Årsredovisning 2026

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
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===== 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

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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 
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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.
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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
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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.
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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.
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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.
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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 ‑
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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.
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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

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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.

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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.

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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.

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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.

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 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.

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 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.

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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.

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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

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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

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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.

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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
–

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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.

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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.

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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

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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.

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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

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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

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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

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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

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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.

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