Elekta — Interim / Quarterly Report 2022

Feb 24, 2022

Q3

• Gross order intake amounted to SEK 4,441 M (3,954), corresponding to an 8 percent increase in constant currency.
• Net sales were SEK 3,602 M (3,581), corresponding to a 3 percent decrease in constant currency
• Gross margin amounted to 36.7 percent (38.7)
• EBIT amounted to SEK 340 M (468), corresponding to an EBIT margin of 9.4 percent (13.1). Excluding the contribution to Elekta Foundation, EBIT was SEK 375 M, corresponding to a margin of 10.4 percent.
• Earnings per share was SEK 0.60 (0.84) before/after dilution
• Cash flow after continuous investments amounted to SEK 187 M (496)

Third quarter First nine months

• Gross order intake amounted to SEK 12,467 M (12,032), corresponding to a 5 percent growth in constant currency
• Net sales were SEK 10,309 M (10,096), corresponding to a 4 percent increase in constant currency
• Gross margin amounted to 37.5 percent (41.6)
• EBIT amounted to SEK 1,074 M (1,361), corresponding to an EBIT margin of 10.4 percent (13.5).
• Earnings per share was SEK 1.93 (2.39) before/after dilution
• Cash flow after continuous investments amounted to SEK -173 M (886)

Significant events after the quarter

• On 14 February, Elekta published preliminary results for the third quarter.

Group summary

	Q3 First nine months
SEK M	2021/22	2020/21	Δ	2021/22	2020/21	Δ
Gross order intake	4 441	3 954	8% 4	12 467	12 032	5% 4
Net sales	3 602	3 581	-3% 4	10 309	10 096	4% 4
Gross margin	36,7%	38,7%	-2 ppts	37,5%	41,6%	-4,1 ppts
EBIT 1	340	468	-27%	1 074	1 361	-21%
EBIT margin	9,4%	13,1%	-3,6 ppts	10,4%	13,5%	-3,1 ppts
2 Cash flow	187	496	-62%	-173	886	-120%
Earnings per share, SEK 3	0,60	0,84	-29%	1,93	2,39	-19%

1 Including the contribution to Elekta Foundation of SEK 35 M reported in Q3 2021/22.

² After continuous investments.

³ Before/after dilution.

⁴ Based on constant currency.

This is information is 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 24, 2022. (REGMAR)

Forward-looking information. This report included forward-looking statements including, but not limited to, statements relation 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, whether as a result of new information, future events or otherwise, except as required by law or stock exchange regulations.

Third quarter

Strong demand, and supply chain challenges

The demand for Elekta's solutions continued to be strong in the third quarter, the fifth consecutive quarter with underlying order growth, resulting in Elekta's strongest order backlog ever. However, the global supply chain challenges remained, and revenue and margins came in lower than last year. We are fully committed to returning to revenue growth and margin expansion.

Recovery in emerging markets

We experienced strong demand in the third quarter, driven by Europe and recovery in several emerging markets such as Egypt and India. During the Arab Health conference in Dubai, I experienced first-hand the many activities addressing the large need for radiation oncology in the Middle East & Africa. One example of progress was the signing of a significant deal with Elevate Healthcare, where we will deliver Solutions to establish state-of-the-art cancer centers in Egypt and Ghana.

Supply chain challenges

The global supply chain and logistics challenges remained, and total revenue came in at -3 percent in the quarter. Solution revenues declined by 9 percent due to the longer supply chain lead times. Service revenue increased by 7 percent, growing faster than the installed base.

Increased costs for logistics and components continued to put pressure on margins of additional around 300 bps compared to the third quarter last year. Most of the effect came from higher freight costs. Margins were also affected by lower installation volumes compared to plan. I am not satisfied with our current level of profitability, and we are further accelerating our resilience and excellence activities.

Delivering on our strategy, ACCESS 2025

During the quarter we established a sales office in Manila. A direct presence will allow Elekta to better address the large gap in access to radiation therapy in the Philippines and provide new and existing customers with service, education and training, and faster access to the latest cancer care solutions.

We are accelerating our customers adoption of innovation and we continue to successfully roll out Unity, the clinical evidence journey is progressing well, and we have also received great feedback on the new functionalities launched at ASTRO. Our new linac, Harmony, is developing very well. Its enabling of improved productivity, precision and versatility makes it ideal to address the increased cancer care backlogs in many healthcare systems.

Looking forward

Our order growth confirms Elekta's competitive offer, and our strong commitment to customers generates a strong platform for profitable growth going forward.

For the fourth quarter we expect higher installation volumes than last year, but component shortages will continue to be challenging.

Gustaf Salford President and CEO

Strongest order backlog ever

8% order growth

Third quarter Order intake and order backlog

The positive order trend seen in the last four quarters continued this quarter. The pandemic challenges in the emerging markets eased and these markets drove the performance together with a strong development in Europe. Compared to the third quarter last year order intake increased by 8 percent in constant currency. Solutions kept growing with double digits, whereas Service had a soft quarter. The development was good in all business lines but Neuro. Linac had an especially strong performance in the quarter.

Order backlog increased both in constant currency and SEK, and amounted to SEK 37,552 M, compared to SEK 33,293 M on April 30, 2021. The positive translation effect due to the conversion to closing exchange rates amounted to SEK 2,957 M.

Gross order intake

	Q3				First nine months
SEK M	2021/22	2020/21	1 Δ	Δ	2021/22	2020/21	1 Δ	Δ
Americas	1,039	979	-3%	6%	3,590	3,632	0%	-1%
EMEA	2,087	1,685	23%	24%	4,797	4,444	10%	8%
APAC	1,315	1,289	-3%	2%	4,079	3,956	4%	3%
Group	4,441	3,954	8%	12%	12,467	12,032	5%2	4%

¹ Based on constant currency.

² Excluding the largest deal ever in Elekta's history the growth rate was 11%.

North and South America (Americas)

In the Americas, the reported order intake decreased by 3 percent in constant currency during the third quarter. The region faced tough comparables in the US, and the omicron version of the virus dampened the American order intake. South America returned to growth with larger markets, such as Mexico and Colombia, delivering good growth figures.

Europe, Middle East and Africa (EMEA)

EMEA had a strong order growth of 23 percent in constant currency. Europe continued to show good double-digit growth rate with great performance in every region except southern Europe. The Middle East & Africa returned to growth in this quarter and delivered strong figures. Egypt, Ghana and Turkey were the main growth countries in this part of the region.

Asia Pacific (APAC)

Order intake in APAC decreased by 3 percent in constant currency, driven by a weak Chinese market. Despite this, Elekta managed to increase its market share in China, but the order intake was softer than last year. The strong growth in India, Japan and New Zealand continued and was joined by a strong growth in Australia. The East Asian market also recovered.

Gross order intake Group

Gross order intake Americas

Gross order intake EMEA

Gross order intake APAC

Third quarter Net sales

The turbulence in the freight market and the ongoing challenges of the pandemic made installations in the third quarter difficult. This was mainly noticeable in lower-volume solutions like Unity and Leksell Gamma Knife that rely on global installation teams. The pandemic related challenges have previously been greater in emerging markets than in mature markets, but in the third quarter the installation conditions improved in emerging markets. Based on constant currency net sales declined by 3 percent in the third quarter. In SEK, net sales increased by 1 percent to SEK 3,602 M (3,581).

Net sales per region

	Q3				First nine months
SEK M	2021/22	2020/21	1 Δ	Δ	2021/22	2020/21	1 Δ	Δ
Americas	1,003	959	-2%	5%	2,941	2,810	6%	5%
EMEA	1,214	1,248	-4%	-3%	3,641	3,618	3%	1%
APAC	1,385	1,375	-2%	1%	3,726	3,669	3%	2%
Group	3,602	3,581	-3%	1%	10,309	10,096	4%	2%

¹ Based on constant currency.

Geographically, all three regions had declining revenues in constant currency. Especially for APAC this was due to a tough comparable quarter. Revenue increased in the emerging part of APAC, but the negative development in more mature markets resulted in an overall decline for APAC. In China installations increased in the quarter. Revenues in Americas benefitted from growth in South America, while the low installation pace in the US continued. In EMEA, the good growth in Europe was offset by a decline in the Middle East & Africa.

Net sales of solutions decreased by 8 percent in constant currency, with growth in the Linac business and Brachy. At the end of the period Elekta had an installed base of approximately 6,800 devices, of which approximately 4,900 units were linacs, MR-Linacs or Leksell Gamma Knife systems. 45 percent of the installed base of linacs were in emerging (underserved) markets with a growth of around 40 systems in the quarter.

Service performed well with a growth rate of 7 percent based on constant currency and had good growth in most business lines.

Net sales per product

	Q3 First nine months
SEK M	2021/22	2020/21	1 Δ	Δ	2021/22	2020/21	1 Δ	Δ
Solutions	2,109	2,234	-8%	-6%	5,994	5,921	3%	1%
Service	1,494	1,347	7%	11%	4,315	4,175	5%	3%
Total	3,602	3,581	-3%	1%	10,309	10,096	4%	2%

¹ Based on constant currency.

7% revenue growth in Service

Net sales by quarter

Net sales by RTM²

Improved growth in emerging markets

Third quarter Earnings

Gross margin amounted to 36.7 percent (38.7) in the third quarter. The decrease was mainly explained by pandemic-driven temporarily higher supply chain, logistic and service costs, with an adverse impact of ~300 bps in total. The negative impact was partly offset by improved Solution and Service mix, which had a positive impact of ~100 bps.

Operating expenses during the third quarter increased by 3 percent in constant currency with higher administration costs and selling expenses, which were partly offset by lower net R&D expenditure. Administration costs increased by 14 percent in constant currency, driven by more investments in digitalization. The increase in selling expenses of 19 percent in constant currency was driven by higher business activities and investments in the sales organization. Net R&D expenditure decreased as more projects entered the capitalization phases in line with accelerated investment in innovations and lower amortization from Unity. Gross R&D expenditure to net sales increased to 13 percent (11) on a twelve-month rolling basis (RTM). Amortization of intangible assets and depreciation of tangible fixed assets amounted to a total of SEK 251 M (292) in the quarter. Operating income, EBIT, was SEK 340 M (468), representing a margin of 9.4 percent (13.1). By excluding the contribution to Elekta Foundation of SEK 35 M decided by AGM 2021 the operating margin was 10.4 percent.

Net financial items amounted to SEK -40 M (-48). The key driver was lower interest expenses as a result of a lower level of gross debt. Income after financial items amounted to SEK 300 M (420) and tax amounted to SEK -72 M (-99), representing a tax rate of 24 percent (23.5). Net income amounted to SEK 228 M (321) and earnings per share amounted to SEK 0.60 (0.84) before and after dilution. Return on shareholders' equity amounted to 13 percent (16) and return on capital employed was 11 percent (13).

Cash flow

Cash flow from operating activities was SEK 573 M (690). Cash flow after continuous investments was SEK 187 M (496). Investments in intangible assets amounted to SEK 331 M (165) in the third quarter. The increase was mainly related to R&D investments in the Linac family and Informatics. Investments in tangible assets increased to SEK 56 M (28) in the third quarter.

Lower earnings and higher continuous investments partly offset by higher reduction of working capital led to lower cash flows in the quarter compared to last year. Cash conversion in the quarter followed a normal seasonal pattern.

Cash flow (extract)

	Q3		First nine months
SEK M	2021/22	2020/21	2021/22	2020/21
Operating cash flow	384	658	1,346	1,992
Change in working capital	190	32	-528	-556
Cash flow from operating
activities	573	690	818	1,436
Continuous investments	-387	-194	-991	-550
Cash flow after continuous
investments	187	496	-173	886
EBITDA	591	759	1,849	2,257
Operational cash conversion	97%	91%	44%	64%

36.7% gross margin

13% R&D expenditure of net sales, RTM

Cash Flow from operating activities

Third quarter Working capital

Net working capital increased by SEK 91 M to SEK -387 M (-478) corresponding to -3 percent (-3) of net sales on a twelve-month rolling basis. Accounts receivables increased due to invoiced MR-Linac projects and as a result accrued income decreased. The increased inventory was due to extended supply chain lead times and reflect more systems in transit, which also explain higher customer advances. All individual working capital items were impacted by currency movements while the net effect on the total working capital from currencies was limited. For more information, see page 26.

Financial position

Cash and cash equivalents and short-term investments amounted to SEK 4,366 M (4,640). Interest-bearing liabilities excluding lease liabilities amounted to SEK 6,071 M (5,781). Net debt amounted to SEK 1,705 M (1,140). Net debt in relation to EBITDA was 0.63 (0.35). The average maturity of interest-bearing liabilities was 3.3 years.

Net debt

	Jan 31	Jan 31	Apr 30
SEK M	2022	2021	2021
Long-term interest-bearing liabilities	4,625	4,950	3,043
Short-term interest-bearing liabilities	1,446	831	2,141
Cash and cash equivalents and short-term
investments	-4,366	-4,640	-4,411
Net debt	1,705	1,140	774
Long-term lease liabilities	877	849	854
Short-term lease liabilities	235	188	200
Net debt including lease liabilities	2,817	2,178	1,828

The exchange rate effect from the translation of cash and cash equivalents amounted to SEK 154 M (-364). The translation difference in interest-bearing liabilities amounted to SEK 106 M (-265).

Sustainability agenda

Elekta's sustainability agenda is set on improving access to healthcare globally while operating a responsible and sustainable business. The UN Sustainable Development Goals (SDG) guides Elekta's approach to sustainability. The sustainability focus areas are: Access to Healthcare, Green Processes, Business Ethics and People in Focus.

Access to Healthcare – Elekta Foundation launched

Based on the decision at the Annual General Meeting 2021 Elekta Foundation was established in the third quarter with the contribution from Elekta of SEK 35 M. Elekta Foundation is an important and integral part of Elekta's ESG strategy and shares Elekta's vision - a world where everyone has access to the best cancer care. As a philanthropic organization, it is governed by a separate board and management with the mission to improve cancer care access in underserved regions and communities.

Working capital -15% -10% -5% 0% 5% 7,500 8,000 8,500 9,000 9,500 10,000 10,500 Q3 Q4 Q1 Q2 Q3 2020/21 2021/22 Working capital assets Working capital liabilities % of net sales

0.63 Net debt/EBITDA

Third quarter

Elekta Foundation will collaborate with academic institutions, governments and NGOs to drive philanthropic activities. The foundation will focus its initial efforts on the African countries of Kenya, Senegal and Rwanda, focusing on three key areas to improve cancer care access in these low- and middleincome countries:

1) Expand training & education

In radiotherapy, patient outcomes depend on how clinicians use their equipment and techniques. Unfortunately, there is a large knowledge gap in many countries. Some hospitals do have advanced treatment systems, yet lack the expertise required to use them to their full potential and with the highest safety. The Foundation has started working with academic partners to develop various programs to build radiotherapy competencies in underserved markets.

2) Strengthen cancer care infrastructure

The lack of cancer centers, equipment and trained staff is a significant burden in many developing countries. The Foundation will work to develop new tools and models to scale up cancer care infrastructure.

3) Increase awareness & prevention

In collaboration with other NGOs and local governments, the foundation will develop awareness and prevention initiatives. Early screening, detection and treatment are key to increasing the odds of surviving cancer. Radiotherapy techniques, such as brachytherapy, are very effective to treat early-stage patients. For more information see elektafoundation.com.

Risk and uncertainties

Elekta's presence in a large number of geographical markets exposes the Group to political and economic risks on a global scale and/or in individual countries. For more details, please see Annual Report 2020/21, page 34.

Impact from Covid-19

Covid-19 continued to have a negative impact on Elekta's business. During the third quarter the new Covid wave from the contagious omicron variant impacted several markets. Elekta has maintained its strong commitment to customers and their patients by continued focus on installing new devices and servicing the installed base. However, the supply chain challenges remained and had a negative impact on revenue due to longer supply chain lead times. Increased costs for logistics and components continued to put pressure on margins, which also were affected by lower installation volumes.

Overall, Elekta has managed well through the crisis, balancing the safety of employees with the commitments to customers and their patients. The treatment utilization rate in Elekta's installed base has been maintained at normal levels. The production sites of linacs in Crawley, UK and Beijing, China have been fully operational as have the production facilities of Brachy in the Netherlands and Neuro in Sweden. The continuity of Elekta's supplychain has benefitted from a dual source strategy and the fact that Elekta and its suppliers are labelled essential business by relevant government authorities.

Elekta has received governmental grants in the third quarter of SEK 8 M. During the fiscal year 2021/22 Elekta has not received any governmental grants in Sweden and on a global basis received governmental grants amount to approximately SEK 10 M.

Significant events

Third quarter

Elekta goes direct in the Philippines

In February, Elekta established an office in the Philippines to offer customers superior service, education and training opportunities and faster access to the latest cancer care solutions.

Elekta to appoint Tobias Hägglöv as CFO

In January, Elekta appointed Tobias Hägglöv as Chief Financial Officer (CFO). Tobias Hägglöv has previously held the role of CFO at Recipharm as well as senior management positions at LEAX, Electrolux, SAS and Accenture.

Johan Adebäck has taken on a new role focusing on Elekta's resilience and excellence program.

Elekta's new sustainability-linked bond oversubscribed

In December, Elekta issued Sweden's first sustainability-linked bond (SLB) with a pure social key performance indicator. The funds, SEK 1.5 billion, will contribute to closing the global access gap within radiation therapy through increasing the number of linear accelerators in underserved markets.

Second quarter¹

• Elekta establishes a framework for SLB
• Elekta receives initial investment grade rating from S&P
• Elekta acquires Turkish distributor
• Establishment of a philanthropic Elekta Foundation
• Elekta established in Indonesia
• Changes in Executive Management (Ardie Ermers new EVP Region Europe)

First quarter¹

• Elekta Harmony receives clearance by FDA
• Elekta and Philips to deepen their strategic partnership
• Changes in Executive Management (Renato Leite left Elekta)

Legal disputes²

No new material legal disputes, but after reassessment of the ongoing legal dispute in Italy, first communicated in November 2015, Elekta has concluded that the case should no longer be regarded as material. No changes to report on the other ongoing material legal dispute.

Midterm outlook

• Net sales CAGR >7% until 2024/25
• EBIT margin % expansion until 2024/25

Dividend policy

• ≥50% of net profit for the year

¹ For more details about the previous significant events please see respective quarterly report.

² The material legal disputes reported here are either new cases or previous cases with changes in the interim period. For previous reported cases please see Elekta's annual reports and previous interim reports.

Third quarter Employees

The average number of employees during the period was 4,591 (4,128). The average number of employees in the Parent Company was 56 (45).

Shares

Total number of registered shares on January 31, 2022 was 383,568,409 of which 14,980,769 were A-shares and 368,587,640 B-shares. On January 31, 2022 1,485,289 shares were treasury shares held by Elekta.

Stockholm February 24, 2022

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	2021/22	2020/21	2021/22	2020/21	RTM	2020/21
Net sales	3,602	3,581	10,309	10,096	13,976	13,763
Cost of products sold	-2,279	-2,194	-6,443	-5,897	-8,699	-8,153
Gross income	1,323	1,387	3,866	4,199	5,277	5,610
Selling expenses	-342	-279	-975	-830	-1,288	-1,143
Administrative expenses	-303	-255	-864	-794	-1,156	-1,086
R&D expenses	-339	-379	-1,040	-1,142	-1,384	-1,486
Other operating income and expenses	-43	-18	-77	-73	-89	-85
Exchange rate differences	44	11	164	0	260	97
Operating income	340	468	1,074	1,361	1,619	1,906
Financial items, net	-40	-48	-106	-169	-214	-277
Income after financial items	300	420	968	1,192	1,405	1,630
Income tax	-72	-99	-232	-280	-329	-377
Net income	228	321	736	912	1,076	1,253
Net income attributable to:
Parent Company shareholders	229	322	738	913	1,079	1,254
Non-controlling interests	- 1	- 1	- 2	- 1	- 3	- 1
Average number of shares
Before dilution, millions	382	382	382	382	382	382
After dilution, millions	382	382	382	382	382	382
Earnings per share
Before dilution, SEK	0.60	0.84	1.93	2.39	2.83	3.28
After dilution, SEK	0.60	0.84	1.93	2.39	2.83	3.28

Consolidated statement of comprehensive income

	Q3 First nine months			12 months
SEK M	2021/22	2020/21	2021/22	2020/21	RTM	2020/21
Net income	228	321	736	912	1,076	1,253
Other comprehensive income:
Items that will not be reclassified to the income statement:
Remeasurements of defined benefit pension plans	0	-	10	-	7	- 3
Change in fair value of equity instruments	0	138	- 1	211	- 7	206
Tax	0	-30	- 3	-45	0	-43
Total items that will not be reclassified to the income
statement	0	108	6	166	0	160
Items that subsequently may be reclassified to the income
statement:
Revaluation of cash flow hedges	-205	151	-321	283	-372	231
Translation differences from foreign operations	736	-339	673	-868	703	-838
Tax relating to revaluation of cash flow hedges	42	-32	66	-60	78	-48
Total items that subsequently may be reclassified
to the income statement	573	-220	418	-646	409	-654
Other comprehensive income for the period	573	-112	424	-479	409	-494
Total comprehensive income for the period	801	209	1,160	433	1,485	759
Comprehensive income attributable to:
Parent Company shareholders	802	210	1,163	433	1,488	760
Non-controlling interests	- 1	- 1	- 3	- 1	- 3	- 1

Third quarter and first nine months Consolidated balance sheet statement – condensed

	Jan 31	Jan 31	Apr 30
SEK M	2022	2021	2021
Non-current assets
Intangible assets	9,900	8,734	8,779
Right-of-use assets	999	941	953
Tangible assets	974	861	897
Financial assets	692	560	533
Deferred tax assets	555	447	436
Total non-current assets	13,120	11,543	11,597
Current assets
Inventories	2,743	2,416	2,283
Accounts receivable	3,719	3,287	3,281
Accrued income	1,720	1,831	1,772
Other current receivables	1,910	1,747	1,502
Cash and cash equivalents	4,366	4,640	4,411
Total current assets	14,457	13,921	13,247
Total assets	27,577	25,464	24,844
Equity attributable to Parent Company shareholders	8,950	8,211	8,197
Non-controlling interests	- 3	0	0
Total equity	8,947	8,211	8,197
Non-current liabilities
Long-term interest-bearing liabilities	4,625	4,950	3,043
Long-term lease liabilities	877	849	854
Other long-term liabilities	823	911	810
Total non-current liabilities	6,325	6,710	4,707
Current liabilities
Short-term interest-bearing liabilities	1,446	831	2,141
Short-term lease liabilities	235	188	200
Accounts payable	1,187	947	1,016
Advances from customers	4,267	3,753	3,759
Prepaid income	2,238	2,052	2,082
Accrued expenses	1,754	1,723	1,837
Other current liabilities	1,180	1,049	905
Total current liabilities	12,306	10,543	11,941
Total equity and liabilities	27,577	25,464	24,844

Third quarter and first nine months Changes in consolidated equity – condensed

	Jan 31		Apr 30
SEK M	2021/22	2020/21	2020/21
Attributable to Parent Company shareholders
Opening balance	8,197	8,113	8,113
Comprehensive income for the period	1,163	433	760
Incentive programs	11	9	12
Dividend	-420	-344	-688
Total	8,950	8,211	8,197
Attributable to non-controlling interests
Opening balance	0	1	1
Comprehensive income for the period	- 3	- 1	- 1
Total	- 3	0	0
Closing balance	8,947	8,211	8,197

Third quarter and first nine months Consolidated cash flow statement – condensed

	Q3		First nine months		12 months
SEK M	2021/22	2020/21	2021/22	2020/21	RTM	2020/21
Income after financial items	300	420	968	1,192	1,405	1,630
Amortization and depreciation	251	292	775	896	1,083	1,204
Interest net	24	34	76	123	157	204
Other non-cash items	-43	111	-79	262	-36	307
Interest received and paid	-16	-39	-79	-130	-168	-220
Income taxes paid	-133	-160	-315	-351	-429	-465
Operating cash flow	384	658	1,346	1,992	2,012	2,660
Change in inventories	-140	- 5	-267	112	-110	270
Change in operating receivables	75	-102	-177	-954	5	-772
Change in operating liabilities	254	140	-84	285	23	393
Change in w orking capital	190	32	-528	-556	-81	-109
Cash flow from operating activities	573	690	818	1,436	1,930	2,551
Investments in intangible assets	-331	-165	-845	-460	-1,064	-678
Investments in tangible assets	-56	-28	-145	-90	-221	-167
Continuous investments	-387	-194	-991	-550	-1,285	-845
Cash flow after continuous investments	187	496	-173	886	645	1,706
Short-term investments	-	-	-	56	4	60
Business combinations, divestments and investments in
other shares	-27	443	-147	214	-189	172
Cash flow after investments	160	939	-321	1,156	460	1,938
Dividends	-	-	-420	-344	-764	-688
Cash flow from other financing activities	1,260	-71	543	-2,213	-161	-2,917
Cash flow for the period	1,420	868	-198	-1,403	-463	-1,667
Change in cash and cash equivalents during the period Cash and cash equivalents at the beginning of the
period	2,796	3,913	4,411	6,407	4,640	6,407
Cash flow for the period	1,420	868	-198	-1,403	-463	-1,667
Exchange rate differences	149	-141	154	-364	188	-329
Cash and cash equivalents at the end of the
period	4,366	4,640	4,366	4,640	4,366	4,411

Third quarter and first nine months Parent company

Income statement and statement of comprehensive income - condensed

	First nine months
SEK M	2021/22	2020/21
Operating expenses	-269	-187
Financial net	582	319
Income after financial items	313	132
Tax	49	7
Net income	362	139
Statement of comprehensive income
Net income	362	139
Other comprehensive income	-	-
Total comprehensive income	362	139

Balance sheet - condensed

	Jan 31	Apr 30
SEK M	2022	2021
Non-current assets
Intangible assets	41	46
Shares in subsidiaries	2,683	2,590
Receivables from subsidaries	2,283	2,194
Other financial assets	94	94
Deferred tax assets	76	27
Total non-current assets	5,177	4,951
Current assets
Receivables from subsidaries	2,632	2,895
Other current receivables	77	39
Cash and cash equivalents	3,284	3,421
Total current assets	5,993	6,355
Total assets	11,170	11,306
Shareholders' equity	2,031	2,087
Non-current liabilities
Long-term interest-bearing liabilities	4,625	3,043
Long-term provisions	38	40
Total non-current liabilities	4,663	3,083
Current liabilities
Short-term interest-bearing liabilities	1,436	2,141
Short-term liabilities to Group companies	2,902	3,858
Other current liabilities	139	137
Total current liabilities	4,477	6,136
Total shareholders' equity and liabilities	11,170	11,306

Third quarter and first nine months 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 2020/21.

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.

Related party transactions

Related party transactions are described in note 36 in the Annual Report for 2020/21. No material changes have taken place in relations or transactions with related parties companies compared with the description in the Annual report 2020/21. In accordance with the decision at the Annual General Meeting 2021, Elekta has paid SEK 35 M to Elekta Foundation, an independent philanthropic organization.

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 order book and balance sheets are translated at closing exchange rates.

Country	Currency		Average rate Closing rate
			Q3		Jan 31		Apr 30
		2022	2021	1 Δ	2022	2021	2021	1 Δ	2 Δ
Euroland	1 EUR	10.176	10.343	-2%	10.513	10.124	10.151	4%	4%
Great Britain	1 GBP	11.945	11.490	4%	12.635	11.466	11.682	10%	8%
Japan	1 JPY	0.078	0.084	-7%	0.082	0.080	0.077	2%	6%
United States	1 USD	8.713	8.864	-2%	9.416	8.366	8.377	13%	12%

1 January 31, 2022 vs January 31, 2021

2 January 31, 2022 vs Apr 30, 2021

Segment reporting

Elekta applies geographical segmentation. Order intake, 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 centres and Parent Company are not allocated per region. Currency exposure is concentrated to product supply centres. 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. Revenue from solutions are recognized at a point in time and revenue from services are recognized over time.

Q3 2021/22

				Other /	Group	% of net
SEK M	Americas	EMEA	APAC	Group-wide	total	sales
Net sales	1,003	1,214	1,385	-	3,602
Regional expenses	-629	-733	-984	-	-2,346	65%
Contribution margin	374	481	402	-	1,256	35%
Contribution margin, %	37%	40%	29%
Global costs	-	-	-	-916	-916	25%
Operating income	374	481	402	-916	340	9%
Net financial items	-	-	-	-40	-40
Income after financial items	374	481	402	-956	300

Q3 2020/21

				Other /	Group	% of net
SEK M	Americas	EMEA	APAC	Group-wide	total	sales
Net sales	959	1,248	1,375	-	3,581
Regional expenses	-590	-890	-985	-	-2,465	69%
Contribution margin	369	358	389	-	1,116	31%
Contribution margin, %	38%	29%	28%
Global costs	-	-	-	-648	-648	18%
Operating income	369	358	389	-648	468	13%
Net financial items	-	-	-	-48	-48
Income after financial items	369	358	389	-696	420

First nine months 2021/22

				Other /	Group	% of net
SEK M	Americas	EMEA	APAC	Group-wide	total	sales
Net sales	2,941	3,641	3,726	-	10,309
Regional expenses	-1,824	-2,276	-2,560	-	-6,660	65%
Contribution margin	1,117	1,365	1,166	-	3,649	35%
Contribution margin, %	38%	37%	31%
Global costs	-	-	-	-2,575	-2,575	25%
Operating income	1,117	1,365	1,166	-2,575	1,074	10%
Net financial items	-	-	-	-106	-106
Income after financial items	1,117	1,365	1,166	-2,681	968

First nine months 2020/21

				Other /	Group	% of net
SEK M	Americas	EMEA	APAC	Group-wide	total	sales
Net sales	2,810	3,618	3,669	-	10,096
Regional expenses	-1,649	-2,311	-2,474	-	-6,434	64%
Contribution margin	1,161	1,307	1,195	-	3,663	36%
Contribution margin, %	41%	36%	33%
Global costs	-	-	-	-2,302	-2,302	23%
Operating income	1,161	1,307	1,195	-2,302	1,361	13%
Net financial items	-	-	-	-169	-169
Income after financial items	1,161	1,307	1,195	-2,470	1,192

Full-year 2020/21

				Other /	Group	% of net
SEK M	Americas	EMEA	APAC	Group-wide	total	sales
Net sales	3,888	5,140	4,735	-	13,763
Regional expenses	-2,386	-3,260	-3,227	-	-8,874	64%
Contribution margin	1,502	1,880	1,507	-	4,889	36%
Contribution margin, %	39%	37%	32%
Global costs	-	-	-	-2,983	-2,983	22%
Operating income	1,502	1,880	1,507	-2,983	1,906	14%
Net financial items	-	-	-	-277	-277
Income after financial items	1,502	1,880	1,507	-3,259	1,630

Rolling twelve months

				Other /	Group	% of net
SEK M	Americas	EMEA	APAC	Group-wide	total	sales
Net sales	4,020	5,164	4,792	-	13,976
Regional expenses	-2,561	-3,226	-3,313	-	-9,101	65%
Contribution margin	1,458	1,938	1,479	-	4,875	35%
Contribution margin, %	36%	38%	31%
Global costs	-	-	-	-3,256	-3,256	23%
Operating income	1,458	1,938	1,479	-3,256	1,619	12%
Net financial items	-	-	-	-214	-214
Income after financial items	1,458	1,938	1,479	-3,470	1,405

Third quarter and first nine months Net sales by product type

Q3 2021/22

				Other /
SEK M	Americas	EMEA	APAC	Group-wide	Group total
Solutions	396	679	1,034	-	2,109
Service	606	535	352	-	1,494
Total	1,003	1,214	1,385	-	3,602

Q3 2020/21

				Other /
SEK M	Americas	EMEA	APAC	Group-wide	Group total
Solutions	404	764	1,066	-	2,234
Service	555	484	308	-	1,347
Total	959	1,248	1,375	-	3,581

First nine months 2021/22

				Other /
SEK M	Americas	EMEA	APAC	Group-wide	Group total
Solutions	1,166	2,100	2,729	-	5,994
Service	1,776	1,542	998	-	4,315
Total	2,941	3,641	3,726	-	10,309

First nine months 2020/21

			Other /
SEK M	Americas	EMEA	APAC	Group-wide	Group total
Solutions	1,034	2,138	2,749	-	5,921
Service	1,776	1,479	919	-	4,175
Total	2,810	3,618	3,669	-	10,096

Full-year 2020/21

			Other /
SEK M	Americas	EMEA	APAC	Group-wide	Group total
Solutions	1,563	3,126	3,485	-	8,175
Service	2,325	2,014	1,249	-	5,588
Total	3,888	5,140	4,735	-	13,763

Rolling twelve months

				Other /
SEK M	Americas	EMEA	APAC	Group-wide	Group total
Solutions	1,695	3,088	3,465	-	8,248
Service	2,324	2,076	1,328	-	5,728
Total	4,020	5,164	4,792	-	13,976

Third quarter and first nine months 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, 2022		Jan 31, 2021		Apr 30, 2021
SEK M	Carrying amount	Fair value	Carrying amount	Fair value	Carrying amount	Fair value
Long-term interest-bearing liabilities	4,625	4,856	4,950	5,357	3,043	3,250
Short-term interest-bearing liabilities	1,446	1,448	831	831	2,141	2,174

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, 2022	Jan 31, 2021	Apr 30, 2021
FINANCIAL ASSETS
Financial assets measured at fair value through profit or loss:
Derivative financial instruments – non-hedge accounting	2	38	40	32
Short-term investments classified as cash equivalents	1	842	762	792
Financial assets measured at fair value through other
comprehensive income:
Equity instruments	1	58	65	60
Derivatives used for hedging purposes:
Derivative financial instruments – hedge accounting	2	230	278	212
Total financial assets		1,168	1,145	1,096
FINANCIAL LIABILITIES
Financial liabilities at fair value through profit or loss:
Derivative financial instruments – non-hedge accounting	2	97	18	29
Contingent considerations	3	72	157	120
Derivatives used for hedging purposes:
Derivative financial instruments – hedge accounting	2	352	28	13
Total financial liabilities		521	203	162

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.

Third quarter and first nine months Key figures and data per share

Key figures

	May - Apr1		May - Apr	May - Jan
	2016/17	2017/18	2018/19	2019/20	2020/21	2020/21	2021/22
Gross order intake, SEK M	14,064	14,493	16,796	17,735	17,411	12,032	12,467
Net sales, SEK M	10,704	11,573	13,555	14,601	13,763	10,096	10,309
Order backlog, SEK M	22,459	27,974	32,003	34,689	33,293	31,864	37,552
Operating income, SEK M	598	1,845	1,696	1,657	1,906	1,361	1,074
Operating margin, %	5.6	15.9	12.5	11.3	13.9	13.5	10.4
Shareholders' equity, SEK M 2	6,774	6,987	7,779	8,113	8,197	8,211	8,950
Return on shareholders' equity, %	2	22	17	14	16	16	13
Net debt, SEK M	1,889	803	439	1,632	774	1,140	1,705
Operational cash conversion, %	145	95	61	35	82	64	44
Average number of employees	3,581	3,702	3,798	4,117	4,194	4,128	4,591

¹ Calculation based on IAS18

² Attributable to Parent Company shareholders

Data per share

May - Apr1
2016/17	2017/18	2018/19	2019/20	2020/21	2020/21	2021/22
0.33	3.53	3.14	2.84	3.28	2.39	1.93
0.33	3.53	3.14	2.84	3.28	2.39	1.93
2.69	3.79	2.48	-0.74	5.07	3.02	-0.84
2.69	3.79	2.48	-0.74	5.07	3.02	-0.84
17.73	18.29	20.36	21.23	21.45	21.49	23.42
17.73	18.29	20.36	21.23	21.45	21.49	23.42
381,306	382,027	382,027	382,062	382,083	382,083	382,083
381,306	382,027	382,027	382,062	382,083	382,083	382,083
382,027	382,027	382,027	382,083	382,083	382,083	382,083
382,027	382,027	382,027	382,083	382,083	382,083	382,083
				May - Apr		May - Jan

¹ Calculation based on IAS18.

² Number of registered shares at closing excluding treasury shares (1,485,289 per January 31, 2022).

Data per quarter

	2019/20			2020/21				2021/22
SEK M	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Gross order intake	4,276	5,032	4,451	3,627	3,954	5,379	3,980	4,045	4,441
Net sales	3,656	4,008	2,981	3,534	3,581	3,667	3,009	3,697	3,602
Operating income	443	658	335	559	468	545	201	533	340
Cash flow from operating activities	-21	1,244	211	535	690	1,114	-81	325	573

Order intake growth based on constant currency

	2019/20		2020/21			2021/22
%	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Americas	-43	0	66	-12	41	13	-7	16	-3
EMEA	9	-17	-20	20	-17	7	0	3	23
APAC	-6	-13	-12	-12	8	46	-4	19	-3
Group	-11	-10	4	-2	2	18	-4	12	8

Investments and amortization/depreciation

		Q3	First nine months
SEK M	2021/22	2020/21	2021/22	2020/21
R&D, net Capitalization Amortization	185 295 -109	0 165 -165	440 808 -368	-53 458 -511
Other, net	- 3	- 2	- 5	- 3
Total, net	182	- 2	435	-58

Significant events after the quarter

On 14 February, Elekta published preliminary results for the third quarter.

Third quarter and first nine months 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 www.elekta.com/investors/financials/definitions. Definitions and additional information on APMs can also be found on pages 155-157 in the Annual Report 2020/21.

Order and sales growth based on constant currency

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

Change gross order intake

								Group
		Americas		EMEA		APAC		total
	%	SEK M	%	SEK M	%	SEK M	%	SEK M
Q3 2021/22 vs. Q3 2020/21
Change based on constant currency	- 3	-27	23	395	- 3	-42	8	325
Currency effects	9	87	0	7	5	68	4	162
Reported change	6	60	24	402	2	26	12	488
Q3 2020/21 vs. Q3 2019/20
Change based on constant currency	41	323	-17	-362	8	110	2	70
Currency effects	-18	-139	- 5	-111	-11	-142	- 9	-393
Reported change	23	184	-22	-473	- 2	-33	- 8	-322
May - Jan 2021/22 vs. May - Jan 2020/21
Change based on constant currency	0	- 8	10	442	4	143	5	577
Currency effects	- 1	-34	- 2	-88	- 1	-20	- 1	-142
Reported change	- 1	-42	8	353	3	123	4	435
May - Jan 2020/21 vs. May - Jan 2019/20
Change based on constant currency	29	885	- 9	-459	- 6	-277	1	150
Currency effects	-10	-314	- 4	-221	- 6	-286	- 6	-820
Reported change	19	571	-13	-680	-12	-562	- 5	-671

Change net sales

								Group
		Americas		EMEA		APAC		total
	%	SEK M	%	SEK M	%	SEK M	%	SEK M
Q3 2021/22 vs. Q3 2020/21
Change based on constant currency	-2	-18	-4	-46	-2	-34	-3	-98
Currency effects	6	62	1	12	3	44	3	119
Reported change	5	44	-3	-34	1	11	1	21
Q3 2020/21 vs. Q3 2019/20
Change based on constant currency	7	67	-7	-95	22	273	7	245
Currency effects	-12	-117	-6	-85	-10	-118	-9	-320
Reported change	-5	-50	-13	-180	13	155	-2	-75
May - Jan 2021/22 vs. May - Jan 2020/21
Change based on constant currency	6	161	3	100	3	122	4	383
Currency effects	-1	-29	-2	-76	-2	-65	-2	-170
Reported change	5	131	1	24	2	58	2	213
May - Jan 2020/21 vs. May - Jan 2019/20
Change based on constant currency	-5	-165	-4	-172	15	519	2	182
Currency effects	-8	-252	-5	-185	-7	-241	-6	-678
Reported change	-13	-417	-9	-358	8	278	-5	-497

EBITDA

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

SEK M	Q3 2020/21	Q4 2020/21	Q1 2021/22	Q2 2021/22	Q3 2021/22
Operating income/EBIT	468	545	201	533	340
Amortization intangible assets:
Capitalized development costs	167	169	149	113	113
Assets relating business combinations	29	28	29	29	32
Depreciation fixed assets	96	111	100	105	106
EBITDA	759	853	479	780	591

Return on capital employed

Return on capital employed is a measure of the profitability after taking into account the amount of total capital used unrelated to type of financing. A higher return on capital employed indicates a more efficient use of capital. Capital employed represents the value of the balance sheet net assets that is the key driver of cash flow and capital required to run the business. It is also used in the calculation of return on capital employed.

SEK M	Jan 31, 2021	Apr 30, 2021	Jul 31, 2021	Oct 31, 2021	Jan 31, 2022
Income after financial items (12 months rolling)	1,773	1,630	1,512	1,525	1,405
Financial expenses (12 months rolling)	270	295	276	245	238
Income after financial items plus financial expenses	2,043	1,924	1,788	1,770	1,644
Total assets	25,464	24,844	24,201	23,843	27,577
Deferred tax liabilities	-566	-515	-468	-482	-443
Long-term provisions	-264	-224	-215	-218	-235
Other long-term liabilities	-81	-71	-88	-82	-144
Accounts payable	-947	-1,016	-1,145	-1,111	-1,187
Advances from customers	-3,753	-3,759	-3,712	-3,802	-4,267
Prepaid income	-2,052	-2,082	-2,021	-1,946	-2,238
Accrued expenses	-1,723	-1,837	-1,550	-1,603	-1,754
Current tax liabilities	-210	-137	-166	-199	-277
Short-term provisions	-169	-174	-159	-181	-187
Derivative financial instruments	-41	-35	-34	-40	-351
Other current liabilities	-628	-559	-406	-401	-365
Capital employed	15,030	14,435	14,238	13,777	16,129
Average capital employed (last five quarters)	15,656	15,735	15,088	14,490	14,722
Return on capital employed	13%	12%	12%	12%	11%

Return on shareholders' equity

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

SEK M	Q3 2020/21	Q4 2020/21	Q1 2021/22	Q2 2021/22	Q3 2021/22
Net income (12 months rolling)	1,320	1,254	1,164	1,173	1,079
Average shareholders' equity excluding non-controlling interests (last five quarters)	8,070	8,069	8,121	8,185	8,375
Return on shareholders' equity	16%	16%	14%	14%	13%

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.

from operating activities and EBITDA.
SEK M	Q3 2020/21	Q4 2020/21	Q1 2021/22	Q2 2021/22	Q3 2021/22
Cash flow from operating activities	690	1,114	-81	325	573
EBITDA	759	853	479	780	591
Operational cash conversion	91%	130%	-17%	42%	97%

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	2022	2021	2021
Working capital assets
Inventories	2,743	2,416	2,283
Accounts receivable	3,719	3,287	3,281
Accrued income	1,720	1,831	1,772
Other operating receivables	1,430	1,261	1,116
Sum working capital assets	9,611	8,795	8,451
Working capital liabilities
Accounts payable	1,187	947	1,016
Advances from customers	4,267	3,753	3,759
Prepaid income	2,238	2,052	2,082
Accrued expenses	1,754	1,723	1,837
Short-term provisions	187	169	174
Other current liabilities	365	628	559
Sum working capital liabilities	9,998	9,273	9,428
Net working capital	-387	-478	-977
% of 12 months net sales	-3%	-3%	-7%

Days Sales Outstanding

Days Sales Outstanding was negative 28 days on January 31, 2022 (negative 21 days per April 30, 2021).

	Jan 31	Jan 31	Apr 30
SEK M	2022	2021	2021
North and South America	-81	-72	-72
Europe, Middle East and Africa	39	46	57
Asia Pacific	-49	-38	-64
Group	-28	-18	-21

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, 2021	Apr 30, 2021	Jul 31, 2021	Oct 31, 2021	Jan 31, 2022
Long-term interest-bearing liabilities	4,950	3,043	3,067	3,050	4,625
Short-term interest-bearing liabilities	831	2,141	1,769	1,520	1,446
Cash and cash equivalents and short-term investments	-4,640	-4,411	-3,652	-2,796	-4,366
Net debt	1,140	774	1,183	1,773	1,705
EBITDA (12 months rolling)	3,265	3,110	2,938	2,871	2,703
Net debt/EBITDA ratio	0.35	0.25	0.40	0.62	0.63

Third quarter and first nine months Shareholder information

Conference call

Elekta will host a web conference at 10:00-11:00 CET on February 24 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 8 505 583 65 United Kingdom: +44 333 300 9030 United States: +1 646 722 4902

https://elekta-qreports.creo.se/220224/

Financial calendar

Year-end report, May-Apr 2021/22	May 25, 2022
Annual General Meeting 2022	Aug 25, 2022
Interim report, Q1, May-July 2022/23	Aug 25, 2022
Interim report, Q2, May-Oct 2022/23	Nov 24, 2022

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.

Purpose

Elekta's purpose is to inspire hope for anyone dealing with cancer, be that patients, clinicians, or relatives.

Mission

Our mission is to improve patients' lives by working together with our customers. We use our precision radiation expertise to work hand in hand with clinicians and our partners to continuously develop innovative, outcome-driven and cost-efficient solutions that provide lasting clinical difference in a sustainable way.

Vision

Elekta's vision is a world where everyone has access to the best cancer care. Our strategy, called ACCESS 2025, is the first part of our journey towards the vision.

Strategy – ACCESS 2025

Through our strategy, ACCESS 2025, we improve patient access to the best cancer care by:

• Accelerating innovation with customer utilization in mind
• Driving partner integration across the cancer care ecosystem
• Being the customer lifetime companion
• Driving market adoption across the globe

For further information, please contact:

Tobias Hägglöv

CFO +46 76 107 47 99 tobias.hagglov@elekta.com

Cecilia Ketels

Head of Investor Relations +46 76 611 7625 cecilia.ketels@elekta.com

Kira Haapanen

IR Manager +46 73 719 4622 kira.haapanen@elekta.com

Elekta AB (publ) 556170-4015

Kungstensgatan 18 Box 7593 SE 103 93 Stockholm Sweden