Kvartalsrapport Q1 2026

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===== SIDA 1 =====

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). 
 
 
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.
Group Summary
SEK M 2025/26 2024/25 Δ 2025/26 2024/25 Δ
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% 1
Adjusted gross margin 2 38.3% 37.1% 1,3 ppts 37.8% 36.8% 1 ppts
Adjusted EBITDA 3 820 886 -7% 2,093 2,231 -6%
Adjusted EBITDA margin 3 19.3% 18.9% 0,5 ppts 17.5% 17.3% 0,2 ppts
Adjusted EBIT 4 504 548 -8% 1,150 1,254 -8%
Adjusted EBIT margin 4 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, SEK 5 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%
Q3 First nine months

===== SIDA 2 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 2 
 
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 
 
 
 
 
 
 “More than 80 percent of the planned 
workforce reductions already completed” 
>80 percent  
completed

===== SIDA 3 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 3 
 
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  
 
 
 
Sales per product type 
 
1 Based on constant exchange rates
 
 
 
 
 
 
SEK M 2025/26 2024/25 Δ1 Δ 2025/26 2024/25 Δ1 Δ
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%
Q3 First nine months
SEK M 2025/26 2024/25 Δ1 Δ 2025/26 2024/25 Δ1 Δ
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%
Q3 First nine months

===== SIDA 4 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 4 
 
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 2025/26 2024/25 Δ 2025/26 2024/25 Δ
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%
Q3 First nine months

===== SIDA 5 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 5 
 
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.  
 
 
Employees 
The average number of employees on January 31, 2026, 
was 4,438 (4,541). 
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.

===== SIDA 6 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 6 
 
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).  
 
 
 
 
Cash flow (extract) 
 
 
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). 
 
 
 
 
 
 
 
 
 
 
Net debt 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 EBITDA 12 months rolling
 
 
 
 
 
 
 
 
SEK M 2025/26 2024/25 2025/26 2024/25
EBITDA 403 866 1,639 2,094
Change in w orking 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%
Q3 First nine months
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
-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
4,827 5,280 4,658
Net debt/EBITDA ratio 1 1.35 1.34 1.06
Cash and cash equivalents and short-term 
investments
Net debt including lease liabilities

===== SIDA 7 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 7 
 
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.

===== SIDA 8 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 8 
 
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 
tobias.hagglov@elekta.com 
 
Peter Nyquist 
Head of Investor Relations 
+46 70 575 2906 
peter.nyquist@elekta.com 
 
 
 
 
  
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 
 
 
 
Web link 
>

===== SIDA 9 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 9 
 
Stockholm, March 5, 2026 
 
Jakob Just-Bomholt  
President and CEO 
 
This report has not been reviewed by the Company’s auditors.

===== SIDA 10 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 10 
 
Consolidated income statement  
– condensed 
  
SEK M Note 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
First nine months 12 monthsQ3

===== SIDA 11 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 11 
 
Consolidated statement of 
comprehensive income 
 
 
  
SEK M 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 w ill 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
Q3 12 monthsFirst nine months

===== SIDA 12 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 12 
 
Consolidated balance sheet 
statement – condensed 
 
 
 
 
 
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
Jan 31

===== SIDA 13 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 13 
 
Changes in consolidated equity – 
condensed 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
Jan 31

===== SIDA 14 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 14 
 
Consolidated cash flow statement - 
condensed 
 
 
 
 
 
 
 
 
 
 
 
 
 
SEK M 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
12 monthsFirst nine monthsQ3

===== SIDA 15 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 15 
 
Parent company 
 
Income statement and statement of comprehensive income - condensed
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 subsidaries 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 subsidaries 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
First nine months

===== SIDA 16 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 16 
 
Key figures and data per share 
 
1 Attributable to Parent Company shareholders. 
 
 
 
1 Number of registered shares at closing excluding treasury shares (1,485,289 per January 31, 2026). 
Key figures
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 M 1       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 
Full-year May - Jan
Data per share
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 closing 1
before dilution, thousands 382,083 382,083 382,083 382,083 382,083 382,083 382,083
after dilution, thousands 382,083 382,083 382,575 382,086 382,135 382,092 382,219
Full-year May - Jan

===== SIDA 17 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 17 
 
 
 
 
 
 
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. 
 
 
1 January 31, 2026, vs January 31, 2025. 
Data per quarter
SEK M 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
2023/24 2025/262024/25
R&D expenditure
SEK M 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
Q3 First nine months 12 months
Country Currency
Apr 30
2026 2025 Δ1 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%
Closing rate
May - Jan
Average rate
Jan 31

===== SIDA 18 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 18 
 
 
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

===== SIDA 19 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 19 
 
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. 
 
 
 
1 Items affecting comparability include mainly personnel costs and impairment of assets. 
 
 
 
 
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 comparability1 -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 comparability1 -10 -1 0 -12 -23
Operating income (EBIT) 551 589 559 -1,174 525 11%
Net financial items - - - -95 -95
Income after financial items 551 589 559 -1,269 431
Income tax - - - -95 -95
Net income for the period 551 589 559 -1,364 336

===== SIDA 20 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 20 
 
 
 
 
 
1 Items affecting comparability include mainly personnel costs and impairment of assets. 
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 comparability1 -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 comparability1 -24 -6 -9 -127 -167
Operating income (EBIT) 1,489 1,523 1,548 -3,473 1,087 8%
Net financial items - - - -291 -291
Income after financial items 1,489 1,523 1,548 -3,764 797
Income tax - - - -175 -175
Net income for the period 1,489 1,523 1,548 -3,939 621
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 comparability1 -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 comparability1 -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

===== SIDA 21 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 21 
 
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. 
 
 
 
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 
 
 
 
 
 
 
 
 
 
 
 
 
 
SEK M 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
Apr 30, 2025Jan 31, 2026 Jan 31, 2025
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

===== SIDA 22 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 22 
 
 
 
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. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

===== SIDA 23 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 23 
 
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. 
 
 
 
 
 
 
 
 
 
 
 
 
 
% 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
Americas EMEA APAC Group  total

===== SIDA 24 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 24 
 
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. 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% 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
Solutions Service Total sales

===== SIDA 25 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 25 
 
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. 
 
 
 
EBITDA 
EBITDA is used for the calculation of operational cash conversion and the net debt/EBITDA ratio. 
 
 
 
% 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
Selling expenses
Administrative 
expenses R&D expenses Change expenses
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

===== SIDA 26 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 26 
 
Return on shareholders’ equity 
Return on shareholders’ equity measures the return generated on shareholders’ capital invested in the company. 
 
 
 
 
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. 
 
 
 
 
Working capital 
In order to optimize cash generation, management focuses on working capital and reducing lead times between 
orders booked and cash received. 
 
 
 
 
 
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%
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%
 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%

===== SIDA 27 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 27 
 
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. 
 
 
 
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 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
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

===== SIDA 28 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 28 
 
 
 
 
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. 
 
 
 
 
EBITDA margin & Adjusted EBITDA margin 
 
 
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
SEK M 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%
38.3% 37.1% 37.8% 36.8%
Q3 First nine months
Adjusted gross margin (Adjusted gross income/ Net sales)
  
SEK M 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%
Q3 First nine months

===== SIDA 29 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 29 
 
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

===== SIDA 30 =====

Interim report third quarter Nov–Jan 2025/26 
 
ELEKTA Q3 2025/26 30 
 
Adjusted earnings per share 
Adjusted earnings per share is used to track the underlying operational performance, i.e. excluding items affecting 
comparability. 
 
 
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. 
 
 
 
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 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
Q3 First nine months
SEK M 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%
Q3 First nine months
SEK M 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
Q3 First nine months 12 months

===== SIDA 31 =====

Elekta AB 
Box 7593 
SE – 103 93 
Stockholm, Sweden 
T +46 8 587 254 00 
F +46 8 587 255 00 
 elekta.com  /elekta  @elekta   /company/elekta  @elekta_ 
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.