First quarter January-March

• Order intake increased 19 percent to MSEK 115 (97) (30 percent at constant currencies).

• Revenue decreased 12 percent to MSEK 105 (119) (-4 at constant currencies).

• EBIT amounted to MSEK 12 (10), corresponding to a margin of 12 (8) percent. Excluding one-offs related to organizational changes of MSEK 10 (0), EBIT amounted to MSEK 22 corresponding to a margin of 21 percent.

• Earnings after tax amounted to MSEK 11 (-8). Excluding the above-mentioned one-offs, profit after tax amounted to 19 MSEK.

• Earnings per share amounted to SEK 0.33 (-0.24). Excluding the above-mentioned one-offs, earnings per share amounted to SEK 0.57.

• Cash flow from operating activities amounted to MSEK -27.2 (25.7) and relates primarily to payment of corporate income tax for the 2024 fiscal year.

CEO comment
C-RAD reports its first quarter of 2026 with order intake of MSEK 115 (97), revenue of MSEK 105 (119), corresponding to an organic growth of -4 percent, and an operating income (EBIT) of MSEK 12 (10), equivalent to a margin of 12 (8) percent. These results reflect a period in which our financial performance has not met the company’s full potential—a situation we are now addressing with determination. During the quarter, we launched an integrated transformation and growth program aimed at achieving our financial targets of at least 10 percent organic growth and an EBIT margin of 25 percent in the medium term.

My first two months as CEO of C-RAD have been both intense and, in many respects, very positive. I have had valuable and constructive discussions with customers and partners, and I have had the privilege of meeting dedicated and highly skilled colleagues across the organization. I have also engaged in productive dialogues with both the Board of Directors and our shareholders. At the same time, we have conducted a comprehensive review of the business. This work has been carried out at a high pace, and the overall picture is already becoming clear.

An integrated transformation program for growth and value creation
Against this backdrop, we have initiated a proactive and fully integrated transformation and growth program designed to unlock C-RAD’s full potential. The program is built to accelerate the company toward its financial targets and is structured around five integrated pillars—each driving a distinct value-creation engine, with largely shared ownership and objectives firmly anchored in our strategy and financial ambitions:
· Growth engine
· Profitability engine
· Cash flow engine
· Risk and scalability engine
· Innovation and platform engine

I want to make it clear that this is not a cost-cutting program. Nor is it a collection of separate initiatives. It is an integrated, self-reinforcing approach, designed to drive growth, strengthen execution, and build a more scalable and resilient company. What we do across the organization drives sales > Sales drive profitability > Profitability drives cash flow > Cash flow enables scalability > And scale fuels innovation. Everything is connected. Everything needs to create value. One global C-RAD team, aligned behind a clear direction.

Five pillars – one cohesive system
The five pillars form the foundation of our transformation:

1. High-performance organization. We are building a more focused and efficient organization with clear accountability, the right capabilities, and higher productivity.
2. Revenue acceleration. We are strengthening our commercial execution, with a focus on the U.S., our prioritized markets, and a growing share of recurring revenues.
3. Enhanced manufacturing and sourcing structure. We are establishing a global, scalable, and more resilient setup, with improved delivery precision and reduced risk.
4. Cost optimization and financial discipline. We are creating a more efficient cost base and strengthening cash flow through increased discipline and clear ownership.
5. Strategic innovation and oncology platform. We are advancing C-RAD toward a platform company within oncology therapy, with a focus on software, clinical workflows, partnerships, and M&A.

Together, these pillars power our five value-creation engines—and, consequently, the company’s ability to deliver sustainable value.

Performance, accountability and execution
To support the transformation, we have defined three words that will guide us—both today and going forward: Performance. Accountability. Execution.
This means clearer priorities, a higher pace, and a consistent focus on delivery and results.
These are not just words, but principles that will guide us in our daily work.

Reallocation for growth
As part of the transformation, we have initiated a targeted restructuring program that will affect approximately 15 positions, corresponding to around 13 percent of our global workforce. One-off costs related to the program amount to approximately SEK 10 million, which have been recognized in the first quarter. A more detailed financial analysis, including the total impact and timing of full effect, will be communicated in connection with the Q2 report on 17 July 2026.
The purpose of the restructuring is to reallocate resources to areas that create high-value, with a focus on commercial growth, prioritized markets, innovation and software, and recurring revenues.

This is a necessary step to build an organization optimized for the next phase of C-RAD’s development. The transformation will be executed in three phases:

Year 1: Build capacity and establish a more robust foundation
Year 2: Scale commercially
Year 3: Maximize value

Operational performance in the first quarter
Despite a challenging financial performance, we see several positive operational signals. We executed a number of strategically important deals, including with GenesisCare in the UK, ELSAN in France, and Christchurch Hospital in New Zealand, and we established a presence in new markets such as Brazil and Puerto Rico. Region Americas delivered order intake of SEK 34 million (19), matching its second-strongest quarter to date, with revenues of SEK 21 million (34). EMEA continued its positive development, reaching order intake of SEK 51 million (38) and revenues of SEK 51 million (36). In APAC, order intake declined by 27 percent to SEK 29 million (40), while revenues decreased by 34 percent to SEK 33 million (50). Challenges in China and India persisted, impacting the overall growth rate in the region, although we saw solid demand in several markets—particularly in Japan and South Korea, where we continued to strengthen our market position.
Service continued to develop well, contributing to a growing share of recurring revenues, which reached 24 percent (19). This strengthens stability, cash flow, and profitability over time. At the same time, we delivered a strong gross margin of 73 percent (66), underscoring the strength of our business model.

Strengthened leadership team and increased pace
During the quarter, C-RAD established a new and more focused Executive Leadership Team, consisting of six members with clear responsibility for executing the transformation program. The new team brings together proven expertise across finance, operations, commercial growth, product development, and HR—under a unified mandate to increase pace, accountability, performance, and execution.

Toward an oncology platform company
As part of the next phase of our strategy, we are actively advancing C-RAD from a technology leader in SGRT and proton therapy to a platform company within oncology therapy.

We are building this across three layers:

1. Market-leading surface tracking technology in SGRT, which forms our core and will be continuously enhanced and updated
2. Integrating our solutions into clinical workflows, driven by automation and developments in adaptive therapy
3. Broadening the oncology ecosystem, enabled through partnerships and selective acquisitions

We have already started this journey, strengthening our software organization, initiating our M&A agenda together with external advisors, and exploring new and expanded global partnerships. The first phase of the platform will be presented before the end of the year.

Continued development and partnerships
I would also like to highlight several important initiatives completed during the quarter. We have finalized a new demo and training center in Uppsala, re-established our presence at key market activities in Germany with a fully booked seminar, hosted an EMEA distributor meeting with highly valuable feedback on our R&D roadmap, and signed an agreement with Princess Margaret Cancer Centre in Toronto to collaborate on identifying the needs shaping future cancer treatments.
These initiatives strengthen both our market position and our innovation agenda.

2026 – a year of transformation
This is a journey that will take time and require discipline, but our direction is clear. We are building a more focused, scalable, and commercially driven company, with the ambition to become a global category leader in oncology therapy.
I am very pleased with how quickly we have aligned on the path forward—within the leadership team, together with the Board, and in dialogue with our major shareholders. This marks an important phase in C-RAD’s development. We have a strong foundation to build on. We have significantly increased the pace across the organization and are now prioritizing to work smarter on what truly drives value for both our customers and the company.
Finally, I would like to thank you for your continued support. It will be critical to the work and transformation we are now undertaking, and I look forward to updating you on our continued progress.

Uppsala May 6th 2026

Tomas Blomquist, 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.