Elekta Q1 Report 2026 2027 ENG
First quarter, May–July 2026/27
First quarter
- Regions Americas and Europe showed solid growth while region APJ, China and TIMEA declined. In constant exchange rates, net sales decreased by 2 percent for the Group. Reported sales in SEK decreased by 3 percent amounting to SEK 3,536 M (3,646).
- The net sales decline in China was a result of a weak market in recent years. However, order intake grew for the third consecutive quarter, supporting future revenue growth.
- Book-to-bill ratio of 1.11 (1.05), mainly supported by strong order growth for Elekta Evo.
- Adjusted gross margin of 42.6 percent (37.0) driven by all regions, particularly with growth in software and Services as well as price increases and lower cost of sales. Refund of US tariffs had a positive impact of 150 basis points.
- Adjusted EBIT amounted to SEK 395 M (235), corresponding to a margin of 11.2 percent (6.5). The increase was driven by the gross margin and lower selling and administration costs.
- Net income was SEK 261 M (106) and EPS was SEK 0.69 (0.28) before and after dilution.
- Free cash flow before dividend and M&A improved to SEK -266 M (-420) driven by higher earnings and lower R&D related investments.
- The regionally based P&L structure has been updated with five regions – Americas, China, Europe, TIMEA and APJ – each with fully loaded costs, aligning the external reporting with how the business is managed internally.
| Group summary | Q1 | Full year | ||||||
| SEK M | 2026/27 | 2025/26 | Δ | 2025/26 | 2024/25 | Δ | ||
| Book-to-bill | 1.11 | 1.05 | 5% | 1.04 | 1.09 | -5% | ||
| Net sales | 3,536 | 3,646 | -3% | 16,718 | 18,016 | -7% | ||
| Net sales in constant exchange rates | -2% | 1 | 1% | 1 | ||||
| Adjusted gross margin 2 | 42.6% | 37.0% | 5.5 ppts | 38.4% | 37.8% | 0.6 ppts | ||
| Adjusted EBIT 3 | 395 | 235 | 68% | 2,051 | 2,097 | -2% | ||
| Adjusted EBIT margin 3 | 11.2% | 6.5% | 4.7 ppts | 12.3% | 11.6% | 0.6 ppts | ||
| Adjusted EBITC margin 4 | 11.4% | 4.8% | 6.6 ppts | 11.2% | 8.6% | 2.6 ppts | ||
| Gross margin | 42.6% | 36.8% | 5.8 ppts | 37.4% | 37.4% | -0.1 ppts | ||
| EBIT | 395 | 219 | 80% | 234 | 890 | -74% | ||
| EBIT margin | 11.2% | 6.0% | 5.2 ppts | 1.4% | 4.9% | -3.5 ppts | ||
| Net income | 261 | 106 | 146% | -517 | 240 | -315% | ||
| Free cash flow before dividend and M&A | -266 | -420 | 37% | 1,158 | 866 | 34% | ||
| Adjusted earnings per share before/after dilution, SEK 5 | 0.69 / 0.69 | 0.31 / 0.31 | 121% | 2.43 / 2.43 | 3.08 / 3.08 | -21% | ||
| Earnings per share before/after dilution, SEK | 0.69 / 0.69 | 0.28 / 0.28 | 148% | -1.36 / -1.36 | 0.62 / 0.62 | -319% | ||
| 1 Compared to last fiscal year based on constant exchange rates. | ||||||||
| 2 Adj. gross margin = Gross margin excluding items affecting comparability, page 27. | ||||||||
| 3 Adj. EBIT = Operating income (EBIT) excluding items affecting comparability, page 19-20. | ||||||||
| 4 Adj. EBITC margin = EBIT adjusted for R&D capitalization and amortization, excluding items affecting comparability, page 28. | ||||||||
| 5 Adj. earnings per share = Net income excluding items affecting comparability, attributable to Parent Company shareholders, in relation to the weighted average number of shares (excl. treasury shares), page 29. | ||||||||
Profitability continued to strengthen
We continued to make progress in strengthening Elekta’s performance, with significant improvement in profitability, and stronger cash generation. Regions Americas and Europe showed solid growth while region APJ, China and TIMEA declined. In constant exchange rates, net sales decreased by 2 percent for the Group.
Strategy update
Elekta’s strategy for improved performance consists of three phases: i) reset and stabilize; ii) improve profitability, and iii) innovation driven growth. We have concluded the first phase with the implementation of our new operating model designed to simplify and decentralize the organization, improve execution speed, and reduce operating costs. We have updated our regionally based P&L structure. As of Q1 2026/27, our external reporting will fully align with how we manage the business internally, with five separate regions – Americas, China, Europe, TIMEA (Türkiye, India, the Middle East and Africa), and APJ (Asia Pacific and Japan) – each with fully loaded costs. With the appointment of a new Chief Operating Officer, Rodolfo Vasques, the Executive Committee is now in place to enhance performance further.
This year, our focus remains on further improving profitability, also building on the positive development over recent quarters, through price improvements, continued growth in Services and software and disciplined cost management. At the same time, we are investing in levers to accelerate mid-term revenue growth, not least through commercial execution on focused R&D efforts.
Result development
Net sales in Q1, in constant exchange rates, decreased by 2 percent year-over-year, impacted by lower sales in China and APJ. The net sales decline in China was a result of a weak market in recent years. However, order intake grew for the third consecutive quarter, supporting future revenue growth. Order intake in constant exchange rates for the Group grew by 3 percent in Q1, driven primarily by the launch of Elekta Evo and Elekta ONE. This brings the rolling twelve-month book-to-bill ratio to 1.05, supporting our full year growth ambition.
The adjusted gross margin for the first quarter increased to 42.6 percent (37.0), driven by all regions, particularly with growth in software and Services as well as price increases and lower cost of sales. The result also benefited from a US tariff refund of SEK 53 M, corresponding to a positive impact of 150 basis points on the gross margin. Adjusted EBIT margin increased to 11.2 percent (6.5) in the first quarter, driven primarily by the strong gross margin and lower selling and administration costs.
Free cash flow before dividend and M&A improved by SEK 154 M, reaching SEK -266 M in the first quarter. This improvement was primarily driven by improved earnings and lower R&D investments.
Outlook
We are reiterating the outlook presented at our Capital Markets Day in June for fiscal year 2026/27, with expected net sales growth of 2–4 percent in constant currency and an adjusted EBIT margin of 12.5–13.5 percent.
Jakob Just-Bomholt
President and CEO