Årsredovisning 2026

Sectra’s Annual Report and Sustainability Report 2025/2026
103ADMINISTRATION REPORT – SUSTAINABILITY REPORT
 S1-9  Diversity metrics
This disclosure requirement refers to the gender balance at top 
management level (number and percentage) and the age distribu ‑
tion of the company’s employees in three groups: under 30 years 
old, 30–50 years old, and over 50 years old. The aim is to provide 
transparency on the diversity and demographic composition of  
the organization.
Gender distribution at top management 1 level 2025/2026
Gender Number Share
Female 3 50%
Male 3 50%
Total 6 100%
1 Top management corresponds to Group Management.
Age distribution of employees 2025/2026
Age category
Number of 
employees Share
Under 30 years old 224 16%
30–50 798 59%
Over 50 years old 210 15%
Not reported 129 9%
Total 1,361 100%
 S1-10  Adequate wages
Sectra operates in markets where working conditions are well 
 regulated through legislation and established labor market prac ‑
tices. The company operates in an international and knowledge ‑ 
intensive environment with intense competition for skilled labor, 
and the remuneration of employees is determined on the basis of 
the actual role, responsibilities and skills, while taking relevant 
market conditions into account. Sectra applies market ‑based 
remuneration levels and complies with applicable labor legislation, 
collective practices and internal governing documents in all mar ‑
kets where the company operates. In addition, CEO instructions 
explicitly require the management of the Parent Company and the 
respective subsidiaries to comply with national labor laws and apply 
sound personnel management principles.
The EU’s work on common benchmarks for living wages is not 
yet fully implemented, and comparisons between the European 
countries where Sectra operates have therefore not been established. 
Within the Group, the majority of the company’s employees are 
highly educated specialists and senior managers with remuneration 
levels that clearly exceed statutory and practice ‑based minimum 
conditions. The roles that could theoretically be subject to lower 
remuneration levels are mainly certain administrative or support 
positions in individual countries, where local labor market con ‑
ditions and entry levels are generally lower. Against this back ‑
ground, Sectra has not currently identified any indication that the 
remuneration to employees will fall below what can be considered 
a reasonable living wage according to the ESRS. Sectra has not 
identified any material negative impact linked to inadequate salary 
levels for its own workforce to date, but plans to continue examin ‑
ing this area in future reports.
Number of employees and type of employment
2025/2026
Type of employment Female Male Other Not disclosed Total
Number of employees 479 957 N/A N/A 1,436
Number of permanent employees 445 916 N/A N/A 1,361
Number of temporary employees 34 41 N/A N/A 75
Number of full-time employees 419 875 N/A N/A 1,294
Number of part-time employees 60 82 N/A N/A 142
Gender balance
Gender Number of employees (head count)
Male 957
Female 479
Total employees 1,436
Employee turnover and departures
Metric Total
Number of employees who left  
during the period 1 80
Employee turnover 6%
1 Based on permanent employees and the average number of employees.
Employees by country 
Country 1 Number of employees (head count)
Sweden 680
US 234
UK 140
1 Countries with at least 50 employees representing at least 10% of the total 
number of employees.

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Sectra’s Annual Report and Sustainability Report 2025/2026
104 ADMINISTRATION REPORT – SUSTAINABILITY REPORT
 S1-14  Health and safety metrics
Sectra continuously monitors health and safety issues in the Group 
and plans to publish more data on this in future reports. The 
company does not currently have a formalized occupational health 
and safety management system based on recognized standards or 
frameworks. Accordingly, 0% of the company’s own workforce is 
covered by such a system. Instead, occupational health and safety 
management is carried out through established processes and pro ‑
cedures in accordance with applicable health and safety legislation.
Employees
Percentage of own workforce covered by a health  
and safety management system 0
Number of fatalities as a result of work-related  
injuries and work-related ill health among other  
workers at workplaces 0
Number of cases of recordable work-related accidents 6
Frequency of recordable work-related accidents 2.4
The above metrics refer to work‑related accidents within the com ‑
pany’s own workforce during the reporting period and are based 
on reported incidents. Data is retrieved from internal systems for 
Swedish units and through manual collection for international 
units, which leads to some uncertainty in the data. Frequency is 
calculated based on actual working time where available and other ‑
wise on estimated working time per FTE.
 S1-16  Remuneration metrics
Sectra strives for diversity and gender equality, and to have clear 
remuneration guidelines in place that promote equal treatment in 
matters of employment conditions, remuneration and opportunities 
for individual development in the workplace. The remuneration 
offered by the company and revision of remuneration are to be 
based on three parameters: Sectra’s financial performance during 
the year, the individual’s performance during the year, and market 
conditions. Sectra offers both remuneration according to fixed 
remuneration levels and variable components such as various types 
of bonuses where applicable. 
The individual objectives, which are part of the evaluation of the 
individual’s performance during the year, as well as the individual’s 
role description, which also forms the basis for the evaluation, are 
important components and tools to ensure equal and competitive 
pay. A remuneration survey is conducted annually and reported 
at Board level to further ensure equal and competitive pay. The 
objective is for equivalent work to result in equivalent pay. If devi ‑
ations are identified, they are further investigated and actions are 
proposed and implemented where necessary. 
Average pay gap
The average pay gap is calculated as the difference between the 
average annual salary paid during the fiscal year between men and 
women divided by the average annual salary for men, expressed as 
a percentage of the average annual salary for men. All employees at 
all service levels within the Group have been included. The calcula ‑
tion was carried out using the average values regardless of degree of 
employment and geographic location. Part ‑time figures have been 
adjusted upwards to full ‑time equivalents to obtain comparable 
figures. The calculation also took into account whether employees 
had worked for the entire fiscal year or only part of it. The calcula ‑
tion method follows the standards in S1 ‑16.
There are risks linked to possible uncertainty in data collection 
given the manual collection method, which always entails a risk  
of errors. A reasonableness assessment was performed to address 
these risks.
Average total pay (%) 25/26
Gender pay gap 11.49
Sectra’s starting point is that remuneration should be equal. The 
reported unadjusted gender pay gap that arises at Group level is due 
to the overall composition of roles and positions and the availability 
of more male engineers. The Group strives for equal remuneration 
and applies objective criteria when setting salaries. Pay data is 
monitored to identify and address any differences in remuneration 
for equal work or work of equal value.
Annual total remuneration ratio
This metric is calculated as the ratio between the highest paid per ‑
son in the company compared to the median salary of all employ ‑
ees. Sectra has collected figures for the entire Group regardless of 
role, employment level and nationality. To enable the calculation, 
only people employed in the last 12 months have been included in 
the figures and underlying medians for the countries in question 
have been used. 
Only remuneration paid during the period has been included in 
the remuneration. No severance pay has been included. The exist ‑
ing long‑term Group‑wide incentive programs did not result in any 
actual payment during the fiscal year, and were therefore excluded 
from the calculation. The exact amounts for the incentive programs 
are determined when they expire, so their inclusion would not give 
a true and fair view. The calculation method follows the standard 
in ESRS S1‑16.
Total remuneration 25/26
Annual total remuneration ratio 17. 41 
The ratio of median total remuneration excluding the highest paid 
individual to the total remuneration of the highest paid individual 
reflects differences in responsibility, position and remuneration 
structure between different roles. The ratio is reported at an aggre ‑
gate level and should not be interpreted as a comparison between 
individual positions.
 S1-17  Incidents, complaints and severe human rights impacts
Sectra operates in countries with extensive labor legislation and 
established mechanisms to prevent discrimination, harassment and 
other human rights violations. During the reporting period, no 
incidents or complaints concerning the company’s own workforce 
were registered through the company’s formal internal reporting 
channels, including the whistleblower function. Furthermore, 
no cases concerning Sectra were reported to the OECD National 
Contact Points for Responsible Business Conduct. 
Given that no incidents or complaints were recorded, no fines, 
sanctions, damages or other compensation were paid out during the 
period, which is consistent with the information provided in the 
financial statements. 
The information is based on a compilation of HR processes, local 
labor law records, internal reporting, and the company’s whistle ‑
blowing channels.
Sectra did not identify any serious human rights incidents (such 
as forced labor, child labor, or human trafficking) in its own opera ‑
tions during the reporting period. The company’s zero tolerance of 
human rights violations is stipulated in the Code of Conduct (see 
ESRS 2).

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Sectra’s Annual Report and Sustainability Report 2025/2026
105ADMINISTRATION REPORT – SUSTAINABILITY REPORT
Strategy
 SBM-2  Interests and views of stakeholders
Dialogues are continually held with customers and end ‑users as 
part of customer relationships and project implementation. Dia ‑
logues are structured through documented work methods that are 
integrated into the Group’s management system. These dialogues 
also cover issues concerning respect for fundamental rights such 
as privacy and data protection. Where necessary, relevant func ‑
tions are involved to ensure appropriate handling, feedback and 
follow‑up.
Insights from the dialogues are used to further develop the 
business model, products and long ‑term strategy. Requirements 
or views not addressed by existing processes are analyzed and, if 
deemed significant, may lead to updates to work methods and gov ‑
ernance practices following a decision by the relevant management. 
Sectra also monitors customer ‑centric activities through internal 
result indicators, such as customer visits per employee and year.
For further information on how the interests and views of 
 customers and end‑users are taken into account, see ESRS 2 on 
page 91.
 SBM-3  Material impacts, risks and opportunities and their 
interaction with strategy and business model
The groups likely to experience material impacts include patients 
whose sensitive personal data is processed in the systems we provide 
to our customers, healthcare personnel who depend on reliable 
information for healthcare decisions, and users of our classified 
communication and information security solutions. Potential neg ‑
ative impacts mainly relate to the risk of privacy breaches and data 
protection risks, especially as some products process sensitive and, 
in some cases, classified information. 
Risks, such as cyberthreats, can be external and recurring, while 
there are also risks related to individual incidents or business 
relationships. A changed global situation and increased regulation 
mean increased demands for proactive security work and incident 
management, which affects both customers and suppliers in critical 
operations. Sectra’s customers operate critical societal functions, 
which means that they are extremely dependent on the mainte ‑
nance of the systems’ security and their ability to handle informa ‑
tion as well as on ongoing maintenance of systems and hardware. 
Sectra’s solutions contribute to a potential positive impact by 
supporting efficient and secure healthcare and by strengthening 
information security in critical societal functions. In medical 
imaging IT, this includes access to and secure processing of medical 
images and related patient information, which can contribute to 
improved diagnostics and quality of care. In cybersecurity and 
secure communication solutions, this means robust protection of 
confidentiality, accuracy and availability as well as enabling secure 
communication in organizations with strict security requirements. 
The identified impacts are crucial to the company’s strategic 
direction, including a focus on customer value, long ‑term quality 
and information security and data protection as a matter of trust 
where end‑user needs and requirements influence the design and 
development of future products. 
Business risks include cyberthreats, regulatory requirements and 
trust risks, while business opportunities include a growing global 
need for robust information security and reliable IT solutions 
in healthcare and critical operations. Sectra is continuing to 
strengthen its customer relationships in all markets by offering 
high‑quality products and services with a high level of privacy pro ‑
tection in order to meet and exceed our customers’ high demands. 
S4 Consumers and end-users
As a customer-oriented company, Sectra focuses on customer and 
end-user experience, quality and satisfaction in both the develop -
ment and the delivery of products and services.
 Two material sustainability matters related to end-users have 
been identified: protection of personal data and privacy, where there 
is a risk of potential negative impacts, and access to accurate and 
reliable information, where the operations are deemed to be able 
to contribute to a positive impact that simultaneously gives rise to 
financial opportunities. This impact arises through Sectra’s prod -
ucts and services in medical imaging IT and cybersecurity as well as 
through the value chain. It is closely linked to the Group’s strategy of 
creating customer value through long-term quality, product safety 
and secure information management.
Sustainability matter
Where in  
the value chain Material impact Financial effect
Upstream
Own  
operations
Down-
stream
Privacy Potential negative No material financial effect
Access to quality information Actual positive Financial opportunity

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Sectra’s Annual Report and Sustainability Report 2025/2026
106 ADMINISTRATION REPORT – SUSTAINABILITY REPORT
Impact, risk and opportunity management
 S4-1  Policies related to consumers and end-users
Sectra has Group ‑wide policies and governing documents that 
describe how the operations manage risks and opportunities for 
customers and end‑users, primarily regarding the protection of 
personal data and privacy as well as access to accurate, reliable 
and secure information. Key policies are the Information Security 
Policy, the Data Protection Policy, the Quality Policy and related 
governing documents. These aim to ensure the confidentiality, 
accuracy and availability of information, meet data protection and 
information security requirements, and ensure patient safety and 
customer satisfaction. The policies apply to the whole Group and 
cover its own operations as well as applicable parts of the value 
chain where relevant.
The policies are available internally via Sectra’s management sys ‑
tem and, where applicable, for business partners. They apply to the 
entire Group with no identified exceptions, and the company has 
not currently adopted specific policies covering all sustainability 
matters related to affected communities.
Information Security Policy
The Information Security Policy describes at an overall level how 
Sectra addresses and is to manage the confidentiality, accuracy 
and availability of customers’ information. The policy includes 
objectives for how Sectra is to achieve a high level of information 
security. 
Data Protection Policy
The Data Protection Policy aims to ensure that the Group protects 
customers, employees, other individuals and the organization by 
complying with the regulations and requirements in effect in both 
the EU/EEA and other parts of the world. The policy introduces 
existing frameworks, clarifies the delegation of responsibility for 
complying with existing regulations, and makes it clear that specific 
training is needed to meet legal requirements in different regions.
Quality Policies
Sectra has two Quality Policies: one for the secure communications 
operations and one for the medical imaging IT operations. What 
they both have in common is an overall description of the objec ‑
tives that the operations are to work towards in order to deliver 
high‑quality products and meet customer requirements. Examples 
of this are clear expectations regarding high security levels (in 
secure communications) and an emphasis on close cooperation 
with the customer (in medical imaging IT). 
AI Policy
The AI Policy aims to ensure that the use, development and intro ‑
duction of AI in the Group are conducted in a responsible, safe 
and legal manner. The policy clarifies ethical principles, key risks, 
responsibilities, and requirements for compliance with applicable 
regulations and internal processes when using AI tools and in the 
development of internal solutions and AI in products.
Compliance
Compliance is monitored through internal procedures that are 
clearly described in our customer relationship process, which 
include controls as well as escalation paths and feedback procedures. 
In addition, training of customer‑facing personnel is held on an 
ongoing basis within the framework of the Group’s management 
system. The policies are based on international guidelines and appli ‑
cable information security requirements. When formulating and 
updating policies, the interests of key stakeholders are primarily 
taken into account, including customers and end ‑users, regulatory 
authorities and external auditors. The subject matter and require ‑
ments of the policies are influenced by customer and user demands 
in terms of information security, data protection and reliable infor ‑
mation, while regulatory requirements and external audits ensure 
that policies are designed in line with applicable legislation and 
accepted standards. Basic training in data protection and personal 
data processing is mandatory, and relevant functions support the 
operations in their compliance efforts through measures including 
advice and follow‑up. Deviations related to policy commitments 
can be reported via the whistleblower function. For further infor ‑
mation on the Whistleblowing Policy, see disclosure G1 ‑1 on  
page 109. 
Sectra values innovation and product development that helps to 
ensure that customers, patients and other end ‑users have access 
to reliable information. By largely conducting development work 
in‑house and bearing development costs internally, the Group can 
direct its development towards long ‑term customer value, quality 
and secure information management.
Sectra’s commitments to customers include the right to privacy, 
data protection, non‑discrimination, and secure access to infor ‑
mation. This is reflected in the Information Security Policy, Data 
Protection Policy and AI Policy, which address the aforementioned 
commitments, as well as in the Quality Policies, which describe 
how Sectra is to deliver products with secure access to informa ‑
tion. Compliance is ensured through risk management, protective 
measures, incident management procedures and remediation mech ‑
anisms, including processes to investigate and address identified 
shortcomings and opportunities for feedback in customer relation ‑
ships and delivery commitments, where relevant. 
For further information on policies, external regulations and gov ‑
ernance related to information security, see ESRS 2 on page 84.
 S4-4  Actions and strategies for consumers and end-users 
Sectra carries out a number of activities based on the Group’s estab ‑
lished policies, processes and management systems. Products and 
services are developed, delivered and monitored according to docu ‑
mented and standardized procedures aimed at preventing negative 
impacts and maintaining a high level of information security, data 
protection and—in relevant parts of the business—patient safety. 
Incidents are systematically addressed through reporting, investi ‑
gation and root cause analysis as well as corrective and preventive 
actions where necessary. Roles in safety ‑critical functions are 
covered by confidentiality agreements, security checks and specific 
training to ensure competence, customer requirements and access 
to quality information through accurate products and deliveries.
Views and complaints from customers and users are received 
through regular customer and support channels, as described in 
Sectra’s customer relationship process. Privacy, data protection and 
information security issues are handled according to established 
incident and deviation response processes, including assessments 
of severity, escalation to relevant functions, and decisions on cor ‑
rective/preventive actions. Feedback is provided through customer 
dialogues and delivery commitments. 
Sectra works proactively to enhance positive impacts by involving 
its customers and users during relevant stages of development and 
implementation, and by promoting a customer ‑oriented culture. 
Recruitment and training of customer ‑facing employees are 
monitored within Sectra’s Talent Management System. We consult 
with our customers on the continuous improvement of the quality,

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Sectra is very customer focused. They know that 
without a strong PACS, they don’t have a  company, 
so they put real effort into keeping customers 
happy. They listen, bring users in for feedback, 
and use that input to improve the product.
US healthcare department director to KLAS Research  
in October 2025.
”
Sectra’s Annual Report and Sustainability Report 2025/2026
107ADMINISTRATION REPORT – SUSTAINABILITY REPORT
safety and development of our products. These are prioritized 
activities that contribute to trust and long ‑term customer relation ‑
ships according to our established customer relationship process. 
The work is financed as part of our normal operations through 
ongoing operating expenditure. Effectiveness is monitored through 
customer dialogues, internal controls, external audits/certifications, 
and applicable regulatory assessments and approvals of medical 
devices and safety solutions where approval/certification require ‑
ments apply. These follow‑ups and reviews provide a basis for 
improvement and ensure that Sectra’s processes continue to support 
high quality, information security and patient safety.
Since Sectra’s business is based on trust and long ‑term customer 
value, the company has a direct business interest in minimizing 
the risk of negative impacts on patients and end ‑users. Therefore, 
privacy, data protection and information security are prioritized in 
the design and administration of products and services, including 
decisions on how data is processed and protected, as well as in 
customer communications, marketing and sales.
When it comes to customers and end ‑users, no separate action 
plans or specific ESRS key activities have been adopted. Instead, 
work is carried out under the framework of the Group’s regular 
business processes and governance. Should the circumstances 
change, the need for specific measures or action plans may be 
reassessed. The activities described above are thus part of Sectra’s 
ongoing work, and disclosures on the scope of specific measures, 
time horizons, follow ‑up and specific resource allocation are not 
currently applicable.
Metrics and targets
 S4-5  Metrics and targets
The overall target is to create significant customer value over the 
long term. The operations also monitor indicators that reflect 
impacts, risks and opportunities related to data protection, infor ‑
mation security and quality. These indicators include trends in 
internal and external audits (including certification audits), the 
number of security ‑related incidents (including incidents impacting 
confidentiality, accuracy or availability), Quality Index, degree of 
innovation, and customer visits by employees. These indicators are 
not classified as Group ‑wide targets. Privacy and access to quality 
information are not covered by separate quantitative targets. 
Instead, they are addressed through the Group’s overall customer 
satisfaction target and through operational processes for data 
protection, information security and quality. No changes to targets, 
metrics or methodologies were made during the reporting period.
Targets
Sectra’s targets linked to customers and end-users with a focus on 
customer value, including privacy and access to quality information:
• A high level of customer satisfaction.
Result indicators
Results are monitored through ongoing customer satisfaction sur -
veys based on the Net Promoter Score (NPS) as well as external 
and independent industry evaluations in medical imaging IT such as 
Best in KLAS customer satisfaction surveys. The indicator is that 
NPS ≥20. This helps Sectra understand customers’ perception of 
the quality, functionality and ease of use of its products.
Result (Base value): 24 of 26 measurements are above the target 
value (>20), Base year: 2025–2026
Methodology and assumptions
The target and result indicators are linked to the Group’s policies 
on quality, data protection and information security, and cover 
the entire operation. They are followed up on a quarterly basis in 
a joint process extending from operating areas to Group Manage ‑
ment and the Board. Effectiveness is assessed through the devel ‑
opment of established key performance indicators as well as the 
outcome of audits, compliance with applicable requirements and, 
where relevant, regulatory assessments/approvals.
Sectra systematically monitors how measures in the areas of qual ‑
ity, information security and customer satisfaction help the com ‑
pany manage identified risks and opportunities. Targets pertaining 
to customers and end‑users are set internally within Sectra. While 
customers and end‑users have not been directly involved in defin ‑
ing the targets, their views and the results from regular surveys and 
dialogues are used as a basis for monitoring target fulfillment and 
for prioritizing improvements and development work.
Sectra conducts customer satisfaction surveys at least once a year 
per market or area. The survey is performed by sending a ques ‑
tionnaire to all active customer contacts associated with active 
customers who use Sectra products. In the event of deviations from 
the target, action plans are developed and followed up. The process 
is designed to ensure data protection and and compliance with the 
General Data Protection Regulation (GDPR) as well as to identify 
areas for improvement related to information quality and secure 
use of Sectra’s solutions.

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Sectra’s Annual Report and Sustainability Report 2025/2026
108 ADMINISTRATION REPORT – SUSTAINABILITY REPORT
Sectra’s work related to information security and 
data protection helps to address the company’s 
sustainability matters under ESRS S4, which covers 
privacy and access to quality information. By pro -
tecting sensitive information, safeguarding  privacy, 
and ensuring access to accurate and reliable 
information, we maintain the trust of customers, 
 employees, and other stakeholders.
Sectra works continuously with information security, data protec ‑
tion and cyber resilience to meet growing regulatory requirements 
and a changing security environment. Work during 2025/2026 
included new governing policies and reporting procedures, 
investments in certifications, and further development of quality 
processes and preparedness. A new AI policy was introduced to 
clarify what kind of AI use is permitted and what information can 
be shared with AI services. Sectra also established reporting proce ‑
dures in relevant parts of the operations to ensure compliance with 
NIS2, which took effect in 2026 and entails stricture requirements 
for incident reporting and accountability. At the same time, several 
new security certificates were obtained and additional certification 
work is underway internationally.
Initiatives are being pursued simultaneously to strengthen quality, 
compliance and project governance in the organization. These 
include better product approval processes, increased focus on clinical 
validation and introducing new ways of working as well as systems 
support. Sectra also actively participates in work to strengthen 
society’s civil and military defense through preparedness planning 
together with the Swedish Defence Materiel Administration.
High information security
Sectra’s Information Security Policy sets out objectives to ensure 
the confidentiality, accuracy and availability of information, both 
our customers’ as well as our own. This means that we:
• Follow applicable laws, regulations and customer requirements,
• Maintain a high level of security awareness among employees,
• Have robust capabilities for preventing, detecting and managing 
incidents,
• Ensure high availability in critical systems, and
• Have effective recovery procedures.
Confidentiality agreements are signed with employees and con ‑
sultants. Employees in classified roles undergo background checks 
and special training to handle confidential defense information. 
Sensitive information is handled restrictively and when necessary, 
with specific access controls and logs. Sectra’s own secure solutions 
are used for particularly sensitive communication.
Data protection
Sectra’s work related to data protection encompasses internal infor ‑
mation as well as the data handled in our products and services. The 
Data Protection Policy establishes principles for processing personal 
data, including individual rights, technical and organizational 
safeguards, processing by data processors, incident reporting and 
international data transfers. The objective is to ensure compliance in 
all markets and to maintain a high level of trust in how we process 
personal data. Data protection responsibility is allocated as follows:
• The CEO has overall responsibility.
• Operating area and business unit heads are responsible for 
 compliance in their respective areas. 
• The Chief Information Security Officer is responsible for 
 implementing processes, controls and training together with 
employees in the Operational Excellence function.
• The Data Protection Officer (DPO) monitors compliance, 
 carries out audits, and functions as a point of contact with 
 supervisory authorities and data subjects.
Mandatory training
Information security and data protection are mandatory parts of 
onboarding for all new employees. This training covers general 
information security and privacy matters. Recurring, market ‑ 
specific training is required for employees who process patient 
data, such as the Australian Privacy Act (Australia), GDPR (EU), 
the Health Insurance Portability and Accountability Act, HIPAA 
(USA), the Personal Information Protection and Electronic Doc ‑
uments Act, PIPEDA (Canada), and guidelines from the National 
Health Service (UK). Completed training and activities are docu ‑
mented to ensure and demonstrate compliance.
Policies/Governance
Code of Conduct 1
Information Security Policy 1
Data Protection Policy 1
AI Policy 1
Policy for IT, Office Security and Acceptable Use of Assets
Incident management procedures and internal training
Review procedure
Work is followed up through managerial reviews, internal controls, 
and external audits and certifications.
Examples of certifications 
Relevant certifications include:
• ISO 27001 (information security  management)
• ISO 27017 (security controls for cloud services)
• ISO 27018 (protection of personally identifiable information in 
public cloud services)
• CSA STAR level 2 (security measures and personal data 
 protection in cloud services)
• Security certifications such as BSI C5 (Germany), Cyber Essentials 
and Cyber Essentials Plus (UK), NHS Data Protection Toolkit (UK), 
TGV (Quebec, Canada) and TX-ramp (Texas, USA)
1 See the Overview of Policies on page 92 for scope, governance, and responsibility for implementation, etc.
Examples of sustainability initiatives
Information security and data protection

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Sectra’s Annual Report and Sustainability Report 2025/2026
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Governance information
Governance
 GOV-1  The role of the administrative, management and 
supervisory bodies
The responsibilities of the Board and management for the impacts, 
risks and opportunities of sustainability matters are described 
under ESRS 2 GOV‑1 on page 82.
Impact, risk and opportunity management
 IRO-1  Description of the processes to identify and assess 
material impacts, risks and opportunities
Sectra’s overall process for identifying and assessing material 
impacts, risks and opportunities is described under ESRS 2 IRO ‑1 
on page 93, with business ethics and business conduct also consid ‑
ered as part of the overall assessment.
 G1-1  Business conduct policies and corporate culture
Sectra has a corporate governance framework that guides employ ‑
ees in acting responsibly and ethically in accordance with laws and 
regulations. This framework is a complement to Sectra’s corporate 
culture, which strongly encourages each individual to act respon ‑
sibly. Sectra works systematically on business ethics matters, in 
accordance with legal requirements and external expectations.
Code of Conduct
Sectra’s Code of Conduct sets out the basic requirements to ensure 
that the Group’s operations are conducted ethically, legally and 
with high quality. The Code describes the values and principles 
that all employees are expected to be familiar with and follow in 
their daily work and in business settings, and aims to prevent, 
 identify and manage risks related to corruption and bribery. The 
Code of Conduct does not apply to suppliers since these matters are 
addressed as part of the supplier evaluation process.
The Code of Conduct includes requirements for the responsible 
management of company assets and confidential information, the 
prevention of corruption and bribery, the management of conflicts 
of interest, and principles for marketing, sales and fair competi ‑
tion. It also clarifies expectations concerning respect for human 
rights and a safe work environment, and includes guidelines for 
responsible communication, including the use of social media, and 
requirements relevant to the operations regarding the development 
of safe and effective products.
The CEO, together with the heads of the operating areas, business 
units and departments, is responsible for ensuring compliance with 
the Code of Conduct in the operations. Compliance is monitored 
through internal controls, including internal audits and, where 
appropriate, through reviews by external certification auditors who 
Sectra has identified corporate culture, anti-corruption and 
anti-bribery as material sustainability matters linked to business 
conduct. These matters are considered material from an impact 
perspective and concern the entire value chain. No financial 
effects in the form of risks or opportunities related to these 
 sustainability matters have currently been judged by Sectra to  
be material. 
 Through a strong and motivational corporate culture, Sectra 
creates long-term value for customers, while promoting employee 
well-being and innovation and enabling sustainable business rela-
tionships. Together with policies, procedures and processes, our 
corporate culture is also an important part of how we prevent, 
detect and address allegations of corruption and bribery. 
Sustainability matter
Where in 
 the value chain Material impact Financial effect
Upstream
Own  
operations
Down-
stream
Corporate culture Actual positive No material financial effect
Corruption and bribery Potential negative No material financial effect
G1 Business conduct

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evaluate the Group’s compliance with its own processes, policies and 
procedures and identify any shortcomings that need to be addressed. 
Suspected legal or Code of Conduct violations can be reported 
to an immediate supervisor or the CEO, and can also be reported 
anonymously via Sectra’s whistleblower function. Sectra engages 
systematically with business ethics issues within its policy frame ‑
work and associated procedures in order to prevent, identify and 
manage deviations, including risks related to corruption and brib ‑
ery. The Code of Conduct is reviewed regularly to ensure that it is 
up to date and remains relevant in relation to legal requirements, 
international guidelines and the Group’s operations.
Whistleblowing Policy
Sectra has a Whistleblowing Policy that covers all companies in 
the Group and ensures protection for the individuals who report 
concerns in accordance with applicable legislation, including 
Directive (EU) 2019/1937 of the European Parliament and of the 
Council. The policy regulates internal reporting channels as well 
as information and training initiatives for employees. Measures are 
taken to prevent retaliation against whistleblowers and ensure their 
anonymity and safety throughout the process. 
The purpose of the Whistleblowing Policy is to ensure that 
employees, managers and Board members can safely and confiden ‑
tially report suspected irregularities and serious misconduct without 
the risk of retaliation. The policy contains clear procedures on how 
to report. Employees are encouraged to contact their line man ‑
ager as a first step. If this is not considered suitable, it is possible 
to report anonymously via a form, or to contact the head of the 
operating area, the head of the business unit, the quality manager 
or Sectra’s CEO. Health and safety representatives may also be 
contacted in  Sweden. Reports can be made both verbally and in 
writing, and should be clearly marked as a whistleblowing case. The 
whistleblower form, which is managed internally, is easily acces ‑
sible via the intranet and Sectra’s management system for internal 
stakeholders, and via Sectra’s website for external stakeholders. 
Reports are handled by an independent party within the organi ‑
zation, rather than by an external party at this time. Access to the 
whistleblower function and the ability to raise issues with the work 
environment committee are ensured through internal communica ‑
tion, policies and training.
Sectra does not currently have a separate overall strategy to reme ‑
diate adverse human rights impacts. However, the handling of any 
breaches is ensured through compliance with applicable laws and 
regulations as well as through established internal processes, such 
as the Whistleblowing Policy and associated procedures, which 
allow for effective responses in each case.
For further information on policies related to business conduct, 
see ESRS 2 on page 84.
Governance of corporate culture
Sectra promotes a corporate culture based on respect for each other, 
customers and other stakeholders. Simply put, we treat others as we 
would like to be treated ourselves. Other features of our culture are 
a strong sense of motivation and a commitment to solving custom ‑
ers’ problems as well as a constant effort to improve and advance 
the company’s own operations. 
Employees who are offered a permanent position go through an 
extensive recruitment process, which is based on a comprehensive 
assessment that combines tests of cognitive ability and natural 
workplace behaviors with structured interviews based on a clear 
skills profile. All candidates are interviewed by the CEO. One 
positive effect of having a personal meeting with the CEO is that 
this may facilitate future reporting of any deviations or problems 
directly to management. 
Sectra actively implements the following measures in order to 
shape and develop its corporate culture:
• Structured onboarding and offboarding
• Regular dialogues and follow ‑up during the employee year 
• Continuous employee surveys
• Skills and leadership development
• Customer visits
Structured onboarding and offboarding
Sectra endeavors to provide a positive employee experience during 
an employee’s entire time with the company. Structured onboard ‑
ing gives new employees insight into Sectra’s value creation, 
 culture, processes and working methods, which creates the condi ‑
tions for a secure and effective start. Sectra also has a structured 
exit process that includes knowledge transfer, feedback and system 
access management.
Regular dialogues and follow-up
Sectra has a process for personnel management, which is included 
in its management system. The process includes ongoing review 
meetings, meetings to go over objectives, development plans and 
performance monitoring to support both individual and organiza ‑
tional development. 
Continuous employee surveys
Employees’ views of Sectra are gathered through annual employee 
surveys, dialogues in accordance with the personnel management 
process, and other regular reviews. This gives all employees the 
opportunity to provide feedback on the company’s work environ ‑
ment, values and areas for improvement. Management and the 
Board review the results of the employee surveys and identified 
areas for improvement, which are used as a basis for further devel ‑
opment of the corporate culture and in performance reviews.
Skills and leadership development
The skills development process involves managers and employees 
working together to identify development needs and draw up devel ‑
opment plans as part of their regular performance reviews, at least 
once per year. Training programs, various certification programs 
and supervision then help to ensure that employees and managers 
have the correct skills for their roles and responsibilities. Sectra 
offers leadership development programs for both new and more 
experienced managers, during which Sectra’s leadership philosophy 
is presented. System support is used when distributing and follow ‑
ing up on skills development, including planning and adminis ‑
tering training initiatives and ensuring they are aimed at relevant 
target groups. Training measures are planned, administered and 
directed to relevant target groups on this platform. The content 
of the training is adapted to the operations’ needs to ensure that 
employees have the necessary skills and training to do their jobs.
Customer visits
All employees, regardless of their role, make regular customer 
visits. These visits deepen their understanding of customers’ 
challenges and daily work. They also encourage engagement and 
customer focus.

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Targets
Sectra’s targets linked to how the corporate culture is formed  
and developed:
•  Satisfied employees who are motivated, understand their 
 customers and feel a sense of well-being
Result indicators
The results are evaluated using the Corporate Culture Index indica -
tor in the annual employee survey. This figure should be above 3.5 
on a 5-point scale. The results help Sectra understand employees’ 
perception of its corporate culture and whether this culture moti -
vates them to solve customers’ problems and drive improvements.
Result (Base value): Above target value (>3.5), Base year: 
2025–2026
 G1-2  Management of relationships with suppliers
Relationships with suppliers and other business partners are man ‑
aged in accordance with Sectra’s ethical principles and fundamen ‑
tal approach to business conduct. Sectra has identified a risk of 
negative impacts in the supply chain, primarily linked to corrup ‑
tion and bribery as well as to climate ‑related impacts. These mat ‑
ters are addressed within the company’s governance, compliance 
and ethical conduct processes. Sectra views suppliers as important 
partners when it comes to minimizing potential negative impacts 
while strengthening business value through high quality, compli ‑
ance with applicable requirements, and responsible conduct.
Supplier management strategy and processes
When purchasing needs are identified, supplier relationships are 
managed through a Group ‑wide purchasing process to ensure sys ‑
tematic and responsible supplier management. The process includes 
selection, approval and follow ‑up. 
Supplier evaluations involve the application of criteria related to 
quality, business ethics, environmental responsibility, information 
security and social responsibility, including respect for human 
rights and working conditions. In this way, Sectra identifies and 
manages both risks to its own operations and potential negative 
impacts in the supply chain.
Supplier approvals are based on guidelines that include compli ‑
ance with fundamental principles in line with the Group’s Code 
of Conduct and policies, including compliance with international 
norms and standards on business ethics, working conditions, 
the environment and human rights. The requirements are either 
regulated in agreement terms or taken into account when selecting 
suppliers and partners. 
Follow‑up includes the management of identified deviations from 
stated requirements. This may include a dialogue with the supplier, 
requiring corrective action or, if necessary, terminating the part ‑
nership. Regular risk and compliance follow ‑up is carried out for 
suppliers of products or services considered to be business ‑critical 
at a medium or high level in the supplier assessment. The supplier 
management process is regularly evaluated and updated to ensure 
that processes and guidelines are appropriate in relation to identi ‑
fied risks, material impacts and current regulations. 
Late payment policy
The Group’s ambition is to maintain fair and responsible payment 
practices towards all suppliers, including small and medium‑ sized 
enterprises (SMEs). Sectra’s  existing policies do not currently 
contain any specific guidelines for handling supplier payments or 
for preventing late payments. These aspects will be integrated into 
relevant policies going forward, with the aim of clarifying the prin ‑
ciples of business ethics and responsible supplier relationships. The 
objective is to pay invoices within the agreed time, which is in line 
with industry practice. The majority of supplier invoices were paid 
within the agreed time during the reporting period. In the event of 
deviations, there are usually particular reasons behind them, and 
Sectra then engages in an active and transparent dialogue with the 
supplier concerned to find a solution.
 G1-3  Prevention and detection of  
corruption and bribery
Sectra has zero tolerance for corruption and bribery, which is 
clearly expressed in the company’s Code of Conduct. The Code 
prohibits all forms of improper influence—including bribery, 
extortion, embezzlement and conflicts of interest—regardless of 
whether they are directed at or originate from public authorities, 
suppliers, customers or other external parties. These requirements 
apply to all of the Group’s employees and Board members.
Industry-wide initiatives 
Sectra is a member of the Swedish Medtech organization and 
adheres to the industry ‑wide cooperation rules for interaction 
between healthcare and industry, which aim to promote indepen ‑
dence and transparency and prevent improper influence. These 
rules provide a framework that complements the company’s inter ‑
nal policies and procedures on business ethics and anti ‑corruption.
Business ethics and compliance training
Sectra has a training package that includes business ethics, with 
a focus on anti‑corruption. The training package is intended 
for the Group’s managers and employees. The aim is to create a 
shared understanding of the Group’s requirements for ethical, legal 
and responsible conduct in all areas of the operation. Training 
is provided during onboarding of new staff and on an as ‑needed 
basis based on the operations’ risk profile, with a particular focus 
on the functions and countries where risks are deemed to be the 
highest, which means that 100% of at ‑risk functions are covered 
by the training. The Board’s expertise in this area is utilized when 
recruiting new employees, and targeted measures are implemented 
if needs are subsequently identified, which was not necessary 
during the year.
Business ethics training covers Sectra’s Code of Conduct and 
addresses topics such as payment practices, relevant legislation, the 
work environment, competition law, marketing and sales, and the 
protection and responsible management of the Group’s assets. The 
training also includes relevant definitions, policy requirements, 
Sectra’s internal whistleblower channel and procedures for report ‑
ing suspected violations, and clarifies the delegation of responsibil ‑
ity concerning issues such as corruption and bribery. The training 
supports a strong compliance culture throughout the organization.
Within Sectra, the greatest risks of corruption and bribery are 
deemed to be associated with functions that have external business 
contacts and responsibility for major financial transactions. This 
particularly applies to employees making purchasing decisions, 
sales organizations and senior executives, where decision ‑making 
mandates and commercial relationships result in greater exposure 
to irregularities. Partner operations accounting for 3.8% of revenue 
are considered to have a larger exposure to risks of corruption and 
bribery. They receive ongoing additional training in this area in 
order to reduce the risk of incidents.
Risk management and evaluation
Sectra has the same strict requirements for its external business 
partners to reduce the risk of corruption ‑related incidents. Distri ‑
bution agreements with partners include a clause on compliance

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112 ADMINISTRATION REPORT – SUSTAINABILITY REPORT
with the Code of Conduct. The agreements give Sectra the right 
to immediately terminate the partnership in the event of violations 
of these requirements. Sectra conducts regular risk assessments 
and internal audits to identify and manage material risks related to 
business ethics. The results are reported to management and the 
Board, which are responsible for follow ‑up and refining policies 
and procedures.
Controls and follow‑up are performed through regular audits 
of subsidiaries and partners, with a particular focus on high ‑risk 
countries or operations. In addition to these audits, targeted 
investigations are performed in the event of suspected deviations. 
The aforementioned whistleblower function, which guarantees 
anonymity and protection against retaliation, makes it possible to 
report suspicious cases.
Metrics and targets
 G1-4  Confirmed incidents of corruption or bribery
No cases of corruption or bribery were reported in Sectra’s 
operations during the reporting period. Nor have there been any 
legal proceedings, sanctions or internal investigations linked to 
 suspicions of such irregularities.
Sectra’s anti‑corruption and anti ‑bribery efforts, including appli ‑
cable policies, controls and training, are described in disclosure 
G1‑3 on page 111.
Metrics 25/26 24/25
Number of convictions 0 0
Amount of fines 0 0
Any actions taken to address violations 0 0
First place in global cybersecurity challenge
Sectra talents Alina, Freja (not pictured), Simon and Teodor won 
first place in Call of the Cyber Duty in 2025, a global, gamified 
cybersecurity challenge arranged by Microsoft’s Kusto Detective 
Agency. 
 The challenge is based on solving complex data mysteries in  
a narrative format, like an escape room but based on knowledge  
of query languages. Teams had 42 hours to complete the entire 
challenge. Sectra’s team completed it in just 11 hours and  
33 minutes, making them the fastest in the competition. 
 The skills that led Sectra’s team to victory are the same ones 
they use every day to improve Sectra’s solutions and support  
our customers.

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113ADMINISTRATION REPORT – SUSTAINABILITY REPORT
Disclosure requirements in ESRS covered  
by Sectra’s Sustainability Report
Page
ESRS 2 General disclosures
BP-1 General basis for preparation of sustainability statements 81
BP-2 Disclosures in relation to specific circumstances 81
GOV-1 The role of the administrative, management and supervisory bodies 82
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative,  
management and supervisory bodies
85
GOV-3 Integration of sustainability-related performance in incentive schemes 85
GOV-4 Statement on due diligence 85
GOV-5 Risk management and internal controls over sustainability reporting 86
SBM-1 Strategy, business model and value chain 86
SBM-2 Interests and views of stakeholders 90
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 91
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 93
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 93
ESRS E1 Climate change
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes 94
E1-1 Transition plan for climate change mitigation 94
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 94
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts,  
risks and opportunities
95
E1-2 Policies related to climate change mitigation and adaptation 95
E1-3 Actions and resources in relation to climate change policies 95
E1-4 Targets related to climate change mitigation and adaptation 95
E1-5 Energy consumption and mix 95
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 96
ESRS S1 Own workforce
ESRS 2 SBM-2 Interests and views of stakeholders 99
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 99
S1-1 Policies related to own workforce 100
S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 100
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 101
S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing 
material opportunities related to own workforce, and effectiveness of those actions
101
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material 
risks and opportunities
102
S1-6 Characteristics of the undertaking’s employees 102
S1-9 Diversity metrics 103
S1-10 Adequate wages 103
S1-14 Health and safety metrics 104
S1-16 Remuneration metrics (pay gap and total remuneration) 104
S1-17 Incidents, complaints and severe human rights impacts 104

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Page
ESRS S4 Consumers and end-users
ESRS 2 SBM-2 Interests and views of stakeholders 105
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 105
S4-1 Policies related to consumers and end-users 106
S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks 
and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
106
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material 
risks and opportunities
107
ESRS G1 Business conduct
ESRS2 GOV-1 The role of the administrative, management and supervisory bodies 109
ESRS2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 109
G1-1 Business conduct policies and corporate culture 109
G1-2 Management of relationships with suppliers 111
G1-3 Prevention and detection of corruption and bribery 111
G1-4 Incidents of corruption or bribery 112
Disclosure requirements that derive from  
other EU legislation
Reference
Disclosure requirement and  
related datapoint Datapoint
SFDR  
reference (1)
Pillar 3 reference (2)
Benchmark Regulation 
reference (3)
EU Climate Law 
 reference (4)Material Page
ESRS 2 GOV-1 
Board’s gender diversity 21 (d) 82
ESRS 2 GOV-1 
Percentage of Board members who are independent 21 (e) 82
ESRS 2 GOV-4 
Statement on due diligence 30 85
ESRS 2 SBM-1 
Involvement in activities related to fossil fuel activities 40 (d) i
ESRS 2 SBM-1 
Involvement in activities related to chemical production 40 (d) ii
ESRS 2 SBM-1 
Involvement in activities related to controversial weapons 40 (d) iii
ESRS 2 SBM-1 
Involvement in activities related to cultivation and production of tobacco 40 (d) iv
ESRS E1-1 
Transition plan to reach climate neutrality by 2050 14 94
ESRS E1-1 
Undertakings excluded from Paris-aligned Benchmarks 16 (g)
ESRS E1-4 
GHG emission reduction targets 34 95
ESRS E1-5 
Energy consumption from fossil sources disaggregated by sources  
(only high climate impact sectors) 38
ESRS E1-5  
Energy consumption and mix 37 95
ESRS E1-5 
Energy intensity associated with activities in high climate impact sectors 40–43

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115ADMINISTRATION REPORT – SUSTAINABILITY REPORT
Reference
Disclosure requirement and  
related datapoint Datapoint
SFDR  
reference (1)
Pillar 3 reference (2)
Benchmark Regulation 
reference (3)
EU Climate Law 
 reference (4)Material Page
ESRS E1-6 
Gross Scope 1, 2, 3 and Total GHG emissions 44 97
ESRS E1-6 
Gross GHG emissions intensity 53–55 97
ESRS E1-7 
GHG removals and carbon credits 56
ESRS E1-9 
Exposure of the benchmark portfolio to climate-related physical risks 66
ESRS E1-9 
Disaggregation of monetary amounts by acute and chronic physical risk 66 (a)
ESRS E1-9 
Location of significant assets at material physical risk 66 (c)
ESRS E1-9 
Breakdown of the carrying value of its real estate assets  
by energy-efficiency classes 67 (c) 
ESRS E1-9 
Degree of exposure of the portfolio to climate-related  opportunities 69
ESRS E2-4 
Amount of each pollutant listed in Annex II of the E-PRTR  Regulation (Euro -
pean Pollutant Release and Transfer  Register) emitted to air, water and soil 28
ESRS E3-1 
Water and marine resources 9
ESRS E3-1 
Dedicated policy 13
ESRS E3-1 
Sustainable oceans and seas 14
ESRS E3-4 
Total water recycled and reused 28 (c) 
ESRS E3-4 
Total water consumption in m 3 per net revenue on own operations 29
ESRS 2 – IRO 1 – E4 16 (a) i
ESRS 2 – IRO 1 – E4 16 (b)
ESRS 2 – IRO 1 – E4 16 (c) 
ESRS E4-2 
Sustainable land / agriculture practices or policies 24 (b)
ESRS E4-2 
Sustainable oceans / seas practices or policies 24 (c)
ESRS E4-2 
Policies to address deforestation 24 (d)
ESRS E5-5 
Non-recycled waste 37 (d)
ESRS E5-5 
Hazardous waste and radioactive waste 39
ESRS 2 – SBM3 – S1 
Risk of incidents of forced labor 14 (f)
ESRS 2 – SBM3 – S1 
Risk of incidents of child labor 14 (g)
ESRS S1-1 
Human rights policy commitments 20 100
ESRS S1-1 
Due diligence policies on issues addressed by the fundamental 
 International Labor Organisation Conventions 1 to 8 21
100
ESRS S1-1 
Processes and measures for preventing trafficking in human beings 22 100
ESRS S1-1 
Workplace accident prevention policy or management system 23 100

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Reference
Disclosure requirement and  
related datapoint Datapoint
SFDR  
reference (1)
Pillar 3 reference (2)
Benchmark Regulation 
reference (3)
EU Climate Law 
 reference (4)Material Page
ESRS S1-3 
Grievance/complaints handling mechanisms 32 (c) 101
ESRS S1-14 
Number of fatalities and number and rate of work-related  accidents
88 (b); 88 
(c) 104
ESRS S1-14 
Number of days lost to injuries, accidents, fatalities or illness 88 (e) 
ESRS S1-16 
Unadjusted gender pay gap 97 (a) 104
ESRS S1-16 
Excessive CEO pay ratio 97 (b) 104
ESRS S1-17 
Incidents of discrimination 103 (a) 104
ESRS S1-17 
Non-respect of UNGPs on Business and Human Rights and  
OECD guidelines 104 (a)
ESRS 2 – SBM3 – S2 
Significant risk of child labor or forced labor in the value chain 11 (b)
ESRS S2-1 
Human rights policy commitments 17
ESRS S2-1 
Policies related to value chain workers 18
ESRS S2-1 
Non-respect of UNGPs on Business and Human Rights  principles  
and OECD guidelines 19
ESRS S2-1 
Due diligence policies on issues addressed by the fundamental 
 International Labor Organisation Conventions 1 to 8 19
ESRS S2-4 
Human rights issues and incidents connected to its upstream and 
 downstream value chain 36
ESRS S3-1 
Human rights policy commitments 16
ESRS S3-1 
Non-respect of UNGPs on Business and Human Rights, ILO principles  
or OECD guidelines 17
ESRS S3-4 
Human rights issues and incidents 36
ESRS S4-1 
Policies related to consumers and end-users 16 106
ESRS S4-1 
Non-respect of UNGPs on Business and Human Rights and  
OECD guidelines paragraph 17 17 106
ESRS S4-4  
Human rights issues and incidents 35 106
ESRS G1-1 
United Nations Convention against Corruption 10 (b) 109
ESRS G1-1 
Protection of whistleblowers 10 (d) 110
ESRS G1-4 
Fines for violation of anti-corruption and anti-bribery laws 24 (a) 112
ESRS G1-4 
Standards of anti-corruption and anti-bribery 24 (b) 112

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Sectra’s Annual Report and Sustainability Report 2025/2026
NOTES
Contents
Financial statements for the Group 118
Financial statements for the Parent Company 121
Note 1 Accounting policies 124
Note 2 Operating segments and sales 127
Note 3 Other operating income 129
Note 4 Employees and personnel costs 130
Note 5 Fees to auditors 133
Note 6 Operating lease expenses 133
Note 7 Interest income and similar profit/loss items 133
Note 8 Interest expenses and similar profit/loss items 133
Note 9 Appropriations 133
Note 10 Tax on net profit for the year 133
No t e 11 Intangible assets and goodwill 134
Note 12 Tangible assets 136
Note 13 Right-of-use assets and lease liabilities 138
Note 14 Participations in Group companies 139
Note 15 Acquisitions 140
Note 16 Participations in associated companies 140
Note 17 Long-term receivables from Group companies 141
Note 18 Inventories 141
Note 19 Accounts receivable 141
Note 20 Prepaid expenses and accrued income 141
Note 21 Cash and bank balances 141
Note 22 Share capital and number of shares 142
Note 23 Provisions 142
Note 24 Long-term liabilities 143
Note 25 Other current liabilities 143
Note 26 Accrued expenses and deferred income 143
Note 27 Pledged assets and contingent liabilities 143
Note 28 Cash flow 143
Note 29 Related parties 143
Note 30 Measurement of financial assets and liabilities 144
Note 31 Risks, risk management and sensitivity analysis 144
Note 32 Asset management 145
Note 33 Proposed appropriation of profits 145
Note 34 Events after the balance-sheet date 145
Note 35 Financial definitions and alternative  
performance measures 146
  
Financial statements and notes

===== SIDA 118 =====

118 
Sectra’s Annual Report and Sustainability Report 2025/2026 FINANCIAL STATEMENTS FOR THE GROUP
Consolidated income statements
SEK thousand Note 2025/2026 2024/2025
Operating income
Net sales 2 3,541,661 3,239,811
Capitalized work for own use 99,019 74,093
Other operating income 3 49,113 226,356
Total income 3,689,793 3,540,260
Operating expenses
Goods for resale –502,770 –441,712
Personnel costs 4 –1,768,055 –1,598,697
Other external costs 5, 6 –586,490 –665,324
Impairment of intangible assets  
and goodwill 11 –6,000 0
Amortization of intangible assets 11 –53,263 –51,559
Depreciation of tangible assets 12 –34,450 –35,931
Depreciation of right-of-use assets 13 –28,130 –24,040
Total operating expenses –2,979,158 –2,817,263
Operating profit 710,635 722,997
Financial items
Interest income and similar  
profit/loss items 7 28,017 31,404
Interest expenses and similar  
profit/loss items 8 –9,703 –28,120
Total financial items 18,314 3,284
Profit after financial items 728,949 726,281
Taxes 10 –165,171 –162,910
Net profit for the year 563,778 563,371
Attributable to:
Parent Company owners 563,778 563,371
Non-controlling interest 0 0
Earnings per share, SEK
Before and after dilution 2.93 2.92
Consolidated statement of comprehensive income
SEK thousand Note 2025/2026 2024/2025
Net profit for the year 563,778 563,371
Items that may be reclassified  
to profit and loss
Change in translation differences 
from translating foreign subsidiaries –3,687 –47,527
Other comprehensive income  
for the year –3,687 –47,527
Total comprehensive income  
for the year 560,091 515,844
Attributable to:
Parent Company owners 560,091 515,844
Non-controlling interest 0 0
Consolidated balance sheets
SEK thousand Note Apr 30, 2026 Apr 30, 2025
ASSETS
Fixed assets
Intangible assets and goodwill 11 351,818 283,063
Tangible assets 12 269,052 220,654
Right-of-use assets 13 91,511 106,415
Long-term accounts receivable 2, 30 102,348 126,345
Other long-term receivables 30 3,404 32,807
Other long-term assets 81,674 19,312
Deferred tax assets 10 14,175 8,502
Total fixed assets 913,982 797,098
Current assets 
Inventories 18 42,512 37,576
Accounts receivable 19, 30, 31 722,318 572,036
Current tax assets 20,406 26,055
Other receivables 10,023 42,861
Prepaid expenses and  
accrued income 20 134,893 118,978
Contract assets/recognized 
non-invoiced income 2, 20 819,267 819,754
Cash and cash equivalents 21, 30 1,810,310 1,341,871
Total current assets 3,559,729 2,959,131
Total assets 4,473,711 3,756,229
EQUITY AND LIABILITIES
Equity
Share capital 22 39,025 39,025
Other contributed capital 361,470 361,470
Reserves 100,232 103,919
Retained earnings, including net profit  
for the year 1,634,821 1,412,411
Equity attributable to Parent 
 Company owners 2,135,548 1,916,825
Non-controlling interest 2,809 0
Total equity 2,138,357 1,916,825
Long-term liabilities
Long-term provisions 23 60,022 58,318
Deferred tax liabilities 10, 23 8,478 4,063
Non-current lease liabilities 13, 24, 30 55,507 63,840
Other long-term liabilities 30 0 11,733
Total long-term liabilities 124,007 137,954
Current liabilities
Accounts payable 30 183,800 107,279
Current tax liabilities 65,982 74,321
Current provisions 23, 30 9,474 5,619
Current lease liabilities 13, 24, 30 20,977 23,617
Other current liabilities 25, 30 103,485 81,667
Accrued expenses and  
deferred income 26 544,646 434,012
Contract liabilities/invoiced  
non-recognized income 2, 26 1,282,983 974,935
Total current liabilities 2,211,347 1,701,450
Total equity and liabilities 4,473,711 3,756,229
Pledged assets and contingent liabilities, see Note 27.

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119
Sectra’s Annual Report and Sustainability Report 2025/2026FINANCIAL STATEMENTS FOR THE GROUP
Consolidated cash-flow statements
SEK thousand Note 2025/2026 2024/2025
OPERATING ACTIVITIES
Operating profit 710,635 722,997
Adjustment for non-cash items 28 177,794 179,581
Interest received 7 28,017 31,403
Interest paid 8 –7,517 –4,308
Income tax paid –166,774 –171,703
Cash flow from operations before changes in working capital 742,155 757,970
Changes in working capital
Change in inventories –4,943 –1,108
Change in receivables –161,043 –16,367
Change in current liabilities 521,149 181,869
Cash flow from operations 1,097,318 922,364
INVESTING ACTIVITIES
Acquisitions of intangible assets 11 –103,115 –75,237
Acquisitions of tangible assets 12 –85,488 –34,755
Acquisition of financial assets 0 –3,872
Acquisitions of Group companies –18,860 0
Cash flow from investing activities –207,463 –113,864
FINANCING ACTIVITIES
Repayment of lease liabilities 13 –26,636 –39,950
New share issue in subsidiary to non-controlling interest1 2,809 0
Dividend and redemption of shares –404,602 –211,935
Cash flow from financing activities –428,429 –251,885
Cash flow for the year 461,426 556,615
Cash and cash equivalents, opening balance 1,341,871 804,640
Exchange-rate difference in cash and cash equivalents 7,013 –19,384
Cash and cash equivalents, closing balance 21 1,810,310 1,341,871
1 As of the balance-sheet date, Sectra AB’s subsidiary Sectra Critical Infrastructure AB had initiated a directed share issue to minority shareholders. 
When the issue is completed, the non-controlling interest will amount to 10.07% of the shares in the subsidiary.

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Sectra’s Annual Report and Sustainability Report 2025/2026 FINANCIAL STATEMENTS FOR THE GROUP
Consolidated statement of changes in equity
Equity attributable to Parent Company owners
Reserves
SEK thousand
Share 
 capital
Other contributed 
capital
Translation 
reserve Other reserves 
Retained 
 earnings, including  
net profit for  
the year Total
Non-controlling 
interest Total equity
Opening balance May 1, 2024 38,825 361,470 84,148 67,298 1,017,850 1,569,591 0 1,569,591
Net profit for the year 0 0 0 0 563,371 563,371 0 563,371
Other comprehensive income  
for the year 0 0 –47,527 0 0 –47,527 0 –47,527
Total comprehensive income  
for the year 0 0 –47,527 0 563,371 515,844 0 515,844
New share issue 200 0 0 0 –200 0 0 0
Share-based incentive programs 0 0 0 0 43,325 43,325 0 43,325
Redemption of shares 0 0 0 0 –211,935 –211,935 0 –211,935
Closing balance Apr 30, 2025 39,025 361,470 36,621 67,298 1,412,411 1,916,825 0 1,916,825
Net profit for the year 0 0 0 0 563,778 563,778 0 563,778
Other comprehensive income  
for the year 0 0 –3,687 0 0 –3,687 0 –3,687
Total comprehensive income  
for the year 0 0 –3,687 0 563,778 560,091 0 560,091
Ongoing new share issue  
in subsidiary 0 0 0 0 0 0 2,809 2,809
Share-based incentive programs 0 0 0 0 63,234 63,234 0 63,234
Dividend 0 0 0 0 –404,602 –404,602 0 –404,602
Closing balance Apr 30, 2026 39,025 361,470 32,934 67,298 1,634,821 2,135,548 2,809 2,138,357
Share capital is described in more detail in Note 22.
Other contributed capital comprises premiums paid in conjunction with share issues. The translation reserve includes exchange-rate differences arising  
in the translation of foreign subsidiaries’ financial statements. Other reserves include the statutory reserve and fund for development costs.

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121
Sectra’s Annual Report and Sustainability Report 2025/2026FINANCIAL STATEMENTS FOR THE PARENT COMPANY
Parent Company balance sheets
SEK thousand Note Apr 30, 2026 Apr 30, 2025
ASSETS
Fixed assets
Intangible assets 11 9,600 12,000
Tangible assets 12 49,690 6,975
Participations in Group companies 14 280,147 204,800
Participations in associated 
 companies 16 564 564
Receivables from Group companies 17 70,066 125,045
Total fixed assets 410,068 349,384
Current assets 
Receivables from Group companies 1,008,978 1,113,990
Accounts receivable 19 11,765 9,190
Other receivables 5,049 5,206
Prepaid expenses and  
accrued income 20 28,661 36,268
Cash and bank balances 21 1,489,817 1,145,466
Total current assets 2,544,270 2,310,120
Total assets 2,954,338 2,659,504
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 22 39,025 39,025
Statutory reserve 226,456 226,456
Fund for development costs 9,600 12,000
Total restricted equity 275,080 277,480
Unrestricted equity
Share premium reserve 134,851 134,851
Retained earnings 619,905 475,446
Net profit for the year 446,008 483,427
Total unrestricted equity 1,200,764 1,093,724
Total equity 1,475,844 1,371,203
Long-term liabilities
Provisions 23 9,081 6,327
Total long-term liabilities 9,081 6,327
Current liabilities
Accounts payable 35,874 34,876
Liabilities to Group companies 1,295,864 1,157,768
Current tax liabilities 23,284 39,446
Other current liabilities 25 1,197 3,456
Accrued expenses and  
deferred income 26 113,193 46,428
Total current liabilities 1,469,412 1,281,974
Total equity and liabilities 2,954,338 2,659,504
Parent Company income statements
SEK thousand Note 2025/2026 2024/2025
Operating income
Net sales 2 323,522 223,182
Capitalized work for own use 0 2,817
Other operating income 3 18,961 6,805
Total income 342,483 232,804
Operating expenses
Goods for resale –133,076 –55,617
Personnel costs 4 –97,738 –83,283
Other external costs 5, 6 –230,221 –142,286
Amortization/depreciation of 
 intangible and tangible assets
11, 
12 –4,634 –1,815
Total operating expenses –465,669 –283,001
Operating loss –123,186 –50,197
Profit/loss from financial items
Interest income and similar profit/
loss items 7 101,762 139,211
Interest expenses and similar profit/
loss items 8 –22,797 –43,232
Total financial items 78,965 95,979
Profit/loss after financial items –44,221 45,782
Appropriations 9 589,350 542,000
Profit before tax 545,129 587,782
Tax on net profit for the year 10 –99,121 –104,356
Net profit for the year 446,008 483,427
Parent Company statement of comprehensive income
SEK thousand Note 2025/2026 2024/2025
Net profit for the year 446,008 483,427
Other comprehensive income 0 0
Total comprehensive income for 
the year 446,008 483,427

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Sectra’s Annual Report and Sustainability Report 2025/2026 FINANCIAL STATEMENTS FOR THE PARENT COMPANY
Parent Company cash-flow statements
SEK thousand Note 2025/2026 2024/2025
OPERATING ACTIVITIES
Operating loss –123,186 –50,197
Adjustment for non-cash items 28 10,571 –12,440
Interest and dividends received 7 98,561 139,211
Interest paid 8 –22,797 –25,334
Income tax paid –115,520 –117,526
Cash flow from operations before changes in working capital –152,371 –66,286
Changes in working capital
Change in receivables 185,644 –252,101
Change in current liabilities 132,542 397,230
Cash flow from operations 165,815 78,843
INVESTING ACTIVITIES
Acquisitions of intangible assets 11 0 –2,817
Acquisitions of tangible assets 12 –44,949 –2,455
Acquisitions of subsidiaries –19,388 0
Payment of loans to subsidiaries 17 –20,207 –11,566
Repayment of loans from subsidiaries 17 78,332 69,832
Cash flow from investing activities –6,212 52,994
FINANCING ACTIVITIES
Group contributions received/paid 9 589,350 542,000
Dividend and redemption of shares –404,602 –211,935
Cash flow from financing activities 184,748 330,065
Cash flow for the year 344,351 461,902
Cash and cash equivalents, opening balance 1,145,466 683,564
Exchange-rate difference in cash and cash equivalents 0 0
Cash and cash equivalents, closing balance 21 1,489,817 1,145,466

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Sectra’s Annual Report and Sustainability Report 2025/2026FINANCIAL STATEMENTS FOR THE PARENT COMPANY
Statement of changes in Parent Company’s equity
SEK thousand Share capital 1 Statutory reserve
Fund for  
development  
costs
Share premium 
reserve
Retained 
 earnings, including  
net profit for  
the year Total equity
Opening balance May 1, 2024 38,825 226,456 9,183 134,851 647,070 1,056,385
Change in fund for development costs 0 0 2,817 0 –2,817 0
Net profit for the year 0 0 0 0 483,427 483,427
Total comprehensive income for the year 0 0 0 0 483,427 483,427
New share issue 200 0 0 0 –200 0
Share-based incentive programs 0 0 0 0 43,325 43,325
Redemption of shares 0 0 0 0 –211,935 –211,935
Total transactions with Parent Company  
owners 200 0 0 0 –168,810 –168,610
Closing balance Apr 30, 2025 39,025 226,456 12,000 134,851 958,870 1,371,203
Change in fund for development costs 0 0 –2,400 0 2,400 0
Net profit for the year 0 0 0 0 446,008 446,008
Total comprehensive income for the year 0 0 0 0 446,008 446,008
Share-based incentive programs 0 0 0 0 63,234 63,234
Dividend 0 0 0 0 –404,602 –404,602
Total transactions with Parent  
Company owners 0 0 0 0 –341,368 –341,368
Closing balance Apr 30, 2026 39,025 226,456 9,600 134,851 1,065,913 1,475,844
1 On the balance-sheet date, Sectra’s share capital totaled SEK 39,024,179 distributed among 195,120,895 shares. Of these shares, 13,103,460 are Class A shares 
and 182,017,435 are Class B shares. Of the Class B shares, 2,453,406 are treasury shares. Share capital is described in more detail in Note 22.

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Sectra’s Annual Report and Sustainability Report 2025/2026
NOTES
Note 1 Accounting policies
Introduction
The consolidated financial statements were prepared in accordance 
with the IFRS Accounting Standards published by the International 
Accounting Standards Board (IASB), as adopted by the EU. In addi‑
tion, the Swedish Annual Accounts Act and the Swedish Corporate 
Reporting Board recommendation RFR 1 Supplemental Accounting 
Rules for Groups were applied. T o provide a better understanding of 
each accounting area, the most material accounting policies are 
described below.
In accordance with a Board decision on July 7, 2026, this Annual 
Report has been signed by the Board of Directors of Sectra AB (publ) 
and approved for publication. The Parent Company and consolidated 
income statements and balance sheets included in the Annual Report 
and consolidated financial statements are subject to approval by the 
AGM on September 8, 2026.
The Parent Company applies the Swedish Annual Accounts Act  
and RFR 2 Accounting for Legal Entities. This means that the EU‑ 
approved IFRS Accounting Standards are applied as far as possible 
within the framework of the Annual Accounts Act and Swedish 
taxation practices. The rules for measurement and clarification follow 
IFRS Accounting Standards and are the same as those applied within 
the Group, except that the arrangement follows the Annual Accounts 
Act and may thus deviate from IFRS Accounting Standards in certain 
cases. Untaxed reserves and appropriations are also recognized in the 
Parent Company in accordance with Swedish law. Participations in 
subsidiaries are recognized in accordance with the cost method. 
Expenditures that are directly attributable to business combinations 
are included in the cost. In accordance with RFR 2, exchange‑rate 
differences arising on monetary items comprising part of a net invest‑
ment in a foreign operation are to be recognized in profit and loss and 
not in other comprehensive income. When development costs are 
capitalized, the corresponding amount is transferred from  unrestricted 
equity to restricted equity under the “Fund for development costs,” 
and is to be recognized separately in the balance sheet. IFRS 16 Leases 
has no impact on the Parent Company’s financial statements, since 
leases are recognized in accordance with the exemption in RFR 2. The 
costs for leases are recognized on a straight‑line basis over the term of 
the lease. No rights of use and lease liabilities are recognized in the 
Parent Company’s balance sheet.
All amounts are in SEK thousands, unless otherwise stated. Figures 
in parentheses pertain to the preceding year.
New and amended accounting policies 
applicable from 2025/2026
New and amended IFRS Accounting Standards that entered force  
in 2025/2026 had no significant effects on the financial statements. 
The accounting policies and calculation methods are otherwise 
unchanged compared with those applied in the 2024/2025 fiscal year.
New and amended accounting policies 
applicable from 2026/2027 or later
IFRS 18 Presentation and Disclosure in Financial Statements enters 
into force on January 1, 2027, and an analysis of how it will impact 
Sectra’s financial statements has begun. The new standard will be 
applied as of the 2027/2028 fiscal year.
In all other respects, new and amended IFRS Accounting Standards 
with future application are not expected to have any significant effects 
on the financial statements.
Basis of preparation for the reports
Assets and liabilities are measured at cost or nominal value unless 
otherwise stated in the notes that follow. The Group uses accounting 
assumptions and estimates regarding the future, refer to page 126 for 
information on estimates and judgments.
Consolidated financial statements
The consolidated financial statements have been prepared using the 
acquisition method, and cover those companies in which the Parent 
Company, directly or through subsidiaries, exerts a controlling influ‑
ence. This means that the Parent Company directly or through sub‑
sidiaries has an influence over the company, is entitled to variable 
returns and is also able to exercise its influence over the company to 
affect these returns.
Translation of foreign subsidiaries
Functional currency
The consolidated financial statements are presented in SEK, which is 
the Parent Company’s functional and reporting currency. Items in the 
financial statements for companies in the Group are valued in the 
currency that is used where the company has its main operations, that 
is, in its functional currency.
Transactions and balance-sheet items
Exchange‑rate differences arising on the translation of monetary 
assets and liabilities at the year‑end rate are recognized in other exter‑
nal costs (with respect to accounts receivable and accounts payable as 
well as contract assets and liabilities) or in net financial items (with 
respect to loans to subsidiaries and cash and cash equivalents in 
 foreign currency).
Segment reporting
The identification of operating segments is based on the areas of 
operation monitored by the Board of Directors and Group Manage‑
ment in the internal reporting, and on whether an individual seg‑
ment’s sales exceed 10% of the Group’s total sales. The Group’s opera‑
tions are divided into the following segments:
Imaging IT Solutions, Secure Communications, Business Innova‑
tion and Other Operations, refer to the description in Note 2.
All transactions between segments are conducted on business terms, 
and are based on prices charged to non‑related customers in conjunc‑
tion with sales of identical goods or services.
Revenue
The Group often conducts sales transactions that encompass several 
of the Group’s products and services (e.g. delivery of software licenses, 
and service and upgrade services).
The total transaction price of a contract is allocated to the specific 
performance obligations based on their relative standalone selling 
prices. When determining the transaction price, the effects of variable 
consideration and the existence of a significant financing component 
are taken into account where applicable (see the Imaging IT Solutions 
section). Variable remuneration is based on an hourly rate or price per 
task, for example per examination.
In cases where revenue is recognized over time, the input method is 
primarily used. Revenue is thus recognized on the basis of the inputs 
required to complete the performance obligation. Key inputs include 
labor hours expended and costs incurred in relation to the total labor 
hours expected or total expected costs for completing the perfor‑
mance obligation.
Extensions or revisions that are not covered by existing contracts are 
preceded by new negotiations and signing new contract documents, 
including a complete assessment according to the five‑step model in 
IFRS 15.
The Group recognizes a contract liability (invoiced non‑recognized 
income) when payment has been received for an unfulfilled perfor‑
mance obligation, refer to Note 2. Similarly, if the Group satisfies a

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125
Sectra’s Annual Report and Sustainability Report 2025/2026
NOTES
performance obligation before consideration has been received, the 
Group recognizes a contract asset (recognized non‑invoiced income), 
refer to Note 2.
Revenue recognized over time (primarily service deliveries) is 
defined in all material respects as recurring revenue, provided that  
the revenue is expected to recur for more than 12 months from the 
reporting date. Revenue recognized at a point in time is defined in  
all material respects as non‑recurring revenue.
Imaging IT Solutions
The segment’s customer contracts include various combinations of 
deliveries of licenses, installation services, support and maintenance 
services and upgrades, hardware, and hardware support and main‑
tenance. Significant integration and adaptation of licenses and instal‑
lation services normally takes place, which is considered a perfor‑
mance obligation and is to be recognized in revenue over time during 
the installation phase. Support and maintenance services as well as 
updates are considered a performance obligation according to the 
contracts and are recognized as revenue over a period of time corre‑
sponding to the contract period.
A financing component exists when, for example, license and instal‑
lation services are delivered to the customer, who is entitled to pay 
over the term of the contract. Interest rates vary from customer to 
customer. Interest is calculated based on the remaining receivable 
from the customer, recognized as interest income in financial items, 
and included in long‑term accounts receivable in the balance sheet.
Performance obligations concerning roll‑outs, training, migration 
of existing data, and other types of consultation are recognized as 
revenue in conjunction with the work being carried out.
Contracts delivered in the form of complete solutions, such as 
Sectra One Cloud, are growing in this category. Such contracts, where 
the delivery pertains to a combined performance obligation in the 
form of a service, are recognized as revenue continuously over the 
contract period. Costs connected to the set‑up of the solution are 
capitalized as other long‑term assets and recognized as a cost of goods 
sold when the related performance obligation is recognized as reve‑
nue. Contracts may include a fixed number of exams that our systems 
are to handle, or a minimum number of exams (a minimum obliga‑
tion). In both cases, revenue is recognized over time as the perfor‑
mance obligations are met. In rare cases, there is no minimum obliga‑
tion and the performance obligation is invoiced and recognized 
continuously, over time, as the customer uses the service.
Secure Communications
The segment’s customer contracts include various combinations of 
pre‑studies, installation and development services, support and main‑
tenance services, upgrades, and product deliveries. Pre‑studies and 
development are recognized as revenue as the work is executed. Instal‑
lation services are considered a single performance obligation that is 
recognized as revenue over time during the installation phase. Sup‑
port and maintenance services are considered a distinct performance 
obligation according to the contracts and are recognized as revenue 
over a period of time corresponding to the contract period. Product 
deliveries are recognized as revenue over time or at a point in time 
depending on the terms of the contract.
Business Innovation
The segment’s customer contracts include various combinations 
of licenses, hardware, upgrades and expanded warranty offerings. 
Licenses and hardware are considered a single performance obliga‑
tion and revenue is recognized at a given point in time when delivery 
is made to the customer. Subscriptions concerning access to Sectra’s 
systems, such as Sectra Education Portal, are recognized as reve‑
nue during the contract period. Upgrades are considered a distinct 
performance obligation and are recognized as revenue over a period of 
time corresponding to the contract period. Expanded warranties are 
considered to comprise a separate performance obligation, with reve‑
nue recognized over a period of time corresponding to the expanded 
warranty period.
Pensions and post-retirement benefits to employees
Sectra has defined‑contribution pensions only. Pension premium 
payments are expensed continuously and are included in personnel 
costs. Sectra has no other pension obligations and is not responsible 
for any value changes in the paid‑in premiums. This means that 
Sectra does not bear the risk when pensions are paid, and no pension 
obligations are recognized as liabilities in the balance sheet. For other 
remuneration of employees, see Note 4.
Share-based remuneration of employees
The Group has three performance‑based share programs. The pro‑
grams are recognized in accordance with IFRS 2 Share‑based Pay‑
ment and settled with equity instruments. The fair value of the Sectra 
share on the allotment date, taking into account the vesting condi‑
tions, is recognized in profit and loss as personnel costs including 
social security expenses. Examples of vesting conditions include 
rankings in external customer satisfaction measurements carried out 
by KLAS and earnings objectives. A corresponding increase in equity 
is recognized in accordance with IFRS 2 since share‑based plans have 
no direct impact on cash flow. The expected number of allotted shares 
on each balance‑sheet date in the vesting period and the effect of any 
change in previous estimates are recognized in profit and loss with a 
corresponding adjustment of equity. For more information, refer  
to Note 4.
Intangible assets and goodwill
Capitalized development expenditures
Sectra develops proprietary software and equipment in the fields of 
medical imaging and secure communications. All research costs are 
expensed directly, and customer‑related development costs are 
included in project costs, which are expensed at the time of revenue 
recognition. Internal development costs for standard products are 
capitalized and recognized as intangible assets to the extent that they 
are expected to generate financial benefits in the future. Additional 
requirements for capitalization are that project costs can be reliably 
estimated, that it is technically possible to complete the project, and 
that the Group has the necessary resources to complete development. 
Capitalized project costs include all expenses directly attributable to 
materials, services and remuneration of employees. Capitalized devel‑
opment expenditures are subject to straight‑line amortization over 
the period of use per individual asset. Amortization of capitalized 
development expenditures commences when the asset is completed 
and sales have commenced.
Goodwill
Goodwill represents future economic benefits arising from a business 
acquisition that are not specifically identified and recognized sepa‑
rately. Goodwill is recognized at cost less accumulated impairment 
losses.
Patents and licenses
Acquired patent rights are recognized at cost and subject to straight‑
line amortization over the assets’ ten‑year estimated period of use. 
Acquired license rights are recognized at cost and subject to straight‑
line amortization over the assets’ estimated period of use.

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126 
Sectra’s Annual Report and Sustainability Report 2025/2026
NOTES
Impairment of intangible assets
For the purpose of identifying any impairment requirements, yields 
are individually measured when the need is indicated, and annually 
for incomplete development projects and goodwill. If the carrying 
amount exceeds the recoverable amount, the differences are charged 
against profit for the period on an ongoing basis as they arise. For an 
asset that does not generate cash flows, the recoverable amount is 
calculated for the smallest cash‑generating unit to which the asset 
belongs. The recoverable amount is the higher of the asset’s net selling 
price and value in use. Value in use is calculated as the present value of 
future cash flows for specific assets. The amortization period for 
intangible assets exceeds five years if the asset is expected to generate 
financial benefits, based on individual assessment, over a period 
exceeding five years. Refer to Note 11 for a more detailed description 
of the results of the impairment testing.
Tangible assets
Depreciation is based on the original cost and estimated useful lives.
Buildings 15–80 years
Office furniture 10 years
Equipment and office machines 5 years
Equipment at customer premises 3– 10 years, depending on the useful 
life in each agreement
Leases
The Group’s leased assets comprise primarily premises and vehicles. 
Leases with a term of 12 months or less or where the underlying asset 
has a low value are not included in the right‑of‑use asset or liability in 
the balance sheet. These agreements are expensed on a straight‑line 
basis over the term of the contract. The liability is initially measured 
at the present value of remaining lease payments over the term of the 
contract. Discounts are at the Group’s incremental borrowing rate.
Financial instruments
Financial instruments include both assets and liabilities. Long‑term 
receivables, securities holdings and other receivables, accounts receiv‑
able and cash and cash equivalents are recognized as assets. Financial 
liabilities include accounts payable and lease liabilities.
Financial assets
Except for those accounts receivables that do not contain a significant 
financing component and are measured at their transaction price in 
accordance with IFRS 15, all financial assets are initially measured at 
fair value.
After the initial measurement at fair value, financial assets are mea‑
sured based on the Group’s business model for managing the asset 
and the type of cash flow the asset gives rise to.
Financial assets are classified in the categories of amortized cost, fair 
value via profit and loss, or fair value via other comprehensive 
income. In the periods included in the financial statement, the Group 
has no financial assets categorized as measured at fair value through 
profit or loss or other comprehensive income.
Long-term accounts receivable
The expected term of long‑term accounts receivable exceeds 12 
months, and recognition is accordingly at the discounted amount 
expected to flow in under the amortized cost method. Interest on 
receivables is recognized as interest income in profit and loss.
Accounts receivable
The expected term of accounts receivables is brief, and recognition is 
accordingly at the undiscounted amount expected to flow in under 
the amortized cost method.
Cash and cash equivalents
The balance sheet item consists of funds deposited in banks and 
similar institutions.
Impairment of financial assets
A loss allowance is recognized when an expected credit loss exists 
under the original terms of the receivable. The IFRS 9 impairment 
model uses forward‑looking information to account for expected 
credit losses. Credit loss recognition is not dependent on the Group 
first identifying a credit loss event. Instead, the Group accounts for 
more extensive information in the assessment of credit risk and mea‑
surement of expected credit losses. When determining the expected 
credit losses, the Group uses its historical experience, external indica‑
tors and forward‑looking information for the calculation.
Any impairment of financial assets impacts other external costs.
Fair value
The method for calculating the fair value of financial assets and liabil‑
ities is based on three measurement levels. At measurement Level 1, 
fair value is calculated based on quoted market prices and instru‑
ments traded in an active market. At measurement Level 2, quoted 
market prices are not available, but variables for the calculation of fair 
value are obtained from market quotations. At measurement Level 3, 
fair value is calculated based on data that is not available in the mar‑
ket. The Group’s financial assets and liabilities mainly belong to 
measurement Level 2 and 3, refer to Note 30.
Cash-flow statement
The cash‑flow statement has been prepared using the indirect 
method. Cash flows in foreign currencies are restated at the average 
exchange rate. Change in receivables includes changes in accounts 
receivable (including long‑term accounts receivable), prepaid 
expenses and accrued income, and contract assets.
Important estimates and judgments and uncertainty in estimates
At year‑end, certain important judgments and estimates are made in 
regard to the application of accounting policies that affect the carry‑
ing amounts recognized on the balance‑sheet date. Some estimates 
that have a material impact on the reported amount are also uncertain.  
Important judgments when applying accounting policies 
Revenue recognition is based on contracts with customers of varying 
degrees of complexity. Contracts with several different types of reve‑
nue streams such as services, licenses, hardware, upgrades or support 
are considered more complex. Critical assessments are made of how 
much revenue will be recognized and at what point in time. Com‑
pany management assesses how revenue will be allocated to each 
identified performance obligation and at what amount, which is an 
important judgment for revenue recognition. For additional disclo‑
sures, refer to Note 2.
Uncertainty in estimates
Impairment requirements relating to intangible assets are assessed on 
an ongoing basis, based on the calculated recoverable amount per 
cash‑generating unit. The recoverable amount is calculated as the 
unit’s value in use, which consists of discounted future cash flows. 
Estimates are based on budgeted anticipated growth and are calcu‑
lated at present value. Estimates regarding future cash flows may be 
uncertain, which can have a material impact on the consolidated 
income statements and the consolidated balance sheets. For addi‑
tional disclosures, refer to Note 11.

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Sectra’s Annual Report and Sustainability Report 2025/2026
most sensitive IT infrastructure. The segment offers products for 
secure voice and data communications, and project-based development 
as well as security and threat analyses, and system monitoring services 
for control systems in society’s critical operations. Development and pro-
duction take place in Sweden. Sales are primarily conducted in EU coun-
tries from the business area’s offices in Sweden, the Netherlands and 
Finland. 
Sectra’s business units in Business Innovation develop and sell IT sys-
tems for planning and monitoring orthopaedic surgery as well as prod-
ucts for medical education. Sectra carries out research projects and 
manages and develops its patent portfolio in this segment. The operating 
area also includes the Genomics IT business unit, which focuses on inno-
vation and development of IT support primarily for precision diagnostics 
in cancer care.
Other Operations pertain to Sectra’s joint functions for administration, 
recruitment, Group finance, people and brand, IT, regulatory affairs and 
activities related to investors. This segment also includes property man-
agement.
Note 2 Operating segments and net sales
Information regarding the company’s operating segments and geo-
graphic areas is used to evaluate sales and earnings in the Group and to 
allocate the Group’s resources among various segments. The identified 
operating segments are: Imaging IT Solutions, Secure Communications, 
Business Innovation and Other Operations. Regarding the geographic 
distribution, the basis for distribution is the customer’s billing address. 
Imaging IT Solutions develops and sells medical IT systems and ser-
vices that help customers care for more patients, while retaining or 
improving the level of quality. The segment’s offering encompasses IT 
systems for managing, archiving and presenting all types of medical 
images and patient information as well as IT systems for operational 
 follow-up and radiation dose monitoring. The segment also offers main-
tenance in the form of support, system monitoring, consulting services 
related to integration, system design, data migration and business devel-
opment. The largest product area in the segment is IT solutions for man-
aging and archiving radiology images and patient information. 
Secure Communications develops and sells products and services for 
secure voice and data communications and the protection of society’s 
Operating segments 
Imaging IT Solutions Secure Communications Business Innovation Other Operations 
25/26 24/25 25/26 24/25 25/26 24/25 25/26 24/25
Net sales 3,057,394 2,797,957 452,963 406,959 107,176 90,757 315,180 216,873
    Of which external 3,042,593 2,792,728 452,812 406,425 46,196 39,976 60 682
Depreciation/ 
amortization 80,233 80,314 12,395 12,098 7,947 6,647 15,268 12,471
Impairment 0 0 6,000 0 0 0 0 0
Operating profit/loss 706,825 567,611 79,574 174,173 15,969 9,945 –102,678 –37,241
Assets 3,728,161 3,324,088 479,163 531,371 139,663 130,558 3,033,923 2,756,216
Liabilities 2,990,134 2,735,818 420,874 487,172 105,645 97,546 1,564,202 1,393,773
Investments 3 97,908 73,560 32,786 19,920 8,042 9,291 49,867 7,221
Eliminations 1 Total Group 2
25/26 24/25 25/26 24/25
Net sales –391,052 –272,735 3,541,661 3,239,811
    Of which external 0 0 3,541,661 3,239,811
Depreciation/ 
amortization 0 0 115,843 111,530
Impairment 0 0 6,000 0
Operating profit 10,945 8,509 710,635 722,997
Assets –2,907,199 –2,986,004 4,473,711 3,756,229
Liabilities –2,745,501 –2,874,906 2,335,354 1,839,403
Investments 3 0 0 188,603 109,992

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Sectra’s Annual Report and Sustainability Report 2025/2026
NOTES
Recurring revenue per segment
Imaging IT Solutions Secure Communications Business Innovation Other Operations 
25/26 24/25 25/26 24/25 25/26 24/25 25/26 24/25
Non-recurring revenue 742,750 867,951 325,336 287,711 22,265 16,796 0 0
Recurring revenue 2,299,843 1,924,777 127,476 118,714 23,931 23,180 60 682
Of which cloud recurring 
revenue, CRR 895,133 571,509 0 0 20,677 19,549 0 0
Total external revenue 3,042,593 2,792,728 452,812 406,425 46,196 39,976 60 682
Share of recurring 
 revenue, % 75.6% 68.9% 28.2% 29.2% 51.8% 58.0% 100.0% 100.0%
Total Group
25/26 24/25
Non-recurring revenue 1,090,351 1,172,458
Recurring revenue 2,451,310 2,067,353
Of which cloud recurring 
revenue, CRR 915,810 591,058
Total external revenue 3,541,661 3,239,811
Share of recurring 
 revenue, % 69.2% 63.8%
Note 2 Operating segments and net sales, cont.
Geographic areas
Sweden United Kingdom Rest of Europe  United States
25/26 24/25 25/26 24/25 25/26 24/25 25/26 24/25
Net sales 684,159 627,853 580,146 613,508 850,490 827,813 1,086,393 899,528
    Imaging IT Solutions 378,807 334,878 579,591 612,954 687,612 697,918 1,073,297 888,857
    Secure Communications 299,879 286,226 0 0 152,933 120,199 0 0
    Business Innovation 5,413 6,067 555 555 9,945 9,696 13,096 10,670
    Other Operations 60 682 0 0 0 0 0 0
Assets 2,361,481 1,889,144 543,699 421,576 759,818 669,983 600,119 591,947
Investments 3 169,191 90,763 8,646 6,006 10,009 5,312 0 7,019
Rest of World Total Group 2
25/26 24/25 25/26 24/25
Net sales 340,473 271,109 3,541,661 3,239,811
    Imaging IT Solutions 323,286 258,121 3,042,593 2,792,728
    Secure Communications 0 0 452,812 406,425
    Business Innovation 17,187 12,988 46,196 39,976
    Other Operations 0 0 60 682
Assets 208,594 183,579 4,473,711 3,756,229
Investments 3 757 892 188,603 109,992

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Note 2 Operating segments and net sales, cont.
Contract balance
25/26 24/25
Accounts receivable 4 722,318 572,036
Long-term accounts receivable 4 102,348 126,345
Contract assets 4, 5 819,267 819,754
Contract liabilities 6 1,282,983 974,935
Note 3 Other operating income
 Group Parent Company
25/26 24/25 25/26 24/25
Revenue from 
 patent settlement 0 195,008 0 0
Contribution for 
transition to cloud 26,381 21,150 0 0
Investment 
 contribution 17,859 6,731 17,859 6,731
Other revenue 4,873 3,467 1,102 74
Total 49,113 226,356 18,961 6,805
25/26 24/25
Invoicing during the fiscal year related to 
the opening balance for contract assets 
for the period 285,698 295,510
Revenue recognition during the fiscal  
year related to the opening balance for 
contract liabilities for the period 841,184 571,912
1 99.6% (99.1) of the Parent Company’s total sales are attributable to other companies in the Group. Purchases from Group companies amounted to 12.4% (33.8).
2 Sectra has no customers that individually contribute more than 10% of total net sales. Of the Group’s total intangible and tangible assets, amounting to SEK 712.4 million, 
SEK 514.3 million is attributable to Sweden, SEK 73.5 million to the UK and SEK 124.6 million to other countries.
3 Refers to investments in intangible and tangible assets for the year. See Notes 11 and 12.
4 Refer to Note 19 and Note 20.
5 Recognized non-invoiced income constitutes contract assets according to IFRS 15. This item comprises non-invoiced income attributable to performance obligations that 
have been satisfied according to customer contracts, but that is dependent on terms other than the remaining calendar time before payment of the consideration falls 
due. During the fiscal year, 35% of the opening balance was invoiced. For a distribution of contract assets per currency, refer to Note 20.
6 Advances received for installation services not yet performed as well as prepaid service and support revenue constitute customer payments received before the goods or 
services have been transferred (contract liabilities) and for which revenue is expected to be recognized during the coming fiscal years. Installation services revenue is rec-
ognized during the installation phase, while service and support revenue is recognized during the contract period. During the fiscal year, 86% of the opening balance was 
recognized as revenue.

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NOTES
Note 4 Employees and personnel costs
Average number of employees and percentage of women
25/26 24/25
Total
of whom,  
women Total
of whom,  
women
Parent Company
Sweden 66 32 63 29
Group
Australia 35 12 28 7
Denmark 33 8 30 7
Finland 2 0 1 0
France 21 9 19 8
Ireland 1 0 0 0
Canada 55 21 44 15
Lithuania 1 0 0 0
Netherlands 51 16 51 13
Norway 33 13 33 13
New Zealand 1 0 1 0
Portugal 55 26 46 22
Spain 4 2 4 1
United Kingdom 140 35 140 40
Sweden 629 197 589 192
Switzerland 3 1 3 1
Germany 50 15 48 15
United States 217 73 212 68
Group total 1,331 428 1,249 402
On the balance-sheet date, the proportion of female Board members amounted 
to 36% (38) including employee representatives on all Boards of Directors of the 
Group’s companies and to 31% (31) on the Parent Company’s Board of Direc-
tors. The proportion of women in all management groups of the Group’s compa -
nies, including company presidents, amounted to 34% (35) and the proportion of 
women in Group Management to 50% (50).
Salaries and other remuneration
Group Parent Company
25/26 24/25 25/26 24/25
Board and President 69,433 61,276 16,680 10,111
Other employees 1,342,246 1,264,575 52,534 44,932
Total 1,411,679 1,325,851 69,214 55,043
Social security expenses
Group Parent Company
25/26 24/25 25/26 24/25
Board and President
Social security 
 contributions 9,890 9,935 2,026 3,232
Pension costs 5,019 4,673 0 226
Total Board and 
 President 14,909 14,608 2,026 3,458
Other employees
Social security 
 contributions 243,446 211,130 16,837 13,929
Pension costs 78,670 75,343 3,576 3,447
Total other 
 employees 322,116 286,473 20,413 17,376
Remuneration of the Board, President and other senior executives 2025/2026
Board fee Basic salary
Variable 
 remuneration
Pension 
 premiums Total
Jan-Olof Brüer, Chairman of the Board 793 0 0 0 793
Anders Persson 417 0 0 0 417
Tomas Puusepp 400 0 0 0 400
Birgitta Hagenfeldt 490 0 0 0 490
Fredrik Robertsson 344 0 0 0 344
Ulrika Unell 344 0 0 0 344
Michael Brüer 172 0 0 0 172
Joel Kronander 172 0 0 0 172
Total remuneration of the Board 3,132 0 0 0 3,132
President Torbjörn Kronander 2 0 10,374 3,175 0 13,549
Other senior executives (five individuals) 0 9,787 2,167 2,053 14,007
Total remuneration of the President  
and other senior executives 0 20,161 5,342 2,053 27,556
Total 3,132 20,161 5,342 2,053 30,688

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NOTES
Note 4 Employees and personnel costs, cont.
Long-term incentive programs
The Group has performance-based incentive programs (LTIP). The pro-
grams enable employees to acquire shares in the company. The incentive 
programs are targeted at all employees, and the outcome depends on a 
number of terms and conditions, such as continued employment during 
the vesting period and earnings or sustainability criteria.
Performance-based incentive programs
LTIP 2021 LTIP 2022 LTIP 2024
Program term 2022–2026 2023–2027 2025–2029
Share rights originally allotted 358,057 737,700 718,825
Share price on allotment, 
SEK 200.20 148.80 276.65
Theoretical value on 
 allotment, SEK 1 53,560,685 93,038,841 173,434,962
Allotment date Dec 31, 2021 Dec 31, 2022 Dec 31, 2024
End date Dec 31, 2026 Dec 31, 2027 Apr 30, 2029
1 The theoretical value on allotment is calculated based on the number of shares 
allotted multiplied by the share price on the allotment date, with the share price 
reduced by the present value of the anticipated dividends not credited to the 
holder during the term of the program, and in LTIP SROW also the present value of 
the pledging of shares during the term of the program since this requires that own 
shares have been invested in addition to the fulfillment of performance criteria.
2024/2025 LTIP 2021 LTIP 2022 LTIP 2024
Number of share rights out-
standing, Apr 30, 2024 335,138 674,920 –
Allotted during the year 0 0 718,825
Forfeited/expired during 
the year –3,490 –17,920 –10,620
Exercised during the year 0 0 0
Number of share rights out-
standing, Apr 30, 2025 331,648 657,000 708,205
2025/2026
Allotted during the year 0 0 0
Forfeited/expired during 
the year –22,025 –29,900 –38,605
Exercised during the year 0 0 0
Number of share rights out-
standing, Apr 30, 2026 309,623 627,100 669,600
Preparation and decision-making process
The Board fee was decided at the AGM in accordance with the proposal 
of the Nomination Committee. Guidelines for remuneration of the Presi-
dent and other senior executives are determined at the AGM. Remuner-
ation to the President/CEO was prepared by the Remuneration Commit-
tee and decided by the Board of Directors. The President/CEO prepared 
and decided on the remuneration of other senior executives.
Remuneration of the Board
Fees are paid to the Board Chairman and other external members in 
accordance with the decision of the AGM. Internal Board members are 
not paid a fee. The resolved fees for external Board members amount to 
SEK 350 thousand (330) to each Board member and SEK 700 thousand 
(660) to the Chairman of the Board. Fees for deputies amounted to  
SEK 175 thousand (165). For Audit Committee work, SEK 75 thousand 
(70) was paid to external Board members and SEK 150 thousand (140) 
to the Chairman of the Audit Committee. Fees for Remuneration Commit-
tee work amounted to SEK 35 thousand (30) and SEK 70 thousand (0) to 
the Chair of the Committee. Other remuneration pertains to consultant ser-
vices for assignments in which a Board member has specialist expertise.
Remuneration of the President and other senior executives
The terms and conditions of remuneration must emphasize remunera-
tion after performance, and varies in relation to the individual’s perfor-
mance and the Group’s earnings.
Total remuneration is on market terms and can consist of the following 
components: fixed cash salary, variable cash remuneration, pension 
 benefits and other benefits. “Other senior executives” refers to the five 
individuals who, together with the President/CEO, comprised Group 
Management during the fiscal year. For complete guidelines for remuner-
ation of senior executives, see page 78.
Terms of notice and severance pay
The period of notice must be linked to the age of the senior executive, in 
accordance with the following policies.
Upon termination by the company or the executive, the period of notice 
must be at most (i) six months, if at the time of termination the executive 
is age 40 or younger; (ii) 12 months, if at the time of termination the 
executive is age 41–50; (iii) 18 months, if at the time of termination the 
executive is age 51–60; and (iv) 24 months, if at the time of termination 
the executive is age 61 or older. From the date the executive turns 67, 
however, the period of notice must be at most six months.
Pension
For the President and other senior executives, retirement and survivor 
benefits including health insurance must be provided and are to be 
defined-contribution. Variable cash remuneration must not be pension-
able. Pension premiums must total a maximum of 30% of the basic salary.
Remuneration of the Board, President and other senior executives 2024/2025
Board fee Basic salary
Variable 
 remuneration
Pension 
 premiums Total
Jan-Olof Brüer, Chairman of the Board 701 0 0 0 701
Anders Persson 385 0 0 0 385
Tomas Puusepp 317 0 0 0 317
Birgitta Hagenfeldt 454 0 0 0 454
Fredrik Robertsson 317 0 0 0 317
Ulrika Unell 317 0 0 0 317
Michael Brüer1 110 0 0 0 110
Joel Kronander1 110 0 0 0 110
Total remuneration of the Board 2,711 0 0 0 2,711
President Torbjörn Kronander 2 0 5,241 2,160 226 7,627
Other senior executives (five individuals) 0 8,930 1,665 1,930 12,525
Total remuneration of the President  
and other senior executives 0 14,171 3,825 2,156 20,152
Total 2,711 14,171 3,825 2,156 22,863
1  Elected at the 2024 AGM
2  Contributions to pensions cease upon reaching retirement age.

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NOTES
Note 4 Employees and personnel costs, cont.
For employees in central functions in Sweden (Sectra AB, Sectra Imag-
ing IT Solutions AB, Sectra Medical Education AB and Sectra Orthopae-
dics AB) and employed outside of the previously mentioned regions, Sec-
tra must have a) received a minimum of two “Best in KLAS” awards in 
any category in any of the regions for each calendar year during the quali-
fication period.
For employees of the Sectra Communications Group, the Sectra Com-
munications Group must have, for every calendar year during the qualifi-
cation period, a) achieved an operating margin of at least 10% for the 
2022/2023 fiscal year and at least 15% for the following fiscal year, 
and b) achieved EBIT growth of at least 10% year-on-year.
Performance conditions LTIP 2024
For every fiscal year during the qualification period for participants in the 
program who are not employees of Sectra Communications AB and its 
subsidiaries (the Sectra Communications Group), Sectra must have a) 
received a first place ranking in “Best in KLAS” (in any category) in the 
employee’s region, if it is not the US, and in any category with the excep-
tion of PACS/Radiology for major hospitals in the US if the region is the 
US, and b) received a first place ranking in “Best in KLAS for PACS/
Radiology for large hospitals” in the US.
“Region” refers to the region to which the individual belongs, based on 
the KLAS regional division for the awards as of the date KLAS 
announces the award. For employees in central functions in Sweden 
(meaning Sectra AB, Sectra Imaging IT Solutions AB, Sectra Medical 
Education AB and Sectra Orthopaedics AB) and employed outside the 
regions applied by KLAS, in terms of performance conditions, Sectra 
must have a) received a minimum of two first-place rankings in “Best in 
KLAS” in any category in any of the regions during the qualification period 
for each fiscal year, with an exception for PACS/Radiology for large hos-
pitals in the US.
For employees in the Sectra Communications Group, for each fiscal 
year during the qualification period, the Sectra Communications Group 
must have achieved a) an operating margin (EBIT margin) of at least (1) 
15%, as regards the 2024/2025 fiscal year, (2) 17%, as regards the 
2025/2026 fiscal year, (3) 19%, as regards the 2026/2027 fiscal 
year and (4) 20%, as regards the subsequent fiscal years, and b) sales 
growth of at least 10% compared with the previous fiscal year.
Interpretation of performance conditions
For LTIP 2022 and LTIP 2024, the Board decided in December 2024 to 
adjust the performance conditions for employees in central functions in 
Sweden as follows:
The performance criteria in the conditions that pertain to “employees 
in central functions in Sweden (meaning Sectra AB, Sectra Imaging IT 
Solutions AB, Sectra Medical Education AB and Sectra Orthopaedics 
AB)” also apply to employees who work for central functions in Sweden 
but who are employed in any of the Sectra Group’s other subsidiaries 
other than the legal entities mentioned. It was noted that this interpreta-
tion applied as of January 1, 2025 for LTIP 2022 and from the start of 
LTIP 2024.
Reporting of performance-based incentive programs
Costs during the fiscal year amounted to SEK 80,687 thousand 
(63,501), which is recognized in personnel costs. In the balance sheet, 
SEK 63,234 thousand (43,326) has been recognized in equity and the 
remaining SEK 17,453 thousand (20,175) in provisions (refer to Note 
23).
In the Parent Company, the subsidiaries’ share of costs are recognized 
as investments in subsidiaries and an increase in unrestricted equity.
The aim of the performance-based incentive programs is to retain and 
recruit competent employees, who are expected to contribute to the 
Group’s continued favorable performance. The programs are to pro-
mote well-founded decision-making and desirable results in a manner 
that corresponds with the company’s vision and values. The intention is 
to increase the participants’ sense of investment in the company, which is 
expected to be beneficial for the company in the long term. The programs 
are to encourage increased ownership in the company, with the allotment 
of performance shares taking place on the condition that certain perfor-
mance criteria are met. Increased partial ownership among the compa-
ny’s employees is expected to result in a stronger sense of loyalty to the 
company.
Each participant is allotted an individual number of share rights, mean-
ing the right to receive a performance share free of charge provided that 
the certain conditions are met. Of the total 1,814,582 share rights allot-
ted, 160,500 share rights pertain to the President and senior execu-
tives.
Employment conditions (all programs)
Participation in the programs is voluntary and available to all employees, 
provided that they are or are considered to be permanent employees on 
at least a 50% basis as of the date of the AGM’s resolution to implement 
the programs. When switching between the Sectra Communications 
Group and other companies in the Sectra Group, the criteria for the pro-
gram the participant is switching to are to apply as of the calendar year-
end immediately following the change. For every calendar year during the 
terms of the programs in which any of the performance conditions below 
have not been met, one tenth of all of the participant’s share rights will be 
forfeited. For LTIP 2021, all savings shares must be retained during the 
entire term.
Performance conditions LTIP 2021
LTIP 2021 comprises two different programs: one for employees in North 
America (LTIP 2021 NA) and one for employees in the rest of the world 
(LTIP 2021 SROW).
For every calendar year during the term of the program (qualification 
period) for employees in North America, Sectra must have a) received a 
minimum of one “Best in KLAS” award (in any category), and b) received 
a first, second or third place ranking in “Best in KLAS for PACS/Radiol-
ogy for large hospitals” in the US or Canada depending on where the par-
ticipant is employed.
For employees in the rest of the world, in addition to the performance 
conditions above, the employee must have deposited savings shares in a 
deposit account specified by Sectra. One savings share comprises one 
Class B share in Sectra AB. The number of savings shares is to corre-
spond to the number of share rights the employee has been allotted. The 
savings shares are to be deposited during the entire qualification period.
For every calendar year during the qualification period for employees in 
companies other than Sectra Communications AB and its subsidiaries 
(the Sectra Communications Group), Sectra must have a) received a 
minimum of one “Best in KLAS” award (in any category), and b) received 
a first, second or third place ranking in “Best in KLAS for PACS/Radiol-
ogy for large hospitals” in the US.
For employees in the Sectra Communications Group, the Sectra Com-
munications Group must have, for every calendar year during the qualifi-
cation period, a) achieved an operating margin of at least 15%, and b) 
achieved EBIT growth of at least 8% year-on-year.
Performance conditions LTIP 2022
For every calendar year during the qualification period for participants in 
the program who are not employees of the Sectra Communications 
Group, Sectra must have a) received a minimum of one “Best in KLAS” 
award (in any category) in the employee’s region, and b) received a first, 
second or third place ranking in “Best in KLAS for PACS/Radiology for 
large hospitals” in the US. “Region” refers to i) for employees in the US: 
the US, ii) for employees in Canada: Canada, iii) for employees in Europe 
incl. Sweden: Europe and iv) for employees in ANZ: Asia-Pacific.
The research company KLAS Research has revised the division of 
regions for the Best in KLAS awards. As a result, in June 2024, the 
Board of Directors, supported by the Annual General Meeting’s instruc-
tions and the terms of LTIP 2022, resolved to modify the performance 
criteria linked to Sectra winning Best in KLAS in accordance with the fol-
lowing: “region” refers to the region the employee belongs to, based on 
the KLAS division of regions for the awards handed out each calendar 
year.

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NOTES
Note 5 Fees to auditors
Group Parent Company
25/26 24/25 25/26 24/25
EY
Audit assignment 5,427 5,755 3,106 3,177
 Audit activities in 
 addition to audit 
 assignment 251 27 65 0
Other services 350 340 318 303
Other  auditors
Audit assignment 186 525 0 0
Other services 0 0 0 0
Total 6,214 6,647 3,489 3,480
Audit assignments involve an examination of the Annual Report and consolidated finan-
cial statements, accounting records and the administration of the Board of Directors 
and the President and other tasks performed by the company’s auditor, including audit 
consultancy. The fee for audit assignments includes the statutory audit performed in 
each country. Audit activities in addition to the audit assignment pertains to quality- 
assurance services.
Note 6 Operating lease expenses
Parent Company
25/26 24/25
Lease expenses recognized for the year 10,476 8,266
Nominal value of agreed future lease payments:
Due for payment within 1 year 9,886 9,789
Due for payment after 1 year but within 5 years 20,820 29,773
Due for payment after more than 5 years 0 0
Total 30,706 39,562
The Parent Company’s leases pertain chiefly to office space.
Note 7 Interest income and similar profit/loss items
Group Parent Company
25/26 24/25 25/26 24/25
Other interest income 28,017 31,404 22,986 27,036
Interest income from 
Group companies 0 0 10,232 28,247
Dividends 0 0 65,343 83,928
Exchange difference, net 0 0 3,201 0
Total 28,017 31,404 101,762 139,211
Note 8 Interest expenses and similar profit/loss items
Group Parent Company
25/26 24/25 25/26 24/25
Interest expenses 7,517 4,308 1,030 369
Interest expenses from 
Group companies 0 0 21,767 24,965
Exchange difference, net 2,186 23,812 0 17,898
Total 9,703 28,120 22,797 43,232
Note 9 Appropriations
Parent Company
25/26 24/25
Group contributions 589,350 542,000
Total 589,350 542,000
Group contributions paid and received in the Parent Company are recognized as 
appropriations in profit and loss in accordance with the alternative rule for Group 
 contributions in RFR 2 / IAS 27. 
 Note 10 Tax on net profit for the year
Group Parent Company
25/26 24/25 25/26 24/25
Current tax –163,383 –165,006 –99,121 –104,356
Deferred tax –1,788 2,096 0 0
Total tax expenses –165,171 –162,910 –99,121 –104,356
Relationship between the Group’s tax expense 
and recognized tax per applicable tax rate
Profit before tax 728,949 726,281 545,129 587,782
Tax per applicable tax rate 
for the Parent Company, 
20.6% (20.6) –150,163 –149,614 –112,297 –121,083
Adjustment of tax for 
 previous years 4,369 –450 0 0
Tax effect of non- 
deductible expenses –6,779 –9,854 –343 –349
Tax effect of non-taxable 
income 888 464 13,519 17,076
Tax effect of changed tax 
rates or regulations 2,005 2,318 0 0
Tax effect of other  
tax rates in foreign 
 subsidiaries –16,552 –11,589 0 0
Tax effect of loss 
 carryforwards where 
deferred tax has not  
been recognized 0 6,271 0 0
Other items 1,061 –456 0 0
Tax on net profit for  
the year –165,171 –162,910 –99,121 –104,356
Deferred tax liabilities
Deferred tax liabilities  
on fixed assets 2,562 3,015 0 0
Deferred tax liabilities  
on liabilities 1,897 1,048 0 0
Deferred tax liabilities  
on intangible assets 4,019 0 0 0
Total deferred tax 
 liabilities 8,478 4,063 0 0
Deferred tax assets
Deferred tax assets on 
fixed assets 721 801 0 0
Deferred tax assets on 
current assets 1,073 1,478 0 0
Deferred tax assets on 
current liabilities 2,442 6,223 0 0
Deferred tax assets on 
provisions 2,264 0 0 0
Deferred tax assets  
on unutilized loss 
 carryforwards 7,675 0 0 0
Total deferred tax assets 14,175 8,502 0 0
Loss carryforwards have no time limits.

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NOTES
Note 11 Intangible assets and goodwill
Group Parent Company
Capitalized 
development 1, 6 Goodwill 2
Patents and 
licenses 3
Customer 
 relationships 4 Trademarks 5 Total
Capitalized 
development 1
Opening cost 530,217 85,948 15,401 61,901 8,180 701,647 10,857
Translation difference 0 –3,629 –38 –2,902 0 –6,569 0
Investments for the year 75,237 0 0 0 0 75,237 2,817
Accumulated cost as of  
April 30, 2025 605,454 82,319 15,363 58,999 8,180 770,315 13,674
Opening amortization  
and impairment –327,473 –36,131 –7,208 –60,325 –8,180 –439,316 –1,674
Translation difference 0 717 –871 3,778 0 3,624 0
Amortization for the year –46,773 0 –2,334 –2,452 0 –51,559 0
Accumulated amortization and 
impairment as of April 30, 2025 –374,246 –35,414 –10,413 –58,999 –8,180 –487,252 –1,674
Closing recognized residual value 
as of April 30, 2025 231,208 46,905 4,950 0 0 283,063 12,000
Opening cost 605,454 82,319 15,363 58,999 8,180 770,315 13,674
Translation difference 0 –1,426 –3 42 0 –1,387 0
Investments for the year 103,115 0 0 0 0 103,115 0
Rörelseförvärv 0 0 25,887 0 0 25,887 0
Accumulated cost as of 
April 30, 2026 708,570 80,893 41,247 59,041 8,180 897,931 13,674
Opening amortization  
and impairment –374,246 –35,414 –10,413 –58,999 –8,180 –487,252 –1,674
Translation difference 0 281 –159 –42 0 398 0
Amortization for the year –51,624 0 –1,636 0 0 –53,260 –2,400
Impairment for the year –6,000 0 0 0 0 –6,000 0
Accumulated amortization and 
impairment as of April 30, 2026 –431,870 –35,133 –11,890 –59,041 –8,180 –546,114 –4,074
Closing recognized residual value 
as of April 30, 2026 276,700 45,760 29,357 0 0 351,818 9,600
1 Capitalized development pertains to internally generated intangible assets comprising proprietary software and equipment for medical imaging and secure communica-
tions. The remaining amortization period on larger projects is one to five years. The largest remaining project concerns the development of IT systems in Imaging IT Solu-
tions. The Group’s R&D costs in 2025/2026 amounted to SEK 438,519 thousand (407,954).
2 Goodwill is attributable to the acquisition of Sectra Products UK Ltd, EXP Analytics Oy and RxEye AB. Goodwill attributable to the acquisition of RxEye AB was impaired in 
its entirety during the 2016/2017 fiscal year. Of total goodwill, SEK 45,760 thousand (46,905) was attributable to the Imaging IT Solutions segment and SEK 0 thousand 
(0) to the Secure Communications segment.
3 Remaining values in patents and licenses pertain to SEK 28,329 thousand (4,421) in the Imaging IT Solutions segment and SEK 0 thousand (529) in Secure Communications. 
4 Of total customer relationships, SEK 0 thousand (0) was attributable to the Imaging IT Solutions segment. These pertain to assets acquired from Sectra Sverige AB, 
 Sectra imaXperts BV, Sectra Products UK Ltd, it-mark ApS and RxEye AB. 
5 Trademarks pertain only to the Imaging IT Solutions segment and are attributable to acquired assets in Sectra Sverige AB and Sectra Products UK Ltd.
6 Of the accumulated cost, 20.6% (17.0) pertains to ongoing development projects and 79.4% (83.0) to completed projects.
Impairment of intangible assets
An impairment test is performed on intangible assets if there is an 
 indication that an asset may be impaired, and on ongoing development 
projects and goodwill at least once annually. The value of the Group’s 
intangible assets is based on the value in use of the cash-generating 
development projects and acquired companies. The value in use is based 
on the cash flows that the assets are expected to generate. All assump-
tions described below have been approved by the Board.
Calculation of recoverable amount
Goodwill
Future cash flows for goodwill are based on expected synergy effects  
in terms of the growth potential for sales for Imaging IT Solutions with 
respect to Sectra Products UK Ltd’s products. The cash-generating unit 
for goodwill pertaining to Sectra Products UK Ltd is deemed to be the 
Imaging IT Solutions business area in its entirety. Sales of Sectra Prod-
ucts UK Ltd’s products are deemed to be an integral part of the total 
business in Imaging IT Solutions. 
Other intangible assets
The future cash flows used when calculating each unit’s value in use are 
based on a detailed review of each development project. 
Discounting factor
Along with a joint discount rate of 8.7% (8.1) after tax, each cash-  
generating unit is charged an additional individual risk premium of 1.0 
percentage point in the event that the technical conditions pertaining to 
the unit are considered, in all material respects, to be new and an addi-
tional individual risk premium of 1.0 percentage point in cases where the 
market conditions are considered, in all material respects, to be new. 
Overall, the assessment is that the components included in the risk 
 premium are unchanged compared with the preceding year.

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NOTES
Goodwill
A discount rate of between 8.7% and 10.7% (8.1–10.1) after tax was 
used when calculating cash flows associated with goodwill.
Other intangible assets
The present value of forecast future cash flows for development projects 
has been calculated using a discount rate of between 8.7% and 10.7% 
(8.1–10.1) after tax. 
Forecast period and growth rate
The forecast period when calculating value in use for intangible assets, 
except for goodwill, is determined by the asset’s useful life of five years. 
The growth rate is based on the market growth in Sectra’s individual 
product areas. The forecast period in connection with the calculation of 
goodwill has been set at five years. The growth rate assessment is based 
on market trends and growth goals in the business areas. The variation 
in assumed growth during the forecast period and thereafter between 
the respective acquired companies and the various development proj-
ects is significant, which means that average values can vary consider-
ably between years. In cases where intangible assets are assumed to 
have an indefinite economic life, perpetuity growth has been set at 0% 
(0) under the prevailing external economic conditions, and for other 
assets, individual assessments have been carried out to determine the 
percentage by which the cash flow from each asset is assumed to be 
decreased.
Other assumptions regarding required yield
Risk-free interest: Ten-year treasury bill on the balance-sheet 
date 2.8% (2.3)
Market risk premium: 5.9% (5.8)
Company-specific risk premium: 0.0–2.0% (0.0–2.0)
Beta value: The beta value is calculated at 1.0 (1.0)
Interest expenses: Sectra’s assessed cost for borrowing
Tax rate: Tax rate in Sweden
The return requirement is between 8.7% and 10.7% after tax, which 
corresponds to between 10.6% and 13.0% before tax.
Impairment tests and sensitivity analyses for the year
Goodwill
Impairment testing of goodwill for the year indicated that, as of the 
balance- sheet date, there was no impairment requirement for the good-
will item attributable to Sectra Products UK Ltd. A sensitivity analysis in 
which the discount rate increases by 2 percentage points and annual 
perpetuity growth decreases by 2 percentage points results in the value 
that exceeds the carrying amount being reduced by an average of 28%.  
If growth during the forecast period also decreases by 2 percentage 
points, the value that exceeds the carrying amount is reduced by a total 
average of 54%.
No reasonable changes in key assumptions would give rise to an impair-
ment requirement.
Other intangible assets
Impairment tests for the year per development project and other intangi-
ble assets were performed with such a margin that Executive Manage-
ment deems that any reasonable and possible changes in individual vari-
ables will not cause the value in use to fall below the carrying amount. A 
sensitivity analysis in which the discount rate increases by 2 percentage 
points and annual perpetuity growth decreases by 2 percentage points 
results in the value that exceeds the carrying amount being reduced by 
an average of 19%. If growth during the forecast period also decreases 
by 2 percentage points, the value that exceeds the carrying amount is 
reduced by a total average of 29%.
Parent Company 
The Parent Company had intangible assets amounting to SEK 9.6 million 
(12.0) as of April 30, 2026.
Note 11 Intangible assets and goodwill, cont.

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NOTES
Note 12 Tangible assets
Group
Buildings  
and land
  Ongoing 
 leasehold 
improvements
Office  
furniture
Equipment  
and office 
machines
Equipment  
at customer 
premises Total
Opening cost 149,947 0 22,288 173,929 14,021 360,185
Translation difference 0 0 –2,585 –6,082 –183 –8,850
Investments for the year 1,948 0 10,087 21,989 731 34,755
Reclassification/Transfer between companies 0 0 –185 185 0 0
Sales/disposals for the year 0 0 –3,055 –8,365 –206 –11,626
Accumulated cost as of April 30, 2025 151,895 0 26,550 181,656 14,363 374,464
Opening depreciation and impairment –2,818 0 –15,684 –105,729 –8,914 –133,145
Translation difference 0 0 1,198 3,600 139 4,937
Depreciation for the year –4,253 0 –2,079 –27,326 –2,273 –35,931
Reclassification/Transfer between companies 0 0 131 –131 0 0
Sales/disposals for the year 0 0 2,321 7,802 206 10,329
Accumulated depreciation and impairment  
as of April 30, 2025 –7,071 0 –14,113 –121,784 –10,842 –153,810
Closing recognized residual value as of April 30, 2025 144,824 0 12,437 59,872 3,521 220,654
Opening cost 151,895 0 26,550 181,656 14,363 374,464
Translation difference 0 10 –296 –1,290 –27 –1,603
Investments for the year 9,048 43,290 8,280 23,951 919 85,488
Acquisitions 0 0 0 1,405 0 1,405
Reclassification/Transfer between companies 0 0 0 190 –398 –208
Sales/disposals for the year 0 0 –119 –4,654 –14 –4,787
Accumulated cost as of April 30, 2026 160,943 43,300 34,415 201,258 14,843 454,758
Opening depreciation and impairment –7,071 0 –14,113 –121,784 –10,842 –153,810
Translation difference 0 –3 209 521 25 752
Depreciation for the year –4,354 –1,687 –2,315 –24,200 –1,894 –34,450
Reclassification/Transfer between companies 0 0 0 –1,297 0 –1,297
Sales/disposals for the year 0 0 65 3,035 0 3,100
Accumulated depreciation and impairment  
as of April 30, 2026 –11,425 –1,690 –16,154 –143,725 –12,711 –185,706
Closing recognized residual value as of April 30, 2026 149,518 41,610 18,261 57,532 2,132 269,052

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NOTES
Parent Company
Office 
 furniture
Ongoing leasehold 
 improvements
Equipment and 
office machines Total
Opening cost 5,127 0 12,889 18,016
Investments for the year 1,750 0 705 2,455
Sales/disposals for the year 0 0 0 0
Accumulated cost as of April 30, 2025 6,877 0 13,595 20,472
Opening depreciation and impairment –2,991 0 –8,691 –11,682
Depreciation for the year –439 0 –1,376 –1,815
Sales/disposals for the year 0 0 0 0
Accumulated depreciation and impairment as of April 30, 2025 –3,430 0 –10,067 –13,497
Closing recognized residual value as of April 30, 2025 3,447 0 3,527 6,975
Opening cost 6,877 0 13,595 20,472
Investments for the year 821 39,629 4,499 44,949
Sales/disposals for the year 0 0 0 0
Accumulated cost as of April 30, 2026 7,698 39,629 18,094 65,421
Opening depreciation and impairment –3,430 0 –10,067 –13,497
Depreciation for the year –521 0 –1,713 –2,234
Sales/disposals for the year 0 0 0 0
Accumulated depreciation and impairment as of April 30, 2026 –3,951 0 –11,780 –15,731
Closing recognized residual value as of April 30, 2026 3,747 39,629 6,314 49,690
Note 12 Tangible assets, cont.

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Sectra’s Annual Report and Sustainability Report 2025/2026
NOTES
Note 13 Right-of-use assets and lease liabilities
Premises Vehicles Other Total
Opening cost 77,089 19,071 493 96,654
New right-of-use assets 90,129 7,058 0 97,18 7
Concluded contracts –16,958 –6,223 –79 –23,260
Translation difference –3,939 –874 2 –4,811
Accumulated cost as of 
April 30, 2025 146,321 19,032 416 165,770
Opening depreciation –49,670 –11,643 –99 –61,413
Depreciation for the year –19,789 –4,184 –67 –24,040
Depreciation concluded 
contracts 17,229 5,524 79 22,832
Translation difference 2,589 683 –6 3,266
Accumulated deprecia-
tion as of April 30, 2025 –49,641 –9,620 –93 –59,355
Closing recognized  
residual value as of April 
30, 2025 96,680 9,412 323 106,415
Opening cost 146,321 19,032 416 165,770
New right-of-use assets 39,510 4,688 0 4 4,198
Concluded contracts –24,898 –5,887 0 –30,785
Translation difference –2,658 495 0 –2,163
Accumulated cost as of  
April 30, 2026 158,275 18,328 416 177,020
Opening depreciation –49,641 –9,620 –93 –59,355
Depreciation for the year –24,165 –3,823 –142 –28,130
Depreciation concluded 
contracts –4,154 5,413 0 1,259
Translation difference 263 352 102 717
Accumulated deprecia-
tion as of April 30, 2026 –77,697 –7,678 –133 –85,509
Closing recognized  
residual value as of  
April 30, 2026 80,578 10,650 283 91,511
Lease expenses 25/26 24/25
Variable lease payments 11,093 10,419
Expenses pertaining to low-value leases  
and short-term leases 5,394 4,150
Depreciation/amortization 28,130 25,179
Interest, premises 4,467 2,874
Interest, vehicles 471 370
Interest, other assets 0 0
Total 49,555 42,992
Cash outflow from leases 25/26 24/25
Repayment of lease liabilities 26,636 39,950
Interest expenses pertaining to lease liabilities 4,938 3,244
Variable lease payments 11,093 10,419
Expenses for low-value leases and  
short-term leases 5,394 4,150
Total 48,061 57,763
Lease liabilities
Apr 30, 
2026
Apr 30, 
2025
Non-current lease liabilities 55,507 63,840
Current lease liabilities 20,977 23,617
Total 76,484 87,457
   
Maturity analysis – undiscounted cash flow 
Apr 30, 
2026
Apr 30, 
2025
Year 1 24,959 26,183
Year 2 19,586 23,263
Year 3 17,261 21,426
Year 4 11,821 20,153
Year 5 or later 29,211 36,935
Total 102,838 127,960
The Group’s leases for premises typically run for one to ten years and 
primarily pertain to office premises. The lease terms for vehicles and 
other assets typically run for three to five years. The Group has agree -
ments where the terms include extension options that are included in 
the right-of-use asset in cases where it is reasonably certain that the 
options will be exercised.

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Sectra’s Annual Report and Sustainability Report 2025/2026
NOTES
Note 14 Participations in Group companies
Corp. Reg. No. Reg. office
No. of partici-
pations
Share  
of capital 
Apr 30, 2026  
Carrying  
amount 1 
Apr 30, 2025  
Carrying  
amount 1
Parent Company:
Sectra Imaging IT Solutions AB 556250-8241 Linköping, SE 300,000 100% 50,578 29,682
Sectra Communications AB 556291-3300 Linköping, SE 3,000,000 100% 13,989 8,326
Sectra Secure Transmission AB 556247-1283 Linköping, SE 100,000 100% 95 95
Sectra Medical Education AB 559314-3471 Linköping, SE 500 100% 2,707 1,626
Sectra Orthopaedics AB 559314-3414 Linköping, SE 500 100% 2,983 1,788
Sectra Properties AB 559401-0026 Linköping, SE 250 100% 87,072 87,072
Sectra Sverige AB 556483-9479 Linköping, SE 40,350 100% 30,554 26,348
Sectra Norge AS 975 353 265 Oslo, NO 5,000 100% 4,471 2,554
Sectra Inc. 06-1473851 Shelton, US 500 100% 28,097 21,499
Sectra Medical Systems GmbH HR B 73108 Cologne, DE 500 100% 2,993 1,415
Sectra Medical Imaging Schweiz AG CHE-225.049.408 Zurich, CH 100 100% 1,146 1,059
Sectra Danmark A/S 10073251 Odense, DK   5,000 100% 2,793 1,647
Sectra Ltd 04571654 Stevenage, UK 1 100% 6,812 3,744
Sectra Pty Ltd 67 105 376 190 Sydney, AU 100 100% 2,015 1,082
Sectra New Zealand Ltd 1539744 Auckland, NZ 100 100% 187 132
Sectra Medical Systems SL B84352749 Madrid, ES 42,028 100% 3,370 3,140
Art Ces Lda PT513270396 Porto, PT 5,000 100% 4,063 1,871
Sectra imaXperts BV 39069257 Almere, NL 500 100% 9,537 7,310
Sectra France SAS 811070317 Paris, FR 1,000 100% 862 556
Sectra Canada Inc BC1112137 Vancouver, CA 100 100% 6,426 3,854
Sectra Ireland Ltd 760807 Dublin, IE 1 100% 10 0
Oxipit UAB 304617386 Vilnius, LT 511,915 100% 19,387 n/a
Total 280,147 204,800
Sectra Imaging IT Solutions AB:
Sectra Products UK Ltd 05968184 Stevenage, UK 1,000 100% 8,450 8,450
Total 8,450 8,450
Sectra Communications AB:
Sectra Communications BV 27264295 The Hague, NL 1,800 100% 164 164
Sectra Communications Oy 2679724-9 Helsinki, FI 2,500 100% 3,319 3,319
Columbitech Inc. 04-3719150 Delaware, US 100 100% 0 0
Sectra Critical Infrastructure AB 559525-5513 Linköping, SE 500 100% 14,050 50
Total 17,533 3,533
1 The carrying amount has increased as a result of the share-based incentive programs, refer to Note 4.

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NOTES
Note 16 Participations in associated companies
Parent Company
Apr 30, 2026 Apr 30, 2025
Opening cost 564 564
Total 564 564
Corp. Reg. No. Reg. office
No. of partici-
pations
Share of cap-
ital 
Apr 30, 2026
Carrying 
amount 
Apr 30, 2025  
Carrying 
amount 
Sectra Saudi Arabia Ltd 10213371171087 Riyadh, SA 500 50% 564 564
Total 564 564
The company constitutes a subsidiary for the Group and is jointly owned by Sectra AB and Sectra Imaging IT Solutions AB, which own 50% each.
Note 15 Acquisitions
On April 14, 2026 the Group acquired all shares in Oxipit UAB (Corp. 
Reg. No. 304617386), a Lithuanian company specializing in  
autonomous AI for radiology. The company had 17 employees at the time 
of the acquisition. The company develops AI solutions for radiology and 
holds the first CE Class IIB certification1 for autonomous AI chest X-ray 
analysis. The product is designed to independently identify and filter out 
examinations from the radiologist’s work list that can be deemed normal 
with a high level of certainty. This acquisition strengthens Sectra’s offer-
ing in diagnostic imaging by introducing autonomous AI. It complements 
the Group’s vendor-independent AI marketplace and its own product 
development. The acquisition also brings expertise within clinical valida-
tion and regulatory affairs associated with AI-based medical devices, 
which is a precondition for being able to use this kind of device in clinical 
operations.
The total consideration transferred on the date of acquisition 
amounted to SEK 19.4 million, entirely as a cash consideration. The pur-
chase was fully financed with Sectra’s existing funds. Transaction costs 
for the acquisition amounted to SEK 1.3 million and have been recog-
nized as external costs.
The operations were consolidated into Imaging IT Solutions from the 
date of acquisition, at which time Sectra obtained a controlling influence 
over the acquired company. Since the acquisition date, the company has 
delivered sales of SEK 0 million and an operating loss of SEK –0.1 million. 
If the company had been part of the Group for the full fiscal year, sales 
would have amounted to SEK 0.6 million and the operating loss would 
have been SEK –19.6 million.
Acquired net assets at April 14, 2026
SEK million
Value according 
to acquisition 
analysis
Patents and licenses 25.8
Tangible assets 0.1
Deferred tax assets 7.8
Other receivables 0.5
Cash and cash equivalents 0.5
Deferred tax liabilities –4.4
Other long-term liabilities –8.3
Other current liabilities –2.6
Total acquired net assets 19.4
Fair value of consideration transferred 19.4
Net outflow of cash and cash equivalents  
due to the acquisition
Cash consideration transferred 19.4
Cash and cash equivalents in the acquired company  
on the date of acquisition 0.5
Total 18.9
1 CE class IIb certification confirms compliance with EU medical device regulations 
and permits commercialization within the EEA.

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NOTES
Note 17 Long-term receivables from Group companies
Parent Company
Apr 30, 
2026
Apr 30, 
2025
Opening cost 125,045 200,105
New receivables 20,207 11,566
Amortized receivables –78,332 –69,832
Exchange-rate difference 3,146 –16,794
Total 70,066 125,045
Note 18 Inventories
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Component stocks 15,581 21,693 0 0
Finished products 26,931 15,883 0 0
Total 42,512 37,576 0 0
Impairment of inventory via profit and loss totaled SEK 1,734 thousand (217) in 
2025/2026.
 
Equipment and components mainly used for development are reclassified as equip-
ment or expensed through profit or loss, depending on the estimated useful life of 
the inventory item. Of the total inventory value, 0 is measured at fair value after sell-
ing expenses. Accordingly, the entire inventory is measured at cost since this value 
is lower than fair value after selling expenses.
Note 19 Accounts receivable 
Current accounts receivable per currency
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
SEK 68,408 19,074 11,822 9,247
USD 204,994 195,173 434 434
EUR 233,760 230,198 –386 –386
GBP 164,279 75,331 –29 –29
Other currencies 50,877 52,260 –76 –76
Total 722,318 572,036 11,765 9,190
Long-term accounts receivable recognized in the Group of SEK 102,348 thousand  
(126,345) pertain only to GBP, refer to Note 2.
Change for the year in the reserve for expected credit losses
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Opening balance 2,487 2,963 0 0
Realized losses 0 –46 0 0
Reversal of unutilized 
amounts –217 –523 0 0
Reserve for expected 
credit losses 4,533 409 0 0
Exchange-rate effect –66 –316 0 0
Total 6,737 2,487 0 0
See Note 31 for an age analysis.
The reserve for expected credit losses pertains only to current accounts receiv-
able. No provision requirement for long-term accounts receivable or contract assets 
(refer to Note 2) was deemed to exist on the balance-sheet date as a result of the 
credit risk in the underlying receivables. Moreover, customers’ ability to pay when it 
comes to long-term receivables and contract assets is deemed to be very good, and 
the agreements are often unique in terms of their character and content, and it is not 
deemed possible to classify them according to separate credit risk rating groups with 
sufficient forecastability, refer to Note 31. Although the maturity of the credits 
Note 19 Accounts receivable, cont. 
are considered to have a low general predictive value for future losses, an individual 
monthly assessment is conducted for each customer divided by maturity category in 
each subsidiary. If any deviations from previous patterns are noted, a central follow-up 
is carried out. Through this age-based division and two-step process, objective and 
probability- weighted amounts are deemed to be achieved using reasonable and ver-
ifiable data, which is available on the balance-sheet date without unnecessary costs 
or efforts, for past events, current circumstances and forecasts of future eco-
nomic conditions. Provisions for and reversals of bad debt losses are recognized in 
other external costs in profit or loss.
Note 20 Prepaid expenses and accrued income
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Accrued interest 
income 2,303 4,813 2,303 4,813
Prepaid cost for 
maintenance 
 agreements 48,554 38,523 17,709 23,429
Other items 84,036 75,642 8,649 8,026
Recognized non- 
invoiced income 1 819,267 819,754 0 0
Total 954,160 938,732 28,661 36,268
Recognized non-invoiced income per currency
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
SEK 91,688 41,845 0 0
USD 280,251 331,119 0 0
EUR 186,812 187,125 0 0
GBP 185,207 118,652 0 0
Other currencies 75,309 141,013 0 0
Total 819,267 819,754 0 0
1 Refer to Note 2.
Note 21 Cash and bank balances
Group Parent Company 1
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Cash and bank balances 1,810,310 1,341,871 1,489,817 1,145,466
Total 1,810,310 1,341,871 1,489,817 1,145,466
1 Balances in the Group’s cash-pool accounts are recognized in their entirety  
as cash and cash equivalents in the Parent Company and are included in the 
 Parent Company’s cash-flow statement. The subsidiaries’ portion of the cash-
pool accounts are recognized as short-term receivables from, or liabilities to,  
the Parent Company.  
Bank overdraft facilities
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Credit limit granted 15,000 15,000 15,000 15,000
Unutilized portion –15,000 –15,000 –15,000 –15,000
Utilized credit 
amount 0 0 0 0

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NOTES
Note 22 Share capital and number of shares
No. of shares
Outstanding Total issued
Quo-
tient 
value 
per  
share,  
SEK Class A Class B Class C Total Class A Class B Class C Total
Equity,  
SEK  
thou-
sand
Opening 
 balance  
May 1, 2024 0.20 13,103,460 179,564,029 0 192,667,489 13,103,460 181,017,435 0 194,120,895 38,825
Conversion to 
shares 0.20 0 0 0 0 0 0 0 0 0
New share 
issue 0.20 0 0 1,000,000 1,000,000 0 0 1,000,000 1,000,000 200
Treasury 
shares 1 0.20 0 0 –1,000,000 –1,000,000 0 0 0 0 0
Reclassifica-
tion 1 0.20 0 0 0 0 0 1,000,000 –1,000,000 0 0
Closing 
 balance Apr 
30, 2025 0.20 13,103,460 179,564,029 0 192,667,489 13,103,460 182,017,435 0 195,120,895 39,025
Closing 
 balance Apr 
30, 2026 0.20 13,103,460 179,564,029 0 192,667,489 13,103,460 182,017,435 0 195,120,895 39,025
1 The newly issued shares have been repurchased at a price corresponding to the quotient value, totaling SEK 200,000 (0). The purpose of the repurchase is to ensure the 
future delivery of performance shares and to finance the costs of social security contributions related to the LTIP 2021, LTIP 2022 and LTIP 2024 incentive programs.  
The newly issued Class C shares were reclassified as Class B shares during the fiscal year.
Note 23 Provisions
Group Parent Company
Guarantee commit-
ments and other 
provisions
Share-based 
 remuneration 1 Total
Share-based 
 remuneration
Carrying amount May 1, 2024 6,771 22,208 28,979 2,685
Provisions made in the period 9,818 28,605 38,423 3,642
Reversal of provisions –1,878 0 –1,878 0
Translation difference 0 –1,587 –1,587 0
Carrying amount Apr 30, 2025 14,711 49,226 63,937 6,327
Of which total long-term portion of provisions 9,092 49,226 58,318 6,327
Of which total short-term portion of provisions 5,619 0 5,619 0
Group Parent Company
Guarantee commit-
ments and other 
provisions
Share-based 
 remuneration 1 Total
Share-based 
 remuneration
Carrying amount May 1, 2025 14,711 49,226 63,937 6,327
Provisions made in the period 4,137 23,278 27,415 2,754
Reversal of provisions –2,099 –22,032 –24,131 0
Translation difference 0 2,275 2,275 0
Carrying amount Apr 30, 2026 16,749 52,747 69,496 9,081
Of which total long-term portion of provisions 7,275 52,747 60,022 9,081
Of which total short-term portion of provisions 9,474 0 9,474 0
The carrying amount at the end of the period is expected to be settled within one to four years for guarantee commitments and other provisions.
1 For more information, refer to Note 4.

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NOTES
Note 24 Long-term liabilities
Reconciliation of liabilities attributable to financing activities
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Non-current lease 
 liabilities 55,507 63,840 0 0
Current lease liabilities 20,977 23,617 0 0
Total lease liabilities 76,484 87,457 0 0
Other long-term 
 liabilities 0 11,733 0 0
Total other long-term 
liabilities 0 11,733 0 0
Total liabilities 
 attributable to 
 financing activities 76,484 99,190 0 0
Lease 
 liability
Other 
long-term 
 liabilities Total
Opening balance May 1, 2024 31,788 0 31,788
Cash items
  Repayments 0 0 0
  Lease payments –39,950 0 –39,950
Non-cash items
  Fair value 0 11,733 11,733
  Conclusion of contracts 0 0 0
  New leases 97,187 0 97,187
  Currency adjustment –1,568 0 –1,568
Closing balance Apr 30, 2025 87,457 11,733 99,190
Opening balance May 1, 2025 87,457 11,733 99,190
Cash items
  Repayments 0 –11,733 –11,733
  Lease payments –26,636 0 –26,636
Non-cash items
  Fair value 0 0 0
  Conclusion of contracts –30,786 0 –30,786
  New leases 44,198 0 44,198
  Currency adjustment 2,251 0 2,251
Closing balance Apr 30, 2026 76,484 0 76,484
Note 25 Other current liabilities
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Value-added tax 67,297 54,294 0 1,884
Employee withholding 
taxes 18,810 19,571 1,197 1,230
Other liabilities 17,378 7,803 0 343
Total 103,485 81,668 1,197 3,457
Note 26 Accrued expenses and deferred income
Group Parent Company
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Accrued social security 
contributions 72,195 60,478 6,668 5,546
Accrued vacation pay 100,365 94,488 13,019 10,944
Accrued accounts 
 payable 126,652 103,285 26,185 23,670
Invoiced non-recognized 
income 1 1,282,983 974,935 0 0
Other items 245,434 175,761 67,321 6,268
Total 1,827,629 1,408,947 113,193 46,428
1 Refer to Note 2.
Note 27 Pledged assets and contingent liabilities
Group Parent Company
For bank overdraft 
 facilities
Apr 30, 
2026
Apr 30, 
2025
Apr 30, 
2026
Apr 30, 
2025
Chattel mortgages 33,250 33,250 11,000 11,000
Total pledged assets 33,250 33,250 11,000 11,000
Guarantees on behalf  
of subsidiaries 62,500 63,500
Total contingent 
 liabilities 62,500 63,500
Note 28 Cash flow 
Adjustment for non-cash items
Group Parent Company
25/26 24/25 25/26 24/25
Depreciation/amortiza-
tion and impairment 121,843 111,530 4,634 1,815
Unrealized exchange-
rate differences –1,656 9,012 3,183 –17,898
Reversal of provision/
provision 57,607 59,039 2,754 3,643
Total 177,794 179,581 10,571 –12,440
Note 29 Related parties
The Group’s related parties comprise subsidiaries, Group Management 
and the Board of Directors as well as other key persons in senior positions. 
Other than sales between Group companies (refer to Note 2) and 
remuneration to senior executives (refer to Note 4), no significant trans-
actions with related parties took place.

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NOTES
The earnings effect of impairment losses and reversals of previous impairment on bad debt losses was SEK –5,844 thousand (–959), net. No gains or 
losses were recognized in any of the other categories. For cash and cash equivalents and other receivables and liabilities with shorter terms, the carrying 
amount is considered to correspond to the fair value. In the case of receivables or liabilities with a term exceeding one year, the carrying amount has been 
discounted. Other long-term financial liabilities have a term of three years.
Note 30 Measurement of financial assets and liabilities
Group Apr 30, 2025
Financial assets  
measured at  
amortized cost
Financial liabilities  
measured at  
amortized cost
Total  
carrying amount
Fair  
value
Long-term accounts receivable 126,345 0 126,345 126,345
Long-term contract assets 19,312 0 19,312 19,312
Other long-term receivables 32,807 0 32,807 32,807
Accounts receivable 572,036 0 572,036 572,036
Cash and bank balances 1,341,871 0 1,341,871 1,341,871
Total financial assets 2,092,371 0 2,092,371 2,092,371
Lease liabilities 0 87,457 87,457 87,457
Other long-term liabilities 0 11,733 11,733 11,733
Accounts payable 0 107,279 107,279 107,279
Total financial liabilities 0 206,469 206,469 206,469
Group Apr 30, 2026
Financial assets  
measured at  
amortized cost
Financial liabilities  
measured at  
amortized cost
Total  
carrying amount
Fair  
value
Long-term accounts receivable 102,348 0 102,348 102,348
Long-term contract assets 81,674 0 81,674 81,674
Other long-term receivables 3,404 0 3,404 3,404
Accounts receivable 722,318 0 722,318 722,318
Cash and bank balances 1,810,310 0 1,810,310 1,810,310
Total financial assets 2,720,054 0 2,720,054 2,720,054
Lease liabilities 0 76,484 76,484 76,484
Other long-term liabilities 0 0 0 0
Accounts payable 0 183,800 183,800 183,800
Total financial liabilities 0 260,284 260,284 260,284
Note 31 Risks, risk management and sensitivity analysis
Risks related to operations
Sectra’s risks related to operations are limited. As a general rule, cus-
tomers’ operations are financed directly or indirectly with public funds 
and solvency is excellent, although payment practices can vary between 
different countries. Because Sectra is active in a large number of geo-
graphic markets, the Group’s overall exposure to political and market 
risks, for example, is limited. The largest individual risks related to opera-
tions are described below.   
Customers and partners
Sectra’s five largest partners and customers jointly account for 13.7% 
(15.5) of consolidated sales. No individual customer accounts for more 
than 10% of consolidated sales. Although sales to each customer are 
often divided among a number of agreements, the proportion of long-
term managed-services agreements has increased and, therefore, the 
loss of a major customer could have a significant effect on the Group’s 
long-term earnings and financial position. Due to the continuous expan-
sion of operations, the proportion of the Group’s business volume repre-
sented by each individual partner and customer is gradually declining. 
Product liability and property risks
Through its operations, Sectra assumes product liability, which means 
that personal injury or damage to property caused by the company’s sys-
tems at the premises of a customer or third party could lead to a claim 
being made against Sectra. Insurance policies have been taken out for 
the property and liability risks to which the Group is exposed.
Intellectual property rights
Sectra is a leader in the areas in which the Group operates and invests 
substantial resources in product development. To ensure a return on 
these investments, Sectra works continuously to analyze the require-
ments for different products in terms of intellectual property rights, and 
to identify and protect inventions through patents. 
Other business risks
The prices for medical systems in the world market are largely governed 
by major international companies. Accordingly, the USD, GBP and EUR 
exchange rates have an effect on the price structure and competitive-
ness. Other business risks, such as market risks, suppliers, technical 
development, dependence on individual persons, cybersecurity threats 
and ethical risks are analyzed continuously. Measures are taken as 
needed to reduce the Group’s risk exposure. 
Financial risks
Sectra is exposed to financial risks pertaining to currency, interest, 
financing and liquidity risks. Rules and authority for management of finan-
cial transactions and risks are described in the Group’s Financial Policy, 
which is determined by the Board. Responsibility for management of finan-
cial transactions and risks is centralized to the Parent Company’s finance 
department. The aim is to support the Group’s business activities by 
identifying and limiting the Group’s financial risks, providing cost-efficient 
financing of Group companies and managing cash and cash equivalents 
on market terms. 
Currency exchange risks
The Group’s exposure to currency exchange risks mainly arises through 
transactions in foreign currencies in the form of customer and supplier 
payments and, to a lesser extent, in connection with the translation of 
foreign subsidiaries’ income statements and balance sheets. In accor-
dance with the Group’s Financial Policy, subsidiary financing is to be

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NOTES
Note 31 Risks, risk management and sensitivity analysis, cont.
carried out in the local currency and currency exposure pertains mainly 
to USD, GBP and EUR. 
Operating profit for the year includes an exchange loss of SEK –7,183 
thousand (–22,023) and net financial items include an exchange loss of 
SEK –2,186 thousand (–23,811).
The Group does not normally hedge currency flows since the potential 
gains or losses over the long term are not expected to be significant. 
Sectra monitors payment flows in foreign currencies on an ongoing 
basis, and hedging of transaction exposure may be implemented if the 
expected predictability increases significantly. 
Group revenue and expenses in various currencies
SEK million
Cur-
rency Revenue Expenses Net exposure
SEK 679.4 (633.3) –1,331.3 (–989.5) –651.9 (–356.2)
USD 1,097.3 (909.5) –605.5 (–566.6) 491.8 (342.9)
EUR 626.9 (544.8) –367.4 (–336.8) 259.5 (208.0)
GBP 579.6 (613.0) –304.0 (–355.0) 275.6 (258.0)
Other 
curren-
cies 558.5 (539.2) –321.8 (–343.0) 236.7 (196.2)
Total 3,541.7 (3,239.8) –2,930.0 (–2,590.9) 611.7 (648.9)
Interest-rate risks
Changes in market interest rates could affect the Group’s earnings. The 
Group’s interest-bearing assets are mainly short-term in nature, and 
pertain to cash and cash equivalents invested at short maturities, which 
can be liquidated at short notice in the event of major changes in the 
 general interest rate situation. On the balance-sheet date, the Group’s 
interest- bearing assets exceeded its interest-bearing liabilities, as a 
result of which a decline in interest rates had an adverse impact on the 
Group and an increase had a positive effect. 
Credit risks
The Group’s credit risks can be divided into risks related to the custom-
er’s ability to pay as agreed and counterparty risks in conjunction with 
financial transactions.  
Customer credit risk means that the customer fails to fulfill its under-
taking for payment of customer invoices. The Group has set guidelines to 
ensure that customers have high credit ratings. Long-term accounts 
receivable and contract assets are not yet invoiced and therefore have 
no maturity history. These customer contracts are often unique in terms 
of character and content, and it is not deemed possible to classify them 
according to separate credit risk rating groups with sufficient forecasta-
bility, refer to Note 19. Sectra’s customers consist largely of govern-
ment agencies and other highly reputable customers with high credit 
ratings, and whose credit risk is considered to be extremely low. To mini-
mize customer credit risks in fixed-price projects, Sectra makes exten-
sive use of advance partial payments.
Age analysis of the Group’s current accounts receivable
SEK million
Apr 30, 
2026
Apr 30, 
2025
Accounts receivable not due for payment 483.4 329.6
Accounts receivable overdue by 0–60 days 156.7 147.8
Accounts receivable overdue by more than  
60 days 59.9 46.5
Accounts receivable overdue by more than  
120 days 29.0 50.6
Reserve for expected credit losses –6.7 –2.5
Total 722.3 572.0
Counterparty risks arise in financial transactions and cash management 
in conjunction with the Group having claims on banks and other securi-
ties issuers. The maximum credit exposure and credit rating for 
approved counterparties is described in the Group’s Financial Policy. To 
minimize credit risks, Sectra only uses counterparties with high credit 
ratings and invests in high-quality instruments.
Liquidity risks
To minimize liquidity risks, excess liquidity may only be placed in bank 
deposits, or in securities that can be liquidated at short notice, and which 
have a smoothly functioning secondary market. Unutilized bank overdraft 
facilities are used in the event of temporarily elevated liquidity needs. 
Overdraft facilities were not utilized during the fiscal year or comparative 
year. The Parent Company monitors the Group’s liquidity continually by 
compiling liquidity forecasts as a basis for investments or short and long-
term borrowing. 
On the balance-sheet date, the Group’s unutilized credit facilities 
amounted to SEK 15,000 thousand (15,000).
Sensitivity analysis
The Group’s earnings depend mainly on product sales and the cost of per-
sonnel and materials. The analysis below is based on the figures from the 
2025/2026 fiscal year and how the variables named would have affected 
profit after net financial items if no measures such as hedging or adapta-
tion of resources had been taken. Each variable is treated individually, pro-
vided the others remain unchanged. The analysis is not claimed to be pre-
cise, but is merely indicative.
Variable Change
Effect on profit  
after financial items
Net sales/gross profit +/– 1% +/– SEK 30.4 million (+/– 28.0)
Cost of materials +/– 1% +/– SEK 5.0 million (+/– 4.4)
Personnel costs +/– 1% +/– SEK 17.7 million (+/– 16.0)
Interest rate levels +/– 1% +/– SEK 15.8 million (+/– 10.7)
Exchange-rate changes:
SEK/USD rate +/– 1% +/– SEK 3.4 million (+/– 3.3)
SEK/EUR rate +/– 1% +/– SEK 3.1 million (+/– 3.3)
SEK/GBP rate +/– 1% +/– SEK 2.4 million (+/– 2.4)
In the event that the SEK weakens by 1% against the USD, GBP or EUR, profit after 
net financial items would improve by SEK 8.9 million (9.0).
Note 32 Asset management
The Group’s financial goals have been determined by the Board. The goal  
is to have a favorable and flexible capital structure so that it can be 
changed if the conditions for operations or for different borrowing alter-
natives change and maintain financial stability. The Group’s equity/
assets ratio goal is 30%. In the 2025/2026 fiscal year, the Group’s 
equity/assets ratio was 47.8% (51.0).
The Group’s capital is defined as total equity less any positive  
unrealized changes in value and amounted to SEK 2,138,357 thousand 
(1,916,825) at April 30, 2026. Sectra’s operations have previously 
been characterized by major seasonal variations during the fiscal year, 
which is why the Board aims to maintain a healthy capital structure with a 
low debt/equity ratio. In the 2025/2026 fiscal year, the Group’s debt/
equity ratio was 0.04 (0.05).
Note 33 Proposed appropriation of profits
The following funds in the Parent Company are at the disposal of the 
AGM (SEK thousand).
Share premium reserve 134,851
Retained earnings 619,905
Net profit for the year 446,008
Total 1,200,764
The Board and CEO propose that the AGM resolve on an ordinary divi-
dend of SEK 1.30 per share and an extraordinary dividend of SEK 1.00 
per share. This entails a transfer of a total of SEK 443,135 thousand to 
the company’s shareholders. It is also proposed that SEK 757,629 thou-
sand be carried forward.
Note 34 Events after the balance-sheet date 
No events resulting in adjustments or significant events not resulting in 
adjustments took place between April 30 and the approval date for the 
publication of the financial statements.

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NOTES
Note 35 Financial definitions and alternative  
performance measures
The Group applies the European Securities and Markets Authority (ESMA) 
Guidelines on Alternative Performance Measures (see below). The Group 
applies alternative performance measures since the company believes 
they provide valuable supplementary information for management and 
investors given that they play a central role when it comes to understand-
ing and evaluating the Group’s operations.
Share of recurring revenue
Purpose Calculation
Shows the portion of external revenue 
that is recurring. Recurring revenue 
refers to revenue from customers 
for the provision of a good or service 
during the term of a contract, wherein 
the customer cannot continue to ben-
efit from the full functionality of the 
good or service without ongoing pay-
ments and the revenue stream is 
expected to recur for more than 12 
months. Recurring revenue mainly 
refers to revenue from  subscription, 
support and maintenance agree-
ments. The share delivered via the 
cloud is reported as cloud recurring 
revenue (CRR). Revenue from system 
implementations, migration and one-
time purchases of licenses are not 
recognized as recurring revenue.
Recurring revenue divided by total 
external sales, refer to Note 2.
Recurring revenue churn
SEK thousand 25/26 24/25
Recurring revenue from customer contracts 
that have concluded or not been renewed 11,493 12,972
Recurring revenue 2,451,310 2,067,354
Recurring revenue churn, % 0.5 0.6
Purpose Calculation
Indicates the share of recurring 
 revenue from customer contracts 
that have been concluded or not  
been renewed.
Recurring revenue from customer 
contracts that have been concluded 
or not been renewed divided by total 
recurring revenue.
Dividend yield  
SEK
Apr 30, 
2026
Apr 30, 
2025
Dividends 2.30 2.10
Share price on balance-sheet date 255.20 296.60
Dividend yield, % 0.9 0.7
Purpose Calculation
Shows the percentage of the invest-
ment returned in the form of dividends.
Dividend as a percentage of the share 
price on the balance-sheet date.
Equity per share before and after dilution
 
Apr 30, 
2026
Apr 30, 
2025
Equity, SEK thousand 2,138,357 1,916,825
Number of shares before and after dilution  
at the end of the period 192,667,489 192,667,489
Equity per share before and after  
dilution, SEK 11.10 9.95
Purpose Calculation
Measures the company’s net value 
per share and shows if a company  
is increasing shareholder capital  
over time given currently available 
participations.
Equity divided by the number of 
shares before and after dilution  
at the end of the period.
Research and development costs
SEK thousand
Apr 30, 
2026
Apr 30, 
2025
Research and development (R&D) costs 438,519 407,954
Net sales 3,541,661 3,239,811
Percentage of sales re-invested in R&D, % 12.4 12.6
Purpose Calculation
Demonstrates the proportion of 
sales re-invested in R&D.
R&D costs divided by net sales.
Investments
SEK thousand 25/26 24/25
Intangible investments 103,115 75,237
Tangible investments 85,488 34,755
Investments 188,603 109,992
Purpose Calculation
Shows the company’s investments. Acquisition of intangible and tangible 
assets during the period.
Non-interest-bearing liabilities and interest-bearing liabilities
SEK thousand 25/26 24/25
Non-interest-bearing liabilities 2,258,871 1,740,213
Interest-bearing liabilities 76,483 99,190
Total liabilities 2,335,354 1,839,403
Purpose Calculation
Indicates the proportion of the Com-
pany’s liabilities with and without 
interest. Included in the calculation 
of the debt/equity ratio and capital 
employed.
Non-interest-bearing liabilities refers 
to liabilities that are normally without  
interest, such as accounts payable. 
Interest-bearing liabilities refers to lia-
bilities with interest, such as convert-
ible loans and lease liabilities.
Cash flow per share before and after dilution
25/26 24/25
Cash flow from operations, SEK thousand 1,097,318 922,364
Number of shares before and  
after dilution at the end of the period 192,667,489 192,667,489
Cash flow per share before and  
after dilution, SEK 5.70 4.79
Purpose Calculation
Shows the cash flow the company 
generated per share before capital 
investments and financing.
Cash flow from operations divided 
by the number of shares before and 
after dilution at the end of the period.
Ratio of order bookings to net sales
SEK thousand 25/26 24/25
Order bookings 7,599,519 8,706,063
Net sales 3,541,661 3,239,811
Ratio of order bookings to net sales 2.15 2.69
Purpose Calculation
Provides an indication of demand for 
the company’s products and services.
Order bookings divided by net sales.

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NOTES
Liquidity
SEK thousand
Apr 30, 
2026
Apr 30, 
2025
Current assets 3,559,729 2,959,131
Overdraft facility granted 15,000 15,000
Current liabilities 2,211,347 1,701,450
Liquidity 1.6 1.7
Purpose Calculation
Shows the company’s current  ability 
to pay.
Current assets plus overdraft facility 
divided by current liabilities.
Average no. of employees
Purpose Calculation
Shows the number of full-time 
 positions in a certain period.
Average number of full-time employ-
ees during the period.
Unadjusted exchange rates – sales
25/26 24/25
Nominal change, % 9.3 9.3
Exchange-rate effect, % 7.2 0.9
Change in unadjusted exchange rates, % 16.5 10.2
Purpose Calculation
Provides an indication of changes  
in financial measures for unadjusted 
exchange rates.
Amounts for the current year 
restated at last year’s average 
exchange rates less last year’s 
amounts at last year’s average 
exchange rates, divided by last year’s 
amounts at last year’s rates.
Unadjusted exchange rates – operating profit
25/26 24/25
Nominal change, % –1.7 39.6
Exchange-rate effect, % 15.6 1.9
Change in unadjusted exchange rates, % 13.9 41.5
Purpose Calculation
Provides an indication of changes  
in financial measures for unadjusted 
exchange rates.
Amounts for the current year 
restated at last year’s average 
exchange rates less last year’s 
amounts at last year’s average 
exchange rates, divided by last year’s 
amounts at last year’s rates.
Unadjusted exchange rates – recurring revenue
25/26 24/25
Nominal change, % 18.6 19.9
Exchange-rate effect, % 8.1 0.8
Change in unadjusted exchange rates, % 26.7 20.7
Purpose Calculation
Provides an indication of changes  
in financial measures for unadjusted 
exchange rates.
Amounts for the current year 
restated at last year’s average 
exchange rates less last year’s 
amounts at last year’s average 
exchange rates, divided by last year’s 
amounts at last year’s rates.
Order bookings – guaranteed
Purpose Calculation
Indicates future revenue in the 
 company.
The share of contracted order book-
ings that corresponds to what the 
customer has undertaken to pur-
chase when the contract is entered 
into.
Order bookings – contracted
Purpose Calculation
Indicates future revenue in the 
 company.
The value of orders received that cor-
responds to what the customer has 
procured and intends to purchase 
during the term of the contract.
P/E ratio
Apr 30, 
2026
Apr 30, 
2025
Share price at end of period, SEK 255.2 296.6
Earnings per share before dilution for the roll-
ing 12-month period 2.93 2.92
P/E ratio, multiple 87.1 101.6
Purpose Calculation
Shows how highly the market values 
the company’s profits and how long it 
will take for the shareholders to get a 
return on their investment.
Share price at the end of the period 
divided by earnings per share for the 
most recent rolling 12-month period 
before dilution.
Earnings per share before and after dilution
25/26 24/25
Profit after tax, SEK thousand 563,778 563,371
Average number of shares at the end  
of the period before and after dilution 192,667,489 192,667,489
Earnings per share before and  
after dilution, SEK 2.93 2.92
Purpose Calculation
Shows each share’s participation in 
the company’s earnings during the 
reporting period.
Profit/loss after tax divided by the 
average number of shares before and 
after dilution at the end of the period. 
This performance measure is defined 
in accordance with IFRS.
Return on equity
SEK thousand 25/26 24/25
Profit for the period 563,778 563,371
Equity at start of period 1,916,825 1,569,591
Equity at end of period 2,138,357 1,916,825
Average equity 2,027,591 1,743,208
Return on equity, % 27.8 32.3
Purpose Calculation
Shows the return on capital attribut-
able to the Parent Company owners.
Profit for the period divided by 
 average equity.
Note 35 Financial definitions and alternative performance measures, cont.

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