Slides
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Welcome to the 2Q26 webinar 21st August 2026
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Today’s agenda ▪ This is Modulight ▪ Q2 and H1 in nutshell ▪ Financial highlights ▪ R&D pipeline progress ▪ Outlook ▪ Summary ▪ Q&A
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▪ 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 defense We fight cancer with science and technology 3
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Q2 in brief 5 ▪ Pipeline is progressing (36 projects) and customer base & product mix continues to diversify ▪ Phase 3 project patient recruitment completed earlier than expected ▪ Approved as supplier to one of the world’s largest semiconductor company ▪ EBITDA improved 185% from 2Q25, and continued the positive trend started in 4Q25 ▪ Increased activity among certain globally significant companies ▪ Cost savings & increase in productivity ▪ Revenue was EUR 1,604 (1,962) thousand ▪ Free cash flow from operations EUR -818 (-1,315) thousand Significant customer project progresses toward commercialization.
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▪ PPT business continues good progress; revised pricing structure & introduced better long-term predictability ▪ Revenue 18% lower than in the corresponding period of 2025, influenced also by early-stage prototype deliveries to large customers ▪ EBITDA 2% which is an improvement of 185% due to continuous focus on operational efficiency ▪ Product platforms are being used with increasing number of customers – visible in productivity gains as well as positive customer feedback ▪ Free cash flow from operations totalling EUR -818 (-1,315) million mainly due to improved operations efficiency Financial highlights Apr-Jun 2026 EBITDA EUR 37 thousand EBIT EUR -1,346 thousand Revenue EUR 1,604 thousand
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▪ PPT business continued good progressing in terms of number of indications and sites, 137% increase in 1H26 vs 2025 ▪ Revenue 13% lower than in the corresponding period of 2025 ▪ EBITDA 12% which is an improvement of 29% due to continuous focus on operational efficiency and better margin structure for certain products ▪ Vertical integration of manufacturing brings more and more positive differentiation along with competitiveness of our technology platform ▪ Free cash flow from operations totalling EUR -1,480 (-2,865) million mainly due to improved operations efficiency Financial highlights Jan-Jun 2026 EBITDA EUR 367 thousand EBIT EUR -2,410 thousand Revenue EUR 3,099 thousand
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8 1) Audited 2) Figure refers to the end of the review period Group EUR 1,000 unless otherwise noted 4–6/2026 4-6/2025 1–6/2026 1-6/2025 1–12/2025 1) Revenue 1,604 1,962 3,099 3,568 7,069 EBITDA 37 -43 367 -625 -168 EBITDA - % 2,3% -2.2% 11.8% -17.5 % -2.4 % Operating result (EBIT) -1,346 -1,055 -2,410 -2,640 -4,648 Operating result (EBIT) - % -83.9% -53.8% -77.8% -74.0% -65.8 % Earnings for the period -1,366 -1,110 -2,324 -2,726 -4,604 Earnings per share (EPS, EUR) -0.03 -0.03 -0.05 -0.06 -0.11 Acquisition of fixed and intangible assets -855 -1,271 -1,847 -2,240 -4,311 Free cash flow from operating activities -818 -1,315 -1,480 -2,865 -4,479 Cash and cash equivalents 2) 7,799 12,317 7,799 12,317 9,653 Net debt 2) -5,759 -8,775 -5,759 -8,775 -6,862 Gearing ratio 2) -13.6% -18.9% -13.6% -18.9% -15.3 % Equity ratio 2) 91.3% 88.6% 91.3% 88.6% 90.9 % Headcount (FTE) 2) 62 70 62 70 63 Key figures 8
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0 5 10 15 20 25 30 35 40 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Number of projects with commercialization potential Existing projects New projects Growth in the R&D pipeline – phase 3 project completed patient recruitment faster than expected ▪ R&D pipeline grew to 36 (32) projects and growth coming from very large companies – aim in all projects is to commercialize our own products ▪ PPT economics improving and customer commitment increasing, +137% growth in 1H26 vs 1H25 ▪ PPT sites exceeds 80 – per site revenue development has continued strong ▪ Vertically integrated company & mature indium phosphide technology continue to attract new customers and get positive feedback from existing customers ▪ Pilot production progressing with several customers and indications of upcoming mass production and preparations for that ▪ Two commercial quantum computer models have our lasers ▪ Major semiconductor manufacturer made us supplier 9
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Very large companies share in customer portfolio increases ▪ 44% have over 1bn revenue ▪ 64% of customers are listed companies ▪ 60% are established companies ▪ 31% are privately owned ▪ 6% are research companies Modulight’s customer base 0 5 10 15 20 25 30 35 40 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Customer ownership Hospitals and research institutions Private company Listed company 10
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Outlook The company expects to grow its revenues and EBITDA in the financial year 2026. The purpose of introducing guidance is to increase transparency and improve the predictability of the company’s financial development for investors and other stakeholders. The guidance reflects management’s current expectations regarding the company’s financial performance and will be based on the information available at the time of publication. The company will update or revise its guidance as necessary in connection with its interim reports or when material changes occur. 11
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Summary 12 ▪ Pipeline is increasing and share of large customers is now 44% (35%) ▪ Phase 3 project patient recruitment completed earlier than expected ▪ Approved supplier to one of the world’s largest semiconductor companies ▪ EBITDA improved 185% from 2Q25, remaining positive and reaching 2% Q2 & Sales -18% YoY ▪ Customer activity & positive feedback about product platform particular PPT sites & semiconductors ▪ Cost savings & increase in productivity ▪ Revenue was EUR 1,604 (1,962) thousand ▪ EBITDA was EUR 37 (-43) thousand ▪ Free cash flow from operations EUR -818 (-1,315) thousand
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Thank you! Questions?