Second quarter April-June

• Order intake increased 6 percent to 134.8 (127.4) MSEK (11 percent at constant currencies).

• Revenue decreased 19 percent to 105.2 (129.4) MSEK (13 percent at constant currencies). The second quarter of previous year was positively affected by delivered orders to China amounting to approx. 20 MSEK, following ap-proved product registration. Adjusted for these, revenues increased by 3 percent at constant currencies.

• EBIT amounted to 8.4 (18.2) MSEK, corresponding to a margin of 8 (14) percent.

• Earnings after tax amounted to 4.0 (10.7) MSEK. Adjusted for unrealized currency effects of total -4.4 (-1.0) MSEK related to the translation of operating balances and cash balances, profit after tax amounted to 8.4 (11.6) MSEK.

• Earnings per share amounted to 0.12 (0.32) SEK. Adjusted for unrealized currency effects, earnings per share amounted to 0.25 (0.34) SEK.

Interim period January-June

• Order intake increased 6 percent to 231.3 (219.0) MSEK (9 percent at constant currencies).

• Revenue decreased 9 percent to 223.9 (247.4) MSEK (7 percent at constant currencies). The second quarter of previ-ous year was positively impacted by delivered orders to China amounted to approx. 20 MSEK, following approved product registration. Adjusted for these, revenues increased by 2 percent at constant currencies.

• EBIT amounted to 18.4 (32.3) MSEK, corresponding to a margin of 8 (13) percent. Adjusted for unrealized currency effects of total -10.3 (1.3) MSEK referring to the translation of operating items, EBIT amounted to 28.7 (31.0) MSEK corresponding to a margin of 13 (13) percent.

• Earnings after tax amounted to -4.1 (26.7) MSEK. Adjusted for unrealized currency effects of total -29.2 (5.1) MSEK referring to the translation of operating balances and cash balances, profit after tax amounted to 25.1 (21.6) MSEK.

• Earnings per share amounted to -0.12 (0.79) SEK. Adjusted for unrealized currency effects, earnings per share amounted to 0.74 (0.64) SEK.

CEO comment
During the second quarter, we were rewarded several major contracts in both EMEA and the USA, while the service business showed strong growth in all regions. The macroeconomic and geopolitical environment remains challenging, but we are actively working to further strengthen our market presence and customer relationships in all regions. Our ability to win business even in uncertain times is evidence of both the demand for SGRT (Surface Guided Radiation Therapy) and our competitiveness.

Order intake for the second quarter amounted to 135 (127) MSEK, representing a growth of 6 percent compared with Q2 last year (11 percent at constant exchange rates). The Services focus area showed strong growth of over 73 percent compared with Q2 last year (86 percent at constant exchange rates).

Order intake for the Americas grew by 11 percent and we secured a number of major contracts, including a product order worth 10 MSEK for a prestigious hospital in Texas, and a multi-year service contract worth 8 MSEK for a renowned clinic on the US East Coast. This is despite decisions taking longer due to political uncertainty.

It is pleasing to see EMEA beginning to pick up again, with order intake increasing by 47 percent during the quarter. In France, we signed a strategic agreement worth 8.5 MSEK with Ramsay Santé, one of Europe’s leading private healthcare providers, for the delivery of advanced SGRT solutions. In Germany, we were awarded a contract worth 9 MSEK that includes both products and a multi-year service agreement. We also won business at leading clinics in Spain and Saudi Arabia.

Order intake in APAC decreased by 15 percent, mainly because of an unusually strong comparison quarter containing a large number of orders generated by the Japanese launch of VitalHold in late 2023. Interest in SGRT remains strong, however, and we secured several key orders on more mature markets such as New Zealand and Taiwan, as well as the emerging markets of Vietnam, Thailand and India. In China, the order intake for the quarter also includes proton orders.

Revenues in the second quarter amounted to 105 (129) MSEK. In APAC, revenues decreased by 34 percent to 44 (67) MSEK, which is mainly the result of a strong comparison quarter with unusually large deliveries to China following product registration approval. Americas had a strong quarter, increasing by 26 percent to 18 (15) MSEK. For EMEA, revenues decreased by 11 percent to 43 (48) MSEK as a result of the weaker order intake at the end of last year.

Operating profit amounted to 8 (18) MSEK, corresponding to an EBIT margin of 8 (14) percent. It was mainly affected by lower revenue from product sales. Service revenues, on the other hand increased, and operating expenses continued to decrease during the quarter. Unlike the previous quarter, currency effects on the translation of foreign operating balances were lower and amounted to -1 (-1) MSEK. Strong order intake and a more cost-effective organisation will ensure an improved operating margin over time. The gross margin was stable at 67 (68) percent.

Progress towards our financial targets during the quarter
On 5 May, we published our medium-term financial targets, with the aim of achieving organic growth of more than 10 percent and to reach an operating margin (EBIT margin) of 25 percent.

Our financial targets require full focus on activities to increase our market share, while also developing and growing our service business. We will develop our offering through product development of the existing portfolio and launch new complementary solutions. We will also work on operational efficiency to improve our operating margin and generate stable cash flow.

Our targets are fundamentally about building a robust and scalable business that achieves profitable growth. During the second quarter, we took several important steps in the right direction:

• Increased order intake: During the quarter, we increased order intake by 11 percent at constant exchange rates, and we won a number of large deals, with both new and existing customers in the USA and EMEA.
• Continued investment in product innovation: During the quarter, we launched a new and improved gating solution, which performs a vital function in ensuring precise and safe radiation therapy. This has been developed in collaboration with one of our major industry partners and is integrated with the linear accelerator.
• Continued development of the Service business: The service offering, which is important for our long-term partnerships and customer satisfaction, grew by a good 86 percent at constant exchange rates compared with the corresponding quarter of last year. The contacts normally run for three to five years. The service business is growing as our installed product base increases, which also provides long-term stable cash flow.
• Continued focus on operational efficiency and scalability: We continued to replace consultants in administrative and service functions with in-house resources during the quarter, giving us a more stable and cost-effective organisation.

We have good momentum in our customer dialogues around the globe, with clinics seeing great value in our technology. SGRT is a key element of radiation therapy today and our focus on the quality of life of cancer patients is shared by our customers, partners and, of course, our fabulous team. Thank you for the important work you do every day. I look forward to continue to update you on our progress.

Uppsala July 18th, 2025

Cecilia de Leeuw, CEO
C-RAD AB (publ)

Please find the full report at: Financial Reports | C-RAD

This document has been prepared in both a Swedish and English version. In the event of
any deviations, the Swedish version shall prevail.

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