Elekta Ab Class B · OMXSTO:EKTA_B
Elekta Ab Class B — Investor Day (June 2025)
92 slides from Elekta Ab Class B's investor day presentation, Jun 10, 2025
Slide 1: Elekta Investor Update 2025
Elekta Investor Update 2025 June 10, 2025
Slide 2: Welcome and Introduction
Welcome and Introduction Peter Nyquist Head of Investor Relations
Slide 3: Important information
Important information 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 event
Slide 4: Agenda
Welcome and Introduction 13:00 – 13:05 Peter Nyquist, Head of Investor Relations CEO Introduction 13:05 – 13:20 Jonas Bolander, President and CEO Financial Update 13:20 – 13:45 Tobias Hägglöv, CFO Commercial Execution Habib Nehme, Chief Commercial Officer 14.00 – 14:35 Agenda Ardie Ermers, EVP Regio
Slide 5: CEO Introduction
CEO Introduction Jonas Bolander President and CEO
Slide 6: Welcome to Elekta!
Welcome to Elekta! C@jElekta
Slide 7: Jakob Just-Bomholt new President and CEO
Jakob Just-Bomholt new President and CEO • International executive with extensive experience of driving growth and profitability • Previously executive roles within A/P Moller Maersk, Falck and most recently for the past five years as CEO of 3Shape • 50 years old. Danish. Will relocate to Stockholm.
Slide 8: Meet the team
CEO Introduction Jonas Bolander President and CEO Financial Update Tobias Hägglöv CFO Meet the team Commercial Execution Habib Nehme Ardie Ermers CCO EVP Region Americas Personalization and Productivity Christopher Busch John Lapré President of LSS President of BNS
Slide 9: Q4 performance
Coming out of a strong Q4 to close the fiscal year Net sales growth 6%1 – growth in Europe driven by Elekta Evo and Elekta ONE Planning Q4 performance Adj. gross margin 40.3% (36.6%) – supported by volumes, price increases and product launches New products Strong commercial momentum for Elekta Evo a
Slide 10: Tariff situation changing constantly – we are actively managing our exposure
Tariff situation changing constantly – we are actively managing our exposure, mainly UK/EU devices export into the US • US localized software & service • China highly localized • Limited trade China - US US market 22%1 of Elekta sales Software 1 Based on the Annual report 2023/24 Production in Europ
Slide 11: Outlook
Outlook Normal seasonal development is expected with low sales volumes Q1 25/26 as well as negative FX-effects Despite present market conditions and current political and macro- Full year 25/26 economic visibility, net sales are expected to grow year-over-year Gross and EBIT margins expected to expa
Slide 12: Elekta is in a unique position to benefit from great industry and business fundamentals
Elekta is in a unique position to benefit from great industry and business fundamentals We operate within a fundamentally attractive industry … … and have taken action to improve our position A growing market – constantly increasing cancer incidence where RT plays critical role Balance sheet ✓ Impai
Slide 13: Closing our previous corporate strategy ACCESS 2025
Closing our previous corporate strategy ACCESS 2025 Leveraging a stronger product- and market position from ACCESS 2025, going into an interim period
Slide 14: The most comprehensive product portfolio in the industry
The most comprehensive product portfolio in the industry – image guided and adaptive across Neuro & Brachytherapy Linac solutions ONE Software suite • Exciting beginning of a launch phase where we are starting to leverage our recent investment cycle • Now shifting towards seeding smaller incremental
Slide 15: We help our customers succeed across the full range of solutions in the radiotherapy clinic
We help our customers succeed across the full range of solutions in the radiotherapy clinic Brachytherapy IT Hospital Physician office Other devices Information Simulation rooms System Dosimetry Studio Axis Cloud ONE Planning ONE Oncology Information System E H Reception area Esprit Evo Harmony Unit
Slide 16: Expanded installed base across the globe
Expanded installed base across the globe – our foundation for upgrades & replacements A large and continuously … and a global user base of … to drive profitable growing installed base … software licenses … upgrades & replacements Installed base Service revenue # of Devices (external beam) Revenue (M
Slide 17: From a strategy cycle focused on access, to an interim period centered around margin accretive growth
From a strategy cycle focused on access, to an interim period centered around margin accretive growth, efficiency and focus Upsell our installed base expanded during ACCESS 2025 with profitable new products & service Control what we can control – simplify and drive process efficiency & operational e
Slide 18: Financial Update
Financial Update Tobias Hägglöv CFO
Slide 19: Agenda
How to improve profitability Agenda R&D on the balance sheet Capital allocation
Slide 20: Agenda
How to improve profitability Agenda R&D on the balance sheet Capital allocation
Slide 21: Declining profitability in recent years – actions in place to drive margin expansion
How to improve profitability R&D on the balance sheet Capital allocation Declining profitability in recent years – actions in place to drive margin expansion …while earnings has not reflected the attractive drivers of the Fundamentally attractive industry… industry Reasons for not delivering on prof
Slide 22: Levers for gross margin improvements
How to improve profitability R&D on the balance sheet Capital allocation Levers for gross margin improvements Gross margin expected future development from FY24/25 Drivers of gross margin improvement Illustrative Volume growth Pre-pandemic levels A • Contribution from all business lines (>40%) D Imp
Slide 23: Volume contribution | How to drive accelerated growth
How to improve profitability R&D on the balance sheet Capital allocation A Volume contribution | How to drive accelerated growth • Competitive flips supported by Installing new strengthened product portfolio Customer systems and wins • Capture greenfield opportunities software 6,000 Installed base 5
Slide 24: Elekta's strong backlog – a solid foundation for growth
How to improve profitability R&D on the balance sheet Capital allocation A Elekta's strong backlog – a solid foundation for growth Order backlog development as during FY24/25 Description of the order backlog development 44,400 1,700 Book-to-bill ratio of 1.09 FY24/25 4,900 • Orders continue to grow
Slide 25: Pricing | Key to improve sales and margin
How to improve profitability R&D on the balance sheet Capital allocation B Pricing | Key to improve sales and margin Price impact on gross margin Q4 FY24/25 Illustrative Implementing price increases… • Price increases on orders will continue Highest quarterly price impact in FY24/25 • Prices in the
Slide 26: Mix improvements | Product launches drives margins from higher price points
How to improve profitability R&D on the balance sheet Capital allocation C Mix improvements | Product launches drives margins from higher price points and upside in mature markets Favorable product mix from launches and profit focus Favorable market mix from upside in high-margin regions • Larger sh
Slide 27: Mix improvements | Elekta has a significant share of software sales
How to improve profitability R&D on the balance sheet Capital allocation C Mix improvements | Elekta has a significant share of software sales Software sales has been relatively stable in recent years… ….accounting to 21% of total sales in fiscal year 24/25 Devices and Service Software 21% 18 BSEK S
Slide 28: Mix improvements | We will leverage our strengthened software offering
How to improve profitability R&D on the balance sheet Capital allocation C Mix improvements | We will leverage our strengthened software offering Our comprehensive software portfolio and global installed base gives us a growth edge with opportunities to cross sell, upsell, and use multiple ways to w
Slide 29: Productivity | The Cost-reduction Initiative has been successful
How to improve profitability R&D on the balance sheet Capital allocation D Productivity | The Cost-reduction Initiative has been successful We have successfully delivered above our target… …and our efforts to improve cost efficiency will continue Spend reduction FY24/25 SEK, M • Continuous procureme
Slide 30: Agenda
How to improve profitability Agenda R&D on the balance sheet Capital allocation
Slide 31: Rationale for the announced impairment
How to improve profitability R&D on the balance sheet Capital allocation Rationale for the announced impairment Background Financial impact • In accordance with IFRS requirements • Non-cash impairment amounting to SEK 1,064 M booked • Impairment for product development projects where the in Q4 FY24/
Slide 32: The capitalization rate will gradually decrease going forward
How to improve profitability R&D on the balance sheet Capital allocation The capitalization rate will gradually decrease going forward After an intensive investment period, now entering a more …and it will lead to a gradually decreasing capitalization rate normal phase… going forward • Several produ
Slide 33: Agenda
How to improve profitability Agenda R&D on the balance sheet Capital allocation
Slide 34: Value creation via performance and investments
How to improve profitability R&D on the balance sheet Capital allocation Value creation via performance and investments Long-term cash flow generation Organic growth Selective acquisitions Dividends Investments in technology Selective opportunities in Dividends At least 50% leadership & existing bus
Slide 35: R&D investments to ensure technology leadership
How to improve profitability R&D on the balance sheet Capital allocation R&D investments to ensure technology leadership – drive growth and improve profitability Gross R&D % of sales 1 R&D expenses (BSEK) 1 2,400 Launch of ACCESS 2025 2,000 1,600 14% 13% 1,200 12% 12% Towards 11% 10% 10% 800 400 0 1
Slide 36: We will drive our recent strategic partnerships & acquisitions to ensure full return
How to improve profitability R&D on the balance sheet Capital allocation We will drive our recent strategic partnerships & acquisitions to ensure full return – and continuously evaluate potential bolt-on • Elevated productivity from strategic partnerships A Recent strategic partnerships • Increased
Slide 37: Stable dividend distribution supported by solid cash flow generation
How to improve profitability R&D on the balance sheet Capital allocation Stable dividend distribution supported by solid cash flow generation Cash flow from operating activites, M SEK Dividend, SEK per share Operational cash conversion%1 3,000 100% 80% 2,40 2,40 2,40 2,40 2,20 2,500 80% Target 70% 1
Slide 38: Key takeaways
Key takeaways Financial Update Reach midterm target through volume growth, price increases, product launches and accelerated growth in mature markets Actions taken to adjust the balance sheet to current business reality, gross and net R&D will gradually convert Improve cash flow by leveraging previo
Slide 39: Commercial Execution
Commercial Execution Habib Nehme Chief Commercial Officer
Slide 40: Agenda
Elekta and Market Performances Globally Agenda Solutions and Installed Base Strategy Commercial Execution Rigor
Slide 41: Agenda
Elekta and Market Performances Globally Agenda Solutions and Installed Base Strategy Commercial Execution Rigor
Slide 42: Elekta has a global presence with a diversified geographic mix
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor Elekta has a global presence with a diversified geographic mix and strong growth drivers across regions = regional hubs Americas EMEA APAC 29% 37% 35% of sales of sales of sales • US account for
Slide 43: We activate tailored commercial strategies based on unique country and competitive dynamics
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor We activate tailored commercial strategies based on unique country and competitive dynamics Strategic position based on market position & market size Market Grow with the market, boost shares wit
Slide 44: Elekta is globally well positioned to grow, with world leading portfolio
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor Elekta is globally well positioned to grow, with world leading portfolio Elekta % of revenue by market type in FY24/25 World leading portfolio of personalized treatment solutions Neuro & Brachyth
Slide 45: Drive strong commercial momentum in Europe through a differentiated portfolio
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor Drive strong commercial momentum in Europe through a differentiated portfolio and proven clinical value CT-guided RT How we win The most versatile linac; ready for online & offline adaptive, with
Slide 46: More than 40 years of experience in China
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor More than 40 years of experience in China 1982 2000 2004 2006 Start-up of SEOS1 JV Elekta Instrument EBMEI2 sales activities for PSS (Shanghai) Co., Ltd. JV Started 2019 2018 2014 2011 Unity inst
Slide 47: Elekta keeps capturing growth in China
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor Elekta keeps capturing growth in China China market development China linacs installed base, CAGR last 5 yrs • Elekta is the market leader in China 1,400 • Low linac density over population drive
Slide 48: Agenda
Elekta and Market Performances Globally Agenda Solutions and Installed Base Strategy Commercial Execution Rigor
Slide 49: Driving value from Evo and Elekta ONE with new installs as well as upgrading
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor Driving value from Evo and Elekta ONE with new installs as well as upgrading current installed base • Evo the most versatile linac; ready for online & offline adaptive, with AI-enhanced Elekta Ev
Slide 50: The installed base grew significantly under ACCESS 2025
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor The installed base grew significantly under ACCESS 2025 – going forward unlock full value through upgrades, upselling, and services FY24/25 devices installed base FY24/25 active software clinics
Slide 51: Agenda
Elekta and Market Performances Globally Agenda Solutions and Installed Base Strategy Commercial Execution Rigor
Slide 52: Elekta has a strong backlog that enables long-term revenue growth
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor Elekta has a strong backlog that enables long-term revenue growth Order process FY24/25 total backlog (BSEK) 37 Bn 82% Solution backlog Solutions 46% converted within 3 years Order Backlog Backlo
Slide 53: Actively managing the backlog and high-quality order intake
Elekta and Market Performances Globally Solutions and Installed Base Strategy Commercial Execution Rigor Actively managing the backlog and high-quality order intake to support profitable and predictable revenue • Clear criteria to improve order quality Improve order quality for public, private, dist
Slide 54: Key takeaways
Key takeaways Commercial Execution Secure - retain existing installed base and enhance customer satisfaction and loyalty Grow - attract and captivate new customers Boost - improve profitability in the installed base and maximize customer lifetime value
Slide 55: Commercial Execution in Americas
Commercial Execution in Americas Ardie Ermers EVP Region Americas
Slide 56: Agenda
Region Overview Agenda Growth Strategy US Market Insights
Slide 57: Market shows increasing need for hypofractionation and workflow efficiencies
Region Overview Growth Strategy US Market Insights Market shows increasing need for hypofractionation and workflow efficiencies Annual US linacs installs1 Region Americas market development • New standard of care | Elekta’s new product Replacement window portfolio to support the increasing need for
Slide 58: Agenda
Region Overview Agenda Growth Strategy US Market Insights
Slide 59: Growth strategy focus on high margin products and building adaptive portfolio pipeline
Region Overview Growth Strategy US Market Insights Growth strategy focus on high margin products and building adaptive portfolio pipeline Share of high margin products in the US High margin product strength • Brachy momentum in Flexitron • Neuro strong market share via Esprit • Software Elekta ONE P
Slide 60: Agenda
Region Overview Agenda Growth Strategy US Market Insights
Slide 61: Region Americas shows momentum across Elekta portfolio
Region Overview Growth Strategy US Market Insights Region Americas shows momentum across Elekta portfolio 30th RAM ESPRIT installed Unity ViewRay flip Ascension Sacred Heart Moffit Cancer Center Elekta ONE Cloud & SaaS orders 2nd Evo in RAM US, Mexico & Canada Hospital de Pediatria Garrahan (1st in
Slide 62: US Linac strategy focus on pipeline development
Region Overview Growth Strategy US Market Insights US Linac strategy focus on pipeline development US linac pipeline development Reference Sites • Reference Sites | Unity Reference Sites established • Key Opinion Leaders | Physician Key Opinion Leaders (KOL) established • Consortium | Elekta CT Adap
Slide 63: Elekta portfolio well positioned to take advantage of reimbursement changes
Region Overview Growth Strategy US Market Insights Elekta portfolio well positioned to take advantage of reimbursement changes Elekta & UT Southwestern Medical Center Reimbursement changes in the US SBRT Leaders & Hypofractionation Drivers • Radiation Oncology Case Rate (ROCR) bundled payment legisl
Slide 64: Key Takeaways
Key Takeaways Commercial Execution in Americas High margin product performance - Americas shows strong performance in high margin device products with new products upcoming Software growth - further acceleration and integration of software across the Elekta portfolio to drive profitability Hypofract
Slide 65: Personalization and Productivity – Linac and Software Solutions
Personalization and Productivity – Linac and Software Solutions Christopher Busch President Linac and Software Solutions
Slide 66: Agenda
Portfolio strategy Agenda Personalization Productivity
Slide 67: Agenda
Portfolio strategy Agenda Personalization Productivity
Slide 68: The critical challenge for our radiotherapy portfolio is delivering better outcomes with higher efficiency
Portfolio strategy Personalization Productivity The critical challenge for our radiotherapy portfolio is delivering better outcomes while delivering higher efficiency Cancer care professionals supply vs. demand Indicative Patients and More clinicians need Personalization better outcomes Clinics need
Slide 69: The standard IGRT workflow creates a tension between better outcomes and higher efficiency
Portfolio strategy Personalization Productivity The standard IGRT1 workflow creates a tension between better outcomes and higher efficiency n0 x Simulation Treatment Imaging & Treatment Information Planning Delivery System More complex plans Higher dose on target with lower dose Better outcomes requ
Slide 70: Cancer therapy will evolve towards hypofractionated adaptive treatments
Portfolio strategy Personalization Productivity Cancer therapy will evolve towards hypofractionated adaptive treatments with close-to-zero time-increases per fraction ~8 weeks Conventional IGRT … Hypofractionation increases treatment daily dose to target ~2-4 weeks Adapting ensures safe dose Hypofra
Slide 71: With Elekta, clinicians and patients get better outcomes, and clinics get better value
Portfolio strategy Personalization Productivity With Elekta, clinicians and patients get better outcomes, and clinics get better value, while preserving choice Treatment devices incl. Departmental software ‘on-console’ software solutions Elekta Harmony Elekta Evo with Iris Elekta Unity with CMM Elek
Slide 72: Elekta has delivered at recent ASTRO and ESTRO conferences
Portfolio strategy Personalization Productivity Elekta has delivered at recent ASTRO and ESTRO conferences 2 years of significant product innovations, introducing “asset-light” upgrade opportunities across the full portfolio ASTRO 2023 ESTRO 2024 ASTRO 2024 ESTRO 2025 • Unity w CMM • CT Linac: Evo w
Slide 73: Elekta ONE Planning and Online are case examples of successful outputs
Portfolio strategy Personalization Productivity Elekta ONE Planning (EOP) and Online (EOO) are case examples of successful outputs from the past investment cycle EOP and EOO has strong global uptake and early success with premium positioning "We do 90 plans a month with 2 dosimetrists and have seen
Slide 74: Agenda
Portfolio strategy Agenda Personalization Productivity
Slide 75: Personalization | Our portfolio is built for adaptive
Portfolio strategy Personalization Productivity Personalization | Our portfolio is built for adaptive Tumors are dynamic Elekta portfolio adapts Brain tumors Tumor volume change High-definition, AI-enhanced imaging between simulation and 1st that unlocks adaptive fraction Iris Tumor volume shrinks d
Slide 76: Personalization | The right tools for every treatment
Portfolio strategy Personalization Productivity Personalization | The right tools for every treatment Elekta Evo Elekta Unity Clear density boundaries Superior soft tissue differentiation Evo CBCT image of bladder Unity MR image of rectal tumor Examples Both imaging techniques have a complementary p
Slide 77: Agenda
Portfolio strategy Agenda Personalization Productivity
Slide 78: Productivity | Fast, adaptive and simple across the entire workflow
Portfolio strategy Personalization Productivity Productivity | Fast, adaptive and simple across the entire workflow nx nx Simulation Treatment Imaging & Treatment Information Planning Delivery System Zero-click auto-contouring Online and offline adaptive as default Automated secondary dose check – w
Slide 79: Productivity | Our solutions are integrated by smart software
Portfolio strategy Personalization Productivity Productivity | Our solutions are integrated by smart software Smart Analytics Elekta ONE® | OIS* Integrated Integration Elekta ONE® | Planning Workflows Reduces burden on specialists & simplifies workflow, increases safety
Slide 80: Productivity | Intelligent interoperability enables innovation
Portfolio strategy Personalization Productivity Productivity | Intelligent interoperability enables innovation without sacrificing personalization or productivity Very closed Intelligent Very open interoperability Treatment options and Innovation led by Elekta and Productivity reduced by choices lim
Slide 81: Key takeaways
Key takeaways Personalization and Productivity – Linac and Software Solutions With Elekta, patients and clinicians get better outcomes and clinics get better value Benefit from an integrated and comprehensive portfolio while maintaining the freedom to optimize for personalization, productivity, or b
Slide 82: Personalization and Productivity – Brachy and Neuro Solutions
Personalization and Productivity – Brachy and Neuro Solutions John Lapré President Brachy and Neuro Solutions
Slide 83: We are #1 in our segments, contributing as margin accretive business lines
We are #1 in our segments, contributing as margin accretive business lines of Elekta Market share, % Loyal and active customer base 20% 65% Elekta revenue 97% contribution 20% Nr. 2 15% Others Highly accretive 3% Stereotactic Brachytherapy2 Radiosurgery EBIT contribution (Neuro)1 1 Based on intracra
Slide 84: Vast clinical evidence confirming patient impact of Neuro-Radiosurgery and Brachytherapy
Vast clinical evidence confirming important patient impact of Neuro-Radiosurgery and Brachytherapy Proven beyond compare in intracranial stereotactic radiosurgery Adding Brachytherapy increases 5Y overall survival by 25%1 + - 3x more publications than all other technologies combined 10% additional g
Slide 85: Complementary gold standard solutions for higher patient eligibility
Complementary gold standard solutions for higher patient eligibility and a more diversified portfolio of clinical indications Neuro solutions Brachy solutions Esprit GammaPlan Leksell® Vantage Elekta Studio – latest Leksell – powered by Lightning Stereotactic System Elekta ONE Brachy Gamma Knife® Pl
Slide 86: Three core paths for continued margin accretive growth
Three core paths for continued margin accretive growth Current IB upgrade potential Greenfield in growth markets Expand clinically and grow IB utilization • Clinical indication expansion based Benign indications on regional characteristics (neurosurgery) – grow adoption 100% 100% • Subscription mode
Slide 87: Key takeaways
Key takeaways Personalization and Productivity – Brachy and Neuro Solutions High performing and solid business lines – highly margin accretive with market leading position and loyal customer base Superior clinical outcomes - Neuro-radiosurgery and Brachytherapy are indispensable parts of radiotherap
Slide 88: Q&A
Q&A
Slide 89: Closing remarks
Closing remarks Jonas Bolander President and CEO
Slide 90: From a strategy cycle focused on access, to an interim period centered around margin accretive growth
From a strategy cycle focused on access, to an interim period centered around margin accretive growth, efficiency and focus Upsell our installed base expanded during ACCESS 2025 with profitable new products & service Control what we can control – simplify and drive process efficiency & operational e
Slide 91: We don’t just build technology, we build hope
We don’t just build technology, we build hope Restricted Information and Basic Personal Data
Slide 92: Restricted Information and Basic Personal Data
Restricted Information and Basic Personal Data