Elekta AB (EKTAY) AI Stock Analysis

Company Guidance

Elekta reaffirmed fiscal 2026/27 guidance of net sales growth of 2–4% in constant currency and an adjusted EBIT margin target of 12.5–13.5%, and said it expects positive sales growth in Q2 (and for the first half); Q1 actuals were net sales −2% (solutions −9%, service +5%), book‑to‑bill ~1.11 with order growth ~3%, adjusted gross margin 42.6% (vs 37% LY) and adjusted EBIT margin 11.2% (EBIT cash margin 11.4%), net income SEK 261m and adj. EPS SEK 0.69; free cash flow before dividends & M&A was negative SEK 266m (improved SEK 154m year‑on‑year) despite a seasonal inventory build. Management highlighted more than SEK 500m of operating‑model savings (headcount down from ~4,500 to below 4,000), continued R&D spend around 10% of revenue, an EUR 100m EIB R&D facility, a SEK 53m tariff refund in Q1 (≈150 bps impact overall, ≈490 bps in Americas) with another ~USD 3m expected in Q2, FX headwinds of ~20–30 bps on margins, COGS inflation roughly 3% and ongoing COGS‑reduction programs, and cited a ~6% global radiotherapy market growth with Americas/Europe expected to drive near‑term revenue recovery and China/TIMEA improving into Q2.