Fourth quarter October-December

• Order intake decreased 10 percent to MSEK 151 (167) (-4 percent at constant currencies).

• Revenue decreased 13 percent to MSEK 106 (121) (-6 percent at constant currencies).

• EBIT amounted to MSEK 5 (20), corresponding to a margin of 5 (17) percent. Excluding one-time costs related to management changes of MSEK 5 and negative unrealized currency effects of MSEK 1 (1), EBIT amounted to MSEK 11 (21), corresponding to a margin of 11 (17) percent.

• Earnings after tax amounted to MSEK 2 (14). Excluding one-time costs related to management changes and negative unrealized currency effects, profit after tax amounted to MSEK 9 (11).

• Earnings per share amounted to SEK 0.05 (0.43). Excluding one-time costs related to management changes and negative unrealized currency effects, earnings per share amounted to SEK 0.26 (0.31).

Full year January-December

• Order intake increased 1 percent to MSEK 489 (486) (5 percent at constant currencies).

• Revenue decreased 6 percent to MSEK 442 (469) (-2 percent at constant currencies).

• EBIT amounted to MSEK 45 (70), corresponding to a margin of 10 (15) percent. Excluding one-time costs related to management changes of MSEK 5 and negative unrealized currency effects of MSEK 11 (0), EBIT amounted to MSEK 62 (70) corresponding to a margin of 14 (15) percent.

• Earnings after tax amounted to MSEK 10 (56). Excluding one-time costs related to management changes and negative unrealized currency effects, profit after tax amounted to MSEK 40 (49).

• Earnings per share amounted to SEK 0.31 (1.67). Excluding one-time costs related to management changes and negative unrealized currency effects, earnings per share amounted to SEK 1.17 (1.45).

• The Board’s proposal to the Annual General Meeting 2026 is a dividend of SEK 0.10 per share, which corresponds to a total of SEK 3,376,694.

CEO comment
It is with great respect, ambition and energy that I assume the role as CEO of C-RAD. I would like to start off by thanking the Board of Directors for the trust they have placed in me to lead the company into the next phase of its development.
I would also like to extend a special thank you to our former acting CEO and CFO Linda Frölén, Johan Danielsson, VP Global Services, and to Board member Peter Simonsbacka for their highly professional and committed interim leadership. Their efforts have ensured stability, continuity and a strong foundation for continued development, providing a strong platform on which to build.
 
Why C-RAD
Taking on the role as CEO of C-RAD was a decision with both brain and heart for me. I am motivated by building profitable global growth companies together with strong teams, committed boards and long-term owners. At C-RAD, I see a clear potential for global scaling, while the company operates in an area of cancer care where clinical relevance, precision and efficient workflows are becoming increasingly important. C-RAD has a strong technological foundation, a growing global customer base and a solid balance sheet. This combination, together with a global market characterized by structural growth, made the role particularly attractive to me.
 
Market, Position and Responsibility
Demand for solutions that enhance precision and efficiency in radiotherapy continues to grow. At the same time, expectations regarding quality, delivery capability, and long-term partnerships are increasing. In this environment, C-RAD is well positioned to take on a clearer and prominent role, but doing so requires consistent and disciplined execution.
My previous experience from global organizations has reinforced the importance of processes, systems, quality and structure. This experience is directly applicable to C-RAD's continued development and to strengthening the company's commercial impact on the international stage.
 
Predictable Growth and Execution
C-RAD is demonstrating solid momentum overall and benefits from strong gross margins. At the same time, I am clear that we have not yet reached our full potential. Achieving more predictable growth in a business built on advanced technology requires clear commercial governance, a strong customer focus and close alignment between sales, service, delivery and customer value. With the right structure, system support and discipline, it is possible to gradually reduce volatility and build a more robust business.
 
Leadership and Ways of Working
As a leader, my natural strengths lie in creating focus, engagement, clear priorities and a high pace of execution in complex organizations. I am accustomed to working closely with boards and the capital markets and view transparency and accountability as fundamental principles. In my leadership, I value clear expectations, ownership and an open and honest collaborative environment. I believe in teams that build trust, challenge each other constructively, and take shared responsibility for delivery and results. At the same time, I am mindful of the importance of listening, particularly in the early stages, and of ensuring that decisions are well anchored within the organization. I also bring with me the experience from Biotage, where growth, profitability, structure and a clear strategic direction were successfully combined over time, experience that I now carry with me into C-RAD.
 
Looking Ahead – 2026 and Beyond
The first 100 days will be dedicated to listening, learning, and gaining a detailed understanding of the business, while working with the management team and the Board to set clear priorities. Thereafter, the focus will be on building structures and an organization that support both organic and, over time, selective inorganic growth.
During 2026, the emphasis will be on commercial execution, clearer accountability, strengthened collaboration across functions and regions, and operating as a cohesive global company. In parallel, we will continue to develop a focused innovation pipeline, with a clear link to customer value and scalability.
The financial targets that have been established are ambitious yet realistic. My role is to ensure that we take the right steps at the right pace, with a balanced approach to growth, profitability and quality.
 
Personal Reflection
Reflecting on my first days as CEO of C-RAD, my conclusion is that the company operates in a highly attractive niche and is supported by a product portfolio with strong clinical relevance. At the same time, I want to be clear that we are not satisfied with the current level of execution or results.
To strengthen our profitability and market relevance, we need to simplify our organizational structure, reinforce our teams, and ensure clear accountability for our commitments. With focus, structure and a high-performance culture, I am confident that C-RAD has what it takes to achieve its ambitious goals.
Finally, I would like to extend my heartfelt thanks to our global team, customers, partners and shareholders. I look forward with great enthusiasm and curiosity to the journey ahead and the work we are now pursuing together.
 
Uppsala February 12, 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.
 
C-RAD will hold a telephone conference at 11:00 am (CET) Thursday, February 12, 2026.
 
If you wish to participate via webcast please use the link below. You can ask questions verbally via the webcast.
https://c-rad.events.inderes.com/q4-report-2025/register
 
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/c-rad/q4-report-2025/dial-in