H1 2026 Results: Continued Growth, Stable Performance, and New Bond Financing

The Board of Directors of Spineway, convening on July 30, 2026 under the chairmanship of Stéphane Le Roux, approved the company's consolidated financial statements for the six months ended June 30, 2026.

Spineway, which specializes in innovative implants for the treatment of severe spinal disorders, operates in the global spinal implant market—a competitive segment of the medical device industry that includes both large multinational manufacturers and specialized firms. The company reported second-quarter 2026 revenue of €3.5 million, representing a 29% increase compared with Q2 2025. This growth confirmed the company's strong commercial momentum as supply conditions gradually normalized following a period of volatility driven by rising order volumes. First-half 2026 revenue totaled €5.7 million, compared with €5.6 million in the same period of 2025, reflecting year-over-year growth of 3%.

Resilient Operating Performance

Operating performance continued to reflect the strength of Spineway's business model, with a gross margin held relatively stable at 67% (down €27 thousand year-over-year). Operating income was affected by the planned increase in regulatory investments aligned with the company's growth strategy, as well as non-recurring expenses tied to the implementation of a new ERP system. Overheads, comprising operating and personnel expenses, remained stable, underscoring the company's sustained cost discipline over the past two years. Financial income was positive, supported by favorable foreign exchange movements and limited interest expense. The company reported a net loss of €1.5 million for the period.

Embedded Growth Drivers

During the first half of 2026, Spineway advanced its Medical Education (MEDED) strategy by significantly expanding its training initiatives. These efforts are primarily aimed at accelerating the international rollout of the ESP® artificial disc product range, which the company identifies as a key growth driver. To this end, Spineway organized numerous educational programs and scientific exchange sessions through a network of leading practitioners spanning three continents. These initiatives are designed to help surgeons master Spineway's technologies, promote the sharing of best practices, and support clinical adoption of its solutions. In the medical device sector, surgeon training programs also serve as a critical component of market access, as regulatory approval in many jurisdictions requires demonstrated clinical competency with implantable devices. Beyond the transfer of technical expertise, the strategy also supports the product approval process in several countries, laying the groundwork for sustainable growth acceleration.

Cash Position and Bond Financing

As of June 30, 2026, Spineway's net cash position stood at €1.5 million. This position was subsequently reinforced by additional financing approved by the Board of Directors and finalized on July 30, 2026, through the issuance of straight bonds in an aggregate principal amount of up to €1.5 million, including an initial subscription of €1.0 million received on the closing date. The proceeds are earmarked to finance the group's increased working capital requirements under its growth strategy. For small-cap medical device companies listed on growth markets such as Euronext Growth, access to bond-based financing—rather than relying solely on equity issuance—can represent a step toward diversifying funding sources and managing shareholder dilution.

Stéphane Leroux, Spineway Chairman, stated: "This financing marks another milestone in Spineway's financial strategy. Based on non-convertible straight bonds accompanied by warrants with a fixed exercise price, it reflects our commitment to progressively shift toward more conventional financing solutions. The proceeds will be used to finance essential regulatory investments, including the approvals necessary for our international growth."

Bond Financing: Key Characteristics

The bond issuance was authorized pursuant to the twelfth resolution adopted at the Combined General Meeting of Shareholders held on April 2, 2026.¹ Under this authorization, the Board of Directors approved bond financing accompanied by share warrants with a fund managed by L1 Capital (the "Investor"). At its meeting on July 30, 2026, the Board approved the transaction and authorized the Chief Executive Officer to finalize and execute the relevant documentation. The bond subscription agreement was signed on the same date.

The financing consists of straight bonds (the "Bonds") with an aggregate principal amount of up to €1.5 million. Upon signing, bonds with a principal amount of €1.0 million (the "Initial Investment") were issued. The remaining €0.5 million may be issued at the issuer's request no later than March 15, 2027, subject to certain conditions, including minimum market capitalization and cash runway requirements.

Each Bond carries a principal amount of €1.00, is issued at 93% of par value, has an 18-month maturity, and bears interest at 6% per annum, payable monthly. Beginning in the fourth month following issuance, the company will redeem one-fifteenth of the outstanding Bonds monthly in cash at 101% of principal. The company also retains the option, at its sole discretion, to redeem all or part of the Bonds through the issuance of new shares², subject to certain conditions.³ Should the company elect to redeem any portion of the Bonds in shares, the Investor may request additional amortization during the month following such redemption.

Concurrently, Spineway issued 4,411,764 share subscription warrants (the "Warrants") to the Investor. Two-thirds of the Warrants will be exercisable at any time during the three years following issuance, while the remaining Warrants become exercisable upon funding of the additional investment. Each Warrant carries an exercise price of €0.17, corresponding to 125% of the volume-weighted average share price over the five consecutive trading days immediately preceding execution of the financing documentation. This represents an aggregate exercise price of €0.75 million, payable either in cash or through delivery of Bonds. Each Warrant entitles its holder to subscribe for one new ordinary share. In addition to statutory anti-dilution adjustment mechanisms, the Warrant exercise ratio may be adjusted based on the issue price per share in future market transactions undertaken by the company.

About L1 Capital

L1 Capital is a Melbourne-based fund manager with US$10 billion in assets under management. The firm manages multiple funds with global positions across sectors and has been recognized as one of Australia's top-performing domestic equity fund managers since its founding in 2007. L1 Capital's European investments include small-cap companies in the technology and healthcare sectors with strong growth potential.

Use of Proceeds

Proceeds from the Initial Investment will primarily be used to finance the company's working capital requirements and strengthen its cash position. Upon completion of the Initial Investment, the company states that it has sufficient working capital to meet its obligations and cash flow requirements for at least twelve months from the date of completion, while continuing operations and implementing its development strategy.

Dilution⁴

The ownership interest of a shareholder currently holding 1% of the company's share capital would be 0.89% following the exercise of all Warrants (excluding any redemption of Bonds in shares) on both an undiluted and fully diluted basis. In the event that all Warrants are exercised and all Bonds issued or to be issued are redeemed in shares, the ownership interest of a shareholder currently holding 1% would be 0.67% on both an undiluted and fully diluted basis.

Risk Factors

The company's risk factors are described in Chapter V of the Board of Directors' Management and Group Management Report presented to the Combined General Meeting of Shareholders on April 2, 2026, as published by the company and available on its website. In addition, sales of shares resulting from the exercise of the Warrants could place downward pressure on the company's share price.

Prospectus and Admission to Trading

The Bonds and Warrants will not be admitted to trading on Euronext Growth. The transaction does not require the preparation of a prospectus subject to approval by the Autorité des marchés financiers (AMF). New shares issued as part of this financing will be subject to an application for admission to trading on the relevant market in accordance with applicable regulations.

Next Event: October 2026 — Q3 2026 revenue

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Spineway is eligible for PEA-SME (Equity Savings Plans for SMEs), a French tax-advantaged savings plan that enables retail investors to invest in eligible small and medium enterprises with favorable tax treatment on capital gains and dividends.

Spineway designs, manufactures, and markets innovative implants and surgical instruments for treating severe disorders of the spinal column. The company operates an international network of over 50 independent distributors, with more than 70% of its revenue derived from exports. ISIN: FR001400N2P2 — ALSPW.

This press release has been prepared in both English and French. In case of discrepancies, the French version shall prevail.

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Notes:

¹ Delegation of authority granted to the Board of Directors to increase share capital by issuing ordinary shares and securities giving access to the capital, reserved for categories of persons meeting specified characteristics.

² Issued at a 15% discount to the market value of the company's shares at the time of redemption, based on the authorization granted by the shareholders' meeting on April 2, 2026, pursuant to its 12th resolution.

³ Notably, authorization to issue shares and ensure the liquidity of the security.

⁴ Calculated based on the company's share capital consisting of 35,544,391 shares and a closing price of €0.135 as of the date of this press release, in the event of the full exercise of all issued Warrants and the full redemption of the Bonds in shares, representing the potential issuance of 17,483,659 new shares. These estimates are provided for illustrative purposes only and do not represent the final number of shares that may ultimately be issued.