Elekta AB Class B

Q3 performance: “solid” but held back by FX and tariffs - Net sales +2% YoY (Solutions +1%, Service +3%). - Gross margin 38.3% (+120 bps YoY), supported by product launches (Elekta Evo, Elekta ONE) and pricing/mix tailwinds, but with major headwinds: - Tariffs: -100 bps - FX: -130 bps (also drove reported growth down) - Reported EBIT margin 11.9% (+20 bps YoY), helped by improved gross margin and cost reductions, but impacted by accounting dynamics (lower capitalization, higher amortization). - Reported EBIT included restructuring charge of ~SEK 417m (items affecting comparability).

Orders/book-to-bill: healthy demand trend, China rebounding; US improving after Evo approval - Book-to-bill (Q3): 1.17 (vs 1.15 last year); rolling 12 months: 1.09 (healthy though management wants it higher). - Organic growth ~2% YoY, with continued momentum in Europe. - China returned to growth after 2 years of anticorruption-driven softness; management expects ~10% double-digit order and revenue growth in China in H2 (~2H “around 10%”). - US is a key focus: management emphasized substantial double-digit order growth YTD, driven by Evo approval (announced Jan 16) and conversion/upgrading of backlog (and also upgrading to Iris); market remains challenged due to depleted backlog reflected in revenue timing.

FX/tariff drag: explicitly large on reported numbers - Management quantified FX impact on Q3 net sales as >SEK 500m negative, described as corresponding to ~-12% growth on reported terms (currency-driven translation + cost-currency effects). - They expect continued tariff impact in Q4 (and reiterated guidance unchanged otherwise).