Raysearch Laboratories Ab Class B · OMXSTO:RAY_B
Raysearch Laboratories Ab Class B — Q1 2026 Earnings Presentation
34 slides from Raysearch Laboratories Ab Class B's earnings presentation, Apr 29, 2026
Slide 1: Interim Report Q1 2026
INTERIM REPORT Q12026 | APRIL 29,2026
Slide 2: Agenda
AGENDA INTRODUCTION Q1 IN BRIEF FINANCIAL DEVELOPMENT ONLINE ADAPTIVE SUMMARY AND OUTLOOK Q&A
Slide 3: Introduction
vi INTRODUCTION
Slide 4: RaySearch is dedicated to cancer treatment
RAYSEARCH IS DEDICATED TO CANCER TR Comprehen treatment plan lannin; ing @ RayStation FATM vancing cancer treatmen through machine learning @ Rayintelligence ENT SOFTWAR 3) RayCommand Aunified treatment control system
Slide 5: Comprehensive cancer care
. COMPREHENSIVE CANCER CARE @ RayStation Comprehensive cancer treatment planning S RayCare The next generation oncology information system Rayintelligence Advancing cancer treatment through machine learning RayCommand K RApy A unified treatment control system RaySearch Laboratories
Slide 6: Revenues – solid performance over time
REVENUES– SOLID PERFORMANCE OVER TIME 1400 1344 Support revenue Licenses, hw, training, other 1192 1200 CAGR 20% 1022 1000 844 820 800 719 742 MSEK 652 641 606 627 585 600 532 521 398 544 408 373 400 512 285 518 204 485 524 182 356 416 473 200 118 126 84 256 269 323 63 159 179 198 244 39 61 98 105 1
Slide 7: Quarterly fluctuations, growth every year (CAGR 20%)
QUARTERLY FLUCTUATIONS, GROWTH EVERY YEAR (CAGR 20%) 600 1,344 1,400 1,192 1,200 500 1,022 1,000 400 844 742 800 300 627 652 641 585 532 600 200 398 400 285 182 204 100 118 126 200 63 84 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 8: Q1 in brief
vi 01 IN BRIE
Slide 9: Q1 in numbers
Q1 IN NUMBERS Softer net sales and stable profitability 290 -5% 42% 23% Net sales Organic Recurring EBIT MSEK growth support of total margin revenue
Slide 10: Q1 business highlights
Q1 BUSINESS HIGHLIGHTS Steady demand and new RayCare orders New orders, a few examples; First RayCare order in China at Shanghai Proton and Heavy Ion Center (SPHIC) InstitutHartmann in France replaces software platform with RayStation and RayCare Several Pinnacle replacements in Germany Poltava Canc
Slide 11: Financial development
FINANCIAL D -FLOPM EN] RaySeqreh YO Laboratories
Slide 12: Order intake
ORDER INTAKE High activity but tough comparison 1,258 1,209 1,251 1,276 1 223 Strong demand unchanged 1,087 1,100 1,087 1,036 410 Order intake decreased 13% 356 305 330 Currency headwind vs. LY remain in Q1 MSEK 290 295 239 253 241 Order backlog 1,615 MSEK end of Q1 Book-to-bill ratio of 1.2 Q1 Q2 Q
Slide 13: Net sales and operating margin by quarter
NET SALES AND OPERATING MARGIN BY QUARTER Weaker net sales and solid profitability 375 Net sales-12% to 290 (332) MSEK 323 332 332 319 305 293 27% 290 Organic growth -5% 257 25% 24% 23% 23% 23% 21% EBIT of 68 (75) MSEK with stable MSEK 18% EBIT marginof 23 (23)% 12% Cost control and positive currenc
Slide 14: Net sales and EBIT LTM
NET SALES AND EBIT LTM A solid performance over time CAGR 11% 1,344 1,303 1,267 1,253 1,292 1,169 1,192 1,129 290 292 285 1,049 260 274 (23%) 247 (22%) (22%) (22%) (21%) 231 (20%) 198 (20%) MSEK (18%) 137 (13%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 24 24 24 24 25 25 25 25 26 Net sales, R12 EBIT (margin %), R12
Slide 15: Revenue development
REVENUE DEVELOPMENT 42% recurring support revenue 491 507 517 524 523 Support revenue of 123 (125) MSEK 462 473 436 449 51 Adjusted for currency +8% growth 41 17 40 31 43 Lower Q1 also due to periodization MSEK 40 42 32 185 160 186 164 165 131 119 133 125 Steady growth over time 115 120 131 125 131
Slide 16: Cash flow development
CASH FLOW DEVELOPMENT Cash flow impacted by pre-purchased inventory Inflow from customer receivables offset 262 by temporarily higher inventory 194 198 176 154 Pre-purchasing to mitigate price increase 97 MSEK 82 88 14 91 47 Continuedcash flow focus 64 66 7 1 24 30 -82 Cash balance end ofQ1:439 MSEK
Slide 17: Online adaptive
ONLINE ADAPTIVE
Slide 18: TrueBeam & RayCare – online adaptive workflow
TRUEBEAM & RAYCARE – ONLINE ADAPTIVE WORKFLOW
Slide 19: RayCare
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Slide 20: RayCare
RayCare Not tar stinical use (Book ~ ) Treatment details Click an an appointment to see details, Fisher, Thomas 13371777 10 Oot 1960 (64 Y Male ears) 09 Calendars | < > 5May 2025 Proteus One Cor, Nathaniel ‘Treatment Delivery (Proton) [2] Protocol not snecified & Johnson, Lisa Treatment Delivery (Pr
Slide 21: Image acquisition: acquire CBCT image
IMAGE ACQUISITION Acquire CBCT image
Slide 22: Image acquisition: transfer image and registration
IMAGE ACQUISITION Transfer image and registration
Slide 23: Start adaptive replanning
POs ROIs Visualization Snapshots Protocols Scripting Registrations Fisher, Thomas 1337177 10 Oct 1960 (54 Years) Male Not for clinical use — GX § BIS] reamen template specication | Ablation a7oa0 Patient name: Fee, Viemens (019071777 Casa:Cane ee | ee Cos pone pace | eee | Sees FD (@DD renccse ese (
Slide 24: Corrected CBCT image
Corrected CBCT image CBCTimage
Slide 25: Deep learning segmentation
be Male Tasks Protocols Seripting Registrations POIs ROIs ‘Visualization Snapshots 1337177 ‘ALLPAMENTTASIS(#) |» H 2 = 8 4 D x 800004 Beam set delivery note [H Prostate Go Prostate 60 ‘Automated planning » | Patient data management Patient modding © Plandesign ~ Planoptimizaton ~ Planezaluatn © ‘= P
Slide 26: Unadapted plan on today's image
Unadaptedplan ontoday’simage Unadaptedplan on planning CT
Slide 27: Compute adapted plan
fe Hs oe ‘= Patientname: Fisher, Thomas ID;12371777 Case: Cased Not for clinical use = — GX oe: ep Automated plang > | Pent deta mangement. Patent modeling > an desen ° Pmoptintation © Paneaition > | OA repanton |(EESEREERSRERTS] | necien teplitespetaton | Ablation ares 1 Dose cing | Adoptive repien
Slide 28: Denna kommer uppdateras i rätt GUI
Denna kommer uppdateras i rätt GUI
Slide 29: Treatment delivery: transfer adapted plan
TREATMENT DELIVERY Transfer adapted plan
Slide 30: Treatment delivery: deliver adapted plan
TREATMENT DELIVERY Deliver adapted plan
Slide 31: Summary and outlook
fv SUMMARY AND OUTLOOK RaySeqreh YO Laboratories
Slide 32: Summary and outlook
SUMMARY AND OUTLOOK Softer sales in Q1, robust profitability Strong sales pipeline First RayStation/RayCare/TrueBeam online adaptive treatments expected shortly Confident about EBIT margin target of at least 25% full -year 2026 New EBIT margin target of at least 30% full-year 2028 Solid foundation f
Slide 33: Q&A
Q&A
Slide 34: Thank you
THANK YOU Q2 reportreleased on uAgust 13, 2026 If you have questions, please contact: ir@raysearchlabs.com
RaySearch Laboratories — Q1 2026 Earnings Presentation on 6ix