Slides
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INTERIM REPORT Q3 2026 | NOVEMBER 3 , 2026
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AGENDA INTRODUCTION Q3 IN BRIEF FINANCIAL DEVELOPMENT SUMMARY AND OUTLOOK Q&A
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INTRODUCTION
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RAYSEARCH TODAY 13 sales offices and 19 distributors 1,248 RayStation clinics in 54 countries 10.3 billion SEK 480 employees and 41 nationalities in accumulated revenues 11 MILLION cancer patients treated software releases 163 26 industrial partners
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REVENUES – SOLID PERFORMANCE OVER TIME 24 23 20 21 23 25 29 42 47 67 115 198 244 269 323 416 473 524 533 39 61 98 105 159 179 256 356 485 518 512 544 408 373 521 606 719 820 799 63 84 118 126 182 204 285 398 532 585 627 742 652 641 844 1022 1192 1344 1332 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 Q3 Support revenue Licenses, hw, training, other MSEK CAGR 19%
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QUARTERLY FLUCTUATIONS, GROWTH EVERY YEAR 63 84 118 126 182 204 285 398 532 585 627 742 652 641 844 1 022 1 192 1 344 1 332 0 200 400 600 800 1 000 1 200 1 400 0 100 200 300 400 500 600 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Sales (Quarterly), MSEK Net Sales (Annual total), MSEK
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Q3 IN BRIEF
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RECORD - HIGH NET SALES Net sales MSEK 394 Organic growth 1 8 % EBIT margin 21 % Recurring support of total revenue 35%
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Strong net sales driven by USA Key orders Online adaptive collaboration with Accuray, including large RayStation order UNC School of Medicine in USA expands RayStation use Sylvester Comprehensive Cancer Center, Miami, chose RayStation to replace Eclipse for its ProBeam system Various photon treatment RayStation orders replacing Eclipse, Monaco, Pinnacle and Precision Q3 BUSINESS UPDATE
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Advanced Radiation Therapeutics started patient treatments using RayCare and RayStation with Varian TrueBeam Successful ASTRO congress in Boston Share buyback of 58 MSEK OTHER Q3 HIGHLIGHTS
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Multi - year partnership with the International Atomic Energy Agency (IAEA) Expands access to cancer care in low - and middle - income countries Supports IAEA Anchor Centres – regional radiotherapy centres of expertise RaySearch contributes with software, training and technical expertise Strengthens presence in new markets IAEA’S RAYS OF HOPE INITIATIVE
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FINANCIAL DEVELOPMENT
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ORDER INTAKE License orders increased 65 percent Order intake increased by 30% Strong contribution from Americas and order from Accuray Order backlog 1,722 MSEK end of Q3 Book - to - bill ratio of 1.0 253 305 410 241 295 330 356 296 385 1 100 1 087 1 258 1 209 1 251 1 276 1 223 1 277 1 366 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MSEK Order intake Order intake, R12
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NET SALES AND OPERATING MARGIN BY QUARTER Record high net sales including high hardware volumes Net sales grew 19 % to 394 (332) MSEK Organic growth 18 % Temporary larger share of hardware impacted gross margin 84 (96)% EBIT of 85 (89) MSEK with EBIT margin of 21 (27)% Cost increase from investments in Sales & Marketing and Commercial Strategy 293 323 332 305 332 375 290 272 394 21% 23% 23% 12% 27% 24% 23% 10% 21% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MSEK Net sales EBIT margin
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SUPPORT REVENUE DEVELOPMENT 40% recurring support revenue LTM Support revenue of 138 (130) MSEK Adjusted for currency +7% growth Driven by high hardware sales, support revenue accounted for 35% in Q3 120 131 125 131 130 139 123 133 138 133 160 165 131 186 185 125 107 167 40 31 41 43 17 51 42 32 90 462 473 491 507 517 524 523 525 533 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MSEK Support Licenses Hw, training and other Support, R12
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CASH FLOW DEVELOPMENT Free cash flow of - 68 ( - 82) MSEK Effected by increase in working capital Profitable sales with longer payment terms Net cash position of 92 MSEK (excluding leasing) end of Q3 Strong financial position: 234 MSEK in undrawn credit facilities at Q3 end 1 24 66 7 - 82 91 30 50 - 68 198 177 154 97 14 82 47 90 104 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MSEK Free cash flow Free cash flow, R12
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SUMMARY AND OUTLOOK
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Strong net sales development and order momentum in USA Robust pipeline on growing proton market and increasing photon market share Further upselling potential within existing customer base Gradual expansion of offering beyond radiation therapy Strong Q4 expected and EBIT margin target of at least 25% full - year 2026 reachable SUMMARY AND OUTLOOK
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Q&A
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Year - end report released on Feb 10, 2027 If you have questions, please contact: ir@raysearchlabs.com THANK YOU