Good morning, everyone, and welcome to C-RAD's third quarter 2026 presentation, and thank you all for joining us today. My name is Tomas Blomquist, CEO of C-RAD.

I'm joined today by Linda Frölén, our CFO, but also our Chief Product and Technology Officer, Eeva-Liisa Karjalainen. We will take you through the financial performance for the quarter, our operational and technological progress, and the priorities guiding C-RAD into the next phase of our transformation.

Let me now start with the key takeaways. Q3 was a weaker quarter financially than we had expected.

Order intake amounted to 76 million SEK, down 29% year-on-year, while revenue was 85 million SEK, down 24% compared with Q3 2025. The regional development shown on the slide highlights the main reason for this outcome.

Order intake varied significantly across our markets. The Americas increased by more than 20% year-on-year, while EMEA was the key driver of the overall weakness and declined by 40%.

APAC declined by 34%. The same regional pattern is visible in revenue.

Revenue declined by 33% in APAC and by 23% in EMEA, reflecting weaker product deliveries in both regions. The Americas declined by 6% year-on-year, despite the positive development in order intake.

This difference between order intake and revenue also reflects the timing essential in our business, where orders convert into revenue over time, and larger product deliveries can shift between quarters. We're not satisfied with this performance.

Improving commercial conversion, strengthening product deliveries, and restoring growth in order intake and revenue are clear priorities for us. At the same time, the quarter demonstrates important strengths in our underlying business and continued progress in building the capabilities we need for the future.

Our service business reached a record quarterly revenue of 30 million SEK. Gross margin remained very strong at 76%, and EBIT margin was 12%, demonstrating resilience despite lower volumes.

The positive year-on-year development in order intake in the Americas is encouraging, particularly in contrast to the declines in EMEA and APAC. However, we need to convert this momentum into revenue and demonstrate sustained performance over several quarters.

Let me now put this into the broader context of our transformation. We're building a stronger, more customer-focused, and more scalable C-RAD.

We're still in the early stages of our three-year transformation, which began earlier this year. The first phase is about establishing a stronger foundation: sharpening priorities, strengthening commercial execution, clarifying accountability, and directing resources towards partnerships, software innovation, and selected markets.

That work is progressing according to plan. However, transformation is not an end in itself.

It must translate into stronger commercial performance, profitable growth, and long-term value creation. That is where our focus remains.

Turning to the market, we saw clear regional differences during the quarter. Europe experienced a more cautious investment environment, with fewer tenders and delayed purchasing decisions, particularly in Germany.

This was reflected in the 40% decline in EMEA order intake and the 23% decline in revenue, with weaker product deliveries contributing to the revenue development. APAC was also weaker, with order intake down 34% and revenue down 33%.

Developments in China and India contributed to the weaker performance, and product deliveries were also lower in the region. The Americas developed more favorably on the order side, with order intake increasing by more than 20% year-on-year.

Revenue was nevertheless down 6%, illustrating the timing difference between order intake and delivery. This is an important distinction.

The order intake development provides an encouraging signal, but it must translate into deliveries and revenue in the coming quarters. Our industry continues to be characterized by long sales cycles, significant investment decisions, and quarter-to-quarter variability.

We therefore assess performance across several periods, while remaining clear that our commercial conversion, regional execution, and revenue development need to improve. A particularly strong signal this quarter came from our service business.

Record service revenue reflects the value of our global installed base of more than 2,200 systems. This installed base is much more than a historical achievement.

It is a strategic asset that creates opportunities to grow recurring revenue through service upgrades, service licenses, and new solutions. Increasing the value we generate from this installed base is central to making C-RAD a more resilient and scalable business.

Let me now turn to our strategic direction. Our ambition is to build on our leading SGRT position and develop C-RAD into an open workflow platform for radiation oncology.

We're not moving away from what has made C-RAD successful. We're building on our technology, installed base, clinical relationships, and global presence to address a broader opportunity.

At ASTRO in Boston, we presented an early preview of our next-generation software platform and advanced our automated patient verification solution. Together, these developments represent important building blocks towards more integrated and automated workflows.

Our collaboration with C-RAD in adaptive radiotherapy is another concrete example of this approach, connecting C-RAD's patient positioning and motion monitoring capabilities with adaptive treatment workflows. It illustrates how partnerships can extend the value we deliver without requiring us to build every component independently.

Commercially, our work with large cancer organizations and networks remains important. Our business with Ramex Care in Germany builds on successes with customers such as GenesisCare in UK and Elsan in France.

We want to translate these relationships into repeatable opportunities across multiple clinics and markets. Looking ahead, our priorities are clear: improve commercial conversion in our priority markets, grow recurring revenue, and continue investing selectively in software innovation and strategic partnerships.

We will remain disciplined in our allocation of capital and resources. Our objective is not growth at any cost, but sustainable, profitable growth and a stronger competitive position over time.

Let me conclude with a few comments. Q3 was weaker than we expected, and we need to improve our financial performance.

Our strategic direction remains clear, and the work to build a stronger C-RAD is progressing, but there is still a significant work ahead. Our ambition is to become not only a leading provider of SGRT technology, but also an open and trusted partner connecting technologies, data, and workflows across radiation oncology.

With that, I will hand over to Linda Frölén, our CFO, to take you through the financial Q3 performance in more detail. Eeva-Liisa Karjalainen will then provide an update on our technology, product development, the ASTRO exhibition, and our first ecosystem partner, SEE-TREAT.

Linda, over to you.

Thank you, Tomas. As Tomas has already given you the flavor of our order intake and revenue for the quarter, I will rather focus on the journey towards earnings and cash flow.

In the following slides, I will go through our gross margin, cost levels, earnings, cash flow, and investments. I would also like to comment on our revised backlog.

As part of our ongoing efforts to ensure a high-quality business, we conducted a thorough review across all regions during the quarter. This has resulted in a write-down of 93 million SEK of our order stock.

Important to highlight is that this adjustment does not change our expectations for revenue development in the coming periods, and it has not affected the earnings for the quarter or for the interim period. Gross profit for the quarter was 65 million SEK, compared to 83 million SEK a year ago.

The gross margin for the quarter was 76% versus 74% last year. The increase year-on-year is explained by the higher share of service revenue in this quarter, which was 35%.

We also had proton revenues in this quarter, which we did not have in the third quarter of last year. Looking at our operating expenses after capitalization, you see to the left of this chart that they decreased 7% year-on-year, from 58 million SEK last year to 54 million SEK in this quarter.

The decrease in year-on-year opex is related to lower personnel costs due to average number of employees, which are down from 106 in Q3 of last year to 100 now in this quarter. Also, commission expenses are lower, following the lower order intake and revenue for the quarter.

To the right of the slide, you see that quarter-on-quarter opex is down from 60 million SEK in Q2 to 54 million SEK in this quarter. The decrease is related to lower personnel expenses in Q3 due to summer holidays.

As we increase our focus on innovation and product development, our underlying opex are expected to increase somewhat. As these initiatives approaches commercialization phase, the capitalization rate is also expected to increase.

EBIT for the third quarter was 10 million SEK, compared to 21 million SEK a year ago. The decrease in EBIT for this quarter is mainly explained by fewer product deliveries.

However, profitability showed signs of resilience, supported by a strong gross margin and continued cost discipline. The restructuring measures implemented earlier this year have also helped mitigate the impact from lower volumes and demonstrate an organization that is operating more efficiently.

While there is still a gap to our EBIT margin target of 25%, we believe the foundation for margin expansion is strong. With a high gross margin profile, a more efficient cost base, and focus on innovation, we see a clear path to our target over time.

The profitability level achieved in recent periods confirms the operational leverage in the business model and the earnings potential as growth returns. Our cash balances increased by 6 million SEK during Q3 and stood at 144 million SEK at quarter-end, compared to 138 million SEK at the beginning of the quarter.

Cash flow from working capital was 4 million SEK in the quarter, compared to just below zero a year ago. Working capital was positively affected by payments from customers, which was partly offset by increased inventory levels and restructuring payments.

Our focus on our balance sheet and our cash flow will continue. As a last slide from me before I hand over to Eeva-Liisa is one showing our increased level of investments.

Looking back, we believe the pace of innovation has not been where it needed to be to support the growth ambitions of the company. While we have continued to develop our existing portfolio, the rate of new product development has been too low.

To address this, we have significantly increased our investments in product development, as illustrated by this chart. Over the past two years, annual investments have increased by approximately 60 million SEK, enabling us to strengthen our development organization and accelerate innovation.

We firmly believe that increasing the pace of innovation is essential to returning to sustainable growth. We have already communicated our next product, Patient Verification, and we are actively working on additional products that we expect to launch during next year.

In summary, we are making a conscious investment today to build a stronger innovation engine for tomorrow. We believe this will be a key driver of growth and value creation in the years ahead.

With that, I'd like to hand over to Eeva-Liisa, who will walk you through our innovation agenda and how we're transforming these investments into future products and customer value.

Thank you, Linda. I will spend the next few minutes on adding some more detail regarding our recent product developments, as well as our next phase of product innovation and portfolio expansion.

C-RAD is on an important mission. Together with clinicians, we combine technology and clinical insights to make every patient journey safer and better.

Our products play an important role in radiotherapy treatment of cancer. Overall, surface guided radiotherapy solutions bring an essential layer of precision, patient safety, and efficiency to a safety-critical clinical procedure that can save lives.

In our portfolio today, we support radiotherapy treatment workflow from patient simulation onto treatment delivery with our flagship products Sentinel and Catalyst, both to enhance safety and efficiency in treatments. With an installed base of approximately 2,200 systems, our SGRT technology has a global presence in the market where workflows, automation, and interoperability are becoming increasingly important.

One of C-RAD's most important competitive advantages is really our position with the hardware and software in the treatment room and providing a great base for expanding our business going forward. At the end of September of this year, C-RAD participated in one of the key industry congresses of the year, the ASTRO congress in Boston, USA.

We had a very successful congress demonstrating our new developments to prospects and existing customers, showcasing many of our new features for the next release. In addition to showcasing our flagship Catalyst+ HD, we also demonstrated our latest addition to the Catalyst family, which is the Catalyst+ Lite, which makes advanced SGRT and motion management more accessible to all clinics.

During the ASTRO congress, we also announced an expanded interoperability for our Sentinel product, which is now compatible with the United Imaging CT scanners, which is an important step in making the Sentinel technology accessible to all clinics globally. Looking ahead, our strong position with a large installed base at the heart of the radiotherapy clinic gives us really a unique starting point for our next step.

Our ambition is to transform C-RAD from a leading product supplier in SGRT to becoming a leading open workflow platform for cancer care, starting with radiation therapy. This position is considerably larger than SGRT, and one we believe that will become increasingly important as radiation therapy becomes more advanced and more personalized, while at the same time having to become more efficient to support a growing aging population and rising cancer incidence.

The ecosystem that we're on a journey to build consists of three strategic layers. Starting at the very core, we will keep evolving and enhancing our proven SGRT solutions to ensure that we maintain and enhance our market position and competitiveness.

While the second layer, the innovation layer, expands from SGRT, connects SGRT deeper into the radiotherapy workflow, and provides new software innovations that support the clinicians' workflows to bring both automation, efficiencies, and safety to the clinical workflow. This is really a key layer in our strategy that will bring a unified experience to the clinical teams while leveraging their existing investments in their hospital information systems.

Finally, as a third layer, to build out the ecosystem with products relevant to the wider ecosystem to support further workflows. The ecosystem as such will be built on C-RAD's new open workflow platform that will unify the clinical workflows across products.

To achieve the goal of the platform and ecosystem, we will combine the different capabilities through a structured build, partner, and buy model. What we choose to develop in-house, what we build ourselves, is what we have unique expertise in and where we can create a clear competitive advantage fast.

This means SGRT, a modern software platform, workflow, automation, and integrations. Whereas we partner with the companies where we complement clinical workflow and bring value-adding synergies to the end users at the clinics.

Lastly, we intend to make selective acquisitions in situations where we can accelerate our strategic position. We have already started this journey and made good progress on it.

At ASTRO in September, we presented and demonstrated already the first building blocks of the platform and showcased our new solution for patient identity verification. Patient identity verification manages and automates a manual and error-prone step in treatment workflow, and helps to ensure that a clinic does not mix up patients to be treated.

This new solution and future products will be delivered on the new C-RAD software platform, which is really the foundation for all future C-RAD software, and will bring a more integrated, automated workflow throughout the clinics in combination with our partner products. The platform will also serve as a hub for analytics and interoperability in the ecosystem.

From the ASTRO congress, we can see that the new products and platform were very well received and confirmed C-RAD's strategic direction overall. The market is moving rapidly towards a more automated and integrated workflows in which really products and data flows are linked throughout the entire patient treatment to support the best possible patient care.

As the landscape has changed over the past years, the new, decisive strategic question is no longer which technology is best in isolation, but how technologies, systems, and data flows can really be integrated into a safe and efficient workflow for the patients. A key cornerstone of C-RAD's approach through the years are long-standing partnerships with the industry.

These already bring a fantastic basis, enhanced value, safety, and efficiency into the radiotherapy workflows that we support. However, they are also one of the standing key foundations to building the open oncology platform, and I want to take the opportunity to highlight our first announced partner within the new platform model.

Our first announced partner in this model is SEE-TREAT. At ASTRO, we communicated that we have entered the next phase with this Australian medtech company that develops innovative solutions for adaptive radiotherapy.

Within this partnership, we will combine the strengths of our respective products, the Catalyst and Sentinel from C-RAD and the SEE-TREAT ART1, to co-develop more connected, personalized, and patient-centric radiotherapy workflows for the future. This really also brings us to illustrate the idea behind the platform, connecting technologies into one integrated clinical workflow rather than adding yet another isolated product.

Our shared goal is to bring advances to radiotherapy treat departments of all sizes, independent of treatment machine, and to support the need for precision, efficiency, and personalized care for the future. With that, I will hand that over back to the moderator for Q&A.

Thank you, and good morning, Tomas, Linda, and Eeva-Liisa. I have a couple of questions, and I will take them one by one.

The first is regarding the order intake in EMEA followed by 40% year-over-year on challenging market conditions. Do you expect this to persist for some time, or are you seeing signs of procurement activities returning in the near term?

Good morning, Christian, and thanks for your question. It's probably too early to tell.

Since we started to see some strong signals related to this during Q3, which was not at all evident in Q2. Too early to say, but we certainly felt it during Q3 that there is a tremendous slowdown in order coming through.

More on that for the future, but we remain optimistic.

Right. Q3 was clearly below your own ambitions in terms of order intake and revenue.

Are there any internal actions you can take to improve momentum, or will external factors continue to dominate the development?

We're always focusing on what's in our control. We're always reflecting and looking into what we can execute and perform better with.

Yes, we do have some regional dedicated plans, because the landscape across the globe looks very differently from EMEA to Americas to the APAC region.

So... Great.

On the write-off of 93 million of the order backlog due to long delivery lead times, how much of that relates to the canceled US order? What lead times are we talking about here for what remains in the backlog?

Yes, good morning, Christian. I can answer that one.

The write-down is mainly related to older orders. Nothing that we expect will affect the revenue in the coming periods.

We do not disclose particularly the amount from this specific American customer that was mentioned, but we can say that the write-down is across all regions.

Again, Christian, also take it as a phenomenon of how we're operating. This is also one other sign of trying to build a more scalable and over time a more profitable company.

We're focused on quality efforts. This was the outcome of an in-depth exercise we did.

All right. How often will you carry out a comprehensive review of the entire order backlog?

Do you see any further orders at risk of cancellation or write-off?

Not at this point, no.

No, and we do this repeatedly. There are a few KPIs that are in particular interest.

This is, of course, one of the indicating factors that we address and look into with high frequency.

Right. Lastly, given the current market headwinds, do you still expect to achieve your financial target of at least 25% revenue growth already next year?

Christian, thanks for your question. We're not a guidance company.

All I can say is that I'm proud to represent a very energized, capable team that is out there to serve the customers and take the company to the next level. We are proud also to be linked to these targets that has been set there to achieve in midterm, and we're not shying away from that fact.

Clear. Thank you so much.

Thank you.

I think I have a couple of more questions, thank you for taking them. I was thinking about the gross margin that improved to 76%.

There were, of course, a positive mix effect here, and beyond the significant proton deliveries in the quarter, were there any other factors that had a positive impact?

Certainly, service is the main and key driver of the excellent 76% margin GPM we achieved during the quarter.

It's mainly the service effect.

Okay. You talked about accelerating product development through increased investments.

How much do you expect to increase them? When do you expect the platform to generate meaningful revenue?

This is part of the plan. What we can say is that we were clear that this is a key priority for us to keep on investing in innovation and software, and to eventually come up with the ultimate oncology workflow platform that we intend to do.

This is a three-year plan that we have just started with. Yes, this is a priority area for us that we will keep on investing until we will be happy.

You will already see during 2027 some revenue and order intake coming into the group, which will be pretty also for the margins in the company going forward. Very pleased with the current development happening at the company level.

Great. You have 177 million in cash, and you recently announced a buyback of up to 20 million.

How do you view capital allocation between buybacks, dividends, and acquisitions under your build, partner, buy strategy?

Just a simplistic response to that. We're company building, and our focus in primarily into the organic growth where we prioritize the innovation, software development that was prescribed, together with selected partnerships and selected markets.

Then eventually you will drop down. We're also proud to be a dividend providing party, but that also depends on the results of the company.

We're very focused on putting together a stronger financial performance delivery company. Everything runs according to plan, even though we have hiccups.

I think that's also fair to say, if we go back to Q2, there were some maybe crosses in and sometimes there are crosses out, because that's the lumpiness of our business, with again, the long sales cycles and capex-related investments. Then you sometimes have this up and downs.

We're long-term focused and remain very solid and confident into the direction of the company.

Perfect. My last question, you said that selective M&A could accelerate your strategic position.

Do you see a meaningful number of companies out there that could contribute to the platform?

Actually, we've been clear on that piece since we started, and that's, of course, also part of the allocation of the resources of the company. We wish to utilize the cash in the most appropriate way.

Yes, we have a solid balance sheet with cash assets. Acquisition is certainly on our radar, and I'm also very pleased with the partnership we're having with also partners working alongside us on mapping out some appropriate companies.

All I can say, and this is also related a lot to our build, partner, and buy strategy that Eeva-Liisa was alluding to, and there we have prospects both lined up for partnerships and potential acquisitions. We are already in talks related to both those last components.

Great. Thank you very much.

I will jump back to the queue. Thank you.

Thank you, Christian.

Thank you.

Thank you, and thank you for the questions, and for your continued interest in C-RAD. As we close today's presentation, I just want to reinforce one key message: we are in the early process of transforming C-RAD to build a stronger, more scalable, and more valuable company for the long term.

Q3 was a challenging quarter, and we recognize that our financial performance needs to improve. At the same time, we're making the structural changes required to strengthen commercial execution, accelerate our innovation, expand our service offering, and grow recurring revenues from our global installed base.

Our ambition goes beyond improving short-term performance. We're building on our leading SGRT positions to develop C-RAD into an open workflow platform for radiation oncology, which Eeva-Liisa described so clearly and nicely earlier, connecting technologies and enabling more integrated and efficient clinical workflows.

This transformation requires focus, discipline, and consistent execution. We're clear about our priorities, committed to delivering tangible progress, and determined to translate our strategic ambitions into sustainable, profitable growth and long-term shareholder value.

Thank you to our global C-RAD team members, our customers, and our partners for their continued commitment, and thanks to all of you for your time and your attention today. We look forward to updating you on our progress when we present our fourth quarter and the full year 2026 results the 11th of February, 2027.

Thank you very much, and have a great day.