Mauna Kea Technologies Sa Class O · EURONEXT:ALMKT
Mauna Kea Technologies Sa Class O — Investor Presentation (January 2026)
42 slides from Mauna Kea Technologies Sa Class O's investor presentation, January 2026
Slide 1: Corporate Presentation January 2026 - See cells. Change lives.
Corporate Presentation January 2026 See cells. Change lives. 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: The Power of Cellvizio Vision
The Power of Cellvizio Vision ® Cellvizio provides physicians with the super- power to visualize tissues at the cellular level, in real time, during their procedures Cellvizio addresses critical unmet medical needs by providing unmatched clinical value and robust health economics that align incentiv
Slide 5: Cellvizio: 15 years of development, now becoming a standard-of-care
CELLVIZIO 15 YEARS OF DEVELOPMENT, NOW BECOMING A STANDARD-OF-CARE DE-RISKED & PROVEN TECHNOLOGY 20+ 200+ ‣ Mature technology with extensive real- FDA clearances patents world validation CE mark ‣ Now perfectly aligned with market needs for precision medicine needs 800+ 1,200+ systems clinical paper
Slide 6: Cellvizio: the world's smallest in vivo microscope
CELLVIZIO®: THE WORLD’S SMALLEST IN VIVO MICROSCOPE REAL-TIME CELLULAR INSIGHT FOR IMMEDIATE, TARGETED DECISIONS ‣Cellvizio reveals the dynamic, microscopic MINIPROBES architecture of tissues, in real time, during Ultra miniaturized standard procedures. fiber optic miniprobes NEXT-GEN CELLVIZIO PLAT
Slide 7: Clinical maturity: same product, multiple indications
SAME PRODUCT, SAME CALL POINT, MULTIPLE INDICATIONS ADDRESSING A MULTI-BILLION DOLLAR MARKET OPPORTUNITY MATURITY CLINICAL PANCREATIC BARRETT'S CYSTS ESOPHAGUS $ 0.5B $ 1B IRRITABLE BOWEL SYNDROME CELLTOLERANCE $ 6B COMMERCIAL MOMENTUM 7
Slide 8: Flexible business models, high margins
FLEXIBLE BUSINESS MODELS, HIGH MARGINS RECURRING REVENUE ACROSS DIVERSIFIED STREAMS PAY-PER- CAPITAL PROBE USE / SALES SALES RENTAL ‣ High-value one-time ‣ 10 versatile miniprobe models ‣ PPU: Free placement, pay- upfront revenue per-procedure billing ‣ Reusable (10–20 uses ‣ Leasing via Mauna Kea d
Slide 9: 2025 in review: an inflectional and foundational year
2025 IN REVIEW: AN INFLECTIONAL AND FOUNDATIONAL YEAR 9
Slide 10: 2025: a year of massive turn around for the company
2025: A YEAR OF MASSIVE TURN AROUND FOR THE COMPANY CLEANED BALANCE SHEET AND COMMERCIAL ACCELERATION SAFEGUARD PLAN COMPLETED NOV 2025 STRONG U.S. COMMERCIAL TRACTION ‣ 70% Debt reduction ‣ Broad clinical adoption underway From €40M → €12M gross debt ‣ Financial & clinical incentives aligned 90% re
Slide 11: Q4 2025: confirming a strong growth trajectory
Q4 2025: CONFIRMING A STRONG GROWTH TRAJECTORY CLEAR IMPROVEMENT IN ALL 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 o
Slide 12: United States: key market and growth engine
UNITED-STATES: KEY MARKET AND GROWTH ENGINE 4 CONSECUTIVE QUARTERS OF ACCELERATION US Accounting Sales (in USD thousands) Q4 2025 Performance vs 2024 : +82% ‣ Systems (+324%) : 4 placements in Q4 alone (vs 3 for the full year 2024 and 4 in 2023) +31% 1 800 1 742 ‣ Probes (+101%) : Doubling of sales,
Slide 13: U.S. business: healthy, margin-creating, and disciplined growth
U.S. BUSINESS 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 14: EMEA / Rest of World: resumption of commercial activity
EMEA / 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&J
Slide 15: A momentum based on key clinical indications
A MOMENTUM BASED ON 3 KEY CLINICAL INDICATIONS: PANCREATIC CYST CHARACTERIZATION FOOD INTOLERANCE DETECTION FOR PATIENTS WITH IBS BARRETT’S ESOPHAGUS MANAGEMENT 15
Slide 16: Pancreatic cysts: high prevalence, poor diagnosis, major unmet need
PANCREATIC CYSTS HIGH PREVALENCE – POOR DIAGNOSIS – MAJOR UNMET NEED ‣High prevalence : 3-10% of adults - Rises sharply with age (3% at young age to 23% in older cohorts, ~10% average) Diagnostic impasse with current methods Endoscopic Ultrasound (EUS) Up to 30-50% of cases ‣ Cyst imaging only remai
Slide 17: Cellvizio for pancreatic cysts characterization: category leader
CELLVIZIO FOR PANCREATIC CYSTS CHARACTERIZATION ALL AROUND CATEGORY LEADER AQ-Flex probe introduced Detailed live microscopic imaging KEY ADVANTAGES through the EUS-guided FNA of the pancreatic cyst wall and ‣ Direct live view of cyst wall needle internal features and cellular structure ‣ Compatible
Slide 18: Clear superiority over all other modalities
CELLVIZIO FOR PANCREATIC CYSTS CHARACTERIZATION CLEAR SUPERIORITY OVER ALL OTHER MODALITIES CEA + Cytology + Cellvizio (nCLE) NGS Glucose Direct microscopic Genetic mutation Modality Analysis of cyst fluid imaging of cyst wall profiling of cyst fluid Sensitivity ✅ High – 98% ❌ Low – 76% ❌ Low – 77%
Slide 19: Pancreatic cysts - CLIMB study (2025 results)
PANCREATIC CYSTS - CLIMB STUDY (2025 RESULTS) U.S. GAME-CHANGING CLINICAL VALIDATION – LARGEST EVER IN THE FIELD CLIMB study centers ‣ CREDIBILITY Univ. Mich. Ann Arbor, BIDMC, Boston, MA Co-funded by the NIH and Parkview Fort Wayne, Yale, New conducted in 14 prestigious Haven, CT hospitals (Johns H
Slide 20: Pancreatic cysts - U.S. reimbursement
PANCREATIC CYSTS - U.S. REIMBURSEMENT POWERFUL FINANCIAL INCENTIVE FOR HOSPITALS - KEY DRIVER FOR ADOPTION CPT CODE 43252 ‣ Specific Category I code for REIMBURSEMENT FOR HOSP. IN THE U.S. Endomicroscopy, enables significant additional billing when adding Cellvizio Standard procedure ECONOMIC VALUE
Slide 21: Partnership with TaeWoong Medical USA
PANCREATIC CYSTS - PARTNERSHIP WITH TAEWOONG MEDICAL USA PERFECT ALIGNMENT OF INCENTIVES A comprehensive clinical offering Multiplied Striking Power SCALE U.S. sales force VISUALISIZE TREAT potentially more than doubled SPEED Immediate access to ~100 centers already equipped for EUS-RFA ablation Onc
Slide 22: 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 23: Irritable bowel syndrome: massive, underserved market
IRRITABLE BOWEL SYNDROME #1 GI DIAGNOSIS - MASSIVE, UNDERSERVED MARKET ‣ Affects 10-15% of the worldwide adult population ‣ #1 GI diagnosis → 50% of all gastroenterology consultations CHRONIC & POORLY MANAGED CURRENT TOOLS FALL SHORT ‣ 64% patients suffer >10 years ‣ Food intolerance tests → High fa
Slide 24: CellTolerance: real-time visualization of gut barrier reactions
CELLTOLERANCE CELLVIZIO, THE ONLY TOOL FOR REAL-TIME VISUALIZATION OF FUNCTIONAL GUT BARRIER REACTIONS IN IBS STEP 1 : Food prepared and STEP 2 : Gut barrier STEP 3: Real-time gut barrier sprayed applied directly onto visualization reaction the duodenum mucosa Normal barrier Broken barrier Negative
Slide 25: CellTolerance: breakthrough test to uncover food intolerances
CELLTOLERANCE BREAKTHROUGH TEST TO UNCOVER UNDERLYING FOOD INTOLERANCES Leading gastroenterologists identified that ~50% of IBS patients have an underlying food intolerance undetected by standard tests CELLTOLERANCE, A UNIQUE PROGRAM TO DETECT AND TREAT IT ‣ Targets huge proportion of IBS patients w
Slide 26: CellTolerance: superior to all current diagnostic approaches
CELLTOLERANCE SUPERIOR TO ALL CURRENT DIAGNOSTIC APPROACHES CellTolerance IgG Blood Test Skin Test Low FODMAP diet Real-time microscopic Measures IgG Extremely stringent Detects IgE-mediated Assessment Type imaging of the gut antibodies to various diet very hard to allergic skin response barrier foo
Slide 27: CellTolerance: excellent clinical results
CELLTOLERANCE EXCELLENT CLINICAL RESULTS ‣ 60% of patients show at least one positive NO ALTERNATIVES reaction during the Cellvizio / CellTolerance The only tool that visualizes real-time gut function procedure NO INTERPRETATION → Objective evidence of food-triggered gut Instant visual confirmation
Slide 28: CellTolerance global network expansion
CELLTOLERANCE - GLOBAL NETWORK EXPANSION STRONG KOL SUPPORT AND NEW CENTER ADOTION Clinique de Clinique du Children’s Bercy Praxisklinik für Trocadero Hospital & Gastroenterologie Frankfurt Medical Center Asklepios Klinikum Schwalmstadt Stanford University Helios Klinikum Policlinico Salvator Mundi
Slide 29: Barrett's esophagus: deadly disease driven by missed diagnosis
BARRETT’S ESOPHAGUS ESOPHAGEAL CANCER: A DEADLY DISEASE DRIVEN BY MISSED DIAGNOSIS OF BARRETT’S, A CURABLE PRECURSOR 50M U.S. PATIENTS AT RISK A major cancer due to missed diagnosis ‣ 18-27% of U.S. adults have GERD, a key risk factor Chronic Acid Reflux (GERD) ‣ 91% of esophageal cancer cases had n
Slide 30: Cellvizio transforms Barrett's detection
BARRETT’S ESOPHAGUS CELLVIZIO TRANSFORMS BARRETT’S DETECTION - HIGHER ACCURACY, EARLIER INTERVENTION 9 INDEPENDENT STUDIES ‣ Cellvizio evaluated as adjunct to standard biopsy during 688 PATIENTS Upper GI endoscopy 1,299 LESIONS ‣ Proven superior detection of dysplasia and early cancer 98% 96% 93% Ne
Slide 31: Cellvizio outperforms all other diagnostic tools
BARRETT’S ESOPHAGUS CELLVIZIO OUTPERFORMS ALL OTHER DIAGNOSTIC TOOLS IN ACCURACY AND HEALTH SYSTEM EFFICIENCY HD-WLE + Seattle NBI Cellvizio (pCLE) WATS-3D Protocol Biopsy Narrow Band Imaging In vivo real-time cellular Randomized 4-quadrant Enhanced surface Brushed sample + 3D Assessment Type imagin
Slide 32: Barrett's esophagus: CMS coverage
BARRETT’S ESOPHAGUS CMS COVERAGE: STRONG FINANCIAL INCENTIVE TO USE CELLVIZIO IN BARRETT’S, EVEN WITH 2024 REIMBURSEMENT REDUCTION CPT code 43252 for Cellvizio can be billed in addition to other CPT codes for upper GI endoscopy (EGD) and EUS-FNA (pancreatic cyst characterization) CMS COVERAGE ASC Ho
Slide 33: 3-Year Development Plan
3-YEAR DEVELOPMENT PLAN 33
Slide 34: U.S. commercialization: multi-engine growth strategy (2026-2028)
U.S. COMMERCIALIZATION MULTI-ENGINE GROWTH STRATEGY (2026-2028) DRIVER 1 DRIVER 2 DRIVER 3 CAPITAL RECURRING PPU RAMP EXPANSION BOOST ‣ Reactivate dormant ‣ Intensify usage on ‣ Expand PPU base ‣ 200+ installed sites base (~100 historical existing ~40 active sites (30 → +10/year) overall accounts) (
Slide 35: OUS commercialization: multi-engine growth strategy (2026-2028)
OUS COMMERCIALIZATION MULTI-ENGINE GROWTH STRATEGY (2026-2028) DRIVER 1 DRIVER 2 CELLTOLERANCE PANCREATIC RAMP-UP CYSTS & GI ‣ 60 % of current OUS revenu - No ‣ Clinical momentum (EU reimbursement barrier guidelines integration) ‣ 30-50 active usage sites today ‣ Strong base in Germany to ‣ Reactiva
Slide 36: R&D innovation: consolidating our technological leadership
R&D INNOVATION CONSOLIDATING OUR TECHNOLOGICAL LEADERSHIP PRODUCT DIGITAL GEN 4 CELLVIZIO INNOVATION TRANSFORMATION COMBINATION ULTRA-THIN PROBE CONNECTED WITH AI FOR PANC CYSTS CELLVIZIO ‣ Extreme probe ‣ Live connectivity directly into ‣ Partnership with world-leading miniaturization: from the sys
Slide 37: 2026 Outlook: key milestones and inflection dynamics
2026 OUTLOOK KEY MILESTONES AND INFLECTION DYNAMICS ‣ Q1-Q4 2025 : Continued pancreatic cysts clinical momentum ‣ Q2 2025 : TaeWoong Medical U.S. rollout U.S. ‣ May 2026 : DDW conference – Major Panc Cyst Symposium / Event ‣ Q2-Q4 2026 : Academics & PPU CellTolerance account openings → U.S. PROFITAB
Slide 38: 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 39: Leadership: seasoned, connected and battle-tested team
LEADERSHIP Board of Directors Executive Team SEASONED, CONNECTED AND BATTLE-TESTED 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 Ven
Slide 40: Shareholding: strengthened structure post restructuring
SHAREHOLDING STRENGTHENED STRUCTURE POST RESTRUCTURING 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%
Slide 41: Stock information
STOCK INFORMATION Listing ‣ Ticker : ALMKT ‣ ISIN : FR0010609263 ‣ Market : Euronext Growth Paris ‣ Shares outstanding : 191,997,405 Analyst Coverage Key Statistics since 1/1/2026 ‣ Ticker : ALMKT ‣ Average daily trading volume : 2 325 000 shares ‣ Covered by : Euroland Finance, Allinvest ‣ Average
Slide 42: Contact addresses
9 rue d’Enghien 24 Denby Road 75010 Paris Allston, MA 02134 42 France USA
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