Hi, good morning, everyone. My name is Peter Nyquist. I'm heading up Investor Relations here at Elekta. With me here in Stockholm, I have our CEO, Jakob Just-Bomholt. I have our CFO, Tobias Hägglöv, who's doing his last quarter, as well as our incoming CFO, Klara Eiritz, who will not present today, but she will be available here in the studio. Tobias and Jakob will present the result as always, for the fiscal fiscal year 2025, 2026, third quarter. We will start the presentation with Jakob giving away the takeaways from the third quarter, as well as an update where we are in the strategic execution, and the change of operating model and the cost savings related to that as well. Today, Tobias then will talk about the financials, and Elekta's outlook. After presentation, as always, we will have time for questions and answers. Before we start, I would like to remind you that some of the information discussed on this call contains forward-looking statements. This can include projections regarding revenue, operating result, cash flow, as well as product and product development. These statements involve risks and uncertainties that may cause actual results to differ material from those set forth in these statements. With that said, I would like to give the word to you, Jakob. Please, Jakob. Thank you, Peter. Thanks, and welcome to all of you. Before I get into the quarter, let me just share some overall reflections. It's a solid quarter, but Elekta, we still are not trading at what I believe is the long-term potential of the company. That calls for a clear strategy. It calls for decisiveness. It calls for execution, bias to action, bold decisions, and I would say we are on that journey. I would say specifically related to the change in our operating model, I really appreciate the support from leaders within Elekta colleagues. We're changing a lot. We're changing the structure. We're changing layers. We are letting go of people who are highly valued and deeply competent. We had to change, coming back to my point, that we are not trading at full potential. The support in getting there has been spectacular. As I'll outline, essentially by the end of this week, we are running consultations in U.K. We will be concluded with the change we outlined end of November. That's very good. Big thanks to you, Tobias. You have ensured that we have had a very orderly transition in leadership within the finance function. To you, Klara, and welcome to you at this call, and we look forward to you presenting the numbers at our Q4 and annual accounts. Let me turn into what this call is really about, our Q3. As I said, it's solid quarter. We have to recognize significant impact from FX, and we will also see impact coming into Q4. Clearly also in line with the guidance we gave at Q2, a significant impact in reported EBIT from a restructuring charge of a bit more than SEK 400 million. We stand by the guidance that it will be less than SEK 500 million. On orders, I would say good. book-to-bill of 1.17. It was 1.15 last year. Keep in mind that typically Q3 is a good order intake quarter because we roll on a lot of the service contracts, particular in Europe that given quarter. We saw, and I'll come back to China, we did see order growth. We did see revenue growth, so that's pleasing. But it was also expected. On U.S., I'll come back to. There year-to-date we have seen good orders coming in. It was also much needed. We continued the momentum on Europe. All in all, when I look at the book-to-bill, rolling 12-month of 1.09, I think it's healthy. We would like to see it higher, but it's healthy. In terms of organic growth, we are 2%. Continue to see good momentum in Europe. As I said, China returning to growth. We stand by the view that we expect both on orders and revenue, double-digit growth, probably around 10% in China for second half of the year. What our Chinese General Manager Ming outlined in the strategy update, we do see the market bouncing back almost to pre-anti-corruption levels in terms of units. Gross margin at 38.3% supported by product launches and also pricing. We actually do see a bit of tailwind on that mix and pricing, but headwind on the cost, and that's a big focus area. I'll come back to that later on. Of course, it's gonna be a significant focus area for us going forward. EBIT margin at 11.9%, a bit higher than last year. Just keep in mind, we're on a comparable basis, we get headwind from less capitalization, more amortization, relatively speaking. Adjusting for it, the EBIT cash margin that we look a lot at Elekta is significantly higher, and you will outline that to be as on rolling a 12-month basis. It's really good news. I can say my sincere hope is that coming into next year, the EBIT cash and the reported EBIT will be roughly the same number, meaning that our amortization and capitalization will be a match. Let's see if we get there. In terms of cash flow, less good than last quarter or same quarter last year, but we should keep in mind that overall year-to-date, we see good cash flow improvement, and we have paid out roughly SEK 100 million second quarter linked to restructuring charges. If we move on to the next page, on commercial development, Americas, a decrease of 6%, fundamentally, of course, not attractive. That's why we have a Must-Win Battle to address it. We did outline last time that we were positive on getting Evo approval. I think it's important as part of our commitment that we have a good say do ratio, and we were of course pleased to see that on 16th January we could announce a Evo approval. Year to date, as I said, we have double-digit order growth, substantial double-digit order growth in the U.S. alone. That's also needed because our decrease in revenue reflects a depleted order backlog. We have a lot of work ahead of us, but of course, every quarter that goes well and is growing is a good quarter. Year to date, we have been doing well. We have sold to customers on the promise of Evo upgrade that's now happening, and we are building our funnel going forward. You shouldn't expect that it's just gonna be a huge splash going forward because a lot of the orders have been already taking a year to date. Of course, the customer interest is good going forward, and we will look at commercializing Elekta Evo the way we have done in Europe. We continue to see growth in South America linked to very strong order intake prior years. On APAC, as I said, and as expected, China is returning to growth. We do see a little bit slowdown in other large countries, notably Japan, also Indonesia, where there's a big tender, so the market is really awaiting what will happen there. On EM-EMEA, we see a good increase, continued strong momentum in Europe, and of course, we need to sustain that going forward. I'll just flag here, Middle East could potentially impact timing of installation. It's way too early to indicate how many we have a sense for what are the installations at risk, and it's not gonna be material, and it will just be a time delay if that happens from Q4 to Q1. All in all, I would say, a solid quarter commercially, but of course we would like to see that number go up, and that's what our strategy is all about. Yeah. If we take the next slide and look at our Must-Win Battles, this is what we outlined end of January. We feel very good about them. They have been working through some we are far on, some we are less far on, and I'll give you more details on Simplify, Power, Speed. We did this, I'll just remind you, not to save cost. Of course, we take that in, but we did it to increase velocity of our decision-making within operations, within commercial, and most notably also within our innovation department. We are delayering, we are empowering, we are driving culture. It's part of performance management. I think it's gonna deliver a lot of good results, and I actually start to feel that the puzzle is getting assembled. We are moving on from having it as an initiative that we needed to execute on to kind of things are settling down, and as I started out by saying, thanks to great work by the leaders and colleagues here at Elekta. It's a lot of change. We have asked people to come back to the office because we feel being an innovation-driven company, we can really benefit from problem-solving together rather than at a distance. Two focused innovation, there are a lot I could say, but there's also a lot that could be used against us commercially. I would highlight that we continue to invest in innovation. We believe there is significant need for our solutions going forward. Our current product portfolio will become even better going forward, linked to what we have in our pipeline, but we will do it more focused. We will have a stronger commercial lens on it, and we will unfold more of that thought process when we meet at the Capital Markets Day in June. Our third initiative, expand in China, win in the U.S. China is important for Elekta. We are market leaders. We did unfold what does that mean? But it really goes into localizing Elekta in China. We are, both from a product point of view, we have a very strong organization. We are localizing our supply chain, and we also continue. We have both local products, we are saying, "Should we have even a broader made in China for China product portfolio?" We actually feel good about our China position, not least also because what we said is that the market is gonna recover. With Elekta Evo, it's now about competing in the U.S. This is Elekta's biggest opportunity because this is the market where our relative share is the lowest compared to other places. I believe we have every right to compete in the market. That's what I hear from our customers, is there is systemic demand for having strong competition, and we are ready. Lastly, the fourth on continuous COGS reduction. I would really say in today's quite volatile world, it has two dimensions. One is to continually address our bill of material, our ability to install and service our installed base, so that's on cost. A lot of focus will be on continuous engineering to update our tech stack and work with our vendors to continuously increase quality, lower cost. We also focus a lot on pricing to ensure that we can mitigate certain cost increases in today's volatile world. We're establishing a pricing desk here in Stockholm. I feel good about that, and we certainly have potential to become more dynamic in how we approach that top line part of our business. That's where we are. If we then go into our operating model, I have to say, actually, I think we have done well. By the end of this week, we will almost have executed all the changes that we outlined to you, end of November, so that's in 3 month. We are now at 83%, but the remaining 17% is due to a consultation in U.K., which is happening this week. Of course, it's been tough for us within Elekta, but it will serve the company very well to clarify roles, responsibilities, who are accountable for what, reduce layers, decentralize, push decision-makings to those who has the best knowledge, and then move with the bias to action. We stand by what we state that we will have the run rate savings without jeopardizing commercial or innovation of more than SEK 500 million, full impact Q1 next year, i.e., from first of May. The mix is 30% COGS, 70% OpEx. We're still simulating, but that's our best evaluation. Restructuring charts to be taken this year between SEK 450 million-SEK 500 million. We have taken SEK 417 million here in Q3. As I said, we are moving well. Then in parallel, we are now linked to budget and also, [Claes], with your support, we are now assessing all the discretionary spend because I do think there is potential for Elekta to just be very, very, very prudent in terms of where we allocate resource and cost. That should also support us into next year. That's where we are. Then with that, over to you, Tobias. Thank you, Jakob, good morning, everyone. Let's look into the third quarter then a little bit more in detail. I think you, Jakob, alluded to several of the points here on the slide. Net sales in the quarter increased by 2%, and we had a growth here in solution by 1% and service by 3%. We can see a continued strong momentum in Europe, supported by our product launches, Elekta Evo, Elekta ONE. Also when looking into our Chinese operations, as you know, this has been impacted by the anti-corruption campaign here over the last years. It's actually returning here to growth in the quarter after 2 years, which is a very positive signal. Moving down in the P&L, looking into the gross margin, we have an improvement here of 120 basis points. In the quarter, we have a negative impact from tariffs of 100 basis points, furthermore, from FX of 130 basis points. Including this, we are improving our gross margin. It is supported by the product launches. It is also, as you heard Jakob mention, supported by general price improvements that we see across our products. If you then look at the operating margin, we have an improvement here of 20 basis points amounting to 11.9 percentage points in the quarter. This is driven by the improved gross margin. We also can see that we have a lower R&D investments and also lower admin costs here year-over-year in the quarter. What also Jakob mentioned here is that we do have lower capitalization of R&D and higher amortizations. If you actually would look at the cash EBIT margin, adjusted cash EBIT margin is actually up 170 basis points in the quarter year-over-year. Also here, we do have restructuring charges here of SEK 417 million reported as items affecting comparability, which is also then reflected in the earnings per share. What we have seen in the quarter is a quite rapid move of the currencies. Here we have outlined the effect here both from operations and then also sorted out the currency impact. What we see in our P&L is that our net sales are impacted by more than SEK 500 million - in the quarter from the FX moves. In terms of growth, this corresponds to a -12%. This is predominantly driven by a stronger Swedish krona versus our main revenue currencies, the U.S. dollar and the euro. When you look further down in the P&L, we have a negative impact on our gross margin of 130 basis points, which I just mentioned, and furthermore here on the operating margin of 180 basis points. In addition to the translational currency impact, which I just mentioned, this is also driven by the dollar depreciation versus our main cost currencies in euro and pound. If you then look at the cash flow, and Jakob was mentioned this, we do have a lower cash flow year-over-year in the third quarter. Still though that year-to-date, our cash flow is more than SEK 400 million better than last year. We've also had a more smooth development of our working capital in the inventory development, especially. In this slide here, we have sorted out the effect of restructuring provisions and then here stated a more solely the working capital development in the quarter, which was stable. Investments are lower than last year, both here in the quarter as well as year-to-date. Taxes interest net and other are on the same level as Q3 last year. The cash flow generation this year has led to that we have a net debt decrease of more than SEK 200 million compared to Q3 last year. Looking at the trends here, I was talking about the currency impact in nominal terms. We have seen a bit of slight decline of the revenues, although currency adjusted growth here in the quarters. When you look at it and I was talking about the improved gross margin, there is a steady trend here, strongly supported by the product launches and the price improvements, and also which of course then with the Must-Win Battles that Jakob was on will be further supported by the gross to the gross margin development. A steady improvement here over the quarters on the gross margin. We have also a improvement here on a 12-month rolling basis on the operating margin improvement. If you then would look again at the cash operating margin, it's a strong improvement here, which has been ongoing here quarter-by-quarter sequentially. Looking at the cash flow, we have a lower cash flow in Q3. If you look at the as well as the year-to-date, you look at the 12-month there rolling, it's significant stronger cash flow over the last 12 months than what we had here a year ago. If you then look at the outlook, we reiterate our 2025, 2026 outlook. We expect net sales in constant currency to grow year-over-year. We also expect a negative impact here on earnings and from tariffs in Q4 as well. The midterm targets, no change there. They are confirmed. By that, I would like to before the Q&A session say big thank you to all here over the years here. Working with you has been a pleasure. I then hand over the word to you, Jakob. The closing remarks should reflect what you just heard. Solid quarter, solid performance. We have launched Evo now in the U.S. also. We are building up the funnel. Good order growth, year to date. Obviously we have strong currency headwind and also increased tariff headwind, despite gross margin is at 38.3%. As you outlined, Tobias, with an improving trend, and we need to sustain that. We focus a lot on what we can control as part of our Must-Win Battles. Super important, and we are well on the way of resetting how we operate and how we think and how we execute within Elekta. It will also lead to cost reduction of more than 500 million SEK. We focus obviously on cash flow generation also. That's also why, we can report here, year to date an increase of, almost half a billion SEK. Great. Thanks. Before we start with the Q&A, I just want to remind you that we have the Capital Markets Day here in Stockholm set for June 17th. It will be here in Stockholm. More information will be distributed later on. With that, this is the calendar for the following report. The next one comes in May 28th, our Q4 earnings report. With that, I would like to open up for questions, operators. I think the first question comes from UBS and Kavya Deshpande. Please. Good morning, sir. Can you hear me? Yes, we can hear you perfect. Good morning. All right. Perfect. Thank you for taking my questions. Two please, both on China. The first was, would you be able to share how much China order growth actually was in the quarter, and remind us how this compared to Q2 and Q1, please? Just because you've been quite specific about the target to grow orders around 10% in H2, so it would be a bit helpful to get some more specificity on the year-to-date trend. Just more generally, would you be able to remind us, please, why you think the radiotherapy category in China differs to other capital equipment markets where we've obviously seen this acceleration in share shifts towards Chinese players over the past year and a bit, specifically to United Imaging, who look like they're gaining good traction with their new O-ring LINAC and adaptive radiation therapy, product as well, please. Thank you. Yeah. Yeah. Thanks, Kavya. Good questions, of course. We'll stick to second half. We say double-digit growth on orders, but we have positive both on revenue and orders here in Q3. That's good. It is linked to a market recovering. Of course, we have also asked ourselves why are we an outlier on China versus other medtech companies. I think the short answer is the market is heavily under-penetrated. You have 1.8 linear accelerator per capita, and there is a growing cancer burden in the country. There has now been pent-up demand. We used to have 300 LINACs, it dropped to 170, now it could very well be 260, 270 LINACs going forward. We are not entirely back. In terms of competitive situation, we also outlined there are a lot of local ring-based competitors, but there's really one who has traction, that's United Imaging. Despite, I would say, and also because of, we have localized our products and our market presence, we remain the market leader. We have lost a bit of share, but we remain in the high thirties in terms of market share, and that's also our aspiration going forward. Perfect. Thank you very much. Thanks, Kavya. We'll move to the next question. Kepler Cheuvreux, and that's Oliver Reinberg. Hello. Good morning, Oliver. Good morning, Oliver. Hi, good morning, guys. Quick question from my side of MA. Firstly, can you just provide us a bit of color on the order intake composition? I would assume that a large part is driven by Evo. Can you just confirm that, ideally quantified? If that's the case, what kind of product categories have seen any kind of declines? That's question number one. Secondly, just looking forward to Q4, we had a very strong comparison in terms of gross margin. I just wondered if you can share any kind of thoughts of that, what to expect going forward now. Lastly, just on strategy, Jakob, I just wondered, can you just discuss how you think about the critical size of Elekta overall? I mean, obviously, you have to pay for kind of global marketing, installation, service, infrastructure. How easy is that? Related to that, how do you think about the role of partnerships? In the past, there was always a discussion of the importance of independence. Would be helpful to get your thought on that. Thanks so much. All right. I'll take the very easy one first. Gross margin, Q4, we don't give that guidance. I'm sorry. We will stay with our guidance. We believe in organic growth positive for this year. I hope you understand that. In terms of order intake, what I will share is that, of course, we just got the approval in U.S. mid-January, and our quarter ended January. We have seen a very substantial order growth in the U.S. It's still too low, but very substantial relative to prior years, linked to the expectation of EVO getting approved. As we got more certain, then we saw that pick up. We are now converting that order backlog from Versa HD into EVO, so that's working. We are, by the way, also upgrading to Iris, and then we can just see the funnel opportunity, I would dare to say quite rapidly expanding in terms of prospective customers, having interest. Of course, we hope to see the same commercial traction in U.S., and why shouldn't we, as we have seen in Europe. There, roughly 2/3 of what we sell of new solutions are Evo related. That gives you a good indication. It's also a nice system, I have to say. It's versatile, it's adaptive, it's competitive, so we'll continue to build from that. The last one in terms of Elekta's critical size, I would almost say I would love to answer it. It would probably also take 10 minutes. It's certainly a worthwhile topic for Capital Markets Day. If you will get my helicopter perspective, relative to our main competitor, of course we are smaller. I would just dare to say that we are the focused radiation therapy market, and that comes with a lot of benefits. We have assessed our product portfolio. The product portfolio logic is absolutely sound, from Brachy to Neuro to linear accelerator, CT, MR, to supporting software suite. The logic stands, and we believe we can build that ecosystem that is relevant. There will be a choice. You can have Elekta's. We are a little bit more open, not fully open, but a little bit more open than others. You can go for a more closed system, and that's good. We wanna give customers choice, and then we wanna compete for our fair market share. Thanks, Jakob. Thanks, Oliver. Perfect. Thank you. Thanks, Oliver. We'll move to Handelsbanken and Ludwig Germunder. Good morning, Ludvig. Morning, Ludwig. Good morning. Thanks for taking my questions. I have a few. I want to start with the cost savings program, please, and you've been talking about it, of course. Would you say that the underlying impact from savings during this quarter has been in line with your own expectations, or would you say that, for the quarter, has been above your own expectations in terms of how fast you've been able to get the impact from it? Let's try it first one. As expected, very little impact this quarter. It will have a significant impact in Q4. The model, Ludwig, we did was really focused on Q1, and there we are, I would say, on par with maybe a little bit above our expectations. Okay. Thank you. Just to make sure regarding this restructuring charge of SEK 417 million in the P&L, is it fair to assume that most of this was a cash expense in the quarter as well? Most of it is actually provision, but you also have certain degree of payments in a quarter cash cost. What we guide is roughly SEK 100 million. Yeah. was paid out in the quarter. That means remaining SEK 300 remains to be paid out and that's in line with the expectation. Then we will have some further provisions to be made. Yes. The guidance we have given is SEK 450-SEK 500, of which we have paid out, if you will, SEK 100. Great. Very helpful, sir. Thanks for that. Then just one final on the Middle East situation you mentioned. I know you said it's too early to quantify, but would you be willing to give us any context here, like how much of sales or orders are related to the region where you see a risk of? Yeah. delayed installations? Yeah, yeah. Just to get some sense on how to think about it. Sure. Sure. But take it with a grain of salt because, as you all know, the situation is fluid. In terms of potentially impacted installations and thereby sale would be 2% of Q4 sales. I would say it's a very manageable amount, and then we follow in real-time those installations. That number may change, huh, given where we are and what we see, but I would still dare to say it's manageable. Our perspective may look different, in a week's time. Mm-hmm. Thanks. Great. Very helpful. Thank you so much. Thank you, Ludwig. We'll move to Mattias Vadsten at SEB. Morning, Mattias. Morning. Can you hear me? Yes. Yes. We hear you perfect. Thanks. Good. First question, maybe another one that takes 10 minutes to answer, you talked about commercially driven innovation in the presentation. If you could give just an examples on what this statement really means, you know, focus on software recently, hardware, new platforms versus refining current platforms, et cetera, et cetera. That's the first one. Yeah. It's also a fundamental question, and we outlined a little bit in the strategy outlook. We'll outline more, of course, and find the boundary between what we wanna say and what we can say and so forth. Yes, commercially driven means little bit less big platform, more modular driven innovation. It's deliberately vague. Sorry about that, Mathias. I would say we reduce a risk profile in our innovation. We increase the traction. I would say when we spend a lot of time over the last four month in assessing our innovation pipeline. I'm also hands-on involved in it, I have to say. We put a customer lens on and a commercial lens on, and you should expect that over the next 20 month, 4 month, we will significantly enhance the portfolio of our CM LINAC portfolio. That goes both for hardware and software. I feel very good. That's also why we are willing to fund continued investment. As I said, we are not asking our investors to underwrite an increase in gross R&D. It will come down a little bit, but we should be able to see more output. Let's not forget, it's not only resources put in, it's also how efficient you are. We are also structurally addressing the efficiency within our R&D engine, if you will. Thank you. Thank you so much. You talked a little bit about Evo and the comparison to Europe and so on, but, you know, from what you've heard and seen now in terms of customer behavior, customer feedback, what conclusions can be drawn if you compare sort of what you've seen in Europe since sort of late 2024? Also, if you could give an update on sort of upgrade versus new LINACs. Yeah. If I take the latter first, then, given that we have sold quite a few units this year with the promise of upgrading technical obsolescence, against a fee, then you can say we have essentially already sold the EVOs in the U.S. and will continue to sell EVO. We are now upgrading. We will build reference sites. We will provide clinical evidence. It matters a lot that we shouldn't ask U.S.-based customers. I met some of them here three weeks ago in Holland. They had to fly to Europe. That's not very efficient. We are now building our reference sites with EVO, so we can demonstrate the value. We look at our funnel, and so far so good. I'm not gonna commit to a number. I think it's too early days. I would just say, why wouldn't we see the same demand in U.S. as we have seen in Europe? There we have just seen a good traction. I would rather demonstrate it through actions than promise here, for the future. It so far so good, I would say. Perfect. I will squeeze in one final quick one. You said book-to-bill was 1.3 first half in the Q2 report for China. Could you give that year-to-date figure now, book-to-bill for China? Yeah. It's above 1.1 for China. We will end up with a book-to-bill... I'll just do the math here, but it will be above 1.1. That's important milestone because we have seen a depletion in our China backlog. We actually had a good revenue, yeah, after the anti-corruption, but we were depleting the backlog and now we are building the backlog again. That's why we. Thank you. feel pretty okay about our China position, recognizing everything that is said in terms of competing. We're also using it. I would say very often, as Europeans, we are a bit defensive. I look at it differently. How can we tap into China speed? How can we build competitiveness in China? If we can compete in China, when we can, we can also take that know-how elsewhere in the world. Great. Thanks, Mattias. Thank you so much. Thank you, Mattias. We'll move to Veronika Dubajova from Citi. Hello and good morning, Veronika. Hi, guys. Good morning, and thank you for taking my questions. I'm gonna keep it to two, please. My first one was just to understand the sort of process of converting some of the older orders in U.S. to Evo. Can you sort of maybe talk through from a customer perspective how that works and also just from an accounting perspective, when you know, when you do trigger that conversion, does that show up in the gross order number, or is it just because it's a conversion of an older order, there is no incremental impact on that? If you could just touch upon how that works. That's the first one. Obviously, you know, you guys are pushing ahead with the restructuring, with the strategic changes, and so it'd be great to sort of just get a little bit of a pulse on the organization and what's the feedback. Where does morale sit? Anything that sort of, you know, is worrying you in terms of how the organization is dealing with the changes that you've put into place. Thank you so much. Yeah. I can do that. If we talk about upgrade to EVO, that will now happen, and there will be incremental charge. I don't wanna share the specifics, but it's substantial, and then it will be triggered from a revenue recognition point of view when we install the units. That's typically when we recognize the revenue. That's how it's gonna go. In terms of restructuring, as I started out by saying, I have to say, I've just been super impressed all around with the behaviors from say owners to leadership to employees. We knew we needed to change, huh? At the same time, we empathize because the change is tough, and it is not only in terms of fewer people, it's also the way of working. I have to say, I've just seen so many people who work, including a few here in this room, until very last day, and it's massively impressive. I think the morale is good. You could say biggest impact on morale is actually, we have implemented a four-day in-the-office policy. We do that because Elekta, our purpose is so important. We need to innovate for customers or patients around the world. It's more than 2 million patients being treated on our ecosystem, you can say. We feel that we need to increase momentum and velocity, and part of that is inspiring each other. All in all, I have to say, I'm very pleased with where we are. we haven't lost focus on commercial, on customer, on cost, and so forth, but I have to say there's a lot more to do. The Must-Win Battles we have outlined is really meant for the next 24 month. As I said, as part of that Must-Win Battle 1, we are now addressing our discretionary spend, and we are just going through line by line. That's important because we only wanna spend money where it adds value either for our customers, patients, or investors. Thank you for that, Jakob. Just to clarify, when you upgrade, I don't know, a Versa from a, you know, to EVO, what's the impact on the order backlog? Do you recognize the whole order, the price uplift? How does that work? Yeah. We, once we upgrade, we recognize it in the order backlog, and when we install it, we recognize it in revenue. Obviously, it's. Yeah, but from an... Yeah. ... quite good margins. From an order perspective. Yeah. Yeah, from an order perspective? When we commit to the order, there is a order backlog increase. The way you should think about it, you will see it, but it's not gonna be that significant in the total order backlog number. It's the upgrade value. It's the upgrade value. ... like we double count it here, Veronica. No if that's your question. Okay. Perfect. Yes. Yes. That's just what I was trying to get at. Yes. Yes. Yes. Yes. Oh, okay. Yes. Yes. Okay. Thank you guys so much. Yes. Yeah, appreciate it. Thank you. Thanks, Veronica. The next question will come from Kristofer Liljeberg at Carnegie. Good morning, Kristofer. Morning, Kristofer. Morning. Three questions. The first one is, you said that you're looking at other costs there besides the restructuring program. Should we interpret that as you expect or that you see potential for more savings than SEK 500 million in the next fiscal year? Hi, Kristofer. you should interpret what we have said is we are committed to run rate of more than SEK 500 million. Now we'll just, we are running through the machine, and then let's see where we get to. Okay. I understand you don't want to be specific, but just to clarify, do you expect China and U.S. sales growth to be positive now in the fourth quarter given what's happening with better order momentum? I think the only thing I'll say on China is we have guided towards second half growth, right? Double digit growth, probably around 10%. On U.S., I will put that under the overall group umbrella and say we guide at a positive organic growth for the year. I know we are vague. Yeah. I hope as we can be more precise, but I'll stick to the guidance here now. Yeah. Okay. When you said 10% in China, is that for orders or sales? Both. Both. Okay. That makes sense. Then my final question, I noticed you said here that you would like cash EBIT to be in line with reported EBIT, i.e., a much less positive effect from capitalized R&D. In such a scenario, would you say that this midterm EBIT margin target of 14% is still valid, i.e., that the cash EBIT improvement would be even bigger? Let's get back to at our Capital Markets Day. If I just address in isolation, and I think many of you in this call will agree, if we look a couple of years ago, difference between reported and cash-based EBIT was 4%, last year it was 3%, this year is 1.3%. It's complex, and I personally like to keep things simple. Within Elekta, we look at a gross R&D spend. Why not then take the next step in the simplification and match capitalization with amortization. How that will be executed, we are evaluating. I do think I said that we are committed to improving the quality of earnings, and I think this is a important part of it. Great. Thanks, Kristofer. Okay. Thanks. Thank you, Kristofer. Thank you. Next question will go to Sten Gustafsson at ABG. Morning, Sten. Morning. Two questions, the first one is a follow-up. Did I hear you correctly when you said that you expect to see a substantial part of the cost-saving program to materialize in Q4? I think previously you talked about it to come in Q1 next fiscal year. Do you expect to see it already now in Q4? Not full amount, but substantial. You heard correctly. Hi, Sten. Hi. That's very positive to hear. My second question is related to China. You obviously you book orders there now for EVO, but have you also started to book sales? Or when will you start installations of EVO in China? It goes into what I outlined here that we expect in second half, both from orders and revenue growth of around 10%. Specifically on Evo in China, yes, we got approval. We also see it's a relatively smaller part of the overall portfolio from a commercial point of view. We sell Harmony Pro also with the adaptive treatment possibility. Okay. I mean, you are allowed to make installations of Evo in China now? Yeah. That's right. Correct. Perfect. That's all from me. Thank you very much. Thank you. Thanks, Sten. I would like to welcome in David Adlington of J.P. Morgan into the call to ask question. Good morning, David. Morning, David. Morning, guys. Thank you, [my first question]. Just on the U.S., please. Firstly, I assume you saw some pent-up demand on orders with the approval of the Evo. Just wondered if you could sort of quantify how much of that was sort of pent-up demand and how you're expecting orders to develop in the U.S. in the coming quarter. Secondly, I just wondered if you've seen any customer reaction to the Varian announcement that they're launching a new platform in the late summer. Yeah. If I take Varian first. Hi, David. I don't comment on competitor's product. We are very well aware, both from an IP point of view and in the market performance. I think it's actually fundamentally good because it's more adaptive, and we are just very early on in the S-curve of making adaptive radiation therapy treatment the main product. I think for more options to a customer will expand that piece of the market. Then we look at our own innovation roadmap and feel actually good about our relative strength today, tomorrow, and in two years. Specifically on, I mean, obviously it's helpful to have your best product available for commercialization. As I said, part of that pent up demand was taking in the quarters up to, so we also had a good Q3 and some of the orders we had prior to FDA approval because we included a provision in the contract that it would be upgraded once we got the approval. Now we have the work ahead of us in building the funnel, building the reference sites, and really get into the track of what we have seen in Europe. I don't wanna give specific guidance, I don't think that's appropriate for Q4. I would say that overall we are not getting our fair market share in U.S. That's why we have it as a Must-Win Battle. We now have the product portfolio, I would say, to compete. We have set the organization. We know what we need to do, now we just need to do it and demonstrate it in actions actually. Thanks, David. Great. Thank you. Let me just a quick follow-up. Sorry. Go ahead. Can I have a quick follow-up? Yes, absolutely. Go ahead. Just wondering, you know, with the announcement of a Varian they are launching in September, has that seen any customers who were potentially looking at an Evo just sort of pause and wait to see what's coming in September? It's not the feedback I'm getting. I mean, I look at our funnel and how it develops and that part looks okay. Thank you. Thanks, David. Next question will go to Richard Felton at Goldman Sachs. Good morning, Richard. Morning, Richard. Morning, guys. Thanks for the questions. Two for me, please. First one is on one of the Must-Win Battles, winning in the U.S. Obviously, you know, having Evo in the market is an important part of that. Can you talk about what you are potentially doing differently from a commercial execution perspective in that market going forward? The second question, just coming back to China, you know, you alluded to a little bit of market share losses, but there's still a market share in the high thirties in that market. Could you just clarify, are those comments based on the installed base overall or share of new placements? Thank you. China, share of new placements. Basically we look at how many LINACs been purchased, it's very transparent, the China market, what has been our share. On U.S., yeah, I can share a bit. I mean, it of course always starts with a suitable product, commercial execution matters a lot, that's going back into our decentralized model. We are pushing P&L responsibility to our five regions. We report here three, but we have five, reporting directly to me. We have de-layered the organization. We are centralizing part of the pricing, strategic pricing framework, otherwise we are out there. We have spent a lot of time mapping our existing install base, what our retention strategy. We look at aging profile, we look at flips, we look at greenfields. We are mapping out the market and then we really. I have to say, I'm pushing a lot on let's build the funnel because funnel should be predictor for order intake, which should be a predictor for revenue generation. I'm not saying we are there yet, but we are doing quite some swings, I would say, in structured commercial execution, that goes for all regions. Thank you very much. Maybe I'll just say, at the same time, very, very importantly, we recognize we are on a burning platform, and we are deeply frustrated about where we are in U.S., not least because I think it's good for our customers and our patients or their patients to have a strong competitive alternative. We think we have that now. They are part of our portfolio. We wanna do even better, and that's what we are addressing in focused innovation, and we need to address it fast. Great. Thanks, Richard, for those questions. We move to SB1 Markets with Johan Unnérus as the next question. Morning, Johan. Excellent. Good morning. We lost you there, Johan. Hi, can you hear us? can you- Yeah, now we can hear you good. Can you hear me? Yes. Yeah. Thank you for taking our questions. I think we were double commanded there. Yeah. Follow up on the funnel in the U.S. Evo is of course extremely important in the U.S. and clearly a very important bit of that, win, Must-Win Battles. What about the funnel so far? Can you see any new Elekta, any orders coming from, centers and accounts which are new to Elekta, or is this Elekta users already? If we look at it, funnel is important. Let's not forget funnel on service on our TPS or IS software is extremely important. We have Brachy and Neuro, also important. If we get that to LINAC, I mean, quite pleasing, we have done some flips, you know, taken from competitors. I think that's very important. When they flip us, we flip them. It's less a greenfield market actually because it's so mature. If we look at the funnel, I would say I think we are on track in building it. I still, before I commit to saying that we are at the same track as Europe, I wanna see that converted and in execution. As I said, we just got the approval, so I think it's also okay. So far so good. So far so good. Yes. A follow-up to that, it's obviously very important to have the centers and reference sites, you referred to that earlier. What how long will it take to get that in place? Three to six months or? It will happen very quickly. Some of them here in Q4 also Good. What about the sense of time from order to installation in the funnel? Are most of them fairly sort of imminent orders, so to speak? I don't wanna give the specifics here in terms of maturity from funnel to orders. The way you should think about it is from order to revenue, it's typically 12 month. Yeah ... with significant variations from order to order. It's of course important because if you look at U.S., we have a very favorable working capital. I mean, people pay upfront and so forth. I think it's not only from a revenue and EBIT, it's also from a cash perspective favorable that we get our fair market share. Is it fair to say that that dynamic is in line with what to be expected in the LINAC hardware market in general or could it be off? I think if it relates to Evo, we are on expectations, but I still would say we need a bit more time. We got approval mid-January. We have received quite a few orders. You saw order intake Q3 linked to Evo, so that's good. I look at year to date, and I can see a substantial increase in U.S.-based, not America space, but U.S.-based orders. I like that. Let's see how we sustain it over the next couple of quarters and our ability to then convert funnel into actual wins. That's what I'm looking at. Thanks, Johan. Thanks, Johan. Thanks, Johan. We will now move to the last question for this session, and that will be Ludvig Lundgren at Nordea. Good morning, Ludvig. Morning, Ludvig. Yes, morning, and thank you for taking my questions. A bit of a follow-up to the Elekta Evo and the U.S. I think in Europe, you actually initially saw sales being driven by Iris upgrades for like previous Versa installations, as these have shorter lead times than new installations. I just wonder if you will expect to see a similar pattern in the U.S., also if you can remind us of the margins of these type of installations. The margins, I think, let me put it this way, 80% +, they are obviously attractive. We are looking at upgrade. It will be less than in Europe from that point of view. We will do Iris upgrades here in Q4. We also did that last year. When you look at the comp, we look at Q4 that is a tough comparable quarter last year, but we still stand by, of course, the guidance we have given in terms of organic growth for the year. Okay, understood. My final one, just on if you have any updates on the Section 232 investigation, and also if you can comment on this recent, U.S. tariff changes and then how you expect that to affect your margin? Yeah, we are evaluating it. We actually report here this quarter a bit higher tariff impact, but it's also linked to selling more in U.S., so anyway, it's a positive problem. We are still evaluating and understanding. I think we need a bit more time with everything that's going on. Thanks, Ludvig, for those two questions. Thank you. ... before we close the call, any final remarks from your side, Jakob? Solid quarter. We are busy. We execute a lot. We have to continue the momentum, bias to action, clear strategy. We look forward to Capital Markets Day with your support, Klara, I hope when endorsed by the Board, we can outline a financial plan that management stands behind. Thanks. Thank you very much.