Slides
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Welcome to the 3Q26 webinar 26th October 2026
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Today’s agenda ▪ This is Modulight ▪ Q3 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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Q3 in brief 5 ▪ Revenue growing to EUR 1,886 (1,765) thousand ▪ Pipeline is progressing 37 (32) projects and customer base & product mix continues to diversify ▪ Many customer projects progressed towards production ▪ Increased activity among globally significant companies with efforts to accelerate the transition to production ▪ EBITDA improved 185% from 3Q25, and continued the positive trend started in 4Q25 ▪ Cost savings & increase in productivity ▪ Free cash flow from operations EUR 241 (-1,076) thousand Order intake reached one of the strongest levels in the company’s history
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▪ PPT business continued to show very strong growth 110% ▪ Revenue 7% higher than in the corresponding period of 2025, influenced also by PPT sales increase ▪ EBITDA 53% which is an improvement of 645% ▪ 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 241 (-1,076) million mainly due to improved operations efficiency Financial highlights Jul-Sep 2026 EBITDA EUR 1,003 thousand EBIT EUR -393 thousand Revenue EUR 1,886 thousand
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▪ PPT business continued good progress in terms of number of indications and sites, 127% increase in 1Q-3Q26 vs 2025 ▪ Revenue 7% lower than in the corresponding period of 2025 ▪ EBITDA 28% which is an improvement of 269% 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 -1,239 (-3,942) million mainly due to improved operations efficiency Financial highlights Jan-Sep 2026 EBITDA EUR 1,370 thousand EBIT EUR -2,802 thousand Revenue EUR 4,985 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 7–9/2026 7-9/2025 1–9/2026 1-9/2025 1–12/2025 1) Revenue 1,886 1,765 4,985 5,333 7,069 EBITDA 1,003 -184 1,370 -810 -168 EBITDA - % 53.2 % -10.5 % 27.5 % -15.2 % -2.4 % Operating result (EBIT) -393 -1,220 -2,802 -3,861 -4,648 Operating result (EBIT) - % -20.8 % -69.2 % -56.2 % -72.4 % -65.8 % Earnings for the period -395 -1,227 -2,718 -3,953 -4,604 Earnings per share (EPS, EUR) -0.01 -0.03 -0.06 -0.09 -0.11 Acquisition of fixed and intangible assets -763 -891 -2,610 -3,132 -4,311 Free cash flow from operating activities 241 -1,076 -1,239 -3,942 -4,479 Cash and cash equivalents 2) 6,689 10,550 6,689 10,550 9,653 Net debt 2) - 4,950 -7,309 -4,950 -7,309 -6,862 Gearing ratio 2) -11.8 % -16.1 % -11.8 % -16.1 % -15.3 % Equity ratio 2) 93.1 % 89.7 % 93.1 % 89.7 % 90.9 % Headcount (FTE) 2) 64 71 64 71 63 Key figures 8
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0 5 10 15 20 25 30 35 40 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Number of projects with commercialization potential Existing projects New projects R&D pipeline progresses towards qualification & production ▪ R&D pipeline grew to 37 (32) projects and growth coming from very large companies – aim in all projects is to commercialize our own products ▪ Several pipeline projects progressing towards qualification & production ▪ Several big customers have requested to hasten timelines ▪ Order intake is increasingly shifting from one-off development and NRE projects toward product orders and recurring product revenue. ▪ New PPT pricing model visible in revenue & profitability development ▪ Vertically integrated company & mature indium phosphide technology continue to attract new customers and get positive feedback from existing customers 9
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Very large companies share in customer portfolio increases ▪ 48% have over 1bn revenue ▪ 68% of customers are listed companies ▪ 70% are established companies ▪ 27% are privately owned ▪ 5% are research companies Modulight’s customer base 0 5 10 15 20 25 30 35 40 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 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 48% (35%) ▪ EBITDA improved 645% from 3Q25, remaining positive and reaching 53% Q3 & Sales 7% YoY ▪ Increased activity among globally significant companies with efforts to accelerate the transition to production ▪ Cost savings & increase in productivity ▪ Revenue was EUR 1,886 (1,765) thousand ▪ EBITDA was EUR 1,003 (-184) thousand ▪ Free cash flow from operations EUR 241 (-1,076) thousand
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Thank you! Questions?