Sofwave Medical Ltd.

Investor Presentation • Nov 4, 2025

Sofwave - The Aesthetic Device Regeneration Company

DISCLAIMER

This presentation (the "Presentation") is for informational purposes only and does not constitute or form any part of any offer or solicitation to buy or subscribe for securities of Sofwave Medical Ltd. (the "Company" or "Sofwave") and should not be regarded as a recommendation or an opinion on such matters. The information included in this Presentation is not comprehensive and does not include all the information with respect to the Company and its business required for any decision concerning an investment in the Company's securities. This Presentation includes forecasts, estimates, assessments, expectations and other information, intent or belief pertaining to future events and/or matters, which constitute "forward-looking statements" as defined in the Securities Law 5728-1968, which is based on current expectations, projections and assumptions about future events. Actual results may differ materially due to variety of factors, some of which the Company has no control over and cannot be reasonably foreseen at this date, including, but not limited to the risk factors which are inherent to the Company's activity, third party decisions, including regulatory authorities and engagements with third parties, as well as by developments in the economic environment and the external factors which impact the Company's activity, which cannot be assessed in advance and are out of the Company's control. Such information may not materialize, in whole or in part, or may materialize in a manner significantly different to that forecast. Therefore, actual future results, performances or achievements of the Company may differ materially from what is or may be expressed or implied in this Presentation. Certain information and factual statements (including markets or trends) contained herein are based on or derived from publicly available documents or independent third party sources the accuracy of such information and the assumptions on which such information is based have not been independently verified. The past performance information contained herein is not indicative of future results and there can be no assurance that the Company will achieve comparable results or that the Company will be able to implement its investment strategy or achieve any investment objective.

Investor meeting August 2025

Presenters:

Dr. Shimon Eckhouse, Co-Founder and Chairman

Lou Scafuri, CEO

Assaf Korner, CFO

Q3 2025 in Numbers

• Q3/25 \$21.1M Revenues +56% YoY Growth

• 1-9/25 \$58.7M Revenues +42% YoY Growth

• Q3/25 \$8.3M Recurring Revenues +55% YoY Growth

• 1-9/25 IFRS Net income of \$1.4M

73.7% GM

• ~\$26.5M Cash As of Sep. 30, 2025 (inc. short term deposits)
• Q3/25 IFRS Net income of \$1.0M
• ~667,000(*) Treatments (since commercialization)

(*) Company estimation

Market Conditions and Trends

Q3 2025

• Global geopolitical and economic uncertainties: Consumer confidence and capital purchases remain impacted by macroeconomic conditions
• US Market: Core physicians more resilient; Medspa growth challenged by access to capital
• Growing adoption of GLP-1 Agonists driving demand for lifting, laxity and toning treatments

Market Landscape & Macro Trends Q4 and Beyond: Boldly Looking Ahead

Anticipate continued solid momentum despite uncertain market conditions:

• Consumer Spending
• High Interest rates
• Increased competition in tightening segment

Rising demand for energy-based volumization treatments as filler usage declines and GLP-1 usage increases. Natural appearance is "in"

FDA warning on RF microneedling and its strategic upside for Sofwave — positioning as the safe, FDA-cleared alternative.

Q3 2025 Overview

This combination of innovation and execution positions Sofwave as the clear growth leader among non-invasive lifting technologies

Quarterly Performance – Key Highlights

Exceptional Q3 Results YoY Solid execution across regions; Momentum accelerated in major markets

Brand Awareness & >Pulse Sales Reached record-high levels. 667,000 treatments to date

Product and ROI Positioning Superior to competitive offering; Our value proposition is emerging as best in class

Rising Market Demand Growth in tightening, lifting, and toning driven by the prevalence of GLP-1 agonists. Increased traction across all segments

Solid strategic and financial execution Strong growth with expanding profitability

Q3 2025 – Brand Awareness Soars, Share of Voice Expands to 41%

Our share of voice expanded to 41%, a leading position in the category — powered by a 33% increase in organic reach and record social engagement

• Sofwave continues to dominate GLP-1 and non-invasive lifting conversations, commanding 41% share of voice.
• Organic reach expanded by 2.7M through influencer partnerships and higher content output.
• Reddit remains a key engagement channel for patient education.

Share of Voice

41% (from 34%) Industry leading growth

Total Engagements

722K (+16% vs Q2)

Sofwave.com Traffic

330K MUU (+100% YoY)

Engagement Rate

8.6% (+3.6% YoY)

Organic reach

7.2M (+33% vs Q2)

PR Reach

2B total impressions | 127 media outlets 328M social media impressions

AWARD WINS

Q3/25 Social Growth Highlights

Growing Social Momentum Reinforces Sofwave's Market Leadership and Customer Acquisition Pipeline

354 Posts

vs. 294 in Q2 2025

354 Posts 8.6% Engagement Rate

vs. 8.3% in Q2 2025

15,781 New Followers

vs. 14,293 in Q2 2025

722K Engagements

vs. 624K in Q2 2025

7.2M Organic Reach 4.4M Total Impressions

vs. 5.4M in Q2 2025 vs. 3.5M in Q2 2025

14,723 Total Shares

vs. 10,206 in Q2 2025

41% Share of Voice

vs. 34% in Q2 2025

293,455 Followers 129, 531 Engagements 78% 10%

136,193 Followers 817,410 Video Views 7,369 Mentions 6% 15% 50%

47,369 Followers 73%

476,728 Followers 512,923 Reactions 8% 5%

11,597 Followers 72,719 Reactions 12% 27%

99,137 Subscribers 1,016,161 Video Views 43% .04%

594 Followers

64%

2025 Customer Satisfaction Survey – NPS Insights

Customer responses reveal strong advocacy and satisfaction with Sofwave

• The 2025 Customer Satisfaction Survey, conducted by the Company is SurveyMonkey across U.S. accounts, captured 500+ verified responses from clinics using Sofwave*.
• Respondents evaluated clinical performance, ease of use, service responsiveness, and training quality.
• 94% of responders indicated they would recommend Sofwave to peers
• Survey reflects a "Bain and Company NPS" score of 86%**
• NPS is a "Bain and Company" developed global standard to measure customer advocacy
• Sofwave's NPS is well above the industry average of 40%-60%
• Top satisfaction drivers: Clinical results, ease of use, and responsive customer service
• Sofwave's customer loyalty and satisfaction far exceed the aesthetic device industry benchmark, highlighting the Company's strong reputation and consistent clinical performance.

(*) The survey was conducted by the Company via SurveyMonkey, an online survey platform. Respondents were compensated with 250 Sofwave "pulses". The calculation of NPS from the survey results was performed by the Company. (**) NPS=(%Promoters)−(%Detractors) or NPS = 93.2 − 6.8 = +86.4%

Sofwave Advantage – Non-Destructive Lifting with Extraordinary Safety

No fat loss. No needles. No compromise

• Sofwave is a delegable treatment with many patient safety feature incorporated in its design
• Unlike other technologies that damage subcutaneous fat, Sofwave targets the mid-dermis for precise collagen remodeling — preserving fat layers essential for natural, youthful contours
• This non-destructive mechanism ensures optimal lifting without the hollowing or volume loss seen with other more aggressive modalities
• Clinical Insight: Preservation of facial fat is critical in GLP-1 and post-weight-loss patients prone to laxity.
• Differentiation: Only Sofwave consistently achieves collagen remodeling without damaging adipose tissue.
• Safety & Simplicity: No needles, no downtime, and an extraordinary safety record across 667,000+ global treatments.

SofWave SUPERB Technology Truly Non-Invasive Skin Regeneration

Dr. Shimon Eckhouse

FDA Safety Communication Oct 15, 2025

• Potential Risks with Certain Uses of Radiofrequency (RF) Microneedling FDA Safety Communication
• The U.S. Food and Drug Administration (FDA) is making consumers, patients, and health care providers aware that serious complications have been reported with certain uses of radiofrequency (RF) microneedling devices.
• These devices use an array of small electrodes, also known as microneedles, to deliver RF energy into and under the skin to produce local heating. With use of these devices for dermatologic or aesthetic procedures intended to improve the appearance of the skin (to treat wrinkles or to achieve skin effects, sometimes referred to as resurfacing, "tightening" or "rejuvenation"), the FDA is aware of reports of serious complications (adverse events) including burns, scarring, fat loss, disfigurement, and nerve damage, and the need for surgical repair or medical intervention to treat injuries.
• Recommendations for Patients and Caregivers
• Be aware of reports of serious complications such as burns, scarring, fat loss, disfigurement, and nerve damage, with use of RF microneedling devices for dermatologic and aesthetic skin procedures.
• Discuss the benefits and risks of all available dermatologic and aesthetic skin procedures with your health care provider.
• Recommendations for Health Care Providers
• Review and discuss the recommendations above with your patients and their caregivers.
• Be aware of reports of serious complications with use of RF microneedling devices for dermatologic or aesthetic skin procedures, such as burns, scarring, fat loss, disfigurement, and nerve damage, which may require intervention.

https://www.fda.gov/medical-devices/safety-communications/potential-risks-certain-uses-radiofrequency-rf-microneedling-fda-safety-communication

SUPERB Compared to Existing Technologies (May 2021)

Companies:

Solta, Lumenis, Sisram, (Alma), Cynosure, Candela

InMode, Sisram, Lumenis, Candela, Lutronic, Cutera

Mertz(Ulthera), Hironic

SofWave

ABLATIVE

Epidermal Cooling

NON-ABLATIVE

*Note that for clarity the U/S transducers are shown next to each other along their long axes

SUPERB Compared to Existing Technologies (May 2021)

Companies:

Solta, Lumenis, Sisram, (Alma), Cynosure, Candela

InMode, Sisram, Lumenis, Candela, Lutronic, Cutera

Mertz(Ulthera), Hironic

SofWave

ABLATIVE

Epidermal Cooling

NON-ABLATIVE

*Note that for clarity the U/S transducers are shown next to each other along their long axes

Patients During and Post RF Micro-Needling treatment

Current Solution (May 2021) Sub Optimal Performance

• Significant epidermal surface damage with long healing periods and patient down time. Risk of hyperpigmentation.
• Multiple sessions for efficacy
• Complex equipment, untreatable areas, cumbersome treatment
• Highly skilled practitioners required
• Lack of real-time treatment feedback

SUPERB FDA Pivotal Studies

• Wrinkle and Facial Lines Improvement (2018 -2019 )

• Multi Center IRB blinded controlled study of 80 patients 86% have a reduction of 1+ in Fitzpatrick Wrinkle Elastosis Score 78% have wrinkle reduction per blinded evaluation

• Lax Submental, and Neck Lifting (2020 -2021 )

• Multi Center IRB blinded controlled study of 80 patients 84.5% have lax submental and neck lift according to physicians' grading (PGAIS) 80% have lax submental and neck lift according to blinded reviewers' evaluation

• Eyebrow Lifting (2021 -2022 )

• Multi Center IRB blinded controlled study of 80 patients 80% have an eyebrow lift according to physicians' grading (PGAIS) 79%% have an eyebrow lift according to blinded reviewers' evaluation

• Short -Term Improvement in the Appearance of Cellulite (2021 -2022 )

• Multi Center IRB blinded controlled study of 68 patients 89% improvement rate for both Cellulite and Skin Laxity CSS Improvement in cellulite appearance was 1.61±0.89. The improvement reflects a reduction of 57.4%. LS Improvement in Skin Laxity was 0.70±0.47. This improvement reflects a reduction of 44%

• Acne Scar Improvement (2023 )

• Multi Center IRB blinded controlled study of 68 patients 97% have improvement per blinded evaluation Improvement level of 1.05 based on Acne Scar Severity represents an improvement of 46% of the baseline condition

• Upper Arm Lax Skin (2023 )
• Multi Center IRB blinded controlled study of 46 patients 93% have improvement per blinded evaluation (PGAIS)

• Short -Term Improvement in the Appearance of Cellulite using the LiftHD Applicator (2024 )

• Multi Center IRB blinded controlled study of 60 patients 92% improvement rate for both Cellulite and Skin Laxity CSS Improvement in cellulite appearance was 1.78±1.13. The improvement reflects a reduction of 69%. LS Improvement in Skin Laxity was 0.84±0.58. This improvement reflects a reduction of 53%.

SUPERB 7 FDA Clearances

• The Sofwave system is indicated for use as a non-invasive dermatological aesthetic treatment to improve facial lines and wrinkles (K191421)
• The Sofwave system is indicated for use as a non-invasive dermatological aesthetic treatment to lift the eyebrow , lift lax submental (beneath the chin) and neck tissue which can also affect the appearance of lax tissue in the submental and neck regions (K211483)
• The Sofwave System is indicated for short-term improvement in the appearance of cellulite (K223237)
• The Sofwave System Precise Applicator (K230019)
• The Sofwave System is indicated treatment of acne scars (K231537)
• The SofWave System is indicated to improve the appearance of skin laxity on the upper arms (K233104)
• The Sofwave System Body Applicator Lift HD (K240687)

Financial Highlights

Revenue Growth

• Continued strong YoY revenue increase with +56% in Q3.25 vs. Q3.24
• Q3/25 Pulse revenues increased to \$8.3M (+55% YoY)
• Q3/25 Capital equipment revenues increased to \$12.8M (+57% YoY)

Quarterly Revenue Growth

Quarterly Revenue Growth YoY (\$m)

Q3 2025 Geographical Split

Non-IFRS Quarterly Operating Loss/Income (\$M)

Non-IFRS excluding Stock Based Compensation and onetime litigation expenses

Financial Highlights Q3 2025 – P&L (\$'K)

	For the 3 months ended September 30,
	2025	2024
Revenues	21,074	13,507
COGS	5,545	3,351
Gross Profit	15,529	10,156
	73.7%	75.2%
R&D expenses	3,155	2,693
S&M expenses	9,166	6,994
G&A expenses	1,720	1,783
Operating Income (loss)	1,488	(1,314)

Stock Based Compensation
2025	2024
-	-
9	14
9	14
119	210
114	51
149	256
391	531

Excluding Stock Based Compensation
2025	2024
21,074	13,507
5,536	3,337
15,538	10,170
73.7%	75.3%
3,036	2,483
9,052	6,943
1,571	1,527
1,879	(783)

All operating expenses decreased sustainably as percentage of revenues

Operating income ~9% on a Non-IFRS basis

IFRS net income in Q3/25 of \$1.0M

Financial Highlights 1-9/2025 – P&L (\$'K)

	For the 9 months ended September 30,
	2025	2024
Revenues	58,735	41,333
COGS	14,630	10,115
Gross Profit	44,105	31,218
	75.1%	75.5%
R&D expenses	9,066	8,028
S&M expenses	27,036	21,559
G&A expenses	5,292	5,115
Operating Loss	2,711	(3,484)

Stock Based Compensation
2025	2024
-	-
22	52
22	52
420	492
861	350
552	806
1,855	1,700

Excluding Stock Based Compensation
2025	2024
58,735	41,333
14,608	10,063
44,127	31,270
75.1%	75.7%
8,646	7,536
26,175	21,209
4,740	4,309
4,566	(1,784)

All operating expenses decreased sustainably as percentage of revenues

Operating income ~8% on a Non-IFRS basis

IFRS net income in the first 9 month of 2025 of \$1.4M

Financial Highlights – BS (\$'K)

Sep. 30, 2025	Dec. 31, 2024
26,522	21,616
7,628	8,668
3,017	2,641
5,236	5,880
42,403	38,805
4,563	4,224
46,966	43,029
17,869	17,502
1,080	1,001
28,017	24,526
46,966	43,029

Strong cash position with \$26.5M(*) as of Sep. 30, 2025

Generated \$2.5M cash in Q3/25 and \$4.9M in 1-9/25

(*) including \$520K short term bank deposit

Investment Highlights

• Sofwave is delivering the next-generation patented energy based non-invasive aesthetic skin treatments disrupting an industry with outdated solutions
• Rapid industry adoption achieving +56% YoY revenue growth in Q3/25, scalable, lean infrastructure in-place to support continued high growth and profitability
• Broad range of FDA clearances for lifting, laxity and wrinkle treatment on face and neck, cellulite, acne scars, arm laxity and muscle toning
• Significant recurring revenue; ~40% of total revenue; ~667,000 treatments completed
• Significant brand awareness growing social media following to over 1,000,000 followers