Slides
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Q1 report 2026/27, August 27, 2026 Peter Nyquist, Head of Investor Relations Jakob Just-Bomholt, President and CEO Klara Eiritz, CFO Profitability continued to strengthen
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This presentation includes forward-looking statements including, but not limited to, statements relating to operational and financial performance, market conditions, and other similar matters. These forward-looking statements are based on current expectations about future events. Although the expectations described in these statements are assumed to be reasonable, there is no guarantee that such forward-looking statements will materialize or are accurate. Since these statements involve assumptions and estimates that are subject to risks and uncertainties, results could differ materially from those set out in the statement. Certain of these risks and uncertainties are described further in the Annual Report in section “Risks and uncertainties”. Elekta undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or stock exchange regulations. This presentation is intended for investors and analysts only. Some products are still in research and/or not cleared/approved in all markets. Cancer statistics are given to show the potential market in the respective area and does not mean that Elekta currently has products to treat these indications. Important information 2
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Jakob Just-Bomholt President and CEO Business overview
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Key Reflections on Q1
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1 Based on constant exchange rates 2 Free cash flow before dividend and M&A Q1 – Key Financial Results Profitability continued to strengthen 1.11 Book-to-bill ratio -2%1 Net sales growth 42.6% (37.0) Adj gross margin 11.2% (6.5) Adj EBIT margin Improvement driven by growth in software and Services and price increases Americas and Europe showed growth while APJ, China and TIMEA declined Order growth of 3% in Q1 supported by Elekta Evo Higher EBIT driven by the strong gross margin and lower selling and admin cost SEK -266 M Free cash flow2 Improved by SEK 154 M YoY driven by higher profit and lower R&D investments
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1 Based on constant exchange rates 2 Asia-Pacific and Japan 3 Türkiye, India, Middle East and Africa Q1 – Commercial development by region 6 34% (32%) 12% (14%) 12% (14%) 11% (12%) 31% (29%) Share of sales Americas Europe China APJ2 TIMEA3 Americas – increase of 2%1 • Supported by the launch of Elekta Evo APJ – decrease of -12%1 • Driven by constraints in healthcare budgets and capital investments China – decrease of -16%1 • Weak market in recent years • Orders grew for the third consecutive quarter, supporting future growth Europe – increase of 5%1 • Growth in most countries TIMEA – decrease of -4%1 • Middle East conflicts delaying installations
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Our focus is to continue to improve profitability and invest to accelerate mid-term growth 7 Reset and Stabilize Improve profitability 1 2 Innovation driven growth3 ✓ Simplify and decentralize org ✓ Cost savings > SEK 500 M ✓ Strengthen leadership, culture and incentives ✓ Improve quality of earnings • Continued strong investment in R&D ~10% of revenue • Steady stream of new products • Grow above-market in U.S. • Operational excellence • OPEX leverage • Focused and commercially driven innovation agenda • Release of new products • Strengthened commercial execution • Pricing excellence • COGS reduction program • Simplify processes Nov 2025 – Apr 2026
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Klara Eiritz CFO Financial overview
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1 Based on constant exchange rates 2 Excluding items affecting comparability (IAC) in Q1 2026/27 of SEK 0 M (16), of which SEK 0 M (8) is related to COGS, and in Q4 2025/26 of SEK 1,363 M of which SEK 19 M is related to COGS. 3 Before-/after dilution. Q4 2025/26 EPS was -2.27 before dilution and -2.26 after dilution Financial update Q1 26/27 (SEK M) Q1 26/27 Q1 25/26 Q4 25/26 Net sales 3,536 3,646 4,762 Solutions 1,628 1,805 2,920 Service 1,909 1,842 1,842 COGS2 -2,031 -2,297 -2,861 Adj. gross margin 42.6% 37.0% 39.9% Operating Expenses2 -1,110 -1,114 -1,000 Adj. EBIT 395 235 902 Adj. EBIT margin 11.2% 6.5% 18.9% Adj. EBITC margin 11.4% 4.8% 18.9% Financial items, net -56 -83 -122 Income tax -78 -30 -280 EPS3, SEK 0.69 0.28 -2.27 Adj. EPS3, SEK 0.69 0.31 0.57 Free cash flow before dividend and M&A -266 -420 1,087 Net sales decreased by 2%1 • Solutions decreased by 9%1 with lower sales in APJ, China and TIMEA • Service grew by 5%1 with growth across regions Adj. gross margin of 42.6% (37.0) • Supported by growth in software and Services • Price increases • COGS reductions related to the new operating model • T ariff refund had a positive impact of 150 bps • Negative FX impact of 20 bps Adj. EBIT margin of 11.2% (6.5%) • Improved gross margin, lower selling and admin costs • Higher amortization and a lower capitalization level had a negative impact YoY
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Regional reporting structure to align with how we manage the business • Americas includes the US, Canada, Mexico and South America • APJ includes Asia-Pacific and Japan • China includes Mainland China, Taiwan and Hong Kong • TIMEA includes Türkiye, India, Middle East and Africa • Reporting on full P&L, instead of net sales only • All costs are fully loaded to regions except cost related to group staff functions Current reporting structurePrevious reporting structure EMEA Americas APAC 10 Europe Americas APJ TIMEA China Net sales Net sales EBITContr. margin Gross margin
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1 Based on constant exchange rates Gross margin improved in all regions, driven by product mix, price increases and lower COGS 11 (SEK M) Net sales Adj gross margin EBIT Adj EBIT margin Americas Q1 26/27 1,088 45.9% 207 19.1% The EBIT margin improved YoY driven by the launch of Elekta Evo, price increases and tariffs refund of SEK 53 M Q1 25/26 1,071 37.3% 91 9.1% Growth1, % 2% APJ Q1 26/27 414 40.4% 26 6.3% Despite lower sales, the EBIT margin was in line with last year due to a positive impact from cost initiatives Q1 25/26 495 35.9% 32 6.4% Growth1, % -12% China Q1 26/27 432 41.2% 15 3.4% The EBIT margin declined as a consequence of lower volumesQ1 25/26 494 40.2% 23 4.8% Growth1, % -16% Europe Q1 26/27 1,202 44.2% 187 15.6% The EBIT margin improved compared to last year supported by higher volumes for Neuro and Brachy solutions Q1 25/26 1,158 39.8% 163 14.1% Growth1, % 5% TIMEA Q1 26/27 401 32.1% -4 -1.1% The EBIT margin improved YoY driven by improved gross marginQ1 25/26 430 26.2% -6 -1.4% Growth1, % -4%
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Negative FX impact on the P&L (SEK M) Q1 26/27 Operations FX Q1 25/26 Net sales 3,536 -77 -33 3,646 Growth, % -3.0% -2.1% -0.9% Adj. gross income 1,505 175 -20 1,350 Adj. gross margin 42.6% 37.0% Margin impact, ppts 5.5% 5.7% -0.2% Adj. EBIT 395 175 -15 235 Adj. EBIT margin 11.2% 6.5% Margin impact, ppts 4.7% 5.0% -0.3% • Negative FX impact on net sales mainly driven by stronger SEK vs main revenue currencies USD and EUR
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Q1 free cash flow before dividend and M&A improved by SEK 154 M to SEK -266 M Free cash flow before dividend and M&A Q1 25/26 – 26/27, SEK M • Improved reported EBIT to SEK 395 M (219) • More unfavourable changes in working capital, driven by inventory build up • Lower R&D related investments • Tax refund paid in Q1 this year and FX impact • Free cash flow before dividend and M&A as percentage of net sales improved to -8% (-12) -420 -266 Q1 25/26 176 EBIT Amortization and depreciation 318 Changes in NWC 67 Investments 223 Tax, interest net, lease cost and other Q1 26/27 7
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Sequential positive EBITC1 development each quarter 3,000 6,000 9,000 12,000 15,000 18,000 21,000 0.030 0.032 0.034 0.036 0.038 0.040 0.042 0 17,838 37.6% 11.5% Q1 25/26 38.2% 11.6% Q2 25/26 17,111 38.5% 11.6% Q3 25/26 16,718 38.4% 12.3% Q4 25/26 Q1 26/27 16,607 39.6% 13.3% 17,567 1,387 1,767 1,291 1,158 1,312 Q1 25/26 Q2 25/26 Q3 25/26 Q1 26/27 Free cash flow before dividend and M&ANet sales Adj GM Adj EBIT margin 9.5%9.1% 12.6%10.0% Adj EBITC margin1 1 Adj EBITC equals to adjusted EBIT minus R&D capitalization plus R&D amortization Rolling twelve months, SEK M and margins % 11.2% Q4 25/26
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Reiterated outlook for FY26/27 FY26/27 2 – 4% 12.5 – 13.5% Key drivers Sales • Growth driven by all regions and services EBIT margin • Improved pricing • Evo commercialization • Implementation of new operating model driving lower cost 1 Adjusted for Items Affecting Comparability (IAC) 15 Sales growth in fixed currency Adjusted EBIT margin1
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Jakob Just-Bomholt President and CEO Summary
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Concluding remarks Continued progress in strengthening Elekta’s performance: significant improvement in profitability and stronger cash generation The sales decline in China is a result of a weak market in recent years. Order intake grew for the third consecutive quarter, supporting future growth US sales growth developing as expected, with Elekta Evo as the main contributor 17 Focus is to continue to improve profitability. At the same time, we are investing in levers to accelerate mid-term revenue growth
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Financial calendar Annual General Meeting 2026 Sep 3, 2026 Interim report, Q2, May-Oct 2026/27 Nov 25, 2026 Interim report, Q3, May-Jan 2026/27 Feb 25, 2027 Year-end report, Q4, May-Apr 2026/27 May 27, 2027 Further questions Peter Nyquist Head of Investor Relations +46 70 575 29 06 peter.nyquist@elekta.com Klara Eiritz CFO +46 76 865 54 87 klara.eiritz@elekta.com
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Q&A
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Appendix 21 (SEK M) Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 Americas 1,071 1,031 1,094 1,266 1,088 EMEA 1,443 1,693 1,654 1,921 1,400 APAC 1,132 1,346 1,491 1,576 1,048 Group 3,646 4,070 4,239 4,762 3,536 Net sales per previous regions
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Outro sequence frame 1