Kuros Biosciences Ltd. · SIX:KURN
Kuros Biosciences — FY2025 Earnings Presentation
18 slides from Kuros Biosciences's earnings presentation, Mar 10, 2026
Slide 1: Accelerating into 2026
Accelerating into 2026 Investor Presentation FY 2025 Earnings Webcast March 10, 2026 Ticker: KURN SIX Swiss Stock Exchange 1 1
Slide 2: Disclaimer
Disclaimer This presentation is private and confidential, has been furnished to you solely for your information and may not be reproduced, redistributed or disclosed in any way, in whole or in part, directly or indirectly, in or into the United States or the United Kingdom, Canada, Australia, Japan,
Slide 3: First time profitability
First time profitability Accelerating into 2026 from a position of strength: Kuros reached profitability while growing 72% in 2025 3 3
Slide 4: Accelerating into 2026 from a position of strength
Accelerating into 2026 from a position of strength Kuros reached profitability while growing 72% in 2025 Strong Revenue Growth Profitability Milestone Robust Financial Foundation $146.1M Total Medical Device sales $19.6M adjusted EBITDA $19.8M cash, debt-free +72% growth Total Medical Device
Slide 5: Kuros' growth is structurally supported and sustainable
Kuros’ growth is structurally supported and sustainable Commercial, evidence, and operational foundations in place Kuros Vision: To be a trusted global leader with an advanced orthobiologic portfolio, providing reliable, clinically proven solutions to hospitals surgeons & their patients COMMERCIAL E
Slide 6: Orthobiologics addressable market now estimated $8.2B by 2032
Orthobiologics addressable market now estimated $8.2B by 20321 Kuros is positioned to win in these markets Current 2026 Markets Market Targets $8.2B Spine: MagnetOs is indicated for all spinal fusion procedures* unlike many major alternatives, now with $5.5B a product specifically designed for min
Slide 7: Strengthening market position through expanded adoption & partnerships
Strengthening market position through expanded adoption & partnerships 2x U.S. spine 14% Scaled distributor reach: 73% YoY growth in independent agents & distributors surgeon utilization Deepening hospital penetration: >3x expansion, 228% growth since 2023 increase (YoY)1 7% Accelerating surge
Slide 8: Demonstrating our commitment through clinical initiatives
Demonstrating our commitment through clinical initiatives As demand for evidence intensifies, Kuros is actively enrolling three Level I human trials to reinforce clinical leadership ASTRA PROOF PRECISE International Level I Trial U.S. Level I Trial U.S. Level I Trial 126 patients 60 patients 100 pat
Slide 9: Innovation is our catalyst for sustainable revenue growth
Innovation is our catalyst for sustainable revenue growth Kuros has a disciplined investment strategy for R&D 2026 product line extensions planned, informed by market research and voice-of-customer insights, broadening MagnetOs utilization across additional procedures and surgical techniques Eva
Slide 10: Expanding global presence while de-risking supply to scale for growth
Expanding global presence while de-risking supply to scale for growth Health system expansion, MDR certification, deeper country penetration, and multi-site manufacturing position Kuros for long-term organic growth Regulatory strength & global access Manufacturing & supply platform 2024 2025 2026 Ne
Slide 11: Turning scale into profitability through operating leverage
Turning scale into profitability through operating leverage Revenue scale outpaced fixed Exceptional Growth Trajectory: Revenue increased ~1,300% since H1 costs, driving operating leverage 2022, while fixed costs grew ~400%, demonstrating operating leverage 90 100% Operational & Digital Optimiza
Slide 12: Maintaining gross margins while expanding into new indications and regions
Maintaining gross margins while expanding into new indications and regions Gross Margin* Sales & Marketing MagnetOs 50 80% 80 Sales & Marketing as % of revenue 90% Tariffs 40 60 60% 80% $ million $ million 30 40 70% Gross Margin 40% 20 20 60% Gross margin % (incl. tariffs) 20% 10 0 50% Gross margin
Slide 13: Driving innovation, clinical evidence and business transformation
Driving innovation, clinical evidence and business transformation Research & Development* General & Administrative 8 12% 15 40% R&D as % of revenue G&A as % of revenue 10% 6 30% 8% 10 $ million $ million 4 6% 20% 4% 5 2 10% 2% 0 0% 0 0% H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2023 H2 2023
Slide 14: Resulting in a 13.4% adjusted EBITDA margin and first time ever net profit
Resulting in a 13.4% adjusted EBITDA margin and first time ever net profit of $2.6M Group EBITDA* Adjusted EBITDA** and Net Profit 9 20% 20 EBITDA as % of revenue 18 6 -10% 16 -7.2 14 -40% $ million 12 Title 3 -3.4 $ million -70% 10 19.6 Axis 0 8 -3.9 -100% 6 12.4 4 -2.6 -3 -130% 2 2.6 0 -6 -160% SB
Slide 15: Securing a financial basis for organic growth
Securing a financial basis for organic growth Cash development FY 2025 Securely financed for organic path forward $ million Dec 31, 2025 16.3 17.5 Cash and cash equivalents 19.8 $ million Trade and other receivables 40.2 20.9 19.8 0.8 19.8 2.6 2.2 Total cash and cash equivalents, trade 60.0 and othe
Slide 16: Scalable operating platform for durable & repeatable growth
Scalable operating platform for durable & repeatable growth What we’ve built – and what we’re building next Functional Structural Digital (People & governance) (Operations & footprint) (Systems & efficiency) Leadership depth and organizational maturity Dual production footprint ERP / MRP backb
Slide 17: From breakout growth to scalable leadership
From breakout growth to scalable leadership Building a springboard to support $300M+ by 2028* Operating platform built from 2023 – 2025 is expected to support revenue growth and potential margin expansion from 2026 through 2028 1. Expanding access drives volume growth IDN approvals and distributor
Slide 18: Thank you
Thank you 18 MAT-0382 18