Kvartalsrapport Q1 2024

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

Sectra’s nine-month interim report 2023/2024 
1 (30) 
REPORT PRESENTATION  
March 8, 2024 at 10:00 a.m. CET 
Follow online:  
https://investor.sectra.com/q3report2324 
Interim report for the May 2023–January 2024 period 
The industry’s most satisfied customers for the eleventh consecutive year 
Sectra’s enterprise imaging module for radiology once again 
received a top ranking in customer satisfaction surveys in the 
US, Canada and Europe. Satisfied and loyal customers are 
the basis for growth in all operating areas and contributed to 
order bookings surpassing SEK 5 billion during the nine-
month period
.  
FINANCIAL OUTCOME IN BRIEF 
Figures in parentheses pertain to the corresponding quarter/period in the preceding fiscal year. 
T
hird quarter: November 2023–January 2024 
• Contracted order bookings rose 237.5% to SEK 1,853.6 million (549.2), of which SEK 1,652.5 million (484.0) pertained to
gua
ranteed order bookings. Of the guaranteed order bookings, 5% were recognized during the quarter and a further 14–24%
are deemed to pertain to revenue within 12 months after the end of the quarter.
• Net sales increased 19.6% to SEK 694.0 million (580.3). Based on unadjusted exchange rates, the increase was 19.9%.
Recurring revenue accounted for SEK 434.7 million (356.4) of net sales, up 22.0%. Based on unadjusted exchange rates, the
increase was 22.0%. Cloud recurring revenue (CRR) increased 43.1% to SEK 103.2 million (72.1).
• Operating profit declined 14.5% to SEK 74.4 million (87.0), corresponding to an operating margin of 10.7% (15.0). Based on
unadjusted exchange rates, operating profit decreased 13.7%.
• Profit for the period amounted to SEK 57.8 million (72.3).
• Cash flow from operations amounted to SEK 233.2 million (83.6).
Ni
ne-month period: May 2023–January 2024 
• Contracted order bookings rose 54.4% to SEK 5,326.5 million (3,448.8), of which SEK 2,457.0 million (1,795.0) pertained
t
o guaranteed order bookings.
• Net sales increased 27.0% to SEK 2,065.5 million (1,626.0). Based on unadjusted exchange rates, the increase was 23.9%.
Recurring revenue accounted for SEK 1,261.5 million (983.3) of net sales, up 28.3%. Based on unadjusted exchange rates, the
increase was 25.1%. Cloud recurring revenue (CRR) increased 55.8% to SEK 283.1 million (181.7).
• Operating profit rose 23.8% to SEK 320.4 million (258.9), corresponding to an operating margin of 15.5% (15.9). Based 
on
una
djusted exchange rates, operating profit increased 17.8%.
• Profit for the period amounted to SEK 269.9 million (220.3).
• Cash flow from operations amounted to SEK 192.6 million (58.3).
Key figures  Quarter  Period  12 months  
SEK million Q3 Q3 Δ Q1–3 Q1–3 Δ R12 Full-year Δ 
23/24 22/23 % 23/24 22/23 % 22/23 % 
Contracted order bookings 1,853.6 549.2 237.5 5,326.5 3,448.8 54.4 6,513.4 4,635.7 40.5 
   of which guaranteed order bookings 1,652.5 484.0 241.4 2,457.0 1,795.0 36.9 3,268.5 2,606.5 25.4 
Net sales 694.0 580.3 19.6 2,065.5 1,626.0 27.0 2,790.2 2,350.8 18.7 
   of which recurring revenue 434.7 356.4 22.0 1,261.5 983.3 28.3 1,638.1 1,359.9 20.5 
   of which cloud recurring revenue (CRR) 103.2 72.1 43.1 283.1 181.7 55.8 356.0 254.6 39.8 
Operating profit 74.4 87.0 -14.5 320.4 258.9 23.8 517.2 455.7 13.5 
Operating margin, % 10.7 15.0 n/a 15.5 15.9 n/a 18.5 19.4 n/a 
Profit for the period 57.8 72.3 -20.1 269.8 220.3 22.5 424.6 375.0 13.2 
Earnings per share, SEK 1 0.30 0.38 -21.1 1.40 1.14 22.8 2.20 1.95 12.8 
Cash flow from operations 233.2 83.6 178.9 192.6 58.3 230.4 574.8 440.5 30.5 
Average no. of employees 1,150 1,026 12.1 1,130 1,001 12.9 1,112 1,015 9.6 
1 Before and after dilution.

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

Sectra’s nine-month interim report 2023/2024 
2 (30) 
 
Torbjörn Kronander,  
President and CEO 
CEO’S COMMENTS  
A sustainable future is about making our customers successful. I can’t repeat 
this enough. To succeed we must have satisfied customers, which in turn 
requires that we have satisfied employees and a corporate culture that 
encourages engagement and motivation. At Sectra, we are proud that our 
customers time and time again say how satisfied they are with our employees 
and our efforts to make a positive difference in society.  
Our awards for high customer satisfaction and our ranking as one of Sweden’s best employers 
demonstrate that we are achieving our goals of delivering customer value and building a long -
term business. All of our operating areas are growing. Secure Communications is continuing to 
make a more significant contribution to the Group’s profit than in the past and, for the first time, 
exceeded SEK 300 million in sales for the rolling 12 -month period.  We are also in an expansive 
phase in medical imaging IT, with ma jor investments in delivery capacity in parallel with 
transitioning our business to service sales instead of product sales.  
The Group’s profitability for the nine-month period exceeded our target operating margin, even if variations between individual quarters 
still are significant. We will have to live with this for a while yet. The important thing s in the long term are  that we continue to have 
satisfied customers and that we are continuing to grow. During the quarter, we won several new, major contracts, within secur e 
communications and within medical imaging IT, which contributed to contracted order bookings once again surpas sing our previous 
record-breaking levels. Some of these projects could have a major immediate financial impact in a given quarter, even if the contract 
runs for several years. In the long term, we are heading towards a more even allocation across quarters as traditional system deliveries 
are replaced with invoicing of services. However, in the short term, the impact of the growing size of the contracts outweigh ed the 
equalizing effect. 
We have made substantial progress in the shift to selling services, which is clear in our key figures for recurring revenue. Satisfied 
customers also mean that we lose very little recurring revenue, or “churn.” One year ago, we saw that demand for purchasing software 
as a service was growing rapidly, although it varied across different markets. Despite major changes, this is still the case. Europe 
continues to be dominated by traditional license sales, even if service sales are now growing rapidly. In North America, however, almost 
all of our new sales are for Sectra One Cloud, although individual contracts may pertain to deliveries for which part or all of the revenue 
is recognized immediately.  
Transitioning from traditional system deliveries to service sales inevitably lead s to a temporary dampening effect on financial 
performance. For Sectra, the positive currency situation in the first half of the year, in combination with strong underlying growth and 
the fact that not all transactions pertain to subscription services yet, helped mitigate the effects of the transition. Our assessment is that 
this will continue for a couple of years before the positive effects outweigh the negative impact. How fast this happens will  depend 
primarily on how quickly new and existing customers outside North America transition to purchasing services. 
The protracted transition to service sales means that we have decided to continue reporting order bookings. This is a change from our 
previous announcement—that reporting would end after the current fiscal year. Going forward, we will therefore continue to  report 
order bookings as before.   
Healthcare and data security are both areas that are expected to grow for a long time to come, and that are relatively unaffected by the 
economic climate. While our strategic investment in service sales is having a short-term negative impact on our financial outcome and 
growth, it will be beneficial in the long term. Not least because Sectra’s customers are satisfied and stay with us for a lon g time. With 
loyal customers and long-term relationships combined with a strong brand in growing areas, we have every reason to remain optimistic 
about the future.
   
 
Cloud services  
+56% 
recurring revenue over the 
comparative period 
 
 
Churn 
0.4% 
recurring revenue  
rolling 12 months 
 
as-a-service

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

Sectra’s nine-month interim report 2023/2024 
3 (30) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continued global success in customer satisfaction 
Sectra was awarded five “Best in KLAS” distinctions for customer satisfaction with the enterprise imaging 
module for radiology,  Sectra PACS. This is now the eleventh consecutive year in the US and the fifth 
consecutive year in Canada that Sectra has been ranked the highest in customer satisfaction. In the new 
categories for Europe, Sectra won in both northern and southern Europe. The “Best in KLAS” awards are 
handed out by the US healthcare IT data and insights company KLAS, which conducts annual customer 
satisfaction surveys for healthcare IT systems.  
 
“Manager in healthcare, November 2023 on the KLAS website, about the radiology module and Sectra: 
“Sectra has a good, solid platform. Sectra is, as my radiologists tell me, the Ferrari of PACS products. Our 
radiologists consider Sectra a high-end solution, and other hospitals agree; that is why they are buying it. The 
one thing I love about Sectra is i ts ease of use. If a user is not a radiologist, they can pretty much use the 
system on their own. That is how easy it is to use. We have Sectra monitoring things, so they are proactive.”  
 
“CMIO in healthcare, October 2023 on the KLAS website, about Sectra: 
“Sectra has a lot of professional knowledge about the processes they support. They have very good people, 
and they have a lot of clinical contacts. The vendor has good discussions with their customers on what we 
should expect to come in the near future and what lies beyond that. Then, the vendor actually delivers on those 
things.”

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

Sectra’s nine-month interim report 2023/2024 
4 (30) 
 
OPERATIONAL TARGETS AND FINANCIAL GOALS  
Sectra’s overall operational target is to create significant value for its customers. Customers should be so satisfied with t heir 
experience that they remain for a long time, expand their use of our solutions and recommend Sectra to others. Delivering cus tomer 
value is also the Group’s most important sustainability target since our customers’ work to treat patients and increase cyber security 
is essential for functioning societies. 
Customer satisfaction cannot be achieved without satisfied and dedicated employees. Employees who are motivated, understand their 
customers, feel good and are satisfied in their jobs will also increasingly develop new, creative solutions that can further increase the 
value we provide for Sectra’s customers. Operating in markets that are growing, combined with satisfied customers and employe es, 
provides a long-term sound financial performance.  
Sectra has three Group-wide financial goals. Stability and profitability are considered fundamental goals. Once these goals have been 
met, the focus shifts to earnings growth per share, which in practice is our primary financial goal.  All result indicators currently 
exceed the target levels by a comfortable margin despite the effects of changes in the business model. 
The financial goals are (in order of priority):  
 
 
 
  
 
 
 
 
 
 
 
 
   
 
  
3.  Earnings growth: 
Growth for operating profit/share 
over a five-year period ≥50% 
1.  Stability: 
Equity/assets ratio ≥30% 
2.  Profitability: 
Operating margin ≥15% 
49.2% 
 Goal 
18.5% 
 Goal 
132.3% 
  Goal 
 
Diagrams and amounts in the financial report 
 Bars show the outcome per quarter and lines show the outcome for the rolling 12-month period (R12). Amounts are restated 
in SEK million unless otherwise indicated. 
 
Sectra ranked among Sweden’s  
best employers  
We retained a high rating among major employers in 
Sweden in Universum’s annual “Sweden’s best employers” 
survey. More than 170 companies participated in the 
survey, in which employees answer questions about how 
satisfied they are with the companies as employers, what 
they think about the company culture and opportunities for 
future career development.  
Our annual internal employee survey shows that Sectra is 
also perceived globally as an equal opportunity workplace 
with satisfied employees and a strong corporate culture.

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

Sectra’s nine-month interim report 2023/2024 
5 (30) 
 
EVENTS 
Third quarter 
Imaging IT Solutions 
• Sectra signed a ten-year agreement with NHS National Services Scotland, which chose Sectra’s cloud-based services for 
medical imaging. The services will be used across all of Scotland to review and report approximately five million 
radiology examinations per year.  
• Another healthcare provider in the US Midwest ordered Sectra’s enterprise imaging module for radiology. The five-year 
contract pertains to on-site system installation at the customer’s premises, where it will be used to coordinate the 
management of approximately two million images. The contracted order value amounted to USD 15.7 million 
(corresponding to approximately SEK 166 million), of which USD 14.3 million (corresponding approximately SEK 151 
million) is guaranteed order bookings. Sectra’s medical imaging solution will thus be used for the majority of patients in 
the Midwest, which will simplify coordination between healthcare systems in the region.  
• A US network of hospitals and outpatient clinics signed a six-year agreement for Sectra’s cloud-based enterprise imaging 
service to handle increasing imaging volumes and strengthen security. Initially the customer will utilize the module for 
radiology. The contracted and guaranteed order value amounts to USD 20.4 million (corresponding to approximately  
SEK 216 million).  
• GE Healthcare and Sectra announced that the companies are partnering to simplify radiologists’ work through seamless 
integration between Sectra’s diagnostic applications for radiology and GE Healthcare’s applications for advanced 
visualization. 
• Rigshospitalet in Copenhagen deployed Sectra One Cloud. The hospital, which is ranked among the best in the world
1, is 
part of Region Hovedstaden, and the deployment is an important milestone for introducing Sectra’s cloud-based services 
for medical imaging in the entire region.  
• The PACS 2023 Decisions Insights Report from the IT data and insights company KLAS Research highlights Sectra as the 
supplier most often considered in PACS (Picture Archive and Communication Systems) procurements in the US
2. 
According to the report, Sectra was considered in half of healthcare providers’ decisions to purchase PACS and was 
selected as a supplier in 25% of all decisions—significantly more than any other vendor.  
Business Innovation 
• Sectra signed a contract with the University of Saarland, which chose Sectra Education Portal for medical education of 
radiographer students. 
Secure Communications 
• Swedish authorities expanded their partnership with Sectra through orders of systems and solutions for secure 
communication that will improve the ability of Swedish civil and military defense to communicate securely and 
efficiently. The orders pertain to the final development and delivery of a desktop phone with conference call functionality 
and to the delivery of units for Sectra’s system for secure communication, Sectra Tiger/S. The total contracted and 
guaranteed order value amounts to approximately SEK 90 million. 
• EU organizations, including new customers in three EU member states, ordered additional units of Sectra’s approved 
mobile encryption system and extended existing support agreements for the same system. 
After the end of the reporting period 
• Sectra was awarded five “Best in KLAS” distinctions for customer satisfaction with the enterprise imaging module for 
radiology, Sectra PACS. Read more on page 3.  
 
1  World’s Best Hospitals 2023, Newsweek, https://www.newsweek.com/rankings/worlds-best-hospitals-2023  
2  PACS 2023 Consolidation & Replacements of Aging & Legacy Systems Drive Market Shifts, KLAS Research https://klasresearch.com/report/pacs-2023-
decision-insights/3386  
 
For further information about these events,  
visit https://sectra.com/news

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

Sectra’s nine-month interim report 2023/2024 
6 (30) 
SECTRA’S MARKETS 
Sectra plays a key role in meeting the need for  medical imaging IT and cybersecurity. We help solve major social problems in 
changing markets, where scope for expansion remains. The global trends of an aging population and increased digitization mean that 
these markets are expected to continue to grow even in a weaker economic climate.  
Our customers operate in some of society’s most critical functions, which means that it is important that our brand is associated with 
reliability, trustworthiness and stability. Our job is to help customers become more efficient and give them the tools ne eded to make 
people’s lives healthier, safer and more secure. In line with Sectra’s vision, this is how the company creates value for its customers, 
shareholders and society as a whole.  
IT support for more efficient care and medical education 
Today’s demographic development and increased survival rates among cancer patients are putting pressure on healthcare. The ag ing 
population of the industrialized world entails major challenges. At the same time, the proportion of people of working age is  
decreasing. In order to maintain high quality of care with fewer people in healthcare taking care of more patients, healthcare must 
become more efficient. The growing population of senior citizens is also shining a spotlight on diseases affecting the elderly. The 
diagnosis and treatment of patients with cancer and skeletal diseases, for example, entails enormous challenges. These diseas es 
represent some of the most costly and resource -intensive areas in the healthcare sector and are dependent on medical diag nostic 
imaging. Healthcare providers across the globe use Sectra’s expertise and solutions in medical imaging IT not only to increas e 
productivity and coordinate their resources but also to improve efficiency in orthopaedic surgery through better planning and follow-
up. The number of clinical DNA sequencings carried out during pathology examinations is increasing very rapidly. IT support f or 
genomics is a market that Sectra is now entering through partnerships with customers in the US and Sweden. Sectra als o helps to 
raise the quality of medical education by providing solutions where the user can interact with medical images and share educa tional 
materials. We are also seeing increasing synergies between our operating areas since healthcare is increasingly subject to cybercrime, 
resulting in, for example, the authorities in the US issuing a particular warning to healthcare providers.  
We enable our customers to take care of more patients and save more lives at a long -term sustainable cost. This work is carried out 
in our Imaging IT Solutions and Business Innovation operating areas. 
Cybersecurity for a more stable and safer society 
The ability to safely and efficiently handle and transmit sensitive information is central to the stability and security of s ociety, 
particularly when it comes to critical social functions and critical infrastructure. As digitization increases, the players  in these areas 
have a major need for products and services that increase cybersecurity. Sectra has extensive experience of protecting society’s most 
critical communications and control systems and we are a strong brand in the niche markets of encryption a nd secure mobile 
communications. IT developments in society, political instability in the world, and the growth of cybercrime are creating a greater 
need for Sectra’s expertise and product offerings.  
We help customers to provide increased security, thereby contributing to a more stable and safer society. This work is carried out in 
the Secure Communications operating area.  
COMMENTS ON THE GROUP’S FINANCIAL OUTCOME 
Order bookings 
Demand for the company’s customer offerings in both medical imaging IT and 
secure communication contributed to the increase in contracted order bookings. 
Total contracted order bookings rose 54.4% to SEK 5,326.5 million (3,448.8), 
of which SEK 1,853.6 million (549.2) pertained to the third quarter. A total of 
SEK 2,457.0 million (1,795.0) was guaranteed order bookings, of which SEK 
1,652.5 million (484.0) pertained to the third quarter. The ratio of contracted 
order bookings to net sales for the latest rolling 12-month period totaled 2.3, up 
from 2.0 at the end of the previous fiscal year.  
Order bookings include comprehensive, long- term customer contracts, for 
example for managing large volumes of medical images. The most compre-
hensive customer contract for the current fiscal year is a Sectra One Cloud 
contract with a major healthcare provider in the US. If the full term of the 
contract (which extends until 2033) is realized, the order value will amount 
to approximately SEK 2.4 billion (USD 227 million), of which no part is 
guaranteed. Orders of this size are not secured every quarter and th erefore 
lead to significant variations in order bookings between individual quarters 
and periods. 
Contracted order bookings, SEK million

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

Sectra’s nine-month interim report 2023/2024 
7 (30) 
Net sales and recurring revenue 
All operating areas continued to grow and the Group’s net sales for the nine -month period rose 27.0% to SEK 2,065.5 million 
(1,626.0), of which SEK 694.0 million (580.3) pertained to the third quarter. Based on unadjusted exchange rates, consolidated sales 
increased 23.9% compared with the nine-month period in the previous fiscal year.  
The ongoing transition to selling products and software as services, of which cloud deliveries account for a quickly growing share, 
contributed to an increase in recurring revenue.  SEK 1,261.5 million (983.3) of sales pertained to recurring revenue, of which SEK 
434.7 million (356.4) pertained to the third quarter. This represents an increase of 28.3% compared with the nine-month period in the 
previous fiscal year and an increase of 25.1% based on unchanged exchange rates. Lost recurring revenue (recurring revenue churn) 
for the last 12-month period was 0.4%. CRR for the nine-month period rose 55.8% to SEK 283.1 million (181.7), of which SEK 103.2 
million (72.1) pertained to the third quarter. Non-recurring revenue also performed well during the period and rose 25.1% to SEK 
804.0 million (642.7), of which SEK 259.3 million (223.9) pertained to the third quarter. 
Sectra grew in all geographic markets. The operations in the UK reported the largest individual sales increase from the comparative 
period, of which more than half pertained to recurring revenue. More than 70% of the Group’s sales are carried out in foreign currency, 
primarily EUR, GBP and USD, which entails a relatively large sensitivity to currency fluctuations. 
 
      Total    Increase        Decrease  
Sales and recurring revenue, SEK million Sales by geographic market, SEK million 
Sales trend per geographic market, SEK million 
Compared with the corresponding period in the preceding fiscal year  
 
Sales trend per operating area, SEK million 
Compared with the corresponding period in the preceding fiscal year

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

Sectra’s nine-month interim report 2023/2024 
8 (30) 
Result 
The Group’s operating profit increased 23.8% to SEK 320.4 million (258.9), of which SEK 74.4 million (87.0) pertained to the third 
quarter. Based on unadjusted exchange rates, operating profit increased 17.8% compared with the nine-month period in the preceding 
year. The positive operating profit trend for the nine -month period is a result of sales growth in all operating areas in combination 
with favorable currency movements and Secure Communications’ increased contribution to the Group’s profit. The comprehensive 
initiative within Imaging IT Solutions to transition to service sales and cloud deliveries had an impact on operating profit for the 
quarter. Currency movements were favorable in the period and continued to mitigate the effects of the Group’s ongoing investments 
in the period, but had the opposite effect during the third quarter. The Group’s operating margin was 15.5% (15.9) for the nine-month 
period. 
The Group’s financial items amounted to SEK 20.3 million (18.6), of which SEK -1.5 million (4.1) pertained to the third quarter. The 
improvement in financial items for the period was primarily due to increased interest income, while the outcome for the quarter was 
mainly related to currency headwinds. Currency fluctuations had an adverse impact of SEK 2.0 million (pos: 13.2) on financial items 
for the period. Sectra does not hedge its operations, and currency fluctuations therefore have an immediate impact on profit or loss or 
on comprehensive income. Profit after financial items amounted to SEK 340.7 million (277.5), of which SEK 72.9 million (91.1) 
pertained to the third quarter. This outcome corresponds to a profit margin of 16.5% (17.1) for the nine -month period and 10.5% 
(15.7) for the third quarter. Earnings per share before and after dilution totaled SEK 1.40 (1.14) for the period, of which SEK 0.30 
(0.38) pertained to the third quarter.  
F
inancial position and cash flow 
The Group’s cash and cash equivalents at the end of the reporting period amounted 
to SEK 688.8 million (482.5). The short -term investment of SEK 120 million made 
during the comparative period was repaid in the second quarter. 
The Group’s debt/equity ratio was 0.02 (0.07) as of the balance -sheet date. Interest-
bearing lease liabilities amounted to SEK 24.3 million (80.4). The change is 
primarily due to the termination of the lease for Sectra’s head office in conjunction 
with the acquisition  of the property. Refer to the additional information under the 
heading “Investments and depreciation/amortization” on the next page. 
Cash flow from operations amounted to SEK 192.6 million (58.3) for the period, of 
which SEK 233.2 million (83.6) was attributable to the third quarter. The change 
from the comparative period is due to advance invoicing and reduced outflows 
related to non-current liabilities. Cash flow per share amounted to SEK 1.00 (0.30), 
of which SEK 1.21 (0.43) pertained to the third quarter. 
Cash flow from investing activities amounted to SEK - 107.3 million ( -188.1), of 
which SEK - 30.8 million ( -22.8) was attributable to the third quarter. Refer to the 
additional information about investing activities on the next page.  
Operating profit, Group, 
SEK million 
Cash flow from operations, 
Group, SEK million 
      Total    Increase        Decrease  
Operating profit trend per operating area, SEK million 
Compared with the corresponding period in the preceding fiscal year

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

Sectra’s nine-month interim report 2023/2024 
9 (30) 
The Group’s total cash flow for the period amounted to SEK -136.9 million (-340.6). 
This includes a transfer of SEK 211.9 million to the shareholders through Sectra’s 
2023 share redemption program, refer to page 13. The equivalent disbursement in 
the comparative period was SEK 192.7 million. 
Investments and depreciation/amortization 
Investments for the period amounted to SEK 227.3 million (188.1), of which SEK 
30.8 million (22.8) was attributable to the third quarter. The outcome for the period 
includes SEK 144.6 million (0) for the acquisition of two properties. The acquisition 
is not expected to have a significant effect on the Sectra Group’s financial position. 
The short-term investment of SEK 120 million made during the comparative period 
was repaid in the second quarter. 
Capitalized work for own use amounted to SEK 55.2 million (35.1), of which SEK 
19.3 million (14.7) pertained to the third quarter. Capitalization, which includes the 
development of cloud- based services for medical diagnostics, increased from the 
comparative period in all operating areas.  
Total depreciation and amortization for the period was SEK 72.9 million (67.7), of 
which the third quarter accounted for SEK 24.7 million (23.3). SEK 28.9 million 
(26.0) of the period’s outcome pertained to capitalized development expenditures, of 
which SEK 10.4 million (8.8) was attributable to the third quarter. At the end of the 
period, capitalized development expenditures totaled SEK 197.6 million (158.9).  
S
easonal variations 
Sectra has historically experienced major seasonal variations, since individual 
projects can be very large relative to Sectra’s sales. This applies for both medical 
systems and encryption systems. The beginning of the fiscal year is usually weaker 
since few customers want to deploy new systems during the summer. The variations 
in order volumes between individual quarters are significant since certain contracts 
are very large and have long terms. As Sectra transitions to selling products as a 
service, this variation is expected to gradually decrease over the next several years 
since revenue will be spread more evenly over time. For further information about 
seasonal patterns, refer to Sectra’s Annual and Sustainability Report for the 
2022/2023 fiscal year.
  
Capitalized development 
expenditures, SEK million

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

Sectra’s nine-month interim report 2023/2024 
10 (30) 
OPERATING AREA IMAGING IT SOLUTIONS 
Quarter Period 12 months 
Q3 Q3 Δ Q1–3 Q1–3 Δ   R12       Full-year Δ 
23/24 22/23 % 23/24 22/23 %       22/23 % 
Sales, SEK million 601.3 504.9 19.1 1,810.9 1,443.5 25.5 2,446.4 2,079.0 17.7 
of which recurring external revenue 405.1 328.7 23.2 1,176.5 909.7 29.3 1,524.9 1,258.1 21.2 
of which cloud recurring revenue 97.9 68.7 42.5 270.1 172.3 56.8 339.0 241.2 40.5 
Operating profit, SEK million 66.8 89.0 -24.9 309.5 279.6 10.7 492.2 462.4 6.4 
Operating margin, % 11.1 17.6 n/a 17.1 19.4 n/a 20.1 22.2 n/a 
I
maging IT Solutions continues to win comprehensive contracts where traditional 
solutions are replaced with cloud services, including a contract with NHS in Scotland 
in the third quarter. The single largest order during the fiscal year was for Sectra One 
Cloud from a healthcare provider in the US, with a contracted order value of approxi -
mately SEK 2.4 billion. These orders contributed to contracted order bookings for the 
nine-month period exceeding previous top levels.  
The business area’s operations are in a strong growth phase and the financial outcomes 
are impacted by ongoing investments. The earnings trend for the nine-month period as 
a whole was positive, although considerable fluctuations between quarters remain. The 
deployment of services and infrastructure at new major customers initially entails 
increased costs. Revenue then grows gradually as customers put systems into 
operation, but it can take several years for major customers to become fully operational 
and reach planned volumes. To date, the growth in sales, in combination with favorable 
currency movements, has partially offset the effects of the transition to service sales 
and cloud-based deliveries.  
The long- term trend is positive. Recurring revenue is increasing and revenue from 
cloud services is growing the fastest. The outcomes for the business area show how 
the ongoing transition from traditional software deliveries to services and cloud 
deliveries is progressing. Sectra was early to convert its operations and currently offers 
medical imaging IT as a subscription service with deliveries in public or private clouds, 
Sectra One Cloud.  During the nine -month period, several customers deployed the 
service, including customers in Canada, the UK and the US. These customers are 
among the first in each country to use Sectra One Cloud. One of the cloud installations 
was also the first through Sectra’s partner organization, where Sectra One Cloud offers 
improved prospects to expand operations. In the US, where we first introduced Sectra 
One, as well as in Canada, essentially all new customer sales are for subscription-based 
services. However, some customers are still choosing traditional system installations 
instead of cloud services.  
Trend, SEK million 
How does Sectra have such satisfied and loyal customers? 
“Our dominance in customer satisfaction surveys like Best in KLAS shows how 
fantastic our employees are. They do what it takes to solve our customers’ problems—
no matter what. Over the last year, we have restructured and grouped our organization 
internally to better support our customers through the entire process, everything from 
their initial choice of us t o implementation and support. This, in combination with 
products that reduce IT costs and improve security and that can be scaled according 
to customer needs, lays the groundwork for our success.” 
Marie Ekström Trägårdh,  
President of the Imaging IT Solutions operating area 
and Executive Vice President of Sectra AB 
Cloud recurring revenue 
+57%
over the  
comparative period 
 Sales 
Operating profit

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

Sectra’s nine-month interim report 2023/2024 
11 (30) 
OPERATING AREA BUSINESS INNOVATION 
Quarter   Period 12 months 
Q3 Q3 Δ Q1–3 Q1–3 Δ   R12 
      Full-
year Δ 
23/24 22/23 % 23/24 22/23 %       22/23 % 
Sales, SEK million 22.9 22.8 0.4 64.1 51.2 25.2 86.8 73.8 17.6 
of which recurring external revenue 5.8 3.6 61.1 14.1 9.9 42.4 18.8 14.7 27.9 
of which cloud recurring revenue 5.4 3.4 58.8 13. 0 9.4 38.3 17. 0 13.4 26.9 
Operating profit, SEK million 4.0 5.1 -21.6 8.5 3.9 117.9 15.1 10.5 43.8 
Operating margin, % 17.5 22.4 n/a 13.3 7.6 n/a 17.4 14.2 n/a 
Business Innovation comprises the Genomics IT, Medical Education and 
Orthopaedics business units. Genomics IT does not yet have any sales, since it is in 
a development phase with initial deliveries planned for the spring of 2024. We also 
report the expense s for medical research activities in Business Innovation, which 
includes initiatives in the field of AI for medical applications.  
Recurring revenue is growing quickly, and the financial outcome in terms of sales and 
operating profit showed a positive trend compared with the comparative period. 
However, the results may vary significantly between quarters and periods. 
Subscription-based business models and growing volumes will generate higher 
recurring revenue, resulting in less variation in the long term. 
 Sales 
Operating profit 
Medical education portal supports recruitment of 
radiologists 
Not only does Sectra’s education portal modernize medical 
education—it is also useful in recruitment. Telemedicine Clinic 
(TMC) is one of the leading telemedicine companies in Europe and 
helps more than 150 hospitals in Denmark, the UK and Sweden 
review medical images and report the results all hours of the day. 
The company has been using Sectra Education Portal in its 
recruitment strategy for little over a year. The customer uses 
Sectra’s cloud-based education portal as a step in the recruitment 
process to ensure the quality of the radiologists that they hire. The 
candidates are assessed based on their expertise and specializa -
tion by analyzing and reporting on patient cases presented in the 
portal. The number of cases varies based on the position, and all 
tests are designed by TMC’s radiologists. 
Read more on Sectra’s website: 
https://medical.sectra.com/edutmc24 
Trend, SEK million 
Cloud recurring revenue 
+ 38%
over the  
comparative period

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

Sectra’s nine-month interim report 2023/2024 
12 (30) 
OPERATING AREA SECURE COMMUNICATIONS 
Quarter   Period 12 months 
Q3 Q3 Δ Q1–3 Q1–3 Δ R12 Full-year Δ 
23/24 22/23 % 23/24 22/23 % 22/23 % 
Sales, SEK million 83.6 63.3 32.1 222.9 156.2 42.7 301.2 234.5 28.4 
of which recurring external revenue 23.5 24.0 -2.1 70.4 63.2 11.4 93.7 86.5 8.3 
Operating profit, SEK million 9.4 8.5 10.6 21.5 1.9 1,031.6 38.8 19.2 102.1 
Operating margin, % 11.2 13.4 n/a 9.6 1.2 n/a 12.9 8.2 n/a 
The uncertain geopolitical situation, with an ongoing war in Europe and further tensions 
worldwide, continues to highlight the importance of defense capabilities and public 
security. This, in turn, is placing greater demands on communication and fueling the need 
for investments in high assurance products, encryption development and cybersecurity 
both in Sweden and in the rest of Europe.  
Secure Communications’ operations form part of Sweden’s collective national capability 
within crypto—a capability classified as an essential security interest. Sectra’s ability to 
help customers has led to strong order bookings and sales growth. The positive trend 
during the first half of the year continued during the third quarter. Operating profit trended 
in the right direction and contributed to the Group’s overall financial goals  to a larger 
extent than previously. The long-term trend is positive, although outcomes can naturally 
vary greatly between quarters due to the nature of the operations. 
Order bookings during the fiscal year include development assignments and product sales 
as well as support and service commitments. During the third quarter, Sectra received 
orders for development assignments primarily from customers in Sweden and international 
orders for communication infrastructure from both existing and new customers. Customers 
also extended agreements for deployment and support of secure communications, 
including security monitoring for critical infrastru cture. The growing demand for our 
offerings has the potential to contribute to the future development of operations. At the 
same time, certain challenges connected to the global political situation remain, which are 
affecting component supplies and sales chains and, to a certain extent, resulting in a 
strained local labor market. 
Budget appropriations for cybersecurity for the defense forces, authorities and critical 
infrastructure have increased, and we are well positioned with offerings that meet 
customers’ stringent demands. To meet increased needs and new regulations, during the 
last few years we have made extensive investments in our development environment, 
which is already approved and operational. Ongoing initiatives also include new offerings 
with the potential to contribute to substantial customer value and growth in all p roduct 
segments. These include several initiatives to supplement our established position within 
the highest levels of assurance with products and offerings for a wider customer base, 
primarily within government authorities.
 
Development of new Tiger product 
Sectra plays an important role in the Swedish civil and 
military defense’s ability to share information. During 
the quarter, Swedish authorit ies placed an order for 
the development and launch of a new communication 
solution in the form of a desktop phone. The solution 
is part of the Tiger/S product family, which protects 
classified information up to and including the 
classification level SECRET. The new product will 
allow multiple people to participate in a secure 
conference call, thereby further contributing to efficient 
collaboration within and between Swedish authorities.
 Sales 
Operating profit 
Trend, SEK million

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

Sectra’s nine-month interim report 2023/2024 
13 (30) 
OTHER OPERATIONS 
Quarter   Period 12 months 
Q3 Q3 Δ Q1–3 Q1–3 Δ   R12  Full-year Δ 
23/24 22/23 % 23/24 22/23 %   22/23 % 
Sales, SEK million 44.1 31.5 40.0 121.5 90.3 34.6 155.9 124.7 25.0 
Operating loss, SEK million -5.9 -15.6 62.2 -19.0 -26.6 28.6 -28.6 -36.2 21.0 
Operating margin, % neg neg n/a neg neg n/a neg neg n/a 
Other Operations pertain to Sectra’s joint functions for administration, recruitment, Group finance, IT, regulatory affairs, people and 
brand, and activities related to investors. This segment also includes property management. The change from the comparative period 
mainly pertained to increased central management of costs distributed across the organization.
PARENT COMPANY 
The Parent Company’s income statement and balance sheet are reported on page 19. The Parent Company Sectra AB includes the 
research department for medical imaging IT, the Genomics IT business unit and the head office’s joint functions (see Other Operations 
above). 
 
2024 AGM 
The AGM is scheduled for September 10, 2024 in Linköping, Sweden. The notice of the AGM is issued not earlier than six weeks 
and not later than four weeks prior to the AGM. Shareholders are entitled to have a matter addressed by the AGM. To ensure that the 
company has time to include matters in the notice, requests for matters to be addressed by the AGM must be received by the company 
not later than seven weeks prior to the AGM.  
Nomination Committee  
A Nomination Committee was appointed in accordance with the instructions adopted at the 2020 AGM. If any of the largest 
shareholders in terms of voting rights has waived their right to appoint a member of the Nomination Committee, the next shareholder 
in order of size has been given the opportunity to appoint a member. The Nomination Committee comprises the following members: 
• Torbjörn Kronander representing his own and related parties’ shareholdings
• Patrik Jönsson representing SEB Investment Management
• Mats Andersson representing Nordea Investment Funds
• Jan-Olof Brüer in his role as Chairman of the Board and representing his own and related parties’ shareholdings
Patrik Jönsson, who represents the sixth-largest shareholder in terms of votes, was appointed Chairman of the Nomination Committee. 
The Nomination Committee will prepare and submit proposals regarding: 
• election of the Chairman of the Board and other members of the Board of Directors
• allocation of Board fee payments to the Chairman and other members of the Board and potential remuneration for
committee work
• election of and fees to the auditors and deputy auditors (where applicable)
• resolution on amendments to the Nomination Committee instructions, if the Nomination Committee deems suc
h
am
endments to be necessary
• Chairman of the AGM.
P
roposals will be presented in the notice of the AGM. Shareholders who wish to submit proposals to the Nomination Committee may 
do so in writing by email: info.investor@sectra.com or by mail: Sectra AB, Attn. Nomination Committee, Teknikringen 20, SE -583 
30 Linköping, Sweden. In order for the Nomination Committee to address a proposal, the proposal must arrive in ample time prior to 
the notice of the AGM. 
THE SHARE  
2023 share redemption program and help with Swedish tax return 
During the second quarter, SEK 1.10 per share was transferred to the shareholders through a 2:1 share split, combined with a 
mandatory redemption process and a bonus issue to restore the share capital. In the Swedish tax return, a redemption or sale of 
redemption shares (designated SECT IL A and SECT IL B) is to be declared as a sale of shares on Form K4 (does not apply to shares

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

Sectra’s nine-month interim report 2023/2024 
14 (30) 
owned through investment savings accounts). Visit  https://investor.sectra.com/redemption2023 for information about the Swedish 
Tax Agency’s general recommendations and tax return help. 
S
hare capital and number of shares 
Sectra’s share capital on the balance- sheet date totaled SEK 38,824,179, distributed between 194,120,895 shares and 312,052,035 
voting rights. The number of shares is distributed between 13,103,460 Class A shares and 181,017,435 Class B shares. Sectra’s  
holding of treasury shares at the end of the period amounted to 1,453,406 Class B shares, corresponding to 0.7% of the share capital 
and 0.5% of the voting rights in the company. For more information, refer to Note 3. 
A
uthorization 
The Board of Directors was authorized by the 2023 AGM, during the period until the 2024 AGM, to decide on new share issues of a 
maximum of 18,500,000 Class B shares and to decide on the acquisition and divestment of the company’s treasury shares, with t he 
condition that the Company’s holding of treasury shares at no point exceeds 10% of all the shares in the Company. The complete 
authorization is presented in the minutes from the AGM: https://investor.com/agm2023 . At the time of publication of this financial 
report, the Board had not utilized these authorizations. 
RISKS AND UNCERTAINTIES 
Through its operations, Sectra is exposed to such business risks as dependence on major customers and partners, the effect of currency 
fluctuations on pricing in the markets in which the Group is active, and property and liability risks. Sectra is also exposed to various 
types of financial risks such as currency, interest-rate, credit and liquidity risks. A detailed description of the risks and specific external 
factors as well as Sectra’s strategies and tactics for minimizing risk exposure and limiting adv erse effects are provided in the 
Administration Report in the Group’s Annual and Sustainability Report for the 2022/2023 fiscal year in the administration report on 
pages 83–85 and in Note 29 on pages 115–116. No significant events have occurred that would alter the conditions reported.  
F
OR FURTHER INFORMATION 
Contact Sectra’s CEO Torbjörn Kronander, telephone +46 13 23 52 27 or email info.investor@sectra.se. 
Presentation of the interim report  
Time: March 8, 2024 at 10:00 a.m. CET 
Torbjörn Kronander, President and CEO of Sectra AB, and Jessica Holmquist, CFO of Sectra AB, will present the financial report 
and answer questions. The presentation will be held in English. For information about participating online or to listen to the recording 
afterwards, visit: https://investor.sectra.com/q3report2324
.   
Financial calendar and AGM  
Year-end report June 5, 2024, at 8:15 a.m. (CEST) 
Three-month interim report September 6, 2024 at 8:15 a.m. (CEST) 
2024 AGM September 10, 2024 
For other IR events, visit: https://investor.sectra.com/events-and-presentations/ 
ASSURANCE 
The Board of Directors and the President of Sectra AB (publ) hereby assure that the interim report for the May 1, 2023– January 31, 
2024 period provides a true and fair view of the Parent Company’s and Group’s operations, financial position and earnings and  
describes the significant risks and uncertainties facing the Parent Company and other companies in the Group. 
Linköping, date as indicated by our electronic signature 
T
orbjörn Kronander  Jan-Olof Brüer Tomas Puusepp Birgitta Hagenfeldt 
President, CEO and Board member Chairman Board member Board member 
Ul
rika Unell Anders Persson Fredrik Robertsson 
Board member Board member Board member 
P
ontus Svärd Andreas Örnéus 
Board member and employee representative Board member and employee representative

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

Sectra’s nine-month interim report 2023/2024 
15 (30) 
AUDITOR’S REVIEW REPORT 
Introduction 
We have reviewed the condensed interim financial information for Sectra AB (publ) at January 31, 2024 and for the nine -month 
period ended on that date. The Board of Directors and the President are responsible for the preparation of this interim repor t in 
accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express an opinion on the interim financi al 
information based on our review.  
F
ocus and scope of the review 
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim 
Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different 
direction and is substantially more limited in scope than an audit conducted in accordance with International Standards on Auditi ng 
and other generally accepted auditing practices.  
The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all signific ant 
matters that might be identified in an audit. Therefore, the opinion expressed on the basis of a review does not provide the same level 
of assurance as an opinion expressed on the basis of an audit.  
O
pinion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report has not, in all material aspects, 
been compiled for the Group in accordance with IAS 34 Interim Reporting and the Swedish Annual Accounts Act and for the Parent 
Company, in accordance with the Swedish Annual Accounts Act.  
L
inköping, date as indicated by our electronic signature 
E
rnst & Young AB  
A
ndreas Troberg  
Authorized Public Accountant
This information constitutes information that Sectra AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and/or 
the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out in the 
press release, at 8:15 a.m. (CET) on March 8, 2024. 
Sectra AB (publ), Corporate Registration Number 556064-8304, https://sectra.com, email info@sectra.com

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

Sectra’s nine-month interim report 2023/2024 
16 (30) 
GROUP  
Condensed consolidated income statements 
SEK thousand 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Net sales (Note 4) 694,041 580,295 2,065,505 1,626,049 2,790,208 2,350,752 
Capitalized work for own use 19,282 14,670 55,226 35,106 75,781 55,661 
Other operating income 630 558 4,136 1,122 4,594 1,580 
Total income 713,953 595,523 2,124,867 1,662,277 2,870,583 2,407,993 
Goods for resale -101,662 -53,623 -300,729 -156,758 -406,868 -262,897
Personnel costs -362,580 -308,331 -1,035,708 -865,423 -1,339,614 -1,169,329
Other external costs -150,686 -123,270 -395,195 -313,568 -509,802 -428,175
Depreciation/amortization and 
impairment -24,666 -23,340 -72,850 -67,660 -97,129 -91,939
Total operating expenses -639,594 -508,564 -1,804,482 -1,403,409 -2,353,413 -1,952,340
Operating profit  74,359 86,959 320,385 258,868 517,170 455,653 
Total financial items -1,479 4,100 20,310 18,624 25,423 23,737 
Profit after financial items 72,880 91,059 340,695 277,492 542,593 479,390 
Taxes  -15,060 -18,758 -70,757 -57,163 -118,027 -104,433
Profit for the period 57,820 72,301 269,937 220,329 424,566 374,957 
Profit for the period attributable to: 
Parent Company owners 57,820 72,301 269,937 220,329 424,566 374,957 
Earnings per share 
Before dilution, SEK 0.30 0.38 1.40 1.14 2.20 1.95 
After dilution, SEK (Note 3) 0.30 0.38 1.40 1.14 2.20 1.95 
Consolidated statement of comprehensive income 
SEK thousand 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Profit for the period 57,820 72,301 269,937 220,329 424,566 374,957 
Items that may be reversed in profit or 
loss 
Translation differences -17,945 -258 11,758 25,424 3,957 17,623 
Total other comprehensive income for 
the period 
-17,945 -258 11,758 25,424 3,957 17,623 
Total comprehensive income for the 
period 
39,875 72,043 281,695 245,753 428,523 392,580 
Comprehensive income for the period 
attributable to: 
Parent Company owners 39,875 72,043 281,695 245,753 428,523 392,580

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

Sectra’s nine-month interim report 2023/2024 
17 (30) 
Condensed consolidated balance sheets 
SEK thousand Jan 31 
2024 
Jan 31 
2023 
April 30 
2023 
Assets 
Intangible assets and goodwill 261,820 227,729 236,969 
Tangible assets 228,658 76,766 74,556 
Right-of-use assets 27,849 83,080 84,905 
Financial assets 138,918 136,266 125,224 
Deferred tax assets 6,849 7,027 6,632 
Total fixed assets 664,094 530,868 528,286 
Accounts receivable 493,648 362,620 386,153 
Other current assets 73,678 95,547 57,545 
Prepaid expenses and accrued income 899,383 676,605 819,441 
Short-term investments - 120,000 120,000 
Cash and bank balances 688,775 482,502 825,242 
Total current assets 2,155,484 1,737,274 2,208,381 
Total assets 2,819,578 2,268,142 2,736,667 
Equity and liabilities 
Equity  1,387,972 1,144,012 1,296,669 
Deferred tax liabilities 5,866 4,382 5,928 
Provisions  20,174 8,387 12,461 
Non-current lease liabilities 11,742 55,879 56,968 
Other long-term liabilities - 560 - 
Total long-term liabilities 37,782 69,208 75,357 
Provisions 2,228 1,990 1,682 
Current lease liabilities 12,570 24,550 25,294 
Other current liabilities 164,625 157,506 204,983 
Accrued expenses and deferred income 1,214,401 870,876 1,132,682 
Total current liabilities 1,393,824 1,054,922 1,364,641 
Total equity and liabilities 2,819,578 2,268,142 2,736,667

===== SIDA 18 =====

Sectra’s nine-month interim report 2023/2024 
18 (30) 
Consolidated cash-flow statements 
SEK thousand 9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
Full-year 
May–Apr 
2022/2023 
Operating activities 
Operating profit 320,385 258,868 455,653 
Adjustment for non-cash items 102,747 72,877 121,351 
Interest received  23,369 6,769 11,849 
Interest paid -1,083 -1,337 -2,062
Income tax paid -76,706 -61,707 -71,635
Cash flow from operations before changes in working capital 368,712 275,470 515,156 
Changes in working capital 
Change in inventories -23,285 -3,659 -12,825
Change in receivables -198,759 -129,762 -299,595
Change in current liabilities 45,941 -83,738 237,752
Cash flow from operations 192,609 58,311 440,488 
Investing activities 
Acquisitions of intangible assets -55,861 -35,105 -55,752
Acquisitions of tangible assets -171,400 -33,002 -37,036
Acquisition of short-term investment - -120,000 -120,000
Repayment of short-term investment 120,000 - - 
Cash flow from investing activities -107,261 -188,107 -212,788
Financing activities 
Repayment of lease liabilities -10,268 -18,111 -26,627
Redemption of shares -211,935 -192,662 -192,662
Cash flow from financing activities -222,203 -210,773 -219,289
Cash flow for the period -136,855 -340,569 8,411 
Cash and cash equivalents, opening balance 825,242 808,775 808,775 
Exchange-rate difference in cash and cash equivalents 388 14,296 8,056 
Cash and cash equivalents, closing balance 688,775 482,502 825,242 
Condensed consolidated statement of changes in equity 
SEK thousand 9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
Full-year 
May–Apr 
2022/2023 
Equity at start of period 1,296,669 1,080,737 1,080,737 
Comprehensive income for the period 281,695 245,753 392,580 
Dividend/redemption of shares -211,935 -192,662 -192,662
Share-based payments 21,543 10,184 16,014
Equity at end of period 1,387,972 1,144,012 1,296,669

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

Sectra’s nine-month interim report 2023/2024 
19 (30) 
PARENT COMPANY 
Condensed Parent Company income statements 
SEK thousand 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Net sales 44,736 32,451 122,651 92,976 158,320 128,645 
Capitalized work for own use 1,509 921 4,109 2,377 5,379 3,647 
Other operating income 574 163 593 214 603 224 
Total income 46,819 33,535 127,353 95,567 164,302 132,516 
Goods for resale -4,635 - -12,937 -142 -15,625 -2,830
Personnel costs -18,161 -15,085 -53,486 -43,964 -69,745 -60,223
Other external costs -32,110 -34,465 -85,899 -79,562 -113,632 -107,295
Depreciation/amortization  -468 -353 -1,297 -1,168 -1,617 -1,488
Total operating expenses -55,374 -49,903 -153,619 -124,836 -200,619 -171,836
Operating loss  -8,555 -16,368 -26,266 -29,269 -36,317 -39,320
Total financial items 6,348 5,755 112,420 15,837 111,767 15,184
Profit/loss after financial items -2,207 -10,613 86,154 -13,432 75,450 -24,136
Appropriations - - - - 436,014 436,014 
Profit/loss before tax -2,207 -10,613 86,154 -13,432 511,464 411,878 
Tax on earnings for the period -231 2,187 -190 2,768 -87,985 -85,027
Profit/loss for the period -2,438 -8,426 85,964 -10,664 423,479 326,851 
Parent Company statement of comprehensive income 
SEK thousand 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Profit/loss for the period -2,438 -8,426 85,964 -10,664 423,479 326,851 
Total comprehensive income for the 
period -2,438 -8,426 85,964 -10,664 423,479 326,851 
Condensed Parent Company balance sheets 
SEK thousand Jan 31 
2024 
Jan 31 
2023 
April 30 
2023 
Assets 
Intangible assets 7,756 2,380 3,647 
Tangible assets 6,381 3,478 3,699 
Financial assets 353,288 182,435 226,245 
Total fixed assets 367,425 188,293 233,591 
Accounts receivable 0 261 240 
Receivables from Group companies 502,075 281,720 664,145 
Other current assets 28,192 67,182 25,871 
Short-term investments - 120,000 120,000 
Cash and bank balances 544,470 318,452 662,611 
Total current assets 1,074,737 787,615 1,472,867 
Total assets 1,442,162 975,908 1,706,458 
Equity and liabilities 
Restricted equity 273,036 267,660 268,927 
Unrestricted equity 456,885 210,440 565,322 
Total equity 729,921 478,100 834,249 
Provisions 2,004 562 916 
Current liabilities 710,237 497,246 871,293 
Total equity and liabilities 1,442,162 975,908 1,706,458

===== SIDA 20 =====

Sectra’s nine-month interim report 2023/2024 
20 (30) 
NOTES 
Note 1 Accounting policies 
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish 
Securities Markets Act. The accounting policies and calculation methods applied are consistent with those described in Sectra’s 2022/2023 Annual 
and Sustainability Report. 
Note 2 Related-party transactions 
Other than the types of transactions presented in Note 3 Employees and personnel costs in the 2022/2023 Annual Report, no significant 
transactions with related parties took place in the reporting period. 
Note 3 Number of shares 
No. of common shares 2 
3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Before dilution at the end of the 
period 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 
After dilution at the end of the period  192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 
Average, before dilution  192,667,489 192,664,046 192,667,489 192,662,899 192,667,489 192,664,046 
Average, after dilution 1  192,667,489 192,667,466 192,667,489 192,667,459 192,667,489 192,667,466 
   1  Dilution of the number of shares was based on the convertible programs issued in 2017/2018, and the last remaining convertibles were redeemed on Januar y 
31, 2023. There are therefore no convertible programs outstanding.  
   2  Number of shares does not include the 1,453,406 (1,000,000) Class B treasury shares.  
Note 4 Operating segments and sales 
Operating profit/loss by business segment 
SEK million 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Imaging IT Solutions 66.8 89.0 309.5 279.6 492.2 462.4 
Secure Communications 9.4 8.5 21.5 1.9 38.8 19.2 
Business Innovation 4.0 5.1 8.5 3.9 15.1 10.5 
Other Operations -5.9 -15.6 -19.0 -26.6 -28.6 -36.2
Group eliminations 0.1 0.0 -0.1 0.1 -0.3 -0.2
Total 74.4 87.0 320.4 258.9 517.2 455.7 
SEK million 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
United States 185.7 162.1 561.5 489.1 759.3 687.0 
Sweden 148.5 121.7 391.7 328.0 536.6 472.9 
United Kingdom 132.5 84.5 413.8 239.4 556.1 381.7 
Netherlands 39.7 30.9 120.4 97.9 158.3 135.8 
Rest of Europe 141.1 140.5 397.4 361.2 526.7 490.5 
Rest of World 46.5 40.6 180.7 110.4 253.2 182.9 
Total 694.0 580.3 2,065.5 1,626.0 2,790.2 2,350.8 
Sales by business segment 
SEK million 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Imaging IT Solutions 601.3 504.9 1,810.9 1,443.5 2,446.4 2,079.0 
Secure Communications 83.6 63.3 222.9 156.2 301.2 234.5 
Business Innovation 22.9 22.8 64.1 51.2 86.8 73.8 
Other Operations 44.1 31.5 121.5 90.3 155.9 124.7 
Group eliminations -57.9 -42.2 -153.9 -115.2 -200.1 -161.2
Total 694.0 580.3 2,065.5 1,626.0 2,790.2 2,350.8 
Sales by geographic market

===== SIDA 21 =====

Sectra’s nine-month interim report 2023/2024 
21 (30) 
Recurring and non-recurring external revenue by business segment 
Group 
SEK million 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Recurring revenue 434.7 356.4 1,261.5 983.3 1,638.1 1,359.9 
Of which cloud recurring revenue, CRR 103.2 72.1 283.1 181.7 356.0 254.6 
Non-recurring revenue 259.3 223.9 804.0 642.7 1,152.1 990.9 
Total 694.0 580.3 2,065.5 1,626.0 2,790.2 2,350.8 
Share of recurring revenue, % 62.6 61.4 61.1 60.5 58.7 57.8 
Imaging IT Solutions 
SEK million 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Recurring revenue 405.1 328.7 1,176.5 909.7 1,524.9 1,258.1 
Of which cloud recurring revenue, CRR 97.9 68.7 270.1 172.3 339.0 241.2 
Non-recurring revenue 191.6 174.1 630.8 534.2 915.8 819.2 
Total 596.7 502.8 1,807.3 1,443.9 2,440.7 2,077.3 
Share of recurring revenue, % 67.9 65.4 65.1 63.0 62.5 60.6 
Secure Communications 
SEK million 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Recurring revenue 23.5 24.0 70.4 63.2 93.7 86.5 
Of which cloud recurring revenue, CRR - - - 0.0 - 0.0
Non-recurring revenue 60.1 39.2 152.2 92.8 207.1 147.7 
Total 83.6 63.2 222.6 156.0 300.8 234.2 
Share of recurring revenue, % 28.1 38.0 31.6 40.5 31.2 36.9 
Business Innovation 
SEK million 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Recurring revenue 5.8 3.6 14.1 9.9 18.8 14.7 
Of which cloud recurring revenue, CRR 5.4 3.4 13.0 9.4 17.0 13.4 
Non-recurring revenue 7.8 10.5 21.0 15.7 29.3 24.0 
Total 13.6 14.1 35.1 25.6 48.1 38.7 
Share of recurring revenue, % 42.6 25.5 40.2 38.7 39.1 38.0 
Other Operations 
SEK million 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Recurring revenue 0.3 0.2 0.5 0.4 0.6 0.5 
Of which cloud recurring revenue, CRR - - - - - - 
Non-recurring revenue - - - - - - 
Total 0.3 0.2 0.5 0.4 0.6 0.5 
Share of recurring revenue, % 100.0 100.0 100.0 100.0 100.0 100.0

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

Sectra’s nine-month interim report 2023/2024 
22 (30) 
Note 5 Financial definitions and alternative performance measures 
The Group applies the European Securities and Markets Authority (ESMA) Guidelines on Alternative Performance Measures. Alternative 
performance measures are applied since the company believes they provide valuable supplementary information for management and 
investors given that they play a central role when it comes to understanding and evaluating the Group’s operations. 
Sectra previously announced changes to the recognition of order bookings, refer to page 71 in Sectra’s 2022/2023 Annual and Sustainability 
Report. However, the Board decided to revise this decision and Sectra will continue its reporting of order bookings.  
Share of recurring revenue 
Purpose 
Shows the portion of external sales 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 benefit from the full functionality of the good or service without 
ongoing payments and the revenue stream is expected to recur for more than 12 months.  
Recurring revenue mainly refers to revenue from subscription, support and maintenance agreements. 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. 
Calculation 
Recurring revenue divided by total external sales. Refer to the table on page 21. 
Recurring revenue churn 
SEK thousand 12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Recurring revenue from customer contracts that have concluded or not been 
renewed 7,046 18,225 
Recurring revenue 1,638,091 1,359,895 
Share of recurring revenue, % 0. 4 1.3 
Purpose Calculation 
Indicates the share of recurring revenue from customer contracts 
that have concluded or not been renewed during the latest rolling 
12-month period.
Recurring revenue from customer contracts that have concluded or not 
been renewed divided by total recurring revenue. 
Equity per share before and after dilution 
Jan 31 
2024 
Jan 31 
2023 
Apr 30 
2023 
Equity, SEK thousand 1,387,972 1,144,012  1,296,669 
Number of shares before dilution at the end of 
the period 192,667,489 192,667,489 192,667,489 
Number of shares after dilution at the end of 
the period 192,667,489 192,667,489 192,667,489 
Equity per share before and after dilution, 
SEK 7.20 5.94 6.73 
Purpose Calculation 
Measures the company’s net value per share and shows the 
change in shareholder capital per share over time. 
Equity divided by the number of shares before and after dilution at the 
end of the period.

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

Sectra’s nine-month interim report 2023/2024 
23 (30) 
Non-interest-bearing liabilities and interest-bearing liabilities 
SEK thousand Jan 31 
2024 
Jan 31 
2023 
Apr 30 
2023 
Non-interest-bearing liabilities 1,407,294 1,043,701 1,357,736 
Interest-bearing liabilities 24,312 80,429 82,262 
Total liabilities 1, 431,606 1,124,130 1,439,998 
Purpose Calculation 
Indicates the proportion of the Company’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 without interest, such as 
accounts payable, advances from customers and tax liabilities. Interest-
bearing liabilities refers to liabilities with interest, such as lease liabilities. 
Cash flow per share before and after dilution 
3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Cash flow from operations, SEK thousand 233,175 83,565 192,609 58,311 574,786 440,488 
Number of shares before dilution at the end of 
the period 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 
Number of shares after dilution at the end of 
the period 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 
Cash flow per share before and after 
dilution, SEK 1.21 0.43 1.00 0.30 2.98 2.29 
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. 
R
atio of contracted order bookings to net sales 
SEK thousand 12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Contracted order bookings 6,513,449 4,635,715 
Net sales 2,790,208 2,350,752 
Ratio of contracted order bookings to net sales 2. 33 1.97 
Purpose Calculation 
Provides an indication of demand for the company’s products and 
services. 
Contracted order bookings divided by net sales. 
L
iquidity 
SEK thousand Jan 31 
2024 
Jan 31 
2023 
Apr 30 
2023 
Current assets 2,155,484 1,737,274 2,208,381 
Unutilized overdraft facilities 15,000 15,000 15,000 
Current liabilities 1,393,824 1,054,922 1,364,641 
Liquidity 1. 6 1.7 1.6 
Purpose Calculation 
Shows the company’s current ability to pay. Current assets plus unutilized overdraft facility divided by 
current liabilities. 
Average no. of employees 
Purpose Calculation 
Shows full-time positions in a certain period. Average number of full-time employees during the period.

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

Sectra’s nine-month interim report 2023/2024 
24 (30) 
Unadjusted exchange rates – sales 
3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
Full-year 
May–Apr 
2022/2023 
Nominal change, % 19.6 21.9 27.0 25.1 20.6 
Exchange-rate effect, % 0.3 -7.4 -3.1 -9.5 -8.0
Change in unadjusted exchange rates, % 19.9 14.5 23.9 15.6 12.6 
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. 
U
nadjusted exchange rates – operating profit 
3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
Full-year 
May–Apr 
2022/2023 
Nominal change, % -14.5 27.0 23.8 6.9 18.9 
Exchange-rate effect, % 0.8 -18.4 -6.0 -19.2 -16.3
Change in unadjusted exchange rates, % -13.7 8.6 17.8 -12.3 2.6 
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. 
U
nadjusted exchange rates – recurring revenue 
3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
Full-year 
May–Apr 
2022/2023 
Nominal change, % 22.0 29.5 28.3 22.8 25.8 
Exchange-rate effect, % 0.0 -7.6 -3.2 -8.5 -7.5
Change in unadjusted exchange rates, % 22.0 21.9 25.1 14.3 18.3 
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 bookings that corresponds to what the 
customer has undertaken to purchase when the contract is entered into. 
Order bookings – contracted 
Purpose Calculation 
Indicates future revenue in the company. The value of orders received that corresponds to what the customer has 
procured and intends to purchase during the term of the contract.

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

Sectra’s nine-month interim report 2023/2024 
25 (30) 
P/E ratio 
SEK 12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Share price at end of period 195.14 161.70 
Earnings per share for the rolling 12-month period 2.20 1.95 
P/E ratio, multiple 88. 7 82.9 
Purpose Calculation 
Shows how the market values the company’s profits and how long 
it may take for the shareholders to get a return on an investment in 
the share. 
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 
3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Profit for the period, SEK thousand 57,820 72,301 269,937 220,329 424,566 374,957 
Average no. of shares before dilution 192,667,489 192,664,046 192,667,489 192,662,899 192,667,489 192,664,046 
Average no. of shares after dilution 192,667,489 192,667,466 192,667,489 192,667,459 192,667,489 192,667,466 
Earnings per share before and after 
dilution, SEK 0.30 0.38 1.40 1.14 2.20 1.95 
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  
dilution. This performance measure is defined in accordance with IFRS. 
R
eturn on equity 
SEK thousand 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Profit for the period 57,820 72,301 269,937 220,329 424,566 374,957 
Equity at start of period 1,341,354 1,067,347 1,296,669 1,080,737 1,144,012 1,080,737 
Equity at end of period 1,387,972 1,144,012 1,387,972 1,144,012 1,387,972 1,296,669 
Average equity 1,364,663 1,105,680 1,342,321 1,112,375 1,265,992 1,188,703 
Return on equity, % 4.2 6.5 20.1 19.8 33.5 31.5 
Purpose Calculation 
Shows the return on capital attributable to the Parent Company 
owners. 
Profit for the period divided by average equity. 
Return on capital employed (ROCE) 
SEK thousand 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Profit after financial items 72,880 91,059 340,695 277,492 542,593 479,390 
Financial expenses -191 -709 -1,083 -1,337 -1,808 -2,062
Average capital employed 1,391,162 1,172,912 1,395,608 1,183,901 1,318,363 1,261,146 
Return on capital employed, % 5.3 7.8 24.5 23.6 41.3 38.2 
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.

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

Sectra’s nine-month interim report 2023/2024 
26 (30) 
Operating margin 
SEK thousand 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Operating profit 74,359 86,959 320,385 258,868 517,170 455,653 
Net sales 694,041 580,295 2,065,505 1,626,049 2,790,208 2,350,752 
Operating margin, % 10.7 15.0 15.5 15.9 18.5 19.4 
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. 
O
perating profit per share 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Operating profit, SEK thousand 517,170 455,653 
Number of shares before dilution 192,667,489 192,667,489 
Operating profit per share, SEK 2. 68 2.36 
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 Jan 31 
2024 
Jan 31 
2023 
Interest-bearing liabilities 24,312 80,429 
Equity 1,387,972 1,144,012 
Debt/equity ratio 0. 02 0.07 
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. 
E
quity/assets ratio 
SEK thousand Jan 31 
2024 
Jan 31 
2023 
Apr 30 
2023 
Equity 1,387,972 1,144,012 1,296,669 
Total assets 2,819,578 2,268,142 2,736,667 
Equity/assets ratio, % 49. 2 50.4 47.4 
Purpose Calculation 
Shows the portion of assets financed with equity. This measure is 
used for the purpose of management by objectives in the 
operations. 
Equity divided by total assets on the balance-sheet date. 
Capital employed 
SEK thousand Jan 31 
2024 
Jan 31 
2023 
Apr 30 
2023 
Total assets 2,819,578 2,268,142 2,736,667 
Non-interest-bearing liabilities 1,407,294 1,043,701 1,357,736 
Capital employed 1, 412,284 1,224,441 1,378,931 
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 company’s profitability in relation to 
externally financed capital and equity. 
Total assets reduced by non-interest-bearing liabilities.

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

Sectra’s nine-month interim report 2023/2024 
27 (30) 
Growth in operating profit per share over a five-year period 
SEK 12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Operating profit per share before dilution 2.684 2.360 
Operating profit per share before dilution five years earlier 1.155 1.125 
Growth in operating profit per share before dilution 
over a five-year period, % 132.3 110.0 
Purpose Calculation 
Shows the growth of the operations over a five-year period. This 
measure is used for the purpose of management 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. 
Pr
ofit margin 
SEK thousand 3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
12 months 
Feb 2023– 
Jan 2024 
Full-year 
May–Apr 
2022/2023 
Profit after financial items 72,880 91,059 340,695 277,492 542,593 479,390 
Net sales 694,041 580,295 2,065,505 1,626,049 2,790,208 2,350,752 
Operating margin, % 10.5 15.7 16.5 17.1 19.4 20.4 
Purpose Calculation 
Shows a comparison of profitability regardless of corporate tax 
rate. 
Profit after financial items divided by net sales. 
K
EY FIGURES AND OTHER INFORMATION 
K
ey figures 
9 months 
Jan 31 
2024 
9 months 
Jan 31 
2023 
12 months 
Jan 31 
2024 
Full-year 
Apr 30 
2023 
Contracted order bookings, SEK million 5,326.5 3,448.8 6,513.4 4,635.7 
   of which guaranteed order bookings, SEK million 2,457.0 1,795.0 3,268.5 2,606.5 
Operating margin, % 15.5 15.9 18.5 19.4 
Profit margin, % 16.5 17.1 19.4 20.4 
Average no. of employees 1,130 1,001 1,112 1,015 
Cash flow per share, SEK 1, 2 1.00 0.30 2.98 2.29 
P/E ratio, multiple n/a n/a 88.7 82.9 
Share price at end of period, SEK 195.14 147.44 195.14 161.70 
Return on equity, % 20.1 19.8 33.5 31.5 
Return on capital employed, % 24.5 23.6 41.3 38.2 
Equity/assets ratio, % 49.2 50.4 49.2 47.4 
Liquidity ratio, multiple 1.6 1.7 1.6 1.6 
Equity per share, SEK 2 7.20 5.94 7.20 6.73 
1 Cash flow from operations. 2 Before and after dilution.

===== SIDA 28 =====

Sectra’s nine-month interim report 2023/2024 
28 (30) 
Condensed consolidated income statements by quarter 
SEK million 2023/2024 2022/2023 2021/2022 
  Q3   Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Net sales 694.0 787.7 583.7 724.7 580.3 561.7 484.1 649.0 476.2 418.2 405.7 
Capitalized work for own use 19.3 17.9 18.0 20.6 14.7 11.5 9.0 10.6 8.7 13.3 11.6 
Other operating income 0.6 2.2 1.3 0.5 0.5 0.4 0.1 0.4 0.0 0.6 0.3 
Operating expenses -614.9 -607.5 -509.2 -524.7 -485.2 -443.9 -406.6 -497.1 -395.2 -329.4 -308.4
Depreciation/amortization and 
impairment -24.7 -23.6 -24.5 -24.3 -23.3 -22.1 -22.2 -21.8 -21.3 -19.0 -19.1
Operating profit  74.4 176.7 69.3 196.8 87.0 107.6 64.4 141.1 68.4 83.7 90.1 
Total financial items -1.5 13.6 8.2 5.1 4.1 10.7 3.8 0.3 8.6 0.2 2.0 
Profit after financial items 72.9 190.3 77.5 201.9 91.1 118.3 68.2 141.4 77.0 83.9 92.1 
Tax on earnings for the period -15.1 -39.7 -16.0 -47.3 -18.8 -24.4 -14.0 -29.0 -14.1 -17.6 -19.0
Profit for the period 57.8 150.6 61.6 154.6 72.3 93.9 54.1 112.5 62.9 66.3 73.1 
K
ey figures by quarter 
 2023/2024 2022/2023 2021/2022 
   Q3  Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Contracted order bookings, SEK 
million 1,853.6 503.0 2,970.0 1,186.9 549.2 664.2 2,235.4 1,017.4 439.6 470.0 393.2 
of which guaranteed order 
bookings 1,652.5 460.1 344.4 811.6 484.0 605.6 705.3 1,017.4 439.6 470.0 393.2 
Recurring revenue 434.7 429.6 397.2 376.6 356.4 316.4 310.4 280.8 275.2 272.4 253.0 
of which cloud services (CRR) 103.2 93.4 86.4 72.9 72.1 59.6 50.0 50.5 46.4 42.6 41.6 
Operating margin, % 10.7 22.4 11.9 27.2 15.0 19.2 13.3 21.7 14.4 20.0 22.2 
Earnings per share, SEK 1, 2 0.30 0.78 0.32 0.80 0.38 0.49 0.28 0.58 0.33 0.34 0.38 
Cash flow per share, SEK 1, 2 1.21 0.30 -0.51 1.98 0.43 0.20 -0.33 2.15 0.79 0.21 0.05 
Return on equity, % 4.2 11.0 4.6 12.7 6.5 8.5 4.9 11.0 6.3 6.6 7.8 
Return on capital employed, % 5.3 13.5 5.5 15.6 7.8 10.2 5.8 13.1 7.3 7.8 9.2 
Equity/assets ratio, % 49.2 49.8 50.8 47.4 50.4 52.3 54.9 49.3 52.5 61.3 59.6 
Equity per share, SEK 1, 2  7.20 6.96 7.20 6.73 5.94 5.54 5.95 5.61 4.98 5.38 5.06 
Share price at end of period, SEK 1 195.14 120.60 168.60 161.70 147.44 146.40 185.90 124.80 152.50 209.60 137.20 
1 Before and after dilution. 2Comparative figures per share have been restated due to the 5:1 share split that Sectra carried out in the second quarter of 21/22.  
Fiv
e-year summary 
2022/2023 2021/2022 2020/2021 2019/2020 2018/2019 
Contracted order bookings, SEK million 4,635.7 2,320.2 2,651.6 1,816.0 2,132.8 
Net sales, SEK million 2,350.8 1,949.1 1,632.4 1,661.1 1,413.5 
Operating profit, SEK million 455.7 383.4 350.1 295.3 235.5 
Profit after financial items, SEK million 479.4 394.5 348.2 303.0 248.8 
Profit for the period, SEK million 375.0 314.8 275.5 237.4 199.0 
Operating margin, % 19.4 19.7 21.4 17.8 16.7 
Profit margin, % 20.4 20.2 21.3 18.2 17.6 
Earnings per share before dilution, SEK 1 1.95 1.63 1.43 1.24 1.04 
Earnings per share after dilution, SEK 1 1.95 1.63 1.43 1.23 1.03 
Redemption program per share/dividend, SEK 1  1.10 1.00 0.90 0.90 0.90 
Share price at end of year, SEK 2 161.70 124.80 121.00 84.00 64.40 
P/E ratio, multiple 82.9 76.6 84.6 68.0 61.8 
Return on equity, % 31.5 31.9 32.2 30.7 29.8 
Return on capital employed, % 38.2 37.5 37.4 36.8 35.9 
Equity per share before dilution, SEK 1 6.73 5.61 4.65 4.24 3.80 
Equity per share after dilution, SEK 1 6.73 5.61 4.65 4.24 3.78 
Equity/assets ratio, % 47.4 49.3 54.2 54.1 55.4 
1 Comparative figures per share have been restated due to the 5:1 share split that Sectra carried out in the second quarter of 21/22.

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

Sectra’s nine-month interim report 2023/2024 
29 (30) 
Exchange rates 
Currency Average rates in SEK Closing rates in SEK 
3 months 
Nov 2023– 
Jan 2024 
3 months 
Nov 2022– 
Jan 2023 
Δ 
% 
9 months 
May 2023– 
Jan 2024 
9 months 
May 2022– 
Jan 2023 
Δ 
% Jan 31 
2024 
Jan 31 
2023 
Δ 
% 
US dollar, 1 USD 10.20 10.43 -2.2 10.58 10.44 1.3 10.34 10.36 -0.2
Euro, 1 EUR 11.16 11.05 1.0 11.48 10.77 6.6 11.19 11.21 -0.2
British pound, 1 GBP 12.98 12.62 2.9 13.32 12.46 6.9 13.13 12.76 2.9 
GL
OSSARY 
DNA sequencing 
A process for determining genetic material, DNA, in a sample. 
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 important role in diagnosing cancer and 
customizing treatment, known as precision medicine. 
Cardiology/cardiovascular diseases 
The field of medicine dealing with the functions and diseases of the 
heart. 
Critical infrastructure 
Basic infrastructure that is essential for the functioning of society, 
such as roads, bridges and electricity and water supply. 
Encryption 
Equipment that uses mathematical manipulations (algorithms and 
keys) to encrypt information, 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. 
The cloud/cloud solutions 
From the term cloud computing, meaning delivering services and 
sharing IT infrastructure over the internet.  
Ophthalmology 
A specialist medical area for the diagnosis and treatment of eye 
disorders. 
Orthopaedics 
A surgical specialty for disorders affecting the musculoskeletal 
system. 
Pathology/histopathology/microscopy 
A specialized medical area that uses tissues and body fluids for 
diagnostic purposes. 
Precision medicine 
Providing patient care that is highly adapted to individual 
conditions. Advanced diagnostic analyses are a cornerstone of 
precision medicine. 
Radiology 
A health science discipline and medical specialty that uses 
technologies for imaging the human body, such as X-ray, 
magnetic resonance imaging (MRI) and ultrasound. 
Sectra One/Sectra One Cloud 
A subscription for Sectra’s enterprise imaging solution. Under 
the new model, 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 utilized. When Sectra 
One is sold as fully cloud-based services, it is referred to as 
Sectra One Cloud.  
High assurance/High assurance products 
Cryptographic methods and other measures designed to prevent 
unauthorized parties from accessing or influencing information in 
telecom and IT systems. The high assurance products that 
Sectra provides are approved by one or more nations and, for 
certain products, by the EU and NATO. 
Read Sectra’s Annual Report  
and Sustainability Report: 
https://investor.sectra.com/reports/annual-reports

===== SIDA 30 =====

Sectra’s nine-month interim report 2023/2024 
30 (30) 
 
 
 
 
ABOUT SECTRA 
Vision 
To contribute to a healthier and safer society. 
Mission statements 
To increase the effectiveness of healthcare, while maintaining or increasing 
the quality of care. 
To strengthen the stability and efficiency of society’s most important 
functions through solutions for critical IT security.  
Operating areas/business models 
Imaging IT Solutions  helps hospitals across the world to become more 
efficient, enabling them to care for more patients and save more lives. 
Increased use of medical images and aging populations that are living longer 
pose huge challenges to healthcare. Sectra’s IT solutions and services for 
medical diagnostic imaging enable greater efficiency and contribute to 
healthcare advancements. Sectra has exceeded 2,000 installations of medical 
IT systems, and customers include some of the largest healthcare providers 
in the world. 
Secure Communications  helps society's critical functions, government 
officials and diplomats to use modern technology to exchange information 
securely, thereby contributing to a stable and secure society. Sectra’s 
solutions and services increase cybersecurity by protecting some of society’s 
most sensitive information and communications. Several of the business 
area’s products are approved by the EU, NATO, and national security 
authorities. 
Business Innovation gathers smaller activities that could eventually lead to 
major growth in Sectra’s main areas or related niches. 
G
roup-wide strategies for value creation and sustainable 
business development 
Customer value is the top priority 
Customers and customer satisfaction are always assigned top priority to 
enable long -term growth. Close relationships with demanding customers 
ensure that Sectra’s solutions meet market demands for quality, functionality 
and usability. 
A motivating corporate culture 
A corporate culture that motivates and inspires the company’s employees to 
solve customer problems and constantly drive improvement. All so we can 
meet—and in many cases exceed—customer expectations. 
Constant innovation 
Close cooperation with customers, universities and industrial partners in 
order to identify needs and ideas, combined with a corporate culture where 
management encourages the employees to test out new ideas and projects. 
Geographic expansion 
International expansion mainly in areas and regions where Sectra holds an 
established position. This expansion will primarily be achieved through 
organic growth, in certain cases supplemented by acquisitions that strengthen 
the Group’s organic growth.  
For more information, visit https://investor.sectra.com 
7 good reasons to invest in Sectra 
International niche markets with strong growth  
IT for healthcare and cybersecurity for critical social 
functions are rapidly changing markets that society needs 
to invest in. This creates major growth oppor tunities for 
companies such as Sectra. 
Stability, profitability and long-term growth 
Sectra has an over 45 -year history of growth and 
profitability. Over 50% of the company’s sales comprise 
recurring revenue from long-term customer contracts. 
Customer-focused corporate culture 
A strong corporate culture clearly focused on customer 
value and employees who are passionate about making a 
difference lead to satisfied customers. To safeguard our 
corporate culture, growth is primarily organic. 
Strong brand with multinational reach 
Sectra is an established brand in niche areas where trust 
and stable products are highly important success factors. 
We have a multinational reach, with thousands of 
customers worldwide.  
Innovation 
By continuously investing in new and enhanced products 
and services, as well as how they are packaged and 
delivered, we create value for our customers. We also have 
a self-financed portfolio of research and business projects 
with the potential to add significant value in the future. 
Sustainable business model 
Contributing to healthier and safer societies is the 
foundation of Sectra’s operations and business model. 
Helping our customers improve the efficiency and quality 
of patient care and increase cybersecurity in critical social 
functions is our most signific ant contribution to a 
sustainable society. 
Long-standing owners and dedicated management 
The principal owners, who have been part of the company 
since the 1980s, have firm dedication to the long-term 
development of the company, and all members of Group 
Management are shareholders.