RaySearch Laboratories AB (publ)

Welcome to RACE Search presentation of the second quarter of 2026. My name is Carolina Strömlid and I'm head of Investor Relations. Today, our CEO and founder, Johan Löf, and our CFO, Nina Grönberg, will take you through the key highlights and financial results for the quarter. After the presentation, we will open up for questions. Simply raise your hand in teams if you would like to ask a question. And with that short introduction, I'll hand over to you, Johan.

Thank you, Carolina, and welcome again, everyone. This is a summary of research as of today.

We have four different software platforms, RayStation, which is a treatment planning system, RayCare, which is an oncology information system, RayIntelligence, an analytics platform, and RayCommand, which is a treatment control system. and they're all dedicated to improving cancer treatments. We have 472 employees of 41 different nationalities. We collaborate with 26 industrial partners and we have over 1,200 customers in 51 countries. But most importantly, our software has been used to treat over 11 million cancer patients. So this is the revenue development over a very long period of time. And the message here is that research has grown every year since 2008, except for the two pandemic years. Even though, as we can see in this diagram, the fluctuations between quarters can be quite significant. And you look at the last two quarters, we have had two quite significant week quarters but nevertheless we expect that this growth journey to continue. So a few words about Q2. So the weaker development in net sales and operating profit during the quarter was of course disappointing. It was primarily due to poor performance in the US where several deals were postponed compared to our expectations. Net sales decreased by 11% to 272 million, while organic growth was a negative 8%. Recurring support revenue continued to provide stability, amounting to 133 million, or 49% of total revenue. Operating profit was 28 million Swedish grams, corresponding to an operating margin of 10%. If you look beyond the individual quarter, the last 12 months show a bit more consistent performance. Net sales amounted to 1.27 billion Swedish crowns with organic growth of 9%. Recurring support revenue provided a solid base accounting for 41% of total revenue. Operating profit was 277 million with an EBIT margin of 22% over the last 12 months. So while the second quarter was disappointing, the last 12 months figures show a more stable view of our underlying performance. Despite the weaker quarter, demand remains stable across our markets and ordering intake increased by 23%. Several expected deals in the US were postponed during the quarter, but a number of those were received in early Q3. In total, we secured nine registration orders worth approximately $5 million in July. These came from well-established cancer centers, for example, University of Florida Health Proton Therapy Institute, the University of North Carolina School of Medicine, the Lexington VA Health Care System, and the Emory Proton Therapy Center. We made progress in several other important markets, We received our first ray station order in Vietnam and Yonsei Cancer Center in Seoul, South Korea expanded its ray station installation with additional licenses for carbon ion therapy. In Germany, the upcoming end of life of Pinnacle contributed to five new ray station orders. Overall, we continue to see solid demand with several important opportunities across our markets. Another important customer win during the quarter was Dana-Farber Cancer Institute in Boston. We selected both RayStation and RayCare for its proton therapy program. The order value was 900 kilograms, and we expect approximately one third of that to be recognized as revenue in Q3. And this also means that another leading cancer center, one of the top 15 clinics in the world, join our growing customer base. The solution combines RayStation and Raycare to enable efficient, adaptive, and data-driven workflows together with Mevion's S-250 fit proton therapy system and Leo Cancer Care's Marie chair and CT. And the combined system is supported in RayStation version 2025. The first treatment was done in June this year, and that treatment happened at Stanford.