RaySearch Laboratories (RAY) Q4 2025 earnings summary

Executive summary

• Achieved record net sales in Q4 2025, up 16% year-over-year to SEK 375 million, and full-year net sales up 13% to SEK 1,344 million, both all-time highs, with strong organic growth despite currency and geopolitical challenges.

• Recurring support revenue accounted for 39% of total revenues for the year, reflecting increased business robustness.

• Strong license sales and high customer activity, with major orders and installations at leading cancer centers in the US, UK, Germany, and Poland.

• Major clinical milestones included the world's first clinical proton arc treatments and first online adaptive treatment on a standard linac.

• Updated dividend policy to distribute 50% of annual profit after tax, with a proposed dividend of SEK 4.00 per share for 2025.

Financial highlights

• Q4 operating profit rose 25% to SEK 92 million, with a 24% EBIT margin; adjusted for currency losses, margin would have been 27%.

• Full-year operating profit reached SEK 292 million (22% margin); adjusted EBIT was SEK 353 million (26% margin).

• Order intake increased 8% in Q4 and 17% for the full year, despite currency headwinds.

• Cash flow in Q4 improved to SEK 91 million, with year-end cash balance at SEK 407 million and no loans.

• Free cash flow for the full year was SEK 82 million, impacted by higher working capital.

Outlook and guidance

• Confident in achieving at least a 25% EBIT margin in 2026, with continued focus on sales growth and improved cash flow.

• Board proposes a dividend of SEK 4 per share for 2025, up from SEK 3, and revises policy to distribute 50% of profit after tax annually from 2026.

• New medium-term financial targets, including margin and possibly sales, to be communicated during 2026.