Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — FY2025 Earnings Presentation
22 slides from Mauna Kea Technologies Sa Class O's earnings presentation, Apr 22, 2026
Slide 1: FY 2025 Results & Q1 2026 Sales Webinar
See Cells. Change Lives. FY 2025 Results & Q1 2026 Sales Webinar - April 22, 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: A Clear Trajectory for 2026: Sustained Sales and Path to Profitability
A CLEAR TRAJECTORY FOR 2026: SUSTAINED SALES AND PATH TO PROFITABILITY CORE SALES CLEAR PATH TO STRENGTHENED ACCELERATION PROFITABILITY BALANCE SHEET Strong commercial Continuous reduction in Resources now prioritized momentum since 2025, cash burn and operating for business growth and on track to d
Slide 4: FY 2025 Financial Results
FY 2025 FINANCIAL RESULTS 4
Slide 5: Solid Metrics Confirming a Strengthened Financial Structure
SOLID METRICS CONFIRMING A STRENGTHENED FINANCIAL STRUCTURE TOTAL SALES Adj. EBITDA NET PROFIT DEBT REDUCTION €8.2M (€3.0M) €10.8M €26.5M Accelerated sales €1M improvement via Significant 69% reduction in total momentum in the operating leverage exceptional result debt including €8M U.S. (+38% CER)
Slide 6: Executing Our Path to Profitability
EXECUTING OUR PATH TO PROFITABILITY Adjusted EBITDA1 (in €K) Top-line Acceleration Driven by rapid U.S. adoption and 0 high-margin product sales -3 044 -3 974 -3 986 Commercial Leverage Increasing productivity thanks to -6 663 highly disciplined account management -9 769 -70% -10 198 Strict Financia
Slide 7: Operating Cash Burn Halved Since 2022
OPERATING CASH BURN HALVED SINCE 2022 Operating cash flow (in €K) excl. licensing EBITDA-to-Cash Translation - 34% Reduction in operating losses vs 2024 immediately reflected in the cash preservation 0 Working Capital Optimization Proactive control over inventory -4 178 levels and optimized receivab
Slide 8: A De-Risked and Optimized Financial Structure
A DE-RISKED AND OPTIMIZED FINANCIAL STRUCTURE Equity (in €K) Financial debt1 (in €K) Massive Deleveraging €27M debt reduction through a successful safeguard plan, 0 35000 38 597 - €27M lowering the risk profile -4 820 Equity Restoration Strong improvement in the equity position driven by net profit
Slide 9: 2025 P&L - Current Operating Income
2025 P&L - CURRENT OPERATING INCOME In €k FY 2025 FY 2024 Change (%) Total Revenues Solid +6% growth. Strong U.S. sales (+38% CER) Total sales 8,224 7,655 7% partially offset by a lower R&D tax credit Other revenues 686 760 -10 % Gross Margin & COGS Total revenue 8,910 8,415 6% Margin at 64%, impact
Slide 10: Highly Stable Underlying Gross Margin Proving Strong Business Fundamentals
HIGHLY STABLE UNDERLYING GROSS MARGIN PROVING STRONG BUSINESS FUNDAMENTALS In €k FY 2025 FY 2024 FY 2023 ‣ FY 2024 COGS favorably impacted by one-off non-cash inventory COGS (2,029) (1,215) (2,118) adjustments Non-cash inventory adjustments 129 (519) 161 ‣ U.S. import tariffs created a temporary hea
Slide 11: 2025 P&L - Net Profit
2025 P&L - NET PROFIT Operating Loss Contained at €6.1M, impacted by €1M in one-off In €k FY 2025 FY 2024 Change (%) expenses (€0.4M in fees related to the safeguard proceedings & €0.6M in non-cash depreciation of Current Operating Loss (5,196) (6,049) -14 % Gen2 systems dedicated to Tasly JV) Non-r
Slide 12: Q1 2026 Sales
Q1 2026 SALES 12
Slide 13: Q1 2026: Robust Sales Growth Across All Territories
Q1 2026: ROBUST SALES GROWTH ACROSS ALL TERRITORIES CORE PRODUCT U.S. PRODUCT INT’L PRODUCT SALES SALES SALES €1,527K €1,032K €495K +68% CER +34% CER +326% CER ‣ Strong product sales, only indicator of the true underlying core business ‣ Continued U.S. execution building on 2025 momentum ‣ Triple-di
Slide 14: A Q1 That Reads Well, Showing a Decisive Turning Point in Cellvizio Adoption
A Q1 THAT READS WELL, SHOWING A DECISIVE TURNING POINT IN CELLVIZIO ADOPTION DRIVEN BY KEY CATALYSTS Q1 core product sales in 2023-2026 (in €K, excluding Asia) Unique clinical value fully supported 1 600 1 527 by strong health economics and established reimbursement 1 256 1 200 1 103 966 Definitive
Slide 15: Confirmed Accelerated Momentum in Core Product Sales
CONFIRMED ACCELERATED MOMENTUM IN CORE PRODUCT SALES Quarterly sales Q1 2025 to Q1 2026 (in €K) and YoY core product sales growth (CER) + 38% ‣ Core product sales 2 000 Third consecutive quarter of + 68% double-digit growth 1 500 - 18% + 12% demonstrating strong market momentum - 18% 1 000 ‣ Licence
Slide 16: Strong U.S. Performance Driven by Probe Usage and System Placements
STRONG U.S. PERFORMANCE DRIVEN BY STRONG PROBE USAGE AND SYSTEM PLACEMENTS U.S. sales growth by category in Q1 2026 YoY SYSTEMS PROBES PPU SERVICE +85% +84% -10% +9% Accelerated capital Increased clinical Positive usage trends Steady recurring adoption in pancreatic usage and optimized temporarily m
Slide 17: Strong U.S. Pricing Power Driving Margin Expansion
STRONG U.S. PRICING POWER DRIVING MARGIN EXPANSION Average Price Discount Rate Average Price Discount Rate Year Year (System) (System) (Probes) (Probes) 2022 $173,520 17.3 % 2022 $8,263 21.3 % 2023 $182,125 15.3 % 2023 $8,544 20.9 % 2024 $190,052 13.2 % 2024 $8,619 22.5 % 2025 $214,550 3.8 % 2025 $9
Slide 18: Strong CellTolerance Traction in Q1 2026: Expanding Global Footprint
STRONG CELLTOLERANCE TRACTION IN Q1 2026: EXPANDING GLOBAL FOOTPRINT NEW GERMANY NEW FRANCE Saratoga • Clinique du Trocadero NEW • Klinikum Oldenburg Midwest Schenectady • Clinique de Bercy • Klinikum Bamberg Digestive • Helios Klinikum • Asklepios Klinikum Schwalmstadt • Praxisklinik für Gastroente
Slide 19: Upcoming 2026 Catalysts
UPCOMING 2026 CATALYSTS 2026 2027 DDW CONFERENCE (2-5 MAY 2026) NEW CELLTOLERANCE TERRITORIES U.S. DEPLOYMENT TAEWOONG (Q2-Q4 26) OF CELLVIZIO LINK COMMERCIAL LAUNCH (Q2-Q4 26) (Q2 26) FRENCH HAS DECISION ON PANCREATIC CYST (Q2-Q3) 19 Note: HAS: Haute Autorité de Santé
Slide 20: Conclusion
CONCLUSION ‣ Financial Reset Executed Massive deleveraging (-69% debt) and a+€20M equity improvement. A fully de-risked platform funded for growth ‣ Operating Leverage & Pricing Power Halved operating cash burn and structural margin expansion through strong pricing power and strict cost discipline ‣
Slide 21: Q&A
Q&A ‘Mauna Kea Technologi
Slide 22: Office addresses
24 Denby Road 9 rue d’Enghien Suite 140 75010 Paris Allston, MA 02134 22 France USA
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