Slides
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INTERIM REPORT Q3 2025 | NOVEMBER 7, 2025
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• Q3 in brief • Financial development • Summary and outlook • Q&A AGENDA
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COMPREHENSIVE CANCER CARE
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REVENUES SOLID PERFORMANCE OVER TIME 24 23 20 21 23 25 29 42 47 67 115 198 244 269 323 416 473 517 39 61 98 105 159 179 256 356 485 518 512 544 408 373 521 606 719 775 63 84 118 126 182 204 285 398 532 585 627 742 652 641 844 1022 1192 1292 0 200 400 600 800 1000 1200 1400 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM Support revenue Licenses, hw, training, other 2025 LTM MSEK
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Q3 IN NUMBERS Record - high net sales and improved profitability Net sales MSEK 332 EBIT MSEK 89 EBIT margin 27 % Recurring support revenue 39%
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Q3 BUSINESS HIGHLIGHTS High customer activity • New orders and expanded installations from existing customers, a few examples; • Stanford Health Care in the USA • Keimyung University Dongsan Medical Center in South Korea • Five new particle therapy centers in China • Auckland City Hospital in New Zeeland • Pinnacle and Eclipse replacements; Med360 ° in Germany and several French clinics • Successful ASTRO conference in San Francisco • RaySearch’s 25 th anniversary global conference
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AN ONCOLOGY ANALYTICS SYSTEM Johan vill ha senaste versionen från user meeting Cloud - based platform built with modern technology for scalability and accessibility Interactive dashboards for clear visualization and reporting Seamless integration with RayStation and RayCare Powerful SQL scripting interface for custom queries and in - depth data exploration
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AN ONCOLOGY ANALYTICS SYSTEM Use Cases Johan vill ha senaste versionen från user meeting Overview of the clinical operation Monitoring (machines, treatments, toxicities) Treatment quality analysis ML model performance tracking Report generation using data from RayStation, RayCare and other sources
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TREATMENT PLANNING OVERVIEW
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FINANCIAL DEVELOPMENT
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ORDER INTAKE High activity from new and existing customers 241 318 239 290 253 305 410 241 295 1 201 1 004 1 036 1 087 1 100 1 087 1 258 1 209 1 251 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MSEK Order intake Order intake, R12 • High interest across regions • Order intake increased with 17% in Q3 to 295 (253) MSEK and 21% YTD to 946 (782) MSEK • High order intake from Support contracts • Order backlog 1,617 MSEK end of quarter • Book - to - bill ratio 0 . 9 in Q3 , 1 LTM
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NET SALES AND OPERATING MARGIN PER QUARTER High net sales driving significantly improved profitability • Record high net sales, +13% to 332 (293) MSEK, licenses +40% growth and support +8% • Organic growth of 19% • New orders and RayStation sales from six major particle centers in Asia • EBIT +44% to 89 (62) MSEK • Adjusted for costs from internal conference, EBIT was 103 MSEK and EBIT margin 31% 253 300 257 319 293 323 332 305 332 11% 15% 18% 25% 21% 23% 23% 12% 27% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MSEK Net sales EBIT margin
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40% RECURRING SUPPORT REVENUE YTD Steady growth • Support revenue growth of 8% to 130 (120) MSEK in Q3 • +13% to 385 (342) MSEK YTD • Negatively affected by currency effects 107 120 107 115 120 131 125 131 130 98 139 119 164 133 160 165 131 186 48 41 32 40 40 31 41 43 17 296 416 436 449 462 473 491 507 517 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MSEK Support Licenses Hw, training and other Support, R12
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DEVELOPMENT OF NET SALES AND EBIT LTM A solid upward trend over time CAGR 14 % 987 1 022 1 049 1 129 1 169 1 192 1 267 1 253 1 292 91 (9%) 115 (11%) 137 (13%) 198 (18%) 231 (20%) 260 (22%) 290 (23%) 247 (20%) 274 (21%) Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MSEK Net sales, R12 EBIT (margin %), R12
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CASH FLOW DEVELOPMENT Higher working capital from prepayments turning into revenue and larger profitable contracts • Prepaid particle sales in Asia • Longer payment terms in profitable contracts • Mix of customer contracts and timing will cause fluctuations • Cash balance end of Sept, 323 MSEK and no loans – solid position 64 46 88 64 1 24 66 7 - 82 146 192 194 262 198 176 154 97 14 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MSEK Free cash flow Free cash flow, R12
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CONTRACT ASSETS AND LIABILITIES Pre - payments, timing effects and profitable sales with longer payment terms - 123 - 56 - 131 - 135 - 65 - 9 - 36 15 131 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 MSEK Contract assets and liabilities, net (MSEK) 30 Sep 2025 30 Sep 2024 31 Dec 2024 Billed customer receivables 209 220 255 Unbilled customer receivables 289 190 190 Contract liabilities 367 475 454 Net contract assets and liabilities 131 - 65 - 9
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SUMMARY AND OUTLOOK
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SUMMARY AND OUTLOOK Strong quarter and solid performance over time • Record high net sales • Significantly strengthened profitability • Continued high interest in RaySearch’s solutions • Large remaining potential within existing customer base • Favorable conditions for long - term growth
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Q&A
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Year - end report released on February 12, 2026 If you have questions, please contact: ir@raysearchlabs.com THANK YOU