AI assistant
Elekta Interim / Quarterly Report 2025
2906_10-q_2026-03-05_aebdd295-c717-408a-980a-5924a84d5c69.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Elekta Interim report
Third quarter
November–January 2025/26
A solid quarter with significant impact from currency and restructuring
Third quarter
- In constant exchange rates, net sales increased by 2 percent mainly driven by Europe and China. Reported sales in SEK decreased by 10 percent amounting to SEK 4,239 M (4,695).
- The book-to-bill ratio was 1.17 (1.15), supported by strong order intake in China, U.S. and Europe.
- Third quarter was impacted by a SEK 417 M restructuring charge related to change of the operating model, which is expected to reduce the cost base by more than SEK 500 M annually.
- Higher adjusted gross margin of 38.3 percent (37.1) driven by product launches and improved pricing.
- Tariff costs and changes in FX had a negative impact of 100 and 130 basis points respectively on the gross margin.
- Adjusted EBIT amounted to SEK 504 M (548), resulting in a margin of 11.9 percent (11.7). The positive effect from the gross margin was partly offset by higher amortization and a lower capitalization level.
- Net income was SEK 12 M (336) and basic earnings per share was SEK 0.03 (0.89).
- Cash flow after continuous investments declined to SEK 255 M (730) in Q3 partly due to severance payments and lower contribution from working capital, while YTD amounted to SEK 251 M (-192).
Group Summary
| SEK M | Q3 | Δ | First nine months | Δ | ||
|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |||
| Book-to-bill | 1.17 | 1.15 | 1% | 1.08 | 1.08 | -1% |
| Net sales | 4,239 | 4,695 | -10% | 11,955 | 12,860 | -7% |
| Net sales in constant exchange rates | 2% | 1 | 2% | |||
| Adjusted gross margin² | 38.3% | 37.1% | 1,3 ppts | 37.8% | 36.8% | 1 ppts |
| Adjusted EBITDA³ | 820 | 886 | -7% | 2,093 | 2,231 | -6% |
| Adjusted EBITDA margin³ | 19.3% | 18.9% | 0,5 ppts | 17.5% | 17.3% | 0,2 ppts |
| Adjusted EBIT⁴ | 504 | 548 | -8% | 1,150 | 1,254 | -8% |
| Adjusted EBIT margin⁴ | 11.9% | 11.7% | 0,2 ppts | 9.6% | 9.8% | -0,1 ppts |
| Gross margin | 35.1% | 36.9% | -1,8 ppts | 36.5% | 36.5% | 0 ppts |
| EBITDA | 403 | 866 | -53% | 1,639 | 2,094 | -22% |
| EBITDA margin | 9.5% | 18.4% | -8,9 ppts | 13.7% | 16.3% | -2,6 ppts |
| EBIT | 87 | 525 | -83% | 696 | 1,087 | -36% |
| EBIT margin | 2.0% | 11.2% | -9,1 ppts | 5.8% | 8.5% | -2,6 ppts |
| Net income | 12 | 336 | -97% | 346 | 621 | -44% |
| Cash flow after continuous investments | 255 | 730 | -475 | 251 | -192 | 443 |
| Adjusted earnings per share before/after dilution, SEK⁵ | 0.88 / 0.88 | 0.94 / 0.94 | -7% | 1.83 / 1.83 | 1.97 / 1.97 | -7% |
| Earnings per share before/after dilution, SEK | 0.03 / 0.03 | 0.89 / 0.89 | -97% | 0.91 / 0.91 | 1.63 / 1.63 | -44% |
1 Compared to last fiscal year based on constant exchange rates.
2 Adjusted gross margin = Gross margin excluding items affecting comparability, see page 28.
3 Adjusted EBITDA = EBITDA excluding items affecting comparability, see page 28.
4 Adjusted EBIT = Operating income (EBIT) excluding items affecting comparability, see page 29.
5 Adjusted earnings per share = Net income excluding items affecting comparability, attributable to Parent Company shareholders, in relation to the weighted average number of shares (excluding treasury shares), see page 30.
Interim report third quarter Nov-Jan 2025/26
Net sales at constant exchange rates grew by 2 percent primarily driven by growth in Europe and China. The book-to-bill ratio ended at 1.17, supported by China, the U.S and Europe. Actions are progressing according to plan to reset Elekta's operating model, aimed at simplifying and decentralizing the organization, and consequently improving our cost base by more than SEK 500 M with the expected full run-rate impact starting in Q1 2026/27.
Third quarter summary
Net sales in Q3, at constant exchange rates, increased by 2 percent year-over-year, driven by continued positive momentum in Europe, as well as China's return to growth for the first time since Q3 2023/24. The book-to-bill ratio reached 1.17, supported by strong order intake in China and the U.S., as well as service orders in Europe.
The adjusted gross margin in Q3 improved year-over-year to 38.3 percent (37.1). The increase was mainly supported by product launches and improved pricing. The strengthening of the Swedish krona against major currencies and the depreciation of the U.S. dollar had an increasingly negative impact during the quarter, reducing gross margin by 130 basis points year-over-year. Adjusted EBIT margin for the third quarter ended at 11.9 percent (11.7). The improvement was primarily driven by a higher gross margin and lower R&D spend while increased amortization and lower capitalization of R&D weighed negatively by 150 basis points in total year-over-year on the EBIT margin.
Year-to-date operating cash flow after continuous investments amounted to SEK 251 M, representing an improvement of SEK 443 M compared with last year despite severance payments related to the change of operating model.
Value creation through speed and continuous improvement
As previously communicated, Elekta has defined four priority areas, our Must-Win Battles, that will drive value creation through increased speed and continuous improvement. Through Must-Win Battle 1, we are implementing a new operating model aimed at simplifying and decentralizing the organization. As a result, we expect to achieve more than SEK 500 M in annualized cost savings, with the full effect realized in Q1 2026/27. The implementation of the new operating model is progressing well, with more than 80 percent of the planned workforce reductions already completed.
With Must-Win Battle 2, Focused Innovation, we aim to improve returns on R&D investment by sharpening our focus on projects
that address commercial demand and shape the future of radiation therapy through our focus on adaptive treatments.
Winning in the U.S. and expanding in China are the priority areas included in Must-Win Battle 3. In the U.S., the launch of Evo and Elekta ONE have strengthened our product offering across hardware, software, and service with continued strong interest from customers. Expanding our presence in China represents the second pillar of this Must-Win Battle. To strengthen our competitiveness, we are further deepening the localization of Elekta's portfolio and supply chain. We have maintained our market-leading position through a period of declining demand, and as the market begins to recover, we expect to see operating leverage from the Chinese business.
Must-Win Battle 4 focuses on reducing cost of goods sold and reinforcing our ambition to expand the gross margin, thereby freeing up resources for continued innovation. Key initiatives include introducing dual sourcing and cost efficient suppliers, deploying AI-tools to support field service engineers, improving order fulfillment efficiency, and simplifying installation and serviceability.
Outlook
We reiterate our full-year 2025/26 outlook, where we expect net sales in constant currency to grow year-over-year. Furthermore, we expect continuous negative impact on earnings from FX at current exchange rates and tariffs. On June 17, we will host a Capital Markets Day in Stockholm.
Jakob Just-Bomholt
President and CEO
>80 percent completed
"More than 80 percent of the planned workforce reductions already completed"
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Financial highlights
Net sales
- 2 percent increase in constant exchange rates – driven by Europe and China
- Continued strong momentum for Elekta Evo and Elekta ONE
- Book-to-bill ratio of 1.17 (1.15) and the rolling twelve months ended at 1.09 (1.09)
Based on constant exchange rates, Elekta's net sales increased by 2 percent in the third quarter. The development was mainly driven by growth in Europe and China while U.S. sales declined. Reported net sales decreased by 10 percent amounting to SEK 4,239 M (4,695).
Sales in EMEA increased by 8 percent in constant exchange rates compared to last year. The development was mainly driven by continued strong momentum in Europe supported by new product launches. APAC sales increased year-over-year by 3 percent in constant exchange rates mainly driven by China returning to growth for the first time since Q3 2023/24. Americas' sales declined by 6 percent in constant exchange rates compared to last year. South America showed growth, which however was fully offset by lower sales in North America where U.S. volumes declined mainly as a result of customers awaiting the Elekta Evo clearance which was received on January 16, 2026.
In constant exchange rates, Solutions increased sales by 1 percent and Service by 3 percent.
Book-to-bill development
The book-to-bill ratio was 1.17 (1.15) in the third quarter, supported by strong order intake in China and the U.S., as well as Service orders in Europe. The twelve-month rolling figure ended at 1.09 (1.09). Gross order intake in the third quarter amounted to SEK 4,956 M (5,418), an increase by 3 percent in constant exchange rates and a decrease of 9 percent in SEK.
For more information about the book-to-bill ratio, see page 31.
Sales per region
| SEK M | Q3 | Δ¹ | Δ | First nine months | Δ¹ | Δ | ||
|---|---|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |||||
| Americas | 1,094 | 1,359 | -6% | -20% | 3,195 | 3,812 | -6% | -16% |
| EMEA | 1,654 | 1,655 | 8% | 0% | 4,791 | 4,566 | 11% | 5% |
| APAC | 1,491 | 1,681 | 3% | -11% | 3,969 | 4,483 | -1% | -11% |
| Group | 4,239 | 4,695 | 2% | -10% | 11,955 | 12,860 | 2% | -7% |
Sales per product type
| SEK M | Q3 | Δ¹ | Δ | First nine months | Δ¹ | Δ | ||
|---|---|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |||||
| Solutions | 2,396 | 2,673 | 1% | -10% | 6,405 | 7,046 | -1% | -9% |
| Service | 1,843 | 2,022 | 3% | -9% | 5,551 | 5,814 | 5% | -5% |
| Group | 4,239 | 4,695 | 2% | -10% | 11,955 | 12,860 | 2% | -7% |
¹ Based on constant exchange rates
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
FINANCIAL HIGHLIGHTS
Earnings
- Adjusted gross margin improved to 38.3 (37.1) percent driven by product launches and improved pricing
- Adjusted EBIT margin improved to 11.9 (11.7) percent
- The quarter was negatively impacted by a restructuring charge amounting to SEK 417 M
Gross income development
In the third quarter, the adjusted gross income was SEK 1,625 M (1,740), representing an adjusted gross margin of 38.3 percent (37.1). The increase was mainly supported by product launches and improved pricing. 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 100 and 130 basis points respectively, corresponding to a total amount of SEK 312 M.
Reported gross income amounted to SEK 1,489 M (1,734), representing a margin of 35.1 percent (36.9).
EBIT development
Adjusted EBIT came in at SEK 504 M (548), representing a margin of 11.9 percent (11.7). The higher adjusted EBIT margin derived mainly from the gross margin, lower R&D spend and lower administrative expenses. The positive development was partly offset by higher amortization of intangible assets and a lower R&D capitalization level. Amortization and capitalization changes corresponded to 150 basis points in total year-over-year.
Reported EBIT amounted to SEK 87 M (525), representing a margin of 2.0 percent (11.2). Items affecting comparability (IAC) in the third quarter mainly consisted of restructuring costs related to Must-Win Battle 1 amounting to SEK 417 M (23), whereof SEK 137 M (6) impacted the gross margin.
Net income development
Net financial items decreased to SEK -86 M (-95), mainly explained by lower interest net. Taxes amounted to SEK 10 M (-95), representing a positive tax rate in the quarter, primarily due to one-off tax effects. Net income amounted to SEK 12 M (336) and earnings per share to SEK 0.03 (0.89) before and after dilution.
| SEK M | Q3 | Δ | First nine months | Δ | ||
|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |||
| Net sales | 4,239 | 4,695 | -10% | 11,955 | 12,860 | -7% |
| Net sales in constant currency | 2% | 2% | ||||
| Adjusted gross income | 1,625 | 1,740 | -7% | 4,516 | 4,735 | -5% |
| Adjusted gross margin | 38.3% | 37.1% | 1,3 ppts | 37.8% | 36.8% | 1 ppts |
| Adjusted EBIT | 504 | 548 | -8% | 1,150 | 1,254 | -8% |
| Adjusted EBIT margin | 11.9% | 11.7% | 0,2 ppts | 9.6% | 9.8% | -0,1 ppts |
| EBIT | 87 | 525 | -83% | 696 | 1,087 | -36% |
| EBIT margin | 2.0% | 11.2% | -9,1 ppts | 5.8% | 8.5% | -2,6 ppts |
| Net income | 12 | 336 | -97% | 346 | 621 | -44% |
| Earnings per share | 0.03 | 0.89 | -97% | 0.91 | 1.63 | -44% |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
FINANCIAL HIGHLIGHTS
Earnings
Items affecting comparability
Items affecting comparability (IAC) of SEK 417 M (23) consisted of restructuring costs mainly related to the change of the operating model, Must-Win Battle 1, which is expected to reduce the cost base by more than SEK 500 M on an annualized base, with the full effect realized in Q1 2026/27. Restructuring costs for Must-Win Battle 1 are expected to be between SEK 450-500 M during the second half of fiscal year 2025/26.
Shares
Total number of registered shares on January 31, 2026, was 383,568,409, of which 14,980,769 were A-shares and 368,587,640 B-shares. On January 31, 2026, 1,485,289 shares were treasury shares held by Elekta. Earnings per share was SEK 0.03 (0.89) before and after dilution.
Employees
The average number of employees on January 31, 2026, was 4,438 (4,541).
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Cash flow and financial position
- Cash flow after continuous investments ended at SEK 255 M (730) and YTD SEK 251 M (-192)
- Working capital as a percentage of rolling twelve months net sales improved to -9 percent (-7)
- Net debt decreased to SEK 3,819 M (4,039).
Cash flow
Cash flow after continuous investments amounted to SEK 255 M (730). The decreased cash flow is partly due to severance payments and lower contribution from working capital in the quarter. However, the year-to-date cash flow improved by SEK 443 M compared to the same period last year. Net working capital as a percentage of rolling twelve-months net sales improved to -9 percent (-7).
Investments in intangible assets declined to SEK 246 M (321) and were mainly related to lower R&D investments in new product solutions and software. Investments in tangible assets decreased to SEK 33 M (45). Cash conversion in the third quarter was 132 percent (126).
Financial position
Cash and cash equivalents and short-term investments amounted to SEK 2,541 M (3,583). Interest-bearing liabilities, excluding lease liabilities, including derivatives, amounted to SEK 6,360 M (7,622).
Net debt decreased to SEK 3,819 M (4,039). Net debt in relation to EBITDA was 1.35 (1.34). The average maturity of interest-bearing liabilities was 2.6 years (3.1).
Cash flow (extract)
| SEK M | Q3 | First nine months | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| EBITDA | 403 | 866 | 1,639 | 2,094 |
| Change in working capital | 284 | 387 | 34 | -567 |
| Financial net | -86 | -95 | -249 | -291 |
| Paid tax | -139 | -97 | -345 | -297 |
| Other | 71 | 34 | 5 | 119 |
| Cash flow from operating activities | 533 | 1,095 | 1,084 | 1,058 |
| Continuous investments | -278 | -366 | -833 | -1,250 |
| Cash flow after continuous investments | 255 | 730 | 251 | -192 |
| Operational cash conversion | 132% | 126% | 66% | 51% |
Net debt
| Jan 31 | Jan 31 | Apr 30 | |
|---|---|---|---|
| SEK M | 2026 | 2025 | 2025 |
| Long-term interest-bearing liabilities | 4,458 | 6,291 | 6,195 |
| Short-term interest-bearing liabilities | 1,818 | 1,330 | 178 |
| Derivatives, net | 84 | 1 | 48 |
| Cash and cash equivalents and short-term investments | -2,541 | -3,583 | -2,955 |
| Net debt | 3,819 | 4,039 | 3,465 |
| Long-term lease liabilities | 788 | 1,018 | 961 |
| Short-term lease liabilities | 220 | 223 | 233 |
| Net debt including lease liabilities | 4,827 | 5,280 | 4,658 |
| Net debt/EBITDA ratio1 | 1.35 | 1.34 | 1.06 |
1 EBITDA 12 months rolling
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 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 CET on March 5, 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 1,150 M of interest-bearing liabilities have been reclassified to current liabilities.
Significant events
Elekta receives FDA 510(k) clearance for Elekta Evo linear accelerator
On January 16, Elekta announced that its Elekta Evo CT-Linac has received 510(k) clearance from the U.S. Food and Drug Administration (FDA). This milestone makes the system available to radiation oncology professionals in the United States.
Elekta appoints Tomas Eliasson as Vice Chair of the Board
On January 23, Elekta announced that its Board of Directors has resolved to establish the role "Vice Chair of the Board" and to appoint Tomas Eliasson to such role, effective immediately.
Elekta presents Strategic Update: growth, innovation, and operations
On January 30, Elekta hosted its Strategic Update for investors, providing an overview of the company's strategic direction and ongoing transformation. The event, led by CEO Jakob Just-Bomholt and senior leaders Anming Gong, Head of Region China; Ardie Ermers, Head of Region Americas; and Christopher Busch, Chief Product and Technology Officer, underscored Elekta's commitment to delivering value for shareholders, customers and patients.
Significant events after the quarter
No significant events after the quarter.
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Shareholder information
Conference call Q3
Elekta will host a web conference at 09:00-10:00 CET on March 5 with President and CEO Jakob Just-Bomholt, and CFO Tobias Hägglöv. 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:
Tobias Hägglöv
CFO
+46 76 107 4799
[email protected]
Peter Nyquist
Head of Investor Relations
+46 70 575 2906
[email protected]
Financial calendar
Year-end report, Q4, May-Apr 2025/26 May 28, 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
ELEKTA
Q3 2025/26
Interim report third quarter Nov–Jan 2025/26
Stockholm, March 5, 2026
Jakob Just-Bomholt
President and CEO
This report has not been reviewed by the Company's auditors.
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Consolidated income statement – condensed
| SEK M | Note | Q3 | First nine months | 12 months | |||
|---|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | RTM | 2024/25 | ||
| Net sales | 2 | 4,239 | 4,695 | 11,955 | 12,860 | 17,111 | 18,016 |
| Cost of products sold | -2,751 | -2,961 | -7,588 | -8,167 | -10,690 | -11,270 | |
| Gross income | 1,489 | 1,734 | 4,368 | 4,693 | 6,421 | 6,746 | |
| Selling expenses | -487 | -411 | -1,246 | -1,239 | -1,657 | -1,650 | |
| Administrative expenses | -392 | -354 | -1,058 | -1,050 | -1,420 | -1,412 | |
| R&D expenses | -522 | -443 | -1,394 | -1,300 | -2,770 | -2,676 | |
| Other operating income and expenses | -25 | -15 | -44 | -52 | -100 | -108 | |
| Exchange rate differences | 25 | 15 | 70 | 35 | 25 | -9 | |
| Operating income (EBIT) | 87 | 525 | 696 | 1,087 | 498 | 890 | |
| Financial items, net | -86 | -95 | -249 | -291 | -358 | -400 | |
| Income after financial items | 1 | 431 | 447 | 797 | 140 | 490 | |
| Income tax | 10 | -95 | -101 | -175 | -175 | -250 | |
| Net income for the period | 3 | 12 | 336 | 346 | 621 | -35 | 240 |
| Net income for the period attributable to: | |||||||
| Parent Company shareholders | 10 | 341 | 346 | 623 | -40 | 237 | |
| Non-controlling interests | 2 | -5 | 0 | -2 | 5 | 4 | |
| Earnings per share | |||||||
| Before dilution, SEK | 0.03 | 0.89 | 0.91 | 1.63 | -0.10 | 0.62 | |
| After dilution, SEK | 0.03 | 0.89 | 0.91 | 1.63 | -0.10 | 0.62 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Consolidated statement of comprehensive income
| SEK M | Q3 | First nine months | 12 months | |||
|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | RTM | 2024/25 | |
| Net income for the period | 12 | 336 | 346 | 621 | -35 | 240 |
| Other comprehensive income: | ||||||
| Items that will not be reclassified to the income statement: | ||||||
| Remeasurements of defined benefit pension plans | 0 | - | 0 | - | 1 | 1 |
| Tax | 0 | - | 0 | - | -3 | -3 |
| Total items that will not be reclassified to the income statement | 0 | - | 0 | - | -2 | -2 |
| Items that subsequently may be reclassified to the income statement: | ||||||
| Revaluation of cash flow hedges | 56 | -108 | 21 | -75 | 190 | 94 |
| Translation differences from foreign operations | -539 | 104 | -736 | -104 | -2,017 | -1,385 |
| Tax | -12 | 22 | -4 | 15 | -39 | -19 |
| Total items that subsequently may be reclassified to the income statement | -494 | 19 | -720 | -164 | -1,866 | -1,310 |
| Other comprehensive income for the period | -494 | 19 | -720 | -164 | -1,868 | -1,312 |
| Total comprehensive income for the period | -483 | 355 | -373 | 458 | -1,902 | -1,072 |
| Comprehensive income attributable to: | ||||||
| Parent Company shareholders | -483 | 357 | -371 | 457 | -1,900 | -1,072 |
| Non-controlling interests | 0 | -3 | -2 | 1 | -3 | 0 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Consolidated balance sheet statement – condensed
| Jan 31 | Apr 30 | |||
|---|---|---|---|---|
| SEK M | Note | 2026 | 2025 | 2025 |
| Non-current assets | ||||
| Intangible assets | 11,372 | 13,907 | 11,917 | |
| Right-of-use assets | 844 | 1,070 | 1,006 | |
| Tangible assets | 781 | 1,046 | 901 | |
| Financial assets | 732 | 981 | 895 | |
| Deferred tax assets | 919 | 943 | 841 | |
| Total non-current assets | 14,648 | 17,946 | 15,560 | |
| Current assets | ||||
| Inventories | 3,019 | 3,229 | 2,756 | |
| Accounts receivable | 3,772 | 4,109 | 3,625 | |
| Accrued income | 1,756 | 1,902 | 2,261 | |
| Other current receivables | 1,943 | 2,184 | 1,820 | |
| Cash and cash equivalents | 2,541 | 3,583 | 2,955 | |
| Total current assets | 13,030 | 15,007 | 13,417 | |
| Total assets | 27,678 | 32,953 | 28,977 | |
| Equity attributable to Parent Company shareholders | 7,969 | 10,784 | 8,803 | |
| Non-controlling interests | 43 | 46 | 45 | |
| Total equity | 8,012 | 10,830 | 8,848 | |
| Non-current liabilities | ||||
| Interest-bearing liabilities | 4 | 4,458 | 6,291 | 6,195 |
| Lease liabilities | 788 | 1,018 | 961 | |
| Other non-current liabilities | 667 | 694 | 626 | |
| Total non-current liabilities | 5,913 | 8,004 | 7,781 | |
| Current liabilities | ||||
| Interest-bearing liabilities | 4 | 1,818 | 1,330 | 178 |
| Lease liabilities | 220 | 223 | 233 | |
| Accounts payable | 1,489 | 1,556 | 1,837 | |
| Advances from customers | 4,282 | 4,614 | 4,067 | |
| Prepaid income | 2,529 | 3,022 | 2,831 | |
| Accrued expenses | 2,149 | 2,201 | 2,245 | |
| Other current liabilities | 1,266 | 1,174 | 957 | |
| Total current liabilities | 13,753 | 14,120 | 12,348 | |
| Total equity and liabilities | 27,678 | 32,953 | 28,977 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Changes in consolidated equity – condensed
| Jan 31 | Apr 30 | ||
|---|---|---|---|
| SEK M | 2025/26 | 2024/25 | 2024/25 |
| Attributable to Parent Company shareholders | |||
| Opening balance | 8,803 | 10,774 | 10,774 |
| Comprehensive income for the period | -371 | 457 | -1,072 |
| Incentive programs | -4 | 12 | 18 |
| Dividend | -458 | -458 | -917 |
| Total | 7,969 | 10,784 | 8,803 |
| Attributable to non-controlling interests | |||
| Opening balance | 45 | 5 | 5 |
| Comprehensive income for the period | -2 | 1 | 0 |
| Acquisition of non-controlling interest | - | 40 | 40 |
| Total | 43 | 46 | 45 |
| Closing balance | 8,012 | 10,830 | 8,848 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Consolidated cash flow statement - condensed
| SEK M | Q3 | First nine months | 12 months | |||
|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | RTM | 2024/25 | |
| Income after financial items | 1 | 431 | 447 | 797 | 140 | 490 |
| Amortization and depreciation | 316 | 338 | 943 | 977 | 1,265 | 1,299 |
| Impairment | - | 3 | - | 31 | 1,064 | 1,094 |
| Interest net | 69 | 85 | 236 | 262 | 356 | 382 |
| Other non-cash items | 71 | 33 | -6 | 99 | 159 | 263 |
| Interest received and paid | -69 | -84 | -225 | -243 | -370 | -388 |
| Income taxes paid | -139 | -97 | -345 | -297 | -360 | -311 |
| Operating cash flow | 249 | 708 | 1,050 | 1,625 | 2,254 | 2,829 |
| Change in inventories | -3 | 173 | -375 | 24 | -74 | 325 |
| Change in operating receivables | -294 | -134 | 160 | -459 | -37 | -657 |
| Change in operating liabilities | 581 | 349 | 249 | -131 | 509 | 128 |
| Change in working capital | 284 | 387 | 34 | -567 | 398 | -203 |
| Cash flow from operating activities | 533 | 1,095 | 1,084 | 1,058 | 2,652 | 2,626 |
| Investments in intangible assets | -246 | -321 | -750 | -1,079 | -1,041 | -1,370 |
| Investments in tangible assets | -33 | -45 | -83 | -171 | -112 | -200 |
| Continuous investments | -278 | -366 | -833 | -1,250 | -1,153 | -1,570 |
| Cash flow after continuous investments | 255 | 730 | 251 | -192 | 1,499 | 1,056 |
| Business combinations, dividends and investments associated companies | - | -5 | 1 | -102 | 1 | -102 |
| Cash flow after investments | 255 | 725 | 252 | -294 | 1,500 | 954 |
| Dividends | - | - | -458 | -458 | -917 | -917 |
| Cash flow from other financing activities | -248 | -511 | -186 | 1,496 | -1,372 | 310 |
| Cash flow for the period | 7 | 214 | -392 | 744 | -789 | 347 |
| Change in cash and cash equivalents during the period | ||||||
| Cash and cash equivalents at the beginning of the period | 2,576 | 3,352 | 2,955 | 2,779 | 3,583 | 2,779 |
| Cash flow for the period | 7 | 214 | -392 | 744 | -789 | 347 |
| Exchange rate differences | -42 | 17 | -23 | 60 | -253 | -170 |
| Cash and cash equivalents at the end of the period | 2,541 | 3,583 | 2,541 | 3,583 | 2,541 | 2,955 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Parent company
Income statement and statement of comprehensive income - condensed
| First nine months | ||
|---|---|---|
| SEK M | 2025/26 | 2024/25 |
| Operating income and expenses | -58 | -4 |
| Financial net | 314 | 284 |
| Income after financial items | 256 | 280 |
| Tax | 5 | 12 |
| Net income for the period | 261 | 292 |
| Statement of comprehensive income | ||
| Net income for the period | 261 | 292 |
| Other comprehensive income | - | - |
| Total comprehensive income | 261 | 292 |
Balance sheet - condensed
| Jan 31 | Apr 30 | |
|---|---|---|
| SEK M | 2026 | 2025 |
| Non-current assets | ||
| Intangible assets | 11 | 14 |
| Shares in subsidiaries | 4,733 | 4,530 |
| Receivables from subsidiaries | 1,657 | 1,676 |
| Other financial assets | 47 | 36 |
| Deferred tax assets | 47 | 33 |
| Total non-current assets | 6,495 | 6,289 |
| Current assets | ||
| Receivables from subsidiaries | 3,229 | 3,811 |
| Other current receivables | 100 | 76 |
| Cash and cash equivalents | 1,638 | 1,360 |
| Total current assets | 4,967 | 5,247 |
| Total assets | 11,462 | 11,536 |
| Shareholders' equity | 1,489 | 1,685 |
| Non-current liabilities | ||
| Interest-bearing liabilities | 4,560 | 6,248 |
| Provisions | 14 | 13 |
| Total non-current liabilities | 4,574 | 6,261 |
| Current liabilities | ||
| Interest-bearing liabilities | 1,649 | - |
| Liabilities to Group companies | 3,515 | 3,462 |
| Short-term provisions | 24 | 9 |
| Other current liabilities | 211 | 119 |
| Total current liabilities | 5,399 | 3,590 |
| Total shareholders' equity and liabilities | 11,462 | 11,536 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Key figures and data per share
Key figures
| Full-year | May - Jan | ||||||
|---|---|---|---|---|---|---|---|
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2024/25 | 2025/26 | |
| Gross order intake, SEK M | 17,411 | 18,364 | 20,143 | 19,697 | 19,718 | 13,926 | 12,875 |
| Net sales, SEK M | 13,763 | 14,548 | 16,869 | 18,119 | 18,016 | 12,860 | 11,955 |
| Gross margin, % | 40.8 | 37.4 | 37.6 | 37.4 | 37.4 | 36.5 | 36.5 |
| Adjusted gross margin, % | 40.8 | 37.4 | 38.1 | 37.5 | 37.8 | 36.8 | 37.8 |
| Operating income (EBIT), SEK M | 1,906 | 1,643 | 1,431 | 2,039 | 890 | 1,087 | 696 |
| Operating margin, % | 13.9 | 11.3 | 8.5 | 11.3 | 4.9 | 8.5 | 5.8 |
| Adjusted EBIT, SEK M | 1,906 | 1,643 | 1,743 | 2,145 | 2,097 | 1,254 | 1,150 |
| Adjusted EBIT margin, % | 13.9 | 11.3 | 10.3 | 11.8 | 11.6 | 9.8 | 9.6 |
| Shareholders' equity, SEK M¹ | 8,197 | 8,913 | 9,729 | 10,774 | 8,803 | 10,784 | 7,969 |
| Return on shareholders' equity, % | 16 | 14 | 10 | 13 | 2 | 10 | 0 |
| Net debt, SEK M | 774 | 1,532 | 2,442 | 3,150 | 3,465 | 4,039 | 3,819 |
| Operational cash conversion, % | 82 | 69 | 76 | 77 | 80 | 51 | 66 |
| Average number of employees | 4,194 | 4,631 | 4,587 | 4,607 | 4,536 | 4,541 | 4,438 |
¹ Attributable to Parent Company shareholders.
Data per share
| Full-year | May - Jan | ||||||
|---|---|---|---|---|---|---|---|
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2024/25 | 2025/26 | |
| Earnings per share | |||||||
| before dilution, SEK | 3.28 | 3.02 | 2.47 | 3.41 | 0.62 | 1.63 | 0.91 |
| after dilution, SEK | 3.28 | 3.02 | 2.47 | 3.41 | 0.62 | 1.63 | 0.91 |
| Adjusted earnings per share | |||||||
| before dilution, SEK | 3.28 | 3.02 | 3.11 | 3.62 | 3.08 | 1.97 | 1.83 |
| after dilution, SEK | 3.28 | 3.02 | 3.10 | 3.62 | 3.08 | 1.97 | 1.83 |
| Cash flow per share | |||||||
| before dilution, SEK | 5.05 | 0.55 | 0.91 | 1.41 | 2.50 | -0.77 | 0.66 |
| after dilution, SEK | 5.05 | 0.55 | 0.91 | 1.41 | 2.50 | -0.77 | 0.66 |
| Shareholders' equity per share | |||||||
| before dilution, SEK | 21.45 | 23.33 | 25.46 | 28.20 | 23.04 | 28.22 | 20.86 |
| after dilution, SEK | 21.45 | 23.33 | 25.44 | 28.20 | 23.04 | 28.22 | 20.85 |
| Average number of shares | |||||||
| before dilution, thousands | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 |
| after dilution, thousands | 382,083 | 382,083 | 382,367 | 382,086 | 382,139 | 382,086 | 382,219 |
| Number of shares at closing¹ | |||||||
| before dilution, thousands | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 | 382,083 |
| after dilution, thousands | 382,083 | 382,083 | 382,575 | 382,086 | 382,135 | 382,092 | 382,219 |
¹ Number of registered shares at closing excluding treasury shares (1,485,289 per January 31, 2026).
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Data per quarter
| SEK M | 2023/24 | 2024/25 | 2025/26 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Gross order intake | 4,433 | 6,436 | 4,192 | 4,317 | 5,418 | 5,792 | 3,838 | 4,081 | 4,956 |
| Net sales | 4,537 | 5,023 | 3,825 | 4,341 | 4,695 | 5,156 | 3,646 | 4,070 | 4,239 |
| Operating income (EBIT) | 485 | 617 | 174 | 388 | 525 | -197 | 219 | 390 | 87 |
| Cash flow from operating activities | 1,072 | 1,317 | -493 | 456 | 1,095 | 1,568 | -86 | 637 | 533 |
R&D expenditure
| SEK M | Q3 | First nine months | 12 months | |||
|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | RTM | 2024/25 | |
| R&D expenditure, gross | 571 | 571 | 1,574 | 1,735 | 2,057 | 2,217 |
| Capitalization | -226 | -301 | -698 | -933 | -972 | -1,207 |
| Amortization | 177 | 175 | 517 | 494 | 686 | 663 |
| Impairment | - | -1 | - | 3 | 999 | 1,002 |
| R&D expenditure, net | 522 | 443 | 1,394 | 1,300 | 2,770 | 2,676 |
Note 1 – Accounting principles
This interim report is prepared, with regards to the Group, according to IAS 34 and the Swedish Annual Accounts Act and, with regards to the Parent Company, according to the Swedish Annual Accounts Act and RFR 2. The accounting principles applied are consistent with those presented in Note 1 of the Annual Report 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 - Jan | Δ¹ | Jan 31 | Apr 30 | |||||
| 2026 | 2025 | 2026 | 2025 | 2025 | Δ¹ | |||
| China | 1 CNY | 1.327 | 1.480 | -10% | 1.273 | 1.524 | 1.328 | -16% |
| Euroland | 1 EUR | 10.979 | 11.474 | -4% | 10.552 | 11.481 | 10.977 | -8% |
| Great Britain | 1 GBP | 12.689 | 13.638 | -7% | 12.171 | 13.726 | 12.924 | -11% |
| Japan | 1 JPY | 0.063 | 0.070 | -10% | 0.057 | 0.071 | 0.068 | -20% |
| United States | 1 USD | 9.455 | 10.664 | -11% | 8.848 | 11.051 | 9.651 | -20% |
¹ January 31, 2026, vs January 31, 2025.
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 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.
Q3 2025/26
| SEK M | Americas | EMEA | APAC | Group total |
|---|---|---|---|---|
| Solutions | 430 | 923 | 1,044 | 2,396 |
| Service | 664 | 732 | 448 | 1,843 |
| Total | 1,094 | 1,654 | 1,491 | 4,239 |
Q3 2024/25
| SEK M | Americas | EMEA | APAC | Group total |
|---|---|---|---|---|
| Solutions | 566 | 925 | 1,182 | 2,673 |
| Service | 793 | 729 | 499 | 2,022 |
| Total | 1,359 | 1,655 | 1,681 | 4,695 |
First nine months 2025/26
| SEK M | Americas | EMEA | APAC | Group total |
|---|---|---|---|---|
| Solutions | 1,197 | 2,577 | 2,631 | 6,405 |
| Service | 1,999 | 2,214 | 1,338 | 5,551 |
| Total | 3,195 | 4,791 | 3,969 | 11,955 |
First nine months 2024/25
| SEK M | Americas | EMEA | APAC | Group total |
|---|---|---|---|---|
| Solutions | 1,539 | 2,429 | 3,078 | 7,046 |
| Service | 2,273 | 2,137 | 1,404 | 5,814 |
| Total | 3,812 | 4,566 | 4,483 | 12,860 |
Rolling twelve months
| SEK M | Americas | EMEA | APAC | Group total |
|---|---|---|---|---|
| Solutions | 1,838 | 3,842 | 3,910 | 9,591 |
| Service | 2,728 | 2,963 | 1,830 | 7,520 |
| Total | 4,566 | 6,805 | 5,740 | 17,111 |
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
Q3 2025/26
Interim report third quarter Nov-Jan 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.
Q3 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 1,094 | 1,654 | 1,491 | - | 4,239 | |
| Operating expenses | -692 | -986 | -979 | - | -2,658 | 63% |
| Contribution margin | 401 | 668 | 512 | - | 1,581 | 37% |
| Contribution margin, % | 37% | 40% | 34% | |||
| Global costs | - | - | - | -1,078 | -1,078 | 25% |
| Adjusted EBIT | 401 | 668 | 512 | -1,078 | 504 | 12% |
| Items affecting comparability^{1} | -22 | -19 | -22 | -354 | -417 | |
| Operating income (EBIT) | 379 | 649 | 490 | -1,432 | 87 | 2% |
| Net financial items | - | - | - | -86 | -86 | |
| Income after financial items | 379 | 649 | 490 | -1,517 | 1 | |
| Income tax | - | - | - | 10 | 10 | |
| Net income for the period | 379 | 649 | 490 | -1,507 | 12 |
Q3 2024/25
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 1,359 | 1,655 | 1,681 | - | 4,695 | |
| Operating expenses | -798 | -1,065 | -1,122 | - | -2,985 | 64% |
| Contribution margin | 561 | 590 | 559 | - | 1,710 | 36% |
| Contribution margin, % | 41% | 36% | 33% | |||
| Global costs | - | - | - | -1,162 | -1,162 | 25% |
| Adjusted EBIT | 561 | 590 | 559 | -1,162 | 548 | 12% |
| Items affecting comparability^{1} | -10 | -1 | 0 | -12 | -23 | |
| Operating income (EBIT) | 551 | 589 | 559 | -1,174 | 525 | 11% |
| Net financial items | - | - | - | -95 | -95 | |
| Income after financial items | 551 | 589 | 559 | -1,269 | 431 | |
| Income tax | - | - | - | -95 | -95 | |
| Net income for the period | 551 | 589 | 559 | -1,364 | 336 |
1 Items affecting comparability include mainly personnel costs and impairment of assets.
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
First nine months 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 3,195 | 4,791 | 3,969 | - | 11,955 | |
| Operating expenses | -2,059 | -2,945 | -2,587 | - | -7,591 | 63% |
| Contribution margin | 1,136 | 1,846 | 1,382 | - | 4,364 | 37% |
| Contribution margin, % | 36% | 39% | 35% | |||
| Global costs | - | - | - | -3,214 | -3,214 | 27% |
| Adjusted EBIT | 1,136 | 1,846 | 1,382 | -3,214 | 1,150 | 10% |
| Items affecting comparability^{1} | -29 | -21 | -23 | -382 | -454 | |
| Operating income (EBIT) | 1,107 | 1,825 | 1,360 | -3,596 | 696 | 6% |
| Net financial items | - | 437 | - | -686 | -249 | |
| Income after financial items | 1,107 | 2,262 | 1,360 | -4,282 | 447 | |
| Income tax | - | - | - | -101 | -101 | |
| Net income for the period | 1,107 | 2,262 | 1,360 | -4,383 | 346 |
First nine months 2024/25
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 3,812 | 4,566 | 4,483 | - | 12,860 | |
| Operating expenses | -2,299 | -3,036 | -2,925 | - | -8,260 | 64% |
| Contribution margin | 1,513 | 1,529 | 1,557 | - | 4,600 | 36% |
| Contribution margin, % | 40% | 33% | 35% | |||
| Global costs | - | - | - | -3,346 | -3,346 | 26% |
| Adjusted EBIT | 1,513 | 1,529 | 1,557 | -3,346 | 1,254 | 10% |
| Items affecting comparability^{1} | -24 | -6 | -9 | -127 | -167 | |
| Operating income (EBIT) | 1,489 | 1,523 | 1,548 | -3,473 | 1,087 | 8% |
| Net financial items | - | - | - | -291 | -291 | |
| Income after financial items | 1,489 | 1,523 | 1,548 | -3,764 | 797 | |
| Income tax | - | - | - | -175 | -175 | |
| Net income for the period | 1,489 | 1,523 | 1,548 | -3,939 | 621 |
Rolling twelve months
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total | % of net sales |
|---|---|---|---|---|---|---|
| Net sales | 4,566 | 6,805 | 5,740 | - | 17,111 | |
| Operating expenses | -2,976 | -4,155 | -3,682 | - | -10,813 | 63% |
| Contribution margin | 1,590 | 2,650 | 2,058 | - | 6,298 | 37% |
| Contribution margin, % | 35% | 39% | 36% | |||
| Global costs | - | - | - | -4,305 | -4,305 | 25% |
| Adjusted EBIT | 1,590 | 2,650 | 2,058 | -4,305 | 1,993 | 12% |
| Items affecting comparability^{1} | -26 | -27 | -23 | -1,419 | -1,494 | |
| Operating income (EBIT) | 1,564 | 2,623 | 2,036 | -5,724 | 498 | 3% |
| Net financial items | - | 437 | - | -795 | -358 | |
| Income after financial items | 1,564 | 3,060 | 2,036 | -6,519 | 140 | |
| Income tax | - | - | - | -175 | -175 | |
| Net income for the period | 1,564 | 3,060 | 2,036 | -6,694 | -35 |
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.
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
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 | Jan 31, 2026 | Jan 31, 2025 | Apr 30, 2025 | |||
|---|---|---|---|---|---|---|
| Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | Fair value | |
| Long-term interest-bearing liabilities | 4,458 | 4,707 | 6,291 | 6,624 | 6,195 | 6,505 |
| Short-term interest-bearing liabilities | 1,818 | 1,836 | 1,330 | 1,337 | 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
Financial instruments measured at fair value
| SEK M | Level | Jan 31, 2026 | Jan 31, 2025 | Apr 30, 2025 |
|---|---|---|---|---|
| FINANCIAL ASSETS | ||||
| Financial assets measured at fair value through income statement: | ||||
| Derivative financial instruments – non-hedge accounting | 2 | 73 | 20 | 33 |
| Derivatives used for hedging purposes: | ||||
| Derivative financial instruments – hedge accounting | 2 | 213 | 43 | 174 |
| Total financial assets measured at fair value | 285 | 63 | 207 | |
| FINANCIAL LIABILITIES | ||||
| Financial liabilities at fair value through income statement: | ||||
| Derivative financial instruments – non-hedge accounting | 2 | 207 | 50 | 79 |
| Contingent considerations | 3 | 74 | 92 | 75 |
| Derivatives used for hedging purposes: | ||||
| Derivative financial instruments – hedge accounting | 2 | 69 | 90 | 51 |
| Total financial liabilities measured at fair value | 350 | 231 | 205 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Movements financial instruments level 3
| SEK M | Jan 31, 2026 | Jan 31, 2025 | Apr 30, 2025 |
|---|---|---|---|
| Opening balance | 75 | 76 | 76 |
| Business combinations | - | 50 | 48 |
| Payments | - | -43 | -43 |
| Reported in net income for the period | 2 | 2 | 1 |
| Translation differences | -3 | 7 | -6 |
| Closing balance | 74 | 92 | 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
Q3 2025/26
22
Interim report third quarter Nov-Jan 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 | |
| Q3 2025/26 vs. Q3 2024/25 | ||||||||
| Change based on constant exchange rates | -6 | -84 | 8 | 131 | 3 | 44 | 2 | 92 |
| Currency effects | -13 | -182 | -8 | -131 | -14 | -234 | -12 | -548 |
| Reported change | -20 | -266 | 0 | 0 | -11 | -190 | -10 | -456 |
| Q3 2024/25 vs. Q3 2023/24 | ||||||||
| Change based on constant exchange rates | -7 | -107 | 5 | 78 | 6 | 97 | 2 | 68 |
| Currency effects | 2 | 32 | 2 | 27 | 2 | 31 | 2 | 90 |
| Reported change | -5 | -74 | 7 | 104 | 8 | 129 | 3 | 158 |
| May - Jan 2025/26 vs. May - Jan 2024/25 | ||||||||
| Change based on constant exchange rates | -6 | -221 | 11 | 501 | -1 | -53 | 2 | 227 |
| Currency effects | -10 | -396 | -6 | -276 | -10 | -460 | -9 | -1,132 |
| Reported change | -16 | -617 | 5 | 225 | -11 | -513 | -7 | -905 |
| May - Jan 2024/25 vs. May - Jan 2023/24 | ||||||||
| Change based on constant exchange rates | -1 | -39 | -4 | -191 | 3 | 133 | -1 | -96 |
| Currency effects | -2 | -59 | -1 | -25 | -1 | -57 | -1 | -140 |
| Reported change | -2 | -97 | -5 | -215 | 2 | 76 | -2 | -236 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 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 | |
| Q3 2025/26 vs. Q3 2024/25 | ||||||
| Change based on constant exchange rates | 1 | 30 | 3 | 62 | 2 | 92 |
| Currency effects | -11 | -307 | -12 | -241 | -12 | -548 |
| Reported change | -10 | -277 | -9 | -179 | -10 | -456 |
| Q3 2024/25 vs. Q3 2023/24 | ||||||
| Change based on constant exchange rates | -4 | -113 | 10 | 181 | 2 | 68 |
| Currency effects | 2 | 44 | 3 | 46 | 2 | 90 |
| Reported change | -3 | -69 | 13 | 228 | 3 | 158 |
| May - Jan 2025/26 vs. May - Jan 2024/25 | ||||||
| Change based on constant exchange rates | -1 | -42 | 5 | 268 | 2 | 227 |
| Currency effects | -9 | -600 | -9 | -532 | -9 | -1,132 |
| Reported change | -9 | -641 | -5 | -263 | -7 | -905 |
| May - Jan 2024/25 vs. May - Jan 2023/24 | ||||||
| Change based on constant exchange rates | -6 | -457 | 7 | 361 | -1 | -96 |
| Currency effects | -1 | -70 | -1 | -70 | -1 | -140 |
| Reported change | -7 | -527 | 5 | 290 | -2 | -236 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 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 | |
| Q3 2025/26 vs. Q3 2024/25 | ||||||||
| Change in items affecting comparability | 29 | 115 | 20 | 68 | 18 | 79 | 22 | 263 |
| Change based on constant exchange rates | 2 | 7 | -2 | -8 | 11 | 51 | 4 | 49 |
| Currency effects | -11 | -46 | -6 | -22 | -12 | -51 | -10 | -120 |
| Reported change | 19 | 76 | 11 | 38 | 18 | 79 | 16 | 192 |
| Q3 2024/25 vs. Q3 2023/24 | ||||||||
| Change in items affecting comparability | 0 | 0 | 0 | 1 | -1 | -4 | 0 | -4 |
| Change based on constant exchange rates | 9 | 34 | -3 | -12 | 28 | 92 | 11 | 114 |
| Currency effects | 2 | 8 | 6 | 19 | 4 | 14 | 4 | 41 |
| Reported change | 12 | 42 | 2 | 8 | 30 | 102 | 15 | 152 |
| May - Jan 2025/26 vs. May - Jan 2024/25 | ||||||||
| Change in items affecting comparability | 9 | 113 | 4 | 39 | 2 | 29 | 5 | 181 |
| Change based on constant exchange rates | 0 | -1 | 1 | 10 | 14 | 177 | 5 | 186 |
| Currency effects | -9 | -106 | -4 | -41 | -9 | -111 | -7 | -258 |
| Reported change | 1 | 7 | 1 | 8 | 8 | 94 | 3 | 109 |
| May - Jan 2024/25 vs. May - Jan 2023/24 | ||||||||
| Change in items affecting comparability | 0 | -1 | 3 | 29 | 5 | 54 | 3 | 81 |
| Change based on constant exchange rates | 2 | 28 | 0 | -3 | 19 | 196 | 7 | 220 |
| Currency effects | -1 | -18 | 2 | 21 | 0 | 0 | 0 | 4 |
| Reported change | 1 | 9 | 5 | 46 | 24 | 250 | 9 | 305 |
EBITDA
EBITDA is used for the calculation of operational cash conversion and the net debt/EBITDA ratio.
| SEK M | Q3 2024/25 | Q4 2024/25 | Q1 2025/26 | Q2 2025/26 | Q3 2025/26 |
|---|---|---|---|---|---|
| Operating income (EBIT) | 525 | -197 | 219 | 390 | 87 |
| Amortization intangible assets: | |||||
| Capitalized development costs | 179 | 172 | 172 | 176 | 180 |
| Assets relating to other intangibles | 45 | 41 | 34 | 33 | 33 |
| Depreciation tangible assets | 114 | 109 | 107 | 106 | 104 |
| Impairment | 3 | 1,064 | - | - | - |
| EBITDA | 866 | 1,189 | 532 | 704 | 403 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Return on shareholders' equity
Return on shareholders' equity measures the return generated on shareholders' capital invested in the company.
| SEK M | Q3 2024/25 | Q4 2024/25 | Q1 2025/26 | Q2 2025/26 | Q3 2025/26 |
|---|---|---|---|---|---|
| Net income (12 months rolling) | 1,037 | 237 | 273 | 291 | -40 |
| Average shareholders' equity excluding non-controlling interests (last five quarters) | 10,585 | 10,297 | 9,959 | 9,508 | 9,018 |
| Return on shareholders' equity | 10% | 2% | 3% | 3% | 0% |
Operational cash conversion
Cash flow is a focus area for management. The operational cash conversion shows the relation between cash flow from operating activities and EBITDA.
| SEK M | Q3 2024/25 | Q4 2024/25 | Q1 2025/26 | Q2 2025/26 | Q3 2025/26 |
|---|---|---|---|---|---|
| Cash flow from operating activities | 1,095 | 1,568 | -86 | 637 | 533 |
| EBITDA | 866 | 1,189 | 532 | 704 | 403 |
| Operational cash conversion | 126% | 132% | -16% | 91% | 132% |
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 | 2026 | 2025 | 2025 |
| Working capital assets | |||
| Inventories | 3,019 | 3,229 | 2,756 |
| Accounts receivable | 3,772 | 4,109 | 3,625 |
| Accrued income | 1,756 | 1,902 | 2,261 |
| Other operating receivables | 1,330 | 1,641 | 1,308 |
| Sum working capital assets | 9,877 | 10,881 | 9,950 |
| Working capital liabilities | |||
| Accounts payable | 1,489 | 1,556 | 1,837 |
| Advances from customers | 4,282 | 4,614 | 4,067 |
| Prepaid income | 2,529 | 3,022 | 2,831 |
| Accrued expenses | 2,149 | 2,201 | 2,245 |
| Short-term provisions | 419 | 140 | 148 |
| Other current liabilities | 576 | 645 | 516 |
| Sum working capital liabilities | 11,444 | 12,178 | 11,644 |
| Net working capital | -1,567 | -1,298 | -1,694 |
| % of rolling 12 months net sales | -9% | -7% | -9% |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 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 | Jan 31, 2025 | Apr 30, 2025 | Jul 31, 2025 | Oct 31, 2025 | Jan 31, 2026 |
|---|---|---|---|---|---|
| Long-term interest-bearing liabilities | 6,291 | 6,195 | 5,708 | 5,647 | 4,458 |
| Short-term interest-bearing liabilities | 1,330 | 178 | 868 | 865 | 1,818 |
| Derivatives, net | 1 | 48 | 47 | 72 | 84 |
| Cash and cash equivalents and short-term investments | -3,583 | -2,955 | -2,760 | -2,576 | -2,541 |
| Net debt | 4,039 | 3,465 | 3,863 | 4,008 | 3,819 |
| EBITDA (12 months rolling) | 3,025 | 3,283 | 3,293 | 3,291 | 2,828 |
| Net debt/EBITDA ratio | 1.34 | 1.06 | 1.17 | 1.22 | 1.35 |
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 attributable to the Cost-reduction Initiative and the R&D impairment cost
Q3 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
|---|---|---|---|---|---|
| Items affecting comparability: | |||||
| Personnel related costs | 21 | 19 | 21 | 339 | 401 |
| Depreciation and impairment | - | - | - | - | - |
| Other costs | 1 | 0 | 1 | 14 | 16 |
| Total | 22 | 19 | 22 | 354 | 417 |
| Q3 2024/25 | |||||
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
| Items affecting comparability: | |||||
| Personnel related costs | 9 | 1 | 0 | 10 | 20 |
| Depreciation and impairment | - | - | - | 3 | 3 |
| Other costs | 0 | - | 0 | 0 | 0 |
| Total | 10 | 1 | 0 | 12 | 23 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
First nine months 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
|---|---|---|---|---|---|
| Items affecting comparability: | |||||
| Personnel related costs | 28 | 21 | 22 | 368 | 438 |
| Depreciation and impairment | - | - | - | - | - |
| Other costs | 1 | 0 | 1 | 14 | 16 |
| Total | 29 | 21 | 23 | 382 | 454 |
| First nine months 2024/25 | |||||
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
| Items affecting comparability: | |||||
| Personnel related costs | 22 | 6 | 9 | 84 | 121 |
| Depreciation and impairment | - | - | - | 31 | 31 |
| Other costs | 3 | - | 0 | 13 | 16 |
| Total | 24 | 6 | 9 | 128 | 167 |
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 | Q3 | First nine months | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| Net sales | 4,239 | 4,695 | 11,955 | 12,860 |
| Cost of products sold | -2,751 | -2,961 | -7,588 | -8,167 |
| Gross income | 1,489 | 1,734 | 4,368 | 4,693 |
| Items affecting comparability | 137 | 6 | 148 | 42 |
| Adjusted gross income | 1,625 | 1,740 | 4,516 | 4,735 |
| Gross margin (Gross income/ Net sales) | 35.1% | 36.9% | 36.5% | 36.5% |
| Adjusted gross margin (Adjusted gross income/ Net sales) | 38.3% | 37.1% | 37.8% | 36.8% |
EBITDA margin & Adjusted EBITDA margin
| SEK M | Q3 | First nine months | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| EBITDA | 403 | 866 | 1,639 | 2,094 |
| Items affecting comparability | 417 | 20 | 454 | 136 |
| Adjusted EBITDA | 820 | 886 | 2,093 | 2,231 |
| Net Sales | 4,239 | 4,695 | 11,955 | 12,860 |
| EBITDA margin (EBITDA/Net sales) | 9.5% | 18.4% | 13.7% | 16.3% |
| Adjusted EBITDA margin (Adjusted EBITDA/Net sales) | 19.3% | 18.9% | 17.5% | 17.3% |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 2025/26
Adjusted EBIT by segment
Adjusted EBIT is used to track the underlying operational performance, i.e. excluding items affecting comparability.
Q3 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
| --- | --- | --- | --- | --- | --- |
| Operating Income (EBIT) | 379 | 649 | 490 | -1,432 | 87 |
| Items affecting comparability | 22 | 19 | 22 | 354 | 417 |
| Adjusted EBIT | 401 | 668 | 512 | -1,078 | 504 |
Q3 2024/25
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
| --- | --- | --- | --- | --- | --- |
| Operating Income (EBIT) | 551 | 589 | 559 | -1,174 | 525 |
| Items affecting comparability | 10 | 1 | 0 | 12 | 23 |
| Adjusted EBIT | 561 | 590 | 559 | -1,162 | 548 |
First nine months 2025/26
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
| --- | --- | --- | --- | --- | --- |
| Operating Income (EBIT) | 1,107 | 1,825 | 1,360 | -3,596 | 696 |
| Items affecting comparability | 29 | 21 | 23 | 382 | 454 |
| Adjusted EBIT | 1,136 | 1,846 | 1,382 | -3,214 | 1,150 |
First nine months 2024/25
| SEK M | Americas | EMEA | APAC | Other / Group-wide | Group total |
| --- | --- | --- | --- | --- | --- |
| Operating Income (EBIT) | 1,489 | 1,523 | 1,548 | -3,473 | 1,087 |
| Items affecting comparability | 24 | 6 | 9 | 127 | 167 |
| Adjusted EBIT | 1,513 | 1,529 | 1,557 | -3,346 | 1,254 |
ELEKTA
Q3 2025/26
Interim report third quarter Nov-Jan 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 | Q3 | First nine months | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| Net income for the period attributable to: | ||||
| Parent Company shareholders | 10 | 341 | 346 | 623 |
| Items affecting comparability | 417 | 23 | 454 | 167 |
| Tax on Items affecting comparability | -92 | -5 | -100 | -37 |
| Adjusted net income | 335 | 358 | 701 | 753 |
| 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 | 0.88 | 0.94 | 1.83 | 1.97 |
| Adjusted earnings per share after dilution 2 | 0.88 | 0.94 | 1.83 | 1.97 |
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 | Q3 | First nine months | ||
|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | |
| R&D expenditure, net | 522 | 443 | 1,394 | 1,300 |
| R&D items affecting comparability | -81 | -2 | -89 | -60 |
| R&D capitalization | 226 | 301 | 698 | 933 |
| R&D amortization | -177 | -175 | -517 | -494 |
| Adjusted R&D Expenditure, gross | 490 | 568 | 1,485 | 1,678 |
| Net Sales | 4,239 | 4,695 | 11,955 | 12,860 |
| Adjusted R&D Expenditure of net sales | 12% | 12% | 12% | 13% |
Book-to-bill
Book-to-bill is used to measure the company's growth. A quota exceeding 1 shows that gross order intake is higher than the net sales.
| SEK M | Q3 | First nine months | 12 months | |||
|---|---|---|---|---|---|---|
| 2025/26 | 2024/25 | 2025/26 | 2024/25 | RTM | 2024/25 | |
| Gross order intake | 4,956 | 5,418 | 12,875 | 13,926 | 18,666 | 19,718 |
| Net sales | 4,239 | 4,695 | 11,955 | 12,860 | 17,111 | 18,016 |
| Book-to-bill | 1.17 | 1.15 | 1.08 | 1.08 | 1.09 | 1.09 |
ELEKTA
Q3 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 8 687 254 00
F +46 8 687 259 00
elekta.com
f elekta
X @elekta
in company/elekta
@elekta