Slides
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C-RAD Q3 Report Tomas Blomquist, CEO Linda Frölén, CFO Eeva-Liisa Karjalainen, CPTO
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Disclaimer This presentation may contain forward-looking statements regarding operational and financial performance, market conditions, and related matters. These statements reflect current expectations and are believed to be reasonable, but they are not guarantees — actual results may differ materially due to known and unknown risks and uncertainties. Market statistics and trends are provided to illustrate market potential. The company undertakes no obligation to update these statements except as required by law or stock exchange regulations.
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Q3 highlights Order intake SEK 76m (106), down 29% year-on-year Revenue SEK 85m (112), down 24% year-on-year Record service revenue SEK 30m, the highest quarterly level ever Resilient profitability Gross margin of 76% and EBIT margin of 12% Positive development in Americas Order intake increased by 20% year-on-year 19 49 44 18 38 30 Americas EMEA APAC -6% -23% -33% ORDER INTAKE 17 49 40 20 29 27 Americas EMEA APAC +20% -40% -34% REVENUE Q3’25 Q3’26 Q3’25 Q3’26
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Strategic progress in Q3 Strategic customer wins New business with Ron-Ergea in Germany, building on successes with GenesisCare UK and ELSAN CUSTOMERS Progress towards open workflow platform Advancements in automated patient identification and continued collaboration with SeeTreat in adaptive radiotherapy PLATFORM Transformation is on track Strengthened commercial organisation, increased focus on software and innovation, and continued development of recurring revenue streams TRANSFORMATION
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Financial update Linda Frölén, CFO
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Gross profit & gross margin 50 52 54 56 58 60 62 64 66 68 70 72 74 0 50 100 150 200 250 300 350 2022 2023 2024 2025 2026 mSEK % GROSS PROFIT & GROSS MARGIN BY QUARTER, LTM Gross margin Gross profit Gross profit Q3’26 64.9 (82.8) MSEK Gross margin Q3’26 76 (74) % Positive contribution from higher margin service revenue and favourable product mix Proton deliveries in Q3’26 Historically increased over time
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Continued cost control, Q3 affected by summer holidays Development year-on-year Average no of FTEs down Commissions lower following the lower order intake and revenue. Capitalization rate also increased as product development pace has increased. Development quarter-on-quarter Lower personnel expenses in Q3 due to summer holidays. YoY* 37 35 40 35 23 23 23 23 -3 -3 -3-2 Q3’25 Q3’26 Q2’26 Q3’26 58 54 60 54 -7% -9% QoQ* DEVELOPMENT YoY & QoQ CapexOther OpexPersonnel*) net after capitalized expenses
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Q3 EBIT strained from revenue drop, partly offset by higher gross margin and lower expenses EBIT Q3’26: 9.9 (21.2) MSEK EBIT margin Q3’26: 12 (19) % EBIT & EBIT MARGIN, LTM *) excluding non-recurring costs related to management changes in Q4’25 and restructuring program in Q1’26 0 2 4 6 8 10 12 14 16 18 20 22 24 0 10 20 30 40 50 60 70 80 2022 2023 2024 2025 2026 mSEK % mSEK % EBIT margin % EBIT, mSEK
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Improved cash balance & a strong balance sheet Cash balance increased 6 MSEK from 138 MSEK at end of previous quarter to144 MSEK end of Q3 Operating cash flow 9.4 (24.4) MSEK Cash flow from working capital 4.4 (-0.3) MSEK Strong cash flow from accounts receivables of 20 MSEK No long-term debt *) excluding payments related to restructuring items 3 -13 15 33 62 81 47 30 39 42 84 76 30 36 25 -20 0 20 40 60 80 100 120 140 160 180 Q1’24 Q1’25 Q1’26Q1’23 CASH BALANCE & OPERATING CASH FLOW, LTM mSEK Cash balance Operating cash flow*
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Increased pace in product development Accelerating product development through increased investments Yearly investments increased by approximately SEK 16 million Scaling up innovation to strengthen our competitive position Increased investments enable faster development and launch of new products Building for future growth A long-term commitment to product development to strengthen our offering and drive future growth 0 2 4 6 8 10 12 14 16 18 20 22 24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 +16 mSEK INVESTMENTS IN PRODUCT DEVELOPMENT, LTM
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Product update Eeva-Liisa Karjalainen, CPTO
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Enhancing cancer care with Surface Guided Radiotherapy ACCURACY. EFFICIENCY. SAFETY. Together with clinicians, we combine technology and care to make every patient journey safer and better. Treating a tumour demands precision: targeting cancer effectively while protecting surrounding healthy tissue. SGRT delivers this through patient positioning and real-time patient tracking. WHERE SGRT FITS Cancer diagnosis Simulation Treatment delivery Follow-upTreatment planning
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Building from a great position in the treatment workflow SOLUTIONS POSITIONED AT THE HEART OF THE WORKFLOW Sentinel 4DCT The Starting Point Capture the patient's surface for precise treatment setup. Simulation Patient setup Treatment deliveryPlan Sentinel 4DCT Catalyst+ HD Catalyst+ HD Catalyst⁺ HD The Eyes Track real-time patient movement in treatment. ~60 Countries ~1,100 Customers >2,000 Systems
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Showcasing product updates at ASTRO – SGRT Successful ASTRO congress in Boston September 27-29 to showcase C-RAD’s latest product updates Preview of the upcoming major product release of flagship surface scanning product Catalyst⁺ HD Showcasing of the newest addition to the product family, the entry-level product Catalyst⁺ LITE Additional interoperability for Sentinel 4DCT to CT-scanners from United Imaging
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Towards a category leading open oncology workflow platform Strengthen the core Evolution and refinement of C-RAD software and hardware SGRT solutions with enhanced usability and interoperability in focus Build Expand the value New innovations that support the future needs of open oncology workflows and adaptive therapy by use of automation and AI PartnerBuild Build the ecosystem A wider ecosystem of open oncology therapy solutions through partnerships and acquisitions BuyPartner THREE STRATEGIC ENABLERS: BUILD. PARTNER. BUY. Maximize output of our own expertiseBuild Unlock innovation with industry leaders Partner Selective M&A to accelerate our strategic position Buy THREE LAYERS OF C - RAD’S ECOSYSTEM
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Demonstrating the first steps of the expanded portfolio at ASTRO First preview of the upcoming workflow automation solutions from C-RAD was showcased at ASTRO Automated patient identity verification solution with state-of-the-art facial recognition makes identity verification a seamless, built-in part of every treatment The new products will run on C-RAD's new software platform which forms the foundation of the future C-RAD open oncology ecosystem The platform will provide a cohesive experience to the products in the ecosystem and serve as a hub for analytics and interoperability CONNECTING AND UNIFYING ONCOLOGY WORKFLOWS
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We bring technical expertise, our partners bring theirs. Together, we innovate at the intersection of what is technically possible and clinically valuable. Always using open interfaces and industry standards as far as possible. Different perspectives. Shared purpose. Open interfaces. PARTNERSHIP IS NOT A TACTIC; IT’S HOW WE INNOVATE
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First ecosystem partner: SeeTreat SeeTreat is an Australian med tech company that provides decision support for adaptive radiotherapy workflows C-RAD and SeeTreat have entered a partnership to co-develop and commercialize products that combine the strengths of C-RAD’s Sentinel and Catalyst+ HD products and the SeeTreat ART-1 adaptive decision support solution Joint goal to provide faster, safer and more personalized cancer care to every clinic and every patient RADIATION ONCOLOGY NEEDS CONNECTED SYSTEMS, NOT ISOLATED TOOLS
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Q&A