Interim report
Page 1
Interim report May–July 2026/27 ELEKTA Q1 2026/27 1 First quarter Profitability continued to strengthen • Regions Americas and Europe showed solid growth while region APJ, China and TIMEA declined. In constant exchange rates, net sales decreased by 2 percent for the Group. Reported sales in SEK decreased by 3 percent amounting to SEK 3,536 M (3,646). • The net sales decline in China was a result of a weak market in recent years. However, order intake grew for the third consecutive quarter, supporting future revenue growth. • Book-to-bill ratio of 1.11 (1.05), mainly supported by strong order growth for Elekta Evo. • Adjusted gross margin of 42.6 percent (37.0) driven by all regions, particularly with growth in software and Services as well as price increases and lower cost of sales. Refund of US tariffs had a positive impact of 150 basis points. • Adjusted EBIT amounted to SEK 395 M (235), corresponding to a margin of 11.2 percent (6.5). The increase was driven by the gross margin and lower selling and administration costs. • Net income was SEK 261 M (106) and EPS was SEK 0.69 (0.28) before and after dilution. • Free cash flow before dividend and M&A improved to SEK -266 M (-420) driven by higher earnings and lower R&D related investments. • The regionally based P&L structure has been updated with five regions – Americas, China, Europe, TIMEA and APJ – each with fully loaded costs, aligning the external reporting with how the business is managed internally. 1 Compared to last fiscal year based on constant exchange rates. 2 Adj. gross margin = Gross margin excluding items affecting comparability, page 27. 3 Adj. EBIT = Operating income (EBIT) excluding items affecting comparability, page 19-20. 4 Adj. EBITC margin = EBIT adjusted for R&D capitalization and amortization, excluding items affecting comparability, page 28. 5 Adj. earnings per share = Net income excluding items affecting comparability, attributable to Parent Company shareholders, in relation to the weighted average number of shares (excl. treasury shares), page 29. SEK M 2026/27 2025/26 Δ 2025/26 2024/25 Δ Book-to-bill 1.11 1.05 5% 1.04 1.09 -5% Net sales 3,536 3,646 -3% 16,718 18,016 -7% Net sales in constant exchange rates -2% 1 1% 1 Adjusted gross margin 2 42.6% 37.0% 5.5 ppts 38.4% 37.8% 0.6 ppts Adjusted EBIT 3 395 235 68% 2,051 2,097 -2% Adjusted EBIT margin 3 11.2% 6.5% 4.7 ppts 12.3% 11.6% 0.6 ppts Adjusted EBITC margin 4 11.4% 4.8% 6.6 ppts 11.2% 8.6% 2.6 ppts Gross margin 42.6% 36.8% 5.8 ppts 37.4% 37.4% -0.1 ppts EBIT 395 219 80% 234 890 -74% EBIT margin 11.2% 6.0% 5.2 ppts 1.4% 4.9% -3.5 ppts Net income 261 106 146% -517 240 -315% Free cash flow before dividend and M&A -266 -420 37% 1,158 866 34% Adjusted earnings per share before/after dilution, SEK 5 0.69 / 0.69 0.31 / 0.31 121% 2.43 / 2.43 3.08 / 3.08 -21% Earnings per share before/after dilution, SEK 0.69 / 0.69 0.28 / 0.28 148% -1.36 / -1.36 0.62 / 0.62 -319% Q1 Full year
Page 2
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 2 We continued to make progress in strengthening Elekta’s performance, with significant improvement in profitability, and stronger cash generation. Regions Americas and Europe showed solid growth while region APJ, China and TIMEA declined. In constant exchange rates, net sales decreased by 2 percent for the Group. Strategy update Elekta’s strategy for improved performance consists of three phases: i) reset and stabilize; ii) improve profitability, and iii) innovation driven growth. We have concluded the first phase with the implementation of our new operating model designed to simplify and decentralize the organization, improve execution speed, and reduce operating costs. We have updated our regionally based P&L structure. As of Q1 2026/27, our external reporting will fully align with how we manage the business internally, with five separate regions – Americas, China, Europe, TIMEA (Türkiye, India, the Middle East and Africa), and APJ (Asia Pacific and Japan) – each with fully loaded costs. With the appointment of a new Chief Operating Officer, Rodolfo Vasques, the Executive Committee is now in place to enhance performance further. This year, our focus remains on further improving profitability, also building on the positive development over recent quarters, through price improvements, continued growth in Services and software and disciplined cost management. At the same time, we are investing in levers to accelerate mid-term revenue growth, not least through commercial execution on focused R&D efforts. Result development Net sales in Q1, in constant exchange rates, decreased by 2 percent year-over-year, impacted by lower sales in China and APJ. The net sales decline in China was a result of a weak market in recent years. However, order intake grew for the third consecutive quarter, supporting future revenue growth. Order intake in constant exchange rates for the Group grew by 3 percent in Q1, driven primarily by the launch of Elekta Evo and Elekta ONE. This brings the rolling twelve-month book-to-bill ratio to 1.05, supporting our full year growth ambition. The adjusted gross margin for the first quarter increased to 42.6 percent (37.0), driven by all regions, particularly with growth in software and Services as well as price increases and lower cost of sales. The result also benefited from a US tariff refund of SEK 53 M, corresponding to a positive impact of 150 basis points on the gross margin. Adjusted EBIT margin increased to 11.2 percent (6.5) in the first quarter, driven primarily by the strong gross margin and lower selling and administration costs. Free cash flow before dividend and M&A improved by SEK 154 M, reaching SEK -266 M in the first quarter. This improvement was primarily driven by improved earnings and lower R&D investments. Outlook We are reiterating the outlook presented at our Capital Markets Day in June for fiscal year 2026/27, with expected net sales growth of 2–4 percent in constant currency and an adjusted EBIT margin of 12.5–13.5 percent. Jakob Just-Bomholt President and CEO “… driven primarily by the strong gross margin and lower selling and administration costs. 11.2% (6.5) Adj EBIT margin
Page 3
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 3 Group results • Americas and Europe showed solid growth while APJ, China and TIMEA declined • Strong profitability improvement driven by growth in software and Services • Solid Book-to-bill ratio of 1.11 (1.05) in Q1 mainly driven by Elekta Evo Net sales development Based on constant exchange rates, Elekta’s net sales decreased by 2 percent in the first quarter. Reported net sales decreased by 3 percent amounting to SEK 3,536 M (3,646). Solutions sales decreased by 9 percent in constant exchange rates compared to last year. Growth in Europe and Americas was fully offset by lower sales in APJ, China and TIMEA. Service sales grew by 5 percent in constant exchange rates with growth across all regions. Book-to-bill development The book-to-bill ratio was 1.11 (1.05) in the first quarter supported by continued strong order growth for Elekta Evo across regions. The rolling twelve-month book-to-bill ratio was 1.05, supporting the full year growth outlook of 2-4 percent. Gross order intake in the first quarter amounted to SEK 3,910 M (3,838), an increase of 3 percent in constant exchange rates and 2 percent in SEK. For more information about the book-to-bill ratio, see page 31. Gross income development In the first quarter, the adjusted gross income was SEK 1,505 M (1,350), representing an adjusted gross margin of 42.6 percent (37.0). The increase was driven by all regions, particularly with growth in software and Services. Price increases and cost of sales reductions related to the implementation of the new operating model contributed positively. Refund of US tariffs had a positive impact of 150 basis points while changes in foreign exchange rates had a negative impact of 20 basis points. Reported gross income amounted to SEK 1,505 M (1,342), representing a margin of 42.6 percent (36.8). Items affecting comparability No items affected comparability were reported in the first quarter compared to SEK 16 M last year. EBIT development Adjusted EBIT amounted to SEK 395 M (235), representing a margin of 11.2 percent (6.5). The higher adjusted EBIT margin derived mainly from the gross margin together with lower selling and administration costs. The positive development was partly offset by somewhat higher amortization of intangible assets and a lower R&D capitalization level. Amortization and capitalization changes corresponded to 190 basis points in total year-over-year. Reported EBIT amounted to SEK 395 M (219), representing a margin of 11.2 percent (6.0). SEK M 2026/27 2025/26 Δ 2025/26 2024/25 Δ Book-to-bill 1.11 1.05 5% 1.04 1.09 -5% Net sales 3,536 3,646 -3% 16,718 18,016 -7% of which Solutions: 1,628 1,805 -10% 9,325 10,232 -9% of which Services: 1,909 1,842 4% 7,393 7,784 -5% Net sales in constant currency -2% 1% Adjusted gross income 1,505 1,350 12% 6,417 6,810 -6% Adjusted gross margin 42.6% 37.0% 5.5 ppts 38.4% 37.8% 0.6 ppts Adjusted EBIT 395 235 68% 2,051 2,097 -2% Adjusted EBIT margin 11.2% 6.5% 4.7 ppts 12.3% 11.6% 0.6 ppts EBIT 395 219 80% 234 890 -74% EBIT margin 11.2% 6.0% 5.2 ppts 1.4% 4.9% -3.5 ppts Net income 261 106 146% -517 240 -315% Earnings per share before/after dilution 0.69 / 0.69 0.28 / 0.28 148% -1.36 / -1.36 0.62 / 0.62 -319% Q1 Full year
Page 4
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 4 Net income development Net financial items in the quarter amounted to SEK -56 M (-83). Taxes amounted to SEK -78 M (-30), representing a tax rate of 23 percent (22) in the quarter. Net income amounted to SEK 261 M (106) and earnings per share to SEK 0.69 (0.28) before and after dilution. Employees The average number of employees during the first quarter was 3,996 (4,485). Shares Total number of registered shares on July 31, 2026, was 383,568,409, of which 14,980,769 were A-shares and 368,587,640 B-shares. On July 31, 2026, 1,485,289 shares were treasury shares held by Elekta.
Page 5
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 5 Regional results 1 Compared to last fiscal year based on constant exchange rates. 2 Asia-Pacific and Japan. 3 Türkiye, India, Middle East and Africa. Net sales Americas grew sales by 2 percent in constant exchange rates supported by the launch of Elekta Evo. Sales in APJ declined by 12 percent in constant exchange rates primarily driven by constraints in healthcare budgets and capital investments. In region China sales declined by 16 percent in constant exchange rates. The decline is a result of a weak market in recent years. However, order intake grew for the third consecutive quarter, supporting future revenue growth. Europe grew sales by 5 percent in constant exchange rates, with growth in most countries. Sales in region TIMEA declined by 4 percent in constant exchange rates mainly as a consequence of the conflicts in the Middle East which has delayed a number of installations. EBIT Americas EBIT margin improved year-over-year driven by the launch of Elekta Evo and price increases. In addition, a refund of US tariffs had a positive impact of SEK 53 M, corresponding to 490 basis points. Despite lower sales in APJ, the EBIT margin was in line with last year due to positive impact from cost saving initiatives. Region China’s EBIT margin declined as a consequence of lower volumes. The EBIT margin in Europe improved compared to last year mainly driven by higher volumes from Neuro and Brachy solutions. Even though the EBIT margin in TIMEA was negative in the first quarter, it showed a clear improvement compared to last year, driven by a higher gross margin. See page 21 for Q1 regional sales development in accordance with the old reporting structure – Americas, EMEA and APAC. SEK M 2026/27 2025/26 Δ1 Δ 2025/26 2024/25 Δ1 Δ Americas Net sales 1,088 1,071 2% 2% 4,461 5,183 -4% -14% Adjusted EBIT 207 98 113% 593 771 -23% Adjusted EBIT margin 19.1% 9.1% 10 ppts 13.3% 14.9% -1.6 ppts APJ2 Net sales 414 495 -12% -16% 2,239 2,526 -1% -11% Adjusted EBIT 26 32 -18% 242 352 -31% Adjusted EBIT margin 6.3% 6.4% -0.1 ppts 10.8% 14.0% -3.2 ppts China Net sales 432 494 -16% -13% 2,442 2,869 -6% -15% Adjusted EBIT 15 23 -37% 290 356 -19% Adjusted EBIT margin 3.4% 4.8% -1.3 ppts 11.9% 12.4% -0.5 ppts Europe Net sales 1,202 1,158 5% 4% 5,421 5,238 8% 4% Adjusted EBIT 187 163 15% 1,148 874 31% Adjusted EBIT margin 15.6% 14.1% 1.5 ppts 21.2% 16.7% 4.5 ppts TIMEA3 Net sales 401 430 -4% -7% 2,154 2,200 8% -2% Adjusted EBIT -4 -6 25% 69 60 16% Adjusted EBIT margin -1.1% -1.4% 0.3 ppts 3.2% 2.7% 0.5 ppts Group Net sales 3,536 3,646 -2% -3% 16,718 18,016 1% -7% Group common cost -36 -75 51% -291 -316 8% Adjusted EBIT 395 235 68% 2,051 2,097 -2% Adjusted EBIT margin 11.2% 6.5% 4.7 ppts 12.3% 11.6% 0.6 ppts Items affecting comparability - -16 100% -1,817 -1,207 -51% EBIT 395 219 80% 234 890 -74% EBIT margin 11.2% 6.0% 5.2 ppts 1.4% 4.9% -3.5 ppts Q1 Full year
Page 6
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 6 Cash flow and financial position • Improved free cash flow before dividend and M&A of SEK 154 M year-over-year • Working capital negatively impacted by inventory build up to support increased delivery volumes in upcoming quarters • Net debt decreased to SEK 3,576 M (3,863) Cash flow (extract) Cash flow Free cash flow before dividend and M&A amounted to SEK -266 M (-420) in the first quarter, an improvement by SEK 154 M year-over-year. The improvement was driven by higher earnings and lower R&D related investments. Working capital had a negative impact on cash flow in the quarter. This was mainly driven by inventory build up to support increased delivery volumes in upcoming quarters. Investments in intangible assets declined to SEK 184 M (246) and were mainly related to lower R&D investments in new product solutions and software. Investments in tangible assets decreased to SEK 24 M (29). Free cash flow before dividend and M&A as a percentage of net sales amounted to -8 percent (-12). Cash flow after investments amounted to SEK -341 M (-361) and includes a minor acquisition in APJ. Net debt 1 EBITDA 12 months rolling. Financial position Cash and cash equivalents and short-term investments amounted to SEK 2,305 M (2,760). Interest-bearing liabilities, excluding lease liabilities, including derivatives, amounted to SEK 5,880 M (6,623). Net debt decreased to SEK 3,576 M (3,863). Net debt in relation to EBITDA was 1.30 (1.17). The average maturity of interest-bearing liabilities was 2.3 years (3.1). SEK M 2026/27 2025/26 2025/26 2024/25 EBIT 395 219 234 890 Depreciation, amortization and impairment 320 313 2,344 2,393 Working capital -604 -286 706 -203 Other 23 -122 -71 258 CAPEX investments -34 -47 -198 -363 R&D capitalization -174 -228 -874 -1,207 Financial net, tax, lease cost -192 -269 -984 -902 Free cash flow before dividend and M&A -266 -420 1,158 866 Free cash flow before dividend and M&A of net sales -8% -12% 7% 5% Q1 Full year Jul 31 Jul 31 Apr 30 SEK M 2026 2025 2026 Long-term interest-bearing liabilities 3,385 5,708 3,380 Short-term interest-bearing liabilities 2,448 868 2,937 Derivatives, net 47 47 63 -2,305 -2,760 -3,189 Net debt 3,576 3,863 3,191 Long-term lease liabilities 737 926 758 Short-term lease liabilities 260 237 256 4,574 5,027 4,204 Net debt/EBITDA ratio 1 1.30 1.17 1.24 Cash and cash equivalents and short-term investments Net debt including lease liabilities
Page 7
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 7 Other information Risk and uncertainties Elekta’s presence in many geographical markets exposes the Group to political and economic risks on a global scale and/or in individual countries. For more details, please see the Annual Report 2025/26, page 19. Forward looking statements This is information such that Elekta AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the below-mentioned contact persons at 07:30 CEST on August 27, 2026. This report 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. Some of these risks and uncertainties are described further in the section “Risk and uncertainties”. Elekta undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or stock exchange regulations. Parent company Operating expenses decreased compared to last year due to lower administration costs and the financial net was positively impacted by lower interest expenses. Interest-bearing liabilities decreased by SEK 500 M compared to year-end 2025/26 due to a loan repayment. Significant events Nomination Committee’s proposal for the Board of Directors prior to Elekta’s Annual General Meeting 2026 The Nomination Committee of Elekta proposes that the Annual General Meeting 2026 resolves to reelect Laurent Leksell, Ann Costello, Jan De Witte, Tomas Eliasson, Jan Kimpen, Wolfgang Reim, Jan Secher, Volker Wetekam and Cecilia Wikström, and to elect Cecilia Felton, as Directors of the Board of Directors for the period until the end of the next Annual General Meeting. Furthermore, the Nomination Committee proposes that Laurent Leksell is reelected as the Chair of the Board of Directors. Elekta presents financial targets and detailed outlook ahead of Capital Markets Day On June 17, Elekta presented new mid-term financial targets and a more detailed outlook for fiscal year (FY) 2026/2027 ahead of its Capital Markets Day in Stockholm held the same day. Elekta's Annual Report for 2025/26 available On July 3, Elekta published the Annual Report for 2025/26 which can be downloaded from the investor section on the company’s website, elekta.com. Significant events after the quarter On August 24, Elekta AB (publ) signed a EUR 100 M credit facility with the European Investment Bank (EIB). The facility is dedicated for R&D project funding with up to 6 years maturity.
Page 8
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 8 Shareholder information Conference call first quarter Elekta will host a web conference at 10:00-11:00 CEST on August 27 with President and CEO Jakob Just-Bomholt, and CFO Klara Eiritz. To take part in the presentation please dial the numbers or watch via the web link below. Sweden: +46 (0) 8 5051 0031 UK: +44 (0) 203 059 58 63 US: +1 (1) 631 570 56 13 For further information, please contact: Klara Eiritz CFO +46 76 865 54 87 klara.eiritz@elekta.com Peter Nyquist Head of Investor Relations +46 70 575 29 06 peter.nyquist@elekta.com 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 Web link >
Page 9
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 9 Stockholm, Aug 27, 2026 Jakob Just-Bomholt President and CEO This report has not been reviewed by the Company’s auditors.
Page 10
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 10 Consolidated income statement – condensed SEK M Note 2026/27 2025/26 2025/26 2024/25 Net sales 2 3,536 3,646 16,718 18,016 Cost of sales -2,031 -2,305 -10,468 -11,270 Gross income 1,505 1,342 6,249 6,746 Selling expenses -340 -377 -1,775 -1,650 Administrative expenses -318 -321 -1,408 -1,412 R&D expenses -458 -438 -2,633 -2,676 Other operating income and expenses -18 -10 -332 -108 Exchange rate differences 24 23 133 -9 Operating income (EBIT) 2 395 219 234 890 Financial items, net -56 -83 -371 -400 Income after financial items 339 136 -136 490 Income tax -78 -30 -380 -250 Net income/loss for the period 261 106 -517 240 Net income/loss for the period attributable to: Parent Company shareholders 264 107 -519 237 Non-controlling interests -3 0 3 4 Earnings per share Before dilution, SEK 0.69 0.28 -1.36 0.62 After dilution, SEK 0.69 0.28 -1.36 0.62 Q1 Full year
Page 11
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 11 Consolidated statement of comprehensive income SEK M 2026/27 2025/26 2025/26 2024/25 Net income/loss for the period 261 106 -517 240 Other comprehensive income: Items that will not be reclassified to the income statement: Remeasurements of defined benefit pension plans - 0 12 1 Tax - 0 -3 -3 Total items that will not be reclassified to the income statement - 0 9 -2 Items that subsequently may be reclassified to the income statement: Revaluation of cash flow hedges -19 -20 -68 94 Translation differences from foreign operations 215 192 -220 -1,385 Tax 4 4 14 -19 Total items that subsequently may be reclassified to the income statement 200 176 -274 -1,310 Other comprehensive income/loss for the period 200 176 -264 -1,312 Total comprehensive income/loss for the period 461 282 -781 -1,072 Comprehensive income/loss attributable to: Parent Company shareholders 463 282 -785 -1,072 Non-controlling interests -2 1 4 0 Full yearQ1
Page 12
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 12 Consolidated balance sheet statement – condensed Apr 30 SEK M Note 2026 2025 2026 Non-current assets Intangible assets 4 11,017 12,111 10,731 Right-of-use assets 4 831 977 846 Tangible assets 4 792 884 793 Financial assets 704 826 659 Deferred tax assets 905 910 824 Total non-current assets 14,248 15,708 13,853 Current assets Inventories 3,495 3,029 2,876 Accounts receivable 3,531 3,572 3,688 Accrued income 1,587 2,123 1,839 Other current receivables 1,514 1,959 1,511 Cash and cash equivalents 2,305 2,760 3,189 Total current assets 12,431 13,443 13,102 Total assets 26,679 29,151 26,955 Equity attributable to Parent Company shareholders 7,563 9,086 7,099 Non-controlling interests 40 46 49 Total equity 7,603 9,132 7,147 Non-current liabilities Long-term interest-bearing liabilities 3 3,385 5,708 3,380 Long-term lease liabilities 737 926 758 Other non-current liabilities 568 633 608 Total non-current liabilities 4,691 7,268 4,745 Current liabilities Short-term interest-bearing liabilities 3 2,448 868 2,937 Short-term Lease liabilities 260 237 256 Accounts payable 1,740 1,643 1,878 Advances from customers 4,371 4,222 4,169 Prepaid income 2,636 2,737 2,636 Accrued expenses 1,963 2,067 2,282 Other current liabilities 968 978 905 Total current liabilities 14,386 12,751 15,063 Total equity and liabilities 26,679 29,151 26,955 Jul 31
Page 13
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 13 Changes in consolidated equity – condensed Apr 30 SEK M 2026/27 2025/26 2025/26 Attributable to Parent Company shareholders Opening balance 7,099 8,803 8,803 Comprehensive income for the period 463 282 -785 Incentive programs 1 2 -3 Dividend - - -917 Total 7,563 9,086 7,099 Attributable to non-controlling interests Opening balance 49 45 45 Comprehensive income for the period -2 1 4 Dividend -7 - - Total 40 46 49 Closing balance 7,603 9,132 7,147 Jul 31
Page 14
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 14 Consolidated cash flow statement – condensed SEK M 2026/27 2025/26 2025/26 2024/25 Income after financial items 339 136 -136 490 Amortization and depreciation 320 313 1,248 1,299 Impairment - - 1,096 1,094 Interest net 59 65 242 382 Other non-cash items 0 -142 -72 263 Interest received and paid -35 -46 -240 -388 Income taxes paid -79 -128 -379 -311 Operating cash flow 604 199 1,758 2,829 Change in inventories -572 -253 -160 325 Change in operating receivables 480 423 756 -657 Change in operating liabilities -511 -456 111 128 Change in working capital -604 -286 706 -203 Cash flow from operating activities 0 -86 2,464 2,626 Investments in intangible assets -184 -246 -952 -1,370 Investments in tangible assets -24 -29 -120 -200 Continuous investments -208 -275 -1,072 -1,570 Cash flow after continuous investments -208 -361 1,392 1,056 Business combinations, dividends and investments associated companies -133 1 2 -102 Cash flow after investments -341 -361 1,394 953 Dividends -7 - -917 -917 Repayment of lease liabilities -58 -59 -235 -190 Cash flow from other financing activities -515 184 -19 500 Cash flow for the period -921 -235 224 347 Change in cash and cash equivalents during the period Cash and cash equivalents at the beginning of the period 3,189 2,955 2,955 2,779 Cash flow for the period -921 -235 224 347 Exchange rate differences 37 39 10 -170 Cash and cash equivalents at the end of the period 2,305 2,760 3,189 2,955 Full yearQ1
Page 15
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 15 Parent company Income statement and statement of comprehensive income - condensed SEK M 2026/27 2025/26 Operating income and expenses -83 -94 Financial net -11 -22 Income after financial items -94 -116 Tax 19 24 Net income for the period -75 -92 Statement of comprehensive income Net income for the period -75 -92 Other comprehensive income - - Total comprehensive income -75 -92 Balance sheet - condensed Jul 31 Apr 30 SEK M 2026 2026 Non-current assets Intangible assets - 7 Shares in subsidiaries 4,779 4,779 Long-term receivables from subsidaries 1,654 1,655 Other financial assets 13 17 Deferred tax assets 31 11 Total non-current assets 6,477 6,469 Current assets Short-term receivables from subsidaries 2,943 3,198 Other current receivables 104 119 Cash and cash equivalents 1,353 2,222 Total current assets 4,400 5,539 Total assets 10,877 12,008 Shareholders' equity 1,533 1,609 Non-current liabilities Long-term interest-bearing liabilities 3,447 3,461 Long-term provisions 10 10 Total non-current liabilities 3,457 3,471 Current liabilities Short-term interest-bearing liabilities 2,306 2,780 Short-term liabilities to Group companies 3,438 4,028 Short-term provisions 16 26 Other current liabilities 127 95 Total current liabilities 5,887 6,929 Total shareholders' equity and liabilities 10,877 12,008 Q1
Page 16
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 16 Key figures and data per share 1 Attributable to Parent Company shareholders. 1 Number of registered shares at closing excluding treasury shares (1,485,289 per July 31, 2026). Key figures 2021/22 2022/23 2023/24 2024/25 2025/26 2025/26 2026/27 Gross order intake, SEK M 18,364 20,143 19,697 19,718 17,441 3,838 3,910 Net sales, SEK M 14,548 16,869 18,119 18,016 16,718 3,646 3,536 Gross margin, % 37.4 37.6 37.4 37.4 37.4 36.8 42.6 Adjusted gross margin, % 37.4 38.1 37.5 37.8 38.4 37.0 42.6 Operating income (EBIT), SEK M 1,643 1,431 2,039 890 234 219 395 Operating margin, % 11.3 8.5 11.3 4.9 1.4 6.0 11.2 Adjusted EBIT, SEK M 1,643 1,743 2,145 2,097 2,051 235 395 Adjusted EBIT margin, % 11.3 10.3 11.8 11.6 12.3 6.5 11.2 Shareholders' equity, SEK M 1 8,913 9,729 10,774 8,803 7,099 9,086 7,563 Return on shareholders' equity, % 14 10 13 2 -6 3 -5 Net debt, SEK M 1,532 2,442 3,150 3,465 3,191 3,863 3,576 Average number of employees 4,631 4,587 4,607 4,536 4,353 4,485 3,996 May - JulFull year Data per share 2021/22 2022/23 2023/24 2024/25 2025/26 2025/26 2026/27 Earnings per share before dilution, SEK 3.02 2.47 3.41 0.62 -1.36 0.28 0.69 after dilution, SEK 3.02 2.47 3.41 0.62 -1.36 0.28 0.69 Adjusted earnings per share before dilution, SEK 3.02 3.11 3.62 3.08 2.43 0.31 0.69 after dilution, SEK 3.02 3.10 3.62 3.08 2.43 0.31 0.69 Cash flow per share before dilution, SEK 0.55 0.91 1.41 2.50 3.65 -0.94 -0.89 after dilution, SEK 0.55 0.91 1.41 2.50 3.65 -0.94 -0.89 Shareholders' equity per share before dilution, SEK 23.33 25.46 28.20 23.04 18.58 23.78 19.79 after dilution, SEK 23.33 25.44 28.20 23.04 18.57 23.78 19.79 Average number of shares before dilution, thousands 382,083 382,083 382,083 382,083 382,083 382,083 382,083 after dilution, thousands 382,083 382,367 382,086 382,139 382,216 382,135 382,200 Number of shares at closing 1 before dilution, thousands 382,083 382,083 382,083 382,083 382,083 382,083 382,083 after dilution, thousands 382,083 382,575 382,086 382,135 382,216 382,135 382,200 Full year May - Jul
Page 17
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 17 R&D expenditure SEK M 2026/27 2025/26 2025/26 2024/25 R&D expenditure, gross 450 497 1,972 2,217 Capitalization -174 -228 -874 -1,207 Amortization 182 168 692 663 Impairment - - 844 1,002 R&D expenditure, net 458 438 2,633 2,676 Q1 Full year
Page 18
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 18 Note 1 – Accounting policies This interim report is prepared, with regards to the Group, according to IAS 34 and the Swedish Annual Accounts Act and, with regards to the Parent Company, according to the Swedish Annual Accounts Act and RFR 2. The accounting policies applied are consistent with those presented in Note 1 of the Annual Report 2025/26. New or revised standards and interpretations, not yet applied, are not considered to have a material impact on the Elekta Group´s financial statements. Elekta is currently evaluating the impact on the financial reports from IFRS 18 Presentation and Disclosures in Financial Statements. The standard will be applicable for reporting periods starting from January 1, 2027, and onwards. All figures are stated in SEK M and, accordingly, rounding differences can occur. Comparisons refer to the corresponding period for the prior year, unless otherwise stated. Definitions and Alternative performance measures can be found on pages 131-135 in the Annual Report 2025/26. Related party transactions Related party transactions are described in note 38 in the Annual Report for 2025/26. Related party transactions during the year are consistent with those described in the Annual Report for 2025/26. New segment reporting implemented in Q1 Following the implementation of a new operating model, Elekta has updated the structure of the segment reporting as of Q1 2026/27. The new structure is based on five regions which are reported to Elekta’s CEO: Americas, including the US, Canada, Mexico and South America APJ, including Asia Pacific and Japan China, including Taiwan and Hong Kong Europe, including Eastern and Western European countries TIMEA, including Türkiye, India, Middle East and Africa To facilitate comparison with prior year, the segment reporting has been restated for each quarter of 2025/26 and full year 2024/25. Exchange rates For Group companies with a functional currency other than Swedish kronor, order intake and income statements are translated at average exchange rates for the reporting period, while balance sheets are translated at closing exchange rates. 1 July 31, 2026, vs July 31, 2025. Country Currency Apr 30 2026 2025 Δ1 2026 2025 2026 Δ1 China 1 CNY 1.400 1.335 5% 1.416 1.358 1.365 4% Euroland 1 EUR 10.958 11.038 -1% 10.992 11.171 10.885 -2% Great Britain 1 GBP 12.728 12.938 -2% 12.843 12.962 12.566 -1% Japan 1 JPY 0.059 0.066 -10% 0.059 0.066 0.058 -9% United States 1 USD 9.501 9.602 -1% 9.552 9.769 9.335 -2% Closing rate May - Jul Average rate Jul 31
Page 19
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 19 Note 2 – Segment reporting Elekta applies geographical segmentation based on five regions and group common costs. The regionally based P&L structure has been updated with five regions – Americas, China, Europe, TIMEA and APJ – each with fully loaded costs. This will align the external reporting with how the business is managed internally and reported to Elekta’s CEO (chief operating decision maker). Sales and the majority of cost of sales are directly attributable to the respective regions’ while a large part of operating expenses, mainly relating to R&D, product management and management of product supply centres, are allocated to the regions based on the yearly budget. Non allocated costs are reported as Group common costs and include costs for group management, deviations between budgeted and actual expenses for allocated functions and non-allocated items affecting comparability. Elekta’s operations are characterized by significant quarterly variations in volumes and product mix, which have a direct impact on net sales and profits. This is accentuated when the operation is split into segments, as is the impact of currency fluctuations between the years. In general, revenue from Solutions is recognized at a point in time and revenue from Service is recognized over time. 1 Adjusted for items affecting comparability. 2 Items affecting comparability include mainly personnel costs and impairment of assets. Q1 2026/27 SEK M Americas APJ China Europe TIMEA Group common costs Group total Net sales 1,088 414 432 1,202 401 - 3,536 of which Solutions 413 175 257 539 243 - 1,628 of which Service 674 239 175 663 158 - 1,909 Cost of sales1 -588 -247 -254 -670 -272 - -2,031 Adjusted gross income 500 167 178 531 129 - 1,505 Adjusted gross margin, % 46% 40% 41% 44% 32% - 43% Operating expenses1 -292 -141 -163 -344 -133 -36 -1,110 Adjusted operating result (EBIT) 207 26 15 187 -4 -36 395 Adjusted EBIT margin, % 19% 6% 3% 16% -1% - 11% Items affecting comparability2 - - - - - - - Operating result (EBIT) 207 26 15 187 -4 -36 395 EBIT margin, % 19% 6% 3% 16% -1% - 11% Q1 2025/26 SEK M Americas APJ China Europe TIMEA Group common costs Group total Net sales 1,071 495 494 1,158 430 - 3,646 of which Solutions 400 268 338 510 288 - 1,805 of which Service 671 226 156 647 142 - 1,842 Cost of sales1 -671 -317 -295 -696 -317 - -2,297 Adjusted gross income 400 178 199 461 113 - 1,350 Adjusted gross margin, % 37% 36% 40% 40% 26% - 37% Operating expenses1 -302 -146 -175 -298 -118 -75 -1,114 Adjusted operating result (EBIT) 98 32 23 163 -6 -75 235 Adjusted EBIT margin, % 9% 6% 5% 14% -1% - 6% Items affecting comparability2 -6 - - - - -10 -16 Operating result (EBIT) 91 32 23 163 -6 -85 219 EBIT margin, % 9% 6% 5% 14% -1% - 6%
Page 20
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 20 Restatement of segment reporting Q2, Q3 and Q4 2025/26 1 Adjusted for items affecting comparability. 2 Items affecting comparability include mainly personnel costs and impairment of assets. Full year 2025/26 SEK M Americas APJ China Europe TIMEA Group common costs Group total Net sales 4,461 2,239 2,442 5,421 2,154 - 16,718 of which Solutions 1,805 1,324 1,805 2,835 1,556 - 9,325 of which Service 2,657 916 636 2,586 598 - 7,393 Cost of sales1 -2,718 -1,437 -1,461 -3,114 -1,572 - -10,301 Adjusted gross income 1,744 803 981 2,307 582 - 6,417 Adjusted gross margin, % 39% 36% 40% 43% 27% - 38% Operating expenses1 1,151 -561 -691 -1,159 -513 -291 -4,365 Adjusted operating result (EBIT) 593 242 290 1,148 69 -291 2,051 Adjusted EBIT margin, % 13% 11% 12% 21% 3% - 12% Items affecting comparability2 -141 -22 -30 -73 -99 -1,452 -1,817 Operating result (EBIT) 452 219 259 1,075 -30 -1,742 234 EBIT margin, % 10% 10% 11% 20% -1% - 1% Full year 2024/25 SEK M Americas APJ China Europe TIMEA Group common costs Group total Net sales 5,183 2,526 2,869 5,238 2,200 - 18,016 of which Solutions 2,181 1,540 2,205 2,705 1,601 - 10,232 of which Service 3,002 986 664 2,533 599 - 7,784 Cost of sales1 -3,074 -1,603 -1,752 -3,176 -1,601 - -11,206 Adjusted gross income 2,108 923 1,117 2,062 599 - 6,810 Adjusted gross margin, % 41% 37% 39% 39% 27% - 38% Operating expenses1 -1,338 -571 -761 -1,188 -539 -316 -4,713 Adjusted operating result (EBIT) 771 352 356 874 60 -316 2,097 Adjusted EBIT margin, % 15% 14% 12% 17% 3% - 12% Items affecting comparability2 -21 -7 -1 -8 -6 -1,164 -1,207 Operating result (EBIT) 749 345 355 866 54 -1,481 890 EBIT margin, % 14% 14% 12% 17% 2% - 5% Q2 2025/26 SEK M Americas APJ China Europe TIMEA Group common costs Group total Net sales 1,031 623 503 1,416 497 - 4,070 of which Solutions 367 390 342 757 349 - 2,204 of which Service 664 234 161 659 148 - 1,866 Cost of sales1 -629 -394 -304 -818 -383 - -2,529 Adjusted gross income 402 229 198 598 114 - 1,541 Adjusted gross margin, % 39% 37% 39% 42% 23% - 38% Operating expenses1 -310 -146 -172 -288 -124 -90 -1,130 Adjusted operating result (EBIT) 92 83 27 310 -10 -90 411 Adjusted EBIT margin, % 9% 13% 5% 22% -2% - 10% Items affecting comparability2 0 0 0 - -2 -18 -21 Operating result (EBIT) 92 82 26 310 -13 -108 390 EBIT margin, % 9% 13% 5% 22% -3% - 10%
Page 21
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 21 1 Adjusted for items affecting comparability. 2 Items affecting comparability include mainly personnel costs and impairment of assets. 1 Compared to last fiscal year based on constant exchange rates. Q3 2025/26 SEK M Americas APJ China Europe TIMEA Group common costs Group total Net sales 1,094 542 699 1,327 578 - 4,239 of which Solutions 430 314 537 687 429 - 2,396 of which Service 664 228 162 640 149 - 1,843 Cost of sales1 -691 -351 -405 -744 -423 - -2,614 Adjusted gross income 402 190 294 583 155 - 1,625 Adjusted gross margin, % 37% 35% 42% 44% 27% - 38% Operating expenses1 -279 -151 -184 -291 -146 -72 -1,122 Adjusted operating result (EBIT) 123 40 111 293 9 -72 503 Adjusted EBIT margin, % 11% 7% 16% 22% 2% - 12% Items affecting comparability2 -22 -13 -8 -13 -7 -354 -417 Operating result (EBIT) 101 26 102 280 3 -425 87 EBIT margin, % 9% 5% 15% 21% 0% - 2% Q4 2025/26 SEK M Americas APJ China Europe TIMEA Group common costs Group total Net sales 1,266 579 746 1,521 650 - 4,762 of which Solutions 608 352 588 882 490 - 2,920 of which Service 658 228 158 639 159 - 1,842 Cost of sales1 -726 -374 -456 -856 -449 - -2,861 Adjusted gross income 540 206 290 665 201 - 1,901 Adjusted gross margin, % 43% 35% 39% 44% 31% - 40% Operating expenses1 -260 -118 -160 -282 -125 -55 -1,000 Adjusted operating result (EBIT) 280 88 129 383 76 -55 902 Adjusted EBIT margin, % 22% 15% 17% 25% 12% - 19% Items affecting comparability2 -112 -9 -22 -60 -90 -1,070 -1,363 Operating result (EBIT) 168 79 107 323 -14 -1,124 -461 EBIT margin, % 13% 14% 14% 21% -2% - -10% Net sales per previous regions SEK M 2026/27 2025/26 Δ1 Δ Americas 1,088 1,071 2% 2% EMEA 1,400 1,443 -2% -3% APAC 1,048 1,132 -6% -7% Group 3,536 3,646 -2% -3% Q1
Page 22
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 22 Note 3 – Financial instruments The table below shows the fair value of the Group’s financial instruments, for which fair value is different than carrying value. The fair value of all other financial instruments is assumed to correspond to the carrying value. The Group’s financial assets and financial liabilities, which have been measured at fair value, have been categorized in the fair value hierarchy. The different levels are defined as follows: Level 1: Quoted prices on an active market for identical assets or liabilities Level 2: Other observable data than quoted prices included in Level 1, either directly (that is, price quotations) or Indirectly (that is, obtained from price quotations) Level 3: Data not based on observable market data SEK M Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Long-term interest-bearing liabilities 3,385 3,610 5,708 6,009 3,380 3,609 Short-term interest-bearing liabilities 2,448 2,460 868 877 2,937 2,941 Apr 30, 2026Jul 31, 2026 Jul 31, 2025 Financial instruments measured at fair value SEK M Level Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 FINANCIAL ASSETS Financial assets measured at fair value through income statement: Derivative financial instruments – non-hedge accounting 2 62 53 82 Derivatives used for hedging purposes: Derivative financial instruments – hedge accounting 2 62 142 83 Total financial assets measured at fair value 124 194 165 FINANCIAL LIABILITIES Financial liabilities at fair value through income statement: Derivative financial instruments – non-hedge accounting 2 110 91 102 Contingent considerations 3 63 78 78 Derivatives used for hedging purposes: Derivative financial instruments – hedge accounting 2 27 39 29 Total financial liabilities measured at fair value 199 208 209
Page 23
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 23 The fair value of accounts receivables, other current and non-current receivables, cash and cash equivalents, accounts payable and other current and non-current liabilities is estimated to be equal to their carrying amount. Note 4 – Intangible assets, right-of-use assets and tangible assets Movements financial instruments level 3 SEK M Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 Opening balance 78 75 75 Payments -18 - - Reported in net income for the period 1 1 3 Translation differences 2 2 0 Closing balance 63 78 78 SEK M Intangible assets Right-of-use assets Tangible assets Total Opening Balance, May 1 2026 10,731 846 793 12,369 Additions 325 32 26 383 Depreciation -222 -54 -44 -320 Impairment - - - - Translation differences 182 13 16 211 Other items 0 -5 0 -5 Closing Balance, July 31 2026 11,017 831 792 12,640 SEK M Intangible assets Right-of-use assets Tangible assets Total Opening Balance, May 1 2025 11,917 1,006 901 13,823 Additions 246 22 30 298 Depreciation -206 -57 -50 -313 Impairment - - - - Translation differences 154 7 5 165 Other items 0 -1 -1 -2 Closing Balance, July 31 2025 12,111 977 884 13,972 SEK M Intangible assets Right-of-use assets Tangible assets Total Opening Balance, May 1 2025 11,917 1,006 901 13,823 Additions 952 80 133 1,165 Depreciation -839 -221 -189 -1,249 Impairment -1,086 - -10 -1,096 Translation differences -212 -18 -29 -258 Other items 0 -2 -14 -16 Closing Balance, April 30 2026 10,731 846 793 12,369
Page 24
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 24 Alternative performance measures Alternative Performance Measures (APMs) are measures and key figures that Elekta’s management and other stakeholders use when managing and analysing Elekta’s business performance. These measures are not substitutes but rather supplements to financial reporting measures prepared in accordance with IFRS. Key figures and other APMs used by Elekta are defined on ir.elekta.com/investors/financials. Definitions and additional information on APMs can also be found on pages 132-135 in the Annual Report 2025/26. Sales growth based on constant exchange rates per region Sales growth based on constant exchange are, to a large extent, reported in subsidiaries with other functional currencies than SEK, which is the group reporting currency. In order to present sales growth on a more comparable basis and to show the impact of currency fluctuations, sales growth based on constant exchange rates are presented. The schedules below present growth based on constant exchange rates reconciled to the total growth reported in accordance with IFRS. % SEK M % SEK M % SEK M % SEK M % SEK M % SEK M Q1 2026/27 vs. Q1 2025/26 Change based on constant exchange rates 2 19 -12 -58 -16 -78 5 56 -4 -16 -2 -77 Currency effects 0 -2 -5 -23 3 16 -1 -11 -3 -12 -1 -33 Reported change 2 17 -16 -81 -13 -62 4 44 -7 -28 -3 -110 Q1 2025/26 vs. Q1 2024/25 Change based on constant exchange rates -4 -46 5 23 -4 -22 12 133 3 14 3 102 Currency effects -10 -124 -6 -32 -8 -44 -4 -47 -7 -33 -7 -281 Reported change -14 -170 -2 -9 -12 -66 8 86 -4 -19 -5 -178 May - Apr 2025/26 vs. May - Apr 2024/25 Change based on constant exchange rates -4 -212 -1 -32 -6 -185 8 422 8 181 1 175 Currency effects -10 -510 -10 -255 -8 -242 -5 -239 -10 -227 -8 -1 473 Reported change -14 -721 -11 -287 -15 -428 4 183 -2 -46 -7 -1 298 EuropeChinaAmericas Group totalAPJ TIMEA
Page 25
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 25 Sales growth based on constant exchange rates per product Sales growth based on constant exchange are, to a large extent, reported in subsidiaries with other functional currencies than SEK, which is the group reporting currency. In order to present sales growth on a more comparable basis and to show the impact of currency fluctuations, sales growth based on constant exchange rates are presented. The schedules below present growth based on constant exchange rates reconciled to the total growth reported in accordance with IFRS. % SEK M % SEK M % SEK M Q1 2026/27 vs. Q1 2025/26 Change based on constant exchange rates -9 -162 5 85 -2 -77 Currency effects -1 -15 -1 -18 -1 -33 Reported change -10 -177 4 67 -3 -110 Q1 2025/26 vs. Q1 2024/25 Change based on constant exchange rates 1 23 4 80 3 102 Currency effects -7 -133 -8 -147 -7 -281 Reported change -6 -111 -4 -67 -5 -178 May - Apr 2025/26 vs. May - Apr 2024/25 Change based on constant exchange rates -1 -96 3 271 1 175 Currency effects -8 -811 -9 -662 -8 -1,473 Reported change -9 -907 -5 -391 -7 -1,298 Solutions Service Total sales
Page 26
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 26 Items affecting comparability by segment and nature of expense The costs are adjusted in order to track the underlying profitability of the Group’s products and services. The costs include mainly personnel costs and impairments of assets. Q1 2026/27 Q1 2025/26 SEK M Americas APJ China Europe TIMEA Group common costs Group total Items affecting comparability: Personnel related costs 6 - - - - 10 16 Impairment of intangible assets - - - - - - - Impairment of tangible assets - - - - - - - Accounts receivable - adjusted expected credit loss model - - - - - - - Other costs - - - - - 0 0 Total 6 - - - - 10 16 No items affecting comparability reported in Q1 2026/27 Full year 2025/26 SEK M Americas APJ China Europe TIMEA Group common costs Group total Items affecting comparability: Personnel related costs 32 22 8 49 12 299 421 Impairment of intangible assets - - - - - 1,086 1,086 Impairment of tangible assets - - - 0 3 7 10 Accounts receivable - adjusted expected credit loss model 88 0 22 23 97 -4 228 Other costs 21 1 0 0 -13 63 72 Total 141 22 30 73 99 1,452 1,817 Full year 2024/25 SEK M Americas APJ China Europe TIMEA Group common costs Group total Items affecting comparability: Personnel related costs 21 7 1 8 6 88 130 Impairment of intangible assets - - - - - 1,013 1,013 Impairment of tangible assets - - - - - 82 82 Accounts receivable - adjusted expected credit loss model - - - - - - - Other costs 0 0 - 0 - -17 -17 Total 21 7 1 8 6 1,164 1,207
Page 27
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 27 Gross margin & Adjusted gross margin Gross margin is used to track operational performance and efficiency and Adjusted gross margin is used to track the underlying operational performance, i.e. excluding items affecting comparability. EBITDA EBITDA is used for the calculation of net debt/EBITDA ratio. SEK M 2026/27 2025/26 2025/26 2024/25 Net sales 3,536 3,646 16,718 18,016 Cost of sales -2,031 -2,305 -10,468 -11,270 Gross Income 1,505 1,342 6,249 6,746 Items affecting comparability - 8 167 64 Adjusted gross income 1,505 1,350 6,417 6,810 Gross margin (Gross income/Net sales) 42.6% 36.8% 37.4% 37.4% Adjusted gross margin (Adjusted gross income/Net sales) 42.6% 37.0% 38.4% 37.8% Full yearQ1 SEK M 2026/27 2025/26 2025/26 2024/25 Operating income (EBIT) 395 219 234 890 Amortization intangible assets: Capitalized development costs 187 172 706 675 Assets relating to other intangibles 34 34 132 165 Depreciation tangible assets 98 107 409 458 Impairment - - 1,096 1,094 EBITDA 715 532 2,579 3,283 Full yearQ1
Page 28
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 28 EBITDA margin & Adjusted EBITDA margin Adjusted EBITDA is used to track the underlying performance, i.e. excluding items affecting comparability. Adjusted EBITC margin EBIT adjusted for R&D capitalization and amortization, excluding items affecting comparability, as of net sales. EBITC margin is used by management to track EBIT excluding effects of capitalization, amortization and items affecting comparability. SEK M 2026/27 2025/26 2025/26 2024/25 EBITDA 715 532 2,579 3,283 Items affecting comparability 0 16 721 113 Adjusted EBITDA 715 548 3,300 3,396 Net Sales 3,536 3,646 16,718 18,016 EBITDA-margin (EBITDA/Net sales) 20.2% 14.6% 15.4% 18.2% Adjusted EBITDA-margin (Adjusted EBITDA/Net sales) 20.2% 15.0% 19.7% 18.8% Q1 Full year SEK M 2026/27 2025/26 2025/26 2024/25 Adjusted EBIT 395 235 2,051 2,097 R&D Capitalization -174 -228 -874 -1,207 R&D Amortization 182 168 692 663 Adjusted EBITC 403 176 1,869 1,554 Net sales 3,536 3,646 16,718 18,016 Adjusted EBITC margin 11.4% 4.8% 11.2% 8.6% Q1 Full year
Page 29
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 29 Adjusted R&D expenditure of net sales Adjusted R&D expenditure of net sales is used to track the amount spent on R&D in relation to net sales during the period, excluding items affecting comparability. Adjusted earnings per share Adjusted earnings per share is used to track the underlying operational performance, i.e. excluding items affecting comparability. 1 Adjusted net income/average number of shares before dilution. 2 Adjusted net income/average number of shares after dilution. SEK M 2026/27 2025/26 2025/26 2024/25 R&D expenditure, net 458 438 2,633 2,676 R&D items affecting comparability - -3 -879 -1,023 R&D capitalization 174 228 874 1,207 R&D amortization -182 -168 -692 -663 Adjusted R&D Expenditure, gross 450 494 1,936 2,197 Net Sales 3,536 3,646 16,718 18,016 Adjusted R&D Expenditure of net sales 13% 14% 12% 12% Q1 Full year SEK M 2026/27 2025/26 2025/26 2024/25 Net income for the period attributable to: Parent Company shareholders 264 107 -519 237 Items affecting comparability - 16 1,817 1,207 Tax on Items affecting comparability - -4 -371 -266 Adjusted net income 264 119 927 1,178 Average number of shares before dilution, thousands 382,083 382,083 382,083 382,083 Average number of shares after dilution, thousands 382,200 382,135 382,216 382,139 Adjusted earnings per share before dilution 1 0.69 0.31 2.43 3.08 Adjusted earnings per share after dilution 2 0.69 0.31 2.43 3.08 Q1 Full year
Page 30
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 30 Return on shareholders’ equity Return on shareholders’ equity measures the return generated on shareholders’ capital invested in the company. Working capital In order to optimize cash generation, management focuses on working capital and reducing lead times between orders booked and cash received. SEK M 2026/27 2025/26 2025/26 2024/25 Net income (12 months rolling) -362 273 -519 237 Average shareholders' equity excluding non-controlling interests (last five quarters) 8,033 9,959 8,281 10,297 Return on shareholders' equity -5% 3% -6% 2% Full yearQ1 Jul 31 Jul 31 Apr 30 SEK M 2026 2025 2026 Working capital assets Inventories 3,495 3,029 2,876 Accounts receivable 3,531 3,572 3,688 Accrued income 1,587 2,123 1,839 Other operating receivables 1,150 1,409 1,122 Sum working capital assets 9,763 10,133 9,525 Working capital liabilities Accounts payable 1,740 1,643 1,878 Advances from customers 4,371 4,222 4,169 Prepaid income 2,636 2,737 2,636 Accrued expenses 1,963 2,067 2,282 Short-term provisions 268 151 316 Other current liabilities 393 531 448 Sum working capital liabilities 11,370 11,350 11,729 Net working capital -1,607 -1,217 -2,204 % of rolling 12 months net sales -10% -7% -13%
Page 31
Interim report first quarter May–July 2026/27 ELEKTA Q1 2026/27 31 Free cash flow before dividend and M&A Free cash flow before dividend and M&A represents the cash generated by the business after continuous investments less lease payments. The measure is used to illustrate the cash available for dividends and other financing activities. Net debt and net debt/EBITDA ratio Net debt is important for understanding the financial stability of the company. Net debt and net debt/EBITDA ratio are used by management to track the debt evolvement, the refinancing need and the leverage for the Group. Book-to-bill Book-to-bill is used to measure the company’s growth and is calculated as gross order intake in relation to net sales. A quota exceeding 1 shows that gross order intake is higher than the net sales. SEK M 2026/27 2025/26 2025/26 2024/25 Cash flow after continous investments -208 -361 1,392 1,056 Repayment of lease liabilities -58 -59 -235 -190 Free cash flow before dividend and M&A -266 -420 1,158 866 Q1 Full year SEK M 2026/27 2025/26 2025/26 2024/25 Long-term interest-bearing liabilities 3,385 5,708 3,380 6,195 Short-term interest-bearing liabilities 2,448 868 2,937 178 Derivatives, net 47 47 63 48 Cash and cash equivalents and short-term investments -2,305 -2,760 -3,189 -2,955 Net debt 3,576 3,863 3,191 3,465 EBITDA (12 months rolling) 2,761 3,293 2,579 3,283 Net debt/EBITDA ratio 1.30 1.17 1.24 1.06 Full yearQ1 12 months SEK M 2026/27 2025/26 2025/26 2024/25 RTM Gross order intake 3,910 3,838 17,441 19,718 17,513 Net sales 3,536 3,646 16,718 18,016 16,607 Book-to-bill 1.11 1.05 1.04 1.09 1.05 Q1 Full year
Page 32
Elekta AB Box 7593 SE – 103 93 Stockholm, Sweden T +46 8 587 254 00 F +46 8 587 255 00 elekta.com /elekta @elekta /company/elekta @elekta_ About Elekta Elekta is shaping the standard of care, together with healthcare providers, by developing precision radiation medicine that brings advanced radiotherapy into routine clinical practice. Our solutions support consistent, efficient and personalized care, addressing evolving patient needs. Through adaptive radiotherapy, precision treatment delivery and integrated workflows, Elekta supports care teams across a range of clinical settings. Each year more than 2 million patients are treated using Elekta solutions across over 130 countries. Elekta is headquartered in Stockholm, Sweden, with around 4,000 employees and offices in more than 40 countries.