FIRST QUARTER (JANUARY-MARCH 2026)

• Order intake decreased by 13% to SEK 356 M (410)
• Net sales decreased by 12% to SEK 290 M (332), with organic growth of -5 %
• Operating profit (EBIT) decreased by 10% to SEK 68 M (75), with an EBIT margin of 23 (23) %. Adjusted for foreign exchange gains, EBIT amounted to SEK 58 M and the EBIT margin was 20%
• Profit after tax amounted to SEK 53 M (57)
• Earnings per share before/after dilution was SEK 1.55 (1.66)
• Free cash flow amounted to SEK 30 M (66)
• Order backlog amounted to SEK 1,615 M (1,734)

SIGNIFICANT EVENTS DURING THE QUARTER

• The first RayCare order was received in China, in combination with RayStation, for P‑Cure’s proton therapy at the Shanghai Proton and Heavy Ion Center (SPHIC)
• Institut de Radiothérapie et de Radiochirurgie Hartmann in France has decided to replace its existing systems with RayStation and RayCare
• The Poltava Cancer Clinic in Ukraine has initiated patient treatments using RayStation

SIGNIFICANT EVENTS AFTER THE QUARTER

• The Board of Directors has decided on a new financial target: an operating margin of at least 30 percent for the full year 2028. The existing operating margin target of at least 25 percent for the full year 2026 remains unchanged
• Günther Mårder has stepped down from his position as a member of the Board of Directors

CEO and founder Johan Löf comments:

“Customer activity was high across all markets in the first quarter, and we secured several strategically important deals, including three new RayCare orders in key markets. The first quarter was softer in terms of net sales, while profitability remained stable. The stronger Swedish krona continued to have a significant impact, and organic growth amounted to -5 percent. The outcome should also be viewed in the context of a strong comparison quarter that included a larger order from China.

As we often emphasize, revenues may vary on a quarterly basis, but the positive long-term trend remains clear. From 2008 (the year prior to the first RayStation sale) through 2025, RaySearch has delivered year-on-year growth except during the two pandemic years, despite significant quarter-to-quarter fluctuations. Over the same period, the compound annual growth rate (CAGR) was 20 percent.

Operating profit amounted to SEK 68 M (75), corresponding to an operating margin of 23 (23) percent. Adjusted for currency gains, operating profit amounted to SEK 58 M, with an operating margin of 20 percent.

Demand for integrated and automated workflows in cancer care continues to be strong, as also reflected in a robust sales pipeline. Interest is expected to increase further as more clinics choose RayStation and RayCare for online adaptive. I am confident that we will achieve our operating margin target of at least 25 percent for the full year 2026.

To further clarify our long-term financial focus, the Board of Directors has decided to introduce a new operating margin target: at least 30 percent for the full year 2028. With innovative software solutions for cancer care, close partnerships, a global presence, and a high share of recurring revenues, RaySearch has a solid foundation for continued profitable growth.”

Q1 presentation today at 11:00 a.m. CEST

Johan Löf, founder and CEO, and Nina Grönberg, CFO, will present and comment on the report today, April 29, at 11:00 CEST. The presentation will be held in English, followed by a Q&A session. Questions may also be submitted in writing to ir@raysearchlabs.com.

Link to webcast: RaySearch Q1 2026

Please make sure you are connected to the presentation by logging in a few minutes before it starts. The presentation materials, along with the report and a recording of the presentation, will be made available on RaySearch’s website.

For further information, please contact:
Johan Löf, founder and CEO
Tel: +46 (0) 8 510 530 00

Nina Grönberg, CFO
Tel: +46 (0) 8 510 530 00

Carolina Strömlid, Head of Investor Relations
Tel: +46 (0) 708 807 173 
ir@raysearchlabs.com

About RaySearch
RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. RaySearch markets the RayStation®* treatment planning system (TPS) and the oncology information system (OIS) RayCare®*. The most recent additions to the RaySearch product line are RayIntelligence® and RayCommand®*. RayIntelligence is an oncology analytics system (OAS) which enables cancer clinics to collect, structure and analyze data. RayCommand, a treatment control system (TCS), is designed to link the treatment machine and the treatment planning and oncology information systems. RaySearch’s software has been sold to over 1,200 clinics in 51 countries. The company was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm and the share has been listed on Nasdaq Stockholm since 2003 (STO: RAY B). More information is available at raysearchlabs.com.

* Subject to regulatory clearance in some markets.

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