22 slides from Raysearch Laboratories Ab Class B's earnings presentation, Nov 7, 2025
Slide 1: Interim Report Q3 2025
INTERIM REPORT Q32025 | NOVEMBER 2025 7,
Slide 2: Agenda
AGENDA • Q3 in brief • Financial development • Summary and outlook • Q&A
Slide 3: 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 4: Comprehensive cancer care
@ Raystation COMPREHENSIVE CANCER CARE 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 5: Revenues: solid performance over time
REVENUESSOLID PERFORMANCE OVER TIME 1400 Support revenue Licenses, hw, training, other 1292 1192 1200 1022 1000 844 775 800 719 742 MSEK 652 641 606 627 585 600 532 521 398 544 408 373 400 512 285 518 204 485 517 182 356 416 473 200 118 126 84 256 269 323 63 159 179 198 244 39 61 98 105 115 0 42 47
Slide 6: Q3 in numbers
Q3IN NUMBERS Record-high net sales and improved profitability 332 89 27% 39% Net sales EBIT EBIT Recurring MSEK MSEK margin support revenue
Slide 7: Q3 business highlights
Q3BUSINESSHIGHLIGHTS High customer activity • New orders and expanded installations • Successful ASTRO conference in San Francisco from existing customers, a few examples; • RaySearch’s 25th anniversary global conference • Stanford Health Care in the USA • Keimyung University Dongsan Medical Center
Slide 8: An oncology analytics system
AN ONCOLOGY ANALYTICS SYSTE Cloud-based platform built with modern technology for scalability and accessibility Interactive dashboards for clear visualization and reporting Seamless integration with RayStation and RayCare Powerful SQL scripting interface for custom queries and in -depth data explora
Slide 9: An oncology analytics system: use cases
AN ONCOLOGY ANALYTICS SYSTE Use Cases Overview of the clinical operation Monitoring (machines, treatments, toxicities) Treatment quality analysis ML model performance tracking Report generation using data from RayStation, RayCare and other sources
Slide 10: Treatment planning overview
Reyttigence ‘etDatamaagerent @DICOM import O.Flansets @ ROHlabeing SL OVE ranges ® Clinical goals pions = Deshbcerds Chars Ostses SOL + contrse Treatment planning overview s muiias 2 Ac 2 imme COvervon Retratments Worktow (RayCare ony) az = Plan approvals Planners and body sites F Top 10 planners iv
Slide 11: RayWorld: a learning system
RayWorld A LEARNING SYSTEM Improve algorithms Improve efficiency Provide decision support Improve outcomes!
Slide 12: Financial development
FINANCIAL D -LOPM EN] RaySeqreh YO Laboratories
Slide 13: Order intake
ORDER INTAKE High activity from new and existing customers 1 258 1 251 • High interest across regions 1 201 1 209 1 036 1 087 1 100 1 087 • Order intake increased with 17% in Q3 to 295 1 004 410 (253) MSEK and 21% YTD to 946 (782) MSEK 318 305 • High order intake from Support contracts 295 MSEK 290
Slide 14: Net sales and operating margin per quarter
NET SALES AND OPERATING MARGIN PER QUARTER High net sales driving significantly improved profitability • Record high net sales, +13% to 332 (293) 332 332 319 323 305 MSEK, licenses +40% growth and support +8% 300 293 253 257 25% 27% • Organic growth of 19% 23% 23% 21% • New orders and RayStationsale
Slide 15: 40% recurring support revenue YTD
40% RECURRING SUPPORT REVENUE YTD Steady growth • Support revenue growth of 8% 507 517 462 473 491 to 130 (120) MSEK in Q3 436 449 416 • +13% to 385 (342) MSEK YTD 17 31 41 296 41 40 40 43 • Negatively affected by currency effects MSEK 32 48 186 160 165 139 164 133 131 98 119 120 115 120 131 125 131
Slide 16: Development of net sales and EBIT LTM
DEVELOPMENT OF NET SALES AND EBIT LTM A solid upward trend over time CAGR 14% 1 267 1 292 1 253 1 169 1 192 1 129 1 022 1 049 987 290 (23%) 274 (21%) 260 (22%) 247 (20%) 231 (20%) 198 (18%) MSEK 137 (13%) 115 (11%) 91 (9%) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 23 23 24 24 24 24 25 25 25 Net sales, R12 EBIT (ma
Slide 17: Cash flow development
CASH FLOW DEVELOPMENT Higher working capital from prepayments turning into revenue and larger profitable contracts • Prepaid particle sales in Asia 262 • Longer payment terms in profitable contracts 192 194 198 176 146 154 • Mix of customer contracts and timing will cause fluctuations MSEK 97 64 46
Slide 18: Contract assets and liabilities
CONTRACT ASSETS AND LIABILITIES Pre-payments, timing effects and profitable sales with longer payment terms (MSEK) 30 Sep 30 Sep 31 Dec 131 2025 2024 2024 Billed customer receivables 209 220 255 Unbilled customer 15 receivables 289 190 190 MSEK -9 Contract liabilities 367 475 454 -36 -56 -65 Net con
Slide 19: Summary and outlook
aA SUMMARY AND OUTLOOK RaySeqreh YO Laboratories
Slide 20: Summary and outlook
SUMMARY AND OUTLOOK Strong quarter and solid performance over time • Record high net sales • Significantly strengthened profitability • Continued high interest RaySearch’s in solutions • Large remaining potential within existing customer base • Favorable conditions for long -term growth
Slide 21: Q&A
Q&A
Slide 22: Thank you
THANK YOU Year-end report released on February 12, 2026 If you have questions, please contact: ir@raysearchlabs.com