C-RAD (CRAD) Q2 2026 earnings summary

Executive summary

• Revenue grew 16% year-over-year in Q2 2026 to MSEK 122, driven by strong EMEA performance, while order intake declined 15% due to weaker Americas results.

• Gross margin improved to 72% from 67%, mainly due to proton deliveries; EBIT margin rose to 23% from 8%.

• The restructuring program was completed ahead of schedule, with annual savings of MSEK 20 expected by year-end.

• The company is transitioning to an acceleration phase, focusing on commercial growth, innovation, and recurring revenues.

Financial highlights

• Q2 EBIT was MSEK 28 (up from 8), net earnings MSEK 24 (up from 4), and EPS SEK 0.72 (up from 0.12).

• H1 2026 revenue increased 1% to MSEK 226, with gross margin at 73% (up from 66%).

• Adjusted EBIT for H1 (excluding one-offs) was MSEK 49, margin 22%.

• Cash flow from operating activities in Q2 was MSEK 10; cash balance at quarter-end was MSEK 138.

Outlook and guidance

• Focus remains on accelerating growth, improving profitability, and expanding recurring service revenues.

• Market characterized by long sales cycles and quarterly fluctuations; sustainable value creation prioritized over short-term optimization.

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