Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — Investor Presentation (October 2026)
52 slides from Mauna Kea Technologies Sa Class O's investor presentation, October 2026
Slide 1: See Cells. Change Lives.
CORPORATE PRESENTATION · OCTOBER 2026 See Cells. Change Lives. Real-time cellular imaging to diagnose and guide treatment, during the procedure. ALMKT · EURONEXT GROWTH PARIS · BOSTON
Slide 2: Disclaimer
LEGAL Disclaimer This document has been prepared by Mauna Kea This document contains forward-looking Market data come from various sources and from Technologies (the "Company") for information statements. They are not guarantees of future Company estimates. Investors should not base purposes only. T
Slide 3: 2026: four forces converge
WHY NOW 2026: four forces converge Each force is already in place. Together, they turn 20 years of science into growth. 01 02 03 04 Clinical standard U.S. commercial International Clear path to of care engine rebuilt expansion profitability Cellvizio is becoming the A 10-person U.S. team with Led by
Slide 4: Cellvizio: from innovation to standard of care
CHAPTER I · THE OPPORTUNITY Cellvizio: from innovation to I standard of care A unique platform reaching its commercial inflection point
Slide 5: The smallest microscope in the world at the tip of the endoscope
THE TECHNOLOGY The smallest microscope in the world at the tip of the endoscope Cellvizio shows living cells in real time, during procedures physicians already perform. STEP 01 A miniprobe goes through the endoscope channel or the EUS needle STEP 02 Living tissue appears at the cellular level, in re
Slide 6: Fifteen years of evidence, a strong moat
A M AT U R E P L AT F O R M Fifteen years of evidence, a strong moat Regulatory clearances, reimbursement, clinical evidence and IP already in place. LIVE IMAGE · nCLE 20 µm CE Mark FDA clearance Certified under the EU MDR 20+ 510(k) clearances Cat I CPT code 1,200+ National Medicare Coverage, solid
Slide 7: Every system placed drives recurring revenue
BUSINESS MODEL Every system placed drives recurring revenue Probes and procedures grow with the installed base, at high margins. 01 · CAPITAL SALES ONE-TIME 02 · PROBE SALES RECURRING 03 · PAY-PER-USE RECURRING Systems mostly bought by hospitals. 10 miniprobe models, each used for 10 System placed f
Slide 8: Three high-value clinical pillars
CHAPTER II · CLINICAL PILLARS Three high-value clinical pillars II Pancreatic cystic lesions, Barrett's esophagus and food intolerance
Slide 9: Three high value clinical pillars supporting Cellvizio's adoption
CLINICAL PILLARS Three high value clinical pillars supporting Cellvizio’s adoption PILLAR 01 PILLAR 02 PILLAR 03 Pancreatic cystic lesions Barrett's esophagus Food Intolerance / IBS A new diagnostic standard in EUS- Earlier and increased detection of both The first and unique objective test for guid
Slide 10: A ~$1bn annual market in the U.S. alone
ADDRESSABLE MARKET A ~$1bn annual market in the U.S. alone Annual procedure revenue only. International markets add ~$1bn a year. Pancreatic cystic lesions Barrett's esophagus Food intolerance THE NICHE THE VOLUME A NEW CATEGORY U.S. · PER YEAR U.S. · PER YEAR U.S. · PER YEAR $100m $400m $500m 100k
Slide 11: Pancreatic cystic lesions, a diagnostic impasse - until now
PILLAR 01 · PANCREATIC CYSTIC LESIONS Pancreatic cystic lesions, a diagnostic impasse - until now TODAY · STANDARD EUS WITH CELLVIZIO · LIVE nCLE Diffuse boundaries, no cellular detail. The physician often The cyst wall at cellular level, live: 98% sensitivity, cannot conclude. 97% accuracy¹. of ben
Slide 12: Cellvizio in pancreatic cysts: the clinical evidence
PILLAR 01 · PANCREATIC CYSTIC LESIONS Cellvizio in pancreatic cysts: the clinical evidence Prospective, multicenter and independent studies of EUS-nCLE. CLIMB · DDW 2026 · 526 PATIENTS, 14 U.S. CENTERS² INDEX STUDY · MUCINOUS VS. NON-MUCINOUS CYSTS¹ Sensitivity 73% → 85% diagnostic accuracy when EUS
Slide 13: Three catalysts for broad commercial adoption
PILLAR 01 · PANCREATIC CYSTIC LESIONS Three catalysts for broad commercial adoption Reimbursement, evidence and guidelines are now aligned. 01 02 03 Reimbursement Clinical validation Guidelines Dedicated Cat I CPT code 43252 CLIMB, the largest U.S. study Included in ESGE guidelines. $1,960 $3,939² 5
Slide 14: DDW consortium: attendance up 7.3× in 4 years
PILLAR 01 · PANCREATIC CYST LESIONS DDW consortium: attendance up 7.3× in 4 years Annual meeting chaired by Dr. Som Krishna (The Ohio State University). 10 100+ ATTENDEES Cellvizio abstracts accepted at DDW endoscopists at the 2026 consortium 2026 meeting 110 2023 · 15 ATTENDEES 2026 · 110 ATTENDEES
Slide 15: The first fully integrated imaging-to-therapy solution for EUS-guided pancreatic care
PILLAR 01 · PANCREATIC CYSTIC LESIONS The first fully integrated imaging-to-therapy solution for EUS-guided pancreatic care Our partnership with TaeWoong Medical to accelerate U.S. adoption in the pancreatic cystic lesions market Mauna Kea Technologies VISUALIZE TaeWoong Medical USA TREAT + Cellvizi
Slide 16: Why now: the standard of care is shifting
PILLAR 01 · PANCREATIC CYSTIC LESIONS Why now: the standard of care is shifting 01 02 03 04 EVIDENCE ECONOMICS PEER ADOPTION THERAPY BUNDLE The largest study in A clear incentive for A standard led by A second engine in the field hospitals KOLs the same indication CLIMB: 526 patients in 14 U.S. Cat
Slide 17: Barrett's esophagus: a curable precursor, too often missed
PILLAR 02 · BARRETT'S ESOPHAGUS Barrett’s esophagus: a curable precursor, too often missed Esophageal cancer is deadly because Barrett's is a dramatically under-diagnosed condition. DISEASE PROGRESSION Chronic acid reflux (GERD) 18–27% of U.S. adults¹ · 50M+ at risk 4M³ 0.4M⁴ Americans have are diag
Slide 18: 2.4x more Barrett's diagnosed, 243% more dysplasia detected
PILLAR 02 · BARRETT'S ESOPHAGUS 2.4x more Barrett’s diagnosed, 243% more dysplasia detected Cellvizio used alongside standard biopsy during upper GI endoscopy. STANDARD HD-WLE CELLVIZIO pCLE · LIVE CELLULAR VIEW + Cellvizio Lesions are not visible: biopsies are taken Normal tissue Metaplasia Dysplas
Slide 19: Korea's National HTA agency confirms Cellvizio's impact
PILLAR 02 · INDEPENDENT EVIDENCE Korea's National HTA agency confirms Cellvizio's impact Largest meta-analysis of upper GI endomicroscopy: 33 studies, 2,350 patients, no industry involvement. ~3× −48.5% 69% 89% dysplasia detection in biopsies per patient with of subtle Barrett's cases had pooled sen
Slide 20: Reimbursement in place for endomicroscopy
PILLAR 02 · BARRETT'S ESOPHAGUS Reimbursement in place for endomicroscopy CMS 2026 rates for CPT 43252 (optical endomicroscopy during EGD) HOSPITAL Without Cellvizio $927 01 Dedicated Cat I code With Cellvizio $2,424 CPT 43252 covers pCLE during upper GI +$1,497 more per procedure endoscopy. vs. 202
Slide 21: IBS: one billion people, no objective test until now
PILLAR 03 · FOOD INTOLERANCE IBS: one billion people, no objective test until now GLOBAL PREVALENCE ~1 billion¹ "I've stopped eating out. I can't trust my body anymore, and no test has ever told me why." people live with IBS, the #1 diagnosis in PATIENT TESTIMONIAL · YOUGOV, 2024 gastroenterology. 6
Slide 22: Food intolerance is a gut barrier problem
PILLAR 03 · FOOD INTOLERANCE Food intolerance is a gut barrier problem Research published from 2014 to 2019 made the mechanism visible. Healthy mucosa Tight junctions stop food antigens from entering the body. Food-sensitive IBS Contact with the trigger food breaks the barrier within seconds. Invisi
Slide 23: CellTolerance provides a binary result, in real time
PILLAR 03 · FOOD INTOLERANCE CellTolerance provides a binary result, in real time STEP 01 · THE CHALLENGE STEP 02 · THE READOUT A suspected food is sprayed on the duodenum The gut barrier reacts, or it does not during endoscopy NEGATIVE POSITIVE A hypoallergenic preparation isolates the trigger resp
Slide 24: Thanks to CellTolerance, finding pleasure in food again
PILLAR 03 · FOOD INTOLERANCE Thanks to CellTolerance, finding pleasure in food again From years of uncertainty to a clear answer and a diet that works. BEFORE CELLTOLERANCE AFTER 10+ yrs 1 exam 84%¹ of symptoms for 64% of during a routine endoscopy symptom improvement with patients a personalized di
Slide 25: DDW 2026: a new category backed by KOLs
PILLAR 03 · FOOD INTOLERANCE DDW 2026: a new category backed by KOLs Educational dinner with U.S. and European experts in food-related GI disorders. Consensus Attendees agreed new diagnostic methods are needed in food- related GI disorders. Leading KOLs Dr. Linda Anh Nguyen (Stanford) and Dr. Sean S
Slide 26: CellTolerance sales up 145% in H1 2026
PILLAR 03 · FOOD INTOLERANCE CellTolerance sales up 145% in H1 2026 €888K +145% €244K +86% €644K +178% CellTolerance sales, H1 2026 (€363K in H1 United States EMEA & RoW 2025) SALES BY REGION (€K) H1 2025 H1 2026 WHERE THE GROWTH COMES FROM 4 new countries 888 First sales in the UAE, Switzerland, Po
Slide 27: A fast-growing international footprint
PILLAR 03 · FOOD INTOLERANCE A fast-growing international footprint Paying centers up from 17 at end-2025 to 25 in 2026, across 9 countries. ESTABLISHED Germany United States France Italy Australia PAYING CENTERS 27 FIRST SALES IN H1 2026 17 15 UAE Switzerland Poland Spain 14 APPROVED OR IN ROLLOUT
Slide 28: Why now: a $1.0bn+ a year, with no incumbent
PILLAR 03 · FOOD INTOLERANCE Why now: a $1.0bn+ a year, with no incumbent 01 02 03 04 UNMET NEED CASH-PAY UNIQUE TECHNOLOGY LEADERSHIP The #1 GI diagnosis No reimbursement The only live view A team built for the with no objective bottleneck of gut function rollout test Patients pay directly: Binary
Slide 29: From technology to traction
CHAPTER III · PERFORMANCE From technology to traction III H1 2026 product sales up 44% at constant exchange rates
Slide 30: Growth, discipline and a restored balance sheet
FINANCIAL SNAPSHOT Growth, discipline and a restored balance sheet SALES GROWTH PATH TO PROFITABILITY BALANCE SHEET +44% −70% +€20M H1 2026 product sales at CER operating losses, 2020 to 2025 equity restored in 2025 Growth in systems, probes and recurring Target: adjusted EBITDA breakeven by Plus a
Slide 31: Solid growth across all regions
H1 2026 SALES Solid growth across all regions Product sales, H1 2026 vs. H1 2025. TOTAL PRODUCT SALES UNITED STATES EMEA & ROW €3,203K €2,055K €1,149K +44% CER vs. €2,303K +10% CER vs. €1,987K +261% CER vs. €312K Q2 2026: €1,676K, +27% CER. Fourth CellTolerance: €888K, +145%. New Strong system pipel
Slide 32: Four straight quarters of double-digit growth
H1 2026 SALES Four straight quarters of double-digit growth Quarterly product sales (€K) and year-on-year growth at CER. 1,944 1,676 Q2 2026 1,332 1,343 1,527 +27% €1,676K, after +68% in Q1 970 H1 2026 +44% €3,203K, licensing excluded Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 −18% −18% +12% +38% +68% +27%
Slide 33: Recurring revenue up, systems expected in H2
UNITED STATES Recurring revenue up, systems expected in H2 SYSTEMS PROBES PPU SERVICE +0% +33% −2% +17% H1 2026 · CER H1 2026 · CER H1 2026 · CER H1 2026 · CER Q2 2026: −47% Q2 2026: +4% Q2 2026: +5% Q2 2026: +23% 1 system sold in Q2 vs. 2 a year AQ-Flex volumes in pancreatic Back to growth: −16% in
Slide 34: Higher prices, tighter discounts
UNITED STATES Higher prices, tighter discounts Discount rate (bars) and average selling price (labels) on the U.S. platform. CELLVIZIO SYSTEMS MINIPROBES Average discount and average selling price Average discount and average selling price 21.3% 22.5% 20.9% 17.3% 15.3% 14.6% 13.2% 3.8% 2022 2023 202
Slide 35: International sales more than tripled in H1
EMEA & REST OF WORLD International sales more than tripled in H1 Sales excluding China and J&J clinical (€K), year-on-year. H1 2025 Inventory effect from the Prior year Current year phase-out of the Cellvizio 100 Series. 653 613 495 H2 2025 Rebound after the exit from 373 349 safeguard proceedings.
Slide 36: A balance sheet built to fund growth
BALANCE SHEET A balance sheet built to fund growth Restructuring completed in November 2025, reinforced in July 2026. NEW FLEXIBILITY DEBT REDUCTION LONGER MATURITY FRESH EQUITY −69% 10 yrs €6.1M €5M Optional shareholder loan from Gross debt cut from €39M to 90% of repayments fall after Raised in No
Slide 37: Operating losses down 70% since 2020
PROFITABILITY Operating losses down 70% since 2020 Adjusted EBITDA¹ (€K). 2020 2021 2022 2023 2024 2025 TOP-LINE GROWTH −3,044 Fast U.S. adoption and a richer mix of −3,974 −3,986 probes and recurring revenue. COST DISCIPLINE −6,663 Structural savings across the P&L. COMMERCIAL LEVERAGE −9,769 Same
Slide 38: Operating cash burn halved since 2023
PROFITABILITY Operating cash burn halved since 2023 Operating cash flow excluding licensing (€K). 2025: −34% vs. 2024. 2022 2023 2024 2025 EBITDA TO CASH Lower losses translate directly into cash preserved. −4,178 WORKING CAPITAL Tighter inventory and faster collection. −6,324 VISIBILITY Into Q2 202
Slide 39: Three-year development plan
CHAPTER IV · GROWTH PLAN Three-year development plan IV U.S. direct sales at ~30% CAGR, strategic partnerships, rest of world at ~60% CAGR
Slide 40: Three growth vectors, one operating model
2028 VISION Three growth vectors, one operating model VECTOR 01 VECTOR 02 VECTOR 03 U.S. direct sales Partnerships Rest of world >$10M Multiplier >€4M ≈30% CAGR Upside ≈60% CAGR More than double by 2028, across TaeWoong and future partners add 4× by 2028, led by CellTolerance and several indications
Slide 41: Doubling to more than $10M by 2028
U.S. DIRECT SALES Doubling to more than $10M by 2028 A lean, reinforced team building on clinical momentum. BASE IN PLACE >$10M 200+ 70–100 10 installed sites active accounts people in the sales team ROAD TO >$10M BY 2028 Capital: 8 to 16 systems a year ~$5M Including ~100 Gen 2 upgrades, with 2 mor
Slide 42: From today to 2028: two more hunters
U.S. DIRECT SALES From today to 2028: two more hunters The Clinical Associates are in place. The only change is +2 Territory Managers. TODAY · 4.5 HUNTING FTE TARGET 2028 · 6.5 HUNTING FTE President U.S. & Head of Global Marketing President U.S. & Head of Global Marketing Director of Sales, U.S. Dir
Slide 43: About $10M with 6.5 hunting FTE
U.S. DIRECT SALES About $10M with 6.5 hunting FTE U.S. direct sales: more reps, and more revenue per rep. REVENUE PER REP $10.1M $8.1M $1.25M today $0.75M hunt (~3 systems × $250K) + $0.50M farm (~10 accounts × $50K) $5.0M $1.55M with the Clinical Associates More probes and services per installed sy
Slide 44: A second U.S. growth engine
STRATEGIC PARTNERSHIPS A second U.S. growth engine Partners extend commercial reach beyond direct sales. PARTNERS 02 · NEXT PARTNER 01 · IN PLACE New strategic partners TaeWoong Medical USA Established players to accelerate adoption in new indications, Imaging-to-therapy offer in pancreatic cyst les
Slide 45: From €1M to more than €4M by 2028
OUTSIDE THE U.S. From €1M to more than €4M by 2028 CellTolerance is the new growth engine. ALREADY UNDER WAY >€4M €1.15M +261% 4 H1 2026 sales, above full-year 2025 H1 2026 growth at CER new countries in H1 2026 ROAD TO >€4M BY 2028 CellTolerance: 5+ new territories a year Moving from reference clin
Slide 46: Three horizons of innovation
R&D ROADMAP Three horizons of innovation From the next probe to AI-augmented imaging. 01 HORIZON 01 · PRODUCT 02 HORIZON 02 · DIGITAL 03 HORIZON 03 · AI Ultra-thin probe Cellvizio Link & Gen 4 AI-augmented Cellvizio Probe from 0.85 mm to 0.45 mm Connected systems, automatic logging Leading academic
Slide 47: Ready for the next phase of growth
CHAPTER V · OUTLOOK Ready for the next phase of V growth H2 2026 growth drivers and investment thesis
Slide 48: Three growth drivers for H2 2026
OUTLOOK Three growth drivers for H2 2026 Growth expected to continue in the second half, with strict cost control. 01 02 03 U.S. system sales U.S. usage CellTolerance ramp-up Pancreatic cyst lesion momentum and Key accounts revitalized by the Clinical Sequential growth in established and new upgrade
Slide 49: Now is the entry point
INVESTMENT THESIS Now is the entry point 01 02 03 Platform Markets Moment 20 years of science, 200+ patents, ~$1bn a year in the U.S. alone, in Sales +44% in H1 2026, losses −70% 1,200+ publications, reimbursement in indications where Cellvizio has no since 2020, balance sheet restored. place. equiv
Slide 50: Shareholding
APPENDIX Shareholding 194M shares outstanding, June 2026. Individual investors 41% Long-standing retail base Institutional investors 15% Incl. new long-term holders from 2025 Vester Finance 14% Largest shareholder, long-term partner Management + ESOP / free shares¹ 12% Strong alignment European Inve
Slide 51: Stock information
APPENDIX Stock information ANALYST COVERAGE LISTING COVERED BY TICKER ISIN Euroland Finance ALMKT FR0010609263 Allinvest MARKET SHARES OUTSTANDING Euronext Growth Paris 194,405,221 AVERAGE TARGET PRICE €0.35 Corporate Presentation · October 2026 54
Slide 52: Endomicroscopy is here to stay.
THANK YOU Endomicroscopy is here to stay. Let's make this revolution happen, together. INVESTOR RELATIONS PARIS · HQ BOSTON · U.S. 9 rue d'Enghien 24 Denby Road, Suite 140 investors@maunakeatech.com 75010 Paris, France Allston, MA 02134, USA SEE CELLS. CHANGE LIVES.
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