From Stockholm With Love

Research evidence excerpt

From Stockholm With Love

EUROPE | Medical Supplies & Devices

Elekta EquityJuneResearch19, 2026

FLASH NOTEFrom Stockholm With Love

Key takes from CMD: 1/ Product-led event; focus on adaptive RT confirms RATING HOLD

repositioning; 2/ MT targets to 28/29' (MSD OSG, 14–16% EBIT, 10% FCF), PRICE SEK48.16^

back-end loaded; 3/ Evo upgrades (Iris, motion mgmt, workflow) + software- PRICE TARGET | % TO PT SEK60.00 | +25%

led rollout across IB underpin growth visibility; 4/ Unity Pro improves ROI (~2x 52W HIGH-LOW SEK66.70 - SEK40.64

throughput), supporting broader uptake; 5/ SW + upgrades expand footprint, FLOAT (%) | ADV MM (USD) 94.5% | 8.72

supporting mix/margins; 6/ Pricing, op. model, US ramp key; execution remains MARKET CAP SEK18.4B | $2.0B

gating. TICKER EKTAB SS

^Prior trading day's closing price unless otherwise

noted.

Adaptive RT now rules, confirm strat. repositioning. CMD was product-led, with special emphasis

on adaptive RT. Mgmt frames this around 3 structural trends: increasing precision/personalisation,

hypofractionation (from 20-30 sessions to now 2-5) and need for fully integrated HW+SW

workflows. While reimbursement (esp. US) increasingly favours complexity, innovation is no longer

incremental, but a structural repositioning around adaptive workflows.

New Targets, Old Doubts. New, ambitious MT targets (MSD OSG CAGR, 14–16% EBIT, ~10% FCF)

have been received with investors' scepticism. Yet, they would imply upside vs cons., driven by mix

(adaptive), pricing and productivity (eg GM gains with strong manuf. KPI linked to cost optim.).

Growth geared to outer years, as FY26/27 constrained by weak recent order intake and limited early

contribution from new products.

Evo-led CT-Linac roadmap is the primary growth and differentiation driver. Evo remains the