12 slides from Mauna Kea Technologies Sa Class O's earnings presentation, Jan 15, 2026
Slide 1: Webinar (Q4 2025 Sales)
Webinar (Q4 2025 Sales) 15 January 2026 See cells. Change lives. 1
Slide 2: Q4 2025: A Quarter Confirming the Growth Trajectory
Q4 2025: A QUARTER CONFIRMING THE GROWTH TRAJECTORY CLEAR IMPROVEMENT METRICS Strong Global Momentum ‣ Consolidated Revenue: +29% (at constant exchange rates) ‣ US Sales: +82% (4th consecutive quarter of acceleration Clear Growth Levers ‣ Strong clinical adoption in pancreatic cysts ‣ Emergence of C
Slide 3: The Growth Engine in Our Key Market, the U.S.
THE GROWTH ENGINE IN OUR KEY MARKET, THE U.S. 4 CONSECUTIVE QUARTERS OF ACCELERATION US Accounting Sales (in USD thousands) Q4 2025 Performance vs 2024: ‣ Systems (+324%) : 4 placements in Q4 +82% alone (vs 3 for the full year 2024 and 4 in +31% 2023) 1 800 1 742 +23% ‣ Probes (+101%) : Doubling of
Slide 4: United States: Healthy, Margin-Creating, and Disciplined Growth
UNITED STATES HEALTHY, MARGIN-CREATING, AND DISCIPLINED GROWTH Pricing Power : # Systems Average Discount on ‣ Rigorous pricing discipline with high Year Sold Price List Price perceived value of Cellvizio, particularly in pancreatic cysts 2023 4 $182,125 15.3 % 2024 3 $190,052 13.2 % ‣ → Average pri
Slide 5: Characterization of Pancreatic Cysts: Cellvizio on Track to Becoming a Standard of Care
CHARACTERIZATION OF PANCREATIC CYSTS CELLVIZIO ON TRACK TO BECOMING A STANDARD OF CARE CURRENT STANDARD: VERY LOW DIAGNOSTIC WITH CELLVIZIO: IDENTICAL PROCEDURE BUT VERY HIGH ACCURACY DIAGNOSTIC ACCURACY Method : Endoscopic Ultrasound-Guided Fine- Needle Aspiration (EUS-FNA) alone Method : EUS-FNA +
Slide 6: Characterization of Pancreatic Cysts 2025: A Pivotal Year
CHARACTERIZATION OF PANCREATIC CYSTS 2025 2025: A PIVOTAL YEAR Clinical Urgency : ‣ High prevalence : 3-10% of the adult population ‣ Current Impasse : Nearly 50%1 of unnecessary surgeries with the current visualization standard Very High-Level Scientific Evidence : ‣ CLIMB Study (>500 patients): Th
Slide 7: Partnership with TaeWoong Medical USA
PARTNERSHIP WITH TAEWOONG MEDICAL USA PERFECT ALIGNMENT BETWEEN DIAGNOSIS AND THERAPY A comprehensive clinical offering Multiplied Striking Powe SCALE U.S. sales force VISUALISiZE TREAT potentially more than doubled SPEED Immediate access to ~100 centers already equipped for EUS-RFA ablation Once th
Slide 8: Pancreatic Cysts: Short-Term Revenue Potential in U.S.
PANCREATIC CYSTS 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 that Avg sales price: Avg revenue per could benefit from $215,000 procedure: ~$1,100 Cellviz
Slide 9: Europe / Rest of World: Resumption of Commercial Activity Driven by CellTolerance
EUROPE / REST OF WORLD RESUMPTION OF COMMERCIAL ACTIVITY DRIVEN BY CELLTOLERANCE Revenue EU/Rest of the world excluding China and J&J clinical (in thousands of EUR) H1 2025 H2 2025 ‣ Rebound in activity post-safeguard : Stocking effect in 2024 at Recovery post-safeguard Increase in sales excluding J
Slide 10: 2026 Outlook: Visibility and Continued Growth
2026 OUTLOOK VISIBILITY AND CONTINUED GROWTH ‣ Usage Increase : Cumulative effect of systems sold in 2025 + current backlog → recurring consumable revenues ‣ Ramp-up of TaeWoong Medical USA : Sales force expected to be operational in the US by end of Q1 2026 ‣ CellTolerance Expansion : Continued dep
Slide 11: Q&A
Q&A 11
Slide 12: Contact addresses: Paris and Allston
9 rue d’Enghien 24 Denby Road 75010 Paris Allston, MA 02134 12 France USA