Welcome everyone to Elekta's Capital Market Day 2026. Welcome you here in Stockholm at Medicinska, and also welcome all of you online. My name is Peter Nyquist and I'm Head of Investor Relations since about two years now. The big picture, we're going to have three hours of presentations. We will end with a 45 minutes Q&A, and hopefully around 3:00 P.M. we will have a break for coffee and refreshments. That's the setup. I will go into more details later on. Let me start with some reflections. Talking to both sell side and buy side over last month and weeks, there are three areas that we hopefully will cover today that comes in mind. One is around products, one is really around growth in regions and competition, and the third one is about financial performance. If I sort of comment each of them, if we talk about products, the question we get a lot is, Elekta competitive enough in radiotherapy to stay in the forefront, both when it comes to software as well as hardware. Hopefully today, our CEO, our Chief Technology Officer, as well as our regional managers will able to answer that question, the uniqueness with the offering we have today, but even more important, we will spend quite a lot of time on the innovation we have coming up in the coming months and years. The other thing that is discussed, and you probably know that as well, is growth and competition in regions. Basically highlighting three regions clearly important for Elekta. It's U.S., and that's about the success of Evo. What has happened to the reimbursement system in the U.S. How's that going to support you going forward? The other one is around China, really. As Elekta is the market leader, how will Elekta stay market leader in China going forward, and how will Elekta be able to leverage from the recovery in the marketplace. Finally, Europe. A few years of successful launch of Evo. How will that stay? How will we continue to embark on that in the coming years? We have our regional managers today presenting topics and answer those questions, how we were successful to keep our leading position in China, and also grow in U.S. and continue to grow in China. The last part is around earnings and financial performance. Lately here, especially after Q4, a lot of questions received, is the only way for Elekta to improve its earning by cutting costs. Hopefully then our new CFO, Klara Eiritz, will be able to present to you. It's not only by cutting costs that we will be able to deliver on our 14%-16% EBIT margin target that we have 2028, 2029 presented today. It will also be product mix, launches, price improvements that will carry Elekta up to those margins. Let's look at the agenda. We will start then with Jakob talking about the strategy for about 20 minutes, and targets, then Christopher will spend quite a lot of time on products. We will have a long session about that as extremely important. We will have a break for 50 minutes, then we will go into the next section, which start with markets. We will have Arnaud, who's heading up Europe. We'll talk about Europe, then we have Ardie also here talking about U.S. in particular, but heading up Region Americas. Anming we will have on a video prerecorded for this event. Then Klara will close the loop by talking about the numbers and the financial targets that we have. Then short concluding remarks from Jakob, and then we have 45 minutes for Q&A. Before we start, I would like to remind you that some of the presentations here contain forward-looking statements that could include revenue, operating results, products, and product developments. These statements involves risk and uncertainties that may cause actual results to differ material from those set up in today's presentations. With that said, I would like to introduce our first speaker, our CEO, Jakob Just-Bomholt. Jakob joined Elekta in August last year. Before joining Elekta, he was the CEO for 3Shape, a Danish med tech company. Before that, he had numerous of leadership roles within Maersk. Please, Jakob, the stage is yours. In our world, difference matters. Billions of people, millions of cancers diagnosed each year. For everyone, it's personal. Behind every treatment lies a story, a family, a future. Behind every patient, clinic, and care provider are real complexities, real needs, and a united purpose. At Elekta, we're not intimidated. We're inspired. Because every difference, from the smallest tumor change to the greatest clinical challenge is a chance to innovate together and advance care. That's why we're here with you to set the new standard of care, making a meaningful impact on lives, for a world of difference. Warm welcome. Today is CMD day, in a very warm room, also to the online participants. Over the last 12 months, we have been very clear, I believe, in saying that Elekta, we are not trading at our full potential. That clearly calls for actions. We want to get back to full potential. What we'll outline to you today is really what is the ongoing execution momentum. It's a realistic assessment of our competitive position in Elekta in the market. Most importantly, what is the plan to correct our shortcomings and propel the company going forward. We have been very much looking forward to today, and we are ready. We know what to do. If we look at Elekta, and I think it's important to understand the Elekta case, we have been in precision radiotherapy for more than 50 years. What we do is really hard. It started with the Elekta Gamma Knife, that is still the gold standard for treating the brain, and is a best-selling product within brain treatment around the world. Today, of course, we are much more than that. We have presence globally. We have an installed base that continues to grow year by year, now more than 7,500 units, internal, external beams. Very importantly for us, we see more than two million patients, and that number grows every month, being treated on our equipment. Of course, not us treating, but we enable clinicians to treat. That really ties into also our overall purpose of setting the standard of care to really bring hope to patients, and you have all been touched by cancer. What we do is also important from an industrial perspective, because look at the graph here. The cancer burden is increasing. You all know that. The biggest risk factor of cancer is age. We are aging, and the population is growing, which means that there is an underlying growing demand for cancer treatments. At the same time, there is a shortage of skilled professionals. We actually see that trend accelerating, and that puts a positive pressure on us as a vendor to innovate for precision and innovate for productivity, and Christopher, you'll come back to it. To the right, you see that precision radiotherapy is really relevant for just about 50% of patient cases. We estimate that 40% of all cancer patients are treated with radiotherapy. Look at the budget. It's 10%. That really gives you an idea that from both a clinical outcome, but also from a cost ratio, it's highly efficient way of treating patients. That's why we say that even though in certain markets, Ardie, you'll talk about reimbursement challenge we have in the U.S., favorable for us, actually. We have certain challenges in certain markets, but fundamentally, there is a tailwind because it's an attractive way from healthcare systems to treat patients. That's where we are on an industry. If we translate that into numbers for radiotherapy, this is our view of the industry. The way at least I think about it is a niche market, but a very large niche market within medtech, roughly internal, external beams, including software, including service, $7 billion. When you look at the market, say a bit more than 50% is associated with the upfront purchase of equipment and corresponding software, and a little bit less on software upgrades, cloud-based software as a service. Of course, the technical service to sustain the equipment over 10, 15-year lifetime. It is, if you will, a razor and blade model that should lend itself to predictive revenue. Over the years, we have seen inflection points from a technology perspective within radiotherapy. We have seen the image-guided radiotherapy, so we can actually see what we shoot at. Now we move into an era of adaptive radiotherapy. I just want to pause a little bit to explain what is that really about. With better imaging, you can really see better the tumor. With that better precision, then you have increased confidence in escalating the dose. If it takes a lot of time, it's not going to help you. We see combined also that we can do a replan with the patient on the table faster and faster. When you add those two things together, better precision and faster replanning, you really get into hypofractionation at scale, not just for the top-end clinics, but for many. With scaling hypofractionation, clinics, hospital systems can treat more patients because you can go from potentially 30 fractions to five. We even show an example of two fractions treating prostate. That's good for the return on the investment for customers, and it's obviously good for you as patients. There is a lot of innovation to be harvested, and that's why we will continue to sustain a strong investment profile in R&D and fundamentally good news for a company like Elekta. How are we positioned as a company? We are positioned very well. As I said, the starting point of Elekta is really that we were born for precision radiotherapy. Our vision is to have a world where everyone has access to best possible cancer care. We will do our part by making the equipment available around the world. Obviously, our ambition is to lead within precision radiotherapy. We are very clear-eyed on where we play. I'll show you our portfolio logic, but it's within Linacs, it's within Brachy, it's within Neuro. We have the market leadership positions to sustain it. You can ask yourself, okay, why Elekta? Why are you going to win versus our competition? As I said, from day one, we were just built for precision radiotherapy, and what we do is hard. When I talk to the engineers, I get deeply impressed by many years of experience. We also pure play radiotherapy. I worked in a conglomerate, Maersk. It comes with many benefits, but I tell you, it's also many drags. That's why we have reorganized to be fast, non-corporate, passionate about the products we innovate. Very importantly, particular in an era of adaptive, we have that integrated system of hardware and software. Christopher, you'll outline why is that integration increasingly important with adaptive combined with services. We have chosen positions of innovation leadership, clearly on our Brachy and Neuro product categories, but also within adaptive, within motion management, within the imaging. We do select place where we believe we leap ahead of our competition, and then we have global scale. By the way, also super important when you service your equipment to have that network density. I'll get back to strategic priorities and our midterm targets. Okay. If you look at the company, I think it's important when we outline our product innovation strategy, it's actually a very well-defined product portfolio. It's CT Linacs. Within that, we have essentially now tailored it to six sub-product categories. CT Linacs, we have MR Linac, our MR-guided linear accelerator. We have our Brachy business, and we have our Neuro business, and it's all combined with the Elekta ONE software suite, where we are increasingly working on unifying and integrating all products under the same software architecture. If you look at our competitive position, it actually has a very attractive profile. Within Neuro, we are clear number one. Clear. Within Brachy, equally clear, number one in both those two product categories, more than half of the global market. MR Linac, you can argue it's easy to be number one when you're the only one with the product. It's still number one, and it's actually quite a good way of entering hospital systems and make our CT Linacs available because we are the only shop in town, if you will. We have a clear number two, but challenger position within CT Linacs, and correspondingly within our both planning software and oncology informatics system. You'll recognize to your right, the industry size of roughly that's $7 billion, and that translate into, as an installed base, not annual sale, installed base 18,000 units of external beams. That's how we look at the industry. If we look at where are we today, as I started out by saying we're not at full potential. You can argue, is it an improvement plan or turnaround? I believe it's a turnaround. We have been going through a reset and stabilize phase, as we call it. What has that really been about? It has been about simplifying, decentralizing the organizational structure. To give you example, half a year ago, we were roughly 4,600 colleagues. We are now 4,000. That was not a goal in itself. The goal was really to accelerate the speed by which we innovate and service our customers. We said then that with that simplification of the organizational structure, we need fewer people. We will continue to optimize our processes, but that will correspond to a saving of more than SEK 500 million. You'll give Klara an update on where are we Q4 versus what we consider our baseline in Q2. We have strengthened leadership team. If we look at the executive committee, there's been quite a lot of change within executive management. When you say you're not performing at full potential, change needs to start at the top, and I feel very good about the people we have brought on board and we'll bring now a COO to drive operational excellence within Elekta starting first of August. We have talked a lot about the culture, more performance, a better say to ratio, and then certainly also hardwire that in incentive. Bonuses are now at risk. I like to see leaders also with skin in the game. It really should underpin that we need alignment with our shareholders to drive the company forward. We are now in a second phase, improve profitability, and what is important for you to understand is we really built the foundation for innovation-driven growth. It has to be done from a strong foundation. We have taken choices. What are we innovating for? What is our innovation highway, and what are we not going to do? It's generally been with a commercial lens, what is important for our customers, what deliver return on investment, what delivers productivity, and what delivers good clinical outcome. We are going to release products. Christopher, you'll share. I'm excited to see your presentation here. Absolutely on commercial execution, and you'll have two of our regional heads, Europe, U.S. here presenting on stage and Anming from China. We worked a lot on our pricing framework. We ensure that the orders we get in are profitable today and tomorrow, and then we continue to work on our COGS to expand the gross margin. We are really keen on moving from improved profitability into innovation-driven growth because that's at the end of the day what is going to deliver the full potential of Elekta, that is to grow at or above the market. We will continue to invest in R&D. As I said, roughly the way you should think about it, 10%. We will continue to have a mindset of continuous release of products, not big bangs, but continue. We believe it's great for customers to buy with Elekta, and then during the lifetime on the equipment be able to upgrade. We have very strong ambitions, and I would also say proof points that we can grow above market in the U.S. We have to because we are now 20% of revenue from U.S., should be significantly higher. Operational excellence will absolutely be a muscle we can stimulate a bit more. as we grow, we will still be a little bit tight on OPEX to see some of it invested in growth, but also some of it supporting our midterm EBIT guidance. we have four must-win battles that really guides the organization that reflects also the phases we are on. The first, simplify and power speed, I just want to remind you it's been a big reset. I think it's been great. Dust is still settling in. Many got new reporting lines, but essentially what we wanted to do is two things, maybe three. One, reduce number of organizational layers from nine to six. I know it works because when you have fewer layers, you take faster decisions. we wanted to decentralize and empower both regions, but also our functions. I want people to take decisions. Don't want them to come and ask me or Klara, because what really needs to be a core strength for a company like Elekta, we are not that big, is to take fast decisions and take decisions very close to our customers. it meant that a lot of managers were leading the organization, so we have more doers and fewer checkers checking the checkers, if you will. we feel very good about where we are, and you'll show some financial outcome. the most important thing here was to increase velocity, make us run faster. we talk focused innovation. You'll give more color, Christopher, it's really in a company like Elekta, we have to be clear-eyed on what is important for our customers, we innovate, we continue to invest to support that direction. We have a strong market-leading position in China, roughly 40% market share. Of course, we want to defend that and then grow with the market. as I said, we are underrepresented in U.S., so we see U.S. as a growth market for Elekta. lastly, on continuous COGS reduction, I would say we have potential to work closely with our vendors, do continuous upgrade to make sure we are on the latest tech stack and continue to see a bit IKEA model always to get your cost a little bit lower next year than this year, right? that's the path we are on. Translate when we put it all together and we look at our order backlog, we look at the activities into a guidance for this fiscal year of revenue growth in fixed currency at 2%-4%. We feel good about that. An EBIT margin of 12.5%-13.5%. We equally feel good about that range. Keep in mind, this assuming that capitalization is going to match amortization, and I just make that point because it's a deviation from how we have done in the past. if we look at our midterm target, we expect the company to grow mid-single digit. That is probably over the period slightly below market, but mathematically, we will hit the market growth rate year three. I would say personally I struggle not beating our main competitors and grow with or above the market. That is the plan we are ready to share with you today. on EBIT margin, 14%-16% with the same assumption on capitalization and amortization, translated into a free cash flow of roughly 10%. If you do the math going forward on revenue, it should lend to a free cash flow before a dividend of SEK 2 billion. A significant increase, we were happy last year we saw net debt come down and we'll probably continue to see that trend going forward. As I said, mathematically speaking, with the mid-single-digit growth rate and the guidance of 2%-4%, we will see an accelerated growth through the three-year period. What underpins that growth? First and foremost, product releases, right? We are MedTech. It all starts and ends with products. Absolutely also with commercial execution. We'll see our expansion in U.S., but let's not forget the other markets, and that's why they're here today. We can double-click further on software and service expansion. Given the margin profile, it's very important we continue the trajectory on software sale and service sale. Lastly, it's important when you look at radiotherapy overall, while mature in Western Europe and the U.S., there's a huge unmet need elsewhere. That translates into a greenfield expansion in a number of markets. Of course, we want to capture that, and that also underpins the 6% growth that I started the presentation with. Just to double-click on service and software, as I said, it has an attractive margin profile. Service contracts are typically attached either at point of sale or upon expiry of the warranty. In many markets, I wouldn't say customers are captive, but there is a strong preference, of course, for service from vendors. In other more creative emerging markets, we are looking at how can we embed services stronger into our software offering. On the actual software, we are rolling out Performance Planning on our planning software. We'll continue to accelerate our Software-as-a-Service. That's really our cloud-based OIS software. Very importantly, we use software to really integrate workflows, which is a very significant demand from our customers. Fewer clicks, faster productivity. What I would like to leave you with from my short introduction is I personally think that radiotherapy has all the ingredients to be and is an attractive industry segment. We have a strong position. We are market leading in number one, number two in others, and that's it, we have a focused product portfolio. We are not at full potential, hugely unsatisfactory to say. I hope I'm not going to use the same words in a couple of years. We will execute our turnaround in three phases. We give and take, believe we are in the middle of that phase. We will continue to see sales growth. Sales growth will be accelerated through the three-year period, and that then translates into midterm EBIT targets of 14%-16% and a corresponding significant uplift in our free cash flow. Thanks for your attention. Thank you, Jakob. Thank you. The next speaker, been mentioned quite a lot by Jakob, so big expectations, and I assure you we deliver, is our Chief Product and Technology Officer, Christopher Busch. He's been with Elekta since 2023. Before that, he had senior R&D roles in Philips. He will lay out the, among other things, the innovation pipeline that will support our future growth. Please, Christopher. Thanks, Peter. Hello, everybody. I want to show you in the next roughly 25 minutes the logic behind why we will be very competitive and also increasingly successful in the market in the next few years. I stood here roughly one year ago, and what we presented then was a little bit fuzzy. I think today we will be very concrete, both with our guidance, but also with our upcoming releases. How is the logic of my talk going to be built up? It was mentioned already, focused innovation. We have focus on different angles and what we do, how we do things, and how we choose certain things to do, but also not to do. I'll start briefly with a look at our portfolio, how it was in the past and where we are at the present as a baseline. Then go into some underlying industry trends that are driving where the market is going to go. Then focus very concretely on our innovation agenda and what we are going to release and how we are going to do it. Looking at the history, as was mentioned before, we started in the 1960s with the Leksell Gamma Knife with the idea of having surgery in the brain without open incisions, so surgery without a knife. It was possible in the brain. We have been still very successful to this date to work on this. Please keep that kind of thought in mind, because I will return to it, because we are now at a point where we can bring the same promise to the overall body of a patient. In the 2000s, we added imaging to the therapy treatment while the patient was in the room. This is image-guided therapy. This is the Synergy. Was a great success and revolutionized how people were looking at radiation therapy. Also, somewhat later in the 2000s, we said now we can, with this confidence of better seeing what we are doing, enable to modulate the beam to shape it much more precisely about how the tumor was looking. This is what we call volumetric modulated arc therapy, VMAT. Fast-forward to 2010, Elekta made a big, bold decision to really go for the ultimate in image guidance, and that was, or is the MR-Linac, where we combine an MR with a radiation therapy device, both for ultimate visibility of soft tissues, both cancer, but also organs at risk, but also enabling real-time 3D motion management. Now we are at the point where we are bringing adaptive across our entire Linac portfolio, and we can do this now because there have been advances in software, in AI, in compute power, in imaging, and they all have come together. They are all coming together to make this possible to be scalable, not just for the academic centers, but for the broad application in the clinics. This is a slide you have seen before. My point here is that increasingly, this is not a portfolio of individual products that are isolated and are developed in isolation, but increasingly they have a similar backbone, whether that is a workflow-driven backbone, whether it is a user experience backbone, or whether it is just a software backbone. My focus will be today on the CT-Linacs, MR-Linac, and our Elekta ONE Software Suite. Also, specifically on the software side of things, these topics are being applied into the Brachy and through the Neuro region. The most important product that we currently have and we focus on, and that is also going to be the core of what I will show you, is the CT-Linac enabled through software-driven innovation. It is not a device story. It is a software device combination story. What are industry trends? I will focus on four. In the past, there was a choice clinics had to make. Are we going for high productivity, short treatments, standardized? Are we going for personalization, complex treatments? You had to go either way. With the advances of the technology, and we will come back to that, this becomes not antagonistic anymore. You can have both. The margin of merit that you have to do if you want productivity is less. It is not anymore as high as you had when you did in the past. Come back. Number two, to do this, to achieve number one, you also need to make sure that there is no less safety, efficiency, and accessibility. That requires a deep scale of integration of different technologies. You cannot look at them in isolation. You cannot look at the treatment planning software independent from the Linac, independent from the imaging, independent from the data storage. As was mentioned by Jakob, this enables dose escalation, and that is a very important stepping stone to hypofractionation, and I will talk also a little bit about ultra-hypofractionation. Because ultra-hypofractionation is nothing else than radiosurgery, bringing us back to the idea of the Gamma Knife. Lastly, I will talk a little bit about why clinicians and also now reimbursement tiers are going to favor the uptake of these complex treatments. If they want to be taken up at scale, they need to be accessible and easy to use. They cannot come at the cost of a large number of extra staffing or at very complex treatments that nobody or very few people can actually partake. When you look at personalization productivity, if you look at the ultimate radiation therapy device for personalization, that used to be the MR-Linac. It has all the imaging. It has all the control of our dose. It has the real-time motion management. You can really see what you're doing while you're doing in 3D, in motion. This came at a price of increased complexity and therefore reduced productivity. You needed highly trained personnel. You need longer treatment session, and therefore the commercial value for this device was less pronounced. On the right side, you see the Elekta CT-Linacs, and the CT-Linacs have been optimized for a long time now to make many treatments in a short amount of time. Treatment sessions of 10, 11, 12 minutes and making sure that you get a high number of patients through. They are building increasingly on simplicity. Now with technology, as I mentioned, AI, GPU power for compute, and enhanced imaging makes it possible that these things become enabling each other, and I'll show you examples of that. The goal, where we are going, and that's industry-wide, is increasingly autonomous, and often adaptive treatments that are still efficient. When we talk about this, you have to say you want to do this, but it cannot come at the price of either safety, efficiency, or accessibility. Workflows that used to be done in weeks from first imaging of the patient in the simulator, doing contouring segmentation, and then later making a treatment plan, and then depositing the dose in 30 fractions or so over a course of weeks to the patient, now becomes compressed to minutes. That's fantastic. Of course, if you compress a lot of work steps into a few minutes, the risk of something going wrong, this risk of overseeing something, is becoming increasingly larger. You have to think about how can we make sure that all these work steps, and you see on the right the diagram about what needs to come together, how can we make sure that this is developed, tested, verified in a safe way? That's also what we see when we look at regulatory bodies, specifically in the U.S., who tell us as vendors, "It's great that you want to offer this to customers, but please show us, demonstrate to us that this is fail-safe, that the risk of something going wrong is very small." We believe this requires deep co-development of these connected workspaces and also a shared integrated system architecture. That makes, when we talk about how we do innovation in Elekta, that people who are working on treatment planning software, people working on the Linacs, people working on the control systems, people working on the OIS, they need to work increasingly together. Change of how we do things. The third industry trend, and it has been going on for years, that what used to be 40 fractions became 30 fractions and 20 fractions. Fewer fractions with higher doses, the trend towards hypofractionation. Where we are leading as Elekta is that now you see clinical studies, you see here the Hommel study, and you see here an ASTRO release from earlier this year, where we go to this ultra-hypofractionation, which we believe will enable breakthroughs in how productive, Linacs, and specifically Unity can be. What you see here is that people have now evidence that you can reduce the number of fractions for certain cohorts of prostate cancer patients down to two. You can deposit that kind of amount of dose in 30 minutes and less. What this means is that you can start treating prostate cancer in two fractions of 30 minutes in a total of one hour. I'm not going to talk about simulation-less treatment planning, but this is a breakthrough, both from a productivity perspective, but think about it from the perspective of a patient, think about it from the commercial perspective of a hospital. This is prostate, and it will go to other organs as well. We believe this will lead in or is leading in an era of stereotactic body radiation therapy that is building on the original thought of the Elekta Gamma Knife, but bringing the same kind of principles now to the rest of the body because technology makes it possible. Elekta is leading because to go this extreme, you really need the technology of an MR-guided system to be really confident and sure. The last one I want to talk about before I move over to our own portfolio is we see significant shifts in reimbursement. On the left, you see the U.S., where even as recent as the beginning of 2026, the U.S. reimbursement coding has been simplified to have tiers of simple, medium, and highly complex treatments. Ardie will talk a little bit more about it, but the reimbursement for simple treatments has gone significantly down while the complex treatments still have a very interesting billing structure. What that means now is that we have a problem for small clinics with few highly trained professionals, because to be staying in business, they need to move to highly complex treatments. At the same time, they have the staffing they have, both the number of people, but also the education level. That's a dilemma that we are helping them to resolve. The clinicians who are forced or also want to go into this direction when asked about what's the most important thing that you need, it's motion management. Motion management we have, of course, on the Unity and the MR-Linac, but we are now bringing it very shortly also to the CT-Linac. Let me switch gears. That was the background, why we are doing what we are doing. Now focusing on what we are actually doing. First, what are we spending? Here you see an overall gross R&D spend as a percentage of revenue developing over the last few years. You see that we are committing ourselves, as Jakob was already also showing, to a 10% R&D spend over sales. We believe this is above med tech average, and it is also at the right level to ensure that we have enough innovation funnel to drive a market leading position. I'm, in my role, of course, Chief Product and Technology Officer, always trying to say, "Let's make sure that we invest enough." This, I believe, is enough. Why do we believe this? Here you see focus on six or five different topics over the last few years. We didn't start just a few months ago. This has been going on for some time. First of all, we have focused the share of our most important investments on core products. Saying, what are the top three, four products that we absolutely want to be leading in, that we need to be cutting edge? That means that we shift the resources towards these vital few. We also looked at what are the real top requirements from our customers, not what we hear is nice and is great, but what is really driving our customers' overall performance. That can be clinical, but also very often it's non-clinical. It's about how easy can I service a Linac? How easy is it to upgrade my software? How fast is it for me to have a service that is proactive instead of reactive? All these kind of things. What we have also been doing, we have said, may have taken some tough decision, saying we have to have more focus also in the number of our development sites. Smaller sites, we decided to maybe not continue there, but co-locate people, bring them together, also in view of having to work closer together across different products. Therefore, not only get people closer together, training them, upskilling them, making them sure that they have the right competencies, forward-looking with data science, AI, next to the core of mechanical and electrical engineering. Overall, we have also done steps for process simplification. Looking at this company of the size of Elekta, we might have had a few processes that were a little bit over the top, also make it easier to innovate faster. We shifted innovation also to cost innovation, taking out costs in our bill of materials, but also the cost to serve. We have been, for the last few years, also shifting resources and capabilities towards software development, because without the software, the device will not be up to date anymore. Want to go into four different areas now, very concretely. This is now a switch to the Elekta portfolio as it is and will be very soon. Starting with CT Linacs. I said this is the highest priority for us right now. I will also share some exciting developments in the Unity, in the MR-Linac space. I already alluded to that we can do now much more efficient treatments with the Unity. A key enabler for that is treatment planning, both in online adaptive, making it fast, but also as a standalone departmental software solution. Of course, Elekta Oncology Information System is a data backbone for the oncology departments, and we are upgrading our offer there as well. The CT Linac. What you see on the left, driven by increasingly adaptive treatments. Now, motion management, come back to that. Important for us to be able to offer this as an upgrade option to our installed base, that people can do this in a gradual way without having to throw out the old Linac when it's not necessary because of old age, and continue to work with what they have and build on that. What we have already today is our online adaptive, Evo, and we already have the AI-supported, what we call Iris, which is the brand name for our next generation of imaging algorithms for pelvis. What's coming in in the next 12 months? These are all, for me, part of one big launch phase or wave. Maybe you should call it wave. First of all, on the top row, you see two imaging-related ones. First one, next generation Iris. Second one, real-time motion management, which is really something new. Below, you see C& D, which are workflow related. Integrated console, a software package that will make or is making workflows in the therapy room much smoother, less clicks, fewer clicks. We are also releasing a new integrated table with 6D versatility that will go hand in hand, and therefore this line with the integrated console. Let me double-click very quickly on each of those four. Iris. We have released Iris for pelvis some time ago, we are deploying it. That's why I call it scaling to our installed base and upgrading or selling new Evos with this functionality. What is now new is head and neck and brain. Also very important body sites for radiation therapy, which benefit now from the improved image quality of Iris. Next to that, and therefore not so easy to show in this nice pictures, that we are also increasing the imaging frame rates, roughly doubling them, a little bit less than double. That's important for image acquisition speed. We're enhancing the quality of these cone-beam CT to a level that you can directly use and import these images in the treatment planning. That's a little bit more technical, something called Hounsfield units, where you need to have electron density that are accurate enough to be able to be used for the dose absorption calculations. It's really exciting. This is, of course, only the beginning of what will come because we are looking at motion management, artifact, metal artifact reduction, gas bubble artifact reduction, and so forth. This is a very interesting roadmap, also an upgradable roadmap for the coming, I would say, five years at least. This one I am personally really excited about. With Unity, we brought 3D real-time motion management to the RT space. What is now happening that we are enabling in a different approach because it's not MR, it's CT, the same concept to be applied also on CT-Linacs. What is it? It's real-time 3D tracking of internal organ motion. Not looking at the patient from the outside and seeing that the patient's breathing and then trying to say, "Okay, what's happening inside the patient?" But directly tracking of what's happening inside the patient using existing X-ray kilovolt cone-beam CT imaging infrastructure. No need for new hardware. You can use what you already have. That makes it different from some competitors who are adding extra X-ray beams to the patient room, but that means modification, very expensive, and also, of course, something that is very expensive for people to do. This is a software-driven innovation. This is going to be available to our existing installed base. We have chosen prostate cancer as the first-release application. Motion management is very specific. Motion of a prostate is different from the breathing motion of a thorax, is different from the motion of a pancreas. So we have to be body site specific. Prostate, our first release, others will follow. This is a key enabler for the reimbursement options that I was referring to earlier and that Ardie will also talk about a little bit later. This is going to enable, with existing equipment on the device side, our customers in a rather easy way, and you see this diagram on the right, this is the user experience. This looks very similar to what we have introduced in comprehensive motion management to our Elekta Unity as well. You see also convergence of user experience. This is a foundation for a new innovation path on real-time motion management in CT-Linac that we are the first to introduce. Okay, let's switch over to the integrated console, more to the workflow inside the therapy delivery. Integrated console is a software application. You see here a screenshot of one of these integrated console interfaces. What it does, it is guiding the workflow, helping the technologist. Where are we? Where I'm in the workflow, what's my next step? It has integrated imaging tools where you don't have to change between different screens, which is image acquisition, the registration of the image, and then later the review of the images. Obviously, this has a large viewing area, as you can see, and it also enables continuous system monitoring. The quality assurance of the system. Is my Linac up and running and performing in the right way? It has interactive communication tools. This has been CE approved already for our Elekta Harmony Linac, and it's a pleasure to say that we have been starting to treat, or actually our customers' first pilot site has started to treat patients with this solution as we speak. This is not future. We are piloting it on the Elekta Harmony. We are going to learn from what is going to come from it. Feedback, how can we tweak it, make it better, and then we will have a broad release on the Evo next calendar year, and that will go in conjunction with the integrated 6D table, because these innovations best go hand-in-hand. What I'm not talking about here, but what is actually also very relevant, that on the back end, we have a new and modern interoperability API. So application programming interface that will make access to our Linacs from third parties, whether they're surface-guided radiation therapy companies or others, more harmonized, easier, much in a more uncontrolled way. So there's also an interoperability play that we're doing here. 6D table, let me be brief, looking at time. As I mentioned, it is increasingly integrated with software, the integrated console, the integrated table, hand-in-hand. Higher, better ergonomics for patients. We have better modern user interfaces. The handheld controller for the technologists who do this every day, many times. So for them, small improvements are really important. This also has the value proposition of a quicker and more accurate patient positioning that's really relevant if you want to apply stereotactic radiation surgery or stereotactic body radiation therapy. These are the highly reimbursed kind of procedures that people are flogging towards. CT-Linac. Now, let me go into a little bit more detail on the Elekta Unity. Elekta Unity has been around for roughly six years. We are now introducing a new package called Elekta Unity Pro, which is going to be a step change in MR-Linac productivity and customer return on investment. What we already have today, many enhanced MR imaging packages that are helping to make better pictures faster. We have introduced comprehensive motion management, making it easier to gate and to make sure that motion in the body is being well monitored and then also managed. What's now coming up is on one hand what we call visual guidance, which is a breathing feedback loop for patients to give them help. How deeper do I have to breathe in? Do I have to hold my breath? Makes it easier and increases the productivity of treatments because patients are more compliant. On the right, AI-enhanced automation tools. MR-based auto segmentation, GPU-enabled dose planning, and some enhanced tooling. What this enhances is that on the left side, you see that a typical treatment time on a Linac, on Unity, was roughly 45 minutes, sometimes 50 minutes. Basically, the hospital had to plan for one hour per patient. With this, we can predictably go for bladder and prostate cancer patients, not for all, but for these two treatment slots of 30 minutes. That makes two patients an hour. For hospitals who are looking at productivity and the number of patients they can treat per day, per year, this is doubling the business case, and Ardie will talk about this a little bit more. What's also happening, next to the productivity, that roughly six years after we introduced Unity, we are now also seeing clinical evidence of efficacy superiority coming in highly profiled trials to the market. On the left, you see a study called United, which was recently published in The Lancet Oncology, so the highest-profile oncology journal that there is, that basically says with MR-guided adaptive radiation therapy, you can reduce the size of the volume you radiate in the brain for aggressive glioblastoma patients by 40%. Coming back to Mr. Leksell's idea, the brain is very sensitive, so you want to radiate only very precisely the tumor. 40% less means significant reduction of side effects, and side effects in the brain mean severe mental and intellectual deterioration. At the same time, survival rates stay the same. On the right is another one, very different application, where also now it becomes evidenced, not hypothesis, but evidence-based, that if you have prostate cancer and you want to avoid erectile dysfunction side effects, that with this technology, very precise radiation, you can reduce the amount of erectile dysfunctions by roughly a factor of two. Again, not a 5% or so. It's a factor of two reduction. Significant advances. We have other examples where we look at pancreatic cancer. Memorial Sloan has recently published an article where they said in their first studies, they show that the two-year survival rate for pancreatic cancer, very difficult to treat, has gone up. The two-year survival rate has doubled. Again, a factor of two, not a 5% or 10% increase. This evidence will make this attractiveness for this kind of treatment significantly higher. At the same time, the productivity, so the cost of complexity is becoming manageable with 30-minute treatment slots. There we believe that we're really entering with Unity Pro, a second generation, a second phase of our MR-Linac product. I will be very brief in this one. Treatment planning is an example where Elekta was not cutting-edge a few years ago. With Elekta ONE Planning, we are there right now in a very competitive situation with any competitor that there is out today. You see evidence here with talk about 10 times improvement in GPU speed. We are also putting a lot of effort to make it easy for our customers to upgrade. Here you see a reduction of the upgrade time from four hours to 30 minutes. This is important because these four hours or 30 minutes is the time that our customers lose in productivity in their clinic. We have upcoming releases for remote collaboration and online adaptive. The doctor has to approve plans more frequently than in the past, and the doctor cannot come to the treatment room all the time. Therefore, we make it easier from remote to not only do the plan review, but do an approval that is also then used for billing, so it's documented. We introduced Performance Planning, which is our entry point for people who say, "We don't need the full range of what Elekta ONE Planning can do, but we want to do the hardcore increase in the planning speed that is shown here with a 10x." We are very bullish about this, and also because this is not a standalone software offering, which it can be, but when you talk about online adaptive, this is the software that's driving the brain of the online adaptivity while the patient is in the treatment room. The last slide I want to show is our Elekta Oncology Information System. We have a large installed base. It has been around for a long time, and we have gotten a lot of feedback and getting a lot of feedback from customers saying, "You need to make sure that this stays up-to-date, and it feels a little bit dated." We are putting a lot of effort right now into performance enhancement, where we say we reduce software latency, we make the scalability to very large centers that have 20 years of data from patients. We also, of course, invest in continuous future enhancement like compatibility and integration with online adaptive. Workflow. We are integrating now very focused our different offerings in Elekta ONE to make it faster, more automated, fewer clicks. We are working on better interoperability with third parties, for example, EMR providers. I mentioned already the improved planning to treatment. Under the hood, which is not visible to our customers yet, we are working very diligently to make sure that we have an updated technology stack that is fit for future. Also here, lower installation efforts, but also providing the foundation for scalable software-as-a-service delivery moving forward. I think Arnaud and Ardie will talk a little bit how important that is for also our money monetization with software-as-a-service models. We have now semiannual releases, so twice releases. We have had six releases over the three years, and it is a continuous improvement effort. Here there is still works in progress, but there is a significant improvement of what we can offer to our customers. The three points I want you to take away. We have a commitment to spend 10% of our revenues in R&D. This is appropriate to make sure that we have a market leading portfolio. We also look at our focused innovation agenda and also look at more what is most important to our customers. As we speak today, the most important, the number one priority of our customers is increased productivity without losing access to complex treatments. This we are committed to have a predictable and fast release cadence with upgradeability, and we have shown you a few of these highly impactful releases that are coming in the next six to 12 months. That is not 24, 48 kind of outlook. These are committed roadmaps that we will deliver on very soon. With that, I hand back to Peter. Thank you, Christopher. We are coming to the first break. A few things. Online, you can post your questions, I think it is on the right top corner, for the Q&A that we will end this CMD with. You can start doing that already now. The time is now approximately 3:00 P.M. I expect everyone to be back in their seats at quarter past 3:00 P.M., and that goes as well for you online. We will start the next session, which is about the market areas, and then ending with financial. Welcome back in 50 minutes. [Break] Great, and welcome back, both here in Stockholm as well as online. Some remarks. Great. I have started seeing that you are posting questions online. That is perfect. It would be great if you do it in English. That will help during the Q&A to start with. That is great. We are moving now from products into market areas. We are going to start with Europe, and then Americas, and then China. The first one out is Arnaud Delhaye, who is heading up Europe since 2025. Before that, he has had different senior positions within Medtronic and Johnson & Johnson. Arnaud will talk a lot about the success they have had with Evo, but also how that actually can convey into further growth for the coming years. Please, Arnaud. Thank you, Peter. Good afternoon. I'm really happy to be here and be the first regional leader to speak about Europe, the region we are in. Europe is a very dynamic market in radiotherapy, and for Elekta, it's a strategic region, and I'm going to share with you why both it's a strategic market and it's very important for Elekta. Starting with the market size, Europe represents roughly 25%-30% of the overall global value of the market. Interestingly, it's one quarter of the installed base, which is not necessarily always the case in the large MedTech organizations. This is due to few factors. The first one is radiotherapy is seen as a cost-effective and well-reimbursed treatment modality by the market. It's well-supported by public healthcare systems, even if they are, of course, some challenge, like any public healthcare systems. It's pretty stable, it's growing, and it's dynamic. The second aspect of the market is its appetite for new technology. As we all know, we launched Evo first in Europe. I'm going to share with you how we are doing. The barriers to enter the market are there, but they are not as tough as they can be in other parts of the world. It's a good platform to launch a new technology. The third element of our market in Europe is its geographical mix between Western Europe, which is a mid-single-digit market growth, mostly driven by a replacement cycle, and the eastern part of the European region, where we see double-digit growth potential, mostly linked to capacity expansion, infrastructure investment in the market. In summary, if we de-zoom a little bit on the market, the market is stable, is growing, and is a technology-driven market. Now turning to our performance in Europe. Now Europe, as a region, waits for 32% of the overall performance. It's a good growth, but it's not the ambition we've got. We believe that we can grow faster and more profitably in the region. We are going to focus on three main commercial priorities in Europe. The first one is the upgrade. We want to capture the upgrade cycle. I will detail with you, what's the opportunity in front of us in the next slide. That's the number one priority. There is a replacement cycle in front of us for CT-Linacs that represents a major opportunity. Evo is absolutely well-positioned to capture this opportunity. The second one is to accelerate our growth in recurring revenue, notably service and software. Software as a subscription model as SaaS. The third one, we have to step up our ability to execute better. We are doing well, but we can do better and we have to do better. Those three priorities will help us to keep growing in revenue, in market share, and in profit. Let's look at the biggest of our opportunity, which is the 1,000 Linacs that are open for replacement. As I share, the market today is a market with around 3,900 Linacs installed, well known. We know where they are. As an average, a customer keeps the system 12.5 years before they think about replacing their system, their CT-Linac. There are 1,000 Linacs that have reached 12 years of age, between 12 and 17 years, 1,000 in the market. This represents a unique opportunity for us to position Evo as a replacement of choice for them, as well with the adaptive option. That's the biggest opportunity we've got. The good news about it is that we know where they are. We know how they are going to make this acquisition via tenders or via direct procurement. It's a sizable market that we can approach pretty simply for commercial organization. That's the number one opportunity we've got. We believe that Evo has the best potential to capture this opportunity. In parallel, we have seen a very interesting growth in our recurring business during the last three years. Today, we have increased by five points our recurring business. The service business and the software business. The service business, it's mostly linked to renewal of our install base, new contract, simplification of our offering, price increase on our service contract. The second one is the software penetration that was linked to the Evo launch. Plus, the new acceleration we've got in SaaS. It's one step. It's a very interesting base business for us because it's highly predictive in terms of revenue, 48%. We can do better. Jakob shared that it's 45 at group level. Here it's 48. It's highly visible in revenue, it's high quality of margin, it's highly predictable. No big surprise. It's a recurring business coming every year. We believe that we can really create much more value, coming from this source of business. All those two priorities, the replacement cycle and the increase in revenue generation from recurring business are strong priorities, critical priorities, but nothing will happen with a step-up in commercial execution. We have reorganized the company. We have reorganized the region Europe commercial sales force. We have delayered the number of managers. We have reinvested in new salespeople, stronger talent, stronger salespeople who are here to hunt and capture market share. We are raising the bar in the sales organization. Much more discipline as well in terms of pricing. We have simplified our portfolio. Today, the portfolio is much more legible for the customer and for our teams with much more price discipline on average selling price. We are raising our price in average selling price. We have as well a big mandate to increase our price when we renew the service contract every year. We try to have this discipline of systematically renewing and avoiding multi-years of service every year. It captures a growth in terms of revenue directly profit. We have changed our order fulfillment organization. When we sell a system, it takes time, of course, before we install the system and the system becomes clinically available. We have analyzed all the steps that we can improve in terms of cost to serve, in terms of customer satisfaction. We are trying to reduce the time to install, increase the customer satisfaction in this journey of installation. Lastly, we have a big opportunity in terms of lifetime recurring revenue and revenue of an account. We are going to change the way we see our own account. Instead of going just to replace an invoice service contract, we take the account as a whole with an account team made of service team, order fulfillment team, application specialist, and salespeople who are here to maximize the profitability of every account by upselling, upgrading, securing retention, and maximizing the value per account for the company. It's a question of volume, but it's more a question of profitability per account for us. With all those priorities, this replacement cycle, the recurring revenue from service and SaaS, and with this uptick in commercial excellence, commercial execution, we have an ambition to, on the base of the 8%, we had a very strong year last year, 8%, this is the effect of Elekta Evo launch in Europe, 70% of our placement and the uptake in software. We have delivered a strong performance, and we believe that we can deliver a strong single-digit growth over the next three years. Europe will remain a core contributor of the company. With this reinforced discipline, the performance can offer us potentially upsides. Thank you. Thank you, Arnaud. Thank you. Moving from a region which has delivered well on the launch of Elekta Evo, moving to a region where you have a great potential based on the launch of Elekta Evo. We will have our Head of Americas, Ardie Ermers. He started in the company in 2022 as Head of Europe, and then he moved to U.S. and heading up that organization. Before that, Ardie had a few senior positions in Philips and spent quite a lot of time during that period in U.S. He has that background. Again, he will talk about the turnaround, how we regain our position in U.S. through product launches. Thank you, Peter. Good afternoon. After winning in Europe, now we have to win in the U.S., one of the biggest markets for radiotherapy. I'm going to explain how we're going to do that. First of all, let's talk about the market. A lot of this is known, but as you saw on the graph, 25% of the installed base, but 35% of the value. This means high profitable business. It's really important for Elekta to perform in this marketplace. This is where you get maximum value for the solutions that you offer. If you characterize the market, it's a replacement market. You don't see a lot of greenfields, new hospitals being built. It really is about holding onto your installed base and making sure you have competitive flips. The other characteristic of this market, you've seen this over the years, it's really been driven by per fraction, which is really counterintuitive of what we are developing in this space. More fractions means more payment. That's not good for the patients. You can imagine if you're a patient and you have to go to the hospital 30 times to get treated when you know that there are better solutions out there where you can get treated in five fractions, or like Christopher said, maybe even two. This is our goal, to make sure that that becomes accessible in the marketplace. Also in the U.S., you see a steady decline of the number of fractions, you wonder what's behind this. You see some of the more academic-based institutions going to SBRT treatments, in some cases, 30%-35% is SBRT. These are complex treatments, they are very sophisticated. You have a lot of people that need to be in the room in order to perform these procedures. That's a barrier to get access to adaptive therapy in the rest of the market. The goal for Elekta is to make this very simple so that you don't have to be at NYU or Sloan Kettering or MD Anderson to perform these kind of treatments. Then last but not least, you've heard about the reimbursement challenge. ASTRO even published on it, said we have to focus on improving the reimbursement for radiotherapy. The conventional treatment IMRT method is under pressure, which actually creates a great opportunity for us at Elekta. Let me explain to you why. Over the last 10 years, we've seen constant cutting and cutting on the reimbursement per fraction on IMRT. This year was really chaotic because they launched the new billing codes. They really reduced the complexity of the billing codes, they also said there's another cut on IMRT. What they did not cut is SBRT. Like I just explained to you, the movement of the market is towards SBRT treatments. Treatments in five fractions or even less. If you do this in the right way, you actually get the SBRT code and the adaptive plan built, there is an upside of SEK 10,000 per patient. Think about that. If you go this route of adaptive radiotherapy, you will see a SEK 10,000 improvement per patient. This is a great opportunity for us because as a company, we have invested and committed to adaptive radiotherapy. To quote one of our key collaborators at Kettering Health, which is not an academic medical center, they've basically said 2006, 26 cuts brought the pain. He said Elekta brings the aspirin because we are helping to keep these customers viable and able to grow. If you are in a community-based hospital or even a freestanding clinic, you will need to go to a solution that can do adaptive therapy. This will trigger replacement of these Linacs. If you combine SBRT billing with adaptive workflows, you have a chance to survive. Guess what. This is the strength of Elekta. Let me bring you back to last year. Virtually, out of Seattle, it was 3:00 A.M. for me, I talked about hope and promise. We are not happy where we are in the U.S. As you can see, the percentage of our share in the company is way too low. We need to win in the U.S., and Jakob reminds me on a regular basis that that needs to happen. In Brachy and Neuro, we've actually held our own very well. We are leading in this space. We saw good growth in Brachy and Neuro. Remind you that this is a high profitable business, but our Achilles heel has been the LINAC side. As you saw today from Christopher, the commitment to address this portion of our business is rightfully there. Therefore, I'm going to talk about three commercial strategies to win in the U.S. The first one is to commercialize Evo and Unity into this space of adaptive therapy. We've done it in Europe with proven results. We are doing it in the U.S. I show you how we do that. The second piece is get the install base growing again so that you can attach service, because service agreements are very profitable for Elekta. If you can increase your install base, you also need to have a good attachment rate. I'm happy to report our attachment rate in the U.S. is over 95%. If we grow our install base, we attach good service agreements to those, and we will see obviously that profitable revenue coming in. Last but not least, and this is the secret to the success of adaptive, is to start combining this again with a world-class treatment planning solution. That really is the proxy to go to adaptive, because if you're going to condense these workflows down to minutes, you need to make sure that the solutions that you have implemented in your department are world-class and you can trust. That's our Elekta ONE Planning solution. Let me unpack the first priority. We listened to our customers, and this is what they said. "I would love to go to adaptive therapy. We see our friends at the academics do this, but I don't have the staff for it, and it takes way too long. The averages that we see is 35-40 minutes. I cannot afford to put my patient on the table for 35-40 minutes." This needs to go quick. What has Elekta done? We've reduced this total workflow to 15 minutes, which fits in the standard treatment slot. You don't have to make a sacrifice. You don't have to start planning for three treatment slots in order to do an adaptive case. The second thing is it needs to be simple, autonomous. It needs to be intuitive. I cannot have 10 people in my treatment room. This needs to be done, and we've seen examples now in Europe with one physician and one physicist. Last but not least, we call it adapt for a reason, because in some cases, the tumor does not respond, so you don't need to adapt. We have not created a black box. We have created a completely open architecture adaptive workflow where you can decide if you want to adapt or not on the fly. That's really crucial because you don't know which patient is going to benefit when they're on the table. We call that Evo with Iris. That's why we believe that we're going to start taking market share in this space. The second portion is, you've seen this over the years, MR-Linac has a great future. It is the stalwart of radiotherapy. You can actually see the tumor as the dose is being delivered. Also the feedback was, yeah, mainly academics use it. The reason for that was because the treatments were complex and they were long. What we heard from them is the investment profile of the Unity is not attractive for us. While academics have found money to invest, we as integrated health networks, we feel the business case is not strong. Now, enter Unity Pro. We have now enabled two patients per hour, which means that the average amount of patients that are treated on the Unity go from 300 per year to 600 per year. That means that the return on investment of the Unity goes down to 13 months, almost equal to a Linac. That opens up the door, we start to see evidence that institutions like Providence and institutions like Orlando Health are starting to put Unities in their flagship hospitals. Now, that opens up a big market potential for us. On top of that, marketing is really important in the U.S. market. If you can go to prostate cancer patients and say, "Come to my institution and I treat you in two times 30 minutes," that opens a lot of pool. Instead of them flying to New York or going to Houston, they will come to your local hospital and get treated for prostate cancer, which is the highest volume cancer in the U.S. and globally, actually. Now last but not least, unlocking new treatment methods. In the past, you would not do liver or pancreas cancer on a Linac because you can't see. What we saw in our superiority studies is now you can actually treat pancreas and liver, which open up a complete new revenue stream for hospitals. The combination of investing in adaptive therapy on CT and MR unlocks a new market potential, and we're starting to see the evidence that this is working. By focusing on our install base, last year, I talked about the aging of our install base in the U.S. This is now a great opportunity for them to replace their older Linacs and start upgrading to Evo. We've seen the evidence that that is happening. Second question you asked us, is this really competitive? We go up against our competitors, we show them how we do adaptive versus what they show us, we win hands down. What has that done for us? Last year, we had a 30% solutions order growth in the U.S. based on this strategy. Double-digit Evo orders and twice as many Iris upgrades because Iris unlocks the imaging potential. Most importantly, again, starting to look at Varian flips, taking Varian Linacs out and putting Evos in. Really nice that we are showing these results. As you know, first you have to get the order, you need to get the install. We'll start seeing that pull-through in our revenue in this coming fiscal. Second part of our strategy was to make sure that the install base starts growing and start pulling through our service. These are obviously the key drivers for profitable growth. We believe with a higher install base, we also will see a better service revenue. On top of that, we've been able to drive better price increases. We obviously saw the inflationary pressures, but we've been able to get a higher price for our service agreements. Also because this is very sophisticated technology, and our customers are starting to move away from in-house services and putting it back in the hands of Elekta. Last but not least, Software-as-a-Service. We've been able to really increase the value of our Software-as-a-Service contract. We move away from standard maintenance and service, and we move them to a SaaS agreement. That really helped us boost the profitability of our software business on the service side. Lastly, we talked about what is so secretive or what is so special about your adaptive workflows. The key of all this is a world-class TPS solution. We saw a 50% uptake of TPS in the marketplace. Why is that? Because now we have world-class workflows that are really, really fast and of high quality. We're the only one that has Monte Carlo-based dose planning, but now we can do it fast. On top of that, it's very easy to install. What's the commercial effect of attaching software to hardware? Obviously, you boost your margins. Last but not least, once people are comfortable with TPS, they open the door to go to adaptive treatments. The barrier to go to these complex treatments has been lowered tremendously with our software solutions. Like I said, we are not happy with the position we are in in the U.S. We've been eating our order book, and we needed to innovate on the CT-Linac front, and as a result, we saw a 6% decline last year. Based on the fact that we saw a very strong order intake year that will translate to sales revenue, we expect mid to high single-digit revenue growth CAGR over the next three years. With that, I hand it back to you, Peter. Thank you so much. Let's move to the last region, which is China. We have pre-recorded a video from Anming, who's been heading up region China since 2017, before being with Elekta for almost a decade. Before that, he had senior positions within Siemens. He will bring us back to the market share, the leading market share that we have in Elekta in China and how we'll keep that, but also leverage from the recovery of the market. You will see that on the video. Hello, everyone. After Americas and Europe, I will briefly talk about China. China is a large and a relatively transparent market. We have good visibility on volumes, competition, and policy. At the same time, demand in China is driven quite differently than in other radiotherapy markets. I will make three points. How the market is evolving, how we are positioned in this market, and what this means for our priorities. Starting with the market. China represents around 10% of the global RT market in value. The market is now recovering. Before this, the anti-corruption campaign reduced order volumes over the past two years, and revenue followed with that delay. 2025 was a turning point. Based on updated data, we saw over 250 Linacs sold. In 2026, we expect around 10% growth, reaching over 270 units. There is still a clear unmet demand. Today, China has about 3,000 installed Linacs. Based on the cancer incidence, the need is closer to 5,000. What is changing now? How this demand is being unlocked. Volume-based procurement is being rolled out more systematically, with at least one round expected per province this year. It increases pricing pressure, but it allows more hospitals to adopt radiotherapy and creates life cycle value over time. In parallel, the reimbursement is also improving. Pricing for key advanced applications like SBRT and VMAT has been increased, and MR and CT adaptive radiotherapy are also included. This improves the financial return for hospitals. Growth is returning. At the same time, the market is becoming more competitive and the life cycle value becomes more important. In China, we welcome local competition as it supports market development. Elekta remains the clear number one, with around 40% market share by revenue. This reflects our strong market position, supported by our focus on the higher value segments. We enter this next phase from a position of strength despite recent market volatility. China remains a key market for Elekta. As the market recovers and the competition intensifies, our goal is clear. We will not only defend our leadership, we will strengthen it. We will do this through three key priorities: accelerating localization, strengthening our ecosystems partnerships to capture life cycle value, and delivering a China-tailored portfolio offering. Let me walk you through this. First, localized R&D and manufacturing. What sets Elekta apart is that we are the most comprehensive radiotherapy player in China. From brain to body, from extra beam radiotherapy to brachytherapy, and from core treatment to digital management of radiation oncology departments, we offer hospitals everything they need to deliver high-quality cancer care in a sustainable way. We support this. We continue to deepen localization across our portfolio and across our supply chain. This includes full-line local manufacturing and a strong software R&D in China. Second, life cycle value through partnerships. We have the largest install base in China. Value goes beyond the initial system sale. It comes from upgrades, software, and service. We strengthen partnerships across the ecosystem and work closely with leading medical centers to accelerate clinical adoption through collaboration, training, and education. We also partner with local players, including Cellapharm and AnSheng, to improve access, local service delivery, and solution capabilities. As the market recovers, the value will increasingly come from life cycle management beyond the initial unit sales. Third, China-tailored portfolio offering. China has diverse and evolving clinical needs and increasing focus on both access and quality of care. To address this, we developed China-focused products that integrate local clinical workflows and requirements. With our local manufacturing, R&D, and ecosystem partnerships, we can respond quickly to these needs. Elekta Harmony Pro is a key example. Developed and manufactured in China, it's a one-stop intelligent adaptive radiotherapy system solution, combining online 4D imaging guidance and stereotactic treatment. In adaptive radiotherapy, we are clearly a leader in China, recognized by key customers, key opinion leaders, and the government. In fact, Harmony Pro is the only project selected at the national level for this technology, led by Elekta together with leading customers, including Peking University People's Hospital. In the first half of the fiscal year 2005-2006, we were still impacted by the anti-corruption campaign. We saw improvement in the second half of the year, and ended the year at -6%. As the market recovers, we will return to mid-single-digit growth, supported by these priorities. To conclude, China's radiotherapy market is recovering with strong long-term potential. Elekta is the number one player in China in that market. With our focused strategy, premium positioning, deepened localization, strong partnerships, and a tailored offering with leadership in adaptive RT, we are well-positioned to deliver sustainable and profitable growth in China. Thank you. Thank you, Anming. We're moving to the last presenter, and that will be our CFO, Klara Eiritz. She joined Elekta in March. Before that, she has held numerous senior positions, as example, CFO of Volvo Construction, CFO of Ericsson Europe and Latin American region, as well as numerous positions within Sandvik. Her part will really be to close the loop, give numbers behind everything that has been told today. With that, Klara, the scene is yours. Save the best for last, right? Yes. Let's spend some time on the financials. I'm Klara Eiritz, and I am the CFO of Elekta. As Peter Nyquist said, I started three and a half months ago. I have a background from large technology-driven global Swedish companies. Peter Nyquist mentioned them, I think, Sandvik, Ericsson, and Volvo. I'm really happy to be here at Elekta and be a part of this exciting and important journey that we are on. Of course, I have experience of financial management from the companies that I worked on, but maybe in particular, I have experience from working with performance management in a decentralized company and with a decentralized operating model. That's an experience that I look forward to bringing into the journey that we are embarking on at Elekta. When I joined Elekta three and a half months ago, my first focus was the balance sheet. Spent a lot of time on the balance sheet review that, as you know, resulted in impairments and write-downs in Q4 last year. We were making changes to our strategy. We wanted to make sure that our balance sheet reflected those changes. Also, from a CFO perspective, wanting to make sure that we have the appropriate provisions for receivables and things like that. That was my first priority. We also wanted to get that done, put it to the side to be able to direct our efforts towards the future and the important task that we have at hand here. Of course, I've also spent a lot of time preparing for today and especially maybe working on the financial targets, of course, together with Jakob, the management team, but also the board, to make sure that we have relevant and ambitious financial targets for Elekta going forward. Okay. For the next 20 minutes, I will spend time on three different topics. I will talk around quality of earnings and what we are doing to improve the quality and the integrity of our earnings at Elekta. I will spend some time on the financial targets. Jakob talked about them earlier, but I will go into a little bit more detail. I will say a few words on our approach to capital allocation. All right. Let's start with quality of earnings. Quality of earnings has been an important part of the ongoing turnaround and the reset and stabilize phase that Elekta has been in during the past year. Therefore, I think the operational improvements listed to the left here are highly familiar to you, nothing really new here. By addressing these, we believe we improve the integrity of the company and the integrity of our earnings. The first topic is order book quality. We believe in a high-quality order backlog that can act as a strong predictor of revenues to come. Second item is the balance sheet. We believe in a strong and relevant balance sheet that can support our strategic growth ambitions and our capital allocation ambitions. Thirdly, we believe in keeping R&D capitalization on a balanced level. Last but not least, I will say a few words on the positive P&L effects that we are seeing from the new operating model that also Jakob talked about earlier. We also aim to increase transparency around our earnings and financials by establishing or setting clear midterm financial targets and improving transparency and communication around our cash flow. I will go through the items on the left-hand side here one by one, and then I'll come back to the transparency part when I talk about the financial targets. Order backlog. By applying a firmer interpretation of the criteria for order recognition, we aim to improve the predictability of our sales by improving the quality of our order backlog. We want the orders we take into our backlog to have a high probability of turning into actual sales, and we want that to happen within a not so distant future. In other words, we want to have a strong link between orders and revenue. For the order backlog and our book-to-bill ratio to be solid indicators of growth to come. That has not been the case at Elekta in the past, and as you are aware, the order backlog had to be written off quite substantially in the past two years. Right now, we have about SEK 34 billion in our order backlog, which equals around two times our sales in 2025-2026. If you remember, when we released our Q4 report, we also had a rolling 12-month book-to-bill ratio of 1.004, which is fairly aligned with our sales growth expectations for 2026, 2027, as Jakob mentioned in his presentation, and that I will come back to shortly as well. Next item on the list, balance sheet. With the R&D impairments and other adjustments to the balance sheet in a total about SEK 2.5 billion, we now believe that we have a balance sheet that is well-aligned with our current business assumptions and our strategy going forward. We have a balance sheet that will help us build our commercial success and deliver high-quality earnings going forward. This topic is also, of course, closely related to capitalization of R&D. Elekta comes from a history of very high levels of capitalization versus amortization. You can see that in the left part of this graph, if you look at the historic years. This has supported EBIT, but it can also be risky. Part of these high capitalization levels was in the end what had to be written down in Q4 last year. Going forward, we will more or less keep capitalization on the current levels. For 2026, 2027, we expect capitalization and amortization to be roughly in line. Going forward, it could even be that amortization will slightly surpass capitalization as we have important product launches in the pipeline, and those have to leave the balance sheet and be starting to be amortized. As Christopher also mentioned, gross R&D expenditure will be around 10% of revenue going forward. We believe that this is an appropriate level for us to deliver on our innovation agenda going forward. Keep in mind that the new operating model has given us a more efficient and focused R&D muscle that will allow us to drive innovation with greater velocity. I think this is important to keep in mind also when you compare the 12% with the 10% going forward. All right. Last item on the list. The new operating model, or the new decentralized operating model, that was presented by Jakob also in the beginning. We have moved resources and accountability from group functions to the regions, thereby strengthening the P&L accountability of the people who know our business and our customers the best. By delayering and simplifying the organization, we remove cost, but the main benefits of this model are around accountability, decision making, and empowerment. These effects can already be seen in the P&L. On this next slide, we can clearly see the lower cost associated with the new delayered operating model. As previously communicated, it will lead to SEK 500 million plus in annual net run rate savings, of which most is in OpEx. The cost reductions have come through perhaps a little bit faster than what was originally expected, and we see positive effects on cost and spend in general, as cost-related priorities are now made with a full regional P&L in mind. It's interesting because I've seen this play out at some of my previous places where I've worked, and I've seen the power of this way of doing things. When you have an end-to-end P&L responsibility rather than a fragmented P&L, that is a powerful thing in an organization. It's interesting to see that play out also here at Elekta. I also want to emphasize that the reduced cost levels come mostly from decentralizing and reducing what used to be group function cost. It's not about decreasing our customer-facing resources. On the contrary, these resources have actually increased during the reorganization. The decrease in selling costs, for example, that you see here is not due to reduced sales force, but rather a reduction in the central, not customer-facing, organization. Okay, let's leave the quality of earnings for now and move on to the financial targets. Before I dig into the mid-term financial targets, I want to say a few words of the outlook for this fiscal year, 2026/2027. Jakob went through this as well, there's nothing really new here, but I want to go into a little bit more detail. Adjusted for currency, we expect sales to grow 2%-4%, driven by growth in all markets or all regions and services. We also expect adjusted EBIT to grow and land somewhere between 12.5%-13.5%. This is driven by pricing effects, Evo commercialization in the U.S., of course, we talk a lot about that, but essentially all over in our markets, this is ongoing in different stages. Then, of course, lower cost levels due to the new operating model that I just talked about. This is in line with what we said when we released our Q4 reports, but a little bit more details and a little bit more precise, perhaps. All right. The mid-term financial targets for 2028/2029. As Jakob previously said, we expect to reach mid-single digit growth in terms of compounded average growth rate, or CAGR, in 2028/2029. This is measured, as you know, as CAGR over a three-year period starting in 2025/2026 and ending in 2028/2029. As Jakob also mentioned, the expected sales development indicates a gradually higher growth rate towards the end of the three-year period, and that's driven by product launches, software and services expansion, and growth in the U.S. As for the EBIT margin, we aim for 14%-16% in 2028/2029, driven by improved gross margin and leverage on the lower OpEx levels. When looking at EBIT, keep in mind that EBIT in 2025/2026 was supported by R&D capitalization being higher than amortization. So the EBIT was actually 11.2%, and this is really the level we start on when we set our targets for the future. For cash flow, we target cash flow before dividends as percentage of sales of 10% in 2028/2029. This would create space for us to continue to deliver solid shareholder return, but also invest in Elekta's operations. Let's spend some time on growth. On this slide are the growth ambitions for Europe, U.S., and China, as presented by Arnaud, Ardie, and Anming. It's these ambitions that add up to the group target of mid-single digit growth, along with, of course, an assumption of mid-single digit growth for the rest of our markets and countries. That's included, of course, in our group target. But today, we're just talking about these key markets. We expect continued solid growth in Europe as we continue to grow the adaptive-based business and scale services and software. The U.S. is expected to contribute with the highest growth rate as Evo and Iris gain traction and services scale on the back of a growing installed base. For China, we see growth opportunities by adapting a more localized product offering and leveraging our installed base. Then on to the EBIT bridge. With these growth ambitions, how do we get to the 14%-16% EBIT? First we believe that gross margin will improve and gradually return towards the pre-pandemic levels as we grow and expand within adaptive. Next slide is on gross margin. So I'm not going to talk more about gross margin here, but I'm going to say a few words on R&D and SG&A. As mentioned earlier by Christopher, and also by me, I think we expect the R&D organization to run at a gross expenditure of roughly 10% of revenue. The assumption here is that capitalization and amortization will be roughly in line. However, as I said before, it could be that towards the end of this period, we see amortization going up a little bit due to the product launches that we have in our plan and also the timing of those launches. As for SG&A, we see continued leverage effect on the new lower cost base, and our ambition is to offset further inflationary effects by increased productivity. If we then double-click on gross margin, we expect productivity measures and margin leverage from higher volumes to roughly offset cost inflation. This includes margin leverage from the lower cost base associated within our new operating model or Must Win Battle one, as we call it. We also expect reductions in product cost from Must Win Battle four. When it comes to price, we plan for price improvements across the product portfolio, with the main effects or the main contribution coming from improved solution pricing in mature markets and price increases across the service contract portfolio. As you've heard from the regions as well as from Christopher, we plan for improvements in both market mix and product mix, driven largely by our adaptive business. Higher share of Evo and Iris in mature markets will improve the market mix but also the product mix within solutions. Launch of new products and solutions and software that Christopher talked about, including recurring software sales, will support the product mix but also help drive volume. We also expect margin support by increasing our service attach rates and scaling our service sales as our installed base grows. Let's leave the P&L and talk a little bit about cash flow. To secure continuously solid shareholder return and to create room for needed investments, we target a free cash flow, before dividends of 10% of sales in 2029. For 2029, this implies a slight buildup in net working capital driven by higher sales, CapEx in line with depreciation and historic levels, R&D capitalization of 3%-4%, and we assume that the finance net tax and leases to remain on current levels. This level of cash flow would open up opportunities for us and allow us to move forward with a certain room for action. That brings me to the last part of my presentation, which is capital allocation. A cash flow at 10% of sales in 2029 would give us roughly SEK 2 billion available for investments in growth and distribution to our shareholders. While maintaining our dividend payout of no less than 50% of net income, we would have room to invest further in our innovation-driven growth agenda, Christopher's R&D muscle, or even decide to pursue other opportunities to fuel our growth ambitions. If we double-click on the shareholder distribution, dividend payout is, of course, the primary alternative for distributing capital to our shareholders. The dividend policy is, as I said, to distribute 50% of net income at a minimum. On top of that, we have the mandate from the annual general meeting, that mandate is likely to remain, also after this year's meeting, to buy back share when the circumstances are right. That brings me to my very last slide. Super summary of what I've just gone through. We are taking steps to improve our earnings quality and the integrity of our earnings, through clarifying and strengthening the connection between the P&L, the balance sheet, and the cash flow, but also between orders and revenue. As for the financial target, we're aiming for 14%-16%, and we expect commercialization of our adaptive offering, recurring software sales and service growth to be the main levers to get us there. Lastly, we believe that a strong cash flow and solid balance sheet is key, so that we as Elekta can continue to pay good shareholder returns, but also invest in our future. Thank you. That was it for me today. I hand it back to you, Peter. Thank you. Great. Thank you, Klara. With that, we are coming to almost the end of the presentations. Before we will have the Q&A, Jakob just want to summarize all the presentations on the next slide. Please, Jakob. Thanks. That may be a good idea. All right. I think we have taken you through the tour of Elekta, how we see it. I just want to leave you with some overall perspectives. First, we are keenly aware of the situation we are in. As we say, we are not at full potential. I would say it's all frustrating, it's also exciting because it shows that there's potential for us, when we get to full potential. We absolutely feel we have a plan. It's a robust plan. It's vetted in activities that then translate into financial targets. If I would just give you a little bit an advice, do not underestimate our will to execute on the plan. I just tell you, we will see it through. I personally feel we have an obligation as Elekta, given our place in the industry and the world, to make this company successful. The company deserves it, the colleagues deserves it. Just a proof point, what we saw on the OpEx side, it's not small things we have done. Okay? We're 15% fewer colleagues. The wheel is still on the wagon. We're still rolling. The OpEx savings are meaningful, we did it not to save costs. We really did it because we want to see a new Elekta 2.0, faster execution, a better sale-to ratio, more innovation to the market. We just have to do it. That's just my personal take. We have a plan in place. We're excited. We have a leadership summit with 100 Elekta leaders joining us here in Stockholm next week, we did it after Midsummer, to engage them. They will be engaged. They see the value of the plan. When we ask them, "Should we change at Elekta?" Basically, 99 out of 100 said, "Yes, you have to change, we need to move the company forward." I think we have a strong base to accelerate our execution going forward. We have a new operating model in place. Of course, when you do a lot of changes, it's hard not to do a little bit of navel-gazing and become internally focused. We are done with that. For me, it's now commercial execution. Some of the guys here on the stage, and we have one online, we will talk a lot about customers, we will talk a lot about gaining market share on pricing discipline. Of course, as a MedTech company, it's all about innovation. I think, Christopher, what you outlined, maybe hard to really see all the fine prints, but at the end of the day, this is a step-up change in the innovation pace. We are actually harvesting on some of the focus areas you have had over the last couple of years, and we should continue to deliver on that. Not least, when you go out in Europe, it's a lot of tender business. You also have to be price competitive, and you can only be price competitive at a good margin if you are lean yourself. That's why cost discipline within Elekta is going to be a lifestyle. It's not a diet. I think our customers deserve that. You will see significant product releases ahead of us. I would be very surprised if we don't see exactly the trend line we outlined on sales growth. Our order backlog is still solid. We clearly take note of some of the concerns also on the order intake in Q4. I think we explained part of it, part in Middle East, part on being stringent on order intake criteria. Said that overall, we have a book-to-bill of 1.04, and that's how you should think about revenue generation, and we now outline that here in our yearly guidance. When we look at the EBIT margin and cash generation, it's going to be a new company when we deliver on it. On the EPC, a few years ago, we were at 7%-8%. We now guide at 14%-16%. Last fiscal was the first year in five years we saw a net debt reduction despite SEK 900 million dividend. Obviously, when you start to generate a free cash flow in excess of around SEK 2 billion, it gives us a lot of flexibility that Klara outlined in terms of dividends and other ways of distributing or deleveraging the company. That's the key takeaway I would like to share with you, and thanks for your attention. We look forward to Q&A. Yes. We need a few seconds to make the stage ready for the Q&A, so bear with us. I would like to have Elekta management back on the stage, please. Great. Thank you. What we'll do now, I will alternate questions here in Stockholm with questions I have received from you online. Again, if you have a question, please, in English, post the question and we will answer them here on the floor. I'll actually start with Veronika here in the middle. Excellent. Good afternoon. Veronika Dubajova from Citi. Two questions from me. I have loads more, but I'm going to start with two if that's all right. The first one is just on the midterm growth ambition. I'm just trying to reconcile, obviously, your ambition to see meaningful acceleration in the growth from a revenue perspective with the fact that Evo, certainly in Europe, has been out in the market for a little bit. In theory, 2026, 2027 should be the years of impact in the U.S. We know there is a new platform coming from Varian. There's growing focus from United on the market, not just in China, but also outside of China. I'm trying to understand what gives you the confidence in your ability to really drive that growth acceleration, given where we are from a product cycle perspective for you and your competitors. Long-winded way of summarizing it. My second question is just on the gross margin and the positive price contribution. As an observer of Elekta, what's been clear for a long time is pricing discipline has been something that the organization hasn't always had in the past. I was hoping you could talk about what changes you've made to how your salesforce is incentivized, how your regional leadership is incentivized to make sure that we can actually see the realization of positive price on a go-forward basis. Thank you. Great. I think with the growth story, we will start with you, Jakob, and maybe Arnaud and Ardie can fill in on the growth. Yeah, maybe we do it over. Ardie, why don't you start? Sure U.S., Europe, then I tie it together globally, if that's okay. If you start, Ardie. Yeah. I think your first question, Veronika, on competition and why do we feel strongly about winning is because the evidence we show is that the adaptive way of implementation is superior to what we see from our competitors. We do it faster, easier, and we have a very flexible workflow. I feel strongly that the direction they're taking is actually strengthening the strategy that we took. It's always great that your competitors are following your strategy. That's why I feel strongly that we can compete and win. On price discipline, we see a significant uptick also for these adaptive solutions because we tied back to the business case for administration. Pricing discipline on the orders, but also pricing discipline on service has boosted our revenue profile. Arnaud, would you fill in for me? On the Evo and online adaptive, I think just one month ago, not far from here, there was ESTRO, and we saw the high interest. I think adaptive was central to the Congress. I think we were the first-mover advantage. We are still not done with the launch, we are accelerating. We see a lot of demand, a lot of interest. Most of the markets in Europe have already purchased, and we have installed for a large part of them, Evo, and for a large portion of them with the online adaptive. There are many centers who went clinical today. I think it's just, I wouldn't say just the beginning, no, it's an acceleration for us. On the price discipline, as I try to explain, I think we have simplified our portfolio, our offering with packages. It creates a lot of discipline and control when we price. It's not just about taking an order, it's taking an order that meets our financial objectives. Much more rigor and discipline here. Yeah. Maybe I add a bit color. In the U.S., we now have the product to compete. With our leadership in adaptive, it clearly resonates. There is strong systemic demand for vendor competition in the market. In Europe, I think you outlined the replacement cycle coming in with 1,000 systems, we are there to compete. Keep in mind that the Evo system, you should really consider it as a platform. What Christopher outlined is it will be very meaningful enhancement with the four priorities you outlined, motion management, Iris. We have really worked on it for a handful of years, integrated console or integrated workflow and integrated table, and there's a significant need. We feel, no, we know that the product will be much more competitive, and we are actually selling with those features. If we unfolded back to United Imaging, of course, it's a new competitor coming in. We have a war room on them. I don't want to do specific, we know exactly where they have installations in Europe, okay, why they want it. I'll just remind the audience also, we compete well in China, their home market, we sell 50%. Last fiscal, we sold 50% more than they did. I think that at least gives me confidence that we can compete. Of course, they will accelerate, within the emerging market, we are now fine-tuning our Harmony platform to have a high productivity, low-cost system. On what price discipline, I'll do it super sharp. Basically, the storyline is this. We have now introduced a quarterly framework where we establish target steering very importantly, floor ASPs and margins per product. It's really 6 CT-Linac, MR-Linac, three software packages on the TPS and OIS. We will discuss every quarter, we will analyze win-loss ratio. If we deviate from those floor, there has to be an escalation path. It's quite a new way of doing it. I wouldn't say it's top steering, but of course, it has to be that when we win deals, they are profitable, we are aligned. We move forward from there. Great. Do as Veronika, present yourself and the company you're representing. Hassan, please, I'll move to you here. Thank you very much. It's Hassan Al-Wakeel from Barclays. A couple from me as well. Firstly, another on the top line midterm targets. I'd love to get your sense on the revenue guidance in the context specifically of the U.S. reimbursement crisis that you mentioned, Jakob, on the full year analyst call. Speaking to experts, revenues for facilities are down up to 30%. Even with higher acuity mix and motion management, it could be down as much as high single digit. How do you think this will impact market growth for Linacs? Could it push out replacement cycles? Why isn't this a headwind to your orders, particularly, as you have a competitor launch at ASTRO later this year? Secondly, also, on UNITED, but specifically on China, you are the biggest and most comprehensive player in radiotherapy in China. Do you think this is changing with strengthening competition, out of your radiotherapy, but also multinational imaging peers? You are the most positive on China. How do you think about the risk to that mid-single digit expectation for the China midterm targets if locals do indeed catch up higher up that acuity curve? Let's start with Ardie on the reimbursement question in North America, and then Jakob can take the China question later on. Please, Ardie. Yeah. Thank you for the question. I think indeed, what I described today was that there is pressure on the traditional way of getting reimbursement done for the U.S. market. Like I said, this is an opportunity because the centers that actually make money have shifted more and more of their volumes to SBRT. The centers that actually prove that they can financially thrive have moved to more complex treatments, which is great for us because what this does is that the systems that are out there that are aging, they need to be replaced. That means we have access to a marketplace where the market position of Elekta has always been inferior compared to our competitor. I think for us, it will drive demand. It pulls us also into deals because the customer wants to see what's available in the marketplace. Linked to the fact that we see a launch coming, it actually is great for us because it confirms the direction of Elekta. We see this as a positive upside. As far as what does that mean for the revenue profile? I always believe that if you start seeing winning in the marketplace and you can start seeing your order book growing, eventually you'll pull this through on the revenue side. That's why we feel strongly about our guidance. Maybe Christopher, if you want to chip in as you presented also a view about the reimbursement. I see now what you mentioned, that it becomes an economic necessity for many centers in the U.S. to shift to more modern approaches, more complex approaches of radiation therapy. If they have a very old, aging Linac, they need to shift, or they need to give up. When they shift, they will look at where can we shift, where it is the easiest for us with our existing staffing, with our existing number, but also capabilities to do it. I think here, I think we are a clear leader. If you look at the treatment times, Ardie mentioned 15 minutes for adaptive treatment times. This is far ahead of what some of our competitors report. When we talk about our portfolio, we don't have to have a dedicated machine for adaptive. You can have a machine that you can use both for adaptive and for non-adaptive treatments. You make the choice at the day when the patient is there saying, "I can go for a non-adaptive," or, "I want to go for an adaptive." The third one is that we have it across our portfolio. We have it on Unity, obviously, the high end. We have it on Versa HD and Evo, and we are bringing adaptive also to Harmony. We have it in our full portfolio. It's really adaptive for everybody. Plus, what I was mentioning about bringing CT motion management of organs to the Linac, again, opening up a new revenue path that is manageable within our existing software framework, which is, I think, unique. We don't know what the future will bring from other competitors, but where we are right now, I feel very confident that that will carry on the growth in the next years. Hassan, maybe on China. It's true, we are a little bit an outlier. Good thing is it's also an outlier in historical performance, right? Why are we fairly positive? Not overly positive, but fairly positive. The market is recovering. Last year it was 250. We expect 10% growth, and it should really have an equilibrium around 300 units. Still a greenfield market. Now 3,000 Linacs, it should grow to likely 5,000, which is, let's say three Linacs per million capita. That's very realistic. We look at our current data points, and we are roughly 40%, and that's a notch below, but just a notch below where we were three years ago, right? We actually look at China as an opportunity for us besides growing with the market. Of course, there are things we are also concerned about, and that is we see our development speed is really good, innovation speed. We see the world-class planning software we now have is partially developed out of China. We will probably deploy more resources there. We absolutely have COGS reduction opportunities out of China. There are quite a few things. I talk a lot also to leading authorities. They look at Elekta as a very important player in the Chinese market. We are integrated part of cancer care. We are actually seen as a Chinese company and good citizen. That's why we guide on mid-single digit going forward. Perfect. Before going to right side, I'll take you on there as the last one on the left side here. I'll move to right side. Thank you. Johan Unnérus, SB1 Markets. One for Ardie and one for Arnaud. Ardie first. The order positive shift and larger order intake, could you elaborate a bit more on the characteristics of your clients that are active? Is it Elekta Unity centers or is it larger centers, or is it a bit of a mix? Yeah, I think the nice thing about our commercial approach is that we've segmented the market, really focused on the different segments in the U.S. We've identified where we are strong, we've identified where we have opportunity. It's a very nice balanced mix between IDNs, between academic, and between freestanding and community. The only thing I'll say where we see a change is with Elekta Unity, where we are now seeing a shift from academic to IDNs. Like I said, the flagship hospital wants to basically keep these highly valuable patients in their health system instead of referring them out to the academics. That's where we see a little bit of a shift. For the rest, it's a balanced order intake for the market. You want to chip in there, Christopher? It seems like you. Well, no, I think the power is that we have a harmonized approach for online adaptive, but also for motion management across our portfolio. For IDNs who try to harmonize their installed base inside their own integrated delivery network, it is a perfect way to make sure that the training is harmonized, that they have reference point about what are expectations about productivity of certain sites, and they can roll out the same kind of processes, again, across their whole portfolio of sites, ranging from smaller sites to these flagship sites, I think that's what these centers are looking for, and that's what we are enabling in a good way. Then you had a question for Arnaud, right? Yes, indeed. In Europe, when Evo has got a bit longer in the further ahead in the launch. You mentioned 1,000 potential Linacs that are up for renewal. Some Linacs can be up to 20 years old when they're replaced. Well, there could be a case for replacing them before 10 years. How do you define this 1,000, roughly? Secondly, when looking at your clients that are taking on Evo in Europe, because some people are looking more into the pure stereotactics, and other are treating fair amount of conventional and lower premium part of the market. Where is Evo positioned in Europe? The 1,000 units for replacement are all 12 years and more. Of course, there are some who have reached 20 years in specific market like Germany, for example. Evo until now, basically 50% of the Evo we sold, we sold them with Elekta ONE Online. We feel that it means that those customers want to do online adaptive, clearly. Approximatively, we have the same amount, the same proportion with advanced treatment and more conventional treatment. The possibility to upgrade Evo is really what interests the market. This, and specifically with the development we'll have in few months, the new release, I think we'll enrich the value proposition of Evo with the upgrade and the upsell of the 6D table, the integrated console, the Iris development that they are waiting for. I think that's going to give us another boost for Evo. Great. Let's move to the right side. Ludwig, you had a question? Thank you. Ludwig Germunder from Handelsbanken here. I have two questions, please. The first one would be on the gross margin. You mentioned that you aim to take that back to pre-pandemic levels, which is something that you've been speaking about for some time now, and I would just be curious in hearing a bit more about what makes you confident in this step, and maybe also if you can mention anything about the timeline you aim to do this in. Then a second question on the price increases that we also have been speaking about. How are you thinking about price increases? First, should we view the price increases to similar level in all the markets? Secondly, how do you reason around the price increases and balancing that with gaining market shares as we're speaking about increased competition? Should you start with the price and gaining market shares? Yeah. Maybe you can comment on the gross margin. No, short answer is on price, you shouldn't think it's across the board. Each market has different competitiveness. It's actually less price sensitive in the U.S. Certain markets, it's more price competitive. We see India being fairly competitive. There are variations, but the way you should think about it is, we expect the price uplift of 2%-3%. That's how we look at it on the short term. On overall price discipline, that goes back to the comment I said earlier on floor margins and floor ASP, and it's really down very granular at a per sales cluster. Klara, you want to share some light on the gross margin? Yeah. As I said, this will be a gradual Oh, sorry. Who asked the question? Ludwig. There. There. Yes. It will be a gradual move towards its increase. I think we feel confident with the new product launches, with this position that we have in adaptive, that is new, I think, compared to in the past. I haven't been here for that long. We feel very confident about that. Also, as we grow the installed base, our ability to also scale services on the back of that installed base to also defend the gross margin. Also, we expect the new operating model and the cost decreases, that will remain. That we will scale on that going forward. That's the idea. We don't expect to scale back if you will, that cost piece. That's an important part. Also, what we haven't maybe spoken so much about today, but our Must Win Battle 4, which is our reduction of product cost, which Christopher's team is working on redesigning our products, making them more cost-efficient, but also what the supply chain team are working on in terms of reducing the cost. That's a really important area for us as well, and something that we have included in our plans. Maybe to add to that second point, because in the past, when you look at how our Linacs have been developed, they have been developed mainly from out Europe, specifically the Crawley environment, where there was less emphasis on very rigorous design for cost. We have shifted a lot of our also Linac development to Beijing and China, where they both have the local supply chain, but they also have, by nature, a very strong focus on getting costs down from the beginning. That, of course, then again, feeds back into also our U.K. development teams. Moving forward, all new developments will have a very strong KPI related to cost reduction. Cost reduction is not bill of material alone, can be, but it's also about how fast can you do an installation? Huh? How much can you do remote? How big is the reliability gain that you get if components last longer? These things in the past were not the prime. There was the clinical features, and I mentioned in my presentation, the clinical features were the driving force for our development program. We have these non-clinical features at the same level of consideration. Thanks. We move to Mattias here in the front, and then I move to the back end again. Thank you. Mattias Vadsten from SEB. You talk about the new launches of product features, Iris high-definition imaging, motion management, the 6D table, et cetera. My question is, how will you incrementally charge the customer for this? Is it rather lever to drive sort of Evo adoption in itself? Also, I think it comes down to the first question we had in the room here with the back-end loaded growth profile. With these new features, are you seeing that when those are released, you are fully competitive, so to speak, and today you are not just there yet, or how should we read into it? Well, it obviously is a mix. I think when we talk about adaptive, I believe we are the leader of the pack. At this point in time, we are ahead. When we talk about some other things like workflow integration, we are catching up, and we are honest about it, but we are catching up. That's where, for example, the integrated console and the integrated table are so important because they bring us on par with what competition has to offer already. Having said that, because we are upgradable, people who have already an Elekta Linac, for them it's an easy step to get to that new level. They know that we have a commitment to go further than that. Talking about a willingness to pay, the willingness to pay often depends, do they get paid for what they pay for? When they get, like in the U.S., Ardie was elaborating, increased reimbursement for these more complex processes and procedures without having to hire new staff, adding a certain capital investment to get to an online adaptive workflow is actually a business case that makes a lot of sense for these centers, because otherwise they're faced with old equipment that is not going to deliver any value to them. I consider willingness to pay Elekta is a derivative of them getting paid for what they are delivering, and that other value proposition that we are focusing on when we prioritize. I said- They can be clinical and non-clinical. Yeah, we can charge in the market. Of course. When we sell with integrated table, integrated console, we actually do that now in Europe. With the upgrade clause, we can charge higher than on the old spec. Very clear. Thank you. Also, you talked about the new modern interoperability API and so on in your section. Maybe if you could be a bit more precise on what that means. Yeah. Is this driven by the customer side so that they put pressure on you on that side, or is this something? Well- In terms of opportunity that Elekta sees or? It's both. It's what Elekta sees, what our third parties see that we work together with, and what our customer sees. In the past, the interoperability between different vendors was often done on a more ad hoc base, where you directly put their software, their APIs deep into our own system. What we are now defining is a much more controlled modern interface that is for all vendors the same, but is flexible enough to also accommodate the different vendors. For the third parties. You name them. They talk about surface-guided radiation therapy. They have a very clear set of specifications they can develop on, they can test on, and therefore easier for them to put it also into our workflows. For the customer, the benefit is clearly that they will see a smoother workflow than in the past, because we had to redevelop with every vendor and test with every vendor, a new one, and that led to delays for certain vendors, but also for one vendor, the integration or the interoperability was better, for another one, less so. This becomes also a very valid value proposition for our customers. Thanks. Anyone? We move there to the table with Christopher here. Yep. Over there. Hi, Erik, from Bonit Capital. Just a question, regarding Evo and the installation time for that. It's potentially an upside if one can do upgrades directly with the old Synergies or the Harmonis or the Agilities. Can you give some light on the potential upside on the margin side, but also on the installation time? book-to-bill, the difference, if you just do an upgrade of MLC in comparison to installing the full Evo. That's one question. Secondly, on the software side, great to see the growth in U.S. Has there been any flip arounds on RayStation or even Eclipse with the new software that is apparently very positive? Lastly, looking at the growth for Brachy. You're the clear leader in this. Can you touch a little bit on the growth and the potential of the Brachy side? That's obviously a high margin product and a great product. Thank you. Maybe you can start with the Brachy growth. I absolutely can. Brachy, where you deliver the dose inside the patient's body, is a more traditional way of treating, but actually high quality. We have estimated +70% global market share, good margin profile in the business. We also look towards, say, mid-single digit growth. It's part of our overall guide. We think we have a strong position. Very importantly, we start to reinforce that position into our Linac system under the Elekta ONE software. That is a strong demand for our customers from workflow. You give a brachy boost, then you go over to the Linac treatment, and that's part of the commercial synergies that we can drive stronger going forward. The same on Europe, by the way. Yeah. Maybe to enhance that Brachy story. As you probably know, we still have microSelectrons out there, and they're getting ready for replacement. We see a nice uptick now for them to finally go to the Flexitron platform. That also drives our growth in the Brachy business. Maybe, Arnaud and Ardie, you can comment on the flips we have on software. You mentioned, Erik, RaySearch, for example, and how that is in your markets. You decide. If you want. I think what is clear is that you've seen, obviously, the department level planning systems. That is basically what people use for bread and butter. That's where people have invested, for instance, in RayStation or Eclipse. What we have done now with this version of Elekta ONE Planning, we're unlocking a new way of treatment. It basically is in parallel to what they use. Once you start using this in the adaptive environment, you stop using it in the conventional environment. This journey of transition is now happening, and you see a couple of key customers that have said, "Hey, if this is part of the integrated ecosystem, why do we still have a separate machine standing here?" I think what you will see is that this integration of that ecosystem, linking the LINAC to the TPS and the OIS, that's a secret in order to get to adaptive treatments. With that, the focus on a standalone, departmental-wide treatment planning system will start to disappear. Arnaud, any comments from you? I think it's exactly what Ardie has described. I think we have not seen huge issue until now. It's not a blocker for us. Erik, you had a third question. Book-to-bill on the installation difference, the time. If you do a full installation of Evo, in comparison to just swapping the MLC, if I understood you can do, the margin difference, because it must be huge from a COGS point of view. If you can touch a little bit on that, would be interesting to hear. Maybe you can start here. Yeah. No, there are certain upgrade opportunities. You saw some of them from Ardie, from existing install base. Of course, typically, when we have customers with equipment older than eight, 10 years, it makes less sense to upgrade because it costs money on the existing Linac, rather wait and then replace it. The way you should think about the Evo platform, that is really the accelerator of upgrading our aging install base in the U.S. then tap into what you outlined, the 1,000 units market opportunity in Europe. You need to come with new technology, that's, I think, what we have outlined we have. Yeah. Maybe to enhance that a little bit further. The book-to-bill on the LINAC is normally about 12 months. Now you see that in order to really get access to these new reimbursements, actually the book-to-bill ratio, book-to-revenue is shortening. We really have a high need for these customers to get their bunker ready, take the old machine out, put the other machine in. Obviously, that's more capital intensive. Also the margins on the upgrades are much better. Iris combined with the EOP suite is very good margin for Elekta. That's where I would say that's a three to four-month cycle. I think this is really driving a lot of profitable growth for us. Great. Move to Kristofer. Thank you. Kristofer Liljeberg from DNB Carnegie. Two questions. First, I would like to get back to what you think will hold back what you see as the full potential growth. The reason I'm asking is, you see China recovering, seems U.S. solution orders were strong last year. Now you're talking about customers want pretty quick installations. What's holding back growth near term? The second question on working capital and the reason for why that should be a bit higher here now than what we have seen in recent years as a percent of sales. Thank you. Maybe, Jakob, you could start with the full potential and growth, and then Arnaud can flip in, and then working capital for you then, Klara. First we take note of the growth trajectory the last two years. That has been organic growth of 1% per year. Right? We now guide at 2%-4%. We say it's below market growth, but for us it's super important we have a better say, do ratio, if you will. On the growth side, of course, we need to see the proof points being lived out in the U.S. I would say start of the year promising, but we are one and a half month into our new fiscal year. Clearly we see also in certain markets, new competitors coming in, and we want to take stock of that and see how it plays out. That's why we stand by the guidance we give. On the midterm, it's clearly linked to three things. The most important is on products. We do believe that with what we outline here, we are ahead in certain areas, we are matching on others. Great on the software side. On the OIS side, we have some work to do, but we know what we need to do. That's on the product side. Commercial execution, it links to our reset of the model. We have great commercial leaders out there. We have changed incentives. We have changed quite a lot of people. We have a new performance culture. What I really think is important is we have to stay lean on the cost side so we can deliver that good price value ratio to customers to compete with someone that brings the best technology at a good price is a pretty tough competitor to compete with. Want to add in something, Arnaud to I think for Europe, we have seen really a very strong uptake with Evo. We have this cycle of replacement that is really a very nice opportunity. I think the two things that could offer upsides to the guidance that we are thinking about in Europe are put, I think it's all this science of execution. I think this is where most of the companies, as we all know, can accelerate or decelerate. I think there is really a big opportunity to have much more rigor, much more discipline in the organization. It's already an ongoing activity, but we'll see. We'll see how much we can capture on top of this. Of course, innovation and how competition will come to the market. I think that's where we are. Ardie? For me, Christopher, full potential means that we are competing, and we are showing that we are starting to compete in the most important segment again of LINAC. We saw, obviously Brachytherapy, Neuro was fine, MR-Linac is great, but now we need to untap a different market segment. It's really fun now to get into the mix again of competing on the LINAC side. That for me, means full potential, right? That our customers are pulling us in because they want to compare, and we have not seen that in the past. That's for me, really, again, competing in the marketplace. Klara, on the working capital question. The cash flow slide that I showed is for 2028, 2029, right? We expect an uptick year-over-year in revenues in that year, and that means that we probably will tie up a little bit more in working capital that year compared to the year before. Of course, we'll do what we can to not do that, but that's the assumption that we have in the model. Great. Thanks. Erik Cassel in the end of the over there. Erik Cassel from Danske Bank. I wanted to talk about emerging markets. There hasn't really been any talk of it on this CMD, and I recall from the last one that back then that was the core topic of unit growth in coming years. Basically now, I guess we're seeing United, they're in 85 countries. We have Shinva announcing a lot of wins in LATAM. I think I counted another eight Linacs coming to market in the next two years, mostly targeting those kind of markets. I just wanted you to talk a bit about emerging markets where you today, pretty strong. What are you seeing for the coming years? Do you see that you can sort of keep market growth, or do you expect to lose out on units? What do you see on price now that they are coming with essentially 40% discount versus what you're offering? It's my first question. You want to start there, Jakob? Absolutely. Then we can cover LatAm in detail. When you mention some, you shouldn't necessarily take it as that we have actively deselected the other. We just chose these three large core markets. Our planning assumption is absolutely that we will see intensified competition in the Global South. We absolutely, Erik, we see that now in LatAm, we see that in Indonesia, we see it in India actually also. We are tailor-making our product portfolio accordingly. What we have outlined, and we also have that in the guide, for this fiscal, we assume broad-based growth. Actually, our TMEA region, you can say also after a weaker last year, I would be very, very surprised if they don't show a pretty reasonable growth going forward. Don't overinterpret. That would be my advice. Then on LatAm specifically. Yeah. Like you said, we have a very strong position in LatAm, and we see a continuation of that. If you see the uptake of Evo, for instance, now in Argentina, in Chile, in Mexico, you see that these customers are looking for the same thing, which is they need to treat more patients more efficiently with less staff. The solutions that you can buy in the market from our competitors that are coming do not facilitate those kind of needs. For us, it is a really strong position to leverage our premium position, which then also protects our price points in that market space. I feel really strongly about our market position in LatAm. Great. Let me say something about India before you come to the second question specifically, because I see there is a significant opportunity specifically in India, and you mentioned it as a key coming up market. India is price sensitive, obviously. They have a need. They are significantly underserved when it comes to cancer care. What they do have, they have highly qualified clinicians. Unfortunately, these clinicians are not where the patients are. What we are doing, and that is important that we said, we are bringing adaptive and therefore hypofractionation to our entire portfolio, that we will position Harmony specifically as a productivity engine towards the Indian market, including hypofractionation. The feature I mentioned about remote collaboration is going to be essential in a hub and spokes model, where there is a hub where the clinicians are that are going to do the treatment planning, making sure they are pushing this then to the kind of regional centers at a very price competitive value proposition, but leapfrogging maybe a lot of markets when it comes to the adoption of hypofractionation. For Indian people to travel to a center is a huge expense. It is very difficult. Us being able to bring adaptive and thus hypofractionation to our whole portfolio, I believe is going to be a key differentiator also to some of the maybe more cost of goods competitors that might come from China. I think the portfolio here is really important. You had a second question. Yeah. I also wanted to talk a bit on service as well, which we haven't touched much on. My belief that it generates the lion part of profits in Elekta, some may even say all of it. What happens to service now in the coming years? Because as you've said yourself, you've lost quite a bit of market share. I guess the service is running on an installed base that has a market share, which is notably above what your new market share sales is. In terms of coming years, what happens if that installed base starts to churn? Can it be offset somehow? Maybe you want to start, Jakob? Yeah. Thanks, Erik. Installed base is actually growing, you can still lose a bit of market share, but if the overall market growth exceeds that, and that's what we said. I think at last Capital Market Day, we showed a lower installed base than we show this year. Overall, we see our service revenue growing. It is actually very important. Of course, you can sit there and say, what is the split profitability service software or hardware? Because if you don't have the equipment sale, you don't have the service contract, at least not in our case. The profitability margin is attractive, and we are actually looking at strengthening the moat around our equipment to make it more attractive for customers to use Elekta as a service provider when they choose us as the equipment provider. It's a very good point. We are also enabling service with our teams in a much more efficient way. In this case, you had third parties in the past that would come in and say, "Oh, I serviced an Elekta machine in the past, and I can do it for half the price." It really creates a complete different model when you start focusing more on remote service, remote access, and building in solutions that only Elekta can provide. You see a shift. The old engineers that used to be able to fix our Linacs, they're retiring. Those people that were in-house are now basically coming back to us, and people sign up for service agreements. Our attachment rate is going up, and with that, I also see that we counter the threat that you just described. Arnaud, any comments on the service business in Europe? Yes, clearly. In Europe, we still have a lot of opportunities in Eastern Europe to increase the attach rate. That's really a boost. As Jakob said, we are increasing our installed base. On software, overall, I think the attach rate is another priority, we can as well increase there. Plus disciplined price increase. We try not to sell multi-years of service anymore Where it's very difficult to capture the full value of annual price increase in we segment year-over-year. Again, in terms of execution, price discipline, I think we are maximizing the price increase potential. Great. Thanks. David, in the middle of the room here. Thanks. David Adlington, JP Morgan. You just talk to the cadence of the improvement in revenue growth and just to be absolutely clear, the mid-single digit is a compound number over the three as not mid-single digit as an exit rate in 2028, 2029, because there was, I think, a little bit of confusion around that. Then just on China, you're talking about double-digit unit growth for the market. I just wondered if we could get your expectations on pricing and also how your market share, you're expecting that to evolve over the next two to three years. You want to start? Yeah. It's not the exit rate. It's a CAGR. China, broadly we expect the market to go from 250 units to 270, but it could also be 280. Clearly, the market is recovering. On price, we see a little bit more procurement through VBP, the price stability when we look at ASP is still there, and we actually have increased prices a little bit on our end. Thanks. Great. We have time for one more question, a gentleman here in the front. Rutger Smith, I represent the Family Office. This is an odd question, With these aging machines that are replaced, are they refurbishable? If so, if they are going to be scrapped, someone could pick them up for next to nothing. Is that happening? Is someone picking these up, selling them to less developed markets for a very cheap price? You want to take that, Christopher, Should I? I'll start with what you see. I can start as well. First of all, yes, they are scrapped and mostly not refurbished because we have to see that there are also radioactive parts or activated parts in there, so they are not just ready to go out again. Are there incidences of people getting those hands-on? Maybe that is the case. I cannot comment on that. I don't have any data. Of course, the idea is that we are increasingly reuse components of existing, of older parts of the Linacs. We are looking, for example, as the opportunity to reuse tungsten as one of the key materials that are a significant part of Linacs that are very high in demand as we speak. Of course, moving forward in the more circular economy, we will increase the number or the amount of percentage of parts we will reuse. To find a Linac in a usable format after we decommission it, I don't think that is happening very often, but maybe for you two, because you know how you do decommission our Linacs better than I. Yeah. No, I can tell you almost all the Linacs get scrapped. Yeah. There's few examples of moving them between institutions that have one of them, and they move it to a different part of their institution. We do not support actively moving them to other countries because the quality of the machine cannot be warranted. When you say, "Hey, I got a cheap machine, I refurbished it, and then I can use it again," I maybe seen two cases so far. Good. That was actually the last question. Before I have Jakob to close, I would like to say then for everybody here in Stockholm, we have a mingle back at Forskaren. It's not going to be in an office. It's going to be on the bottom floor at Urban Deli. Right after you're done here, people from Elekta will help you and show you the way there. Before we close, Jakob, anything you want to say? I want to say thank you very much for showing up, whether online or here in the room. I know it was a warm room. We didn't do it on purpose. Then I wish to the Swedes here, and there are quite a few, Thanks. Thank you. Thank you. Thank you.