AI assistant
Elekta Earnings Release 2026
2906_10-k_2026-05-28_4ff71a96-33c7-4159-8771-e1d1d9e387d4.pdf
Earnings Release
Open in viewerOpens in your device viewer
Elekta
Year-end report
May–April 2025/26
Strong improvement in profitability for the fourth quarter and full year
Fourth quarter
- In constant exchange rates, net sales decreased by 1 percent mainly driven by APAC, despite growth in China. Reported sales in SEK decreased by 8 percent amounting to SEK 4,762 M (5,156).
- Fourth quarter was impacted by items affecting comparability of SEK 1,363 M (1,040) primarily related to a non-cash impairment of intangible and tangible assets of SEK 1,096 M (1,064).
- Adjusted gross margin of 39.9 percent (40.3) negatively impacted by changes in foreign exchange rates while price increases and product launches contributed positively.
- Adjusted EBIT amounted to SEK 902 M (843), corresponding to a margin of 18.9 percent (16.3). The increase is mainly related to the change of operating model. Higher amortization and lower capitalization had negative impact of around 220 basis points YoY.
- Net income was SEK -863 M (-381) and EPS was SEK -2.27 (-1.01) before dilution and SEK -2.26 (-1.01) after dilution.
- Cash flow after continuous investments declined to SEK 1,141 M (1,248). Severance payments of SEK approximately 160 M.
Full year 2025/26
- In constant exchange rates, net sales increased by 1 percent. Reported sales in SEK decreased by 7 percent amounting to SEK 16,718 M (18,016).
- Book-to-bill ratio of 1.04 (1.09) reflecting lower business activity in emerging markets compensated by positive impact from product launches in Europe and growth in China.
- 2025/26 was impacted by items affecting comparability of SEK 1,817 M (1,207), primarily impairment of intangible assets and restructuring charges related to the change of operating model.
- Improved adjusted gross margin of 38.4 percent (37.8) supported by price increases.
- Adjusted EBIT amounted to SEK 2,051 M (2,097), corresponding to a margin of 12.3 percent (11.6). EBIT margin adjusted for capitalization and amortization (EBITC) improved to 11.2 percent (8.6).
- Net income was SEK -517 M (240) impacted by impairment and the restructuring charge. EPS was SEK -1.36 (0.62).
- Cash flow after continuous investments of SEK 1,392 M (1,056). The strongest in 5 years, in spite of severance payments of approximately SEK 300 M.
- For the fiscal year 2026/27, net sales in constant currency is expected to increase YoY, with an improvement in the EBIT margin.
- The Board of Directors proposes a dividend of SEK 2.40 (2.40) per share (paid in two instalments) for FY 2025/26.
| SEK M | Q4 | Δ | Full year | Δ | ||
|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |||
| Book-to-bill | 0.96 | 1.12 | -15% | 1.04 | 1.09 | -5% |
| Net sales | 4,762 | 5,156 | -8% | 16,718 | 18,016 | -7% |
| Net sales in constant exchange rates | -1% | 1 | 1% | |||
| Adjusted gross margin 3 | 39.9% | 40.3% | -0.3 ppts | 38.4% | 37.8% | 0.6 ppts |
| Adjusted EBITDA 3 | 1,206 | 1,165 | 4% | 3,300 | 3,396 | -3% |
| Adjusted EBITDA margin 3 | 25.3% | 22.6% | 2.7 ppts | 19.7% | 18.8% | 0.9 ppts |
| Adjusted EBIT 4 | 902 | 843 | 7% | 2,051 | 2,097 | -2% |
| Adjusted EBIT margin 4 | 18.9% | 16.3% | 2.6 ppts | 12.3% | 11.6% | 0.6 ppts |
| Adjusted EBITC margin 5 | 18.9% | 14.3% | 4.6 ppts | 11.2% | 8.6% | 2.6 ppts |
| Gross margin | 39.5% | 39.8% | -0.3 ppts | 37.4% | 37.4% | -0.1 ppts |
| EBITDA | 940 | 1,189 | -21% | 2,579 | 3,283 | -21% |
| EBITDA margin | 19.7% | 23.1% | -3.3 ppts | 15.4% | 18.2% | -2.8 ppts |
| EBIT | -461 | -197 | -134% | 234 | 890 | -74% |
| EBIT margin | -9.7% | -3.8% | -5.9 ppts | 1.4% | 4.9% | -3.5 ppts |
| Net income | -863 | -381 | -127% | -517 | 240 | -315% |
| Cash flow after continuous investments | 1,141 | 1,248 | -107 | 1,392 | 1,056 | 336 |
| Adjusted earnings per share before/after dilution, SEK 6 | 0.57 / 0.57 | 1.11 / 1.11 | -48% | 2.43 / 2.43 | 3.08 / 3.08 | -21% |
| Earnings per share before/after dilution, SEK | -2.27 / -2.26 | -1.01 / -1.01 | -124% | -1.36 / -1.36 | 0.62 / 0.62 | -319% |
1 Compared to last fiscal year based on constant exchange rates.
2 Adj. gross margin = Gross margin excluding items affecting comparability, page 28.
3 Adj. EBITDA = EBITDA excluding items affecting comparability, page 29.
4 Adj. EBIT = Operating income (EBIT) excluding items affecting comparability, page 29.
5 Adj. EBITC margin = EBIT adjusted for R&D capitalization and amortization, excluding items affecting comparability, page 31.
6 Adj. earnings per share = Net income excluding items affecting comparability, attributable to Parent Company shareholders, in relation to the weighted average number of shares (excl. treasury shares), page 30.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Net sales for the full year 2025/26 increased by 1 percent in constant exchange rates. Actions to reset Elekta's operating model were completed in Q4, with annualized cost savings exceeding SEK 500 M and serving as the driver behind the improvement of the Q4 adjusted EBIT margin from 16.3 to 18.9 percent. The fourth quarter was impacted by items affecting comparability of SEK 1,363 M, with no impact on cash flow. Net debt decreased to SEK 3,191 M.
Result development
Net sales in Q4, in constant exchange rates, decreased by 1 percent year over year, primarily due to lower sales in APAC despite growth in China. For the full year 2025/26, however, net sales in constant exchange rates increased by 1 percent, driven mainly by growth in EMEA. The weaker book-to-bill ratio in the fourth quarter reflected lower business activity in emerging markets, particularly in Middle East and Southeast Asia. In addition, stricter order acceptance criteria contributed to a more selective approach to recognizing new orders. While these measures temporarily affected the book-to-bill ratio, they also reflect a more disciplined strategy focused on improving our order quality and with no impact on our growth ambition.
Since September last year, our primary focus has been on resetting and stabilizing the company. This is a strong foundation for our ambitions to further improve profitability and to create the right basis for driving focused innovation and growth going forward. The Group delivered a strong improvement in profitability for the full year, with the adjusted gross margin for the year increasing to 38.4 percent (37.8), reflecting the positive contribution from product launches and improved pricing. In the fourth quarter, however, adjusted gross margin declined slightly to 39.9 percent (40.3), as the benefits from pricing and new products were offset by the negative effects of currencies. Adjusted EBIT margin for the full year improved to 12.3 percent (11.6). The full-year adjusted EBITC margin improved to 11.2 percent (8.6), the highest level in five years. Profitability improved further in the fourth quarter, with adjusted EBIT margin increasing to 18.9 percent (16.3). The strong quarter was primarily driven by cost savings associated with the implementation of the new operating model.
Operating cash flow after continuous investments improved by SEK 336 M to SEK 1,392 M for the full year, representing the strongest cash flow in five years. The Board proposes a dividend
of SEK 2.40 (2.40) per share, corresponding to a total of SEK 917 M, reflecting Elekta's solid financial position.
Actions taken to improve quality of earnings
Through the execution of our first Must-Win Battle, we now have implemented a new operating model designed to simplify the organization, increase agility, and drive decision-making closer to the business. As part of these efforts, we have reduced the workforce by more than 500 employees, resulting in annualized cost savings exceeding SEK 500 M. A significant share of these savings was already realized during the fourth quarter, positively impacting profitability.
During the quarter, items affecting comparability of a total of SEK 1,363 M (1,040) were recognized, with no impact on cash flow. Following the implementation of a more focused and commercially driven product development roadmap, capitalized development costs amounting to SEK 851 M were impaired. As a result of impairments of goodwill related to discontinued products and other balance sheet-related items, a further IAC of SEK 519 million was recognized during the quarter. The adjustments reflect a reassessment to better align the balance sheet with current business assumptions and improves Elekta's ability to execute on its future strategy.
Outlook
Looking at the fiscal year 2026/27, we expect net sales in constant currency to increase year over year, with an improvement in the EBIT margin. On our Capital Markets Day on June 17, we will present our mid-term financial targets ending at full year 2028/29.
Jakob Just-Bomholt
President and CEO
SEK 1,392 M
Full year cash flow
"Representing the strongest cash flow in five years"
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Financial highlights
Net sales
- Despite growth in China, sales decreased 1 percent in Q4 in constant exchange rates
- Continued strong momentum for Elekta Evo and Elekta ONE
- Book-to-bill ratio of 0.96 (1.12) in the fourth quarter
Based on constant exchange rates, Elekta's net sales decreased by 1 percent in the fourth quarter. Growth in Americas was fully offset by lower sales in APAC. Reported net sales decreased by 8 percent amounting to SEK 4,762 M (5,156).
Fourth quarter sales in EMEA were unchanged compared to last year. Europe showed continued good momentum supported by new product launches while the Middle East and Africa declined as a consequence of the conflict in the Middle East. Despite growth in China during the fourth quarter, driven by the market recovery, APAC sales decreased year-over-year by 3 percent in constant exchange rates mainly related to the Japanese market showing a decline. Fourth quarter sales in the Americas increased by 1 percent in constant exchange rates. Evo
sales and order intake in the U.S. continued to develop positively.
In constant exchange rates, Solutions decreased sales by 2 percent while Service was unchanged compared to last year.
Book-to-bill development
The book-to-bill ratio was 0.96 (1.12) in the fourth quarter. Gross order intake in the fourth quarter amounted to SEK 4,567 M (5,792), a decrease by 15 percent in constant exchange rates and a decrease of 21 percent in SEK.
For more information about the book-to-bill ratio, see page 30.
Sales per region
| SEK M | Q4 | Δ¹ | Δ | Full year | Δ¹ | Δ | ||
|---|---|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |||||
| Americas | 1,266 | 1,371 | 1% | -8% | 4,461 | 5,183 | -4% | -14% |
| EMEA | 1,921 | 2,014 | 0% | -5% | 6,711 | 6,580 | 7% | 2% |
| APAC | 1,576 | 1,771 | -3% | -11% | 5,545 | 6,253 | -2% | -11% |
| Group | 4,762 | 5,156 | -1% | -8% | 16,718 | 18,016 | 1% | -7% |
Sales per product type
| SEK M | Q4 | Δ¹ | Δ | Full year | Δ¹ | Δ | ||
|---|---|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |||||
| Solutions | 2,920 | 3,186 | -2% | -8% | 9,325 | 10,232 | -1% | -9% |
| Service | 1,842 | 1,970 | 0% | -6% | 7,393 | 7,784 | 3% | -5% |
| Group | 4,762 | 5,156 | -1% | -8% | 16,718 | 18,016 | 1% | -7% |
¹ Based on constant exchange rates.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
FINANCIAL HIGHLIGHTS
Earnings
- Adjusted gross margin decreased to 39.9 (40.3) percent driven by changes in FX
- Adjusted EBIT margin increased to 18.9 (16.3) percent driven by cost savings
- Fourth quarter was impacted by items affecting comparability (IAC) of SEK 1,363 M (1,040)
Gross income development
In the fourth quarter, the adjusted gross income was SEK 1,901 M (2,075), representing an adjusted gross margin of 39.9 percent (40.3). The decrease was mainly driven by changes in foreign exchange rates while improved pricing and product mix contributed positively. Tariff costs and the strengthening of the Swedish krona against major currencies as well as the depreciation of the U.S. dollar had a negative impact of 60 and 120 basis points respectively, corresponding to a total amount of SEK 226 M. Reported gross income amounted to SEK 1,882 M (2,053), representing a margin of 39.5 percent (39.8).
Items affecting comparability
During the quarter, items affecting comparability (IAC) of SEK 1,363 M (1,040) were recorded, primarily related to impairments of intangible assets, including goodwill. Following the implementation of a more focused and commercially driven product development roadmap, an impairment of capitalized development costs amounting to SEK 851 M was recognized, along with goodwill relating to discontinued products of SEK 235 M. In total, the balance sheet was impaired by SEK 1,096 M (1,064), with no impact on cash flow. In addition, a review of other balance sheet-related items resulted in further adjustments of SEK 284 M, mainly driven by the implementation of an updated model for expected credit losses. These adjustments reflect a reassessment aimed at better aligning the balance sheet with current business assumptions and improves Elekta's ability to execute on its future strategy. The total adjustment, including impairments, is reported as items affecting comparability (IAC). For more information, see note 5 and the presentation of IAC on page 27. Elekta expects that the impairment will reduce annual amortization by more than SEK 50 M.
EBIT development
Adjusted EBIT came in at SEK 902 M (843), representing a margin of 18.9 percent (16.3). The higher adjusted EBIT margin derived mainly from cost savings resulting from change in operating model and lower R&D spend. The positive development was partly offset by somewhat higher amortization of intangible assets and a lower R&D capitalization level. Amortization and capitalization changes corresponded to 220 basis points in total year-over-year.
Reported EBIT amounted to SEK -461 M (-197), representing a margin of -9.7 percent (-3.8). Reported EBIT was negatively impacted by impairment and restructuring amounting to SEK 1,363 M (1,040), which is reported as IAC.
| SEK M | Q4 | Δ | Full year | Δ | ||
|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |||
| Net sales | 4,762 | 5,156 | -8% | 16,718 | 18,016 | -7% |
| Net sales in constant currency | -1% | 1% | ||||
| Adjusted gross income | 1,901 | 2,075 | -8% | 6,417 | 6,810 | -6% |
| Adjusted gross margin | 39.9% | 40.3% | -0.3 ppts | 38.4% | 37.8% | 0.6 ppts |
| Adjusted EBIT | 902 | 843 | 7% | 2,051 | 2,097 | -2% |
| Adjusted EBIT margin | 18.9% | 16.3% | 2.6 ppts | 12.3% | 11.6% | 0.6 ppts |
| EBIT | -461 | -197 | -134% | 234 | 890 | -74% |
| EBIT margin | -9.7% | -3.8% | -5.9 ppts | 1.4% | 4.9% | -3.5 ppts |
| Net income | -863 | -381 | -127% | -517 | 240 | -315% |
| Earnings per share before/after dilution | -2.27 / -2.26 | -1.01 / -1.01 | -124% | -1.36 / -1.36 | 0.62 / 0.62 | -319% |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
FINANCIAL HIGHLIGHTS
Earnings
Net income development
Net financial items in the quarter amounted to SEK -122 M (-109), impacted by impairment of financial receivables of SEK 86 M. The negative impact from the impairment was compensated by lower net interest expenses compared to prior year. Taxes amounted to SEK -280 M (-74), representing a negative tax rate of 20 (24) percent in the quarter, primarily due to one-off tax effects, including a reassessment of tax losses carried forward. Net income amounted to SEK -863 M (-381) and earnings per share to SEK -2.27 (-1.01) before dilution and SEK -2.26 (-1.01) after dilution.
Employees
The average number of employees last twelve months on April 30, 2026, was 4,353 (4,536).
Shares
Total number of registered shares on April 30, 2026, was 383,568,409, of which 14,980,769 were A-shares and 368,587,640 B-shares. On April 30, 2026, 1,485,289 shares were treasury shares held by Elekta.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Cash flow and financial position
- Cash flow after continuous investments was SEK 1,141 M (1,248) and YTD SEK 1,392 M (1,056)
- Working capital as a percentage of rolling twelve months net sales improved to -13 percent (-9)
- Net debt decreased to SEK 3,191 M (3,465).
Cash flow
Cash flow after continuous investments amounted to SEK 1,141 M (1,248) in Q4. The cash flow was partly affected by severance payments of approximately SEK 160 M in the quarter. However, the year-to-date cash flow improved by SEK 336 M to SEK 1,392 M (1,056) compared to the same period last year. Net working capital as a percentage of rolling twelve-months net sales improved to -13 percent (-9).
Investments in intangible assets declined to SEK 202 M (291) and were mainly related to lower R&D investments in new product solutions and software. Investments in tangible assets increased to SEK 37 M (28). Cash conversion in the fourth quarter was 147 percent (132).
Financial position
Cash and cash equivalents and short-term investments amounted to SEK 3,189 M (2,955). Interest-bearing liabilities, excluding lease liabilities, including derivatives, amounted to SEK 6,380 M (6,421).
Net debt decreased to SEK 3,191 M (3,465). Net debt in relation to EBITDA was 1.24 (1.06). The average maturity of interest-bearing liabilities was 2.4 years (3.3).
Dividend
The Board of Directors proposes a dividend of SEK 2.40 (2.40) per share (paid in two installments) for 2025/26 amounting to SEK 917 M.
Cash flow (extract)
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| EBITDA | 940 | 1,189 | 2,579 | 3,283 |
| Change in working capital | 672 | 364 | 706 | -203 |
| Financial net | -122 | -109 | -371 | -400 |
| Paid tax | -34 | -15 | -379 | -311 |
| Other | -75 | 139 | -71 | 258 |
| Cash flow from operating activities | 1,380 | 1,568 | 2,464 | 2,626 |
| Continuous investments | -239 | -320 | -1,072 | -1,570 |
| Cash flow after continuous investments | 1,141 | 1,248 | 1,392 | 1,056 |
| Operational cash conversion | 147% | 132% | 96% | 80% |
Net debt
| SEK M | Apr 30 | Apr 30 |
|---|---|---|
| 2026 | 2025 | |
| Long-term interest-bearing liabilities | 3,380 | 6,195 |
| Short-term interest-bearing liabilities | 2,937 | 178 |
| Derivatives, net | 63 | 48 |
| Cash and cash equivalents and short-term investments | -3,189 | -2,955 |
| Net debt | 3,191 | 3,465 |
| Long-term lease liabilities | 758 | 961 |
| Short-term lease liabilities | 256 | 233 |
| Net debt including lease liabilities | 4,204 | 4,658 |
| Net debt/EBITDA ratio¹ | 1.24 | 1.06 |
¹ EBITDA 12 months rolling.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
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 2024/25, 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 CEST on May 28, 2026. 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 forward-looking 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
The financial net increased mainly due to higher dividends from subsidiaries. SEK 2,780 M of interest-bearing liabilities have been reclassified to current liabilities.
Significant events
Invitation to Elekta's Capital Markets Day on June 17, 2026
Elekta announced that it will host a Capital Markets Day on June 17, 2026, during which executive management will present the Group's strategy, financial targets and key priorities supporting strategy execution.
Significant events after the quarter
New research presented at ESTRO 2026 highlights advances in MR-guided radiotherapy
Elekta presented extensive new clinical evidence on MR guided adaptive radiotherapy at ESTRO 2026, including over 120 abstracts from more than 30 institutions across multiple cancer types. The data highlights how high quality imaging combined with adaptive workflows can enable more precise and less invasive treatments while maintaining clinical effectiveness.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Shareholder information
Conference call Q4
Elekta will host a web conference at 09:00-10:00 CEST on May 28 with President and CEO Jakob Just-Bomholt, and CFO Klara Eiritz. To take part in 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
US: +1 (1) 631 570 56 13
For further information, please contact:
Klara Eiritz
CFO
+46 76 865 54 87
[email protected]
Peter Nyquist
Head of Investor Relations
+46 70 575 29 06
[email protected]
Financial calendar
| Capital Markets Day 2026 | Jun 17, 2026 |
|---|---|
| Annual report 2025/26 | Jul 3, 2026 |
| Interim report, Q1, May-Jul 2026/27 | Aug 27, 2026 |
| Annual General Meeting 2026 | Sep 3, 2026 |
| Interim report, Q2, May-Oct 2026/27 | Nov 25, 2026 |
| Interim report, Q3, May-Jan 2026/27 | Feb 25, 2027 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Stockholm, May 28, 2026
Jakob Just-Bomholt
President and CEO
This report has not been reviewed by the Company's auditors.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Consolidated income statement – condensed
| SEK M | Note | Q4 | Full year | ||
|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | ||
| Net sales | 2 | 4,762 | 5,156 | 16,718 | 18,016 |
| Cost of products sold | -2,880 | -3,102 | -10,468 | -11,270 | |
| Gross income | 1,882 | 2,053 | 6,249 | 6,746 | |
| Selling expenses | -529 | -411 | -1,775 | -1,650 | |
| Administrative expenses | -350 | -363 | -1,408 | -1,412 | |
| R&D expenses | -1,239 | -1,376 | -2,633 | -2,676 | |
| Other operating income and expenses | -288 | -56 | -332 | -108 | |
| Exchange rate differences | 63 | -45 | 133 | -9 | |
| Operating income (EBIT) | -461 | -197 | 234 | 890 | |
| Financial items, net | -122 | -109 | -371 | -400 | |
| Income after financial items | -583 | -307 | -136 | 490 | |
| Income tax | -280 | -74 | -380 | -250 | |
| Net income/loss for the period | 3 | -863 | -381 | -517 | 240 |
| Net income/loss for the period attributable to: | |||||
| Parent Company shareholders | -866 | -386 | -519 | 237 | |
| Non-controlling interests | 3 | 5 | 3 | 4 | |
| Earnings per share | |||||
| Before dilution, SEK | -2.27 | -1.01 | -1.36 | 0.62 | |
| After dilution, SEK | -2.26 | -1.01 | -1.36 | 0.62 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Consolidated statement of comprehensive income
| Q4 | Full year | |||
|---|---|---|---|---|
| SEK M | 2025/26 | 2024/25 | 2025/26 | 2024/25 |
| Net income/loss for the period | -863 | -381 | -517 | 240 |
| Other comprehensive income: | ||||
| Items that will not be reclassified to the income statement: | ||||
| Remeasurements of defined benefit pension plans | 12 | 1 | 12 | 1 |
| Tax | -2 | -3 | -3 | -3 |
| Total items that will not be reclassified to the income statement | 9 | -2 | 9 | -2 |
| Items that subsequently may be reclassified to the income statement: | ||||
| Revaluation of cash flow hedges | -89 | 169 | -68 | 94 |
| Translation differences from foreign operations | 517 | -1,281 | -220 | -1,385 |
| Tax | 18 | -35 | 14 | -19 |
| Total items that subsequently may be reclassified to the income statement | 446 | -1,147 | -274 | -1,310 |
| Other comprehensive income/loss for the period | 455 | -1,149 | -264 | -1,312 |
| Total comprehensive income/loss for the period | -408 | -1,530 | -781 | -1,072 |
| Comprehensive income/loss attributable to: | ||||
| Parent Company shareholders | -414 | -1,529 | -785 | -1,072 |
| Non-controlling interests | 6 | -1 | 4 | 0 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Consolidated balance sheet statement – condensed
| SEK M | Note | Apr 30 | |
|---|---|---|---|
| 2026 | 2025 | ||
| Non-current assets | |||
| Intangible assets | 5 | 10,731 | 11,917 |
| Right-of-use assets | 5 | 846 | 1,006 |
| Tangible assets | 5 | 793 | 901 |
| Financial assets | 659 | 895 | |
| Deferred tax assets | 824 | 841 | |
| Total non-current assets | 13,853 | 15,560 | |
| Current assets | |||
| Inventories | 2,876 | 2,756 | |
| Accounts receivable | 3,688 | 3,625 | |
| Accrued income | 1,839 | 2,261 | |
| Other current receivables | 1,511 | 1,820 | |
| Cash and cash equivalents | 3,189 | 2,955 | |
| Total current assets | 13,102 | 13,417 | |
| Total assets | 26,955 | 28,977 | |
| Equity attributable to Parent Company shareholders | 7,099 | 8,803 | |
| Non-controlling interests | 49 | 45 | |
| Total equity | 7,147 | 8,848 | |
| Non-current liabilities | |||
| Interest-bearing liabilities | 4 | 3,380 | 6,195 |
| Lease liabilities | 758 | 961 | |
| Other non-current liabilities | 608 | 626 | |
| Total non-current liabilities | 4,745 | 7,781 | |
| Current liabilities | |||
| Interest-bearing liabilities | 4 | 2,937 | 178 |
| Lease liabilities | 256 | 233 | |
| Accounts payable | 1,878 | 1,837 | |
| Advances from customers | 4,169 | 4,067 | |
| Prepaid income | 2,636 | 2,831 | |
| Accrued expenses | 2,282 | 2,245 | |
| Other current liabilities | 905 | 957 | |
| Total current liabilities | 15,063 | 12,348 | |
| Total equity and liabilities | 26,955 | 28,977 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Changes in consolidated equity – condensed
| SEK M | Apr 30 | |
|---|---|---|
| 2025/26 | 2024/25 | |
| Attributable to Parent Company shareholders | ||
| Opening balance | 8,803 | 10,774 |
| Comprehensive income for the period | -785 | -1,072 |
| Incentive programs | -3 | 18 |
| Dividend | -917 | -917 |
| Total | 7,099 | 8,803 |
| Attributable to non-controlling interests | ||
| Opening balance | 45 | 5 |
| Comprehensive income for the period | 4 | 0 |
| Acquisition of non-controlling interest | - | 40 |
| Total | 49 | 45 |
| Closing balance | 7,147 | 8,848 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Consolidated cash flow statement - condensed
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| Income after financial items | -583 | -307 | -136 | 490 |
| Amortization and depreciation | 305 | 322 | 1,248 | 1,299 |
| Impairment | 1,096 | 1,064 | 1,096 | 1,094 |
| Interest net | 6 | 120 | 242 | 382 |
| Other non-cash items | -66 | 164 | -72 | 263 |
| Interest received and paid | -15 | -145 | -240 | -388 |
| Income taxes paid | -34 | -15 | -379 | -311 |
| Operating cash flow | 708 | 1,204 | 1,758 | 2,829 |
| Change in inventories | 215 | 302 | -160 | 325 |
| Change in operating receivables | 596 | -197 | 756 | -657 |
| Change in operating liabilities | -139 | 259 | 111 | 128 |
| Change in working capital | 672 | 364 | 706 | -203 |
| Cash flow from operating activities | 1,380 | 1,568 | 2,464 | 2,626 |
| Investments in intangible assets | -202 | -291 | -952 | -1,370 |
| Investments in tangible assets | -37 | -28 | -120 | -200 |
| Continuous investments | -239 | -320 | -1,072 | -1,570 |
| Cash flow after continuous investments | 1,141 | 1,248 | 1,392 | 1,056 |
| Business combinations, dividends and investments associated companies | 1 | 0 | 2 | -102 |
| Cash flow after investments | 1,142 | 1,248 | 1,394 | 954 |
| Dividends | -458 | -458 | -917 | -917 |
| Cash flow from other financing activities | -68 | -1,187 | -253 | 310 |
| Cash flow for the period | 616 | -397 | 224 | 347 |
| Change in cash and cash equivalents during the period | ||||
| Cash and cash equivalents at the beginning of the period | 2,541 | 3,583 | 2,955 | 2,779 |
| Cash flow for the period | 616 | -397 | 224 | 347 |
| Exchange rate differences | 32 | -230 | 10 | -170 |
| Cash and cash equivalents at the end of the period | 3,189 | 2,955 | 3,189 | 2,955 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Parent company
Income statement and statement of comprehensive income - condensed
| Full year | ||
|---|---|---|
| SEK M | 2025/26 | 2024/25 |
| Operating income and expenses | 37 | 49 |
| Financial net | 843 | 561 |
| Income after financial items | 880 | 610 |
| Tax | -35 | -3 |
| Net income for the period | 845 | 607 |
| Statement of comprehensive income | ||
| Net income for the period | 845 | 607 |
| Other comprehensive income | - | - |
| Total comprehensive income | 845 | 607 |
Balance sheet - condensed
| Apr 30 | Apr 30 | |
|---|---|---|
| SEK M | 2026 | 2025 |
| Non-current assets | ||
| Intangible assets | 7 | 14 |
| Shares in subsidiaries | 4,779 | 4,530 |
| Receivables from subsidiaries | 1,655 | 1,676 |
| Other financial assets | 17 | 36 |
| Deferred tax assets | 11 | 33 |
| Total non-current assets | 6,469 | 6,289 |
| Current assets | ||
| Receivables from subsidiaries | 3,198 | 3,811 |
| Other current receivables | 119 | 76 |
| Cash and cash equivalents | 2,222 | 1,360 |
| Total current assets | 5,539 | 5,247 |
| Total assets | 12,008 | 11,536 |
| Shareholders' equity | 1,609 | 1,685 |
| Non-current liabilities | ||
| Interest-bearing liabilities | 3,460 | 6,248 |
| Provisions | 10 | 13 |
| Total non-current liabilities | 3,470 | 6,261 |
| Current liabilities | ||
| Interest-bearing liabilities | 2,780 | - |
| Liabilities to Group companies | 4,028 | 3,462 |
| Short-term provisions | 26 | 9 |
| Other current liabilities | 95 | 119 |
| Total current liabilities | 6,929 | 3,590 |
| Total shareholders' equity and liabilities | 12,008 | 11,536 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Key figures and data per share
Key figures
Full year
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2025/26 | |
|---|---|---|---|---|---|---|
| Gross order intake, SEK M | 17,411 | 18,364 | 20,143 | 19,697 | 19,718 | 17,441 |
| Net sales, SEK M | 13,763 | 14,548 | 16,869 | 18,119 | 18,016 | 16,718 |
| Gross margin, % | 40.8 | 37.4 | 37.6 | 37.4 | 37.4 | 37.4 |
| Adjusted gross margin, % | 40.8 | 37.4 | 38.1 | 37.5 | 37.8 | 38.4 |
| Operating income (EBIT), SEK M | 1,906 | 1,643 | 1,431 | 2,039 | 890 | 234 |
| Operating margin, % | 13.9 | 11.3 | 8.5 | 11.3 | 4.9 | 1.4 |
| Adjusted EBIT, SEK M | 1,906 | 1,643 | 1,743 | 2,145 | 2,097 | 2,051 |
| Adjusted EBIT margin, % | 13.9 | 11.3 | 10.3 | 11.8 | 11.6 | 12.3 |
| Shareholders' equity, SEK M¹ | 8,197 | 8,913 | 9,729 | 10,774 | 8,803 | 7,099 |
| Return on shareholders' equity, % | 16 | 14 | 10 | 13 | 2 | 6 |
| Net debt, SEK M | 774 | 1,532 | 2,442 | 3,150 | 3,465 | 3,191 |
| Operational cash conversion, % | 82 | 69 | 76 | 77 | 80 | 96 |
| Average number of employees | 4,194 | 4,631 | 4,587 | 4,607 | 4,536 | 4,353 |
¹ Attributable to Parent Company shareholders.
Data per share
Full year
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2025/26 | |
|---|---|---|---|---|---|---|
| Earnings per share | ||||||
| before dilution, SEK | 3.28 | 3.02 | 2.47 | 3.41 | 0.62 | -1.36 |
| after dilution, SEK | 3.28 | 3.02 | 2.47 | 3.41 | 0.62 | -1.36 |
| Adjusted earnings per share | ||||||
| before dilution, SEK | 3.28 | 3.02 | 3.11 | 3.62 | 3.08 | 2.43 |
| after dilution, SEK | 3.28 | 3.02 | 3.10 | 3.62 | 3.08 | 2.43 |
| Cash flow per share | ||||||
| before dilution, SEK | 5.05 | 0.55 | 0.91 | 1.41 | 2.50 | 3.65 |
| after dilution, SEK | 5.05 | 0.55 | 0.91 | 1.41 | 2.50 | 3.65 |
| Shareholders' equity per share | ||||||
| before dilution, SEK | 21.45 | 23.33 | 25.46 | 28.20 | 23.04 | 18.58 |
| after dilution, SEK | 21.45 | 23.33 | 25.44 | 28.20 | 23.04 | 18.57 |
| Average number of shares | ||||||
| before dilution, thousands | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 |
| after dilution, thousands | 382,083 | 382,083 | 382,367 | 382,086 | 382,139 | 382,216 |
| Number of shares at closing¹ | ||||||
| before dilution, thousands | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 |
| after dilution, thousands | 382,083 | 382,083 | 382,575 | 382,086 | 382,135 | 382,216 |
¹ Number of registered shares at closing excluding treasury shares (1,485,289 per April 30, 2026).
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Data per quarter
| SEK M | 2023/24 | 2024/25 | 2025/26 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Gross order intake | 6,436 | 4,192 | 4,317 | 5,418 | 5,792 | 3,838 | 4,081 | 4,956 | 4,567 |
| Net sales | 5,023 | 3,825 | 4,341 | 4,695 | 5,156 | 3,646 | 4,070 | 4,239 | 4,762 |
| Operating income (EBIT) | 617 | 174 | 388 | 525 | -197 | 219 | 390 | 87 | -461 |
| Cash flow from operating activities | 1,317 | -493 | 456 | 1,095 | 1,568 | -86 | 637 | 533 | 1,380 |
R&D expenditure
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| R&D expenditure, gross | 397 | 479 | 1,972 | 2,217 |
| Capitalization | -176 | -274 | -874 | -1,207 |
| Amortization | 174 | 169 | 692 | 663 |
| Impairment | 844 | 1,002 | 844 | 1,002 |
| R&D expenditure, net | 1,239 | 1,376 | 2,633 | 2,676 |
Note 1 – Accounting policies
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 policies applied are consistent with those presented in Note 1 of the Annual Report 2024/25.
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 and Alternative performance measures can be found on pages 102-105 in the Annual Report 2024/25.
Related party transactions
Related party transactions are described in note 37 in the Annual Report for 2024/25.
Related party transactions during the year are consistent with those described in the Annual Report for 2024/25.
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 | ||||
|---|---|---|---|---|---|---|---|
| May - Apr | Δ¹ | Apr 30 | Δ¹ | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| China | 1 CNY | 1.330 | 1.462 | -9% | 1.365 | 1.328 | 3% |
| Euroland | 1 EUR | 10.922 | 11.374 | -4% | 10.885 | 10.977 | -1% |
| Great Britain | 1 GBP | 12.611 | 13.522 | -7% | 12.566 | 12.924 | -3% |
| Japan | 1 JPY | 0.062 | 0.070 | -11% | 0.058 | 0.068 | -14% |
| United States | 1 USD | 9.392 | 10.560 | -11% | 9.335 | 9.651 | -3% |
¹ April 30, 2026, vs April 30, 2025.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Note 2 – 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.
Q4 2025/26
| SEK M | Americas | EMEA | APAC | Group total |
| --- | --- | --- | --- | --- |
| Solutions | 608 | 1,182 | 1,130 | 2,920 |
| Service | 658 | 739 | 446 | 1,842 |
| Total | 1,266 | 1,921 | 1,576 | 4,762 |
Q4 2024/25
| SEK M | Americas | EMEA | APAC | Group total |
| --- | --- | --- | --- | --- |
| Solutions | 642 | 1,265 | 1,279 | 3,186 |
| Service | 729 | 749 | 491 | 1,970 |
| Total | 1,371 | 2,014 | 1,771 | 5,156 |
Full year 2025/26
| SEK M | Americas | EMEA | APAC | Group total |
| --- | --- | --- | --- | --- |
| Solutions | 1,805 | 3,759 | 3,761 | 9,325 |
| Service | 2,657 | 2,952 | 1,784 | 7,393 |
| Total | 4,461 | 6,711 | 5,545 | 16,718 |
Full year 2024/25
| SEK M | Americas | EMEA | APAC | Group total |
| --- | --- | --- | --- | --- |
| Solutions | 2,181 | 3,694 | 4,358 | 10,232 |
| Service | 3,002 | 2,886 | 1,896 | 7,784 |
| Total | 5,183 | 6,580 | 6,253 | 18,016 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Note 3 – Segment reporting
Elekta applies geographical segmentation. Net sales and contribution margin for the respective regions are reported to Elekta's CEO (chief operating decision maker). 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 Service is recognized over time.
Q4 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 1,266 | 1,921 | 1,576 | - | 4,762 | |
| Operating expenses | -857 | -1,291 | -1,081 | - | -3,229 | 68% |
| Contribution margin | 409 | 630 | 494 | - | 1,533 | 32% |
| Contribution margin, % | 32% | 33% | 31% | |||
| Global costs | - | - | - | -632 | -632 | 13% |
| Adjusted EBIT | 409 | 630 | 494 | -632 | 902 | 19% |
| Items affecting comparability¹ | -23 | -42 | -9 | -1,288 | -1,363 | |
| Operating income (EBIT) | 385 | 588 | 486 | -1,920 | -461 | -10% |
| Net financial items | - | 21 | - | -143 | -122 | |
| Income after financial items | 385 | 608 | 486 | -2,063 | -583 | |
| Income tax | - | - | - | -280 | -280 | |
| Net income for the period | 385 | 608 | 486 | -2,343 | -863 |
Q4 2024/25
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 1,371 | 2,014 | 1,771 | - | 5,156 | |
| Operating expenses | -914 | -1,210 | -1,095 | - | -3,219 | 62% |
| Contribution margin | 457 | 804 | 676 | - | 1,937 | 38% |
| Contribution margin, % | 33% | 40% | 38% | |||
| Global costs | - | - | - | -1,094 | -1,094 | 21% |
| Adjusted EBIT | 457 | 804 | 676 | -1,094 | 843 | 16% |
| Items affecting comparability¹ | 0 | -6 | 0 | -1,034 | -1,040 | |
| Operating income (EBIT) | 457 | 798 | 676 | -2,128 | -197 | -4% |
| Net financial items | - | - | - | -109 | -109 | |
| Income after financial items | 457 | 798 | 676 | -2,237 | -307 | |
| Income tax | - | - | - | -74 | -74 | |
| Net income for the period | 457 | 798 | 676 | -2,312 | -381 |
¹ Items affecting comparability include mainly personnel costs and impairment of assets.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Full year 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 4,461 | 6,711 | 5,545 | - | 16,718 | |
| Operating expenses | -2,917 | -4,235 | -3,668 | - | -10,820 | 65% |
| Contribution margin | 1,545 | 2,476 | 1,877 | - | 5,898 | 35% |
| Contribution margin, % | 35% | 37% | 34% | |||
| Global costs | - | - | - | -3,846 | -3,846 | 23% |
| Adjusted EBIT | 1,545 | 2,476 | 1,877 | -3,846 | 2,051 | 12% |
| Items affecting comparability^{1} | -52 | -63 | -31 | -1,670 | -1,817 | |
| Operating income (EBIT) | 1,493 | 2,413 | 1,845 | -5,516 | 234 | 1% |
| Net financial items | - | 458 | - | -829 | -371 | |
| Income after financial items | 1,493 | 2,871 | 1,845 | -6,345 | -136 | |
| Income tax | - | - | - | -380 | -380 | |
| Net income for the period | 1,493 | 2,871 | 1,845 | -6,725 | -517 |
Full year 2024/25
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 5,183 | 6,580 | 6,253 | - | 18,016 | |
| Operating expenses | -3,216 | -4,247 | -4,020 | - | -11,482 | 64% |
| Contribution margin | 1,967 | 2,333 | 2,233 | - | 6,534 | 36% |
| Contribution margin, % | 38% | 35% | 36% | |||
| Global costs | - | - | - | -4,437 | -4,437 | 25% |
| Adjusted EBIT | 1,967 | 2,333 | 2,233 | -4,437 | 2,097 | 12% |
| Items affecting comparability^{1} | -21 | -12 | -9 | -1,164 | -1,207 | |
| Operating income (EBIT) | 1,946 | 2,321 | 2,224 | -5,601 | 890 | 5% |
| Net financial items | - | - | - | -400 | -400 | |
| Income after financial items | 1,946 | 2,321 | 2,224 | -6,001 | 490 | |
| Income tax | - | - | - | -250 | -250 | |
| Net income for the period | 1,946 | 2,321 | 2,224 | -6,251 | 240 |
1 Items affecting comparability include mainly personnel costs and impairment of assets.
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.
| SEK M | Apr 30, 2026 | Apr 30, 2025 | ||
|---|---|---|---|---|
| Carrying amount | Fair value | Carrying amount | Fair value | |
| Long-term interest-bearing liabilities | 3,380 | 3,609 | 6,195 | 6,505 |
| Short-term interest-bearing liabilities | 2,937 | 2,941 | 178 | 178 |
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
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Financial instruments measured at fair value
| SEK M | Level | Apr 30, 2026 | Apr 30, 2025 |
|---|---|---|---|
| FINANCIAL ASSETS | |||
| Financial assets measured at fair value through income statement: | |||
| Derivative financial instruments – non-hedge accounting | 2 | 82 | 33 |
| Derivatives used for hedging purposes: | |||
| Derivative financial instruments – hedge accounting | 2 | 83 | 174 |
| Total financial assets measured at fair value | 165 | 207 | |
| FINANCIAL LIABILITIES | |||
| Financial liabilities at fair value through income statement: | |||
| Derivative financial instruments – non-hedge accounting | 2 | 102 | 79 |
| Contingent considerations | 3 | 78 | 75 |
| Derivatives used for hedging purposes: | |||
| Derivative financial instruments – hedge accounting | 2 | 29 | 51 |
| Total financial liabilities measured at fair value | 209 | 205 |
Movements financial instruments level 3
| SEK M | Apr 30, 2026 | Apr 30, 2025 |
|---|---|---|
| Opening balance | 75 | 76 |
| Business combinations | - | 48 |
| Payments | - | -43 |
| Reported in net income for the period | 3 | 1 |
| Translation differences | 0 | -6 |
| Closing balance | 78 | 75 |
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.
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Note 5 – Intangible assets, Right of use assets and Tangible assets
| SEK M | Intangible assets | Right of use assets | Tangible assets | Total |
|---|---|---|---|---|
| Opening Balance, May 1 2025 | 11,917 | 1,006 | 901 | 13,823 |
| Additions | 952 | 80 | 133 | 1,165 |
| Depreciation | -839 | -221 | -189 | -1,249 |
| Impairment | -1,086 | – | -10 | -1,096 |
| Translation differences | -212 | -18 | -29 | -258 |
| Other items | 0 | -2 | -14 | -16 |
| Closing Balance, April 30 2026 | 10,731 | 845 | 793 | 12,369 |
| SEK M | Intangible assets | Right of use assets | Tangible assets | Total |
| --- | --- | --- | --- | --- |
| Opening Balance, May 1 2024 | 13,336 | 1,164 | 1,062 | 15,562 |
| Additions | 1,534 | 225 | 200 | 1,958 |
| Depreciation | -841 | -241 | -218 | -1,299 |
| Impairment | -1,013 | -38 | -43 | -1,094 |
| Translation differences | -1,116 | -72 | -83 | -1,271 |
| Other items | 16 | -31 | -18 | -33 |
| Closing Balance, April 30 2025 | 11,917 | 1,006 | 901 | 13,823 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Alternative performance measures
Alternative Performance Measures (APMs) are measures and key figures that Elekta's management and other stakeholders use when managing and analysing 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 102-105 in the Annual Report 2024/25.
Sales growth based on constant exchange rates per region
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 schedules below present growth based on constant exchange rates reconciled to the total growth reported in accordance with IFRS.
| Americas | EMEA | APAC | Group total | |||||
|---|---|---|---|---|---|---|---|---|
| % | SEK M | % | SEK M | % | SEK M | % | SEK M | |
| Q4 2025/26 vs. Q4 2024/25 | ||||||||
| Change based on constant exchange rates | 1 | 9 | 0 | -9 | -3 | -52 | -1 | -52 |
| Currency effects | -8 | -114 | -4 | -84 | -8 | -143 | -7 | -342 |
| Reported change | -8 | -105 | -5 | -94 | -11 | -195 | -8 | -393 |
| Q4 2024/25 vs. Q4 2023/24 | ||||||||
| Change based on constant exchange rates | -6 | -94 | 16 | 288 | 5 | 91 | 6 | 286 |
| Currency effects | -4 | -62 | -2 | -43 | -3 | -48 | -3 | -153 |
| Reported change | -10 | -156 | 14 | 246 | 2 | 43 | 3 | 133 |
| May - Apr 2025/26 vs. May - Apr 2024/25 | ||||||||
| Change based on constant exchange rates | -4 | -212 | 7 | 492 | -2 | -105 | 1 | 175 |
| Currency effects | -10 | -510 | -5 | -360 | -10 | -603 | -8 | -1,473 |
| Reported change | -14 | -721 | 2 | 131 | -11 | -709 | -7 | -1,298 |
| May - Apr 2024/25 vs. May - Apr 2023/24 | ||||||||
| Change based on constant exchange rates | -2 | -132 | 1 | 98 | 4 | 224 | 1 | 190 |
| Currency effects | -2 | -121 | -1 | -67 | -2 | -105 | -2 | -293 |
| Reported change | -5 | -253 | 0 | 30 | 2 | 119 | -1 | -103 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Sales growth based on constant exchange rates per product
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 schedules below present growth based on constant exchange rates reconciled to the total growth reported in accordance with IFRS.
| Solutions | Service | Total sales | ||||
|---|---|---|---|---|---|---|
| % | SEK M | % | SEK M | % | SEK M | |
| Q4 2025/26 vs. Q4 2024/25 | ||||||
| Change based on constant exchange rates | -2 | -54 | 0 | 3 | -1 | -52 |
| Currency effects | -7 | -212 | -7 | -130 | -7 | -342 |
| Reported change | -8 | -266 | -6 | -128 | -8 | -393 |
| Q4 2024/25 vs. Q4 2023/24 | ||||||
| Change based on constant exchange rates | 7 | 209 | 4 | 78 | 6 | 286 |
| Currency effects | -3 | -82 | -4 | -71 | -3 | -153 |
| Reported change | 4 | 126 | 0 | 7 | 3 | 133 |
| May - Apr 2025/26 vs. May - Apr 2024/25 | ||||||
| Change based on constant exchange rates | -1 | -96 | 3 | 271 | 1 | 175 |
| Currency effects | -8 | -811 | -9 | -662 | -8 | -1,473 |
| Reported change | -9 | -907 | -5 | -391 | -7 | -1,298 |
| May - Apr 2024/25 vs. May - Apr 2023/24 | ||||||
| Change based on constant exchange rates | -2 | -248 | 6 | 438 | 1 | 190 |
| Currency effects | -1 | -152 | -2 | -141 | -2 | -293 |
| Reported change | -4 | -401 | 4 | 297 | -1 | -103 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
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.
| Selling expenses | Administrative expenses | R&D expenses | Change expenses | |||||
|---|---|---|---|---|---|---|---|---|
| % | SEK M | % | SEK M | % | SEK M | % | SEK M | |
| Q4 2025/26 vs. Q4 2024/25 | ||||||||
| Change in items affecting comparability | 57 | 217 | 11 | 38 | -42 | -173 | 7 | 81 |
| Change based on constant exchange rates | -17 | -65 | -9 | -32 | 16 | 68 | -3 | -29 |
| Currency effects | -9 | -34 | -5 | -18 | -8 | -32 | -7 | -83 |
| Reported change | 31 | 118 | -3 | -12 | -33 | -137 | -3 | -31 |
| Q4 2024/25 vs. Q4 2023/24 | ||||||||
| Change in items affecting comparability | 5 | 22 | 0 | -1 | 274 | 959 | 89 | 980 |
| Change based on constant exchange rates | -2 | -9 | 0 | 1 | 21 | 73 | 6 | 65 |
| Currency effects | -3 | -14 | -1 | -4 | -3 | -10 | -2 | -28 |
| Reported change | 0 | 0 | -1 | -4 | 292 | 1,022 | 92 | 1,018 |
| May - Apr 2025/26 vs. May - Apr 2024/25 | ||||||||
| Change in items affecting comparability | 21 | 330 | 6 | 76 | -9 | -144 | 6 | 263 |
| Change based on constant exchange rates | -4 | -66 | -2 | -22 | 15 | 245 | 3 | 156 |
| Currency effects | -9 | -139 | -4 | -58 | -9 | -144 | -7 | -341 |
| Reported change | 8 | 125 | 0 | -4 | -3 | -42 | 2 | 78 |
| May - Apr 2024/25 vs. May - Apr 2023/24 | ||||||||
| Change in items affecting comparability | 1 | 21 | 1 | 18 | 73 | 1,013 | 24 | 1,052 |
| Change based on constant exchange rates | 1 | 19 | 1 | 8 | 19 | 268 | 7 | 296 |
| Currency effects | -2 | -31 | 1 | 17 | -1 | -9 | -1 | -24 |
| Reported change | 1 | 9 | 3 | 43 | 91 | 1,272 | 31 | 1,323 |
EBITDA
EBITDA is used for the calculation of operational cash conversion and the net debt/EBITDA ratio.
| SEK M | Q4 2024/25 | Q1 2025/26 | Q2 2025/26 | Q3 2025/26 | Q4 2025/26 |
|---|---|---|---|---|---|
| Operating income (EBIT) | -197 | 219 | 390 | 87 | -461 |
| Amortization intangible assets: | |||||
| Capitalized development costs | 172 | 172 | 176 | 180 | 179 |
| Assets relating to other intangibles | 41 | 34 | 33 | 33 | 32 |
| Depreciation tangible assets | 109 | 107 | 106 | 104 | 93 |
| Impairment | 1,064 | - | - | - | 1,096 |
| EBITDA | 1,189 | 532 | 704 | 403 | 940 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Return on shareholders' equity
Return on shareholders' equity measures the return generated on shareholders' capital invested in the company.
| SEK M | Q4 2024/25 | Q1 2025/26 | Q2 2025/26 | Q3 2025/26 | Q4 2025/26 |
|---|---|---|---|---|---|
| Net income (12 months rolling) | 237 | 273 | 291 | -40 | -519 |
| Average shareholders' equity excluding non-controlling interests (last five quarters) | 10,297 | 9,959 | 9,508 | 9,018 | 8,281 |
| Return on shareholders' equity | 2% | 3% | 3% | 0% | -6% |
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 | Q4 2024/25 | Q1 2025/26 | Q2 2025/26 | Q3 2025/26 | Q4 2025/26 |
|---|---|---|---|---|---|
| Cash flow from operating activities | 1,568 | -86 | 637 | 533 | 1,380 |
| EBITDA | 1,189 | 532 | 704 | 403 | 940 |
| Operational cash conversion | 132% | -16% | 91% | 132% | 147% |
Working capital
In order to optimize cash generation, management focuses on working capital and reducing lead times between orders booked and cash received.
| Apr 30 | Apr 30 | |
|---|---|---|
| SEK M | 2026 | 2025 |
| Working capital assets | ||
| Inventories | 2,876 | 2,756 |
| Accounts receivable | 3,688 | 3,625 |
| Accrued income | 1,839 | 2,261 |
| Other operating receivables | 1,122 | 1,308 |
| Sum working capital assets | 9,525 | 9,950 |
| Working capital liabilities | ||
| Accounts payable | 1,878 | 1,837 |
| Advances from customers | 4,169 | 4,067 |
| Prepaid income | 2,636 | 2,831 |
| Accrued expenses | 2,282 | 2,245 |
| Short-term provisions | 316 | 148 |
| Other current liabilities | 448 | 516 |
| Sum working capital liabilities | 11,729 | 11,644 |
| Net working capital | -2,204 | -1,694 |
| % of rolling 12 months net sales | -13% | -9% |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
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 | Apr 30, 2025 | Jul 31, 2025 | Oct 31, 2025 | Jan 31, 2026 | Apr 30, 2026 |
|---|---|---|---|---|---|
| Long-term interest-bearing liabilities | 6,195 | 5,708 | 5,647 | 4,458 | 3,380 |
| Short-term interest-bearing liabilities | 178 | 868 | 865 | 1,818 | 2,937 |
| Derivatives, net | 48 | 47 | 72 | 84 | 63 |
| Cash and cash equivalents and short-term investments | -2,955 | -2,760 | -2,576 | -2,541 | -3,189 |
| Net debt | 3,465 | 3,863 | 4,008 | 3,819 | 3,191 |
| EBITDA (12 months rolling) | 3,283 | 3,293 | 3,291 | 2,828 | 2,579 |
| Net debt/EBITDA ratio | 1.06 | 1.17 | 1.22 | 1.35 | 1.24 |
Items affecting comparability by segment and nature of expense
The costs are adjusted in order to track the underlying profitability of the Group's products and services. The costs include mainly personnel costs and impairments of assets.
Q4 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
|---|---|---|---|---|---|
| Items affecting comparability: | |||||
| Personnel related costs | 4 | 39 | 8 | -69 | -17 |
| Impairment of intangible assets | - | - | 0 | 1,086 | 1,086 |
| Impairment of tangible assets | - | 3 | - | 7 | 10 |
| Accounts receivable - adjusted ECL model | 88 | 98 | 44 | -4 | 228 |
| Other costs | 20 | 3 | -15 | 49 | 56 |
| Total | 112 | 143 | 38 | 1,070 | 1,363 |
| Q4 2024/25 | |||||
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
| Items affecting comparability: | |||||
| Personnel related costs | 0 | 6 | 0 | 3 | 9 |
| Impairment of intangible assets | - | - | 0 | 1,013 | 1,013 |
| Impairment of tangible assets | - | - | - | 51 | 51 |
| Accounts receivable - adjusted ECL model | - | - | - | - | - |
| Other costs | 0 | 0 | 0 | -33 | -33 |
| Total | 0 | 6 | 0 | 1,034 | 1,040 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Full year 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
|---|---|---|---|---|---|
| Items affecting comparability: | |||||
| Personnel related costs | 32 | 60 | 30 | 299 | 421 |
| Impairment of intangible assets | - | - | - | 1,086 | 1,086 |
| Impairment of tangible assets | - | 3 | - | 7 | 10 |
| Accounts receivable - adjusted ECL model | 88 | 98 | 44 | -4 | 228 |
| Other costs | 21 | 3 | -14 | 63 | 72 |
| Total | 141 | 164 | 61 | 1,452 | 1,817 |
| Full year 2024/25 | |||||
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
| Items affecting comparability: | |||||
| Personnel related costs | 21 | 12 | 9 | 88 | 130 |
| Impairment of intangible assets | - | - | - | 1,013 | 1,013 |
| Impairment of tangible assets | - | - | - | 82 | 82 |
| Accounts receivable - adjusted ECL model | - | - | - | - | - |
| Other costs | 0 | 0 | 0 | -17 | -17 |
| Total | 21 | 12 | 9 | 1,164 | 1,207 |
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.
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| Net sales | 4,762 | 5,156 | 16,718 | 18,016 |
| Cost of products sold | -2,880 | -3,102 | -10,468 | -11,270 |
| Gross income | 1,882 | 2,053 | 6,249 | 6,746 |
| Items affecting comparability | 19 | 22 | 167 | 64 |
| Adjusted gross income | 1,901 | 2,075 | 6,417 | 6,810 |
| Gross margin (Gross income/ Net sales) | 39.5% | 39.8% | 37.4% | 37.4% |
| Adjusted gross margin (Adjusted gross income/ Net sales) | 39.9% | 40.3% | 38.4% | 37.8% |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
EBITDA margin & Adjusted EBITDA margin
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| EBITDA | 940 | 1,189 | 2,579 | 3,283 |
| Items affecting comparability | 267 | -24 | 721 | 113 |
| Adjusted EBITDA | 1,206 | 1,165 | 3,300 | 3,396 |
| Net Sales | 4,762 | 5,156 | 16,718 | 18,016 |
| EBITDA margin (EBITDA/Net sales) | 19.7% | 23.1% | 15.4% | 18.2% |
| Adjusted EBITDA margin (Adjusted EBITDA/Net sales) | 25.3% | 22.6% | 19.7% | 18.8% |
Adjusted EBIT by segment
Adjusted EBIT is used to track the underlying operational performance, i.e. excluding items affecting comparability.
Q4 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
|---|---|---|---|---|---|
| Operating Income (EBIT) | 385 | 588 | 486 | -1,920 | -461 |
| Items affecting comparability | 23 | 42 | 9 | 1,288 | 1,363 |
| Adjusted EBIT | 409 | 630 | 494 | -632 | 902 |
Q4 2024/25
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
|---|---|---|---|---|---|
| Operating Income (EBIT) | 457 | 798 | 676 | -2,128 | -197 |
| Items affecting comparability | 0 | 6 | 0 | 1,034 | 1,040 |
| Adjusted EBIT | 457 | 804 | 676 | -1,094 | 843 |
Full year 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
|---|---|---|---|---|---|
| Operating Income (EBIT) | 1,493 | 2,413 | 1,845 | -5,516 | 234 |
| Items affecting comparability | 52 | 63 | 31 | 1,670 | 1,817 |
| Adjusted EBIT | 1,545 | 2,476 | 1,877 | -3,846 | 2,051 |
Full year 2024/25
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
|---|---|---|---|---|---|
| Operating Income (EBIT) | 1,946 | 2,321 | 2,224 | -5,601 | 890 |
| Items affecting comparability | 21 | 12 | 9 | 1,164 | 1,207 |
| Adjusted EBIT | 1,967 | 2,333 | 2,233 | -4,437 | 2,097 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Adjusted earnings per share
Adjusted earnings per share is used to track the underlying operational performance, i.e. excluding items affecting comparability.
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| Net income for the period attributable to: | ||||
| Parent Company shareholders | -866 | -386 | -519 | 237 |
| Items affecting comparability | 1,363 | 1,040 | 1,817 | 1,207 |
| Tax on Items affecting comparability | -278 | -229 | -371 | -266 |
| Adjusted net income | 219 | 425 | 927 | 1,178 |
| 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 | 0.57 | 1.11 | 2.43 | 3.08 |
| Adjusted earnings per share after dilution 2 | 0.57 | 1.11 | 2.43 | 3.08 |
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.
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| R&D expenditure, net | 1,239 | 1,376 | 2,633 | 2,676 |
| R&D items affecting comparability | -790 | -962 | -879 | -1,023 |
| R&D capitalization | 176 | 274 | 874 | 1,207 |
| R&D amortization | -174 | -169 | -692 | -663 |
| Adjusted R&D Expenditure, gross | 451 | 519 | 1,936 | 2,197 |
| Net Sales | 4,762 | 5,156 | 16,718 | 18,016 |
| Adjusted R&D Expenditure of net sales | 9% | 10% | 12% | 12% |
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.
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| Gross order intake | 4,567 | 5,792 | 17,441 | 19,718 |
| Net sales | 4,762 | 5,156 | 16,718 | 18,016 |
| Book-to-bill | 0.96 | 1.12 | 1.04 | 1.09 |
ELEKTA
Q4 2025/26
Year-end report May–April 2025/26
Adjusted EBITC margin
EBIT adjusted for R&D capitalization and amortization, excluding items affecting comparability, as of net sales. EBITC margin is used by management to track EBIT excluding effects of capitalization, amortization and items affecting comparability.
| SEK M | Q4 | Full year | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| Adjusted EBIT | 902 | 843 | 2,051 | 2,097 |
| R&D Capitalization | -176 | -274 | -874 | -1,207 |
| R&D Amortization | 174 | 169 | 692 | 663 |
| Adjusted EBITC | 900 | 738 | 1,869 | 1,554 |
| Net sales | 4,762 | 5,156 | 16,718 | 18,016 |
| Adjusted EBITC margin | 18.9% | 14.3% | 11.2% | 8.6% |
ELEKTA
Q4 2025/26
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 value-creating innovations in solutions and AI-supported service based on a global network.
Elekta
Elekta AB
Box 7001
SE - 103 93
Stockholm, Sweden
T +46 8 887 254 00
E +46 8 887 254 01
elekta.com
f mekta
X
@elekta
in company/elekta
@elekta