===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 BUSINESS MODEL, GOALS AND STRATEGIES ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026THE MARKET FOR MEDICAL IT ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 THE MARKET FOR MEDICAL IT ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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. 33THE MARKET Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026OPERATING AREA BUSINESS INNOVATION ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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. 43OPERATING AREA BUSINESS INNOVATION Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 “ 48 OPERATING AREA SECURE COMMUNICATIONS Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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 49OPERATING AREA SECURE COMMUNICATIONS Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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. 51OPERATING AREA SECURE COMMUNICATIONS Sectra’s Annual Report and Sustainability Report 2025/2026 ===== 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. 65CORPORATE GOVERNANCE Sectra’s Annual Report and Sustainability Report 2025/2026 ===== SIDA 66 ===== 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. 66 CORPORATE GOVERNANCE Sectra’s Annual Report and Sustainability Report 2025/2026 ===== SIDA 67 ===== 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 67CORPORATE GOVERNANCE Sectra’s Annual Report and Sustainability Report 2025/2026 ===== SIDA 68 ===== of development and other circumstances, the Board is to have an appropriate composition, characterized by diversity and breadth in terms of the AGM‑elected members’ expertise, experience and background. An even gender balance is to be pursued. To achieve this, the Nomination Committee must strive for diversity on Sectra’s Board in respect of expertise, age, nationality and gender as well as business experience, qualifications and professional back ‑ ground. The policy also stipulates that the Nomination Committee is to give particular consideration to ensuring that the experience and expertise of the Board members matches the Sectra Group’s priorities and stage of development. President The President and CEO of Sectra AB is Torbjörn Kronander. For information about his background, education and holding of shares and other financial instruments in Sectra, refer to page 60. The President is responsible for ensuring that the ongoing administra ‑ tion is handled in accordance with the guidelines provided by the Board. Responsibility for the operational activities is decentralized to the Imaging IT Solutions and Secure Communications operat ‑ ing areas as well as the Genomics IT, Medical Education, Ortho ‑ paedics and Research business units, which are part of the Business Innovation operating area. Responsibility for the coordination of certain central functions, such as IT and regulatory affairs, Group finance, and People and Brand (corporate culture, brand, recruit ‑ ment and marketing communication), lies with each function. The President ensures that the Board receives factual, compre ‑ hensive and relevant information and decision ‑making data. The President also engages in ongoing dialogue with the Chairman of the Board, and keeps the Chairman informed about the company’s performance and financial position. Auditor and external auditing The 2025 AGM re‑elected Ernst & Young AB as the external auditor for a period of one year, with Authorized Public Accoun ‑ tant Andreas Troberg as Auditor in Charge. Ernst & Young AB has been Sectra’s auditor since the 2020 AGM. The company’s auditor regularly participates in Audit Committee meetings. The auditor participated in the Board meeting at which the year‑end report was presented, and communicated his obser ‑ vations and suggestions to the Board. In conjunction with this meeting, the auditor held a meeting with the Board without the attendance of representatives of company management. The auditor also participated in the Board meeting at which the annual review of risks was presented and discussed. The auditor’s examination and audit of the year ‑end report and Annual Report were conducted in May to June. In addition to the audit assignment, Ernst & Young AB also reviewed the nine ‑month interim report, submitted certifications in accordance with the Companies Act and, in accordance with the established guidelines, carried out permitted non‑audit services in the form of tax advisory services to a lesser degree, reviewed work pertaining to business eth ‑ ics risks in a selection of the Group’s companies and provided other services such as consultations related to accounting policies. Fees to auditors are paid on the basis of invoices received, in accordance with an AGM resolution. For more information, refer to Note 5. Internal control and risk management regarding financial reporting The overall aim of the internal control is to ensure that the share ‑ holders’ investments and the Group’s assets are protected, that the appropriate accounting documents are prepared and that the financial information used in the operations and when publishing is reliable. At present, the Board is of the opinion that sufficient control of the financial statements and risk management are achieved through collaboration with the company’s external auditors and the thorough reviews and follow‑up carried out at the meetings of the Audit Committee. At the subsequent Board meeting, the Chairman of the Audit Committee presents the items that have been discussed and the proposals and matters to be addressed by the entire Board. Internal auditing The Board of Directors has assessed the need for a special auditing function (internal auditing) and concluded that such a function is currently unjustified at Sectra considering the scope of the business and the existing internal control structures. The Board re ‑examines the need annually. Control environment The procedures are designed to ensure efficiency in the operations and compliance with laws and regulations. The company has implemented specific control activities to continuously monitor and control the risks associated with the business. An essential part of the control environment is the policies, instructions and procedures that are maintained by the organiza ‑ tional structure which clearly defines roles and responsibility. The Board is ultimately responsible for the internal control, but the ongoing administration has been delegated to the President. Risk assessment Group Management identifies and evaluates the most serious risks associated with the Group’s operations. Where risks are identified, control requirements are formulated and must be followed. Where necessary, new control requirements are established. The most serious risks are assessed based on potential financial damage to Sectra’s operations, the likelihood of occurrence and mitigating measures that have been implemented. Weighed together, these three factors yield an assessed level of risk. The risk analysis is addressed annually by the Board and, if necessary, additional moni ‑ toring and control measures are conducted. For information about the company’s most serious risks, refer to Risks in the Administration Report on page 74 and Note 31 on page 144. Control activities The Board’s measures to monitor internal control in connection with financial reporting include thorough reviews and follow ‑ups at the meetings with the Audit Committee, which maintains regular contact with external auditors. The control structure has been designed to manage the risks deemed by the Board and Executive Management to be significant to the Group’s operating activities, financial reporting and compliance with laws and regulations. The primary objective of the company’s control activities is to prevent and identify errors as early as possible so that any deficiencies can be resolved. Procedures and activities have been designed to detect and manage the most material risks related to financial reporting. The operating areas, business units and Group companies are monitored by the President and CFO through regular reports and personal meetings with each management team of companies included in the Sectra Group. The Board receives monthly reports in which the President and CFO present the earnings and financial position of the Group and its business areas for the preceding period. Work relating to monthly and annual accounts is well ‑defined and reporting is conducted in accordance with standardized reporting templates, 68 CORPORATE GOVERNANCE Sectra’s Annual Report and Sustainability Report 2025/2026 ===== SIDA 69 ===== Linköping, July 7, 2026 The Board of Sectra AB (publ) Jan-Olof Brüer Chairman of the Board Torbjörn Kronander President and CEO of Sectra AB Board member Anders Persson Board member Birgitta Hagenfeldt Board member Tomas Puusepp Board member Fredrik Robertsson Board member Ulrika Unell Board member Alva Mårdsjö Board member Employee representative Olof Sandberg Board member Employee representative including comments regarding all significant income statement and balance ‑sheet items. Financial managers and controllers with functional responsibility for accounting, reporting and analysis are employed at both central and unit levels. This enables several controls of the company’s financial reports to be performed, which reduces the risk of errors. Internal information and communication Financial reporting is governed by internal guidelines and instruc ‑ tions. The CFO is responsible for informing financial managers and controllers about Group‑wide accounting policies as well as other matters pertaining to financial reporting. Financial managers and controllers in the Group are responsible for ensuring a high level of quality in the internal reports and that reporting to the Parent Company takes place at the agreed time for financial reporting. Follow-up Follow‑up of internal control is carried out continuously through monthly and interim reports to the Board outlining the company’s financial outcome, including comments from Group Management. In addition, follow‑up takes place through reports from the Audit Committee and the company’s auditors. The company’s Auditor in Charge also participates in most Audit Committee meetings and at least one Board meeting per year, during which the most significant observations during the year’s audit are reported directly to the Board. At the same time, the Board is able to present questions to the auditor. At company level, follow‑up is performed through weekly and monthly reporting to the Parent Company and personal visits to subsidiaries by the CFO, Accounting Manager or Group Con ‑ troller. During these visits, a review of essential procedures and compliance with Group ‑wide policies and guidelines is conducted. External information The Sectra Group’s disclosure of information is regulated by an Internal and External Communications Policy established by the Board. All communication should comply with the listing agree ‑ ment for listed companies in Sweden. The financial information provided by Sectra is to be accurate and current, and provide com ‑ prehensive information about the Group’s operations and financial performance to all stakeholder groups. The company observes a silent period during 30 days prior to the publication of a year ‑end or interim report. The Board adopts the Group’s annual report, year ‑end report and interim reports. All financial reports and press releases are published on the Group’s website at sectra.com and distributed simultaneously to the media and Nasdaq Stockholm. Auditor’s report on the corporate governance statement To the general meeting of the shareholders of Sectra AB (publ), corporate identity number 556064 ‑8304 Engagement and responsibility It is the Board of Directors who is responsible for the corporate governance statement for the financial year May 1, 2025 – April 30, 2026 on pages 60–69 and that it has been prepared in accordance with the Annual Accounts Act. The scope of the audit Our examination has been conducted in accordance with FAR’s standard RevR 16 The auditor’s examination of the corporate governance statement. This means that our examination of the corporate governance statement is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinions. Opinions A corporate governance statement has been prepared. Disclosures in accordance with chapter 6, section 6, the second paragraph, points 2–6 of the Annual Accounts Act and chapter 7, section 31, the second paragraph of the same law are consistent with the annual accounts and the consolidated accounts and are in accor ‑ dance with the Annual Accounts Act. Stockholm, 8 July, 2026 Ernst & Young AB Andreas Troberg Authorized Public Accountant 69CORPORATE GOVERNANCE Sectra’s Annual Report and Sustainability Report 2025/2026 ===== SIDA 70 ===== The Board of Directors and the President of Sectra AB (publ), Corporate Registration Number 556064 ‑8304, hereby submit the Annual Report and the consolidated financial statements for the period from May 1, 2025 to April 30, 2026. The following sustainability report, income statements, balance sheets, statements of changes in equity, cash ‑flow statements and notes comprise an integrated part of the Annual Report. Information about sustainability and corporate governance Sustainability information is integrated into the section Vision, goals and strategies on pages 15–27 and the Sustainability Report on pages 80–116. The statutory Sustainability Report is defined on page 81. The auditor’s limited assurance report on the Sustainabil ‑ ity Report is presented on pages 155–156. Sectra applies the Swedish Corporate Governance Code (“the Code”). Sectra has prepared a Corporate Governance Report in accor‑ dance with the rules and application instructions in Swedish legisla‑ tion and in the Code. The Corporate Governance Report is presented on pages 60–69 of this Annual Report and the auditor’s statement on the Corporate Governance Report is presented on page 69. The Group’s operations and structure Sectra conducts research, development and sales of high ‑tech products and services in the niche markets of medical imaging IT and cybersecurity. Its operating areas are organized as separate companies based on customer segments and geographic markets. The Group has its head office in Sweden and several subsidiaries around the world (Note 14). Sectra AB is the Parent Company of the Group, which comprises the operating areas Imaging IT Solutions, Secure Communications and Business Innovation. Other Operations pertain to joint func ‑ tions for administration, recruitment, Group finance, IT, regulatory affairs, people and brand, and investor relations activities. This segment also includes property management (Note 12). Acquisitions Sectra acquired the Lithuanian company Oxipit UAB, which develops AI functions for diagnostic imaging and holds the first CE Class IIB certification for autonomous AI in chest X‑ray analysis. The company is included in Sectra’s financial statements for Imaging IT Solutions as of the acquisition date on April 14, 2026 (Note 15). Significant events 2025/2026 fiscal year • Sectra’s long‑term investments in medical imaging IT and secure communications are reflected in its financial performance, with historically high sales and net profit for the year. • All operating areas reported sales growth and increased operat ‑ ing profit. The increase in cloud recurring revenue shows that the transition to service sales is proceeding rapidly. • A dividend of SEK 2.10 per share to shareholders, of which SEK 1.00 was an extraordinary dividend, for a total of SEK 404.6 million. After the balance-sheet date • The Board and CEO have proposed that the 2026 AGM resolve on an increased ordinary dividend of SEK 1.30 per share and an extraordinary dividend of SEK 1.00 per share. Refer to page 79. A repurchase of up to 1,000,000 own shares was also proposed for a new share‑based incentive program. Outlook Sectra plays a key role in meeting the need for medical imaging IT and cybersecurity. We help solve major social problems in markets where scope for expansion remains. The global trends of an aging population and increased digitization mean that these markets are expected to continue to grow for a long time going forward. Sectra is well positioned to meet customers’ needs with stable solutions, high customer satisfaction and long ‑term investments in the future. The ongoing transition of the business model to service sales is further strengthening the company for the future. Financial overview, Group Key figures 2025/2026 2024/2025 Δ % Contracted order bookings, SEK million 7,599.5 8,706.1 –12.7 of which guaranteed order bookings 5,854.5 7,653.0 –23.5 Net sales, SEK million 3,541.7 3,239.8 9.3 of which recurring revenue 2,451.3 2,067.4 18.6 of which cloud recurring revenue (CRR) 915.8 591.1 54.9 Operating profit, SEK million 710.6 723.0 –1.7 excluding patent settlement 710.6 613.0 15.9 Net profit for the year, SEK 563.8 563.4 0.1 Recurring revenue churn, % 0.5 0.6 n/a Operating margin, % 20.1 22.3 n/a excluding patent settlement 20.1 18.9 n/a Profit margin, % 20.6 22.4 n/a Earnings per share, SEK 1 2.93 2.92 n/a Cash flow per share, SEK 2 5.70 4.79 19.0 1 Before and after dilution. 2 Cash flow from operations after changes in working capital. Comments on order bookings, sales and earnings Demand for Sectra’s customer offerings remains high, and con ‑ tracted order bookings amounted to SEK 7.6 billion during the fiscal year. This outcome was Sectra’s second ‑highest for a single fiscal year, surpassed only by the comparative year, when Sectra secured its largest contract to date and other comprehensive customer contracts for managing large volumes of medical images. The largest of these was a 12 ‑year contract with the healthcare provider MSSS Québec in Canada, with a contracted order value of SEK 3.1  billion. Orders of this size contribute to long ‑term stability, but also lead to significant variations in order bookings between individual quarters and periods. The Group’s net sales rose 9.3% to SEK 3,541.7 million (3,239.8). All operating areas contributed to the growth in sales, and all geographic markets reported increased sales in local currency. The operations in the US reported the largest increase in sales from the comparative year. Based on unadjusted exchange rates, consolidated Administration Report Sectra’s Annual Report and Sustainability Report 2025/2026 70 ADMINISTRATION REPORT ===== SIDA 71 ===== sales increased 16.5%. More than 70% of the Group’s sales are car‑ ried out in foreign currency, primarily EUR, GBP and USD, which entails a relatively large sensitivity to currency fluctuations (Note 31). Cloud recurring revenue (CRR) increased 54.9% to SEK 915.8 million (591.1). The ongoing transition to selling products and software as services, of which cloud deliveries account for a quickly growing share, contributed to an increase in recurring revenue. Non‑recurring revenue decreased, which was an anticipated conse ‑ quence of the ongoing transformation to service deliveries (Note 2). The share of customers who leave Sectra is very low, with only 0.5% (0.6) recurring revenue churn. The Group’s operating profit amounted to SEK 710.6  million (723.0). The outcome for the comparative year includes SEK 110.0 million for the positive effects of the patent settlement, which was a non‑recurring transaction. In terms of comparable out ‑ comes—that is, excluding the patent settlement—operating profit increased 15.9% to SEK 710.6 million (613.0). Based on unadjusted exchange rates, the increase from the previous fiscal year was 34.3%. The Group’s operating margin for comparable outcomes was 20.1% (18.9), which exceeded Sectra’s financial goal of 15%. All operating areas reported increased operating profit from the comparative year. The Group’s financial items amounted to SEK 18.3 million (3.3). Currency fluctuations had an impact of SEK –2.2 million (–23.8) on financial items. Sectra does not hedge its operations, and cur ‑ rency fluctuations therefore have an immediate impact on profit or loss or on comprehensive income. Financial position and cash flow The Group’s cash and cash equivalents on the balance ‑sheet date amounted to SEK 1,810.3 million (1,341.9). The Group’s debt/ equity ratio was 0.04 (0.05). Interest ‑bearing liabilities amounted to SEK 76.5 million (99.2), most of which pertained to leases. Cash flow from operations amounted to SEK 1,097.3 million (922.4), corresponding to cash flow per share of SEK 5.70 (4.79). The outcomes for 25/26 include effects of approximately SEK 19  million from the final settlement of a claim related to the patent case. The underlying performance improved, and the change from the com‑ parative period was mainly attributable to advances from custom‑ ers. Cash flow from investing activities (see below) amounted to SEK –207.5 million (–113.9). The Group’s total cash flow was SEK 461.4 million (556.6). The outcome includes an ordinary and an extraordinary dividend total‑ ling SEK 404.6 million (211.9). The figure for the comparative year refers to Sectra’s 2024 share redemption program. Investments, depreciation/amortization, impairment, and R&D Group investments amounted to SEK 207.5 million (113.9). The change from the comparative year is linked to investments in product development, leasehold improvements and the acquisition of Oxipit UAB. Capitalized work for own use amounted to SEK 99.0 million (74.1). Capitalization includes the development of cloud‑based services for medical diagnostics. Depreciation, amortization and impairment totaled SEK 121.8 million (111.5). Of this figure, SEK 51.6 million (46.8) pertained to capitalized development expenditures. At the end of the fiscal year, capitalized development expenditures totaled SEK 276.7 million (231.2). Impairment of development costs (Note 11) amounted to SEK 6.0 million (0). 2,600 2,800 3,000 3,200 3,400 3,600 2025/2026Rest of worldRest of Europe UK Sweden USA 2024/2025 2,800 3,000 3,200 3,400 3,600 3,800 2025/2026 Group Eliminations Other Operations Business Innovation Secure Communications Imaging ITSolutions2024/2025 400 450 500 550 600 650 700 750 800 2025/2026 Group Eliminations Other Operations Business Innovation Secure Communications Imaging ITSolutions2024/2025 Sales trend per geographic market SEK million 3,542 Earnings trend per operating segment SEK million 613 139 615 –66 2 711 187 56 –33 23 69 3,240 259 46 16 98 3,542 –118 3,240 Sales trend per operating segment SEK million Sectra’s Annual Report and Sustainability Report 2025/2026 71ADMINISTRATION REPORT ===== SIDA 72 ===== Every year, Sectra invests 10–15% of its consolidated sales in research and development (R&D) projects. R&D costs for 2025/2026 amounted to SEK 438.5 million (408.0). For more infor‑ mation, refer to Note 11. Seasonal variations Sectra has historically experienced major seasonal variations, since individual projects can be very large relative to Sectra’s sales. This applies for both medical systems and secure communications. The beginning of the fiscal year is usually weaker since few customers want to deploy new systems during the summer. The variations in order volumes between individual quarters are significant since certain contracts are very large and have long terms. As Sectra transitions to selling products as a service, this variation is expected to gradually decrease over the next several years since revenue will be spread more evenly over time. On the other hand, individual contracts are sometimes very large, leading instead to a larger variation in order bookings than before. Bearing this in mind, it remains important to look more at long ‑ term trends rather than at the outcome for an individual quarter when assessing Sectra’s performance. Financial overview, operating areas and Parent Company Imaging IT Solutions In 2025/2026, Imaging IT Solutions’ sales rose 9.3% to SEK 3,057.4 million (2,798.0). Operating profit rose 24.5% to SEK 706.8 million (567.6), corresponding to an operating margin of 23.1% (20.3). Increased use of Sectra’s services, in combination with good cost control, had a positive impact on earnings and prof ‑ itability, while currency fluctuations had the opposite effect. Cloud recurring revenue (CRR) increased 56.6% to SEK 895.1 million (571.5). Non‑recurring revenue (refer to Note 2) was lower than in the comparative year, primarily due to new customers pur ‑ chasing services instead of traditional software licenses. The volumes of medical images managed by customers using Sectra’s systems are growing steadily. The fastest ‑growing volumes were noted in North America, primarily in the US, which reported the largest sales growth over the comparative year. During the fiscal year, several new large and medium‑ sized customers started deploy ‑ ing Sectra’s cloud services for medical imaging at selected hospitals. These deployments mark the beginning of more extensive roll ‑outs planned for the coming years. Many hospitals will deploy Sectra’s cloud services in the coming years, while more customers are choosing to migrate from Sectra’s locally installed systems to cloud services. To meet these needs, we constantly develop our offerings, ways of working and organiza ‑ tion. Investments in capitalizable development projects increased in 2025/2026, and the operations are implementing initiatives to continue strengthening quality and data security. Read more about the operating area on page 32. Business Innovation In 2025/2026, Business Innovation’s sales increased 18.1% to SEK 107.2 million (90.8). The transition to sales of services and cloud deliveries contributed to an increase in recurring revenue of 3.0% to SEK 23.9 million (23.2), the majority of which pertained to cloud services. Operating profit rose 61.6% to SEK 16.0 million (9.9), corresponding to an operating margin of 14.9%. Read more about the operating area on page 39. Secure Communications In 2025/2026, Secure Communications’ sales increased 11.3% to SEK 453.0 million (407.0). Operating profit amounted to SEK 79.6 million (174.2), corresponding to an operating margin of 17.6%. The figures for the comparative year include positive effects of SEK 110 million from a settlement between Sectra and a US company. This was a non‑recurring item and was recognized during the previous fiscal year. Excluding the patent settlement, operating profit rose 24.0% to SEK 79.6 million (64.2), corresponding to an operating margin of 17.6% (15.8). Growth and efficiency improve‑ ments led to improved profitability in the underlying operations, despite a temporary downturn in financial performance due to delays resulting from changed customer requirements in an ongo ‑ ing development assignment. Serial production for this assignment began in the fourth quarter, and product deliveries are expected to start in early 2026/2027. Read more about the operating area on page 46. Other Operations and Parent Company Sales from Other Operations are mainly intra ‑Group in nature and for 2025/2026 amounted to SEK 315.2 million (216.9). The change from the comparative year mainly pertained to increased central management of costs distributed across the organization. The business unit reported an operating loss of SEK –102.7 million (–37.2). The figures for 2025/2026 include costs for profit‑sharing to the Group’s employees. 0 10 20 30 40 50 Q4Q3Q2Q1 Share of operating profit per quarter, seasonal pattern excluding patent settlement 17% 17% 25% 22% 36% 29%27% 27% 5 year average 2025/2026 25% 25% 29% 24% 28% 0 10 20 30 40 50 Q4Q3Q2Q1 Share of net sales per quarter, seasonal pattern 21% 24%22% 5 year average 2025/2026 Sectra’s Annual Report and Sustainability Report 2025/2026 72 ADMINISTRATION REPORT ===== SIDA 73 ===== Net profit for the year in the Parent Company amounted to SEK 446.0 million (483.4). Financial items contributed SEK 79.0 million (96.0) to this outcome, including SEK 65.3 million (83.9) in dividends from subsidiaries. For information about the Parent Company’s financial outcome, please refer to the following income statements, balance sheets, accounting policies and notes. Intangible key resources Sectra’s business model relies on intangible key resources in the form of its employees’ expertise and experience, long ‑term customer relationships, and the company’s brand and reputation. Expertise in medical imaging IT, cybersecurity, and related specialist fields enables the development, delivery, and further refinement of the company’s products and services. The ability to attract, develop, and retain qualified employees supports continued innovation and a high quality level in the company’s offerings. Customer relationships built up over many years provide insight into customer needs. By collaborating closely with customers, users, and partners, Sectra develops solutions that support the needs of their operations and create a foundation for long ‑term relationships and repeat business. Sectra’s brand and reputation are founded on long ‑standing experience, high ‑quality deliveries, and a strong focus on infor ‑ mation security. The company’s brand and the trust that Sectra has built support its ability to attract customers, employees, and partners. These intangible key resources support Sectra’s ability to develop and deliver solutions that create customer value and contribute to the company’s long‑term development. The share Major shareholders On the balance ‑sheet date, Sectra had 14,521 (13,628) sharehold‑ ers. Of these, the following shareholders had direct and indirect holdings comprising more than 10% of the number of votes for the total number of shares in the company on the balance ‑sheet date: • Torbjörn Kronander, who directly and indirectly through the company Shannon AB represents 17.0% of the voting rights. • Jan‑Olof Brüer, who directly and indirectly through the com ‑ pany Shannon AB and other related parties represents 17.0% of the voting rights. Shares and holding of treasury shares 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. The number of shares is distributed between 13,103,460 Class A shares and 182,017,435 Class B shares. This includes a holding of treasury shares that amounted to 2,453,406 Class B shares at the end of the fiscal year, corre ‑ sponding to approximately 1.3% of the total number of shares and approximately 1.3% of the share capital in the company. The shares have a quotient value of SEK 0.20 per share and were purchased at a price corresponding to the quotient value. The holding of treasury shares is connected to the company’s long ‑term performance ‑ based incentive programs (Note 4). One Class A share confers ten votes, while one Class B share confers one vote. All shares carry equal rights to the company’s assets and profits. 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 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 share ‑ holders. 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. Authorization The 2025 AGM resolved to authorize 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 the company’s treasury shares, with the condition that the Company’s holding of treasury shares at no point exceeds 10% of all the shares in the Company. The complete authorization is presented in the minutes from the AGM available on Sectra’s website. At the time of publication of this financial report, the Board had not utilized these authorizations. Specific external factors Geopolitical developments primarily took the form of regional con ‑ flicts, changing trade policies and a growing connection between the economy and security policy. Cyberattacks in the telecom, energy and transportation sectors have escalated and are often connected to geopolitical conflicts. At the same time, developments in AI are leading to more complex threat scenarios, with increased requirements for secure handling and storage of sensitive informa ‑ tion. Sectra’s solutions are generally not publicly accessible through the internet at the customer’s premises, which reduces exposure to certain kinds of external attacks. Sectra has only a small number of indirect customer or sub ‑ supplier relationships in Belarus, Iran, Israel, Lebanon, Palestine, Russia and Ukraine and no direct relationships. Ongoing conflicts and imposed sanctions are therefore deemed to have a very limited direct impact on the Group’s operations. Indirect consequences could include increased costs for energy, transportation and electronics components as well as supply chain disruptions. The majority of Sectra’s customer contracts include index clauses, or in some cases clauses for renegotiating prices after a certain period, which offsets the effects of inflation over time. Sectra’s largest market is the US, where changes in the country’s trade policies and regulatory developments are creating uncer ‑ tainty. Some healthcare providers in Europe, for example, have become more restrictive in their use of public cloud services from US providers. Sectra already offers private cloud solutions as an alternative in the European market. In the US, Sectra’s operations are conducted through a local subsidiary and pertain primarily to services for medical diagnostics. A significant portion of the service is produced in the country and delivered by local employees. The single largest risks for the Sectra Group’s operations related to the above factors are primarily linked to information security, the performance of the USD and access to capacity in US data centers for supplying cloud services. Refer to the description of risks on pages 74–77. Given the Group’s strong financial position, positive cash flow and significant share of recurring revenue, Sectra is deemed to be well‑equipped to manage these external factors. No impairment requirement was identified as a result of the above. Sectra’s Annual Report and Sustainability Report 2025/2026 73ADMINISTRATION REPORT ===== SIDA 74 ===== Risk index trend: up stable down In a world of growing cyberthreats and more stringent regu - latory requirements, Sectra works systematically to manage risks, ensure regulatory compliance, and maintain the trust of customers and society. During the fiscal year, Sectra further strengthened the company’s information security, data protection and cyber resilience. This included adapting the operations to regulatory requirements such as NIS2 and securing new certifications to confirm Sectra’s high quality and security level. At the same time, initiatives are under way to ensure compliance with regulatory requirements such as the AI Act and the Cyber Resilience Act as well as the latest version of the management system for information security, cybersecurity and privacy protection (ISO 27001). Read more below and on page 108. Sectra’s risk universe: Risks and risk management Given the fact that customer confidence is a critical success factor, we prioritize stable, long ‑term growth over rapid, high ‑risk expan‑ sion. Since Sectra is active in several industries and a large number of markets, the Group’s overall exposure to political and market risks, for example, is limited. To prevent risks, the company has established a number of policy documents that explain our values, how our managers and employ ‑ ees are expected to conduct themselves, and risk management in various areas. For example, the document covers: • policy and process for risk management • policy and process for managing information security risks • policy and process for managing medical technology risks • financial policy and • Code of Conduct and plans for gender equality, environment and work environment; see the respective sections in the Sustain ‑ ability Report. The risk universe illustrated above is used in efforts to identify risks. Operational and financial risks as well as risks related to pre ‑ vailing economic conditions are continuously analyzed. Measures are taken as needed to reduce the Group’s risk exposure. Assess ‑ ments of all significant risks involved in reaching strategic goals are documented in a risk register. Identified risks are assessed based on factors such as their potential impact on operations (whether they are primarily financial, legal or reputational), the threat they pose and the likelihood of the risk arising. Measures are followed up regularly. The Board and company management also conduct an annual review of risks and risk management. Operational risks and financial risks (currency, interest, credit and liquidity) with high or very high risk index scores are described below. The risk index is calculated as assessed consequence multi ‑ plied by assessed likelihood that the risk might arise. Sustainability risks according to ESRS, as identified through a double materiality assessment, are presented in the Sustainability Report. Read more about how the company assesses financial risks in Note 31 Risks, risk management and sensitivity analysis. Corporate governance and regulatory com- pliance Cybersecurity and information security Physical security and personal safety Financing Acquisitions Sustainability Geopolitics Intellectual property rights Purchasing and logistics Communication and marketing Competition Customers Laws and regulations Employees Products and services Project completion Accounting Technology Sectra’s Annual Report and Sustainability Report 2025/2026 74 ADMINISTRATION REPORT ===== SIDA 75 ===== RISK AREA: FINANCING Outstanding accounts receivable The Group’s customers primarily include government authorities, public healthcare providers and other reputable customers with high credit ratings, although payment practices vary between countries. Sectra is exposed to greater credit risks in countries where many of its customers are privately owned, such as the US. An increase in the number of partners outside Europe is contributing to a higher risk of potential credit problems. Procedures are in place to thoroughly evaluate the credit - worthiness of customers and partners. To minimize credit risks in fixed-price projects, Sectra makes extensive use of advance partial payments and bank guarantees. The risk level is assessed as stable due to mitigating measures to manage the risk. Currency exchange risks The Group’s exposure to currency exchange risks mainly arises through transactions in foreign currencies in the form of cus - tomer and supplier payments and in connection with the trans - lation of foreign subsidiaries’ income statements and balance sheets. The Group’s largest exposures are in USD, EUR and GBP. Risks and payment flows in foreign currencies are continuously monitored. Intra-Group financing for subsidiaries is conducted in local currency. The Group does not currently hedge its transac - tion exposure since the costs involved in effectively managing hedging contracts are deemed to be higher than the potential gain. The need for hedging contracts is continuously evaluated. In 2025/2026, currency fluctuations had a SEK 7 million negative impact on the Group’s operating profit. See the description of the financial outcome in the Administration Report. RISK AREA: SUSTAINABILITY Corruption and deviations from the Code of Conduct The focus on business ethics is high, both within the company and in the global business environment. This is particularly true of corruption and especially bribes. Sectra’s risk exposure in this area has increased due to the growing number of distribution partners, which are difficult to monitor using internal procedures. Sectra has a Code of Conduct with a strict anti-corruption policy, which is intended to limit the risk of individual incidents. For more information, see the sections on Corporate responsibility and the Code of Conduct. The Code of Conduct is included in all distribution agreements and Sectra is entitled to terminate its business relationships at short notice if the code is not followed. Other measures include ongoing assessments of subsidiaries and distributors and specific recurring audit procedures for selected subsidiaries. Risks with high or very high risk index scores Description Measures to limit risk RISK AREA: CORPORATE GOVERNANCE AND REGULATORY COMPLIANCE Certifications Sectra’s products and services are certified and approved in accordance with industry-specific regulations and relevant stan - dards. New and expanded requirements for quality certifications for medical devices within the EU (MDR) and the US (issued by the FDA) have led to increased demand for certified auditors. For companies that sell medical devices, a shortage of certification auditors, longer processes and higher requirements for docu - mentation entail an increased risk of not delivering new products and new releases on time. Sectra monitors changes in regulations and relevant standards and makes continuous adjustments as needed based on new requirements and regulations. Reviews of whether regulatory requirements are met are planned well ahead of time in collabora - tion with certified external auditors. RISK AREA: CYBERSECURITY AND INFORMATION SECURITY Cyberattacks, access violations or loss of data in IT systems and cloud-based services The following risks have been identified in this area: • Security breach, disruption and/or loss of data in Sectra’s internal systems • Security breach, disruption and/or loss of data in systems and cloud-based services delivered to customers. • Security breach at customer sites due to shortcomings in Sectra’s installation. • Security corrections in systems not installed in time by customers. The threat level for breaches and data theft has increased globally, and cybercrime is a serious threat to Sectra as well as to other companies. Rapid developments in AI means that hostile actors have new and more powerful abilities, allowing them to carry out attacks at an unprecedented rate. Healthcare is one of the most vulnerable targets, having received increased focus from attackers. If any of the above risks should occur, this could result in damage to patients and customers as well as to Sectra’s reputation, and also lead to extensive financial consequences for the company. Sectra works continuously to strengthen cybersecurity and infor - mation security, in terms of both technological protection and the ability to detect and manage attacks. Mandatory training for employees helps increase security awareness and expertise. Systems are monitored continuously and security tests, penetration tests and security scans are carried out regularly by internal and external experts. Refer to the additional information under the heading Informa- tion security and data protection on page 108. Sectra’s Annual Report and Sustainability Report 2025/2026 75ADMINISTRATION REPORT ===== SIDA 76 ===== Risks with high or moderate risk index score Description Measures to limit risk RISK AREA: INTELLECTUAL PROPERTY RIGHTS Intellectual property disputes Sectra is a leading player in its industry segments and makes significant investments in product development. This results in increased intellectual property rights, which in turn increases the risk of legal disputes regarding patents and other intangible assets. The Group recognizes that as it grows and gains greater international exposure, the risk of becoming involved in disputes increases. To reduce this risk, Sectra continuously analyzes product claims for intellectual property rights and protects inventions through patents. RISK AREA: PURCHASING AND LOGISTICS Data center capacity A general high demand for data center capacity could lead to lim - ited capacity at Sectra’s sub-suppliers. If the necessary capacity is not available, it may affect Sectra’s operations and ability to support a growing number of customers. Sectra has established close dialogues with sub-suppliers and implemented capacity management processes to ensure that future business needs can be met. Mitigation work helps to reduce risk and enables the continued delivery of our services without impact. Supplier dependence and supply risk Risk of dependence on a small number of approved suppliers and limited flexibility in the supply chain. Reducing dependence on individual suppliers, diversify the supplier base and improve alternative sourcing for critical components. RISK AREA: COMPETITION Competition risks to strategic goals Risks to strategic goals are driven primarily by growing com - petition, including technological development, price pressure, changing business models and consolidation among competitors. Competition is expected to increase as a result of AI and more rapid development. Proactively strengthening the company’s expertise in AI and ensuring continuous monitoring of external conditions to remain competitive and adaptable in a rapidly changing market. RISK AREA: LAWS AND REGULATIONS Legal risk connected to data protection legislation, international and local laws, etc. Risks related to compliance with global and local laws and regu - lations, including data protection, product regulation, trade sanc - tions and market-specific requirements. Increased regulatory complexity, especially linked to cloud services, AI and international expansion, entail increased responsibility, uncertainty and risk of limited flexibility and delayed market establishment. This risk is managed by strengthening governance and expertise in regulatory compliance, carrying out risk analyses and controls, developing technological and organizational safeguards, and work- ing to increase organizational capacity, including specialists and systems support to meet changing regulatory requirements. RISK AREA: EMPLOYEES Skills supply Risks related to employees, including difficulties in recruiting and retaining the right expertise and dependence on key individuals. Increased competition for talent, especially in specialist roles, as well as workloads could impact the Group’s ability to ensure long- term skills supply and delivery. Developing recruitment and retention strategies, reducing depen - dence on individual employees through increased redundancy and improving work environments and ways of working to strengthen the organization’s long-term expertise and appeal. Insider threats The number of employees has increased, which means a higher risk of an employee deliberately destroying or using their position to harm the Group. The same risk applies to consultants and contractors. Sectra has procedures for security interviews and background checks. Access to sensitive information is limited to those who actually need it. Sectra’s Annual Report and Sustainability Report 2025/2026 76 ADMINISTRATION REPORT ===== SIDA 77 ===== Risks with high or moderate risk index score Description Measures to limit risk RISK AREA: PRODUCTS AND SERVICES Product liability and property risks Through its operations, Sectra assumes product liability, which means that personal injury or damage to property caused by the company’s systems at the premises of a customer or third party could lead to compensation claims. Increased sales of cloud- based services are leading to greater risk exposure and a need for new types of insurance, such as cyber insurance. However, the terms and conditions for the coverage provided by these types of insurance are not always clear. Risk exposure is also increasing due to the growing number of regulatory requirements, in current markets as well as a result of our continued international expansion. In addition to this, the overall risk is increasing due to a rise in cyber threats in society. Any claims arising from cyber threats could have a substantial financial impact on operations. We work continuously to improve security in our products, systems and cloud-based services. Insurance needs are reviewed annually. The Group maintains insurance coverage for property and liability risks to which it is exposed. RISK AREA: ACCOUNTING Revenue recognition Inaccurate assessments and misstatement of revenue under the applicable accounting standards could have serious conse - quences. If revenue is reported incorrectly, this could lead to a misrepresentation of the company’s profitability. Material errors could lead to legal sanctions and a loss of trust in the company. Policies, instructions and procedures as well as specific control activities are an important part of the control environment for Sectra’s financial reporting (see the section Internal control and risk management on page 68). When new customer contracts are signed, assessments are made according to IFRS 15 to ensure that revenue recognition follows the regulations and to minimize the risk of misreporting. Major new contracts follow a specific review procedure within the Group to reduce the risk of material error. RISK AREA: TECHNOLOGY Choice of technology and capacity for innovation Risks of inappropriate technology choices, reduced differentiation and inadequate AI positioning in a rapidly changing competitive environment. Strengthening AI capabilities and technology strategy, ensuring flexibility in technical solutions and intensifying efforts to monitor external conditions and to innovate. Sectra’s Annual Report and Sustainability Report 2025/2026 77ADMINISTRATION REPORT ===== SIDA 78 ===== Remuneration Committee and remuneration of senior executives In accordance with the guidelines prepared by the Board, the 2022 AGM adopted the following policies for remuneration and other terms of employment for senior executives of Sectra AB. All current agreements for senior executives follow these princi ‑ ples, with one exception. Under an agreement entered into before these principles were established, Sectra’s President and CEO has a period of notice of 18 months. This marks a deviation from the guideline stipulating that executives who have reached the age of 67 are to have a maximum period of notice of six months. The Board of Directors has resolved to propose that the 2026 AGM adopt guidelines for remuneration to senior executives that, in all material respects, correspond to the guidelines currently in force, see below. The main change in the proposed guidelines is that the notice period shall be agreed individually on a case ‑by‑case basis and may amount to a maximum of eighteen (18) months. Scope and applicability of the guidelines These guidelines cover the President and CEO, other members of Group Management and, where applicable, remuneration to Board members for work performed above and beyond their commission. The guidelines will be applied to contractual remuneration, and changes made to remuneration already contracted, after the guide ‑ lines are adopted by the 2022 AGM. The guidelines do not cover remuneration that has been resolved on by the General Meeting of Shareholders. Board fees will not be paid to executives employed in the Group. The guidelines’ promotion of the company’s business strategy, long-term interests and sustainability Briefly, Sectra’s business strategy entails developing and selling products and services for medical IT and cybersecurity. Helping our customers improve the efficiency and quality of patient care and increase cybersecurity in critical social functions is the com ‑ pany’s most significant contribution to a more sustainable society. For more information about the company’s business strategy, refer to Sectra’s latest Annual Report available at the company’s website, sectra.com. Successfully implementing the company’s business strategy and looking after the company’s long ‑term interests including sustain ‑ ability assumes that the company can recruit and retain qualified employees. This requires the company to offer competitive remu ‑ neration. These guidelines make it possible to offer senior execu ‑ tives competitive total remuneration. Long‑term share‑based incentive programs have been introduced at the company in certain years. These programs are adopted, where necessary, by the General Meeting of Shareholders and are thus not covered by these guidelines. Forms of remuneration, etc. The terms and conditions of remuneration must emphasize remu ‑ neration after performance, and varies in relation to the individ ‑ ual’s performance and the Group’s earnings. Total remuneration is on market terms and can consist of the following components: fixed cash salary, variable cash remuneration, pension benefits and other benefits. Fixed remuneration Fixed remuneration consists of a basic annual salary (the “Basic Salary”), which is to be competitive in the relevant market and reflect the responsibilities that the job entails. Salary levels will be reviewed once a year to ensure continued competitiveness and to reward individual performances. Variable remuneration Variable cash remuneration covered by these guidelines must be intended to promote the company’s business strategy and long ‑term interests, including its sustainability. Variable cash remuneration will be based on predetermined and measurable criteria. These criteria must be based on (i) financial earnings (profit, financial efficiency and sales) or alternately oper ‑ ational goals that over the long term are intended to lead to solid financial results; (ii) share ‑related goals and (iii) non ‑financial goals such as sustainability, customer satisfaction, quality and corporate culture. They should also consist of individually adapted quantita ‑ tive or qualitative goals. Meeting the criteria for disbursement of variable cash remuner ‑ ation should be measurable over a period of one or more years. Variable cash remuneration can total a maximum of 100% of the Basic Salary excluding vacation allowance as regards financial, operational, non‑financial and individually adapted goals and a maximum of 25% as regards share ‑related goals during the relevant measurement period. When the measurement period for meeting the criteria for dis ‑ bursement of variable cash remuneration has concluded, the extent to which the criteria were met must be determined. The Remuner ‑ ation Committee is responsible for assessment regarding variable cash remuneration to the President. As regards variable cash remuneration to other executives, the President is responsible for the assessment. As regards financial goals, the assessment must be based on the latest financial information released by the company. In addition to variable remuneration that executives may receive in accordance with these guidelines, the Board of Directors may decide that such executives could be covered by programs for variable remuneration that also cover personnel categories other than senior executives such as all employees in the Group or in a particular business area. Such programs must entitle all employees (regardless of position) to the possibility of the same nominal remuneration. The Board of Directors must also have the legal or contractual possibility—with the ensuing limitations—of demanding the return in full of erroneously disbursed variable remuneration (“clawback”). A clawback of this kind, where applicable, must be issued within five years of the disbursement. Pension and other benefits For the President and other executives covered by these guidelines, retirement and survivor benefits including health insurance must be provided and are to be defined‑contribution. Variable cash remuner‑ ation must not be pensionable. Pension premiums must total a max‑ imum of 30% of the Basic Salary. The executive must be provided with the possibility of exchanging a portion of the Basic Salary with other benefits such as life insurance, healthcare insurance and a company car, provided that it is cost‑neutral for the company. As regards terms of employment subject to laws other than Swedish, the company may make the proper adjustments concern ‑ Sectra’s Annual Report and Sustainability Report 2025/2026 78 ADMINISTRATION REPORT ===== SIDA 79 ===== ing pension and other benefits in order to comply with compulsory regulations or local practice, in which case the overall goals of these guidelines must be met to the greatest possible extent. Period of notice The period of notice must be linked to the age of the executive, in accordance with the following policies. Upon termination by the company or the executive, the period of notice must be at most (i) six months, if at the time of termination the executive is age 40 or younger; (ii) 12 months, if at the time of termination the executive is age 41–50; (iii) 18 months, if at the time of termination the exec ‑ utive is age 51–60; and (iv) 24 months, if at the time of termination the executive is age 61 or older. From the date the executive turns 67, however, the period of notice must be at most six months. Salary and conditions of employment for employees In preparing the Board’s proposal for these remuneration guide ‑ lines, salary and conditions of employment for the company’s employees were taken into account through information on total employee remuneration, the components of remuneration and the increase (and rate of increase) of the remuneration forming a part of the basis for decision by the Board and the Remuneration Commit ‑ tee in assessing the reasonableness of the guidelines and the ensuing limitations. The decision-making process for adopting, reviewing and implementing the guidelines The Board of Directors has set up a Remuneration Committee, the tasks of which include preparing the Board’s decisions on proposals for guidelines on remuneration to senior executives. The Board of Directors will draw up proposals for new guidelines at least once every four years, and present the proposal for resolution by the AGM. The guidelines will be in force until new guidelines are adopted by the General Meeting of Shareholders. Remuneration to the President and, where applicable, Board members (above and beyond ordinary remuneration resolved on by shareholders’ meet ‑ ings) is decided by the Board based on the recommendations of the Remuneration Committee. Remuneration to other executives is determined by the President. The Remuneration Committee must also monitor and evaluate programs for variable remuneration to Group Management, the application of guidelines for remuneration to senior executives and applicable remuneration structures and remuneration levels in the company. The members of the Remuneration Committee are inde ‑ pendent in relation to the company and Group Management. To the extent they are affected by such issues, neither the President nor other members of Group Management are present when the Board discusses and decides on issues related to remuneration. Departures from the guidelines The Board of Directors may decide to temporarily depart from the guidelines in full or in part if, in an individual case, there are par ‑ ticular reasons to do so and a departure is necessary to safeguard the company’s long‑term interests including its sustainability, or to ensure the company’s financial strength. As indicated above, the tasks of the Remuneration Committee include preparing Board decisions on remuneration issues, which includes decisions on departures from the guidelines. Appropriation of profits Proposed appropriation of profits The Board proposes that the AGM resolve on an ordinary dividend of SEK 1.30 per share and an extraordinary dividend of SEK 1.00 per share, corresponding to a total of SEK 443,135,225 after taking Sectra’s holding of treasury shares at the time of this report into account, and that the record date for receiving dividends be set as Thursday, Sep‑ tember 10, 2026. The Board also proposes that the remaining funds following the dividend of SEK 757,629,143 be carried forward. The following funds are at the disposal of the AGM (SEK): Share premium reserve 134,851,366 Retained earnings 619,905,103 Net profit for the year 446,007,889 1,200,764,368 The Board and the President propose that these funds be appropriated as follows: a dividend of SEK 2.30 per share be paid to shareholders 1 443,135,225 to be carried forward 757,629,143 1,200,764,368 1 Based on the number of shares outstanding on the balance-sheet date. The Board’s statement regarding the proposed appropriation of profits In light of the Board’s proposal that the AGM on September 8, 2026 resolve to pay an ordinary dividend of SEK 1.30 per share and an extraordinary dividend of SEK 1.00 per share, the Board hereby submits the following statement in accordance with Chapter 18, Section 4 of the Swedish Companies Act. The Board has determined that there will be sufficient funds to fully cover the company’s restricted equity following the proposed dividend. The Board also believes that the proposed dividend is justifiable considering the provisions of Chapter 17, Section 3, para ‑ graphs 2 and 3 of the Swedish Companies Act. The Board therefore wishes to emphasize the following. The proposed dividend will reduce the company’s equity/assets ratio from 50.0% to 41.1% and the Group’s equity/assets ratio from 47.8% to 42.1% as of April 30, 2026. The Board believes that this equity/assets ratio is adequate considering the industry in which the Group operates. The Board deems that the company’s current balance sheet and cash flows are of adequate strength to secure the development of the business, while providing the shareholders with a high return. In its assessment, the Board took the ongoing transition of the business model to service sales, levels of incoming orders, earnings and expected cash flow over the coming year into account. With a strong financial position, positive cash flow and significant recur ‑ ring revenue, Sectra is well equipped to manage uncertainty. The Board has assessed the conditions that could be significant for the company’s and the Group’s financial position and nothing has arisen that indicates that the proposed dividend is not justified. Provided that the AGM resolves in accordance with the Board’s proposal, SEK 757,629,143 in unrestricted equity will remain as of April 30, 2026. The Board assesses that the company’s and the Group’s equity following the proposed dividend will be sufficient in relation to the nature, scope and risks of operations. Sectra’s Annual Report and Sustainability Report 2025/2026 79ADMINISTRATION REPORT ===== SIDA 80 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 80 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Sustainability Report Sectra’s work in medical imaging IT and cybersecu - rity helps customers around the world solve some of society’s most urgent challenges. We create real, long-term value when our customers can provide better care to more patients and protect critical information in an increasingly digitized world. The value we create for customers is our greatest contribution to more sustainable communities. By consistently focusing on cus ‑ tomer value and reinvesting profits in innovation and our employ ‑ ees, we are building a business that is sustainable in the long term. In this report, you can read about how Sectra addresses the sus ‑ tainability matters that are most material for its operations. These include information security and patient safety, a strong corpo ‑ rate culture, the health and safety of our employees, and reduced climate impact. The report also describes the Group’s priorities, targets and results with respect to the identification and manage ‑ ment of sustainability ‑related risks and opportunities. Contents General information 81 ESRS 2 – General disclosures Environmental information 94 ESRS E1 – Climate change 98 Reporting according to the EU Taxonomy Social information 99 ESRS S1 – Own workforce 105 ESRS S4 – Consumers and end-users Governance information 109 ESRS G1 – Business conduct ESRS Appendix 113 Content index for ESRS disclosure requirements 114 List of datapoints that derive from other EU legislation ===== SIDA 81 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 81ADMINISTRATION REPORT – SUSTAINABILITY REPORT ESRS 2: General disclosures Basis for preparation of the Sustainability Report BP-1 General basis for preparation of sustainability statements The statutory Sustainability Report is an integral part of the Administration Report, and has been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and the European Sus ‑ tainability Reporting Standards (ESRS) under the EU Corporate Sustainability Reporting Directive (CSRD). The Sustainability Report has been prepared on a consolidated basis and its scope is the same as for the consolidated financial statements. The report encompasses the Parent Company Sectra AB and all subsidiaries included in the consolidated financial statements (Note 14), with the exception of the acquisition completed in April. The acquired operations do not have a material impact on the reporting of emissions and personnel ‑related datapoints, but are expected to be included in future fiscal years. The auditor’s limited assurance report can be found on pages 155–156. Sectra includes all material disclosures in its reporting and has not made any exceptions regarding intellectual property, know ‑how or the results of innova ‑ tion. The option to omit information under ESRS 1 section 7.7 has not been utilized, since Sectra has judged that the information in question does not contain business ‑critical information. The structure of the Sustainability Report for the 2025/2026 fiscal year has been updated and adapted to the new sustainability reporting requirements in the Swedish Annual Accounts Act. In preparing the Sustainability Report, the Group has applied the transitional (“quick fix”) rules for certain disclosure requirements under S1 Own workforce and S4 Consumers and end ‑users as part of the implementation of the ESRS. The application of these tran ‑ sitional rules simplifies reporting and aims to ensure the effective and correct application of the standards during the initial imple ‑ mentation phase. At the same time, Sectra believes that its report ‑ ing provides a true and fair view of the Group’s material impacts, risks and opportunities linked to its own workforce, customers and end‑users. Work on further developing processes, systems support and data collection is ongoing, with the aim of gradually applying all relevant requirements under S1 Own workforce and S4 Consumers and end‑users. The Sustainability Report is based on the results of Sectra’s double materiality assessment and covers the entire value chain, meaning its own operations as well as upstream and downstream activities. See page 89 for more information about Sectra’s value chain. To meet the ESRS content requirements, the report includes information in accordance with the mandatory general level disclosure requirements as well as disclosures on the sustainability areas identified as material in the double materiality assessment conducted in autumn 2024. The following sustainability matters addressed in the ESRS are material to Sectra: E1 Climate change • Climate change mitigation • Energy S1 Own workforce • Health and safety • Gender equality and diversity S4 Consumers and end-users • Privacy • Access to quality information G1 Business conduct • Corporate culture • Corruption and bribery BP-2 Disclosures in relation to specific circumstances In preparing the Sustainability Report, Sectra has taken into account the following specific circumstances: Time horizons The time horizons applied in the Sustainability Report are in line with those used in the company’s financial statements and, unless otherwise stated, define short ‑term as up to one year, medium‑term as one to five years, and long ‑term as five years or more. Sectra reports disclosures in accordance with ESRS requirements, which is why the company has chosen these time horizons. Sectra did not perform a resilience analysis during this initial reporting year, and the time horizons for such an analysis have therefore not yet been defined. Sources of estimation and outcome uncertainty Sectra reports sustainability data based on the best information available at the time of reporting (ESRS 1, section 7.2). Uncer ‑ tainties may exist, in particular in relation to the assumptions and estimates made in determining certain inputs. The uncertainties are particularly pronounced when reporting Scope 2 and 3 greenhouse gas (GHG) emissions, where the infor ‑ mation is largely based on data from external parties in the value chain. The availability of complete, consistent and verifiable data is limited in these cases, which affects the accuracy and comparability of the reporting. ===== SIDA 82 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 82 ADMINISTRATION REPORT – SUSTAINABILITY REPORT The calculation of GHG emissions is largely based on a cost ‑ based method, linking emissions data to economic activities in accordance with the company’s financial statements. Identified uncertainties are disclosed in relevant parts of the report to allow stakeholders to assess the reliability of the data. For further information on methodologies, potential errors and uncertainties associated with estimated GHG emissions, see disclosure E1 ‑6 on pages 96–97. Changes in the preparation or presentation of sustainability information Several disclosures in the 2025/2026 Sustainability Report have been adjusted compared with the previous year as Sectra adapts to the ESRS requirements. These adjustments include: • Expanded scope of reporting, including new environmental, social and governance information. • Changes to calculation methods for GHG emissions. • Clarified definitions and concepts in order to achieve better com ‑ parability and consistency with the EU sustainability framework. • Greater transparency about data sources and uncertainties. The aim of the adjustments is to ensure that the sustainability disclosures are of high quality and comparable over time, and that they provide a fair basis for stakeholders’ assessments. The quality of the GHG emission calculations has been improved for the fiscal year. Information on these improvements as well as the calculation methods, data sources and definitions applied are presented in the respective disclosures according to the applicable ESRS standard. Reporting errors in prior periods A review of previous reporting has not identified any material errors. Previously reported disclosures are still considered accurate based on the information available at the time of preparation. Forward-looking disclosures The forward‑looking disclosures are based on assumptions about possible future conditions and potential actions by Sectra. Actual outcomes may differ significantly as impending developments rarely turn out to be exactly as expected. Incorporation of disclosures by reference Disclosure requirement Datapoint/paragraph Incorporation by reference ESRS 2 BP-1 1 (a) Page 81 ESRS 2 GOV-1 21 (c) Page 82 ESRS 2 GOV-3 29 Page 85 ESRS 2 GOV-1 04 (c) Page 82 Governance GOV-1 The role of the administrative, management and supervisory bodies Sectra’s Board of Directors has ultimate responsibility for the Group’s sustainability agenda and ensures that its strategy, deci ‑ sions and priorities are in line with established visions and goals. Strategic issues related to sustainability, including material impacts, risks and opportunities, are addressed by the entire Board. No sep ‑ arate sustainability committee has been established. Sustainability reporting is a standing item on the Audit Committee’s agenda. The Audit Committee follows up the reporting process and receives regular information on material matters concerning the internal control of sustainability reporting. As a large part of the climate data reported within the Group is based on costs, the controls for this data are integrated into the rele‑ vant aspects of the internal control of financial reporting. The results of the controls are reported regularly to the Audit Committee. The CEO has the operational responsibility for sustainability matters at Sectra, and has in turn delegated parts of this responsi ‑ bility to the organization. See “Roles and responsibilities” below for more information. Quality ‑driven reviews and risk analyses are car ‑ ried out annually by Group Management, and the most significant elements are presented to the Board for follow ‑up. Composition of the Board and Group Management The Board consists of seven AGM ‑elected members and two deputies. Seven, or 78%, of these members are considered to be independent in relation to the company and its management. Eight of the AGM‑elected members and deputies do not hold any oper ‑ ational positions within the company or other parts of the Group. The assessment of independence was made in accordance with the criteria of the Swedish Corporate Governance Code. In addition to the members elected by the AGM, the Board also includes two workers’ representatives with two deputies. The gender distribution of the Board is 31% women and 69% men. The expertise of the Board of Directors and Group Management in relation to Sectra’s material sustainability matters is summarized here. Complete information on the independence, background and expertise of each Board member is provided in the Corporate Governance Report on pages 60–69, where Group Management’s composition, expertise and experience are also described in more detail. Board of Directors’ and management’s expertise • University degrees in engineering, management, medicine and economics • Training from the Swedish Armed Forces • PhD degrees in technology and medicine • Directorships at research centers, other technology companies and listed companies • Professional experience from executive positions at global technology firms, research institutes, healthcare and the Swedish Armed Forces as well as in the fields of information security, data protection, working conditions, regulatory requirements, business ethics, and workflows • Previous board experience Roles and responsibilities In accordance with the Board’s formal work plan, overall opera ‑ tional responsibility for sustainability matters within the Group has been delegated from the Board to Sectra’s President and CEO. Group Management is jointly responsible for all of the Group’s material sustainability matters, including the Code of Conduct for Employees. Functions such as Finance, People & Brand and Operational Excellence, as well as the heads of the operating areas, have specific responsibility for the matters that fall within their respective areas. Responsibility for sustainability matters directly concerning customers is delegated to the heads of each operating area and subsidiary. Sustainability matters concerning external Group‑wide reporting and policies are managed centrally. ===== SIDA 83 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 83ADMINISTRATION REPORT – SUSTAINABILITY REPORT The Board has collective expertise in sustainability matters that are relevant to Sectra, including matters related to business ethics, compliance, information security, working conditions, and corpo ‑ rate governance. This expertise is available partly through Group Management and partly through internal specialist functions. Existing expertise is complemented by external expertise as needed. Examples of such matters are health and safety, climate change cal ‑ culations, and legal issues. The sustainability expertise of the Board of Directors and Group Management is continuously developed through training and other skills enhancement initiatives. A more detailed description of the Board of Directors’ and Group Manage ‑ ment’s areas of expertise is provided in the Corporate Governance Report. Management of sustainability matters Sectra’s management system, The Sectra Way, serves as the foun ‑ dation for how the Group manages, coordinates and follows up sustainability matters. The system encompasses policies, processes, procedures and tools that enable consistent and effective gover ‑ nance across the Group. Sectra conducts ongoing internal audits in order to ensure compliance with internal guidelines and identify areas for improvement. These audits assess both compliance with policies and performance against key performance indicators (KPIs). The results are followed up in management’s annual review, which also evaluates the effectiveness of the management system. Significant findings from the review are presented to the Board of Directors, which thereby gains insight into the work and learns of any changes to the management system. Sustainability is also part of the Group’s risk review, and the impacts linked to sustainability ‑related matters are presented to the Board annually. Additional sustainability ‑related processes and their further development are an ongoing effort at Sectra. Group‑wide sustainability targets are monitored quarterly using the same process: from the operating area to Group Management and the Board, which also serves as a supervisory process. Additional sustainability disclosures and result indicators are used to monitor the results of the operational sustainability work related to sustain ‑ ability matters deemed to be material to Sectra. Proposals for new Group‑wide sustainability targets are developed jointly by the organization and the CEO and then adopted by the Board. The following policies serve as the foundation for Sectra’s sustain ‑ ability agenda. They are made available to employees, consultants and other relevant stakeholders. Program provides young talents with career opportunities in technology In partnership with The Prince’s Trust, Sectra has launched the Get into IT and Administration program in Belfast, with the goal of expanding career opportunities in technology for young people from underrepresented groups. The program’s first participants received practical experience in the health technology sector, technical training and an apprenticeship opportunity at Sectra. Participants confirmed that the program helped improve their self-confidence, develop practical skills and create networking opportunities for future careers. The initiative reflects Sectra’s belief that diversity and recruiting talent from a variety of back - grounds creates long-term value for its operations and for society at large. ===== SIDA 84 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 84 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Policy and primary content and purpose Sustainability matter Scope Governance and responsibility for implementation Accessibility to relevant stakeholders External initiatives Code of Conduct Guides employees, managers and Board members in the performance of their duties and their responsibilities in accor - dance with the Group’s commitment to ethical and legal work. Corporate culture Corruption and bribery Gender equality and diversity Group Responsibility: CEO Decisions: Board of Directors Internally for employees and partners, and for all stakeholders on Sectra’s web - site Swedish Companies Act, UN Guiding Principles on Business and Human Rights, ILO principles, International Bill of Human Rights Environmental Policy Sectra’s view on the environmental aspects of its operations. Climate change mitigation Energy Group Responsibility: CEO Decisions: Group Management 1 For all stakehold - ers on Sectra’s website Information Security Policy Information security and related certificates. Support for maintaining the confidentiality, integrity and availability of Sectra and customer information. Privacy Access to quality information Health and safety (working conditions) Group Responsibility: CISO (and employees within the framework of Operational Excellence) Decisions: Group Management 1 Internally ISO 27001 Data Protection Policy Ensures that Sectra protects the personal data of employees, customers and other individuals. Privacy Access to quality information All personal data pro - cessed by Sectra Responsibility: DPO (and employees within the framework of Operational Excellence) Decisions: Group Management 1 Internally Existing legal require - ments, GDPR Quality Policy Two governing documents for the quality management system and related certificates, such as ISO 9001 and ISO 13485. The necessary quality targets are derived from these policies. Privacy Access to quality information One for Medical and one for Com- munications Responsibility: CQO (and employees within the framework of Opera - tional Excellence) Decisions: Group Management 1 Internally ISO 9001 ISO 13485 Salary and Bonus Policy Provides a framework for employee remuneration and clarifies how salaries and bonuses are defined. The aim is to attract and retain the right people to achieve the company’s business objec - tives and support managers in setting salaries and bonuses. Gender equality and diversity Group Responsibility: CEO Decisions: Board of Directors Internally Swedish Companies Act, Guidelines for remunera - tion of senior executives Whistleblowing Policy Guidelines to ensure that all staff, managers and Board members feel comfortable reporting irregularities. Corruption and bribery Group Responsibility: CEO Decisions: Group Management 1 Internally SWE 2016:749 EU 2019/1937 Gender Equality Policy Gender equality issues and related key definitions to promote equal treatment and opportunities. Corporate culture Gender equality and diversity Health and safety Sectra AB and Swedish subsidiaries Responsibility: CPBO Decisions: Process Owner & CQO Internally Swedish Discrimination Act (2008:567) Systematic health and safety work and fire prevention efforts Work Environment Policy Sectra’s work environment philosophy. Aims to create a safe, healthy and inclusive workplace where no one is at risk of injury or ill health, and everyone feels included and is supported if they become ill. Health and safety (working conditions) Group Responsibility: Operations managers Decisions: Group Management 1 Internally Swedish Work Environ - ment Act, local work environment legislation AI Policy Guides employees in the use of AI. Privacy Group Responsibility: CISO Decisions: Board of Directors Internally EU AI Act, EU & UK GDPR, USA HIPAA, Canadian PIPEDA, Australian Privacy Act 1 Group Management in this table means either Group Management as a whole or a designated representative. ===== SIDA 85 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 85ADMINISTRATION REPORT – SUSTAINABILITY REPORT GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies Sustainability is a recurring issue at Sectra’s Board meetings and is considered at least once a year as a standing item on the agenda. The Board receives regular reports from the Audit Committee and the CEO on sustainability ‑related issues that affect the Group’s risks and opportunities and that could have long ‑term impacts. The reporting includes monitoring of qualitative and quantitative sustainability targets. An in ‑depth review of sustainability risks is conducted annually as part of the Group ‑wide risk review. Group Management continuously monitors material sustainability‑ related matters, including impacts, risks and opportunities. Impacts, risks and opportunities are considered within the framework of established practices and assessments applied by Group Manage ‑ ment. This follow‑up also includes the effectiveness of initiatives through measures such as qualitative and quantitative sustainability targets. Sustainability is an integral part of the annual management review at Group level, where the operations’ performance is assessed and decisions on potential actions are made. Any material non‑compliance with laws, regulations or the Code of Conduct is immediately reported to the Board by the CEO. The Board of Directors, Group Management, relevant Group functions and operating areas consider the operations’ material sus ‑ tainability impacts, risks and opportunities as part of their strategic planning, in major business decisions and within the framework of the Group’s overall risk management. The balance between differ ‑ ent sustainability matters is analyzed, documented and addressed in the annual risk assessment. The Board believes that the company’s due diligence process concerning negative impacts on people and the environment is well aligned with the operations’ risk profile and impacts on the value chain. For further information on the due diligence process, see disclosure GOV‑4 on page 85. During the reporting period, the following material sustainability matters were addressed by the Board: • Health and safety • Gender equality and diversity • Corporate culture • Corruption and bribery • Confirmation that the outcome of the double materiality assessment remains applicable GOV-3 Integration of sustainability-related performance in incentive schemes Sectra has a Salary and Bonus Policy that provides the framework for its remuneration structure. It aims to support long ‑term value creation and integrate sustainability aspects into overall gover ‑ nance. In accordance with the policy and guidelines adopted by the AGM, the variable remuneration of the Parent Company’s President and CEO and Deputy CEO is based on a combination of customer satisfaction and financial performance goals and is fully linked to sustainability ‑related targets. Customer satisfaction is a sustainability ‑related performance target and reflects the Group’s ambition to create long ‑term value for customers and other stakeholders. The financial goals are closely linked to the Group’s sustainability strategy, since a stable and profitable financial performance is considered necessary for investments and progress in other sustainability areas. Sustainability ‑related performance metrics are thus fully taken into account in the assessment of the President and CEO’s and Deputy CEO’s performance, through the integration of these metrics into the target structure for variable remuneration in accor ‑ dance with the Salary and Bonus Policy. Most targets are short ‑ term and are followed up annually. In addition, the President and CEO and Deputy CEO, like other employees, are covered by long ‑ term incentive programs linked to sustainability targets in the areas of customer satisfaction and financial results. The Remuneration Committee is responsible for preparing the basis for remuneration (both fixed and variable) and any changes to the terms. The Board of Directors in turn is responsible for setting, approving and, if necessary, updating the terms of the President and CEO’s variable remuneration, including the link to sustainability ‑related targets. For further information, see the Board’s remuneration report. GOV-4 Statement on due diligence The double materiality assessment shows that Sectra’s exposure to sustainability ‑related risks with actual or potential negative impacts on people or the environment is limited. For further information, see disclosure SBM ‑3 on page 91. In light of this, the company has developed a proportionate due diligence process, adapted to the operations’ risk profile and impacts on the value chain. Sectra applies a Group ‑wide, risk‑based due diligence process to identify, assess and manage sustainability ‑related risks and potential negative impacts within its own operations and in the supply chain. The assessment encompasses social, environmental and business ethics aspects, and is based on factors such as severity and likelihood. The process is adapted to the company’s limited risk exposure and is reviewed annually. In addition, it is updated in the event of major changes in the operations, supplier base or applicable regulations. The due diligence process is an integral part of the company’s risk management and business planning and is coordinated with inter ‑ nal guidelines, such as Sectra’s Code of Conduct, as well as policies on human rights, the environment and business ethics. These guidelines apply to all companies within the Group. This approach ensures that sustainability matters are systematically addressed and embedded in corporate governance, decision ‑making processes and risk management at Group level. Sectra’s due diligence process Core elements of the due diligence process Disclosures in the Sustainability Report • Embedding due diligence in governance, strategy and business model Due diligence is an integral part of corporate governance, risk management and business planning. See ESRS 2 GOV-4, GOV-2, SBM-1 and SBM-3. • Engaging with affected stakeholders in all key steps of the due diligence Stakeholders’ views are taken into account through stakeholder dialogues as part of the double materiality assessment and ongoing monitoring of sustainability matters. See ESRS 2 SBM -2 and IRO-1. • Identifying and assessing adverse impacts Actual and potential negative impacts are identified and assessed through Sectra’s double materiality assessment, which covers the entire value chain. See ESRS 2 IRO -1 and SBM-3. • Tracking the effectiveness of these efforts and communicating The Group’s efforts are tracked through integration into its risk management, management’s annual review and the Board’s monitoring and reporting in the sustainability report. See ESRS 2 GOV-2, GOV-5 and IRO-1. ===== SIDA 86 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 86 ADMINISTRATION REPORT – SUSTAINABILITY REPORT GOV-5 Risk management and internal controls over sustainability reporting Sectra has a systematic and documented sustainability reporting process that is integrated into the Group’s overall risk management structure. The process follows the same principles as the financial reporting, and aims to ensure that information is accurate, consis ‑ tent and appropriate. Controls related to sustainability reporting Risks and controls have been identified to ensure data quality, traceability and accuracy in the reporting. The control environment is based on established policies, reporting lines and guidelines. It includes manual controls, such as validation, reasonableness assessments and internal reviews in connection with data collection and report production. Controls are performed at both reporting and Group‑wide levels, and potential data estimates are made in exceptional cases and presented in the description of the reporting in question. The prioritization of potential risks is based on their expected impact on the Group ‑wide reporting, taking both impact and likelihood of error into account. As a large part of the climate data reported in the Group comes from costs, these are checked in connection with internal financial controls. See the respective topical standards for the risks reported and the strategies to address them. The Finance function has operational responsibility for sustain ‑ ability reporting, working with functions such as People & Brand and Operational Excellence. The Board has overall responsibility for the content of the report, while the CFO is responsible for identifying risks of reporting errors and implementing appropriate controls to manage these risks. Follow-up and reporting The control environment is followed up annually during the report ‑ ing process and updated as necessary. The results of risk assessments and controls are reported annually to the Audit Committee and Group Management, providing a basis for decisions and continuous improvement measures. This approach is gradually being refined as sustainability reporting processes are formalized. Strategy SBM-1 Strategy, business model and value chain Sectra’s sustainability agenda is based on its vision to contribute to a healthier and safer society. The customer value created, the Group’s corporate culture and its responsible business conduct ensure long‑term competitiveness, profitability and the trust that is crucial to the continued success of the company. Business model and operating areas Sectra contributes to a more sustainable and resilient society through high ‑tech solutions in medical imaging IT and cyber ‑ security. The operations are based on two mission statements: to increase the effectiveness of healthcare, while maintaining or increasing the quality of care, and to strengthen the stability and efficiency of society’s most important functions through solutions for critical IT security and secure communication. The products and services that Sectra develops and delivers are strongly linked to material sustainability matters in society. Our work helps make healthcare more efficient and accessible, with a particular focus on cancer and age ‑related diseases. We help the public sector and critical infrastructure to make society more stable and resilient through increased information security. Imaging IT Solutions Imaging IT Solutions develops and sells medical IT systems and services that help customers care for more patients, while retaining or improving the level of quality. Product categories: IT systems and services for diagnostics, archiving, presentation and communication of all types of medical images and related patient information. Business Innovation The business units in Business Innovation develop and sell IT systems for planning and monitoring orthopaedic surgery as well as products for medical education. Sectra carries out research projects and manages and develops its patent portfolio in this segment. The operating area also includes the Genomics IT business unit, which Sectra’s business model creates stable and predictable reve - nue streams through a high proportion of recurring revenue combined with stable, long-term customer relationships. The social and economic sustainability of the model is based on the following areas: • Long-term customer relationships and high trust in our markets. • Resource efficiency and stability contribute to economic sustainability. • Investing in innovation and product development through stable cash flows. • A corporate culture that creates customer value and enables continuous improvement over the long term. ===== SIDA 87 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 87ADMINISTRATION REPORT – SUSTAINABILITY REPORT focuses on innovation and development of IT support primarily for precision diagnostics in cancer care. Product categories: Products and services for genomics data management, medical education and the planning and monitoring of orthopaedic surgery. Secure Communications Secure Communications develops and sells products and services for secure voice and data communications and the protection of society’s most sensitive IT infrastructure. Product categories: Encryption solutions and services for secure communication and protection of classified information, and mon ‑ itoring services for critical operational systems. Revenue by segment Segment 25/26 (SEK million) Imaging IT Solutions 3 , 0 57. 4 Secure Communications 453.0 Business Innovation 10 7. 2 Other Operations 315.2 For further information on significant operating segments, markets, the number of employees and total revenue, see pages 103 and 127–128. A breakdown of employees by geographic area is presented under the information on the Group’s own workforce on page 103. Business strategies and sustainability-related targets Business strategies and sustainability targets defined to create value for customers also create value for employees, shareholders and society as a whole. Together with Sectra’s vision, they stake out the organization’s direction and prioritize and measure success based on where and how our work can make the biggest difference and impact on the world. Sustainability targets Sectra’s long‑term success is based on creating value for customers, which we achieve through a strong corporate culture, commit ‑ ted employees and continuous innovation that strengthens both existing and new business. The overall goal of creating significant value for Sectra’s customers and thereby contributing to a more sustainable society is the basis for the Group ‑wide targets, which are grouped into the following areas: Customers, Corporate Culture, Employees and Processes, Innovation and New Business, and Financial Performance. The targets are closely interlinked and reinforce one another. Customers The overall target is to create significant value for customers. They 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. High customer satisfaction shows that Sectra’s solutions con‑ tribute to the efficiency, quality and safety of customers’ operations. Corporate culture, employees and processes The Group’s strong corporate culture and employees are Sectra’s main competitive advantage. The aim is to have employees who meet customers’ expectations and create value for them. We achieve this by creating a work environment with equal opportu ‑ nities that is free of harassment, where engagement and well ‑being strengthen our ability to recruit, retain and develop people with the right skills. Innovation and new business Sectra aims to 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.” We also aim to be the largest or second largest supplier in selected segments, in the countries where we conduct our own sales. This creates value that generates revenue and returns that are used for further growth, innovation and other investments. Target follow-up The customer-related target is monitored through the Group’s Net Promoter Score (NPS), independent industry evaluations where available, such as KLAS customer satisfaction surveys for the Imaging IT Solutions business area, and financial result indicators. The targets for corporate culture, employees and processes as well as innovation and new business are monitored via an employee survey. This ensures that operational targets are integrated into operational management and contribute to long-term value cre - ation for customers, employees and owners. The Objectives and Key Results (OKR) method is used to measure major change goals. For further information on monitoring targets, see the respec - tive topical standard on pages 94, 99, 105 and 109. Group-wide strategies for sustainable development Sectra builds its operations on Group ‑wide strategies that are used throughout the organization to create long ‑term value and ensure responsible conduct towards all stakeholders. Progress and initia ‑ tives are continuously monitored in comparison with the strategic targets as well as through feedback from customers and employees. The Group‑wide strategies have four focus areas: customer value is the top priority; a corporate culture that creates customer value; continuous innovation and new business; and financial stability and long‑term returns. Customer value is the top priority Customer satisfaction is a strategic pillar for Sectra’s long ‑term growth. To ensure this, the company maintains close and contin ‑ uous dialogues with its customers to ensure that its solutions con ‑ tinue to meet market expectations in terms of quality, functionality and user‑friendliness. Sustainability matter: E1 Climate change, E1 Energy, S4 Privacy, S4 Access to quality information, G1 Corporate culture A corporate culture that creates customer value To attract and retain employees with the right attitude and capa ‑ bilities, Sectra endeavors to maintain a culture of responsibility, a drive to advance, and a long ‑term approach. Sectra endeavors to have a culture of gender equality and diversity, with a strong focus on equal treatment. This involves ensuring a work environment that is free from discrimination, bullying and harassment. A clear purpose and understanding of Sectra’s customers help to maximize employee engagement and motivation. Sustainability matter: E1 Climate change, E1 Energy, S1 Health and safety, S1 Gender equality and diversity, G1 Corporate culture, G1 Corruption and bribery Continuous innovation and new business Innovation is driven through close collaboration with customers, universities, and industry partners. New needs and ideas are identi ‑ fied and combined with a culture where employees are encouraged to test new solutions and projects. This provides a basis for the development of products and services that further increase the value generated for customers. ===== SIDA 88 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 88 ADMINISTRATION REPORT – SUSTAINABILITY REPORT New business and growth mainly take place in areas and regions where Sectra already holds an established position. Organic growth can be complemented by strategic acquisitions in order to accelerate growth and further strengthen Sectra’s market position. Sustainability matter: E1 Climate change, E1 Energy, G1 Corporate culture Financial stability and long-term returns Financial stability is a necessity for long ‑term progress towards the overall goal of customer value and the other Group ‑wide targets and strategies to achieve this. Long ‑term returns allow Sectra to deliver stronger customer value and enable a corporate culture that builds commitment as well as investing in innovation and new business. Stability over time enables Sectra to take a long ‑term approach and continue to progress in its sustainability work with ‑ out compromising in the short term. Sustainability matter: E1 Climate change, E1 Energy, S1 Health and safety, S1 Gender equality and diversity, G1 Corporate culture, G1 Corruption and bribery Material sustainability matters and link to strategy and operational targets The material sustainability matters identified in the double materi ‑ ality assessment are closely linked to Sectra’s goals and strategies. • For the customer target, access to quality information and pro ‑ tection of privacy (S4) are crucial to creating long ‑term customer value, strengthening relationships, and ensuring continued market growth. • For corporate culture, employees and processes, health and safety, gender equality and diversity (S1) as well as a strong culture (G1) of integrity and resistance to corruption and bribery (G1) are crucial to attracting, developing and retaining talent and to ensuring responsible business conduct. • Energy and resource efficiency (E1) affects all operational targets through requirements for efficient operation, cost control and reduced environmental impact. • Climate change mitigation (E1) is important to customers, employees and investors, and is a component in the development of innovative solutions. Climate impacts are mainly deemed to arise from the use of Sectra’s products. S4 | Customers and end-users More sustainable organizations over time Cloud services enable increased availability, flexibility, robustness and cybersecurity. The need for local IT operations decreases and customers can free up resources for other value-creating work. How the transition to cloud services contributes to sustainable development 1 The share of renewable energy is based on reporting from Sectra’s cloud service providers and refers to the share of evaluations completed via cloud services. E1 | Climate change mitigation Lower energy consumption and reduced GHG emissions Large, optimized data centers are con - siderably more energy efficient than local server environments. The major providers we use for the delivery of cloud services make investments in renewable energy and use 100% renewable energy for their operations.1 Improved resource use and reduced electronic waste Local systems often have to be dimen - sioned from the very beginning for use over many years and to meet peak usage requirements. Cloud services can be scaled up and down as needed, making it possible to avoid having servers sitting idle most of the time. Fewer physical servers are needed overall, and optimized opera- tions result in longer lifecycles. Sustainability initiatives During 2025/2026, Sectra established a new climate calculation methodology covering Scope 1, 2, and 3 across the entire Group. ===== SIDA 89 ===== 89ADMINISTRATION REPORT – SUSTAINABILITY REPORT Sectra’s Annual Report and Sustainability Report 2025/2026 Value chain Sectra’s value chain comprises activities, resources and relationships in the supply chain (upstream), its own operations and customers (downstream). It forms the basis for the Group’s business activities and sustainability work. By systematically addressing sustainabil ‑ ity throughout the value chain, the company can reduce negative impacts, identify business opportunities, strengthen relationships, and contribute to social benefit. Upstream activities Sectra’s activities in the supply chain mainly comprise the purchase of IT infrastructure, components and hardware both for internal use and for delivery to customers. Physical products are developed internally but manufactured by external sub ‑suppliers. Activities in this stage, including associated transportation, generate emissions. However, the production and delivery of physical products rep ‑ resents a very limited part of the company’s overall activities. Upstream energy consumption takes place mainly via cloud service providers and high ‑capacity data centers. Corruption and bribery are prevented through the company’s corporate culture and a Code of Conduct that highlights principles of good business practices, long ‑term thinking, transparency, and resource efficiency. This enables responsible business relationships and the sustainable development of the supply chain, products and services. Own operations Sectra is a knowledge ‑intensive player in cybersecurity and medical imaging IT. In‑house research and development is carried out with the aim of providing products and services with a high degree of quality and security. Against this background, energy consumption and business travel within the company’s own operations are the main sources of its climate impact. Sectra’s corporate culture is a positive force in the value chain and is key to the value created by the company, where Sectra is actively engaged in strengthening its innovation capacity, promoting equal ‑ ity, and preventing mental illness. Downstream activities The use of Sectra’s IT and security solutions is the main activity at the customer level. Distribution and waste management are limited as physical products represent a small part of the Group’s sales. The company’s services contribute to energy consumption by customers, and the impact depends on the customer’s or cloud service provid ‑ er’s choice of energy source. This has been identified as the largest source of indirect climate impact downstream. Relationships with customers and partners are governed by the Code of Conduct and complemented by regular reviews. Sectra has zero tolerance for corruption and can terminate relationships with partners in the event of regulatory violations. The positive impact on customers is that Sectra’s solutions contribute to security, efficiency and social benefit. Link between value chain, operations and sustainability matters Upstream activities Own operations Downstream activities What we do • Purchase of services, products and components • Transportation for production (limited scope) • Use of IT infrastructure (such as data centers) • Research, innovation and develop- ment of medical systems and IT solutions • Service and maintenance of products • Quality assurance, information security and data protection • Sales • Recruiting and retaining the right employees • Sales via distributors • Delivery of products and services • Use of products and services by customers • Waste management and hardware recycling Sustainability matters • E1 Climate change • E1 Energy • G1 Corruption and bribery • E1 Climate change • E1 Energy • S1 Health and safety (working conditions) • S1 Gender equality and diversity • S4 Privacy (customers) • S4 Access to quality information (customers) • G1 Corporate culture • G1 Corruption and bribery • E1 Climate change • E1 Energy • S4 Privacy (customers) • S4 Access to quality information (customers) • G1 Corporate culture • G1 Corruption and bribery ===== SIDA 90 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 90 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Value creation Sectra’s value creation is based on a combination of resources and expertise, with technology to meet societal needs and customer requirements. Integrating sustainability into the business model facilitates the creation of long ‑term value throughout the value chain. The starting points for Sectra’s value creation model are customer value and driving development that helps to solve major challenges in society. The company’s business model is based on societal needs and sustainability throughout the value chain—from development and delivery to customer relations and partnerships. At the heart of its value creation are its employees’ skills and commitment, innova ‑ tion, and long‑term customer relationships. A stable economy and returns on the investments we make allow us to reinvest in devel ‑ opment and growth. By developing our resources, from employees, technology and partnerships to brands and capital, we create long ‑ term value for customers, employees, society and shareholders. SBM-2 Interests and views of stakeholders Sectra conducts a systematic review of stakeholder views and expec ‑ tations as part of its annual management review. The analysis cov ‑ ers both internal and external stakeholders and includes the groups most impacted by the operations. The stakeholder groups were identified based on the double materiality assessment. The process also ensures that Sectra has understood and taken stakeholders’ views into account in its overall strategy and business model. Continuous stakeholder engagement Sectra’s primary stakeholders are customers and employees, who have a direct impact on and are impacted by the operations. Secondary stakeholders include suppliers and distributors, who are important for the company’s value creation but have a more indirect relationship. Analysts and shareholders are considered users of the sustainability report, as they are the main recipients of information for investment and ownership decisions. A continuous dialogue is conducted with all groups to understand their needs and challenges as well as how they are impacted by Sectra’s material sustainability matters. This dialogue results in insights that allow new requirements and expectations to be iden ‑ tified. When such requirements are identified, a risk and oppor ‑ tunity analysis is carried out to ensure that they are considered and addressed in the Group’s operational processes and long ‑term strategies. If an identified impact, risk or opportunity is deemed material, a change to Sectra’s management system or other essential processes and governing documents may be proposed to address the specific stakeholder group. Such decisions are taken by management after careful consideration. To ensure that all relevant views are taken into account, stakeholders’ views are regularly used to validate the double materiality assessment. Responsibilities of the Board and management The Board of Directors and Group Management are continuously informed about the views of key stakeholders and how these relate to the impact that various sustainability matters have on different stakeholder groups. Value creation model Resources Business model Value creation Social impact The operations use numerous resources: • Highly skilled employees • Cutting-edge technical expertise • Technology and IT infra structure • Business relationships (customers, distributors and suppliers) • Existing products and services • Stable financial position and assets • Patents and brands • Purchasing of products and components Sectra’s business model is divided into two main areas: Medical IT • Systems and services for the management, storage and dis - tribution of medical images and patient information • Systems and services for genomics data management, medical education, and the planning and monitoring of orthopaedic surgery Cybersecurity • Products and services for secure communications and protection of safety-critical information Combining technical expertise with customer-centric development creates solutions that are both commercially sustainable and socially relevant. Sectra’s value creation benefits multiple stakeholders: • Customers: Through secure and efficient information management in healthcare and defense • Employees: Jobs, skills develop - ment and an inclusive work environment • Society: Tax revenue, growth and contributions to healthcare and critical infrastructure • Owners: Long-term financial stability and dividends Sectra’s solutions contribute to: • Better patient care through increased efficiency and quality in medical diagnostic imaging • The stability and security of society through secure communications and protection of critical infra - structure • Digital resilience in critical societal functions by strengthening the ability to manage cyberthreats ===== SIDA 91 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 91ADMINISTRATION REPORT – SUSTAINABILITY REPORT Results of stakeholder dialogues Stakeholder group Material sustainability matters Purpose of engagement Type of interaction Impacts identified and what Sectra takes into consideration Customers E1 E1 S4 S4 G1 G1 – Climate change mitigation, for example reduce Scope 1, 2 and 3 emissions – Increased energy efficiency – Protection of privacy for consumers and end-users – Access to quality information – Corporate culture – Anti-corruption and anti-bribery Customer satisfaction Sustainable business relationships Customer satisfaction surveys according to the NPS methodology, dialogue with customers including customer visits Material impact on the product and the Group’s long-term strategy, a priority area for the Group Employees S1 S1 G1 G1 – Promote health and safety for own workforce – Promote an attractive, equal-opportunity workplace without bullying or harassment – Corporate culture – Anti-corruption and anti-bribery Target fulfillment, skills development, being an attractive workplace, employee well-being Employee survey, continuous dialogues between managers and employees, remuneration survey Health questionnaire Course evaluations Opinions on how policies and commitments are followed up; any adjustments can be made accordingly Suppliers and dis - tributors E1 E1 G1 G1 – Climate change mitigation, for example reduce Scope 1, 2 and 3 emissions – Increased energy efficiency – Corporate culture – Anti-corruption and anti-bribery Ensuring quality, compliance and ethical conduct Questionnaire for supplier evaluations Distribution agreements and training for distributors Selection and evaluation of suppliers based on responses Selection of distributors SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Through the double materiality assessment, Sectra has identi ‑ fied which sustainability matters have a material impact on both people and the environment in different parts of the value chain. The Group has also assessed the financial risks and opportunities related to these matters. Material sustainability matters are part of the Board’s agenda and are followed up annually in connection with the review of the Group’s risks. The double materiality assess ‑ ment is based on Sectra’s business model and the activities that give rise to impacts. During the fiscal year in question, the results of the double materiality assessment did not lead to any formal decisions or concrete plans to adapt or change Sectra’s business model or strategy. However, the assessment yielded valuable insights on material impacts, risks and opportunities that will inform future strategic considerations. While no formal resilience analysis was conducted during the year, a general analysis of the connection between strategy, business model and sustainability matters was carried out. The results of Sectra’s double materiality assessment are shown in the table below. “Consumers and end‑users” refers to users of Sectra’s products and services, primarily physicians and other healthcare personnel, teachers and students in medical or veterinary education, and defense, official and critical infrastructure personnel who handle classified or sensitive information. Impacts primarily occur down ‑ stream through customers’ use of Sectra’s solutions, and in our own operations through development, delivery and support. Patients whose medical images or data are processed in the systems are indirect end‑users. Sectra does not provide any products or services to customers for private use. ===== SIDA 92 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 92 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Sectra’s material sustainability matters Where in the value chain Time horizon Generated by Impact Financial effect Upstream Own operations Downstream Short Medium Long Own operations Business relationships Climate change Climate change mitigation Sectra generates upstream emissions through the purchase of electronic equipment, hardware and components as well as during shipments of these purchases. Direct emissions occur in the company’s own operations through business travel and energy consumption in offices. Downstream, emissions arise through energy consumption during the use of Sectra’s IT solutions, which is determined by the customer’s or cloud service provider’s choice of energy source. Actual negative – Energy Upstream, Sectra’s suppliers provide energy and data centers that consume energy. In its own operations, impacts are attributable to the consumption of electricity, district heating and district cooling. Downstream, energy consump - tion occurs during the use of Sectra’s services and products. Actual negative – Own workforce Health and safety Sectra’s operations are characterized by high ambitions and requirements, and preventing mental illness is therefore extremely important. Furthermore, the impacts arising in the Group’s own operations entail potential and actual risks to the psychosocial work environment. Potential negative – Gender equality and diversity Sectra’s impacts are primarily attributable to a limited supply of female engineers in technology-intensive niche areas. This means that the proportion of female employees at Sectra is lower than the proportion of male employees. Potential negative – Consumers and end-users Protection of privacy Customers include healthcare providers and authorities that are responsible for critical social functions and handle sensitive information. Sectra provides products and services for handling and secure communication of such informa - tion, and operates its own data centers. In some cases, it processes patient data for customers in its own operations, which creates high demands for data security and privacy protection. Downstream, Sectra’s solutions enable the storage and protection of sensitive information. Security breaches or cyber - attacks could have significant consequences. Sectra is responsible for identify - ing vulnerabilities in the systems provided and for maintaining high standards for secure development, operations and incident management. Potential negative – Access to quality information Sectra’s IT solutions make it possible for actors such as government agencies and healthcare organizations to process sensitive information securely and efficiently. These services help ensure that information is accurate, accessible to authorized parties and protected from unauthorized access. This lays the groundwork for secure high-tech infrastructure, which presents a financial opportunity in the form of meeting a current and growing need for reliable information management among customers and end-users. Actual positive Financial opportu - nity Business conduct Corporate culture Corporate culture is a prioritized strategic issue and is considered Sectra’s main competitive advantage. A strong and motivational corporate culture contributes to innovation and long-term value creation for customers as well as enabling sustainable business relationships. Actual positive – Corruption and bribery Sectra operates globally, with the greatest exposure to Europe and North America. A broad distribution of international business relationships entails potential negative impacts in the form of increased exposure to corruption and bribery. Potential negative – ===== SIDA 93 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 93ADMINISTRATION REPORT – SUSTAINABILITY REPORT Impact, risk and opportunity management IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities Sectra conducted its first double materiality assessment in autumn 2024. The initial phase included an analysis of relevant external and industry conditions, the Group’s risk analysis, the value chain, and the sustainability areas and matters defined in the ESRS. This phase also took into account that the operations are largely digital and service ‑based, with primary exposure to Europe and North America where established regulatory frameworks are in force. Against this background, no specific activities, business relation ‑ ships or geographic areas of heightened risk have been identified. The identified sustainability matters were then deemed to be either non‑material for further assessment or potentially material. The initial assessment resulted in a gross list of sustainability matters that required further assessment. This approach has been used for all of the ESRS standards. Identification and assessment of impacts, risks and opportunities For each sustainability matter assessed in detail, its impacts on peo ‑ ple and the environment were documented, as well as the risks and opportunities that may arise along the value chain. Internal data in the form of risk analyses and internal financial statements as well as external and publicly available information were used to support the assessment where necessary. Each sustainability matter was assessed using defined parameters from the ESRS, including the degree of positive or negative impact, scope, likelihood and irremediable character in the case of negative impacts. The assessment of financial materiality took into account the likelihood and potential financial effects (in terms of risk and/ or opportunity) on Sectra. A scale of one to five was used to assess the impact and financial effects, with one representing a very small impact and five a very large impact. The assessment of magnitude took into account the scope of the impact, the frequency, the geographic scale and the potential number of people affected. In the case of likelihood, a percentage scale was used to estimate how likely the impact is. The assessment carried out to evaluate the impacts on people and the environment allowed for a systematic and comparable evaluation of identified risks and opportunities in subsequent steps. In assessing financial materiality, the likelihood of identified risks and opportunities leading to financial effects was assessed, together with the potential magnitude of these impacts, in accor ‑ dance with ESRS 1 section 3.3. The assessment of financial effects was based on an internal evaluation of Sectra’s financial position and how potential costs and revenue could impact the company. The assessment included different time horizons, with short ‑term extending up to one year, medium‑ term up to five years and long ‑ term over five years. When evaluating financial risks and oppor ‑ tunities, Sectra’s potential dependencies were consistently taken into account, such as the need for access to expertise and the need for suppliers of components or services. The financial opportu ‑ nity deemed material was based on the fact that matters related to quality information are business ‑critical for customers and thus for Sectra’s offering. The results of the assessment were documented in a detailed description of the identified sustainability matters, which clearly states the impacts, risks and opportunities they give rise to. Validation and determination of material sustainability matters The first version of Sectra’s double materiality assessment was presented and discussed in a workshop with relevant internal stakeholders from the Finance, People & Brand and Operational Excellence functions, the operating areas and representatives from management and the Board. After discussions and revisions based on the results of the workshop, the double materiality assessment was updated and subsequently validated by the participants. The process in this phase focused on structured consultation with relevant internal stakeholders. The assessment of the impacts on external stakeholders is based on the nature of the operation, the structure of the value chain, and available external information. Based on the double materiality assessment, it was decided which sustainability matters are material to Sectra based on impact and financial effect. To determine Sectra’s material sustainability matters, the assessment of the scale, scope and likelihood of posi ‑ tive and negative impacts as well as the magnitude and likelihood of the financial effect were considered in accordance with ESRS 1 section 3.4. A quantitative threshold of three, corresponding to medium impact, was applied as a basis for the determination of materiality. The threshold was deemed reasonable from both an impact and a financial perspective, as it ensures that sustainabil ‑ ity matters with a relevant positive or negative impact on Sectra’s operations are included in the reporting. The results of the double materiality assessment were subsequently adopted by Group Man ‑ agement and presented to the Board. Monitoring and integration into risk management The identified sustainability risks are included in Sectra’s overall risk management and are followed up in the annual review of the Group’s risks. This ensures that sustainability matters are inte ‑ grated into the company’s risk management and decision ‑making processes. Sustainability risks do not have a special status in the risk management process. Instead, they are graded and evaluated on the same basis as other risks when the Group’s main risks are identified and appropriate measures are determined. However, sus ‑ tainability risks are a separate risk area within Sectra’s risk universe, which ensures effective management of the area and the ability to identify and escalate any risks. For further information on Sectra’s risks, see pages 74–77. IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement The sustainability matters included in the Sustainability Report have been assessed as material based on the double materiality assessment and the medium impact threshold established during the process. The material sustainability matters have a significant impact on people and the environment or represent an identified financial risk or opportunity for Sectra. Sustainability matters that did not reach the selected threshold have been excluded from the report. For tables see page 92. ===== SIDA 94 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 94 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Environmental information E1 Climate change Sectra has identified climate change mitigation and energy consumption as material sustainability matters. As a global and mainly office-based service company, the direct climate impact of the company’s own operations is relatively low in relation to other parts of the value chain and in relation to other material sustainability areas. The assessment is based on a mapping of Sectra’s climate-related impacts. Sectra’s opportunities to make a difference are therefore considered to be greater in other sustainability areas, especially in social sustainability. Where in the value chain Sustainability matter Upstream Own operations Down- streamMaterial impact Financial effect Climate change mitigation Actual negative No financial effect Energy Actual negative No financial effect Governance GOV-3 Integration of sustainability-related performance in incentive schemes The incentive schemes applied within Sectra are linked to sustainability ‑related outcomes but not to climate ‑related targets. For further information, see disclosure GOV ‑3 under ESRS 2 on page 85. Strategy E1-1 Transition plan for climate change mitigation Previous climate reporting showed that Sectra’s GHG emissions are mainly indirect Scope 3 emissions. The most significant sources of emissions have been identified in the categories of business travel and purchase of goods and services. During the 2025/2026 fiscal year, Sectra initiated a mapping of GHG emissions linked to impacts on climate change and energy consumption. By gradually including more emissions categories, the reporting will provide a more robust and complete view of the emissions generated by the operations. The mapping covers Scope 1, 2 and 3 emissions under the GHG Protocol and is a first step in assessing whether there is a need for a formal transition plan. The mapping also lays the groundwork for the future determination of potential climate targets in line with the goals of the Paris Agreement. Once the mapping is completed, Sectra will investigate how climate ‑related aspects can be integrated into its overall strategic planning. Sectra is still in the process of developing the mapping and targets. Therefore, it is too early to describe specific measures, changes to the product and service portfolio, or the introduction of new technologies to reduce GHG emissions. SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Sectra’s double materiality assessment shows that the Group has an actual negative impact on the climate, mainly through energy consumption in the value chain. However, the assessment has not identified any material climate ‑related risks or opportunities. Sectra has not yet conducted any resilience or scenario analysis, and there is currently no established process for conducting such analyses. Given that the primary GHG emissions were identified in other parts of the value chain rather than in the company’s own operations, this area has not yet been prioritized. The lack of analy ‑ sis means that no specific physical or transition ‑related risks linked to the climate transition have been identified, which in turn makes it difficult to assess the resilience of the business model in relation to possible climate change. For information on Sectra’s business model, see disclosure SBM ‑1 under ESRS 2 on page 86. For further information on identified impacts, risks and opportunities related to climate change, see disclosure SBM‑3 under ESRS 2 on page 91. ===== SIDA 95 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 95ADMINISTRATION REPORT – SUSTAINABILITY REPORT Impact, risk and opportunity management IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities Based on internal assessments, the double materiality assessment, relevant regulations and industry reports, Sectra has determined that its operations have a negative impact on the climate. Sectra’s annual climate calculations provide an overall picture of the com ‑ pany’s emission sources and total climate impact. The year’s climate calculations and related results are presented in disclosure E1 ‑6. No TCFD (Task Force on Climate‑related Financial Disclosures) scenario analysis or other climate modeling was performed during the reporting year. Such an analysis is considered a future development area in order to better understand Sectra’s long‑term climate impact. For further information on the process for identifying climate ‑ related impacts, risks and opportunities, see disclosure IRO ‑1 under ESRS 2 on page 93. E1-2 Policies related to climate change mitigation and adaptation Environmental Policy Sectra’s Environmental Policy reflects the Group’s ambition to contribute to environmental sustainability by preventing and reducing negative impacts on the climate and resource use. The policy includes an environmental plan that stipulates requirements for responsible material choices, digital work practices and recy ‑ cling. There is a particular focus on mitigating climate change and promoting energy efficiency through modern technologies, waste reduction, and circular processes in the value chain. Although the policy does not explicitly commit to following third ‑party stan ‑ dards, it does clarify the direction of sustainable working practices throughout the organization. Environmentally friendly alternatives are prioritized where possible and economically justified, and tele ‑ phone and video conferencing are used to reduce travel. The CEO has overall responsibility for Sectra’s environmental and climate work, while department heads, the heads of the operating areas and business units, and the country organizations are respon ‑ sible for implementing the Environmental Policy’s overall commit ‑ ments in their respective operations. Sectra has taken relevant stakeholders into account while developing its current Environmen ‑ tal Policy, but no formal stakeholder dialogue linked to the policy work has been conducted. E1-3 Actions and resources in relation to climate change policies Sectra initiated a new mapping of its GHG emissions during the year. The mapping encompasses the entire Group’s operations as well as emissions upstream and downstream in the value chain. The mapping and data collection are Sectra’s primary climate ‑ related activities and serve as a basis for prioritizing actions. The actions that Sectra is currently implementing are based on the over ‑ all commitments in the Environmental Policy, which involve mea ‑ suring and analyzing the Group’s climate impact and proactively preventing and mitigating negative climate impacts. The activities carried out to meet the commitments in the Environmental Policy involve using environmentally friendly alternatives where possible and efficient resource use. This work will be developed gradually as the mapping progresses and data quality improves. Going forward, Sectra will be able to review its activities and evaluate whether addi ‑ tional measures are needed and how these should be followed up. Metrics and targets E1-4 Metrics and targets The commitments in Sectra’s existing Environmental Policy and the activities carried out to contribute to these commitments are not linked to quantified targets. Instead, they are viewed as part of the further formalization of the process and improvement of the work over time. Sectra has not set quantitative targets to reduce its GHG emissions or adopted a formal transition plan in line with the Paris Agreement. The mapping exercise conducted in the 2025/2026 fiscal year resulted in an initial set of data that can be developed in the future to create a basis for establishing base year values, relevant metrics and the use of scenarios. E1-5 Energy consumption and mix During the reporting year, Sectra improved its monitoring of energy consumption through a more comprehensive mapping of the Group’s energy consumption and energy mix. The expanded data collection will provide a basis for future analysis and the development of quan‑ titative indicators for strategic follow‑up of energy consumption. Description of methodology The collection of energy consumption data relates to the Group’s own operations and follows the same organizational boundary as the reporting of Scope 1 and Scope 2 GHG emissions. The data is primarily based on information from energy suppliers and landlords. In cases where primary energy data for offices was not available, for example in shared premises or where metering is not available, energy consumption has been estimated based on the number of workstations and the proportion of leased space in the building. The same method has been applied for individually leased work stations. Energy consumption and mix Comparative 25/26 Total fossil energy consumption (MWh) 1 919.63 Share of fossil sources in total energy consumption 19.1% Consumption from nuclear sources (MWh) 169.45 Share of consumption from nuclear sources in total energy consumption 3.5% Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) 0 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 3,731.73 The consumption of self-generated non-fuel renewable energy (MWh) 0 Total renewable energy consumption (MWh) 3,731.73 Share of renewable sources in total energy consumption 77.4% Total energy consumption (MWh) 4,820.81 1 Specific information regarding fuel consumption from fossil sources and purchased energy from fossil sources has been omitted since Sectra does not operate in a high climate impact sector as defined in ESRS E1. ===== SIDA 96 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 96 ADMINISTRATION REPORT – SUSTAINABILITY REPORT In exceptional cases, energy data for the entire fiscal year was unavailable at the time of reporting. In these cases, energy con ‑ sumption was estimated based on consumption in previous periods to enable an estimate of total energy consumption for the year. Assumptions and estimates have mainly been made for the North American units as well as for Denmark and France. For the other units, primary energy data has been provided by suppliers and landlords. No further external verification of this information was performed other than by Sectra’s external auditors in connection with their review of the Sustainability Report. The energy mix data is primarily based on information from energy suppliers and landlords. Where such information was not available, the energy mix was based on estimated values for each country or region. Geographic assumptions of this kind were primarily applied for operations in North America, Denmark, Norway and Germany, where the energy mix could not be specified at unit level. E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions The reporting of GHG emissions covers the same period as the Group’s fiscal year. The reporting boundary is based on the prin ‑ ciple of financial control and includes all wholly owned subsid ‑ iaries. During the reporting year, data collection was expanded to cover all units within the Group, providing more comprehensive collection than in previous periods and establishing a new Group ‑ wide methodology. Methodologies and emission factors were also updated as part of this process. It was deemed impractical to recal ‑ culate previous years’ emissions according to the new methodology. Therefore, the emission calculations for previous periods are not comparable with those for the fiscal year, and previous years’ values are therefore not included in the tables for the year. Description of methodology Scope 1 (direct emissions) Scope 1 covers direct emissions from company cars used in opera ‑ tions. The emission calculations are based on a combination of data from invoice documents, measurement data, and estimated data in cases where complete activity data is not available. Where estimates have been used, these have been based on available information to ensure a reasonable representation of actual emissions. New for this year, is the inclusion of the aircraft owned by Sectra in the calcula ‑ tion of emissions. Emission factors from Watershed’s Open CEDA database for 2025 were used to calculate GHG emissions from a spend‑based baseline. Scope 2 (indirect emissions) For the 2025/2026 fiscal year, Scope 2 emissions are reported using both market‑ and location‑based methods, in accordance with the ESRS and the GHG Protocol. Therefore, the same activity data was calculated using two different emission factors and is presented separately in the tables. In previous years, reporting was based on location‑based emission factors for electricity and district heating and cooling, based on national energy mixes or supplier ‑ specific information. The basis for the calculations is data from energy suppliers or property owners. In cases where primary data was not available, energy consumption was based on previous periods and extra ‑ polated where data was not available at the time of reporting. Energy consumption for some subsidiaries was estimated as a proportion of total energy consumption based on office space or number of workstations, calculated as a share of total energy consumption. Scope 2 also includes emissions from the use of electric vehicles, using both market ‑ and location‑based calculation methods. 2024 emission factors from the Association of Issuing Bodies (AIB) were used for the European subsidiaries to convert energy consump ‑ tion into GHG emissions under the market ‑based approach, and national emission factors were used for the remaining subsidiaries. For the location ‑based emissions, emission factors from the European Environment Agency (EEA) were used for the European subsidiaries and country ‑specific sources for the other subsidiaries. Scope 3 (other indirect emissions) The Scope 3 categories presented in the report have been included because they were assessed as having significant emissions linked to Sectra’s operations. The materiality assessment is based on the estimated level of emissions, the impact of the operations, and the availability of reliable data. Categories 4, 8, 10, 11, 12, 13, 14, and 15 have been excluded. The calculations for material categories are based on a spend‑based methodology unless otherwise indicated, using financial data as a basis. Estimates were used where activity and primary data were not available. The choice of method was based on data availability and the assessed representativeness in each Scope 3 category. The calculation of Scope 3 emissions is primarily based on spend ‑ based emission factors. This applies to categories 1, 2, 6 and 9, where emissions were calculated entirely on the basis of spend data. Category 3 is based on the same data as reported in Scopes 1 and 2, and is therefore not spend‑based. Category 5 is primarily based on primary data in the form of reported waste quantities, and has been supplemented with spend ‑ based data in cases where quantity data was not available, mainly due to differences in waste management systems in different parts of the world. Category 7 is based on internal data. These categories thus deviate from the primary spend ‑based methodology. Category 11 has been identified as relevant in Scope 3 since Sectra’s software solutions give rise to energy consumption among end‑users and in the customer’s operating environment. During the reporting period, a calculation model was developed in accordance with the GHG Protocol Scope 3 standard. The company plans to report on this category as of the 2026/2027 fiscal year. There is currently no established industry guidance for SaaS products in this category. The methodology will be continuously adapted in line with the ongoing revision of the GHG Protocol, which is expected to include specific guidance for digital services. The emission factors for Scope 3 emissions are mainly based on Watershed’s Open CEDA database for 2025 as well as emission factors from DEFRA for 2025. These are used as standardized emission factors to enable comparable calculations across the value chain. In a limited number of cases, country ‑ or region‑specific emission factors were used where these were judged to better reflect actual emissions. This methodology is applied consistently across the Group. In the 2025/2026 calculations, emissions from fuel and energy have been divided into direct emissions for fuel (Scope 1), indirect for energy (Scope 2) and indirect/upstream energy ‑related emis‑ sions (Scope 3), in line with the GHG Protocol. Calculation principles and limitations Since a spend‑based method is applied for large parts of the calcula ‑ tion, the reasonableness of the results was assessed by analyzing the cost structure and making comparisons between reporting years. Since this method is new to the Group, there are no historical calculations that are comparable. Limitations in data quality are ===== SIDA 97 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 97ADMINISTRATION REPORT – SUSTAINABILITY REPORT GHG emissions Retrospective Base year Compara - tive 25/26 % N/N-1 Scope 1 GHG emissions 130 Gross Scope 1 GHG emissions (tCO 2e) 130 Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) – Scope 2 GHG emissions 723 Gross location-based Scope 2 GHG emissions (tCO 2e) 296 Gross market-based Scope 2 GHG emissions (tCO 2e) 723 Significant Scope 3 GHG emissions Total gross indirect (Scope 3) GHG emissions (tCO 2e) 12,546 1 Purchased goods and services 5,265 [Optional sub-category: Cloud computing and data center services] 1,693 2 Capital goods 2,044 3 Fuel and energy-related activities (not included in Scope 1 or Scope 2) 126 4 Upstream transportation and distribution N/A 5 Waste generated in operations 9 6 Business travel 2,678 7 Employee commuting 710 8 Upstream leased assets N/A 9 Downstream transportation 21 10 Processing of sold products N/A 11 Use of sold products N/A 12 End-of-life treatment of sold products N/A 13 Downstream leased assets N/A 14 Franchises N/A 15 Investments N/A Total GHG emissions 13,399 Total GHG emissions (location-based) (tCO 2e) 12,971 Total GHG emissions (market-based) (tCO 2e) 13,399 GHG intensity per net revenue Compara - tive 25/26 % N / N-1 Total GHG emissions (location-based) per net revenue (tCO 2e/Monetary unit) 3.66 Total GHG emissions (market-based) per net revenue (tCO 2e/Monetary unit) 3.78 mainly due to a lack of information from suppliers, and have been addressed through the use of spend ‑based data collection and estimated values. An overall review of reported data is performed at Group level, and based on this analysis, the aggregated results are deemed to provide a true and fair overview. The method was developed during 2025/2026 to meet applicable reporting requirements. Previous data collection was not Group ‑ wide for all emission categories, which means that previous years’ data is not fully comparable with data for the fiscal year. Any meth ‑ odological changes are described in the report. The Finance func ‑ tion is responsible for collecting and compiling the data on GHG emissions. Sectra has no significant biogenic emissions to report. ===== SIDA 98 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 98 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Taxonomy Eligible activities Sectra has evaluated which activities are Taxonomy ‑eligible. Its main activities—research, development, and sales of both medical IT systems and services and data security products and services— are not Taxonomy‑eligible. Therefore, no capital expenditure (CapEx), turnover (sales) or operating expenditure (OpEx) related to these activities are eligible under the Taxonomy reporting requirements. The proportion of Taxonomy‑eligible economic activities amounts to less than 10% of the Group’s turnover, CapEx and OpEx. Therefore, in accordance with the simplification provisions of the Delegated Act on the EU Taxonomy Regulation, the Group has not performed a complete assessment of Taxonomy alignment. For CapEx and OpEx, one economic activity, CCM 7.7 Acquisi ‑ tion and ownership of buildings, has been reported as non ‑material under the materiality exemption in accordance with Commission Delegated Regulation (EU) 2026/73 amending Regulation (EU) 2021/2178. Processes and governance Taxonomy reporting is integrated into the sustainability work, and follows internal processes for data collection and quality assurance. The Board of Directors has overall responsibility for sustainability reporting, including Taxonomy reporting, and the operational work is carried out by the Finance function. Reporting principles As of the 2025/2026 fiscal year, Sectra applies Commission Dele ‑ gated Regulation (EU) 2026/73 of July 4, 2025 for its Taxonomy reporting. Sectra applies the updated disclosure templates, which means that the presentation of the Taxonomy has changed com ‑ pared to previous years. Definitions of CapEx and OpEx follow Article 8 of the Taxon ‑ omy and are based on the consolidated financial statements. Turnover – total turnover corresponds to net sales recognized in the consolidated income statement. No turnover is Taxonomy ‑ eligible since Sectra has no external rental revenue linked to its properties. Refer to Sectra’s net sales in the income statement on page 118. CapEx – total CapEx includes investments in capitalized develop ‑ ment, tangible assets and leases recognized as right ‑of‑use assets in accordance with IFRS 16. See Note 13 on page 138. OpEx – total OpEx pertains to expenditures for research and development, short‑term leases and expenditures for maintenance and repair. Fiscal year (2025/ 2026) KPI (1) Total (2) Proportion of Taxonomy- eligible activities (3) Taxonomy- aligned activities (4) Proportion of Taxonomy- aligned activities (5) Break- down by environ - mental objectives of Taxonomy- aligned activities Climate Change Mitigation (6) Climate Change Adaptation (7) Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Proportion of enabling activities (12) Proportion of transi - tional activities (13) Not assessed activities considered non-mate - rial (14) Taxonomy- aligned activities in previous financial year (N-1) (15) Proportion of Taxonomy- aligned activities in previous financial year (N-1) (16) MSEK % MSEK % % % % % % % % % % MSEK % Turnover 3,541.7 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 CapEx 232.8 0 0 0 0 0 0 0 0 0 0 0 0 3.9 0 0 OpEx 578.3 0 0 0 0 0 0 0 0 0 0 0 0 1.1 0 0 ===== SIDA 99 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 99ADMINISTRATION REPORT – SUSTAINABILITY REPORT Social information Strategy SBM-2 Interests and views of stakeholders Sectra’s employees are an important stakeholder group and their experiences, needs and views are of significant importance to how the strategy, business model and operational priorities are devel ‑ oped. The results of regular employee surveys are analyzed and reported at several levels—from teams and managers to Group Management and the Board. Targeted measures and follow ‑ups are decided when the results are below the established thresholds (see targets in disclosure S1 ‑5). Each employee team then identifies its own areas for improvement, draws conclusions, and contributes to professional development, learning and change based on its findings. For further information on how Sectra takes the interests and views of its employees into account, see ESRS 2 on page 91. Employees’ views lead to tangible changes. For example, feedback on the lack of clarity in pay criteria resulted in clearer communication and a more structured salary review process. In addition to formal surveys, valuable insights are gathered on a day-to-day basis—from sources including the sales and support organization—which have contributed to adjustments in product development and improved ways of working. These examples illustrate how employees can influence Sectra’s development. SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model For Sectra, social sustainability matters are an important part of its perspective on corporate culture and its own workforce as they help motivate and engage employees to solve customers’ problems and drive continuous improvement. A safe, sustainable and inclusive work environment is a necessity to attract and develop the skilled employees needed to achieve the Group’s goals and continue to develop Sectra’s offering. Impacts on Sectra’s own workforce mainly arise in its own opera ‑ tions. The Group’s own workforce includes all of its full ‑ and part‑ time employees and, where relevant, hired consultants, for example in relation to anti‑discrimination and health and safety issues. The workforce consists mainly of highly qualified office staff, regardless of the type of employment. The negative impacts that could arise are assumed to be mainly linked to stress, mental illness, discrimination, and a lack of inclusion. Potential impacts are not assessed to be systematic at the Group level, but rather are deemed to involve individual incidents that are distributed geographically. This assessment is based on the Group’s low rate of absence due to illness and generally positive results in its regular employee surveys. To detect any negative impacts early on, Sectra works proactively through structured onboarding, regular dialogues and follow ‑ups, continuous skills development, individual health check ‑ins, and S1 Own workforce Sectra’s employees are crucial to its ability to deliver high quality and customer value. In terms of its own workforce, Sectra has iden - tified that a potential negative material impact on its own workforce could arise in various areas related to the work environment, such as health and safety, gender equality and diversity. Therefore, the management of these sustainability matters is particularly import - ant for the operations. Sustainability matter Where in the value chain Material impact Financial effect Upstream Own operations Down- stream Health and safety Potential negative No material financial effect Gender equality and diversity Potential negative No material financial effect ===== SIDA 100 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 100 ADMINISTRATION REPORT – SUSTAINABILITY REPORT support for internal mobility. These actions encourage career devel ‑ opment and well‑being and are part of the management system. Furthermore, employees are offered flexible working conditions and access to the company healthcare service, which together facil ‑ itate higher engagement, increased job satisfaction, and a long ‑term sustainable work environment. Future climate neutrality requirements could affect the nature of the skills required and workforce composition, such as sustainability skills in procurement and product development. However, Sectra’s assessment is that this will have a marginal impact on its own work ‑ force. This assessment may be reviewed if circumstances change or if Sectra develops a climate transition plan. A skills transition as a possible effect of the transition plan is expected to be addressed through training, certification and internal mobility. This is in line with Sectra’s motto “hire for attitude and ability, and train for skill.” Potential negative impacts related to a dependence on employ ‑ ees include a loss of skills, inadequate gender equality and a lack of diversity. Since Sectra’s business model is entirely dependent on highly specialized employees, high employee turnover and difficulties in retaining skilled employees could lead to dissatisfied customers and other business consequences. There are opportuni ‑ ties to attract and retain talent, promote innovation and strengthen Sectra’s employer brand, helping make the company sustainable in the long term. Since Sectra’s operations are office ‑based and con‑ ducted in countries with strong labor laws, the risk of forced labor and child labor is considered to be very low. Given Sectra’s current employee composition, where women are underrepresented compared to men, we believe that women may be at greater risk of being exposed to negative impacts related to gender equality and discrimination. This potential risk appears to be even more serious given that women are particularly underrepre ‑ sented in certain areas of the operations, especially areas involving intensive hardware and software development. Measures to prevent and minimize this risk include the annual employee survey, which includes questions on equal treatment, and the remuneration sur ‑ vey, which identifies any unfair pay gaps or employment conditions so that they can be addressed. Other groups at particular risk of vulnerability have not been identified, and no specific measures have therefore been established. Impact, risk and opportunity management S1-1 Policies related to own workforce The most important policies for the company’s own workforce and material sustainability matters concern human rights, ethics, health and safety, gender equality, diversity, and remuneration. The aim is to promote a safe, fair and inclusive work environment by following international conventions and guidelines. Work Environment Policy The Work Environment Policy describes at a general level Sectra’s approach to minimizing potential negative impacts on employee health and safety. The policy covers systematic health and safety work and Sectra’s preventive procedures for workplace accidents, risk assessments and incident reporting. Gender Equality Policy and Salary and Bonus Policy The Gender Equality Policy and the Salary and Bonus Policy jointly aim to eliminate discrimination and harassment and to promote equal opportunities and fair and equitable remuneration, regardless of gender, sexual orientation, age, religion, ethnicity or other grounds for discrimination, in line with EU regulations and Swedish law. Code of Conduct The Group has zero tolerance for discrimination and promotes a safe work environment free from unequal treatment. Violations of the Code are considered serious and can lead to an immediate response. The Code of Conduct guides how employees are expected to act in business settings and explicitly addresses issues such as the prohibition of human trafficking and child labor. Whistleblowing Policy The Code of Conduct, Whistleblowing Policy and related internal procedures allow for effective responses in the event of suspected human rights violations and other irregularities related to the com ‑ pany’s own workforce. Changes during the year In particular, updates were made to the Code of Conduct during the fiscal year to include clear statements on child labor and the uphold ‑ ing of fundamental human rights. In addition, minor editorial adjustments have been made to most policies without changing their substantive content. For further information on the Whistleblowing Policy and Code of Conduct, see disclosure G1‑1 on page 109. For further information on policies related to relevant sustainabil ‑ ity matters, scope, the updating process and external initiatives, see ESRS 2 on page 84. S1-2 Processes for engaging with own workforce Sectra has established procedures for engaging in a dialogue with its employees about their work environment, for example in relation to health and safety, gender equality and diversity, and individual professional development. Questions on health and safety are included in the annual employee survey sent to all of the Group’s full‑time and part‑time employees. In addition, managers are invited to regular meetings to identify early signs of ill health. Furthermore, guidance and support for managers before and during reviews are available in Sectra’s Talent Management System. These dialogues take place directly between employees and managers through meetings as well as indi‑ rectly via workers’ representatives on the Board and safety officers on the work environment committee for the Swedish companies. The Group’s Board of Directors includes workers’ representatives appointed by employees who are members of the trade union organi‑ zation Engineers of Sweden, which provides insight and the opportu‑ nity to have input on decisions related to social and personnel issues. The results from employee surveys, health questionnaires, managerial reviews, course evaluations and employee perceptions of actions taken are used to assess whether Sectra’s dialogue and engagement with employees are sufficient to address potential nega ‑ tive impacts. Tools such as remuneration surveys, employee surveys, gender equality and diversity policies, and an explicit zero ‑tolerance approach to harassment are used to identify, manage and prevent negative impacts on groups at particular risk of vulnerability. In addition, employees in Sweden, for example, are offered an annual checkup with a representative of the company healthcare service to proactively provide the Group’s own workforce with feedback on health and well ‑being. Beyond this, there is no targeted effort to gather the perspectives of groups at particular risk of vulnerability. Managers at different levels are responsible for ensuring that employee surveys and other aspects of the annual schedule are carried out and that the results are followed up. The CEO has the ultimate responsibility for follow‑up. The members of the work environment committee are also involved in this process. Sectra’s Talant Manage‑ ment System is used to follow up on training requirements and devel‑ opment plans. There is no global framework agreement, meaning no agreement with international trade union organizations on common ===== SIDA 101 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 101ADMINISTRATION REPORT – SUSTAINABILITY REPORT labor law principles. However, structured collaboration takes place through the work environment committee and through the company healthcare service, where issues relating to the work environment and health and safety are addressed on an ongoing basis. S1-3 Processes to remediate negative impacts Sectra has established processes to manage negative impacts on employees, such as physical illness, mental illness or a lack of gender equality and diversity. Managers conduct regular follow ‑ups and health and work environment dialogues at least once a year, where any negative impacts can be addressed. This is followed up as needed through health examinations and rehabilitation measures for employees returning to work. Employees are also encouraged to submit questions and comments on an ongoing basis at the Group’s quarterly town hall meetings, where questions can be put directly to management and the CEO to promote an open dialogue. The whistleblower function and the work environment commit‑ tee provide other means of ensuring that concerns and incidents are raised. This allows Sectra to maintain a flexible approach and introduce supplementary measures as needed, thus ensuring that the Group can best respond to any negative impact on its employees. Employees can express their views or raise issues via the work environment committee, which consists of health and safety representatives. Comments received are documented and handled using a structured approach according to established procedures and processes, including a risk register that is updated and followed up annually. The risk register covers both the physical and psycholog‑ ical work environment as well as issues related to gender equality and diversity including discrimination and negative stress. The work environment committee, which covers the Swedish operations, meets quarterly and has an annual schedule that sets out when different issues should be addressed. These measures are integrated into the processes included in the Group‑wide management system. They are monitored and evaluated on an ongoing basis to ensure effectiveness and efficiency. The company also evaluates the adequacy of the measures through an annual senior management meeting, based on input from the employee survey, management reviews, and the ongoing work of the work environment committee. The ability to raise issues with the work environment committee is ensured through internal communication, policies and training. Managers are responsible for informing employees that they have the option to file reports, and support systems are in place to follow up cases. Furthermore, it is possible for the employee to turn to third ‑party channels such as trade union organizations and governmental external reporting channels, such as the Swedish Work Environment Authority and the Swedish Financial Supervisory Authority. For further informa ‑ tion on the Whistleblowing Policy, see disclosure G1 ‑1 on page 109. Sectra does not currently evaluate whether its employees feel that the reporting processes in place are sufficiently trustworthy for them to feel safe when reporting. Sectra also does not evaluate the effectiveness of the reporting channels. Other than whistle ‑blowing cases, Sectra does not have any established practice for how the company contributes to remedi ‑ ation in the event of actual negative impacts. Instead, such issues are assessed on a case ‑by‑case basis. Moreover, no evaluations are carried out of the effectiveness of the remediation measures. S1-4 Actions and effectiveness Sectra takes a systematic approach to preventing and managing material potential negative impacts on its own workforce through tangible measures, with a focus on health and safety, gender equality and diversity. Some clear examples of activities being implemented are presented below: • Discussions about health and the work environment are held at least once per year for all employees. These are complemented by health questionnaires, and by targeted health examinations when needed. • There are established rehabilitation processes in place to support employees in returning to work in cases of physical or mental illness. These are offered to employees as needed. Individual rehabilitation plans are developed in cooperation with the company healthcare service. • Annual employee surveys are conducted for all employees. These are used as a basis for initiatives to improve the work environment, job satisfaction and professional development opportunities. • Performance reviews are held at least once per year for all employees. These reviews include individual development plans, the identification of required skills and possible career paths. • Internal training and a rookie course are offered at least once a year for all new employees to ensure a sound introduction to the company culture, values and customer value. • Leadership programs are offered for both new and experienced managers, focusing on corporate culture, communication and employee engagement. • Flexible working conditions, such as non ‑regulated working hours and remote working, are offered to all employees on an ongoing basis to promote well ‑being and work‑life balance. These efforts are expected to contribute to compliance with Group ‑ wide policies such as the Code of Conduct, the Gender Equality Policy, the Salary and Bonus Policy, and the Whistleblowing Policy. At present, Sectra believes that there are no identified sustainability matters relating to the company’s own workforce without measures to address them, and the Group is not actively working on any action plans from previous fiscal years. The activities and outcomes of the activities are mainly followed up qualitatively in forums such as the management review and the work environment committee, and are integrated into the Group ‑ wide management system. The personnel management strategy is outlined in the overall personnel management process, which clarifies the steps of the employee journey, including onboarding, regular dialogues and follow ‑up during the employee year as well as offboarding. This approach ensures follow ‑up and actions to address potential negative impacts related to health, safety, gender equality and diversity. If negative impacts arise in individual instances, they are addressed within the framework of established procedures. However, no systematic or aggregate negative impact was identified during the reporting period. For privacy reasons, individual instances are not reported separately. The process is supported by Sectra’s Talant Management System, which provides managers with support with respect to the structure and content of performance reviews as well as internal checklists for dealing with different types of incidents, including physical injuries and suspected discrimination. Sectra continually invests in training and skills development to strengthen its leadership and reduce potential negative impacts, including onboarding programs for new employees that provide insight into the corporate culture and values, leadership training, development programs for managers based on 360 ‑degree feedback, and digital training that enables flexible and continuous skills development. There are currently no significant resources allocated for specific measures beyond the Group’s existing initiatives. Initiatives in the areas of work environment, well ‑being and professional development are based on the results of the employee surveys. In this way, material sustainability matters, health and safety, and gender equality and diversity are continually followed up. Internal controls and external certification auditors review compliance with processes and procedures, such as the personnel ===== SIDA 102 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 102 ADMINISTRATION REPORT – SUSTAINABILITY REPORT management process, on an annual basis. The work environment committee, including local safety officers, works together with the company healthcare service to ensure compliance with health and safety legislation. Workers’ representatives on the Board provide insight and influence when making strategic decisions. Risk and opportunity management Risks such as psychosocial ill health, stress, discrimination and a lack of skills are addressed through measures such as remuneration surveys, equal opportunity policies, mentoring, targeted training, and the whistleblower function. Sectra sees opportunities for greater employee engagement, innovation and attractiveness as an employer by addressing and preventing negative impacts. Sectra is aware that issues of health, well ‑being and discrimination are partly personal, which may mean that a certain number of cases go unreported, but believes that the measures do not conflict with the company’s business criteria. Resources and monitoring Financial resources are allocated to training programs, leader ‑ ship development, and systems support on an ongoing basis. The effectiveness of this work is monitored through course evaluations, employee surveys, management reviews and systematic monitoring of the development plan. Outcomes, indicators and targets are defined more clearly under the section “Targets” below. Metrics and targets S1-5 Targets related to managing potential negative impacts Sectra has defined targets related to promoting a healthy (Health and safety), competent and inclusive workforce (Gender equality and diversity). These sustainability targets ensure long ‑term success and support the company’s strategy of increasing customer value. The targets are set in line with international guidelines (UN, ILO) and cover all operations and all employees, full ‑time and part‑time, regardless of country. Targets Sectra’s targets linked to its own workforce, with a focus on health and safety, gender equality and diversity: • Satisfied employees who are motivated, understand their customers and feel a sense of well-being Result indicators Employees’ “gut feeling” when coming to work: The results of this question are evaluated in the annual employee survey and should be above 3.5 on a five-point scale. They help the company under- stand employees’ perception of health and safety as well as gender equality and diversity. Result (Base value): Above target value (>3.5), base year 2025/2026 Equal treatment: The results of this question are evaluated in the annual employee survey and should be above 3.5 on a five-point scale. They help the company understand employees’ views on gender equality and diversity. Result (Base value): Above target value (>3.5), base year 2025/2026 Leadership Index: The Leadership Index should be above 3.5 on a five-point scale. It helps the company understand employees’ perception of health and safety as well as gender equality and diversity. Result (Base value): Above target value (>3.5), base year 2025/2026 Methodology and assumptions The targets are designed to provide management with guidance on employee well‑being (Health and safety), how employees perceive Sectra as an employer and whether there are indications of any form of unfair treatment (Gender equality and diversity). Given the design of the targets with a reference value and annual monitoring, the evaluation is considered stable and comparable over time. The targets do not include interim targets. If the outcome from the employee survey falls below the target value, this results in targeted measures for the department concerned to address any negative impact. Actions are not predefined, but rather adapted to the needs of the specific group. The targets are integrated into the Group’s overall strategy and personnel management processes. They support the Group’s philos ‑ ophy that employee well‑being contributes to customer value and innovation. The targets are closely linked to the Gender Equality Policy, the Code of Conduct and the Group’s management system. The current targets were developed by the CEO and management within the framework of the existing work planning process, with the targets forming part of the overall planning work. In the previ ‑ ous year, no changes were made to the formulation, calculation or monitoring of the targets. The collection and analysis of data is documented as part of several processes, such as the personnel management process and employee survey process, which serve as the basis for developing and defining targets. Methods and assumptions for setting targets will be evaluated as Sectra moves forward in evaluating its current targets and potentially defining additional ones. Employees are involved in setting targets through feedback from health question ‑ naires, performance reviews and employee surveys. The results are used to identify areas for improvement. Targets are then set by the Board as described under ESRS 2. Furthermore, both employees and managers are involved in the evaluation and analysis of the employee servey, for example, where each team with more than six employees is given its own results to work with. These results are then expected to be followed up according to the annual schedule defined in the management system. None of the reported data in S1 has been validated by an external party. S1-6 Characteristics of the undertaking’s employees The data is taken from Sectra’s Talent Management System, and the information is based on the data entered by the employee’s manager when creating the employee’s user account. If the type of employment changes, the data is updated based on information from the HR department of the respective subsidiary. The data on the number of employees who left during the period is based on the date an employee’s user account is deactivated. Variations between periods and major changes may be partly due to delays in updates in supporting systems and other human factors. The average is reached by calculating the average number of permanent employees at the beginning and end of the year. The average is used in the calculation of employee turnover. Temporary employees are individuals who are employed on fixed ‑term con‑ tracts to meet short‑term business needs, such as projects, workload peaks or temporary replacements. The total number of employees is primarily reflected in operating expenses and personnel costs in the income statement, and is described in more detail in Note 4. ===== SIDA 103 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 103ADMINISTRATION REPORT – SUSTAINABILITY REPORT S1-9 Diversity metrics This disclosure requirement refers to the gender balance at top management level (number and percentage) and the age distribu ‑ tion of the company’s employees in three groups: under 30 years old, 30–50 years old, and over 50 years old. The aim is to provide transparency on the diversity and demographic composition of the organization. Gender distribution at top management 1 level 2025/2026 Gender Number Share Female 3 50% Male 3 50% Total 6 100% 1 Top management corresponds to Group Management. Age distribution of employees 2025/2026 Age category Number of employees Share Under 30 years old 224 16% 30–50 798 59% Over 50 years old 210 15% Not reported 129 9% Total 1,361 100% S1-10 Adequate wages Sectra operates in markets where working conditions are well regulated through legislation and established labor market prac ‑ tices. The company operates in an international and knowledge ‑ intensive environment with intense competition for skilled labor, and the remuneration of employees is determined on the basis of the actual role, responsibilities and skills, while taking relevant market conditions into account. Sectra applies market ‑based remuneration levels and complies with applicable labor legislation, collective practices and internal governing documents in all mar ‑ kets where the company operates. In addition, CEO instructions explicitly require the management of the Parent Company and the respective subsidiaries to comply with national labor laws and apply sound personnel management principles. The EU’s work on common benchmarks for living wages is not yet fully implemented, and comparisons between the European countries where Sectra operates have therefore not been established. Within the Group, the majority of the company’s employees are highly educated specialists and senior managers with remuneration levels that clearly exceed statutory and practice ‑based minimum conditions. The roles that could theoretically be subject to lower remuneration levels are mainly certain administrative or support positions in individual countries, where local labor market con ‑ ditions and entry levels are generally lower. Against this back ‑ ground, Sectra has not currently identified any indication that the remuneration to employees will fall below what can be considered a reasonable living wage according to the ESRS. Sectra has not identified any material negative impact linked to inadequate salary levels for its own workforce to date, but plans to continue examin ‑ ing this area in future reports. Number of employees and type of employment 2025/2026 Type of employment Female Male Other Not disclosed Total Number of employees 479 957 N/A N/A 1,436 Number of permanent employees 445 916 N/A N/A 1,361 Number of temporary employees 34 41 N/A N/A 75 Number of full-time employees 419 875 N/A N/A 1,294 Number of part-time employees 60 82 N/A N/A 142 Gender balance Gender Number of employees (head count) Male 957 Female 479 Total employees 1,436 Employee turnover and departures Metric Total Number of employees who left during the period 1 80 Employee turnover 6% 1 Based on permanent employees and the average number of employees. Employees by country Country 1 Number of employees (head count) Sweden 680 US 234 UK 140 1 Countries with at least 50 employees representing at least 10% of the total number of employees. ===== SIDA 104 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 104 ADMINISTRATION REPORT – SUSTAINABILITY REPORT S1-14 Health and safety metrics Sectra continuously monitors health and safety issues in the Group and plans to publish more data on this in future reports. The company does not currently have a formalized occupational health and safety management system based on recognized standards or frameworks. Accordingly, 0% of the company’s own workforce is covered by such a system. Instead, occupational health and safety management is carried out through established processes and pro ‑ cedures in accordance with applicable health and safety legislation. Employees Percentage of own workforce covered by a health and safety management system 0 Number of fatalities as a result of work-related injuries and work-related ill health among other workers at workplaces 0 Number of cases of recordable work-related accidents 6 Frequency of recordable work-related accidents 2.4 The above metrics refer to work‑related accidents within the com ‑ pany’s own workforce during the reporting period and are based on reported incidents. Data is retrieved from internal systems for Swedish units and through manual collection for international units, which leads to some uncertainty in the data. Frequency is calculated based on actual working time where available and other ‑ wise on estimated working time per FTE. S1-16 Remuneration metrics Sectra strives for diversity and gender equality, and to have clear remuneration guidelines in place that promote equal treatment in matters of employment conditions, remuneration and opportunities for individual development in the workplace. The remuneration offered by the company and revision of remuneration are to be based on three parameters: Sectra’s financial performance during the year, the individual’s performance during the year, and market conditions. Sectra offers both remuneration according to fixed remuneration levels and variable components such as various types of bonuses where applicable. The individual objectives, which are part of the evaluation of the individual’s performance during the year, as well as the individual’s role description, which also forms the basis for the evaluation, are important components and tools to ensure equal and competitive pay. A remuneration survey is conducted annually and reported at Board level to further ensure equal and competitive pay. The objective is for equivalent work to result in equivalent pay. If devi ‑ ations are identified, they are further investigated and actions are proposed and implemented where necessary. Average pay gap The average pay gap is calculated as the difference between the average annual salary paid during the fiscal year between men and women divided by the average annual salary for men, expressed as a percentage of the average annual salary for men. All employees at all service levels within the Group have been included. The calcula ‑ tion was carried out using the average values regardless of degree of employment and geographic location. Part ‑time figures have been adjusted upwards to full ‑time equivalents to obtain comparable figures. The calculation also took into account whether employees had worked for the entire fiscal year or only part of it. The calcula ‑ tion method follows the standards in S1 ‑16. There are risks linked to possible uncertainty in data collection given the manual collection method, which always entails a risk of errors. A reasonableness assessment was performed to address these risks. Average total pay (%) 25/26 Gender pay gap 11.49 Sectra’s starting point is that remuneration should be equal. The reported unadjusted gender pay gap that arises at Group level is due to the overall composition of roles and positions and the availability of more male engineers. The Group strives for equal remuneration and applies objective criteria when setting salaries. Pay data is monitored to identify and address any differences in remuneration for equal work or work of equal value. Annual total remuneration ratio This metric is calculated as the ratio between the highest paid per ‑ son in the company compared to the median salary of all employ ‑ ees. Sectra has collected figures for the entire Group regardless of role, employment level and nationality. To enable the calculation, only people employed in the last 12 months have been included in the figures and underlying medians for the countries in question have been used. Only remuneration paid during the period has been included in the remuneration. No severance pay has been included. The exist ‑ ing long‑term Group‑wide incentive programs did not result in any actual payment during the fiscal year, and were therefore excluded from the calculation. The exact amounts for the incentive programs are determined when they expire, so their inclusion would not give a true and fair view. The calculation method follows the standard in ESRS S1‑16. Total remuneration 25/26 Annual total remuneration ratio 17. 41 The ratio of median total remuneration excluding the highest paid individual to the total remuneration of the highest paid individual reflects differences in responsibility, position and remuneration structure between different roles. The ratio is reported at an aggre ‑ gate level and should not be interpreted as a comparison between individual positions. S1-17 Incidents, complaints and severe human rights impacts Sectra operates in countries with extensive labor legislation and established mechanisms to prevent discrimination, harassment and other human rights violations. During the reporting period, no incidents or complaints concerning the company’s own workforce were registered through the company’s formal internal reporting channels, including the whistleblower function. Furthermore, no cases concerning Sectra were reported to the OECD National Contact Points for Responsible Business Conduct. Given that no incidents or complaints were recorded, no fines, sanctions, damages or other compensation were paid out during the period, which is consistent with the information provided in the financial statements. The information is based on a compilation of HR processes, local labor law records, internal reporting, and the company’s whistle ‑ blowing channels. Sectra did not identify any serious human rights incidents (such as forced labor, child labor, or human trafficking) in its own opera ‑ tions during the reporting period. The company’s zero tolerance of human rights violations is stipulated in the Code of Conduct (see ESRS 2). ===== SIDA 105 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 105ADMINISTRATION REPORT – SUSTAINABILITY REPORT Strategy SBM-2 Interests and views of stakeholders Dialogues are continually held with customers and end ‑users as part of customer relationships and project implementation. Dia ‑ logues are structured through documented work methods that are integrated into the Group’s management system. These dialogues also cover issues concerning respect for fundamental rights such as privacy and data protection. Where necessary, relevant func ‑ tions are involved to ensure appropriate handling, feedback and follow‑up. Insights from the dialogues are used to further develop the business model, products and long ‑term strategy. Requirements or views not addressed by existing processes are analyzed and, if deemed significant, may lead to updates to work methods and gov ‑ ernance practices following a decision by the relevant management. Sectra also monitors customer ‑centric activities through internal result indicators, such as customer visits per employee and year. For further information on how the interests and views of customers and end‑users are taken into account, see ESRS 2 on page 91. SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model The groups likely to experience material impacts include patients whose sensitive personal data is processed in the systems we provide to our customers, healthcare personnel who depend on reliable information for healthcare decisions, and users of our classified communication and information security solutions. Potential neg ‑ ative impacts mainly relate to the risk of privacy breaches and data protection risks, especially as some products process sensitive and, in some cases, classified information. Risks, such as cyberthreats, can be external and recurring, while there are also risks related to individual incidents or business relationships. A changed global situation and increased regulation mean increased demands for proactive security work and incident management, which affects both customers and suppliers in critical operations. Sectra’s customers operate critical societal functions, which means that they are extremely dependent on the mainte ‑ nance of the systems’ security and their ability to handle informa ‑ tion as well as on ongoing maintenance of systems and hardware. Sectra’s solutions contribute to a potential positive impact by supporting efficient and secure healthcare and by strengthening information security in critical societal functions. In medical imaging IT, this includes access to and secure processing of medical images and related patient information, which can contribute to improved diagnostics and quality of care. In cybersecurity and secure communication solutions, this means robust protection of confidentiality, accuracy and availability as well as enabling secure communication in organizations with strict security requirements. The identified impacts are crucial to the company’s strategic direction, including a focus on customer value, long ‑term quality and information security and data protection as a matter of trust where end‑user needs and requirements influence the design and development of future products. Business risks include cyberthreats, regulatory requirements and trust risks, while business opportunities include a growing global need for robust information security and reliable IT solutions in healthcare and critical operations. Sectra is continuing to strengthen its customer relationships in all markets by offering high‑quality products and services with a high level of privacy pro ‑ tection in order to meet and exceed our customers’ high demands. S4 Consumers and end-users As a customer-oriented company, Sectra focuses on customer and end-user experience, quality and satisfaction in both the develop - ment and the delivery of products and services. Two material sustainability matters related to end-users have been identified: protection of personal data and privacy, where there is a risk of potential negative impacts, and access to accurate and reliable information, where the operations are deemed to be able to contribute to a positive impact that simultaneously gives rise to financial opportunities. This impact arises through Sectra’s prod - ucts and services in medical imaging IT and cybersecurity as well as through the value chain. It is closely linked to the Group’s strategy of creating customer value through long-term quality, product safety and secure information management. Sustainability matter Where in the value chain Material impact Financial effect Upstream Own operations Down- stream Privacy Potential negative No material financial effect Access to quality information Actual positive Financial opportunity ===== SIDA 106 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 106 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Impact, risk and opportunity management S4-1 Policies related to consumers and end-users Sectra has Group ‑wide policies and governing documents that describe how the operations manage risks and opportunities for customers and end‑users, primarily regarding the protection of personal data and privacy as well as access to accurate, reliable and secure information. Key policies are the Information Security Policy, the Data Protection Policy, the Quality Policy and related governing documents. These aim to ensure the confidentiality, accuracy and availability of information, meet data protection and information security requirements, and ensure patient safety and customer satisfaction. The policies apply to the whole Group and cover its own operations as well as applicable parts of the value chain where relevant. The policies are available internally via Sectra’s management sys ‑ tem and, where applicable, for business partners. They apply to the entire Group with no identified exceptions, and the company has not currently adopted specific policies covering all sustainability matters related to affected communities. Information Security Policy The Information Security Policy describes at an overall level how Sectra addresses and is to manage the confidentiality, accuracy and availability of customers’ information. The policy includes objectives for how Sectra is to achieve a high level of information security. Data Protection Policy The Data Protection Policy aims to ensure that the Group protects customers, employees, other individuals and the organization by complying with the regulations and requirements in effect in both the EU/EEA and other parts of the world. The policy introduces existing frameworks, clarifies the delegation of responsibility for complying with existing regulations, and makes it clear that specific training is needed to meet legal requirements in different regions. Quality Policies Sectra has two Quality Policies: one for the secure communications operations and one for the medical imaging IT operations. What they both have in common is an overall description of the objec ‑ tives that the operations are to work towards in order to deliver high‑quality products and meet customer requirements. Examples of this are clear expectations regarding high security levels (in secure communications) and an emphasis on close cooperation with the customer (in medical imaging IT). AI Policy The AI Policy aims to ensure that the use, development and intro ‑ duction of AI in the Group are conducted in a responsible, safe and legal manner. The policy clarifies ethical principles, key risks, responsibilities, and requirements for compliance with applicable regulations and internal processes when using AI tools and in the development of internal solutions and AI in products. Compliance Compliance is monitored through internal procedures that are clearly described in our customer relationship process, which include controls as well as escalation paths and feedback procedures. In addition, training of customer‑facing personnel is held on an ongoing basis within the framework of the Group’s management system. The policies are based on international guidelines and appli ‑ cable information security requirements. When formulating and updating policies, the interests of key stakeholders are primarily taken into account, including customers and end ‑users, regulatory authorities and external auditors. The subject matter and require ‑ ments of the policies are influenced by customer and user demands in terms of information security, data protection and reliable infor ‑ mation, while regulatory requirements and external audits ensure that policies are designed in line with applicable legislation and accepted standards. Basic training in data protection and personal data processing is mandatory, and relevant functions support the operations in their compliance efforts through measures including advice and follow‑up. Deviations related to policy commitments can be reported via the whistleblower function. For further infor ‑ mation on the Whistleblowing Policy, see disclosure G1 ‑1 on page 109. Sectra values innovation and product development that helps to ensure that customers, patients and other end ‑users have access to reliable information. By largely conducting development work in‑house and bearing development costs internally, the Group can direct its development towards long ‑term customer value, quality and secure information management. Sectra’s commitments to customers include the right to privacy, data protection, non‑discrimination, and secure access to infor ‑ mation. This is reflected in the Information Security Policy, Data Protection Policy and AI Policy, which address the aforementioned commitments, as well as in the Quality Policies, which describe how Sectra is to deliver products with secure access to informa ‑ tion. Compliance is ensured through risk management, protective measures, incident management procedures and remediation mech ‑ anisms, including processes to investigate and address identified shortcomings and opportunities for feedback in customer relation ‑ ships and delivery commitments, where relevant. For further information on policies, external regulations and gov ‑ ernance related to information security, see ESRS 2 on page 84. S4-4 Actions and strategies for consumers and end-users Sectra carries out a number of activities based on the Group’s estab ‑ lished policies, processes and management systems. Products and services are developed, delivered and monitored according to docu ‑ mented and standardized procedures aimed at preventing negative impacts and maintaining a high level of information security, data protection and—in relevant parts of the business—patient safety. Incidents are systematically addressed through reporting, investi ‑ gation and root cause analysis as well as corrective and preventive actions where necessary. Roles in safety ‑critical functions are covered by confidentiality agreements, security checks and specific training to ensure competence, customer requirements and access to quality information through accurate products and deliveries. Views and complaints from customers and users are received through regular customer and support channels, as described in Sectra’s customer relationship process. Privacy, data protection and information security issues are handled according to established incident and deviation response processes, including assessments of severity, escalation to relevant functions, and decisions on cor ‑ rective/preventive actions. Feedback is provided through customer dialogues and delivery commitments. Sectra works proactively to enhance positive impacts by involving its customers and users during relevant stages of development and implementation, and by promoting a customer ‑oriented culture. Recruitment and training of customer ‑facing employees are monitored within Sectra’s Talent Management System. We consult with our customers on the continuous improvement of the quality, ===== SIDA 107 ===== Sectra is very customer focused. They know that without a strong PACS, they don’t have a company, so they put real effort into keeping customers happy. They listen, bring users in for feedback, and use that input to improve the product. US healthcare department director to KLAS Research in October 2025. ” Sectra’s Annual Report and Sustainability Report 2025/2026 107ADMINISTRATION REPORT – SUSTAINABILITY REPORT safety and development of our products. These are prioritized activities that contribute to trust and long ‑term customer relation ‑ ships according to our established customer relationship process. The work is financed as part of our normal operations through ongoing operating expenditure. Effectiveness is monitored through customer dialogues, internal controls, external audits/certifications, and applicable regulatory assessments and approvals of medical devices and safety solutions where approval/certification require ‑ ments apply. These follow‑ups and reviews provide a basis for improvement and ensure that Sectra’s processes continue to support high quality, information security and patient safety. Since Sectra’s business is based on trust and long ‑term customer value, the company has a direct business interest in minimizing the risk of negative impacts on patients and end ‑users. Therefore, privacy, data protection and information security are prioritized in the design and administration of products and services, including decisions on how data is processed and protected, as well as in customer communications, marketing and sales. When it comes to customers and end ‑users, no separate action plans or specific ESRS key activities have been adopted. Instead, work is carried out under the framework of the Group’s regular business processes and governance. Should the circumstances change, the need for specific measures or action plans may be reassessed. The activities described above are thus part of Sectra’s ongoing work, and disclosures on the scope of specific measures, time horizons, follow ‑up and specific resource allocation are not currently applicable. Metrics and targets S4-5 Metrics and targets The overall target is to create significant customer value over the long term. The operations also monitor indicators that reflect impacts, risks and opportunities related to data protection, infor ‑ mation security and quality. These indicators include trends in internal and external audits (including certification audits), the number of security ‑related incidents (including incidents impacting confidentiality, accuracy or availability), Quality Index, degree of innovation, and customer visits by employees. These indicators are not classified as Group ‑wide targets. Privacy and access to quality information are not covered by separate quantitative targets. Instead, they are addressed through the Group’s overall customer satisfaction target and through operational processes for data protection, information security and quality. No changes to targets, metrics or methodologies were made during the reporting period. Targets Sectra’s targets linked to customers and end-users with a focus on customer value, including privacy and access to quality information: • A high level of customer satisfaction. Result indicators Results are monitored through ongoing customer satisfaction sur - veys based on the Net Promoter Score (NPS) as well as external and independent industry evaluations in medical imaging IT such as Best in KLAS customer satisfaction surveys. The indicator is that NPS ≥20. This helps Sectra understand customers’ perception of the quality, functionality and ease of use of its products. Result (Base value): 24 of 26 measurements are above the target value (>20), Base year: 2025–2026 Methodology and assumptions The target and result indicators are linked to the Group’s policies on quality, data protection and information security, and cover the entire operation. They are followed up on a quarterly basis in a joint process extending from operating areas to Group Manage ‑ ment and the Board. Effectiveness is assessed through the devel ‑ opment of established key performance indicators as well as the outcome of audits, compliance with applicable requirements and, where relevant, regulatory assessments/approvals. Sectra systematically monitors how measures in the areas of qual ‑ ity, information security and customer satisfaction help the com ‑ pany manage identified risks and opportunities. Targets pertaining to customers and end‑users are set internally within Sectra. While customers and end‑users have not been directly involved in defin ‑ ing the targets, their views and the results from regular surveys and dialogues are used as a basis for monitoring target fulfillment and for prioritizing improvements and development work. Sectra conducts customer satisfaction surveys at least once a year per market or area. The survey is performed by sending a ques ‑ tionnaire to all active customer contacts associated with active customers who use Sectra products. In the event of deviations from the target, action plans are developed and followed up. The process is designed to ensure data protection and and compliance with the General Data Protection Regulation (GDPR) as well as to identify areas for improvement related to information quality and secure use of Sectra’s solutions. ===== SIDA 108 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 108 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Sectra’s work related to information security and data protection helps to address the company’s sustainability matters under ESRS S4, which covers privacy and access to quality information. By pro - tecting sensitive information, safeguarding privacy, and ensuring access to accurate and reliable information, we maintain the trust of customers, employees, and other stakeholders. Sectra works continuously with information security, data protec ‑ tion and cyber resilience to meet growing regulatory requirements and a changing security environment. Work during 2025/2026 included new governing policies and reporting procedures, investments in certifications, and further development of quality processes and preparedness. A new AI policy was introduced to clarify what kind of AI use is permitted and what information can be shared with AI services. Sectra also established reporting proce ‑ dures in relevant parts of the operations to ensure compliance with NIS2, which took effect in 2026 and entails stricture requirements for incident reporting and accountability. At the same time, several new security certificates were obtained and additional certification work is underway internationally. Initiatives are being pursued simultaneously to strengthen quality, compliance and project governance in the organization. These include better product approval processes, increased focus on clinical validation and introducing new ways of working as well as systems support. Sectra also actively participates in work to strengthen society’s civil and military defense through preparedness planning together with the Swedish Defence Materiel Administration. High information security Sectra’s Information Security Policy sets out objectives to ensure the confidentiality, accuracy and availability of information, both our customers’ as well as our own. This means that we: • Follow applicable laws, regulations and customer requirements, • Maintain a high level of security awareness among employees, • Have robust capabilities for preventing, detecting and managing incidents, • Ensure high availability in critical systems, and • Have effective recovery procedures. Confidentiality agreements are signed with employees and con ‑ sultants. Employees in classified roles undergo background checks and special training to handle confidential defense information. Sensitive information is handled restrictively and when necessary, with specific access controls and logs. Sectra’s own secure solutions are used for particularly sensitive communication. Data protection Sectra’s work related to data protection encompasses internal infor ‑ mation as well as the data handled in our products and services. The Data Protection Policy establishes principles for processing personal data, including individual rights, technical and organizational safeguards, processing by data processors, incident reporting and international data transfers. The objective is to ensure compliance in all markets and to maintain a high level of trust in how we process personal data. Data protection responsibility is allocated as follows: • The CEO has overall responsibility. • Operating area and business unit heads are responsible for compliance in their respective areas. • The Chief Information Security Officer is responsible for implementing processes, controls and training together with employees in the Operational Excellence function. • The Data Protection Officer (DPO) monitors compliance, carries out audits, and functions as a point of contact with supervisory authorities and data subjects. Mandatory training Information security and data protection are mandatory parts of onboarding for all new employees. This training covers general information security and privacy matters. Recurring, market ‑ specific training is required for employees who process patient data, such as the Australian Privacy Act (Australia), GDPR (EU), the Health Insurance Portability and Accountability Act, HIPAA (USA), the Personal Information Protection and Electronic Doc ‑ uments Act, PIPEDA (Canada), and guidelines from the National Health Service (UK). Completed training and activities are docu ‑ mented to ensure and demonstrate compliance. Policies/Governance Code of Conduct 1 Information Security Policy 1 Data Protection Policy 1 AI Policy 1 Policy for IT, Office Security and Acceptable Use of Assets Incident management procedures and internal training Review procedure Work is followed up through managerial reviews, internal controls, and external audits and certifications. Examples of certifications Relevant certifications include: • ISO 27001 (information security management) • ISO 27017 (security controls for cloud services) • ISO 27018 (protection of personally identifiable information in public cloud services) • CSA STAR level 2 (security measures and personal data protection in cloud services) • Security certifications such as BSI C5 (Germany), Cyber Essentials and Cyber Essentials Plus (UK), NHS Data Protection Toolkit (UK), TGV (Quebec, Canada) and TX-ramp (Texas, USA) 1 See the Overview of Policies on page 92 for scope, governance, and responsibility for implementation, etc. Examples of sustainability initiatives Information security and data protection ===== SIDA 109 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 109ADMINISTRATION REPORT – SUSTAINABILITY REPORT Governance information Governance GOV-1 The role of the administrative, management and supervisory bodies The responsibilities of the Board and management for the impacts, risks and opportunities of sustainability matters are described under ESRS 2 GOV‑1 on page 82. Impact, risk and opportunity management IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities Sectra’s overall process for identifying and assessing material impacts, risks and opportunities is described under ESRS 2 IRO ‑1 on page 93, with business ethics and business conduct also consid ‑ ered as part of the overall assessment. G1-1 Business conduct policies and corporate culture Sectra has a corporate governance framework that guides employ ‑ ees in acting responsibly and ethically in accordance with laws and regulations. This framework is a complement to Sectra’s corporate culture, which strongly encourages each individual to act respon ‑ sibly. Sectra works systematically on business ethics matters, in accordance with legal requirements and external expectations. Code of Conduct Sectra’s Code of Conduct sets out the basic requirements to ensure that the Group’s operations are conducted ethically, legally and with high quality. The Code describes the values and principles that all employees are expected to be familiar with and follow in their daily work and in business settings, and aims to prevent, identify and manage risks related to corruption and bribery. The Code of Conduct does not apply to suppliers since these matters are addressed as part of the supplier evaluation process. The Code of Conduct includes requirements for the responsible management of company assets and confidential information, the prevention of corruption and bribery, the management of conflicts of interest, and principles for marketing, sales and fair competi ‑ tion. It also clarifies expectations concerning respect for human rights and a safe work environment, and includes guidelines for responsible communication, including the use of social media, and requirements relevant to the operations regarding the development of safe and effective products. The CEO, together with the heads of the operating areas, business units and departments, is responsible for ensuring compliance with the Code of Conduct in the operations. Compliance is monitored through internal controls, including internal audits and, where appropriate, through reviews by external certification auditors who Sectra has identified corporate culture, anti-corruption and anti-bribery as material sustainability matters linked to business conduct. These matters are considered material from an impact perspective and concern the entire value chain. No financial effects in the form of risks or opportunities related to these sustainability matters have currently been judged by Sectra to be material. Through a strong and motivational corporate culture, Sectra creates long-term value for customers, while promoting employee well-being and innovation and enabling sustainable business rela- tionships. Together with policies, procedures and processes, our corporate culture is also an important part of how we prevent, detect and address allegations of corruption and bribery. Sustainability matter Where in the value chain Material impact Financial effect Upstream Own operations Down- stream Corporate culture Actual positive No material financial effect Corruption and bribery Potential negative No material financial effect G1 Business conduct ===== SIDA 110 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 110 ADMINISTRATION REPORT – SUSTAINABILITY REPORT evaluate the Group’s compliance with its own processes, policies and procedures and identify any shortcomings that need to be addressed. Suspected legal or Code of Conduct violations can be reported to an immediate supervisor or the CEO, and can also be reported anonymously via Sectra’s whistleblower function. Sectra engages systematically with business ethics issues within its policy frame ‑ work and associated procedures in order to prevent, identify and manage deviations, including risks related to corruption and brib ‑ ery. The Code of Conduct is reviewed regularly to ensure that it is up to date and remains relevant in relation to legal requirements, international guidelines and the Group’s operations. Whistleblowing Policy Sectra has a Whistleblowing Policy that covers all companies in the Group and ensures protection for the individuals who report concerns in accordance with applicable legislation, including Directive (EU) 2019/1937 of the European Parliament and of the Council. The policy regulates internal reporting channels as well as information and training initiatives for employees. Measures are taken to prevent retaliation against whistleblowers and ensure their anonymity and safety throughout the process. The purpose of the Whistleblowing Policy is to ensure that employees, managers and Board members can safely and confiden ‑ tially report suspected irregularities and serious misconduct without the risk of retaliation. The policy contains clear procedures on how to report. Employees are encouraged to contact their line man ‑ ager as a first step. If this is not considered suitable, it is possible to report anonymously via a form, or to contact the head of the operating area, the head of the business unit, the quality manager or Sectra’s CEO. Health and safety representatives may also be contacted in Sweden. Reports can be made both verbally and in writing, and should be clearly marked as a whistleblowing case. The whistleblower form, which is managed internally, is easily acces ‑ sible via the intranet and Sectra’s management system for internal stakeholders, and via Sectra’s website for external stakeholders. Reports are handled by an independent party within the organi ‑ zation, rather than by an external party at this time. Access to the whistleblower function and the ability to raise issues with the work environment committee are ensured through internal communica ‑ tion, policies and training. Sectra does not currently have a separate overall strategy to reme ‑ diate adverse human rights impacts. However, the handling of any breaches is ensured through compliance with applicable laws and regulations as well as through established internal processes, such as the Whistleblowing Policy and associated procedures, which allow for effective responses in each case. For further information on policies related to business conduct, see ESRS 2 on page 84. Governance of corporate culture Sectra promotes a corporate culture based on respect for each other, customers and other stakeholders. Simply put, we treat others as we would like to be treated ourselves. Other features of our culture are a strong sense of motivation and a commitment to solving custom ‑ ers’ problems as well as a constant effort to improve and advance the company’s own operations. Employees who are offered a permanent position go through an extensive recruitment process, which is based on a comprehensive assessment that combines tests of cognitive ability and natural workplace behaviors with structured interviews based on a clear skills profile. All candidates are interviewed by the CEO. One positive effect of having a personal meeting with the CEO is that this may facilitate future reporting of any deviations or problems directly to management. Sectra actively implements the following measures in order to shape and develop its corporate culture: • Structured onboarding and offboarding • Regular dialogues and follow ‑up during the employee year • Continuous employee surveys • Skills and leadership development • Customer visits Structured onboarding and offboarding Sectra endeavors to provide a positive employee experience during an employee’s entire time with the company. Structured onboard ‑ ing gives new employees insight into Sectra’s value creation, culture, processes and working methods, which creates the condi ‑ tions for a secure and effective start. Sectra also has a structured exit process that includes knowledge transfer, feedback and system access management. Regular dialogues and follow-up Sectra has a process for personnel management, which is included in its management system. The process includes ongoing review meetings, meetings to go over objectives, development plans and performance monitoring to support both individual and organiza ‑ tional development. Continuous employee surveys Employees’ views of Sectra are gathered through annual employee surveys, dialogues in accordance with the personnel management process, and other regular reviews. This gives all employees the opportunity to provide feedback on the company’s work environ ‑ ment, values and areas for improvement. Management and the Board review the results of the employee surveys and identified areas for improvement, which are used as a basis for further devel ‑ opment of the corporate culture and in performance reviews. Skills and leadership development The skills development process involves managers and employees working together to identify development needs and draw up devel ‑ opment plans as part of their regular performance reviews, at least once per year. Training programs, various certification programs and supervision then help to ensure that employees and managers have the correct skills for their roles and responsibilities. Sectra offers leadership development programs for both new and more experienced managers, during which Sectra’s leadership philosophy is presented. System support is used when distributing and follow ‑ ing up on skills development, including planning and adminis ‑ tering training initiatives and ensuring they are aimed at relevant target groups. Training measures are planned, administered and directed to relevant target groups on this platform. The content of the training is adapted to the operations’ needs to ensure that employees have the necessary skills and training to do their jobs. Customer visits All employees, regardless of their role, make regular customer visits. These visits deepen their understanding of customers’ challenges and daily work. They also encourage engagement and customer focus. ===== SIDA 111 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 111ADMINISTRATION REPORT – SUSTAINABILITY REPORT Targets Sectra’s targets linked to how the corporate culture is formed and developed: • Satisfied employees who are motivated, understand their customers and feel a sense of well-being Result indicators The results are evaluated using the Corporate Culture Index indica - tor in the annual employee survey. This figure should be above 3.5 on a 5-point scale. The results help Sectra understand employees’ perception of its corporate culture and whether this culture moti - vates them to solve customers’ problems and drive improvements. Result (Base value): Above target value (>3.5), Base year: 2025–2026 G1-2 Management of relationships with suppliers Relationships with suppliers and other business partners are man ‑ aged in accordance with Sectra’s ethical principles and fundamen ‑ tal approach to business conduct. Sectra has identified a risk of negative impacts in the supply chain, primarily linked to corrup ‑ tion and bribery as well as to climate ‑related impacts. These mat ‑ ters are addressed within the company’s governance, compliance and ethical conduct processes. Sectra views suppliers as important partners when it comes to minimizing potential negative impacts while strengthening business value through high quality, compli ‑ ance with applicable requirements, and responsible conduct. Supplier management strategy and processes When purchasing needs are identified, supplier relationships are managed through a Group ‑wide purchasing process to ensure sys ‑ tematic and responsible supplier management. The process includes selection, approval and follow ‑up. Supplier evaluations involve the application of criteria related to quality, business ethics, environmental responsibility, information security and social responsibility, including respect for human rights and working conditions. In this way, Sectra identifies and manages both risks to its own operations and potential negative impacts in the supply chain. Supplier approvals are based on guidelines that include compli ‑ ance with fundamental principles in line with the Group’s Code of Conduct and policies, including compliance with international norms and standards on business ethics, working conditions, the environment and human rights. The requirements are either regulated in agreement terms or taken into account when selecting suppliers and partners. Follow‑up includes the management of identified deviations from stated requirements. This may include a dialogue with the supplier, requiring corrective action or, if necessary, terminating the part ‑ nership. Regular risk and compliance follow ‑up is carried out for suppliers of products or services considered to be business ‑critical at a medium or high level in the supplier assessment. The supplier management process is regularly evaluated and updated to ensure that processes and guidelines are appropriate in relation to identi ‑ fied risks, material impacts and current regulations. Late payment policy The Group’s ambition is to maintain fair and responsible payment practices towards all suppliers, including small and medium‑ sized enterprises (SMEs). Sectra’s existing policies do not currently contain any specific guidelines for handling supplier payments or for preventing late payments. These aspects will be integrated into relevant policies going forward, with the aim of clarifying the prin ‑ ciples of business ethics and responsible supplier relationships. The objective is to pay invoices within the agreed time, which is in line with industry practice. The majority of supplier invoices were paid within the agreed time during the reporting period. In the event of deviations, there are usually particular reasons behind them, and Sectra then engages in an active and transparent dialogue with the supplier concerned to find a solution. G1-3 Prevention and detection of corruption and bribery Sectra has zero tolerance for corruption and bribery, which is clearly expressed in the company’s Code of Conduct. The Code prohibits all forms of improper influence—including bribery, extortion, embezzlement and conflicts of interest—regardless of whether they are directed at or originate from public authorities, suppliers, customers or other external parties. These requirements apply to all of the Group’s employees and Board members. Industry-wide initiatives Sectra is a member of the Swedish Medtech organization and adheres to the industry ‑wide cooperation rules for interaction between healthcare and industry, which aim to promote indepen ‑ dence and transparency and prevent improper influence. These rules provide a framework that complements the company’s inter ‑ nal policies and procedures on business ethics and anti ‑corruption. Business ethics and compliance training Sectra has a training package that includes business ethics, with a focus on anti‑corruption. The training package is intended for the Group’s managers and employees. The aim is to create a shared understanding of the Group’s requirements for ethical, legal and responsible conduct in all areas of the operation. Training is provided during onboarding of new staff and on an as ‑needed basis based on the operations’ risk profile, with a particular focus on the functions and countries where risks are deemed to be the highest, which means that 100% of at ‑risk functions are covered by the training. The Board’s expertise in this area is utilized when recruiting new employees, and targeted measures are implemented if needs are subsequently identified, which was not necessary during the year. Business ethics training covers Sectra’s Code of Conduct and addresses topics such as payment practices, relevant legislation, the work environment, competition law, marketing and sales, and the protection and responsible management of the Group’s assets. The training also includes relevant definitions, policy requirements, Sectra’s internal whistleblower channel and procedures for report ‑ ing suspected violations, and clarifies the delegation of responsibil ‑ ity concerning issues such as corruption and bribery. The training supports a strong compliance culture throughout the organization. Within Sectra, the greatest risks of corruption and bribery are deemed to be associated with functions that have external business contacts and responsibility for major financial transactions. This particularly applies to employees making purchasing decisions, sales organizations and senior executives, where decision ‑making mandates and commercial relationships result in greater exposure to irregularities. Partner operations accounting for 3.8% of revenue are considered to have a larger exposure to risks of corruption and bribery. They receive ongoing additional training in this area in order to reduce the risk of incidents. Risk management and evaluation Sectra has the same strict requirements for its external business partners to reduce the risk of corruption ‑related incidents. Distri ‑ bution agreements with partners include a clause on compliance ===== SIDA 112 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 112 ADMINISTRATION REPORT – SUSTAINABILITY REPORT with the Code of Conduct. The agreements give Sectra the right to immediately terminate the partnership in the event of violations of these requirements. Sectra conducts regular risk assessments and internal audits to identify and manage material risks related to business ethics. The results are reported to management and the Board, which are responsible for follow ‑up and refining policies and procedures. Controls and follow‑up are performed through regular audits of subsidiaries and partners, with a particular focus on high ‑risk countries or operations. In addition to these audits, targeted investigations are performed in the event of suspected deviations. The aforementioned whistleblower function, which guarantees anonymity and protection against retaliation, makes it possible to report suspicious cases. Metrics and targets G1-4 Confirmed incidents of corruption or bribery No cases of corruption or bribery were reported in Sectra’s operations during the reporting period. Nor have there been any legal proceedings, sanctions or internal investigations linked to suspicions of such irregularities. Sectra’s anti‑corruption and anti ‑bribery efforts, including appli ‑ cable policies, controls and training, are described in disclosure G1‑3 on page 111. Metrics 25/26 24/25 Number of convictions 0 0 Amount of fines 0 0 Any actions taken to address violations 0 0 First place in global cybersecurity challenge Sectra talents Alina, Freja (not pictured), Simon and Teodor won first place in Call of the Cyber Duty in 2025, a global, gamified cybersecurity challenge arranged by Microsoft’s Kusto Detective Agency. The challenge is based on solving complex data mysteries in a narrative format, like an escape room but based on knowledge of query languages. Teams had 42 hours to complete the entire challenge. Sectra’s team completed it in just 11 hours and 33 minutes, making them the fastest in the competition. The skills that led Sectra’s team to victory are the same ones they use every day to improve Sectra’s solutions and support our customers. ===== SIDA 113 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 113ADMINISTRATION REPORT – SUSTAINABILITY REPORT Disclosure requirements in ESRS covered by Sectra’s Sustainability Report Page ESRS 2 General disclosures BP-1 General basis for preparation of sustainability statements 81 BP-2 Disclosures in relation to specific circumstances 81 GOV-1 The role of the administrative, management and supervisory bodies 82 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 85 GOV-3 Integration of sustainability-related performance in incentive schemes 85 GOV-4 Statement on due diligence 85 GOV-5 Risk management and internal controls over sustainability reporting 86 SBM-1 Strategy, business model and value chain 86 SBM-2 Interests and views of stakeholders 90 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 91 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 93 IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 93 ESRS E1 Climate change ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes 94 E1-1 Transition plan for climate change mitigation 94 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 94 ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities 95 E1-2 Policies related to climate change mitigation and adaptation 95 E1-3 Actions and resources in relation to climate change policies 95 E1-4 Targets related to climate change mitigation and adaptation 95 E1-5 Energy consumption and mix 95 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 96 ESRS S1 Own workforce ESRS 2 SBM-2 Interests and views of stakeholders 99 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 99 S1-1 Policies related to own workforce 100 S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 100 S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 101 S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 101 S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 102 S1-6 Characteristics of the undertaking’s employees 102 S1-9 Diversity metrics 103 S1-10 Adequate wages 103 S1-14 Health and safety metrics 104 S1-16 Remuneration metrics (pay gap and total remuneration) 104 S1-17 Incidents, complaints and severe human rights impacts 104 ===== SIDA 114 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 114 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Page ESRS S4 Consumers and end-users ESRS 2 SBM-2 Interests and views of stakeholders 105 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 105 S4-1 Policies related to consumers and end-users 106 S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions 106 S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 107 ESRS G1 Business conduct ESRS2 GOV-1 The role of the administrative, management and supervisory bodies 109 ESRS2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 109 G1-1 Business conduct policies and corporate culture 109 G1-2 Management of relationships with suppliers 111 G1-3 Prevention and detection of corruption and bribery 111 G1-4 Incidents of corruption or bribery 112 Disclosure requirements that derive from other EU legislation Reference Disclosure requirement and related datapoint Datapoint SFDR reference (1) Pillar 3 reference (2) Benchmark Regulation reference (3) EU Climate Law reference (4)Material Page ESRS 2 GOV-1 Board’s gender diversity 21 (d) 82 ESRS 2 GOV-1 Percentage of Board members who are independent 21 (e) 82 ESRS 2 GOV-4 Statement on due diligence 30 85 ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities 40 (d) i ESRS 2 SBM-1 Involvement in activities related to chemical production 40 (d) ii ESRS 2 SBM-1 Involvement in activities related to controversial weapons 40 (d) iii ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco 40 (d) iv ESRS E1-1 Transition plan to reach climate neutrality by 2050 14 94 ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks 16 (g) ESRS E1-4 GHG emission reduction targets 34 95 ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) 38 ESRS E1-5 Energy consumption and mix 37 95 ESRS E1-5 Energy intensity associated with activities in high climate impact sectors 40–43 ===== SIDA 115 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 115ADMINISTRATION REPORT – SUSTAINABILITY REPORT Reference Disclosure requirement and related datapoint Datapoint SFDR reference (1) Pillar 3 reference (2) Benchmark Regulation reference (3) EU Climate Law reference (4)Material Page ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions 44 97 ESRS E1-6 Gross GHG emissions intensity 53–55 97 ESRS E1-7 GHG removals and carbon credits 56 ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks 66 ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk 66 (a) ESRS E1-9 Location of significant assets at material physical risk 66 (c) ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes 67 (c) ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities 69 ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (Euro - pean Pollutant Release and Transfer Register) emitted to air, water and soil 28 ESRS E3-1 Water and marine resources 9 ESRS E3-1 Dedicated policy 13 ESRS E3-1 Sustainable oceans and seas 14 ESRS E3-4 Total water recycled and reused 28 (c) ESRS E3-4 Total water consumption in m 3 per net revenue on own operations 29 ESRS 2 – IRO 1 – E4 16 (a) i ESRS 2 – IRO 1 – E4 16 (b) ESRS 2 – IRO 1 – E4 16 (c) ESRS E4-2 Sustainable land / agriculture practices or policies 24 (b) ESRS E4-2 Sustainable oceans / seas practices or policies 24 (c) ESRS E4-2 Policies to address deforestation 24 (d) ESRS E5-5 Non-recycled waste 37 (d) ESRS E5-5 Hazardous waste and radioactive waste 39 ESRS 2 – SBM3 – S1 Risk of incidents of forced labor 14 (f) ESRS 2 – SBM3 – S1 Risk of incidents of child labor 14 (g) ESRS S1-1 Human rights policy commitments 20 100 ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 21 100 ESRS S1-1 Processes and measures for preventing trafficking in human beings 22 100 ESRS S1-1 Workplace accident prevention policy or management system 23 100 ===== SIDA 116 ===== Sectra’s Annual Report and Sustainability Report 2025/2026 116 ADMINISTRATION REPORT – SUSTAINABILITY REPORT Reference Disclosure requirement and related datapoint Datapoint SFDR reference (1) Pillar 3 reference (2) Benchmark Regulation reference (3) EU Climate Law reference (4)Material Page ESRS S1-3 Grievance/complaints handling mechanisms 32 (c) 101 ESRS S1-14 Number of fatalities and number and rate of work-related accidents 88 (b); 88 (c) 104 ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness 88 (e) ESRS S1-16 Unadjusted gender pay gap 97 (a) 104 ESRS S1-16 Excessive CEO pay ratio 97 (b) 104 ESRS S1-17 Incidents of discrimination 103 (a) 104 ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines 104 (a) ESRS 2 – SBM3 – S2 Significant risk of child labor or forced labor in the value chain 11 (b) ESRS S2-1 Human rights policy commitments 17 ESRS S2-1 Policies related to value chain workers 18 ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines 19 ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 19 ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain 36 ESRS S3-1 Human rights policy commitments 16 ESRS S3-1 Non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines 17 ESRS S3-4 Human rights issues and incidents 36 ESRS S4-1 Policies related to consumers and end-users 16 106 ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 17 106 ESRS S4-4 Human rights issues and incidents 35 106 ESRS G1-1 United Nations Convention against Corruption 10 (b) 109 ESRS G1-1 Protection of whistleblowers 10 (d) 110 ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws 24 (a) 112 ESRS G1-4 Standards of anti-corruption and anti-bribery 24 (b) 112 ===== SIDA 117 ===== 117 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Contents Financial statements for the Group 118 Financial statements for the Parent Company 121 Note 1 Accounting policies 124 Note 2 Operating segments and sales 127 Note 3 Other operating income 129 Note 4 Employees and personnel costs 130 Note 5 Fees to auditors 133 Note 6 Operating lease expenses 133 Note 7 Interest income and similar profit/loss items 133 Note 8 Interest expenses and similar profit/loss items 133 Note 9 Appropriations 133 Note 10 Tax on net profit for the year 133 No t e 11 Intangible assets and goodwill 134 Note 12 Tangible assets 136 Note 13 Right-of-use assets and lease liabilities 138 Note 14 Participations in Group companies 139 Note 15 Acquisitions 140 Note 16 Participations in associated companies 140 Note 17 Long-term receivables from Group companies 141 Note 18 Inventories 141 Note 19 Accounts receivable 141 Note 20 Prepaid expenses and accrued income 141 Note 21 Cash and bank balances 141 Note 22 Share capital and number of shares 142 Note 23 Provisions 142 Note 24 Long-term liabilities 143 Note 25 Other current liabilities 143 Note 26 Accrued expenses and deferred income 143 Note 27 Pledged assets and contingent liabilities 143 Note 28 Cash flow 143 Note 29 Related parties 143 Note 30 Measurement of financial assets and liabilities 144 Note 31 Risks, risk management and sensitivity analysis 144 Note 32 Asset management 145 Note 33 Proposed appropriation of profits 145 Note 34 Events after the balance-sheet date 145 Note 35 Financial definitions and alternative performance measures 146 Financial statements and notes ===== SIDA 118 ===== 118 Sectra’s Annual Report and Sustainability Report 2025/2026 FINANCIAL STATEMENTS FOR THE GROUP Consolidated income statements SEK thousand Note 2025/2026 2024/2025 Operating income Net sales 2 3,541,661 3,239,811 Capitalized work for own use 99,019 74,093 Other operating income 3 49,113 226,356 Total income 3,689,793 3,540,260 Operating expenses Goods for resale –502,770 –441,712 Personnel costs 4 –1,768,055 –1,598,697 Other external costs 5, 6 –586,490 –665,324 Impairment of intangible assets and goodwill 11 –6,000 0 Amortization of intangible assets 11 –53,263 –51,559 Depreciation of tangible assets 12 –34,450 –35,931 Depreciation of right-of-use assets 13 –28,130 –24,040 Total operating expenses –2,979,158 –2,817,263 Operating profit 710,635 722,997 Financial items Interest income and similar profit/loss items 7 28,017 31,404 Interest expenses and similar profit/loss items 8 –9,703 –28,120 Total financial items 18,314 3,284 Profit after financial items 728,949 726,281 Taxes 10 –165,171 –162,910 Net profit for the year 563,778 563,371 Attributable to: Parent Company owners 563,778 563,371 Non-controlling interest 0 0 Earnings per share, SEK Before and after dilution 2.93 2.92 Consolidated statement of comprehensive income SEK thousand Note 2025/2026 2024/2025 Net profit for the year 563,778 563,371 Items that may be reclassified to profit and loss Change in translation differences from translating foreign subsidiaries –3,687 –47,527 Other comprehensive income for the year –3,687 –47,527 Total comprehensive income for the year 560,091 515,844 Attributable to: Parent Company owners 560,091 515,844 Non-controlling interest 0 0 Consolidated balance sheets SEK thousand Note Apr 30, 2026 Apr 30, 2025 ASSETS Fixed assets Intangible assets and goodwill 11 351,818 283,063 Tangible assets 12 269,052 220,654 Right-of-use assets 13 91,511 106,415 Long-term accounts receivable 2, 30 102,348 126,345 Other long-term receivables 30 3,404 32,807 Other long-term assets 81,674 19,312 Deferred tax assets 10 14,175 8,502 Total fixed assets 913,982 797,098 Current assets Inventories 18 42,512 37,576 Accounts receivable 19, 30, 31 722,318 572,036 Current tax assets 20,406 26,055 Other receivables 10,023 42,861 Prepaid expenses and accrued income 20 134,893 118,978 Contract assets/recognized non-invoiced income 2, 20 819,267 819,754 Cash and cash equivalents 21, 30 1,810,310 1,341,871 Total current assets 3,559,729 2,959,131 Total assets 4,473,711 3,756,229 EQUITY AND LIABILITIES Equity Share capital 22 39,025 39,025 Other contributed capital 361,470 361,470 Reserves 100,232 103,919 Retained earnings, including net profit for the year 1,634,821 1,412,411 Equity attributable to Parent Company owners 2,135,548 1,916,825 Non-controlling interest 2,809 0 Total equity 2,138,357 1,916,825 Long-term liabilities Long-term provisions 23 60,022 58,318 Deferred tax liabilities 10, 23 8,478 4,063 Non-current lease liabilities 13, 24, 30 55,507 63,840 Other long-term liabilities 30 0 11,733 Total long-term liabilities 124,007 137,954 Current liabilities Accounts payable 30 183,800 107,279 Current tax liabilities 65,982 74,321 Current provisions 23, 30 9,474 5,619 Current lease liabilities 13, 24, 30 20,977 23,617 Other current liabilities 25, 30 103,485 81,667 Accrued expenses and deferred income 26 544,646 434,012 Contract liabilities/invoiced non-recognized income 2, 26 1,282,983 974,935 Total current liabilities 2,211,347 1,701,450 Total equity and liabilities 4,473,711 3,756,229 Pledged assets and contingent liabilities, see Note 27. ===== SIDA 119 ===== 119 Sectra’s Annual Report and Sustainability Report 2025/2026FINANCIAL STATEMENTS FOR THE GROUP Consolidated cash-flow statements SEK thousand Note 2025/2026 2024/2025 OPERATING ACTIVITIES Operating profit 710,635 722,997 Adjustment for non-cash items 28 177,794 179,581 Interest received 7 28,017 31,403 Interest paid 8 –7,517 –4,308 Income tax paid –166,774 –171,703 Cash flow from operations before changes in working capital 742,155 757,970 Changes in working capital Change in inventories –4,943 –1,108 Change in receivables –161,043 –16,367 Change in current liabilities 521,149 181,869 Cash flow from operations 1,097,318 922,364 INVESTING ACTIVITIES Acquisitions of intangible assets 11 –103,115 –75,237 Acquisitions of tangible assets 12 –85,488 –34,755 Acquisition of financial assets 0 –3,872 Acquisitions of Group companies –18,860 0 Cash flow from investing activities –207,463 –113,864 FINANCING ACTIVITIES Repayment of lease liabilities 13 –26,636 –39,950 New share issue in subsidiary to non-controlling interest1 2,809 0 Dividend and redemption of shares –404,602 –211,935 Cash flow from financing activities –428,429 –251,885 Cash flow for the year 461,426 556,615 Cash and cash equivalents, opening balance 1,341,871 804,640 Exchange-rate difference in cash and cash equivalents 7,013 –19,384 Cash and cash equivalents, closing balance 21 1,810,310 1,341,871 1 As of the balance-sheet date, Sectra AB’s subsidiary Sectra Critical Infrastructure AB had initiated a directed share issue to minority shareholders. When the issue is completed, the non-controlling interest will amount to 10.07% of the shares in the subsidiary. ===== SIDA 120 ===== 120 Sectra’s Annual Report and Sustainability Report 2025/2026 FINANCIAL STATEMENTS FOR THE GROUP Consolidated statement of changes in equity Equity attributable to Parent Company owners Reserves SEK thousand Share capital Other contributed capital Translation reserve Other reserves Retained earnings, including net profit for the year Total Non-controlling interest Total equity Opening balance May 1, 2024 38,825 361,470 84,148 67,298 1,017,850 1,569,591 0 1,569,591 Net profit for the year 0 0 0 0 563,371 563,371 0 563,371 Other comprehensive income for the year 0 0 –47,527 0 0 –47,527 0 –47,527 Total comprehensive income for the year 0 0 –47,527 0 563,371 515,844 0 515,844 New share issue 200 0 0 0 –200 0 0 0 Share-based incentive programs 0 0 0 0 43,325 43,325 0 43,325 Redemption of shares 0 0 0 0 –211,935 –211,935 0 –211,935 Closing balance Apr 30, 2025 39,025 361,470 36,621 67,298 1,412,411 1,916,825 0 1,916,825 Net profit for the year 0 0 0 0 563,778 563,778 0 563,778 Other comprehensive income for the year 0 0 –3,687 0 0 –3,687 0 –3,687 Total comprehensive income for the year 0 0 –3,687 0 563,778 560,091 0 560,091 Ongoing new share issue in subsidiary 0 0 0 0 0 0 2,809 2,809 Share-based incentive programs 0 0 0 0 63,234 63,234 0 63,234 Dividend 0 0 0 0 –404,602 –404,602 0 –404,602 Closing balance Apr 30, 2026 39,025 361,470 32,934 67,298 1,634,821 2,135,548 2,809 2,138,357 Share capital is described in more detail in Note 22. Other contributed capital comprises premiums paid in conjunction with share issues. The translation reserve includes exchange-rate differences arising in the translation of foreign subsidiaries’ financial statements. Other reserves include the statutory reserve and fund for development costs. ===== SIDA 121 ===== 121 Sectra’s Annual Report and Sustainability Report 2025/2026FINANCIAL STATEMENTS FOR THE PARENT COMPANY Parent Company balance sheets SEK thousand Note Apr 30, 2026 Apr 30, 2025 ASSETS Fixed assets Intangible assets 11 9,600 12,000 Tangible assets 12 49,690 6,975 Participations in Group companies 14 280,147 204,800 Participations in associated companies 16 564 564 Receivables from Group companies 17 70,066 125,045 Total fixed assets 410,068 349,384 Current assets Receivables from Group companies 1,008,978 1,113,990 Accounts receivable 19 11,765 9,190 Other receivables 5,049 5,206 Prepaid expenses and accrued income 20 28,661 36,268 Cash and bank balances 21 1,489,817 1,145,466 Total current assets 2,544,270 2,310,120 Total assets 2,954,338 2,659,504 EQUITY AND LIABILITIES Equity Restricted equity Share capital 22 39,025 39,025 Statutory reserve 226,456 226,456 Fund for development costs 9,600 12,000 Total restricted equity 275,080 277,480 Unrestricted equity Share premium reserve 134,851 134,851 Retained earnings 619,905 475,446 Net profit for the year 446,008 483,427 Total unrestricted equity 1,200,764 1,093,724 Total equity 1,475,844 1,371,203 Long-term liabilities Provisions 23 9,081 6,327 Total long-term liabilities 9,081 6,327 Current liabilities Accounts payable 35,874 34,876 Liabilities to Group companies 1,295,864 1,157,768 Current tax liabilities 23,284 39,446 Other current liabilities 25 1,197 3,456 Accrued expenses and deferred income 26 113,193 46,428 Total current liabilities 1,469,412 1,281,974 Total equity and liabilities 2,954,338 2,659,504 Parent Company income statements SEK thousand Note 2025/2026 2024/2025 Operating income Net sales 2 323,522 223,182 Capitalized work for own use 0 2,817 Other operating income 3 18,961 6,805 Total income 342,483 232,804 Operating expenses Goods for resale –133,076 –55,617 Personnel costs 4 –97,738 –83,283 Other external costs 5, 6 –230,221 –142,286 Amortization/depreciation of intangible and tangible assets 11, 12 –4,634 –1,815 Total operating expenses –465,669 –283,001 Operating loss –123,186 –50,197 Profit/loss from financial items Interest income and similar profit/ loss items 7 101,762 139,211 Interest expenses and similar profit/ loss items 8 –22,797 –43,232 Total financial items 78,965 95,979 Profit/loss after financial items –44,221 45,782 Appropriations 9 589,350 542,000 Profit before tax 545,129 587,782 Tax on net profit for the year 10 –99,121 –104,356 Net profit for the year 446,008 483,427 Parent Company statement of comprehensive income SEK thousand Note 2025/2026 2024/2025 Net profit for the year 446,008 483,427 Other comprehensive income 0 0 Total comprehensive income for the year 446,008 483,427 ===== SIDA 122 ===== 122 Sectra’s Annual Report and Sustainability Report 2025/2026 FINANCIAL STATEMENTS FOR THE PARENT COMPANY Parent Company cash-flow statements SEK thousand Note 2025/2026 2024/2025 OPERATING ACTIVITIES Operating loss –123,186 –50,197 Adjustment for non-cash items 28 10,571 –12,440 Interest and dividends received 7 98,561 139,211 Interest paid 8 –22,797 –25,334 Income tax paid –115,520 –117,526 Cash flow from operations before changes in working capital –152,371 –66,286 Changes in working capital Change in receivables 185,644 –252,101 Change in current liabilities 132,542 397,230 Cash flow from operations 165,815 78,843 INVESTING ACTIVITIES Acquisitions of intangible assets 11 0 –2,817 Acquisitions of tangible assets 12 –44,949 –2,455 Acquisitions of subsidiaries –19,388 0 Payment of loans to subsidiaries 17 –20,207 –11,566 Repayment of loans from subsidiaries 17 78,332 69,832 Cash flow from investing activities –6,212 52,994 FINANCING ACTIVITIES Group contributions received/paid 9 589,350 542,000 Dividend and redemption of shares –404,602 –211,935 Cash flow from financing activities 184,748 330,065 Cash flow for the year 344,351 461,902 Cash and cash equivalents, opening balance 1,145,466 683,564 Exchange-rate difference in cash and cash equivalents 0 0 Cash and cash equivalents, closing balance 21 1,489,817 1,145,466 ===== SIDA 123 ===== 123 Sectra’s Annual Report and Sustainability Report 2025/2026FINANCIAL STATEMENTS FOR THE PARENT COMPANY Statement of changes in Parent Company’s equity SEK thousand Share capital 1 Statutory reserve Fund for development costs Share premium reserve Retained earnings, including net profit for the year Total equity Opening balance May 1, 2024 38,825 226,456 9,183 134,851 647,070 1,056,385 Change in fund for development costs 0 0 2,817 0 –2,817 0 Net profit for the year 0 0 0 0 483,427 483,427 Total comprehensive income for the year 0 0 0 0 483,427 483,427 New share issue 200 0 0 0 –200 0 Share-based incentive programs 0 0 0 0 43,325 43,325 Redemption of shares 0 0 0 0 –211,935 –211,935 Total transactions with Parent Company owners 200 0 0 0 –168,810 –168,610 Closing balance Apr 30, 2025 39,025 226,456 12,000 134,851 958,870 1,371,203 Change in fund for development costs 0 0 –2,400 0 2,400 0 Net profit for the year 0 0 0 0 446,008 446,008 Total comprehensive income for the year 0 0 0 0 446,008 446,008 Share-based incentive programs 0 0 0 0 63,234 63,234 Dividend 0 0 0 0 –404,602 –404,602 Total transactions with Parent Company owners 0 0 0 0 –341,368 –341,368 Closing balance Apr 30, 2026 39,025 226,456 9,600 134,851 1,065,913 1,475,844 1 On the balance-sheet date, Sectra’s share capital totaled SEK 39,024,179 distributed among 195,120,895 shares. Of these shares, 13,103,460 are Class A shares and 182,017,435 are Class B shares. Of the Class B shares, 2,453,406 are treasury shares. Share capital is described in more detail in Note 22. ===== SIDA 124 ===== 124 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 1 Accounting policies Introduction The consolidated financial statements were prepared in accordance with the IFRS Accounting Standards published by the International Accounting Standards Board (IASB), as adopted by the EU. In addi‑ tion, the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board recommendation RFR 1 Supplemental Accounting Rules for Groups were applied. T o provide a better understanding of each accounting area, the most material accounting policies are described below. In accordance with a Board decision on July 7, 2026, this Annual Report has been signed by the Board of Directors of Sectra AB (publ) and approved for publication. The Parent Company and consolidated income statements and balance sheets included in the Annual Report and consolidated financial statements are subject to approval by the AGM on September 8, 2026. The Parent Company applies the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. This means that the EU‑ approved IFRS Accounting Standards are applied as far as possible within the framework of the Annual Accounts Act and Swedish taxation practices. The rules for measurement and clarification follow IFRS Accounting Standards and are the same as those applied within the Group, except that the arrangement follows the Annual Accounts Act and may thus deviate from IFRS Accounting Standards in certain cases. Untaxed reserves and appropriations are also recognized in the Parent Company in accordance with Swedish law. Participations in subsidiaries are recognized in accordance with the cost method. Expenditures that are directly attributable to business combinations are included in the cost. In accordance with RFR 2, exchange‑rate differences arising on monetary items comprising part of a net invest‑ ment in a foreign operation are to be recognized in profit and loss and not in other comprehensive income. When development costs are capitalized, the corresponding amount is transferred from unrestricted equity to restricted equity under the “Fund for development costs,” and is to be recognized separately in the balance sheet. IFRS 16 Leases has no impact on the Parent Company’s financial statements, since leases are recognized in accordance with the exemption in RFR 2. The costs for leases are recognized on a straight‑line basis over the term of the lease. No rights of use and lease liabilities are recognized in the Parent Company’s balance sheet. All amounts are in SEK thousands, unless otherwise stated. Figures in parentheses pertain to the preceding year. New and amended accounting policies applicable from 2025/2026 New and amended IFRS Accounting Standards that entered force in 2025/2026 had no significant effects on the financial statements. The accounting policies and calculation methods are otherwise unchanged compared with those applied in the 2024/2025 fiscal year. New and amended accounting policies applicable from 2026/2027 or later IFRS 18 Presentation and Disclosure in Financial Statements enters into force on January 1, 2027, and an analysis of how it will impact Sectra’s financial statements has begun. The new standard will be applied as of the 2027/2028 fiscal year. In all other respects, new and amended IFRS Accounting Standards with future application are not expected to have any significant effects on the financial statements. Basis of preparation for the reports Assets and liabilities are measured at cost or nominal value unless otherwise stated in the notes that follow. The Group uses accounting assumptions and estimates regarding the future, refer to page 126 for information on estimates and judgments. Consolidated financial statements The consolidated financial statements have been prepared using the acquisition method, and cover those companies in which the Parent Company, directly or through subsidiaries, exerts a controlling influ‑ ence. This means that the Parent Company directly or through sub‑ sidiaries has an influence over the company, is entitled to variable returns and is also able to exercise its influence over the company to affect these returns. Translation of foreign subsidiaries Functional currency The consolidated financial statements are presented in SEK, which is the Parent Company’s functional and reporting currency. Items in the financial statements for companies in the Group are valued in the currency that is used where the company has its main operations, that is, in its functional currency. Transactions and balance-sheet items Exchange‑rate differences arising on the translation of monetary assets and liabilities at the year‑end rate are recognized in other exter‑ nal costs (with respect to accounts receivable and accounts payable as well as contract assets and liabilities) or in net financial items (with respect to loans to subsidiaries and cash and cash equivalents in foreign currency). Segment reporting The identification of operating segments is based on the areas of operation monitored by the Board of Directors and Group Manage‑ ment in the internal reporting, and on whether an individual seg‑ ment’s sales exceed 10% of the Group’s total sales. The Group’s opera‑ tions are divided into the following segments: Imaging IT Solutions, Secure Communications, Business Innova‑ tion and Other Operations, refer to the description in Note 2. All transactions between segments are conducted on business terms, and are based on prices charged to non‑related customers in conjunc‑ tion with sales of identical goods or services. Revenue The Group often conducts sales transactions that encompass several of the Group’s products and services (e.g. delivery of software licenses, and service and upgrade services). The total transaction price of a contract is allocated to the specific performance obligations based on their relative standalone selling prices. When determining the transaction price, the effects of variable consideration and the existence of a significant financing component are taken into account where applicable (see the Imaging IT Solutions section). Variable remuneration is based on an hourly rate or price per task, for example per examination. In cases where revenue is recognized over time, the input method is primarily used. Revenue is thus recognized on the basis of the inputs required to complete the performance obligation. Key inputs include labor hours expended and costs incurred in relation to the total labor hours expected or total expected costs for completing the perfor‑ mance obligation. Extensions or revisions that are not covered by existing contracts are preceded by new negotiations and signing new contract documents, including a complete assessment according to the five‑step model in IFRS 15. The Group recognizes a contract liability (invoiced non‑recognized income) when payment has been received for an unfulfilled perfor‑ mance obligation, refer to Note 2. Similarly, if the Group satisfies a ===== SIDA 125 ===== 125 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES performance obligation before consideration has been received, the Group recognizes a contract asset (recognized non‑invoiced income), refer to Note 2. Revenue recognized over time (primarily service deliveries) is defined in all material respects as recurring revenue, provided that the revenue is expected to recur for more than 12 months from the reporting date. Revenue recognized at a point in time is defined in all material respects as non‑recurring revenue. Imaging IT Solutions The segment’s customer contracts include various combinations of deliveries of licenses, installation services, support and maintenance services and upgrades, hardware, and hardware support and main‑ tenance. Significant integration and adaptation of licenses and instal‑ lation services normally takes place, which is considered a perfor‑ mance obligation and is to be recognized in revenue over time during the installation phase. Support and maintenance services as well as updates are considered a performance obligation according to the contracts and are recognized as revenue over a period of time corre‑ sponding to the contract period. A financing component exists when, for example, license and instal‑ lation services are delivered to the customer, who is entitled to pay over the term of the contract. Interest rates vary from customer to customer. Interest is calculated based on the remaining receivable from the customer, recognized as interest income in financial items, and included in long‑term accounts receivable in the balance sheet. Performance obligations concerning roll‑outs, training, migration of existing data, and other types of consultation are recognized as revenue in conjunction with the work being carried out. Contracts delivered in the form of complete solutions, such as Sectra One Cloud, are growing in this category. Such contracts, where the delivery pertains to a combined performance obligation in the form of a service, are recognized as revenue continuously over the contract period. Costs connected to the set‑up of the solution are capitalized as other long‑term assets and recognized as a cost of goods sold when the related performance obligation is recognized as reve‑ nue. Contracts may include a fixed number of exams that our systems are to handle, or a minimum number of exams (a minimum obliga‑ tion). In both cases, revenue is recognized over time as the perfor‑ mance obligations are met. In rare cases, there is no minimum obliga‑ tion and the performance obligation is invoiced and recognized continuously, over time, as the customer uses the service. Secure Communications The segment’s customer contracts include various combinations of pre‑studies, installation and development services, support and main‑ tenance services, upgrades, and product deliveries. Pre‑studies and development are recognized as revenue as the work is executed. Instal‑ lation services are considered a single performance obligation that is recognized as revenue over time during the installation phase. Sup‑ port and maintenance services are considered a distinct performance obligation according to the contracts and are recognized as revenue over a period of time corresponding to the contract period. Product deliveries are recognized as revenue over time or at a point in time depending on the terms of the contract. Business Innovation The segment’s customer contracts include various combinations of licenses, hardware, upgrades and expanded warranty offerings. Licenses and hardware are considered a single performance obliga‑ tion and revenue is recognized at a given point in time when delivery is made to the customer. Subscriptions concerning access to Sectra’s systems, such as Sectra Education Portal, are recognized as reve‑ nue during the contract period. Upgrades are considered a distinct performance obligation and are recognized as revenue over a period of time corresponding to the contract period. Expanded warranties are considered to comprise a separate performance obligation, with reve‑ nue recognized over a period of time corresponding to the expanded warranty period. Pensions and post-retirement benefits to employees Sectra has defined‑contribution pensions only. Pension premium payments are expensed continuously and are included in personnel costs. Sectra has no other pension obligations and is not responsible for any value changes in the paid‑in premiums. This means that Sectra does not bear the risk when pensions are paid, and no pension obligations are recognized as liabilities in the balance sheet. For other remuneration of employees, see Note 4. Share-based remuneration of employees The Group has three performance‑based share programs. The pro‑ grams are recognized in accordance with IFRS 2 Share‑based Pay‑ ment and settled with equity instruments. The fair value of the Sectra share on the allotment date, taking into account the vesting condi‑ tions, is recognized in profit and loss as personnel costs including social security expenses. Examples of vesting conditions include rankings in external customer satisfaction measurements carried out by KLAS and earnings objectives. A corresponding increase in equity is recognized in accordance with IFRS 2 since share‑based plans have no direct impact on cash flow. The expected number of allotted shares on each balance‑sheet date in the vesting period and the effect of any change in previous estimates are recognized in profit and loss with a corresponding adjustment of equity. For more information, refer to Note 4. Intangible assets and goodwill Capitalized development expenditures Sectra develops proprietary software and equipment in the fields of medical imaging and secure communications. All research costs are expensed directly, and customer‑related development costs are included in project costs, which are expensed at the time of revenue recognition. Internal development costs for standard products are capitalized and recognized as intangible assets to the extent that they are expected to generate financial benefits in the future. Additional requirements for capitalization are that project costs can be reliably estimated, that it is technically possible to complete the project, and that the Group has the necessary resources to complete development. Capitalized project costs include all expenses directly attributable to materials, services and remuneration of employees. Capitalized devel‑ opment expenditures are subject to straight‑line amortization over the period of use per individual asset. Amortization of capitalized development expenditures commences when the asset is completed and sales have commenced. Goodwill Goodwill represents future economic benefits arising from a business acquisition that are not specifically identified and recognized sepa‑ rately. Goodwill is recognized at cost less accumulated impairment losses. Patents and licenses Acquired patent rights are recognized at cost and subject to straight‑ line amortization over the assets’ ten‑year estimated period of use. Acquired license rights are recognized at cost and subject to straight‑ line amortization over the assets’ estimated period of use. ===== SIDA 126 ===== 126 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Impairment of intangible assets For the purpose of identifying any impairment requirements, yields are individually measured when the need is indicated, and annually for incomplete development projects and goodwill. If the carrying amount exceeds the recoverable amount, the differences are charged against profit for the period on an ongoing basis as they arise. For an asset that does not generate cash flows, the recoverable amount is calculated for the smallest cash‑generating unit to which the asset belongs. The recoverable amount is the higher of the asset’s net selling price and value in use. Value in use is calculated as the present value of future cash flows for specific assets. The amortization period for intangible assets exceeds five years if the asset is expected to generate financial benefits, based on individual assessment, over a period exceeding five years. Refer to Note 11 for a more detailed description of the results of the impairment testing. Tangible assets Depreciation is based on the original cost and estimated useful lives. Buildings 15–80 years Office furniture 10 years Equipment and office machines 5 years Equipment at customer premises 3– 10 years, depending on the useful life in each agreement Leases The Group’s leased assets comprise primarily premises and vehicles. Leases with a term of 12 months or less or where the underlying asset has a low value are not included in the right‑of‑use asset or liability in the balance sheet. These agreements are expensed on a straight‑line basis over the term of the contract. The liability is initially measured at the present value of remaining lease payments over the term of the contract. Discounts are at the Group’s incremental borrowing rate. Financial instruments Financial instruments include both assets and liabilities. Long‑term receivables, securities holdings and other receivables, accounts receiv‑ able and cash and cash equivalents are recognized as assets. Financial liabilities include accounts payable and lease liabilities. Financial assets Except for those accounts receivables that do not contain a significant financing component and are measured at their transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value. After the initial measurement at fair value, financial assets are mea‑ sured based on the Group’s business model for managing the asset and the type of cash flow the asset gives rise to. Financial assets are classified in the categories of amortized cost, fair value via profit and loss, or fair value via other comprehensive income. In the periods included in the financial statement, the Group has no financial assets categorized as measured at fair value through profit or loss or other comprehensive income. Long-term accounts receivable The expected term of long‑term accounts receivable exceeds 12 months, and recognition is accordingly at the discounted amount expected to flow in under the amortized cost method. Interest on receivables is recognized as interest income in profit and loss. Accounts receivable The expected term of accounts receivables is brief, and recognition is accordingly at the undiscounted amount expected to flow in under the amortized cost method. Cash and cash equivalents The balance sheet item consists of funds deposited in banks and similar institutions. Impairment of financial assets A loss allowance is recognized when an expected credit loss exists under the original terms of the receivable. The IFRS 9 impairment model uses forward‑looking information to account for expected credit losses. Credit loss recognition is not dependent on the Group first identifying a credit loss event. Instead, the Group accounts for more extensive information in the assessment of credit risk and mea‑ surement of expected credit losses. When determining the expected credit losses, the Group uses its historical experience, external indica‑ tors and forward‑looking information for the calculation. Any impairment of financial assets impacts other external costs. Fair value The method for calculating the fair value of financial assets and liabil‑ ities is based on three measurement levels. At measurement Level 1, fair value is calculated based on quoted market prices and instru‑ ments traded in an active market. At measurement Level 2, quoted market prices are not available, but variables for the calculation of fair value are obtained from market quotations. At measurement Level 3, fair value is calculated based on data that is not available in the mar‑ ket. The Group’s financial assets and liabilities mainly belong to measurement Level 2 and 3, refer to Note 30. Cash-flow statement The cash‑flow statement has been prepared using the indirect method. Cash flows in foreign currencies are restated at the average exchange rate. Change in receivables includes changes in accounts receivable (including long‑term accounts receivable), prepaid expenses and accrued income, and contract assets. Important estimates and judgments and uncertainty in estimates At year‑end, certain important judgments and estimates are made in regard to the application of accounting policies that affect the carry‑ ing amounts recognized on the balance‑sheet date. Some estimates that have a material impact on the reported amount are also uncertain. Important judgments when applying accounting policies Revenue recognition is based on contracts with customers of varying degrees of complexity. Contracts with several different types of reve‑ nue streams such as services, licenses, hardware, upgrades or support are considered more complex. Critical assessments are made of how much revenue will be recognized and at what point in time. Com‑ pany management assesses how revenue will be allocated to each identified performance obligation and at what amount, which is an important judgment for revenue recognition. For additional disclo‑ sures, refer to Note 2. Uncertainty in estimates Impairment requirements relating to intangible assets are assessed on an ongoing basis, based on the calculated recoverable amount per cash‑generating unit. The recoverable amount is calculated as the unit’s value in use, which consists of discounted future cash flows. Estimates are based on budgeted anticipated growth and are calcu‑ lated at present value. Estimates regarding future cash flows may be uncertain, which can have a material impact on the consolidated income statements and the consolidated balance sheets. For addi‑ tional disclosures, refer to Note 11. ===== SIDA 127 ===== 127 Sectra’s Annual Report and Sustainability Report 2025/2026 most sensitive IT infrastructure. The segment offers products for secure voice and data communications, and project-based development as well as security and threat analyses, and system monitoring services for control systems in society’s critical operations. Development and pro- duction take place in Sweden. Sales are primarily conducted in EU coun- tries from the business area’s offices in Sweden, the Netherlands and Finland. Sectra’s business units in Business Innovation develop and sell IT sys- tems for planning and monitoring orthopaedic surgery as well as prod- ucts for medical education. Sectra carries out research projects and manages and develops its patent portfolio in this segment. The operating area also includes the Genomics IT business unit, which focuses on inno- vation and development of IT support primarily for precision diagnostics in cancer care. Other Operations pertain to Sectra’s joint functions for administration, recruitment, Group finance, people and brand, IT, regulatory affairs and activities related to investors. This segment also includes property man- agement. Note 2 Operating segments and net sales Information regarding the company’s operating segments and geo- graphic areas is used to evaluate sales and earnings in the Group and to allocate the Group’s resources among various segments. The identified operating segments are: Imaging IT Solutions, Secure Communications, Business Innovation and Other Operations. Regarding the geographic distribution, the basis for distribution is the customer’s billing address. Imaging IT Solutions develops and sells medical IT systems and ser- vices that help customers care for more patients, while retaining or improving the level of quality. The segment’s offering encompasses IT systems for managing, archiving and presenting all types of medical images and patient information as well as IT systems for operational follow-up and radiation dose monitoring. The segment also offers main- tenance in the form of support, system monitoring, consulting services related to integration, system design, data migration and business devel- opment. The largest product area in the segment is IT solutions for man- aging and archiving radiology images and patient information. Secure Communications develops and sells products and services for secure voice and data communications and the protection of society’s Operating segments Imaging IT Solutions Secure Communications Business Innovation Other Operations 25/26 24/25 25/26 24/25 25/26 24/25 25/26 24/25 Net sales 3,057,394 2,797,957 452,963 406,959 107,176 90,757 315,180 216,873 Of which external 3,042,593 2,792,728 452,812 406,425 46,196 39,976 60 682 Depreciation/ amortization 80,233 80,314 12,395 12,098 7,947 6,647 15,268 12,471 Impairment 0 0 6,000 0 0 0 0 0 Operating profit/loss 706,825 567,611 79,574 174,173 15,969 9,945 –102,678 –37,241 Assets 3,728,161 3,324,088 479,163 531,371 139,663 130,558 3,033,923 2,756,216 Liabilities 2,990,134 2,735,818 420,874 487,172 105,645 97,546 1,564,202 1,393,773 Investments 3 97,908 73,560 32,786 19,920 8,042 9,291 49,867 7,221 Eliminations 1 Total Group 2 25/26 24/25 25/26 24/25 Net sales –391,052 –272,735 3,541,661 3,239,811 Of which external 0 0 3,541,661 3,239,811 Depreciation/ amortization 0 0 115,843 111,530 Impairment 0 0 6,000 0 Operating profit 10,945 8,509 710,635 722,997 Assets –2,907,199 –2,986,004 4,473,711 3,756,229 Liabilities –2,745,501 –2,874,906 2,335,354 1,839,403 Investments 3 0 0 188,603 109,992 ===== SIDA 128 ===== 128 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Recurring revenue per segment Imaging IT Solutions Secure Communications Business Innovation Other Operations 25/26 24/25 25/26 24/25 25/26 24/25 25/26 24/25 Non-recurring revenue 742,750 867,951 325,336 287,711 22,265 16,796 0 0 Recurring revenue 2,299,843 1,924,777 127,476 118,714 23,931 23,180 60 682 Of which cloud recurring revenue, CRR 895,133 571,509 0 0 20,677 19,549 0 0 Total external revenue 3,042,593 2,792,728 452,812 406,425 46,196 39,976 60 682 Share of recurring revenue, % 75.6% 68.9% 28.2% 29.2% 51.8% 58.0% 100.0% 100.0% Total Group 25/26 24/25 Non-recurring revenue 1,090,351 1,172,458 Recurring revenue 2,451,310 2,067,353 Of which cloud recurring revenue, CRR 915,810 591,058 Total external revenue 3,541,661 3,239,811 Share of recurring revenue, % 69.2% 63.8% Note 2 Operating segments and net sales, cont. Geographic areas Sweden United Kingdom Rest of Europe United States 25/26 24/25 25/26 24/25 25/26 24/25 25/26 24/25 Net sales 684,159 627,853 580,146 613,508 850,490 827,813 1,086,393 899,528 Imaging IT Solutions 378,807 334,878 579,591 612,954 687,612 697,918 1,073,297 888,857 Secure Communications 299,879 286,226 0 0 152,933 120,199 0 0 Business Innovation 5,413 6,067 555 555 9,945 9,696 13,096 10,670 Other Operations 60 682 0 0 0 0 0 0 Assets 2,361,481 1,889,144 543,699 421,576 759,818 669,983 600,119 591,947 Investments 3 169,191 90,763 8,646 6,006 10,009 5,312 0 7,019 Rest of World Total Group 2 25/26 24/25 25/26 24/25 Net sales 340,473 271,109 3,541,661 3,239,811 Imaging IT Solutions 323,286 258,121 3,042,593 2,792,728 Secure Communications 0 0 452,812 406,425 Business Innovation 17,187 12,988 46,196 39,976 Other Operations 0 0 60 682 Assets 208,594 183,579 4,473,711 3,756,229 Investments 3 757 892 188,603 109,992 ===== SIDA 129 ===== 129 Sectra’s Annual Report and Sustainability Report 2025/2026 Note 2 Operating segments and net sales, cont. Contract balance 25/26 24/25 Accounts receivable 4 722,318 572,036 Long-term accounts receivable 4 102,348 126,345 Contract assets 4, 5 819,267 819,754 Contract liabilities 6 1,282,983 974,935 Note 3 Other operating income Group Parent Company 25/26 24/25 25/26 24/25 Revenue from patent settlement 0 195,008 0 0 Contribution for transition to cloud 26,381 21,150 0 0 Investment contribution 17,859 6,731 17,859 6,731 Other revenue 4,873 3,467 1,102 74 Total 49,113 226,356 18,961 6,805 25/26 24/25 Invoicing during the fiscal year related to the opening balance for contract assets for the period 285,698 295,510 Revenue recognition during the fiscal year related to the opening balance for contract liabilities for the period 841,184 571,912 1 99.6% (99.1) of the Parent Company’s total sales are attributable to other companies in the Group. Purchases from Group companies amounted to 12.4% (33.8). 2 Sectra has no customers that individually contribute more than 10% of total net sales. Of the Group’s total intangible and tangible assets, amounting to SEK 712.4 million, SEK 514.3 million is attributable to Sweden, SEK 73.5 million to the UK and SEK 124.6 million to other countries. 3 Refers to investments in intangible and tangible assets for the year. See Notes 11 and 12. 4 Refer to Note 19 and Note 20. 5 Recognized non-invoiced income constitutes contract assets according to IFRS 15. This item comprises non-invoiced income attributable to performance obligations that have been satisfied according to customer contracts, but that is dependent on terms other than the remaining calendar time before payment of the consideration falls due. During the fiscal year, 35% of the opening balance was invoiced. For a distribution of contract assets per currency, refer to Note 20. 6 Advances received for installation services not yet performed as well as prepaid service and support revenue constitute customer payments received before the goods or services have been transferred (contract liabilities) and for which revenue is expected to be recognized during the coming fiscal years. Installation services revenue is rec- ognized during the installation phase, while service and support revenue is recognized during the contract period. During the fiscal year, 86% of the opening balance was recognized as revenue. ===== SIDA 130 ===== 130 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 4 Employees and personnel costs Average number of employees and percentage of women 25/26 24/25 Total of whom, women Total of whom, women Parent Company Sweden 66 32 63 29 Group Australia 35 12 28 7 Denmark 33 8 30 7 Finland 2 0 1 0 France 21 9 19 8 Ireland 1 0 0 0 Canada 55 21 44 15 Lithuania 1 0 0 0 Netherlands 51 16 51 13 Norway 33 13 33 13 New Zealand 1 0 1 0 Portugal 55 26 46 22 Spain 4 2 4 1 United Kingdom 140 35 140 40 Sweden 629 197 589 192 Switzerland 3 1 3 1 Germany 50 15 48 15 United States 217 73 212 68 Group total 1,331 428 1,249 402 On the balance-sheet date, the proportion of female Board members amounted to 36% (38) including employee representatives on all Boards of Directors of the Group’s companies and to 31% (31) on the Parent Company’s Board of Direc- tors. The proportion of women in all management groups of the Group’s compa - nies, including company presidents, amounted to 34% (35) and the proportion of women in Group Management to 50% (50). Salaries and other remuneration Group Parent Company 25/26 24/25 25/26 24/25 Board and President 69,433 61,276 16,680 10,111 Other employees 1,342,246 1,264,575 52,534 44,932 Total 1,411,679 1,325,851 69,214 55,043 Social security expenses Group Parent Company 25/26 24/25 25/26 24/25 Board and President Social security contributions 9,890 9,935 2,026 3,232 Pension costs 5,019 4,673 0 226 Total Board and President 14,909 14,608 2,026 3,458 Other employees Social security contributions 243,446 211,130 16,837 13,929 Pension costs 78,670 75,343 3,576 3,447 Total other employees 322,116 286,473 20,413 17,376 Remuneration of the Board, President and other senior executives 2025/2026 Board fee Basic salary Variable remuneration Pension premiums Total Jan-Olof Brüer, Chairman of the Board 793 0 0 0 793 Anders Persson 417 0 0 0 417 Tomas Puusepp 400 0 0 0 400 Birgitta Hagenfeldt 490 0 0 0 490 Fredrik Robertsson 344 0 0 0 344 Ulrika Unell 344 0 0 0 344 Michael Brüer 172 0 0 0 172 Joel Kronander 172 0 0 0 172 Total remuneration of the Board 3,132 0 0 0 3,132 President Torbjörn Kronander 2 0 10,374 3,175 0 13,549 Other senior executives (five individuals) 0 9,787 2,167 2,053 14,007 Total remuneration of the President and other senior executives 0 20,161 5,342 2,053 27,556 Total 3,132 20,161 5,342 2,053 30,688 ===== SIDA 131 ===== 131 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 4 Employees and personnel costs, cont. Long-term incentive programs The Group has performance-based incentive programs (LTIP). The pro- grams enable employees to acquire shares in the company. The incentive programs are targeted at all employees, and the outcome depends on a number of terms and conditions, such as continued employment during the vesting period and earnings or sustainability criteria. Performance-based incentive programs LTIP 2021 LTIP 2022 LTIP 2024 Program term 2022–2026 2023–2027 2025–2029 Share rights originally allotted 358,057 737,700 718,825 Share price on allotment, SEK 200.20 148.80 276.65 Theoretical value on allotment, SEK 1 53,560,685 93,038,841 173,434,962 Allotment date Dec 31, 2021 Dec 31, 2022 Dec 31, 2024 End date Dec 31, 2026 Dec 31, 2027 Apr 30, 2029 1 The theoretical value on allotment is calculated based on the number of shares allotted multiplied by the share price on the allotment date, with the share price reduced by the present value of the anticipated dividends not credited to the holder during the term of the program, and in LTIP SROW also the present value of the pledging of shares during the term of the program since this requires that own shares have been invested in addition to the fulfillment of performance criteria. 2024/2025 LTIP 2021 LTIP 2022 LTIP 2024 Number of share rights out- standing, Apr 30, 2024 335,138 674,920 – Allotted during the year 0 0 718,825 Forfeited/expired during the year –3,490 –17,920 –10,620 Exercised during the year 0 0 0 Number of share rights out- standing, Apr 30, 2025 331,648 657,000 708,205 2025/2026 Allotted during the year 0 0 0 Forfeited/expired during the year –22,025 –29,900 –38,605 Exercised during the year 0 0 0 Number of share rights out- standing, Apr 30, 2026 309,623 627,100 669,600 Preparation and decision-making process The Board fee was decided at the AGM in accordance with the proposal of the Nomination Committee. Guidelines for remuneration of the Presi- dent and other senior executives are determined at the AGM. Remuner- ation to the President/CEO was prepared by the Remuneration Commit- tee and decided by the Board of Directors. The President/CEO prepared and decided on the remuneration of other senior executives. Remuneration of the Board Fees are paid to the Board Chairman and other external members in accordance with the decision of the AGM. Internal Board members are not paid a fee. The resolved fees for external Board members amount to SEK 350 thousand (330) to each Board member and SEK 700 thousand (660) to the Chairman of the Board. Fees for deputies amounted to SEK 175 thousand (165). For Audit Committee work, SEK 75 thousand (70) was paid to external Board members and SEK 150 thousand (140) to the Chairman of the Audit Committee. Fees for Remuneration Commit- tee work amounted to SEK 35 thousand (30) and SEK 70 thousand (0) to the Chair of the Committee. Other remuneration pertains to consultant ser- vices for assignments in which a Board member has specialist expertise. Remuneration of the President and other senior executives The terms and conditions of remuneration must emphasize remunera- tion after performance, and varies in relation to the individual’s perfor- mance and the Group’s earnings. Total remuneration is on market terms and can consist of the following components: fixed cash salary, variable cash remuneration, pension benefits and other benefits. “Other senior executives” refers to the five individuals who, together with the President/CEO, comprised Group Management during the fiscal year. For complete guidelines for remuner- ation of senior executives, see page 78. Terms of notice and severance pay The period of notice must be linked to the age of the senior executive, in accordance with the following policies. Upon termination by the company or the executive, the period of notice must be at most (i) six months, if at the time of termination the executive is age 40 or younger; (ii) 12 months, if at the time of termination the executive is age 41–50; (iii) 18 months, if at the time of termination the executive is age 51–60; and (iv) 24 months, if at the time of termination the executive is age 61 or older. From the date the executive turns 67, however, the period of notice must be at most six months. Pension For the President and other senior executives, retirement and survivor benefits including health insurance must be provided and are to be defined-contribution. Variable cash remuneration must not be pension- able. Pension premiums must total a maximum of 30% of the basic salary. Remuneration of the Board, President and other senior executives 2024/2025 Board fee Basic salary Variable remuneration Pension premiums Total Jan-Olof Brüer, Chairman of the Board 701 0 0 0 701 Anders Persson 385 0 0 0 385 Tomas Puusepp 317 0 0 0 317 Birgitta Hagenfeldt 454 0 0 0 454 Fredrik Robertsson 317 0 0 0 317 Ulrika Unell 317 0 0 0 317 Michael Brüer1 110 0 0 0 110 Joel Kronander1 110 0 0 0 110 Total remuneration of the Board 2,711 0 0 0 2,711 President Torbjörn Kronander 2 0 5,241 2,160 226 7,627 Other senior executives (five individuals) 0 8,930 1,665 1,930 12,525 Total remuneration of the President and other senior executives 0 14,171 3,825 2,156 20,152 Total 2,711 14,171 3,825 2,156 22,863 1 Elected at the 2024 AGM 2 Contributions to pensions cease upon reaching retirement age. ===== SIDA 132 ===== 132 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 4 Employees and personnel costs, cont. For employees in central functions in Sweden (Sectra AB, Sectra Imag- ing IT Solutions AB, Sectra Medical Education AB and Sectra Orthopae- dics AB) and employed outside of the previously mentioned regions, Sec- tra must have a) received a minimum of two “Best in KLAS” awards in any category in any of the regions for each calendar year during the quali- fication period. For employees of the Sectra Communications Group, the Sectra Com- munications Group must have, for every calendar year during the qualifi- cation period, a) achieved an operating margin of at least 10% for the 2022/2023 fiscal year and at least 15% for the following fiscal year, and b) achieved EBIT growth of at least 10% year-on-year. Performance conditions LTIP 2024 For every fiscal year during the qualification period for participants in the program who are not employees of Sectra Communications AB and its subsidiaries (the Sectra Communications Group), Sectra must have a) received a first place ranking in “Best in KLAS” (in any category) in the employee’s region, if it is not the US, and in any category with the excep- tion of PACS/Radiology for major hospitals in the US if the region is the US, and b) received a first place ranking in “Best in KLAS for PACS/ Radiology for large hospitals” in the US. “Region” refers to the region to which the individual belongs, based on the KLAS regional division for the awards as of the date KLAS announces the award. For employees in central functions in Sweden (meaning Sectra AB, Sectra Imaging IT Solutions AB, Sectra Medical Education AB and Sectra Orthopaedics AB) and employed outside the regions applied by KLAS, in terms of performance conditions, Sectra must have a) received a minimum of two first-place rankings in “Best in KLAS” in any category in any of the regions during the qualification period for each fiscal year, with an exception for PACS/Radiology for large hos- pitals in the US. For employees in the Sectra Communications Group, for each fiscal year during the qualification period, the Sectra Communications Group must have achieved a) an operating margin (EBIT margin) of at least (1) 15%, as regards the 2024/2025 fiscal year, (2) 17%, as regards the 2025/2026 fiscal year, (3) 19%, as regards the 2026/2027 fiscal year and (4) 20%, as regards the subsequent fiscal years, and b) sales growth of at least 10% compared with the previous fiscal year. Interpretation of performance conditions For LTIP 2022 and LTIP 2024, the Board decided in December 2024 to adjust the performance conditions for employees in central functions in Sweden as follows: The performance criteria in the conditions that pertain to “employees in central functions in Sweden (meaning Sectra AB, Sectra Imaging IT Solutions AB, Sectra Medical Education AB and Sectra Orthopaedics AB)” also apply to employees who work for central functions in Sweden but who are employed in any of the Sectra Group’s other subsidiaries other than the legal entities mentioned. It was noted that this interpreta- tion applied as of January 1, 2025 for LTIP 2022 and from the start of LTIP 2024. Reporting of performance-based incentive programs Costs during the fiscal year amounted to SEK 80,687 thousand (63,501), which is recognized in personnel costs. In the balance sheet, SEK 63,234 thousand (43,326) has been recognized in equity and the remaining SEK 17,453 thousand (20,175) in provisions (refer to Note 23). In the Parent Company, the subsidiaries’ share of costs are recognized as investments in subsidiaries and an increase in unrestricted equity. The aim of the performance-based incentive programs is to retain and recruit competent employees, who are expected to contribute to the Group’s continued favorable performance. The programs are to pro- mote well-founded decision-making and desirable results in a manner that corresponds with the company’s vision and values. The intention is to increase the participants’ sense of investment in the company, which is expected to be beneficial for the company in the long term. The programs are to encourage increased ownership in the company, with the allotment of performance shares taking place on the condition that certain perfor- mance criteria are met. Increased partial ownership among the compa- ny’s employees is expected to result in a stronger sense of loyalty to the company. Each participant is allotted an individual number of share rights, mean- ing the right to receive a performance share free of charge provided that the certain conditions are met. Of the total 1,814,582 share rights allot- ted, 160,500 share rights pertain to the President and senior execu- tives. Employment conditions (all programs) Participation in the programs is voluntary and available to all employees, provided that they are or are considered to be permanent employees on at least a 50% basis as of the date of the AGM’s resolution to implement the programs. When switching between the Sectra Communications Group and other companies in the Sectra Group, the criteria for the pro- gram the participant is switching to are to apply as of the calendar year- end immediately following the change. For every calendar year during the terms of the programs in which any of the performance conditions below have not been met, one tenth of all of the participant’s share rights will be forfeited. For LTIP 2021, all savings shares must be retained during the entire term. Performance conditions LTIP 2021 LTIP 2021 comprises two different programs: one for employees in North America (LTIP 2021 NA) and one for employees in the rest of the world (LTIP 2021 SROW). For every calendar year during the term of the program (qualification period) for employees in North America, Sectra must have a) received a minimum of one “Best in KLAS” award (in any category), and b) received a first, second or third place ranking in “Best in KLAS for PACS/Radiol- ogy for large hospitals” in the US or Canada depending on where the par- ticipant is employed. For employees in the rest of the world, in addition to the performance conditions above, the employee must have deposited savings shares in a deposit account specified by Sectra. One savings share comprises one Class B share in Sectra AB. The number of savings shares is to corre- spond to the number of share rights the employee has been allotted. The savings shares are to be deposited during the entire qualification period. For every calendar year during the qualification period for employees in companies other than Sectra Communications AB and its subsidiaries (the Sectra Communications Group), Sectra must have a) received a minimum of one “Best in KLAS” award (in any category), and b) received a first, second or third place ranking in “Best in KLAS for PACS/Radiol- ogy for large hospitals” in the US. For employees in the Sectra Communications Group, the Sectra Com- munications Group must have, for every calendar year during the qualifi- cation period, a) achieved an operating margin of at least 15%, and b) achieved EBIT growth of at least 8% year-on-year. Performance conditions LTIP 2022 For every calendar year during the qualification period for participants in the program who are not employees of the Sectra Communications Group, Sectra must have a) received a minimum of one “Best in KLAS” award (in any category) in the employee’s region, and b) received a first, second or third place ranking in “Best in KLAS for PACS/Radiology for large hospitals” in the US. “Region” refers to i) for employees in the US: the US, ii) for employees in Canada: Canada, iii) for employees in Europe incl. Sweden: Europe and iv) for employees in ANZ: Asia-Pacific. The research company KLAS Research has revised the division of regions for the Best in KLAS awards. As a result, in June 2024, the Board of Directors, supported by the Annual General Meeting’s instruc- tions and the terms of LTIP 2022, resolved to modify the performance criteria linked to Sectra winning Best in KLAS in accordance with the fol- lowing: “region” refers to the region the employee belongs to, based on the KLAS division of regions for the awards handed out each calendar year. ===== SIDA 133 ===== 133 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 5 Fees to auditors Group Parent Company 25/26 24/25 25/26 24/25 EY Audit assignment 5,427 5,755 3,106 3,177 Audit activities in addition to audit assignment 251 27 65 0 Other services 350 340 318 303 Other auditors Audit assignment 186 525 0 0 Other services 0 0 0 0 Total 6,214 6,647 3,489 3,480 Audit assignments involve an examination of the Annual Report and consolidated finan- cial statements, accounting records and the administration of the Board of Directors and the President and other tasks performed by the company’s auditor, including audit consultancy. The fee for audit assignments includes the statutory audit performed in each country. Audit activities in addition to the audit assignment pertains to quality- assurance services. Note 6 Operating lease expenses Parent Company 25/26 24/25 Lease expenses recognized for the year 10,476 8,266 Nominal value of agreed future lease payments: Due for payment within 1 year 9,886 9,789 Due for payment after 1 year but within 5 years 20,820 29,773 Due for payment after more than 5 years 0 0 Total 30,706 39,562 The Parent Company’s leases pertain chiefly to office space. Note 7 Interest income and similar profit/loss items Group Parent Company 25/26 24/25 25/26 24/25 Other interest income 28,017 31,404 22,986 27,036 Interest income from Group companies 0 0 10,232 28,247 Dividends 0 0 65,343 83,928 Exchange difference, net 0 0 3,201 0 Total 28,017 31,404 101,762 139,211 Note 8 Interest expenses and similar profit/loss items Group Parent Company 25/26 24/25 25/26 24/25 Interest expenses 7,517 4,308 1,030 369 Interest expenses from Group companies 0 0 21,767 24,965 Exchange difference, net 2,186 23,812 0 17,898 Total 9,703 28,120 22,797 43,232 Note 9 Appropriations Parent Company 25/26 24/25 Group contributions 589,350 542,000 Total 589,350 542,000 Group contributions paid and received in the Parent Company are recognized as appropriations in profit and loss in accordance with the alternative rule for Group contributions in RFR 2 / IAS 27. Note 10 Tax on net profit for the year Group Parent Company 25/26 24/25 25/26 24/25 Current tax –163,383 –165,006 –99,121 –104,356 Deferred tax –1,788 2,096 0 0 Total tax expenses –165,171 –162,910 –99,121 –104,356 Relationship between the Group’s tax expense and recognized tax per applicable tax rate Profit before tax 728,949 726,281 545,129 587,782 Tax per applicable tax rate for the Parent Company, 20.6% (20.6) –150,163 –149,614 –112,297 –121,083 Adjustment of tax for previous years 4,369 –450 0 0 Tax effect of non- deductible expenses –6,779 –9,854 –343 –349 Tax effect of non-taxable income 888 464 13,519 17,076 Tax effect of changed tax rates or regulations 2,005 2,318 0 0 Tax effect of other tax rates in foreign subsidiaries –16,552 –11,589 0 0 Tax effect of loss carryforwards where deferred tax has not been recognized 0 6,271 0 0 Other items 1,061 –456 0 0 Tax on net profit for the year –165,171 –162,910 –99,121 –104,356 Deferred tax liabilities Deferred tax liabilities on fixed assets 2,562 3,015 0 0 Deferred tax liabilities on liabilities 1,897 1,048 0 0 Deferred tax liabilities on intangible assets 4,019 0 0 0 Total deferred tax liabilities 8,478 4,063 0 0 Deferred tax assets Deferred tax assets on fixed assets 721 801 0 0 Deferred tax assets on current assets 1,073 1,478 0 0 Deferred tax assets on current liabilities 2,442 6,223 0 0 Deferred tax assets on provisions 2,264 0 0 0 Deferred tax assets on unutilized loss carryforwards 7,675 0 0 0 Total deferred tax assets 14,175 8,502 0 0 Loss carryforwards have no time limits. ===== SIDA 134 ===== 134 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 11 Intangible assets and goodwill Group Parent Company Capitalized development 1, 6 Goodwill 2 Patents and licenses 3 Customer relationships 4 Trademarks 5 Total Capitalized development 1 Opening cost 530,217 85,948 15,401 61,901 8,180 701,647 10,857 Translation difference 0 –3,629 –38 –2,902 0 –6,569 0 Investments for the year 75,237 0 0 0 0 75,237 2,817 Accumulated cost as of April 30, 2025 605,454 82,319 15,363 58,999 8,180 770,315 13,674 Opening amortization and impairment –327,473 –36,131 –7,208 –60,325 –8,180 –439,316 –1,674 Translation difference 0 717 –871 3,778 0 3,624 0 Amortization for the year –46,773 0 –2,334 –2,452 0 –51,559 0 Accumulated amortization and impairment as of April 30, 2025 –374,246 –35,414 –10,413 –58,999 –8,180 –487,252 –1,674 Closing recognized residual value as of April 30, 2025 231,208 46,905 4,950 0 0 283,063 12,000 Opening cost 605,454 82,319 15,363 58,999 8,180 770,315 13,674 Translation difference 0 –1,426 –3 42 0 –1,387 0 Investments for the year 103,115 0 0 0 0 103,115 0 Rörelseförvärv 0 0 25,887 0 0 25,887 0 Accumulated cost as of April 30, 2026 708,570 80,893 41,247 59,041 8,180 897,931 13,674 Opening amortization and impairment –374,246 –35,414 –10,413 –58,999 –8,180 –487,252 –1,674 Translation difference 0 281 –159 –42 0 398 0 Amortization for the year –51,624 0 –1,636 0 0 –53,260 –2,400 Impairment for the year –6,000 0 0 0 0 –6,000 0 Accumulated amortization and impairment as of April 30, 2026 –431,870 –35,133 –11,890 –59,041 –8,180 –546,114 –4,074 Closing recognized residual value as of April 30, 2026 276,700 45,760 29,357 0 0 351,818 9,600 1 Capitalized development pertains to internally generated intangible assets comprising proprietary software and equipment for medical imaging and secure communica- tions. The remaining amortization period on larger projects is one to five years. The largest remaining project concerns the development of IT systems in Imaging IT Solu- tions. The Group’s R&D costs in 2025/2026 amounted to SEK 438,519 thousand (407,954). 2 Goodwill is attributable to the acquisition of Sectra Products UK Ltd, EXP Analytics Oy and RxEye AB. Goodwill attributable to the acquisition of RxEye AB was impaired in its entirety during the 2016/2017 fiscal year. Of total goodwill, SEK 45,760 thousand (46,905) was attributable to the Imaging IT Solutions segment and SEK 0 thousand (0) to the Secure Communications segment. 3 Remaining values in patents and licenses pertain to SEK 28,329 thousand (4,421) in the Imaging IT Solutions segment and SEK 0 thousand (529) in Secure Communications. 4 Of total customer relationships, SEK 0 thousand (0) was attributable to the Imaging IT Solutions segment. These pertain to assets acquired from Sectra Sverige AB, Sectra imaXperts BV, Sectra Products UK Ltd, it-mark ApS and RxEye AB. 5 Trademarks pertain only to the Imaging IT Solutions segment and are attributable to acquired assets in Sectra Sverige AB and Sectra Products UK Ltd. 6 Of the accumulated cost, 20.6% (17.0) pertains to ongoing development projects and 79.4% (83.0) to completed projects. Impairment of intangible assets An impairment test is performed on intangible assets if there is an indication that an asset may be impaired, and on ongoing development projects and goodwill at least once annually. The value of the Group’s intangible assets is based on the value in use of the cash-generating development projects and acquired companies. The value in use is based on the cash flows that the assets are expected to generate. All assump- tions described below have been approved by the Board. Calculation of recoverable amount Goodwill Future cash flows for goodwill are based on expected synergy effects in terms of the growth potential for sales for Imaging IT Solutions with respect to Sectra Products UK Ltd’s products. The cash-generating unit for goodwill pertaining to Sectra Products UK Ltd is deemed to be the Imaging IT Solutions business area in its entirety. Sales of Sectra Prod- ucts UK Ltd’s products are deemed to be an integral part of the total business in Imaging IT Solutions. Other intangible assets The future cash flows used when calculating each unit’s value in use are based on a detailed review of each development project. Discounting factor Along with a joint discount rate of 8.7% (8.1) after tax, each cash- generating unit is charged an additional individual risk premium of 1.0 percentage point in the event that the technical conditions pertaining to the unit are considered, in all material respects, to be new and an addi- tional individual risk premium of 1.0 percentage point in cases where the market conditions are considered, in all material respects, to be new. Overall, the assessment is that the components included in the risk premium are unchanged compared with the preceding year. ===== SIDA 135 ===== 135 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Goodwill A discount rate of between 8.7% and 10.7% (8.1–10.1) after tax was used when calculating cash flows associated with goodwill. Other intangible assets The present value of forecast future cash flows for development projects has been calculated using a discount rate of between 8.7% and 10.7% (8.1–10.1) after tax. Forecast period and growth rate The forecast period when calculating value in use for intangible assets, except for goodwill, is determined by the asset’s useful life of five years. The growth rate is based on the market growth in Sectra’s individual product areas. The forecast period in connection with the calculation of goodwill has been set at five years. The growth rate assessment is based on market trends and growth goals in the business areas. The variation in assumed growth during the forecast period and thereafter between the respective acquired companies and the various development proj- ects is significant, which means that average values can vary consider- ably between years. In cases where intangible assets are assumed to have an indefinite economic life, perpetuity growth has been set at 0% (0) under the prevailing external economic conditions, and for other assets, individual assessments have been carried out to determine the percentage by which the cash flow from each asset is assumed to be decreased. Other assumptions regarding required yield Risk-free interest: Ten-year treasury bill on the balance-sheet date 2.8% (2.3) Market risk premium: 5.9% (5.8) Company-specific risk premium: 0.0–2.0% (0.0–2.0) Beta value: The beta value is calculated at 1.0 (1.0) Interest expenses: Sectra’s assessed cost for borrowing Tax rate: Tax rate in Sweden The return requirement is between 8.7% and 10.7% after tax, which corresponds to between 10.6% and 13.0% before tax. Impairment tests and sensitivity analyses for the year Goodwill Impairment testing of goodwill for the year indicated that, as of the balance- sheet date, there was no impairment requirement for the good- will item attributable to Sectra Products UK Ltd. A sensitivity analysis in which the discount rate increases by 2 percentage points and annual perpetuity growth decreases by 2 percentage points results in the value that exceeds the carrying amount being reduced by an average of 28%. If growth during the forecast period also decreases by 2 percentage points, the value that exceeds the carrying amount is reduced by a total average of 54%. No reasonable changes in key assumptions would give rise to an impair- ment requirement. Other intangible assets Impairment tests for the year per development project and other intangi- ble assets were performed with such a margin that Executive Manage- ment deems that any reasonable and possible changes in individual vari- ables will not cause the value in use to fall below the carrying amount. A sensitivity analysis in which the discount rate increases by 2 percentage points and annual perpetuity growth decreases by 2 percentage points results in the value that exceeds the carrying amount being reduced by an average of 19%. If growth during the forecast period also decreases by 2 percentage points, the value that exceeds the carrying amount is reduced by a total average of 29%. Parent Company The Parent Company had intangible assets amounting to SEK 9.6 million (12.0) as of April 30, 2026. Note 11 Intangible assets and goodwill, cont. ===== SIDA 136 ===== 136 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 12 Tangible assets Group Buildings and land Ongoing leasehold improvements Office furniture Equipment and office machines Equipment at customer premises Total Opening cost 149,947 0 22,288 173,929 14,021 360,185 Translation difference 0 0 –2,585 –6,082 –183 –8,850 Investments for the year 1,948 0 10,087 21,989 731 34,755 Reclassification/Transfer between companies 0 0 –185 185 0 0 Sales/disposals for the year 0 0 –3,055 –8,365 –206 –11,626 Accumulated cost as of April 30, 2025 151,895 0 26,550 181,656 14,363 374,464 Opening depreciation and impairment –2,818 0 –15,684 –105,729 –8,914 –133,145 Translation difference 0 0 1,198 3,600 139 4,937 Depreciation for the year –4,253 0 –2,079 –27,326 –2,273 –35,931 Reclassification/Transfer between companies 0 0 131 –131 0 0 Sales/disposals for the year 0 0 2,321 7,802 206 10,329 Accumulated depreciation and impairment as of April 30, 2025 –7,071 0 –14,113 –121,784 –10,842 –153,810 Closing recognized residual value as of April 30, 2025 144,824 0 12,437 59,872 3,521 220,654 Opening cost 151,895 0 26,550 181,656 14,363 374,464 Translation difference 0 10 –296 –1,290 –27 –1,603 Investments for the year 9,048 43,290 8,280 23,951 919 85,488 Acquisitions 0 0 0 1,405 0 1,405 Reclassification/Transfer between companies 0 0 0 190 –398 –208 Sales/disposals for the year 0 0 –119 –4,654 –14 –4,787 Accumulated cost as of April 30, 2026 160,943 43,300 34,415 201,258 14,843 454,758 Opening depreciation and impairment –7,071 0 –14,113 –121,784 –10,842 –153,810 Translation difference 0 –3 209 521 25 752 Depreciation for the year –4,354 –1,687 –2,315 –24,200 –1,894 –34,450 Reclassification/Transfer between companies 0 0 0 –1,297 0 –1,297 Sales/disposals for the year 0 0 65 3,035 0 3,100 Accumulated depreciation and impairment as of April 30, 2026 –11,425 –1,690 –16,154 –143,725 –12,711 –185,706 Closing recognized residual value as of April 30, 2026 149,518 41,610 18,261 57,532 2,132 269,052 ===== SIDA 137 ===== 137 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Parent Company Office furniture Ongoing leasehold improvements Equipment and office machines Total Opening cost 5,127 0 12,889 18,016 Investments for the year 1,750 0 705 2,455 Sales/disposals for the year 0 0 0 0 Accumulated cost as of April 30, 2025 6,877 0 13,595 20,472 Opening depreciation and impairment –2,991 0 –8,691 –11,682 Depreciation for the year –439 0 –1,376 –1,815 Sales/disposals for the year 0 0 0 0 Accumulated depreciation and impairment as of April 30, 2025 –3,430 0 –10,067 –13,497 Closing recognized residual value as of April 30, 2025 3,447 0 3,527 6,975 Opening cost 6,877 0 13,595 20,472 Investments for the year 821 39,629 4,499 44,949 Sales/disposals for the year 0 0 0 0 Accumulated cost as of April 30, 2026 7,698 39,629 18,094 65,421 Opening depreciation and impairment –3,430 0 –10,067 –13,497 Depreciation for the year –521 0 –1,713 –2,234 Sales/disposals for the year 0 0 0 0 Accumulated depreciation and impairment as of April 30, 2026 –3,951 0 –11,780 –15,731 Closing recognized residual value as of April 30, 2026 3,747 39,629 6,314 49,690 Note 12 Tangible assets, cont. ===== SIDA 138 ===== 138 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 13 Right-of-use assets and lease liabilities Premises Vehicles Other Total Opening cost 77,089 19,071 493 96,654 New right-of-use assets 90,129 7,058 0 97,18 7 Concluded contracts –16,958 –6,223 –79 –23,260 Translation difference –3,939 –874 2 –4,811 Accumulated cost as of April 30, 2025 146,321 19,032 416 165,770 Opening depreciation –49,670 –11,643 –99 –61,413 Depreciation for the year –19,789 –4,184 –67 –24,040 Depreciation concluded contracts 17,229 5,524 79 22,832 Translation difference 2,589 683 –6 3,266 Accumulated deprecia- tion as of April 30, 2025 –49,641 –9,620 –93 –59,355 Closing recognized residual value as of April 30, 2025 96,680 9,412 323 106,415 Opening cost 146,321 19,032 416 165,770 New right-of-use assets 39,510 4,688 0 4 4,198 Concluded contracts –24,898 –5,887 0 –30,785 Translation difference –2,658 495 0 –2,163 Accumulated cost as of April 30, 2026 158,275 18,328 416 177,020 Opening depreciation –49,641 –9,620 –93 –59,355 Depreciation for the year –24,165 –3,823 –142 –28,130 Depreciation concluded contracts –4,154 5,413 0 1,259 Translation difference 263 352 102 717 Accumulated deprecia- tion as of April 30, 2026 –77,697 –7,678 –133 –85,509 Closing recognized residual value as of April 30, 2026 80,578 10,650 283 91,511 Lease expenses 25/26 24/25 Variable lease payments 11,093 10,419 Expenses pertaining to low-value leases and short-term leases 5,394 4,150 Depreciation/amortization 28,130 25,179 Interest, premises 4,467 2,874 Interest, vehicles 471 370 Interest, other assets 0 0 Total 49,555 42,992 Cash outflow from leases 25/26 24/25 Repayment of lease liabilities 26,636 39,950 Interest expenses pertaining to lease liabilities 4,938 3,244 Variable lease payments 11,093 10,419 Expenses for low-value leases and short-term leases 5,394 4,150 Total 48,061 57,763 Lease liabilities Apr 30, 2026 Apr 30, 2025 Non-current lease liabilities 55,507 63,840 Current lease liabilities 20,977 23,617 Total 76,484 87,457 Maturity analysis – undiscounted cash flow Apr 30, 2026 Apr 30, 2025 Year 1 24,959 26,183 Year 2 19,586 23,263 Year 3 17,261 21,426 Year 4 11,821 20,153 Year 5 or later 29,211 36,935 Total 102,838 127,960 The Group’s leases for premises typically run for one to ten years and primarily pertain to office premises. The lease terms for vehicles and other assets typically run for three to five years. The Group has agree - ments where the terms include extension options that are included in the right-of-use asset in cases where it is reasonably certain that the options will be exercised. ===== SIDA 139 ===== 139 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 14 Participations in Group companies Corp. Reg. No. Reg. office No. of partici- pations Share of capital Apr 30, 2026 Carrying amount 1 Apr 30, 2025 Carrying amount 1 Parent Company: Sectra Imaging IT Solutions AB 556250-8241 Linköping, SE 300,000 100% 50,578 29,682 Sectra Communications AB 556291-3300 Linköping, SE 3,000,000 100% 13,989 8,326 Sectra Secure Transmission AB 556247-1283 Linköping, SE 100,000 100% 95 95 Sectra Medical Education AB 559314-3471 Linköping, SE 500 100% 2,707 1,626 Sectra Orthopaedics AB 559314-3414 Linköping, SE 500 100% 2,983 1,788 Sectra Properties AB 559401-0026 Linköping, SE 250 100% 87,072 87,072 Sectra Sverige AB 556483-9479 Linköping, SE 40,350 100% 30,554 26,348 Sectra Norge AS 975 353 265 Oslo, NO 5,000 100% 4,471 2,554 Sectra Inc. 06-1473851 Shelton, US 500 100% 28,097 21,499 Sectra Medical Systems GmbH HR B 73108 Cologne, DE 500 100% 2,993 1,415 Sectra Medical Imaging Schweiz AG CHE-225.049.408 Zurich, CH 100 100% 1,146 1,059 Sectra Danmark A/S 10073251 Odense, DK 5,000 100% 2,793 1,647 Sectra Ltd 04571654 Stevenage, UK 1 100% 6,812 3,744 Sectra Pty Ltd 67 105 376 190 Sydney, AU 100 100% 2,015 1,082 Sectra New Zealand Ltd 1539744 Auckland, NZ 100 100% 187 132 Sectra Medical Systems SL B84352749 Madrid, ES 42,028 100% 3,370 3,140 Art Ces Lda PT513270396 Porto, PT 5,000 100% 4,063 1,871 Sectra imaXperts BV 39069257 Almere, NL 500 100% 9,537 7,310 Sectra France SAS 811070317 Paris, FR 1,000 100% 862 556 Sectra Canada Inc BC1112137 Vancouver, CA 100 100% 6,426 3,854 Sectra Ireland Ltd 760807 Dublin, IE 1 100% 10 0 Oxipit UAB 304617386 Vilnius, LT 511,915 100% 19,387 n/a Total 280,147 204,800 Sectra Imaging IT Solutions AB: Sectra Products UK Ltd 05968184 Stevenage, UK 1,000 100% 8,450 8,450 Total 8,450 8,450 Sectra Communications AB: Sectra Communications BV 27264295 The Hague, NL 1,800 100% 164 164 Sectra Communications Oy 2679724-9 Helsinki, FI 2,500 100% 3,319 3,319 Columbitech Inc. 04-3719150 Delaware, US 100 100% 0 0 Sectra Critical Infrastructure AB 559525-5513 Linköping, SE 500 100% 14,050 50 Total 17,533 3,533 1 The carrying amount has increased as a result of the share-based incentive programs, refer to Note 4. ===== SIDA 140 ===== 140 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 16 Participations in associated companies Parent Company Apr 30, 2026 Apr 30, 2025 Opening cost 564 564 Total 564 564 Corp. Reg. No. Reg. office No. of partici- pations Share of cap- ital Apr 30, 2026 Carrying amount Apr 30, 2025 Carrying amount Sectra Saudi Arabia Ltd 10213371171087 Riyadh, SA 500 50% 564 564 Total 564 564 The company constitutes a subsidiary for the Group and is jointly owned by Sectra AB and Sectra Imaging IT Solutions AB, which own 50% each. Note 15 Acquisitions On April 14, 2026 the Group acquired all shares in Oxipit UAB (Corp. Reg. No. 304617386), a Lithuanian company specializing in autonomous AI for radiology. The company had 17 employees at the time of the acquisition. The company develops AI solutions for radiology and holds the first CE Class IIB certification1 for autonomous AI chest X-ray analysis. The product is designed to independently identify and filter out examinations from the radiologist’s work list that can be deemed normal with a high level of certainty. This acquisition strengthens Sectra’s offer- ing in diagnostic imaging by introducing autonomous AI. It complements the Group’s vendor-independent AI marketplace and its own product development. The acquisition also brings expertise within clinical valida- tion and regulatory affairs associated with AI-based medical devices, which is a precondition for being able to use this kind of device in clinical operations. The total consideration transferred on the date of acquisition amounted to SEK 19.4 million, entirely as a cash consideration. The pur- chase was fully financed with Sectra’s existing funds. Transaction costs for the acquisition amounted to SEK 1.3 million and have been recog- nized as external costs. The operations were consolidated into Imaging IT Solutions from the date of acquisition, at which time Sectra obtained a controlling influence over the acquired company. Since the acquisition date, the company has delivered sales of SEK 0 million and an operating loss of SEK –0.1 million. If the company had been part of the Group for the full fiscal year, sales would have amounted to SEK 0.6 million and the operating loss would have been SEK –19.6 million. Acquired net assets at April 14, 2026 SEK million Value according to acquisition analysis Patents and licenses 25.8 Tangible assets 0.1 Deferred tax assets 7.8 Other receivables 0.5 Cash and cash equivalents 0.5 Deferred tax liabilities –4.4 Other long-term liabilities –8.3 Other current liabilities –2.6 Total acquired net assets 19.4 Fair value of consideration transferred 19.4 Net outflow of cash and cash equivalents due to the acquisition Cash consideration transferred 19.4 Cash and cash equivalents in the acquired company on the date of acquisition 0.5 Total 18.9 1 CE class IIb certification confirms compliance with EU medical device regulations and permits commercialization within the EEA. ===== SIDA 141 ===== 141 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 17 Long-term receivables from Group companies Parent Company Apr 30, 2026 Apr 30, 2025 Opening cost 125,045 200,105 New receivables 20,207 11,566 Amortized receivables –78,332 –69,832 Exchange-rate difference 3,146 –16,794 Total 70,066 125,045 Note 18 Inventories Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Component stocks 15,581 21,693 0 0 Finished products 26,931 15,883 0 0 Total 42,512 37,576 0 0 Impairment of inventory via profit and loss totaled SEK 1,734 thousand (217) in 2025/2026. Equipment and components mainly used for development are reclassified as equip- ment or expensed through profit or loss, depending on the estimated useful life of the inventory item. Of the total inventory value, 0 is measured at fair value after sell- ing expenses. Accordingly, the entire inventory is measured at cost since this value is lower than fair value after selling expenses. Note 19 Accounts receivable Current accounts receivable per currency Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 SEK 68,408 19,074 11,822 9,247 USD 204,994 195,173 434 434 EUR 233,760 230,198 –386 –386 GBP 164,279 75,331 –29 –29 Other currencies 50,877 52,260 –76 –76 Total 722,318 572,036 11,765 9,190 Long-term accounts receivable recognized in the Group of SEK 102,348 thousand (126,345) pertain only to GBP, refer to Note 2. Change for the year in the reserve for expected credit losses Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Opening balance 2,487 2,963 0 0 Realized losses 0 –46 0 0 Reversal of unutilized amounts –217 –523 0 0 Reserve for expected credit losses 4,533 409 0 0 Exchange-rate effect –66 –316 0 0 Total 6,737 2,487 0 0 See Note 31 for an age analysis. The reserve for expected credit losses pertains only to current accounts receiv- able. No provision requirement for long-term accounts receivable or contract assets (refer to Note 2) was deemed to exist on the balance-sheet date as a result of the credit risk in the underlying receivables. Moreover, customers’ ability to pay when it comes to long-term receivables and contract assets is deemed to be very good, and the agreements are often unique in terms of their character and content, and it is not deemed possible to classify them according to separate credit risk rating groups with sufficient forecastability, refer to Note 31. Although the maturity of the credits Note 19 Accounts receivable, cont. are considered to have a low general predictive value for future losses, an individual monthly assessment is conducted for each customer divided by maturity category in each subsidiary. If any deviations from previous patterns are noted, a central follow-up is carried out. Through this age-based division and two-step process, objective and probability- weighted amounts are deemed to be achieved using reasonable and ver- ifiable data, which is available on the balance-sheet date without unnecessary costs or efforts, for past events, current circumstances and forecasts of future eco- nomic conditions. Provisions for and reversals of bad debt losses are recognized in other external costs in profit or loss. Note 20 Prepaid expenses and accrued income Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Accrued interest income 2,303 4,813 2,303 4,813 Prepaid cost for maintenance agreements 48,554 38,523 17,709 23,429 Other items 84,036 75,642 8,649 8,026 Recognized non- invoiced income 1 819,267 819,754 0 0 Total 954,160 938,732 28,661 36,268 Recognized non-invoiced income per currency Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 SEK 91,688 41,845 0 0 USD 280,251 331,119 0 0 EUR 186,812 187,125 0 0 GBP 185,207 118,652 0 0 Other currencies 75,309 141,013 0 0 Total 819,267 819,754 0 0 1 Refer to Note 2. Note 21 Cash and bank balances Group Parent Company 1 Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Cash and bank balances 1,810,310 1,341,871 1,489,817 1,145,466 Total 1,810,310 1,341,871 1,489,817 1,145,466 1 Balances in the Group’s cash-pool accounts are recognized in their entirety as cash and cash equivalents in the Parent Company and are included in the Parent Company’s cash-flow statement. The subsidiaries’ portion of the cash- pool accounts are recognized as short-term receivables from, or liabilities to, the Parent Company. Bank overdraft facilities Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Credit limit granted 15,000 15,000 15,000 15,000 Unutilized portion –15,000 –15,000 –15,000 –15,000 Utilized credit amount 0 0 0 0 ===== SIDA 142 ===== 142 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 22 Share capital and number of shares No. of shares Outstanding Total issued Quo- tient value per share, SEK Class A Class B Class C Total Class A Class B Class C Total Equity, SEK thou- sand Opening balance May 1, 2024 0.20 13,103,460 179,564,029 0 192,667,489 13,103,460 181,017,435 0 194,120,895 38,825 Conversion to shares 0.20 0 0 0 0 0 0 0 0 0 New share issue 0.20 0 0 1,000,000 1,000,000 0 0 1,000,000 1,000,000 200 Treasury shares 1 0.20 0 0 –1,000,000 –1,000,000 0 0 0 0 0 Reclassifica- tion 1 0.20 0 0 0 0 0 1,000,000 –1,000,000 0 0 Closing balance Apr 30, 2025 0.20 13,103,460 179,564,029 0 192,667,489 13,103,460 182,017,435 0 195,120,895 39,025 Closing balance Apr 30, 2026 0.20 13,103,460 179,564,029 0 192,667,489 13,103,460 182,017,435 0 195,120,895 39,025 1 The newly issued shares have been repurchased at a price corresponding to the quotient value, totaling SEK 200,000 (0). The purpose of the repurchase is to ensure the future delivery of performance shares and to finance the costs of social security contributions related to the LTIP 2021, LTIP 2022 and LTIP 2024 incentive programs. The newly issued Class C shares were reclassified as Class B shares during the fiscal year. Note 23 Provisions Group Parent Company Guarantee commit- ments and other provisions Share-based remuneration 1 Total Share-based remuneration Carrying amount May 1, 2024 6,771 22,208 28,979 2,685 Provisions made in the period 9,818 28,605 38,423 3,642 Reversal of provisions –1,878 0 –1,878 0 Translation difference 0 –1,587 –1,587 0 Carrying amount Apr 30, 2025 14,711 49,226 63,937 6,327 Of which total long-term portion of provisions 9,092 49,226 58,318 6,327 Of which total short-term portion of provisions 5,619 0 5,619 0 Group Parent Company Guarantee commit- ments and other provisions Share-based remuneration 1 Total Share-based remuneration Carrying amount May 1, 2025 14,711 49,226 63,937 6,327 Provisions made in the period 4,137 23,278 27,415 2,754 Reversal of provisions –2,099 –22,032 –24,131 0 Translation difference 0 2,275 2,275 0 Carrying amount Apr 30, 2026 16,749 52,747 69,496 9,081 Of which total long-term portion of provisions 7,275 52,747 60,022 9,081 Of which total short-term portion of provisions 9,474 0 9,474 0 The carrying amount at the end of the period is expected to be settled within one to four years for guarantee commitments and other provisions. 1 For more information, refer to Note 4. ===== SIDA 143 ===== 143 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 24 Long-term liabilities Reconciliation of liabilities attributable to financing activities Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Non-current lease liabilities 55,507 63,840 0 0 Current lease liabilities 20,977 23,617 0 0 Total lease liabilities 76,484 87,457 0 0 Other long-term liabilities 0 11,733 0 0 Total other long-term liabilities 0 11,733 0 0 Total liabilities attributable to financing activities 76,484 99,190 0 0 Lease liability Other long-term liabilities Total Opening balance May 1, 2024 31,788 0 31,788 Cash items Repayments 0 0 0 Lease payments –39,950 0 –39,950 Non-cash items Fair value 0 11,733 11,733 Conclusion of contracts 0 0 0 New leases 97,187 0 97,187 Currency adjustment –1,568 0 –1,568 Closing balance Apr 30, 2025 87,457 11,733 99,190 Opening balance May 1, 2025 87,457 11,733 99,190 Cash items Repayments 0 –11,733 –11,733 Lease payments –26,636 0 –26,636 Non-cash items Fair value 0 0 0 Conclusion of contracts –30,786 0 –30,786 New leases 44,198 0 44,198 Currency adjustment 2,251 0 2,251 Closing balance Apr 30, 2026 76,484 0 76,484 Note 25 Other current liabilities Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Value-added tax 67,297 54,294 0 1,884 Employee withholding taxes 18,810 19,571 1,197 1,230 Other liabilities 17,378 7,803 0 343 Total 103,485 81,668 1,197 3,457 Note 26 Accrued expenses and deferred income Group Parent Company Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Accrued social security contributions 72,195 60,478 6,668 5,546 Accrued vacation pay 100,365 94,488 13,019 10,944 Accrued accounts payable 126,652 103,285 26,185 23,670 Invoiced non-recognized income 1 1,282,983 974,935 0 0 Other items 245,434 175,761 67,321 6,268 Total 1,827,629 1,408,947 113,193 46,428 1 Refer to Note 2. Note 27 Pledged assets and contingent liabilities Group Parent Company For bank overdraft facilities Apr 30, 2026 Apr 30, 2025 Apr 30, 2026 Apr 30, 2025 Chattel mortgages 33,250 33,250 11,000 11,000 Total pledged assets 33,250 33,250 11,000 11,000 Guarantees on behalf of subsidiaries 62,500 63,500 Total contingent liabilities 62,500 63,500 Note 28 Cash flow Adjustment for non-cash items Group Parent Company 25/26 24/25 25/26 24/25 Depreciation/amortiza- tion and impairment 121,843 111,530 4,634 1,815 Unrealized exchange- rate differences –1,656 9,012 3,183 –17,898 Reversal of provision/ provision 57,607 59,039 2,754 3,643 Total 177,794 179,581 10,571 –12,440 Note 29 Related parties The Group’s related parties comprise subsidiaries, Group Management and the Board of Directors as well as other key persons in senior positions. Other than sales between Group companies (refer to Note 2) and remuneration to senior executives (refer to Note 4), no significant trans- actions with related parties took place. ===== SIDA 144 ===== 144 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES The earnings effect of impairment losses and reversals of previous impairment on bad debt losses was SEK –5,844 thousand (–959), net. No gains or losses were recognized in any of the other categories. For cash and cash equivalents and other receivables and liabilities with shorter terms, the carrying amount is considered to correspond to the fair value. In the case of receivables or liabilities with a term exceeding one year, the carrying amount has been discounted. Other long-term financial liabilities have a term of three years. Note 30 Measurement of financial assets and liabilities Group Apr 30, 2025 Financial assets measured at amortized cost Financial liabilities measured at amortized cost Total carrying amount Fair value Long-term accounts receivable 126,345 0 126,345 126,345 Long-term contract assets 19,312 0 19,312 19,312 Other long-term receivables 32,807 0 32,807 32,807 Accounts receivable 572,036 0 572,036 572,036 Cash and bank balances 1,341,871 0 1,341,871 1,341,871 Total financial assets 2,092,371 0 2,092,371 2,092,371 Lease liabilities 0 87,457 87,457 87,457 Other long-term liabilities 0 11,733 11,733 11,733 Accounts payable 0 107,279 107,279 107,279 Total financial liabilities 0 206,469 206,469 206,469 Group Apr 30, 2026 Financial assets measured at amortized cost Financial liabilities measured at amortized cost Total carrying amount Fair value Long-term accounts receivable 102,348 0 102,348 102,348 Long-term contract assets 81,674 0 81,674 81,674 Other long-term receivables 3,404 0 3,404 3,404 Accounts receivable 722,318 0 722,318 722,318 Cash and bank balances 1,810,310 0 1,810,310 1,810,310 Total financial assets 2,720,054 0 2,720,054 2,720,054 Lease liabilities 0 76,484 76,484 76,484 Other long-term liabilities 0 0 0 0 Accounts payable 0 183,800 183,800 183,800 Total financial liabilities 0 260,284 260,284 260,284 Note 31 Risks, risk management and sensitivity analysis Risks related to operations Sectra’s risks related to operations are limited. As a general rule, cus- tomers’ operations are financed directly or indirectly with public funds and solvency is excellent, although payment practices can vary between different countries. Because Sectra is active in a large number of geo- graphic markets, the Group’s overall exposure to political and market risks, for example, is limited. The largest individual risks related to opera- tions are described below. Customers and partners Sectra’s five largest partners and customers jointly account for 13.7% (15.5) of consolidated sales. No individual customer accounts for more than 10% of consolidated sales. Although sales to each customer are often divided among a number of agreements, the proportion of long- term managed-services agreements has increased and, therefore, the loss of a major customer could have a significant effect on the Group’s long-term earnings and financial position. Due to the continuous expan- sion of operations, the proportion of the Group’s business volume repre- sented by each individual partner and customer is gradually declining. Product liability and property risks Through its operations, Sectra assumes product liability, which means that personal injury or damage to property caused by the company’s sys- tems at the premises of a customer or third party could lead to a claim being made against Sectra. Insurance policies have been taken out for the property and liability risks to which the Group is exposed. Intellectual property rights Sectra is a leader in the areas in which the Group operates and invests substantial resources in product development. To ensure a return on these investments, Sectra works continuously to analyze the require- ments for different products in terms of intellectual property rights, and to identify and protect inventions through patents. Other business risks The prices for medical systems in the world market are largely governed by major international companies. Accordingly, the USD, GBP and EUR exchange rates have an effect on the price structure and competitive- ness. Other business risks, such as market risks, suppliers, technical development, dependence on individual persons, cybersecurity threats and ethical risks are analyzed continuously. Measures are taken as needed to reduce the Group’s risk exposure. Financial risks Sectra is exposed to financial risks pertaining to currency, interest, financing and liquidity risks. Rules and authority for management of finan- cial transactions and risks are described in the Group’s Financial Policy, which is determined by the Board. Responsibility for management of finan- cial transactions and risks is centralized to the Parent Company’s finance department. The aim is to support the Group’s business activities by identifying and limiting the Group’s financial risks, providing cost-efficient financing of Group companies and managing cash and cash equivalents on market terms. Currency exchange risks The Group’s exposure to currency exchange risks mainly arises through transactions in foreign currencies in the form of customer and supplier payments and, to a lesser extent, in connection with the translation of foreign subsidiaries’ income statements and balance sheets. In accor- dance with the Group’s Financial Policy, subsidiary financing is to be ===== SIDA 145 ===== 145 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 31 Risks, risk management and sensitivity analysis, cont. carried out in the local currency and currency exposure pertains mainly to USD, GBP and EUR. Operating profit for the year includes an exchange loss of SEK –7,183 thousand (–22,023) and net financial items include an exchange loss of SEK –2,186 thousand (–23,811). The Group does not normally hedge currency flows since the potential gains or losses over the long term are not expected to be significant. Sectra monitors payment flows in foreign currencies on an ongoing basis, and hedging of transaction exposure may be implemented if the expected predictability increases significantly. Group revenue and expenses in various currencies SEK million Cur- rency Revenue Expenses Net exposure SEK 679.4 (633.3) –1,331.3 (–989.5) –651.9 (–356.2) USD 1,097.3 (909.5) –605.5 (–566.6) 491.8 (342.9) EUR 626.9 (544.8) –367.4 (–336.8) 259.5 (208.0) GBP 579.6 (613.0) –304.0 (–355.0) 275.6 (258.0) Other curren- cies 558.5 (539.2) –321.8 (–343.0) 236.7 (196.2) Total 3,541.7 (3,239.8) –2,930.0 (–2,590.9) 611.7 (648.9) Interest-rate risks Changes in market interest rates could affect the Group’s earnings. The Group’s interest-bearing assets are mainly short-term in nature, and pertain to cash and cash equivalents invested at short maturities, which can be liquidated at short notice in the event of major changes in the general interest rate situation. On the balance-sheet date, the Group’s interest- bearing assets exceeded its interest-bearing liabilities, as a result of which a decline in interest rates had an adverse impact on the Group and an increase had a positive effect. Credit risks The Group’s credit risks can be divided into risks related to the custom- er’s ability to pay as agreed and counterparty risks in conjunction with financial transactions. Customer credit risk means that the customer fails to fulfill its under- taking for payment of customer invoices. The Group has set guidelines to ensure that customers have high credit ratings. Long-term accounts receivable and contract assets are not yet invoiced and therefore have no maturity history. These customer contracts are often unique in terms of character and content, and it is not deemed possible to classify them according to separate credit risk rating groups with sufficient forecasta- bility, refer to Note 19. Sectra’s customers consist largely of govern- ment agencies and other highly reputable customers with high credit ratings, and whose credit risk is considered to be extremely low. To mini- mize customer credit risks in fixed-price projects, Sectra makes exten- sive use of advance partial payments. Age analysis of the Group’s current accounts receivable SEK million Apr 30, 2026 Apr 30, 2025 Accounts receivable not due for payment 483.4 329.6 Accounts receivable overdue by 0–60 days 156.7 147.8 Accounts receivable overdue by more than 60 days 59.9 46.5 Accounts receivable overdue by more than 120 days 29.0 50.6 Reserve for expected credit losses –6.7 –2.5 Total 722.3 572.0 Counterparty risks arise in financial transactions and cash management in conjunction with the Group having claims on banks and other securi- ties issuers. The maximum credit exposure and credit rating for approved counterparties is described in the Group’s Financial Policy. To minimize credit risks, Sectra only uses counterparties with high credit ratings and invests in high-quality instruments. Liquidity risks To minimize liquidity risks, excess liquidity may only be placed in bank deposits, or in securities that can be liquidated at short notice, and which have a smoothly functioning secondary market. Unutilized bank overdraft facilities are used in the event of temporarily elevated liquidity needs. Overdraft facilities were not utilized during the fiscal year or comparative year. The Parent Company monitors the Group’s liquidity continually by compiling liquidity forecasts as a basis for investments or short and long- term borrowing. On the balance-sheet date, the Group’s unutilized credit facilities amounted to SEK 15,000 thousand (15,000). Sensitivity analysis The Group’s earnings depend mainly on product sales and the cost of per- sonnel and materials. The analysis below is based on the figures from the 2025/2026 fiscal year and how the variables named would have affected profit after net financial items if no measures such as hedging or adapta- tion of resources had been taken. Each variable is treated individually, pro- vided the others remain unchanged. The analysis is not claimed to be pre- cise, but is merely indicative. Variable Change Effect on profit after financial items Net sales/gross profit +/– 1% +/– SEK 30.4 million (+/– 28.0) Cost of materials +/– 1% +/– SEK 5.0 million (+/– 4.4) Personnel costs +/– 1% +/– SEK 17.7 million (+/– 16.0) Interest rate levels +/– 1% +/– SEK 15.8 million (+/– 10.7) Exchange-rate changes: SEK/USD rate +/– 1% +/– SEK 3.4 million (+/– 3.3) SEK/EUR rate +/– 1% +/– SEK 3.1 million (+/– 3.3) SEK/GBP rate +/– 1% +/– SEK 2.4 million (+/– 2.4) In the event that the SEK weakens by 1% against the USD, GBP or EUR, profit after net financial items would improve by SEK 8.9 million (9.0). Note 32 Asset management The Group’s financial goals have been determined by the Board. The goal is to have a favorable and flexible capital structure so that it can be changed if the conditions for operations or for different borrowing alter- natives change and maintain financial stability. The Group’s equity/ assets ratio goal is 30%. In the 2025/2026 fiscal year, the Group’s equity/assets ratio was 47.8% (51.0). The Group’s capital is defined as total equity less any positive unrealized changes in value and amounted to SEK 2,138,357 thousand (1,916,825) at April 30, 2026. Sectra’s operations have previously been characterized by major seasonal variations during the fiscal year, which is why the Board aims to maintain a healthy capital structure with a low debt/equity ratio. In the 2025/2026 fiscal year, the Group’s debt/ equity ratio was 0.04 (0.05). Note 33 Proposed appropriation of profits The following funds in the Parent Company are at the disposal of the AGM (SEK thousand). Share premium reserve 134,851 Retained earnings 619,905 Net profit for the year 446,008 Total 1,200,764 The Board and CEO propose that the AGM resolve on an ordinary divi- dend of SEK 1.30 per share and an extraordinary dividend of SEK 1.00 per share. This entails a transfer of a total of SEK 443,135 thousand to the company’s shareholders. It is also proposed that SEK 757,629 thou- sand be carried forward. Note 34 Events after the balance-sheet date No events resulting in adjustments or significant events not resulting in adjustments took place between April 30 and the approval date for the publication of the financial statements. ===== SIDA 146 ===== 146 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Note 35 Financial definitions and alternative performance measures The Group applies the European Securities and Markets Authority (ESMA) Guidelines on Alternative Performance Measures (see below). The Group applies alternative performance measures since the company believes they provide valuable supplementary information for management and investors given that they play a central role when it comes to understand- ing and evaluating the Group’s operations. Share of recurring revenue Purpose Calculation Shows the portion of external revenue that is recurring. Recurring revenue refers to revenue from customers for the provision of a good or service during the term of a contract, wherein the customer cannot continue to ben- efit from the full functionality of the good or service without ongoing pay- ments and the revenue stream is expected to recur for more than 12 months. Recurring revenue mainly refers to revenue from subscription, support and maintenance agree- ments. The share delivered via the cloud is reported as cloud recurring revenue (CRR). Revenue from system implementations, migration and one- time purchases of licenses are not recognized as recurring revenue. Recurring revenue divided by total external sales, refer to Note 2. Recurring revenue churn SEK thousand 25/26 24/25 Recurring revenue from customer contracts that have concluded or not been renewed 11,493 12,972 Recurring revenue 2,451,310 2,067,354 Recurring revenue churn, % 0.5 0.6 Purpose Calculation Indicates the share of recurring revenue from customer contracts that have been concluded or not been renewed. Recurring revenue from customer contracts that have been concluded or not been renewed divided by total recurring revenue. Dividend yield SEK Apr 30, 2026 Apr 30, 2025 Dividends 2.30 2.10 Share price on balance-sheet date 255.20 296.60 Dividend yield, % 0.9 0.7 Purpose Calculation Shows the percentage of the invest- ment returned in the form of dividends. Dividend as a percentage of the share price on the balance-sheet date. Equity per share before and after dilution Apr 30, 2026 Apr 30, 2025 Equity, SEK thousand 2,138,357 1,916,825 Number of shares before and after dilution at the end of the period 192,667,489 192,667,489 Equity per share before and after dilution, SEK 11.10 9.95 Purpose Calculation Measures the company’s net value per share and shows if a company is increasing shareholder capital over time given currently available participations. Equity divided by the number of shares before and after dilution at the end of the period. Research and development costs SEK thousand Apr 30, 2026 Apr 30, 2025 Research and development (R&D) costs 438,519 407,954 Net sales 3,541,661 3,239,811 Percentage of sales re-invested in R&D, % 12.4 12.6 Purpose Calculation Demonstrates the proportion of sales re-invested in R&D. R&D costs divided by net sales. Investments SEK thousand 25/26 24/25 Intangible investments 103,115 75,237 Tangible investments 85,488 34,755 Investments 188,603 109,992 Purpose Calculation Shows the company’s investments. Acquisition of intangible and tangible assets during the period. Non-interest-bearing liabilities and interest-bearing liabilities SEK thousand 25/26 24/25 Non-interest-bearing liabilities 2,258,871 1,740,213 Interest-bearing liabilities 76,483 99,190 Total liabilities 2,335,354 1,839,403 Purpose Calculation Indicates the proportion of the Com- pany’s liabilities with and without interest. Included in the calculation of the debt/equity ratio and capital employed. Non-interest-bearing liabilities refers to liabilities that are normally without interest, such as accounts payable. Interest-bearing liabilities refers to lia- bilities with interest, such as convert- ible loans and lease liabilities. Cash flow per share before and after dilution 25/26 24/25 Cash flow from operations, SEK thousand 1,097,318 922,364 Number of shares before and after dilution at the end of the period 192,667,489 192,667,489 Cash flow per share before and after dilution, SEK 5.70 4.79 Purpose Calculation Shows the cash flow the company generated per share before capital investments and financing. Cash flow from operations divided by the number of shares before and after dilution at the end of the period. Ratio of order bookings to net sales SEK thousand 25/26 24/25 Order bookings 7,599,519 8,706,063 Net sales 3,541,661 3,239,811 Ratio of order bookings to net sales 2.15 2.69 Purpose Calculation Provides an indication of demand for the company’s products and services. Order bookings divided by net sales. ===== SIDA 147 ===== 147 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Liquidity SEK thousand Apr 30, 2026 Apr 30, 2025 Current assets 3,559,729 2,959,131 Overdraft facility granted 15,000 15,000 Current liabilities 2,211,347 1,701,450 Liquidity 1.6 1.7 Purpose Calculation Shows the company’s current ability to pay. Current assets plus overdraft facility divided by current liabilities. Average no. of employees Purpose Calculation Shows the number of full-time positions in a certain period. Average number of full-time employ- ees during the period. Unadjusted exchange rates – sales 25/26 24/25 Nominal change, % 9.3 9.3 Exchange-rate effect, % 7.2 0.9 Change in unadjusted exchange rates, % 16.5 10.2 Purpose Calculation Provides an indication of changes in financial measures for unadjusted exchange rates. Amounts for the current year restated at last year’s average exchange rates less last year’s amounts at last year’s average exchange rates, divided by last year’s amounts at last year’s rates. Unadjusted exchange rates – operating profit 25/26 24/25 Nominal change, % –1.7 39.6 Exchange-rate effect, % 15.6 1.9 Change in unadjusted exchange rates, % 13.9 41.5 Purpose Calculation Provides an indication of changes in financial measures for unadjusted exchange rates. Amounts for the current year restated at last year’s average exchange rates less last year’s amounts at last year’s average exchange rates, divided by last year’s amounts at last year’s rates. Unadjusted exchange rates – recurring revenue 25/26 24/25 Nominal change, % 18.6 19.9 Exchange-rate effect, % 8.1 0.8 Change in unadjusted exchange rates, % 26.7 20.7 Purpose Calculation Provides an indication of changes in financial measures for unadjusted exchange rates. Amounts for the current year restated at last year’s average exchange rates less last year’s amounts at last year’s average exchange rates, divided by last year’s amounts at last year’s rates. Order bookings – guaranteed Purpose Calculation Indicates future revenue in the company. The share of contracted order book- ings that corresponds to what the customer has undertaken to pur- chase when the contract is entered into. Order bookings – contracted Purpose Calculation Indicates future revenue in the company. The value of orders received that cor- responds to what the customer has procured and intends to purchase during the term of the contract. P/E ratio Apr 30, 2026 Apr 30, 2025 Share price at end of period, SEK 255.2 296.6 Earnings per share before dilution for the roll- ing 12-month period 2.93 2.92 P/E ratio, multiple 87.1 101.6 Purpose Calculation Shows how highly the market values the company’s profits and how long it will take for the shareholders to get a return on their investment. Share price at the end of the period divided by earnings per share for the most recent rolling 12-month period before dilution. Earnings per share before and after dilution 25/26 24/25 Profit after tax, SEK thousand 563,778 563,371 Average number of shares at the end of the period before and after dilution 192,667,489 192,667,489 Earnings per share before and after dilution, SEK 2.93 2.92 Purpose Calculation Shows each share’s participation in the company’s earnings during the reporting period. Profit/loss after tax divided by the average number of shares before and after dilution at the end of the period. This performance measure is defined in accordance with IFRS. Return on equity SEK thousand 25/26 24/25 Profit for the period 563,778 563,371 Equity at start of period 1,916,825 1,569,591 Equity at end of period 2,138,357 1,916,825 Average equity 2,027,591 1,743,208 Return on equity, % 27.8 32.3 Purpose Calculation Shows the return on capital attribut- able to the Parent Company owners. Profit for the period divided by average equity. Note 35 Financial definitions and alternative performance measures, cont. ===== SIDA 148 ===== 148 Sectra’s Annual Report and Sustainability Report 2025/2026 NOTES Return on capital employed (ROCE) SEK thousand 25/26 24/25 Profit after financial items 728,949 726,281 Financial expenses –7,517 –4,308 Average capital employed 2,115,428 1,808,698 Return on capital employed, % 34.8 40.4 Purpose Calculation Shows profitability based on how much capital is used in the operations. Profit after financial items plus financial expenses divided by average capital employed. Operating margin SEK thousand 25/26 24/25 Operating profit 710,635 722,997 Net sales 3,541,661 3,239,811 Operating margin, % 20.1 22.3 Purpose Calculation Measures operational profitability. This measure is used for the purpose of management by objectives in the operations. Operating profit divided by net sales. Operating profit per share 25/26 24/25 Operating profit, SEK thousand 710,635 722,997 Number of shares before dilution 192,667,489 192,667,489 Operating profit per share, SEK 3.69 3.75 Purpose Calculation Shows earnings per share before interest and taxes. Operating profit divided by the number of shares before dilution on the balance-sheet date. Debt/equity ratio SEK thousand Apr 30, 2026 Apr 30, 2025 Interest-bearing liabilities 76,483 99,190 Equity 2,138,357 1,916,825 Debt/equity ratio 0.04 0.05 Purpose Calculation Shows to what extent the operations are financed by loans and describes the company’s financial risk. Interest-bearing liabilities divided by equity. Equity/assets ratio SEK thousand Apr 30, 2026 Apr 30, 2025 Equity 2,138,357 1,916,825 Total assets 4,473,711 3,756,229 Equity/assets ratio, % 47.8 51.0 Purpose Calculation Shows the portion of assets financed with equity. This measure is used for the purpose of management by objec- tives in the operations. Equity divided by total assets on the balance-sheet date. Capital employed SEK thousand Apr 30, 2026 Apr 30, 2025 Total assets 4,473,711 3,756,229 Non-interest-bearing liabilities 2,258,871 1,740,213 Capital employed 2,214,840 2,016,016 Purpose Calculation Shows the portion of the company’s assets that has been borrowed from, for example, the company’s owners or external lenders, and shows the com- pany’s profitability in relation to exter- nally financed capital and equity. Total assets reduced by non- interest- bearing liabilities. Growth in operating profit per share over a five-year period SEK 25/26 24/25 Operating profit per share 3,688 3,752 Operating profit per share, five years earlier 1,817 1,534 Growth in operating profit per share over a five-year period, % 103.0 144.6 Purpose Calculation Shows the growth of the operations over a five-year period. This measure is used for the purpose of manage- ment by objectives in the operations. Operating profit per share on the balance-sheet date less operating profit per share on the balance-sheet date five years earlier divided by operating profit per share on the balance-sheet date five years earlier. Profit margin SEK thousand 25/26 24/25 Profit after financial items 728,949 726,281 Net sales 3,541,661 3,239,811 Profit margin, % 20.6 22.4 Purpose Calculation Shows a comparison of profitability regardless of corporate tax rate. Profit after financial items divided by net sales. Note 35 Financial definitions and alternative performance measures, cont. ===== SIDA 149 ===== 149 Sectra’s Annual Report and Sustainability Report 2025/2026 Board of Directors’ affirmation and auditors’ reports ===== SIDA 150 ===== We believe that the consolidated financial statements and Annual Report were prepared in accordance with the IFRS Accounting Standards as adopted by the EU and generally accepted accounting principles and present a true and fair view of the Group’s and the Parent Company’s financial position and earnings. The Administration Report for the Group and the Parent Com ‑ pany presents a fair review of the Group’s and the Parent Compa ‑ Torbjörn Kronander President and CEO Board member Jan-Olof Brüer Chairman of the Board Birgitta Hagenfeldt Board member Anders Persson Board member Tomas Puusepp Board member Fredrik Robertsson Board member Olof Sandberg Board member Employee representative Alva Mårdsjö Board member Employee representative Our auditor’s report on the annual accounts and consoli- dated accounts was submitted on July 8, 2026. Our limited assurance report on the statutory sustain - ability report was submitted on July 8, 2026. Ernst & Young AB Andreas Troberg Auktoriserad revisor The contents of this Annual Report were adopted on July 7, 2026. Linköping, July 7, 2026 Ulrika Unell Board member ny’s operations, financial position and earnings and describes the material risks and uncertainties facing the Parent Company and the companies included in the Group. The Annual Report also includes the Group’s and the Parent Company’s statutory Sustainability Report in accordance with Chapter 6, Section 10 of the Annual Accounts Act (refer to page 80). Board of Directors’ affirmation Sectra’s Annual Report and Sustainability Report 2025/2026 150 ===== SIDA 151 ===== 151AUDITOR’S REPORT Sectra’s Annual Report and Sustainability Report 2025/2026 Report on the annual accounts and consolidated accounts Opinions We have audited the annual accounts and consolidated accounts of Sectra AB (publ) for the financial year May 1, 2025 – April 30, 2026, except for the sustainability report on pages 80–116. The annual accounts and consolidated accounts of the company are included on pages 70–150 in this document. In our opinion, the annual accounts have been prepared in accor‑ dance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company as of April 30, 2026 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consoli‑ dated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of April 30, 2026 and their financial perfor‑ mance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. Our opinions do not cover the sustainability report on pages 80‑116. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent com‑ pany and the group. Our opinions in this report on the annual accounts and consoli‑ dated accounts are consistent with the content of the additional report that has been submitted to the parent company’s audit committee in accordance with the Audit Regulation (537/2014) Article 11. Basis for Opinions We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided to the audited company or, where applicable, its parent company or its controlled companies within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Key Audit Matters Key audit matters of the audit are those matters that, in our profes‑ sional judgment, were of most significance in our audit of the annual accounts and consolidated accounts of the current period. These matters were addressed in the context of our audit of, and in forming our opinion thereon, the annual accounts and consolidated accounts as a whole, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our Auditor’s report To the general meeting of the shareholders of Sectra AB (publ), corporate identity number 556064-8304 Revenue recognition Description How our audit addressed this key audit matter The Company enters into contract arrangements with customers that contain multiple performance obligations, such as transfer of hardware, software, and/or services. For these arrangements, management judg- ment is applied to allocate revenue to each performance obligation as these obligations are fulfilled at different points in time and/or over time. The Company also has fixed-price projects where performance obliga- tions are fulfilled over time and the completion ratio is primarily deter- mined comparing the incurred cost to estimated total cost. Manage- ment judgment is involved in estimating the cost to complete including the assessment of the remaining contingencies for projects until final delivery and acceptance. Due to the degree of management judgment in arrangements containing multiple performance obligations and fixed-price projects, these types of arrangements have been a key audit matter in our audit. Accounting principles for revenue recognition are included in section Accounting principles, Note 1 as well as key assumptions and judgments used for customer arrangements. In note 2 revenue for each segment is presented. Our audit procedures in order to address this area, included, amongst others; • Evaluated the Company’s accounting principles for Revenue from Contracts with Customers. • Audited on sample basis the contract arrangements that contained multiple performance obligations, in order to test when the revenue was recognized for each performance obligation. • Examined revenue recognition timing for revenue recognized over time. • Evaluated significant estimates and judgments made by management. • Assessed whether the information disclosed in the financial statement is appropriate. ===== SIDA 152 ===== 152 AUDITOR’S REPORT Sectra’s Annual Report and Sustainability Report 2025/2026 Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. As part of an audit in accordance with ISAs, we exercise profes‑ sional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material mis‑ statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of the company’s internal control relevant to our audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the Managing Director. • Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of account‑ ing in preparing the annual accounts and consolidated accounts. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company’s and the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify our opinion about the annual accounts and consolidated accounts. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company and a group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclo‑ sures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient and appro‑ priate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated accounts. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our opinions. We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified. We must also provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the proce‑ dures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements. Other Information than the annual accounts and consolidated accounts This document also contains other information than the annual accounts and consolidated accounts and is found on pages 1–63 and 80–116. The remuneration report for financial year May 1, 2025 – April 30, 2026 is considered other information. The Board of Directors and the Managing Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information. In connection with our audit of the annual accounts and consoli‑ dated accounts, our responsibility is to read the information identi‑ fied above and consider whether the information is materially incon‑ sistent with the annual accounts and consolidated accounts. In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other informa‑ tion, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accor‑ dance with IFRS Accounting Standards as adopted by the EU. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated accounts, The Board of Directors and the Managing Director are responsible for the assessment of the company’s and the group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intends to liquidate the com‑ pany, to cease operations, or has no realistic alternative but to do so. The Audit Committee shall, without prejudice to the Board of Director’s responsibilities and tasks in general, among other things oversee the company’s financial reporting process. Auditor’s responsibility Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in ===== SIDA 153 ===== 153AUDITOR’S REPORT Sectra’s Annual Report and Sustainability Report 2025/2026 independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our inde‑ pendence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the annual accounts and consolidated accounts, including the most important assessed risks for material misstatement, and are therefore the key audit matters. We describe these matters in the auditor’s report unless law or regulation precludes disclosure about the matter. Report on other legal and regulatory requirements Report on the audit of the administration and the proposed appropriations of the company’s profit or loss Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of Sectra AB (publ) for finan‑ cial year May 1, 2025 – April 30, 2026 and the proposed appropria‑ tions of the company’s profit or loss. We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statu‑ tory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year. Basis for opinions We conducted the audit in accordance with generally accepted audit‑ ing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have other‑ wise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Responsibilities of the Board of Directors and the Managing Director The Board of Directors is responsible for the proposal for appropria‑ tions of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s and the group’s type of operations, size and risks place on the size of the parent com‑ pany’s and the group’s equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the company’s organiza‑ tion and the administration of the company’s affairs. This includes among other things continuous assessment of the company’s and the group’s financial situation and ensuring that the company’s organiza‑ tion is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing adminis‑ tration according to the Board of Directors’ guidelines and instruc‑ tions and among other matters take measures that are necessary to fulfill the company’s accounting in accordance with law and handle the management of assets in a reassuring manner. Auditor’s responsibility Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect: • has undertaken any action or been guilty of any omission which can give rise to liability to the company, or • in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guar‑ antee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act. As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgment and main‑ tain professional skepticism throughout the audit. The examination of the administration and the proposed appropriations of the compa‑ ny’s profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on our professional judgment with starting point in risk and materiality. This means that we focus the examination on such actions, areas and relationships that are material for the operations and where deviations and viola‑ tions would have particular importance for the company’s situation. We examine and test decisions undertaken, support for decisions, actions taken and other circumstances that are relevant to our opinion concerning discharge from liability. As a basis for our opinion on the Board of Directors’ proposed appropriations of the company’s profit or loss we examined the Board of Directors’ reasoned statement and a selection of supporting evidence in order to be able to assess whether the proposal is in accordance with the Companies Act. The auditor’s examination of the ESEF report Opinion In addition to our audit of the annual accounts and consolidated accounts, we have also examined that the Board of Directors and the Managing Director have prepared the annual accounts and consoli‑ dated accounts in a format that enables uniform electronic reporting (the ESEF report) pursuant to Chapter 16, Section 4(a) of the Swed‑ ish Securities Market Act (2007:528) for Sectra AB (publ) for the financial year May 1, 2025 – April 30, 2026. Our examination and our opinion relate only to the statutory requirements. In our opinion, the ESEF report has been prepared in a format that, in all material respects, enables uniform electronic reporting. ===== SIDA 154 ===== 154 AUDITOR’S REPORT Sectra’s Annual Report and Sustainability Report 2025/2026 Basis for opinion We have performed the examination in accordance with FAR’s recommendation RevR 18 Examination of the ESEF report. Our responsibility under this recommendation is described in more detail in the Auditors’ responsibility section. We are independent of Sectra AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the ESEF report in accordance with Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), and for such internal control that the Board of Directors and the Managing Director determine is necessary to prepare the ESEF report without material misstatements, whether due to fraud or error. Auditor’s responsibility Our responsibility is to obtain reasonable assurance whether the ESEF report is in all material respects prepared in a format that meets the requirements of Chapter 16, Section 4(a) of the Swedish Securi‑ ties Market Act (2007:528), based on the procedures performed. RevR 18 requires us to plan and execute procedures to achieve reasonable assurance that the ESEF report is prepared in a format that meets these requirements. Reasonable assurance is a high level of assurance, but it is not a guarantee that an engagement carried out according to RevR 18 and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggre‑ gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the ESEF report. The audit firm applies ISQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or other Assurance or Related Services Engagements which requires the firm to design, implement and operate a system of quality management, including policies and procedures regarding compliance with profes‑ sional ethical requirements, professional standards and applicable legal and regulatory requirements. The examination involves obtaining evidence, through various procedures, that the ESEF report has been prepared in a format that enables uniform electronic reporting of the annual and consolidated accounts. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement in the report, whether due to fraud or error. In carrying out this risk assess‑ ment, and in order to design audit procedures that are appropriate in the circumstances, the auditor considers those elements of internal control that are relevant to the preparation of the ESEF report by the Board of Directors and the Managing Director, but not for the pur‑ pose of expressing an opinion on the effectiveness of those internal controls. The examination also includes an evaluation of the appro‑ priateness and reasonableness of assumptions made by the Board of Directors and the Managing Director. The procedures mainly include a technical validation of the ESEF report, i.e. if the file containing the ESEF report meets the technical specification set out in the Commission’s Delegated Regulation (EU) 2019/815 and a reconciliation of the ESEF report with the audited annual accounts and consolidated accounts. Furthermore, the procedures also include an assessment of whether the ESEF report has been marked with iXBRL which enables a fair and complete machine‑readable version of the consolidated state‑ ment of financial performance, financial position, changes in equity and cash flow. Ernst & Young AB, Box 7850, 103 99 Stockholm, was appointed auditor of Sectra AB (publ) by the general meeting of the sharehold‑ ers on September 9, 2025 and has been the company’s auditor since September 8, 2020. Stockholm July 8, 2026 Ernst & Young AB Andreas Troberg Authorized Public Accountant ===== SIDA 155 ===== 155AUDITOR’S ASSURANCE REPORT Sectra’s Annual Report and Sustainability Report 2025/2026 Conclusion We have conducted a limited assurance engagement of the sustain‑ ability statement prepared by Sectra AB (the company) for the finan‑ cial year ending 2026‑04‑30. The sustainability statement is included on pages 80–116 of this document. Based on our limited assurance engagement as described in the section Auditor’s Responsibility, nothing has come to our attention that causes us to believe that the sustainability statement is not, in all material respects, prepared in accordance with the Swedish Annual Accounts Act, which includes: • Whether the sustainability statement meets the requirements of ESRS • Whether the process carried out by the company to identify reported sustainability information has been conducted as described in the sustainability statement; and • Compliance with the reporting requirements in Article 8 of the EU’s Green Taxonomy Regulation. Basis for Conclusion We have conducted the limited assurance engagement in accordance with FAR’s recommendation RevR 19 – Revisorns översiktliga granskning av den lagstadgade hållbarhetsrapporten. Our responsi‑ bility under this recommendation is described in more detail in the section Auditor’s Responsibility. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Other Information than the sustainability statement This document also contains other information than the sustainabil‑ ity statement, found on pages 1–79, 117–159 and 151–156. The Board of Directors and the Managing Director are responsible for this other information. Our conclusion on the sustainability statement does not cover this other information, and we do not express any conclusion with assur‑ ance regarding this other information. In connection with our limited assurance engagement on the sus‑ tainability statement, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the sustainability statement. In this procedure we also take into account our knowledge otherwise obtained in the limited assurance engagement and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other informa‑ tion, we are required to report that fact. We have nothing to report in this regard. Other matter The sustainability statement for the previous financial year ending 2025‑04‑30 has not been subject to a limited assurance engagement according to RevR 19 Revisorns översiktliga granskning av den lagstadgade hållbarhetsrapporten. Therefore, no limited assurance of comparative figures in the sustainability statement for the financial year ending 2026‑04‑30 has been performed. Responsibilities of the Board of directors and Managing Director The Board of Directors and the Managing Director are responsible for the preparation of sustainability statement in accordance with Chapter 6, Sections 12–12f of the Swedish Annual Accounts Act, and for such internal control as the Board of Directors and the Man‑ aging Director determine is necessary to enable the preparation of the sustainability statement that is free from material misstatements, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express a conclusion whether the sustainabil‑ ity statement is prepared in accordance with Chapter 6, Sections 12–12 f of the Swedish Annual Accounts Act based on our limited assurance engagement. The limited assurance engagement has been conducted in accor‑ dance with FAR’s recommendation RevR 19 Revisorns översiktliga granskning av den lagstadgade hållbarhetsrapporten. This recom‑ mendation requires that we plan and perform our procedures to obtain limited assurance that the sustainability statement is prepared in accordance with these requirements. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assur‑ ance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assur‑ ance that would have been obtained had a reasonable assurance engagement been performed. This means that it is not possible for us to obtain such assurance that we become aware of all significant matters that could have been identified if a reasonable assurance engagement had been performed. Our firm applies ISQM 1 (International Standard on Quality Management), which requires the firm to design, implement, and manage a quality management system including guidelines or proce‑ dures regarding compliance with ethical requirements, standards of professional practice, and applicable laws and regulations. We are independent of Sectra AB in accordance with professional ethics for accountants in in Sweden and have otherwise fulfilled our ethical responsibilities according to these requirements. A limited assurance engagement involves performing procedures to obtain evidence to support the sustainability information. The audi‑ tor selects the procedures to be performed, including assessing the risks of material misstatements in the sustainability statement, whether due to fraud or error. In this risk assessment, the auditor considers the parts of the internal control that are relevant to how the Board of Directors and the Managing Director prepares the sustain‑ ability statement, in order to design procedures that are appropriate under the circumstances, but not for the purpose of providing a conclusion on the effectiveness of the company’s internal control. The review consists of making inquiries, primarily of persons Auditor’s limited assurance report on Sectra AB’s sustainability statement To the General Meeting of the shareholders of Sectra AB (publ), corporate identity number 556064-8304 ===== SIDA 156 ===== 156 AUDITOR’S ASSURANCE REPORT Sectra’s Annual Report and Sustainability Report 2025/2026 responsible for the preparation of the sustainability statement, performing analytical review, and conducting other limited review procedures. Our review procedures regarding the sustainability statement included, but were not limited to the following: • Through inquiries, obtaining a general understanding of the internal control environment, reporting processes, and information systems relevant to the preparation of the information in the sustainability statement. • Evaluating whether information identified as material through the process the company has undertaken to identify the content of the sustainability statement is also included. • Evaluating whether the structure and presentation of the sustain‑ ability statements are consistent with the requirements of ESRS. • Conducting inquiries with relevant personnel and analytical review procedures regarding selected disclosures in the sustainability statements. • Performing substantive review procedures based on a sample of selected disclosures in the sustainability statements. • Obtain, through inquiries and analytical review procedures, support for the methods used for preparing material estimates and forward‑looking information and on how these methods were applied. Our review procedures regarding the process the company have undertaken to identify sustainability information to report included, but were not limited to the following: Obtaining an understanding of the process by; • Conducting inquiries to understand the sources of the information used by management (e.g., stakeholder dialogues, business plans, and strategy documents). • Reviewing the company’s internal documentation of its process. • Evaluating whether the information obtained from our procedures regarding the process implemented by the company aligns with the description of the process on page 93 in the sustainability statement. Our review procedures regarding the taxonomy disclosures included but was not limited to the following review procedures: • Obtaining an understanding of the process for identifying economic activities that are covered by and are consistent with the EU Green Taxonomy and the corresponding disclosures in the sustainability statement by; • Conducting inquiries to relevant personnel and analytical review procedures on the taxonomy disclosures. • Conducting inquiries to understand the sources of the information used in the taxonomy disclosures. • Evaluating whether the presentation of the taxonomy disclosures is consistent with the requirements of the EU Taxonomy Regulation. Inherent limitations In reporting forward‑looking information in accordance with ESRS, the board and management of Sectra AB must prepare forward‑looking information based on specified assumptions about events that may occur in the future and possible future activities of Sectra AB. Actual outcomes are likely to differ as expected events often do not occur as anticipated. Stockholm, 8 July, 2026 Ernst & Young AB Andreas Troberg Authorized Public Accountant ===== SIDA 157 ===== 157 Sectra’s Annual Report and Sustainability Report 2025/2026 Other information ===== SIDA 158 ===== 158 GLOSSARY Sectra’s Annual Report and Sustainability Report 2025/2026 Artificial intelligence (AI) A collective term for the scientific field that studies the creation of machines and computer programs that display intelligent behavior. AI research encompasses numerous disciplines, including everything from studying philosophical issues to developing tangible technological solu- tions in such areas as medical diagnostics. Autonomous AI A form of AI that can perform tasks and make independent decisions based on defined objec- tives and available information with limited human intervention. Cardiology The field of medicine dealing with the functions and diseases of the heart. Cloud From the term cloud computing, meaning that computer power is distributed over the internet or company-specific intranets and not on indi- vidual computers. Critical infrastructure Basic infrastructure that is essential for the functioning of society, such as healthcare, digital infrastructure, bank-related activities, transpor- tation, energy, and water supply. Education portal A cloud-based platform that provides users with access to a large digital library of quality- assured and anonymous medical cases and images as well as the opportunity for distance learning. Encryption Equipment that uses mathematical manipula- tions (algorithms and keys) to encrypt informa- tion, so that it can be interpreted or read only by the intended recipient. To read encrypted information, the recipient must have the correct key and algorithm. Genomics The study of genetic material, meaning an organism’s DNA. In medicine, a patient’s genetic material is studied to increase understanding of the causes of disease. In cancer diseases, for example, a tumor’s mutations are studied in DNA. The genetic information plays an import- ant role in diagnosing cancer and customizing treatment, known as precision medicine. Integrated diagnostics Diagnostic collaboration between different med- ical specialties, for example, between patholo- gists and radiologists for diagnosing, treating and monitoring cancer patients. Integrated diagnostics is facilitated by digital technology, computer algorithms, clinical workflows and extended reporting to the patient’s physician. Mammography A radiology-based breast examination used to detect breast cancer at an early stage in asymptomatic women. Medical IT Information technology (e.g. software) used in healthcare. Medical diagnostic imaging Using images (e.g. from radiology examinations or tissue samples) to assess a patient’s medical condition. It could, for example, concern detect- ing an illness, assessing the course of an illness, or providing guidance for suitable treatment. Molecular diagnostics Field of medicine that uses various techniques to analyze genetic material (DNA/RNA) and proteins in order to detect diseases or adapt treatments based on molecular changes. Musculoskeletal diseases A collective term for diseases affecting the body’s musculoskeletal system, including the skeleton, muscles, joints and tendons. Net Promoter Score (NPS) A key figure for customer loyalty based on the question: “How likely is it that you would recommend this company to a friend or colleague?” The responses are on a scale from 0 to 10, where 0 means “not at all likely” and 10 means “highly likely.” The NPS is the sum of the percentage of promoters (i.e. those who responded with 9 or 10) minus the percentage of detractors (i.e. all those who responded between 0 and 6). Operational technology (OT) Hardware and/or software that controls and monitors devices, for example valves and pumps, that are part of a physical process. The terms industrial control systems (ICS) and supervisory control and data acquisition (SCADA) systems are also commonly used to denote systems for operational technology. Ophthalmology A specialist medical area for the diagnosis and treatment of eye disorders. Orthopaedics A surgical specialty for disorders affecting the musculoskeletal system, meaning the skeleton, joints, tendons, other connective tissue and peripheral nerves. Osteoarthritis Arthritis or osteoarthritis is an inflammatory disease in the joints where the cartilage in one or several of the body’s joints gradually breaks down. Pathology, digital pathology A specialized medical area that uses tissues and body fluids for diagnostic purposes. By digitizing the workflow, pathologists can review tissue samples digitally instead of with a microscope. Picture archiving and communication system (PACS) A system for managing medical images, such as digital radiology images. Precision medicine Providing patient care that is highly adapted to individual conditions rather than “one size fits all.” Advanced diagnostic analyses are a corner- stone of precision medicine. Process industry A type of automated manufacturing industry with several manufacturing processes, such as the paper industry, the petrochemical industry, and iron and steelworks. Radiology A health science discipline and medical specialty that uses technologies for imaging the human body, such as X-ray, magnetic resonance imag- ing (MRI) and ultrasound. Sectra One/Sectra One Cloud Subscription for Sectra’s enterprise imaging solution. Sectra One means that customers pay a more evenly distributed subscription fee every year instead of paying a higher license fee for software at the start of the contract and a lower rolling service fee. The fee is determined based on the functionality used and the number of different services that are utilized. When Sectra One is sold as fully cloud-based services, it is referred to as Sectra One Cloud. Software as a Service (SaaS) This means that software will be delivered as a service. It may also include technology, opera- tion and support in addition to the functionality of the specific software. Virtual private network (VPN) A technology used to create a secure connec- tion or “tunnel” between two points along an unsecured data network, such as the internet. Visualization table Large, interactive touch screen with an image- viewing program that enables interaction with 3D images of human and animal bodies. Glossary ===== SIDA 159 ===== 159ANNUAL GENERAL MEETING, FINANCIAL CALENDAR, CONTACT INFORMATION Sectra’s Annual Report and Sustainability Report 2025/2026 2026 AGM The AGM is scheduled for September 8, 2026 in Linköping, Sweden. Further information, the meeting notice and meeting documentation will be available at investor.sectra.com/agm2026 Notice Official notice will be distributed not earlier than six weeks and not later than four weeks prior to the AGM in the form of a press release and publication on Sectra’s website. The notice will be announced in the Swedish Official Gazette (Post- och Inrikes Tidningar) and an announcement that notice has been given will be published in Svenska Dagbladet. Shareholders who wish to receive the notice by email and subscribe for information from the company need to fill in their contact information on the company’s website investor.sectra.com/subscribe. Documents The complete proposals for resolution and other documents will be available not later than August 18, 2026 (three weeks prior to the AGM) on Sectra’s website. Shareholders who wish to receive these documents by mail should contact the company by tele - phone +46 (0)13 23 52 00 or by email info.investor@sectra.com. 2026/2027 financial calendar September 4, 2026 Three-month report November 25, 2026 Six-month report March 3, 2027 Nine-month report June 4, 2027 Year-end report Distribution of the Annual Report The Annual Report is published on Sectra’s website. A summary of the fiscal year and a message announcing that the report is available will be sent by mail to all shareholders registered with Euroclear Sweden AB on May 31, 2026. This document contains materials protected by copyright. All rights are reserved. For information on Sectra’s trademarks, refer to: sectra.com/legal Sectra’s intellectual property rights include a number of patents. For more infor - mation, visit: https:/ /sectra.com/patents/ Contact information, Sectra Group Headquarters Sectra AB Teknikringen 20 SE-583 30 Linköping Email: info@sectra.com Tel: +46 (0)13 23 52 00 sectra.com For further contact information for Sectra’s global offices, visit sectra.com/contact Contact for shareholders and investors Sectra’s website for investors: investor.sectra.com Shareholder contact Helena Pettersson Chief Investor Relations Officer Email: info.investor@sectra.com Tel: +46 (0)13 23 52 04 Subscription Financial reports, press releases and corporate governance information are available on the Group’s website investor.sectra.com To subscribe and receive information by email, register your contact information at investor.sectra.com/subscribe Give us your feedback We would like to know why you chose to buy shares in Sectra and what you think of your investment and confidence in the company. Please take time to answer Sectra’s shareholder survey. Your feedback is important! Give us feedback: investor.sectra.com/irsurvey Nordic Swan Ecolabel, printed matter, 4041 0991 Nordic Swan Ecolabel, printed matter, 4041 0991 Printed matter 4041 0991 NORDIC SWAN ECOLABEL NORDIC SWAN ECOLABEL Printed matter 4041 0991 Nordic Swan Ecolabel, printed matter, 4041 0991 NORDIC SWAN ECOLABEL Printed matter 4041 0991 NORDIC SWAN ECOLABEL Printed matter 4041 0991 Printed matter 4041 0991 NORDIC SWAN ECOLABEL NORDIC SWAN ECOLABEL Printed matter 4041 0991 ===== SIDA 160 ===== We help hospitals and those who are training future healthcare personnel to improve their effi ciency so that patients can receive better care. We help authorities and critical social functions with cybersecurity.