Slides
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Report Q3 2025 October 23, 2025 Johan Danielsson Deputy CEO Linda Frölén Acting CEO & CFO
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Q3 2025 – Key takeaways Order intake growth - Driven by EMEA and Services Strong topline in the quarter - Solid performance in EMEA Positive EBIT development - Favorable market mix and increased share of Services Improved operating cash flow Order Intake YoY: Revenue YoY: EBIT margin: 11%* 16%* 19% * Constant currencies Operating cash flow: 24 MSEK
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Q3 development by region AMERICAS – Negative impact from market uncertainty - Performance not on par with expectations - Positive response at ASTRO EMEA – High market activity and solid performance - Continued good momentum - Large Czech Republic product- and services order APAC – Soft order intake and flat revenue - Strong interest from advanced and developing markets - SGRT approaching Standard of Care in South East Asia 28 23 48 17 49 40 Americas EMEA APAC -40% +112% -16% Q3’24 Q3’25 Order Intake 22 32 45 19 49 44 Americas EMEA APAC -15% +52% -3%Revenue
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Global Services Johan Danielsson, Deputy CEO
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Increased ”book of Service business” • Service Contracts typically three years with extension/renewal • New product sales and installed base (new and renewed contracts) 0% 5% 10% 15% 20% 25% 30% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Quarterly Services % of Revenues 0 10 20 30 40 50 60 70 80 90 100 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 RTM Services Revenues
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Global Services Mission Technical Installation & Acceptance Test Project implementation Target group: Physicists / Lead Therapists Performed by: Field Service Engineers Application Training cxxx Commissioning and education Target Group: Physicists, therapists and nurses Performed by: Clinical Application Specialists Enabled & Successful Customers Cross-functional SGRT knowledge transfer, among peers, supported by the industry.
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Services lifecycle Enabled & Successful Customers Cross-functional SGRT knowledge transfer, among peers supported by the industry.
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Q3 Financials Linda Frölén, Acting CEO & CFO
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Q3 Financials Order Intake 106.4 (99.6) MSEK +7% Revenue 112.2 (100.1) MSEK +12% Gross Profit 82.8 (72.7) MSEK +14% Gross Margin 74 (73) % +116 bips OPEX 60.4 (53.8) MSEK +12% EBIT 21.2 (17.3) MSEK +22% EBIT Margin 19 (17) % Operating Cash Flow 24.4 (-17.2) MSEK
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Temporary boost in gross margin Gross profit Q3’25: 82.8 (72.7) MSEK. Gross margin Q3’25: 74 (73) %. Positive contribution from higher margin service revenue and favourable market mix. Positive one-off adjustment in cost of goods related to repayment of license fees. No proton deliveries in Q3’25. Historically increased over time. 56% 58% 60% 62% 64% 66% 68% 70% 72% 74% 76% 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 Q3'25 Gross profit & Gross margin by quarter
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Continued cost control, opex affected by seasonality Development Y/Y: +6.6 MSEK ASTRO happening in Q4 last year but Q3 this year. Downward adjustment of full year bonuses during Q3 last year. Development Q/Q: -0.7 MSEK Higher expenses for marketing activities this quarter. Offset by lower personnel expenses due to summer holidays. Y/Y Q/Q 53,7 60,3 61,0 60,3 Q3’24 Q3’25 Q2’25 Q3’25 +12% -1%
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Improved cost efficiency • Annualized operating expenses decreased by 25 MSEK since the peak of 259 MSEK in Q3’24. • Q3’25 LTM figure affected by seasonality in marketing activities • Stronger cost control measures and internal efficiency improvements. 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 Q3'25 Opex R12 (MSEK)
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Long-term improved EBIT - Q3 margin of 19% EBIT Q3’25: 21.2 (17.4) MSEK Adjusted for unrealized fx 21.5 (18.1) MSEK EBIT margin Q3’25: 19 (17) % Adjusted for unrealized fx 19 (18) % 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 Q3'25 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 increased with 15 MSEK from 158 MSEK at end of Q2 to 173 MSEK end of Q3. Cash flow from working capital -0.3 (-37.4) MSEK. Operating cash flow 24.4 (-17.2) MSEK A few older orders from last year in working capital were paid during the quarter and some are expected to be paid during this 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 Q3'25 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
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Next step • New Executive Management Team • Linda Frölén, Acting CEO • Johan Danielsson, Deputy CEO • Peter Simonsbacka (board member) consultant, previous CCO AddLife • Repurchase of shares up to SEK 20 million • C-RAD's high-quality products in SGRT and stable service business continues to generate strong cash flow and C-RAD has a strong financial position. • Oct 22, 2025 – AGM 2026
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Our strategy & financial targets 1. Increase sales by gaining market share and growing our offering 2. Invest in product innovation through product development of the existing portfolio and launching new complementary solutions 3. Develop and grow the service offering C-RADS' financial targets are for average organic growth to exceed 10 percent and the operating margin (EBIT margin) to reach 25 percent. At least 30 percent of net profit to be returned to shareholders.
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Q&A