Press release

Ecully, July 30, 2025 – 7 p.m.

SPINEWAY

H1 2025 results

Continued improvement in results and financial position

Full-year 2025 growth target confirmed

In thousands of euros

Consolidated financial statements – Unaudited H1 2025 H1 2024 Revenue 5,573 6,535 Cost of sales (1,702) (2,059) Gross margin

% of revenue 3,870

69% 4,476

68% Net operating expenses

Of which general operating costs (5,068)

(2,086) (5,246)

(2,232) Of which personnel expenses (2,374) (2,685) Operating income/(loss) (1,197) (770) Financial income/(expense)

Including the Negma exceptional financial expense1 (219)

0 (2,096)

(1,467) Non-recurring income/(expenses) 0 (515) Net income/(loss)

Of which adjusted net income/(loss)2 (1,416)

(1,416) (3,381)

(1,914)

The Board of Directors of Spineway, meeting on July 30, 2025 under the chairmanship of Stéphane Le Roux, approved the financial statements for the six months to June 30, 2025.

Spineway, a specialist in innovative implants for the treatment of severe spine disorders, recorded revenue of €2.7 million in the second quarter of 2025, down from €3.5 million in the same period in 2024, but broadly in line with the quarterly revenue recorded since the third quarter of 2024. Revenue for the first half of 2025 accordingly totaled €5.6 million, compared with €6.5 million for the same period last year, reflecting particularly high activity in the first half of 2024 (up 20%). However, the deferral of major account orders to the second half of 2025 enables Spineway to confirm its full-year revenue growth target for 2025.

€2 million improvement in net result

Operating performance improved in the first half of 2025 compared with 2024, with a 1-point improvement in gross margin to 69% and a 3% reduction in net operating costs. The cost-cutting measures implemented last year resulted in a €311 thousand (-12%) reduction in personnel expenses and a €146 thousand (-7%) reduction in general operating costs.

Financial expense related to the Negma bond financing was significantly reduced, resulting in a €1.9 million reduction in the financial loss to €219 thousand.

As a result, the net loss narrowed by €2 million to €1.4 million in the six months to June 30, 2025, from €3.4 million in 2024.

Solid €4 million cash position as of 30 June 2025; end of 2023 bond financing agreement

The convertible bond (OCA) issue and subscription agreement entered into with Negma in 20233 expired in May 2025. In the first half of 2025, 180 OCAs were issued and 235 OCAs were converted into 6,752,115 shares, representing a capital increase of €13,504.23. As a result, Spineway’s share capital as of June 30, 2025 amounted to €71,088.78, divided into 35,544,391 shares with a par value of €0.002 each.