Elekta AB / Siemens Healthineers AG: Feedback from a KOL call on radiotherapy

Research evidence excerpt

Elekta AB / Siemens Healthineers AG: Feedback from a KOL call on radiotherapy

Equity Research

5 June 2026

Elekta AB / Siemens Healthineers AG

Feedback from a KOL call on

radiotherapy

Hospitals facing ~10% reimbursement cut as a result of shift EKTAb.ST/EKTAB SS UNDERWEIGHT

POSITIVEto three-level reimbursement system. Some regional/ EuropeanTechnologyMedical& Services

standalone centres could see 25-30% reimbursement hit. Price Target SEK 44.50

4-5% oncology RT incidence plus new use cases, but some Price (03-Jun-26) SEK 53.45 Potential Upside/Downside -16.7%

Source: Bloomberg, Barclays Researchoffset by shift to hypofractionation. Radiopharma seen as

complementary.

SHLG.DE/SHL GY OVERWEIGHT

European Medical POSITIVE Technology & ServicesWe were pleased to host an investor call with Dr Peter Orio, chair of Radiation Oncology at The

Price Target EUR 50.00

Dana Farber Cancer Institute and Associate Professor at Harvard on risks and opportunities in

Price (03-Jun-26) EUR 33.50

the radiotherapy market, after meeting with him and companies at ESTRO last month (see our

Potential Upside/Downside +49.3%

feedback here). We highlight three key takeaways: 1) Reimbursement. Hospitals facing ~10% Source: Bloomberg, Barclays Research

reimbursement cut as a result of CMS shift to three-level reimbursement system. Private

insurance tends to follow CMS. His centre is slightly more protected due to higher

European Medical Technology &reimbursement for research. Prostate treatment defaults to Level 2 (~14% cut), need motion

Services

management to upgrade to Level 3. Some regional/ standalone centres could face significant

Hassan Al-Wakeel, CFA

financial challenges and see 25-30% reimbursement hit (dependent on payor mix). Could +44 (0)20 7773 3898