Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — Corporate Update (November 2025)
30 slides from Mauna Kea Technologies Sa Class O's corporate update, Nov 18, 2025
Slide 1: Shareholder Webinar
Shareholder Webinar November 18, 2025 See cells. Change lives. 1
Slide 2: Disclaimer
DISCLAIMER • This document has been prepared by Mauna Kea Technologies (the "Company") and is provided for informational purposes only. • The information and opinions contained herein are valid only as of the date of the presentation. They are subject to change, update, completion, or correction wit
Slide 3: Agenda: A New Era
AGENDA A NEW ERA ‣ 1. A transformative financial restructuring ‣ 2. Tangible signs of commercial acceleration ‣ 3. Towards profitability ‣ 4. Pancreatic cysts: Focus on an indication becoming a must-have ‣ Conclusion 3
Slide 4: Cellvizio: A Medical Revolution Comparable to Ultrasound
CELLVIZIO® : A MEDICAL REVOLUTION COMPARABLE TO ULTRASOUND THE WORLD’S SMALLEST MICROSCOPE, CAPABLE OF DELIVERING REAL-TIME CELLULAR IMAGES OF HUMAN TISSUES DURING AN INTERVENTION 4
Slide 5: Our Mission: Save Lives by Helping Doctors Avoid Diagnostic Errors
OUR MISSION : SAVE LIVES BY HELPING DOCTORS AVOID DIAGNOSTIC ERRORS MORE PRE-CANCEROUS LESIONS DETECTED ‣ Chronic GERD can lead to Barrett's Esophagus, a precursor to esophageal cancer with a risk 9x higher than the general population1 FEWER UNNECESSARY SURGERIES ‣ Pancreatic surgery carries a morta
Slide 6: Mauna Kea Technologies: A Mature Medtech, Inventor of Cellvizio
MAUNA KEA TECHNOLOGIES : A MATURE MEDTECH, INVENTOR OF CELLVIZIO A REMARKABLE ENTREPRENEURIAL 800+ STORY > 100 k 1,200+ systems Like so many disruptive technologies, procedures clinical papers installed Cellvizio was way ahead of its time NOW IS THE TIME 20+ Cellvizio is now recognized as a must- 23
Slide 7: A Transformative Financial Restructuring
A Transformative Financial Restructuring 7
Slide 8: Safeguard Proceedings: A Necessary and Powerful Tool to Restart
SAFEGUARD PROCEEDINGS: A NECESSARY AND POWERFUL TOOL TO RESTART ON HEALTHY FOUNDATION ‣ Voluntary Process: A voluntary procedure deemed essential to protect the Company from legacy debt and enable global restructuring. ‣ Clean up the balance sheet: Write-off of part of the debt and spreading the bal
Slide 9: A Successful Restructuring That Transforms the Financial Profile
A SUCCESSFUL RESTRUCTURING THAT RADICALLY TRANSFORMS MAUNA KEA'S FINANCIAL PROFILE Before After restructuring restructuring 40 40 €40 M ‣ The company is deleveraged in the short and medium term ‣ Financial visibility restored 20 €28 M of debt ‣ Major revaluation potential written off €6.1 M unlocked
Slide 10: A Strategic Capital Increase Calibrated to Maximize Shareholder Value
A STRATEGIC CAPITAL INCREASE CALIBRATED TO MAXIMIZE SHAREHOLDER VALUE CREATION LONG TERM INVESTORS ALIGNEMENT WITH SHAREHOLDERS ‣ Qualitative profile: Subscribed by Family ‣ Positive Equation: Dilution (€7.7M) largely Offices, Business Angels, Medtech experts + offset by debt write-off (€28M) MKT le
Slide 11: A Very Progressive Debt Repayment Schedule
A VERY PROGRESSIVE DEBT REPAYMENT SCHEDULE ALIGNED WITH THE FUTURE PROFITABILITY TRAJECTORY Debt repayment schedule (in thousand euros) 15 000 14 368 ‣ Debt spread over 10 years with very 10 000 progressive repayments. 5 996 6 555 ‣ Very low maturities 5 000 before reaching 3 890 3 826 3 244 profita
Slide 12: Paradox of Current Valuation
PARADOX OF CURRENT VALUATION CONSTAT ‣ Before: risk of insolvency and unsustainable debt BEFORE AFTER (Pre-operation) (Post-operation) ‣ Now: clean balance sheet, restructured debt, and financial visibility secured until H2 2027 ‣ Profile: Risky & Over- ‣ Profile : Cleaned up & indebted Funded PARAD
Slide 13: Tangible Signs of Commercial Acceleration
Tangible Signs of Commercial Acceleration 13
Slide 14: USA: Strong and Confirmed Commercial Acceleration
USA STRONG AND CONFIRMED COMMERCIAL ACCELERATION Quarterly sales in the U.S. in 2024-2025 ($K) +31% FOCUS ON USA: 80% OF SALES +23% 1 300 1 294 ‣ Continued growth acceleration in 2025 1 183 ‣ Strong momentum in pancreatic cysts +11% 1 055 1 050 (system sales and account reactivations) 902 901 816 ‣
Slide 15: USA: Accelerating Growth in Recurring Probe Sales
USA ACCELERATING GROWTH IN RECURRING PROBE SALES Cumulated sales of GastroFlex and AQFlex probes in the U.S. in 2024 and 2025 x1.5 ‣ Marked acceleration in consumable 50 volumes from June 2025 (x1.5) ‣ GastroFlex: Growth driven by CellTolerance rollout (food intolerances) 25 ‣ AQ-Flex: Strong dynami
Slide 16: Europe / Rest of World: Opportunistic Management Focused on New Growth Drivers
EUROPE / REST OF WORLD DU MONDE OPPORTUNISTIC MANAGEMENT FOCUSED ON NEW GROWTH DRIVERS STOCK EFFECT ‣ Atypical base effect in H1 2024 linked to system/probe replacements following MDR 800 732 regulation (transitory stock effect) Commercial strategy: 349 328 ‣ CellTolerance growth driver less depende
Slide 17: Towards Profitability
Towards Profitability 17
Slide 18: Rigorous Management of Operating Expenses, Decreasing Since 2021
RIGOROUS MANAGEMENT OF OPERATING EXPENSES, CONSTANTLY DECREASING SINCE 2021 Operating expenses (in thousand euros) - 40% ‣ Optimization of sales and 10000 9 170 marketing spend for increased 7 598 7 506 efficiency 6 823 ‣ Significant reduction in general 5 537 and administrative costs ‣ Continued in
Slide 19: Significant and Programmed Reduction of Cash Burn
SIGNIFICANT AND PROGRAMMED REDUCTION Annual cash burn including debt repayment (in thousand euros) 9 ‣ Objective: Profitability by end of 2027 10000 8 ‣ US Leverage: Profitable activity from 2025 with increasing margins as 6 sales accelerate 5 ~ 55 000 ‣ Cash burn: €8M to end-2027 ~ 32 0001 ‣ Upside
Slide 20: Pancreatic Cysts: Focus on an Indication Becoming a Must-Have
Pancreatic Cysts: Focus on an Indication Becoming a Must-Have 20
Slide 21: Pancreatic Cysts: Major Health Issue but Poorly Diagnosed
PANCREATIC CYSTS: MAJOR HEALTH ISSUE BUT POORLY DIAGNOSED BY CURRENT METHODS HIGH PREVALENCE: 3 TO 10% OF ADULTS AFFECTED DIAGNOSTIC IMPASSE Endoscopic Ultrasound (EUS): Up to 30% of cases remain ‣ Cyst imaging indeterminate Fine Needle Aspiration (FNA) >50% of punctures are ‣ Liquid analysis inconc
Slide 22: Cellvizio: Solution for Direct Microscopic Visualization of the Lesion
CELLVIZIO : THE SOLUTION FOR DIRECT MICROSCOPIC VISUALIZATION OF THE LESION ‣ Unrivaled diagnostic accuracy: Drastically reduces error rates ‣ Major reduction in unnecessary surgeries (avoids heavy, costly, and dangerous interventions) ‣ Optimized patient management: Monitoring of low-risk patients
Slide 23: Well-Proven Diagnostic Superiority
ELL-PROVEN DIAGNOSTIC SUPERIORITY Comparison of cyst classification methods (Mucinous vs. Non-Mucinous) Confirmed efficacy in over 3,600 patients A meta-analysis of 3,641 patients concluded that adding Cellvizio to standard exams is superior to all other methods 23
Slide 24: CLIMB Study: Major Clinical Validation Changing the Game in the U.S.
CLIMB STUDY: MAJOR CLINICAL VALIDATION CHANGING THE GAME IN THE U.S. CLIMB study centers ‣ Credibility: Co-funded by the NIH Univ. Mich. Ann Arbor, BIDMC, Boston, MA and conducted in 14 prestigious Parkview Fort Wayne, Yale, New hospitals (Johns Hopkins, Stanford, Haven, CT Mayo Clinic, etc.) UC Dav
Slide 25: Cellvizio Now Included in the 2025 EU Recommendations (ESGE)
CELLVIZIO NOW INCLUDED IN THE 2025 EU RECOMMENDATIONS (ESGE) The European Society of Gastrointestinal Endoscopy (ESGE) now officially recommends the use of Cellvizio® (nCLE) for the characterization of pancreatic cysts These new guidelines highlight its unique effectiveness in differentiating betwee
Slide 26: U.S. Reimbursement: A Major Financial Incentive for Hospitals
U.S. REIMBURSEMENT: A MAJOR FINANCIAL INCENTIVE FOR HOSPITALS AND A KEY DRIVER FOR SALES ‣ CPT Code: Specific CPT code (43252) allows significant additional billing when using Cellvizio in addition to standard ultrasound Standard procedure (EUS-FNA) Without Cellvizio $1,815 ‣ Economic Value: Transfo
Slide 27: Significant Short-Term Revenue Potential in U.S. for This Indication
SIGNIFICANT SHORT-TERM REVENUE POTENTIAL IN U.S. FOR THIS INDICATION INSTALLED POTENTIAL RECURRING REVENUE $200M POTENTIAL ~1,000 $100M / year U.S. hospitals performing EUS- FNA ~100,000 Procedures/year Avg sales price: Avg revenue per $200,000 procedure: ~$1,000 27
Slide 28: Conclusion
Conclusion 28
Slide 29: Conclusion
CONCLUSION ‣ Unique, mature imaging platform on the verge of massive adoption in gastroenterology ‣ Cleaned-up financial structure and restored financial visibility ‣ Solid commercial momentum in the strategic US market with potential for significant acceleration ‣ Multiple and identified growth lev
Slide 30: Contact addresses
9 rue d’Enghien 24 Denby Road 75010 Paris Allston, MA 02134 30 France USA
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