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===== SIDA 1 =====

ANNUAL REPORT AND SUSTAINABILITY REPORT 2025/2026
Sectra contributes to a
healthier and safer society
ANNUAL REPORT AND SUSTAINABILITY REPORT 2025/2026

===== SIDA 2 =====

Sectra offers solutions for medical IT and cybersecurity. We help hospitals  
and those who are training future healthcare personnel to improve their 
 efficiency so that healthcare personnel can provide patients with better  
care. We support defense forces, other authorities and various critical  
social functions in securing their communication against eavesdropping  
and protecting their systems against unauthorized access. This is how  
we create conditions for a healthier and safer society.
Our customers  
make society work

===== SIDA 3 =====

Introduction to Sectra
4 This is Sectra
6 Examples of the value we create
8 The year in brief
12 CEO letter
Business model, goals and strategies
15 Sectra’s approach to creating value
20 Customer value is the top priority
22 A corporate culture that drives customer value
26 Continuous innovation and new business
Operating areas and markets
28 The market for medical IT
32 Operating area Imaging IT Solutions
39 Operating area Business Innovation
44 The market for cybersecurity
46 Operating area Secure Communications
History, the share and five-year summary
52 Sectra’s history
54 The share
56 Five-year summary
Corporate governance, financial information 
and sustainability
60 Board of Directors 
62 Group Management
64 Corporate Governance Report
70 Administration Report
80 Sustainability Report
117 Financial Reports and Notes
Board of Directors’ Statement and the Auditor’s Reports
150 Auditor’s report
151 Auditor’s report and assurance report on sustainability statement
Other information
158 Glossary
159 2026 Annual General Meeting
159 2026/2027 financial calendar
159 Contact information
Table of contents
The audited Annual Report comprises pages 70–150, except for the statutory 
sustainability report on pages 80–116. The Sustainability Report is part of the 
Administration Report.

===== SIDA 4 =====

84% 3% 13%
1,400+
Employees
3,542
Net sales, SEK million
60+
Countries with customers
Share of consolidated sales
Solutions and services for secure 
 communication and protection  
of sensitive information and critical 
systems.
Secure Communications
Share of consolidated sales
Sectra’s own incubator. This includes 
Sectra’s medical technology research 
department as well as the Genomics IT, 
Medical Education and Orthopaedics 
business units.
Business Innovation
Read more on pages 32–38 . Read more on pages 39–43. Read more on pages 46–51.
Share of consolidated sales
IT systems for managing medical 
images and patient information related 
to diagnostic imaging.
Imaging IT Solutions
Our operating areas
What we do
Sectra offers products and services within 
medical IT and cybersecurity. The indus ‑
tries we have chosen are characterized by 
a tendency to grow regardless of the eco ‑
nomic climate and by the fact that stable 
products and trust in suppliers are essential 
to customers.
How we work
Our way of doing business is based on a 
strong corporate culture that engages and 
motivates employees to do what is best 
for customers. Our work is guided by a 
desire for satisfied customers and, in order 
to achieve this, satisfied employees. Add to 
this a clear vision of where the company is 
headed, perseverance and cost awareness. 
Sectra’s development over the years is a 
testament to what a strong combination 
this is.
Why we exist
The overall purpose of our business opera ‑
tions is to solve major social problems that 
must be addressed in the foreseeable future. 
For our customers, this is primarily about 
challenges related to two global trends: an 
aging population and digitization. Our 
mission is to create innovations that make 
a difference in people’s lives and empower 
our customers to change society for the 
better.
Sectra—a multinational company 
with an entrepreneurial spirit
4 
Sectra’s Annual Report and Sustainability Report 2025/2026 INTRODUCTION TO SECTRA

===== SIDA 5 =====

Seven good reasons to invest in Sectra
A corporate culture that delivers  
high customer satisfaction
A strong corporate culture clearly focused 
on customer value and employees who 
are passionate about making a difference 
lead to satisfied customers and extremely 
low churn. To safeguard our corporate 
culture and customer satisfaction, growth 
is primarily organic.
2
Stability, profitability and  
long-term growth
Sectra has an over 45-year history of 
growth and profitability. More than half of 
the company’s sales comprise recurring 
revenue from long-term customer con -
tracts, a share that is growing due to an 
ongoing transition to service sales.
3
International, growing  
niche markets
IT for healthcare and cybersecurity for 
critical social functions are both rapidly 
changing markets. Drivers such as an 
aging population and increased digitization 
mean that investments are necessary, 
regardless of the economy. This creates 
major growth opportunities and  
gives Sectra a good foundation for 
 long-term success.
4
Strong brand with  
multinational reach
Sectra is an established brand in our 
niche areas where trust and stable 
products are important success factors. 
We have a multinational reach, with thou-
sands of customers worldwide using our 
products or services to benefit millions  
of people.
5
High pace of innovation and 
exciting future prospects
By continuously investing in new and  
enhanced products and services, including 
how they are packaged and delivered, we 
create value for our customers. We also 
have a self-financed portfolio of research 
and business projects with the potential 
to add significant value in the future. 
6
Sustainable business model
Contributing to a healthier and safer 
society by creating significant value for our 
customers is the foundation of  Sectra’s 
operations and business model. By helping 
customers improve the efficiency and 
quality of patient care and strengthen 
cybersecurity in critical social functions, 
we create long-term value and contribute 
to a more sustainable society.
7
Long-standing owners and  
dedicated management  
With principal owners who have been  
part of the company since the 1980s, 
there is a strong long-term dedication  
to the company’s development. This is 
further evidenced by the fact that all 
members of Group Management are 
shareholders in Sectra. 
1
5
Sectra’s Annual Report and Sustainability Report 2025/2026INTRODUCTION TO SECTRA

===== SIDA 6 =====

By helping our customers, we contribute to our vision of a healthier and safer society. You 
can read more about what this means in practice here. Our website has more examples of 
how we help customers to improve patient care and protect safety-critical information.
medical.sectra.com/ customerstories • communications.sectra.com/ customerstories
Shorter lead times and more  
equitable care
In healthcare, we help to improve the quality of care and shorten the 
time from suspicion of illness to diagnosis and the start of treatment. 
We do this, for example, by providing healthcare with tools for effec -
tive medical image review and reporting. Our system allows users to 
easily obtain a comprehensive overview of the full range of medical 
images and data needed to make patient treatment decisions. 
This facilitates a collaborative approach to personalized medicine 
between different key healthcare functions. This means that our work 
can lower the risk of receiving the wrong treatment, shorten lead 
times and result in access to high-quality care.
Better quality of care  
through sharing resources
We help healthcare providers manage all types of medical 
images through the same solution. By gathering all medical 
imaging in a single solution, we help healthcare teams work 
together more effectively. Workloads can be better dis -
tributed, patients gain access to the right expertise more 
quickly, and healthcare personnel can make decisions 
based on a more comprehensive understanding of the 
patient’s situation. This creates the conditions for more 
equitable—and consistently higher quality—care.
Examples of the value we create
6 
Sectra’s Annual Report and Sustainability Report 2025/2026
INTRODUCTION TO SECTRA

===== SIDA 7 =====

Skills development makes  
a difference for patients
Our platform for medical education works as a bridge be -
tween theory and practice. Access to actual patient cases 
and diagnostic imaging tools that are used in clinical prac -
tices gives users a better understanding of human anatomy 
and digital workflows in healthcare. Sectra’s solution helps 
to prepare students for a career in healthcare and support 
professionals in their continued career development.
Sensitive information  protected 
in times of peace, crisis and war
It is important that society’s most sensitive information does 
not fall into the wrong hands. This could be essential for keeping 
society safe and stable. We help defense organizations, national 
governments and ministries, EU institutions, civil authorities and 
businesses manage sensitive information, even when working 
and communicating highly classified information remotely.
7
Sectra’s Annual Report and Sustainability Report 2025/2026Sectra’s Annual Report and Sustainability Report 2025/2026
INTRODUCTION TO SECTRA

===== SIDA 8 =====

Torbjörn Kronander and Jan-Olof Brüer received the Enterprise Medal for 
transforming innovative interdisciplinary research into world-class, market- 
leading products. The medal was presented by HRH Prince Daniel.
Photo: Magnus Lejhall (TT) / Kungl. Patriotiska Sällskapet (2025).
Business model,  
goals and strategies  
• Our ability to make our customers successful 
enabled us to grow. 
• Internal and external measurements showed  
that Sectra is an equal opportunity workplace 
with satisfied employees and a strong culture.
• All financial goals were met.
The year in brief
Sectra continued to top the Best in KLAS customer satisfaction 
surveys, both in new categories and in categories we have won for 
several years in a row. Read more on page 32.
#1 in customer satisfaction
8 
Sectra’s Annual Report and Sustainability Report 2025/2026 INTRODUCTION TO SECTRA

===== SIDA 9 =====

Sustainability 
 targets
The result indicators for the Group’s 
operational targets and financial per -
formance were fulfilled. 
Refer to the five-year summary on page 56 for additional performance measures. 
1  Proposal to the 2026 Annual General Meeting, comprising an ordinary dividend of SEK 1.30  
and an extraordinary dividend of SEK 1.00 per share. Refer to page 79. 
Dividend per share1 
 SEK
2.30
Earnings per share
SEK
2.93
Cash flow per share
SEK
5.70
Contracted order bookings 
SEK million
7,6 0 0
Operating profit
SEK million
711
Net sales
SEK million
3,542
Financial key figures
High level of customer satisfaction
Dedicated employees who are satisfied,  
feel a sense of well-being, are developing as 
individuals, and are doing their best to meet 
or exceed customer expectations. 
High level of quality and product safety 
Stability
48%
Target: The equity/assets ratio  
is to be at least 30%.
Profitability
20%
Target: The operating margin  
(EBIT margin) is to be at least 15%.
Earnings growth
103%
Target: Operating profit (EBIT) per share 
is to grow by at least 50% over a  
five-year period.
Long-term initiatives 
drive growth and  profit
Sectra is continuing to take important steps  
in medical IT and secure communications.  
The value of the company’s investments in 
strengthening healthcare diagnostics and 
 society’s cyber defence is reflected in the 
 financial performance, with historically high 
levels of net sales and net profit for the year.
Satisfied 
 customers 
lead to low 
churn
Recurring  
revenue churn
0.5 %
Cloud services
Recurring revenue amounted  
to SEK 2,451 million, of which  
SEK 916 million pertained to  
cloud-based services.
+ 55%
9INTRODUCTION TO SECTRA
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 10 =====

Imaging IT Solutions
• Long-term, major customer contracts led to high levels of contracted order bookings. 
• A growing number of healthcare providers around the world chose Sectra, 
 contributing to increased sales in all geographic markets.
• More customers deployed the Sectra One subscription service, often delivered as a 
cloud service, resulting in increased recurring revenue. The transition to the cloud is 
progressing rapidly. Cloud-based services accounted for 57% of the operating area’s 
revenue. Read more about the transition on page 36.
• Operations grew fastest in the US. A recent survey shows 1 that we are still the 
vendor most often chosen by US healthcare providers in PACS procurements. The 
survey looked at a total of 108 procurements over the past two years, and Sectra 
was considered as an alternative in 66 of these. Of the healthcare providers that 
considered Sectra, 45% said they chose us as their provider, significantly more than 
any of the other vendor. 
• Stronger position in the digital pathology market through orders from hospitals 
in countries including France, Canada, Norway, Sweden and the US. Sectra also 
entered the Japanese market through its first pathology contract with a healthcare 
provider in Japan. 
• Sectra’s AI offering was broadened through the acquisition of a company (see below) 
and by adding AI applications for digital pathology to Sectra Amplifier Marketplace. In 
addition, new AI functionality was implemented in Sectra’s reporting solution.
The year in brief—continued
1 KLAS Research, Decision Insights. The survey included procurements from January 2024 to January 2026.
Sectra advanced its AI offering in diagnostic imaging through the 
 acquisition of Oxipit, UAB. The company has developed the first CE-
marked autonomous AI applications for chest X-ray, a transformative 
step with the potential to increase customer capacity and reduce 
radiologist workload. Read more on page 35.
10 
Sectra’s Annual Report and Sustainability Report 2025/2026 INTRODUCTION TO SECTRA

===== SIDA 11 =====

Subscribe to news: sectra.com/subscribe
Secure Communications
• Many countries are increasing their investments in defense and other 
 critical functions in society. Sectra’s ability to help customers with these 
needs improved the operations’ performance. 
• Authorities and defense customers in Europe placed several additional 
 orders for Sectra Tiger/S and related infrastructure as well as extending 
their managed-services agreements. 
• Defense customers also placed orders for further system development and 
research assignments that will eventually lead to a more resilient society.
• During the year, Sectra’s NATO-approved communication solution played a 
key role when the leaders of the countries in the security alliance gathered 
in The Hague to discuss the serious security situation and the need for 
increased defense investment.
• New solutions were launched to help meet the needs of organizations that 
need to communicate and collaborate regarding sensitive but unclassified 
information. A solution for secure remote access to sensitive information 
was also launched to support the development of civil and military defense.  
• Agreements for managed detection and response were entered into with 
several new customers in critical infrastructure.
Business  
Innovation
• Norway introduced Sectra’s cloud-based 
education portal in all of the country’s health-
care  regions as part of a coordinated national 
approach to strengthening specialist training  
in radiology and pathology.
• Increased use of Sectra’s services for orthopae -
dics. Several customers who purchased Sectra 
One chose to use the orthopaedics module to 
save time and increase patient value.
• Sectra’s research activities generated import -
ant new insights and tools to add value to health-
care, such as better feedback on AI results and 
monitoring AI performance.
The Sectra Tiger/E Managed Service 
collaboration platform was launched during 
the year, enabling secure and scalable mobile 
communication of information that is not clas -
sified but still needs to be protected against 
eavesdropping and unauthorized access.
11
Sectra’s Annual Report and Sustainability Report 2025/2026INTRODUCTION TO SECTRA

===== SIDA 12 =====

CEO letter
“Digitization, AI and increasing security requirements are drivers that are fundamentally 
changing how both we and our customers work. For us, this is about embracing change and 
converting new technologies into customer value. With a corporate culture that encourages 
innovation and ideas, and puts them into practice, we are continuing to strengthen Sectra’s 
position in medical IT and cybersecurity—areas where our solutions make a difference in 
people’s lives, health and safety all over the world.” 
Torbjörn Kronander, President and CEO

===== SIDA 13 =====

Innovation, high security, and 
long-term trust
We live in dramatically and rapidly 
 changing times, and as a wise Board 
member once said to me many years ago: 
“Where there is change, there is margin.” 
It’s simply a question of being faster than 
the competition. We have been quick 
to adopt new technology and seize new 
business opportunities, we have achieved 
the highest levels of customer satisfaction in 
the market and we have fantastic  employees. 
This has enabled us to grow alongside 
loyal, recurring customers and with the 
market’s leading solutions for  managing 
medical images in the cloud and for 
 society’s cyberdefense.
I am proud that Sectra has once again 
received a number one ranking from our 
customers in independent evaluations. 
Satisfied customers choose to stay and 
grow with us, which is the clearest proof 
that we deliver value for operations with 
the highest demands on trust, quality and 
reliability. 
A corporate culture that creates 
 satisfied customers
For a culture‑driven organization such 
as Sectra, attracting and recruiting the 
right people is crucial. That is why I meet 
every candidate as the final step in our 
recruitment process. I am sometimes asked 
why I do these interviews myself. Some 
people think it is unusual, maybe even 
a bit crazy—but to me it makes perfect 
sense. What could be more important 
than bringing the right people on board? 
Our employees are the ones who, together, 
create value for our customers and shape 
Sectra’s long‑term future.
When I conduct these interviews, I am 
rarely looking for specific knowledge or 
particular experience. What matters most 
is the individual’s ability and willingness 
to keep learning, to question how things 
have been done before, and to adapt as 
circumstances change. This is what we 
mean by our motto, “Hire for attitude 
and ability. Train for skill.” The ability to 
embrace change is extremely important for 
are used in subsequent quarters. Extremely 
large deliveries often take several years to 
complete, with volumes increasing gradu ‑
ally as the roll ‑out progresses. With contin ‑
ued sales successes and growing customer 
interest in migrating traditional system 
solutions to cloud‑based services, we need 
to strengthen our delivery capacity and 
further streamline our installation and 
customer support work. This is important 
in several markets but especially in North 
America, where our operations are growing 
quickly.
The geopolitical situation is influencing 
customers’ choice of digital infrastructure. 
In several European markets, healthcare 
providers are reluctant to adopt public 
cloud solutions from US providers. How‑
ever, our strategy has long been built on 
providing secure and robust solutions with 
the flexibility to deliver services in public 
and private cloud environments as well as 
within our customers’ own infrastructure. 
At the same time, we believe that public 
cloud solutions will be the most effective 
option for our customers over the long 
term.
We are well positioned compared to the 
competition. Sectra is still the only supp ‑
lier with customers that have radiology, 
pathology, ophthalmology, cardiology 
and genomics modules live in a consoli ‑
dated, fully cloud ‑based diagnostics IT 
system. We have launched new features for 
integrated and AI ‑supported diagnostic 
reporting and support for photon ‑ counting 
computed tomography directly in our 
diagnostic workstations. Sectra offers 
diagnostic reporting fully integrated into 
the medical imaging workflow. Integrated 
reporting has the potential to significantly 
boost radiologist productivity and thus 
contribute to more efficient care workflows 
and improved patient outcomes. 
In Business Innovation, we are con ‑
tinuing to invest in areas such as medical 
education and orthopaedics as well as in 
research initiatives. Market demand in our 
latest addition—the Genomics IT business 
the kind of improvements and innovation 
that keep Sectra relevant and competitive 
over time. 
At the moment, AI is the most obvious 
change. It will affect essentially every part 
of our society, in many ways changing it 
from the ground up. To ensure we create 
actual value, we do not stop at asking 
how AI can change what we do. We are 
also exploring how the technology can 
reshape ways of working, processes, and 
outcomes—for our customers and for 
ourselves. This requires bold and curious 
employees who are not afraid to try new 
things and a culture where this is encour ‑
aged, at the risk that they might not get it 
right the first time. If we never fail, that 
means we have not tried enough. But 
we also need to “fail fast” so that we are 
always ready to rethink our initiatives.
AI is also changing the way software is 
developed and making it possible to create 
new solutions much faster. At the same 
time, it still takes just as long to build up 
the trust, quality and credibility required 
to deliver results for business ‑critical 
systems for healthcare, defense and other 
authorities. By combining our in ‑depth 
understanding of our customers’ opera ‑
tions with new technology, we are helping 
customers enter this new reality.
Long-term investments driving  
advances in medical IT
More customers are deploying the Sectra 
One subscription service, often delivered 
as a cloud service, which is improving our 
recurring revenue and driving the tran ‑
sition to cloud‑based services. Increased 
production volumes are leading to growing 
sales and stronger profitability in Imaging 
IT Solutions. Sales for the operating area 
exceeded SEK 3 billion during the fiscal 
year, with the strongest growth reported in 
the US and Canada. 
Deployment by new customers entails 
higher initial costs—for cloud operations 
and implementation, for example–while 
revenue is built up gradually as the services 
13CEO LETTER
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 14 =====

customers who depend on our systems 
functioning securely and stably over time. 
For us, this means that greater investments 
are needed to strengthen cyber resilience. 
We are also implementing various initia ‑
tives to improve resilience in other parts 
of our value chain, addressing everything 
from component supply and data center 
capacity to skills supply and continuity 
planning.
Secure communications  
make society more resilient
Geopolitical uncertainty continues to 
drive increased investments in defense and 
public security. In the EU, these needs are 
giving rise to new regulations as well as 
more stringent requirements for cyber ‑
security and secure communications for 
critical infrastructure. This development 
makes it clear that secure communications 
and high assurance are increasingly being 
regarded as core strategic capabilities 
for Sweden’s and Europe’s resilience and 
defense. We have built up a unique exper ‑
tise in these areas over a long time, and we 
participate actively in work to strengthen 
society’s civil and military defense through 
preparedness planning together with 
organizations such as the Swedish Defence 
Materiel Administration. Our solutions 
are used in environments where security, 
availability and trust are essential. At the 
same time, we are also seeing growing 
demand from civilian operations and 
industry, where increased cyberthreats are 
driving the need for secure communication 
solutions.
Model for sustainable development
Over the past year, we have adapted our 
sustainability reporting to the new EU 
regulations. The assessments we have 
conducted show, unsurprisingly, that 
Sectra’s direct impact on sustainability 
is minor. Our largest contribution is 
through the solutions we provide, when 
we help healthcare providers and other 
operations critical to society to work more 
efficiently, resiliently and sustainably. Our 
ongoing transition to delivering cloud 
services is an investment in building value 
and  supporting long‑term environmental 
and social sustainability. It will require 
persistence, both from us and from our 
customers, who are driving digitization 
and introducing AI to make healthcare 
more efficient. While these investments  
are having a dampening effect on earnings 
in the short term, they will make Sectra 
more competitive and sustainable over  
the long term.
The future
At a time when politics, technology and 
business risks are becoming increasingly 
interconnected, our ability to combine 
innovation with high security and long ‑
term trust is growing in importance. We 
will continue capitalizing on this and other 
strengths to make the world a  healthier 
and safer place. Our stable financial 
position gives us the ability to continue 
investing in innovation and capacity for 
the future. Together with our customers, 
we are shaping and driving developments 
forward, which means that our speed is a 
crucial strength. The trust we receive from 
our customers is not something we take for 
granted. We must continue to earn it and 
build on it every day.
I would like to conclude by extending my 
sincere thanks to our customers for your 
trust, to our employees who build that 
trust and to our shareholders for your long ‑
term support. Together we are making a 
difference in society.
Linköping, July 2026
Torbjörn Kronander
President and CEO of Sectra AB 
unit—is expected to grow considerably in 
the coming years, driven by advances in 
precision medicine and advanced diagnos ‑
tics. This is also an area where we currently 
have some of our most satisfied users.
AI strategy for future of healthcare
In our medical operations, we use AI to 
create innovations that empower our cus ‑
tomers to change healthcare for the better. 
We create the most value by integrating 
AI directly into customers’ diagnostic 
workflows and IT environments, where 
the effects can be seen relatively quickly in 
the form of higher productivity, faster and 
better‑informed decisions, and more time 
for patient‑focused work. 
Our AI strategy for customer offerings 
is primarily built as a kind of “App store,” 
where we resell and integrate third ‑party 
applications, but we can also offer our own 
AI applications when we see specific rea ‑
sons to do so. With this in mind, we com ‑
pleted the acquisition of the  Lithuanian 
company Oxipit which develops a portfo ‑
lio of AI solutions for radiology, primar ‑
ily an autonomous AI solution for lung 
imaging. Oxipit was the first in the world 
to receive regulatory approval for autono ‑
mous AI capable of independently clearing 
chest X‑ray cases with a high probability of 
normal findings. This allows radiologists to 
focus on cases with a higher likelihood of 
disease. The solution can create significant 
financial benefits for healthcare providers 
through higher productivity and enable 
screening flows that healthcare could not 
otherwise accommodate. 
Stability in a new reality
Cyberattacks have become more advanced 
and are increasingly being used as a part 
of geopolitical conflicts. This increases 
the need for resilient critical operations, 
not least in healthcare, which is one of the 
sectors most vulnerable to cyberattacks. 
Information security is therefore not only 
about protecting our own operations,  
but about building long‑term trust with 
AI is an enormous wave rolling in and no one knows exactly 
how it will affect the future. We are choosing to ride this wave 
and course-correct as we go, rather than paddling behind and 
struggling to catch up. 
Torbjörn Kronander
“
14 CEO LETTER
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 15 =====

Sectra’s approach  
to creating value
A strong corporate culture is the foundation for how we create value for our customers, our 
employees, society at large and thereby for our shareholders. The Sectra culture revolves 
around customer needs and a long-term approach to everything we do. On the following 
 pages, you can read about goals and priorities for our sustainable business development.

===== SIDA 16 =====

Sectra is carrying out an extensive transformation, 
with its IT systems now delivered as cloud services 
rather than being installed in customers’ local 
 server environments. In the long term, the transition 
will contribute to sustainable development—both 
environmentally and socially. Read more on page 88.
Overall goal and strategy
Create significant value for our customers. Customers should be 
so satisfied with their experience that they remain for a long time, 
expand their use of our solutions and recommend Sectra to others.
Customer satisfaction cannot be achieved without satisfied and 
dedicated employees. Employees who are motivated, understand 
their customers, feel a sense of well ‑being and are satisfied in their 
jobs will also increasingly develop new, creative solutions that can 
further increase the value we provide for our customers. Value that 
is then passed on to us through the payments we receive for the im ‑
provements that our products and services create. This is what pays 
our employees’ salaries and enables innovation and the investments 
needed to continue making our existing and new customers more 
successful. 
The Group’s strategies are divided into four areas: 
• Customer value is the top priority
• A corporate culture that drives satisfied customers
• Continuous innovation and new business
• Financial stability and returns
Read more on the following pages.
Material sustainability areas
Sustainability is an integral part of our everyday decision ‑making. 
It defines our approach to our material sustainability matters, 
such as information security and patient safety, corporate culture, 
employee health and safety, and how we take responsibility for 
limiting the climate impact of our operations. 
A double materiality assessment was carried out in conjunc ‑
tion with the introduction of the EU Corporate Sustainability 
Reporting Directive (CSRD). This involved an assessment of the 
sustainability matters that Sectra impacts, or is impacted by, and 
the extent of these impacts. Sectra’s material sustainability matters 
arise in the following areas:
• Customers and end‑users 
• Own workforce 
• Business conduct 
• Environment and climate
 
Disclosures on material matters are presented in the Sustainability 
Report on page 80.
Vision
To contribute to a healthier and safer society.
Corporate culture and values
Sectra’s corporate culture is based on customer needs, and we 
adopt a long‑term approach to what we do. This strong Sectra 
culture is the foundation for how we create value for customers 
and achieve our targets.
Mission statements
Medical IT
To increase the effectiveness of healthcare, while maintaining 
or increasing the quality of care.
Cybersecurity
To strengthen the stability and efficiency of society’s most 
important functions through solutions for critical IT security 
and secure communication.
Sectra’s model for sustainable 
business development
16 BUSINESS MODEL, GOALS AND STRATEGIES
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 17 =====

Owners
• Long-term returns over time through comprehensive initiatives  
and investments in growth areas and innovations that  
benefit society.
Society and citizens
• Better patient care, especially in areas related to illnesses  
among the elderly, and cancer care.
• Stability and security through increased information security  
and resilience to cyberthreats.
• Innovations and research results that could contribute to  
a healthier and safer society and a lower climate impact. 
• Job opportunities and tax payments in the countries where  
we operate.Employees
• Meaningful work that benefits society.
• An equal-opportunity workplace with highly  
engaged and skilled colleagues in a safe and  
healthy work environment.
Customers
• Productivity, high quality and safety in medical  
diagnostics and orthopaedic surgery.
• Protection against eavesdropping, unauthorized  
data access and cyberattacks for organizations 
 handling society’s most sensitive information.
Examples of the value we create for our stakeholders
Our contribution to the UN Sustainable 
Development Goals
Our approach to conducting long-term sustainable 
operations can be summarized using the golden 
rule: we treat others as we would like to be treated 
ourselves. Our sustainability efforts focus on the 
areas where we make the biggest difference for our 
customers, our employees and our shared future. 
This allows us to help our customers improve 
 people’s quality of life and safety all over the world.
The value created is linked to several of the 
UN Sustainable Development Goals (SDGs), 
in particular the goals of good health and 
well-being; industry, innovation and infrastruc -
ture; gender equality; and peace, justice, and 
strong institutions. 
17BUSINESS MODEL, GOALS AND STRATEGIES
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===== SIDA 18 =====

Customer value is  
the top priority
Strategies
• Customers and customer satisfaction are always our  
top priority.
• Close relationships and collaboration with demanding 
 customers ensure that Sectra’s solutions meet market  
demands for quality, functionality and usability.
• All employees conduct customer visits every year to keep 
their understanding of the daily operations of customers  
up to date.  
Read more on pages 20–21.
Sustainability target
Create significant value for our customers. Customers should 
be so satisfied with their experience that they remain for  
a long time, expand their use of our solutions and recommend 
Sectra to others.
Group-level result indicators
• Best in KLAS customer satisfaction rankings 
• Net Promoter Score (NPS) ≥20
Outcome 25/26: 
High level of customer satisfaction. 24 of 26 NPS measure -
ments indicated a score above the target value. Areas that did 
not achieve the target value have put action plans in place. For 
Best in KLAS awards, see page 33. 
Material sustainability areas
• Customers and end-users
• Privacy
• Access to quality information
• Corporate culture 
• Climate and energy
A corporate culture that  
drives customer value
Strategies
A corporate culture that motivates and inspires our employees 
to solve customer problems and constantly drive improvement.
Read more on pages 22–25.
Sustainability target
Customer satisfaction cannot be achieved without satisfied 
employees. Employees who are motivated, understand their 
customers, feel a sense of well-being and thrive will also 
increasingly develop new, creative solutions that can further 
increase the value we provide for our customers.
Our employees should perceive Sectra as an attractive, 
equal-opportunity workplace without bullying or harassment.
Group-level result indicators
• Employees’ “gut feeling” when coming to work ≥3.5 of 5 
• Corporate culture index ≥3.5 of 5 
• Leadership index ≥3.5 of 5 
• Equal treatment ≥3.5 of 5 
Outcome 25/26:
All target values were exceeded. 
Material sustainability areas
• Corporate culture 
• Work environment  
• Business conduct 
• Climate and energy
Overview of Group-wide 
 strategies and targets 
With a focus on customer value, this section summarizes the Group’s strategic priorities and sus -
tainability targets, which together set the direction for how we develop our operations and ensure 
that we are a long-term sustainable and future-proof partner for our customers. Each strategy 
area and our priority activities are presented in more detail on the following pages. 
18 BUSINESS MODEL, GOALS AND STRATEGIES
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 19 =====

Continuous innovation  
and new business
Strategies
• Innovation and continuous development to ensure we are 
well positioned to meet future customer needs. 
• Close collaboration with customers, research institutions 
and other industry players regarding our long-term product 
and market development. 
• New business and growth, mainly in areas and regions 
where Sectra has an established position and through 
 partners in other parts of the world. 
• Expansion primarily through organic growth, in certain cases 
supplemented by acquisitions that strengthen the Group’s 
organic growth. 
Read more on pages 26–27.
Sustainability target
Be a future-proof partner for customers. This target can  
be summarized in a quote ascribed to hockey great Wayne 
Gretzky: “Skate to where the puck is going to be.” 
Group-level result indicators
• Degree of innovation ≥3.5 of 5
Outcome 25/26:
The target value was exceeded.
Material sustainability areas
• Customers and end-users 
• Corporate culture 
• Climate and energy
Financial performance  
and long-term returns
Strategies
• Maintain a strong financial position that provides stability 
for customers, employees and stakeholders, and enables 
investments in products, services and areas that create 
additional value. 
• Prioritize business transactions in which Sectra can provide 
the most value instead of devoting resources to areas 
where the potential value is lower. 
• Reinvest profit in areas that have the potential to increase 
customer value and can thereby contribute to stable and 
long-term returns for our shareholders.
Sustainability target
Stability and profitability are considered fundamental goals. 
Once these have been met, the focus shifts to earnings 
growth, which in practice is our primary financial goal. 
Group-level result indicators
• Stability: Equity/assets ratio ≥30% 
• Profitability: Operating margin ≥15% 
• Earnings growth: Operating profit per share to grow by 
≥50% over a five-year period 
Outcome 25/26:
All target values were exceeded.
Material sustainability areas
• Customers and end-users 
• Corporate culture
• Work environment 
• Business conduct 
• Climate and energy
19BUSINESS MODEL, GOALS AND STRATEGIES
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===== SIDA 20 =====

Sectra is a stable and well- 
structured company that listens 
to customer insights and delivers 
high-quality products. Sectra also 
offers excellent training.
Manager at a customer in the US. Comments 
on Sectra’s radiology solution collected by KLAS 
Research, November 2025.
This culture helps motivate and engage our 
employees to truly understand and solve the 
customers’ problems and create added value 
for them. This understanding also leads to 
integrity and allows employees to turn down 
offers from potential clients whose challenges 
we are not equipped to solve.
enjoyable and attracting new employees  
is easier. With satisfied customers and 
 employees, Sectra will continue to be 
successful—which will also satisfy our 
owners.
Close partnerships with  
demanding customers
Some of the most important parts of 
Sectra’s values and how we act are built on 
thorough knowledge of our users’ day ‑to‑
day activities. We always strive to be there 
for our customers. Developing products 
that create real value and solve  customers’ 
problems requires our employees to 
understand their day ‑to‑day operations. 
Working closely with our customers is 
therefore a part of many of our  processes. 
For example, we partner closely with 
customers and research institutions on 
our long‑term product development. All 
employees, regardless of role, also conduct 
customer visits every year to keep their 
understanding of the daily operations of 
our customers up to date. 
What makes us stand out 
—our employees
Sectra’s solutions are recognized for their 
high degree of stability and usability. But 
according to our customers, what truly 
sets Sectra apart from its competitors is 
its employees—a group of highly skilled 
individuals who are more than happy to 
share their experiences and are prepared 
to go the extra mile to solve customers’ 
problems. The Sectra spirit is built on our 
customer‑oriented corporate culture. 
Customer satisfaction is top priority
A high degree of customer satisfaction is 
central to Sectra’s identity as a company, 
and the impetus to create value for our 
customers unites us. Satisfied customers 
are also an effective sales and marketing 
strategy. High levels of customer satis ‑
faction are the ultimate proof that we 
have solutions that create value in our 
customers’ operations and are delivered by 
excellent staff. Moreover, having satisfied 
customers means going to work is more 
Priority  
activities
• Hiring and retaining the right personnel.
• Leading through a customer-oriented 
corporate culture.
• Measuring and following up customer 
satisfaction.
• Involving customers in product and  
business development. 
• Building each employee’s understanding  
of our customers.
Sectra is an established brand in niche markets where trust is a vital success factor. Building  
this trust—like developing solutions that provide real value for our customers—requires that we 
understand and care for customers. 
Our strong focus on  
customer value builds trust
“
20 
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===== SIDA 21 =====

Showing tolerance and respect  
for each other as individuals  
and friends.
Spreading job  
satisfaction and joy. 
Offering solutions that benefit 
both individuals and society.
Thinking for oneself and 
assuming responsibility—
act and act smart. 
Continuously improving and 
innovating in high-  
tech fields.
Collaborating with demanding  
customers and competent  
end users.
Having a strong drive to 
always meet or exceed 
customer expectations.
Sectra’s corporate culture focuses on the customer
21
Sectra’s Annual Report and Sustainability Report 2025/2026BUSINESS MODEL, GOALS AND STRATEGIES
The knowledge to meet expectations. 
The passion to exceed them.

===== SIDA 22 =====

Attractive and equal-opportunity 
 workplace
Attracting talent is important for Sectra’s 
growth. That is why we focus on being a 
workplace where employees can thrive, 
 develop and have the preconditions to 
create value for our customers. 
At Sectra, everyone should be treated 
with equal respect, curiosity and attention 
regardless of how long they have been 
employed, the role they have, how old or 
what gender they are. We are deeply con ‑
vinced that everyone working at Sectra is 
employed because they have the ability to 
create value for our customers. This ability 
is what we value and focus on. 
An engaging corporate culture
Sectra’s culture is our way of ensuring that 
we meet our customers’ expectations. It 
guides our conduct, governs our priorities 
and creates shared values that bind us 
together. 
We work strategically and proactively 
to maintain and develop this corporate 
culture. We focus on leadership, communi ‑
cation, recruitment and training as well as 
evaluation of both managers and employ ‑
ees. For many years, we have conducted 
“rookie training” for new employees. Over 
three days, we provide them with insight  
into what Sectra stands for, how we create 
value for our customers and how each in ‑
dividual contributes to creating that value. 
We also have similar training for manag ‑
ers, where the focus is on the connection 
between leadership and customer value, 
culture and commitment. 
Attitude, ability and willingness to learn
Our customers expect to meet especially 
driven staff who want to understand and 
help them. That is why we recruit new em ‑
ployees based on the candidates’ attitude 
and characteristics, and on whether they fit 
in with the Sectra culture. In addition, we 
look for individuals who are willing and 
able to continually learn new things. We 
operate in a rapidly changing world where 
today’s knowledge could be of limited 
value tomorrow. That is why the ability to 
re‑learn and develop is important to us.
In addition to their immediate super ‑
visor and colleagues, all new employees 
are interviewed by the Group CEO. This 
rigorous employment process reflects how 
important we consider recruiting the right 
people for the company to be—individuals 
with the potential to grow and create value 
for our customers. 
Priority  
activities
• Hire for attitude and ability. Train for skill.
• Guiding decisions and conduct using a  
strong corporate culture.
• Creating an environment where everyone,  
especially those working most closely with our 
customers, has the possibility of affecting the 
company’s decisions and driving change.
• Creating conditions for employees  
to continuously develop.
Sectra has over 1,400 employees in 17 countries. Both in-house and third-party surveys show that  
Sectra is a workplace where employees are satisfied, feel that they are doing important things and  
have the opportunity to develop as individuals. This environment is something we nurture, enabling 
our employees to create value for our customers.
A corporate culture  
that drives customer value
22 
Sectra’s Annual Report and Sustainability Report 2025/2026 BUSINESS MODEL, GOALS AND STRATEGIES

===== SIDA 23 =====

One important reason why our customers choose  
Sectra is our personnel. Dedicated employees who feel  
like they’re doing something important every  
day—something that can affect millions of patients.   
Nurturing this motivation is the most important thing I do.
Marie Ekström Trägårdh, President of the Imaging IT Solutions  
operating area and Executive Vice President of Sectra AB
“
ration within the Group. We also provide 
various career alternatives. In addition 
to managerial roles, employees who have 
expert knowledge in a specific area can 
be promoted to senior roles without staff 
responsibilities or can be recommended for 
Sectra’s annual seniority program. Each 
year, employees who are regarded as truly 
embodying Sectra’s culture, who have 
a desire to work hard when needed and 
who possess extraordinary expertise in a 
particular area can be nominated by their 
colleagues. They can then be appointed as 
seniors or fellows. In addition to the sense 
of honor and gratification that comes from 
being appointed, these employees receive 
expanded benefits and increased freedom 
to govern their work on their own.
Possibilities for continued growth
Ensuring that our employees develop on 
a personal level as well as in terms of their 
expertise is important for employee job 
satisfaction and for our customers. This 
is why Sectra University, our educational 
organization, provides opportunities for 
in‑house and external continuing edu ‑
cation for Sectra employees and the staff 
of our partners. It also provides efficient 
onboarding in conjunction with a change 
of role or new employment. 
Employees are encouraged to grow and 
develop as individuals in various ways, 
for example through job rotation among 
departments, roles and national orga ‑
nizations. This spreads the company’s 
combined expertise and promotes collabo ‑
Managers who challenge
The foremost task of managers at Sectra 
is to make it possible for our employees 
to meet customer expectations for both 
expertise and attitude, thereby delivering 
value. The foundation is an understand ‑
ing of and a focus on customers in every 
decision we make. Our employees have a 
strong influence on the company, and a 
mandate to make intelligent decisions on 
their own. 
Managers should lead and act in accor ‑
dance with our culture, creating clarity by 
providing feedback and communicating 
goals as well as expectations and priorities. 
23
Sectra’s Annual Report and Sustainability Report 2025/2026BUSINESS MODEL, GOALS AND STRATEGIES

===== SIDA 24 =====

At Sectra, our success largely rests on our motivated employees who have a strong drive to help our cus -
tomers. The satisfaction and well-being of our employees is also essential for our success. Actively support -
ing the possibility of combining family and work is important for Sectra. Here are some of the new additions 
that brightened the world during the fiscal year.
Sectra welcomes  
future employees
Hailey Nim
Nicklas Nim
Cloud Engineer, 
Denmark
Thea Wilma Luther
Tim Luther
Expert Solution Architect, 
Germany
Maria do Carmo Rosário
Filipa Moutinho/David Rosario
Business Controller/Customer 
support manager, 
Portugal
Charlie Leonhardt 
Evelyn Siciak
HR Business Partner,  
Canada
Linnea Adolfsson
Henrik and Sofia Adolfsson
Software Architect/  
UX  Designer,  
Sweden
Naël Kannan Eecloo
Sam Eecloo
Deployment Engineer, 
Belgium
Hedvig Backhans
Gustav Backhans
UX Designer, 
Sweden
Leo
Catherine Dube
Program Portfolio Manager, 
Canada
Alve Zeijlon
Tom Zeijlon
Line Manager & Senior 
 Software Engineer, Sweden
Afonso Antunes
Maria Silva
Administrative assistant & 
office manager, Portugal
Ingrid Stacke
Karin Stacke
Research Scientist,  
Sweden
David Andersson
Daniel Andersson
Software Architect,  
Sweden
24 BUSINESS MODEL, GOALS AND STRATEGIES
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 25 =====

Sonny Ray Prothero
Mitch Prothero
Customer Operations  Engineer, 
Australia
Dean Bernard “Buddy” 
Jacqueline Shepherd
Account Executive,  
US
Helga Blomstrand
Regina Blomstrand
Software Engineer, 
Sweden
Ailin Bakhtiyari
Shahab Bakhtiyari
Customer Operations Engineer, 
Norway
Eliana
Mark El-Debs
Technical Engineer,  
Canada
Saar van Beek
Lindsay van Ballegooij
Salesmanager,  
the Netherlands
Tage Torberntsson
Kim Torberntsson
Senior Software Engineer, 
Sweden
Liam and Madison
Jill Reed-Ybarra
Application Specialist,  
US
Leonor Matilde Neves 
Daniel Benevides
Upgrades Engineer, 
Portugal
Henry Poxson
Josefin Nissa
Customer Operations Engineer, 
Sweden
Lennox
Leigh Kennedy
Application Specialist,  
UK
Sebastian Kinsey
Jeff Kinsey
Technical Engineer,  
Canada
Hanna Roser
Emil Nielsen
Solution Architect,  
Sweden
Sonny Gallagher
Brody Gallagher
Customer Success Manager, 
UK
Ida Buschhausen
Hannah Bovenkerk
Application Specialist,  
Germany
Ties 
Erwin Krikken
Solution Specialist,
the Netherlands
25BUSINESS MODEL, GOALS AND STRATEGIES
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 26 =====

Customer-centric product development
We continuously invest in new and ongo ‑
ing development of products and services. 
Development takes place in close dialogue 
with customers to ensure that we deliver 
solutions that make a real difference in our 
customers’ daily operations. In the past 
few years, for example, we have: 
• expanded our enterprise imaging 
solution with functionality for digital 
pathology, IT support for genomics, and 
ophthalmology,
• developed a platform to integrate 
external AI applications into customers’ 
Sectra solutions in healthcare,
• enhanced our cardiology offering with a 
new cardiac ultrasound product, placing 
particular emphasis on delivering opti ‑
mal performance through cloud ‑based 
platforms,
• launched new products and functions 
for secure digital communication and 
remote collaboration for operations that 
handle sensitive information, and 
Research to meet future needs
Through research, we help push the bound‑
aries beyond what customers are focusing 
on today. Our research team develops 
knowledge, methods and prototypes that 
pave the way for product development. 
Many of our innovation projects are con ‑
ducted together with universities, hospitals 
and strategic partners around the world. 
For example, we participate in projects to 
accelerate the development of AI ‑based 
diagnostic methods. Our projects in the 
field of data security focus on methods for 
protection against unauthorized network 
traffic analysis and new cryptographic 
methods. Read more about our research  
in the section for each operating area. 
You can find examples of our research 
partners and scientific publications in 
medical technology at  
medical.sectra.com/research
10–15%  
of consolidated sales are  
invested in R&D every year
25
patent families in the Group
24/2525/26
The Group’s R&D costs
Priority  
activities
• Constantly seeking improvement and innovation in 
our value creation, guided by our corporate culture.
• Pursuing agile development processes in close 
cooperation with customers.
• Conducting projects in a number of future areas 
such as data security, AI and precision medicine, in 
partnership with customers, research centers and 
other parties.
• Continuing to grow and becoming the leader in 
the segments and regions where the company 
conducts its own sales.
We want customers to know that Sectra is a future-proof choice that can help them meet the challenges 
of today as well as tomorrow. Our strategy for innovation is based on allowing customers’ needs, combined 
with Sectra’s knowledge of trends and technology, to drive the development of our customer offering. Our 
strategy for growth is based on targeting markets that need to grow regardless of the economic climate. 
Continuous innovation  
and new business
• invested in developing services to 
 support critical infrastructure in society. 
Development in every part  
of the business
We want to deliver as much value as 
possible to our customers. That is why 
we engage in a close dialogue with our 
customers to continuously evaluate and 
develop how we interact with them, how 
we provide services and how we package 
solutions. The transition to cloud deliver ‑
ies is one example, as is packaging Sectra 
One, our enterprise imaging solution, as a 
subscription service. We are also modern ‑
izing and digitizing our internal systems 
within accounting, order management and 
data analysis.
408
SEK m
439
SEK m
26 BUSINESS MODEL, GOALS AND STRATEGIES
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 27 =====

~30
partners
23
countries with direct sales
  Share SEK m
 US  31% 1,086 
 Sweden  19% 684
 UK  16% 580
 Other Europe  24% 851
 Rest of World 10% 341
Sales per market 25/26Focused geographic expansion
Sectra’s geographic expansion is based 
on the belief that it is better to be big in 
fewer countries than to be small in many. 
By concentrating our resources on select 
markets, we can build strong customer 
relationships, deliver high quality, and 
establish a leading position in the segments 
where we operate. Our ambition is to be 
the largest or second largest supplier in our 
priority segments, in the countries where 
we conduct our own sales. This strategy 
is complemented by controlled growth 
initiatives in carefully selected markets, 
both our own operations and through dis ‑
tribution partners. This allows us to create 
new business opportunities while ensuring 
long‑term sustainable expansion. 
Presence via partners*
Presence via own offices
Sectra companies
*  The map does not include countries where Sectra’s services and products are sold on a project 
basis via agents, a model that is used in the Medical Education business unit, for example.
27BUSINESS MODEL, GOALS AND STRATEGIES
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===== SIDA 28 =====

Imaging IT 
Solutions
Business  
Innovation
Medical IT
To maintain a high quality of care despite today’s population trend, the healthcare 
sector needs to accomplish more with limited resources. Providing healthcare for 
an aging population and today’s shortage of healthcare personnel entail significant 
challenges. Sectra’s IT systems for medical diagnostics, planning and follow-up of 
surgical procedures, and training play a crucial role in meeting these challenges. 
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 29 =====

Trends and drivers
More than one in five people in Europe and North America  
are currently over the age of 60, a number that continues to rise. 
At the same time, fewer children are being born, which means 
that the working ‑age population—those who pay taxes and are 
able to work in healthcare—is shrinking. A growing need for  
care and personnel shortages are some of the biggest challenges  
in healthcare.
Medical advances and improved prevention, diagnostic and 
treatment methods are allowing people to live longer with a better 
quality of life. Illnesses that were previously deadly, including 
many forms of cancer, can now be cured or develop into chronic 
conditions that can be managed in daily life. This increases the 
need for periodic check‑ups and follow‑ups, resulting in higher 
diagnostic imaging volumes. 
Digitization and technological advances such as AI are creating  
the conditions for more efficient ways of working, better acces ‑
sibility and higher quality of care. Realizing these possibilities 
requires well‑functioning and integrated IT environments, a high 
level of system interoperability, and robust information security 
and cybersecurity.
The consolidation of the healthcare sector is also continuing 
through acquisitions and mergers. This is leading to increased 
demands in terms of scalability and management of large  
volumes of medical images. 
Aging population
• Increased incidence of cancer, cardiovascular diseases  
and  problems with the nervous system, skeletal system,  
vision and hearing
• More patients with chronic diseases and considerable  
need for care
• Labor shortage
• Increased healthcare costs
Medical and technological advances 
• Improved and increased diagnostic imaging, particularly  
cancer diagnostics 
• Growing use of molecular diagnostics for precision   
medicine, especially increasing volumes of genomics data
• AI moving from pilot projects to boosting productivity  
in  clinical workflows
Digitization and consolidation
• Stricter cybersecurity requirements 
• Fewer and larger healthcare providers operating across regions
Trends and needs  
driving the healthcare market
We help the healthcare  
sector meet the challenges  
of an aging population
Efficient diagnostic imaging for illnesses affecting elderly people is highly 
prioritized in the healthcare sector. With our diagnostic imaging solu-
tions, we can meet customers’ growing needs within areas such as: 
• cancer
• cardiovascular diseases
• musculoskeletal diseases
• ear and eye diseases
• neurological diseases
29
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===== SIDA 30 =====

Medical images are crucial to diagnosis and care
Medical images play an important role in illness diagnosis, treatment and follow-up. Sectra’s solutions can therefore create considerable 
value for healthcare, patients and society at large. Examples of when medical images are used in the healthcare:
Training of medical and healthcare 
students and professional develop-
ment of healthcare personnel
Direct dialogue with 
 patients where they are 
able to see their images
Dialogue regarding 
patients between health-
care departments
Diagnosis, planning of treatment  
and monitoring of musculoskeletal  
injuries and diseases
Follow-up after 
treatment 
Assessing tumor  
aggressiveness and spread
Early detection of  
cancerous tumors
Diagnosing  
heart problems
Customer needs How Sectra meets these needs
Collaboration with respect 
to resources, expertise and 
patients.
One IT system for all medical images (see page 34), supporting coherent care pathways, regional and 
national collaboration, and integration with other healthcare IT systems.  
Increase productivity and 
shorten diagnostic lead times.
Stable and user-friendly solutions that streamline workflows, reduce manual steps, and support faster 
diagnostics and follow-up, particularly for illnesses affecting the elderly and in cancer care. Native  
AI support supplemented by integrating AI algorithms from third-party vendors.
More efficient collaboration 
between different key cancer 
care functions with respect to 
precision medicine.
Unique solution for integrated diagnostics that combines images and information from radiology and 
pathology with genomics and other diagnostic data.
Modernize and streamline 
training of physicians, nurses 
and veterinarians.
A solution for real-world medical education and effective skills development, from basic to specialist 
 training.
Scalability and reliability. Modular systems with very high availability, delivered primarily as cloud-based services which increase 
scalability, reduce IT complexity and simplify AI adoption. Sectra also takes responsibility for infra -
structure, maintenance and upgrades, thereby lowering the burden on the customer’s IT department.
Strengthen cybersecurity and 
protect patient data.
The systems are built for robust operation and a high security level, based on Sectra’s extensive expertise 
in information security and long-standing experience of helping social functions and critical infrastructure 
to protect systems and data against unauthorized access. Cloud solutions contribute to high cybersecurity.
Translate technological advances 
and new treatment methods 
into real-world  clinical value.
Substantial investments in R&D to make new technology and methods useable in customers’ everyday 
operations.
30 
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===== SIDA 31 =====

The global market for all digital 
pathology software 2, USD million
2029
792
2024
379
16 %
Medical education
3,600+
educational institutions3, 4 and  
hospitals worldwide offer basic  
and specialist medical training.
Digital pathology 
Pathologists are transitioning from 
micro scopes to digital examination of tis-
sue samples and the market is growing 
rapidly. Swedish healthcare is a pioneer 
and has made the most progress world-
wide, having digitized primary diagnostics 
at more than 50% of the country’s 
pathology labs. While Sweden is home to 
32 pathology labs, the equivalent figure 
for the US is over 5,000, which high-
lights the major growth potential within 
the area of digital pathology for primary 
diagnostics. As in other diagnostic 
imaging areas in healthcare, digitization 
also provides entirely new possibilities to 
use innovative technology such as AI and 
large databases to increase quality and 
efficiency.
Medical imaging IT—radiology and cardiology 
Existing IT systems for radiology are being replaced 
with consolidated solutions for image management 
across entire organizations or regions, known as enter-
prise imaging. This trend has gained momentum in 
developed countries where picture archiving and com-
munication systems (PACS) for radiology and cardiology, 
vendor-neutral archive solutions and electronic medical 
record systems have achieved a high penetration level. 
 Sectra’s comprehensive solution also manages med-
ical imaging in pathology and ophthalmology, and covers 
other areas such as IT for genomics, which are not 
included in the estimates presented here. Nor do the 
estimates include AI-based solutions in medical imaging 
management. The AI market is still at an early stage of 
development and is expected to grow significantly faster 
than the underlying imaging management market in the 
coming years.
The global market for IT systems 
for radiology and cardiology1, 
USD million 
Market size
Compound annual  
growth rate 2024–2029
1 Medical Imaging IT & AI – Service Database 2026, Signify Research June 2026
2 Digital Pathology – World – 2025, Signify Research November 2025
3 Overview of the world’s medical schools: an update. (2014) https:/ /doi.org/10.1111/medu.12499 
4 World Directory of Medical Schools, https:/ /www.wdoms.org
5 Ian J. Wallace, Steven Worthington, David T. Felson, Robert D. Jurmain, Kimberly T. Wren, Heli Maijanen, Robert J. Woods, Daniel E. Lieberman. Knee osteoarthritis has 
doubled in prevalence since the mid-20th century. Proceedings of the National Academy of Sciences, 2017. http:/ /www.pnas.org/content/114/35/9332
Cloud usage is accelerating
Interest in cloud services in healthcare 
has been strengthened by the sector’s 
increasing need for cost efficiency. Of 
the global market for radiology IT (en-
terprise imaging and standalone PACS) 
in 2025, cloud-based services (hosted 
cloud) accounted for approximately 13%. 
This share is growing and is projected to 
exceed 21% by 2030.1 
Orthopaedics
Hundreds of millions of people suffer from 
osteoarthritis, a disease that often leads 
to hip, knee and shoulder joint replacement 
surgery. The number of patients affected 
by the disease has doubled over only a 
few generations.5 According to the UN 
World Health  Organization (WHO), the 
disease is one of the main global healthcare 
 challenges, alongside  cancer and stroke.
Cardiology IT Enterprise Imaging
Radiology IT Enterprise Imaging and Enterprise IT
Radiology IT stand alone PACS
Compound annual growth rate 2025–20302030
2,188
524
11%
5%
2025
1,748
309
1,556 1,536
3,612
4,247
0%
31
Sectra’s Annual Report and Sustainability Report 2025/2026THE MARKET FOR MEDICAL IT

===== SIDA 32 =====

Products and services 
IT systems for diagnostics, archiving, presentation and communication  
of all types of medical images and related patient information. Our  
service offering also includes cloud infrastructure service and operations, 
 support and upgrade agreements, as well as training and other services 
connected to the use and implementation of Sectra’s solutions.
Customers
Healthcare providers that are growing and being consolidated—normally 
major hospitals with a high throughput, regions, hospital systems and 
private clinic chains. 
Sales channels and geographic presence
In-house sales organizations in 23 countries and partners in some 30 
countries. The largest markets are Scandinavia, the UK and the US.
Competitors
Agfa, Fujifilm, GE Healthcare, Optum and Philips Medical Systems are 
international players in enterprise imaging. Other competitors include local 
players and companies targeting different subsegments, such as Visage 
Imaging (radiology) in the US and Tribun Health (digital pathology).
Marie Ekström Trägårdh
President of the Imaging IT Solutions operating 
area and Executive Vice President of Sectra AB
Financial key figures
3,057
Net sales
SEK million
707
Operating profit
SEK million
1,076
Number  
of employees 
For comments on financial performance, refer to the Administration 
Report on page 72.
Operating area  
Imaging IT Solutions
Where we are headed
Our long‑term ambition is to streamline diagnostics 
for customers, improve quality of care and be a leading 
strategic partner within diagnostic imaging, particularly 
in cancer care. 
Where we are now
Sectra is one of the world’s leading providers of IT systems 
for managing medical images and patient information 
related to diagnostic imaging. We have more than 2,500 
installations of medical IT systems worldwide, including 
several of the world’s top‑ranked hospitals. Together, they 
handle more than 170 million examinations annually.
Top-ranked in customer satisfaction
When our customers are satisfied, we know that we 
are delivering value and solutions that meet our users’ 
needs. We follow up customer satisfaction with our own 
Net Promoter Score (NPS) measurements and through 
external surveys conducted by the analysis company 
KLAS Research. KLAS’s analyses are considered the 
industry standard for customer satisfaction surveys 
focused on IT systems in healthcare, and Sectra has 
topped the company’s rankings for many years. Within 
the radiology segment, Sectra has been top‑ranked in 
customer satisfaction for 13 consecutive years in the US 
and seven years in Canada. We also received a top rank‑
ing in northern and southern Europe, DACH, Australia 
Sectra Imaging IT Solutions is a leader in medical imaging IT, and offers IT systems 
and services that allow customers to offer care for more patients, while retaining  
or improving the level of quality.
32 THE MARKET
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===== SIDA 33 =====

Market position driven by innovation  
and satisfied customers
• Broad portfolio with all medical specialties in a single solution
• Consolidation of diagnostic functionality in one platform
• Cloud service where Sectra takes full responsibility for operation, support,  
oversight, upgrades and knowledge transfer
• Subscription model including management, operation, support, updates  
and specialist expertise
• Award-winning service and support that guarantees high availability
1 KLAS Research, Decision Insights. The survey included procurements from January 2024 to January 2026.
By using Sectra PACS, our 
productivity went up on day one. 
Beyond that, we have seen real 
outcomes; for example, we have 
expanded more easily, added  
new hospitals, and launched new 
service lines, digital pathology 
being a major one we couldn’t  
do before. We are also moving  
to the cloud with Sectra PACS, 
and that opens up even more 
opportunities.
A US healthcare department director to 
KLAS Research in October 2025.
“
and New Zealand, and the Middle East. 
Sectra was also highly ranked in the digital 
pathology segment, which currently only 
measures customers in Europe. The KLAS 
Research surveys also indicate that Sectra 
is the supplier that most US healthcare 
providers consider and choose.1
Strong position as an enterprise vendor 
We have long held a strong position in IT 
systems for managing radiology images. 
Today we are the enterprise imaging ven ‑
dor that many customers turn to. As the 
first and only supplier able to offer radiolo ‑
gy, pathology, genomics, cardiology, ortho ‑
paedics and ophthalmology in the same 
solution, we are well positioned to help 
customers consolidate their IT systems 
and collaborate more effectively between 
specialties. This is especially the case for 
cancer diagnostics, where our investment 
in a consolidated system is appreciated. 
Customers often begin by introducing 
a system for a specific specialty, usually 
radiology. Then they can expand to include 
additional modules in our offering (see 
page 34). The ophthalmology module is 
one of the most recent additions to Sectra’s 
enterprise solution and is currently used by 
a handful of customers in Europe and the 
US. There is also an ongoing initiative in 
IT support for genomics (see page 40), with 
a new module that broadens and strength ‑
ens our offering in medical diagnostics.
  
More customers are digitizing pathology 
We have a leading market position in 
pathology and are considered drivers in the 
industry. More than 4 million cases have 
been diagnosed using our solution, and it 
is used for primary diagnostics at over 130 
laboratories around the world. In addition 
to new customers who choose Sectra to 
digitize pathology, existing customers are 
also increasingly adding it to their enter ‑
prise solutions. This is especially the case 
in Europe, but we are also seeing a shift 
in the US, where more customers have 
done so in recent years. The same is true 
for Australia, where digitization is now 
beginning to take off. 
Rapid growth in the US, and significant 
potential in newer markets 
Sectra commands a market ‑leading posi‑
tion in the Netherlands, Norway, Portugal 
and Sweden, and a prominent position in 
the UK. In some countries, we command 
such a large market share that our growth 
potential in certain product segments is 
limited. However, this is not the case in 
the US, where we have a relatively small 
market share but very high customer satis ‑
faction. The business in the US has grown 
rapidly in recent years, thanks to a steadily 
increasing level of trust from several health ‑
care providers. We also have considerable 
growth potential in the Canadian and 
French markets, which are newer for us. In 
markets where we don’t have an established 
position, we are growing with distribution 
partners that align with our strategy and 
corporate culture. Japan is the latest exam ‑
ple of a market where we are establishing a 
presence through partnerships.
More and larger customer projects  
than ever before
The growing volumes of medical images 
and the consolidation taking place in 
healthcare are leading to larger customers, 
higher demands for efficiency and more 
extensive procurements than before. In 
order to meet these needs, we are con ‑
tinually working to increase scalability, 
improve processes and use our resources 
even more efficiently. This has resulted, 
for example, in preconfigured solutions 
and tools that enable customers to be more 
self‑reliant. In order to manage large cus ‑
tomer projects, we also have an established 
process that follows the customer’s entire 
journey, allowing us to prevent problems 
and meet needs promptly.
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===== SIDA 34 =====

Enterprise IT platform and applications with modules for medical diagnostics. In addition to our core solutions,  
we also offer add-on functionality to further optimize workflows and user efficiency.
Advantages of Sectra’s enterprise solution
Sectra’s offering allows healthcare providers to manage all medical 
images in the same system. The offering consists of an IT platform 
and applications that enable unified management of medical imag ‑
es, videos and documents. All content is stored and made available 
securely for healthcare personnel throughout the hospital.
The offering is primarily sold as a subscription ‑based service in 
which Sectra takes total responsibility for the operation of the 
system. We call this service Sectra One, or Sectra One Cloud  
when it is provided through the cloud.
Product development for improved patient care
To meet customer demand, the existing products are being devel ‑
oped and long‑term growth initiatives are ongoing in new areas 
such as AI, ophthalmology and integrated diagnostics. AI plays 
an important role when it comes to tackling the challenges facing 
healthcare due to personnel shortages and higher workloads. Our 
own AI development is primarily focused on streamlining custom ‑
ers’ clinical workflows as well as facilitating customers’ adoption 
of AI in clinical use. We do not believe the AI development will 
replace the need for Sectra’s products. Instead, we believe it will 
complement the offering and provide an opportunity for health ‑
care to automate or streamline manual elements of the diagnostic 
process. Sectra is also conducting several of its own research projects 
(see page 43).
AI as a value creator
With constantly increasing volumes of healthcare examinations 
coupled with a shortage of radiologists and other specialists, the 
market for AI in diagnostic imaging is growing rapidly. Sectra helps 
to implement AI directly into healthcare diagnostic workflows and 
IT environments, enabling staff to work more efficiently, make faster 
decisions, and free up time for patient care. Our AI offerings focus 
on the following components:
• AI for operations | Automation of complex IT tasks helps to 
reduce manual work and improve efficiency.
• AI for workflows | Efficient prioritization of patients and 
 examination sorting as well as examination documentation  
and reporting features. 
• AI for diagnostics | Identification, quantification, segmentation 
and classification of a wide range of diagnostic findings and 
observations. 
Sectra’s AI strategy is based on in‑house technical expertise, strong 
partnerships with AI vendors and customer collaboration. Sectra has 
also strengthened its autonomous AI offering through the acquisi‑
tion of Oxipit (see next page). 
The Sectra Amplifier Services marketplace provides access to over 
100 validated AI applications in radiology, pathology and cardiol‑
ogy. By combining our own innovations with the best third‑party 
applications, we help reduce complexity, strengthen patient safety 
and enable healthcare personnel to benefit from new technologies 
that can help to improve patient care.
Orthopedic
planning
Ophthalmology
imaging
Breast
imaging
Genomics
Enterprise
archive
Education
A unified strategy for all  
imaging needs
34 OPERATING AREA IMAGING IT SOLUTIONS
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===== SIDA 35 =====

Autonomous AI  
enables efficiency gains  
and cost savings 
Most AI in radiology today acts as decision support, flagging 
findings, suggesting measurements, or assisting prioritization. 
These tools enhance the workflow, but do not replace any part 
of the process. Autonomous AI represents a different model. It 
is developed and validated to independently complete a specific 
diagnostic task. The scope of autonomy is clearly defined, 
performance thresholds are rigorously validated, and use is 
governed by regulatory approval. 
Through the acquisition of AI company Oxipit, Sectra 
strengthened its capabilities in autonomous AI for diagnostic 
imaging during the year. Oxipit holds the first CE Class IIB certi-
fication1 for autonomous AI in chest X-ray analysis. This feature 
makes it possible to identify and clear high-confidence normal 
examinations, without review by a radiologist. This allows 
radiologists to focus their work on examinations with a higher 
risk of disease. This is an excellent example of how autono-
mous AI can expand customer capacity, reduce radiologist 
workload, and generate substantial financial benefits through 
higher productivity and lower costs. 
1 CE class IIb certification confirms compliance with EU medical device regulations and permits commercialization within the EEA.
The ability of AI to autonomously clear 
high-confidence normal cases marks a trans -
formative step for radiology. By combining 
clinical confidence with intelligent automation, 
we can expand capacity, reduce radiologist 
workload, and generate substantial financial 
benefits through higher productivity and lower 
costs. We look forward to continuing to sell 
Oxipit products in Europe and advancing the 
necessary regulatory approvals to bring it to 
more markets worldwide.
Torbjörn Kronander, President and CEO of Sectra
“
35OPERATING AREA IMAGING IT SOLUTIONS
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===== SIDA 36 =====

A paradigm shift in Sectra’s business model—
from licenses to cloud services
Sectra has been undergoing an extensive transformation for several years, shifting from traditional license 
sales to a business model based on service sales and delivery via the cloud. This transformation is a strategic 
initiative to position us for the future, one that will result in a higher rate of innovation, faster delivery, 
increased scalability, and greater security for our customers. This is crucial for managing growing image 
volumes, easing the burden on IT departments, and strengthening protection against cyberthreats.
The transition is affecting the entire value 
chain from product development—with  
all new solutions designed to operate in  
a cloud environment—to how the orga ‑
nization adds customer value. Smaller, 
cross‑functional teams have been estab ‑
lished and work closely with a limited 
number of customers. At the same time, 
Sectra has honed its expertise and coor ‑
dination within and between various 
regions, contributing to increased internal 
efficiency. Revenue and profit reporting 
has also been affected by the transition.
The transition supports enterprise 
imaging, AI implementations, integrated 
diagnostics and precision medicine. In 
addition, it offers advantages from both 
cybersecurity and environmental per ‑
spectives. Read more about sustainability 
aspects on page 88.
Although this shift is putting pressure on 
Sectra’s financial performance in the short 
term, it will ultimately build a stronger 
business. The transformation thus requires 
both persistence and a long ‑term focus. 
Our progress in the transition
Sectra’s transition to cloud deliveries for 
medical diagnostics began back in 2012, 
and the first cloud‑based delivery was 
completed a couple years later. Efforts 
intensified as the market matured and 
demand for this type of delivery increased. 
Today, the offering is at the forefront of 
the market, packaged and sold under the 
Sectra One Cloud model (see page 34). In 
this delivery model, Sectra assumes full 
responsibility for the technology, installa ‑
tion, operation and support of the service 
as well as for the private or public cloud 
infrastructure provided through strategic 
partnerships. 
North America leads the transformation 
Sectra’s performance in terms of recurring 
revenue clearly reflects the rapid pace of 
the transition. 
Cloud recurring revenue  
SEK 895 million
+57%
25/26
 
Sectra One Cloud is used by customers in 
both Europe and North America. The US 
and Canada have made the most progress 
in the transition to the new business 
 model. Approximately 27 million 
examinations are currently reviewed using 
Sectra’s cloud‑based services in these 
countries, where all new customer sales are 
for service deliveries in the public cloud. 
Volumes are increasing as new customers 
go live with the services. 
Large contracts drive future volumes
Sectra has secured several of its largest 
contracts to date in recent years, with lead ‑
ing healthcare providers in countries such 
as Canada, the UK, Sweden and the US 
choosing Sectra’s cloud service. While the 
largest new customers are not yet in full 
production, several of them have started 
using Sectra’s service in select hospitals. 
This marks the beginning of the extensive 
roll‑outs planned for the current fiscal year 
and beyond. 
More and more customers are choosing 
the service model in other markets as 
well, both in new procurements and those 
renewing their agreements. In Europe, five 
customers converted to the cloud service 
in 2025/2026. Private cloud infrastructure 
is still the most common option in this 
region.
For customers with existing license agree ‑
ments, Sectra has an established process 
to simplify the transition to Sectra One 
Cloud. However, this change is only pos ‑
sible when renewing an agreement, which 
means that it could take several years 
before all customers have transitioned to 
the subscription model. 
Listen to Fredrik Gustafsson, CTO, discuss Sectra’s 
offering and how the transformation is impacting  
the company’s operational growth and financial 
 performance: investor.sectra.com/cmd2025 
36 OPERATING AREA IMAGING IT SOLUTIONS
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===== SIDA 37 =====

Advantages of Sectra One  
and Sectra One Cloud
• Higher diagnostic quality, since all medical 
images and related patient information are 
available in one platform.
• Shorter time to treatment with complete, 
consolidated patient overview and integrated 
diagnostics.
• Greater scalability and a high level of flexibility  
to expand functionality and services module  
by module.
• Having fewer IT systems to maintain increases 
IT security and streamlines operations.
• Pricing is based on use, which gives customers 
flexibility when their volumes or organization 
change.
37OPERATING AREA IMAGING IT SOLUTIONS
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===== SIDA 38 =====

Lead with customer 
success 
Transitioning to a subscription  
service with a focus on the cloud
Build for  
sustainable growth
Focusing on growth opportunities
Sectra is well positioned to meet the healthcare sector’s needs to increase its produc -
tivity, improve patient care and make the best use of available resources. Demand for 
cloud-based services and delivery models such as Sectra’s is growing in many countries. 
Consolidating or replacing older IT systems in healthcare settings continues to be an 
important growth opportunity. There are also diagnostic specialties, such as pathology 
and ophthalmology, that are on the threshold of major IT-related change. These are niches 
where we have significant opportunities to grow with our scalable and modular offerings. 
We see an opportunity to expand in Europe and North America in particular as well as in 
several selected countries in other regions. We are growing with distribution partners in 
markets where we do not have an established position.
The way forward
To achieve the operating area’s long-term ambition, we are focusing primarily on activities in these three areas: 
Listen to Marie Ekström Trägårdh, President of the Imaging IT Solutions operating area, explain more about the way forward in the 
presentation from Sectra’s 2025 Capital Markets Day at investor.sectra.com/cmd2025 
Following up and acting on customer feedback to preserve customer loyalty and corporate culture. 
Expanding partnerships with existing customers where Sectra’s products and services can contribute to further efficiency enhancements 
and support expansion. 
Selling and delivering cloud services and moving existing customers to service deliveries on contract renewal.  
This includes automating and standardizing how we install and deliver software in the cloud.
Using AI to streamline our own work and help our customers achieve clinical advantages through AI.
Developing the organization and processes to better ensure the customer’s success through initial implementation and long-term use  
of Sectra’s services. This development is also to contribute to our own operational efficiency.
Investing in innovation and in business and product development with a specific focus on diagnostics within age-related illnesses and cancer.
Some activities have the potential to make positive contributions to the earnings trend within one or two years, but the majority have a longer time 
horizon. For information on risks, refer to the Administration Report on page 74 and Risks, risk management and sensitivity analysis in Note 31  
on page 144.
Priority activities
38 OPERATING AREA IMAGING IT SOLUTIONS
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===== SIDA 39 =====

For comments on financial performance,  
refer to the Administration Report on page 72. 
Financial key figures
107
Net sales
SEK million
16
Operating profit
SEK million
47
Employees 
Number 
Operating area  
Business Innovation
Johan Carlegrim
General Manager Medical 
Education business unit
Gustaf Schwang 
General Manager Ortho-
paedics business unit
Fredrik Lysholm  
General Manager 
Genomics IT business unit
Claes Lundström  
Research Director 
Medical Systems
Business units
Genomics IT, Medical Education and Orthopaedics.
Research and future projects
Sectra’s medical technology research department and 
various future projects. Business Innovation also manages 
and develops Sectra’s patent portfolio.
The Group incubator 
Business Innovation is the Group’s primary incubator.  
It includes business units, research operations and future 
projects that, in their current phases, can benefit from 
being pursued in an incubator environment or that do 
not easily fit into any of our existing operating areas. 
The latter may be because the products and services 
are intended for a customer segment that we are not 
currently targeting. The long ‑term ambitions for Business 
Innovation are to:
• contribute to better care for patients by solving  
difficult and important problems encountered by 
Sectra’s customers,
• commercialize new technology, validate clinical 
benefits or pursue projects that could lead to new and 
innovative solutions that add value for customers in 
Sectra’s niche areas, 
• give smaller operations and business units the best 
conditions to develop and grow, 
• build and manage a strong patent portfolio in Sectra’s 
key areas, and 
• develop business models for new products and services. 
The research department’s roles are to support Sectra’s 
established areas and to evaluate and conduct long ‑term, 
high‑risk projects that can result in business within three 
to ten years.
In Business Innovation, there are currently only med ‑
ical technology projects and operations, but this may be 
expanded to include projects in other areas in the future.
39
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===== SIDA 40 =====

Customers and sales channels
The customers are hospitals that handle large volumes of genomic data analyses. Sales 
take place as part of Sectra Imaging IT Solutions’ customer offerings.
Market position 
Sectra launched a strategic initiative in Genomics IT in 2022. This relatively new 
market is currently in an early growth phase. Given its essential role in precision 
medicine, genomics is one of the fastest growing fields within medical diagnostics. 
Sectra sets itself apart with a solution that integrates genomics data with imaging 
and pathology information, providing a more comprehensive patient overview, 
particularly in precision medicine and cancer diagnostics.
Some projects soar while  
others fade away 
Sound scientific and medical evidence 
is essential in healthcare. Implementing 
new technologies and methods is often a 
protracted process associated with high 
risk. As a result, some research and other 
early‑phase projects will never grow to any 
major degree. 
In some cases, the operations in Business 
Innovation are already profitable with 
existing customers, but they need to grow 
further. In the long term, the business 
units and projects are to be managed in 
one of the following ways: 
• become a separate operating area
• incorporate the unit into an existing op ‑
erating area. This occurred, for example, 
when digital pathology was transferred 
to Imaging IT Solutions in 2014, due to 
the major synergies identified
• be discontinued if the unit does not offer 
sufficient potential, which occurred, for 
example, with the osteoporosis business 
unit in 2017/2018, or
•  spin off as an independent company or 
be sold to an external party if this proves 
to be the best solution from a financial 
standpoint, as was the case when the 
business unit for a low‑dose mammo‑
graphy product was divested in 2011  
and when patents were sold in 2015.
IT support for genomics
Every patient is unique, and tailoring care 
to the individual patient’s needs plays an 
important role in outcomes. Personalized 
care, also known as precision medicine, is 
a rapidly growing medical field that uses 
an individual’s genetic profile to determine 
the right course of preventive measures, 
diagnostics and treatment. The field is par‑
ticularly well developed in cancer care. By 
leveraging all patient data across radiology, 
pathology and ultimately genomics, the 
most beneficial cancer treatment is selected 
for each individual patient. 
To effectively deliver precision diagnostics 
and support new diagnostic workflows, 
close collaboration between multiple med‑
ical specialties is required. In partnership 
with healthcare providers in the US and 
Sweden, Sectra is driving innovative product 
development in this area to further increase 
customer value. The work with genomics 
is similar to what was done when Sectra's 
radiology offering was expanded with 
digital pathology. By combining medical 
imaging for radiology and pathology with 
IT solutions for genomics, we contribute to 
developing the diagnostics of the future. 
Sectra’s innovative IT solution for 
managing genomics data was developed 
in close collaboration with the University 
of Pennsylvania, which has been using the 
system in clinical operation since 2024. 
Partnering with one of the most reputable 
healthcare providers in the US provides 
valuable feedback that advances product 
development. 
The way forward 
The ambition is to facilitate cancer diag ‑
nostics so that more patients can receive 
personalized care. We achieve this by devel‑
oping and selling services for managing large 
volumes of genomic data analyses and by 
contributing to better integrated diagnos‑
tics. The services are part of Sectra’s unique 
solution for integrated diagnostics, where 
images and information from pathology and 
radiology can be combined with molecular 
diagnostics in the form of genomics. 
Following the successful introduction 
with the first customer and the continued 
development of the offering in response 
to changing business needs, the focus is 
now on establishing additional customers 
in North America and Europe. A rigorous 
process is underway to ensure successful 
implementations by selecting the right cus ‑
tomers to both advance the development 
and build further strong references ahead 
of a subsequent larger‑scale rollout.
Priority activities: 
• identifying and qualifying new customers,
• targeted marketing efforts to increase 
visibility in the market, 
• broadening the customer offering with 
support for additional types of molecular 
pathology data to make the offering more 
attractive to a wider market, and 
• further developing integrations between 
genomics, pathology and radiology to 
strengthen Sectra’s offering in integrated 
diagnostics.
40 OPERATING AREA BUSINESS INNOVATION
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===== SIDA 41 =====

Customers and sales channels
The business unit’s customers are private and public  
orthopaedic clinics as well as manufacturers of prosthetics 
and implants. Sales take place through an in‑house sales 
organization, distribution partners and as part of Sectra 
Imaging IT Solutions’ customer offerings. 
Market position 
Sectra is currently the market leader in preoperative 
planning of orthopaedic procedures in Scandinavia. We 
also command a strong market position in several other 
countries, including the Netherlands and the UK, and 
have a growing customer base in the US.
Orthopaedics
Joint replacement surgery is by far the largest 
market segment within orthopaedics and 
is responsible for more than one‑third of 
total revenue in the orthopaedics market.1 
The segment is expected to grow signifi‑
cantly due to the aging population and 
higher expectations for patient mobility and 
quality of life. In addition, several million 
surgeries are performed globally every year 
due to fractures caused by accidents, falls 
and activity‑ related injuries. To meet the 
growing need for better, more efficient care 
related to these kinds of surgical procedures, 
Sectra offers IT systems for image‑based 
planning and follow‑up of orthopaedic 
surgery. 
For healthcare providers, increased preci ‑
sion in diagnosis, planning and monitoring 
leads to reduced costs, since the operating 
time is shortened while the number of im ‑
plants to be prepared before every surgery is 
reduced. For the patient, shorter operating 
times reduce the risk of postoperative infec ‑
tions and other complications. An accurate 
diagnosis before surgery also reduces the 
risk of unnecessary and risky surgery, such 
as revision surgery in the case of a suspected 
loose implant. Using the service Sectra Im ‑
plant Movement Analysis (IMA), surgeons 
can more accurately determine at an  
early stage whether an implant is loose. 
Sectra’s orthopaedics offering also 
includes tools that improve and simplify 
work for radiologists who specialize in the 
musculoskeletal system (musculoskeletal 
radiology). This specialty accounts for a sig‑
nificant share of the total volume of radio ‑
logical images in hospitals. These tools 
allow radiologists to perform otherwise dif ‑
ficult and time‑consuming measurements 
more quickly and efficiently. Some complex 
measurements can be performed up to ten 
times faster than using conventional meth ‑
ods. In addition, the ability for orthopaedic 
surgeons and radiologists to work together 
in the same system also saves additional 
time, with faster diagnoses as a result. 
Furthermore, our solutions also contrib ‑
ute to simplifying and streamlining the 
proof‑of‑concept process for new implants. 
Sectra’s service makes it possible to use 
computed tomography to measure move ‑
ment between the implant and bone in an 
entirely new way. Scientists and implant 
manufacturers are thus able to increase the 
quality and long ‑term survival rates of new 
implants, which is of the utmost impor ‑
tance for patient safety. 
The way forward
The business unit’s ambition is to contrib ‑
ute to improved orthopaedic preoperative 
planning and postoperative follow ‑up 
through the development and sale of 
services and software for image ‑based 
orthopaedic planning and follow ‑up. This 
is how we can help our customers provide 
better, more cost‑efficient care to patients.
Priority activities:
• primarily growing in those parts  
of Europe and North America where 
the business unit has an in ‑house sales 
organization and where Sectra already 
has an established customer base, 
• sales to larger customers with a signif ‑
icant orthopaedic department, who 
thus have a need for our entire product 
portfolio, 
• ongoing development of our musculo ‑
skeletal radiology offering and
• gathering evidence and disseminating 
knowledge of our products and services 
via clinical studies. 
1 Orthopedic Devices Market Size, Share, Trends Report, 2030.
41OPERATING AREA BUSINESS INNOVATION
Sectra’s Annual Report and Sustainability Report 2025/2026
Sectra’s orthopaedics services help save time and 
increase patient value. As more customers choose 
Sectra One, the services will become available to 
more radiologists and orthopaedic surgeons.

===== SIDA 42 =====

Customers and sales channels 
The business unit’s customers are educational institutions and hospitals offering 
basic and specialist medical or veterinary studies, both privately and publicly.  
Sales mainly take place through an international network of distribution partners. 
In certain markets, such as Sweden, offerings are also provided as part of Sectra 
Imaging IT Solutions’ customer solutions.
Market position 
Sectra’s cloud‑based education portal, with advanced visualization tools for med ‑
ical diagnostics and a broad library of anonymized patient cases, offers a unique 
solution for medical learning at all levels. Our customers can be found in more 
than 50 countries, and include many of the world’s leading educational institutions 
and hospitals.
Medical education
The need for care continues to increase 
alongside a growing labor shortage. Man ‑
aging these challenges requires innovative 
ways of working, digital tools and increased 
investments in the types of services that 
Sectra offers in medical education. Sectra 
Education Portal is a cloud ‑based service 
that offers reality ‑based learning using 
anonymized patient cases and advanced 
digital diagnostic imaging tools.
The education portal is used for connect‑
ing theoretical knowledge to real clinical 
scenarios and diagnostic tools. This sup ‑
ports learning at all levels, from basic levels 
for students to advanced  professional devel‑
opment for specialists and other qualified 
healthcare personnel. The cloud service is 
available at any time or from any location, 
giving the user full control over their own 
learning. This applies regardless of whether 
the user is at the hospital, the university or 
at home. In addition to Sectra Education 
Portal, Sectra’s visualization table 1 is also 
available for use in classrooms or lecture 
halls.
The way forward
Our ambition is to help our customers 
improve and streamline medical educa ‑
tion by facilitating lifelong learning and 
continuous professional development for 
healthcare personnel.
Priority activities:
• continuing to expand existing 
 customers’ usage in order to help them 
maximize the value of the portal.
• increasing sales and the number of 
subscribers, focusing primarily on 
Europe and North America. In part 
by strengthening synergies within the 
Imaging IT Solutions operating area’s 
existing customer base.
• further refining the customer offering  
to meet the needs in basic medical 
 education and specialist training in  
the hospital segment.
Sectra’s medical education services prepare students for 
a career in healthcare and assist healthcare personnel 
in their professional development. Use of the services 
reached a new record high in the most recent fiscal year.
1 Sectra’s visualization table is developed in collaboration with researchers at the Center for Medical 
Image Science and Visualization (CMIV), Interaktiva Institutet and Visualiseringscenter C.
42 OPERATING AREA BUSINESS INNOVATION
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===== SIDA 43 =====

diagnostics that support healthcare’s devel ‑
opment towards precision medicine. One 
area being studied is the decision support 
that will be needed for the healthcare 
sector’s diagnostic analyses in genomics, 
known as variant analysis. Another project 
is looking at combining data from multiple 
sources, for example from pathology and 
genomics, in AI analyses. In the future, 
systems of so‑called AI agents are expected 
to handle larger workflows, and the 
 department is also working on methods  
to quality‑assure and maximize the bene ‑
fits of such solutions. 
Facilitating AI use in healthcare
Sectra also contributes to research in 
diagnostic imaging so that AI can move 
from the laboratory to clinical reality. 
Sectra is one of the main participants  
Research
The research department conducts and 
participates in projects to provide scientific 
support for existing technology as well 
as to create new products—all in an 
effort to boost the company’s long ‑term 
business value. Sectra is currently involved 
in approximately ten research projects, 
including projects in the fields of digital 
pathology and genomics. Previous proj ‑
ects have resulted in improvements and 
expansions to our product offering. Some 
employees divide their positions between 
Sectra and Linköping University, where 
the research is primarily performed in 
cooperation with the Center for Medical 
Image Science and Visualization (CMIV).
Progress in data-intensive diagnostics
An overarching theme for the initiatives in 
the research department is data ‑intensive 
in the Vinnova‑funded project AIDA,  
a  Swedish research initiative into AI and 
image analysis, with the aim of leveraging 
the full benefits of AI ‑based tools in the 
healthcare sector. 
Several initiatives aim to support the 
development of innovations based on 
healthcare data, not least through AI. 
Sectra provides tools for advanced and 
responsible data sharing to the  Innovative 
Medicines Initiative program under 
the EU Bigpicture project as well as the 
Swedish ValCuria project. Sectra’s contri ‑
bution will accelerate the development of 
improved diagnostic methods based on AI 
and support collaborative efforts between 
healthcare and research.
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===== SIDA 44 =====

Secure  
Communications
Cybersecurity
In an increasingly digital world, secure and reliable communication is crucial. Defense 
forces, authorities and various critical social functions in Europe and in NATO must be 
able to share sensitive information without the risk of eavesdropping and to protect 
their systems against unauthorized access. Sectra’s solutions help to maintain the 
availability of these systems, thereby contributing to a safer society.
44 OPERATING AREA BUSINESS INNOVATION
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===== SIDA 45 =====

Trends and drivers
The changes in the global situation have resulted in an escalating 
threat scenario, with various actors looking to gain the upper 
hand when it comes to information through unauthorized access, 
eavesdropping and interference. At the same time, technological 
advances are resulting in growing cybersecurity risks and attacks 
on information systems 1. New regulations for security monitoring, 
proactive security work and incident reporting are being intro ‑
duced to increase society’s resilience, which is impacting govern ‑
ment authorities and companies. 
Heightened security tensions in Europe and other parts of the 
world are increasing the need to protect essential infrastructure 
and societal services. Civil and military defenses are being rebuilt, 
which means that more actors are handling sensitive information 
than before. This is prompting higher investments and budget 
 allocations for cybersecurity in defense, the public sector and 
 critical social functions. 
The digitization of society is continuing to accelerate, driven by 
demands for increased productivity and efficiency. A shift is taking 
place towards more connected IT and OT systems where work 
tasks can be automated or carried out in a decentralized model. Old 
systems are also being connected to the internet, which increases the 
risk of information leaks and unauthorized access if IT security  
is not managed in a structured and robust manner. 
Escalating threat scenario and new regulations
• Increased information gathering and eavesdropping 
• More, and more sophisticated, cyberattacks
• Stricter information security requirements 
Strengthened civil and military defense
• Rebuilding of civil and military defense  
• More actors handling sensitive information 
• Increased investments in cybersecurity 
Accelerating digitization
• Increased productivity and efficiency 
• More connected IT and OT systems 
• Connecting old systems requires a higher level of security 
Trends and needs driving the 
 cybersecurity market
Customer needs How Sectra meets these needs
Securely protect, share and 
access sensitive information 
in an increasingly complex 
environment
Sectra develops solutions for classified information that protect sensitive information through encryption, 
strong authentication, and controlled information sharing—adapted for businesses with strict security 
requirements.
Meet increased regulatory 
requirements and safety 
standards
Sectra has solutions that are approved according to the highest national and international security 
 requirements, which helps customers meet prevailing requirements and ensure the long-term security  
of their information management.
Secure communication in 
civil and military defense and 
critical social functions
Sectra offers secure communication solutions to cover needs, from the highest classification level  
of TOP SECRET to secure communication of sensitive but unclassifed information.
Prevent and manage cyber-
threats in critical systems
Sectra assists companies and authorities in preventing, detecting and managing cyberattacks  
and incidents.
1 The Global Risks Report 2026 | World Economic Forum Page 55.
45THE MARKET FOR CYBERSECURITY
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===== SIDA 46 =====

For comments on financial performance, refer to the Administration Report 
on page 72.
Magnus Skogberg
President of the Secure  
Communications operating area 
Customer segments
Sectra meets customer needs in two segments: 
• customers that handle classified or sensitive information and who need assistance  
in protecting information at various security levels.
• customers with high requirements for operational reliability and availability and who 
need support to monitor the security of critical operational systems.  
Sales channels and geographic presence
Sectra primarily has direct sales. We have our own offices in the Netherlands and 
 Sweden, which are our largest markets, as well as in Finland. 
Sectra Communications offers solutions for sharing sensitive information without 
the risk of eavesdropping and for protecting systems against unauthorized access 
so that customers can maintain their operational capability and availability, even in 
exceptional circumstances.
Operating area  
Secure Communications
Where we are headed
The operating area’s long‑term ambition 
is to be a leading provider of advanced 
encryption systems, secure communication 
and critical cybersecurity solutions for 
society’s most important functions. We 
mainly focus on operations that handle 
sensitive information, including defense 
organizations, government authorities and 
other actors handling information that 
requires protection. Ensuring that these 
players can execute their tasks in a secure 
manner increases the potential for an open, 
safe and stable society.
Where we are now
Sectra helps customers in Europe to secure 
their communication against eavesdrop ‑
ping and to protect their systems against 
unauthorized access. We have more than 
45 years of experience in the area and 
are considered one of the world’s leading 
players in advanced encryption solutions, 
especially in the mobile domain. 
Financial key figures
453
Net sales
SEK million
80
Operating profit
SEK million
152
Employees
Number 
46 OPERATING AREA SECURE COMMUNICATIONS
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===== SIDA 47 =====

requirements for handling a country’s 
most sensitive information. Our solutions 
are used by customers in most European 
countries, and by the EU and NATO for 
encryption of both voice and data transfer. 
We have built a high level of trust within 
this customer group through a deep under ‑
standing of customer needs, skilled per ‑
sonnel, and high‑quality products.  Sectra’s 
operations also form part of  Sweden’s col‑
lective national capability within encryp ‑
tion—a strategic materiel area classified as 
an essential security interest. 
Civil and military defense, and growing 
need for secure communication
In light of the current global situation, 
civil and military defense forces are being 
strengthened. This means that more 
What sets Sectra apart is the combination 
of extensive experience, in ‑depth technical 
expertise, long‑term customer relationships 
and a broad portfolio of solutions approved 
for communication up to and including 
the highest classification levels. 
There is also a shift happening in Sectra’s 
business model in all customer segments, 
from product and project deliveries to an 
increased share of service deliveries. 
Protecting classified information
Our offering to defense organizations 
and other public sectors is a central part 
of the operating area. These customer 
segments are responsible for the majority 
of the operating area’s revenue. We provide 
encryption solutions and services that meet 
customers’ regulatory and national security 
actors than before are handling sensitive 
information, including information that 
is not officially classified but must still be 
protected against eavesdropping and unau ‑
thorized access. The need for secure com ‑
munication therefore applies to a broader 
range of activities and uses. In response to 
this trend, we are expanding our offering 
with solutions to help meet the needs of 
organizations that need to communicate 
and collaborate regarding information that 
is sensitive but does not require high assur ‑
ance as well as solutions for secure remote 
access to sensitive information.
47OPERATING AREA SECURE COMMUNICATIONS
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===== SIDA 48 =====

Cybersecurity services  
for society’s critical functions
We provide cybersecurity services for 
critical social functions in Sweden, such as 
energy companies and the process industry. 
The goal is to meet the growing need for 
security solutions to prevent, detect and 
manage cyberattacks and to ensure contin ‑
uous operation. We help these operations in 
their efforts to detect and manage risks and 
vulnerabilities and to monitor critical oper‑
ational systems. Security analyses have been 
conducted for both major and minor Swed‑
ish players, and Sectra’s monitoring services 
have been deployed at several energy com‑
panies and in other critical infrastructure 
areas. We have established a presence in the 
market, but we are still in the investment 
phase in this growth segment. Sectra also 
works with other companies to strengthen 
and broaden its offering of security‑related 
services for OT systems.
A complex threat landscape
The continued uncertain geopolitical 
situation, with war and tensions in Europe 
and worldwide, highlights the enduring 
importance of defense capabilities and 
public security. This, in turn, is placing 
greater demands on communication 
and fueling the need for investments in 
high assurance products, development of 
encryption solutions and cybersecurity 
both in Sweden and in the rest of Europe. 
We are well positioned with offerings that 
meet customers’ stringent demands and 
help strengthen the country’s civil and mil ‑
itary defense. The growing demand for our 
offerings has the potential to contribute to 
the future development of operations. 
Ongoing development initiatives also 
include new offerings with the potential 
to contribute to substantial customer 
value and growth in all product segments. 
For example, we are conducting several 
initiatives to supplement our established 
position within the highest levels of 
assurance with products and offerings for 
a wider customer base, primarily within 
government authorities.
Research and development
We have continued to increase the 
 resources devoted to research and tech ‑
nological development in order to remain 
on the cutting edge. We are conducting 
research in various areas, including traffic 
analysis protection, cryptography, data 
security, and mathematical methods for 
verifying safety ‑critical systems. We are 
also working closely with research and 
educational institutions in Sweden.
It’s important for us to be able to transmit classified information 
 regardless of where and when the need arises. Our users also need  
to trust the products that they’re using when they’re discussing sen -
sitive issues. That is why we chose Sectra’s encryption solution. It’s 
 approved and used by similar authorities in other EU countries.
Finnish government official
“
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===== SIDA 49 =====

Market
When it comes to solutions for critical operational systems 
in the energy sector, Sectra’s primary focus is the Swedish 
market. In Sweden, for example, there is a total of 120 small 
and 25 mid-size and large energy companies. Market pene-
tration is still low. Investments are expected to increase in 
the coming years, driven in part by escalating cyberthreats 
targeting critical infrastructure and new EU directives
concerning critical entities.
Customers in sensitive and critical social functions have 
high security requirements, but they are not subject to the 
same approval processes and export restrictions as encryp -
tion solutions. On the other hand, customers often require 
information to be processed within a country’s borders. 
Monitoring services for critical  
operational systems
Customers
Primarily players in the energy sector, critical infrastructure and 
process industry. Sectra’s technology also has the potential to, 
for example, monitor building automation in healthcare, transpor -
tation and water supply systems, and manufacturing.  
Offering
• Services to monitor critical operational systems in order  
to detect and stop cyberattacks.
• Services to detect and manage risks and vulnerabilities. 
• Consulting services.
Competitors
Combitech, Orange Cyberdefence, Cygate and Truesec.
Market
There is a significant need for encryption solutions to 
strengthen information security. Based on the trends we 
see in society, this is a need that is growing. Nevertheless, 
growth is largely governed by how much national budgets 
allocate to defense. Over time, there are periods of high 
levels of new investments as well as periods of maintenance 
investments in existing systems. However, customers are 
restrictive with information about crypto systems and 
planned investments. As a result, no relevant external 
 market research is available. 
The market is also affected by national approval processes, 
export restrictions and political considerations that prioritize 
the domestic crypto industry. The barrier to entry in the 
market segment is very high. Customers impose legal 
requirements on agreements regarding classified informa -
tion, including related processes, organizations, procedures 
and secure development environments, so that they can 
deliver at the national security level.
When it comes to information that is not classified, there 
are also critical actors other than those mentioned above 
that need to protect their communications. This customer 
segment is less affected by individual budget allocations to 
defense and more by general investments in information 
security, compliance and business continuity. 
Classified and sensitive information 
Customers
Organizations that handle information up to the highest classification  
level, TOP SECRET, or that must be protected against eavesdropping  
and  unauthorized access, such as defense forces, civil authorities and 
 multi lateral organizations like the EU and NATO. 
Offering
• Solutions for communicating and exchanging confidential information  
up to and including the highest classification level, TOP SECRET.
• Secure mobile workplaces, including encryption solutions for secure  
mobile communication, secure file sharing and VPN solutions for  
secure connections to internal networks. 
• Protecting data in high-performing networks.
• Secure connections with hardened, secure mobile devices.
Competitors
Advenica, Bittium, Secunet, Secusmart, Thales and Tutus.
Overview of business units
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===== SIDA 50 =====

50 OPERATING AREA SECURE COMMUNICATIONS
Sectra’s Annual Report and Sustainability Report 2025/2026
Sectra Tiger/S ensured secure communication during NATO summit
During the year, Sectra’s NATO-approved communication solution played a key role when the leaders  
of the NATO countries gathered in The Hague to discuss the serious security situation and the need for 
increased defense investment. The Dutch authorities in charge of hosting chose to use Sectra’s  services 
for secure communication before and during the summit. Sectra’s encryption solutions enabled efficient 
and secure collaboration between authorities, including ministries, security services and the police. The 
assignment highlights how Sectra’s innovations are used to strengthen international security and protect 
sensitive information.

===== SIDA 51 =====

Maintaining a high level of customer satisfaction by providing good service and working closely with customers during the  
development of new offerings.
Sales of security-approved communication solutions to existing and new customers in Europe, particularly within Sweden and  
the Netherlands, the rest of the Nordic region as well as EU and NATO organizations.
Sales of customer-specific assignments. Focusing on assignments that either provide important developments  
in expertise or are deemed to have significant potential to result in product sales.
Increasing the customer base and volumes in critical infrastructure. Transforming investments that have been made  
into sustainable profitability—partly through partnerships.
Ongoing development of the customer offering for secure remote work via VPN, smartphones/tablets and  
third-party applications with extra protection against access violations.
Increased cooperation with other companies to meet our customers’ security-related needs.
The way forward
The table below shows a number of activities being prioritized by the operating area to achieve its long-term 
ambition—being a leading provider of advanced encryption systems, secure communication and critical cybersecurity 
solutions for society’s most important functions. Some activities have the potential to make positive contributions to  
the earnings trend within one or two years, but the majority have a longer time horizon.
Priority activities
For information on risks, refer to the Administration Report on page 74 and Risks, risk management and sensitivity analysis in Note 31 on page 144.
Growth opportunities
Budgetary funding for defense and cybersecurity is rising, and we are in a strong 
position with offerings that add considerable value to customers’ operations. In line 
with our priority activities, we are assessing the possibility of ramping up initiatives 
through partnerships that can supplement our customer offerings or broaden our 
market. We also see opportunities to expand our international product portfolio for 
security-approved communication solutions in order to grow in new geographic areas 
in the European market.
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===== SIDA 52 =====

52 
Sectra’s Annual Report and Sustainability Report 2025/2026 HISTORY
Sectra carried out its first consulting assignment in the late 1970s. A few years later, the company recruited 
additional joint owners with grand visions for Sectra’s future. This marked the start of the company’s expan -
sion and development into a well-established brand in the area of information security and medical IT.
Long-term commitment to a 
healthier and safer society
1980s
1999
The share is listed on Nasdaq Stockholm AB. 
Sectra becomes the first in the world to offer a 
 system for digital planning of orthopaedic surgery. 
1985
Jan‑Olof Brüer, now the company’s Chairman  
and second‑largest owner, becomes joint owner and 
President. Sectra transitions into the development 
and sale of products and system solutions in data 
security and image encoding.
1987
The Swedish defense forces place an order for the 
development of a cryptoprocessor, which marks 
the start of a focus on crypto products for classified 
information.
1990s
1989
Guided by a vision of digital radiology images, 
 Torbjörn Kronander starts and leads Sectra’s opera ‑
tions within medical IT until 2012, when he takes 
over as CEO.
2000s
1998
With Sectra Tiger, the Swedish defense forces  
are the first in the world to use security ‑approved  
crypto mobile telephony.
1978
A team of researchers from the Institute of  
Technology at Linköping University are presented 
with the task of creating a security solution for 
banks. In order to take on the assignment, Professor 
Ingemar Ingemarsson forms the company Sectra 
(SECure TRAnsmission) together with 
his postgraduate students Viiveke Fåk, 
Rolf Blom and Robert Forchheimer. 
Scan the QR code to learn more about 
the founders’ story and how it all began. 
Sectra’s founders Viiveke Fåk, Robert Forchheimer 
and Ingemar Ingemarsson are major shareholders in 
the company.
1993
Delivery of a medical imaging IT system to Mjölby 
health center, the first in Sweden to use digital 
radiology images.

===== SIDA 53 =====

53
Sectra’s Annual Report and Sustainability Report 2025/2026HISTORY
2022
Start of the Genomics IT business unit for innova ‑
tion and development of IT support for precision 
diagnostics. This area is important for cancer 
diagnostics and supplements Sectra’s offerings in 
pathology and radiology.
2015 
Launch of solutions for digital pathology, enabling 
pathologists to review tissue samples digitally 
instead of with a microscope. 
2010
Launch of visualization technology for  
reality‑based medical education and training. 
2021–2025
Sectra ranks among the top companies in Univer ‑
sum’s annual survey of Sweden’s best employers.
2013
Our digital image management system is named 
“Best in KLAS” for the first time for having the 
highest level of customer satisfaction. Since then, 
Sectra has continued to achieve top rankings in 
several categories. 
Read more at https://sectra.com/bestinklas
2016 
The Group’s sales surpass SEK 1 billion. Thanks  
to its long‑term private and institutional owners, 
Sectra has developed at a controlled pace and 
remained a Swedish company.  
“ Given the fact that customer con -
fidence is a critical success factor,  
we have always prioritized  stable, 
long-term growth over rapid,  
high-risk expansion.”
2010s
2020s
2016 
The offering in secure communications is expanded 
to include cybersecurity for critical infrastructure, 
initially focused on the energy sector.  
» Would you like to know more about our history?  
Visit investor.sectra.com/history
2020 and 2022 
Sectra is recognized by the Swiss investment analysis 
company ALPORA as a leader in innovation with a 
particularly high level of innovation efficiency.   
2020
Sectra has primarily assisted healthcare providers 
in Europe with the introduction of digital pathol ‑
ogy. Following formal FDA approval, healthcare 
providers in the US can also begin to use Sectra’s 
digital pathology solution for primary diagnostics 
and remote viewing. 
2024
Sweden joins NATO. Around the same time, 
NATO orders additional devices with the mobile 
encryption system Sectra Tiger and extends existing 
support agreements. The security alliance has been 
using Sectra’s solutions for secure communications 
for many years and the collaboration has been 
ongoing for over 20.

===== SIDA 54 =====

54 THE SHARE
Sectra’s Annual Report and Sustainability Report 2025/2026
          Sectra B            OMX Stockholm_PI            OMX Stockholm Health Care PI
0
100
200
300
400
OMX Stockholm Health CareOMX Stockholm PISectra B
202620252024202320222021SEK
The share
Sectra’s shareholder value is created through customer value and our contributions to 
sustainable societies. Investments in areas and innovation that increase customer value 
have enabled stable and long-term returns for shareholders over time. 
Dividend
The 2025 AGM resolved on an ordinary 
dividend of SEK 1.10 per share and an 
extraordinary dividend of SEK 1.00 per 
share. 
For the 2026 AGM, an ordinary divi ‑
dend of SEK 1.30 per share and an extra ‑
ordinary dividend of SEK 1.00 per share 
are proposed. The proposal corresponds 
to a dividend yield of 0.9% based on the 
share price on the balance ‑sheet date. 
Holding of treasury shares
Sectra’s holding of treasury shares at the 
end of the fiscal year was 2,453,406 Class 
B shares, corresponding to 1.3% of the 
total number of shares in the company. 
Shares are held to secure commitments 
and to finance costs for social security 
contributions related to Sectra’s long‑term 
performance ‑based incentive program.
Dividend policy
Sectra’s dividend policy is that 
the dividend for each year is to be 
adapted to the company’s capital 
requirements for both operation 
and growth, and to the sharehold -
ers’ demand for a dividend yield. The 
objective is to provide sharehold-
ers with a balanced and favorable 
dividend yield over time and to adjust 
the dividend so that the company’s 
equity/assets ratio is never less 
than 30%.
Share price trend May 2021–April 2026
» To see the current share price, visit investor.sectra.com/share
Share data
Sectra’s Class B share is listed on Nasdaq Stockholm, Large Cap, and is included in several 
indices. The number of Sectra shares traded on Nasdaq Stockholm during the 2025/2026 was 
approximately 40 million. Sectra’s Class B shares are also traded on markets outside Nasdaq 
Stockholm. The total number of shares traded on these markets amounted to nearly 82 million. 1
April 30, 2026 April 30, 2025
Market capitalization total no. of shares, SEK million 49,795 57, 8 73
No. of shareholders 14,521 13,628
No. of shares 195,120,895 195,120,895
Closing price, SEK 255.20 296.60
52-week high, SEK 372.00 296.60
52-week low, SEK 176.20 218.00
52-week price trend, % –13.96 35.31
Stockholm Stock Exchange Total Index OMXSPI, 52-week 
trend, % 14.3 –2.79
Annual turnover rate 2 0.21 0.17
Annual average volume per day 2 162,024 136,000
Marketplace Nasdaq Stockholm
Ticker SECT B
ISIN code Class B share SE0022419784
Listing March 3, 1999
Segment Large cap
Sector Health Care
1 Source Nasdaq Stockholm and Modular Finance AB.
2 Refers to trading on Nasdaq Stockholm.

===== SIDA 55 =====

55THE SHARE
Sectra’s Annual Report and Sustainability Report 2025/2026
* Proposal to the AGM 
** Extraordinary dividend
1.0
1.1
1.1
1.1
1.3
1.0**
1.0**
DIVIDEND/REDEMPTION  
PER SHARE, SEK
DIVIDEND YIELD, %
0.7
0.8
0.5
0.7
0.9
MARKET CAPITALIZATION 
TOTAL NO. OF SHARES,  
SEK MILLION
31,389
42,551
57,873
49,795
24 ,169 21/22
22/23
23/24
24/25
25/26*
21/22
22/23
23/24
24/25
25/26
21/22
22/23
23/24
24/25
25/26
Share capital development and number of shares
The total number of shares outstanding on the balance-sheet date was 13,103,460 Class A shares and 
182,017 ,435 Class B shares. All shares carry equal rights to the company’s assets and profits. One Class A 
share confers ten votes, while one Class B share confers one vote. The total number of votes is 313,052,035. 
For the share capital’s development since the listing in 1999, visit investor.sectra.com/share-capital
Analysts
The following analysts 
monitor Sectra and regu-
larly publish analyses:
DNB Carnegie
Kristofer Liljeberg 
Stifel
Aurelien Deside
ABG Sundal Collier
Nikola Kalanoski
SEB 
Jakob Lembke
Ownership structure  
Holding of total capital
 40% Swedish natural persons
 28%  Swedish institutional owners
 26%  Foreign institutional owners
 5% Other owners
 1%  Holding of treasury shares 
Ownership by area 
Holding of total capital
 73% Sweden
 9% USA
 7%  Finland
 5% UK
 6% Rest of world
Source: Modular Finance AB
Date Transaction Change in  
share capital, SEK
Total share 
 capital, SEK
Total  
no. of shares
Apr 30, 2025 Opening balance 39,024,179 195,120,895
Apr 30, 2026 Closing balance 39,024,179 195,120,895
Largest owners 
The number of shares comprises direct shareholdings and holdings through related parties at 
April 30, 2026. For current holdings, see investor.sectra.com/shareholders
* Shannon AB is owned jointly by Torbjörn Kronander and Jan-Olof Brüer.
** Sectra’s founders.
Source: Euroclear Sweden and 
Modular Finance AB
Shareholders Class A shares Class B shares Capital Votes
Torbjörn Kronander 2,328,102 13,193,559 8.0% 11.7%
Jan-Olof Brüer and family 2,328,114 13,074,521 7.9% 11.6%
Shannon AB* 3,118,466 2,291,820 2.8% 10.7%
Frithjof Qvigstad and family 1,314,330 9,518,598 5.6% 7.2%
Viiveke Fåk ** 1,108,504 5,440,751 3.4% 5.3%
Robert Forchheimer ** 1,011,039 5,890,556 3.5% 5.1%
Nordea Funds 0 15,259,919 7. 8 % 4.9%
SEB Funds AB 0 13,270,246 6.8% 4.2%
Ingemar Ingemarsson ** 1,106,759 18 0.6% 3.5%
Vor Capital 0 9,874,673 5.1% 3.2%
Fjärde AP-fonden 0 8,836,000 4.5% 2.8%
Thomas Ericson 681,669 800,036 0.8% 2.4%
Vanguard 0 5,429,133 2.8% 1.7%
Lannebo Kapitalförvaltning 0 4,880,802 2.5% 1.6%
AMF 0 4,408,043 2.3% 1.4%
15 largest shareholders 12,996,983 125,165,658 64.1% 77.3%
All other owners 106,477 69,955,237 35.9% 22.7%
Total 13,103,460 182,017,435 100% 100%

===== SIDA 56 =====

56 
Sectra’s Annual Report and Sustainability Report 2025/2026 FIVE-YEAR SUMMARY
Growth built on long-term trust
Long-term relationships, high levels of customer satisfaction, and  
a successful transition of the business model towards recurring 
and cloud-based revenue have contributed to stable growth during 
a time of change.
Over the past five years, Sectra has strengthened its position in medical imaging IT 
and cybersecurity through solutions that are integral to the digital infrastructure in 
operations critical to society. Continuous investments in innovation and international 
expansion are also creating better conditions for continued profitable growth and long ‑
term value creation.  
Trends that defined the past five years
Customer satisfaction as a competitive advantage
Satisfied customers and long ‑term relationships remained a key factor behind new 
 contracts and expanded commitments. 
Increased share of recurring revenue
The transition towards service ‑ and cloud‑based delivery models continued to make 
business more predictable. Recurring revenue grew faster than the Group’s total revenue 
during the period and accounted for 69.2% of the Group’s total sales in 2025/2026.
International expansion in enterprise imaging
Several major deals in North America and Europe strengthened Sectra’s position as one 
of the leading players in medical imaging IT and diagnostics. 
Accelerating cloud transformation
Cloud recurring revenue has increased drastically in recent years and accounts for  
a growing share of the operations. 
Stronger position in cybersecurity
A changing security situation in Europe has increased demand for solutions for secure 
communications and information sharing.
Financial goals
STABILITY: EQUITY/ASSETS RATIO, %
PROFITABILITY: OPERATING MARGIN, %
EARNINGS GROWTH: OPERATING PROFIT 
PER SHARE OVER A FIVE-YEAR PERIOD, % 
* The 24/25 figures is presented excluding a patent 
settlement, which was a non-recurring business 
transaction. Including the patent settlement, the 
operating margin was 22.3% and operating profit per 
share over the five-year period amounted to 144.6%. 
The patent settlement had no material effect on the 
equity ratio.
21/22
22/23
23/24
24/25
25/26
Goal  
≥ 30 %
51.0
47.8
49.3
47.4
48.9
21/22
22/23
23/24
24/25*
25/26
Goal 
≥ 15 %
18.9
20.1
19.4
17.5
19.721/22
22/23
23/24
24/25*
25/26
Goal 
≥ 50 %
110.0
118.8
107.4
103.0
93.3

===== SIDA 57 =====

57FIVE-YEAR SUMMARY
Sectra’s Annual Report and Sustainability Report 2025/2026
ACCELERATING TRANSITION TO CLOUD-
BASED SERVICES, SEK MILLION
NET PROFIT FOR THE YEAR, SEK MILLION
SALES TREND PER GEOGRAPHIC 
MARKET, SEK MILLION
Long-term relationships drive growth and profit 
21/22
22/23
23/24
24/25
25/26
21/22
22/23
23/24
24/25
25/26
21/22
22/23
23/24
24/25
25/26
21/22
22/23
23/24
24/25
25/26
21/22
• More and larger customer 
projects than before
• Operating profit exceeded 
previous records
• Lingering pandemic
22/23
• Healthy order book
• Expansion in enterprise imaging 
• Sharp increase in recurring 
revenue
• Tailwind from currency 
 fluctuations
23/24
• Strong order bookings and 
growing cloud business 
• Rapid transformation to cloud-
based solutions
• Favorable currency movements 
and strong growth compensate 
for the dampening effects from 
the transition of the business 
model
24/25
• Record-high contracted 
order bookings due to growing 
 customer contracts  
• Positive impact of SEK 110 
million on operating profit from 
a patent settlement
• Dampening effect on financial 
outcomes due to currency 
fluctuations
25/26
• 55% increase in cloud 
 recurring revenue
• Continued international 
 expansion
• Dampening effect on financial 
outcomes due to currency 
fluctuations
–500
00
500
1,000
1,500
2,000
2,500
3,000
3,500
0
100
200
300
400
500
600
Imaging IT Solutions
Secure Communications
Business Innovations
 Other Operations and Eliminations
Net profit, excluding the effect of  
a patent settlement
Patent settlement effect of the non-recurring 
business transaction, see page 71
Non-recurring revenue 
Other recurring revenue
Cloud recurring revenue
US 
Sweden
UK
Other Europe
Rest of World
0
1,000
2,000
3,000
4,000
0
1,000
2,000
3,000
4,000
SALES TREND PER OPERATING AREA,  
SEK MILLION
» Interested in more key figures and a ten-year summary?  
Visit investor.sectra.com/ten-year-summary

===== SIDA 58 =====

58 FIVE-YEAR SUMMARY
Sectra’s Annual Report and Sustainability Report 2025/2026
Amounts in SEK thousand unless otherwise stated.
For a definition of key figures, see Note 35 on page 146. 2025/2026 2024/2025 2023/2024 2022/2023 2021/2022
Sales, earnings and order bookings
Net sales 3,541,661 3,239,811 2,963,607 2,350,752 1,9 4 9,14 0
   of which recurring revenue 2,451,310 2,067,354 1,724,940 1,359,895 1,081,399
   of which cloud recurring revenue (CRR) 915,810 591,058 396,851 254,569 181,499
Recurring revenue churn 0.5 0.6 0.4 1.3 –
Annual growth, % 9.3 9.3 26.1 20.6 19.4
Depreciation/amortization –115,843 –111,530 –98,065 –91,939 –81,216
Impairment –6,000 0 –6,069 0 0
Operating profit (EBIT) 710,635 722,997 517, 810 455,653 383,386
   excluding patent case 710,635 612,997 – – –
Growth in operating profit per share over five years, % 103.0 144.6 118.8 110.0 93.3
Profit before tax (EBT) 728,949 726,281 552,774 479,390 394,505
Net profit for the year 563,778 563,371 428,388 374,957 314,793
Contracted order bookings 7 ,599,519 8,706,063 6,223,476 4,635,715 2,320,198
   of which guaranteed order bookings 5,854,474 7, 6 5 3 , 0 27 3,219,382 2,606,544 2,320,198
Profitability
Operating margin, % 20.1 22.3 17. 5 19.4 19.7
   excluding patent case, % 20.1 18.9 – – –
Profit margin, % 20.6 22.4 18.7 20.4 20.2
Return on capital employed, % 34.8 40.5 37. 3 38.2 37. 5
Return on equity, % 27. 8 32.3 29.9 31.5 31.9
Funding and capital employed
Capital employed, SEK million 2,214.8 2,004.3 1,601.4 1,378.9 1,14 3. 4
   of which goodwill 45.8 46.9 49.8 51.7 49.9
   of which other intangible and tangible assets 666.6 563.2 474.8 344.8 295.2
Liquidity ratio, multiple 1.6 1.7 1.6 1.6 1.6
Equity/assets ratio, % 47. 8 51.0 48.9 47. 4 49.3
Debt/equity ratio 0.04 0.05 0.02 0.06 0.06
Investments, SEK million 188.6 110.0 256.1 212.8 74.4
Cash flow
Cash flow from operating activities before changes  
in working capital
74 2,155 757,970 564,907 515,156 389,794
Operating cash flow 1,097,318 922,364 326,326 440,488 616,922
Cash flow from investing activities –2 0 7, 4 6 3 –113,864 –130,742 –212,788 –68,346
Cash flow from financing activities –428,429 –251,885 –222,203 –219,289 –198,748
Cash flow for the year 461,426 556,615 –26,619 8,411 349,828
Employees
No. of employees, average 1,331 1,249 1,14 0 1,015 908
No. of employees at the end of the period 1 1,385 1,296 1,204 1,093 982
Sales per employee, SEK million 2.7 2.6 2.6 2.3 2.1
The share
Dividend/redemption per share 2, SEK 2.30 2.10 1.10 1.10 1.00
Dividend yield, % 0.9 0.7 0.5 0.7 0.8
Earnings per share before and after dilution 3, SEK 2.93 2.92 2.22 1.95 1.63
Cash flow per share before ande after dilution 3, SEK 5.70 4.79 1.69 2.29 3.20
Equity per share before and after dilution 3, SEK 11.10 9.95 8.15 6.73 5.61
No. of shares on balance-sheet date 4, 5 192,667,489 192,667,489 192,667,489 192,667,489 192,662,325
Average no. of shares 5 192,667,489 192,667,489 192,667,489 192,664,046 192,639,088
Share price on balance-sheet date, SEK 255.2 296.6 219.2 161.7 124.8
P/E ratio, multiple 8 7.1 101.6 98.7 82.9 76.6
1 Refers to the number of employees excluding temporary employees.
2 The amount for 2025/2026 pertains to the proposal to the AGM and includes an extraordinary dividend of SEK 1.00.
3 Dilution is based on issued convertible programs. The final convertible program was concluded in 2022/2023. See Note 4 on page 130. 
4  Adjusted for share splits as well as bonus issues and new share issues. 
5 Number does not include treasury shares, see Note 21 on page 142.

===== SIDA 59 =====

Corporate governance,  
financial information  
and sustainability
59CORPORATE GOVERNANCE
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 60 =====

Board of Directors
Jan-Olof Brüer
Chairman of the Board
Member of the Committee Chairman
and the Audit Committee
Born 1951/Elected 2013 and 1982–2004 in 
between participating in meetings as CEO and Presi -
dent of Sectra/Chairman of the Board since 2018
Sectra holdings: 3,887,347 Class A shares  
and 14,220,431 Class B shares
Board member’s independence: Independent in 
relation to the company and management. One of 
the company’s largest shareholders with 17.0%  
of the votes and 9.3% of the capital.
Education/Title: PhD (Technology), Master of 
Business Administration, Officer in the Reserve 
Armored Troops with the Swedish Defense Forces 
and Honorary Doctor of Medicine from Linköping 
University
Professional experience/previous assignments:  
Previously President and CEO of Sectra AB 1985–
2012, Board member of Östgöta Correspondenten 
AB and Board assignment for Arcam AB
Other posts: Board member of Shannon AB,  
Conflux AB, Sectra Communications AB,  
Lilla Hallmare Gård och Förvaltning and others
Torbjörn Kronander
Board member  
President and CEO of Sectra AB 
Born 1957 /Employed 1985/Elected  
1988/President and CEO since 2012
Sectra holdings: 3,887,335 Class A shares and  
14,339,469 Class B shares, of which 20,000 Class B 
shares pertain to savings shares in LTIP 2021 SROW 
and a corresponding number of share rights have 
been allotted, as well as 27,000 share rights in other 
ongoing LTIPs
Board member’s independence: President and CEO of  
Sectra AB and one of the company’s largest sharehold -
ers with 17.0% of the votes and 9.3% of the capital.
Education/Title: PhD (Technology), Master of 
Business Administration, officer in the Naval Reserve 
and Honorary Doctor of Medicine from Linköping 
University
Professional experience/previous assignments:  
Previously President—and founder—of Sectra’s medical 
operation and Executive Vice President of Sectra AB,  
full-time at Sectra since 1991, ship captain and  
Board member of Cellavision AB and others.
Other posts: Board member of Shannon AB, Center  
for Medical Image Science and Visualization (CMIV), 
Gerstorps Förvaltning AB, Ancylus OÜ and others, 
member of the Royal Swedish Academy of Engineering 
Sciences
Anders Persson
Board member 
Member of the Audit Committee
Born 1953/Elected 2004
Sectra holdings: 215,750 Class B shares
Board member’s independence: Independent  
in relation to the company, management and the 
company’s major shareholders.
Education/Title: Doctor of Medicine, Professor, 
Senior Physician
Professional experience/previous assignments: 
Director of Center for Medical Image Science and 
Visualization (CMIV) at Linköping University and 
Senior Physician in radiology
Other posts: Board member of Center for Medical 
Image Science and Visualization (CMIV) and others
Birgitta Hagenfeldt
Board member Audit  
Committee Chairman
Born 1961/Elected 2018
Sectra holdings: 15,000 Class B shares
Board member’s independence: Independent in 
 relation to the company, management and the 
 company’s major shareholders.
Education/Title: Master of Business Administration
Professional experience/previous assignments:  
Previously CFO and Executive Vice President of  
Avanza Bank Holding, Head of Administration at the 
fund company RAM Rational Asset Management AB 
and Authorized Public Accountant at KPMG
Other posts: Board member of NoBa Bank Group AB
Tomas Puusepp
Board member 
Chairman of the Remuneration Committee
Born 1955/Elected 2017
Sectra holdings: 5,164 Class B shares
Board member’s independence: Independent in 
relation to the company, management and the 
company’s major shareholders.
Education/Title: Bachelor of Science in Engineering 
Professional experience/previous assignments: 
CEO of Investest AB. Previously President and 
CEO and several senior positions at Elekta. Various 
positions at the Research Institute of Physics at 
Stockholm University, Scanditronix and Ericsson  
Other posts: Chairman of Permobil Holding AB and 
Board member of Implantica AG (publ), Elekta Foun-
dation, Instoria Sweden AB and Instoria Invest AB
Fredrik Robertsson
Board member 
Born 1967/Elected 2020
Sectra holdings: 710 Class B shares
Board member’s independence: Independent  
in relation to the company, management and the 
company’s major shareholders.
Education/Title: Master of Science in political 
science
Professional experience/previous assignments:   
Group Chief Security Officer at Ericsson. Previously 
Major General, CIO and assorted other senior 
positions in the Swedish Defense Forces.
Board assignment for Teracom and representative 
in NATO’s Committee for Standardization
Other posts: No other posts
60 CORPORATE GOVERNANCE
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 61 =====

Board members at the time of the approval of the Annual Report. Refer to the Corporate Governance Report for information on changes during the fiscal year. The number 
of shares comprises direct shareholdings, holdings through related parties and legal entities on the balance-sheet date of April 30, 2026. Torbjörn Kronander and Jan-Olof 
Brüer’s holdings include 50% each of a holding through the jointly owned legal entity Shannon AB. 
» For current holdings, see investor.sectra.com/board-of-directors
Ellinor Bankvall 
Deputy Board member  
Employee representative
Born 1978/Employed 2022/Elected 2023 
Sectra holdings:  150 share rights in ongoing 
LTIPs 
Education/Title:  Master of Science in Applied 
Physics and Electrical Engineering
Position:  Deputy Head of Product, Secure 
 Communications operating area
Alva Mårdsjö 
Board member  
Employee representative
Born 1985/Employed 2019/Elected 2024 
Sectra holdings:  84 Class B shares and 550 
share rights in ongoing LTIPs
Education/Title:  Master of Science in Technical 
Design
Position: Product Manager, Secure Communications 
operating area
Pontus Svärd
Deputy Board member  
Employee representative
Born 1976/Employed 2002/Elected 2021
Sectra holdings: 3,500 share rights  
in ongoing LTIPs
Education/Title: Master of Science  
in Information Technology
Position: Global Product Manager, Imaging IT 
Solutions operating area
Ulrika Unell 
Board member 
Born 1968/Elected 2022
Sectra holdings: 0
Board member’s independence: Independent in 
 relation to the company, management and the 
 company’s major shareholders.
Education/Title: Master of Science in Applied 
 Physics and Electrical Engineering 
Professional experience/previous assignments: 
Vice President Business Unit Launchers Sweden at 
Beyond Gravity. Previously President and Head of 
Orbital Launch and Rocket Test at Swedish Space 
Corporation, Head of Strategy, Business Develop -
ment and PA at Tekniska Verken i Linköping AB, 
CEO of Lärandegruppen i Sverige, Head of Site at 
Ericsson AB in Linköping, Head of Strategy, Product 
and Solutions for Global Engineering IT and Test 
Environment at Ericsson and other senior positions 
at Ericsson as well as Research Engineer at the 
Swedish Defence Research Agency and others. 
Other posts: Board member of Linköping University
Michael Brüer
Deputy member 
Born 1983/Elected 2024
Sectra holdings:  6,000 Class B shares
Board member’s independence:  Dependent in 
relation to the company’s largest shareholder.  
Son of Jan-Olof Brüer.
Education/Title: Master of Science in Industrial 
Engineering and Management, Master of Science  
in Business Administration and Economics, and  
Master of Science in Medicine
Professional experience/previous assignments:  
Head of Business Area Professional at Fagerhult 
Group. Previously Chief Strategy Officer and Commu-
nication Officer as well as other roles at Fagerhult 
Group since 2017 and Management Consultant at 
McKinsey & Company.
Other posts:  No other Board assignments
Joel Kronander
Deputy member 
Born 1983/Elected 2024
Sectra holdings:  0
Board member’s independence: Dependent in 
relation to the company’s management and largest 
shareholder. Son of Torbjörn Kronander.
Education/Title: PhD (Technology), Master of Science 
in Applied Physics and Electrical Engineering
Professional experience/previous assignments:  
Principal Tech Lead Manager (TLM) at Aurora Innova-
tion Inc. Previously Senior Staff Tech Lead Manager at 
Aurora Innovation, Head of Synthetic Data at Scale AI, 
Head of Machine Learning and other roles at Nines, 
Computer Vision/Pattern Recognition Engineer at 
Apple Inc, founder of Ray Space AB and Principal 
Research Engineer at Linköping University.
Other posts:  No other Board assignments
Olof Sandberg
Board member  
Employee representative
Born 1985/Employed 2017/Elected 2025
Sectra holdings: 1,000 Class B shares, of 
which 1,000 pertain to savings shares in LTIP 
2021 SROW and a corresponding number 
of share rights have been allotted, as well as 
1,750 share rights in other ongoing LTIPs
Education/Title:  PhD (Medicine) and 
 Master of Science in Medicine 
Position: Senior Medical Affairs Manager 
Orthopaedics business unit
61CORPORATE GOVERNANCE
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 62 =====

Group Management
Torbjörn Kronander
President and CEO of Sectra AB and  
Board member
Born 1957 /Employed 1985/Elected Board 
 Member 1988/President and CEO since 2012
Sectra holdings:  One of the company’s largest 
owners with 3,887,335 Class A shares and 
14,339,469 Class B shares, of which 20,000 
pertain to savings shares in LTIP 2021 SROW and 
a corresponding number of share rights have been 
allotted, as well as 27,000 share rights in other 
ongoing LTIPs 
Education/Title:  PhD (Technology), Master of 
Business Administration, officer in the Naval 
Reserve and Honorary Doctor of Medicine from 
Linköping University
Professional experience/previous assignments:  
Previously President—and founder—of Sectra’s 
medical operation, Executive Vice President of 
Sectra AB, full-time at Sectra since 1991, ship 
captain and Board member of Cellavision AB  
and others
Other posts:  Member of the Royal Swedish 
Academy of Engineering Sciences, Board member 
of Shannon AB, Center for Medical Image Science 
and Visualization (CMIV), Gerstorps Förvaltning 
AB, Ancylus OÜ and others 
Marie Ekström Trägårdh
President of the Imaging IT Solutions 
 operating area and Executive Vice President 
of Sectra AB
Born 1961/Employed 1996/President of Imaging 
IT Solutions since 2012
Sectra holdings:  174,424 Class B shares, of 
which 20,000 Class B shares pertain to savings 
shares in LTIP 2021 SROW and a corresponding 
number of share rights have been allotted, as well 
as 27,000 share rights in other ongoing LTIPs
Education/Title:  Bachelor of Science in Systems 
Science and IT
Professional experience/previous assignments:  
Formerly President of Sectra Sverige AB, Execu -
tive Vice President of Sectra’s Imaging IT Solutions 
operating area and senior positions at Sectra, 
Board assignment for Swedish Medtech and Pled -
pharma, Consultant at Frontec AB, Developer/
Project Manager/Product Manager at Fujitsu ICL
Other posts:  Board member of the Royal Swedish 
Academy of Engineering Sciences
Magnus Skogberg
President of the Secure  
Communications operating area
Born 1976/Employed 2022/President of Secure 
Communications since August 2022
Sectra holdings:  1,500 Class B shares and share 
rights in Sectra’s LTIP program
Education/Title:  Master of Science in Information 
Technology
Professional experience/previous assignments:  
Experience from the defense and security industry 
and business operations regarding technologically 
advanced solutions. Previously senior positions in 
international sales and other executive positions 
at the defense and security company Saab AB
62 CORPORATE GOVERNANCE
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 63 =====

Members of Group Management at the time of the approval of the Annual Report. The number of shares  
comprises direct shareholdings, holdings through related parties and legal entities on the balance-sheet  
date of April 30, 2026. Torbjörn Kronander’s holdings include 50% of a holding through a legal entity owned  
jointly with Chairman of the Board Jan-Olof Brüer. 
» For current holdings, see investor.sectra.com/executive-management
Jessica Holmquist
Chief Financial Officer
Born 1976/Employed 2022
Sectra holdings: 3,000 Class B shares and share 
rights in Sectra’s LTIP program
Education/Title: Master of Science in Economics 
and Business and CEMS Master in International 
Management
Professional experience/previous assignments:
Previously Business Area Controller Corporate  
and acting Group controller at the defense and 
security company Saab AB, held various senior 
positions in the finance function since 2012, Senior 
Manager Corporate Finance and experience of 
auditing listed companies from PwC
Other posts: Board member of Mrent AB, 
Maskinia Holding AB and Gyllene Näktergalen 
Fastigheter AB
Per Andersnäs
Chief Information Officer
Born 1962/Employed 1997
Sectra holdings: 4,000 Class B shares and share 
rights in Sectra’s LTIP program
Education/Title:  Master of Science in Information 
Technology
Professional experience/previous assignments:
Formerly Product Development Director Imaging  
IT Solutions operating area and others, senior 
 positions in Sectra’s medical operation
Lisa Everhill
Chief People and Brand Officer
Born 1979/Employed 2006
Sectra holdings: 11,895 Class B shares and share 
rights in Sectra’s LTIP program
Education/Title:  Master of Science in Business 
Administration and Economics
Professional experience/previous assignments:
Formerly Market Communication and Investor 
 Relations Manager and other senior positions in 
Sectra’s medical operation
63CORPORATE GOVERNANCE
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 64 =====

Shareholders through 
the AGM Nomination CommitteeExternal auditors
Board of Directors
President and CEO
Business areas, business units and Group functions
Remuneration CommitteeAudit Committee
Group Management
Corporate governance structure
Corporate Governance Report
Sectra is a public Swedish limited-liability company, listed on the Nasdaq Stockholm Exchange since 1999.
The company’s highest decision-making body is the General Meeting, which is normally held once a  
year in the form of an Annual General Meeting (AGM). 
Sectra’s corporate governance structure is defined by external legis ‑
lation, self‑regulating standards and internal regulations. Manage ‑
ment and control are divided between the shareholders, the Board 
of Directors and the President. The company’s highest decision ‑ 
making body is the General Meeting. At the General Meeting, 
the shareholders appoint Sectra’s Board of Directors, which is 
the company’s highest administrative body and is responsible for 
managing the company’s affairs, safeguarding and promoting a 
healthy corporate culture and identifying how sustainability topics 
impact the company’s risks and business opportunities. The Board 
appoints the President, who is responsible for ongoing administra ‑
tion and for coordinating the operations according to prevailing 
law, the Articles of Association, the Board’s formal work plan, the 
directive for the President and instructions for financial reporting 
as well as other guidelines and instructions provided by the Board.
Sectra applies the Swedish Corporate Governance Code (“the 
Code”). Sectra’s work methods in the fiscal year deviated from rules 
2:3 and 2:4 of the Code regarding the members of the Nomination 
Committee and rule 4.2 of the Code regarding how the AGM 
appoints deputies for elected Board members. Explanations for 
these deviations are presented under the headings Nomination 
Committee and Board below. No breaches of applicable listing 
regulations or good stock market practice regarding Sectra have 
been reported by Nasdaq Stockholm’s disciplinary committee or 
the Swedish Securities Council’s disciplinary committee.
This Corporate Governance Report was prepared in accordance 
with the rules and application instructions stipulated in Swedish 
legislation, mainly Chapter 6, Section 6 of the Annual Accounts 
Act, and the Code. In accordance with the Annual Accounts Act, 
the auditor’s statement is enclosed to the report. In the report, 
 “Sectra,” “Sectra AB,” “the company” and “the Parent Company” 
refer to Sectra AB (publ), and “the Group” refers to the Sectra 
Group, which encompasses Sectra AB and its Group companies.
Articles of Association
Sectra’s Articles of Association are available on the Group’s website. 
According to the Articles of Association, members of the Board 
of Directors are elected annually by the AGM. The Articles of 
Association do not contain any restrictions regarding the appoint ‑
ment or dismissal of Board members or amendments to the Articles 
of Association. Decisions must be made in accordance with the 
Swedish Companies Act.
Ownership and voting rights
Sectra’s share capital on the balance ‑sheet date totaled SEK 
39,024,179, distributed between 195,120,895 shares and 
313,052,035 voting rights. Of these shares, 13,103,460 are Class 
A shares and 182,017,435 are Class B shares. Sectra’s holding of 
treasury shares at the end of the fiscal year was 2,435,406 Class B 
shares, corresponding to 1.3% of the share capital and 0.8% of the 
voting rights in the company. 
All shares carry equal rights to the company’s assets and profits. 
One Class A share confers ten votes, while one Class B share confers 
one vote. Information about the largest shareholders and the owner ‑
ship structure is presented on page 55. The largest shareholders are 
represented in the Nomination Committee.
The Articles of Association contain a right of first refusal clause 
for the transfer of Class A shares. Although no other agreements 
between shareholders entailing restrictions on the right to transfer 
Significant external regulations
• Swedish legislation, such as the Companies Act  
and the Annual Accounts Act
• Nasdaq Stockholm Rule Book for Issuers
• IFRS Accounting Standards
• Swedish Corporate Governance Code
• EU regulations
Significant internal regulations
• Articles of Association investor.sectra.com/articles-of-asso-
ciation
• The Board’s formal work plan, the directive for the President 
including instructions for financial reporting
• Financial Policy, instructions for authorization and financial 
reporting guidelines
• Code of Conduct, Quality Policy, Risk Management Policy, 
Insider Policy, Internal and External Communications Policy, 
Information Security Policy, etc.
• Processes and regulations for quality control, internal control 
and risk management
64 CORPORATE GOVERNANCE
Sectra’s Annual Report and Sustainability Report 2025/2026

===== SIDA 65 =====

shares are known to the company, the holders of Class A shares 
have agreed among themselves not to transfer Class A shares in the 
company without the approval of the other Class A shareholders. 
However, given that the agreement contains a reference to the right 
of first refusal clause in the Articles of Association, compliance with 
the provisions of the right of first refusal clause should be sufficient 
to entitle Class A shareholders to transfer Class A shares. Nor is the 
company party to any agreements that would take effect should 
control of the company change through public purchase offers.
General Meeting
Shareholders exercise their influence in the company through the 
General Meeting. The General Meeting appoints Board members 
and auditors, and make decisions regarding appropriation of the 
company’s profits, amendments to the Articles of Association, 
changes in the share capital and share ‑based incentive programs. 
The General Meeting also makes decisions concerning Board and 
auditor fees as well as guidelines for remuneration of senior execu ‑
tives. The company prepares the agenda for the General Meeting, 
but the shareholders have the right to influence it and propose 
matters to be addressed. The agenda is reviewed and approved by 
the Board of Directors, and consists of items that are required by 
law as well as other matters.
The notice of the Meeting is published in a press release, on the 
company’s website and in an advertisement in the Swedish Official 
Gazette (Post och Inrikes Tidningar). Publication of the notice is 
announced in the daily newspaper Svenska Dagbladet. Agendas, 
notices, minutes and other General Meeting documents are avail ‑
able on Sectra’s website.
2025 AGM
The AGM was held on September 9, 2025 in Linköping. In total, 
85.4% of the voting rights and 77.0% of the shares were repre ‑
sented at the Meeting. The main resolutions passed were as follows:
• Adoption of the income statement and balance sheet. Discharge 
of the members of the Board and President from liability.
• Distribution of SEK 2.10 per share to the shareholders, of which 
SEK 1.10 was an ordinary dividend and SEK 1.00 was an extraor ‑
dinary dividend. The remaining profits are to be carried forward.
• Approval of the presented remuneration report.
• Fees to the Board of Directors, committee members and the 
auditor (see below).
• Re‑election of Board members Anders Persson, Birgitta Hagenfeldt, 
Fredrik Robertsson, Jan ‑Olof Brüer, Tomas Puusepp, Torbjörn 
Kronander and Ulrika Unell as well as deputy members Joel 
Kronander and Michael Brüer. Jan ‑Olof Brüer was re‑elected as 
Chairman of the Board. The Board also includes two employee 
representatives, with two deputies appointed by a branch of a 
local union at Sectra; refer to page 66.
• Re‑election of Ernst & Young AB with Andreas Troberg as auditor.
• Authorization of the Board of Directors, during the period until 
the 2026 AGM, to decide on new share issues of a maximum of 
18,500,000 Class B shares and to decide on the acquisition and 
divestment of all of the company’s treasury shares. As of the publica‑
tion date of this report, these authorizations have not been utilized.
For further information about the resolutions, please visit  
investor.sectra.com/agm202 5.
Fees for 2025/2026
In accordance with the resolution of the AGM, a fee of SEK 
700,000 was paid to the Chairman of the Board, a fee of SEK 
350,000 to each of the other Board members who were not employ ‑
ees of the company and SEK 175,000 to each deputy member. For 
Audit Committee work, SEK 75,000 was paid to each external 
Board member and SEK 150,000 to the Chairman of the Audit 
Committee. A fee of SEK 35,000 was paid to each member of the 
Remuneration Committee who is not employed by the company, 
and SEK 70,000 was paid to the Chairman of the committee. Fees 
to auditors were paid in accordance with approved invoices.
Nomination Committee
The Nomination Committee has the task of preparing and  
submitting proposals to the AGM for:
• Election of the Chairman and other AGM ‑elected Board 
 members to the company’s Board
• Allocation of Board fees between the Chairman and other 
 members of the Board and potential remuneration for  
committee work
• Election of and fees to the auditors and deputy auditors  
(where applicable)
• Resolution on amendments to the Nomination Committee 
directives, if the Nomination Committee deems such amend ‑
ments to be necessary, and
• Chairman of the AGM.
Ahead of the AGM, shareholders have the opportunity to sub ‑
mit proposals to the Nomination Committee, for example, via 
investor@sectra.com . The Nomination Committee’s proposals and 
explanatory statement are published not later than in conjunction 
with the notice of the AGM.
During the course of its work, the Nomination Committee pays 
particular attention to the diversity and breadth of the Board’s com‑
position as well as the requirement of working toward an even gen‑
der balance pursuant to Sectra’s Diversity Policy; refer to page 67. As 
a basis for its work, the Nomination Committee reviews the Board’s 
assessment of its work and the Chairman of the Board’s presentation of 
the work of the Board, and holds talks with the members of the Board. 
When drafting proposals for the election of auditors and fees for audit 
work, the Audit Committee assists the Nomination Committee.
Sectra’s Nomination Committee is appointed in accordance 
with the instructions adopted by the AGM. Before agreeing to the 
assignment, its members assess whether it would create a conflict of 
interest and notify the company that no conflict of interest exists. 
The Nomination Committee comprises four members, one of 
whom is the Chairman of the Board and three of whom represent 
the largest shareholders in the company. If any of the largest share ‑
holders in terms of voting rights has waived their right to appoint 
a member of the Nomination Committee, the next shareholder in 
order of size has been given the opportunity to appoint a member.
Information about the composition of the Nomination Committee 
for the 2026 AGM was announced in Sectra’s interim report on 
December 12, 2025. The Nomination Committee comprises the 
following members:
• Torbjörn Kronander representing his own and related parties’ 
shareholdings. President of Sectra AB and not independent in 
relation to the company and its management.
• Patrik Jönsson representing SEB Funds AB. Independent in 
relation to the company and its management.
• Mats Andersson representing Nordea Investment Funds. 
 Independent in relation to the company and its management.
• Jan‑Olof Brüer in his role as Chairman of the Board and repre ‑
senting his own and related parties’ shareholdings. Independent 
in relation to the company and its management.
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Patrik Jönsson is Chairman of the Nomination Committee. 
 Torbjörn Kronander, the company’s largest shareholder in terms  
of votes, decided to abstain from the chairmanship due to his role 
as President of Sectra AB.
The fact that President Torbjörn Kronander is part of the Nomi ‑
nation Committee is a deviation from Rule 2:3 of the Code, which 
states that neither the President nor other members of management 
is to be a member of the Nomination Committee. The participa ‑
tion on the Nomination Committee of Sectra’s largest shareholder 
in terms of voting rights Torbjörn Kronander and Jan ‑Olof Brüer, 
who are both members of Sectra’s Board of Directors, deviates from 
Code rule 2:4, which states that no more than one of the Board 
members included in the Nomination Committee may be depen ‑
dent in relation to the company’s major shareholders. The reason 
for this deviation is that, as principal owners, they would otherwise 
find it difficult to combine their roles as major shareholders with an 
active ownership role.  
 
Board of Directors
According to the Articles of Association, Sectra’s Board of Direc ‑
tors is to comprise not fewer than three and not more than nine 
AGM‑elected members with nine deputy members. The members 
of the Board are elected annually by the AGM for the period until 
the next AGM is held. The Board currently consists of seven AGM ‑
elected members with two deputies, and two employee representa ‑
tives with two deputies. The inclusion of deputies for Board mem ‑
bers elected by the AGM is a deviation from rule 4.2 of the Code. 
The reason for this deviation is that Sectra’s largest shareholders in 
terms of voting rights want to ensure continuity and that they are 
represented at Board meetings.
For information on the Board members’ independence in relation 
to the company and its management as well as the company’s 
major shareholders refer to the table below. With the exception of 
Torbjörn Kronander, President and CEO of Sectra AB, none of the 
AGM‑elected Board members holds an operational role in the com ‑
pany. The Board of Directors has established an Audit Committee 
and a Remuneration Committee. Refer to the table for information 
about the members of each committee. No Sustainability Com ‑
mittee has been established. Strategies and risks connected to these 
issues are managed by the Board of Directors in its entirety.
For information regarding the current Board members’ back ‑
grounds, other assignments and holdings of shares and other 
securities in Sectra, refer to pages 60–61.
Activities of the Board of Directors
The Board held ten minuted meetings during the fiscal year, one of 
which was the statutory meeting of the current Board on Septem ‑
ber 9, 2025. Refer to the table below for information about each 
member’s attendance.
The role of the Chairman of the Board is to lead the work of the 
Board and to ensure that it fulfills its duties. The Board’s work 
follows an annual agenda with themes and fixed agenda items (refer 
Members of Sectra’s Board of Directors and committees
AGM-elected members Elected
Attendance/
number 
 of meetings Committees1
Independent in relation 
to the company and  
its management
Independent in  
relation to major  
shareholders
Torbjörn Kronander 1988 10/10 No No
Anders Persson 2004 10/10 Member of the Audit Committee Yes Yes
Jan-Olof Brüer,  
Chairman of the Board 2013 10/10
Member of the Remuneration Committee  
Member of the Audit Committee Yes No
Tomas Puusepp 2017 10/10 Chairman of the Remuneration Committee Yes Yes
Birgitta Hagenfeldt 2018 10/10 Chairman of the Audit Committee Yes Yes
Fredrik Robertsson 2020 10/10 Yes Yes
Ulrika Unell 2022 10/10 Yes Yes
AGM-elected deputy members 
Michael Brüer 2024 10/10 Yes No
Joel Kronander 2024 9/10 No No
Employee representatives
Andreas Häll,  
stepped down at the 2025 AGM 2018 4/4 No Yes
Alva Mårdsjö3 2024 6/10 No Yes
Olof Sandberg 2025 6/6 No Yes
Deputy employee representatives
Pontus Svärd2 2021 5/10 No Yes
Ellinor Bankvall 2023 0/10 No Yes
1 Pertains to committee members as of the balance-sheet date on April 30, 2026.
2 Employee representative as of the 2023–2025 AGMs.
3 Deputy member from the 2024 AGM–2025.
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to the figure on the next page). Four meetings were held in con ‑
junction with publication of the company’s full ‑year and interim 
reports. The company’s CFO regularly participates in Board meet ‑
ings. Other senior executives participate in Board meetings when 
necessary. 
During the fiscal year, the Board devoted particular attention to 
the results of customer satisfaction surveys, material risks and risk 
management, sustainability reporting under the CSRD, com ‑
petition analysis, major investments and structural matters. The 
theme of the Board’s annual strategy meeting was innovation and 
scalability, with a particular focus on lead times for development 
and commercialization as well as transformation through AI.
The Board also conducted an evaluation of its work, which formed 
the basis for planning the Board’s activities in the coming year. This 
evaluation took the form of a survey and the results were followed 
up and discussed at Board meetings. The Nomination Committee 
was informed about the contents of the 2025 evaluation.
Sustainable and responsible business
The Board of Directors has overall responsibility for ensuring 
Sectra’s capacity to create long ‑term value for its customers and 
employees as well as its shareholders and other stakeholders. The 
issue of sustainability is addressed every year at Board meetings. 
Information and knowledge of sustainability issues is communi ‑
cated by the organization at these meetings. Material sustainabili ‑
ty‑related issues are frequently on the agenda of the Board of Direc ‑
tors. In 2025/2026, the Board regularly followed up the company’s 
ongoing adaptations to the new EU CSRD. The double materiality 
assessment and the impact of sustainability issues on the company’s 
risks and opportunities are followed up in an annual review of the 
Group’s risks. The company acts responsibly and the board has 
established ethical guidelines for Sectra’s conduct in society.
Audit Committee
The main task of the Audit Committee is to support the Board 
in its work to increase quality and strengthen the supervision 
of the company’s financial risk exposure, risk management and 
financial statements. During the fiscal year, the Committee held 
five minuted meetings at which the Committee discussed matters 
pertaining to financial reporting, interim reports, the Annual 
Report, Financial Policy, risk management and internal processes, 
the Audit Committee’s formal work plan and other tasks of the 
auditors. The Committee has also submitted a recommendation to 
the Nomination Committee pertaining to the choice of auditor. All 
members of the Committee attended the meetings. The employee 
representatives were invited to participate. The company’s CFO and 
auditor regularly participate in Audit Committee meetings to pro ‑
vide and/or receive information about relevant issues noted during 
the audit and continuous reporting. 
Remuneration Committee and remuneration of senior executives
The main task of the Remuneration Committee is to prepare the 
Board’s decisions on matters pertaining to principles for remunera ‑
tion and other terms of employment for the President and manage ‑
ment and the guidelines for remuneration of senior executives and 
remuneration reports that the AGM is legally obliged to establish. 
In conjunction with ordinary Board meetings, the Committee held 
work meetings attended by all members. 
In July 2025, the Board of Directors evaluated the remuneration 
to senior executives and the current remuneration structures and 
levels in the company as well as programs for variable remunera ‑
tion to company management, both ongoing and those that ended 
during the year. Variable cash remuneration is linked to predeter ‑
mined and measurable criteria and can be based on financial and 
share‑related goals as well as non ‑financial goals such as sustain ‑
ability, customer satisfaction, quality and corporate culture. The 
Board’s remuneration report to the 2025 AGM is available on 
Sectra’s website.
Remuneration and other terms of employment for senior exec ‑
utives directly subordinate to the President are decided on by the 
President in accordance with the guidelines adopted by the AGM 
(refer to the Administration Report on page 78) and the Salary 
Policy established by the President. 
Diversity Policy for the Board of Directors 
The Board of Sectra has established a Diversity Policy, which  
entails that the Nomination Committee is to apply the require ‑
ments of Rule 4:1 of the Code in its work and other specific regula ‑
tory conditions pertaining to the Board’s composition. According 
to the Code, taking into account the company’s operations, stage 
Themes and issues in focus at Board meetings 2025/2026
MAY–JULY AUGUST–OCTOBER NOVEMBER–JANUARY FEBRUARY–APRIL
• Year-end closing 
• Report from external auditor
• Proposed appropriation of profits
• Year-end report
• Follow-up of employee survey
• North American operations  
and partner operations
• Sustainability
• Official Annual Report
• Corporate Governance Report
• Remuneration report
• Proposals to and notice of the AGM
• Three-month report
• Contracts and insurance
• Focus on the Orthopaedics  
business unit
• Statutory meeting and the Board’s 
formal work plan, the directive 
for the President, instructions for 
reporting and the directive for the 
Audit Committee
• Strategy meeting focused on 
innovation and scalability as well as 
transformation through AI
• Budget guidelines
• Results of the Board evaluation
• Six-month report
• Forecast
• Risk analysis and Risk Management 
Policy
• Focus on the Imaging IT Solutions 
operating area
• Date set for the AGM
• Internal AI use
• Customer visits: AI and radiology  
in the UK
• Nine-month interim report
• Forecast 
• Focus on the Secure Communica-
tions operating area and the Medical 
Education business unit
• Remuneration survey and the EU Pay 
Transparency Directive
• Succession planning process
• Financial Policy
• Evaluation of the accounting function
• Goodwill and impairment testing
• Calendar for financial reporting
• Budget and business plans
• Acquisition of Oxipit UAB
• AI Policy and follow-up of AI projects
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