YEAR-END REPORT 2024

In the fourth quarter of 2024, net sales increased by 8 percent. Revenue from support increased by 9 percent. Operating profit amounted to SEK 73.6 M (44.4) in the fourth quarter and to SEK 260.5 M (114.9) for the full year.

FOURTH QUARTER (OCTOBER - DECEMBER 2024)

Order intake SEK 305.0 M (317.7)
Net sales SEK 322.7 (299.6)
Operating profit SEK 73.6 M (44.4)
Profit after tax SEK 60.0 M (31.5)
Earnings per share before/after dilution SEK 1.75 (0.92)
Cash flow from operating activities SEK 102.9 M (115.8)
Order backlog SEK 1,813.2 M (1,864.4) at the end of the period.

TWELVE MONTHS (JANUARY – DECEMBER 2024)

Order intake SEK 1,087.2 M (1,004.2)
Net sales SEK 1,192.0 M (1,022.2)
Operating profit SEK 260.5 M (114.9)
Profit after tax SEK 203.5 M (81.6)
Earnings per share before/after dilution SEK 5.94 (2.38)
Cash flow from operating activities SEK 485.2 M (455.9)
The Board of Directors proposes a dividend for the full-year 2024 of SEK 3.00 (0.70).

SIGNIFICANT EVENTS DURING THE FOURTH QUARTER

GenesisCare UK has placed an order for RayStation.
Number of radiotherapy clinics in China using RayStation now exceeds 100.
Three centers in the French Unicancer network select RayStation.
Institut Curie in France select RayStation for treatment planning with protons.
RayStation is in clinical use for proton-arc therapy at Trento Proton Therapy Center in Italy.

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

In January the Polish company Medim placed an order for the product DrugLog.
In October 2024, Nina Grönberg was appointed new CFO for RaySearch Laboratories AB (publ), Nina took up her position January 27.

FINANCIAL SUMMARY1 (AMOUNTS IN SEK 000s, UNLESS OTHERWISE STATED)	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Net sales	322,665	299,640	1,192,029	1,022,159
Operating profit/loss	73,579	44,362	260,493	114,880
Operating margin. %	22.8	14.8	21.9	11.2
Profit/loss for the period	59,996	31,540	203,513	81,572
Earnings/loss per share before/after diluation. SEK	1.75	0.92	5.94	2.38
Cash flow from operating activities	102,892	115,772	485,230	455,931
Cash flow from the period	23,570	45,528	107,909	190,251
Return on equity. %	7.1	4.4	25.3	11.7
Equity/assets ratio. % at the end of the period	41.9	37.7	41.9	37.7
Share price at the end of the period. SEK	216.0	90.3	216.0	90.3,
Number of employees at the end of the period	416	388	416	388

1 For definitions of key ratios. see page 20.

CEO COMMENTS

HIGHEST QUARTERLY SALES FOR A THIRD QUARTER

It is gratifying to note that sales for the fourth quarter of the year were the highest ever, SEK 323 M (300). Compared with the year-earlier period, the increase was 8 percent (9 percent at unchanged exchange rates). For the full year, net sales amounted to SEK 1,192 M (1,022), which is the highest in the company's history, corresponding to a 17 percent increase year-on-year. Operating profit totaled SEK 74 M (44), corresponding to an operating margin of 23 percent (15). The improved margin was mainly the result of increased license revenue, which amounted to SEK 160 M (139).

During the year, support revenue rose 14 percent and accounted for 40 percent of total sales. This is a result of new sales of licenses in combination with essentially no lost customers. Order intake often fluctuates between quarters and amounted to SEK 305 M (318) in the fourth quarter. Order intake for the full year amounted to SEK 1,087 M, which was higher than SEK 1,004 M in 2023. We are building on our strong momentum and see bright prospects for continued growth in first quarter 2025 and onwards. To summarize, RaySearch has a strong financial position with cash and cash equivalents of SEK 463 M, stable cash flow and no loans.

RAYSTATION IN CLINICAL USE FOR PROTON ARC THERAPY

At the end of last year, the team at Trento Proton Therapy Center in Italy became the first clinic in the world to introduce discrete proton arc optimization in RayStation combined with a radiation therapy machine from IBA. Proton arc therapy is a method that has the potential to provide considerable treatment benefits for patients. RaySearch has been a pioneer and played a crucial role in this development, and I am proud that this method has now been taken into clinical use.

GENISISCARE PLACES ORDER FOR RAYSTATION

GenesisCare purchased RayStation in October. GenesisCare operates 14 specialist outpatient cancer centers in the UK, and the order will enable the provider to fully replace its current Pinnacle radiotherapy treatment planning system with RayStation. RayStation will also enhance GenesisCare's established adaptive radiotherapy capabilities and continue to support remote planning across the entire network.

NEW PRODUCT AREAS – DRUGLOG AND LIVER ABLATION

In early 2024, we acquired the DrugLog product from Pharmacolog in Uppsala. DrugLog complements our product offering and represents another step towards achieving our long-term vision of providing software support for all types of cancer treatments, including chemotherapy and surgery. We received our first order for DrugLog in January through the Polish company Medim, which secured a contract with the Children's Memorial Health Institute in Warsaw, Poland.

At RSNA, the world's largest radiology conference, which was held in Illinois in the US in early December, we presented a new module for liver ablation in RayStation. The method was developed in a collaboration

between RaySearch and MD Anderson Cancer Center and showed considerably improved precision during liver ablation in a clinical trial. The reception at RSNA was very positive, and I am looking forward to following developments in this exciting area.

RAYCARE IN CLINICAL USE WITH TRUEBEAM

In May, RayCare 2024A was launched with many feature updates to improve usability and efficiency. In September, an important milestone was achieved when Iridium Network in Belgium treated its first patient using RayCare together with TrueBeam. The fact that RayCare is now used clinically with TrueBeam has completely changed the conditions for the product and has led to a sharp increase in customer interest.

A POSITIVE YEAR THAT PAVES THE WAY FOR A CONTINUED FAVORABLE TREND

It is gratifying to be able to sum up a positive 2024. In light of RaySearch's performance during the year and the fact that the operating margin has already exceeded our target of at least 20 percent in 2026, the Board has decided, as previously announced, to raise the target for the operating margin to at least 25 percent for 2026.

Finally, I would like to thank all our employees for the past year. Together, we are very well positioned to succeed with our long-term mission, to continue the advancement of cancer care to save lives and improve quality of life for cancer patients.

Stockholm, February 2025

Johan Löf, CEO and founder

NET SALES & OPERATING PROFIT (SEK M, rolling 12 months)

FINANCIAL INFORMATION

RaySearch operates in a market with uneven order flows where individual orders can have a substantial impact on revenue recognition between the quarters and, because the company has limited (less than 10 percent) variable costs for license revenue, operating profit is affected by an amount that is nearly as high. For this reason, a longer perspective than a few quarters should be taken.

ORDER INTAKE

In the fourth quarter of 2024, order intake amounted to SEK 305.0 M (317.7), a decrease by 4.0 percent year-on-year. License order intake amounted to SEK 159.2 M (160.1), a decrease of 0.6 percent, while order intake for support was SEK 104.5 M (110.2), a decrease of 5.2 percent.

For the full-year 2024, order intake amounted to SEK 1,087.2 M (1,004.2), an increase of 8.3 percent compared to the same period last year. Order intake of licenses amounted to SEK 523.3 M (461.7), an increase of 13.3 percent, while order intake for support amounted to SEK 395.5 M (390.8), an increase of 1.2 percent.

ORDER BACKLOG

At December 31 2024, the total order backlog was SEK 1,813.2 M (1,864.4), of which SEK 551.8 M is expected to generate revenue over the next 12 months. The remaining amount in the order backlog mainly pertains to support commitments that are primarily expected to generate revenue during a subsequent four-year period.

ORDER INTAKE & NET SALES (SEK M, rolling 12 months)

						2024	2023
Order intake (amounts in SEK M)	Q4-24	Q3-24	Q2-24	Q1-24	Q4-23	Jan-Dec	Jan–Dec
Licenses	159.2	117.6	134.2	112.3	160.1	523.3	461.7
Support (incl. warranty support)	104.5	92.5	118.2	80.3	110.2	395.5	390.8
Hardware	33.3	30.6	26.3	31.3	36.0	121.4	111.4
Training and other	8.1	12.7	11.6	14.6	11.4	47.0	40.3
Total order intake	305.0	253.4	290.3	238.5	317.7	1,087.2	1,004.2

Order backlog (amounts in SEK M)	Q4-24	Q3-24	Q2-24	Q1-24	Q4-23
Licenses	355.7	349.8	352.1	387.6	382.5
Support (incl. warranty support)	1,292.9	1,223.0	1,289.0	1,303.2	1,346.7
Hardware	50.2	40.8	43.8	54.5	38.4
Training and other	114.4	109.4	105.7	102.7	96.9
Total order backlog at the end of the period	1,813.2	1,723.0	1,790.5	1,848.0	1,864.4

PROFIT

In the fourth quarter of 2024, net sales amounted to SEK 322.7 M (299.6), an increase of 7.7 percent compared to the same period last year. The change in sales at unchanged currencies was 8.5 percent.

License revenue amounted to SEK 160.4 M (138.9), an increase of 15.5 percent compared to the same period last year. Of the total license revenue for the quarter, the three largest contracts account for revenue of SEK 69.8 M, which corresponds to 12.0 (11.0) percent of the license revenue for the fourth quarter.

Support revenue amounted to SEK 131.1 M (120.1),an increase of 9.2 percent. The support revenue includes non-recurring income of approximately SEK 5.0 M (8.5).

Hardware revenue, which has a weaker profit margin, amounted to SEK 24.2 M (31.4). Excluding hardware sales, net sales increased by 11.3 percent compared to the same period last year.

For the full-year 2024, net sales amounted to SEK 1,192.0 M (1,022.2), an increase of 16.6 percent. License revenue amounted to SEK 575.5 M (441.8) and support revenue increased to SEK 472.9 M (415.9), where support revenue represents 39.7 (40.7) percent of total net sales. Hardware revenue decreased to SEK109.2 M (128.4) and training and other revenue decreased to SEK 34.5 M (36.1).

For the full-year 2024, net sales had the following geographic distribution: America, 42 percent (41), Asia, the Pacific and the Middle East, 20 percent (21), Europe and Africa, 38 percent (38).

						2024	2023
Revenue (amounts in SEK M)	Q4-24	Q3-24	Q2-24	Q1-24	Q4-23	Jan-Dec	Jan–Dec
License revenue	160.4	132.7	163.9	118.5	138.9	575.5	441.8
Support revenue (incl. warranty support)	131.2	120.3	114.8	106.6	120.1	472.9	415.9
Hardware revenue	24.2	32.8	32.8	19.3	31.4	109.2	128.4
Training and other revenue	6.9	7.5	7.3	12.7	9.2	34.5	36.1
Net sales	322.7	293.3	318.9	257.2	299.6	1,192.0	1,022.2
Change in sales. corresp. period. %	7.7	16.0	33.2	11.7	13.3	16.6	21.2
Change in sales at unchanged exchange rates. corresp. period. %	8.5	17.4	31.9	10.6	5.5	17.1	15.6

LICENSE REVENUE & SUPPORT REVENUE (SEK M, rolling 12 months)

As of January 1, 2024, the company has implemented a refined cost center classification, which has affected certain operating costs which were previously categorized as selling expenses but are now reported as administrative expenses or research and development costs. The changes is represented in the table below.

During the fourth quarter of 2024, operating expenses increased to SEK 235.0 M (222.7). The increase is mainly due to increased personnel costs as the number of employees has increased, and also due to increased depreciation of capitalized development expenses.

Operating expenses (amounts in SEK M)	2024 Oct–Dec	2024 Oct–Dec 2023 categ.1	2023 Oct–Dec	2024 Jan–Dec	2024 Jan–Dec 2023 categ.	2023 Jan–Dec
Selling expenses	-91.4	-101.3	-102.8	-326.6	-369.1	-362.8
Administration expenses	-72.2	-62.4	-51.3	-249.6	-207.1	-195.2
Research and development costs	-71.3	-71.3	-68.6	-269.4	-269.4	-237.7
Operating expenses	-235.0	-235.0	-222.7	-845.6	-845.6	-795.7

¹ 2024 operating expenses presented according to the 2023 categorization.

Capitalization of development costs

In 2024, RaySearch continued to invest in both existing products and future products.

During the full-year 2024, the total research and development costs amounted to SEK 279.4 M (250.2) an increase by 11.7 percent which is explained by a higher number of employees. Capitalized development costs amounted to SEK 197.3 M (185.0) for the full-year 2024, which is an increase of 6.6 percent compared to the same period last year. Accordingly, capitalized development costs amounted to 70.6 percent (74.2) of the total research and development costs for the full-year 2024.

Amortization of capitalized development costs amounted to SEK 187.2 M (172.6) for the full-year 2024, which is an increase of 8.5 percent compared to the same period last year. This increase is attributable to the fact that some development projects were capitalized during 2023, which resulted in increased depreciation for the full-year 2024 compared to the same period last year.

Total research and development costs (after adjustments for capitalization and amortization of development costs) amounted to SEK 269.4 M (237.7) during the full- year 2024, an increase of 13.3 percent compared to the same period last year.

As of December 31, 206 (200) employees worked on research and development, which corresponds to 50 (52) percent of the total number of employees.

Depreciations

The total depreciation for the full year 2024 amounted to SEK 297.5 M (285.2), of which the depreciation on intangible fixed assets amounted to SEK 187.4 M (172.8) and the depreciation on tangible fixed assets amounted to SEK 110.1 M (112.4).

Capitalization of research- and development costs (amounts in SEK M)	Q4-24	Q3-24	Q2-24	Q1-24	Q4-23	2024 Jan-Dec	2023 Jan–Dec
Research and development costs	78.0	58.6	76.7	66.1	78.4	279.4	250.2
Capitalization of development costs	-56.2	-36.5	-54.6	-50.0	-56.2	-197.3	-185.0
Amortization of capitalized development costs	49.4	46.4	46.4	45.1	46.4	187.2	172.6
Research and development costs after adjust ments for capitalization and amortization	71.3	68.5	68.4	61.2	68.6	269.4	237.7

OPERATING PROFIT

During the fourth quarter of 2024, the operating profit increased to SEK 73.6 M (44.4), which is primarily a result of the relatively higher turnover and corresponds to an operating margin of 22.8 (14.8) percent.

The net of exchange rate gains and losses during the fourth quarter amounted to SEK 8.8 M (-3.7) and arises when large parts of the group's receivables are in US dollars and euros. The adjusted operating profit (i.e. the operating profit adjusted for the effects of the net currency) had amounted to SEK 64.8 M (48.1) during the fourth quarter.

During the full-year 2024 the operating profit increased to SEK 260.5 M (114.9), which corresponds to an operating margin of 21.9 (11.2) percent.

The tax cost for the fourth quarter amounted to SEK -17.4 M (-12.3), which corresponds to an effective tax rate of 22.5 (28.0) percent. For the full-year 2024, the tax cost amounted to SEK -59.4 M (-28.5), which corresponds to an effective tax rate of 22.6 (25.9) percent. The tax cost for 2023 included a, in comparison, large part of non deductible expenses which explains the decreased effective tax rate in 2024.

For the fourth quarter, the profit after tax amounted to SEK 60.0M (31.5) and the profit per share to SEK 1.75 (0.92). For the full-year 2024, the profit after tax amounted to SEK 203.5 M (81.6) and earnings per share to SEK 5.94 (2.38).

CASH FLOW AND LIQUIDITY

In the fourth quarter of 2024, cash flow from operating activities amounted to SEK 102.9 M (115.8). Despite an increased profit the cash flow from operating activities have decreased which is explained by a decrease in the bad debt reserve, unrealised currency losses and a negative cash flow from changes in operating liabilities related to contractual debts.

In the full-year 2024, cash flow from operating activities was SEK 485.2 M (455.9). The increase, despite a decrease in operating capital is an effect of a significantly improved result before tax for the period.

In the fourth quarter, cash flow from investing activities was SEK -60.8M (-64.6). Investments in intangible fixed assets amounted to SEK -56.2 M (-56.2) and mainly comprised capitalized development costs for the company's products – RayStation, RayCare, RayCommand and RayIntelligence. Investments in tangible fixed assets amounted to SEK -4.6 M (-8.4) and is attributable to investments in IT equipment. In the full-year 2024, cash flow from investing activities amounted to SEK -217.5 M (-209.3).

In the fourth quarter of 2024, cash flow from financing activities amounted to SEK -18.6 M (-5.7) and consists of amortization of lease liabilities. The corresponding figure for the full year 2024 amounted to SEK -159.8 M (-56.3) and consists of amortization of leasing debts of SEK -91.2 M (-56.3) and a dividend paid to the company's shareholders of SEK -68.6 M (0).

Cash flow for the period was SEK 23.6 M (45.5) in the fourth quarter, and SEK 107.9 M (190.3) for the full-year 2024.

As of December 31, 2024, consolidated cash and cash equivalents amounted to SEK 462.7 M compared to SEK 343.7 M as of December 31, 2023.

FINANCIAL POSITION

As of December 31, 2024, RaySearch's total assets amounted to SEK 2,091.2 M compared to SEK 1,952.7 M as of December 31, 2023. As of December 31, 2024, the equity/assets ratio was 41.9 percent compared to 37.7 percent at fiscal year-end 2023.

The company's interest-bearing liabilities, which only consist of lease liabilities reported in accordance with IFRS 16, amounted to SEK 471.9 M as of December 31, 2024, compared to SEK 529.4 M as of December 31, 2023.

As of December 31, the Group's net debt amounted to SEK 9.2 M compared to SEK 185.7 M as of December 31, 2028, a reduction that is mainly due to an increase in cash and cash equivalents and lower leasing debt compared to year-end 2023.

EMPLOYEES

For the full-year 2024, the average number of employees in the Group was 408 (376). At the end of the fourth quarter, the Group had 416 employees (388), of whom 308 (281) were based in Sweden, and 108 (108) in foreign subsidiaries.

THE COMPANY'S SHARE AND SHARE OWNERSHIP

As of December 31, 2024, the total number of registered shares in RaySearch was 34,282,773, of which 7,654,975 were Class A and 26,627,798 Class B shares. The quotient value is SEK 0,50 and the company's share capital amounts to SEK 17,141,386.50. Holders of Class A shares are entitled to 10 votes per share, and holders of Class B shares are entitled to one vote per share, at general meetings. As of December 31, 2024, the total number of votes in RaySearch was 103,177,548.

As of December 31, 2024, the total number of shareholders in RaySearch was 9,900 according to Euroclear, and the largest shareholders are shown in the table below.

PARENT COMPANY

RaySearch Laboratories AB (publ) is the Parent Company of the RaySearch Group. Since the Parent Company's operations are consistent with the Group's operations in all material respects, the comments for the Group are also largely relevant for the Parent Company.

Differences in profitability between the Parent Company and the Group are attributable to the Parent Company accounting for a relatively high proportion of operating expenses, and to the capitalization of development costs being recognized in the Group but not in the Parent Company. The Parent Company was also not affected by the changes pertaining to lease recognition under IFRS 16, and instead continues to recognize lease payments as operating lease payments. This reduces operating profit compared with if IFRS 16 had been applied.

The Parent Company's current receivables mainly comprise receivables from Group companies and external customers.

Shareholders	Class A shares	Class B shares	Total shares	Share capital %	Votes %
Johan Löf	5,443,084	68,393	5,511,477	16.1	52.8
Northern Trust Company, London Branch	-	2,810,574	2,810,574	8.2	2.7
The Bank Of New York Mellon Sa/Nv, W8Imy	-	2,537,099	2,537,099	7.4	2.5
Swedbank Robur Fonder AB	-	1,700,000	1,700,000	5.0	1.6
JP Morgan Chase Bank Na, W9	-	1,359,185	1,359,185	4.0	1.3
Anders Brahme	1,150,161	140,000	1,290,161	3.8	11.3
Andra AP-Fonden	-	1,220,942	1,220,942	3.6	1.2
BNP Paribas Sa Paris, W8Imy (Gc)	-	1,169,289	1,169,289	3.4	1.1
Carl Filip Bergendal	1,021,577	139,920	1,161,497	3.4	10.0
Caceis Bank, W8Imy	-	1,062,972	1,062,972	3.1	1.0
Total, 10 largest shareholders	7,614,822	12,208,374	19,823,196	57.8	85.6
Others	40,153	14,419,424	14,459,577	42.2	14.4
Total	7,654,975	26,627,798	34,282,773	100	100

Source: Euroclear

OTHER INFORMATION

2025 ANNUAL GENERAL MEETING

The Annual General Meeting of RaySearch Laboratories AB (publ) will be held on Thursday, May 22, 2025, at the company's headquarter at Eugeniavägen 18C in Stockholm, Sweden. Shareholders wishing to have a matter addressed at the Annual General Meeting must submit a written request to the Board of Directors. The proposal must be received by the Board of Directors no later than April 3, 2025, to be included in the notice to the meeting.

Proposed dividend

The Board of Directors proposes a dividend for the full-year 2024 of 3.00 SEK per share (0.70). The proposed dividend to be approved at the Annual General Meeting amounts to SEK 102,8 M.

As record day for the dividend the Board of Directors propose May 22, 2025, which would mean that the share is traded without the right to dividend on May 23, 2025 and that the dividend is expected to be paid through Euroclear on May 30, 2025.

RISKS AND UNCERTAINTIES

As a global Group with operations in different parts of the world. RaySearch is exposed to various risks and uncertainties, such as market risk, operational and legal risk, as well as financial risk pertaining to exchange-rate fluctuations, interest rates, liquidity and financing opportunities. RaySearch's risk management aims to identify, measure and reduce risks related to the Group's transactions and operations. For more information about risks and risk management, refer to pages 40-42 of RaySearch's 2023 Annual Report. There have been no significant changes with any impact on the risks reported.

SEASONAL VARIATIONS

RaySearch's customers are healthcare providers and the company's operations are somewhat characterized by seasonal variations that are typical for the industry, whereby the fourth quarter is normally the strongest – mainly because many customers have budgets that follow the calendar year.

ENVIRONMENT AND SUSTAINABILITY

Sustainability is a key aspect of RaySearch's strategy and operations, and the company is working actively to become a sustainable enterprise. The primary aim of RaySearch's operations is to help cancer clinics improve and save the lives of cancer patients. Through innovative software solutions, the company is continuously striving to improve and streamline workflows in clinical environments and to improve treatment outcomes for cancer patients. The customer value created presents business opportunities for RaySearch, but also major social benefit and economic gains.

The negative environmental impact of the company's products is limited. The company's environmental impact is mainly related to the purchase of goods and services, energy use and transportation. RaySearch aims to contribute to sustainable development and therefore works actively to improve the company's environmental performance wherever this is economically viable. More information about the company's environmental and sustainability initiatives is available in the company's Sustainability Report on pages 22-32 of RaySearch's 2023 Annual Report.

REVIEW

This year-end report has not been reviewed by the company's auditors.

BOARD ASSURANCE

The Board of Directors and CEO give their assurance that this year-end report gives a true and fair view of the Group's and the Parent Company's operations, position and earnings, and describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group.

Stockholm, on the day shown by our electronic signature RaySearch Laboratories AB (publ)

Hans Wigzell Chairman of the Board Johan Löf CEO and Board member Carl Filip Bergendal Board member

Britta Wallgren Board member Günther Mårder Board member

FOR FURTHER INFORMATION, PLEASE CONTACT:

Johan Löf, CEO Tel: +46 8 510 530 00 E-mail: [email protected]

Nina Grönberg, CFO Tel: +46 8 510 530 00 E-mail: [email protected]

FINANCIAL CALENDAR

Annual Report, 2024 – April 25, 2025 Interim report first quarter, 2025 – May 9, 2025 Annual General Meeting, 2025 – May 22, 2025 Interim report second quarter, 2025 – August 8, 2025 Interim report third quarter, 2025 – November 7, 2025

The information contained in this year-end report is such that RaySearch Laboratories AB (publ) is obliged to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication on February 21, 2025, at 7:45 a.m.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY

AMOUNTS,IN,SEK,000s	Note	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Net sales	2,3	322,665	299,640	1,192,029	1,022,159
Cost of goods sold1		-24,792	-29,801	-99,492	-106,578
Gross profit		297,873	269,839	1,092,537	915,581
Other operating income		16,931	6,877	43,052	21,900
Selling expenses2		-91,447	-102,770	-326,585	-362,846
Administrative expenses2		-72,231	-51,341	-249,585	-195,163
Research and development costs		-71,292	-68,630	-269,384	-237,736
Other operating expenses		-6,255	-9,613	-29,542	-26,856
Operating profit/loss		73,579	44,362	260,493	114,880

Profit/loss from financial items		3,858	-544	2,372	-4,792
Profit/loss before tax		77,437	43,818	262,865	110,088

Tax		-17,441	-12,278	-59,352	-28,516
Profit/loss for the period3		59,996	31,540	203,513	81,572
Other comprehensive income

Items to be reclassified to profit or loss
Translation difference of foreign operations for the period		6,055	-5,320	6,528	-3,496
Comprehensive income for the period3		66,051	26,220	210,041	78,076

Earnings per share before and after dilution (SEK)		1.75	0.92	5.94	2.38

1Comprises costs for hardware and license costs paid but not amortization of capitalized development costs which is included in research and development costs.

2As of January 1,2024, the,company has implemented a refined cost center classification which has affected certain operating costs which were previously categorized as sales costs but are now reported as research and development costs and administration costs. See table on page 6.

3Fully (100 percent) attributable to Parent Company shareholders.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN SUMMARY

AMOUNTS IN SEK 000s	2024-12-31	2023-12-31
ASSETS
Intangible fixed assets	548,169	530,455
Right-of-use assets	456,567	500,776
Tangible fixed assets	70,096	89,640
Deferred tax assets	3,864	5,729
Other long-term receivables	27,741	23,620
Total fixed assets	1,106,437	1,150,220
Inventories	10,620	9,320
Billed customer receivables	254,614	240,101
Unbilled customer receivables	190,164	143,626
Other current receivables	66,608	65,718
Cash and cash equivalents	462,740	343,681
Total current assets	984,746	802,446
TOTAL ASSETS	2,091,183	1,952,666
EQUITY AND LIABILITIES
Equity	876,707	735,232
Deferred tax liabilities	114,923	109,530
Long-term lease liabilities	394,855	431,977
Other long-term liabilities	879	878
Total long-term liabilities	510,657	542,385
Accounts payable	38,757	42,085
Current lease liabilities	77,079	97,381
Contractual liabilities	454,210	461,140
Other current liabilities	133,773	74,443
Total current liabilities	703,819	675,049

TOTAL EQUITY AND LIABILITIES	2,091,183	1,952,666

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN SUMMARY

AMOUNTS IN SEK 000s	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Opening balance	810,656	709,012	735,232	657,156
Profit/loss for the period	59,996	31,540	203,513	81,572
Dividend to the company's shareholders	-	-	-68,566	-
Translation difference for the period	6,055	-5,320	6,528	-3,496
Closing balance	876,707	735,232	876,707	735,232

CONSOLIDATED STATEMENT OF CASH FLOW IN SUMMARY

AMOUNTS IN SEK 000s	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Profit/loss before tax	77,437	43,818	262,865	110,088
Adjusted for non-cash items 1	55,940	87,889	256,494	300,825
Taxes paid	-7,719	-6,616	-8,874	-16,368
Cash flow from operating activities before changes in	125,658	125,091	510,485	394,545
working capital

Cash flow from changes in operating receivables	-9,219	-20,537	-23,868	31,781
Cash flow from changes in operating liabilities	-13,547	11,218	-1,387	29,605
Cash flow from operating activities	102,892	115,772	485,230	455,931

Investments in capitalized development costs	-56,152	-56,164	-197,282	-185,035
Acquisition of intangible fixed assets	-	-	-7,000	-
Acquisition of tangible fixed assets	-4,618	-8,417	-13,261	-24,295
Cash flow from investing activities	-60,770	-64,581	-217,543	-209,330

Paid dividend to the company's shareholder	-	-	-68,566	-
Repayment of lease liabilities	-18,552	-5,663	-91,212	-56,350
Cash flow from financing activities	-18,552	-5,663	-159,778	-56,350

Cash flow for the period	23,570	45,528	107,909	190,251

Cash and cash equivalents at the beginning of the period	425,027	306,632	343,681	160,268
Exchange-rate difference in cash and cash equivalents	14,143	-8,479	11,150	-6,838
Cash and cash equivalents at the end of the period	462,740	343,681	462,740	343,681

1 These amounts mainly include depreciation on capitalized development expenses and right-of-use assets, provision for doubtful accounts receivable and unrealized exchange rate effects.

PARENT COMPANY INCOME STATEMENT IN SUMMARY

AMOUNTS IN SEK 000s	Note	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Net sales	2,3	268,772	226,311	975,013	780,348
Cost of goods sold 1		-7,297	-7,031	-25,705	-40,869
Gross profit		261,475	219,280	949,308	739,479

Other operating income		16,369	5,336	41,792	19,961
Selling expenses		-64,484	-64,166	-235,695	-209,472
Administrative expenses		-81,060	-64,031	-263,869	-245,898
Research and development costs		-67,960	-57,406	-240,103	-203,363
Other operating expenses		-5,693	-9,499	-26,875	-24,258
Operating profit/loss		58,647	29,514	224,558	76,449

Profit/loss from financial items		6,018	1,593	10,438	4,135
Profit/loss after financial items		64,665	31,107	234,996	80,584

Appropriations		-11,252	-	-11,252	-
Profit/loss before tax		53,413	31,107	223,744	80,584

Tax on profit/loss for the period		-13,998	-9,823	-49,974	-22,040
Profit/loss for the period		39,415	21,284	173,770	58,544

1 Comprises costs for hardware and royalties

PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME

AMOUNTS IN SEK 000s	2024 Oct–Dec	2023 Oct–Dec	2024 Jan–Dec	2023 Jan–Dec
Profit/loss for the period	39,415	21,284	173,770	58,544
Other comprehensive income	-	-	-	-
Comprehensive income for the period	39,415	21,284	173,770	58,544

PARENT COMPANY BALANCE SHEET IN SUMMARY

AMOUNTS IN SEK 000s	2024-12-31	2023-12-31
ASSETS
Intangible fixed assets	7,012	116
Tangible fixed assets	43,689	44,603
Shares and participations	3,958	3,958
Deferred tax assets	1,892	3,183
Long-term receivables Group companies	5,501	12,077
Other long-term receivables	968	6,190
Total fixed assets	63,020	70,127

Inventories	3,757	1,387
Billed customer receivables	131,353	136,413
Unbilled customer receivables	95,902	73,789
Receivables Group companies	130,166	89,140
Other current receivables	59,489	67,799
Cash and bank balances	303,776	214,201
Total current assets	724,443	582,729

TOTAL ASSETS	787,463	652,856

EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital	17,141	17,141
Statutory reserve	43,630	43,630
Total restricted equity	60,771	60,771
Unrestricted equity
Retained earnings	116,834	126,859
Profit/loss for the year	173,770	58,544
Total non-restricted equity	290,604	185,403
Total equity	351,375	246,174

Untaxed reserves	11,252	-

Long-term liabilities	17,336	20,174
Total long-term liabilities	17,762	20,174

Accounts payable	28,167	49,437
Liabilities Group companies	26,010	20,505
Contractual liabilities	251,425	268,294
Other current liabilities	106,806	48,272
Total current liabilities	407,500	386,508

TOTAL EQUITY AND LIABILITIES	787,463	652,856

NOTES, GROUP

NOTE 1 ACCOUNTING POLICIES

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The accounting policies applied are consistent with those described in the 2023 Annual Report for RaySearch Laboratories AB (publ), which is available at raysearchlabs.com. RaySearch Laboratories AB (publ) is the Parent Company of the RaySearch Group.

The Parent Company applies the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The Parent Company's operations are consistent with the Group's operations in all material aspects. Differences in profitability between the Parent Company and the Group are attributable to the Parent Company accounting for a relatively high proportion of operating expenses and to the capitalization of development costs being recognized in the Group but not in the Parent Company. The Parent Company's current receivables mainly comprise receivables from Group companies and external customers.

NOTE 2 ESTIMATES

Preparation of the interim report requires the company management to make estimates that affect the carrying amounts. The actual outcome could deviate from these estimates. The critical sources of uncertainty in the estimates are the same as presented in the most recent Annual Report.

NOTE 3 REVENUES FROM CONTRACTS WITH CUSTOMERS

RaySearch conducts sales of goods and services in various regions. Revenue from sales of licenses and hardware is recognized in profit or loss at a point in time, while revenue from sales of training and support is recognized over time.

	2024	2023		2024	2023
AMOUNTS IN SEK 000s	Oct–Dec	Oct–Dec	Change %	Jan–Dec	Jan–Dec
Revenue by type
Licenses	160,431	138,876	15.5%	575,483	441,791
Support (incl. warranty support)	131,172	120,106	9.2%	472,901	415,873
Hardware	24,195	31,419	-23.0%	109,169	128,379
Training and other	6,867	9,239	-25.7%	34,476	36,116
Total revenue by type	322,665	299,640	7.7%	1,192,029	1,022,159

	2024	2023		2024	2023
AMOUNTS IN SEK 000s	Oct–Dec	Oct–Dec	Change %	Jan–Dec	Jan–Dec
Revenue by geographic market
Americas	148,101	110,645	33.9%	500,079	412,913
Asia, Pacific Ocean and Middle East	92,159	76,948	19.8%	238,545	217,559
Europe and Africa	82,405	112,047	-26.5%	453,405	391,687
Total revenue by geographic market	322,665	299,640	7.7%	1,192,029	1,022,159

Revenue recognized at various points in time
Goods/services transferred/performed at a point in time	184,626	170,295	8.4%	684,652	570,170
Services performed over time	138,039	129,345	6.7%	507,377	451,989
Total revenue recognized at various points in time	322,665	299,640	7.7%	1,192,029	1,022,159

NOTE 4 FINANCIAL INSTRUMENTS

RaySearch's financial assets and liabilities comprise billed and unbilled receivables, cash and cash equivalents, accrued expenses, accounts payable, bank loans and lease liabilities. Long-term receivables and lease liabilities are discounted, while other financial assets and liabilities have short maturities. Accordingly, the fair values of all financial instruments are deemed to correspond approximately to their carrying amounts.

The provision for expected credit losses is a weighted assessment of payment history, reports from external credit rating agencies and other customer-specific information. At the end of December 2024, the credit loss provision amounted to SEK 9.4 M (37.4), corresponding to 2.0 percent (8.4) of total customer receivables. The reduction is mainly explained by the fact that the American subsidiary during the fourth quarter derecognized a number of realized credit losses which were reserved in earlier periods. Furthermore, the general reserve for expected credit losses have been reduced from 2 to 1 percent.

NOTE 5 CURRENCY EFFECTS

The company's net sales and earnings are impacted by USD and EUR to SEK exchange rates, since most sales are invoiced in USD and EUR, while most costs are denominated in SEK. Based on the year's structure for revenue, cost and currency (transaction

exposure), a general change of 10 percentage in the SEK to USD exchange rate would impact the consolidated operating profit by approximately +/- SEK 10.6 M in the fourth quarter of 2024, while a corresponding change in the SEK to EUR exchange rate would impact the consolidated operating profit by approximately +/- SEK 7.0 M.

Corresponding for the full-year 2024, a general change of 10 percentage in the SEK to USD exchange rate would impact the consolidated operating profit by approximately +/- SEK 25.4 M, while a corresponding change in the SEK to EUR exchange rate would impact the consolidated operating profit by +/- SEK 31.8 M.

The Group follows the financial policy established by the Board of Directors; whereby exchange-rate fluctuations are not hedged.

NOTE 6 RELATED-PARTY TRANSACTIONS

There were no transactions between RaySearch and related parties with any material impact on the company's position and earnings during the period.

NOTE 7 PLEDGED ASSETS IN THE GROUP AND PARENT COMPANY

AMOUNTS IN SEK 000s	2024-12-31	2023-12-31
Chattel mortgages	100,000	100,000
Guarantees	17,405	32,191

GROUP QUARTERLY OVERVIEW

	2024				2023
AMOUNTS IN SEK 000s	Q4	Q3	Q 2	Q1	Q4	Q3	Q2	Q1
Order intake
Total order intake	305,048	253,364	290,251	238,526	317,749	240,693	239,163	206,631
Income statement
Net sales	322,665	293,303	318,865	257,196	299,640	252,883	239,467	230,169
Change in sales. %	27.6	16.0	33.2	22.0	13.3	19.9	49.4	10.6
Operating profit/loss	73,579	61,825	79,321	45,768	44,362	28,616	18,226	23,676
Operating margin. %	22.8	21.1	24.9	17.8	14.8	11.3	7.6	10.3
Earnings before interest and taxes, EBITDA	151,755	134,781	103,078	126,748	129,286	108,244	89,523	99,887
Profit/loss for the period	59,996	45,388	61,341	36,698	31,540	21,551	10,918	17,563
Net margin. %	18.6	15.5	19.3	14.3	10.5	8.5	4.6	7.6
Cash flow
Operating activities	102,892	60,480	154,550	167,308	115,772	124,378	62,097	153,683
Investing activities	-60,770	-38,025	-57,939	-60,809	-64,581	-43,673	-48,995	-52,081
Financing activities	-18,552	-21,724	-100,858	-18,644	-5,663	-17,169	-16,388	-17,130
Cash flow for the period	23,570	731	-4,247	87,885	45,528	63,536	-3,285	84,472
Capital structure
Return on average equity %	7.1	5.7	8.0	4.9	4.4	3.1	1.6	2.6
Equity/assets ratio. %	41.9	40.2	37.3	37.6	37.7	38.0	36.3	35.8
Net debt	9,194	52,360	63,765	85,410	185,676	199,642	279,406	295,381
Debt/equity ratio	0.0	0.1	0.1	0.1	0.3	0.3	0.4	0.4
Net debt/EBITDA	0.0	0.1	0.1	0.2	0.4	0.5	0.8	0.9
Per share data. SEK
Earnings/loss per share before dilution	1.75	1.32	1.79	1.07	0.92	0.63	0.32	0.51
Earnings/loss per share after dilution	1.75	1.32	1.79	1.07	0.92	0.63	0.32	0.51
Equity per share	25.57	23.65	22.41	22.65	21.45	20.68	20.07	19.67
Share price at the end of the period	216.00	155.00	141.40	115.00	90.30	82.90	63.30	77.10
Other
No. of shares before/after dilution. 000s	34,282.8	34,282.8	34,282.8	34,282.8	34,282.8	34,282.8	34,282.8	34,282.8
No. of employees at the end of the period	416	414	411	398	388	383	375	374

DEFINITIONS OF KEY RATIOS

The interim report refers to a number of non-IFRS financial measures that are used to provide investors and company management with additional information to assess the company's operations. The various non-IFRS measures used to complement the IFRS financial statements are

described below. The calculation of the IFRS measures can be found on the company's website raysearchlabs.com.

Non-IFRS measures	Definition	Reason for using the measure
Adjusted operating profit	Calculated as operating profit less other operating income/expenses.	Adjusted operating profit provides an overall picture of the total generation of earnings in core operating activities.
Capital employed	Balance sheet decreased by non interest bearing debt and deffered tax liabilities.	This measures shows how much capital that is used in the business and is thereby the only component that measues the return from the business.
Change in sales	The change in net sales compared with the year-earlier period expressed as a percent age.	The measure is used to track the performance of the company's operations between periods.
Change in sales at unchanged cur rencies	Change in sales at unchanged exchange rates. i.e. excluding currency effects.	This measure is used to monitor underlying change in sales driven by alterations in volume. pricing and mix for comparable units between different periods.
Debt/equity ratio	Net debt in relation to equity.	The measure shows financial risk and is used by management to monitor the Group's indebtedness.
EBITDA	Operating profit before financial items. tax. depreciation/amortization and impairment.	The measurement is a way to evaluate the result without taking into consider ation financial decisions or taxes.
Equity/assets ratio	Equity expressed as a percentage of total assets at the end of the period.	This is a standard measure to show financial risk. and is expressed as the per centage of the total restricted equity financed by the owners.
Equity per share	Equity divided by number of shares at the end of the period.	The measurement shows the return generated on the owners' invested capital per share.
Gross profit	Net sales minus cost of goods sold.	Gross profit is used to measure the margin before sales. research. development and administrative expenses
Interest bearing debt	Debt with an interest bearing component	Shows the actiual interest bearing debt burden.
Net debt	Interest-bearing liabilities less cash and cash equivalents	This measure shows the Group's total indebtedness
Net debt/EBITDA	and interest-bearing current and long-term receivables	A relevant measure from a credit perspective that shows the company's ability to handle its debt.
Operating costs	Net debt at the end of the period in relation to operating profit before depreciation and amortization over the past 12-month period.	Operating costs gives an overall view of costs tied to the operating business and is an important internal measure which management can have a great impact on.
Operating margin	Consists of sales costs, administration costs and research and development costs that are part of the operating business. In former reports cogs and other income and other costs were also included.	Together with sales growth the operating margin is a key element for monitoring value creation.
Operating profit/loss	Operating profit expressed as a percentage of net sales.	Operating profit/loss provides an overall picture of the total generation of earn ings in operating activities.
Order backlog	Calculated as profit for the period before financial items and tax.	The order backlog shows the value of orders already booked by RaySearch that will be converted to revenue in the future.
Order intake	The value of orders at the end of the period that the company has yet to deliver and recog nize as revenue. meaning remaining performance obligations.	Order intake is an indicator of future revenue and thus a key figure for the man agement of RaySearch's operations.
P/E ratio	The value (transaction price) of all orders received and changes to existing orders during the current period.	Shows from an ownership perspective how the market values the share in rela tion to profit after tax.
Return on capital employed	Share price at the end of the period divided by profit per share.	A central metric for assessing the return on all capital invested in the business.
Return on equity	Operating profit plus financial income in percentage of average balance sheet items excluding non-interest bearing debt.	Shows the return generated on the owners' invested capital from a shareholder perspective.
Rolling 12 months' sales. operating profit or other results	Calculated as profit/loss for the period as a percentage of average equity. Average equity is calculated as the sum of equity at the end of the period plus equity at the end of the year-earlier period. divided by two.	The measure is used to clearly illustrate the trends for sales. operating profit and other results. which is relevant because RaySearch's revenue is subject to monthly variations.
Working capital	Sales. operating profit or other results measured over the past 12-month period.	This measure shows how much working capital is tied up in operations and can be shown in relation to net sales to demonstrate the efficiency with which working capi tal has been used.
Working capital	Working capital is comprised by inventories, operating receivables and operating liabili ties. It is obtained from the statement of financial position. Operating receivables com prise accounts receivable. other current/long-term receivables and non-interest bearing prepaid expenses and accrued income. Operating liabilities include other non-interest bearing long-term liabilities. advance payments from customers. accounts payable. other	This measure shows how much working capital is tied up in operations and can be shown in relation to net sales to demonstrate the efficiency with which working capital has been used.

current liabilities and non-interest bearing accrued expenses and deferred income.

ABOUT RAYSEARCH

RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. The company develops and markets the RayStation treatment planning system (TPS) and RayCare oncology information system (OIS) to cancer centers all over the world and distributes the products through licensing agreements with leading medical technology companies. The latest additions to the RaySearch product line are RayIntelligence and RayCommand. RayIntelligence is a cloud-based oncology analytics system that cancer clinics can use to collect, structure and analyze data. The Treatment Control System (TCS) RayCommand is designed as a link between the treatment machine and the dose planning and oncology information systems.

RaySearch's software is currently used by over 1000 clinics in more than 44 countries. The company was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm and the share has been listed on Nasdaq Stockholm since 2003.

More information about RaySearch is available at raysearchlabs.com.

VISION AND MISSION

The company's vision is a world where cancer is conquered and RaySearch's mission is to provide innovative software to continuously improve cancer treatment.

STRATEGY

A radiation therapy center essentially needs two software platforms for its operations: a treatment planning system and an information system. With RayStation and RayCare, RaySearch will strengthen its position and continue to grow with high profitability. The company's strategy is based on a strong focus on innovative software development with leading functionality, support for efficient workflows – including via digitization and automation with machine learning – broad support for a wide range of treatment modes and radiation therapy devices, close collaboration with world leading cancer centers and industrial partners and extensive investment in research and development.

BUSINESS MODEL

RaySearch's main revenue is generated by customers paying an initial license fee for the right to use RaySearch's software and an annually recurring service fee for access to updates and support. All software systems are developed at RaySearch's head office in Stockholm and distributed and supported by the company's global marketing organization.

HEAD OFFICE

RaySearch Laboratories AB (publ) Box 45169 SE-104 30 Stockholm, Sweden

STREET ADDRESS

Eugeniavägen 18 C SE-113 68 Stockholm, Sweden Tel: +46 (0)8 510 530 00 raysearchlabs.com Corp. Reg. No. 556322–6157

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