H1 2026 Trading Update

London, UK - 23 July 2026, hVIVO plc (AIM: HVO), a purpose-built, full-service international clinical development partner and the world leader in human challenge trials, provides an unaudited trading update for the six months ended 30 June 2026.

Highlights

• Revenue of £16.3 million (H1 2025: £24.2 million) with full year 2026 revenue to be heavily weighted to the second half
• Orderbook has more than doubled to £65 million, compared with £30 million at the start of the year - underlining strong commercial momentum and improved revenue visibility
• Proposal volumes up c.45% year-on-year, supporting mid-term growth and potential further orderbook expansion in H2
• Adjusted EBITDA* for H1 2026 is expected to be negative mid-single digit (H1 2025: adjusted EBITDA of £3.0 million), with positive adjusted EBITDA expected in H2 2026
• Cash of £13 million as at 30 June 2026 (31 December 2025: £14.3 million) reflecting positive working capital inflows from recent contract wins
• The Company expects 2026 full-year revenue to be broadly in line with expectations of high single-digit revenue growth

* Adjusted EBITDA is stated before one off exceptional items - nil in 2026 (£1.4 million in 2025)

Yamin 'Mo' Khan, Chief Executive Officer of hVIVO, said: "I am pleased to report renewed commercial momentum in the first half of 2026, with one of our strongest periods of new contract sales to date. This has more than doubled our orderbook since the start of the year, providing improved revenue visibility for the remainder of 2026, 2027 and into 2028. As previously guided, revenue in 2026 is expected to be weighted to the second half with a broad mix of contracted business scheduled to commence over the coming months.

"We have made good progress executing our strategy, now operating under one brand across Consulting, Clinical Trials, Human Challenge Trials and Laboratory Services - together supporting stronger commercial activity. This diversified model will support a more balanced and resilient revenue profile and positions the Group well for sustainable future growth."

Revenue, EBITDA and cash position

The Group expects to report revenue for H1 2026 of £16.3 million reflecting the previously guided second-half weighting of FY26 activity and timing shifts in revenue recognition on certain contracted client programmes.

The Group expects to report a negative mid-single digit adjusted EBITDA for H1 2026 (H1 2025: adjusted EBITDA of £3.0 million) driven by the impact of the lower H1 revenue base. However, the significantly higher revenues in the second half of the year are expected to deliver a positive adjusted EBITDA in H2 2026.

hVIVO's cash position was £13 million as at 30 June 2026 (31 December 2025: £14.3 million). This reflects positive working capital inflows from recent contract wins, with the Group retaining the financial flexibility to support ongoing investment in growth initiatives across the business.

Strengthened orderbook and substantial commercial momentum

The Group has demonstrated strong commercial momentum, with the orderbook increasing significantly to £65 million, compared with £30 million at the start of 2026, providing much improved revenue visibility for the remainder of 2026 and into 2027 and 2028.

The strengthened orderbook figure reflects recent contract wins and robust business development activity, with proposal volumes approximately 45% higher year-on-year to date. This is supported by positive client engagement across hVIVO's integrated, single-platform offering and providing multiple opportunities to convert further revenue through the remainder of the year. Services are increasingly contracted under one hVIVO brand, driving cross-selling opportunities and a more diversified client base.

The Group continues to see encouraging demand across infectious disease, respiratory and cardiometabolic programmes, alongside growing interest in its broader early-phase CRO and laboratory capabilities. This positive outlook was highlighted at hVIVO's recent Capital Markets Day, which included presentations from clients, investors and industry experts underlining the strength of the Company's business model as an integrated drug development partner. A recording of the Capital Markets Day is available on the Company's website.

Outlook

The Board is confident in the underlying strength of the Group's business model, underpinned by a significantly strengthened orderbook, strong visibility over contracted revenues and a growing pipeline across all four service lines. The Group's contracted client programmes remain in place, with timing shifts on certain programmes expected to result in some modest deferral of revenues previously expected in H2 2026 but now due in 2027.

Consequently, the Board's 2026 full year revenue expectation is broadly in line with existing guidance of high single-digit revenue growth, with revenue heavily weighted towards the second half of the year. This second-half weighting is expected to support positive adjusted EBITDA in H2 2026.

Together, the Group's strengthened commercial momentum, diversified full-service international clinical development platform, and robust balance sheet, position hVIVO well for sustainable mid- and long-term growth.

Anthony Farrell, Niall Gilchrist