===== SIDA 1 ===== § Restricted Information and Basic Personal Data ff Interim report May–January 2023/24 Q3 ===== SIDA 2 ===== 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 ===== SIDA 3 ===== 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 ===== SIDA 4 ===== 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 ===== SIDA 5 ===== 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 ===== SIDA 6 ===== 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 ===== SIDA 7 ===== 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 ===== SIDA 8 ===== 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. ===== SIDA 9 ===== 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 ===== SIDA 10 ===== 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. ===== SIDA 11 ===== 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 ===== SIDA 12 ===== 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 ===== SIDA 13 ===== 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 ===== SIDA 14 ===== 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 ===== SIDA 15 ===== 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