Kvartalsrapport Q3 2023

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Restricted Information and Basic Personal Data 
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Interim report 
May–January 2023/24  
 Q3

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Profitable growth and record 
cash flow 
 
 
 
This is information is such that Elekta AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The i nformation was submitted for publication by 
the below mentioned contact persons at 07:30 CET on February 29, 2024. 
Forward-looking information. This report includes forward-looking statements including, but not limited to, statements relation to operational and financial performance, market 
conditions, and other similar matters. These forward-looking statements are based on current expectations about future events. Although the expectations described in these 
statements are assumed to be reasonable, there is no guarantee that such forward-looking statements will materialize or are accurate. Since these statements involve 
assumptions and estimates that are subject to risks and uncertainties, results could differ materially from those set out in the statement. Some of these risks and uncertainties are 
described further in the section “Risk and uncertainties”. Elekta undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new 
information, future events or otherwise, except as required by law or stock exchange regulations.  
 
Restricted Information and Basic Personal Data 
Third quarter 
• Gross order intake decreased by 17 percent to  
SEK 4,433 M (5,316), corresponding to a 17 percent 
decrease in constant exchange rates 
• Net sales increased by 5 percent to SEK 4,537 M 
(4,337), corresponding to a 4 percent increase in 
constant exchange rates  
• Adjusted gross margin amounted to 36.9 percent 
(38.4) 
• Adjusted operating income (Adjusted EBIT) 
amounted to SEK 525 M (463), corresponding  
to an adjusted EBIT margin of 11.6 percent (10.7) 
• Earnings per share was SEK 0.80 (0.57) before 
dilution and SEK 0.80 (0.56) after dilution 
• Adjusted earnings per share was SEK 0.88 (0.84) 
before dilution and SEK 0.88 (0.83) after dilution 
• Cash flow after continuous investments amounted  
to SEK 631 M (-163) 
First nine months 
• Gross order intake decreased by 4 percent to  
SEK 13,261 M (13,785), corresponding to a 7 
percent decrease in constant exchange rates 
• Net sales increased by 12 percent to SEK 13,097 M 
(11,745), corresponding to a 8 percent increase in 
constant exchange rates  
• Adjusted gross margin amounted to 37.9 percent 
(38.2) 
• Adjusted operating income (Adjusted EBIT) 
amounted to SEK 1,494 M (911), corresponding  
to an adjusted EBIT margin of 11.4 percent (7.8) 
• Earnings per share was SEK 2.32 (1.04) before 
dilution and SEK 2.32 (1.04) after dilution 
• Adjusted earnings per share was SEK 2.47 (1.58) 
before dilution and SEK 2.47 (1.58) after dilution 
• Cash flow after continuous investments amounted  
to SEK -57 M (-1,174)
  
1 Compared to last fiscal year based on constant exchange rates. 
2 Adjusted gross margin = Gross margin excluding items affecting comparability attributable to the Cost-reduction Initiative within the Resilience and Excellence Program, see page 28. 
3Adjusted EBITDA = EBITDA excluding items affecting comparability attributable to the Cost-reduction Initiative within the Resilience and Excellence Program, see page 29. 
4Adjusted 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 2023/24 2022/23 Δ 2023/24 2022/23 Δ
Gross order intake 4,433 5,316 -17%
1
13,261 13,785 -7%
1
Net sales 4,537 4,337 4%
1
13,097 11,745 8%
1
Adjusted gross margin 2 36.9% 38.4% -1.5 ppts 37.9% 38.2% -0.2 ppts
Adjusted EBITDA 3 807 738 9% 2,331 1,713 36%
Adjusted EBITDA-margin 3 17.8% 17.0% 0.8 ppts 17.8% 14.6% 3.2 p.e.
Adjusted EBIT 4 525 463 13% 1,494 911 64%
Adjusted EBIT margin 4 11.6% 10.7% 0.9 ppts 11.4% 7.8% 3.7 ppts
Gross margin 36.7% 38.1% -1.4 ppts 37.8% 37.6% 0.2 ppts
EBITDA 767 684 12% 2,259 1,529 48%
EBITDA-margin 16.9% 15.8% 1.1 ppts 17.3% 13.0% 4.2 p.e.
EBIT 485 331 47% 1,422 647 120%
EBIT margin 10.7% 7.6% 3.1 ppts 10.9% 5.5% 5.3 ppts
Cash flow  after continuous investments 631 -163 795 -57 -1,174 1117
Adjusted earnings per share before/after dilution, SEK 5 0.88 / 0.88 0.84 / 0.83 5% 2.47 / 2.47 1.58 / 1.58 57%
Earnings per share before/after dilution, SEK 0.80 / 0.80 0.57 / 0.56 41% 2.32 / 2.32 1.04 / 1.04 123%
Q3 First nine months

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Third quarter 
 
 
Restricted Information and Basic Personal Data 
 
During the third quarter, we continued to drive profitable growth and 
delivered a record-high cash flow. We received a large order from Croatia, 
and our investments in software are paying off with a Best in KLAS award 
and new pharma collaborations.    
Profitable growth and record cash flow 
Revenue grew with 4 percent and adjusted EBIT came in at 11.6 percentage 
points and we have now delivered five consecutive quarters with revenue growth 
and improved EBIT margin. During the quarter we increased our focus on 
improving cash flow, where our activities to reduce cost is an important part, which 
resulted in the best Q3 cash flow in Elekta’s history. For us, a strong cash flow is a 
proof point of an efficient business model and going forward we will continue our 
activities to structurally improve working capital. We experienced some delays in 
our supply chain due to the Red Sea situation, impacting revenue with around 1 
percentage point. 
 
Among other major achievements during the quarter, we signed an important 
order with the Croatian Ministry of Health for linear accelerators and 
brachytherapy systems. This significant investment is not just an acquisition of 
state-of-the-art technology – it is about Croatian clinicians being able to provide 
the highest standard of care to their patients. On the order side, the anti-corruption 
campaign in China continued to impact us, as we predicted. In addition, some 
delays in other markets and tough comparables, led to an overall order decline 
with 17 percent. However, looking at the order backlog it is at a robust SEK 42 B 
and the rolling four quarters book-to-bill ratio is well above one. We are increasing 
our market share in China, and we expect order growth to come back during the 
spring.  
 
We expect last year’s price improvements to begin contributing positively to the 
coming quarters and partly mitigate inflation-driven cost increases. At the same 
time, we will also continue our focus on new product launches across our portfolio. 
Accelerated innovation and investments in Software are paying off 
Our MOSAIQ Oncology Information System, part of our Elekta One software suite, 
earned the “Best in KLAS: Software and Services Report” award, which is based 
on feedback from thousands of clinical users, collected and evaluated by the 
independent research firm KLAS. Last year’s introduction of Elekta ONE, a 
software as a service (SaaS) offering, demonstrated our focus on personalization, 
integration, and a streamlined user experience. This enables clinicians to boost 
productivity and enhance personalized care. Winning this prestigious award, and  
the increased use of Elekta’s digital solutions globally, is the result of our 
investment in software during recent years. We see how accelerated innovation 
brings a direct benefit to healthcare providers and the patients they treat.  
 
We announced a collaboration with Bristol Myers Squibb to develop a solution for 
patients with melanoma, based on our digital platform Kaiku Health. The solution 
will provide a user-friendly and accessible way for patients to share relevant 
information with their doctors during treatment and receive personalized support and 
guidance. We have already entered similar partnerships with Roche and Novartis,  
expanding our software into new areas of cancer care, beyond radiation therapy.  
Looking forward 
We have seen improvement in revenue growth and margin expansion during the  
last five quarters. We expect net sales and EBIT levels for Q4 to be in line with last  
year’s strong quarter, and we will drive profitable growth during fiscal year  
2024/25. Long-term market trends support growth and investments in high-end  
radiotherapy equipment and margin expansion. We will continue to focus on  
providing access to the best cancer care and creating shareholder value. 
 
 
Gustaf Salford 
President and CEO  
       
Record-
high cash 
flow

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Third quarter 
 
 
Restricted Information and Basic Personal Data 
Order intake and order backlog 
In total, order intake in the third quarter amounted to SEK 4,433 M (5,316), a 
decrease of 17 percent in SEK and 17 percent based on constant exchange 
rates. Order intake was impacted by the ongoing government initiated anti-
corruption campaign in China and tough comparable figures in Europe. 
Excluding China, orders were down 11 percent based on constant exchange 
rates.  
 
Orders in APAC decreased by 36 percent mainly due to China, which 
continue to be impacted by the ongoing anti-corruption campaign as well as 
tough comparable figures, as the Chinese market was supported by public 
investments last year. Order intake in EMEA was positively impacted by the 
Croatian tender, however fully offset by last year’s large tenders in Southern 
Europe. Development in the Americas was stable. The book-to-bill ratio was 
0.98 (1.23). 
 
The order backlog amounted to SEK 41,536 M, compared to SEK 43,332 M 
on April 30, 2023. Elekta has decided to cancel all orders in the backlog 
related to GenesisCare´s U.S. business amounting to SEK 1,157 M. The 
positive translation effect due to the conversion to closing exchange rates 
amounted to SEK 92 M. 
 
 
1 Based on constant exchange rates. 
 
 
 
  
Gross order intake
SEK M 2023/24 2022/23 Δ1 Δ 2023/24 2022/23 Δ1 Δ
Americas 1,237 1,259 0% -2% 3,618 3,405 3% 6%
EMEA 2,065 2,218 -11% -7% 4,809 5,192 -13% -7%
APAC 1,131 1,840 -36% -39% 4,834 5,187 -8% -7%
Group 4,433 5,316 -17% -17% 13,261 13,785 -7% -4%
Q3 First nine months
Gross order intake Group 
 
 
Gross order intake Americas 
 
 
Gross order intake EMEA 
 
 
Gross order intake APAC

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Third quarter 
 
 
Restricted Information and Basic Personal Data 
Net sales
Based on constant exchange rates, Elekta’s revenues showed solid growth 
of 4 percent in the third quarter, with the ongoing conflict in the Red Sea 
impacting net sales negatively by approximately 1 percent. In SEK, net sales 
increased by 5 percent to SEK 4,537 M (4,337). The Americas and APAC 
contributed positively to the growth while EMEA showed low single-digit 
decline based on constant currencies. 
 
 
1 Based on constant exchange rates. 
 
Most markets in APAC showed good growth in installations with China 
growing by double-digits. In the Americas, revenues grew by 6 percent 
mainly driven by sales in North America. EMEA declined by 1 percent mainly 
due to last year’s tough comparables where EMEA grew by 16 percent 
driven by large tenders in Southern Europe and the UK.   
 
Service grew 5 percent based on constant exchange rates with growth in 
most business lines. Net sales from Solutions increased by 4 percent in 
constant exchange rates. At the end of the quarter, Elekta had an installed 
base of approximately 7,300 devices.  
 
 
1 Based on constant exchange rates. 
 
 
 
Net sales per region
SEK M 2023/24 2022/23 Δ1 Δ 2023/24 2022/23 Δ1 Δ
Americas 1,434 1,342 6% 7% 3,910 3,707 3% 5%
EMEA 1,550 1,524 -1% 2% 4,781 4,047 10% 18%
APAC 1,553 1,471 7% 6% 4,406 3,991 10% 10%
Group 4,537 4,337 4% 5% 13,097 11,745 8% 12%
Q3 First nine months
Net sales per product
SEK M 2023/24 2022/23 Δ1
Δ 2023/24 2022/23 Δ1
Δ
Solutions 2,742 2,628 4% 4% 7,573 6,656 9% 14%
Service 1,795 1,709 5% 5% 5,524 5,089 5% 9%
Total 4,537 4,337 4% 5% 13,097 11,745 8% 12%
Q3 First nine months
Net sales by quarter 
 
 
Net sales by RTM2 
 
2 Rolling twelve months. 
8% 
 net sales growth  
year-to-date

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Third quarter 
 
 
Restricted Information and Basic Personal Data 
Earnings 
Adjusted gross margin was 36.9 percent (38.4) in the third quarter. 
Continued inflationary pressure on materials and salaries together with 
foreign exchange headwind impacted the gross margin negatively in the 
quarter. These impacts were partly offset by productivity measures following 
the Cost-reduction Initiative.  
 
Expenses, excluding items affecting comparability, decreased by 3 percent 
during the third quarter based on constant exchange rates. The Cost-reduction 
Initiative contributed to lower administrative and selling expenses as well as to 
lower R&D expenses. Amortization of intangible assets and depreciation of 
tangible fixed and right-of-use assets amounted to a total of SEK 282 M (275).  
 
Adjusted EBIT came in strong at SEK 525 M (463), representing a margin  
of 11.6 percent (10.7), an improvement of 90 basis points compared to last 
year. EBIT amounted to SEK 485 M (331), which represented a margin of 
10.7 percent (7.6). Items affecting comparability in the third quarter consisted 
mainly of personnel-related costs and amounted to SEK 40 M (132), whereof 
SEK 10 M (12) impacted gross margin. Changes in foreign exchange rates 
had a positive impact on EBIT margin. 
 
Net financial items increased to SEK -93 M (-58). Higher debt and increased 
interest rates were the main drivers. Taxes amounted to SEK -86 M (-57), 
representing a tax rate of 22 percent (21). Net income amounted to SEK  
306 M (216) and earnings per share amounted to SEK 0.80 (0.57) before 
dilution and SEK 0.80 (0.56) after dilution. Adjusted earnings per share 
amounted to SEK 0.88 (0.84) before dilution and SEK 0.88 (0.83) after 
dilution. 
 
Cash flow 
With SEK 631 M (-163), the third quarter operating cash flow after 
continuous investments improved compared to last year with almost SEK 
800 M. The increase was mainly a result of improved earnings and reduction 
of working capital. Investments in intangible assets amounted to SEK 344 M 
(315) and were mainly related to R&D investments in oncology solutions and 
software. Investments in tangible assets increased to SEK 96 M (74). Cash 
conversion in the third quarter was 140 percent (33).  
 
 
  
Cash flow (extract)
SEK M 2023/24 2022/23 2023/24 2022/23
Operating cash flow 757 670 1,804 1,168
Change in w orking capital 315 -445 -661 -1,196
Cash flow from operating 
activities 1,072 225 1,144 -27
Continuous investments -440 -389 -1,200 -1,146
Cash flow after continuous 
investments 631 -163 -57 -1,174
EBITDA 767 684 2,259 1,529
Operational cash conversion 140% 33% 51% -2%
First nine monthsQ3
Adjusted EBIT 
                       
                                               
 
 
Fifth 
consecutive quarter 
of improved 
earnings 
SEK 631 M 
 Operating cash flow 
after continuous 
investments 
Cash flow from operating 
activities

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Third quarter 
 
 
Restricted Information and Basic Personal Data 
Working capital 
Net working capital as a percentage of net sales (rolling twelve months) 
improved to -6 percent (1). The improvements compared to last year were 
mainly driven by lower accounts receivables and inventory. Accrued income 
has been reduced due to collections from projects in Southern Europe. 
Customer advances are lower as a result of slowdown of the Chinese 
market. All individual working capital items were impacted by currency 
movements, while the net effect on the total working capital was limited. For 
more information, see page 27. 
 
Financial position 
Cash and cash equivalents and short-term investments amounted to  
SEK 2,352 M (1,218). Interest-bearing liabilities, excluding lease liabilities, 
amounted to SEK 5,859 M (4,664). Net debt increased to SEK 3,507 M 
(3,447) as a result of acquisitions and higher interest costs. Net debt in 
relation to EBITDA was 1.05 (1.46). The average maturity of interest-bearing 
liabilities was 3.5 years. 
 
 
 
The exchange rate effect from the translation of cash and cash equivalents 
amounted to SEK -17 M (14). The translation difference in interest-bearing 
liabilities amounted to SEK 30 M (52). 
 
Update on sustainability  
More sustainable linacs in cancer treatment 
The largest share of Elekta’s emissions arise from the supply chain, followed 
by the use of our Solutions. Elekta currently has three main focus areas when 
striving towards more sustainable Solutions and Services. First, product 
energy consumption, as one of Elekta’s targets for Scope 3 is to reduce the 
emissions from our Solutions per radiation therapy treatment delivered. 
Second, careful selection and use of raw materials and scarce natural 
resources. This includes conscientious use of high emission materials and 
minimizing the amount of material used. In the production of linacs, Elekta has 
established design targets for projects and products, including minimizing the 
weight of new designs; identifying redundant or over-specified parts; 
optimizing the amount of shielding materials; designing new products to 
facilitate remote diagnostics; and reducing spare parts consumption. Third, 
promoting more digitalization and cloud-based systems, enabling improved 
remote system diagnostics and service and requiring less hardware.  
 
 
 
   
Net debt
Jan 31 Jan 31 Apr 30
SEK M 2024 2023 2023
Long-term interest-bearing liabilities 5,738 4,152 5,706
Short-term interest-bearing liabilities 122 512 14
Cash and cash equivalents and short-term 
investments -2,352 -1,218 -3,278
Net debt 3,507 3,447 2,442
Long-term lease liabilities 1,063 729 712
Short-term lease liabilities 219 246 236
Net debt including lease liabilities 4,789 4,422 3,389
Working capital 
 
 
 
 
 
Net debt/EBITDA

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Third quarter 
 
 
Restricted Information and Basic Personal Data 
 
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 2022/23 page 25, or visit risk 
management on www.elekta.com.  
 
The ongoing conflict in the Red Sea causes disruptions of shipping routes 
leading to higher freight rates and surcharge costs, impacting Elekta’s 
business and financial result. Elekta is closely following the situation in order 
to understand the implications on its daily business. The conflict impacted 
net sales negatively by approximately 1 percentage point in the quarter. 
 
In June 2023, one of Elekta’s larger customers, GenesisCare, filed voluntary 
petitions for reorganization under Chapter 11 of the United States 
Bankruptcy Code. During the restructuring, GenesisCare operated in the 
ordinary course without disruption to patient care.  
 
Elekta is closely following the process in order to understand the implications 
on Elekta’s business. As a result, Elekta has decided to cancel all orders in 
the backlog amounting to SEK 1 157 M related to the U.S. part of 
GenesisCare. The cancellation covers agreements not yet installed, and it 
mirrors our latest perception of a potential backlog conversion for the full 
agreement with GenesisCare. Orders related to regions outside of the United 
States within GenesisCare remain unaffected. During 2023/24 Elekta has 
continued to receive payments from GenesisCare and the estimated 
exposure is covered by existing provisions.  
 
Significant events 
The Ministry of Health in Croatia orders radiotherapy 
solutions for EUR 22 M 
In January, Elekta received an order amounting to approximately EUR 22 
million from the Ministry of Health in Croatia. The deal includes Elekta’s suite 
of hardware and software, such as Versa HD, Harmony and Infinity linear 
accelerators; Flexitron brachytherapy afterloaders; Oncentra brachytherapy 
software and Monaco TPS and MOSAIQ Oncology Information Systems.

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Third quarter 
 
 
Restricted Information and Basic Personal Data 
Second quarter1 
• India’s KIMS orders radiotherapy systems for USD 40 M 
• Elekta’s Nomination Committee for AGM 2024 
• Elekta expands brachytherapy with acquisition of Xoft  
• Elekta continues to support Ukrainian cancer patients  
• AGM 2023 approves dividend and new Board members 
 
Cost-reduction Initiative 
During 2022/23, Elekta implemented a Cost-reduction Initiative to reduce 
structural costs and enhance productivity across the organization. During 
2022/23 annual savings of approximately SEK 450 M was achieved, at one-off 
implementation costs of SEK 312 M. During 2023/24, activities of the Cost-
reduction Initiative have continued, although at a significantly lower level. In 
the initial nine months of 2023/24 an annual spending of SEK 78 M was 
reduced, at an implementation cost of SEK 62 M. The implementation costs 
are reported as items affecting comparability, see page 28. 
. 
Employees 
The average number of employees during the period was 4,584 (4,614).  
The average number of employees in the Parent Company was 57 (56). 
 
Shares 
Total number of registered shares on January 31, 2024, was 383,568,409, of 
which 14,980,769 were A-shares and 368,587,640 B-shares. On January 31,  
2024, 1,485,289 shares were treasury shares held by Elekta. 
 
1 For more details about the previous significant events please see respective quarterly report.  
  
  
 
 
 
 
 
 
 
 
Outlook 
from 2022/23 to 2024/25 as 
communicated at the CMD June 2023 
 
• Net sales CAGR  
of >7%  
 
• EBIT margin 
expansion  
 
 
 
 
Dividend policy 
 
• ≥50% of net income  
for the year

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Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Stockholm February 29, 2024 
 
 
Gustaf Salford 
President and CEO 
 
 
This report has not been reviewed by the Company’s auditors.

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Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Consolidated income statement – 
condensed 
 
  
SEK M 2023/24 2022/23 2023/24 2022/23 RTM 2022/23
Net sales 4,537 4,337 13,097 11,745 18,221 16,869
Cost of products sold -2,873 -2,686 -8,149 -7,326 -11,343 -10,520
Gross income 1,664 1,652 4,948 4,419 6,878 6,349
Selling expenses -369 -392 -1,230 -1,204 -1,629 -1,603
Administrative expenses -346 -416 -1,003 -1,073 -1,328 -1,398
R&D expenses -341 -364 -1,050 -1,113 -1,355 -1,418
Other operating income and expenses -40 -22 -73 -46 -92 -65
Exchange rate differences -81 -126 -170 -336 -269 -434
Operating income (EBIT) 485 331 1,422 647 2,206 1,431
Financial items, net -93 -58 -283 -137 -378 -233
Income after financial items 392 273 1,139 510 1,827 1,198
Income tax -86 -57 -250 -112 -392 -254
Net income for the period 306 216 888 398 1,435 944
Net income for the period attributable to:
Parent Company shareholders 305 216 887 397 1,433 943
Non-controlling interests 0 0 1 0 1 1
Average number of shares
Before dilution, millions 382 382 382 382 382 382
After dilution, millions 382 382 382 382 382 382
Earnings per share
Before dilution, SEK 0.80 0.57 2.32 1.04 3.75 2.47
After dilution, SEK 0.80 0.56 2.32 1.04 3.75 2.47
Q3 First nine months 12 months

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Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Consolidated statement of 
comprehensive income 
 
 
  
  
SEK M 2023/24 2022/23 2023/24 2022/23 RTM 2022/23
Net income for the period 306 216 888 398 1,435 944
Other comprehensive income:
Items that will not be reclassified to the income statement:
Remeasurements of defined benefit pension plans - - - - 7 7
Change in fair value of equity instruments - - - -15 - -14
Tax - - - -9 0 -9
Total items that will not be reclassified to the income statement - - - -24 6 -16
Items that subsequently may be reclassified to the income statement:
Revaluation of cash flow  hedges 232 314 130 104 226 200
Translation differences from foreign operations -612 25 -26 698 -96 628
Tax -48 -65 -27 -21 -46 -41
Total items that subsequently may be reclassified 
to the income statement -428 274 77 781 84 787
Other comprehensive income for the period -428 274 77 757 90 770
Total comprehensive income for the period -122 490 965 1,155 1,525 1,715
Comprehensive income attributable to:
Parent Company shareholders -123 490 965 1,155 1,524 1,714
Non-controlling interests 0 0 1 1 1 1
Q3 First nine months 12 months

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Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Consolidated balance sheet statement – 
condensed 
 
  
Apr 30
SEK M 2024 2023 2023
Non-current assets
Intangible assets 12,610 11,492 11,722
Right-of-use assets 1,139 795 773
Tangible assets 1,014 999 980
Financial assets 1,056 726 1,055
Deferred tax assets 712 713 703
Total non-current assets 16,530 14,725 15,233
Current assets
Inventories 3,538 3,337 3,070
Accounts receivable 4,158 4,239 3,990
Accrued income 1,893 2,287 2,119
Other current receivables 2,260 2,165 1,917
Cash and cash equivalents 2,352 1,218 3,278
Total current assets 14,200 13,246 14,375
Total assets 30,731 27,971 29,608
Equity attributable to Parent Company shareholders 10,247 9,625 9,729
Non-controlling interests 5 4 4
Total equity 10,252 9,628 9,733
Non-current liabilities
Interest-bearing liabilities 5,738 4,152 5,706
Lease liabilities 1,063 729 712
Other liabilities 706 783 751
Total non-current liabilities 7,507 5,664 7,169
Current liabilities
Interest-bearing liabilities 122 512 14
Lease liabilities 219 246 236
Accounts payable 1,495 1,390 1,809
Advances from customers 5,442 4,924 5,011
Prepaid income 2,692 2,416 2,565
Accrued expenses 1,966 1,937 1,994
Other current liabilities 1,037 1,254 1,077
Total current liabilities 12,972 12,679 12,706
Total equity and liabilities 30,731 27,971 29,608
Jan 31

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Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Changes in consolidated equity – 
condensed 
 
   
Apr 30
SEK M 2023/24 2022/23 2022/23
Attributable to Parent Company shareholders
Opening balance 9,729 8,913 8,913
Comprehensive income for the period 965 1,154 1,714
Incentive programs 12 14 19
Dividend -459 -459 -917
Total 10,247 9,625 9,729
Attributable to non-controlling interests
Opening balance 4 3 3
Comprehensive income for the period 1 1 1
Total 5 4 4
Closing balance 10,252 9,628 9,733
Jan 31

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Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Consolidated cash flow statement – 
condensed 
 
   
SEK M 2023/24 2022/23 2023/24 2022/23 RTM 2022/23
Income after financial items 392 273 1,139 510 1,827 1,198
Amortization and depreciation 282 275 837 803 1,097 1,062
Impairment 0 78 0 79 26 103
Interest net 79 44 214 95 265 147
Other non-cash items 182 110 167 13 201 49
Interest received and paid -63 -38 -149 -81 -224 -156
Income taxes paid -115 -73 -404 -251 -443 -290
Operating cash flow 757 670 1,804 1,168 2,750 2,114
Change in inventories 173 -102 -449 -699 -212 -461
Change in operating receivables 364 -828 -289 -1,087 -171 -969
Change in operating liabilities -222 485 77 590 767 1,280
Change in w orking capital 315 -445 -661 -1,196 385 -150
Cash flow from operating activities 1,072 225 1,144 -27 3,135 1,964
Investments in intangible assets -344 -315 -1,014 -990 -1,380 -1,357
Investments in tangible assets -96 -74 -185 -156 -237 -207
Continuous investments -440 -389 -1,200 -1,146 -1,618 -1,564
Cash flow after continuous investments 631 -163 -57 -1,174 1,517 400
Business combinations and investments in other shares -73 -36 -278 -38 -291 -51
Cash flow after investments 558 -199 -335 -1,212 1,226 349
Dividends - 0 -459 -459 -917 -917
Cash flow  from other financing activities 30 -98 -117 -202 874 788
Cash flow for the period 588 -297 -910 -1,873 1,183 220
Change in cash and cash equivalents during the period
Cash and cash equivalents at the beginning of the period 1,869 1,535 3,278 3,077 1,218 3,077
Cash flow  for the period 588 -297 -910 -1,873 1,183 220
Exchange rate differences -104 -20 -17 14 -48 -18
Cash and cash equivalents at the end of the period 2,352 1,218 2,352 1,218 2,352 3,278
12 monthsFirst nine monthsQ3

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Parent company  
 
  
 
Comment to the Parent company 
In the first nine months 2023/24 financial net has decreased due to less group contributions and dividends from 
subsidiaries compared to previous year. The parent company contributed SEK 1,799 M to one of its subsidiaries 
during the third quarter.   
  
Income statement and statement of comprehensive income - condensed
SEK M 2023/24 2022/23
Operating income and expenses 24 -6
Financial net 368 712
Income after financial items 392 706
Tax -15 -58
Net income for the period 377 648
Statement of comprehensive income
Net income for the period 377 648
Other comprehensive income - -
Total comprehensive income 377 648
Balance sheet - condensed
Jan 31 Apr 30
SEK M 2024 2023
Non-current assets  
Intangible assets 28 33
Shares in subsidiaries 4,778 2,807
Receivables from subsidaries 1,705 1,925
Other financial assets 29 29
Deferred tax assets 19 22
Total non-current assets 6,559 4,816
Current assets
Receivables from subsidaries 3,700 4,473
Other current receivables 113 43
Cash and cash equivalents 1,173 1,876
Total current assets 4,986 6,393
Total assets 11,545 11,209
Shareholders' equity 2,504 2,585
Non-current liabilities
Interest-bearing liabilities 5,737 5,706
Provisions 14 16
Total non-current liabilities 5,751 5,722
Current liabilities
Liabilities to Group companies 3,122 2,808
Other current liabilities 168 94
Total current liabilities 3,290 2,902
Total shareholders' equity and liabilities 11,545 11,209
First nine months

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
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 2022/23. 
 
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.  
 
The International Tax Reform – Pillar Two Model Rules – amendments to IAS 12A became applicable for the current 
reporting period. The amendment introduces a temporary exception to the requirements to recognise deferred tax 
assets and liabilities related to Pillar Two income taxes. 
 
Related party transactions  
Related party transactions are described in note 35 in the Annual Report for 2022/23.  
 
Elekta has entered into consultancy agreements with two of its board members, Caroline Leksell Cooke and Kelly 
Londy, and their respective companies. Elekta enters transactions with these entities in the ordinary course of 
business. The transactions are priced on an arm’s length basis and are subject to terms and conditions that are 
standard in the industry. 
 
At the Annual General Meeting in August Elekta’s shareholders approved the Board of Directors’ proposal of a 
contribution of maximum SEK 10 M to the philanthropic Elekta Foundation. During the third quarter a contribution of 
SEK 10 M has been paid. The contribution is reported as part of Items affecting comparability. 
 
Exchange rates 
For Group companies with a functional currency other than Swedish kronor, order intake and income statements are 
translated at average exchange rates for the reporting period, while order book and balance sheets are translated at  
closing exchange rates. 
 
 
1 January 31, 2024, vs January 31, 2023. 
 
 
 
 
Country Currency
Apr 30
2024 2023 Δ1
2024 2023 2023 Δ1
China 1 CNY 1.483 1.516 -2% 1.452 1.544 1.490 -6%
Euroland 1 EUR 11.556 10.769 7% 11.287 11.299 11.347 0%
Great Britain 1 GBP 13.388 12.483 7% 13.224 12.868 12.861 3%
Japan 1 JPY 0.074 0.077 -4% 0.071 0.080 0.076 -12%
United States 1 USD 10.664 10.453 2% 10.431 10.428 10.303 0%
Q3
Average rate Closing rate
Jan 31

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Segment reporting 
Elekta applies geographical segmentation. Order intake, net sales and contribution margin for the respective  
regions are reported to Elekta’s CFO and CEO (chief operating decision makers). The regions’ expenses are  
directly attributable to the respective regions’ reported figures including cost of products sold. Global costs for R&D, 
marketing, management of product supply 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. Revenue from Solutions is recognized at a point in time and revenue from 
Services are recognized over time.  
 
 
 
1 Items affecting comparability include mainly personnel costs and impairments of assets attributable to the Cost-reduction Initiative within the Resilience and Excellence Program. 
 
Q3 2023/24
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
% of net 
sales
Net sales 1,434 1,550 1,553 - 4,537
Operating expenses -868 -1,085 -1,091 - -3,044 67%
Contribution margin 566 465 461 - 1,493 33%
Contribution margin, % 39% 30% 30%
Global costs - - - -967 -967 21%
Adjusted EBIT 566 465 461 -967 525 12%
Items affecting comparability1 0 -2 -2 -37 -40
Operating income (EBIT) 566 464 460 -1,004 485 11%
Net financial items - - - -93 -93
Income after financial items 566 464 460 -1,098 392
Income tax - - - -86 -86
Net income for the period 566 464 460 -1,184 306
Q3 2022/23
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
% of net 
sales
Net sales 1,342 1,524 1,471 - 4,337
Operating expenses -752 -1,035 -946 - -2,733 63%
Contribution margin 589 489 525 - 1,604 37%
Contribution margin, % 44% 32% 36%
Global costs - - - -1,140 -1,140 26%
Adjusted EBIT 589 489 525 -1,140 463 11%
Items affecting comparability1 -40 -6 -9 -78 -132
Operating income (EBIT) 549 483 517 -1,218 331 8%
Net financial items - - - -58 -58
Income after financial items 549 483 517 -1,277 273
Income tax - - - -57 -57
Net income for the period 549 483 517 -1,333 216

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
 
 
 
 
 
1 Items affecting comparability include mainly personnel costs and impairments of assets attributable to the Cost-reduction Initiative within the Resilience and Excellence Program. 
 
First nine months 2023/24
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
% of net 
sales
Net sales 3,910 4,781 4,406 - 13,097
Operating expenses -2,435 -3,268 -3,110 - -8,814 67%
Contribution margin 1,474 1,513 1,296 - 4,283 33%
Contribution margin, % 38% 32% 29%
Global costs - - - -2,789 -2,789 21%
Adjusted EBIT 1,474 1,513 1,296 -2,789 1,494 11%
Items affecting comparability1 0 -8 -6 -57 -72
Operating income (EBIT) 1,474 1,504 1,290 -2,847 1,422 11%
Net financial items - - - -283 -283
Income after financial items 1,474 1,504 1,290 -3,130 1,139
Income tax - - - -250 -250
Net income for the period 1,474 1,504 1,290 -3,380 888
First nine months 2022/23
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
% of net 
sales
Net sales 3,707 4,047 3,991 - 11,745
Operating expenses -2,229 -2,746 -2,656 - -7,631 65%
Contribution margin 1,478 1,301 1,335 - 4,114 35%
Contribution margin, % 40% 32% 33%
Global costs - - - -3,203 -3,203 27%
Adjusted EBIT 1,478 1,301 1,335 -3,203 911 8%
Items affecting comparability1 -74 -18 -17 -154 -263
Operating income (EBIT) 1,404 1,283 1,318 -3,357 647 6%
Net financial items - - - -137 -137
Income after financial items 1,404 1,283 1,318 -3,495 510
Income tax - - - -112 -112
Net income for the period 1,404 1,283 1,318 -3,607 398
Rolling twelve months
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
% of net 
sales
Net sales 5,442 6,641 6,139 - 18,221
Operating expenses -3,353 -4,429 -4,268 - -12,050 66%
Contribution margin 2,089 2,212 1,871 - 6,172 34%
Contribution margin, % 38% 33% 30%
Global costs - - - -3,845 -3,845 21%
Adjusted EBIT 2,089 2,212 1,871 -3,845 2,326 13%
Items affecting comparability1 -4 -10 -6 -101 -121
Operating income (EBIT) 2,085 2,202 1,865 -3,947 2,206 12%
Net financial items - - - -378 -378
Income after financial items 2,085 2,202 1,865 -4,325 1,827
Income tax - - - -392 -392
Net income for the period 2,085 2,202 1,865 -4,717 1,435
Full year 2022/23
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
% of net 
sales
Net sales 5,239 5,907 5,724 - 16,869
Operating expenses -3,146 -3,907 -3,814 - -10,867 64%
Contribution margin 2,092 2,000 1,910 - 6,003 36%
Contribution margin, % 40% 34% 33%
Global costs - - - -4,259 -4,259 25%
Adjusted EBIT 2,092 2,000 1,910 -4,259 1,743 10%
Items affecting comparability1 -78 -20 -17 -198 -312
Operating income (EBIT) 2,015 1,981 1,893 -4,457 1,431 8%
Net financial items - - - -233 -233
Income after financial items 2,015 1,981 1,893 -4,690 1,198
Income tax - - - -254 -254
Net income for the period 2,015 1,981 1,893 -4,944 944

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
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 2023/24
SEK M Americas EMEA APAC Group total
Solutions 707 905 1,131 2,742
Service 727 645 422 1,795
Total 1,434 1,550 1,553 4,537
Q3 2022/23
SEK M Americas EMEA APAC Group total
Solutions 610 936 1,082 2,628
Service 732 588 389 1,709
Total 1,342 1,524 1,471 4,337
First nine months 2023/24
SEK M Americas EMEA APAC Group total
Solutions 1,635 2,812 3,127 7,573
Service 2,275 1,969 1,280 5,524
Total 3,910 4,781 4,406 13,097
First nine months 2022/23
SEK M Americas EMEA APAC Group total
Solutions 1,522 2,299 2,835 6,656
Service 2,185 1,748 1,157 5,089
Total 3,707 4,047 3,991 11,745
Rolling twelve months
SEK M Americas EMEA APAC Group total
Solutions 2,436 4,015 4,447 10,898
Service 3,006 2,626 1,692 7,324
Total 5,442 6,641 6,139 18,221
Full year 2022/23
SEK M Americas EMEA APAC Group total
Solutions 2,323 3,502 4,155 9,981
Service 2,915 2,405 1,569 6,889
Total 5,239 5,907 5,724 16,869

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
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 
 
 
  
 
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. 
  
SEK M
Carrying 
amount
Fair 
value
Carrying 
amount
Fair 
value
Carrying 
amount
Fair 
value
Long-term interest-bearing liabilities 5,738 5,987 4,152 4,211 5,706 5,959
Short-term interest-bearing liabilities 122 122 512 515 14 15
Apr 30, 2023Jan 31, 2024 Jan 31, 2023
Financial instruments measured at fair value
SEK M Level Jan 31, 2024 Jan 31, 2023 Apr 30, 2023
FINANCIAL ASSETS
Financial assets measured at fair value through income 
statement:
Derivative financial instruments – non-hedge accounting 2 53 17 10
Short-term investments classified as cash equivalents 1 - 3 3
Derivatives used for hedging purposes:
Derivative financial instruments – hedge accounting 2 141 141 141
Total financial assets measured at fair value 195 161 154
FINANCIAL LIABILITIES
Financial liabilities at fair value through income statement:
Derivative financial instruments – non-hedge accounting 2 48 11 9
Contingent considerations 3 76 21 21
Derivatives used for hedging purposes:
Derivative financial instruments – hedge accounting 2 64 286 194
Total financial liabilities measured at fair value 188 318 224
Movements financial instruments level 3
SEK M Jan 31, 2024 Jan 31, 2023 Apr 30, 2023
Opening balance 21 18 18
Business combinations 69 10 13
Payments -12 -10 -20
Reported in net income for the period -5 18 15
Translation differences 3 -15 -5
Closing balance 76 21 21

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
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, 2024). 
 
  
2018/19 2019/20 2020/21 2021/22 2022/23 2022/23 2023/24
Gross order intake, SEK M 16,796 17,735 17,411 18,364 20,143 13,785 13,261
Net sales, SEK M 13,555 14,601 13,763 14,548 16,869 11,745 13,097
Order backlog, SEK M 32,003 34,689 33,293 39,656 43,332 42,904 41,536
Gross margin, % 41.9 42.0 40.8 37.4 37.6 37.6 37.8
Adjusted gross margin, % 41.9 42.0 40.8 37.4 38.1 38.2 37.9
Operating income (EBIT),  SEK M 1,696 1,657 1,906 1,643 1,431 647 1,422
Operating margin, % 12.5 11.3 13.9 11.3 8.5 5.5 10.9
Adjusted EBIT 1,696 1,657 1,906 1,643 1,743 911 1,494
Adjusted EBIT margin, % 12.5 11.3 13.9 11.3 10.3 7.8 11.4
Shareholders' equity, SEK M 1 7,779 8,113 8,197 8,913 9,729 9,625 10,247
Return on shareholders' equity, % 17 14 16 14 10 9 14
Net debt, SEK M 439 1,632 774 1,532 2,442 3,447 3,507
Operational cash conversion, % 61 35 82 69 76 -2 51
Average number of employees 3,798 4,117 4,194 4,631 4,587 4,614 4,584
Full-year May - Jan
Data per share
2018/19 2019/20 2020/21 2021/22 2022/23 2022/23 2023/24
Earnings per share
  before dilution, SEK 3.14 2.84 3.28 3.02 2.47 1.04 2.32
  after dilution, SEK 3.14 2.84 3.28 3.02 2.47 1.04 2.32
Adjusted earnings per share
  before dilution, SEK 3.14 2.84 3.28 3.02 3.11 1.58 2.47
  after dilution, SEK 3.14 2.84 3.28 3.02 3.10 1.58 2.47
Cash flow per share
  before dilution, SEK 2.48 -0.74 5.07 0.55 0.91 -3.17 -0.88
  after dilution, SEK 2.48 -0.74 5.07 0.55 0.91 -3.17 -0.88
Shareholders' equity per share
  before dilution, SEK 20.36 21.23 21.45 23.33 25.46 25.19 26.82
  after dilution, SEK 20.36 21.23 21.45 23.33 25.44 25.18 26.80
Average number of shares 
  before dilution, thousands 382,027 382,062 382,083 382,083 382,083 382,083 382,083
  after dilution, thousands 382,027 382,062 382,083 382,083 382,367 382,229 382,354
Number of shares at closing 1
  before dilution, thousands 382,027 382,083 382,083 382,083 382,083 382,083 382,083
  after dilution, thousands 382,027 382,083 382,083 382,083 382,575 382,083 382,352
Full-year May - Jan

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
 
 
 
 
 
 
 
 
Remeasurement for hyperinflation 
Elekta’s operations in Turkey is accounted for according to IAS 29 Financial reporting in hyperinflationary economies. 
The index used by Elekta for the remeasurement of the financial statements is the consumer price index with base 
period January 2003. The impact on the consolidated statement of income from IAS 29 is illustrated below. 
 
 
 
 
 
No significant events after the quarter 
  
Data per quarter
SEK M Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Gross order intake 4,441 5,897 3,871 4,598 5,316 6,359 3,839 4,989 4,433
Net sales 3,602 4,239 3,327 4,081 4,337 5,125 3,828 4,732 4,537
Operating income (EBIT) 340 570 117 199 331 784 412 525 485
Cash flow  from operating activities 573 1,040 -198 -55 225 1,991 -551 623 1,072
2022/232021/22 2023/24
Order intake growth based on constant exchange rates
% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Americas -3 -6 -43 -13 3 0 1 9 0
EMEA 23 16 11 -9 0 -4 -38 7 -11
APAC -3 -5 9 2 27 4 18 -1 -36
Group 8 2 -11 -6 9 0 -7 4 -17
2021/22 2022/23 2023/24
R&D expenditure
SEK M 2023/24 2022/23 2023/24 2022/23 RTM 2022/23
R&D expenditure, gross 553 555 1,646 1,758 2,177 2,290
Capitalization -334 -314 -969 -988 -1,320 -1,338
Amortization 122 123 373 342 497 466
R&D expenditure, net 341 364 1,050 1,113 1,355 1,418
Q3 First nine months 12 months
Jan 31 Apr 30
Exchange rate and index 2023/24 2022/23
Exchange rate, SEK/TRY 0.34 0.53
Index 1,984 1,300
statement of income, SEK M 2023/24 2022/23 2023/24 2022/23 RTM 2022/23
Net monetary gain/loss 17 - 15 - -40 -17
other comprehensive income, MSEK 2023/24 2022/23 2023/24 2022/23 RTM 2022/23
Remeasurement -1 - -4 - 38 41
Net monetary loss recognized in the consolidated 12 months
Remeasurement impact recognized in
Q3 First nine months
Q3 First nine months

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Alternative performance measures 
Alternative Performance Measures (APMs) are measures and key figures that Elekta’s management and other stake- 
holders use when managing and analyzing Elekta’s business performance. These measures are not substitutes, but 
rather supplements to financial reporting measures prepared in accordance with IFRS. Key figures and other APMs 
used by Elekta are defined on ir.elekta.com/investors/financials. Definitions and additional information on APMs can 
also be found on pages 97-99 in the Annual Report 2022/23. 
Order and sales growth based on constant exchange rates  
Elekta’s order intake and sales are, to a large extent, reported in subsidiaries with other functional currencies than 
SEK, which is the group reporting currency. In order to present order and sales growth on a more comparable basis 
and to show the impact of currency fluctuations, order and sales growth based on constant exchange rates are 
presented. The schedules below present growth based on constant exchange rates reconciled to the total growth 
reported in accordance with IFRS. 
 
 
 
 
  
Change gross order intake
% SEK M % SEK M % SEK M % SEK M
Q3 2023/24 vs. Q3 2022/23
Change based on constant exchange rates 0 -3 -11 -235 -36 -656 -17 -893
Currency effects -2 -19 4 83 -3 -53 0 10
Reported change -2 -22 -7 -153 -39 -709 -17 -883
Q3 2022/23 vs. Q3 2021/22
Change based on constant exchange rates 3 36 0 3 27 359 9 398
Currency effects 18 184 6 127 13 166 11 477
Reported change 21 220 6 130 40 524 20 875
May - Jan 2023/24 vs. May - Jan 2022/23
Change based on constant exchange rates 3 109 -13 -682 -8 -414 -7 -987
Currency effects 3 104 6 299 1 60 3 463
Reported change 6 213 -7 -383 -7 -354 -4 -524
May - Jan 2022/23 vs. May - Jan 2021/22
Change based on constant exchange rates -21 -743 1 28 12 503 -2 -212
Currency effects 16 558 8 367 15 605 12 1,530
Reported change -5 -185 8 395 27 1,108 11 1,318
Americas EMEA APAC
Group 
total

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
 
 
 
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 related to items affecting comparability and the 
remaining change split between change based on constant exchange rates and change due to currency movements. 
  
Change net sales
% SEK M % SEK M % SEK M % SEK M
Q3 2023/24 vs. Q3 2022/23
Change based on constant exchange rates 6 80 -1 -9 7 104 4 174
Currency effects 1 12 3 35 -1 -22 1 25
Reported change 7 92 2 26 6 82 5 200
Q3 2022/23 vs. Q3 2021/22
Change based on constant exchange rates 15 151 16 192 -3 -41 8 301
Currency effects 19 188 10 118 9 127 12 434
Reported change 34 339 26 310 6 85 20 735
May - Jan 2023/24 vs. May - Jan 2022/23
Change based on constant exchange rates 3 95 10 404 10 401 8 900
Currency effects 3 108 8 330 0 14 4 452
Reported change 5 203 18 734 10 415 12 1,352
May - Jan 2022/23 vs. May - Jan 2021/22
Change based on constant exchange rates 6 171 4 156 -3 -120 2 207
Currency effects 20 595 7 250 10 384 12 1,229
Reported change 26 765 11 406 7 264 14 1,436
Americas EMEA APAC
Group 
total
% SEK M % SEK M % SEK M % SEK M
Q3 2023/24 vs. Q3 2022/23
Items affecting comparability 2 8 5 17 2 6 3 30
Change based on constant exchange rates -2 -9 -3 -11 -4 -13 -3 -33
Currency effects -1 -4 6 20 0 0 2 17
Reported change -1 -5 8 26 -2 -7 1 14
Q3 2022/23 vs. Q3 2021/22
Items affecting comparability 5 18 28 86 5 16 12 120
Change based on constant exchange rates 1 4 -2 -5 -4 -14 -1 -15
Currency effects 8 28 11 32 7 22 8 82
Reported change 15 50 37 113 7 25 19 188
May - Jan 2023/24 vs. May - Jan 2022/23
Items affecting comparability 2 21 3 26 1 7 2 54
Change based on constant exchange rates 2 28 -4 -43 -4 -43 -2 -58
Currency effects 2 21 6 62 2 25 3 107
Reported change 6 69 5 45 -1 -11 3 103
May - Jan 2022/23 vs. May - Jan 2021/22
Items affecting comparability 4 43 12 105 5 51 7 199
Change based on constant exchange rates 10 93 2 16 -7 -71 1 39
Currency effects 10 93 10 88 9 92 9 273
Reported change 24 229 24 209 7 72 18 511
Selling expenses
Administrative 
expenses R&D expenses Change expenses

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
EBITDA 
EBITDA is used for the calculation of operational cash conversion and the net debt/EBITDA ratio. 
 
 
 
Return on capital employed 
Return on capital employed is a measure of the profitability after taking into account the amount of total capital used 
unrelated to type of financing. A higher return on capital employed indicates a more efficient use of capital. Capital  
employed represents the value of the balance sheet net assets that is the key driver of cash flow and capital required  
to run the business. It is also used in the calculation of return on capital employed. 
 
 
 
Return on shareholders’ equity 
Return on shareholders’ equity measures the return generated on shareholders’ capital invested in the company. 
 
 
  
SEK M Q3 2022/23 Q4 2022/23 Q1 2023/24 Q2 2023/24 Q3 2023/24
Operating income (EBIT) 331 784 412 525 485
Amortization intangible assets:
     Capitalized development costs 127 113 134 121 125
     Assets relating business combinations 36 37 37 39 39
Depreciation tangible assets 112 110 110 115 118
Impairment 78 26 0 0 0
EBITDA 684 1,069 693 800 767
SEK M Jan 31, 2023 Apr 30, 2023 Jul 31, 2023 Oct 31, 2023 Jan 31, 2024
Income after financial items (12 months rolling) 1,044 1,198 1,426 1,708 1,827
Financial expenses (12 months rolling) 257 310 392 442 482
Income after financial items plus financial expenses 1,301 1,508 1,818 2,150 2,309
Total assets 27,971 29,608 30,822 31,614 30,731
Deferred tax liabilities -487 -473 -456 -427 -416
Long-term provisions -234 -237 -225 -228 -213
Other long-term liabilities -62 -41 -123 -182 -77
Accounts payable -1,390 -1,809 -1,690 -1,721 -1,495
Advances from customers -4,924 -5,011 -5,557 -5,922 -5,442
Prepaid income -2,416 -2,565 -2,692 -2,670 -2,692
Accrued expenses -1,937 -1,994 -1,909 -2,075 -1,966
Current tax liabilities -218 -202 -154 -175 -127
Short-term provisions -180 -189 -134 -140 -150
Derivative financial instruments -275 -196 -215 -242 -96
Other current liabilities -581 -490 -704 -617 -665
Capital employed 15,267 16,401 16,964 17,216 17,392
Average capital employed (last five quarters) 15,126 15,180 15,651 16,138 16,648
Return on capital employed 9% 10% 12% 13% 14%
SEK M Q3 2022/23 Q4 2022/23 Q1 2023/24 Q2 2023/24 Q3 2023/24
Net income (12 months rolling) 813 943 1,122 1,344 1,433
Average shareholders' equity excluding 
non-controlling interests (last five quarters) 9,139 9,295 9,555 9,812 10,036
Return on shareholders' equity 9% 10% 12% 14% 14%

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
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. 
 
 
Days Sales Outstanding (DSO)  
Days Sales Outstanding was negative 42 days on January 31, 2024 (negative 19 days per January 31, 2023). 
 
 
 
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 Q3 2022/23 Q4 2022/23 Q1 2023/24 Q2 2023/24 Q3 2023/24
Cash flow  from operating activities 225 1,991 -551 623 1,072
EBITDA 684 1,069 693 800 767
Operational cash conversion 33% 186% -80% 78% 140%
Jan 31 Jan 31 Apr 30
SEK M 2024 2023 2023
Working capital assets
Inventories 3,538 3,337 3,070
Accounts receivable 4,158 4,239 3,990
Accrued income 1,893 2,287 2,119
Other operating receivables 1,693 1,761 1,542
Sum working capital assets 11,282 11,624 10,721
Working capital liabilities
Accounts payable 1,495 1,390 1,809
Advances from customers 5,442 4,924 5,011
Prepaid income 2,692 2,416 2,565
Accrued expenses 1,966 1,937 1,994
Short-term provisions 150 180 189
Other current liabilities 665 581 490
Sum working capital liabilities 12,409 11,428 12,058
Net working capital -1,128 196 -1,338
% of rolling 12 months net sales -6% 1% -8%
Jan 31 Jan 31 Apr 30
SEK M 2024 2023 2023
Americas -55 -56 -49
EMEA 22 56 52
APAC -88 -55 -94
Group -42 -19 -32
SEK M Jan 31, 2023 Apr 30, 2023 Jul 31, 2023 Oct 31, 2023 Jan 31, 2024
Long-term interest-bearing liabilities 4,152 5,706 5,783 5,796 5,738
Short-term interest-bearing liabilities 512 14 15 9 122
Cash and cash equivalents and short-term investments -1,218 -3,278 -2,367 -1,869 -2,352
Net debt 3,447 2,442 3,431 3,936 3,507
EBITDA (12 months rolling) 2,361 2,597 2,911 3,246 3,329
Net debt/EBITDA ratio 1.46 0.94 1.18 1.21 1.05

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
Items affecting comparability by segment and nature of expense 
Items affecting comparability include cost attributable to the Cost-reduction Initiative within the Resilience and 
Excellence Program. The costs are adjusted in order to track the underlying profitability of the Group’s products and 
services. 
 
 
 
 
 
Gross margin & adjusted gross margin 
Gross margin is used to track operational performance and efficiency and Adjusted gross margin is used to track the 
underlying operational performance, i.e. excluding items affecting comparability.  
 
  
Q3 2023/24
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
Items affecting comparability:
Personnel related cost 0 2 2 26 29
Impairment  - 0  -  - 0
Other cost  - 0  - 11 11
Total 0 2 2 37 40
Q3 2022/23
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
Items affecting comparability:
Personnel related cost 4 6 1 41 52
Impairment 36 0 7 34 78
Other cost 0 0 0 3 3
Total 40 6 9 78 132
First nine months 2023/24
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
Items affecting comparability:
Personnel related cost 0 7 6 43 57
Impairment  - 0  -  - 0
Other cost  - 1  - 15 15
Total 0 8 6 57 72
First nine months 2022/23
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
Items affecting comparability:
Personnel related cost 37 17 10 116 181
Impairment 36 1 7 34 79
Other cost 0 0 0 3 3
Total 74 18 17 154 263
SEK M 2023/24 2022/23 2023/24 2022/23
Net sales 4,537 4,337 13,097 11,745
Cost of products sold -2,873 -2,686 -8,149 -7,326
Gross income 1,664 1,652 4,948 4,419
Items affecting comparability 10 12 18 64
Adjusted gross income 1,673 1,664 4,966 4,483
Gross margin (Gross income/ Net sales) 36.7% 38.1% 37.8% 37.6%
Adjusted gross margin (Adjusted gross income/ Net sales) 36.9% 38.4% 37.9% 38.2%
Q3 First nine months

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
EBITDA-margin & adjusted EBITDA-margin 
 
 
Adjusted EBIT by segment 
Adjusted EBIT is used to track the underlying operational performance, i.e. excluding items affecting comparability.  
 
 
 
 
 
 
  
SEK M 2023/24 2022/23 2023/24 2022/23
EBITDA 767 684 2,259 1,529
Items affecting comparability 40 54 72 184
Adjusted EBITDA 807 738 2,331 1,713
Net Sales 4,537 4,337 13,097 11,745
EBITDA-margin (EBITDA/Net sales) 16.9% 15.8% 17.3% 13.0%
Adjusted EBITDA-margin  (Adjusted EBITDA/Net sales) 17.8% 17.0% 17.8% 14.6%
Q3 First nine months
Q3 2023/24
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
Operating Income (EBIT) 566 464 460 -1,004 485
Items affecting comparability 0 2 2 37 40
Adjusted EBIT 566 465 461 -967 525
Q3 2022/23
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
Operating Income (EBIT) 549 483 517 -1,218 331
Items affecting comparability 40 6 9 78 132
Adjusted EBIT 589 489 525 -1,140 463
First nine months 2023/24
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
Operating Income (EBIT) 1,474 1,504 1,290 -2,847 1,422
Items affecting comparability 0 8 6 57 72
Adjusted EBIT 1,474 1,513 1,296 -2,789 1,494
First nine months 2022/23
SEK M Americas EMEA APAC
Other / 
Group-wide
Group 
total
Operating Income (EBIT) 1,404 1,283 1,318 -3,357 647
Items affecting comparability 74 18 17 154 263
Adjusted EBIT 1,478 1,301 1,335 -3,203 911

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

Third quarter and first nine months 
 
 
Restricted Information and Basic Personal Data 
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 Group’s growth and is calculated as gross order intake in relation to net sales. A 
quota exceeding 1 shows that gross order intake is higher than the net sales. 
 
 
 
SEK M 2023/24 2022/23 2023/24 2022/23
Net income for the period attributable to:
Parent Company shareholders 305 216 887 397
Items affecting comparability 40 132 72 263
Tax on Items affecting comparability -9 -29 -16 -58
Adjusted net income 337 319 944 603
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 0.84 2.47 1.58
Adjusted earnings per share after dilution 2) 0.88 0.83 2.47 1.58
Q3 First nine months
SEK M 2023/24 2022/23 2023/24 2022/23 RTM 2022/23
R&D expenditure, net 341 364 1,050 1,113 1,355 1,418
R&D items affecting comparability -6 -16 -7 -51 -4 -49
R&D capitalization 334 314 969 988 1,320 1,338
R&D amortization -122 -123 -373 -342 -497 -466
Adjusted R&D Expenditure, gross 546 539 1,639 1,707 2,173 2,241
Net Sales 4,537 4,337 13,097 11,745 18,221 16,869
Adjusted R&D Expenditure of net sales 12% 12% 13% 15% 12% 13%
12 monthsQ3 First nine months
SEK M 2023/24 2022/23 2023/24 2022/23
Gross order intake 4,433 5,316 13,261 13,785
Net sales 4,537 4,337 13,097 11,745
Book-to-bill 0.98 1.23 1.01 1.17
Q3 First nine months

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

Third quarter and first nine months 
 
 
 Elekta AB (publ) 
556170-4015 
Hagaplan 4 
  
Box 7593  
SE 113 68  
Stockholm Sweden 
 
Restricted Information and Basic Personal Data 
Shareholder information 
Conference call  
Elekta will host a web conference at 10:00-11:00 CET on February 29  
with President and CEO Gustaf Salford, 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 
USA: +1 (1) 631 570 56 13 
 
https://bit.ly/49an8TB  
Financial calendar 
Interim report, Q4, May-April 2023/24 Jun 5, 2024 
Annual Report 2023/24  Jul 5, 2024 
Annual General Meeting 2024 Sep 5, 2024 
Interim report, Q1 May-Jul 2024/25 Sep 5, 2024 
Interim report, Q2 Aug-Oct 2024/25 Nov 27, 2024 
About Elekta 
Elekta is a global leader in radiotherapy solutions to fight cancer and 
neurological diseases. In fact, we are the only independent radiotherapy 
provider of scale. We have a broad offering of advanced solutions for 
delivering the most efficient radiotherapy treatments. Elekta’s offering 
allows clinicians to treat more patients with increased quality, both with 
value-creating innovations in solutions and AI-supported service based  
on a global network. 
Purpose 
Elekta’s purpose is to inspire hope for 
anyone dealing with cancer, be that 
patients, clinicians, or relatives. 
Strategy – ACCESS 2025 
Through our strategy, ACCESS 
2025, we improve patient access 
to the best cancer care by:  
•   Accelerating innovation with   
    customer utilization in mind  
•   Driving partner integration  
    across the cancer care   
    ecosystem  
•   Being the customer lifetime  
    companion  
•   Driving market adoption across  
    the globe 
 
Mission 
Our mission is to improve patients’ 
lives by working together with our 
customers. We use our precision 
radiation expertise to work hand in 
hand with clinicians and our partners 
to continuously develop innovative, 
outcome-driven and cost-efficient 
solutions that provide lasting clinical 
difference in a sustainable way. 
Vision 
Elekta’s vision is a world where 
everyone has access to the best 
cancer care. Our strategy, called 
ACCESS 2025, is the first part of our 
journey towards the vision. 
 
For further  
information,  
please contact: 
 
Tobias Hägglöv 
CFO  
+46 76 107 4799 
tobias.hagglov@elekta.com 
 
Peter Nyquist 
Head of Investor Relations 
+46 70 424 6127 
peter.nyquist@elekta.com