Elekta (EKTA) Q3 25/26 earnings summary

Executive summary

• Net sales at constant exchange rates grew by 2% year-over-year, driven by strong order intake and commercial momentum in Europe and China, while reported sales in SEK declined by 10% due to currency effects.

• Book-to-bill ratio improved to 1.17 for Q3, reflecting robust order growth in China, the U.S., and Europe.

• Significant restructuring underway, with SEK 417 million charge in Q3 and over 80% of planned changes executed; annual cost savings expected to exceed SEK 500 million with full impact from Q1 next year.

• Product launches, notably Elekta Evo with U.S. approval in January, supported margin improvement and commercial execution.

• Net income dropped to SEK 12 million (from SEK 336 million), with EPS at SEK 0.03 (from SEK 0.89), impacted by restructuring charges and FX.

Financial highlights

• Net sales increased by 2% year-over-year in constant currency, reaching SEK 4,239 million; solution sales up 1%, service up 3%.

• Adjusted gross margin improved to 38.3% (from 37.1%), despite negative impacts from tariffs (100 bps) and FX (130 bps).

• EBIT margin at 11.9% (up from 11.7%); adjusted EBIT was SEK 504 million.

• Cash flow after continuous investments was SEK 255 million for Q3, with year-to-date improvement of SEK 443 million; net debt decreased to SEK 3,819 million.

• Adjusted EPS was SEK 0.88 (down from SEK 0.94 year-over-year).

Outlook and guidance

• Full-year 2025/26 outlook reiterated: net sales in constant currency expected to grow year-over-year.

• Continued negative impact from FX and tariffs anticipated in Q4 and beyond.

• Midterm targets confirmed, including gross margin returning to pre-pandemic levels and EBIT margin reaching 14% or higher.

• Guidance for China: double-digit growth (~10%) in both orders and revenue for H2.

• Full run-rate cost savings from restructuring expected in Q1 2026/27.