Elekta AB (publ)

Q3 performance: “solid quarter,” but FX/tariffs hit reported numbers - Net sales +2% YoY (Solutions +1%, Service +3%). - Gross margin 38.3%, +120 bps YoY; however tariffs ~ -100 bps and FX ~ -130 bps weighed on margins. - EBIT margin 11.9% (+20 bps YoY), but reported EBIT includes restructuring charge ~SEK 417m (items affecting comparability). - Big negative surprise for investors: FX moved rapidly; company estimates FX impact on Q3 net sales > SEK 500m negative, ~-12% growth impact in reported terms.

Orders & growth momentum: healthy book-to-bill; China returning to growth - Book-to-bill (Q3) 1.17 (vs 1.15 last year). Rolling 12-month book-to-bill 1.09 (healthy, though management wants higher). - Organic growth ~+2% YoY, driven mainly by Europe momentum and China returning to growth. - China outlook (management guidance): expects double-digit growth ~10% in H2 for both orders and revenue as the market recovers back toward pre-anti-corruption demand levels (units still below earlier peaks). - U.S. is improving off a low base: management notes substantial year-to-date order growth and that Evo approval was received Jan 16; order momentum should gradually convert via backlog.

Q4 and medium-term outlook: guidance reiterated; tariffs likely continue to pressure - Company reiterates 2025/26 outlook: expects net sales in constant currency to grow YoY. - Earnings outlook: expects tariff-related negative impact also in Q4 (no EBIT-margin or gross-margin guidance provided for Q4). - Midterm targets unchanged (company refers to confirming targets; specific numbers not restated in transcript). - Cash flow: Q3 cash flow weaker YoY, but year-to-date cash flow improved by >SEK 400m; they also mention net debt decrease >SEK 200m vs prior year’s Q3.