Elekta

Quarterly Report • Feb 21, 2025

Q3 Report

November–January 2024/25

Launches are driving order growth

Third quarter

• • In constant exchange rates, net sales increased by 2 percent mainly driven by Europe and APAC. Reported sales increased by 3 percent amounting to SEK 4,695 M (4,537).
• • Net sales were negatively impacted by lower volumes in U.S. and China.
• • Book-to-bill ratio 1.15 (0.98), rolling twelve months 1.14 (1.09). Order growth in all regions and business lines.
• • Elekta Evo and Elekta ONE well received by customers and had a positive impact on order and sales growth.
• • Improved adjusted gross margin of 37.1 percent (36.9) was supported by price increases and product mix
• • Adjusted EBIT amounted to SEK 548 M (525), corresponding to a margin of 11.7 percent (11.6).
• • Cost-reduction Initiative amounting to SEK 264 M in annual run rate savings was achieved by the end of Q3, ahead of plan and above target of SEK 250 M.
• • Net income was SEK 336 M (306) and earnings per share before and after dilution was SEK 0.89 (0.80).
• • Cash flow after continuous investments amounted to SEK 730 M (631).
• • Updated FY guidance net sales to be broadly stable and the EBIT margin lower, compared to FY 2023/24. Group Summary

		Q3		First nine months
SEK M	2024/25	2023/24	Δ	2024/25	2023/24	Δ
Book-to-bill	1.15	0.98	18%	1.08	1.01	7%
Net sales	4,695	4,537	3%	12,860	13,097	-2%
Net sales in constant exchange rates			2% 1			-1% 1
Adjusted gross margin 2	37.1%	36.9%	0.2 ppts	36.8%	37.9%	-1.1 ppts
Adjusted EBITDA 3	886	807	10%	2,231	2,331	-4%
Adjusted EBITDA margin 3	18.9%	17.8%	1.1 ppts	17.3%	17.8%	-0.5 ppts
Adjusted EBIT 4	548	525	4%	1,254	1,494	-16%
Adjusted EBIT margin 4	11.7%	11.6%	0.1 ppts	9.8%	11.4%	-1.7 ppts
Gross margin	36.9%	36.7%	0.3 ppts	36.5%	37.8%	-1.3 ppts
EBITDA	866	767	13%	2,094	2,259	-7%
EBITDA margin	18.4%	16.9%	1.5 ppts	16.3%	17.3%	-1 ppts
EBIT	525	485	8%	1,087	1,422	-24%
EBIT margin	11.2%	10.7%	0.5 ppts	8.5%	10.9%	-2.4 ppts
Net income	336	306	10%	621	888	-30%
Cash flow after continuous investments	730	631	98	-192	-57	-135
Adjusted earnings per share before/after dilution, SEK 5	0.94 / 0.94	0.88 / 0.88	6%		1.97 / 1.97 2.47 / 2.47	-20%
Earnings per share before/after dilution, SEK	0.89 / 0.89	0.80 / 0.80	12%		1.63 / 1.63 2.32 / 2.32	-30%

¹ Compared to last fiscal year based on constant exchange rates.

² Adjusted gross margin = Gross margin excluding items affecting comparability attributable to the Cost-reduction Initiative, see page 28.

³ Adjusted EBITDA = EBITDA excluding items affecting comparability attributable to the Cost-reduction Initiative, see page 28.

⁴ Adjusted EBIT = Operating income (EBIT) excluding items affecting comparability, see page 28.

⁵ Adjusted earnings per share = Net income excluding items affecting comparability, attributable to Parent Company shareholders, in relation to the weighted average number of shares (excluding treasury shares), see page 29

Orders improved significantly during Q3 with all regions contributing. The growth was supported by new product launches of Elekta Evo and Elekta ONE. We delivered a record high cash flow in the quarter. Net sales and profitability were negatively impacted by lower volumes in the U.S. and China and as a consequence, we are adjusting our full year guidance.

Strong order momentum

Our book-to-bill ratio stands at 1.15, driven by an order growth of 21% in constant exchange rates with all regions and business lines contributing. Our latest linear accelerator, Elekta Evo, and our new software suite Elekta ONE, have been well received by customers and had a positive impact on the order and sales growth in the markets where it is regulatory cleared, with Europe contributing most. We are staying cautious in our nearterm outlook for the Chinese market, however, during the third quarter we saw continued order improvement supporting installations and sales recovery in the coming quarters.

Record cash flow, despite weak sales

Net sales in constant exchange rates increased by 2 percent in Q3, with the gross margin improving to 37.1 percent (36.9). Net sales were impacted by lower volumes in China due to continued weak market conditions, and in the U.S. where we saw lower installations as customers are awaiting the Evo regulatory clearance. In the face of these challenges, our ongoing activities, including executing on price increases, cost control, and new product launches, are expected to drive growth and improve profitability going forward. The cash flow after continuous investments was strong, amounting to SEK 730 million (631), driven by improved EBITDA and reduction of working capital. This resulted in a record high Q3 cash flow.

Customer wins, and Evo and Elekta ONE installations During the quarter, we have secured significant commercial wins, including a major deal in Mexico and

Unity wins from competition in the U.S. and Europe. The installation and treatment capabilities of Elekta Evo are progressing well. The new system went clinical during the quarter with very positive customer feedback. The first patient on the Elekta Evo was a curative treatment enabled by the superior image quality provided by the new CT technology, Iris.

Additionally, the oncology informatics system in our software offering, Elekta ONE, has once again been recognized as "Best in KLAS", an independent award based on feedback from hundreds of users, reaffirming its strength and reliability.

Adjusting our full year guidance

As uncertainty in the world increases, and near-term we expect lower sales in China and the U.S., we are adjusting our full year guidance. In the full year of 2024/25, we expect net sales to be broadly stable and the EBIT margin to be lower, compared to full year 2023/24. Beyond this fiscal year, we are targeting an EBIT margin of 14 percent or higher, driven by strong customer interest in our industry-leading product portfolio and the increasing demand for world-class cancer care solutions.

Gustaf Salford President and CEO

1.15 Book-to-bill ratio

"Driven by an order growth of 21% with all regions contributing."

Financial highlights

Net sales

• • 2 percent increase in constant exchange rates driven by Europe and APAC
• • Lower volumes in the U.S. and China
• • The book-to-bill ratio was 1.15 (0.98) with order growth in all regions and business lines

Based on constant exchange rates, Elekta's net sales increased by 2 percent in the third quarter. The development was mainly driven by solid performance in Europe and most markets in APAC while the U.S. and China declined. Reported net sales increased by 3 percent amounting to SEK 4,695 M (4,537).

Sales in EMEA increased by 5 percent in constant exchange rates compared to last year, driven by strong performance in Europe and supported by new product launches. APAC sales grew by 6 percent in constant exchange rates with good performance across most markets. However, the market in China remained negatively impacted by the anti-corruption campaign, resulting in an 8 percent sales decline in the quarter. In the Americas, growth in South America was fully offset by decreased sales in the U.S. mainly as a consequence of customers awaiting the Elekta Evo clearance.

Service sales in constant exchange rates showed growth of 10 percent with positive development in all business

lines and regions. Solutions decreased by 4 percent in constant exchange rates mainly due to lower sales in the U.S. and China.

Book-to-bill development

The book-to-bill ratio was 1.15 (0.98) in the third quarter and the rolling twelve months ended at 1.14 (1.09). Gross order intake in the third quarter amounted to SEK 5,418 M (4,433), an increase of 22 percent in SEK and 21 percent based on constant exchange rates. In EMEA, order growth was supported by the product launches of Elekta Evo and Elekta ONE. China continued to deliver strong order growth compared to last year's low level.

For more information about the book-to-bill ratio, see page 30.

Sales per region

		Q3	First nine months
SEK M	2024/25	2023/24	1 Δ	Δ	2024/25	2023/24	1 Δ	Δ
Americas	1,359	1,434	-7%	-5%	3,812	3,910	-1%	-2%
EMEA	1,655	1,550	5%	7%	4,566	4,781	-4%	-5%
APAC	1,681	1,553	6%	8%	4,483	4,406	3%	2%
Group	4,695	4,537	2%	3%	12,860	13,097	-1%	-2%

Sales per product type

	Q3			First nine months
SEK M	2024/25	2023/24	1 Δ	Δ	2024/25	2023/24	1 Δ	Δ
Solutions	2,673	2,742	-4%	-3%	7,046	7,573	-6%	-7%
Service	2,022	1,795	10%	13%	5,814	5,524	7%	5%
Group	4,695	4,537	2%	3%	12,860	13,097	-1%	-2%

¹ Based on constant exchange rates.

Earnings

• • Adjusted gross margin increased, supported by price increases and product mix
• • Higher amortization costs following recent product launches
• • Improved earnings per share

Gross income development

The adjusted gross income was SEK 1,740 M (1,673), representing an adjusted gross margin of 37.1 percent (36.9). The increase was supported by price improvements and a favorable product mix with an increased share of Service. The margin in the third quarter was negatively impacted by the remaining volumes delivered to Ukraine, however not at the same level as in the previous quarter. Changes in foreign exchange rates had a negative impact.

Gross income amounted to SEK 1,734 M (1,664), which represented a margin of 36.9 percent (36.7).

EBIT development

Adjusted EBIT came in at SEK 548 M (525), representing a margin of 11.7 percent (11.6). The increase in the adjusted EBIT margin derives mainly from the gross margin partially offset by higher amortization costs.

EBIT amounted to SEK 525 M (485), which represented a margin of 11.2 percent (10.7). Items affecting comparability in the third quarter mainly consisted of personnel-related costs and amounted to SEK 23 M (40), whereof SEK 6 M (10) impacted gross margin.

Operating expenses, excluding items affecting comparability and based on constant exchange rates, increased by 11 percent during the third quarter. The increase was mainly driven by higher amortization of intangible assets following recent product launches. Selling expenses increased, mainly driven by product launch related activities. This was partly offset by lower administrative expenses resulting from the Cost-reduction Initiative.

Net income development

Net income amounted to SEK 336 M (306) and earnings per share to SEK 0.89 (0.80) before and after dilution. Net financial items increased slightly to SEK -95 M (-93), explained by higher interest expenses. Taxes amounted to SEK -95 M (-86), representing a tax rate of 22 percent (22).

	Q3		First nine months
SEK M	2024/25	2023/24	Δ	2024/25	2023/24	Δ
Net sales	4,695	4,537	3%	12,860	13,097	-2%
Net sales in constant currency			2%			-1%
Adjusted gross income	1,740	1,673	4%	4,735	4,966	-5%
Adjusted gross margin	37.1%	36.9%	0.2 ppts	36.8%	37.9%	-1.1 ppts
Adjusted EBIT	548	525	4%	1,254	1,494	-16%
Adjusted EBIT-margin	11.7%	11.6%	0.1 ppts	9.8%	11.4%	-1.7 ppts
EBIT	525	485	8%	1,087	1,422	-24%
EBIT-margin	11.2%	10.7%	0.5 ppts	8.5%	10.9%	-2.4 ppts
Net income	336	306	10%	621	888	-30%
Earnings per share	0.89	0.80	12%	1.63	2.32	-30%

FINANCIAL HIGHLIGHTS

Earnings

Cost-reduction Initiative

During the third quarter, Elekta has continued to drive cost-reduction initiatives with the aim of lowering structural costs and enhancing productivity across the organization. The target was to generate annual run rate savings by around SEK 250 M at the end of the fiscal year 2024/25, at an estimated implementation cost of SEK 250 M. By the end of the quarter the Cost-reduction Initiative amounted to SEK 264 M in annual run rate savings, ahead of plan as well as above target. Savings of SEK 80 M impacted the first nine months. The implementation costs amounted to SEK 167 M and are reported as items affecting comparability, see page 27.

Employees

The average number of employees at January 31, 2025, was 4,541 (4,584). At the end of fiscal year 2023/24 the average number of employees amounted to 4,607.

Shares

Total number of registered shares on January 31, 2025, was 383,568,409, of which 14,980,769 were A-shares and 368,587,640 B-shares. On January 31, 2025, 1,485,289 shares were treasury shares held by Elekta. Earnings per share was SEK 0.89 (0.80) before and after dilution.

Cash flow and financial position

• • Record high cash flow of SEK 730 M after continuous investments
• • Rolling twelve months net working capital as a percentage of net sales improved
• • Solid cash conversion

Cash flow

Cash flow after continuous investments amounted to SEK 730 M (631), resulting in a record high cash flow in the third quarter. The increase is mainly driven by higher EBITDA, lower investments and reduction of working capital. Rolling twelve months net working capital as a percentage of net sales improved to -7 percent (-6).

Investments in intangible assets amounted to SEK 321 M (344) and were mainly related to R&D investments in new product solutions and software. Investments in tangible assets decreased to SEK 45 M (96). Cash conversion in the third quarter was 126 percent (140).

Cash flow (extract)

		Q3	First nine months
SEK M	2024/25	2023/24	2024/25	2023/24
EBITDA	866	767	2,094	2,260
Change in w orking capital	387	315	-567	-661
Financial net	-95	-93	-291	-283
Paid tax	-97	-115	-297	-404
Other	34	198	119	232
Cash flow from operating activities	1,095	1,072	1,058	1,144
Continuous investments	-366	-440	-1,250	-1,200
Cash flow after continuous investments	730	631	-192	-57
Operational cash conversion	126%	140%	51%	51%

Financial position

Cash and cash equivalents and short-term investments amounted to SEK 3,583 M (2,352). The increase compared to last year is mainly related to the bond issued on October 1, 2024, amounting to SEK 1,500 M, in preparation for future refinancing. Interest-bearing liabilities, excluding lease liabilities, amounted to SEK 7,621 M (5,859).

Net debt increased to SEK 4,038 M (3,507) as a result of continuous investments in R&D innovation and acquisitions. Net debt in relation to EBITDA was 1.34 (1.05). The average maturity of interest-bearing liabilities was 3.1 years.

Net debt

	Jan 31	Jan 31	Apr 30
SEK M	2025	2024	2024
Long-term interest-bearing liabilities	6,291	5,738	4,807
Short-term interest-bearing liabilities	1,330	122	1,122
Cash and cash equivalents and short-term investments	-3,583	-2,352	-2,779
Net debt	4,038	3,507	3,150
Long-term lease liabilities	1,018	1,063	1,095
Short-term lease liabilities	223	219	224
Net debt including lease liabilities	5,279	4,789	4,469
Net debt/EBITDA ratio 1	1.34	1.05	0.99

1 EBITDA 12 months rolling

Other information

Risk and uncertainties

Elekta's presence in many geographical markets exposes the Group to political and economic risks on a global scale and/or in individual countries. For more details, please see the Annual Report 2023/24, page 25.

Forward looking statements

This is information such that Elekta AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the below mentioned contact persons at 07:30 CET on February 21, 2025. This report includes forward-looking statements including, but not limited to, statements relating to operational and financial performance, market conditions, and other similar matters. These forwardlooking statements are based on current expectations about future events. Although the expectations described in these statements are assumed to be reasonable, there is no guarantee that such forward-looking statements will materialize or are accurate. Since these statements involve assumptions and estimates that are subject to risks and uncertainties, results could differ materially from those set out in the statement. Some of these risks and uncertainties are described further in the section "Risk and uncertainties". Elekta undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or stock exchange regulations.

Parent company

During the first nine months, operating income decreased due to lower recharged expenses from the parent

company to subsidiaries. The financial net has decreased due to increased external loans.

Significant events

German cancer center treats first patient in the world with Elekta Evo CT-Linac

Berlin's Diagnostisch Therapeutisches Zentrum to provide highly personalized cancer treatments with new CTguided radiotherapy system.

Significant events after the quarter

Elekta ONE OIS secures top spot in 2025 Best in KLAS: Software and Services Report 2025 marks the eleventh time Oncology Information System named top performer.

Elekta Unity to become cornerstone of Moffitt Cancer Center's MRgRT program

Moffitt Cancer Center has chosen to grow their MRguided adaptive radiation therapy program around the Elekta Unity MR-Linac.

Elekta secures major win with IMSS: Eight linacs to revolutionize cancer treatment in Mexico

Elekta won a public tender for eight linacs from the Instituto Mexicano del Seguro Social (IMSS), Mexico's largest public healthcare and social security institution.

Shareholder information

Conference call Q3

Elekta will host a web conference at 10:00-11:00 CET on February 21 with President and CEO Gustaf Salford, and CFO Tobias Hägglöv. To take part of the presentation please dial the numbers or watch via the web link below.

Sweden: +46 (0) 8 5051 0031 UK: +44 (0) 207 107 06 13 USA: +1 (1) 631 570 56 13

For further information, please contact:

Tobias Hägglöv CFO +46 76 107 4799 tobias.hagglov@elekta.com

Peter Nyquist VP, Head of Investor Relations +46 70 575 2906 peter.nyquist@elekta.com

Financial calendar

Year-end report, May-Apr 2024/25 May 28, 2025 Annual Report 2024/25 Jul 4, 2025 Interim report, Q1, May-Jul 2025/26 Aug 28, 2025 Annual General Meeting 2025 Sep 4, 2025 Interim report, Q2, May-Oct 2025/26 Nov 26, 2025

Web link

>

Stockholm February 21, 2025

Gustaf Salford President and CEO

This report has not been reviewed by the Company's auditors.

Consolidated income statement – condensed

	Q3		First nine months		12 months
SEK M Note	2024/25	2023/24	2024/25	2023/24	RTM	2023/24
Net sales 3	4,695	4,537	12,860	13,097	17,883	18,119
Cost of products sold	-2,961	-2,873	-8,167	-8,149	-11,361	-11,342
Gross income	1,734	1,664	4,693	4,948	6,522	6,777
Selling expenses	-411	-369	-1,239	-1,230	-1,651	-1,641
Administrative expenses	-354	-346	-1,050	-1,003	-1,416	-1,370
R&D expenses	-443	-341	-1,300	-1,050	-1,654	-1,404
Other operating income and expenses	-15	-40	-52	-73	-82	-102
Exchange rate differences	15	-81	35	-170	-16	-221
Operating income (EBIT)	525	485	1,087	1,422	1,704	2,039
Financial items, net	-95	-93	-291	-283	-379	-371
Income after financial items	431	392	797	1,139	1,326	1,668
Income tax	-95	-86	-175	-250	-290	-365
Net income for the period 2	336	306	621	888	1,036	1,302
Net income for the period attributable to:
Parent Company shareholders	341	305	623	887	1,037	1,302
Non-controlling interests	- 5	0	- 2	1	- 2	0
Earnings per share
Before dilution, SEK	0.89	0.80	1.63	2.32	2.72	3.41
After dilution, SEK	0.89	0.80	1.63	2.32	2.72	3.41

Consolidated statement of comprehensive income

	Q3		First nine months		12 months
SEK M	2024/25	2023/24	2024/25	2023/24	RTM	2023/24
Net income for the period	336	306	621	888	1,036	1,302
Other comprehensive income:
Items that w ill not be reclassified to the income statement:
Remeasurements of defined benefit pension plans	-	-	-	-	- 8	- 8
Tax	-	-	-	-	1	1
Total items that will not be reclassified to the income statement	-	-	-	-	- 7	- 7
Items that subsequently may be reclassified to the income statement:
Revaluation of cash flow hedges	-108	232	-75	130	-124	81
Translation differences from foreign operations	104	-612	-104	-26	505	584
Tax	22	-48	15	-27	26	-17
Total items that subsequently may be reclassified to the income statement	19	-428	-164	77	407	648
Other comprehensive income for the period	19	-428	-164	77	400	641
Total comprehensive income for the period	355	-122	458	965	1,436	1,943
Comprehensive income attributable to:
Parent Company shareholders	357	-123	457	965	1,435	1,943
Non-controlling interests	- 2	0	1	1	0	1

Consolidated balance sheet statement – condensed

	Jan 31		Apr 30
SEK M Note	2025	2024	2024
Non-current assets
Intangible assets	13,907	12,610	13,336
Right-of-use assets	1,070	1,139	1,164
Tangible assets	1,046	1,014	1,062
Financial assets	981	1,056	1,092
Deferred tax assets	943	712	801
Total non-current assets	17,946	16,530	17,455
Current assets
Inventories	3,229	3,538	3,259
Accounts receivable	4,109	4,158	3,877
Accrued income	1,902	1,893	2,050
Other current receivables	2,184	2,260	1,994
Cash and cash equivalents	3,583	2,352	2,779
Total current assets	15,007	14,200	13,958
Total assets	32,953	30,731	31,413
Equity attributable to Parent Company shareholders	10,784	10,247	10,774
Non-controlling interests	46	5	5
Total equity	10,830	10,252	10,779
Non-current liabilities
Interest-bearing liabilities 4	6,291	5,738	4,807
Lease liabilities	1,018	1,063	1,095
Other non-current liabilities	694	706	736
Total non-current liabilities	8,004	7,507	6,639
Current liabilities
Interest-bearing liabilities 4	1,330	122	1,122
Lease liabilities	223	219	224
Accounts payable	1,556	1,495	1,550
Advances from customers	4,614	5,442	4,893
Prepaid income	3,022	2,692	2,945
Accrued expenses	2,201	1,966	2,212
Other current liabilities	1,174	1,037	1,051
Total current liabilities	14,120	12,972	13,996
Total equity and liabilities	32,953	30,731	31,413

Changes in consolidated equity – condensed

	Jan 31		Apr 30
SEK M	2024/25	2023/24	2023/24
Attributable to Parent Company shareholders
Opening balance	10,774	9,729	9,729
Comprehensive income for the period	457	965	1,943
Incentive programs	12	12	19
Dividend	-458	-459	-917
Total	10,784	10,247	10,774
Attributable to non-controlling interests
Opening balance	5	4	4
Comprehensive income for the period	1	1	1
Acquisition of non-controlling interest	40	-	-
Total	46	5	5
Closing balance	10,830	10,252	10,779

Consolidated cash flow statement condensed

	Q3		First nine months		12 months
SEK M	2024/25	2023/24	2024/25	2023/24	RTM	2023/24
Income after financial items	431	392	797	1,139	1,326	1,668
Amortization and depreciation	338	282	977	837	1,276	1,136
Impairment	3	0	31	0	44	13
Interest net	85	79	262	214	354	306
Other non-cash items	33	182	99	167	178	247
Interest received and paid	-84	-63	-243	-149	-352	-257
Income taxes paid	-97	-115	-297	-404	-324	-431
Operating cash flow	708	757	1,625	1,804	2,502	2,681
Change in inventories	173	173	24	-449	380	-93
Change in operating receivables	-134	364	-459	-289	143	313
Change in operating liabilities	349	-222	-131	77	-649	-441
Change in working capital	387	315	-567	-661	-126	-220
Cash flow from operating activities	1,095	1,072	1,058	1,144	2,376	2,461
Investments in intangible assets	-321	-344	-1,079	-1,014	-1,457	-1,392
Investments in tangible assets	-45	-97	-171	-187	-239	-254
Continuous investments	-366	-440	-1,250	-1,200	-1,695	-1,645
Cash flow after continuous investments	730	631	-192	-57	681	815
Business combinations and investments in other shares	- 5	-73	-102	-278	-102	-278
Cash flow after investments	725	558	-294	-335	578	538
Dividends	-	-	-458	-459	-917	-917
Cash flow from other financing activities	-511	30	1,496	-117	1,431	-182
Cash flow for the period	214	588	744	-910	1,092	-562
Change in cash and cash equivalents during the period
Cash and cash equivalents at the beginning of the period	3,352	1,869	2,779	3,278	2,352	3,278
Cash flow for the period	214	588	744	-910	1,092	-562
Exchange rate differences	17	-104	60	-17	139	62
Cash and cash equivalents at the end of the period	3,583	2,352	3,583	2,352	3,583	2,779

Parent company

Income statement and statement of comprehensive income - condensed

	First nine months
SEK M	2024/25	2023/24
Operating income and expenses	- 4	24
Financial net	284	368
Income after financial items	280	392
Tax	12	-15
Net income for the period	292	377
Statement of comprehensive income
Net income for the period	292	377
Total comprehensive income	292	377

Balance sheet - condensed

	Jan 31	Apr 30
SEK M	2025	2024
Non-current assets
Intangible assets	15	18
Shares in subsidiaries	4,864	4,829
Receivables from subsidaries	1,691	1,705
Other financial assets	34	29
Deferred tax assets	47	26
Total non-current assets	6,651	6,608
Current assets
Receivables from subsidaries	3,968	3,496
Other current receivables	75	86
Cash and cash equivalents	2,122	1,472
Total current assets	6,165	5,054
Total assets	12,816	11,662
Shareholders' equity	1,822	1,988
Non-current liabilities
Interest-bearing liabilities	6,296	4,807
Provisions	16	16
Total non-current liabilities	6,312	4,823
Current liabilities
Interest-bearing liabilities	1,099	1,000
Liabilities to Group companies	3,426	3,750
Other current liabilities	157	101
Total current liabilities	4,682	4,851
Total shareholders' equity and liabilities	12,816	11,662

Key figures and data per share

Key figures

Full-year					May - Jan
2019/20	2020/21	2021/22	2022/23	2023/24	2023/24	2024/25
17,735	17,411	18,364	20,143	19,697	13,261	13,926
14,601	13,763	14,548	16,869	18,119	13,097	12,860
42.0	40.8	37.4	37.6	37.4	37.8	36.5
42.0	40.8	37.4	38.1	37.5	37.9	36.8
1,657	1,906	1,643	1,431	2,039	1,422	1,087
11.3	13.9	11.3	8.5	11.3	10.9	8.5
1,657	1,906	1,643	1,743	2,145	1,494	1,254
11.3	13.9	11.3	10.3	11.8	11.4	9.8
8,113	8,197	8,913	9,729	10,774	10,247	10,784
14	16	14	10	13	14	10
1,632	774	1,532	2,442	3,150	3,507	4,038
35	82	69	76	77	51	51
4,117	4,194	4,631	4,587	4,607	4,584	4,541

¹ Attributable to Parent Company shareholders.

Data per share

	Full-year						May - Jan
	2019/20	2020/21	2021/22	2022/23	2023/24	2023/24	2024/25
Earnings per share
before dilution, SEK	2.84	3.28	3.02	2.47	3.41	2.32	1.63
after dilution, SEK	2.84	3.28	3.02	2.47	3.41	2.32	1.63
Adjusted earnings per share
before dilution, SEK	2.84	3.28	3.02	3.11	3.62	2.47	1.97
after dilution, SEK	2.84	3.28	3.02	3.10	3.62	2.47	1.97
Cash flow per share
before dilution, SEK	-0.74	5.07	0.55	0.91	1.41	-0.88	-0.77
after dilution, SEK	-0.74	5.07	0.55	0.91	1.41	-0.88	-0.77
Shareholders' equity per share
before dilution, SEK	21.23	21.45	23.33	25.46	28.20	26.82	28.22
after dilution, SEK	21.23	21.45	23.33	25.44	28.20	26.80	28.22
Average number of shares
before dilution, thousands	382,062	382,083	382,083	382,083	382,083	382,083	382,083
after dilution, thousands	382,062	382,083	382,083	382,367	382,086	382,354	382,086
Number of shares at closing 1
before dilution, thousands	382,083	382,083	382,083	382,083	382,083	382,083	382,083
after dilution, thousands	382,083	382,083	382,083	382,575	382,086	382,352	382,092

¹ Number of registered shares at closing excluding treasury shares (1,485,289 per January 31, 2025).

Data per quarter

2022/23	2023/24				2024/25
Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
6,359	3,839	4,989	4,433	6,436	4,192	4,317	5,418
5,125	3,828	4,732	4,537	5,023	3,825	4,341	4,695
784	412	525	485	617	174	388	525
1,991	-551	623	1,072	1,317	-493	456	1,095

R&D expenditure

		Q3		First nine months	12 months
SEK M	2024/25	2023/24	2024/25	2023/24	RTM	2023/24
R&D expenditure, gross	570	553	1,738	1,646	2,316	2,224
Capitalization	-301	-334	-933	-969	-1,294	-1,331
Amortization	175	122	494	373	632	511
R&D expenditure, net	443	341	1,300	1,050	1,654	1,404

Note 1 – Accounting principles

This interim report is prepared, with regards to the Group, according to IAS 34 and the Swedish Annual Accounts Act and, with regards to the Parent Company, according to the Swedish Annual Accounts Act and RFR 2. The accounting principles applied are consistent with those presented in Note 1 of the Annual Report 2023/24.

New or revised standards and interpretations, not yet applied, are not considered to have a material impact on the Elekta Group´s financial statements.

All figures are stated in SEK M and, accordingly, rounding differences can occur. Comparisons refer to the corresponding period for the prior year, unless otherwise stated.

Definitions can be found on pages 103-105 in the Annual Report 2023/24.

Related party transactions

Related party transactions are described in note 37 in the Annual Report for 2023/24.

Exchange rates

For Group companies with a functional currency other than Swedish kronor, order intake and income statements are translated at average exchange rates for the reporting period, while balance sheets are translated at closing exchange rates.

Country	Currency		Average rate			Closing rate
		Q3						Jan 31	Apr 30
		2025	2024	1 Δ	2025	2024	2024	1 Δ
China	1 CNY	1.480	1.483	0%	1.524	1.452	1.513	5%
Euroland	1 EUR	11.474	11.556	-1%	11.481	11.287	11.729	2%
Great Britain	1 GBP	13.638	13.388	2%	13.726	13.224	13.744	4%
Japan	1 JPY	0.070	0.074	-5%	0.071	0.071	0.070	1%
United States	1 USD	10.664	10.664	0%	11.051	10.431	10.955	6%

1 January 31, 2025, vs January 31, 2024.

Note 2 – Segment reporting

Elekta applies geographical segmentation. Net sales and contribution margin for the respective regions are reported to Elekta's CFO and CEO (chief operating decision makers). The regions' expenses are directly attributable to the respective regions' reported figures including cost of products sold. Global costs for R&D, marketing, management of product supply centers and Parent Company are not allocated per region. Currency exposure is concentrated to product supply centers. The majority of exchange differences in operations are reported in global costs.

Elekta's operations are characterized by significant quarterly variations in volumes and product mix, which have a direct impact on net sales and profits. This is accentuated when the operation is split into segments, as is the impact of currency fluctuations between the years. In general, revenue from Solutions is recognized at a point in time and revenue from Services are recognized over time.

Q3 2024/25

				Other /	Group
SEK M	Americas	EMEA	APAC	Group-wide	total	% of net sales
Net sales	1,359	1,655	1,681	-	4,695
Operating expenses	-798	-1,065	-1,122	-	-2,985	64%
Contribution margin	561	590	559	-	1,710	36%
Contribution margin, %	41%	36%	33%
Global costs	-	-	-	-1,162	-1,162	25%
Adjusted EBIT	561	590	559	-1,162	548	12%
Items affecting comparability1	-10	- 1	0	-12	-23
Operating income (EBIT)	551	589	559	-1,174	525	11%
Net financial items	-	-	-	-95	-95
Income after financial items	551	589	559	-1,269	431
Income tax	-	-	-	-95	-95
Net income for the period	551	589	559	-1,364	336

Q3 2023/24

				Other /	Group
SEK M	Americas	EMEA	APAC	Group-wide	total	% of net sales
Net sales	1,434	1,550	1,553	-	4,537
Operating expenses	-868	-1,085	-1,091	-	-3,044	67%
Contribution margin	566	465	461	-	1,493	33%
Contribution margin, %	39%	30%	30%
Global costs	-	-	-	-967	-967	21%
Adjusted EBIT	566	465	461	-967	525	12%
Items affecting comparability1	0	- 2	- 2	-37	-40
Operating income (EBIT)	566	464	460	-1,004	485	11%
Net financial items	-	-	-	-93	-93
Income after financial items	566	464	460	-1,098	392
Income tax	-	-	-	-86	-86
Net income for the period	566	464	460	-1,184	306

1 Items affecting comparability include mainly personnel costs and impairments of assets attributable to the Cost-reduction Initiative.

First nine months 2024/25

				Other /	Group
SEK M	Americas	EMEA	APAC	Group-wide	total	% of net sales
Net sales	3,812	4,566	4,483	-	12,860
Operating expenses	-2,299	-3,036	-2,925	-	-8,260	64%
Contribution margin	1,513	1,529	1,558	-	4,600	36%
Contribution margin, %	40%	33%	35%
Global costs	-	-	-	-3,346	-3,346	26%
Adjusted EBIT	1,513	1,529	1,558	-3,346	1,254	10%
Items affecting comparability1	-24	- 6	- 9	-127	-167
Operating income (EBIT)	1,489	1,523	1,548	-3,473	1,087	8%
Net financial items	-	-	-	-291	-291
Income after financial items	1,489	1,523	1,548	-3,764	797
Income tax	-	-	-	-175	-175
Net income for the period	1,489	1,523	1,548	-3,939	621

First nine months 2023/24

				Other /	Group
SEK M	Americas	EMEA	APAC	Group-wide	total	% of net sales
Net sales	3,910	4,781	4,406	-	13,097
Operating expenses	-2,435	-3,268	-3,110	-	-8,814	67%
Contribution margin	1,474	1,513	1,296	-	4,283	33%
Contribution margin, %	38%	32%	29%
Global costs	-	-	-	-2,789	-2,789	21%
Adjusted EBIT	1,474	1,513	1,296	-2,789	1,494	11%
Items affecting comparability1	0	- 8	- 6	-57	-72
Operating income (EBIT)	1,474	1,504	1,290	-2,847	1,422	11%
Net financial items	-	-	-	-283	-283
Income after financial items	1,474	1,504	1,290	-3,130	1,139
Income tax	-	-	-	-250	-250
Net income for the period	1,474	1,504	1,290	-3,380	888

Rolling twelve months

				Other /	Group
SEK M	Americas	EMEA	APAC	Group-wide	total	% of net sales
Net sales	5,338	6,334	6,210	-	17,883
Operating expenses	-3,221	-4,295	-4,109	-	-11,626	65%
Contribution margin	2,117	2,039	2,101	-	6,257	35%
Contribution margin, %	40%	32%	34%
Global costs	-	-	-	-4,352	-4,352	24%
Adjusted EBIT	2,117	2,039	2,101	-4,352	1,905	11%
Items affecting comparability1	-32	- 7	- 9	-153	-201
Operating income (EBIT)	2,085	2,033	2,092	-4,506	1,704	10%
Net financial items	-	-	-	-379	-379
Income after financial items	2,085	2,033	2,092	-4,884	1,326
Income tax	-	-	-	-290	-290
Net income for the period	2,085	2,033	2,092	-5,174	1,036

Full-year 2023/24

				Other /	Group
SEK M	Americas	EMEA	APAC	Group-wide	total	% of net sales
Net sales	5,436	6,550	6,134	-	18,119
Operating expenses	-3,358	-4,527	-4,294	-	-12,179	67%
Contribution margin	2,078	2,023	1,840	-	5,940	33%
Contribution margin, %	38%	31%	30%
Global costs	-	-	-	-3,795	-3,795	21%
Adjusted EBIT	2,078	2,023	1,840	-3,795	2,145	12%
Items affecting comparability1	- 8	- 9	- 6	-83	-106
Operating income (EBIT)	2,070	2,014	1,834	-3,879	2,039	11%
Net financial items	-	-	-	-371	-371
Income after financial items	2,070	2,014	1,834	-4,250	1,668
Income tax	-	-	-	-365	-365
Net income for the period	2,070	2,014	1,834	-4,615	1,302

1 Items affecting comparability include mainly personnel costs and impairments of assets attributable to the Cost-reduction Initiative.

Note 3 – Net sales by product type

In general, net sales from Solutions is taken at a point in time, net sales from Service is taken over time.

Q3 2024/25

SEK M	Americas	EMEA	APAC	Group total
Solutions	566	925	1,182	2,673
Service	793	729	499	2,022
Total	1,359	1,655	1,681	4,695

Q3 2023/24

SEK M	Americas	EMEA	APAC	Group total
Solutions	707	905	1,131	2,742
Service	727	645	422	1,795
Total	1,434	1,550	1,553	4,537

First nine months 2024/25

SEK M	Americas	EMEA	APAC	Group total
Solutions	1,539	2,429	3,078	7,046
Service	2,273	2,137	1,404	5,814
Total	3,812	4,566	4,483	12,860

First nine months 2023/24

SEK M	Americas	EMEA	APAC	Group total
Solutions	1,635	2,812	3,127	7,573
Service	2,275	1,969	1,280	5,524
Total	3,910	4,781	4,406	13,097

Rolling twelve months

SEK M	Americas	EMEA	APAC	Group total
Solutions	2,250	3,500	4,356	10,106
Service	3,088	2,834	1,855	7,777
Total	5,338	6,334	6,210	17,883

Full-year 2023/24

SEK M	Americas	EMEA	APAC	Group total
Solutions	2,346	3,883	4,404	10,633
Service	3,090	2,666	1,730	7,487
Total	5,436	6,550	6,134	18,119

Note 4 – Financial instruments

The table below shows the fair value of the Group's financial instruments, for which fair value is different than carrying value. The fair value of all other financial instruments is assumed to correspond to the carrying value.

		Jan 31, 2025		Jan 31, 2024	Apr 30, 2024
SEK M	Carrying amount	Fair value	Carrying amount	Fair value	Carrying amount	Fair value
Long-term interest-bearing liabilities	6,291	6,624	5,738	5,987	4,807	5,531
Short-term interest-bearing liabilities	1,330	1,337	122	122	1,122	1,174

The Group's financial assets and financial liabilities, which have been measured at fair value, have been categorized in the fair value hierarchy. The different levels are defined as follows:

Level 1: Quoted prices on an active market for identical assets or liabilities

• Level 2: Other observable data than quoted prices included in Level 1, either directly (that is, price quotations) or Indirectly (that is, obtained from price quotations)
• Level 3: Data not based on observable market data

Financial instruments measured at fair value

SEK M	Level	Jan 31, 2025	Jan 31, 2024	Apr 30, 2024
FINANCIAL ASSETS
Financial assets measured at fair value through income statement:
Derivative financial instruments – non-hedge accounting	2	20	53	42
Short-term investments classified as cash equivalents	1	0	-	-
Derivatives used for hedging purposes:
Derivative financial instruments – hedge accounting	2	43	141	149
Total financial assets measured at fair value		63	195	190
FINANCIAL LIABILITIES
Financial liabilities at fair value through income statement:
Derivative financial instruments – non-hedge accounting	2	50	48	11
Contingent considerations	3	92	76	76
Derivatives used for hedging purposes:
Derivative financial instruments – hedge accounting	2	90	64	120
Total financial liabilities measured at fair value		231	188	207

Movements financial instruments level 3

SEK M	Jan 31, 2025	Jan 31, 2024	Apr 30, 2024
Opening balance	76	21	21
Business combinations	50	69	68
Payments	-43	-12	-12
Reported in net income for the period	2	-5	-
Translation differences	7	3	-2
Closing balance	92	76	76

The fair value of accounts receivables, other current and non-current receivables, cash and cash equivalents, accounts payable and other current and non-current liabilities is estimated to be equal to their carrying amount.

Alternative performance measures

Alternative Performance Measures (APMs) are measures and key figures that Elekta's management and other stakeholders use when managing and analyzing Elekta's business performance. These measures are not substitutes, but rather supplements to financial reporting measures prepared in accordance with IFRS. Key figures and other APMs used by Elekta are defined on ir.elekta.com/investors/financials. Definitions and additional information on APMs can also be found on pages 103-105 in the Annual Report 2023/24.

Sales growth based on constant exchange rates

Sales growth based on constant exchange are, to a large extent, reported in subsidiaries with other functional currencies than SEK, which is the group reporting currency. In order to present sales growth on a more comparable basis and to show the impact of currency fluctuations, sales growth based on constant exchange rates are presented. The schedule below present growth based on constant exchange rates reconciled to the total growth reported in accordance with IFRS.

Change net sales

	Americas		EMEA		APAC		Group total
	%	SEK M	%	SEK M	%	SEK M	%	SEK M
Q3 2024/25 vs. Q3 2023/24
Change based on constant exchange rates	- 7	-107	5	78	6	97	2	68
Currency effects	2	32	2	27	2	31	2	90
Reported change	- 5	-74	7	104	8	129	3	158
Q3 2023/24 vs. Q3 2022/23
Change based on constant exchange rates	6	80	- 1	- 9	7	104	4	174
Currency effects	1	12	3	35	- 1	-22	1	25
Reported change	7	92	2	26	6	82	5	200
May - Jan 2024/25 vs. May - Jan 2023/24
Change based on constant exchange rates	- 1	-39	- 4	-191	3	133	- 1	-96
Currency effects	- 2	-59	- 1	-25	- 1	-57	- 1	-140
Reported change	- 2	-97	- 5	-215	2	76	- 2	-236
May - Jan 2023/24 vs. May - Jan 2022/23
Change based on constant exchange rates	3	95	10	404	10	401	8	900
Currency effects	3	108	8	330	0	14	4	452
Reported change	5	203	18	734	10	415	12	1,352

Change of expenses

Management reviews the development of expenses excluding items affecting comparability in constant currencies. The schedule below illustrates the reported change in expenses for items affecting comparability and the remaining change split between change based on constant exchange rates and change due to currency movements.

	Administrative
	Selling expenses		expenses		R&D expenses		Change expenses
	%	SEK M	%	SEK M	%	SEK M	%	SEK M
Q3 2024/25 vs. Q3 2023/24
Change in items affecting comparability	0	0	0	1	- 1	- 4	0	- 4
Change based on constant exchange rates	9	34	- 3	-12	28	92	11	114
Currency effects	2	8	6	19	4	14	4	41
Reported change	12	42	2	8	30	102	15	152
Q3 2023/24 vs. Q3 2022/23
Change in items affecting comparability	- 3	-11	-21	-69	- 3	-10	- 9	-90
Change based on constant exchange rates	- 2	- 9	- 3	-11	- 4	-13	- 3	-33
Currency effects	- 1	- 4	6	20	0	0	2	17
Reported change	- 6	-23	-18	-60	- 7	-23	-10	-106
May - Jan 2024/25 vs. May - Jan 2023/24
Change in items affecting comparability	0	- 1	3	29	5	54	3	81
Change based on constant exchange rates	2	28	0	- 3	19	196	7	220
Currency effects	- 1	-18	2	21	0	0	0	4
Reported change	1	9	5	46	24	250	9	305
May - Jan 2023/24 vs. May - Jan 2022/23
Change in items affecting comparability	- 2	-22	- 8	-79	- 4	-45	- 5	-146
Change based on constant exchange rates	2	28	- 4	-43	- 4	-43	- 2	-58
Currency effects	2	21	6	62	2	25	3	107
Reported change	2	26	- 6	-60	- 6	-63	- 3	-96

EBITDA

EBITDA is used for the calculation of operational cash conversion and the net debt/EBITDA ratio.

SEK M	Q3 2023/24	Q4 2023/24	Q1 2024/25	Q2 2024/25	Q3 2024/25
Operating income (EBIT)	485	617	174	388	525
Amortization intangible assets:
Capitalized development costs	125	139	159	165	179
Assets relating to other intangibles	39	34	39	40	45
Depreciation tangible assets	118	127	119	116	114
Impairment	-	13	31	- 3	3
EBITDA	767	930	522	706	866

Return on shareholders' equity

Return on shareholders' equity measures the return generated on shareholders' capital invested in the company.

SEK M	Q3 2023/24	Q4 2023/24	Q1 2024/25	Q2 2024/25	Q3 2024/25
Net income (12 months rolling)	1,433	1,302	1,134	1,002	1,037
Average shareholders' equity excluding non-controlling interests (last five quarters)	10,036	10,266	10,460	10,502	10,585
Return on shareholders' equity	14%	13%	11%	10%	10%

Operational cash conversion

Cash flow is a focus area for management. The operational cash conversion shows the relation between cash flow from operating activities and EBITDA.

SEK M	Q3 2023/24	Q4 2023/24	Q1 2024/25	Q2 2024/25	Q3 2024/25
Cash flow from operating activities	1,072	1,317	-493	456	1,095
EBITDA	767	930	522	706	866
Operational cash conversion	140%	142%	-95%	65%	126%

Working capital

In order to optimize cash generation, management focuses on working capital and reducing lead times between orders booked and cash received.

	Jan 31	Jan 31	Apr 30
SEK M	2025	2024	2024
Working capital assets
Inventories	3,229	3,538	3,259
Accounts receivable	4,109	4,158	3,877
Accrued income	1,902	1,893	2,050
Other operating receivables	1,641	1,693	1,411
Sum working capital assets	10,881	11,282	10,596
Working capital liabilities
Accounts payable	1,556	1,495	1,550
Advances from customers	4,614	5,442	4,893
Prepaid income	3,022	2,692	2,945
Accrued expenses	2,201	1,966	2,212
Short-term provisions	140	150	148
Other current liabilities	645	665	595
Sum working capital liabilities	12,178	12,409	12,342
Net working capital	-1,298	-1,128	-1,746
% of rolling 12 months net sales	-7%	-6%	-10%

Net debt and net debt/EBITDA ratio

Net debt is important for understanding the financial stability of the company. Net debt and net debt/EBITDA ratio are used by management to track the debt evolvement, the refinancing need and the leverage for the Group.

SEK M	Jan 31, 2024	Apr 30, 2024	Jul 31, 2024	Oct 31, 2024	Jan 31, 2025
Long-term interest-bearing liabilities	5,738	4,807	4,811	6,307	6,291
Short-term interest-bearing liabilities	122	1,122	1,679	1,747	1,330
Cash and cash equivalents and short-term investments	-2,352	-2,779	-2,364	-3,352	-3,583
Net debt	3,507	3,150	4,126	4,702	4,038
EBITDA (12 months rolling)	3,329	3,189	3,018	2,925	3,025
Net debt/EBITDA ratio	1.05	0.99	1.37	1.61	1.34

Items affecting comparability by segment and nature of expense

Items affecting comparability include cost attributable to the Cost-reduction Initiative. The costs are adjusted in order to track the underlying profitability of the Group's products and services.

Q3 2024/25

SEK M	Americas	EMEA	APAC	Other / Group-wide	Group total
Items affecting comparability:
Personnel related cost	9	1	0	10	20
Depreciation and impairment	-	-	-	3	3
Other cost	0	-	0	0	0
Total	10	1	0	12	23

Q3 2023/24

SEK M	Americas	EMEA	APAC	Other / Group-wide	Group total
Items affecting comparability:
Personnel related cost	0	2	2	26	29
Depreciation and impairment	-	0	-	-	0
Other cost	-	0	-	11	11
Total	0	2	2	37	40

First nine months 2024/25

SEK M	Americas	EMEA	APAC	Other / Group-wide	Group total
Items affecting comparability:
Personnel related cost	22	6	9	84	121
Depreciation and impairment	-	-	-	31	31
Other cost	3	-	0	13	16
Total	24	6	9	128	167

First nine months 2023/24

SEK M	Americas	EMEA	APAC	Other / Group-wide	Group total
Items affecting comparability:
Personnel related cost	0	7	6	43	57
Depreciation and impairment	-	0	-	-	0
Other cost	-	1	-	15	15
Total	0	8	6	57	72

Gross margin & Adjusted gross margin

Gross margin is used to track operational performance and efficiency and Adjusted gross margin is used to track the underlying operational performance, i.e. excluding items affecting comparability.

	Q3		First nine months
SEK M	2024/25	2023/24	2024/25	2023/24
Net sales	4,695	4,537	12,860	13,097
Cost of products sold	-2,961	-2,873	-8,167	-8,149
Gross income	1,734	1,664	4,693	4,948
Items affecting comparability	6	10	42	18
Adjusted gross income	1,740	1,673	4,735	4,966
Gross margin (Gross income/ Net sales)	36.9%	36.7%	36.5%	37.8%
Adjusted gross margin (Adjusted gross income/ Net sales)	37.1%	36.9%	36.8%	37.9%

EBITDA-margin & Adjusted EBITDA-margin

	Q3		First nine months
SEK M	2024/25	2023/24	2024/25	2023/24
EBITDA	866	767	2,094	2,259
Items affecting comparability	20	40	136	72
Adjusted EBITDA	886	807	2,231	2,331
Net Sales	4,695	4,537	12,860	13,097
EBITDA-margin (EBITDA/Net sales)	18.4%	16.9%	16.3%	17.3%
Adjusted EBITDA-margin (Adjusted EBITDA/Net sales)	18.9%	17.8%	17.3%	17.8%

Adjusted EBIT by segment

Adjusted EBIT is used to track the underlying operational performance, i.e. excluding items affecting comparability.

Q3 2024/25

SEK M	Americas	EMEA	APAC	Other / Group-wide	Group total
Operating Income (EBIT)	551	589	559	-1,174	525
Items affecting comparability	12	1	0	10	23
Adjusted EBIT	563	590	559	-1,164	548

Q3 2023/24

SEK M	Americas	EMEA	APAC	Other / Group-wide	Group total
Operating Income (EBIT)	566	464	460	-1,004	485
Items affecting comparability	0	2	2	37	40
Adjusted EBIT	566	465	461	-967	525

First nine months 2024/25

SEK M	Americas	EMEA	APAC	Other / Group-wide	Group total
Operating Income (EBIT)	1,489	1,523	1,548	-3,473	1,087
Items affecting comparability	24	6	9	127	167
Adjusted EBIT	1,513	1,529	1,557	-3,346	1,254
First nine months 2023/24
SEK M	Americas	EMEA	APAC	Other / Group-wide	Group total
Operating Income (EBIT)	1,474	1,504	1,290	-2,847	1,422
Items affecting comparability	0	8	6	57	72
Adjusted EBIT	1,474	1,513	1,296	-2,789	1,494

Adjusted earnings per share

Adjusted earnings per share is used to track the underlying operational performance, i.e. excluding items affecting comparability.

	Q3		First nine months
SEK M	2024/25	2023/24	2024/25	2023/24
Net income for the period attributable to:
Parent Company shareholders	341	305	623	887
Items affecting comparability	23	40	167	72
Tax on Items affecting comparability	- 5	- 9	-37	-16
Adjusted net income	358	337	753	944
Average number of shares, before dilution	382	382	382	382
Average number of shares, after dilution	382	382	382	382
Adjusted earnings per share before dilution 1)	0.94	0.88	1.97	2.47
Adjusted earnings per share after dilution 2)	0.94	0.88	1.97	2.47

1) Adjusted net income/average number of shares before dilution

2) Adjusted net income/average number of shares after dilution

Adjusted R&D expenditure of net sales

Adjusted R&D expenditure of net sales is used to track the amount spent on R&D in relation to net sales during the period, excluding items affecting comparability.

	Q3		First nine months
SEK M	2024/25	2023/24	2024/25	2023/24
R&D expenditure, net	443	341	1,300	1,050
R&D items affecting comparability	- 2	- 6	-60	- 7
R&D capitalization	301	334	933	969
R&D amortization	-175	-122	-494	-373
Adjusted R&D Expenditure, gross	568	546	1,678	1,639
Net Sales	4,695	4,537	12,860	13,097
Adjusted R&D Expenditure of net sales	12%	12%	13%	13%

Book-to-bill

Book-to-bill is used to measure the company's growth. A quota exceeding 1 shows that gross order intake is higher than the net sales.

	Q3		First nine months		12 months
SEK M	2024/25	2023/24	2024/25	2023/24	RTM	2023/24
Gross order intake	5,418	4,433	13,926	13,261	20,361	19,697
Net sales	4,695	4,537	12,860	13,097	17,883	18,119
Book-to-bill	1.15	0.98	1.08	1.01	1.14	1.09

About Elekta

Elekta is a global leader in radiotherapy solutions to fight cancer and neurological diseases. In fact, we are the only independent radiotherapy provider of scale. We have a broad offering of advanced solutions for delivering the most efficient radiotherapy treatments. Elekta's offering allows clinicians to treat more patients with increased quality, both with valuecreating innovations in solutions and AI-supported service based on a global network.

Elekta AB Box 7593 SE – 103 93 Stockholm, Sweden T +46 8 587 254 00 F +46 8 587 255 00

elekta.com /elekta @elekta /company/elekta @elekta_