Slide 1: Welcome to the 4Q25 webinar
Welcome to the 4Q25 webinar February 20, 2026
Slide 2: Today's agenda
Today’s agenda ▪ This is Modulight ▪ Q4 in nutshell ▪ Financial highlights ▪ R&D pipeline progress ▪ Strategy update ▪ Outlook ▪ Summary ▪ Q&A
Slide 3: Slide 3
Slide 4: We fight cancer with science and technology
We fight cancer with science and technology ▪ We are a life science company that designs and manufactures laser devices for the treatment of cancer and eye diseases ▪ We also manufacture products for other high- value applications such as flow cytometry, microscopy, semiconductor, quantum, and defen
Slide 5: Q4 in brief
Q4 in brief ▪ Sales & EBITDA improved according to the strategy, now five quarters straight, reaching 37% EBITDA in Q4 and full year record revenue growth 73% EBITDA increased by ▪ Pipeline is progressing and customer 163% compared to the base & product mix continues to same period last year. divers
Slide 6: Financial highlights Oct-Dec 2025
Financial highlights Oct-Dec 2025 ▪ PPT business progressing in terms of number of indications and sites ▪ Revenue was 21% higher than in the corresponding period of 2024 Revenue EBITDA EBIT ▪ EBITDA was at 37% which is an improvement of 163% due to focus on operational efficiency and increased reve
Slide 7: Financial highlights Jan–Dec 2025
Financial highlights Jan–Dec 2025 ▪ Revenue was 73% higher than in the corresponding period of 2024 making this a record revenue growth in the company 25-year history ▪ Wider customer base enabled growth especially PPT customers & Revenue EBITDA EBIT semiconductors ▪ PPT business model continues to
Slide 8: Key figures
Key figures Group EUR 1,000 unless otherwise noted 10–12/2025 10-12/2024 7–12/2025 7-12/2024 1–12/2025 1–12/2024 1) Revenue 1,736 1,431 3,500 2,071 7,069 4,095 EBITDA 641 -1,023 457 -2,301 -168 -4,836 EBITDA - % 37.0 % -71.5 % 13.1 % -111.1 % -2.4 % -118.1% Operating result (EBIT) -787 -2,204 -2,008
Slide 9: Growth in the R&D pipeline
Growth in the R&D pipeline ▪ During 2023 – 2025 strategy period we diversified the R&D pipeline and Number of projects with commercialization potential made progress in many areas ▪ R&D pipeline grew to 33 (30) projects 35 – aim in all projects is to commercialize our own products 30 ▪ PPT sites exc
Slide 10: Modulight's customer base
Modulight’s customer base Customer ownership Customer portfolio has 35 grown towards bigger 30 customers and diversified during the strategy period 25 2023 – 2025 20 ▪ 35% have over 1bn revenue ▪ 61% of customers are listed 15 companies 10 ▪ 60% are established companies 5 ▪ 34% are privately owned
Slide 11: Updated strategy with focused actions 2026 – 2027
Updated strategy with focused actions 2026 – 2027 Strategy (2023 – 2025) Strategy and targets 2023 - 2025 is sound but requires more time ▪ Increased and diversified pipeline in accordance with the strategy 1 ▪ PPT launched as new business model 2 ▪ Several customers now in 3 phase3 /pilot productio
Slide 12: Strategy and Targets 2026 – 2027
Strategy and Targets 2026 – 2027 Expansion to new STRATEGIC KEY Development of Scale up Pay Per Operations ramp-up State-of-the-art laser applications & FACTORS existing pipeline Treatment (PPT) using own factory technology indications Life science products & same lasers for other high value-add PRO
Slide 13: Outlook
Outlook Most of Modulight’s customer projects are various types in the early stages of development. These projects are focused on commercializing Modulight’s own products. In line with its strategy, Modulight is also transitioning from device delivery- based payments to a new treatment-session-based
Slide 14: Summary
Summary ▪ Sales & EBITDA improved according to the strategy, now five quarters straight, reaching 37% EBITDA in Q4 and full year record revenue growth of 73% ▪ Pipeline is progressing and customer basis & product mix continues to diversify ▪ Customer activity & positive feedback about product platfo
Slide 15: Thank you!
Thank you! Questions?