Raysearch Laboratories Ab Class B · OMXSTO:RAY_B
Raysearch Laboratories Ab Class B — Q4 2025 Earnings Presentation
32 slides from Raysearch Laboratories Ab Class B's earnings presentation, Feb 12, 2026
Slide 1: Year-End Report Q4 2025
YEAR-END REPORT Q42025 | FEBRUARY 12, 2026
Slide 2: Agenda
AGENDA INTRODUCTION Q4 AND FULL YEAR IN BRIEF FINANCIAL DEVELOPMENT DIVIDEND PROPOSAL AI AND RAYSEARCH 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: OXRAY Planning: a learning system
OXRAY PLANNING A LEARNING SYSTEM
Slide 7: Improve outcomes
Improve algorithms Improve efficiency Provide decisionsupport Improve outcomes!
Slide 8: Revenues – solid performance over time
REVENUES– SOLID PERFORMANCE OVER TIME 1400 1344 Support revenue Licenses, hw, training, other 1192 1200 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 98 105 115 0 42 4
Slide 9: Q4 and full year in brief
04 AND FULLY FAR IN BRI RaySeqreh YO Laboratories
Slide 10: Q4 in numbers
Q4 IN NUMBERS Record revenue and strong earnings growth 375 28% 37% 24% Net sales Organic Recurring EBIT MSEK growth support of total margin revenue
Slide 11: Full year 2025 in numbers
FULL YEAR 2025 IN NUMBERS Strong performance despite geopolitical uncertainty and currency headwinds 1,344 19% 39% 22% Net sales Organic Recurring EBIT MSEK growth support of total margin revenue
Slide 12: Q4 business highlights: high customer activity
Q4 BUSINESS HIGHLIGHTS High customer activity New orders and expanded installations, a few examples; Greater Poland Cancer Center expanded RayStation to proton treatments The University of Pennsylvania in USA, RayStation across three proton clinics Universitätsklinikum Gießen und Marburg (UKGM) in G
Slide 13: Q4 business highlights: clinical milestones achieved
Q4 BUSINESS HIGHLIGHTS Clinical milestones achieved The Royal Marsden NHS Foundation Trust in the UK First online adaptive treatment on standard linac Southwest Florida Proton Center First treatments using RayStation and RayCare Trento Proton Therapy Center in Italy/ RaySearchcollaboration The world
Slide 14: Financial development
FINANCIAL D -FLOPM EN] RaySeqreh YO Laboratories
Slide 15: Order intake
ORDER INTAKE High interest inRaySearchsolutions throughout the year 1,276 1,258 1,209 1,251 High activity from new and existing 1,004 1,036 1,087 1,100 1,087 customers across regions 410 318 330 Order intake increased with 8% in Q4 305 and 17% full -year MSEK 290 295 239 253 241 Order backlog 1,528
Slide 16: Net sales and operating margin by quarter
NET SALES AND OPERATING MARGIN BY QUARTER Record high net sales and improved profitability 375 332 332 Fourth quarter 319 323 300 293 305 257 25% 27% 24% Net sales +16% to 375 (323) MSEK 23% 23% 21% Organic growth 28% MSEK 18% 15% 12% EBIT +25% to 92 (74) MSEK, EBIT margin 24 (23)% EBIT and EBIT mar
Slide 17: Net sales and EBIT LTM
NET SALES AND EBIT LTM A solid upward trend over time CAGR 15% 1,292 1,344 Full year 2025 1,267 1,253 1,169 1,192 1,129 292 1,022 1,049 260 290 (23%) 247 274 (21%) (22%) Net sales +13% to 1,344 (1,192) MSEK 231 (22%) (20%) (20%) 198 Organic growth 19% MSEK (18%) 137 115 (13%) (11%) EBIT +12% to 292
Slide 18: Revenue development FY 2025
REVENUE DEVELOPMENT FY 2025 39% recurring support revenue 491 507 517 524 Support revenue +11% to 436 449 462 473 524 (473) MSEK FY 2025 416 51 40 31 41 17 Steady growth over time increasing 41 40 43 recurring revenue MSEK 32 185 160 186 164 165 131 139 119 133 Support revenue was 39 percent of tota
Slide 19: Cash flow development
CASH FLOW DEVELOPMENT Improvement in the last quarter Positive effects in working capital 262 in the quarter 192 194 198 176 154 Focus on improving cash flow in 2026 MSEK 97 82 88 64 66 7 91 Mix of customer contracts and timing w 46 1 24 14 continue to cause fluctuations -82 Cash balance end of Dec,
Slide 20: Contract assets and liabilities
CONTRACT ASSETS AND LIABILITIES Pre-payments, timing effects and profitable sales with longer payment terms (MSEK) 31 Dec 31 Dec 131 118 2025 2024 Billed customer receivables 240 255 15 Unbilled customer MSEK receivables 234 190 -9 -36 Contract liabilities 356 454 -56 -65 Net contract assets -131 an
Slide 21: Dividend proposal
DIVIDEND PROPOSAL RaySeqreh YO Laboratories
Slide 22: Proposed dividend increase and updated dividend policy
PROPOSED DIVIDEND INCREASE AND UPDATED DIVIDEND POLICY Dividend to be proposed to the AGM on May 7, 2026 Revised dividend policy from 2026 4.00 RaySearch’s goal is to distribute 50% of the year’s profit SEK after tax to shareholders annually Dividend 2025 (3.00)
Slide 23: AI and RaySearch
A Al AND RAYSEARCH
Slide 24: AI coding is not a threat against RaySearch products
AI CODING IS NOT A THREAT AGAINST RAYSEARCH PRODUCTS Large and complex systems Deep domain knowledge needed Patient safety and cyber security – liability Data requirements Clinical data (images, plans, contours) Measurements (for machine modeling and QA) Medical device regulations Testing online ada
Slide 25: AI in RayStation – Deep Learning Segmentation (DLS)
AI IN RAYSTATION – DEEP LEARNING SEGMENTATION (DLS) Deep learning technology is transforming medical image data workflows in oncology Used clinically on 270,000 patients in 2025 Significant time savings Increased segmentation quality
Slide 26: AI in RayStation – Deep Learning Planning (DLP)
AI IN RAYSTATION – DEEP LEARNING PLANNING (DLP) AI automates the time -consuming task of treatment plan generation 7,000 clinical treatment plans generated Increased plan quality and consistency Significant time savings Opens up for multiple treatment plan generation per patient
Slide 27: AI-driven full automation
AI-DRIVEN FULL AUTOMATION Nearly all prostate patients at Iridium are now planned using AIRayStation in On average, DLP models outperform manual planning: superior quality and consistency DLS and DLP is significantly faster than traditional workflows
Slide 28: AI-powered coding assistant at R&D – Microsoft's GitHub Copilot
AI-POWERED CODING ASSISTANT AT–R&D MICROSOFT’S GITHUB COPILOT Helps developers write code faster Finds bugs, explains complex code and patterns, writes tests and parts of documentation Developers stay in control; they always review and modify the AI output
Slide 29: Summary and outlook
fv SUMMARY AND OUTLOOK RaySeqreh YO Laboratories
Slide 30: Summary and outlook
SUMMARY AND OUTLOOK A strong finish to 2025, well -positioned for 2026 Record high net sales despite macro uncertainty and currency impact Solid profitability and improved cash flow Strong demand for RaySearch solutions across regions Confident about our EBIT margin target of at least 25 percent in
Slide 31: Q&A
Q&A
Slide 32: Thank you
THANK YOU Q1 reportreleased on April 29, 2026 If you have questions, please contact: ir@raysearchlabs.com
RaySearch Laboratories — Q4 2025 Earnings Presentation on 6ix