JPM | EMEA Spec Sits Daily: SGRO LN/ PLD US, TIM IM/ PST IM, PPGN SW: EMEA Special Situations Specialist Commentary Merge/Arbitrage • Pre-Announced • Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: SGRO LN/ PLD US, TIM IM/ PST IM, PPGN SW: EMEA Special Situations Specialist Commentary Merge/Arbitrage • Pre-Announced • Spin-off Event Driven

trading update (expected end of July/start of August) and following OXB’s Capital Markets Event in June,

we make 1-3% upgrades to our 2026-31 Revenue forecasts (£2-11m) and cut our Operating EBITDA forecasts by 8-20%,

largely due to our 2030 Revenue forecast of £435m being below OXB’s 2030 target of £500m, leading us to revise down our

2031 Operating EBITDA margin forecast to 28.7% (from: 31%). Near-term, we expect OXB to provide a trading update on

1H by the end of July/early August, where our forecast for 1H 2026 Revenues of £93m is c. 2% below BBG Consensus, with

27% growth in 1H below the implied 2026 guidance range of 30-42% Revenue growth (£220-240m Revenue guide),

reflecting planned shutdowns and tech transfer time for Durham. Over the mid-term, we forecast a 2025-30 Revenue CAGR

of 21% to £435m in 2030, 13% below OXB’s target of £500m in 2030/31 (25% 2025-30 Revenue CAGR) outlined at the

Capital Markets Event, with further evidence of execution on both Revenues and orders required to drive upgrades. We

remain on the sidelines pending further evidence of execution against what we continue to see as a relatively weak market

backdrop, particularly on the clinical side, and move to a Dec-27 PT of 550p (from a Jun-27 PT of 550p).

• Global Index Mail - Jul 17, 2026- Min Moon here

Spec Sits Calendar - July

Date Ticker Event

20/07/26 TIT IM/ PST IM Offer period starts

22/07/26 SUBC NO/ SPM IM EC Phase 1 deadline

22/07/26 SGRO LN PUSU deadline

23/07/26 TECK LN/ AAL LN Earnings

24/07/26 TIT IM/ PST IM Poste earnings

27/07/26 DCC LN PUSU deadline

27/07/26 BOSS GY Offer period ends