Slide 1: Reset to improve operational execution and profitability
Reset to improve operational execution and profitability Q2 report 2025/26 Jakob Just-Bomholt, President and CEO Tobias Hägglöv, CFO Nov 26, 2025
Slide 2: 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 3: Initial reflections
Initial reflections Jakob Just-Bomholt President and CEO
Slide 4: Initial reflections – a fundamentally attractive industry
Initial reflections – a fundamentally attractive industry Cancer care professionals supply vs. demand Indicative • Well positioned in an attractive and growing MedTech segment • Many strongholds in key markets outside U.S. • 100% focused on radiotherapy, well-recognized brand, and direct sales force
Slide 5: Initial reflections – strong product portfolio logic
Initial reflections – strong product portfolio logic Neuro & Brachytherapy Linac solutions ONE Software suite
Slide 6: Initial reflections – focus areas to drive improvements
Initial reflections – focus areas to drive improvements • Gross margin to return towards pre-pandemic levels through continuous engineering and dual-sourcing • Need for focused and commercially driven innovation agenda with higher speed of delivery • Grow ≥ the overall market. U.S. turnaround requir
Slide 7: Q2 summary
Q2 summary Jakob Just-Bomholt President and CEO
Slide 8: Q2 – Sales development by region
Q2 – Sales development by region Americas – decrease of -8%1 • Lower sales in U.S. driven by customers awaiting Elekta Evo FDA clearance EMEA • Growth in Latin America APAC – decrease of -3%1 Americas 25% (28%) • Lower volumes in China impacted by last 42% year’s weak order intake Share (37%) APAC •
Slide 9: Completed order review – no future structural adjustments are expected
Completed order review – no future structural adjustments are expected Order backlog as of Q2 FY25/26, SEK M Description of the order backlog review 36,347 1 -2,197 34,150 • Compared to the order review presented in June – firmer interpretation of criteria • Strong foundation for greater predictabil
Slide 10: Q2 – key takeaways
Q2 – key takeaways Continued strong momentum in Europe 1.0 Order growth in China. Rolling twelve months at 1.09 Book-to-bill ratio 1%1 Continued strong momentum in Europe supported by new product launches Net sales growth 37.9% Higher GM YoY supported by product launches and price Adj gross margin 1
Slide 11: Financial overview
Financial overview Tobias Hägglöv CFO
Slide 12: Financial update Q2 25/26
Financial update Q2 25/26 (SEK M) Q2 25/26 Q2 24/25 Q1 25/26 Net sales increased by 1%1 • Continued strong momentum in Europe supported by Net sales 4,070 4,341 3,646 product launches Solutions 2,204 2,458 1,805 • Solutions decreased by 4% while Service grew by 7% Service 1,866 1,883 1,842 COGS2 -2,
Slide 13: Negative FX impact on the P&L
Negative FX impact on the P&L Q2 25/26 Operations FX Q2 24/25 Net sales 4,070 32 -303 4,341 • Negative FX impact on net sales driven by Growth, % -6.2% 0.7% -7.0% - stronger SEK vs main revenue currencies USD and EUR Adj. gross income 1,541 126 -136 1,551 • Margin pressure from USD depreciation vs A
Slide 14: Improved cash flow year-over-year
Improved cash flow year-over-year Cash flow after continuous investments Q2 24/25 – Q2 25/26, SEK M 126 358 • Improved working capital • Lower investments 207 • Cash conversion1 at 91% (65) • Improved cash flow after continuous 58 investments by SEK 389 M YoY -31 -2 Q2 24/25 EBITDA Change Investment
Slide 15: Key financial trends
Key financial trends Rolling twelve months, SEK M and margins % 0.042 21,000 17,725 17,883 18,016 17,838 17,567 0.040 18,000 37.8% 38.2% 37.6% 15,000 0.038 36.7% 36.7% 12,000 0.036 1,975 9,000 1,586 0.034 6,000 1,056 0.032 10.6% 10.7% 11.6% 11.5% 11.6% 3,000 582 681 0.030 0 Q2 24/25 Q3 24/25 Q4 24/2
Slide 16: Outlook
Outlook We expect sales in China to start recovering during the second half of H2 25/26 2025/26. Furthermore, we expect continuous negative impact on earnings from FX at current exchange rates and tariffs. Full year outlook reiterated, where net sales in constant currency is Full year 25/26 expected
Slide 17: Actions to drive improvements
Actions to drive improvements Jakob Just-Bomholt President and CEO
Slide 18: Operating model to increase velocity of product development, commercial execution and operational excellence
Operating model to increase velocity of product development, commercial execution and operational excellence …and is moving into a decentralized model with Elekta has reviewed its operating model… regional-based P&Ls Simplification Agility & speed We are simplifying our organizational structure Fast
Slide 19: Move to a decentralized model with regional-based P&Ls
Move to a decentralized model with regional-based P&Ls CEO Linac & Software Solutions: Product & Business Line: Brachy Americas Group Functions Technology China Linac & Software Business Line: Neuro Solutions: Operations Europe APJ TIMEA1 1 TIMEA= Turkey, India, Middle East and Africa
Slide 20: Change in operating model and org structure will lead to cost reductions of ≥SEK 500 M
Change in operating model and org structure will lead to cost reductions of ≥SEK 500 M ✓ Clear accountability Targeting cost reductions of ≥SEK 500 M - Net reduction of annual run rate costs ✓ Speed and agility Timeline - Full impact starting in Q1 FY26/27 ✓ Cost discipline 450 workforce reduction a
Slide 21: Upcoming events – strategy update and CMD
Upcoming events – strategy update and CMD January 2026 March 5, 2026 May 28, 2025 Strategy update Interim report, Q3 May-Jan 2025/26 Interim report, Q4 May-Apr 2025/26 Leading up to: Elekta's Capital Markets Day June 2026 Stockholm, Sweden 21
Slide 22: Summary
Summary • Strong performance in Europe supported by product launches • Improved GM YoY – favorable product mix • Cash flow after continuous investments improved YoY by SEK 389 M • First must-win-battle – simplified organization leading to cost savings of ≥ SEK 500 M • Order review – firmer interpret
Slide 23: Financial calendar
Financial calendar Interim report, Q3 May-Jan 2025/26 Mar 5, 2026 Year-end report, Q4 May-Apr 2025/26 May 28, 2026 Interim report, Q1 May-Jul 2026/27 Aug 27, 2026 Annual General Meeting 2026 Sep 3, 2026 Interim report, Q2 May-Oct 2026/27 Nov 25, 2026 Further questions Tobias Hägglöv Peter Nyquist CF
Slide 24: Q&A
Q&A
Slide 25: We don’t just build technology, we build hope
We don’t just build technology, we build hope
Slide 26: C©Elekta
C©Elekta