Kvartalsrapport Q1 2026

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

Sectra’s nine-month interim report 2025/2026 1 (29) 
Nine-month report 2025/2026 
The industry’s most satisfied customers for 
the thirteenth consecutive year 
Sectra’s enterprise imaging module for radiology is ranked number one by users 
around the world. Helping customers solve real-life challenges and striving for 
customer satisfaction are contributing to success in all operating areas, and high 
order bookings in the nine-month period.  
Report presentation | March 6, 2026, 10:00 a.m. (CET)  
https://investor.sectra.com/q3report2526

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

Sectra’s nine-month interim report 2025/2026 2 (29) 
 
 
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. Amounts in parentheses pertain to the corresponding quarter/period in the preceding fiscal year. 
FINANCIAL OUTCOME IN BRIEF 
Figures in parentheses pertain to the corresponding period/quarter in the preceding fiscal year and exclude the effects of a patent settlement2 as 
this was a non-recurring transaction in the third quarter of 2024/2025. Refer to the table and text below and pages 7–8. The patent settlement 
had no effect on order intake and net sales.
 
Third quarter: November 2025–January 2026  
 Contracted order bookings increased 35.0% to SEK 1,306.7 million (967.6), of which SEK 1,093.3 million (710.8) pertained to 
guaranteed order bookings. Of the guaranteed order bookings, 11% were recognized during the quarter and a further 12–22% will 
pertain to revenue within 12 months after the end of the quarter. 
 Net sales increased 5.1% to SEK 892.0 million (848.4). Based on unadjusted exchange rates compared with the year-earlier 
quarter, the increase was 15.9%. Recurring revenue accounted for SEK 632.0 million (525.8) of net sales, up 20.2%. Based on 
unadjusted exchange rates, the increase was 32.9%. Cloud recurring revenue (CRR) increased 53.3% to SEK 249.5 million 
(162.8).  
 Operating profit totaled SEK 194.1 million (204.7), corresponding to an operating margin of 21.8% (24.1). Based on unadjusted 
exchange rates compared with the year-earlier quarter, operating profit rose 16.9%. The outcome includes SEK 1.8 million (11.1) 
in costs for share-based incentive programs. These costs were impacted by the share price trend, which resulted in lower costs 
than in the comparative quarter.  
 Profit for the period amounted to SEK 155.1 million (176.2).  
 Cash flow from operations amounted to SEK 418.1 million (483.2). 
Nine-month period: May 2025–January 2026  
 Contracted order bookings increased 4.2% to SEK 6,047.9 million (5,805.7), of which SEK 4,531.5 million (5,270.9) pertained to 
guaranteed order bookings.  
 Net sales increased 7.9% to SEK 2,508.5 million (2,325.7). Based on unadjusted exchange rates compared with the year-earlier 
period, the increase was 16.0%. Recurring revenue accounted for SEK 1,769.1 million (1,492.8) of net sales, up 18.5%. Based on 
unadjusted exchange rates, the increase was 27.7%. Cloud recurring revenue (CRR) increased 57.5% to SEK 641.1 million 
(407.0).  
 Operating profit rose 21.1% to SEK 501.5 million (414.1), corresponding to an operating margin of 20.0% (17.8). Based on 
unadjusted exchange rates compared with the year-earlier period, operating profit rose 42.1%. The outcome includes SEK 54.1 
million (37.4) in costs for share-based incentive programs. The increase was due to a new program that started during the second 
half of the previous fiscal year.  
 Profit for the period amounted to SEK 406.3 million (344.4). 
 Cash flow from operations amounted to SEK 577.7 million (602.5).  
 
Key figures   Quarter   Period   12 months  
SEK million  Q3 Q3 Δ  Q1–3 Q1–3 Δ  R12 Full-year Δ 
    25/26 24/25 %   25/26 24/25 %   25/26 24/25 % 
Contracted order bookings   1,306.7 967.6 35.0   6,047.9 5,805.7 4.2   8,948.2 8,706.1 2.8 
   of which guaranteed order bookings  1,093.3 710.8 53.8  4,531.5 5,270.9 -14.0  6,913.6 7,653.0 -9.7 
Net sales  892.0 848.4 5.1  2,508.5 2,325.7 7.9  3,422.5 3,239.8 5.6 
   of which recurring revenue  632.0 525.8 20.2  1,769.1 1,492.8 18.5  2,343.6 2,067.4 13.4 
   of which cloud recurring revenue (CRR)   249.5 162.8 53.3  641.1 407.0 57.5  825.2 591.1 39.6 
Operating profit    194.1 314.7 -38.3   501.5 524.1 -4.3   700.5 723.0 -3.1 
   excluding patent settlement 2  194.1 204.7 -5.2  501.5 414.1 21.1  700.5 613.0 14.3 
Operating margin, %   21.8 37.1 n/a   20.0 22.5 n/a   20.5 22.3 n/a 
    excluding patent settlement, % 2  21.8 24.1 n/a  20.0 17.8 n/a  20.5 18.9 n/a 
Profit for the period   155.1 264.0 -41.3   406.3 432.2 -6.0   537.5 563.4 -4.6 
   excluding patent settlement 2  155.1 176.2 -12.0  406.3 344.4 18.0  537.5 475.6 13.0 
Churn, %  n/a n/a n/a  n/a n/a n/a  0.5 0.6 n/a 
Earnings per share, SEK     0.81 1.37 -40.9   2.11 2.24 -5.8   2.79 2.92 -4.5 
   excluding patent settlement 1, 2  0.81 0.91 -11.0  2.11 1.79 17.9  2.79 2.47 13.0 
Cash flow from operations   418.1 580.7 -28.0   577.7 700.0 -17.5   800.0 922.4 -13.3 
   excluding patent settlement 2  418.1 483.2 -13.5  577.7 602.5 -4.1  800.0 824.9 -3.0 
Average no. of employees   1,328 1,255 5.8   1,323 1,234 7.2   1,316 1,249 5.4 
 1  Before and after dilution      2  The outcomes for all periods in 2024/2025 exclude a patent settlement that had a positive impact of SEK 110 million on operating profit and SEK 97.5 million 
on cash flow from operations. The business transaction was a non-recurring item and was recognized in its entirety during the third quarter of 2024/2025.

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

Sectra’s nine-month interim report 2025/2026 3 (29) 
 
Torbjörn Kronander,  President and CEO 
 Cloud services  +58% recurring revenue  y-o-y 
 Churn 0.5% of recurring revenue  R12  
as-a-service 
CEO’S COMMENTS  
I am proud that Sectra has once again received a number one ranking from 
our customers in independent evaluations. Satisfied customers stay and grow 
with us, which is the ultimate proof that we deliver value for businesses with 
the highest demands on trust, quality and reliability.  
The trust we receive from our customers is not something we take for granted. It is built on 
partnerships and on the outstanding commitment shown by our employees every day. Thank you to 
all of you for your contribution, and thank you to our customers for the trust you place in us.  
Financially, our underlying operating profit trend was positive for the nine-month period, although the outcome did not surpass the 
figures for the comparative period, which included significant positive non-recurring effects from a patent settlement. The outcome 
for this year was also negatively impacted by exchange-rate movements and delays in product deliveries in Secure Communications. 
As previously communicated, these delays are expected to have a relatively powerful impact on the financial outcome of the security 
operations for the remainder of the fiscal year. We do not expect these effects to subside until next year. 
In our medical operations, the ongoing transition to service sales is progressing. Increased production volumes from new customer 
deployments are contributing to growing sales and profitability. Imaging IT Solutions’ sales surpassed SEK 3 billion for the rolling 
12-month period, with the US operations displaying the fastest growth. A recent survey1 shows that we are still the vendor most often 
chosen by US healthcare providers in PACS procurements. The survey looked at a total of 108 procurements over the past two years, 
and Sectra was considered as an alternative in 66 of these. Of the healthcare providers that considered Sectra, 45% said they chose us 
as their provider, significantly more than any of the other PACS vendors included in the survey.  
The transition to service-based sales is an investment in the future that will build value over time. It will require persistence and a 
long-term approach—both from us and from our customers, who are driving digitization and introducing AI to make healthcare more 
efficient. 
AI creating customer value 
In our medical operations, we use AI to create innovations that make a difference to people’s lives and empower our customers to 
change healthcare for the better. We create the most value by integrating AI directly into customers’ diagnostic workflows and IT 
environments, where the effects can be seen relatively quickly in the form of higher productivity, faster and better-informed decisions, 
and more time for patient-focused work.  
Our AI strategy is based on combining proprietary, built-in functionality with third-party applications and close customer colla-
borations. Through our Sectra Amplifier Services marketplace, we make leading AI innovations available in a way that results in 
improved quality, safety and sustainability. Sectra Amplifier Services acts as a vendor-neutral platform where we currently provide 
more than 100 AI applications for radiology, pathology and cardiology from different vendors. It provides our customers with a 
scalable and future-proof structure where new AI capabilities can be delivered securely and quickly, generating value for healthcare 
and offering maximum simplicity for customers. 
We have also entered into an agreement to acquire Oxipit, a company that is developing a portfolio of AI solutions for radiology. 
Once the transaction is completed, we look forward to working together with the Oxipit team to help expand healthcare capacity, 
reduce workloads for radiologists, and generate significant financial advantages for healthcare providers by enabling higher 
productivity and a lower cost per examination. 
The future  
It is clear that AI is ushering in disruptive changes that will affect us and society at large, both in the field of medicine and in 
cybersecurity. Technology is changing the way software is developed and enabling Sectra to create solutions faster. However, it still 
takes just as long to build up the trust, quality and credibility required to deliver results for business-critical systems for healthcare, 
defense and other authorities. We believe that by combining our in-depth understanding of our customers’ businesses with AI 
technology, we have an opportunity to further strengthen our offerings and help our customers enter this new reality. We have a stable 
base of long-term recurring revenue, a very low churn rate, and are growing in pace with our customers. This provides us with a 
strong position as we continue to invest in innovation, new business and the transition to cloud-based services. 
 
1 KLAS Research, Decision Insights. The survey included procurements from January 2024 to January 2026.

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

Sectra’s nine-month interim report 2025/2026 4 (29) 
 
010203040Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q323/24 24/25 25/26050100150200Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q323/24 24/25 25/260255075100Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q323/24 24/25 25/26
OPERATIONAL TARGETS AND FINANCIAL GOALS  
Sectra’s overall operational target is to create significant customer value. Customers should be so satisfied with their experience that 
they remain for a long time, expand their use of our solutions and recommend Sectra to others. Delivering customer value is also the 
Group’s most important sustainability target since our customers’ work to treat patients and increase cybersecurity is essential for 
functioning societies. 
Customer satisfaction requires satisfied and dedicated employees. Employees who are motivated, understand their customers and feel 
a sense of well-being 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 employees, 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): 
 
1.  Stability1: 
Equity/assets ratio ≥30% 
2.  Profitability (R12): 
Operating margin ≥15% 
 3.  Earnings growth 2: 
Growth for operating profit/share  
over a five-year period ≥50% 
 
 
 
The equity/assets ratio exceeded the 
target due to a strong financial 
position.  
1 The line in the diagram shows the 
outcome at the end of the periods 
including the patent settlement in the 
third quarter of 2024/2025. The patent 
settlement did not have any material 
effect on the equity/assets ratio. 
 
 
 
 
 
 
 
 
 
 
 
 
 
The operating margin was well above the 
target, even though profitability was 
impacted by the ongoing transformation of 
the business model and a large share of 
growth attributable to entirely new  
customers. This entails an initial increase in 
costs before these customers reach the 
expected volumes.  
  
 
 
Earnings growth was well above the 
target.  
 
2 The line in the diagram shows the 
outcomes for growth over five-year 
periods.  
  
 
 
 
 
 
 
 
 High level of customer satisfaction  High level of quality and product safety 
 
Dedicated employees who are satisfied, feel a sense of well-being, are developing as individuals,  
and do their best to meet or exceed customer expectations  
20.5% 126.1% 47.6% 
Excluding patent settlement Including patent settlement Goal 
Outcome of operational targets

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

Sectra’s nine-month interim report 2025/2026 5 (29) 
 
EVENTS 
Third quarter 
Imaging IT Solutions  
 Sectra launched Sectra Reporting in the US, a native, AI-supported reporting solution that will simplify and accelerate 
diagnostic work for radiologists.  
 Several new large and medium-sized customers in North America are deploying Sectra One Cloud at selected hospitals, 
including healthcare provider MSSS Québec in Canada, where the first two of a total of 150 hospitals went live during the 
quarter.  
 Several UK customers using Sectra’s medical imaging system have ordered Sectra One Cloud to leverage the advantages of 
cloud services. A five-year agreement was signed with London North West University Healthcare NHS Trust and Chelsea 
and Westminster Hospital NHS Foundation. The contracted order value amounted to approximately GBP 8 million 
(approximately SEK 97 million), of which GBP 4.6 million (approximately SEK 56.6 million) is guaranteed. Sectra also 
entered into a five-year agreement with James Paget University Hospitals NHS Foundation Trust. The contracted order 
value amounted to about GBP 2.8 million (approximately SEK 34 million), of which GBP 1.8 million (approximately SEK 
22 million) is guaranteed.  
 Region Halland in Sweden expanded its collaboration with Sectra through a seven-year contract for digital pathology. The 
customer already uses Sectra’s radiology and breast imaging solutions. The contracted order value amounted to SEK 37.5 
million, of which SEK 23.9 million is guaranteed.  
 In collaboration with its distribution partner Matsunami Glass, Sectra commenced its first digital pathology project in Japan, 
where Sectra’s solution will be implemented at Kameda Medical Center. 
 TUM Klinikum Rechts der Isar in Germany strengthened its partnership with Sectra through a five-year agreement that 
expanded its use from radiology to pathology and ophthalmology. The customer is one of 13 German healthcare providers 
that have chosen, over the past two years, to leave a previous partner that distributed Sectra PACS and instead establish a 
direct business relationship with Sectra.  
Secure Communications 
 Launch of Sectra Tiger/E Managed Service, a new solution for secure mobile communication of information that is sensitive 
but not formally classified under protective security legislation.  
After the end of the reporting period 
 A customer in Europe placed an order for more units and maintenance of Sectra Tiger/S, with a contracted order value of  
EUR 1.2 million (approximately SEK 12.6 million). 
 Sectra won seven Best in KLAS awards for having the highest customer satisfaction (see below). The radiology module, for 
which Sectra received the awards, is part of Sectra’s enterprise imaging solution for all types of medical images. 
 Sectra entered into an agreement to acquire Oxipit, UAB, a Lithuanian company that develops AI capabilities in diagnostic 
imaging and holds the first CE Class IIb certification2 for autonomous AI in chest X-ray analysis. The acquisition is not 
expected to have any significant impact on the Sectra Group’s sales or operating profit in the current fiscal year. 
 
2 CE Class IIb certification confirms compliance with EU medical device regulations and permits commercialization within the EEA. 
 
Sectra was once again ranked #1 in customer satisfaction worldwide.  
Sectra’s radiology module (Sectra PACS) received a top ranking for the thirteenth year in a row in the US and for the seventh 
year in a row in Canada. Sectra also won the global PACS categories in Northern Europe, Southern Europe, DACH, Middle 
East/Africa and Oceania. The “Best in KLAS” awards are handed out by the US analyst company KLAS Research, which 
conducts annual customer satisfaction surveys for healthcare IT systems. https://sectra.com/bestinklas  
A US healthcare department director commented to KLAS Research in October 2025: 
“By using Sectra PACS, our productivity went up on day one. Beyond that, we have seen real outcomes; for example, we 
have expanded more easily, added new hospitals, and launched new service lines, digital pathology being a major one we 
couldn’t do before. We are also moving to the cloud with Sectra PACS, and that opens up even more opportunities. […]”

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

Sectra’s nine-month interim report 2025/2026 6 (29) 
 
COMMENTS ON THE GROUP’S  
FINANCIAL OUTCOME 
 
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 regardless of the economic climate. 
Information about trends and the company’s markets can be found in 
Sectra’s latest Annual Report and Sustainability Report. 
Order bookings  
Total contracted order bookings for the period rose 4.2% to SEK 6,047.9 
million (5,805.7), of which SEK 1,306.7 million (967.6) pertained to the 
third quarter. A total of SEK 4,531.5 million (5,270.9) was guaranteed 
order bookings, of which SEK 1,093.3 million (710.8) pertained to the 
third quarter.  
The ratio of contracted order bookings to net sales for the latest rolling 
12-month period totaled 2.6, compared with 2.7 at the end of the previous 
fiscal year. Order bookings often include comprehensive, long-term 
customer contracts. These are not signed every quarter and can lead to 
significant variations in order bookings between individual quarters and 
periods. 
Net sales and recurring revenue 
The Group’s net sales rose 7.9% to SEK 2,508.5 million (2,325.7), of 
which SEK 892.0 million (848.4) pertained to the third quarter. Based on 
unadjusted exchange rates, the Group’s sales increased 16.0% year-on-
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 1,769.1 million (1,492.8) of 
sales pertained to recurring revenue, of which SEK 632.0 million (525.8) 
pertained to the third quarter. This represents an increase of 18.5% year-
on-year and an increase of 27.7% based on unadjusted exchange rates. 
Lost recurring revenue (recurring revenue churn) for the last 12-month 
period was 0.5%.  
Cloud recurring revenue (CRR) rose 57.5% to SEK 641.1 million (407.0), 
of which SEK 249.5 million (162.8) pertained to the third quarter. Non-
recurring revenue decreased to SEK 739.4 million (832.9), of which SEK 
260.0 million (322.6) pertained to the third quarter. This was an expected 
consequence of the ongoing transition to service deliveries, and non-
recurring revenue varies significantly between quarters. 
Imaging IT Solutions and Business Innovation contributed to the Group’s 
sales growth during the nine-month period. The outcome for Secure 
Communications was impacted by delays in a major customer project. In 
geographic terms, the operations in the US reported the largest year-on-
year sales increase. All geographic markets reported growth in local 
currency. 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.   
Contracted order bookings, SEK million 
Sales trend per operating area, SEK million  
Compared with the corresponding period of the preceding fiscal year  
Sales trend per geographic market, SEK million 
Compared with the corresponding period of the preceding fiscal year  
 
      Total         Increase        Decrease

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

Sectra’s nine-month interim report 2025/2026 7 (29) 
 
Revenue (per quarter) and sales (R12), SEK million Sales (R12) by geographic market, SEK million  
  
 
  
 
 
 
 
 
 
 
 
 
Result 
Growth in Sectra’s operations and investments in capitalizable development projects had a positive impact on operating profit and 
profitability. However, general exchange-rate movements and delivery delays in Secure Communications had the opposite effect. The 
Group’s operating profit increased 21.1% to SEK 501.5 million (414.1), of which SEK 194.1 million (204.7) pertained to the third 
quarter. Based on unadjusted exchange rates, the year-on-year increase was 42.1%. The Group’s operating margin was 20.0% (17.8) 
for the nine-month period. The outcome includes SEK 54.1 million (37.4) in costs for share-based incentive programs, of which SEK 
1.8 million (11.1) pertained to the third quarter. The increase during the nine-month period was due to a new program that started 
during the second half of 2024/2025, while the share price trend had a dampening effect on costs during the quarter. 
The Group’s financial items amounted to SEK 6.5 million (20.0), of which SEK -2.8 million (17.6) pertained to the third quarter. 
Currency fluctuations had a negative impact of SEK -7.3 million (0.1) on the Group’s financial items. 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 508.1 million (433.7), of which SEK 191.3 million (222.0) pertained to the third quarter. 
This outcome corresponds to a profit margin of 20.3% (18.6) for the nine-month period and 21.4% (26.2) for the third quarter. 
Earnings per share before and after dilution totaled SEK 2.11 (1.79) for the period, of which SEK 0.81 (0.91) pertained to the third 
quarter.  
All comparative figures exclude an earnings effect from the patent settlement as this was a non-recurring business transaction, see 
page 2. 
 
  
 
 
 
 
 
 
 
  
Operating profit trend per operating area, SEK million 
Compared with the corresponding period of the preceding fiscal year.  
 
      Total         Increase        Decrease 
Operating profit for the Group, SEK million

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

Sectra’s nine-month interim report 2025/2026 8 (29) 
 
Cash flow from operations for the Group, 
SEK million 
-2000200400600800Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q323/24 24/25 25/26
Financial position and cash flow  
The Group’s cash and cash equivalents at the end of the reporting period 
amounted to SEK 1,353.1 million (1,063.2). 
The Group’s debt/equity ratio was 0.06 (0.06) as of the balance-sheet 
date. Interest-bearing liabilities amounted to SEK 120.9 million (101.7), 
most of which pertained to leases.  
Cash flow from operations amounted to SEK 577.7 million (602.5) for 
the period, of which SEK 418.1 million (483.2) was attributable to the 
third quarter. The underlying performance improved, and the change was 
mainly attributable to an increase in capital tied up in current receivables.  
Cash flow per share amounted to SEK 3.00 (3.13), of which SEK 2.17 
(2.51) pertained to the third quarter.  
Cash flow from investing activities amounted to SEK -134.7 million  
(-112.3), of which SEK -64.4 million (-42.0) pertained to the third 
quarter. Refer to the additional information about investments below.  
The Group’s total cash flow for the period amounted to SEK 18.2 million  
(262.1). This result includes an ordinary and extraordinary dividend of 
SEK 404.6 million (211.9) to shareholders. The figure for the  
comparative period refers to Sectra’s 2024 share redemption program. 
Investments and depreciation/amortization  
Investments amounted to SEK 134.7 million (112.3), of which SEK 64.4 
million (42.0) pertained to the third quarter. Capitalized work for own use 
amounted to SEK 78.4 million (55.2), of which SEK 27.8 million (22.9) 
pertained to the third quarter. Capitalization includes the development of 
cloud-based services for medical diagnostics.  
Total depreciation/amortization amounted to SEK 85.5 million (82.7), of 
which SEK 29.1 million (29.3) pertained to the third quarter. Of the total 
depreciation/amortization for the period, SEK 38.8 million (34.7) was 
attributable to capitalized development expenditures, of which SEK 12.8 
million (12.3) pertained to the third quarter. At the end of the period, 
capitalized development expenditures totaled SEK 274.9 million (224.2).  
Seasonal variations  
Sectra has historically experienced major seasonal variations, since 
individual projects can be very large relative to Sectra’s sales. This 
applies for both medical systems and 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. On the other hand, individual 
orders are sometimes very large, leading instead to a larger variation in 
order bookings than before.  
Bearing this in mind, it remains important to look more at long-term 
trends rather than at the outcome for an individual quarter when assessing 
Sectra’s performance. For further information about Sectra’s seasonal 
patterns, refer to page 70 in Sectra’s Annual and Sustainability Report for 
the 2024/2025 fiscal year. 
  
Capitalized development expenditures, 
SEK million

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

Sectra’s nine-month interim report 2025/2026 9 (29) 
 
05001 0001 5002 0002 5003 0003 500Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q323/24 24/25 25/26
OPERATING AREA IMAGING IT SOLUTIONS 
 Quarter Period 12 months 
   Q3 Q3 Δ  Q1–3 Q1–3 Δ    R12       Full-year Δ 
    25/26 24/25 %   25/26 24/25 %       25/26       24/25 % 
Sales, SEK million   768.3 719.3 6.8   2,189.1 1,984.9 10.3   3,002.2 2,798.0 7.3 
of which external recurring revenue  593.4 490.3 21.0  1,657.4 1,386.8 19.5  2,195.4 1,924.8 14.1 
of which cloud recurring revenue  244.3 158.1 54.5  625.8 392.3 59.5  805.0 571.5 40.9 
Operating profit, SEK million   179.1 181.2 -1.2   472.2 371.6 27.1   668.3 567.6 17.7 
Operating margin, %  23.3 25.2 n/a  21.6 18.7 n/a  22.2 20.3 n/a 
 
Imaging IT Solutions won several large and medium-sized procurements 
during the nine-month period. These sales successes meant that Sectra’s 
operations in its largest markets—the UK, Sweden and the US—more than 
doubled their contracted order bookings compared with the year-earlier 
period. Order bookings exceeded the outcome for the comparative period, 
which includes Sectra’s largest agreement ever with MSSS Québec in 
Canada, with a contracted order value of SEK 3.1 billion. 
Use of Sectra’s services for medical imaging is growing through new 
customers, add-on sales and healthcare providers choosing to convert from 
Sectra’s on premises solutions to cloud services. The fastest-growing 
volumes were noted in North America, primarily in the US, which reported 
the largest sales growth in the nine-month period.  
The increase in recurring revenue, which accounted for 75.8% of sales for 
the nine-month period, shows that the ongoing transition to becoming a 
service provider is moving forward. This is mainly due to new customers 
going live with Sectra’s cloud services as well as increased recurring 
revenue from traditional installations. Non-recurring revenue decreased 
from the comparative period, mainly as a result of customers switching to 
purchasing services instead of traditional software licenses. From a short-
term perspective, the transition has had a dampening effect on the Group’s 
financial results due to the loss of non-recurring revenue from license sales 
and to costs incurred for having three parallel technology platforms (public 
cloud, private cloud and on premise). However, being able to offer 
customers alternatives to public cloud solutions in certain regions is a clear 
advantage given the geopolitical situation.  
Increased sales meant that the operations posted higher operating profit and 
profitability than in the comparative period. Increased investments in 
capitalizable development projects and lower consultant costs also had a 
positive impact on earnings, while currency fluctuations had the opposite 
effect.  
During the past quarter, several new large and medium-sized customers 
started deploying Sectra’s cloud services for medical imaging at selected 
hospitals. These milestones mark the beginning of the extensive roll-outs 
planned for the current fiscal year and beyond. Work to prepare for further 
deliveries is ongoing, and none of the largest customers are in full 
production yet. Revenue is growing as customers put the services into 
operation.  
Transitioning to services in the cloud represents a paradigm shift. The 
change processes involved in introducing cloud services require resources, 
both from Sectra’s own operations and from customers’ organizations. This 
means that in some cases, it may take several years for major customers to 
become fully operational and reach planned volumes. Allowing these 
installations to take time at the beginning will lead to high-quality deliveries 
and high levels of customer satisfaction.  
Trend, SEK million  
  Sales, R12   Operating profit, R12 
Roll-out of Sectra One Cloud in 
Québec has started 
Sectra has reached a milestone in its largest 
customer project to date. During the third quarter, 
MSSS Québec went live with Sectra’s cloud 
services at two sites in Montreal. In total, the 
project encompasses more than 150 hospitals, 
where Sectra’s services will be deployed over the 
next few years. 
Cloud recurring revenue  
 
+ 60% 
y-o-y

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

Sectra’s nine-month interim report 2025/2026 10 (29) 
 
0100200300400500600Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q323/24 24/25 25/26
OPERATING AREA BUSINESS INNOVATION 
 Quarter Period 12 months 
   Q3 Q3 Δ  Q1–3 Q1–3 Δ  R12 Full-year Δ 
    25/26 24/25 %   25/26 24/25 %   25/26 24/25 % 
Sales, SEK million   23.8 24.0 -0.8   75.5 60.4 25.0   105.8 90.8 16.5 
of which external recurring revenue  6.3 5.5 14.5  17.7 16.8 5.4  24.0 23.2 3.4 
of which cloud recurring revenue  5.2 4.7 10.6  15.4 14.7 4.8  20.2 19.5 3.6 
Operating profit, SEK million   0.7 2.3 -69.6   8.3 0.5 1,560.0   17.7 9.9 78.8 
Operating margin, %  2.9 9.6 n/a  11.0 0.8 n/a  16.7 10.9 n/a 
 
Business Innovation comprises the Genomics IT, Medical Education and 
Orthopaedics business units. We also report the expenses for medical 
research activities in Business Innovation, which includes initiatives in the 
field of AI for medical applications. Sectra’s research activities linked to 
secure communications are organized and reported in the Secure 
Communications operating area. 
Business Innovation’s operations are growing, and its sales and operating 
profit trends are stable. However, the results may vary significantly 
between quarters and periods. In the long term, subscription-based business 
models and growing volumes are expected to reduce quarterly variations. 
  
Trend, SEK million  
  Sales, R12   Operating profit, R12

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

Sectra’s nine-month interim report 2025/2026 11 (29) 
 
-1000100200300400500600Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q323/24 24/25 25/26
OPERATING AREA SECURE COMMUNICATIONS  
 Quarter Period 12 months 
   Q3 Q3 Δ  Q1–3 Q1–3 Δ    R12       Full-year Δ 
    25/26 24/25 %   25/26 24/25 %       25/26       24/25 % 
Sales, SEK million   120.6 116.4 3.6   304.2 314.2 -3.2   397.0 407.0 -2.5 
of which external recurring revenue  32.3 29.9 8.0  93.9 88.5 6.1  124.2 118.7 4.6 
Operating profit 1, SEK million  25.5 134.8 n/a  45.2 170.1 n/a  49.3 174.2 n/a 
  excl. patent settlement, SEK million  25.5 24.8 2.8  45.2 60.1 -24.8  49.3 64.2 -23.2 
Operating margin 1, %   21.1 115.8 n/a   14.9 54.1 n/a   12.4 42.8 n/a 
  excl. patent settlement, %  21.1 21.3 n/a  14.9 19.1 n/a  12.4 15.8 n/a 
1  The outcomes for all periods in 2024/2025 include a patent settlement that had a positive impact of SEK 110 million on operating profit. The business transaction was a nonrecurring  
item and was recognized in its entirety during the third quarter of 2024/2025. 
 
During the third quarter, Secure Communications won new procurements 
and expanded its partnerships with several customers. Order bookings 
during the nine-month period included additional orders of communication 
solutions for information at the SECRET classification level (Sectra Tiger 
S) and infrastructure as well as extensions of managed-services agreements. 
Defense customers have placed orders for further systems development and 
research assignments that will eventually lead to a more resilient society. A 
new customer in critical infrastructure also signed a contract for managed 
detection and response as a service. 
Financial outcomes vary considerably between quarters, which is natural 
given the nature of the operations. The comparative figures also include a 
positive earnings effect of SEK 110 million from the patent settlement that 
took place in the third quarter of 2024/2025. The operations delivered a 
stable quarter. The financial development was temporarily hampered by the 
fact that an ongoing development assignment in a major project was 
delayed due to changes in the customer requirements. This means that the 
contracted serial deliveries have also been delayed, with a plan to begin at 
the end of 2025/2026. The financial effects of this will continue for the rest 
of the fiscal year and are not expected to subside until next year.  
The unstable global security situation is continuing to fuel the need for 
investments in high assurance products, encryption development and 
cybersecurity. Sectra is well positioned to respond to the needs of the 
market, with offerings that meet customers’ stringent demands. Existing 
customers are continuing to increase their use of Sectra’s products and 
services for secure mobile communication. The operations are also making 
extensive investments to strengthen and expand their ability to help 
customers protect their communication and critical infrastructure. For 
example, a new solution—Sectra Tiger/E Managed Service—was launched 
during the period. The service is aimed at organizations that need to 
communicate and collaborate on information that is sensitive but not 
formally classified under protective security legislation. This solution enables 
Sectra to help customers to rebuild and strengthen civil and military defense.   
Sales, R12 Operating profit excl. patent settlement, R12 Operating profit incl. patent settlement, R12 
Sectra supports compliance with new  
cybersecurity legislation 
In 2022, the EU adopted the NIS2 Directive, which includes measures to establish a high 
common level of cybersecurity across the EU. The directive was enacted in Swedish law 
through a new Cybersecurity Act and the new Cybersecurity Ordinance that entered into 
force in January 2026. In practice, this means that new requirements have been placed 
on public and private-sector players to take measures to protect network and information 
systems and report incidents. Sectra’s offering of services for security monitoring of 
critical infrastructure and systems for secure communication make a clear and tangible 
contribution to strengthening cybersecurity and thus compliance with the new legal 
requirements as well as helping to build a more resilient society.  
Trend, SEK million

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

Sectra’s nine-month interim report 2025/2026 12 (29) 
 
OTHER OPERATIONS 
 Quarter Period 12 months 
   Q3 Q3 Δ  Q1–3 Q1–3 Δ    R12       Full-year Δ 
    25/26 24/25 %   25/26 24/25 %       25/26       24/25 % 
Sales, SEK million   84.8 59.2 43.2   229.9 160.2 43.5   286.6 216.9 32.1 
Operating loss, SEK million   -10.7 -6.8 -57.4   -29.8 -23.9 -24.7   -43.1 -37.2 -15.9 
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 18. 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).  
2026 AGM AND NOMINATION COMMITTEE 
The Board has decided to hold the AGM on September 8, 2026 in Linköping. 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 matters 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 should be received by the company not later than seven weeks prior to the AGM.  
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 Funds  
 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 
The Nomination Committee’s proposals 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 
Share capital and number of shares 
Sectra’s share capital on the balance-sheet date totaled SEK 39,024,179, distributed between 195,120,895 shares and 313,052,035 
votes. The number of shares is distributed between 13,103,460 Class A shares and 182,017,435 Class B shares. Sectra’s holding 
of treasury shares at the end of the period amounted to 2,453,406 Class B shares, corresponding to 1.3% of the share capital and 
0.8% of the voting rights in the company. For more information, refer to Note 3. 
 
Authorization 
The Board of Directors was authorized by the 2025 AGM, during the period until the 2026 AGM, to decide on new share issues 
of a maximum of 18,500,000 Class B shares and to decide on the acquisition and divestment of the company’s treasury shares, 
with the condition that the Company’s holding of treasury shares at no point exceeds 10% of all the shares in the Company. At 
the time of publication of this financial report, the Board had not utilized these authorizations. The complete authorization is 
presented in the minutes from the AGM: https://investor.com/agm2025.

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

Sectra’s nine-month interim report 2025/2026 13 (29) 
 
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 adverse effects are 
provided in the Administration Report in Sectra’s Annual and Sustainability Report for the 2024/2025 fiscal year on pages 68–91 and 
in Note 30 on pages 119–120. No significant events have occurred that would alter the conditions reported.  
 
FOR 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 6, 2026 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/q3report2526.   
 
Financial calendar and AGM 
Year-end report June 5, 2026 at 8:15 a.m. (CEST)  
Three-month interim report September 4, 2026 at 8:15 a.m. (CEST) 
Annual General Meeting September 8, 2026 at 3:30 p.m. (CEST) 
For further information about 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, 2025–January 
31, 2026 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. 
The contents of this interim report were decided on March 5, 2026. 
 
Linköping, March 5, 2026  
 
 
Torbjörn Kronander  Jan-Olof Brüer  Tomas Puusepp 
President, CEO and Board member Chairman  Board member 
 
 
 
Ulrika Unell   Anders Persson  Fredrik Robertsson 
Board member   Board member  Board member 
 
 
 
Birgitta Hagenfeldt Alva Mårdsjö Olof Sandberg 
Board member Board member and  Board member and 
  employee representative employee representative

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

Sectra’s nine-month interim report 2025/2026 14 (29) 
 
AUDITOR’S REVIEW REPORT  
Introduction  
We have reviewed the condensed interim financial information for Sectra AB (publ) at January 31, 2026 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 
report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express an opinion on the 
interim financial information based on our review.  
Focus 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 Auditing 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 
significant 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.  
Opinion 
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.  
Linköping, March 6, 2026  
Ernst & Young AB  
 
 
 
Andreas Troberg  
Authorized Public Accountant  
This information constitutes information that Sectra AB (publ) is obligated to make public pursuant to the EU Market Abuse 
Regulation. The information was submitted for publication, through the agency of the contact people set out below, at 8:15 a.m. 
(CET) on March 6, 2026. 
Sectra AB (publ), Corporate Registration Number 556064-8304, https://sectra.com, email info@sectra.com

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

Sectra’s nine-month interim report 2025/2026 15 (29) 
 
GROUP  
Condensed consolidated income statements 
 
SEK thousand 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Net sales (Note 4) 892,015 848,400 2,508,452 2,325,736 3,422,527 3,239,811 
Capitalized work for own use 27,772 22,916 78,363 55,215 97,241 74,093 
Other operating income 1 5,230 202,580 37,667 211,827 52,196 226,356 
Total income 925,017 1,073,896 2,624,482 2,592,778 3,571,964 3,540,260 
       
Goods for resale -140,888 -93,570 -355,855 -317,589 -479,978 -441,712 
Personnel costs -406,801 -409,143 -1,247,168 -1,174,817 -1,671,048 -1,598,697 
Other external costs -154,145 -227,238 -434,390 -493,558 -606,156 -665,324 
Depreciation/amortization and 
impairment -29,095 -29,257 -85,542 -82,745 -114,327 -111,530 
Total operating expenses -730,929 -759,208 -2,122,955 -2,068,709 -2,871,509 -2,817,263 
Operating profit  194,088 314,688 501,527 524,069 700,455 722,997 
       
Total financial items -2,777 17,818 6,525 20,224 -10,416 3,284 
Profit after financial items 191,311 332,506 508,052 544,293 690,039 726,281 
       
Taxes  -36,210 -68,496 -101,767 -112,124 -152,553 -162,910 
Profit for the period  155,101 264,010 406,285 432,169 537,486 563,371 
       
Profit for the period attributable to:       
Parent Company owners 155,101 264,010 406,285 432,169 537,486 563,371 
       
Earnings per share       
Before and after dilution, SEK (Note 3) 0.81 1.37 2.11 2.24 2.79 2.92 
 
1 Other operating income for periods related to the 2024/2025 fiscal year includes the patent settlement of SEK 195 million. 
 
Consolidated statement of comprehensive income 
SEK thousand 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Profit for the period 155,101 264,010 406,285 432,169 537,486 563,371 
       
Items that may be reversed in profit or 
loss       
Translation differences -25,723 4,753 -35,648 -3,992 -79,183 -47,527 
Total other comprehensive income for 
the period 
-25,723 4,753 -35,648 -3,992 -79,183 -47,527 
Total comprehensive income for the 
period 
129,378 268,763 370,637 428,177 458,303 515,844 
       
Comprehensive income for the period 
attributable to: 
      
Parent Company owners 129,378 268,763 370,637 428,177 458,303 515,844

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

Sectra’s nine-month interim report 2025/2026 16 (29) 
 
 
 
Condensed consolidated balance sheets 
 
SEK thousand Jan 31, 
2026 
Jan 31, 
2025 
Apr 30, 
2025 
Assets    
Intangible assets and goodwill 322,360 280,387 283,063 
Tangible assets 240,984 224,481 220,654 
Right-of-use assets 124,941 110,736 106,415 
Financial assets 216,165 199,794 178,464 
Deferred tax assets 8,789 9,270 8,502 
Total fixed assets 913,239 824,668 797,098 
    
Accounts receivable 719,306 573,858 572,036 
Other current assets 167,162 131,126 106,492 
Prepaid expenses and accrued income 901,253 1,192,492 938,732 
Cash and bank balances 1,353,147 1,160,698 1,341,871 
Total current assets 3,140,868 3,058,174 2,959,131 
Total assets 4,054,107 3,882,842 3,756,229 
    
Equity and liabilities    
Equity  1,931,356 1,812,014 1,916,825 
    Deferred tax liabilities 4,155 6,667 4,063 
Provisions  48,457 46,819 58,318 
Non-current lease liabilities 81,720 66,629 63,840 
Other long-term liabilities 11,399 13,178 11,733 
Total long-term liabilities 145,731  133,293 137,954 
    
Provisions 11,253 4,578 5,619 
Current lease liabilities 27,793 21,859 23,617 
Other current liabilities 297,540 252,440 263,267 
Accrued expenses and deferred income 1,640,434 1,658,658 1,408,947 
Total current liabilities 1,977,020 1,937,535 1,701,450  
Total equity and liabilities 4,054,107 3,882,842 3,756,229

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

Sectra’s nine-month interim report 2025/2026 17 (29) 
 
 
 
Consolidated cash-flow statements 
 
SEK thousand 9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
Full-year 
May–Apr 
2024/2025 
Operating activities    
Operating profit 501,527  524,069 722,997 
Adjustment for non-cash items 120,335  119,011 179,581 
Interest received  18,641  23,247 31,403 
Interest paid -4,783  -3,131 -4,308 
Income tax paid -148,443  -147,445 -171,703 
Cash flow from operations before changes in working capital 487,277  515,751 757,970 
Changes in working capital    
Change in inventories 600  8,254 -1,108 
Change in receivables -215,985 -126,456 -16,367 
Change in current liabilities 305,775  302,497 181,869 
Cash flow from operations 577,667  700,046 922,364 
Investing activities    
Acquisitions of intangible assets -82,459  -56,151 -75,237 
Acquisitions of tangible assets -46,508  -52,253 -34,755 
Acquisitions of financial assets -5,737  -3,872 -3,872 
Cash flow from investing activities -134,704  -112,276 -113,864 
Financing activities    
Repayment of lease liabilities -20,173  -16,231 -39,950 
Dividend/redemption of shares -404,602  -211,935 -211,935 
Cash flow from financing activities -424,775  -228,166 -251,885 
    
Cash flow for the period 18,188  359,604 556,615 
Cash and cash equivalents, opening balance 1,341,871  804,640 804,640 
Exchange-rate difference in cash and cash equivalents -6,912  -3,546 -19,384 
Cash and cash equivalents, closing balance 1,353,147  1,160,698 1,341,871 
 
 
 
Condensed consolidated statement of changes in equity  
 
SEK thousand   9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
Full-year 
May–Apr 
2024/2025 
Equity at start of period   1,916,825 1,569,591 1,569,591 
Comprehensive income for the period   370,637 428,177 515,844 
Dividend/redemption of shares           -404,602 -211,935 -211,935 
Share-based payments   48,496 26,181 43,325 
Equity at end of period   1,931,356 1,812,014 1,916,825

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

Sectra’s nine-month interim report 2025/2026 18 (29) 
 
PARENT COMPANY 
Condensed Parent Company income statements 
SEK thousand 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Net sales 86,181 60,251 235,175 161,574 296,783 223,182 
Capitalized work for own use 0 573 0 2,817 0 2,817 
Other operating income 372 26 18,956 59 25,702 6,805 
Total income 86,553 60,850 254,131 164,450 322,485 232,804 
       
Goods for resale -36,173 -15,116 -90,623 -36,866 -109,374 -55,617 
Personnel costs -23,105 -21,829 -69,036 -59,134 -93,185 -83,283 
Other external costs -40,358 -36,115 -136,028 -102,224 -176,090 -142,286 
Depreciation/amortization  -1,238 -456 -3,384 -1,357 -3,842 -1,815 
Total operating expenses -100,874 -73,516 -299,071 -199,581 -382,491 -283,001 
Operating loss  -14,321 -12,666 -44,940 -35,131 -60,006 -50,197 
       
Total financial items  676 16,508 72,383 104,033 64,329 95,979 
Profit/loss after financial items -13,645 3,842 27,443 68,902 4,323 45,782 
       
Appropriations – – – – 542,000 542,000 
Profit/loss before tax -13,645 3,842 27,443 68,902 546,323 587,782 
       
Tax on earnings for the period – – – – -104,356 -104,356 
Profit/loss for the period -13,645 3,842 27,443 68,902 441,967 483,427 
 
 
 
Parent Company statement of comprehensive income 
SEK thousand 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Profit/loss for the period -13,645 3,842 27,443 68,902 441,967 483,427 
Total comprehensive income for the 
period -13,645 3,842 27,443 68,902 441,967 483,427 
 
 
 
Condensed Parent Company balance sheets 
SEK thousand Jan 31, 
2026 
Jan 31, 
2025 
Apr 30, 
2025 
Assets    
Intangible assets 10,200 12,000 12,000 
Tangible assets 25,325 6,990 6,975 
Financial assets 345,718 344,972 330,409 
Total fixed assets 381,243 363,962 349,384 
    
Accounts receivable 13,891 4,377 9,190 
Receivables from Group companies 545,488 578,715 1,113,990 
Other current assets 66,044 57,662 41,474 
Cash and bank balances 1,063,858 946,868 1,145,466 
Total current assets 1,689,281 1,587,622 2,310,120 
Total assets 2,070,524 1,951,584 2,659,504 
    
Equity and liabilities    
Restricted equity 275,680 277,280 277,480 
Unrestricted equity 766,862 662,255 1,093,723 
Total equity 1,042,542 939,535 1,371,203 
    
Provisions 7,157 4,741 6,327 
Current liabilities 1,020,825 1,007,308 1,281,974 
Total equity and liabilities 2,070,524 1,951,584 2,659,504

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

Sectra’s nine-month interim report 2025/2026 19 (29) 
 
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 2024/2025 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 2024/2025 Annual Report, no significant 
transactions with related parties took place in the reporting period. 
Note 3 Number of shares 
 
 
No. of common shares 1, 2 
3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
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 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 
 
   1 Before and after dilution. 
   2  Number of shares does not include the 2,453,406 (2,453,406) Class B treasury shares. 
 
Note 4 Operating segments and sales 
 
Operating profit/loss by business segment 
SEK million 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Imaging IT Solutions 179.1 181.2 472.2 371.6 668.3 567.6 
Secure Communications 25.5 134.8 45.2 170.1 49.3 174.2 
Business Innovation 0.7 2.3 8.3 0.5 17.7 9.9 
Other Operations  -10.7 -6.8 -29.8 -23.9 -43.1 -37.2 
Group eliminations  -0.5 3.2 5.6 5.8 8.3 8.5 
Total 194.1 314.7 501.5 524.1 700.5 723.0 
 
SEK million 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
United States 281.5 240.7 769.8  601.1 1,068.2 899.5 
Sweden 172.2 169.8 474.3  473.1 629.1 627.9 
United Kingdom 133.9 146.5 429.1  446.5 596.1 613.5 
Rest of Europe 219.7 220.8 611.0  609.9 828.8 827.8 
Rest of World 84.7 70.6 224.3  195.1 300.3 271.1 
Total 892.0 848.4 2,508.5  2,325.7 3,422.5 3,239.8 
  
Sales by business segment 
SEK million 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Imaging IT Solutions 768.3 719.3 2,189.1 1,984.9 3,002.2 2,798.0 
Secure Communications 120.6 116.4 304.2 314.2 397.0 407.0 
Business Innovation 23.8 24.0 75.5 60.4 105.8 90.8 
Other Operations  84.8 59.2 229.9 160.2 286.6 216.9 
Group eliminations  -105.5 -70.5 -290.2 -194.0 -369.1 -272.9 
Total 892.0 848.4 2,508.5 2,325.7 3,422.5 3,239.8 
 
Sales by geographic market

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

Sectra’s nine-month interim report 2025/2026 20 (29) 
 
Recurring and non-recurring external revenue by business segment 
Group 
SEK million 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Recurring revenue 632.0 525.8 1,769.1 1,492.8 2,343.6 2,067.4 
Of which cloud recurring revenue, CRR 249.5 162.8 641.1 407.0 825.2 591.1 
Non-recurring revenue 260.0 322.6 739.4 832.9 1,078.9 1,172.4 
Total 892.0 848.4 2,508.5 2,325.7 3,422.5 3,239.8 
Share of recurring revenue, % 70.9 62.0 70.5 64.2 68.5 63.8 
 
Imaging IT Solutions 
SEK million 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Recurring revenue 593.4 490.3 1,657.4 1,386.8 2,195.4 1,924.8 
Of which cloud recurring revenue, CRR 244.3 158.1 625.8 392.3 805.0 571.5 
Non-recurring revenue 167.5 228.3 516.0 594.7 789.3 867.9 
Total 760.9 718.6 2,173.4 1,981.5 2,984.7 2,792.7 
Share of recurring revenue, % 78.0 68.2 76.3 70.0 73.6 68.9 
 
Secure Communications 
SEK million 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Recurring revenue 32.3 29.9 93.9 88.5 124.2 118.7 
Of which cloud recurring revenue, CRR – – – – – – 
Non-recurring revenue 88.3 86.5 210.3 225.2 272.8 287.7 
Total 120.6 116.4 304.2 313.7 397.0 406.4 
Share of recurring revenue, % 26.8 25.7 30.9 28.2 31.3 29.2 
 
Business Innovation 
SEK million 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Recurring revenue 6.3 5.5 17.7 16.8 24.0 23.2 
Of which cloud recurring revenue, CRR 5.2 4.7 15.4 14.7 20.2 19.5 
Non-recurring revenue 4.2 5.5 13.1 9.5 20.5 16.8 
Total 10.5 11.0 30.8 26.3 44.5 40.0 
Share of recurring revenue, % 60.0 50.0 57.5 63.9 53.9 58.0 
 
Other Operations 
SEK million 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Recurring revenue 0.0 0.0 0.0 0.7 0.0 0.7 
Of which cloud recurring revenue, CRR – – – – – – 
Non-recurring revenue 0.0 2.4 0.0 3.6 0.0 0.0 
Total 0.0 2.4 0.0 4.3 0.0 0.7 
Share of recurring revenue, % 0.0 0.0 0.0 16.3 0.0 100.0

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

Sectra’s nine-month interim report 2025/2026 21 (29) 
 
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. 
 
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 Note 4. 
 
 
Recurring revenue churn 
SEK thousand   
  
12 months 
Feb 2025 
 –Jan 2026 
Full-year 
May–Apr 
2024/2025 
Recurring revenue from customer contracts that have concluded or not been 
renewed 
  
11,982 12,972 
Recurring revenue     2,343,636 2,067,354 
Recurring revenue churn, %     0.5 0.6 
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,  
2026 
Jan 31,  
2025 
Apr 30, 
2025 
Equity, SEK thousand    1,931,356 1,812,014 1,916,825 
Number of shares before and 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 
   
10.02 
 
9.40 
 
9.95 
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. 
 
 
Non-interest-bearing liabilities and interest-bearing liabilities 
SEK thousand   Jan 31,  
2026 
Jan 31,  
2025 
Apr 30, 
2025 
Non-interest-bearing liabilities   2,001,838 1,969,161 1,740,213 
Interest-bearing liabilities   120,912 101,667 99,190 
Total liabilities   2,122,750 2,070,828 1,839,403 
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.

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

Sectra’s nine-month interim report 2025/2026 22 (29) 
 
Cash flow per share before and after dilution 
 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Cash flow from operations, SEK thousand 418,090 580,695 577,667 700,046 799,985 922,364 
Number of shares before and 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 2.17 3.01 3.00 3.63 4.15 4.79 
Purpose Calculation 
Shows the cash flow the company generated per share before 
capital investments and financing. 
Cash flow from operations divided by the number of shares before and 
after dilution at the end of the period. 
 
 
Ratio of contracted order bookings to net sales 
SEK thousand    12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr 
2024/2025 
Contracted order bookings    8,948,214 8,706,063 
Net sales    3,422,527 3,239,811 
Ratio of contracted order bookings to net sales    2.61 2.69 
Purpose Calculation 
Provides an indication of demand for the company’s products and 
services. 
Contracted order bookings divided by net sales. 
 
 
Liquidity 
SEK thousand   Jan 31, 
2026 
Jan 31,  
2025 
Apr 30, 
2025 
Current assets   3,140,868 3,058,174 2,959,131 
Unutilized overdraft facilities   15,000 15,000 15,000 
Current liabilities   1,977,020 1,937,535 1,701,450 
Liquidity   1.6 1.6 1.7 
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 Definition 
Shows full-time positions in a certain period. 
 
Average number of full-time employees during the period. 
 
Unadjusted exchange rates – sales 
 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
Full-year 
May–Apr  
2024/2025 
Nominal change, % 5.1 22.2 7.9 12.6 9.3 
Exchange-rate effect, % 10.8 -3.4 8.1 -0.1 0.9 
Change in unadjusted exchange rates, % 15.9 18.8 16.0 12.5 10.2 
Purpose Calculation 
Provides an indication of changes in financial measures for 
unadjusted exchange rates. 
Amounts for the current year restated at last year’s average 
exchange rates less last year’s amounts at last year’s average 
exchange rates, divided by last year’s amounts at last year’s rates.

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

Sectra’s nine-month interim report 2025/2026 23 (29) 
 
Unadjusted exchange rates – operating profit 
 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
Full-year 
May–Apr  
2024/2025 
Nominal change, % -38.3 323.0 -4.3 63.6 39.6 
Exchange-rate effect, % 14.3 -10.2 16.6 -0.5 1.9 
Change in unadjusted exchange rates, % -24.0 312.8 12.3 63.1 41.5 
Purpose Calculation 
Provides an indication of changes in financial measures for 
unadjusted exchange rates. Disclosures and adjustments of the 
effects of non-recurring transactions in operating profit and 
operating margin are made separately. When applicable, 
information about such transactions is provided on page 2. 
Amounts for the current year restated at last year’s average exchange 
rates less last year’s amounts at last year’s average exchange rates, 
divided by last year’s amounts at last year’s rates. 
 
 
Unadjusted exchange rates – recurring revenue  
 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
Full-year 
May–Apr  
2024/2025 
Nominal change, % 20.2 21.0 18.5 18.3 19.9 
Exchange-rate effect, % 12.7 -3.7 9.2 -0.2 0.8 
Change in unadjusted exchange rates, % 32.9 17.3 27.7 18.1 20.7 
Purpose Calculation 
Provides an indication of changes in financial measures for 
unadjusted exchange rates. 
Amounts for the current year restated at last year’s average exchange 
rates less last year’s amounts at last year’s average exchange rates, 
divided by last year’s amounts at last year’s rates. 
 
Order bookings – guaranteed 
Purpose Definition 
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 Definition 
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. 
 
 
P/E ratio 
SEK    12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr 
2024/2025 
Share price at end of period    220.20 296.60 
Earnings per share for the rolling 12-month period     2.79 2.92 
P/E ratio, multiple    78.9 101.6 
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.

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

Sectra’s nine-month interim report 2025/2026 24 (29) 
 
Earnings per share before and after dilution 
 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr  
2024/2025 
Profit for the period, SEK thousand 155,101 264,010 406,285 432,169 537,486 563,371 
Average number of shares before and after 
dilution 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 192,667,489 
Earnings per share before and after 
dilution, SEK 0.81 1.37 
 
2.11 
 
2.24 2.79 
 
2.92 
Purpose Calculation 
Shows each share’s participation in the company’s earnings during 
the reporting period. 
Profit/loss after tax divided by the average number of shares before  
or after dilution This performance measure is defined in accordance with 
IFRS. 
 
Return on equity 
SEK thousand 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr 
2024/2025 
Profit for the period 155,101 264,010 406,285 432,169 537,486 563,371 
Equity at start of period 1,789,636 1,532,235 1,916,825 1,569,591 1,812,014 1,569,591 
Equity at end of period 1,931,356 1,812,014 1,931,356 1,812,014 1,931,356 1,916,825 
Average equity 1,860,496 1,672,125 1,924,091 1,690,803 1,871,685 1,743,208 
Return on equity, % 8.3 15.8 21.1 25.6 28.7 32.3 
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 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr 
2024/2025 
Profit after financial items 191,311 332,506 508,052 544,293 690,039 726,281 
Financial expenses -1,318 -1,342 -4,783 -3,131 -5,960 -4,308 
Average capital employed 1,974,470 1,768,913 2,034,142 1,757,530 1,982,975 1,808,698 
Return on capital employed, % 9.8 18.9 25.2 31.1 35.1 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 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr 
2024/2025 
Operating profit 194,088 314,688 501,527 524,069 700,455 722,997 
Net sales 892,015 848,400 2,508,452 2,325,736 3,422,527 3,239,811 
Operating margin, % 21.8 37.1 20.0 22.5 20.5 22.3 
Purpose Calculation 
Measures operational profitability. This measure is used for the 
purpose of management by objectives in the operations. 
Disclosures and adjustments of the effects of non-recurring 
transactions in operating profit and operating margin are made 
separately. When applicable, information about such transactions 
is provided on page 2. 
Operating profit divided by net sales.

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

Sectra’s nine-month interim report 2025/2026 25 (29) 
 
Operating profit per share 
    12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr 
2024/2025 
Operating profit, SEK thousand    700,455 722,997 
Number of shares before dilution    192,667,489 192,667,489 
Operating profit per share, SEK    3.64 3.75 
Purpose Calculation 
Shows earnings per share before interest and taxes. Disclosures 
and adjustments of the effects of non-recurring transactions in 
operating profit are made separately. When applicable, information 
about such transactions is provided on page 2. 
Operating profit divided by the number of shares before 
dilution on the balance-sheet date. 
 
Debt/equity ratio 
SEK thousand   Jan 31,  
2026 
Jan 31,  
2025 
Apr 30, 
2025 
Interest-bearing liabilities   120,912 101,667 99,190 
Equity   1,931,356 1,812,014 1,916,825 
Debt/equity ratio   0.06 0.06 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   Jan 31,  
2026 
Jan 31, 
2025 
Apr 30, 
2025 
Equity   1,931,356 1,812,014 1,916,825 
Total assets   4,054,107 3,882,842 3,756,229 
Equity/assets ratio, %   47.6 46.7 51.0 
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,  
2026 
Jan 31,  
2025 
Apr 30, 
2025 
Total assets   4,054,107 3,882,842 3,756,229 
Non-interest-bearing liabilities   2,001,838 1,969,161 1,740,213 
Capital employed   2,052,269 1,913,681 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 company’s profitability in relation to 
externally financed capital and equity. 
 
Total assets reduced by non-interest-bearing liabilities.

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

Sectra’s nine-month interim report 2025/2026 26 (29) 
 
Growth in operating profit per share over a five-year period 
SEK    12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr 
2024/2025 
Operating profit per share before dilution    3.636 3.752 
Operating profit per share before dilution five years earlier    1.608 1.534 
Growth in operating profit per share before dilution  
over a five-year period, % 
    
126.1 
 
144.6 
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. Disclosures and adjustments of the effects of non-
recurring transactions in operating profit and operating margin are 
made separately. When applicable, information about such 
transactions is provided on page 2. 
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 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
12 months 
Feb 2025 
–Jan 2026 
Full-year 
May–Apr 
2024/2025 
Profit after financial items 191,311 332,506 508,052 544,293 690,039 726,281 
Net sales 892,015 848,400 2,508,452 2,325,736 3,422,527 3,239,811 
Profit margin, % 21.4 39.2 20.3 23.4 20.2 22.4 
Purpose Calculation 
Shows a comparison of profitability regardless of corporate tax 
rate. 
Profit after financial items divided by net sales. 
 
KEY FIGURES AND OTHER INFORMATION 
 
Key figures 
 
 
9 months 
Jan 31, 
2026 
9 months 
Jan 31, 
20253  
12 months 
Jan 31, 
20263  
Full-year 
Apr 30, 
20253 
Contracted order bookings, SEK million 6,047.9 5,805.7 8,948.2 8,706.1 
   of which guaranteed order bookings, SEK million 4,531.5 5,270.9 6,913.6 7,653.0 
Operating margin, %  20.0 22.5 20.5 22.3 
Profit margin, % 3 20.3 23.4 20.2 22.4 
Average no. of employees 1,323 1,234 1,316 1,249 
Cash flow per share, SEK 1, 2 3.00 3.63 4.15 4.79 
P/E ratio, multiple  n/a n/a 78.9 101.6 
Share price at end of period, SEK  220.20 254.00 220.20 296.60 
Return on equity, %  21.1 25.6 28.7 32.3 
Return on capital employed, %  25.2 31.1 35.1 40.4 
Equity/assets ratio, %  47.6 46.7 47.6 51.0 
Liquidity ratio, multiple  1.6 1.6 1.6 1.7 
Equity per share, SEK 2 10.02 9.40 10.02 9.95 
1 Cash flow from operations. 2 Before and after dilution. 3 The outcomes for all periods in 2024/2025 include a positive effect from a patent settlement, a non-
recurring transaction.

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

Sectra’s nine-month interim report 2025/2026 27 (29) 
 
Condensed consolidated income statements by quarter 
SEK million  2025/2026  2024/2025 2023/2024 
 Q3  Q2 Q1 Q4 Q31 Q2 Q1 Q4 Q3 Q2 Q1 
Net sales 892.0 850.6 765.9 914.1 848.4 753.5 723.8 898.1 694.0 787.7 583.7 
Capitalized work for own use 27.8 27.6 23.0 18.9 22.9 19.4 12.9 16.3 19.3 17.9 18.0 
Other operating income 5.2 25.3 7.1 14.5 202.6 6.5 2.7 1.3 0.6 2.2 1.3 
Operating expenses -701.8 -686.0 -649.6 -719.8 -729.9 -642.5 -613.5 -687.0 -614.9 -607.5 -509.2 
Depreciation/amortization and 
impairment -29.1 -28.9 -27.6 -28.8 -29.3 -27.3 -26.1 -31.3 -24.7 -23.6 -24.5 
Operating profit  194.1 188.6 118.8 198.9 314.7 109.6 99.8 197.4 74.4 176.7 69.3 
 
Total financial items -2.8 -2.2 11.5 -16.9 17.8 0.9 1.5 14.7 -1.5 13.6 8.2 
Profit after financial items 191.3  186.4 130.3 182.0 332.5 110.5 101.3 212.1 72.9 190.3 77.5 
Tax on earnings for the period  -36.2 -38.0 -27.5 -50.8 -68.5 -22.7 -20.9 -53.6 -15.1 -39.7 -16.0 
Profit for the period  155.1 148.4 102.8 131.2 264.0 87.8 80.4 158.5 57.8 150.6 61.6 
1 The outcomes include positive effects from a patent settlement, a non-recurring transaction. 
 
 
Key figures by quarter 
  2025/2026  2024/2025 2023/2024 
 Q3  Q2 Q1 Q4 Q32 Q2 Q1 Q4 Q3 Q2 Q1 
Contracted order bookings, SEK 
million 1,306.7 3,431.6 1,309.5 2,900.3 967.6 4,223.1 615.0 896.9 1,853.6 503.0 2,970.0 
    of which guaranteed order 
bookings 1,093.3 2,246.0 1,192.3 2,382.1 710.8 4,017.0 543.1 762.3 1,652.5 460.1 344.4 
Recurring revenue, SEK million 632.0 587.9 549.2 574.6 525.8 484.7 482.3 463.5 434.7 429.6 397.2 
    of which cloud services (CRR) 249.5 212.2 179.4 184.1 162.8 121.3 122.8 113.8 103.2 93.4 86.4 
Operating margin, % 21.8 22.2 15.5 21.8 37.1 14.5 13.8 22.0 10.7 22.4 11.9 
Earnings per share, SEK 1 0.81 0.77 0.53 0.68 1.37 0.46 0.42 0.82 0.30 0.78 0.32 
Cash flow per share, SEK 1 2.17 0.22 0.61 1.15 3.01 0.91 -0.29 0.69 1.21 0.30 -0.51 
Return on equity, %  8.3 7.7 5.2 7.0 15.8 5.5 5.0 10.7 4.2 11.0 4.6 
Return on capital employed, %  9.8 9.3 6.3 9.4 18.9 6.7 6.2 14.2 5.3 13.5 5.5 
Equity/assets ratio, %  47.6 51.1 54.5 51.0 46.7 48.0 52.2 48.9 49.2 49.8 50.8 
Equity per share, SEK 1  10.02 9.29 10.62 9.95 9.40 7.95 8.59 8.15 7.20 6.96 7.20 
Share price at end of period, SEK 220.2 301.8 363.0 296.6 254.0 283.0 243.4 219.2 195.1 120.6 168.6 
1 Before and after dilution. 2 The outcomes include positive effects from a patent settlement, a non-recurring transaction. 
 
 
Five-year summary 
 2024/2025 2 2023/2024 2022/2023 2021/2022 2020/2021 
Contracted order bookings, SEK million 8,706.1 6,223.5 4,635.7 2,320.2 2,651.6 
Net sales, SEK million 3,239.8 2,963.6 2,350.8 1,949.1 1,632.4 
Operating profit, SEK million 723.0 517.8 455.7 383.4 350.1 
Profit after financial items, SEK million  726.3 552.8 479.4 394.5 348.2 
Profit for the period, SEK million 563.4 428.4 375.0 314.8 275.5 
Operating margin, % 22.3 17.5 19.4 19.7 21.4 
Profit margin, % 22.4 18.7 20.4 20.2 21.3 
Earnings per share before dilution, SEK 1 2.92 2.22 1.95 1.63 1.43 
Earnings per share after dilution, SEK 1 2.92 2.22 1.95 1.63 1.43 
Dividend/redemption program per share, SEK 1, 3 2.10 1.10 1.10 1.00 0.90 
Share price at end of year, SEK 1 296.60 219.20 161.70 124.80 121.00 
P/E ratio, multiple 101.6 98.7 82.9 76.6 84.6 
Return on equity, % 32.3 29.9 31.5 31.9 32.2 
Return on capital employed, % 40.4 37.3 38.2 37.5 37.4 
Equity per share before dilution, SEK 1 9.95 8.15 6.73 5.61 4.65 
Equity per share after dilution, SEK 1 9.95 8.15 6.73 5.61 4.65 
Equity/assets ratio, % 51.0 48.9 47.4 49.3 54.2 
1 Comparative figures per share have been restated due to the 5:1 share split that Sectra carried out in the second quarter of 2021/2022.  
2 The outcomes include positive effects from a patent settlement, a non-recurring transaction.  
3 The amount for 2024/2025 includes an extraordinary dividend of SEK 1.00.

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

Sectra’s nine-month interim report 2025/2026 28 (29) 
 
Exchange rates 
Currency                   Average rates in SEK Closing rates in SEK 
 3 months 
Nov 2025 
–Jan 2026 
3 months 
Nov 2024 
–Jan 2025 
Δ  
% 
9 months 
May 2025 
–Jan 2026 
9 months 
May 2024 
–Jan 2025 
Δ  
% Jan 31, 
2026 
Jan 31, 
2025 
Δ 
% 
US dollar, 1 USD  9.10 10.92 -16.7 9.34 10.60 -11.9 8.77 10.98 -20.1 
Euro, 1 EUR 10.71 11.42 -6.2 10.88 11.39 -4.5 10.47 11.41 -8.2 
British pound, 1 GBP 12.30 13.73 -10.4 12.58 13.61 -7.6 12.08 13.66 -11.6 
 
 
 GLOSSARY  
DICOM 
A standard communication protocol used to capture, store and 
transfer medical images and related data.  
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.

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

Sectra’s nine-month interim report 2025/2026 29 (29) 
 
 
 
 
 
 
 
 
0 
, 
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 2,500 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.  
Group-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. Expansion is primarily to 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 opportunities 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 significant  
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.