Slides
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Report Q2 2025 July 18, 2025 Cecilia de Leeuw CEO Linda Frölén CFO
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Q2 2025 – Key takeaways Taking steps towards our financial targets High market activity and building momentum Growing order intake - Driven by Americas and EMEA regions Strong order backlog of 735 MSEK Weaker topline in the quarter - Strong comparison with Q2 24, due to 20 MSEK China deliveries Soft EBIT of 8 MSEK - Weaker topline but stable gross margin and growth in Services Continued focus on operational efficiency Order Intake YoY: Revenue YoY: EBIT margin: 11%* -13%* 8% * Constant currencies
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Q2 development by region AMERICAS – Larger US orders despite market uncertainty - Product order (10 MSEK) to prominent Texas Cancer Centre - Multiple Service contract renewals, incl US East Coast order EMEA – Continued momentum and signs of recovery - Strategic French contract with Ramsey Santé group - High activity rewarded with German contract APAC – Softer quarter, but untapped SGRT demand - Strong order mix from advanced and developing markets - Tough comparison Q2 24, VitalHold orders and China deliveries 28 31 68 31 46 58 Americas EMEA APAC +11% +47% -15% Q2’24 Q2’25 Order Intake 15 48 67 18 43 44 Americas EMEA APAC +26% -11% -34% Revenue
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Q2 Financials Linda Frölén, CFO
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Q2 Financials Order Intake 134.8 (127.4) MSEK +6% Revenue 105.2 (129.4) MSEK -19% Gross Profit 70.2 (87.9) MSEK -20% Gross Margin 67 (68) % -127 bips OPEX 61.0 (68.0) MSEK -12% EBIT 8.4 (18.1) MSEK -54% EBIT Margin 8 (14) % Operating Cash Flow 0.5 (-2.6) MSEK
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Stable Gross Margin in the mid-60s Gross profit Q2’25: 70.2 (88.0) MSEK. Decrease Y/Y following lower revenue, partly offset by contribution from service revenue. Gross margin Q2’25: 67 (68) %. Gross margin below Q2’24 but in line with Q1’25. Large proton deliveries in Q2’24. Historically increased over time. No proton deliveries in Q2’25. 58% 60% 62% 64% 66% 68% 70% 72% 74% 0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0 90,0 100,0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Gross profit & Gross margin by quarter
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Continued improved cost control Development Y/Y: -7.0 MSEK Higher personnel expenses and lower expenses for external consultants as consultants has been replaced with own staff. Development Q/Q: +4.9 MSEK Higher expenses for payout of sales commissions related to previous periods not fully provided for, coupled with lower personnel expenses in Q1 due to holidays. Y/Y Q/Q 68,0 61,0 56,1 61,0 Q2’24 Q2’25 Q1’25 Q2’25 -10% +9%
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Improved cost efficiency • Annualized operating expenses decreased by 31 MSEK since the peak of 259 MSEK in Q3’24. • Continuous Q/Q reduction for three consecutive quarters. • Reflects stronger cost control measures and internal efficiency improvements. 195 205 216 229 242 257 259 243 235 228 0,0 50,0 100,0 150,0 200,0 250,0 300,0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Opex R12 (MSEK)
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Long-term improved EBIT - soft performance in the quarter due to weaker revenue EBIT Q2’25: 8.4 (18.1) MSEK Adjusted for unrealized fx 9.3 (19.1) MSEK EBIT margin Q2’25: 8 (14) % Adjusted for unrealized fx 9 (15) % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0 90,0 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Rolling 12 months EBIT (MSEK) EBIT (MSEK) excl fx Margin (%) Margin (%) excl fx
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Improved cash flow Y/Y and a strong balance sheet Cash balance decreased with 3 MSEK from 161 MSEK at end of Q1 to 158 MSEK end of Q2. Operating cash flow was 0.5 (-2.5) MSEK and cash flow from working capital was -7.9 (-26.5) MSEK. Main reson behind the negative to cash flow from working capital was increased accounts receivables. A few orders from Q3 and Q4 in working capital were paid during the quarter and some are expected to be paid in the next quarter. No long-term debt. -60,0 -40,0 -20,0 0,0 20,0 40,0 60,0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Total cash flow by quarter (MSEK) Operating cah flow before changes in NWC Cash flow from NWC Cash flow from investments Cash flow from financing
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Summary & looking ahead Cecilia de Leeuw, CEO
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Progress on our strategy in Q2 Grow Sales & Market Reach Globally • Strengthen position by growing in prioritized markets • Penetrate selected new markets • Optimized go-to-market with sales organisation, industrial partnerships, distributor network Untapped Market Potential • SGRT (Surface Guided Radiation Therapy) now standard of care • Major retrofit potential for LINACs and Protons • Build long-term customer partnership and grow services World-leading Products • Patient-centric and user- friendly innovation for better outcomes • Continued Product Innovation of existing portfolio as well as new complementing solutions • Product integration with all major suppliers Steering Towards Financial Targets Order Intake up 11%* driven by Americas and EMEA Services Order Intake up 86%* New and improved Gating solution introduced OPEX down 10%, replacing consultants in Administration and Service Revenue and operating income 2023-2025(RTM), MSEK * constant currencies 0% 5% 10% 15% 20% 0,0 100,0 200,0 300,0 400,0 500,0 600,0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Revenue (MSEK) EBIT margin excl fx (%)
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Cecilia de Leeuw CEO Linda Frölén CFO Q&A