Earnings release
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PRESS RELEASE 1/3 Ecully, February 17, 2026 – 7:00 p.m. 2025 annual results • Revenue up 4% • Improved results • Stronger growth potential Condensed consolidated income statement 2025 2024 Pro forma* 2024 Reported In thousands of euros Revenue 12,430 11,950 11,950 Cost of sales -3,783 -3,699 -3,699 Gross margin 8,647 8,250 8,250 % of revenue 69,6% 69,0% 69% Net operating expenses -10,780 -10,227 -9,131 Of which external expenses -3,967 -3,522 -3,646 Of which personnel expenses -4,600 -4,890 -4,890 Of which other op. income and expenses -1,436 -920 -358 Of which dep., amort., and provisions -777 -895 -818 Of which research/innovation tax credits , , 582 Operating income/(loss) -2,133 -1,977 -881 Financial income/(expense) -316 -2,464 -2,464 Non-recurring income/(expenses) 62 , -514 Corporate income tax (credits) 149 582 , Net income/(loss) -2,238 -3,859 -3,859 * 2024 Pro forma: changes to the 2025 French General Chart of Accounts (ANC Regulation 2022 -06) required the inclusion in operating income/(loss) of items that were previously recognized in exceptional income and expenses. Additionally, the Research and In novation tax credits, which were recognized in operating income until 2024, are presented in “Corporate income tax” in 2025 (and excluded from Operating income/(loss)). Finally, all patent license fees are included in “Other operating expenses” in 2025. To enable comparison between financial years, a pro forma consolidated income statement has been prepared to present the 2024 financial year in accordance with the presentation rules adopted in 2025. Details of the reclassifications made are provided in the appendix to this press release.
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PRESS RELEASE 2/3 The Board of Directors of Spineway, meeting on February 17, 2026 under the chairmanship of Stéphane Le Roux, approved the financial statements for the year ended December 31, 2025. Revenue growth The Spineway Group, a specialist in innovative implants for the treatment of severe spine disorders, closed the 2025 financial year having consolidated its geographic diversification, launched its ESP 1 disc prosthesis production line, and continued its regulatory investments. Despite delays in approvals in Latin America, delays in the awarding of tenders in Asia, and supply chain tensions, annual revenue amounted to €12.4 million, up 4%. Improved results Gross margin reached €8.6 million in 2025, representing 69.6% of revenue, an increase of 0.6 percentage points year on year. Net operating expenses remained under control, increasing by 5% (pro forma* data), in line with revenue growth and due to continued high regulatory expenses (approval, clinical studies, etc.), which are expected to increase further in 2026. Consequently, the operating loss was stable at €2.1 million, compared with €2 million in 2024 (pro forma* data). The bond financing agreement with Negma expired in May 2025 without penalty, significantly reducing net financial expense to €2.1 million. Research and innovation tax credits returned to a normal level of €149k after reaching an exceptional level in 2024. As a result, net income improved by €1.6 million year on year to a net loss of €2.2 million. Cash flow preserved With external financing (bond issues) limited to €0.4 million in 2025, compared with €6.8 million in 2024, Spineway’s cash position amounted to €3.5 million in the year ended December 31, 2025, representing cash consumption of just €1 million for the financial year. With the Group’s financial debt down €0.3 million at €1.5 million, net cash (after deduction of financial debt) was €2 million at December 31, 2025, compared with €2.7 million at December 31, 2024. Stronger growth potential Exploiting synergies from the acquisitions of Distimp and Spine Innovation has enabled consolidated revenue to nearly triple since 2021, contributing to the Group’s improved performance. Continued investment in regulatory affairs, marketing, and R&D, combined with disciplined operational management, are consolidating Spineway’s growth potential and its ambition to become a recognized player in spine surgery. Next events: March 19, 2026: Webinar on the Group’s annual results and outlook April 2, 2026 – Annual General Meeting About Spineway 1 Press release of July 03, 2025
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PRESS RELEASE 3/3 Spineway designs, manufactures and markets innovative implants and surgical instruments for treating severe disorders of the spinal column. Spineway has an international network of over 50 independent distributors and more than 70% of its revenue comes from exports. Spineway is eligible for the PEA-PME (equity savings plans for SMEs) Listing venue: Euronext Growth Paris ISIN: FR001400N2P2 Ticker: ALSPW Find out all about Spineway at www.spineway.com Contacts: Spineway Shareholder-services line Available Tuesday through Thursday (10 a.m.-12 midday) 08 06 70 60 60 Aelium Investor relations Solène Kennis spineway@aelium.fr This press release has been prepared in both English and French. In case of discrepancies, the French version shall prevail. Appendix Reconciliation between the “Reported” and “Pro forma” versions of the condensed consolidated income statement for the 2024 financial year 2024 Reported 2024 Pro forma* Impact on operating income 2024 Pro forma Net operating expenses Net operating expenses Reclassified income (+) and expenses (-) Exceptional items Research/ Innovation tax credits External expenses Other op. income and expenses Dep., amort., and provisions Corporate income tax Research/ Innovation tax credits Exceptional income and expenses -514 -438 -76 -514 Research/Innovation tax credits 582 582 -582 Patent license fees -124 -124 0 Total -514 582 -124 -562 -76 582 -1,096