of PLN 0.10 each and a total nominal value of PLN ,﴿ that is, through the issue of 2,558,836 ordinary bearer shares with a nominal value of PLN 0.10 each and a total nominal value of PLN 255,8863.60. The share issue was carried out by way of a private placement, with the pre-emption rights of existing shareholders excluded in their entirety. On 27 August 2026, the Company’s Supervisory Board approved the complete exclusion of existing shareholders’ pre-emption rights in respect of Series W Shares and Series Y Shares, and the setting of the issue price for Series W Shares and Series Y Shares. An offer to subscribe for Series W Shares was made to Twiti Investments Limited for the purpose of converting its claim against the Company arising from the loan agreement dated 24 October 2025. In accordance with the terms of the loan agreement, the share price for the conversion was PLN 6.72 per Series W Share. The offer to subscribe for Series Y Shares was made to ACRX Investments Limited for the purpose of converting its claim against the Company arising from a loan agreement dated 9 February 2026. In accordance with the terms of the loan agreement, the share price for the conversion amounted to PLN 6.57 per Series Y Share. On 31 August 2026, the Company entered into an agreement with Twiti Investments Limited for the subscription of 1,597,429 Series W Shares at an issue price of PLN 6.72 per Series W Share, i.e. a total issue price of PLN 10,734.722.88 PLN, and an agreement to set off the Company’s claim against Twiti Investments Limited for payment of the total issue price for the Series W Shares against Twiti Investments Limited’s claim against the Company in the amount of 10,734,723.84 PLN arising from a loan agreement. On 31 August 2026, the Company entered into an agreement with ACRX Investments Limited for the subscription of 961,407 Series Y Shares at an issue price of 6.57 PLN per Series Y Share, 34
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 i.e. a total issue price of PLN 6,316,443.99, and an agreement to set off the Company’s claim against ACRX Investments Limited for payment of the total issue price for the Series Y Shares against ACRX Investments Limited’s claim against the Company in the amount of PLN 6,316,448.22 arising from a loan agreement. Consequently, the Series W Shares and Series Y Shares have been paid up in full, and the Company’s debt to these entities arising from loans previously granted to the Company by them has been repaid almost in full. The repayment covered the nominal value of the loans together with the interest due, subject to the remaining balances of PLN 0.96 and PLN 4.23 respectively, which will be settled by the Company in accordance with the terms of the loan agreements. The increase in the Company’s share capital resulting from the issue of Series W Shares and Series Y Shares will take effect upon registration in the Register of Entrepreneurs of the National Court Register. The text of the resolutions of the Extraordinary General Meeting of Mabion S.A. was published by the Company in current report No. 20/2026 dated 29 July 2026. The Company announced the registration of the amendment to the Articles of Association of Mabion S.A. in the National Court Register in current report No. 22/2026 dated 10 August 2026, whilst the consolidated text of the Company’s Articles of Association incorporating the above amendment was submitted in current report No. 24/2026 dated 12 August 2026. The Company announced the issue of series W and Y shares in current reports No. 27/2026 dated 27 August 2026 and No. 28/2026 dated 31 August 2026 Collaboration with Oddifact SAS and the development of MabionCD20 for the ﴿ On 11 August 2026, the Company received confirmation from that documentation relating to the planned development of MabionCD20 for the treatment of immune thrombocytopenia including a request for a Type B Pre-IND consultation meeting. The submission of the documentation to the FDA is the result of intensive work carried out by the Company in collaboration with the Partner, in accordance with the letter of intent dated 7 May 2026 concerning the establishment of cooperation to investigate and evaluate the potential use of MabionCD20 in new clinical indications in the field of orphan diseases and subsequently by the agreement dated 16 June 2026 governing the terms of the first phase of the collaboration. In the course of the work carried out as part of the first stage of the collaboration, the parties selected the area of orphan diseases – ITP – which was considered the most promising for MabionCD20 at that time, developed a clinical trial programme and prepared the materials necessary to submit to the Agency in order to secure a Type B Pre-IND consultation meeting. On 25 August 2026, the Company received confirmation from the Agency that a Type B Pre-IND meeting could take place, together with information that the consultation meeting had been scheduled for 5 October 2026. The deadline for submitting the required meeting package was set for 5 September 2026. The Company, together with its Partner, submitted the relevant meeting package by the specified deadline. The scheduling of the Type B Pre-IND meeting with the FDA represents a significant milestone for the project, confirming that the programme has entered the formal stage of dialogue with the US regulatory authority. The meeting itself will be the next key stage, providing an opportunity to discuss the product development strategy, the planned CMC data package (Chemistry, Manufacturing and Controls – i.e. documentation concerning and clinical data, as well as the regulatory pathway. The aim of the meeting is to obtain feedback from the FDA on the planned pre- clinical trial programme, CMC work and clinical development; to confirm the adequacy of the scope of studies required for progression to the clinical phase; to develop a coherent strategy for submitting a complete application enabling the commencement of Phase I clinical trials; and to identify potential regulatory risks. The information and feedback obtained from the FDA will enable the verification of the assumptions made and the appropriate direction of subsequent activities within the project. Achieving both of these milestones will significantly increase the predictability of the programme’s further development and bring it closer to .﴿ If the work under the first phase of the collaboration with Oddifact and the consultations with the FDA proceed successfully, then, in accordance with the provisions of the letter of intent referred to above, the parties will proceed to agree on the terms of the second phase of the collaboration. Once regulatory approval has been obtained, further indications will be analysed with a view to developing therapies aimed at improving patients’ quality of life at a competitive price point. In light of the above, the Company considers the consultation meeting with the FDA to be a significant step in the reactivation of the MabionCD20 project and in the implementation of the Company’s Strategy for 2025–2030, which, alongside the further development of the CDMO business, also envisages the development of innovative biological projects with higher added value, including projects based on the Company’s existing assets and intellectual property, and those carried out in collaboration with strategic partners. Upcoming discussions with the FDA will focus on outlining the regulatory and development pathway for MabionCD20 as a potential therapy for adult patients with persistent or chronic who have experienced an inadequate response, a relapse, or dependence on their current first-line treatment. The ITP indication has been selected as the key therapeutic area for the project at this stage of its development. According to market estimates, the annual value of 35
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 the US market for anti-CD20 biologics in this indication is approximately US$800 million (subject to further market whilst the total global market for medicines used in ITP is currently estimated at USD 3.5–3.7 billion, with projected growth to USD 4.5–5.6 billion by mid-2030. Provided that the subsequent stages of development are successfully completed and the necessary regulatory approvals are obtained, the project offers the prospect of launching the medicinal product on the global market in 2030–2031. At the same time, the Company emphasises that the implementation of the subsequent stages of MabionCD20’s development – including the course of consultations, further pre-clinical and clinical development, and the potential marketing authorisation of the product – will depend on the results of further development work, the decisions and positions of the relevant regulatory authorities, as well as the availability of partners for the subsequent stages of the project. The Company reported on the submission of the application and subsequently on the scheduling of a meeting with the FDA in current reports No. 23/2026 of 11 August 2026 and No. 26/2026 of 26 August 2026. Continuation of cooperation with Novavax, Inc. – new order for stability testing of the finished product for the SARS-CoV-2 vaccine On 13 August 2026, the Company accepted a new order placed by Novavax, Inc. under the Manufacturing Agreement for the provision of specialist analytical services. The scope of work involves conducting developmental stability testing and analytical of the vaccine against the specified SARS-CoV-2 variant in the form The scope of the analytical work includes preliminary characterisation of samples, including testing of samples under various temperature conditions, and assessment of stability parameters. The analytical data obtained will be used which will enable precise prediction of the product’s behaviour over time. The work will be carried out in the fourth quarter of 2026. The total value of the newly contracted work amounts to USD 144,900 (i.e. PLN 541,400 when converted at the average exchange rate of the National Bank of Poland on the date the order was .﴿ This new contract represents another milestone in the collaboration between Mabion and Novavax, which has been developing since 2021, and is further confirmation of the growing scope of services entrusted to the Company by this global partner. The nature of the contract is also of significant importance – it encompasses advanced analytical services related to product stability assessment, an area requiring a high level of expertise, specialist infrastructure and experience in working with biological products. The continuation of the collaboration with Novavax is in line with Mabion’s strategy of building relationships with key partners and increasing the share of higher value-added services within the Company’s business structure. Subsequent orders from the same partner also demonstrate Mabion’s ability to develop collaboration beyond a single project and to respond to the client’s evolving technological and analytical needs. Novavax’s placement of a further order under the manufacturing agreement for stability testing confirms the partner’s confidence in the Company’s analytical expertise and represents a further step in the consistent development of the collaboration, which has been extended until the end of 2029. The Company reported this event in Current Report No. 25/2026 dated 13 August 2026. Conclusion of addenda to the loan agreement with ACRX Investments Limited On 16 July 2026, the Company entered into an addendum to the loan agreement dated 9 February 2026 with an unrelated party – ACRX Investments Limited, with its registered office in Nicosia, Cyprus. Pursuant to the amendment, the repayment date for the loan granted to the Company up to the amount of PLN 6 million was set for 20 September 2026 (previously: 6 months from the .﴿ The Company reported this event in Current Report No. 18/2026 dated 16 July 2026. On 1 September 2026, the Company’s Management Board entered into an amendment to the Loan Agreement concluded with extending the credit facility limit and amending the rules governing the disbursement of the Pursuant to the Addendum, the parties agreed to increase the existing loan facility amount by an additional PLN 6 million, available to the Company during the availability period, i.e. from the date of conclusion of the Addendum until 31 December 2028. The repayment date for the loan has been set at two years from the relevant date of disbursement of the loan. Security for the repayment of the loan will be provided by the Company prior to the disbursement of the loan, upon the lender’s request and within the timeframe specified by the lender. Consequently, as at the date of publication of this report, the sum of PLN 6 million remains available to the Company under the financing provided by ACRX. The conclusion of the Annex confirms ACRX Investments Limited’s readiness to continue providing financial support to the Company despite the almost complete settlement of the existing debt through conversion into equity, which took place on 31 August 2026. The Company reported on this matter in Current Report No. 30/2026 dated 1 September 2026. Conclusion of an addendum to the loan agreement with Twiti Investments Ltd. On 1 September 2026, the Company’s Management Board entered into an amendment to the loan agreement concluded with Twiti Investments Ltd., extending the credit facility limit and amending the terms for the disbursement of the loan by Twiti 36
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 Pursuant to the Amendment, the parties agreed to extend the loan facility amount (i.e. the sum of PLN 18 million, under which two tranches totalling by an additional PLN 10 million, available to the Company during the availability period, i.e. from the date of conclusion of the Addendum until 31 December 2028. The loan repayment date has been set as the date falling two years after the relevant loan disbursement date. Security for the repayment of the loan will be provided by the Company prior to the disbursement of the loan, at the lender’s request and within the timeframe specified by the lender. Consequently, as at the date of publication of this report, an amount of PLN 18 million remains at the Company’s disposal under the financing granted by Twiti Investments. The Company reported this event in Current Report No. 29/2026 dated 1 September 2026. Decision to carry out due diligence in relation to the potential acquisition of a plant in the USA ,﴿ the Management Board of Mabion S.A. announced that it had adopted a resolution to carry out a due diligence process regarding the potential acquisition of a plant in the USA (the .﴿ These actions are in line with the strategic directions set out in Mabion S.A.’s Strategy for 2025–2030, which the Company disclosed in current report No. 33/2025 dated 17 November 2025. The Company also reported on its activities to assess opportunities for inorganic growth in its interim report for the first quarter of 2026, published on 19 May 2026. The potential acquisition of the Plant forms part of the Management Board’s decision to accelerate the implementation of the element of the Company’s strategy relating to manufacturing capabilities in the production of biological medicines. The facility under consideration for a potential acquisition forms part of the global supply chain network of a leading international company which specialises in specialised biological products and antibody-drug ], which represent one of the most innovative and fastest-growing segments of the modern biopharmaceutical industry, operating in accordance with standards authorised by .﴿ The acquisition of the Plant will enable Mabion to accelerate the launch of its contract manufacturing of biological medicines in the US and will ensure the utilisation of the Plant’s existing market links with Big Pharma. The due diligence process will include a technological and market analysis of the plant. Following this process, the Company will consider submitting a binding acquisition offer. At the same time, the Company’s Management Board is holding discussions with Polish and international investors regarding the financing of the investment. These steps were discussed with the Company’s Supervisory Board and received a favourable opinion. The announcement of the commencement of the acquisition process for the facility in the US constitutes a significant factor in assessing the potential for a sharp increase in the Company’s future prospects regarding the development of biologic drug the expansion of the market for contract services, and Mabion S.A.’s future revenues in the US. The Company announced this development in Current Report No. 32/2026 dated 11 September 2026. Expansion of the scope of cooperation with Novavax, Inc. On September 14, 2026, with reference to current reports No. 52/2021 dated October 8, 2021, and No. 14/2026 dated June 18, 2026, regarding the agreement with Novavax, Inc. regarding commercial contract manufacturing and current reports concerning the expansion of cooperation with Novavax, including the most recent order referred to in current report No. 10/2024 dated June 26, 2024, the Management Board of Mabion S.A. announced the signing with Novavax of another expansion of the scope of services under the Manufacturing Agreement in the form of .﴿ The scope of SOW#12 includes the implementation and provision of analytical services supporting Novavax’s development work on early-stage pipeline projects. This represents a new area of cooperation. Financial terms regarding preliminary work and the transfer of analytical methods have been agreed upon, while compensation for the provision of further analytical services as part of routine analyses and stability studies will be determined based on agreed-upon unit prices and will depend on the number of samples provided by Novavax for testing. Securing SOW#12 represents another significant step in building a long-term partnership with Novavax and confirms Mabion’s high analytical and technological expertise as a trusted CDMO. Regardless of the financial value, the key business value for the Company remains the expansion of its portfolio of Novavax projects to include a completely new area—early-stage projects. This also opens up the potential to further scale the scope of services provided. The Company announced this development in Current Report No. 33/2026 dated September 14, 2026. 37
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MABION S.A. Interim condensed financial statements for the 6-months period ending 30 June 2026 38 The Management Board These interim condensed financial statements for the six-month period ended 30 June 2026 were approved for publication by the Company’s Management Board on 14 September 2026. Konstantynów Łódzki, 14 September 2026 Detlef Behrens Joaquín Santos Benito Member of the Management Board Member of the Management Board Gregor Kawaletz Chairman of the Management Board
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SCIENTIFIC AND INDUSTRIAL COMPLEX OF MEDICAL BIOTECHNOLOGY Gen. Mariana Langiewicza 60 95-050 Konstantynów Łódzki Poland Phones: Reception: +48 42 207 78 90 RESEARCH AND DEVELOPMENT CENTER FOR BIOTECHNOLOGICAL MEDICINAL PRODUCTS Fabryczna 17 90-344 Łódź Poland Phone: +48 42 290 82 10 www .mabion .eu