FOURTH QUARTER (OCTOBER – DECEMBER 2025)

• Order intake increased by 8% to SEK 330 M (305)
• Net sales increased by 16% to SEK 375 M (323), with organic growth of 28%
• Operating profit (EBIT) strengthened by 25% to SEK 92 M (74), with an EBIT margin of 24 (23) %. Adjusted for foreign exchange losses, EBIT amounted to SEK 103 M and the EBIT margin was 27%
• Profit after tax amounted to SEK 69 M (60)
• Earnings per share before/after dilution was SEK 2.00 (1.75)
• Free cash flow improved to SEK 91 M (24)
• Order backlog amounted to SEK 1,528 M (1,813)

TWELVE MONTHS (JANUARY – DECEMBER 2025)  

• Order intake increased by 17% to SEK 1,276 M (1,087)
• Net sales increased by 13% to SEK 1,344 M (1,192), with organic growth of 19%
• Operating profit (EBIT) increased by 12% to SEK 292 M (260), with an EBIT margin of 22 (22) %. Adjusted for costs related to a global employee conference and real estate dispute of SEK 23 M, and foreign exchange losses of SEK 37 M, EBIT amounted to SEK 353 M and EBIT margin was 26%
• Profit after tax amounted to SEK 228 M (204)
• Earnings per share before/after dilution was SEK 6.65 (5.94)
• Free cash flow amounted to SEK 82 M (176), impacted by higher working capital
• The Board of Directors proposes to the Annual General Meeting a dividend for 2025 of SEK 4.00 (3.00) per share corresponding to 60% of profit after tax

SIGNIFICANT EVENTS DURING THE QUARTER

• Greater Poland Cancer Center expanded its use of RayStation to also include proton therapy
• The University of Pennsylvania selected RayStation as a common platform for three of its proton therapy centers
• Universitätsklinikum Gießen und Marburg (UKGM) in Germany decided to replace Pinnacle with RayStation
• The Royal Marsden NHS Foundation Trust performed its first online adaptive treatment using RayStation on a standard Elekta linear accelerator
• Southwest Florida Proton Center performed its first patient treatments using RayStation and RayCare
• Jenna Styan will assume the role of Director of the newly established Corporate Development & Strategy function on April 1, 2026
• The Board of Directors has, in connection with the proposed dividend for 2025, updated RaySearch’s dividend policy. The objective is to distribute 50% of the year’s profit after tax.

CEO and founder Johan Löf comments:
“RaySearch ended the year on a strong note, delivering record‑high net sales for both the fourth quarter and the full year. The quarter also showed positive developments in operating profit and cash flow. Significant clinical milestones within advanced radiation therapy further underscore our leading position and innovative strength in software solutions for cancer care.

We continued to see solid demand for RaySearch’s solutions, resulting in an 8 percent increase in order intake during the quarter. Growing license sales to both new and existing customers across all regions, combined with a high share of recurring support revenues, provide strong revenue stability and support a growing customer base.

Net sales for both the fourth quarter and the full year reached the highest levels in RaySearch’s history. Net sales rose by 16 percent to SEK 375 M (323) in the quarter and by 13 percent to SEK 1,344 M (1,192) for the full year. The strengthened Swedish krona had a significant impact on reported net sales. Organic growth amounted to 28 percent for the quarter and 19 percent for the full year.

The strong sales growth led to an increase in operating profit of 25 percent to SEK 92 M (74) for the quarter, equivalent to an operating margin of 24 (23) percent. For the full year, operating profit increased by 12 percent to SEK 292 M (260), with the operating margin unchanged at 22 percent. Adjusted for currency losses, operating profit for the quarter was SEK 103 M, corresponding to an operating margin of 27 percent. For the full year, operating profit was SEK 353 M and the operating margin 26 percent, adjusted for currency and non-recurring costs. It is also encouraging to note that cash flow developed positively during the quarter, with free cash flow improving to SEK 91 (24) M.

RaySearch delivered a strong performance in 2025 despite geopolitical uncertainty and significant currency headwinds. The final quarter of the year, our seasonally most important, further confirmed the positive trend. We hold a well-established position in the market, and demand for our solutions remains strong across all regions. To sharpen our market focus, we have introduced a new strategic function that brings together our global commercial activities and strengthens the foundation for continued growth. I am confident that we will achieve our target operating margin of at least 25 percent for the full year 2026. With solid financial strength, continuous innovation, and a scalable global business, RaySearch is well equipped for an exciting 2026.”

Q4 presentation today at 11:00 a.m. CET
Johan Löf, founder and CEO, and Nina Grönberg, CFO, will present and comment on the report today, February 12, at 11:00 CET. The presentation will be held in English, followed by a Q&A session.

Link to webcast: RaySearch Q4 2025

Please make sure you are connected to the presentation by logging in a few minutes before it starts. You will have the opportunity to ask questions both verbally and in writing.

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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