Interim report
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INTERIM REPORT Q 3 | 202 6
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INTERIM REPORT JANUARY - SEPTEMBER | 202 6 2 RECORD - HIGH NET SALES AND STRONG PERFORMANCE IN THE US A THIRD QUARTER ( JULY - SEPTEMBER 202 6 ) • Order intake increased by 3 0 % to SEK 385 M ( 295 ) • Net sales increased by 1 9 % to SEK 39 4 M ( 332 ), with organic growth of 1 8 % • Operating profit (EBIT) decreased by 5 % to SEK 8 5 M ( 89 ), with an EBIT margin of 21 ( 27 )% . Adjusted for fore ign exchange gains , EBIT amounted to SEK 7 7 M and the EBIT margin was 20 % • Profit after tax amounted to SEK 6 3 M ( 72 ) • Earnings per share before/after dilution was SEK 1 . 90 ( 2 . 0 9 ) • Free cash flow amounted to SEK - 68 M ( - 82 ) • Order backlog amounted to SEK 1, 72 2 M ( 1,6 17 ) NINE MONTHS (JANUARY - SEPTEMBER 2026) • Order intake increased by 10% to SEK 1,036 M ( 946 ) • Net sales decreased by 1 % to SEK 95 7 M ( 969 ), with organic growth of 2 % • Operating profit (EBIT) decreased by 1 0 % to SEK 1 80 M ( 200 ), with an EBIT margin of 19 ( 21 )%. Adjusted for foreign exchange gains, EBIT amounted to SEK 16 0 M and the EBIT margin was 1 7 % • Profit after tax amounted to SEK 13 6 M ( 159 ) • Earnings per share before/after dilution was SEK 4 . 0 1 ( 4 . 64 ) • Free cash flow amounted to SEK 12 M ( - 9 ) SIGNIFICANT EVENTS DURING THE QUARTER • RaySearch and Accuray expanded their collaboration in online adaptive radiation therapy, including an order for RayStation licenses valued at USD 8 M , whereof SEK 33 M was recognized as revenue during the quarter • Advanced Radiation Therapeutics in California, USA, initiated patient treatments using RayCare and RayStation with Varian TrueBeam • The University of North Carolina, USA, ordered additional RayStation licenses for proton therapy • Sylvester Comprehensive Cancer Center in Florida, USA, selected RayStation for its proton therapy program • RaySearch joined the IAEA’s Rays of Hope initiative to improve access to radiotherapy worldwide • Treasury shares were repurchased for SEK 58 M to create shareholder value FINANCIAL PERFORMANCE INDICATORS 1 1 Reconciliation of alternative performance measures and definitions of key ratios can be found on pa ges 1 8 – 2 0 . LTM Jan-Dec SEK M 2026 2025 ∆% 2026 2025 ∆% 25/26 2025 Total order intake 384.7 295.4 30% 1,036.4 946.3 10% 1,366.4 1,276.2 Net sales 394.3 332.3 19% 956.9 968.9 -1% 1,332.4 1,344.3 Operating profit (EBIT) 84.7 89.2 -5% 180.3 200.4 -10% 272.3 292.3 Operating margin (EBIT margin), % 21.5% 26.8% 18.8% 20.7% 20.4% 21.7% Profit/loss for the period after taxes 63.3 71.6 -12% 136.1 159.2 -15% 204.7 227.8 Earnings/loss per share before/after dilution, SEK 1.90 2.09 -9% 4.01 4.64 -14% 6.01 6.65 Cash flow from operating activities 1.5 -11.6 -113% 251.7 213.8 18% 424.9 387.0 Free cash flow -68.1 -81.7 -17% 12.5 -9.1 -237% 103.8 82.2 Equity/assets ratio, % 44.2% 47.3% 44.2% 47.3% 44.2% 49.5% Number of employees at the end of the period 477 450 6% 477 450 6% 477 458 Q3 Jan-Sep
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 3 CEO COMMENTS Strong demand and positive developments in the USA drove net sales to a new record high. However, a higher share of hardware sales in the quarter weighed on profitability. At the same time, we strengthened our market position through important orders, strategic collaborations and clinical progress. We see good prospects for a strong finish to the year. HIGH LEVEL OF MARKET ACTIVITY Interest in our solutions remains strong, particularly in the USA . Demand was especially high for our software for proton therapy, where RaySearch holds a market - leading position. Examples of orders from proton therapy centers included the University of North Carolina School of Medicine, which expanded its RayStation installation with additional licenses . Sylvester Comprehensive Cancer Center in Florida also selected RayStation, which will replace Eclipse as the treatment planning system for the center’s Varian ProBeam machine. We are also seeing continued strong demand for software for photon therapy, with a growing number of clinics replacing the treatment planning systems Eclipse, Monaco and Precision with RayStation, while replacements of Pinnacle accounted for only a small s hare. Overall, the high level of market activity contributed to a 30 percent increase in order intake during the quarter. RECORD SALES WITH A HIGH SHARE OF HARDWARE The quarter was characterized by strong sales growth. Net sales increased by 19 percent to a record - high SEK 394 M (332). Organic growth was 18 percent, with the USA making a significant contribution. Photon therapy accounted for 57 percent of license revenue, while proton therapy accounted for the remaining 43 percent. A higher share of hardware sales during the quarter, as deliveries from both previous quarters and new orders coincided, resulted in a lower gross margin. In addition, we have expanded our organization within commercial strategy, sales and service, while continuing extensive marketing activities, resulting in higher operating expenses. However, we view this as an important investment to drive long - term growth and strengthen our competitiveness. Operating profit amounted to SEK 85 M , corresponding to an operating margin of 21 percent. STRATEGIC COLLABORATIONS EXTEND OUR REACH Through strategic collaborations, RaySearch can reach more clinics and help make personalized radiation therapy available to more patients. During the quarter, we expanded our collaboration with Accuray to accelerate the development of support for adaptive radiation therapy, both online and offline, on Accuray’s imaging and photon therapy platforms. By combining Accuray’s treatment platforms with our advanced software, we are creating the conditions for a more comprehensive solution that facilitates the ado ption of adaptive radiation therapy. The collaboration will also leverage RayCare technology to simplify integration between clinical systems and support efficient online adaptive workflows. The agreement included a significant RayStation order worth USD 8 M , of which SEK 33 M was recognized as revenue in the third quarter, with the remaining license revenue expected to be recognized in the fourth quarter. Another example is the multi - year partnership with the International Atomic Energy Agency (IAEA) that we entered into during the quarter as part of the Rays of Hope initiative. The initiative aims to increase access to cancer care in low - and middle - income countries. Through the partnership, RaySearch contributes software, training and technical expertise to IAEA Anchor Centres , regional centers of expertise that strengthen knowledge in radiation therapy and support other clinics. At the same time, the collaboration provides opportunities for RaySearch to establish a presence in new geographic markets and may create opportunitie s for future business. DRIVERS OF PROFITABLE GROWTH The high level of net sales during the quarter should be viewed as part of RaySearch’s consistent growth over time. In the growing proton therapy market, we have a strong pipeline, while continuously increasing our share of the photon therapy market. An im portant milestone was reached when Advanced Radiation Therapeutics (ART) in the US A began treating patients using RayCare and RayStation together with Varian TrueBeam, one of the world’s most widely used treatment machines. The combination is already in use at Iridium Network in Belgium. ART therefore becomes another reference clinic and represents an important step in creating the conditions for broader adoption of RayCare in the strategically important USA market. Over the longer term, growth is driven by the increasing need for various forms of personalized cancer treatment. With RayStation and RayCare, we see good opportunities both to gain market share and to sell additional modules and solutions to our existing customer base. In parallel, we are gradually broadening our offering and moving closer to our ambition of providing an integrated and efficient software solution that, in addition to radiation therapy, also supports other treatment modalities such as surge ry and chemotherapy. We see good prospects for a strong finish to the year. Despite a relatively weak first half, we believe that our operating margin target of at least 25 percent for 2026 remains achievable. In the growing proton therapy market, we have a strong pipeline, while continuously increasing our share of the photon therapy market. Stockholm, November 202 6 Johan Löf, CEO and founder
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 4 FINANCIAL DEVELOPMENT RaySearch’s operations are characterized by fluctuating order flows, where individual orders can have a significant impact on revenue in a single quarter. In addition, the company has a low proportion of costs which are directly linked to and correlate with the period’s revenue. As a result, both revenue and earnings can vary between quarters, an d to obtain an accurate view of the company’s development, it needs to be assessed from a longer - term perspective. ORDER INTAKE D uring the quarter, order int ake amounted t o SEK 385 M ( 295 ), a n increase of 3 0 percent compared to the same period last year. License order intake totaled SEK 188 M ( 113 ), a n increase of 65 percent, while support order intake reached SEK 144 M ( 14 6 ), a decrease of 2 percent. For the nine - month period order intake amounted to SEK 1,036 M ( 946 ) , an increase of 10 percent compared to the same period last year . License order intake totaled SEK 42 2 M ( 379 ), a n increase of 11 percent, while support order intake reached SEK 447 M ( 444 ), an increase of 1 percent. ORDER BACKLOG As of September 3 0 , 202 6 , the total order backlog amou nted to SEK 1, 72 2 M (1, 617 ), of which SEK 66 5 M is expected to generate revenue within the next 12 months. The remaining amount in the backlog mainly relates to support commitments, which are expected to generate revenue primarily over the following four - year period. RaySearch’s sales are predominantly conducted in currencie s other than SEK. RaySearch’s sales are almost exclusively denominated in currencies other than SEK, primarily USD and EUR, which means that the value of the order backlog is impacted by changes in exchange rates. An effect that was particularly pronounced in 2025. LTM Jan-Dec Order intake (SEK M) 2026 2025 ∆ % 2026 2025 ∆ % 25/26 2025 Licenses 187.5 113.4 65% 421.6 379.1 11% 586.0 543.5 Support 143.8 146.1 -2% 446.6 443.6 1% 570.1 567.1 Hardware 43.2 22.6 91% 131.9 81.5 62% 166.4 115.8 Training and other 10.1 13.3 -24% 36.3 42.1 -14% 43.9 49.7 Total order intake 384.7 295.4 30% 1,036.4 946.3 10% 1,366.4 1,276.2 Q3 Jan-Sep Q3 Q2 Q1 Q4 Q3 Order backlog (SEK M) 2026 2026 2026 2025 2025 Licenses 244.3 215.6 226.2 211.7 238.2 Support 1,297.9 1,261.7 1,222.3 1,157.6 1,205.7 Hardware 50.7 82.2 36.7 34.8 46.8 Training and other 129.5 131.6 129.6 124.3 126.6 Total order backlog at the end of the period 1,722.4 1,691.1 1,614.8 1,528.4 1,617.3 ORDER INTAKE PER QUARTER AND ORDER INTAKE LTM ( SEK M ) ORDER INTAKE AND NET SALES LTM (SEK M) NET SALES (SEK M) AND EBIT MARGIN LTM (%) 1,000 1,100 1,200 1,300 1,400 0 100 200 300 400 500 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Hw, training and other Support Licenses Order intake, LTM 900 1,000 1,100 1,200 1,300 1,400 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Order intake, LTM Net sales, LTM 15 17 19 21 23 25 900 1,000 1,100 1,200 1,300 1,400 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 % MSEK Net sales, LTM EBIT Margin, LTM
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 5 NET SALES Net sales during the quarte r amounted to SEK 3 9 4 M ( 332 ), a n increase of 1 9 percent compared to the same period last year. Organic growth was 1 8 percent. The increase in revenue was driven by strong sales in the US A . License revenues amounted to SEK 16 7 M ( 186 ), a decrease of 1 0 percent compared with a strong prior - year quarter. The three largest contracts accounted for SEK 60 M, representing 3 6 percent of total license revenues for the third quarter. Support revenues increased to SEK 138 M ( 130 ) and accounted for 35 ( 39) perce nt of total net sales for the third quarter. Hardware sales, which carry a lower profit margin, were high during the quarter and amounted to SEK 76 M ( 12 ). The temporarily high proportion was due to several large deliveries , from both new orders and orders received in previous quarters , coinciding during the quarter . For the nine - month period , net sales amounted to SEK 95 7 M ( 96 9 ), a de crease of 1 percent. Organic growth was 2 percent . License revenues totaled SEK 400 M ( 482 ), while support revenues amounted to SEK 394 M ( 385 ), representing 41 percent ( 40 ) of total net sales. Hardware reven ues amounted to SEK 122 M ( 81 ), and training and other revenues amounted to SEK 41 M ( 20 ). For the nine - month period , net sales had the following geographic distribution: America, 40 percent ( 33 ), Asia, the Pacific and the Middle East, 17 percent ( 21 ), Europe and rest of world , 43 percent ( 46 ). OPERATING PROFIT Operating profit for the quarter amounted to SEK 8 5 M ( 89 ), corresponding to an operating margin of 21 percent ( 27 ). Despite record - high net sales, earnings were impacted by a high proportion of hardware revenue with lower margins . The expansion of the organization within commercial strategy, sales and service resulted in higher operating expenses. Continued extensive marketing activities and the long - term incentive program, introduced in the second quarter, also contributed to the i ncrease. These investments are considered important for driving long - term growth and strengthening the company’s competitiveness. The quarter also included costs related to an annual global employee conference. Expenses related to the LTI 2026 long - term incentive program, including social security contri - butions, amounted to SEK 3.9 M (0) for the quarter and SEK 4.7 M (0) for the nine - month period. Foreign exchange gains and losses arise as a result of the Group’s significant receivables in foreign currencies, primarily USD and EUR. Adjusted for foreign exchange gains recognized in the income stateme nt of SEK 7 M, EBIT amounted to SEK 7 7 M, and the EBIT margin was 20 percent in the third quarter . For the nine - month period operating profit amounted to SEK 1 80 M ( 200 ), corresponding to an operating margin of 19 percent ( 21 ). Adjusted for foreign exchange gains of SEK 21 M, EBIT amounted to SEK 1 60 M, and the EBIT margin was 1 7 percent . LTM Jan-Dec Revenue (SEK M) 2026 2025 ∆% 2026 2025 ∆% 25/26 2025 License revenue 166.7 185.8 -10% 399.5 482.3 -17% 584.7 667.5 Support revenue 137.8 129.5 6% 393.9 385.4 2% 532.9 524.4 Hardware revenue 76.4 11.5 562% 122.5 81.0 51% 166.0 124.5 Training and other revenue 13.4 5.5 143% 41.1 20.1 104% 48.8 27.9 Net sales 394.3 332.3 19% 956.9 968.9 -1% 1,332.4 1,344.3 Growth, % 18.6% 13.3% -1.2% 11.4% 3.2% 12.8% Organic growth, % 17.6% 19.1% 2.4% 15.2% 8.8% 18.7% Gross profit 332.5 320.5 4% 853.5 902.7 -5% 1,193.2 1,242.4 Gross margin, % 84.3% 96.4% 89.2% 93.2% 89.6% 92.4% EBIT 84.7 89.2 -5% 180.3 200.4 -10% 272.3 292.3 EBIT margin, % 21.5% 26.8% 18.8% 20.7% 20.4% 21.7% Jan-Sep Q3 NET SALES PER QUARTER AND LTM ( SEK M ) NET SALES BY CATEGORY YTD LICENSE REVENUE AND SUPPORT REVENUE LTM (SEK M ) NET SALES BY REGION YTD 1,000 1,100 1,200 1,300 1,400 0 100 200 300 400 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Hw, training and other Support Licenses Net sales, LTM 42% 41% 13% 4% Licenses Support Hardware Training and other 200 400 600 800 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 License revenue LTM Support revenue LTM 40% 17% 43% Americas Asia, Pacific Ocean and Middle East Europe and rest of world
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 6 CAPITALIZATION OF DEVELOPMENT COSTS RaySearch is a research and development - driven company. Through its own workforce and collaborations with customers and industrial partners, RaySearch continuously invests in the development of its existing product portfolio and in future products that imp rove cancer care. Research and development costs for the quarter amounted to SEK 68 M ( 60 ). Capitalized development expenditures totaled SEK 45 M ( 40 ), corresponding to 66 percent ( 67 ) of total research and development costs . For the nine - month period , research and development costs amounted to SEK 221 M ( 206 ), of which SEK 162 M ( 144 ) were capitalized, corresponding to 73 percent ( 70 ) of total research - and development costs . Amortization of capitalized development expenditures amounted to SEK 50 M ( 48 ) for the quarter and SEK 134 M ( 138 ) for the nine - month period. Total research and development costs after capitalization and amortization of development expenditures amounted to SEK 73 M ( 68 ) for the quarter and SEK 194 M ( 200 ) for the nine - month period. As of September 3 0 , 202 6 , 229 employees ( 220 ) were engaged in research and development, representing 4 8 percent ( 49 ) of the total workforce. DEPRECIATION Total depreciation for the quarter amounted to SEK 77 M ( 73 ), of which depreciation of intangible assets totaled SEK 50 M ( 49 ) and depreciation of right - of - use assets and tangible assets amounted to SEK 27 M ( 24 ). Total depreciation for the nine - month period amounted to SEK 215 M ( 216 ), of which depreciation of intangible assets totaled SEK 135 M ( 139 ) and depreciation of right - of - use assets and tangible assets amounted to SEK 80 M ( 77 ). TAXES AND NET INCOME Income tax expense for the q uarter amounted to SEK - 1 7 M ( - 17 ), corresponding to an effective tax rate of 2 1 . 4 percent ( 19.1 ). Net income after tax totaled SEK 6 3 M ( 72 ) for the quarter , and earnings per share amounted to SEK 1 . 90 ( 2 . 0 9 ). For the nine - month period , income tax expense amounted to SEK - 39 M ( - 40 ), corresponding to an effective tax rate of 22 . 1 percent ( 20.0 ). Net income after tax totaled SEK 13 6 M ( 159 ) for the nine - month period , and earnings per share amounted to SEK 4 . 0 1 ( 4.64 ). CASH FLOW AND LIQUIDITY C ash flow from operating activities amounts to SEK 1 M ( - 12 ) for the quarter , impacted by higher working capital. Cash flow from operating activities for the nine - month period amounted to SEK 2 52 M ( 214 ) . Cash flow from investing activities amounted to SEK - 48 M ( - 51 ) for the quarter. This includes investments in intangible assets of SEK - 45 M ( - 40 ), primarily related to capitalized development expenditures for the company’s products: RayStation, RayCare, RayCommand, and RayIntelligence. Investments in tangible assets totaled SEK - 3 M ( - 1 1 ), mainly attributable to IT equipment. For the nine - month period , cash flow from investing activities amounted to SEK - 179 M ( - 166 ). Cash flow from financing a ctivities amounted to SEK - 12 M ( - 19 ) for the quarter, consisting of lease liability amortizations , repurchases of own shares, and borrowings raised and utilization of the overdraft facility during the period . T he corresponding amount for the nine - month period amounted to SEK - 330 M ( - 160 ). Free cash flow amounted to - 68 ( - 82 ) MSEK for the quarter and to 12 ( - 9 ) MSEK for the nine - month period. Cash flow for the quarter amounted to SEK - 59 M ( - 82 ) and to SEK - 258 M ( - 112 ) for the nine - month period . As of September 3 0 , 202 6 , the Group’s cash and cash equivalents amounted to SEK 158 M, compared to SEK 407 M as of December 31 , 202 5 . FINANCIAL POSITION As of September 3 0 , 202 6 , RaySearch’s total assets amounted to SEK 1,8 1 9 M, compared to SEK 1 , 992 M as of December 31, 202 5 . Equity ratio was 44 percent, compared to 4 9 percent at December 31, 202 5 . The Group’s interest - bearing liabilities, consisting of i nterest - bearing liabilities to credit institutions and lease liabilities reported in accordance with IFRS 16, amounted to SEK 406 M as of September 30 , 202 6 , compared to SEK 3 95 M as of December 31 , 202 5 . Net debt amounted to SEK 248 M as of September 3 0 , 202 6 , compared to net cash of SEK 12 M as of December 31, 202 5 . T he change is attributable to a decrease in cash and cash equivalents as a result of the Company's share buybacks and dividends paid to shareholders . At quarter‑ end, the Group had SEK 158 M in cash and cash equivalents compared to 407 MSEK as of December 31, 2025, and a credit facility of SEK 75 M (75), of which SEK 27 M (0) had been utilized at the end of the period. To ensure flexibility in its capital structure and enable future investments, the Parent Company entered into a revolving credit facility of SEK 225 M during the second quarter, in addition to the existing overdraft facility. Of this credit facility, SEK 40 M was utilized at the end of the period. LTM Jan-Dec 2026 2025 ∆ % 2026 2025 ∆ % 25/26 2025 Research- and development costs 67.7 59.9 13% 221.4 205.9 8% 299.4 283.9 Capitalization of development costs -44.9 -40.2 12% -161.8 -143.7 13% -218.1 -200.0 Amortization of capitalized development costs 49.9 48.5 3% 134.0 137.7 -3% 182.7 186.4 Research- and development costs after capitalization and amortization 72.8 68.2 7% 193.6 200.0 -3% 264.0 270.4 Research and development costs (SEK M) Q3 Jan-Sep
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 7 OTHER INFORMATION SEASONAL VARIATIONS RaySearch’s customers are healthcare providers and the company’s operations are somewhat characterized by seasonal variations that are typical for the industry, whereby the fourth quarter is normally the strongest , mainly because many customers have budgets that follow the calendar year. RaySearch’s operations are characterized by fluctuating order flows, where individual orders can have a significant impact on revenue in a single quarter. In addition, the company has a low proportion of costs which are directly linked to and correlate with the period’s revenue. As a result, both revenue and earnings can vary between quarters, an d to obtain an accurate view of the company’s development, it needs to be assessed from a longer - term perspective. RISKS AND UNCERTAINTIES As a global Group with operations in different parts of the world. RaySearch is exposed to various risks and uncertainties, such as market risk, operational and legal risk, as well as financial risk pertaining to exchange rate fluctuations, interest rates, liquidity and financing opportunities . RaySearch’s risk management aims to identify, measure and reduce risks related to the Group’s transactions and operations. For more information about risks and risk manage ment, refer to pages 3 8 - 3 9 of RaySearch’s 202 5 Annual Report. There have been no significant changes with any impact on the risks reported. SUSTAINABILITY Sustainability is an integral part of RaySearch’s strategy and operations. Through innovative software solutions, RaySearch aims to improve clinical workflows and contribute to better treatment out - comes for cancer patients, thereby increasing accessibility, quality of care, and cost efficiency in cancer care. RaySearch’s software streamlines the use of treatment machines, reduces the burden on healthcare professionals, and can be integrated with leg acy systems, thereby increasing access to cancer care globally and generating significant societal benefits – both economically and from a sustain - ability perspective. RaySearch’s sustainability efforts focus on developing resource - efficient software that reduces environmental impact, as well as being an attractive and responsible employer through good working conditions and an inclusive work environment. This strengthen s long - term talent supply and innovation capability and contributes to a stable and sustainable business over time. At the same time, structured efforts are carried out to ensure a responsible value chain through clear requirements, dialogue, and supplier follow - up. RaySearch is currently not subject to CSRD reporting requirements but has chosen to draw inspiratio n from relevant parts of established European frameworks to enhance transparency and comparability. More information is available in the sustainability report on pages 22 – 31 of the 2025 Annual Report. EMPLOYEES For the nine - month period , the average number of employees in the Group was 471 ( 427 ). At the end of the quarter, the Group had 477 employees ( 450 ), of whom 343 ( 332 ) were based in Sweden, and 134 ( 118 ) in foreign subsidiaries. REPURCHASE OF SHARES During the quarter, 330,500 shares were repurchased for a total of SEK 58 M , including transaction costs. The repurchases aim to secure the allocation of performance shares and cover social security contributions under the long - term performance - based incentive program LTI 2026, which was introduced in the second quarter. They als o aim to adjust the capital structure and create shareholder value. THE COMPANY’S SHARE AND SHARE OWNERSHIP As of September 30, 2026, the total number of registered shares in RaySearch amounted to 34,282,773, of which 995 , 5 88 were held in treasury , corresponding to 2.9 percent of the registered shares. O f the total number of registered shares, 3,483,237 were Class A shares and 30,799,536 were Class B shares. The quota value per share is SEK 0.50 and the Company’s share capital amounts to SEK 17,141,386.50. Each C lass A share carries ten votes and each C lass B share carries one vote at the General Meeting. At the end of the period, the total number of registered votes in RaySearch amounted to 65,631 ,906. As of the date of this report, RaySearch had 14,331 (12,335) shareholders. The Company’s three largest shareholders were Johan Löf (10.24% of capital and 52.56% of votes), Handelsbanken Fonder ( 4 . 82 % of capital and 2. 52 % of votes), and Premier Miton Investors (4. 12 % of capital and 2. 15 % of votes). For more information about RaySearch’s share and ownership structure, visit www.raysearchlabs.com/investor/ . PARENT COMPANY RaySearch Laboratories AB (publ) is the Parent Company of the RaySearch Group. Since the Parent Company’s operations are consistent with the Group’s operations in all material respects, the comments for the Group are also largely relevant for the Parent Co mpany. Differences in profitability between the Parent Company and the Group are attributable to the Parent Company accounting for a relatively high proportion of operating expenses, and to the capitalization of development costs being recognized in the Group but not in the Parent Company. The parent company does not apply IFRS 16, and lease costs are therefore reported as operating leases. This reduces operating profit compared with if IFRS 16 had been applied. The Parent Company’s current receivables mainly comprise receivables from Group companies and external customers.
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 8 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY 1 Comprises costs for hardware and license costs paid but not amortization of capitalized development costs which is included i n research and development costs. 2 100 percent attributable to Parent Company shareholders. LTM Jan-Dec SEK M Note 2026 2025 2026 2025 25/26 2025 Net sales 2.3 394.3 332.3 956.9 968.9 1,332.4 1,344.3 Cost of goods sold ¹ -61.8 -11.8 -103.5 -66.2 -139.2 -101.9 Gross profit 332.5 320.5 853.5 902.7 1,193.2 1,242.4 Other operating income 7.8 0.9 27.1 9.0 28.2 10.2 Selling expenses -112.7 -91.1 -306.6 -270.3 -398.1 -361.8 Administrative expenses -70.1 -73.0 -199.9 -212.3 -276.0 -288.4 Research and development expenses -72.8 -68.2 -193.6 -200.0 -264.0 -270.4 Other operating expenses - - - -28.7 -10.9 -39.6 Operating profit 84.7 89.2 180.3 200.4 272.3 292.3 Profit/loss from financial items -4.1 -0.7 -5.7 -1.3 -8.9 -4.5 Profit/loss before tax 80.5 88.5 174.6 199.1 263.4 287.8 Tax -17.2 -16.9 -38.5 -39.9 -58.6 -60.0 Profit for the period ² 63.3 71.6 136.1 159.2 204.7 227.8 Other comprehensive income Items to be reclassified to profit or loss Translation difference of foreign operations for the period 8.1 -1.2 16.6 -13.8 14.0 -16.5 Comprehensive income for the period ² 71.3 70.4 152.7 145.4 218.7 211.4 Earnings per share before and after dilution (SEK) 1.90 2.09 4.01 4.64 6.01 6.65 Q3 Jan-Sep
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 9 CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN SUMMARY Dec 31 SEK M Note 2026 2025 2025 ASSETS Intangible fixed assets 586.2 551.7 558.7 Right-of-use assets 332.3 399.4 383.9 Tangible fixed assets 58.6 65.4 63.4 Deferred tax assets 9.6 9.4 8.4 Other long-term receivables 3.8 7.3 7.0 Total fixed assets 990.6 1,033.1 1,021.4 Inventories 50.1 25.7 22.0 Billed customer receivables 205.9 208.8 239.6 Unbilled customer receivables 353.5 289.3 234.3 Other current receivables 60.4 64.6 67.5 Cash and bank balances 158.3 322.8 407.3 Total current assets 828.2 911.2 970.7 TOTAL ASSETS 1,818.8 1,944.3 1,992.0 EQUITY AND LIABILITIES Equity 804.8 919.3 985.3 Deferred tax liabilities 123.4 116.7 118.6 Long-term lease liabilities 262.1 334.2 317.3 Other long-term liabilities 0.9 0.9 0.9 Total long-term liabilities 386.3 451.8 436.8 Liabilities to credit institutions 65.9 - - Accounts payable 29.9 36.4 35.4 Current lease liabilities 78.0 76.9 77.5 Contractual liabilities 359.2 367.3 355.9 Other current liabilities 94.7 92.5 101.1 Total current liabilities 627.7 573.1 569.9 TOTAL EQUITY AND LIABILITIES 1,818.8 1,944.3 1,992.0 Sep 30 Jan-Dec SEK M 2026 2025 2026 2025 2025 Opening balance 788.4 848.9 985.3 876.7 876.7 Profit for the period 63.3 71.6 136.1 159.2 227.8 Translation difference for the period 8.1 -1.2 16.6 -13.8 -16.5 Dividend to the company's shareholders - - -137.1 -102.8 -102.8 Repurchases of own shares -58.0 - -199.7 - - Share-based incentive program 3.1 - 3.7 - - Closing balance 804.8 919.3 804.8 919.3 985.3 Q3 Jan-Sep
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 10 CONSOLIDATED STATEMENT OF CASH FLOW IN SUMMARY 1 These amounts mainly include depreciation on capitalized development expenses and right - of - use assets, provision for doubtful accounts receivable and unrealized exchange rate effects. LTM Jan-Dec SEK M 2026 2025 2026 2025 25/26 2025 Profit/loss before tax 80.5 88.5 174.6 199.1 263.4 287.8 Adjusted for non - cash items ¹ 74.9 72.1 213.0 253.2 293.9 334.1 Taxes paid -11.9 -12.2 -43.6 -78.6 -58.1 -93.1 Cash flow from operating activities before changes in working capital 143.5 148.4 344.0 373.7 499.1 528.8 Cash flow from changes in operating receivables -73.6 -60.3 -78.3 -93.5 -56.2 -71.4 Cash flow from changes in operating liabilities -68.5 -99.7 -14.0 -66.4 -18.0 -70.4 Cash flow from operating activities 1.5 -11.6 251.7 213.8 424.9 387.0 Investments in capitalized development costs -44.9 -40.2 -161.8 -143.7 -218.2 -200.0 Acquisition of tangible fixed assets -3.5 -10.8 -17.1 -22.0 -23.3 -28.1 Cash flow from investing activities -48.4 -50.9 -179.0 -165.6 -241.4 -228.1 Proceeds from borrowings 100.0 - 100.0 - 100.0 - Repayment of borrowings -60.0 - -60.0 - -60.0 - Change in overdraft facility 26.8 - 26.8 - 26.8 - Dividend to the company's shareholders - - -137.1 -102.8 -137.1 -102.8 Repurchases of own shares -58.0 - -199.7 - -199.7 - Repayment of lease liabilities -21.3 -19.1 -60.2 -57.3 -79.6 -76.7 Cash flow from financing activities -12.4 -19.1 -330.3 -160.2 -349.6 -179.6 Cash flow for the period -59.3 -81.7 -257.6 -112.0 -166.3 -20.7 Cash and cash equivalents at the beginning of the period 213.1 402.8 407.3 462.7 322.8 462.7 Exchange-rate difference in cash and cash equivalents 4.5 1.7 8.5 -27.9 1.8 -34.8 Cash and cash equivalents at the end of the period 158.3 322.8 158.3 322.8 158.3 407.3 Q3 Jan-Sep
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 11 PARENT COMPANY INCOME STATEMENT IN SUMMARY 1 Comprises costs for hardware and royalties PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME LTM Jan-Dec SEK M Note 2026 2025 2026 2025 25/26 2025 Net sales 2.3 295.2 291.0 767.4 789.0 1,069.2 1,090.7 Cost of goods sold ¹ -13.7 -5.2 -38.3 -19.2 -52.0 -32.9 Gross profit 281.5 285.8 729.1 769.8 1,017.1 1,057.8 Other operating income 11.0 0.5 29.3 10.4 30.4 11.5 Selling expenses -69.8 -69.5 -220.7 -191.8 -285.3 -256.4 Administrative expenses -72.1 -75.2 -207.7 -221.6 -275.9 -289.8 Research and development expenses -59.2 -53.0 -195.5 -181.6 -265.7 -251.8 Other operating expenses - -0.7 - -22.3 -6.9 -29.2 Operating profit 91.5 87.9 134.5 162.8 213.9 242.2 Profit/loss from financial items -2.8 1.2 -1.1 4.6 -2.6 3.1 Profit/loss after financial items 88.7 89.1 133.4 167.4 211.3 245.3 Appropriations - - - - -4.4 -4.4 Profit/loss before tax 88.7 89.1 133.4 167.4 206.9 240.9 Tax on profit/loss for the period -18.1 -18.7 -28.5 -35.9 -46.0 -53.3 Profit for the period 70.6 70.3 104.9 131.5 161.1 187.7 Q3 Jan-Sep LTM Jan-Dec SEK M Note 2026 2025 2026 2025 25/26 2025 Profit for the period 70.6 70.3 104.9 131.5 161.1 187.7 Other comprehensive income - - - - - - Comprehensive income for the period 70.6 70.3 104.9 131.5 161.1 187.7 Q3 Jan-Sep
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 12 PARENT COMPANY BALANCE SHEET IN SUMMARY Dec 31 SEK M Note 2026 2025 2025 ASSETS Intangible fixed assets 4.6 6.0 5.6 Tangible fixed assets 41.7 46.4 45.4 Participations in Group companies 4.0 4.0 4.0 Deferred tax assets 2.3 3.3 1.6 Long-term receivables from Group companies - 0.1 0.1 Other long-term receivables 1.9 1.0 0.9 Total fixed assets 54.5 60.7 57.6 Inventories 11.4 7.8 5.7 Billed customer receivables 101.4 110.5 172.0 Unbilled customer receivables 152.8 182.5 109.3 Receivables from Group companies 161.5 77.1 134.9 Other current receivables 59.4 58.8 62.7 Cash and bank balances 45.5 209.0 258.6 Total current assets 532.1 645.6 743.2 TOTAL ASSETS 586.6 706.3 800.8 EQUITY AND LIABILITIES Equity Restricted equity Share capital 17.1 17.1 17.1 Statutory reserve 43.6 43.6 43.6 Total restricted equity 60.8 60.8 60.8 Unrestricted equity Retained earnings 42.3 187.8 187.8 Profit/loss for the year 104.9 131.5 187.7 Total non-restricted equity 147.1 319.2 375.5 Total equity 207.9 380.0 436.3 Untaxed reserves 15.7 11.3 15.7 Long-term liabilities 12.4 15.2 14.5 Total long-term liabilities 12.4 15.2 14.5 Liabilities to credit institutions 65.9 - - Accounts payable 10.8 24.9 28.1 Liabilities to Group companies 9.2 13.7 18.5 Contractual liabilities 200.4 192.3 217.6 Other current liabilities 64.4 68.9 70.2 Total current liabilities 350.6 299.8 334.4 TOTAL EQUITY AND LIABILITIES 586.6 706.3 800.8 Sep 30
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 13 NOTES, GROUP NOTE 1 ACCOUNTING POLICIES This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The accoun ting policies applied are consistent with those described in the 202 5 Annual Report for RaySearch Laboratories AB (publ), which is available at raysearchlabs.com. The cost of the Group’s long - term, performance - based incentive program ( LTI 2026 ) is recognized in accordance with IFRS 2 and is based on the fair value at the grant date and the estimated number of performance shares expected to vest. RaySearch Laboratories AB (publ) is the Parent Company of the RaySearch Group. The financial statements are presented in SEK M, unless otherwise stated, and minor rounding differences may therefore occur. Comparisons refer to the corresponding period of the previous year, unless otherwise stated. The Parent Company applies the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The Parent Company’s operations are consistent with the Group’s operations in all material aspects . Differences in profitability between the Parent Company and the Group are attributable to the Parent Company accounting for a relatively high proportion of operating expenses and to the capitalization of development costs being recognized in the Group but not in the Parent Company. The Parent Company’s current receivables mainly comprise receivables from Group companies and external customers . IFRS 18 will become effective on 1 January 2027 and will be applied by the Group for the first time in its interim report for the first quarter of 2027. The new standard introduces, among other things, new categories in the statement of profit or loss and new requirements for the classification of income and expenses. The Group is currently assessing the impact of IFRS 18. NOTE 2 ESTIMATES Preparation of the interim report requires the company management to make estimates that affect the carrying amounts. The actual outcome could deviate from these estimates. The critical sources of uncertainty in the estimates are the same as presented in t he most recent Annual Report. NOTE 3 REVENUES FROM CONTRACTS WITH CUSTOMERS RaySearch conducts sales of goods and services in various regions. Revenue from sales of licenses and hardware is recognized in profit or loss at a point in time, while revenue from sales of training and support is recognized over time. LTM Jan-Dec SEK M 2026 2025 ∆ % 2026 2025 ∆ % 25/26 2025 Revenue by type Licenses 166.7 185.8 -10% 399.5 482.3 -17% 584.7 667.5 Support 137.8 129.5 6% 393.9 385.4 2% 532.9 524.4 Hardware 76.4 11.5 562% 122.5 81.0 51% 166.0 124.5 Training and other 13.4 5.5 143% 41.1 20.1 104% 48.8 27.9 Total revenue by type 394.3 332.3 19% 956.9 968.9 -1% 1,332.4 1,344.3 Revenue by geographic market Americas 224.2 77.7 189% 383.7 323.3 19% 540.2 479.8 Asia, Pacific Ocean and Middle East 42.9 87.3 -51% 163.2 201.6 -19% 250.1 288.5 Europe and rest of world 127.2 167.3 -24% 410.1 444.0 -8% 542.2 576.1 Total revenue by geographic market 394.3 332.3 19% 956.9 968.9 -1% 1,332.4 1,344.3 Revenue recognized at various points in time Goods/services transferred/performed at a point in time 243.1 197.3 23% 522.0 563.4 -7% 750.7 792.0 Services performed over time 151.2 135.0 12% 434.9 405.5 7% 581.7 552.3 Total revenue recognized at various points in time 394.3 332.3 19% 956.9 968.9 -1% 1,332.4 1,344.3 Q3 Jan-Sep
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 14 NOTE 4 FINANCIAL INSTRUMENTS RaySearch’s financial assets and liabilities comprise billed and unbilled receivables, cash and cash equivalents, accrued expenses, accounts payable, liabilities to credit institutions, contractual liabilities and lease liabilities. Long - term receivables and lease liabilities are discounted, while other financial assets and liabilities have short maturities. Accordingly, the fair values of all financial instruments are deemed to correspond approximately to their carrying amounts. The provision for expected credit losses is a weighted assessment of payment history, reports from external credit rating agencies and other customer - specific information. As of September 3 0 , 202 6 , the credit loss provision amounted to SEK 14 M , compared to SEK 11 M as of December 31, 202 5 , corresponding to 3 percent (2) of total customer receivables. The general reserve for expected credit losses amounts to 1 percen t. NOTE 5 CURRENCY EFFECTS The company’s net sales and results are affected by the development of the Swedish krona against other currencies, primarily USD and EUR. The majority of invoicing is done in foreign currencies, while most of the expenses are in Swedish kronor. Based on the year’s structure for revenue, cost and currency (transaction exposure), a general change of 10 percentage in the SEK to USD exchange rate would impact the consolidated operating profit by approximately +/ - SEK 19 M in the quarter, while a corresponding change in the SEK to EUR exchange rate would impact the consolidated operating profit by approximately +/ - SEK 9 M. For the nine - month period , a change of ten percentage points in the exchange rate of the Swedish krona against the US dollar would have impacted the Group’s operating profit by approximately +/ - SEK 36 M. A corresponding change in the exchange rate of the Swedish krona against the euro would have affected the Group’s operating profit by approximately +/ - SEK 32 M. The Group follows the financial policy established by the Board of Directors; whereby exchange - rate fluctuations are not hedged. NOTE 6 RELATED - PARTY TRANSACTIONS There were no transactions between RaySearch and related parties with any material impact on the company’s position and earnings during the period. NOTE 7 TREASURY SHARES At the 2026 Annual General Meeting, the Board of Directors was authori z ed to acquire and transfer the Company's own Class B shares to fulfil the Company's obligations under LTI 2026 and to acquire t reasury shares to optimi z e the Company's capital structure and enhanc e shareholder value. During the quarter, a total of 330,500 shares were repurchased to optimize the Company's capital structure, for a total consideration of SEK 58.0 M , including transaction costs . At the end of the quarter, the Company's held 995 , 5 88 treasury shares. As of September 30, 2026, the number of outstanding shares, excluding treasury shares held by the Company, amounted to 33,287,185 . The total number of registered shares in the Company amounted to 34 , 282 , 773 . NOTE 8 PLEDGED ASSETS IN THE GROUP AND PARENT COMPANY 1 O f which SEK 100 million were held by the company at the end of the reporting period. 2 Guarantees provided, pertaining to offices, amounted to SEK 5.0 M and have not impacted the company’s credit facility. No contingent liabilities exist for the group or the parent company. Dec 31 SEK M 2026 2025 2025 Chattel mortgages ¹ 100.0 100.0 100.0 Guarantees ² 5.0 4.9 4.6 Sep 30
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 15 GROUP QUARTERLY OVERVIEW Q3 Q2 Q1 Q4 Q3 SEK M 2026 2026 2026 2025 2025 Order intake Licenses 187.5 92.1 142.0 164.4 113.4 Support 143.8 128.1 174.6 123.5 146.1 Hardware 43.2 65.0 23.7 34.4 22.6 Training and other 10.1 10.5 15.7 7.6 13.3 Total order intake 384.7 295.7 356.0 329.9 295.4 Income statement License revenue 166.7 107.4 125.5 185.2 185.8 Support revenue 137.8 132.7 123.3 139.0 129.5 Hardware revenue 76.4 22.1 24.0 43.5 11.5 Training and other revenue 13.4 10.1 17.6 7.8 5.5 Net sales 394.3 272.3 290.3 375.4 332.3 Net sales growth, % 18.6 -10.7 -12.5 16.4 13.3 Organic growth, % 17.6 -8.2 -5.5 27.6 19.1 Gross profit 332.5 254.2 266.8 339.7 320.5 Gross margin, % 84.3 93.3 91.9 90.5 96.4 EBIT 84.7 28.1 67.6 91.9 89.2 EBIT margin, % 21.5 10.3 23.3 24.5 26.8 Profit for the period 63.3 19.6 53.2 68.6 71.6 Cash flow Operating activities 1.5 133.3 116.9 173.2 -11.6 Investing activities -48.4 -63.2 -67.4 -62.5 -50.9 Free cash flow -68.1 50.5 30.2 91.3 -81.7 Financing activities -12.4 -298.5 -19.4 -19.4 -19.1 Cash flow for the period -59.3 -228.4 30.2 91.3 -81.7 Capital structure Return on equity. % 7.9 2.1 5.3 7.2 8.1 Equity/assets ratio, % 44.2 43.4 51.4 49.5 47.3 Net cash (-) / Net debt (+) 247.7 146.0 -61.9 -12.5 88.4 Cash/ Debt / equity ratio 0.3 0.2 -0.1 -0.0 0.1 Net cash/debt / EBITDA 0.4 0.3 -0.1 -0.0 0.2 Per share data. SEK Earnings/loss per share before dilution 1.90 0.57 1.55 2.00 2.09 Earnings/loss per share after dilution 1.90 0.57 1.55 2.00 2.09 Equity per share 24.18 23.45 30.41 28.74 26.82 Other Number of shares outstanding at the end of the period* 33,287,185 33,617,685 34,282,773 34,282,773 34,282,773 Weighted average number of shares outstanding 33,356,185 34,229,060 34,282,773 34,282,773 34,282,773 Number of employees at the end of the period 477 464 465 458 450 * excluding treasury shares held by the Company
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 16 BOARD ASSURANCE The Board of Directors and CEO give their assurance that this interim report gives a true and fair view of the Group’s and the Parent Company’s operations, position and earnings, and describes the significant risks and uncertainties facing the Parent Company and the co mpanies included in the Group. Stockholm, on the day shown by our electronic signature RaySearch Laboratories AB (publ) Hans Wigzell Chairman of the Board Johan Löf CEO and Board member Carl Filip Bergendal Board member Britta Wallgren Board member FOR FURTHER INFORMATION, PLEASE CONTACT Johan Löf, CEO +46 8 510 530 00 Nina Grönberg, CFO +46 8 510 530 00 Carolina Haglund Strömlid Head of Investor Relations +46 (0)708 807 173 ir@raysearchlabs.com PUBLICATION The information contained in this interim report is such that RaySearch Laboratories AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was submitted for publication on November 3, 2026, at 7:30 a.m. (CET). WEBCAST PRESENTATION: A webcast presentation will be held today at 11:00 a.m. CET . To participate, please visit: Link to webcast : Q3 2026 presentation The presentation material and replay will be available at the investor website afterwards. FINANCIAL CALENDAR Year - end report 2026 February 10, 2027 Annual report 2026 March 24, 2027 Interim report Q1 2027 April 29, 2027 Interim report Q2 2027 July 16 , 2027 Interim report Q3 2027 October 29, 2027 Year - end report 2027 February 3, 2028
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 17 AUDITOR’S REVIEW REPORT INTRODUCTION We have reviewed the condensed interim financial information (interim report) of RaySearch Laboratories AB (publ) as of September 30, 2026, an d the nine months period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. SCOPE OF REVIEW We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Internatio nal Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Ann ual Accounts Act, regarding the Parent Company. Stockholm, signature and date on Swedish version of the Review Report Deloitte AB Kent Åkerlund Authorized public accountant
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 18 CALCULATION OF FINANCIAL MEASURES NOT INCLUDED IN THE IFRS FRAMEWORK Alternative Performance Measures (APMs) are financial metrics that are not defined under applicable financial reporting frameworks (IFRS) or other legislation. These measures are considered important supplementary indicators for the company. A reconciliation of the APMs included in this interim report is presented below. LTM Jan-Dec SEK M 2026 2025 2026 2025 25/26 2025 Operating expenses Selling expenses -112.7 -91.1 -306.6 -270.3 -398.1 -361.8 Administrative expenses -70.1 -73.0 -199.9 -212.3 -276.0 -288.4 Research and development expenses -72.8 -68.2 -193.6 -200.0 -264.0 -270.4 Other operating expenses - - - -28.7 -10.9 -39.6 Operating expenses -255.6 -232.3 -700.2 -711.4 -949.0 -960.2 EBIT Operating profit 84.7 89.2 180.3 200.4 272.3 292.3 Amortization and depreciation 77.3 73.1 215.3 215.9 290.7 291.2 EBITDA 162.0 162.3 395.7 416.2 563.0 583.5 Operating profit adjusted for currency gains/currency losses Operating profit 84.7 89.2 180.3 200.4 272.3 292.3 Net currency gains/currency losses -7.2 -0.4 -20.9 26.4 -10.0 37.3 Operating profit adjusted for currency gains/currency losses 77.4 88.8 159.5 226.8 262.3 329.6 Change in sales at unchanged exchange rates (organic growth) Net sales 394.3 332.3 956.9 968.9 1,332.4 1,344.3 Currency adjustment -3.4 17.0 35.0 32.3 73.0 70.3 Adjusted net sales 390.9 349.4 992.0 1,001.1 1,405.5 1,414.6 Net sales, preceding year 332.3 293.3 968.9 869.4 1,291.5 1,192.0 Change in sales at unchanged exchange rates (organic growth), % 17.6% 19.1% 2.4% 15.2% 8.8% 18.7% Free cash flow Cash flow from operating activities 1.5 -11.6 251.7 213.8 424.9 387.0 Cash flow from investing activities -48.4 -50.9 -179.0 -165.6 -241.4 -228.1 Cash flow from repayment of lease liabilities -21.3 -19.1 -60.2 -57.3 -79.6 -76.7 Free cash flow -68.1 -81.7 12.5 -9.1 103.8 82.2 Q3 Jan-Sep
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 19 Dec 31 SEK M 2026 2025 2025 Working capital Billed customer receivables 205.9 208.8 239.6 Unbilled customer receivables 353.5 289.3 234.3 Long-term unbilled customer receivables 0.6 1.0 0.9 Inventories 50.1 25.7 22.0 Other current receivables (excl. tax) 54.6 56.6 60.0 Accounts payable -29.9 -36.4 -35.4 Other current liabilities (excl. tax) -451.0 -446.4 -441.4 Working capital 183.9 98.5 80.0 Return on equity Profit/loss for the year 136.1 159.2 227.8 Average equity 895.0 898.0 931.0 Return on equity, percent 15.2% 17.7% 24.5% Equity/assets ratio Equity at the end of the period 804.8 919.3 985.3 Total assets 1,818.8 1,944.3 1,992.0 Equity/assets ratio, percent 44.2% 47.3% 49.5% Net cash (-) / Net debt (+) Liabilities to credit institutions 65.9 - - Current lease liabilities 78.0 76.9 77.5 Long-term lease liabilities 262.1 334.2 317.3 Cash and bank balances -158.3 -322.8 -407.3 Net cash (-) / Net debt (+) 247.7 88.4 -12.5 Cash/ Debt / equity ratio Net cash (-) / Net debt (+) 247.7 88.4 -12.5 Equity 804.8 919.3 985.3 Cash/ Debt / equity ratio 0.3 0.1 -0.0 Capital employed Total assets 1,818.8 1,944.3 1,992.0 Current non-interest bearing liabilities -483.8 -496.2 -492.4 Deferred tax liabilities -123.4 -116.7 -118.6 Capital employed 1,211.6 1,331.4 1,381.0 Return on capital employed Operating profit 180.3 200.4 292.3 Financial income 1.9 4.8 7.1 Average capital employed 1,296.3 1,340.4 1,365.3 Return on capital employed, percent 14.1% 15.3% 21.9% Sep 30
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INTERIM REPORT JANUARY - SEPTEMBER | 2026 20 DEFINITIONS OF KEY RATIOS Key performance measures Definition Reason for using the measure Capital employed Total assets minus non - interest - bearing liabilities and deferred tax liabilities. This metric shows how much capital is tied up in the operational business and serves as a basis for measuring return on operations. Debt/equity ratio Net debt in relation to shareholders’ equity. This metric shows how much of the company’s financing consists of loans compared to equity, and is an important measure for assessing financial stability and risk level. Equity/assets ratio Shareholders’ equity as a percentage of total assets at the end of the period. Indicates how much of the company’s assets are financed by equity – a measure of financial stability. Free cash flow Cash flow from operating and investing activities, including lease repayments. Used as a measure of the cash flow generated by the business, excluding cash flows from financing activities (other than lease payments) and acquisitions. Gross margin Gross profit in relation to net sales. Indicates how much of the net sales remains after the cost of goods sold, before other operating expenses such as sales, research, development, and administration. Net Cash ( - ) / Net Debt ( + ) Interest - bearing liabilities (including leases) less cash and cash equivalents, and interest - bearing short - and long - term receivables. This metric reflects the company’s financial net position and is used to assess leverage and financial flexibility. Organic growth Change in total net sales for the period adjusted for currency, acquisitions and divestments, compared to the corresponding period. Organic growth is used to measure the underlying growth in local currencies of the business. Operating expenses Refers to selling expenses, administrative expenses, research and development costs, and other operating expenses. This metric reflects the level of operational costs and is a key measure that management can actively influence to improve profitability. Operating (EBIT) margin Operating profit as a percentage of net sales. The operating margin, together with revenue growth, constitutes a key indicator of the company’s value creation over time. Operating result (EBIT) Calculated as the result for the period before financial items and tax. The operating result provides an overall view of operational profitability and indicates how efficiently the company generates earnings from its core business. Order backlog The value at the end of the period of orders that have not yet been delivered or recognized as revenue, i.e., remaining performance obligations. The order backlog reflects the scope of already booked commitments expected to be converted into revenue going forward. Order intake The value (based on transaction price) of all received orders and changes to existing orders during the period. Order intake serves as an indicator of future revenues and is therefore a key metric for assessing the development of the business. Working capital Working capital consists of the net amount of inventory, non - interest - bearing operating receivables, and operating liabilities, such as accounts receivable, accounts payable, contract liabilities, and other non - interest - bearing liabilities. This metric indicates how much capital is tied up in the operational business and can be related to net sales to assess the efficiency of capital utilization.
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ABOUT RAYSEARCH RaySearch Laboratories is advancing cancer treatment, driven by the belief that software is the key to innovation in oncology. In close collaboration with leading cancer centers, we translate scientific advancements more quickly into clinical practice, ena bling more personalized and effective treatments for patients world - wide. Our solutions are used daily at over 1,200 clinics and support millions of people in the fight against cancer. WHO WE ARE RaySearch Laboratories AB (publ) is a Swedish medical technology company that develops advanced software for cancer treatment. RayStation, a treatment planning system (TPS), and RayCare, an oncology information system (OIS), are the most widely adopted pro ducts, sold and delivered to cancer centers worldwide. Our portfolio also includes RayIntelligence, a cloud - based analytics platform for oncology data, and RayCommand, a treatment control system (TCS) designed as a link between the treatment machine and th e dose planning and oncology information systems. We build long - term customer relationships through license and support agreements, both via our own sales organization and through partnerships with leading global medical technology companies and treatment machine manufacturers. Founded in 2000 as a spin - off from the Karolinska Institute, our software is now used in more than 1, 2 00 clinics across 5 4 countries. The RaySearch share has been listed on Nasdaq Stockholm since 2003 (RAY B). ©RAYSEARCH LABORATORIES AB (PUBL) Eugeniavägen 18C, SE - 113 68 Stockholm, Sweden Tel: +46 (0)8 510 530 00 Corp. Reg. No. 556322 – 6157 Learn more about RaySearch at www.raysearchlabs.com a nd connect with us on our socials. 1 , 2 00 + Ray S earch centers in 5 4 countries 13 Offices around the world 4 7 0+ RaySearch employees 19 RaySearch distributors