Elekta (AO) | Hold | Disappointing Q4 results and vague outlook for 2026/27

研报英文原文证据摘录

Elekta (AO) | Hold | Disappointing Q4 results and vague outlook for 2026/27

ders declined by a material estimated 15% cc in Q4 and came in 22% below street expectations. The

base of comparison was also undemanding considering a 7% order decline in Q4 last year and we calculate a 0% order growth

CAGAR vs. the pre-pandemic base line. We note that orders can be lumpy but they also declined by an estimated 3% cc on a full-

year basis and showed little growth in the longer term past. Elekta stated that they applied stricter order acceptance criteria, but

this has not been flagged as a larger drag factor before. In addition, the approval of EVO in the US late Q3 (and earlier elsewhere)

should have supported the dynamic.

Sales show no Evo benefit: Sales declined 1% cc in Q4 and came in 5% ahead of street expectation. Also here we do not see a

demanding base of comparison. While sales increased 6% cc in Q4 last year, we calculate a 2.8% sales growth CAGR vs the pre-

pandemic base line. Regional growth was mildly positive in Americas (+1% cc in Q4), where however the EVO approval does not

appear to have changed the dynamic meaningfully after Elekta argued clients have been waiting for it. Softness came from APAC

(-3% cc) driven by Japan. They argue China has seen growth, but the comp base was likely very undemanding. EMEA 0% cc.

Earnings beat: Despite the sales miss, the adj. EBIT increased 7% and came in 11% ahead of street expectations. An

interpretation is a bit challenging given many moving parts. They incurred 60bps and 120bps margin headwind from tariffs and

currencies while also higher R&D amoritsation provided a headwind. On the other side, earnings progression was supported by

its efficiency program, which aims for >SEK500m cost savings.