FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
===== SIDA 1 ===== Interim report May–July 2024/25 Further actions to improve profitability First quarter • In constant exchange rates, net sales increased by 1 percent mainly driven by North America. Reported sales were unchanged amounting to SEK 3,825 M (3,828). • The book-to-bill ratio improved to 1.10 (1.00), supporting future revenue growth. • Adjusted gross margin amounted to 37.8 percent (41.6). A sequential increase of 120 basis points was supported by an improved service margin. • Adjusted EBIT amounted to SEK 283 M (427), corresponding to a margin of 7.4 percent (11.2). This was a result of increased operating expenses driven by higher amortization following recent product launches. • Net income was SEK 71 M (238) and earnings per share diluted was SEK 0.18 (0.62). • Cash flow after continuous investments amounted to SEK -891 M (-900). Lower earnings were compensated by improved working capital. • Net sales for Elekta are expected to grow by mid-single digit for the full year of 2024/25 with an improved EBIT margin supported by the recent product launch Elekta Evo. 1 Compared to last fiscal year based on constant exchange rates. 2 Compared to last rolling twelve months period Aug 2022 – Jul 2023 based on constant currency. 3 Adjusted gross margin = Gross margin excluding items affecting comparability attributable to the Cost-reduction Initiative, see page 25. 4 Adjusted EBITDA = EBITDA excluding items affecting comparability attributable to the Cost-reduction Initiative, see page 25. 5 Adjusted EBIT = Operating income (EBIT) excluding items affecting comparability, see page 26. 6 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 27. SEK M 2024/25 2023/24 Δ RTM 2023/24 Δ Book-to-bill 1.10 1.00 9% 1.11 1.09 2% Net sales 3,825 3,828 0% 18,117 18,119 0% Net sales in constant exchange rates 1% 1 5% 2 Adjusted gross margin 3 37.8% 41.6% -3.8 ppts 36.7% 37.5% -0.8 ppts Adjusted EBITDA 4 600 707 -15% 3,180 3,287 -3% Adjusted EBITDA margin 4 15.7% 18.5% -2.8 ppts 17.6% 18.1% -0.6 ppts Adjusted EBIT 5 283 427 -34% 2,001 2,145 -7% Adjusted EBIT margin 5 7.4% 11.2% -3.8 ppts 11.0% 11.8% -0.8 ppts Gross margin 37.0% 41.5% -4.5 ppts 36.5% 37.4% -0.9 ppts EBITDA 522 693 -25% 3,018 3,189 -5% EBITDA margin 13.6% 18.1% -4.5 ppts 16.7% 17.6% -0.9 ppts EBIT 174 412 -58% 1,801 2,039 -12% EBIT margin 4.5% 10.8% -6.2 ppts 9.9% 11.3% -1.3 ppts Net income 71 238 -70% 1,135 1,302 -13% Cash flow after continuous investments -891 -900 9 824 815 9 Adjusted earnings per share before/after dilution, SEK 6 0.41 / 0.41 0.65 / 0.65 -38% 3.38 / 3.38 3.62 / 3.62 -7% Earnings per share before/after dilution, SEK 0.18 / 0.18 0.62 / 0.62 -70% 2.97 / 2.97 3.41 / 3.41 -13% 12 monthsQ1 ===== SIDA 2 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 2 We grew sales during the first quarter and won a USD 64 M order from the largest private healthcare provider in Mexico. Action was taken to further improve profitability and we saw a sequential increase of the gross margin. Further actions to improve profitability We continue to take action to improve profitability and we are starting to see positive signs. We have increased prices, starting to be visible in this quarter, with more to come. Our recent product launches are expected to have a positive impact on margins and sales later in the fiscal year. Elekta Evo, our latest linear accelerator, has been well received by customers, relating to clinical needs and elevating personalized care as well as increased productivity. We continue to drive cost-reduction initiatives with the target to generate annual cost savings by around SEK 250 M at the end of the fiscal year. Continued challenging market condition in China Net sales in constant exchange rates grew by 1 percent, with the Chinese market still being impacted by the ongoing anti-corruption campaign. However, we saw double-digit order growth for the group, improving the book to bill ratio to 1.10 (1.00), supporting future revenue growth. The adjusted gross margin declined to 37.8 percent (41.6) in the first quarter, mainly driven by continued inflationary pressure from material and salaries in combination with reduced impact from inventory revaluation compared to last year. However, sequentially, we saw the gross margin increasing from 36.6 percent to 37.8, supported by a restored service margin. Important milestones At the end of the quarter, we announced a major order from the largest private healthcare provider in Mexico, Hospital Angeles Health System, including radiotherapy solutions, software and Elekta Esprit, a Leksell Gamma Knife. The total value of the order is USD 64 M, with installations expected to start in December 2024. During the quarter, we signed a deal for a Unity with the University Hospital in Lund. The expansion of the MR- Linac technology is important as the system will be dedicated to pushing the boundaries of treating cancer in women. For me personally, l am proud to deliver the most advanced radiation therapy solution to my hometown. Today we are also announcing that we have entered into a joint venture with AnSheng, our Chinese software partner. This strategic investment aims to ensure Elekta’s market-leading position in China and accelerate the adoption of radiation therapy in the country. Grow and expand margins As previously communicated, we expect our first half of 2024/25 to be weaker compared to last year with sales and profitability picking up during the second half of the year as a result of new product launches and productivity measures. Net sales for Elekta are expected to grow by mid-single digit for the full year of 2024/25 with an improved EBIT margin. Beyond this fiscal year, we will drive for an EBIT margin of 14 percent or higher as we are experiencing strong customer interest in our industry- leading offerings and a long-term underlying demand for world-leading cancer care solutions. Gustaf Salford President and CEO “We saw double-digit order growth for the group, improving the book to bill ratio to 1.10 (1.00), supporting future revenue growth.“ 1.10 Book-to-bill ratio ===== SIDA 3 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 3 Financial highlights Net sales • Growth in constant exchange rates of 1 percent – U.S. showing strong development. • Growth in APAC driven by India while China continued to decline • The book-to-bill ratio improved to 1.10 (1.00) with RTM well above one Based on constant exchange rates, Elekta’s net sales grew by 1 percent in the first quarter. The development was mainly driven by strong performance in the Americas while EMEA declined. Reported net sales were unchanged amounting to SEK 3,825 M (3,828). Growth in the Americas was driven by both North and South America, with installations in the U.S. showing strong development. APAC increased sales by 3 percent despite continuous negative impact from the ongoing anti- corruption campaign in China. Excluding China, the region grew by 29 percent with India and Korea as main drivers. In EMEA, sales declined by 12 percent compared to last year when the region grew by 15 percent driven by large installations in Spain and Italy. Most markets in the Middle East and Africa showed growth in the quarter. Service grew with 5 percent based on constant exchange rates with growth in most of the business lines and regions. Solutions decreased by 3 percent in constant exchange rates due to lower sales in Europe and China. At the end of the quarter, Elekta had an installed base of approximately 7,400 devices. Book-to-bill development The book-to-bill ratio improved to 1.10 (1.00) and the twelve-month rolling figure is well above 1. Gross intake in the first quarter amounted to SEK 4,192 M (3,839), an increase of 9 percent in SEK and 10 percent based on constant exchange rates. For more information, see page 27. During the quarter, Elekta received an order from Hospital Angeles Health System, the largest private healthcare service provider in Mexico, to deliver linear accelerators and a Gamma Knife system. The total value of the order is approximately USD 64 M of which USD 38 M was booked in the first quarter. Sales per region Sales per product type 1 Based on constant exchange rates. 2 Compared to last rolling twelve months period Aug 2022 – Jul 2023 based on constant currency. SEK M 2024/25 2023/24 Δ1 Δ RTM 2023/24 Δ2 Δ Americas 1,241 1,071 16% 16% 5,606 5,436 1% 3% EMEA 1,314 1,498 -12% -12% 6,366 6,550 6% -3% APAC 1,270 1,259 3% 1% 6,145 6,134 8% 0% Group 3,825 3,828 1% 0% 18,117 18,119 5% 0% Q1 12 months SEK M 2024/25 2023/24 Δ1 Δ RTM 2023/24 Δ2 Δ Solutions 1,915 1,995 -3% -4% 10,553 10,633 4% -1% Service 1,909 1,833 5% 4% 7,563 7,487 6% 1% Group 3,825 3,828 1% 0% 18,117 18,119 5% 0% Q1 12 months ===== SIDA 4 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 4 FINANCIAL HIGHLIGHTS Earnings • Adjusted GM declined YoY related to inflation and reduced impact from inventory revaluation • Adjusted GM improved sequentially – supported by an improved service margin • Increased OPEX - higher amortization costs following recent product launches Gross income development The adjusted gross income was SEK 1,445 M (1,590), representing an adjusted gross margin of 37.8 percent (41.6). The decline was driven by continued inflationary pressure from material and salaries in combination with reduced impact from inventory revaluation compared to last year and changes in foreign exchange rates. Compared to last year, the gross margin benefitted from a favorable product mix with a higher share of Service sales improving by 200 basis points to 49.9 percent, lower logistics costs and some effects from price increases. Sequentially, the adjusted gross margin increased by 120 basis points supported by the improved service margin. EBIT development Adjusted EBIT came in at SEK 283 M (427), representing a margin of 7.4 percent (11.2). EBIT amounted to SEK 174 M (412), which represented a margin of 4.5 percent (10.8). Items affecting comparability in the first quarter consisted mainly of personnel-related costs and amounted to SEK 109 M (14), whereof SEK 28 M (1) impacted gross margin. The decline in the adjusted EBIT margin derives from the lower gross margin and higher operating expenses. Operating expenses, excluding items affecting comparability and based on constant exchange rates, increased by 3 percent during the first quarter. The increase was mainly driven by higher amortization of intangible assets, following recent product launches, and administrative expenses. Net income development Net income amounted to SEK 71 M (238) and earnings per share to SEK 0.18 (0.62) before and after dilution. Net financial items improved to SEK -83 M (-107) explained by a non-cash effect related to a revaluation of the operations in Turkey with regards to hyperinflation. The positive effect was partly offset by higher interest expenses. Taxes amounted to SEK -20 M (-67), representing a tax rate of 22 percent (22). SEK M 2024/25 2023/24 Δ RTM 2023/24 Δ Net sales 3,825 3,828 0% 18,117 18,119 0% Net sales in constant currency 1% 5% Adjusted gross income 1,445 1,590 -9% 6,657 6,803 -2% Adjusted gross margin 37.8% 41.6% -3.8 ppts 36.7% 37.5% -0.8 ppts Adjusted EBIT 283 427 -34% 2,001 2,145 -7% Adjusted EBIT-margin 7.4% 11.2% -3.8 ppts 11.0% 11.8% -0.8 ppts EBIT 174 412 -58% 1,801 2,039 -12% EBIT-margin 4.5% 10.8% -6.2 ppts 9.9% 11.3% -1.3 ppts Net income 71 238 -70% 1,135 1,302 -13% Earnings per share 0.18 0.62 -70% 2.97 3.41 -13% Q1 12 months ===== SIDA 5 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 5 FINANCIAL HIGHLIGHTS Earnings Cost-reduction initiative Elekta continued to drive cost-reduction initiatives with the aim of lowering structural costs and enhancing productivity across the organization. The target is to generate annual savings by around SEK 250 M at the end of the fiscal year 2024/25, at an estimated implementation cost of SEK 250 M. In Q1, annual run rate savings of SEK 70 M were achieved, with a limited impact on Q1. The implementation costs amounted to SEK 109 M and are reported as items affecting comparability, see page 24. Employees The average number of employees during the period was 4,566 (4,464). The average number of employees during the fourth quarter 2023/24 amounted to 4,607. Shares Total number of registered shares on July 31, 2024, was 383,568,409, of which 14,980,769 were A-shares and 368,587,640 B-shares. On July 31, 2024, 1,485,289 shares were treasury shares held by Elekta. Earnings per share was SEK 0.18 (0.62) before and after dilution. ===== SIDA 6 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 6 Cash flow and financial position • Cash flow after continuous investments unchanged year-over-year • Lower earnings compensated by improved working capital • Increased net debt was driven by investments and acquisitions Cash flow Cash flow after continuous investments amounted to SEK -891 M (-900). Lower earnings and a decrease of operating liabilities, mainly customer advances, were compensated by improved working capital, generated by a lower increase of inventories. Net working capital as a percentage of net sales (rolling twelve months) improved to -5 percent (-4). During the quarter, the tax paid was lower than last year due to an R&D expenditure credit in the UK. Investments in intangible assets amounted to SEK 336 M (303) and were mainly related to R&D investments in new product solutions and software. Investments in tangible assets increased to SEK 61 M (43). Cash conversion in the first quarter was -95 percent (-80). Cash flow (extract) Financial position Cash and cash equivalents and short-term investments amounted to SEK 2,364 M (2,367). Interest-bearing liabilities, excluding lease liabilities, amounted to SEK 6,490 M (5,798). Net debt increased to SEK 4,126 M (3,431) as a result of continuous investments in R&D innovation and acquisitions. Net debt in relation to EBITDA was 1.37 (1.21). The average maturity of interest-bearing liabilities was 3.1 years. Net debt SEK M 2024/25 2023/24 RTM 2023/24 EBITDA 522 693 3,018 3,189 Change in w orking capital -933 -1,049 -104 -220 Financial net -83 -107 -348 -371 Paid tax -60 -138 -354 -431 Other 61 50 306 295 Cash flow from operating activities -493 -551 2,519 2,461 Continuous investments -397 -348 -1,694 -1,645 Cash flow after continuous investments -891 -900 824 815 Operational cash conversion -95% -80% 83% 77% Q1 12 months Jul 31 Jul 31 Apr 30 SEK M 2024 2023 2024 Long-term interest-bearing liabilities 4,811 5,783 4,807 Short-term interest-bearing liabilities 1,679 15 1,122 Cash and cash equivalents and short-term investments -2,364 -2,367 -2,779 Net debt 4,126 3,431 3,150 Long-term lease liabilities 1,052 731 1,095 Short-term lease liabilities 200 217 224 Net debt including lease liabilities 5,379 4,379 4,469 Net debt/EBITDA ratio 1.37 1.21 0.99 ===== SIDA 7 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 7 Other information Risk and uncertainties Elekta’s presence in many geographical markets exposes the Group to political and economic risks on a global scale and/or in individual countries. For more details, please see the Annual Report 2023/24, page 25. Forward looking statements This is information is such that Elekta AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the below mentioned contact persons at 07:30 CET on August 28, 2024. 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. Parent company During the first quarter, operating expenses increased due to higher recharged expenses from subsidiaries to the parent company during the first quarter. The financial net has decreased due to lower short-term loans to group companies. The external short-term interest-bearing liabilities have increased with SEK 540 million due to issued commercial papers. Significant events Elekta’s Nomination Committee's proposal for the Board of Directors prior to the Annual General Meeting 2024 The Nomination Committee of Elekta proposes that the Annual General Meeting 2024 reelect Laurent Leksell, who is also proposed to be reelected as Chairman of the Board, Tomas Eliasson, Caroline Leksell Cooke, Wolfgang Reim, Jan Secher, Volker Wetekam and Cecilia Wikström and elect Ann Costello and Jan Kimpen as directors of the Board. Birgitta Stymne Göransson has declined reelection. Elekta to become new issuer in the Swedish commercial paper market Elekta has access to cost-effective and diverse financing. To further expand the range of available funding options, Elekta continuously reviews opportunities to utilize other sources of funding on the credit market. The company has therefore launched a Swedish commercial paper program in June 2024. Significant events after the quarter Elekta and software partner AnSheng enter joint venture to strengthen market position in China Today, Elekta announces that it has entered into a joint venture with AnSheng, its Chinese software partner. This strategic investment aims to ensure Elekta’s market- leading position in China and accelerate the adoption of radiation therapy in the country. Elekta receives USD 64 million order for state-of-the- art linacs and Gamma Knife in Mexico In August, Elekta announced that it received an order from Hospital Angeles Health System, the largest private healthcare service provider in Mexico, to deliver state-of- the-art linear accelerators (linacs), as well as Elekta Esprit – the company’s latest Gamma Knife system – for a value of approximately USD 64 million. ===== SIDA 8 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 8 Shareholder information Conference call Q1 Elekta will host a web conference at 10:00-11:00 CET on August 28 with President and CEO Gustaf Salford, and CFO Tobias Hägglöv. To take part of the presentation please dial the numbers or watch via the web link below. Sweden: +46 (0) 8 5051 0031 UK: +44 (0) 207 107 06 13 USA: +1 (1) 631 570 56 13 Purpose Elekta’s purpose is to inspire hope for anyone dealing with cancer, be those patients, clinicians, or relatives. Mission Our mission is to improve patients’ lives by working together with our customers. We use our precision radiation expertise to work hand in hand with clinicians and our partners to continuously develop innovative, outcome-driven and cost-efficient solutions that provide lasting clinical difference in a sustainable way. Vision Elekta’s vision is a world where everyone has access to the best cancer care. Our strategy, called ACCESS 2025, is the first part of our journey towards the vision. Strategy – ACCESS 2025 Through our strategy, ACCESS 2025, we improve patient access to the best cancer care by: Accelerating innovation with customer utilization in mind Driving partner integration across the cancer care ecosystem Being the customer lifetime companion Driving market adoption across the globe For further information, please contact: Tobias Hägglöv CFO +46 76 107 4799 tobias.hagglov@elekta.com Peter Nyquist VP, Head of Investor Relations +46 70 575 2906 peter.nyquist@elekta.com Financial calendar Annual General Meeting 2024 Sep 5, 2024 Interim report, Q2, Aug-Oct 2024/25 Nov 27, 2024 Interim report, Q3, Nov-Jan 2024/25 Feb 21, 2025 Interim report, Q4, Feb-April 2024/25 May 28, 2025 Web link > ===== SIDA 9 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 9 Consolidated income statement – condensed SEK M 2024/25 2023/24 RTM 2023/24 Net sales 3,825 3,828 18,117 18,119 Cost of products sold -2,408 -2,238 -11,512 -11,342 Gross income 1,417 1,589 6,604 6,777 Selling expenses -425 -434 -1,633 -1,641 Administrative expenses -379 -314 -1,444 -1,370 R&D expenses -436 -386 -1,454 -1,404 Other operating income and expenses -12 -13 -92 -102 Exchange rate differences 9 -31 -181 -221 Operating income (EBIT) 174 412 1,801 2,039 Financial items, net -83 -107 -348 -371 Income after financial items 91 305 1,453 1,668 Income tax -20 -67 -318 -365 Net income for the period 71 238 1,135 1,302 Net income for the period attributable to: Parent Company shareholders 70 238 1,134 1,302 Non-controlling interests 0 0 0 0 Average number of shares Before dilution, millions 382 382 382 382 After dilution, millions 382 383 382 382 Earnings per share Before dilution, SEK 0.18 0.62 2.97 3.41 After dilution, SEK 0.18 0.62 2.97 3.41 12 monthsQ1 ===== SIDA 10 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 10 Consolidated statement of comprehensive income SEK M 2024/25 2023/24 RTM 2023/24 Net income for the period 71 238 1,135 1,302 Other comprehensive income: Items that w ill not be reclassified to the income statement: Remeasurements of defined benefit pension plans - - -8 -8 Tax - - 1 1 Total items that will not be reclassified to the income statement - - -7 -7 Items that subsequently may be reclassified to the income statement: Revaluation of cash flow hedges 29 56 54 81 Translation differences from foreign operations -168 200 216 584 Tax -6 -12 -11 -17 Total items that subsequently may be reclassified to the income statement -145 245 258 648 Other comprehensive income for the period -145 245 251 641 Total comprehensive income for the period -74 483 1,386 1,943 Comprehensive income attributable to: Parent Company shareholders -74 483 1,386 1,943 Non-controlling interests 0 0 0 1 12 monthsQ1 ===== SIDA 11 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 11 Consolidated balance sheet statement – condensed Apr 30 SEK M 2024 2023 2024 Non-current assets Intangible assets 13,343 12,450 13,336 Right-of-use assets 1,083 772 1,164 Tangible assets 1,063 1,001 1,062 Financial assets 1,021 1,041 1,092 Deferred tax assets 865 732 801 Total non-current assets 17,376 15,996 17,455 Current assets Inventories 3,524 3,732 3,259 Accounts receivable 3,922 4,173 3,877 Accrued income 2,092 2,358 2,050 Other current receivables 2,138 2,197 1,994 Cash and cash equivalents 2,364 2,367 2,779 Total current assets 14,040 14,826 13,958 Total assets 31,416 30,822 31,413 Equity attributable to Parent Company shareholders 10,703 10,214 10,774 Non-controlling interests 5 5 5 Total equity 10,708 10,218 10,779 Non-current liabilities Interest-bearing liabilities 4,811 5,783 4,807 Lease liabilities 1,052 731 1,095 Other non-current liabilities 682 803 736 Total non-current liabilities 6,545 7,317 6,639 Current liabilities Interest-bearing liabilities 1,679 15 1,122 Lease liabilities 200 217 224 Accounts payable 1,571 1,690 1,550 Advances from customers 4,841 5,557 4,893 Prepaid income 2,913 2,692 2,945 Accrued expenses 1,902 1,909 2,212 Other current liabilities 1,057 1,207 1,051 Total current liabilities 14,163 13,287 13,996 Total equity and liabilities 31,416 30,822 31,413 Jul 31 ===== SIDA 12 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 12 Changes in consolidated equity – condensed Apr 30 SEK M 2024/25 2023/24 2023/24 Attributable to Parent Company shareholders Opening balance 10,774 9,729 9,729 Comprehensive income for the period -74 483 1,943 Incentive programs 4 2 19 Dividend - - -917 Total 10,703 10,214 10,774 Attributable to non-controlling interests Opening balance 5 4 4 Comprehensive income for the period 0 0 1 Total 5 5 5 Closing balance 10,708 10,218 10,779 Jul 31 ===== SIDA 13 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 13 Consolidated cash flow statement - condensed SEK M 2024/25 2023/24 RTM 2023/24 Income after financial items 91 305 1,453 1,668 Amortization and depreciation 317 281 1,172 1,136 Impairment 31 0 44 13 Interest net 77 68 315 306 Other non-cash items 36 -5 289 247 Interest received and paid -52 -13 -296 -257 Income taxes paid -60 -138 -354 -431 Operating cash flow 439 498 2,623 2,681 Change in inventories -279 -622 250 -93 Change in operating receivables -369 -441 385 313 Change in operating liabilities -284 14 -738 -441 Change in working capital -933 -1,049 -104 -220 Cash flow from operating activities -493 -551 2,519 2,461 Investments in intangible assets -336 -303 -1,424 -1,392 Investments in tangible assets -61 -43 -270 -252 Continuous investments -397 -348 -1,694 -1,645 Cash flow after continuous investments -891 -900 824 815 Business combinations and investments in other shares -12 - -290 -278 Cash flow after investments -903 -900 534 538 Dividends - - -917 -917 Cash flow from other financing activities 504 -65 386 -182 Cash flow for the period -399 -964 4 -562 Change in cash and cash equivalents during the period Cash and cash equivalents at the beginning of the period 2,779 3,278 2,367 3,278 Cash flow for the period -399 -964 4 -562 Exchange rate differences -17 52 -7 62 Cash and cash equivalents at the end of the period 2,364 2,367 2,364 2,779 12 monthsQ1 ===== SIDA 14 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 14 Parent company Income statement and statement of comprehensive income - condensed SEK M 2024/25 2023/24 Operating income and expenses -108 -89 Financial net 12 41 Income after financial items -96 -48 Tax 25 14 Net income for the period -71 -34 Statement of comprehensive income Net income for the period -71 -34 Total comprehensive income -71 -34 Balance sheet - condensed Jul 31 Apr 30 SEK M 2024 2024 Non-current assets Intangible assets 17 18 Shares in subsidiaries 4,829 4,829 Receivables from subsidaries 1,704 1,705 Other financial assets 29 29 Deferred tax assets 52 26 Total non-current assets 6,631 6,608 Current assets Receivables from subsidaries 3,922 3,496 Other current receivables 136 86 Cash and cash equivalents 1,011 1,472 Total current assets 5,069 5,054 Total assets 11,700 11,662 Shareholders' equity 1,917 1,988 Non-current liabilities Interest-bearing liabilities 4,811 4,807 Provisions 16 16 Total non-current liabilities 4,827 4,823 Current liabilities Interest-bearing liabilities 1,540 1,000 Liabilities to Group companies 3,262 3,750 Other current liabilities 154 101 Total current liabilities 4,956 4,851 Total shareholders' equity and liabilities 11,700 11,662 Q1 ===== SIDA 15 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 15 Note 1 – Accounting principles This interim report is prepared, with regards to the Group, according to IAS 34 and the Swedish Annual Accounts Act and, with regards to the Parent Company, according to the Swedish Annual Accounts Act and RFR 2. The accounting principles applied are consistent with those presented in Note 1 of the Annual Report 2023/24. New or revised standards and interpretations, not yet applied, are not considered to have a material impact on the Elekta Group´s financial statements. All figures are stated in SEK M and, accordingly, rounding differences can occur. Comparisons refer to the corresponding period for the prior year, unless otherwise stated. Related party transactions Related party transactions are described in note 37 in the Annual Report for 2023/24. 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 July 31, 2024, vs July 31, 2023. Note 2 – Segment reporting Elekta applies geographical segmentation. 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. In general, revenue from Solutions is recognized at a point in time and revenue from Services are recognized over time. Country Currency Apr 30 2024 2023 Δ1 2024 2023 2024 Δ1 China 1 CNY 1.467 1.488 -1% 1.488 1.476 1.513 1% Euroland 1 EUR 11.491 11.554 -1% 11.650 11.613 11.729 0% Great Britain 1 GBP 13.540 13.392 1% 13.824 13.557 13.744 2% Japan 1 JPY 0.068 0.076 -11% 0.071 0.074 0.070 -5% United States 1 USD 10.635 10.582 1% 10.762 10.551 10.955 2% Closing rate Q1 Average rate Jul 31 ===== SIDA 16 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 16 1 Items affecting comparability include mainly personnel costs and impairments of assets attributable to the Cost-reduction Initiative. Q1 2024/25 SEK M Americas EMEA APAC Other / Group-wide Group total % of net sales Net sales 1,241 1,314 1,270 - 3,825 Operating expenses -743 -890 -825 - -2,458 64% Contribution margin 498 424 445 - 1,367 36% Contribution margin, % 40% 32% 35% Global costs - - - -1,084 -1,084 28% Adjusted EBIT 498 424 445 -1,084 283 7% Items affecting comparability1 -7 -3 -7 -92 -109 Operating income (EBIT) 491 420 438 -1,176 174 5% Net financial items - - - -83 -83 Income after financial items 491 420 438 -1,259 91 Income tax - - - -20 -20 Net income for the period 491 420 438 -1,279 71 Q1 2023/24 SEK M Americas EMEA APAC Other / Group-wide Group total % of net sales Net sales 1,071 1,498 1,259 - 3,828 Operating expenses -653 -1,013 -866 - -2,533 66% Contribution margin 418 484 392 - 1,295 34% Contribution margin, % 39% 32% 31% Global costs - - - -868 -868 23% Adjusted EBIT 418 484 392 -868 427 11% Items affecting comparability1 0 -3 -2 -9 -14 Operating income (EBIT) 418 482 390 -877 412 11% Net financial items - - - -107 -107 Income after financial items 418 482 390 -984 305 Income tax - - - -67 -67 Net income for the period 418 482 390 -1,052 238 Rolling twelve months SEK M Americas EMEA APAC Other / Group-wide Group total % of net sales Net sales 5,606 6,366 6,145 - 18,117 Operating expenses -3,447 -4,404 -4,253 - -12,104 67% Contribution margin 2,158 1,962 1,893 - 6,012 33% Contribution margin, % 38% 31% 31% Global costs - - - -4,011 -4,011 22% Adjusted EBIT 2,158 1,962 1,893 -4,011 2,001 11% Items affecting comparability1 -15 -9 -11 -166 -201 Operating income (EBIT) 2,143 1,953 1,882 -4,177 1,801 10% Net financial items - - - -348 -348 Income after financial items 2,143 1,953 1,882 -4,525 1,453 Income tax - - - -318 -318 Net income for the period 2,143 1,953 1,882 -4,843 1,135 Full-year 2023/24 SEK M Americas EMEA APAC Other / Group-wide Group total % of net sales Net sales 5,436 6,550 6,134 - 18,119 Operating expenses -3,358 -4,527 -4,294 - -12,179 67% Contribution margin 2,078 2,023 1,840 - 5,940 33% Contribution margin, % 38% 31% 30% Global costs - - - -3,795 -3,795 21% Adjusted EBIT 2,078 2,023 1,840 -3,795 2,145 12% Items affecting comparability1 -8 -9 -6 -83 -106 Operating income (EBIT) 2,070 2,014 1,834 -3,879 2,039 11% Net financial items - - - -371 -371 Income after financial items 2,070 2,014 1,834 -4,250 1,668 Income tax - - - -365 -365 Net income for the period 2,070 2,014 1,834 -4,615 1,302 ===== SIDA 17 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 17 Note 3 – 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. Note 4 – Financial instruments The table below shows the fair value of the Group’s financial instruments, for which fair value is different than carrying value. The fair value of all other financial instruments is assumed to correspond to the carrying value. Q1 2024/25 SEK M Americas EMEA APAC Other / Group-wide Group total Solutions 475 623 817 - 1,915 Service 766 691 453 - 1,909 Total 1,241 1,314 1,270 - 3,825 Q1 2023/24 SEK M Americas EMEA APAC Other / Group-wide Group total Solutions 305 855 834 - 1,995 Service 766 642 425 - 1,833 Total 1,071 1,498 1,259 - 3,828 Rolling twelve months SEK M Americas EMEA APAC Other / Group-wide Group total Solutions 2,515 3,651 4,387 - 10,553 Service 3,090 2,715 1,758 - 7,563 Total 5,606 6,366 6,145 - 18,117 Full-year 2023/24 SEK M Americas EMEA APAC Other / Group-wide Group total Solutions 2,346 3,883 4,404 - 10,633 Service 3,090 2,666 1,730 - 7,487 Total 5,436 6,550 6,134 - 18,119 SEK M Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Long-term interest-bearing liabilities 4,811 5,515 5,783 6,015 4,807 5,531 Short-term interest-bearing liabilities 1,679 1,725 15 15 1,122 1,174 Apr 30, 2024Jul 31, 2024 Jul 31, 2023 ===== SIDA 18 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 18 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. Financial instruments measured at fair value SEK M Level Jul 31, 2024 Jul 31, 2023 Apr 30, 2024 FINANCIAL ASSETS Financial assets measured at fair value through income statement: Derivative financial instruments – non-hedge accounting 2 76 23 42 Short-term investments classified as cash equivalents 1 0 3 - Derivatives used for hedging purposes: Derivative financial instruments – hedge accounting 2 120 210 149 Total financial assets measured at fair value 196 237 190 FINANCIAL LIABILITIES Financial liabilities at fair value through income statement: Derivative financial instruments – non-hedge accounting 2 35 18 11 Contingent considerations 3 77 102 76 Derivatives used for hedging purposes: Derivative financial instruments – hedge accounting 2 63 207 120 Total financial liabilities measured at fair value 175 327 207 Movements financial instruments level 3 SEK M Jul 31, 2024 Jul 31, 2023 Apr 30, 2024 Opening balance 76 21 21 Business combinations - 80 68 Payments - - -12 Reported in net income for the period 0 - - Translation differences 1 3 -2 Closing balance 77 104 76 ===== SIDA 19 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 19 Note 5 – 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 July 31, 2024). Key figures 2019/20 2020/21 2021/22 2022/23 2023/24 2023/24 2024/25 Gross order intake, SEK M 17,735 17,411 18,364 20,143 19,697 3,839 4,192 Net sales, SEK M 14,601 13,763 14,548 16,869 18,119 3,828 3,825 Gross margin, % 42.0 40.8 37.4 37.6 37.4 41.5 37.0 Adjusted gross margin, % 42.0 40.8 37.4 38.1 37.5 41.6 37.8 Operating income (EBIT), SEK M 1,657 1,906 1,643 1,431 2,039 412 174 Operating margin, % 11.3 13.9 11.3 8.5 11.3 10.8 4.5 Adjusted EBIT 1,657 1,906 1,643 1,743 2,145 427 283 Adjusted EBIT margin, % 11.3 13.9 11.3 10.3 11.8 11.2 7.4 Shareholders' equity, SEK M 1 8,113 8,197 8,913 9,729 10,774 10,214 10,703 Return on shareholders' equity, % 14 16 14 10 13 12 11 Net debt, SEK M 1,632 774 1,532 2,442 3,150 3,431 4,126 Operational cash conversion, % 35 82 69 79 77 -80 -95 Average number of employees 4,117 4,194 4,631 4,587 4,607 4,464 4,566 Full-year May - Jul Data per share 2019/20 2020/21 2021/22 2022/23 2023/24 2023/24 2024/25 Earnings per share before dilution, SEK 2.84 3.28 3.02 2.47 3.41 0.62 0.18 after dilution, SEK 2.84 3.28 3.02 2.47 3.40 0.62 0.18 Adjusted earnings per share before dilution, SEK 2.84 3.28 3.02 3.11 3.62 0.65 0.41 after dilution, SEK 2.84 3.28 3.02 3.10 3.62 0.65 0.41 Cash flow per share before dilution, SEK -0.74 5.07 0.55 0.91 1.41 -2.35 -2.36 after dilution, SEK -0.74 5.07 0.55 0.91 1.41 -2.35 -2.36 Shareholders' equity per share before dilution, SEK 21.24 21.45 23.33 25.46 28.20 26.73 28.01 after dilution, SEK 21.24 21.45 23.33 25.44 28.18 26.70 28.01 Average number of shares before dilution, thousands 382,027 382,062 382,083 382,083 382,083 382,083 382,083 after dilution, thousands 382,027 382,062 382,083 382,367 382,367 382,596 382,083 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 382,027 382,083 382,083 382,575 382,575 382,596 382,083 Full-year May - Jul ===== SIDA 20 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 20 Data per quarter 2024/25 SEK M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Gross order intake 3,871 4,598 5,316 6,359 3,839 4,989 4,433 6,436 4,192 Net sales 3,327 4,081 4,337 5,125 3,828 4,732 4,537 5,023 3,825 Operating income (EBIT) 117 199 331 784 412 525 485 617 174 Cash flow from operating activities -198 -55 225 1,991 -551 623 1,072 1,317 -493 2022/23 2023/24 R&D expenditure SEK M 2024/25 2023/24 RTM 2023/24 R&D expenditure, gross 604 539 2,289 2,224 Capitalization -326 -286 -1,371 -1,331 Amortization 157 133 535 511 R&D expenditure, net 436 386 1,454 1,404 Q1 12 months ===== SIDA 21 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 21 Alternative performance measures Alternative Performance Measures (APMs) are measures and key figures that Elekta’s management and other stakeholders use when managing and analyzing Elekta’s business performance. These measures are not substitutes, but rather supplements to financial reporting measures prepared in accordance with IFRS. Key figures and other APMs used by Elekta are defined on ir.elekta.com/investors/financials. Definitions and additional information on APMs can also be found on pages 103-105 in the Annual Report 2023/24. Sales growth based on constant exchange rates Sales growth based on constant exchange are, to a large extent, reported in subsidiaries with other functional currencies than SEK, which is the group reporting currency. In order to present sales growth on a more comparable basis and to show the impact of currency fluctuations, sales growth based on constant exchange rates are presented. The schedule below present growth based on constant exchange rates reconciled to the total growth reported in accordance with IFRS. 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. % SEK M % SEK M % SEK M % SEK M Q1 2024/25 vs. Q1 2023/24 Change based on constant exchange rates 16 176 -12 -177 3 42 1 40 Currency effects -1 -6 0 -7 -2 -30 -1 -43 Reported change 16 170 -12 -184 1 11 0 -3 Q1 2023/24 vs. Q1 2022/23 Change based on constant exchange rates -2 -22 15 174 11 122 8 275 Currency effects 5 55 11 134 3 37 7 226 Reported change 3 33 26 307 15 160 15 501 Americas EMEA APAC Group total % SEK M % SEK M % SEK M % SEK M Q1 2024/25 vs. Q1 2023/24 Items affecting comparability 0 -1 10 30 10 38 6 68 Change based on constant exchange rates 0 -1 8 25 3 12 3 36 Currency effects -2 -7 3 9 0 0 0 2 Reported change -2 -9 21 65 13 50 9 106 Q1 2023/24 vs. Q1 2022/23 Items affecting comparability 2 8 2 5 -2 -6 1 6 Change based on constant exchange rates 6 22 -8 -26 -3 -11 -1 -15 Currency effects 3 13 6 18 4 16 4 47 Reported change 11 43 -1 -4 0 -1 4 38 Selling expenses Administrative expenses R&D expenses Change expenses ===== SIDA 22 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 22 EBITDA EBITDA is used for the calculation of operational cash conversion and the net debt/EBITDA ratio. Return on shareholders’ equity Return on shareholders’ equity measures the return generated on shareholders’ capital invested in the company. Operational cash conversion Cash flow is a focus area for management. The operational cash conversion shows the relation between cash flow from operating activities and EBITDA. SEK M Q1 2023/24 Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Operating income (EBIT) 412 525 485 617 174 Amortization intangible assets: Capitalized development costs 134 121 125 139 159 Assets relating business combinations 37 39 39 34 39 Depreciation tangible assets 110 115 118 126 119 Impairment 0 0 0 13 31 EBITDA 693 800 767 930 522 SEK M Q1 2023/24 Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Net income (12 months rolling) 1,122 1,344 1,433 1,302 1,134 Average shareholders' equity excluding non-controlling interests (last five quarters) 9,555 9,812 10,036 10,266 10,460 Return on shareholders' equity 12% 14% 14% 13% 11% SEK M Q1 2023/24 Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Cash flow from operating activities -551 623 1,072 1,317 -493 EBITDA 693 800 767 930 522 Operational cash conversion -80% 78% 140% 142% -95% ===== SIDA 23 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 23 Working capital In order to optimize cash generation, management focuses on working capital and reducing lead times between orders booked and cash received. 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. Jul 31 Jul 31 Apr 30 SEK M 2024 2023 2024 Working capital assets Inventories 3,524 3,732 3,259 Accounts receivable 3,922 4,173 3,877 Accrued income 2,092 2,358 2,050 Other operating receivables 1,529 1,739 1,411 Sum working capital assets 11,067 12,001 10,596 Working capital liabilities Accounts payable 1,571 1,690 1,550 Advances from customers 4,841 5,557 4,893 Prepaid income 2,913 2,692 2,945 Accrued expenses 1,902 1,909 2,212 Short-term provisions 186 134 148 Other current liabilities 568 704 595 Sum working capital liabilities 11,981 12,686 12,342 Net working capital -913 -684 -1,746 % of rolling 12 months net sales -5% -4% -10% SEK M Jul 31, 2023 Oct 31, 2023 Jan 31, 2024 Apr 30, 2024 Jul 31, 2024 Long-term interest-bearing liabilities 5,783 5,796 5,738 4,807 4,811 Short-term interest-bearing liabilities 15 9 122 1,122 1,679 Cash and cash equivalents and short-term investments -2,367 -1,869 -2,352 -2,779 -2,364 Net debt 3,431 3,936 3,507 3,150 4,126 EBITDA (12 months rolling) 2,911 3,246 3,329 3,189 3,018 Net debt/EBITDA ratio 1.18 1.21 1.05 0.99 1.37 ===== SIDA 24 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 24 Items affecting comparability by segment and nature of expense Items affecting comparability include cost attributable to the Cost-reduction Initiative. The costs are adjusted in order to track the underlying profitability of the Group’s products and services. Q1 2024/25 SEK M Americas EMEA APAC Other / Group-wide Group total Items affecting comparability: Personnel related cost 7 3 7 52 69 Depreciation and impairment 0 - 0 31 31 Other cost 0 0 0 8 9 Total 7 3 7 92 109 Q1 2023/24 SEK M Americas EMEA APAC Other / Group-wide Group total Items affecting comparability: Personnel related cost 0 3 2 6 11 Depreciation and impairment - 0 0 0 0 Other cost - 0 0 3 3 Total 0 3 2 9 14 12 months RTM SEK M Americas EMEA APAC Other / Group-wide Group total Items affecting comparability: Personnel related cost 15 8 11 104 138 Impairment - 0 0 38 39 Other cost 0 1 0 23 24 Total 15 9 11 166 201 Full-year 2023/24 SEK M Americas EMEA APAC Other / Group-wide Group total Items affecting comparability: Personnel related cost 8 7 6 58 80 Depreciation and impairment - 0 0 8 8 Other cost - 1 0 18 19 Total 8 9 6 83 106 ===== SIDA 25 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 25 Gross margin & Adjusted gross margin Gross margin is used to track operational performance and efficiency and Adjusted gross margin is used to track the underlying operational performance, i.e. excluding items affecting comparability. EBITDA-margin & Adjusted EBITDA-margin SEK M 2024/25 2023/24 RTM 2023/24 Net sales 3,825 3,828 18,117 18,119 Cost of products sold -2,408 -2,238 -11,512 -11,342 Gross income 1,417 1,589 6,604 6,777 Items affecting comparability 28 1 53 26 Adjusted gross income 1,445 1,590 6,657 6,803 Gross margin (Gross income/ Net sales) 37.0% 41.5% 36.5% 37.4% Adjusted gross margin (Adjusted gross income/ Net sales) 37.8% 41.6% 36.7% 37.5% 12 monthsQ1 SEK M 2024/25 2023/24 RTM 2023/24 EBITDA 522 693 3,018 3,189 Items affecting comparability 78 14 162 98 Adjusted EBITDA 600 707 3,180 3,287 Net Sales 3,825 3,828 18,117 18,119 EBITDA-margin (EBITDA/Net sales) 13.6% 18.1% 16.7% 17.6% Adjusted EBITDA-margin (Adjusted EBITDA/Net sales) 15.7% 18.5% 17.6% 18.1% Q1 12 months ===== SIDA 26 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 26 Adjusted EBIT by segment Adjusted EBIT is ued to track the underlying operational performance, i.e. excluding items affecting comparability. Q1 2024/25 SEK M Americas EMEA APAC Other / Group-wide Group total Operating Income (EBIT) 491 420 438 -1,176 174 Items affecting comparability 7 3 7 92 109 Adjusted EBIT 498 424 445 -1,084 283 Q1 2023/24 SEK M Americas EMEA APAC Other / Group-wide Group total Operating Income (EBIT) 418 482 390 -877 412 Items affecting comparability 0 3 2 9 14 Adjusted EBIT 418 484 392 -868 427 12 Months rolling SEK M Americas EMEA APAC Other / Group-wide Group total Operating Income (EBIT) 2,143 1,953 1,882 -4,177 1,801 Items affecting comparability 15 9 11 166 201 Adjusted EBIT 2,158 1,962 1,893 -4,011 2,001 Full-year 2023/24 SEK M Americas EMEA APAC Other / Group-wide Group total Operating Income (EBIT) 2,070 2,014 1,834 -3,879 2,039 Items affecting comparability 8 9 6 83 106 Adjusted EBIT 2,078 2,023 1,840 -3,795 2,145 ===== SIDA 27 ===== Interim report May–July 2024/25 ELEKTA Q1 2024/25 27 Adjusted earnings per share Adjusted earnings per share is used to track the underlying operational performance, i.e. excluding items affecting comparability. 1) Adjusted net income/average number of shares before dilution 2) Adjusted net income/average number of shares after dilution Adjusted R&D expenditure of net sales Adjusted R&D expenditure of net sales is used to track the amount spent on R&D in relation to net sales during the period, excluding items affecting comparability. Book-to-bill Book-to-bill is used to measure the company’s growth. A quota exceeding 1 shows that gross order intake is higher than the net sales. SEK M 2024/25 2023/24 RTM 2023/24 Net income for the period attributable to: Parent Company shareholders 70 238 1,134 1,302 Items affecting comparability 109 14 201 106 Tax on Items affecting comparability -24 -3 -44 -24 Adjusted net income 155 249 1,291 1,384 Average number of shares, before dilution 382 382 382 382 Average number of shares, after dilution 382 383 382 382 Adjusted earnings per share before dilution 1) 0.41 0.65 3.38 3.62 Adjusted earnings per share after dilution 2) 0.41 0.65 3.38 3.62 Q1 12 months SEK M 2024/25 2023/24 RTM 2023/24 R&D expenditure, net 436 386 1,454 1,404 R&D items affecting comparability -38 - -48 -10 R&D capitalization 326 286 1,371 1,331 R&D amortization -157 -133 -535 -511 Adjusted R&D Expenditure, gross 566 539 2,241 2,214 Net Sales 3,825 3,828 18,117 18,119 Adjusted R&D Expenditure of net sales 15% 14% 12% 12% 12 monthsQ1 SEK M 2024/25 2023/24 RTM 2023/24 Gross order intake 4,192 3,839 20,049 19,697 Net sales 3,825 3,828 18,117 18,119 Book-to-bill 1.10 1.00 1.11 1.09 12 monthsQ1 ===== SIDA 28 ===== Elekta AB Box 7593 SE – 103 93 Stockholm, Sweden T +46 8 587 254 00 F +46 8 587 255 00 elekta.com /elekta @elekta /company/elekta @elekta_ About Elekta Elekta is a global leader in radiotherapy solutions to fight cancer and neurological diseases. In fact, we are the only independent radiotherapy provider of scale. We have a broad offering of advanced solutions for delivering the most efficient radiotherapy treatments. Elekta’s offering allows clinicians to treat more patients with increased quality, both with value- creating innovations in solutions and AI-supported service based on a global network.