C-RAD (CRAD) Q1 2026 earnings summary

Executive summary

• Order intake rose 19% year-over-year to MSEK 115, with 30% growth at constant currencies.

• Revenue declined 12% year-over-year to MSEK 105, or -4% at constant currencies.

• EBIT reached MSEK 12 (margin 12%), but excluding SEK 10M in restructuring one-offs, EBIT was MSEK 22 (margin 21%).

• Net earnings improved to MSEK 11 from a loss of MSEK -8 in Q1 2025; adjusted net earnings were MSEK 19.

• A transformation and growth program was launched, targeting 10% organic growth and 25% EBIT margin medium-term.

Financial highlights

• Gross margin increased to 73% from 66% year-over-year, aided by a higher share of service revenue and lower discounts.

• Earnings per share improved to SEK 0.33 from SEK -0.24; adjusted EPS was SEK 0.57.

• Cash flow from operating activities was MSEK -27.2, mainly due to tax payments for FY2024.

• Cash and cash equivalents at quarter-end were MSEK 135.2, down from MSEK 171.2 at year-end.

• Order backlog grew 1% to MSEK 720.5, with services backlog up 4% and products down 2%.

Outlook and guidance

• Management remains confident in market opportunities and aims to capitalize on efficiency improvements in cancer treatment.

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

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