FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== 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
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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.
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Sectra’s nine-month interim report 2025/2026 29 (29)
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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.