Årsredovisning 2026

148 
Sectra’s Annual Report and Sustainability Report 2025/2026
NOTES
Return on capital employed (ROCE)
SEK thousand 25/26 24/25
Profit after financial items 728,949 726,281
Financial expenses –7,517 –4,308
Average capital employed 2,115,428 1,808,698
Return on capital employed, % 34.8 40.4
Purpose Calculation
Shows profitability based on  
how much capital is used in the 
 operations.
Profit after financial items plus 
 financial expenses divided by average 
capital employed.
Operating margin
SEK thousand 25/26 24/25
Operating profit 710,635 722,997
Net sales 3,541,661 3,239,811
Operating margin, % 20.1 22.3
Purpose Calculation
Measures operational profitability. 
This measure is used for the purpose 
of management by objectives in the 
operations.
Operating profit divided by net sales.
Operating profit per share
25/26 24/25
Operating profit, SEK thousand 710,635 722,997
Number of shares before dilution 192,667,489 192,667,489
Operating profit per share, SEK 3.69 3.75
Purpose Calculation
Shows earnings per share before 
interest and taxes.
Operating profit divided by the 
 number of shares before dilution  
on the balance-sheet date.
Debt/equity ratio
SEK thousand
Apr 30, 
2026
Apr 30, 
2025
Interest-bearing liabilities 76,483 99,190
Equity 2,138,357 1,916,825
Debt/equity ratio 0.04 0.05
Purpose Calculation
Shows to what extent the operations 
are financed by loans and describes 
the company’s financial risk.
Interest-bearing liabilities divided by 
equity.
Equity/assets ratio
SEK thousand
Apr 30, 
2026
Apr 30, 
2025
Equity 2,138,357 1,916,825
Total assets 4,473,711 3,756,229
Equity/assets ratio, % 47.8 51.0
Purpose Calculation
Shows the portion of assets financed 
with equity. This measure is used for 
the purpose of management by objec-
tives in the operations. 
Equity divided by total assets on the 
balance-sheet date.
Capital employed
SEK thousand
Apr 30, 
2026
Apr 30, 
2025
Total assets 4,473,711 3,756,229
Non-interest-bearing liabilities 2,258,871 1,740,213
Capital employed 2,214,840 2,016,016
Purpose Calculation
Shows the portion of the company’s 
assets that has been borrowed from, 
for example, the company’s owners or 
external lenders, and shows the com-
pany’s profitability in relation to exter-
nally financed capital and equity.
Total assets reduced by non- interest-
bearing liabilities.
Growth in operating profit per share over a five-year period
SEK 25/26 24/25
Operating profit per share 3,688 3,752
Operating profit per share, five years earlier 1,817 1,534
Growth in operating profit per share  
over a five-year period, % 103.0 144.6
Purpose Calculation
Shows the growth of the operations 
over a five-year period. This measure 
is used for the purpose of manage-
ment by objectives in the operations.
Operating profit per share on the 
 balance-sheet date less operating 
profit per share on the balance-sheet 
date five years earlier divided by 
 operating profit per share on the 
 balance-sheet date five years earlier.
Profit margin
SEK thousand 25/26 24/25
Profit after financial items 728,949 726,281
Net sales 3,541,661 3,239,811
Profit margin, % 20.6 22.4
Purpose Calculation
Shows a comparison of profitability 
regardless of corporate tax rate.
Profit after financial items divided by 
net sales.
Note 35 Financial definitions and alternative performance measures, cont.

===== SIDA 149 =====

149
Sectra’s Annual Report and Sustainability Report 2025/2026
Board of Directors’ 
 affirmation and  
auditors’ reports

===== SIDA 150 =====

We believe that the consolidated financial statements and Annual 
Report were prepared in accordance with the IFRS Accounting 
Standards as adopted by the EU and generally accepted accounting 
principles and present a true and fair view of the Group’s and the 
Parent Company’s financial position and earnings.
The Administration Report for the Group and the Parent Com ‑
pany presents a fair review of the Group’s and the Parent Compa ‑
Torbjörn Kronander
President and CEO
Board member
Jan-Olof Brüer
Chairman of the Board
Birgitta Hagenfeldt
Board member
Anders Persson
Board member 
Tomas Puusepp
Board member
Fredrik Robertsson 
Board member
Olof Sandberg 
Board member
Employee representative
Alva Mårdsjö
Board member
Employee representative
Our auditor’s report on the annual accounts and consoli-
dated accounts was submitted on July 8, 2026.
Our limited assurance report on the statutory sustain -
ability report was submitted on July 8, 2026.
Ernst & Young AB
Andreas Troberg
Auktoriserad revisor
The contents of this Annual Report were adopted on July 7, 2026.
Linköping, July 7, 2026
Ulrika Unell
Board member
ny’s operations, financial position and earnings and describes the 
material risks and uncertainties facing the Parent Company and 
the companies included in the Group.
The Annual Report also includes the Group’s and the Parent 
Company’s statutory Sustainability Report in accordance with 
Chapter 6, Section 10 of the Annual Accounts Act (refer to page 80).
Board of Directors’ affirmation
Sectra’s Annual Report and Sustainability Report 2025/2026
150

===== SIDA 151 =====

151AUDITOR’S REPORT
Sectra’s Annual Report and Sustainability Report 2025/2026
Report on the annual accounts 
and consolidated accounts
Opinions
We have audited the annual accounts and consolidated accounts of 
Sectra AB (publ) for the financial year May 1, 2025 – April 30, 2026, 
except for the sustainability report on pages 80–116. The annual 
accounts and consolidated accounts of the company are included on 
pages 70–150 in this document.
In our opinion, the annual accounts have been prepared in accor‑
dance with the Annual Accounts Act and present fairly, in all material 
respects, the financial position of the parent company as of April 30, 
2026 and its financial performance and cash flow for the year then 
ended in accordance with the Annual Accounts Act. The consoli‑
dated accounts have been prepared in accordance with the Annual 
Accounts Act and present fairly, in all material respects, the financial 
position of the group as of April 30, 2026 and their financial perfor‑
mance and cash flow for the year then ended in accordance with 
IFRS Accounting Standards, as adopted by the EU, and the Annual 
Accounts Act. Our opinions do not cover the sustainability report on 
pages 80‑116. The statutory administration report is consistent with 
the other parts of the annual accounts and consolidated accounts. 
We therefore recommend that the general meeting of shareholders 
adopts the income statement and balance sheet for the parent com‑
pany and the group.
Our opinions in this report on the annual accounts and consoli‑
dated accounts are consistent with the content of the additional report 
that has been submitted to the parent company’s audit committee in 
accordance with the Audit Regulation (537/2014) Article 11.
Basis for Opinions
We conducted our audit in accordance with International Standards on 
Auditing (ISA) and generally accepted auditing standards in Sweden. 
Our responsibilities under those standards are further described in the 
Auditor’s Responsibilities section. We are independent of the parent 
company and the group in accordance with professional ethics for 
accountants in Sweden and have otherwise fulfilled our ethical 
responsibilities in accordance with these requirements. This includes 
that, based on the best of our knowledge and belief, no prohibited 
services referred to in the Audit Regulation (537/2014) Article 5.1 
have been provided to the audited company or, where applicable, its 
parent company or its controlled companies within the EU.
We believe that the audit evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinions.
Key Audit Matters
Key audit matters of the audit are those matters that, in our profes‑
sional judgment, were of most significance in our audit of the annual 
accounts and consolidated accounts of the current period. These 
matters were addressed in the context of our audit of, and in forming 
our opinion thereon, the annual accounts and consolidated accounts 
as a whole, but we do not provide a separate opinion on these  matters. 
For each matter below, our description of how our audit addressed 
the matter is provided in that context. 
We have fulfilled the responsibilities described in the Auditor’s 
responsibilities for the audit of the financial statements section of our 
report, including in relation to these matters. Accordingly, our audit 
included the performance of procedures designed to respond to our 
Auditor’s report
To the general meeting of the shareholders of Sectra AB (publ), 
corporate identity number 556064-8304
Revenue recognition
Description How our audit addressed this key audit matter
The Company enters into contract arrangements with customers that 
contain multiple performance obligations, such as transfer of hardware, 
software, and/or services. For these arrangements, management judg-
ment is applied to allocate revenue to each performance obligation as 
these obligations are fulfilled at different points in time and/or over time. 
The Company also has fixed-price projects where performance obliga-
tions are fulfilled over time and the completion ratio is primarily deter-
mined comparing the incurred cost to estimated total cost. Manage-
ment judgment is involved in estimating the cost to complete including 
the assessment of the remaining contingencies for projects until final 
delivery and acceptance.
Due to the degree of management judgment in arrangements 
 containing multiple performance obligations and fixed-price projects, 
these types of arrangements have been a key audit matter in our audit.
Accounting principles for revenue recognition are included in 
 section Accounting principles, Note 1 as well as key assumptions and 
judgments used for customer arrangements. In note 2 revenue for 
each segment is presented. 
Our audit procedures in order to address this area, included, amongst others; 
• Evaluated the Company’s accounting principles for Revenue from 
 Contracts with Customers.
• Audited on sample basis the contract arrangements that contained 
 multiple performance obligations, in order to test when the revenue  
was recognized for each performance obligation. 
• Examined revenue recognition timing for revenue recognized over time.
• Evaluated significant estimates and judgments made by management.
• Assessed whether the information disclosed in the financial statement  
is appropriate.

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152 AUDITOR’S REPORT
Sectra’s Annual Report and Sustainability Report 2025/2026
Sweden will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered 
 material if, individually or in the aggregate, they could reasonably  
be expected to influence the economic decisions of users taken on  
the basis of these annual accounts and consolidated accounts.
As part of an audit in accordance with ISAs, we exercise profes‑
sional judgment and maintain professional skepticism throughout 
the audit. We also:
• Identify and assess the risks of material misstatement of the annual 
accounts and consolidated accounts, whether due to fraud or error, 
design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide 
a basis for our opinions. The risk of not detecting a material mis‑
statement resulting from fraud is higher than for one resulting 
from error, as fraud may involve collusion, forgery, intentional 
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of the company’s internal control 
 relevant to our audit in order to design audit procedures that  
are appropriate in the circumstances, but not for the purpose  
of expressing an opinion on the effectiveness of the company’s 
internal control. 
• Evaluate the appropriateness of accounting policies used and the 
reasonableness of accounting estimates and related disclosures 
made by the Board of Directors and the Managing Director. 
• Conclude on the appropriateness of the Board of Directors’ and 
the Managing Director’s use of the going concern basis of account‑
ing in preparing the annual accounts and consolidated accounts. 
We also draw a conclusion, based on the audit evidence obtained, 
as to whether any material uncertainty exists related to events or 
conditions that may cast significant doubt on the company’s and 
the group’s ability to continue as a going concern. If we conclude 
that a material uncertainty exists, we are required to draw attention 
in our auditor’s report to the related disclosures in the annual 
accounts and consolidated accounts or, if such disclosures are 
inadequate, to modify our opinion about the annual accounts and 
consolidated accounts. Our conclusions are based on the audit 
evidence obtained up to the date of our auditor’s report. However, 
future events or conditions may cause a company and a group to 
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the 
annual accounts and consolidated accounts, including the disclo‑
sures, and whether the annual accounts and consolidated accounts 
represent the underlying transactions and events in a manner that 
achieves fair presentation.
• Plan and perform the group audit to obtain sufficient and appro‑
priate audit evidence regarding the financial information of the 
entities or business units within the group as a basis for forming an 
opinion on the consolidated accounts. We are responsible for the 
direction, supervision and review of the audit work performed for 
purposes of the group audit. We remain solely responsible for our 
opinions.
We must inform the Board of Directors of, among other matters,  
the planned scope and timing of the audit. We must also inform of 
significant audit findings during our audit, including any significant 
deficiencies in internal control that we identified.
We must also provide the Board of Directors with a statement that 
we have complied with relevant ethical requirements regarding 
assessment of the risks of material misstatement of the financial 
statements. The results of our audit procedures, including the proce‑
dures performed to address the matters below, provide the basis for 
our audit opinion on the accompanying financial statements.
Other Information than the annual accounts 
and consolidated accounts
This document also contains other information than the annual 
accounts and consolidated accounts and is found on pages 1–63 and 
80–116. The remuneration report for financial year May 1, 2025 
– April 30, 2026 is considered other information. The Board of 
Directors and the Managing Director are responsible for this other 
information. 
Our opinion on the annual accounts and consolidated accounts 
does not cover this other information and we do not express any form 
of assurance conclusion regarding this other information.
In connection with our audit of the annual accounts and consoli‑
dated accounts, our responsibility is to read the information identi‑
fied above and consider whether the information is materially incon‑
sistent with the annual accounts and consolidated accounts. In this 
procedure we also take into account our knowledge otherwise 
obtained in the audit and assess whether the information otherwise 
appears to be materially misstated.
If we, based on the work performed concerning this information, 
conclude that there is a material misstatement of this other informa‑
tion, we are required to report that fact. We have nothing to report  
in this regard.
Responsibilities of the Board of Directors 
and the Managing Director
The Board of Directors and the Managing Director are responsible 
for the preparation of the annual accounts and consolidated accounts 
and that they give a fair presentation in accordance with the Annual 
Accounts Act and, concerning the consolidated accounts, in accor‑
dance with IFRS Accounting Standards as adopted by the EU. The 
Board of Directors and the Managing Director are also responsible 
for such internal control as they determine is necessary to enable the 
preparation of annual accounts and consolidated accounts that are 
free from material misstatement, whether due to fraud or error.
In preparing the annual accounts and consolidated accounts, The 
Board of Directors and the Managing Director are responsible for the 
assessment of the company’s and the group’s ability to continue as a 
going concern. They disclose, as applicable, matters related to going 
concern and using the going concern basis of accounting. The going 
concern basis of accounting is however not applied if the Board of 
Directors and the Managing Director intends to liquidate the com‑
pany, to cease operations, or has no realistic alternative but to do so.
The Audit Committee shall, without prejudice to the Board of 
Director’s responsibilities and tasks in general, among other things 
oversee the company’s financial reporting process.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about whether the 
annual accounts and consolidated accounts as a whole are free from 
material misstatement, whether due to fraud or error, and to issue an 
auditor’s report that includes our opinions. Reasonable assurance is a 
high level of assurance, but is not a guarantee that an audit conducted 
in accordance with ISAs and generally accepted auditing standards in

===== SIDA 153 =====

153AUDITOR’S REPORT
Sectra’s Annual Report and Sustainability Report 2025/2026
independence, and to communicate with them all relationships and 
other matters that may reasonably be thought to bear on our inde‑
pendence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we 
determine those matters that were of most significance in the audit of 
the annual accounts and consolidated accounts, including the most 
important assessed risks for material misstatement, and are therefore 
the key audit matters. We describe these matters in the auditor’s 
report unless law or regulation precludes disclosure about the matter.
Report on other legal and regulatory requirements
Report on the audit of the administration and the proposed 
appropriations of the company’s profit or loss
Opinions
In addition to our audit of the annual accounts and consolidated 
accounts, we have also audited the administration of the Board of 
Directors and the Managing Director of Sectra AB (publ) for finan‑
cial year May 1, 2025 – April 30, 2026 and the proposed appropria‑
tions of the company’s profit or loss.
We recommend to the general meeting of shareholders that the 
profit be appropriated  in accordance with the proposal in the statu‑
tory administration report and that the members of the Board of 
Directors and the Managing Director be discharged from liability  
for the financial year.
Basis for opinions
We conducted the audit in accordance with generally accepted audit‑
ing standards in Sweden. Our responsibilities under those standards 
are further described in the Auditor’s Responsibilities section. We are 
independent of the parent company and the group in accordance 
with professional ethics for accountants in Sweden and have other‑
wise fulfilled our ethical responsibilities in accordance with these 
requirements.
We believe that the audit evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors 
and the Managing Director
The Board of Directors is responsible for the proposal for appropria‑
tions of the company’s profit or loss. At the proposal of a dividend, 
this includes an assessment of whether the dividend is justifiable 
considering the requirements which the company’s and the group’s 
type of operations, size and risks place on the size of the parent com‑
pany’s and the group’s equity, consolidation requirements, liquidity 
and position in general.
The Board of Directors is responsible for the company’s organiza‑
tion and the administration of the company’s affairs. This includes 
among other things continuous assessment of the company’s and the 
group’s financial situation and ensuring that the company’s organiza‑
tion is designed so that the accounting, management of assets and the 
company’s financial affairs otherwise are controlled in a reassuring 
manner. The Managing Director shall manage the ongoing adminis‑
tration according to the Board of Directors’ guidelines and instruc‑
tions and among other matters take measures that are necessary to 
fulfill the company’s accounting in accordance with law and handle 
the management of assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and 
thereby our opinion about discharge from liability, is to obtain audit 
evidence to assess with a reasonable degree of assurance whether any 
member of the Board of Directors or the Managing Director in any 
material respect:
• has undertaken any action or been guilty of any omission which 
can give rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act, 
the Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations  
of the company’s profit or loss, and thereby our opinion about this,  
is to assess with reasonable degree of assurance whether the proposal 
is in accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guar‑
antee that an audit conducted in accordance with generally accepted 
auditing standards in Sweden will always detect actions or omissions 
that can give rise to liability to the company, or that the proposed 
appropriations of the company’s profit or loss are not in accordance 
with the Companies Act.
As part of an audit in accordance with generally accepted auditing 
standards in Sweden, we exercise professional judgment and main‑
tain professional skepticism throughout the audit. The examination 
of the administration and the proposed appropriations of the compa‑
ny’s profit or loss is based primarily on the audit of the accounts. 
Additional audit procedures performed are based on our professional 
judgment with starting point in risk and materiality. This means that 
we focus the examination on such actions, areas and relationships 
that are material for the operations and where deviations and viola‑
tions would have particular importance for the company’s situation. 
We examine and test decisions undertaken, support for decisions, 
actions taken and other circumstances that are relevant to our opinion 
concerning discharge from liability. As a basis for our opinion on the 
Board of Directors’ proposed appropriations of the company’s profit 
or loss we examined the Board of Directors’ reasoned statement and a 
selection of supporting evidence in order to be able to assess whether 
the proposal is in accordance with the Companies Act.
The auditor’s examination of the ESEF report
Opinion
In addition to our audit of the annual accounts and consolidated 
accounts, we have also examined that the Board of Directors and the 
Managing Director have prepared the annual accounts and consoli‑
dated accounts in a format that enables uniform electronic reporting 
(the ESEF report) pursuant to Chapter 16, Section 4(a) of the Swed‑
ish Securities Market Act (2007:528) for Sectra AB (publ) for the 
financial year May 1, 2025 – April 30, 2026. 
Our examination and our opinion relate only to the statutory 
requirements.
In our opinion, the ESEF report has been prepared in a format that, 
in all material respects, enables uniform electronic reporting.

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154 AUDITOR’S REPORT
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Basis for opinion
We have performed the examination in accordance with FAR’s 
 recommendation RevR 18 Examination of the ESEF report. Our 
responsibility under this recommendation is described in more detail 
in the Auditors’ responsibility section. We are independent of Sectra 
AB (publ) in accordance with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical responsibilities in 
accordance with these requirements. 
We believe that the evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinion.
Responsibilities of the Board of Directors 
and the Managing Director
The Board of Directors and the Managing Director are responsible 
for the preparation of the ESEF report in accordance with Chapter 
16, Section 4(a) of the Swedish Securities Market Act (2007:528), 
and for such internal control that the Board of Directors and the 
Managing Director determine is necessary to prepare the ESEF 
report without material misstatements, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to obtain reasonable assurance whether the 
ESEF report is in all material respects prepared in a format that meets 
the requirements of Chapter 16, Section 4(a) of the Swedish Securi‑
ties Market Act (2007:528), based on the procedures performed.
RevR 18 requires us to plan and execute procedures to achieve 
reasonable assurance that the ESEF report is prepared in a format 
that meets these requirements. 
Reasonable assurance is a high level of assurance, but it is not a 
guarantee that an engagement carried out according to RevR 18 and 
generally accepted auditing standards in Sweden will always detect a 
material misstatement when it exists. Misstatements can arise from 
fraud or error and are considered material if, individually or in aggre‑
gate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of the ESEF report. 
The audit firm applies ISQM 1 Quality Management for Firms 
that Perform Audits or Reviews of Financial Statements, or other 
Assurance or Related Services Engagements which requires the firm 
to design, implement and operate a system of quality management, 
including policies and procedures regarding compliance with profes‑
sional ethical requirements, professional standards and applicable 
legal and regulatory requirements.
The examination involves obtaining evidence, through various 
procedures, that the ESEF report has been prepared in a format that 
enables uniform electronic reporting of the annual and consolidated 
accounts. The procedures selected depend on the auditor’s judgment, 
including the assessment of the risks of material misstatement in the 
report, whether due to fraud or error. In carrying out this risk assess‑
ment, and in order to design audit procedures that are appropriate in 
the circumstances, the auditor considers those elements of internal 
control that are relevant to the preparation of the ESEF report by the 
Board of Directors and the Managing Director, but not for the pur‑
pose of expressing an opinion on the effectiveness of those internal 
controls. The examination also includes an evaluation of the appro‑
priateness and reasonableness of assumptions made by the Board of 
Directors and the Managing Director. 
The procedures mainly include a technical validation of the ESEF 
report, i.e. if the file containing the ESEF report meets the technical 
specification set out in the Commission’s Delegated Regulation (EU) 
2019/815 and a reconciliation of the ESEF report with the audited 
annual accounts and consolidated accounts.
Furthermore, the procedures also include an assessment of whether 
the ESEF report has been marked with iXBRL which enables a fair 
and complete machine‑readable version of the consolidated state‑
ment of financial performance, financial position, changes in equity 
and cash flow.
Ernst & Young AB, Box 7850, 103 99 Stockholm, was appointed 
auditor of Sectra AB (publ) by the general meeting of the sharehold‑
ers on September 9, 2025 and has been the company’s auditor since 
September 8, 2020.
Stockholm July 8, 2026
Ernst & Young AB
Andreas Troberg
Authorized Public Accountant

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155AUDITOR’S ASSURANCE REPORT
Sectra’s Annual Report and Sustainability Report 2025/2026
Conclusion
We have conducted a limited assurance engagement of the sustain‑
ability statement prepared by Sectra AB (the company) for the finan‑
cial year ending 2026‑04‑30. The sustainability statement is included 
on pages 80–116 of this document.
Based on our limited assurance engagement as described in the 
section Auditor’s Responsibility, nothing has come to our attention 
that causes us to believe that the sustainability statement is not, in all 
material respects, prepared in accordance with the Swedish Annual 
Accounts Act, which includes:
• Whether the sustainability statement meets the requirements  
of ESRS 
• Whether the process carried out by the company to identify 
reported sustainability information has been conducted as 
described in the sustainability statement; and
• Compliance with the reporting requirements in Article 8 of the 
EU’s Green Taxonomy Regulation.
Basis for Conclusion
We have conducted the limited assurance engagement in accordance 
with FAR’s recommendation RevR 19 – Revisorns översiktliga 
granskning av den lagstadgade hållbarhetsrapporten. Our responsi‑
bility under this recommendation is described in more detail in the 
section Auditor’s Responsibility.
We believe that the evidence we have obtained is sufficient and 
appropriate to provide a basis for our conclusion.
Other Information than the sustainability statement
This document also contains other information than the sustainabil‑
ity statement, found on pages 1–79, 117–159 and 151–156. The 
Board of Directors and the Managing Director are responsible for 
this other information.
Our conclusion on the sustainability statement does not cover this 
other information, and we do not express any conclusion with assur‑
ance regarding this other information.
In connection with our limited assurance engagement on the sus‑
tainability statement, our responsibility is to read the information 
identified above and consider whether the information is materially 
inconsistent with the sustainability statement. In this procedure we 
also take into account our knowledge otherwise obtained in the 
limited assurance engagement and assess whether the information 
otherwise appears to be materially misstated.
If we, based on the work performed concerning this information, 
conclude that there is a material misstatement of this other informa‑
tion, we are required to report that fact. We have nothing to report in 
this regard.
Other matter 
The sustainability statement for the previous financial year ending 
2025‑04‑30 has not been subject to a limited assurance engagement 
according to RevR 19 Revisorns översiktliga granskning av den 
lagstadgade hållbarhetsrapporten. Therefore, no limited assurance of 
comparative figures in the sustainability statement for the financial 
year ending 2026‑04‑30 has been performed.
Responsibilities of the Board of directors and Managing Director
The Board of Directors and the Managing Director are responsible 
for the preparation of sustainability statement in accordance with 
Chapter 6, Sections 12–12f of the Swedish Annual Accounts Act, 
and for such internal control as the Board of Directors and the Man‑
aging Director determine is necessary to enable the preparation of the 
sustainability statement that is free from material misstatements, 
whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express a conclusion whether the sustainabil‑
ity statement is prepared in accordance with Chapter 6, Sections 
12–12 f of the Swedish Annual Accounts Act based on our limited 
assurance engagement.
The limited assurance engagement has been conducted in accor‑
dance with FAR’s recommendation RevR 19 Revisorns översiktliga 
granskning av den lagstadgade hållbarhetsrapporten. This recom‑
mendation requires that we plan and perform our procedures to 
obtain limited assurance that the sustainability statement is prepared 
in accordance with these requirements.
The procedures in a limited assurance engagement vary in nature 
and timing from, and are less in extent than for, a reasonable assur‑
ance engagement. Consequently, the level of assurance obtained in a 
limited assurance engagement is substantially lower than the assur‑
ance that would have been obtained had a reasonable assurance 
engagement been performed. This means that it is not possible for us 
to obtain such assurance that we become aware of all significant 
matters that could have been identified if a reasonable assurance 
engagement had been performed.
Our firm applies ISQM 1 (International Standard on Quality 
Management), which requires the firm to design, implement, and 
manage a quality management system including guidelines or proce‑
dures regarding compliance with ethical requirements, standards of 
professional practice, and applicable laws and regulations.
We are independent of Sectra AB in accordance with professional 
ethics for accountants in in Sweden and have otherwise fulfilled our 
ethical responsibilities according to these requirements.
A limited assurance engagement involves performing procedures to 
obtain evidence to support the sustainability information. The audi‑
tor selects the procedures to be performed, including assessing the 
risks of material misstatements in the sustainability statement, 
whether due to fraud or error. In this risk assessment, the auditor 
considers the parts of the internal control that are relevant to how the 
Board of Directors and the Managing Director prepares the sustain‑
ability statement, in order to design procedures that are appropriate 
under the circumstances, but not for the purpose of providing a 
conclusion on the effectiveness of the company’s internal control. 
The review consists of making inquiries, primarily of persons 
Auditor’s limited assurance report on 
Sectra AB’s sustainability statement
To the General Meeting of the shareholders of Sectra AB (publ),  
corporate identity number 556064-8304

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156 AUDITOR’S ASSURANCE REPORT
Sectra’s Annual Report and Sustainability Report 2025/2026
responsible for the preparation of the sustainability statement, 
 performing analytical review, and conducting other limited review 
procedures.
Our review procedures regarding the sustainability statement 
included, but were not limited to the following:
• Through inquiries, obtaining a general understanding of the internal 
control environment, reporting processes, and information systems 
relevant to the preparation of the information in the sustainability 
statement.
• Evaluating whether information identified as material through the 
process the company has undertaken to identify the content of the 
sustainability statement is also included.
• Evaluating whether the structure and presentation of the sustain‑
ability statements are consistent with the requirements of ESRS.
• Conducting inquiries with relevant personnel and analytical review 
procedures regarding selected disclosures in the sustainability 
statements.
• Performing substantive review procedures based on a sample  
of selected disclosures in the sustainability statements.
• Obtain, through inquiries and analytical review procedures, 
 support for the methods used for preparing material estimates and 
forward‑looking information and on how these methods were 
applied. 
Our review procedures regarding the process the company have 
undertaken to identify sustainability information to report included, 
but were not limited to the following:
Obtaining an understanding of the process by;
• Conducting inquiries to understand the sources of the information 
used by management (e.g., stakeholder dialogues, business plans, 
and strategy documents).
• Reviewing the company’s internal documentation of its process.
• Evaluating whether the information obtained from our procedures 
regarding the process implemented by the company aligns with the 
description of the process on page 93 in the sustainability 
statement.
Our review procedures regarding the taxonomy disclosures included 
but was not limited to the following review procedures:
• Obtaining an understanding of the process for identifying economic 
activities that are covered by and are consistent with the EU Green 
Taxonomy and the corresponding disclosures in the sustainability 
statement by;
• Conducting inquiries to relevant personnel and analytical review 
procedures on the taxonomy disclosures.
• Conducting inquiries to understand the sources of the information 
used in the taxonomy disclosures.
• Evaluating whether the presentation of the taxonomy disclosures is 
consistent with the requirements of the EU Taxonomy Regulation.
Inherent limitations
In reporting forward‑looking information in accordance with ESRS, 
the board and management of Sectra AB must prepare forward‑looking 
information based on specified assumptions about events that may 
occur in the future and possible future activities of Sectra AB. Actual 
outcomes are likely to differ as expected events often do not occur as 
anticipated.
Stockholm, 8 July, 2026 
Ernst & Young AB
Andreas Troberg
Authorized Public Accountant

===== SIDA 157 =====

157
Sectra’s Annual Report and Sustainability Report 2025/2026
Other information

===== SIDA 158 =====

158 GLOSSARY
Sectra’s Annual Report and Sustainability Report 2025/2026
Artificial intelligence (AI)
A collective term for the scientific field that 
studies the creation of machines and computer 
programs that display intelligent behavior. AI 
research encompasses numerous disciplines, 
including everything from studying philosophical 
issues to developing tangible technological solu-
tions in such areas as medical diagnostics.
Autonomous AI
A form of AI that can perform tasks and make 
independent decisions based on defined objec-
tives and available information with limited 
human intervention.
Cardiology
The field of medicine dealing with the functions 
and diseases of the heart.
Cloud
From the term cloud computing, meaning that 
computer power is distributed over the internet 
or company-specific intranets and not on indi-
vidual computers.
Critical infrastructure
Basic infrastructure that is essential for the 
functioning of society, such as healthcare, digital 
infrastructure, bank-related activities, transpor-
tation, energy, and water supply.
Education portal
A cloud-based platform that provides users  
with access to a large digital library of quality- 
assured and anonymous medical cases and 
images as well as the opportunity for distance 
learning.
Encryption
Equipment that uses mathematical manipula-
tions (algorithms and keys) to encrypt informa-
tion, so that it can be interpreted or read only  
by the intended recipient. To read encrypted 
information, the recipient must have the correct 
key and algorithm.
Genomics
The study of genetic material, meaning an 
organism’s DNA. In medicine, a patient’s genetic 
material is studied to increase understanding of 
the causes of disease. In cancer  diseases, for 
example, a tumor’s mutations are studied in 
DNA. The genetic information plays an import-
ant role in diagnosing cancer and  customizing 
treatment, known as precision medicine.
Integrated diagnostics
Diagnostic collaboration between different med-
ical specialties, for example, between patholo-
gists and radiologists for diagnosing, treating 
and monitoring cancer patients. Integrated 
diagnostics is facilitated by digital technology, 
computer algorithms, clinical workflows and 
extended reporting to the patient’s physician.
Mammography
A radiology-based breast examination used to 
detect breast cancer at an early stage in 
asymptomatic women.
Medical IT
Information technology (e.g. software) used  
in healthcare.
Medical diagnostic imaging
Using images (e.g. from radiology examinations 
or tissue samples) to assess a patient’s medical 
condition. It could, for example, concern detect-
ing an illness, assessing the course of an illness, 
or providing guidance for suitable treatment.
Molecular diagnostics
Field of medicine that uses various techniques 
to analyze genetic material (DNA/RNA) and 
proteins in order to detect diseases or adapt 
treatments based on molecular changes. 
Musculoskeletal diseases 
A collective term for diseases affecting the 
body’s musculoskeletal system, including the  
skeleton, muscles, joints and tendons.
Net Promoter Score (NPS)
A key figure for customer loyalty based on  
the question: “How likely is it that you would 
 recommend this company to a friend or 
 colleague?” The responses are on a scale from 
0 to 10, where 0 means “not at all likely” and  
10 means “highly likely.” The NPS is the sum of 
the percentage of promoters (i.e. those who 
responded with 9 or 10) minus the percentage 
of detractors (i.e. all those who responded 
between 0 and 6).
Operational technology (OT)
Hardware and/or software that controls  
and monitors devices, for example valves and 
pumps, that are part of a physical process.  
The terms industrial control systems (ICS)  
and supervisory control and data acquisition 
(SCADA) systems are also commonly used to 
denote systems for operational technology.
Ophthalmology
A specialist medical area for the diagnosis and 
treatment of eye disorders.
Orthopaedics
A surgical specialty for disorders affecting the 
musculoskeletal system, meaning the skeleton, 
joints, tendons, other connective tissue and 
peripheral nerves.
Osteoarthritis
Arthritis or osteoarthritis is an inflammatory 
disease in the joints where the cartilage in one 
or several of the body’s joints gradually breaks 
down.
Pathology, digital pathology
A specialized medical area that uses tissues and 
body fluids for diagnostic purposes. By  digitizing 
the workflow, pathologists can review tissue 
samples digitally instead of with a microscope.
Picture archiving and communication 
 system (PACS)
A system for managing medical images, such 
as digital radiology images.
Precision medicine
Providing patient care that is highly adapted to 
individual conditions rather than “one size fits 
all.” Advanced diagnostic analyses are a corner-
stone of precision medicine.
Process industry
A type of automated manufacturing industry 
with several manufacturing processes, such as 
the paper industry, the petrochemical industry, 
and iron and steelworks.
Radiology
A health science discipline and medical specialty 
that uses technologies for imaging the human 
body, such as X-ray, magnetic resonance imag-
ing (MRI) and ultrasound.
Sectra One/Sectra One Cloud
Subscription for Sectra’s enterprise imaging 
solution. Sectra One means that customers pay 
a more evenly distributed subscription fee every 
year instead of paying a higher license fee for 
software at the start of the contract and a 
lower rolling service fee. The fee is determined 
based on the functionality used and the number 
of different services that are utilized. When 
Sectra One is sold as fully cloud-based services, 
it is referred to as Sectra One Cloud. 
Software as a Service (SaaS)
This means that software will be delivered as a 
service. It may also include technology, opera-
tion and support in addition to the functionality 
of the specific software.
Virtual private network (VPN)
A technology used to create a secure connec-
tion or “tunnel” between two points along an 
unsecured data network, such as the internet.
Visualization table
Large, interactive touch screen with an image- 
viewing program that enables interaction with 
3D images of human and animal bodies.
Glossary

===== SIDA 159 =====

159ANNUAL GENERAL MEETING, FINANCIAL CALENDAR, CONTACT INFORMATION
Sectra’s Annual Report and Sustainability Report 2025/2026
2026 AGM
The AGM is scheduled for September 8, 2026 in Linköping, 
 Sweden. Further information, the meeting notice and meeting 
 documentation will be available at investor.sectra.com/agm2026
Notice
Official notice will be distributed not earlier than six weeks and  
not later than four weeks prior to the AGM in the form of a press 
release and publication on Sectra’s website. The notice will be 
announced in the Swedish Official Gazette (Post- och Inrikes 
 Tidningar) and an announcement that notice has been given will  
be published in Svenska Dagbladet.
Shareholders who wish to receive the notice by email and 
 subscribe for information from the company need to fill in their 
contact information on the company’s website  
investor.sectra.com/subscribe. 
Documents 
The complete proposals for resolution and other documents will 
be available not later than August 18, 2026 (three weeks prior to 
the AGM) on Sectra’s website. Shareholders who wish to receive 
these documents by mail should contact the company by tele -
phone +46 (0)13 23 52 00 or by email info.investor@sectra.com.  
2026/2027 financial calendar
September 4, 2026  Three-month report
November 25, 2026  Six-month report
March 3, 2027   Nine-month report
June 4, 2027   Year-end report
Distribution of the Annual Report
The Annual Report is published on Sectra’s website. A summary  
of the fiscal year and a message announcing that the report is 
available will be sent by mail to all shareholders registered with 
Euroclear Sweden AB on May 31, 2026. 
This document contains materials protected by copyright. All rights are 
reserved. 
For information on Sectra’s trademarks, refer to: sectra.com/legal 
Sectra’s intellectual property rights include a number of patents. For more infor -
mation, visit: https:/ /sectra.com/patents/
Contact information,  
Sectra Group Headquarters
Sectra AB
Teknikringen 20
SE-583 30 Linköping
Email: info@sectra.com
Tel: +46 (0)13 23 52 00
sectra.com 
For further contact information for Sectra’s global offices, visit 
sectra.com/contact 
Contact for shareholders and investors
Sectra’s website for investors:
investor.sectra.com 
Shareholder contact
Helena Pettersson 
Chief Investor Relations Officer
Email: info.investor@sectra.com
Tel: +46 (0)13 23 52 04
Subscription
Financial reports, press releases and corporate governance  
information are available on the Group’s website  
investor.sectra.com 
To subscribe and receive information by email, register your  
contact information at investor.sectra.com/subscribe 
Give us your feedback
We would like to know why you chose to buy shares in Sectra and 
what you think of your investment and confidence in the company.
Please take time to answer Sectra’s shareholder survey. Your 
feedback is important! 
Give us feedback: investor.sectra.com/irsurvey 
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===== SIDA 160 =====

We help hospitals and those who are training future 
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and critical social functions with cybersecurity.