Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — Investor Presentation (March 2026)
32 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 – Q2 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 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 deliver losses, ta
Slide 7: 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 8: A Q1 2026 showing a decisive turning point in Cellvizio adoption
A Q1 2026 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 Defini
Slide 9: U.S. market driving consecutive quarters of growth
U.S. MARKET DRIVING CONSECUTIVE QUARTERS OF GROWTH U.S. Reported Sales (in USD thousands) +82% +38% Prior Year 1 800 1 742 Current Year +23% +31% 1 293 1 184 1 202 +11% 1 054 958 901 900 901 815 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 U.S. accounts for ~70% of Strong capital adoption in Rebound in P
Slide 10: 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 11: International sales: strong rebound driven by CellTolerance
INTERNATIONAL SALES: STRONG REBOUND DRIVEN BY CELLTOLERANCE International Sales excluding China and J&J clinical (in thousands of EUR) 800 Prior Year 613 Current Year +326% +18% +32% 495 373 349 328 277 282 202 116 116 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 H1 2025 H2 2025 Q1 2026 Temporary inven
Slide 12: CellTolerance: rapid global expansion in Q1 2026
CELLTOLERANCE: RAPID GLOBAL EXPANSION IN Q1 2026 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 Gastroenterologie Stanford Fra
Slide 13: Growth fueled by two high-value clinical pillars
GROWTH FUELED BY TWO HIGH-VALUE CLINICAL PILLARS 13
Slide 14: Pancreatic cysts: establishing a new diagnostic standard
PANCREATIC CYSTS: ESTABLISHING A NEW DIAGNOSTIC STANDARD THE DIAGNOSTIC IMPASSE THE CELLVIZIO BREAKTHROUGH 30-50% Significant portion of pancreatic cysts are Indeterminate unclassifiable using current EUS cases modalities 20-40% Fluid analysis and biomarkers often fail to Cysts remain provide defini
Slide 15: 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 (CLIMB) ‣ Officially included in the code more than in this therapeutic area European ESGE doubles hospital in the U.S. (500 patients Gui
Slide 16: 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 17: 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 17
Slide 18: 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 IBS is the #1 diagnosis 50% made in GI affecting 10-15% Of All GI of the worldwide adult Consultations population Many patients fail to find 34% relief after treatment with Cases
Slide 19: 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 20: 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 21: 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 22: 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 23: 3-year development plan
3-YEAR DEVELOPMENT PLAN 23
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: Stock information
STOCK INFORMATION Listing ‣ Ticker : ALMKT ‣ ISIN : FR0010609263 ‣ Market : Euronext Growth Paris ‣ Shares outstanding : 194,405,221 Analyst Coverage ‣ Ticker : ALMKT ‣ Covered by : Euroland Finance, Allinvest ‣ Average target price : €0.35 31
Slide 32: Contact addresses
24 Denby Road 9 rue d’Enghien Suite 140 75010 Paris Allston, MA 02134 32 France USA
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