Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — Investor Presentation (March 2026)
29 slides from Mauna Kea Technologies Sa Class O's investor presentation, March 2026
Slide 1: See Cells. Change Lives.
See Cells. Change Lives. Corporate Presentation – Q1 2026 A De-Risked Platform Entering a Phase of Accelerated Growth 1
Slide 2: Disclaimer
DISCLAIMER • This document has been prepared by Mauna Kea Technologies (the "Company") and is provided for information purposes only. • The information and opinions contained in this document speak only as of the date of this document and may be updated, supplemented, revised, verified or amended, a
Slide 3: How many truly new medical imaging modalities have you seen emerge in your lifetime?
HOW MANY TRULY NEW MEDICAL IMAGING MODALITIES HAVE YOU SEEN EMERGE IN YOUR LIFETIME ? 3
Slide 4: Cellvizio: a new imaging modality becoming a standard of care
CELLVIZIO®: A NEW IMAGING MODALITY BECOMING A STANDARD OF CARE FROM MACROSCOPIC GUESSWORK TO CELLULAR CERTAINTY Standard cross-sectional Cellvizio live microscopic ultrasound image of a imaging revealing an invisible pancreatic cyst superficial vascular network Cellvizio provides physicians with the
Slide 5: A mature platform with a structural moat and solid foundations for commercial expansion
A MATURE PLATFORM WITH A STRUCTURAL MOAT AND SOLID FOUNDATIONS FOR COMMERCIAL EXPANSION CE mark MINIPROBES 20+ under new Portfolio of reposable FDA clearances MDR regulation ultra-miniaturized fiber-optic miniprobes Cat I CPT 200+ CELLVIZIO PLATFORM codes patents Proprietary cutting-edge opto-mechat
Slide 6: Entering a new era of financial efficiency and growth
ENTERING A NEW ERA OF FINANCIAL EFFICIENCY AND GROWTH Strengthened Commercial Clear Path to Balance Sheet Acceleration Profitability Successful financial Record growth Scaling top-line restructuring in the U.S. and strong revenues eliminating balance clinical adoption across while maintaining strict
Slide 7: A strengthened balance sheet providing flexibility and visibility to drive commercial growth
A STRENGTHENED BALANCE SHEET PROVIDING THE FLEXIBILITY AND VISIBILITY TO DRIVE COMMERCIAL GROWTH Successful execution of a major financial restructuring in November 2025 Massive Debt Extended Secured Cash Reduction Repayment Runway Horizon -70% 10 years €6.1M + Warrants Total gross debt slashed by T
Slide 8: Delivering on a clear commercial inflection point
DELIVERING ON A CLEAR COMMERCIAL INFLECTION POINT ‣ U.S. Sales: +82% Q4 2025 ‣ RoW Sales: +32% Q4 2025 GLOBAL 4th consecutive quarter of Rebounding from +18% in Q3 MOMENTUM Global momentum growth acceleration ‣ Pancreatic Cysts ‣ CellTolerance GROWTH Rapid and deep clinical 2nd commercial pillar rea
Slide 9: U.S. growth accelerates to +82% in Q4 2025, +38% FY 2025
U.S. GROWTH ACCELERATES TO +82% IN Q4 2025, +38% FY 2025 US Accounting Sales (in USD thousands) 2024 2025 +82% 1 742 +31% 1 800 +23% 1 293 1 184 +11% 1 054 958 901 900 815 Q1 Q2 Q3 Q4 U.S. is now 77% of total System sales surged +324% Probe sales doubled revenue driving a margin- (CER), highlighting
Slide 10: Driving high-quality, margin-accretive growth in the U.S.
DRIVING HIGH-QUALITY, MARGIN-ACCRETIVE GROWTH IN THE U.S. Average Price Discount Rate Productivity Year (Cellvizio system) (Cellvizio system) (sales per rep) 2021 $160,011 23.8 % $335K 2023 $182,125 15.3 % $629K 2025 $214,550 3.8 % $935K Pricing Power Discount Discipline Operational Leverage Average
Slide 11: O.U.S. commercial recovery accelerated by CellTolerance adoption
O.U.S. COMMERCIAL RECOVERY ACCELERATED BY CELLTOLERANCE ADOPTION Revenue EU/Rest of the world excluding China and J&J clinical (in thousands of EUR) 2024 2025 800 613 +32% +18% 373 349 328 277 282 202 116 0 Q1 Q2 Q3 Q4 H1 2025 H2 2025 Market Expansion Inventory effect following the Strong activity r
Slide 12: Growth fueled by two high-value clinical pillars
GROWTH FUELED BY TWO HIGH-VALUE CLINICAL PILLARS 12
Slide 13: Pancreatic cysts: establishing a new diagnostic standard
PANCREATIC CYSTS: ESTABLISHING A NEW DIAGNOSTIC STANDARD THE DIAGNOSTIC IMPASSE THE CELLVIZIO BREAKTHROUGH 30-50% Indeterminate Significant portion of pancreatic EUS cases cysts are unclassifiable using current modalities 20-40% Cysts remain Fluid analysis and biomarkers indeterminate often fail to
Slide 14: Multiple catalysts for widespread commercial adoption
MULTIPLE CATALYSTS FOR WIDESPREAD COMMERCIAL ADOPTION REIMBURSEMENT CLINICAL MARKET CODES Global momentum VALIDATION MOMENTUM ‣ Specific Cat I CPT ‣ Largest study ‣ Officially included in the code more than (CLIMB) in this European ESGE doubles hospital therapeutic area in the Guidelines (2025) reim
Slide 15: Accelerating U.S. adoption through strategic partnership with TaeWoong Medical USA
ACCELERATING U.S. ADOPTION THROUGH STRATEGIC PARTNERSHIP WITH TAEWOONG MEDICAL USA VISUALIZE TREAT Integrated Solution Enhanced Capabilities Creates the industry's first fully integrated imaging-to- Combines Mauna Kea's diagnostic clarity with therapy' solution for EUS-guided pancreatic care TaeWoon
Slide 16: Short-term revenue opportunity in the U.S. for this indication
SHORT-TERM REVENUE OPPORTUNITY IN THE U.S. FOR THIS INDICATION CAPITAL REVENUE RECURRING REVENUE $200M ~1,000 $100M / year U.S. hospitals performing EUS-FNA ~100,000 Procedures/ year that could benefit from Avg sales price: Avg revenue per Cellvizio nCLE $215,000 procedure: ~$1,100 16
Slide 17: CellTolerance: addressing a massive unmet need in IBS diagnostics
CELLTOLERANCE: ADDRESSING A MASSIVE UNMET NEED IN IBS DIAGNOSTICS A MASSIVE UNDERSERVED MARKET THE CELLVIZIO BREAKTHROUGH 50% Of All GI IBS is the #1 diagnosis made in Consultations GI affecting 10-15% of the worldwide adult population 34% Cases Remain Many patients fail to find relief Uncontrolled
Slide 18: CellTolerance: the first procedure to uncover food intolerances causing IBS symptoms
CELLTOLERANCE: THE FIRST PROCEDURE TO UNCOVER FOOD INTOLERANCES CAUSING IBS SYMPTOMS STEP 1 : Food sprayed applied STEP 2 : Gut barrier onto the duodenum mucosa visualization Normal barrier Broken barrier Negative reaction Positive reaction No Alternatives No Interpretation The only tool that visual
Slide 19: CellTolerance: global network expansion and strong KOL support
CELLTOLERANCE: GLOBAL NETWORK EXPANSION AND STRONG KOL SUPPORT Midwest NEW Clinique du Praxisklinik für Klinikum Oldenburg PPU Gastroenterologie Digestive Trocadero Children’s Hospital Frankfurt Klinikum Mainz Clinique de & Medical Center Bercy Klinikum Bamberg Asklepios Klinikum Schwalmstadt Stanfo
Slide 20: 3-year development plan
3-YEAR DEVELOPMENT PLAN 20
Slide 21: 2028 commercial vision: a multi-vector exponential growth
2028 COMMERCIAL VISION: A MULTI-VECTOR EXPONENTIAL GROWTH U.S. DIRECT SALES PARTNERSHIP ROW SALES > $10M Strategic > €4M ≈ 30% CAGR Multiplier ≈ 60% CAGR A solid, high recurring A scalable new revenue An accelerating foundation projected to stream starting in 2026 with international business set mor
Slide 22: U.S. direct sales: leveraging clinical momentum to double sales by 2028
U.S. DIRECT SALES: LEVERAGING CLINICAL MOMENTUM TO DOUBLE SALES BY 2028 U.S. Direct Sales (in €M) ESTABLISHED COMMERCIAL FOUNDATION > $10M ‣ Market Presence: 200+ installed sites with 70-100 Services PPU highly active accounts Probes ‣ Specialized Salesforce: Team of 8 led by a Director Systems of S
Slide 23: Strategic partnerships: scaling U.S. revenue beyond direct sales
STRATEGIC PARTNERSHIPS: SCALING U.S. REVENUE BEYOND DIRECT SALES 20 000 000 Total U.S. Sales including partners (in $M) U.S. Partners Sales U.S. Direct Sales LEVERAGE TAEWOONG PARTNERSHIP ‣ Securing double-digit new system placements annually through immediate access to a 100+ site RFA network Partn
Slide 24: O.U.S. sales: a 4x growth by 2028 fueled by CellTolerance
O.U.S. SALES: A 4X GROWTH BY 2028 FUELED BY CELLTOLERANCE OUS Sales (in €M) 5 000 000 > €4M CELLTOLERANCE AS THE GROWTH ENGINE CellTolerance Sales Legacy Sales 3 646 868 ‣ Targeted capital sales: Capitalize on direct footprint in Germany and expand into DASH 2 775 653 markets ‣ International Expansi
Slide 25: R&D innovation: securing our technological leadership
R&D INNOVATION: SECURING OUR TECHNOLOGICAL LEADERSHIP PRODUCT DIGITAL GEN 4 CELLVIZIO INNOVATION TRANSFORMATION COMBINATION ULTRA-THIN PROBE CELLVIZIO WITH AI FOR PANC CYSTS LINK ‣ Probe miniaturization ‣ Live connectivity of ‣ Partnership with world- (0.85mm to 0.45mm Cellvizio leading academic dia
Slide 26: Leadership team
LEADERSHIP TEAM Board of Directors Executive Team Sacha Loiseau, Ph.D. Nathalie Lecoq Chairman and CEO, Founder Chief Operating Officer Christopher McFadden Molly O'Neill Managing Director, Apollo Chief Strategic Partnerships Global Management Officer, Aegis Ventures Côme de La Tour du Pin François
Slide 27: Shareholding
SHAREHOLDING 6% / €6M invested 2023 7% Management + ESOP/ 5% / €15M invested 2019/2021) Free Shares EIB 10% Debt-to-equity conversion post-67% debt write-off (€21M) / 2-year lock-up (end 2027) 36% Institutional investors (incl. new long-term shareholders 36% via 2025 restructuring raise) Individual
Slide 28: Stock information
STOCK INFORMATION Listing ‣ Ticker : ALMKT ‣ ISIN : FR0010609263 ‣ Market : Euronext Growth Paris ‣ Shares outstanding : 191,997,405 Analyst Coverage Key Statistics since 1/1/2026 ‣ Ticker : ALMKT ‣ Average daily trading volume : 2 325 000 shares ‣ Covered by : Euroland Finance, Allinvest ‣ Average
Slide 29: Contact addresses
24 Denby Road 9 rue d’Enghien Suite 140 75010 Paris Allston, MA 02134 29 France USA
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