C-RAD (CRAD) Q4 2025 earnings summary

Executive summary

• New CEO with extensive life science and medtech experience appointed in February 2026, emphasizing pragmatic, execution-driven leadership focused on clarity, accountability, and teamwork.

• Initial CEO priorities include deep business understanding, stakeholder engagement, and establishing disciplined growth structures.

• Q4 2025 saw first deliveries of new products in the Americas, solid performance in EMEA, and challenges in APAC due to budget constraints and increased competition.

• Order intake for Q4 2025 decreased 10% year-over-year to MSEK 151, with full-year order intake up 1% to MSEK 489, driven by strong growth in Services but a decline in Products.

• Emphasis on converting strengths into measurable, repeatable results and strengthening commercial execution for scalable, sustainable growth.

Financial highlights

• Q4 order intake declined 4% year-on-year in constant currencies, with Americas showing growth, EMEA stable, and APAC declining.

• Revenue for Q4 2025 fell 13% to MSEK 106, with Services revenue up 30% and Products down 13% year-over-year.

• Gross profit for Q4 was SEK 75 million (vs. SEK 80 million last year); gross margin improved to 71% from 66% due to higher service revenue and favorable regional mix.

• Adjusted EBIT for Q4 was SEK 11 million (margin 11%), while reported EBIT was SEK 5.4 million (margin 5%), impacted by one-time management change costs and negative currency effects.

• Operating cash flow was SEK 21 million in Q4 and SEK 71 million for the full year; cash balances increased to SEK 171 million at year-end.

Outlook and guidance

• Focus on disciplined organic growth, efficient organization, and potential selective inorganic opportunities.

• Management remains confident in market opportunities and aims to capitalize on structural growth in cancer care technology.

• Financial targets include average organic growth above 10%, EBIT margin of 25%, and at least 30% of net profit returned to shareholders.

• Continued emphasis on execution, reducing complexity, and delivering on commitments.

• External risks such as geopolitical instability, inflation, and US tariffs are being closely monitored.