Kvartalsrapport Q3 2024

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

Sectra’s three-month interim report 2024/2025 
1 (28) 
 
 
REPORT PRESENTATION 
September 6, 2024 at 10:00 a.m. 
Follow online: 
https://investor.sectra.com/q1report2425   
Three-month report 2024/2025 
Increased recurring revenue led to a  
strong first quarter 
Sectra is continuing to grow with  satisfied customers. Sales and 
operating profit were the highest t he Group has ever reported for a first 
quarter. This trend was due in part to a more even distribution across 
quarters as a result of increased recurring revenue and growing volumes. 
At the same time, these figures are no longer being boosted by currency 
effects.  
FINANCIAL OUTCOME IN BRIEF 
First quarter: May–July 2024 
 Contracted order bookings decreased 79.3% to SEK 615.0 million (2,970.0), of which SEK 543.1 million (344.4) 
pertained to guaranteed order bookings. Of the guaranteed order bookings, 22% were recognized during the quarter 
and a further 25–35% are deemed to pertain to revenue within 12 months after the end of the quarter. 
 Net sales increased 24.0% to SEK 723.8 million (583.7). Based on unadjusted exchange rates, the increase was 24.7%. 
Recurring revenue accounted for SEK 482.3 million (397.2) of net sales, up 21.4%. Based on unadjusted exchange 
rates, the increase was 22.0%. Cloud recurring revenue (CRR) increased 42.1% to SEK 122.8 million (86.4).  
 Operating profit rose 44.0% to SEK 99.8 million (69.3), corresponding to an operating margin of 13.8% (11.9). Based 
on unadjusted exchange rates, operating profit increased 45.8%.  
 Profit for the period amounted to SEK 80.4 million (61.6).  
 Cash flow from operations amounted to SEK -56.7 million (-98.3).  
 
 
 
 
Key figures  Quarter   12 months   
SEK million  Q1 Q1 Δ  R12 Full-year Δ 
    24/25 23/24 %   24/25 23/24 % 
Contracted order bookings   615.0 2,970.0 -79.3   3,868.5 6,223.5 -37.8 
   of which guaranteed order bookings  543.1 344.4 57.7  3,418.1 3,219.4 6.2 
Net sales  723.8 583.7 24.0  3,103.7 2,963.6 4.7 
   of which recurring revenue  482.3 397.2 21.4  1,810.0 1,724.9 4.9 
   of which cloud recurring revenue (CRR)  122.8 86.4 42.1  433.3 396.9 9.2 
Operating profit   99.8 69.3 44.0   548.3 517.8 5.9 
Operating margin, %   13.8 11.9 n/a   17.7 17.5 n/a 
Profit for the period   80.4 61.6 30.5   447.2 428.4 4.4 
Churn, %  n/a n/a n/a  0.4 0.4 n/a 
Earnings per share, SEK 1   0.42 0.32 31.3   2.32 2.22 4.5 
Cash flow from operations    -56.7 -98.3 42.3   367.9 326.3 12.7 
Average no. of employees   1,222 1,112 9.9   1,168 1,140 2.5 
1 Before and after dilution 
  
 
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.

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

Sectra’s three-month interim report 2024/2025 
2 (28) 
 
 
Torbjörn Kronander,  
President and CEO 
CEO’S COMMENTS 
The first quarter was dominated by deliveries of previously ordered 
customer projects. Additional hospitals have gone live with our cloud-based 
services for medical imaging and we have delivered several products for 
secure communication to defense forces and authorities.  
There is a great need for increased cybersecur ity in society and our operations in Secure 
Communications are continuing to perform well. The same applies to Imaging IT Solutions, 
where we are in the middle of a transformation to cloud-based services for medical diagnostics. 
We are making progress, which is confirmed by the growth we have seen in cloud recurring 
revenue. We also have deliveries to major healthcare providers in several countries planned over 
the next few years. In Business Innovation, the launch of the new genomics IT module marked 
a major milestone during the quarter. Cancer diagnostics based on genetic information 
(genomics) is developing quickly and has, until this point, lacked effective IT support for high 
production. Our new offering strengthens Sectra’s position in integrated diagnostics for cancer 
care, an area that we have seen grow in importance when healthcare providers evaluate potential 
suppliers. 
Financially speaking, we had a stable beginning to the fiscal year. Positive performances in all 
operating areas contributed to our highest-ever sales and operating profit figures for a first 
quarter. To some extent, this is because increas ed recurring revenue has helped to even out the 
results between quarters. For the quarter, recurring revenue accounted for a full 70% of sales in 
Imaging IT Solutions and 67% for the Group as a whole. Our ongoing transition to a new 
business model will gradually reduce the level of variation and typical seasonal effects, but we 
are not quite there yet. On the other hand, indi vidual orders are sometimes very large, leading 
instead to a larger variation in order bookings between quarters 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. 
Healthcare and data security are both areas that are expected to grow for a long time to come, 
and that are relatively unaffected by the economic climate. While our strategic investment in 
service sales is having a short-term dampening effect on our financial outcome and growth, it 
will be beneficial in the long term. Not least because Sectra’s customers are satisfied and stay 
with us for a long time. With loyal customers combined with a strong brand in growing areas, 
we have every reason to remain optimistic about the future. 
  
 
Cloud services  
+42% 
of recurring revenue over 
the comparative quarter 
 
 
Churn 
0.4% 
of recurring revenue, R12 
 
as-a-service

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

Sectra’s three-month interim report 2024/2025 
3 (28) 
 
 
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OPERATIONAL TARGETS AND FINANCIAL GOALS  
Sectra’s overall operational target is to create significant value for its customers. Customers should be so satisfied with the ir 
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 cannot be achieved without satisfied and dedicated employees. Employees who are motivated, understand 
their customers, feel good and are satisfied in their jobs will also increasingly develop new, creative solutions that can furt her 
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 prof itability are considered fundamental goals. Once these goals hav e 
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 e ffects of changes in the business model. The financial goals are (in 
order of priority): 
 1.  Stability1:  
Equity/assets ratio ≥30% 
 2.  Profitability: 
Operating margin ≥15% 
 3.  Earnings growth: 
Growth for operating profit/share  
over a five-year period ≥50% 
     
 
 
 
 
  
 
 
 
The equity/assets ratio exceeded th e
target due to a continued stron g
financial position. 
1 The line in the diagram shows the 
outcome at the end of the period 
 
 The operating margin was impacted by 
the ongoing transformation of the 
business model.  
 
 Sales grew at a higher rate than costs. 
This is in line with Sectra’s long-term 
work to increase cost efficiency. 
 
 
 
 
 
 
 
 
  
 High level of customer satisfaction  High level of quality and product safety 
 
Dedicated employees who are satisfied, improving as individuals  
and doing their best to meet or exceed customer expectations 
Healthier employees and minimal absence due to illness  
52.2% 
 Goal 
17.7% 
 Goal 
138.0% 
  Goal 
Outcome of operational targets

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

Sectra’s three-month interim report 2024/2025 
4 (28) 
 
 
EVENTS 
First quarter 
Imaging IT Solutions  
 The final hospitals in Region Hovedstaden in Denmark went live with Sectra One Cloud, see below.  
 Sectra One Cloud was taken into operation at Zuyderland Medical Center in the Netherlands. The customer has used 
Sectra’s IT solution to manage medical images and will now move to using cloud services with Sectra One Cloud. 
 NHS trusts in the East of England started to use Sectra One Cloud for digital pathology.  
Business Innovation 
 Sectra’s newly developed module for genomics in molecular pathology was made commercially available in the US 
market. Pennsylvania Health System—Sectra’s partner in developing the product—became the first to use the module, 
which is sold only as a service.  
Secure Communications  
 Two energy companies extended their agreements with Sectra for monitoring critical OT systems. 
After the end of the reporting period 
 No events of significant importance for the assessment of Sectra’s earnings and financial position took place between the 
balance-sheet date and the publication date of this interim report. 
 
  
 
 
 
Sectra One Cloud to improve diagnostic 
imaging in Denmark’s largest healthcare 
region 
 
Region Hovedstaden in Denmark ordered Sectra One Cloud two years 
ago. The region provides care to more than 1.8 million residents and 
the customer contract is the largest to date for Sectra in Scandinavia 
when it comes to cloud services for medical imaging. During the 
quarter, the services went live at three more of the customer’s 
hospitals. All of the region’s hosp itals now use Sectra’s services to 
review and store radiology images, including mammography, nuclear 
medicine and clinical physiology.

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

Sectra’s three-month interim report 2024/2025 
5 (28) 
 
 
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SECTRA’S MARKETS 
Sectra plays a key role in meeting the need for medical imaging IT and cybersecurity. We help solve major social problems in 
changing markets, where scope for expansion remains. The global trends of an aging population and increased digitization mean that 
these markets are expected to continue to grow regardless of the economic climate.  
Our customers operate in some of society’s most critical functions, which means that it is important that Sectra’s brand is associated 
with reliability, trustworthiness and stability. Our job is to help customers become more efficient and give them the tools nee ded to 
make people’s lives healthier, safer and more secure. In line wi th Sectra’s vision, this is how the company creates value for i ts 
customers, shareholders and society as a whole.  
IT support for more efficient care and medical education 
Aging populations, combined with a decline in the proportion of pe ople of working age, are leading to a shortage of resources a nd a 
growing workload in healthcare. In order to maintain high quality of care with fewer people taking care of more patients, healt hcare 
must become more efficient. The growing population of senior ci tizens is also shining a spotlight on diseases affecting the eld erly. 
Health problems affecting the elderly primarily include cancer diseases and problems with the cardiovascular, nervous, and skel etal 
systems as well as vision and hearing. All of these areas, which are among the most costly and resource-intensive areas in healthcare, 
are dependent on medical diagnostic imaging.  
Healthcare providers across the globe use Sectra’s expertise a nd solutions in medical imaging IT not only to increase productiv ity 
and coordinate their resources but also to improve efficiency in orthopaedic surgery through better planning and follow-up. Sec tra 
also helps to raise the quality of medical education by providing solutions where the user can interact with medical images and share 
educational materials. IT support for genomics is yet another area that Sectra is entering through partnerships with customers in the 
US and Sweden. The market for genomics is growing as a result of  the rapid increase in the number of clinical DNA sequencings 
carried out during diagnostics, and needs to be managed efficien tly. We also have synergies among our operating areas. Healthca re 
is increasingly becoming a target for cybercrime, resulting in, for example, the authorities in the US issuing a particular war ning to 
healthcare providers. Sectra’s experience and brand when it comes to security gives us advantages in the field of medicine as well.  
We enable our customers to take care of more patients and save more lives at a long-term sustainable cost. This work is carried  out 
in our Imaging IT Solutions and Business Innovation operating areas. 
Cybersecurity for a more stable and safer society 
The ability to safely and efficiently handle and transmit sensitive information is central to the stability and security of soc iety, 
particularly when it comes to critical social functions and crit ical infrastructure. As digitization increases, the players in these areas 
have a major need for products and services that increase cybersecurity. Sectra has extensive experience of protecting society’s most 
critical communications and control systems. We are a strong brand in the niche markets of encryption and secure mobile 
communications. IT developments in society, political instability in the world, and the growth of cybercrime are creating a gre ater 
need for Sectra’s expertise and product offerings.  
We help customers to provide increased security, thereby contributi ng to a more stable and safer society. This work is carried out in 
the Secure Communications operating area. The activities conducted in the operating area are part of Sweden’s collective nation al 
capability within crypto—a strategic materiel area identified by government authorities as an essential security interest for w hich 
national availability, skills and capacity need to be secured over time. 
COMMENTS ON THE GROUP’S FINANCIAL OUTCOME 
Order bookings  
Contracted order bookings decreas ed 79.3% to SEK 615.0 million 
(2,970.0). Guaranteed order bookings totaled SEK 543.1 million (344.4), 
up 57.7%. The ratio of contracted order bookings to net sales for the latest 
rolling 12-month period totaled 1.2, compared to 2.1 at the end of the 
previous fiscal year.  
The order bookings for the comparative quarter include comprehensive, 
long-term customer contracts, including a contract with a healthcare 
provider in the US with a contracted order value of SEK 2.4 billion. 
Orders of this size are not secured every quarter and lead to significant 
variations in order bookings between individual quarters and periods.  
Contracted order bookings, SEK million

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

Sectra’s three-month interim report 2024/2025 
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Net sales and recurring revenue 
All operating areas continued to grow and the Group’s net sale s rose 24.0% to SEK 723.8 million (583.7). Based on unadjusted 
exchange rates, consolidated sales increased 24.7%.  
The ongoing transition to selling products and software as servi ces, of which cloud deliveries account for a quickly growing sh are, 
contributed to an increase in recurring revenue. Recurring revenue accounted for SEK 482.3 million (397.2) of sales. This represents 
an increase of 21.4% and based on unchanged exchange rates an increase of 22.0%. Lost recurring revenue (recurring revenue churn) 
for the last 12-month period was 0.4%. CRR increased 42.1% to SEK 122.8 million (86.4). Non-recurring revenue also performed 
well and rose 29.5% to SEK 241.5 million (186.5). 
Sectra grew in all geographic markets. The operations in th e UK reported the largest individual sales increase from the compara tive 
quarter.  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.   
  
Sales and recurring revenue, SEK million Sales by geographic market, SEK million 
Sales trend per geographic market, SEK million 
Compared with the corresponding period of the preceding fiscal year  
Sales trend per operating area, SEK million  
Compared with the corresponding period of the preceding fiscal year  
      Total         Increase        Decrease

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

Sectra’s three-month interim report 2024/2025 
7 (28) 
 
 
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Result 
The Group’s operating profit increased 44.0% to SEK 99.8 million ( 69.3). Based on unadjusted exchange rates, operating profit 
increased 45.8% compared with the comparative quarter. This positive trend is a result of sales growth in all operating areas.  
The Group’s operating margin amounted to 13.8% (11.9). Sales during the quarter grew more than operating costs, with Imaging IT  
Solutions and Secure Communications both contributing to the increased operating margin. 
The Group’s financial items amounted to SEK 1.4 million (8.2). Cu rrency fluctuations had a negative impact of SEK -1.7 million 
(pos: 3.1) on financial items. Sectra does not hedge its operations , and currency fluctuations therefore have an immediate impa ct on 
profit or loss or on comprehensive income. Profit after fina ncial items amounted to SEK 101.3 million (77.5). This outcome 
corresponds to a profit margin of 14.0% (13.3). Earnings per share totaled SEK 0.42 (0.32).  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial position and cash flow  
The Group’s cash and cash equivalents at the end of the reporting period amounted 
to SEK 699.4 million (688.2). 
The Group’s debt/equity ratio was 0.03 (0.06) as of the balance-sheet date. Interest-
bearing lease liabilities decreased to SEK 45.9 million (78.0). The change was 
primarily due to the termination of the lease for Sectra’s head office in conjunction 
with the acquisition of the property during the previous fiscal year.  
Cash flow from operations amounted to SEK -56.7 million (-98.3) during the 
quarter. The change was primarily the result of a decrease in capital tied up in 
current receivables. Cash flow per share was SEK -0.29 (-0.51).
  
Cash flow from investing activities amounted to SEK -43.1 million (-38.9). Refer 
to the additional information about investments on the next page.  
The Group’s total cash flow for the period amounted to SEK -104.1 million  
(-144.0). 
  
Operating profit trend per operating area, SEK million 
Compared with the corresponding period of the preceding fiscal year  
Operating profit, Group, SEK 
      Total         Increase        Decrease 
Cash flow from operations, 
Group, SEK million

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

Sectra’s three-month interim report 2024/2025 
8 (28) 
 
 
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Accumulated at end of period
Quarter
Capitalization of development
expenditures
Depreciation/amortization capitalized
development expenditures
Capitalized development expenditures at
end of period
Investments and depreciation/amortization  
Investments amounted to SEK 43.1 million (38.9). Capitalized work for own use 
amounted to SEK 12.9 million (18.0). Capitalization includes the development of 
cloud-based services for medical diagnostics.  
Depreciation/amortization totaled SEK 26.1 million (24.5). Of the outcome for the 
quarter, SEK 11.0 million (9.1) pertained to capitalized development expenditures. 
At the end of the period, capitalized development expenditures totaled SEK 204.7 
million (180.2).  
 
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. For further 
information about Sectra’s seasonal patterns, refer to page 70 in Sectra’s Annual 
and Sustainability Report for the 2023/2024 fiscal year. 
 
 
Capitalized development 
expenditures, SEK million 
Read Sectra’s Annual Report and Sustainability Report  
https://investor.sectra.com/annual-reports

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

Sectra’s three-month interim report 2024/2025 
9 (28) 
 
 
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OPERATING AREA IMAGING IT SOLUTIONS 
              Quarter   12 months  
    Q1 Q1 Δ  R12 Full-year Δ 
      24/25 23/24 %   24/25 23/24 % 
Sales, SEK million     639.9 518.6 23.4   2,672.9 2,551.6 4.8 
of which external recurring revenue   448.9 370.7 21.1  1,687.5 1,609.3 4.9 
of which external cloud recurring revenue (CRR)   117.6 83.0 41.7  412.9 378.3 9.1 
Operating profit, SEK million     95.0 74.3 27.9   520.6 499.9 4.1 
Operating margin, %     14.8 14.3 n/a   19.5 19.6 n/a 
  
Imaging IT Solutions reported increased sales and earnings over the comparative 
quarter. All geographic regions contributed to the positive sales trend. Recurring 
revenue accounted for 70% of sales for the quarter, which was primarily a result of 
customers’ growing use of medical imaging IT as a service. A large share of 
recurring revenue will promote stability during the ongoing transformation to 
service sales and cloud solutions. The accelerating transition to cloud services is 
clear from Sectra’s growth in cloud recurring revenue. Non-recurring revenue also 
increased from the comparative quarter. 
Profitability continued to be impacted by ongoing initiatives, the most extensive of 
which was the transition to becoming a service provider. The transition to selling 
cloud services means that a growing share of revenue and earnings are reported 
over time and therefore arise later than with traditional license sales. The strong 
underlying growth in Sectra’s operations, in combination with the fact that not all 
transactions pertain to subscription serv ices yet, partially compensated for the 
dampening effects of the change in th e business model. The transition will be 
favorable over the long term, especially because customers are satisfied and stay 
with us for a long time.  
Imaging IT Solutions has more and larger customers than ever before. In the last 
year, the operation won some of Sectra’s largest contracts, including contracts with 
one of the largest healthcare providers in the US and the public healthcare provider 
in Scotland. The orders were for Sectra One Cloud. Now work is ongoing to 
prepare deliveries of customer orders so that they can go live with the services. The 
implementation of services and infrastructure at new major customers initially 
entails increased costs. Revenue then grows gradually as customers put systems 
into operation, but it can take several years for major customers to become fully 
operational and reach planned volumes.  
 
  
 Sales 
 Operating profit 
Trend, SEK 
 
Cloud services—Sectra helps 
customers make the 
transition  
In the next five years, the majority of new 
customers are expected to purchase 
cloud-based services. Thanks to Sectra 
One Cloud, which includes services for all 
medical imaging IT, Sectra is well 
positioned to meet growing demand when 
customers are ready to replace traditional 
systems with cloud services.  
 
Cloud recurring revenue  
+42% 
over the  
comparative quarter

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

Sectra’s three-month interim report 2024/2025 
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OPERATING AREA BUSINESS INNOVATION 
  Quarter   12 months   
   Q1 Q1 Δ  R12 Full-year Δ 
    24/25 23/24 %   24/25 23/24 % 
Sales, SEK million   17.6 16.7 5.4   90.8 89.9 1.0 
  of which external recurring revenue  5.8 3.7 56.8  22.0 19.9 10.6 
  of which external cloud recurring revenue (CRR)  5.2 3. 4 52.9  20.4 18.6 9.7 
Operating profit/loss, SEK million   -0.3 -1.0 70.0   18.0 17.3 4.0 
Operating margin, %   neg neg n/a   19.8 19.2 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.  
Recurring revenue is growing quickly, and the financial outcome in terms of sales 
and operating profit is on par with the comparative quarter. However, the results 
may vary significantly between quarters and periods. Subscription-based business 
models and growing volumes are expected to reduce the variations over the longer 
term. 
 
. 
  
 Sales 
 Operating profit 
Trend, SEK 
Cloud recurring revenue  
+53% 
over the  
comparative quarter 
 
Better and more effective cancer care—hospitals in the 
US first to use Sectra’s new service for genomics 
 
Analyses of genetic information (genomics) are an important part of choosing the 
best possible treatment for each patient. Care based on genetic information is often 
called precision medicine, one of the fastest-growing areas within diagnostics.  
Growing volumes of analyses represent a challenge for healthcare. Sectra has 
developed a diagnostics IT module for genomics to help customers improve and 
streamline the management of analyses within molecular pathology. The module 
was developed together with the University of Pennsylvania Health System in the 
US, which initiated clinical use of the solution during the first quarter. The module 
is sold as a service and is integrated with Sectra’s modules for radiology and 
pathology imaging.

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

Sectra’s three-month interim report 2024/2025 
11 (28) 
 
 
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OPERATING AREA SECURE COMMUNICATIONS 
             Quarter   12 months   
   Q1 Q1 Δ  R12 Full-year Δ 
    24/25 23/24 %   24/25 23/24 % 
Sales, SEK million   77.5 56.3 37.7   388.6 367.4 5.8 
  of which external recurring revenue  27.3 22.8 19.7  99.4 94.9 4.7 
Operating profit, SEK million   10.1 2.6 288.5   67.3 59.8 12.5 
Operating margin, %   13. 0 4.6 n/a   17.3 16.3 n/a 
 
Secure Communications reported the best first quarter for the operating area to 
date, in terms of sales as well as earnings. There is great demand for cybersecurity 
for the defense forces, authorities and critical infrastructure, and we are well 
positioned with offerings that meet customers’ stringent demands. Order bookings 
during the first quarter included development assignments and product sales as 
well as support and service commitments. Sectra received various orders, including 
orders pertaining to the further development and serial deliveries of Tiger/S and 
network encryptors to existing customers. Existing customers also extended and 
expanded agreements, both for support of secure communications and for security 
monitoring of critical infrastructure. 
The uncertain geopolitical situation, with ongoing wars in Europe and further 
tensions worldwide, continues to highlight the importance of defense capabilities 
and public security. This, in turn, is placing greater demands on communication 
and fueling the need for investments in high assurance products, encryption 
development and cybersecurity. Sectra’s ability to help customers both in Sweden 
and around Europe led to strong order bookings and sales growth. Operating profit 
took a significant step in the right direction and, since the previous fiscal year, has 
made growing contributions to the Group’s overall financial goals. The long-term 
trend is positive, although outcomes can naturally vary greatly between quarters 
due to the nature of the operations.   
  
 
Network encryptors for  
the highest security 
classification and  
large amounts of data 
 
Sectra offers advanced and powerful 
network encryptors for protecting classified 
information that flows in the networks 
between civilian and military authorities. 
The products handle large amounts of data 
at a high level of performance. They are 
approved for the highest security classi-
fication, Top Secret. 
Trend, SEK 
 Sales 
 Operating profit

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

Sectra’s three-month interim report 2024/2025 
12 (28) 
 
 
OTHER OPERATIONS 
             Quarter   12 months   
   Q1 Q1 Δ  R12 Full-year Δ 
    24/25 23/24 %   24/25 23/24 % 
Sales, SEK million   47.3 34.6 36.7   177.6 164.9 7.8 
Operating loss, SEK million   -9.1 -6.5 -40.0   -61.7 -59.1 -4.4 
Operating margin, %   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 quarter 
mainly pertained to increased central management of costs distributed across the organization.  
PARENT COMPANY 
The Parent Company’s income statement and balance sheet are re ported on page 17. The Parent Company Sectra AB includes the 
research department for medical imaging IT, the Genomics IT business unit and the head office’s joint functions (see Other Operations 
above).  
2024 AGM AND PROPOSED SHARE REDEMPTION PROGRAM  
The AGM will be held on September 10, 2024 in Linköping, Sweden. Visit https://investor.sectra.com/agm2024 for further 
information and documents. 
 
Proposed share redemption program/dividend 
For the 2023/2024 fiscal year, the Board and the President propos e that the AGM resolve to distribute SEK 1.10 per share to 
the shareholders through a 2:1 share split in combination with a mandatory redemption process. The corresponding 
distribution to the shareholders in the preceding year was SEK 1.10 per share. The proposal was announced in Sectra’s year-
end report published on June 5, 2024. 
THE SHARE 
Share capital and number of shares 
Sectra’s share capital on the balance-sheet date totaled SEK 38,824,179, distributed betw een 194,120,895 shares and 312,052,035  
voting rights. The number of shares is distributed between 13,103,460 Class A shares and 181,017,435 Class B shares.  
Sectra’s holding of treasury shares at the end of the period amounted to 1,453,406 Class B shares, corresponding to 0.7% of the share 
capital and 0.5% of the voting rights in the company. For more information, refer to Note 3. 
 
Authorization 
The Board of Directors was authorized by the 2023 AGM, during the period until the 2024 AGM, to decide on new share issues of a 
maximum of 18,500,000 Class B shares and to decide on the acquisiti on 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. The complete 
authorization is presented in the minutes from the AGM: https://investor.sectra.com/agm2023. At the time of publication of this 
financial report, the Board had not utilized these authorizations.  
RISKS AND UNCERTAINTIES 
Through its operations, Sectra is exposed to such business risks as dependence on major customers and partners, the effect of currency 
fluctuations on pricing in the markets in which the Group is active, and property and liability risks. Sectra is also exposed t o 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 minimi zing risk exposure and limiting adverse effects are provided in th e 
Administration Report in Sectra’s Annual and Sustainability Report for the 2023/2024 fiscal year on pages 88–90 and in Note 29 on 
pages 119–120. No significant events have occurred that would alter the conditions reported.

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

Sectra’s three-month interim report 2024/2025 
13 (28) 
 
 
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: September 6, 2024 at 10:00 a.m. (CEST) 
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/q1report2425.   
 
Financial calendar and AGM 
2024 AGM September 10, 2024 at 3:30 p.m. (CEST) 
Six-month interim report December 12, 2024 at 8:15 a.m. (CET) 
Nine-month report March 14, 2025 at 8:15 a.m. (CET) 
Year-end report June 5, 2025, at 08:15 a.m. (CEST) 
For other IR events, visit: https://investor.sectra.com/events-and-presentations/  
ASSURANCE 
The Board of Directors and the President of Sectra AB (publ) hereby assure that the interim report from May 1 to July 31, 2024 
provides a true and fair view of the Parent Company’s and Gr oup’s operations, financial position and earnings and describes the  
significant risks and uncertainties facing the Parent Company and other companies in the Group. 
 
Linköping, date as indicated by our electronic signature  
 
Torbjörn Kronander  Jan-Olof Brüer  Tomas Puusepp Birgitta Hagenfeldt 
President, CEO and Board member Chai rman  Board member Board member 
 
Ulrika Unell   Anders Persson  Fredrik Robertsson 
Board member   Board member  Board member 
 
Pontus Svärd  Andreas Örnéus 
Board member and employee representative Bo ard member and employee representative 
 
 
This report was not reviewed by the company’s auditor. 
  
This information constitutes information that Sectra AB (publ) is  obligated to make public pursuant to the EU Market Abuse Regu lation.  
The information was submitted for publication, through the agency of Sectra’s contact person set out below, at 8:15 a.m. (CEST)  on 
September 6, 2024. 
Sectra AB (publ), Corporate Registration Number 556064-8304, https://sectra.com, email info@sectra.com

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

Sectra’s three-month interim report 2024/2025 
14 (28) 
 
 
GROUP  
Condensed consolidated income statements 
 
SEK thousand 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023– 
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Net sales (Note 4)   723,836 583,739 3,103,704 2,963,607 
Capitalized work for own use   12,915 17,970 66,519 71,574 
Other operating income   2,729 1,320 6,797 5,388 
Total income   739,480 603,029 3,177,020 3,040,569 
       
Goods for resale   -103,285 -71,079 -463,424 -431,218 
Personnel costs   -380,144 -319,715 -1,497,337 -1,436,908 
Other external costs   -130,088 -118,385 -562,202 -550,499 
Depreciation/amortization and 
impairment   -26,148 -24,537 -105,745 -104,134 
Total operating expenses   -639,665 -533,716 -2,628,708 -2,522,759 
Operating profit    99,815 69,313 548,312 517,810 
       
Total financial items   1,445 8,213 28,196 34,964 
Profit after financial items   101,260 77,526 576,508 552,774 
       
Taxes    -20,859 -15,970 -129,275 -124,386 
Profit for the period    80,401 61,556 447,233 428,388 
       
Profit for the period attributable to:       
Parent Company owners   80,401 61,556 447,233 428,388 
       
Earnings per share       
Before dilution, SEK   0.42 0.32 2.32 2.22 
After dilution, SEK (Note 3)   0.42 0.32 2.32 2.22 
 
 
 
 
Consolidated statement of comprehensive income 
SEK thousand 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Profit for the period   80,401 61,556 447,233 428,388 
       
Items that may be reversed in profit or 
loss 
      
Translation differences   -3,450 20,894 3,655 27,999 
Total other comprehensive income for 
the period   -3,450 20,894 3,655 27,999 
Total comprehensive income for the 
period   76,951 82,450 450,888 456,387 
       
Comprehensive income for the period 
attributable to: 
      
Parent Company owners   76,951 82,450 450,888 456,387

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

Sectra’s three-month interim report 2024/2025 
15 (28) 
 
 
 
 
Condensed consolidated balance sheets 
 
SEK thousand Jul 31,  
2024 
Jul 31,  
2023 
Apr 30, 
2024 
Assets    
Intangible assets and goodwill 263,633 248,631 262,330 
Tangible assets 228,015 74,306 227,040 
Right-of-use assets 68,539 80,776 35,241 
Financial assets 165,157 133,265 155,189 
Deferred tax assets 8,630 6,779 8,990 
Total fixed assets 733,974 543,757 688,790 
    
Accounts receivable 566,537 431,692 571,661 
Other current assets 43,769 67,772 60,218 
Prepaid expenses and accrued income 1,128,297 876,756 1,085,629 
Short-term investments – 120,000 – 
Cash and bank balances 699,355 688,210 804,640 
Total current assets 2,437,958 2,184,430 2,522,148 
Total assets 3,171,932 2,728,187 3,210,938 
    
Equity and liabilities    
Equity  1,654,220 1,386,349 1,569,591 
Deferred tax liabilities 6,721 6,095 7,038 
Provisions  33,729 13,685 26,342 
Non-current lease liabilities 32,812 52,135 19,204 
Total long-term liabilities 73,262 71,915 52,584 
    
Provisions 3,364 3,158 2,637 
Current lease liabilities 13,072 25,865 12,584 
Other current liabilities 164,303 136,938 218,573 
Accrued expenses and deferred income 1,263,711 1,103,962 1,354,969 
Total current liabilities 1,444,450 1,269,923 1,588,763  
Total equity and liabilities 3,171,932 2,728,187 3,210,938

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

Sectra’s three-month interim report 2024/2025 
16 (28) 
 
 
 
 
Consolidated cash-flow statements 
 
SEK thousand 3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
Full-year 
May–Apr 
2023/2024 
Operating activities    
Operating profit 99,815 69,313 517,810 
Adjustment for non-cash items 47,491 38,888 142,681 
Interest received  3,731 5,597 25,991 
Interest paid -561 -434 -3,284 
Income tax paid -70,199 -32,632 -118,291 
Cash flow from operations before changes in working capital 80,277 80,732 564,907 
Changes in working capital    
Change in inventories -11,412 -1,080 -21,541 
Change in receivables -28,435 -64,075 -408,649 
Change in current liabilities -97,146 -113,875 191,609 
Cash flow from operations -56,716 -98,298 326,326 
Investing activities    
Acquisitions of intangible assets -12,914 -18,599 -72,210 
Acquisitions of tangible assets -30,169 -20,301 -178,532 
Repayment of short-term investment – – 120,000 
Cash flow from investing activities -43,083 -38,900 -130,742 
Financing activities    
Repayment of lease liabilities -4,336 -6,786 -10,268 
Redemption of shares – – -211,935 
Cash flow from financing activities -4,336 -6,786 -222,203 
    
Cash flow for the period -104,135 -143,985 -26,619 
Cash and cash equivalents, opening balance 804,640 825,242 825,242 
Exchange-rate difference in cash and cash equivalents -1,150 6,953 6,017 
Cash and cash equivalents, closing balance 699,355 688,210 804,640 
 
 
 
Condensed consolidated statement of changes in equity  
 
SEK thousand   3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
Full-year 
May–Apr 
2023/2024 
Equity at start of period   1,569,591 1,296,669 1,296,669 
Comprehensive income for the period   76,951 82,450 456,387 
Dividend/redemption of shares     – – -211,935 
Share-based payments   7,678 7,230 28,470 
Equity at end of period   1,654,220 1,386,349 1,569,591

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

Sectra’s three-month interim report 2024/2025 
17 (28) 
 
 
PARENT COMPANY 
Condensed Parent Company income statements 
SEK thousand 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Net sales   47,356 34,874 179,743 167,261 
Capitalized work for own use   1,221 1,106 5,651 5,536 
Other operating income   17 10 613 606 
Total income   48,594 35,990 186,007 173,403 
       
Goods for resale   -10,577 -3,539 -28,972 -21,934 
Personnel costs   -17,595 -14,385 -78,338 -75,128 
Other external costs   -31,986 -25,686 -149,775 -143,475 
Depreciation/amortization
    -446 -399 -1,758 -1,711 
Total operating expenses   -60,604 -44,009 -258,843 -242,248 
Operating loss    -12,010 -8,019 -72,836 -68,845 
       
Total financial items    1,471 69,479 60,839 128,847 
Profit/loss after financial items   -10,539 61,460 -11,997 60,002 
       
Appropriations   – – 427,350 427,350 
Profit/loss before tax   -10,539 61,460 415,353 487,352 
       
Tax on earnings for the period   – 5 -81,752 -81,747 
Profit/loss for the period   -10,539 61,465 333,601 405,605 
 
 
 
Parent Company statement of comprehensive income 
SEK thousand 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Profit/loss for the period   -10,539 61,465 333,601 405,605 
Total comprehensive income for the 
period   -10,539 61,465 333,601 405,605 
 
 
 
Condensed Parent Company balance sheets 
SEK thousand Jul 31,  
2024 
Jul 31,  
2023 
Apr 30, 
2024 
Assets    
Intangible assets 10,405 4,752 9,183 
Tangible assets 7,240 5,266 6,336 
Financial assets 375,074 256,321 367,480 
Total fixed assets 392,719 266,340 382,999 
    
Accounts receivable 945 0 421 
Receivables from Group companies 856,651 533,885 798,354 
Other current assets 23,647 34,703 26,085 
Short-term investments – 120,000 – 
Cash and bank balances 569,805 517,342 683,564 
Total current assets 1,451,048 1,205,930 1,508,424 
Total assets 1,843,767 1,472,270 1,891,423 
    
Equity and liabilities    
Restricted equity 275,684 270,032 274,463 
Unrestricted equity 777,416 632,900 781,922 
Total equity 1,053,100 902,932 1,056,385 
    
Provisions 3,069 1,214 2,685 
Current liabilities 787,598 568,124 832,353 
Total equity and liabilities 1,843,767 1,472,270 1,891,423

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

Sectra’s three-month interim report 2024/2025 
18 (28) 
 
 
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 2023/2024 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 2023/2024 Annual Report, no signi ficant 
transactions with related parties took place in the reporting period. 
Note 3 Number of shares 
 
 
No. of common shares1, 2 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023– 
Jul 2024  
Full-year 
May–Apr  
2023/2024 
At the end of the period   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 
 
   1 Before and after dilution.  
   2  Number of shares does not include the 1, 453,406 (1,453,406) Class B treasury shares. 
 
Note 4 Operating segments and sales 
 
Operating profit/loss by business segment 
SEK million 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Imaging IT Solutions   95.0 74.3 520.6 499.9 
Secure Communications   10.1 2.6 67.3 59.8 
Business Innovation   -0.3 -1.0 18.0 17.3 
Other Operations    -9.1 -6.5 -61.7 -59.1 
Group eliminations    4.1 -0.1 4.1 -0.1 
Total   99.8 69.3 548.3 517.8 
 
SEK million 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
United States   179.0 149.6 855.6 826.2 
Sweden   132.9 104.9 612.6 584.6 
United Kingdom   156.7 118.6 616.2 578.1 
Netherlands   48.8 38.7 194.1 184.0 
Rest of Europe   138.4 121.5 576.4 559.5 
Rest of World   68.0 50.4 248.8 231.2 
Total   723.8 583.7 3,103.7 2,963.6 
  
Sales by business segment 
SEK million 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023– 
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Imaging IT Solutions   639.9 518.6 2,672.9 2,551.6 
Secure Communications   77.5 56.3 388.6 367.4 
Business Innovation   17.6 16.7 90.8 89.9 
Other Operations    47.3 34.6 177.6 164.9 
Group eliminations    -58.5 -42.5 -226.2 -210.2 
Total   723.8 583.7 3,103.7 2,963.6 
 
Sales by geographic market

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

Sectra’s three-month interim report 2024/2025 
19 (28) 
 
 
Recurring and non-recurring external revenue by business segment 
Group 
SEK million 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Recurring revenue   482.3 397.2 1,810.0 1,724.9 
Of which cloud recurring revenue, CRR   122.8 86.4 433.3 396.9 
Non-recurring revenue   241.5 186.5 1,293.7 1,238.7 
Total   723.8 583.7 3,103.7 2,963.6 
Share of recurring revenue, %   66.6 68.0 58.3 58.2 
 
Imaging IT Solutions 
SEK million 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Recurring revenue   448.9 370.7 1,687.5 1,609.3 
Of which cloud recurring revenue, CRR   117.6 83.0 412.9 378.3 
Non-recurring revenue   190.1 148.3 979.8 938.0 
Total   639.0 519.0 2,667.3 2,547.3 
Share of recurring revenue, %   70.3 71.4 63.3 63.2 
 
Secure Communications 
SEK million 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Recurring revenue   27.3 22.8 99.4 94.9 
Of which cloud recurring revenue, CRR   – – – – 
Non-recurring revenue   50.1 33.5 288.5 271.9 
Total   77.4 56.3 387.9 366.8 
Share of recurring revenue, %   35.3 40.5 25.6 25.9 
 
Business Innovation 
SEK million 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Recurring revenue   5.8 3.7 22.0 19.9 
Of which cloud recurring revenue, CRR   5.2 3.4 20.4 18.6 
Non-recurring revenue   1.2 4.8 25.1 28.7 
Total   7.0 8.5 47.1 48.6 
Share of recurring revenue, %   82.9 43.5 46.7 40.9 
 
Other Operations 
SEK million 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Recurring revenue   0.3 0.0 1.1 0.8 
Of which cloud recurring revenue, CRR   – – – – 
Non-recurring revenue   0.2 – 0.2 – 
Total   0.5 0.0 1.3 0.8 
Share of recurring revenue, %   60.0      100.0 84.6 100.0

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

Sectra’s three-month interim report 2024/2025 
20 (28) 
 
 
Note 5 Financial definitions and alternative performance measures 
The Group applies the European Securities and Markets Authority ( ESMA) Guidelines on Alternative Performance Measures. Alternat ive 
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. Recurri ng 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 c loud is 
reported as cloud recurring revenue (CRR). Revenue from system im plementations, migration and one-time purchases of licenses ar e not 
recognized as recurring revenue. 
Calculation 
Recurring revenue divided by total external sales. Refer to Note 4. 
 
 
Recurring revenue churn 
SEK thousand   
  
12 months 
Aug 2023–
Jul 2024 
Full-year 
May–Apr 
2023/2024 
Recurring revenue from customer contracts that have concluded or not been 
renewed 
  
7,511 7,247 
Recurring revenue     1,810,088 1,724,940 
Share of recurring revenue, %     0.4 0.4 
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 
    Jul 31,  
2024 
Jul 31,  
2023 
Apr 30, 
2024 
Equity, SEK thousand    1,654,220 1,386,349 1,569,591 
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 
   
8.59 
 
7.20 
 
8.15 
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   Jul 31,  
2024 
Jul 31,  
2023 
Apr 30, 
2024 
Non-interest-bearing liabilities   1,471,828 1,263,838 1,609,559 
Interest-bearing liabilities   45,884 78,000 31,788 
Total liabilities   1,517,712 1,341,838 1,641,347 
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 21 =====

Sectra’s three-month interim report 2024/2025 
21 (28) 
 
 
Cash flow per share before and after dilution 
 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr  
2023/2024 
Cash flow from operations, SEK thousand   -56,716 -98,298 367,907 326,326 
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 
Cash flow per share before and after dilution, SEK   -0.29 -0.51 1.91 1.69 
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 
Aug 2023–
Jul 2024 
Full-year 
May–Apr 
2023/2024 
Contracted order bookings    3,868,489 6,223,476 
Net sales    3,103,704 2,963,607 
Ratio of contracted order bookings to net sales    1.25 2.10 
Purpose Calculation 
Provides an indication of demand for the company’s products and 
services. 
Contracted order bookings divided by net sales. 
 
 
Liquidity 
SEK thousand   Jul 31,  
2024 
Jul 31,  
2023 
Apr 30, 
2024 
Current assets   2,437,958 2,184,430 2,522,148 
Unutilized overdraft facilities   15,000 15,000 15,000 
Current liabilities   1,444,450 1,269,923 1,588,763 
Liquidity   1.7 1.7 1.6 
Purpose Calculation 
Shows the company’s current ability to pay. Current assets plus unutilized overdraft facility divided by 
current liabilities. 
 
Average no. of employees 
Purpose Calculation 
Shows full-time positions in a certain period. 
 
Average number of full-time employees during the period. 
 
Unadjusted exchange rates – sales 
 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
Full-year 
May–Apr 
2023/2024 
Nominal change, %   24.0 20.6 26.1 
Exchange-rate effect, %   0.7 -6.4 -3.1 
Change in unadjusted exchange rates, %   24.7 14.2 23.0 
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 22 =====

Sectra’s three-month interim report 2024/2025 
22 (28) 
 
 
Unadjusted exchange rates – operating profit 
 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
Full-year 
May–Apr 
2023/2024 
Nominal change, %   44.0 7.7 13.6 
Exchange-rate effect, %   1.8 -13.0 -5.6 
Change in unadjusted exchange rates, %   45.8 -5.3 8.0 
Purpose Calculation 
Provides an indication of changes in financial measures for 
unadjusted exchange rates. 
Amounts for the current year restated at last year’s average exchange 
rates less last year’s amounts at last year’s average exchange rates, 
divided by last year’s amounts at last year’s rates. 
 
 
Unadjusted exchange rates – recurring revenue  
 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
Full-year 
May–Apr 
2023/2024 
Nominal change, %   21.4 27.9 26.8 
Exchange-rate effect, %   0.6 -6.5 -3.1 
Change in unadjusted exchange rates, %   22.0 21.4 23.7 
Purpose Calculation 
Provides an indication of changes in financial measures for 
unadjusted exchange rates. 
Amounts for the current year restated at last year’s average exchange 
rates less last year’s amounts at last year’s average exchange rates, 
divided by last year’s amounts at last year’s rates. 
 
 
Order bookings – guaranteed 
Purpose Calculation 
Indicates future revenue in the company. The share of contracted order bookings that corresponds to what the 
customer has undertaken to purchase when the contract is entered into. 
 
Order bookings – contracted 
Purpose Calculation 
Indicates future revenue in the company. The value of orde rs 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 
Aug 2023–
Jul 2024 
Full-year 
May–Apr 
2023/2024 
Share price at end of period    243.40 219.20 
Earnings per share for the rolling 12-month period     2.32 2.22 
P/E ratio, multiple    104.9 98.7 
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 23 =====

Sectra’s three-month interim report 2024/2025 
23 (28) 
 
 
Earnings per share before and after dilution 
 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr 
2023/2024 
Profit for the period, SEK thousand   80,401 61,556 447,233 428,388 
Average number of shares before and after 
dilution   192,667,489 192,667,489 192,667,489 192,667,489 
Earnings per share before and after 
dilution, SEK   
 
0.42 
 
0.32 
 
2.32 
 
2.22 
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 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr 
2023/2024 
Profit for the period   80,401 61,556 447,233 428,388 
Equity at start of period   1,569,591 1,296,669 1,386,349 1,296,669 
Equity at end of period   1,654,220 1,386,349 1,654,220 1,569,591 
Average equity   1,611,906 1,341,509 1,520,285 1,433,130 
Return on equity, %   5.0 4.6 29.4 29.9 
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 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr 
2023/2024 
Profit after financial items   101,260 77,526 576,508 552,774 
Financial expenses   -561 -424 -3,421 -3,284 
Average capital employed   1,650,742 1,421,640 1,582,227 1,490,155 
Return on capital employed, %   6.2 5.5 36.7 37.3 
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 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr 
2023/2024 
Operating profit   99,815 69,313 548,312 517,810 
Net sales   723,836 583,739 3,103,704 2,963,607 
Operating margin, %   13.8 11.9 17.7 17.5 
Purpose Calculation 
Measures operational profitability. This measure is used for the 
purpose of management by objectives in the operations. 
Operating profit divided by net sales.

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

Sectra’s three-month interim report 2024/2025 
24 (28) 
 
 
Operating profit per share 
    12 months 
Aug 2023–
Jul 2024 
Full-year 
May–Apr 
2023/2024 
Operating profit, SEK thousand    548,312 517,810 
Number of shares before dilution    192,667,489 192,667,489 
Operating profit per share, SEK    2.85 2.69 
Purpose Calculation 
Shows earnings per share before interest and taxes. O perating profit divided by the number of shares before 
dilution on the balance-sheet date. 
 
Debt/equity ratio 
SEK thousand   Jul 31,  
2024 
Jul 31,  
2023 
Apr 30, 
2024 
Interest-bearing liabilities   45,884 78,000 31,788 
Equity   1,654,220 1,386,349 1,569,591 
Debt/equity ratio   0.03 0.06 0.02 
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   Jul 31,  
2024 
Jul 31,  
2023 
Apr 30, 
2024 
Equity   1,654,220 1,386,349 1,569,591 
Total assets   3,171,932 2,728,187 3,210,938 
Equity/assets ratio, %   52.2 50.8 48.9 
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   Jul 31,  
2024 
Jul 31,  
2023 
Apr 30, 
2024 
Total assets   3,171,932 2,728,187 3,210,938 
Non-interest-bearing liabilities   1,471,828 1,263,838 1,609,559 
Capital employed   1,700,104 1,464,349 1,601,379 
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 25 =====

Sectra’s three-month interim report 2024/2025 
25 (28) 
 
 
Growth in operating profit per share over a five-year period 
SEK    12 months 
Aug 2023–
Jul 2024 
Full-year 
May–Apr 
2023/2024 
Operating profit per share before dilution    2.85 2.69 
Operating profit per share before dilution five years earlier    1.20 1.23 
Growth in operating profit per share before dilution  
over a five-year period, % 
    
138.0 
 
118.8 
Purpose Calculation 
Shows the growth of the operations over a five-year period. This 
measure is used for the purpose of management by objectives in 
the operations. 
Operating profit per share on the balance-sheet date less operating profit 
per share on the balance-sheet date five years earlier divided by 
operating profit per share on the balance-sheet date five years earlier. 
 
 
 
Profit margin 
SEK thousand 
  
3 months 
May–Jul 
 2024 
3 months 
May–Jul 
 2023 
12 months 
Aug 2023–
Jul 2024  
Full-year 
May–Apr 
2023/2024 
Profit after financial items   101,260 77,526 576,508 552,774 
Net sales   723,836 583,739 3,103,704 2,963,607 
Operating margin, %   14.0 13.3 18.6 18.7 
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 
 
 
3 months 
Jul 31, 
2024 
3 months 
Jul 31, 
2023 
12 months 
Jul 31, 
2024 
Full-year 
Apr 30, 
2024 
Contracted order bookings, SEK million 615.0 2,970.0 3,868.5 6,223.5 
   of which guaranteed order bookings, SEK million 543.1 344.4 3,418.1 3,219.4 
Operating margin, % 13.8 11.9 17.7 17.5 
Profit margin, % 14.0 13.3 18.6 18.7 
Average no. of employees 1,222 1,112 1,168 1,140 
Cash flow per share, SEK 1, 2 -0.29 -0.51 1.91 1.69 
P/E ratio, multiple  n/a n/a 104.9 98.7 
Share price at end of period, SEK  243.40 168.60 243.40 219.20 
Return on equity, % 5.0 4.6 29.4 29.9 
Return on capital employed, % 6.2 5.5 36.7 37.3 
Equity/assets ratio, % 52.2 50.8 52.2 48.9 
Liquidity ratio, multiple 1.7 1.7 1.7 1.6 
Equity per share, SEK 2 8.59 7.20 8.59 8.15 
1 Cash flow from operations. 2 Before and after dilution.

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

Sectra’s three-month interim report 2024/2025 
26 (28) 
 
 
Condensed consolidated income statements by quarter 
SEK million  2024/2025  2023/2024 2022/2023 
   Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Net sales   723.8 898.1 694.0 787.7 583.7 724.7 580.3 561.7 484.1 
Capitalized work for own use   12.9 16.3 19.3 17.9 18.0 20.6 14.7 11.5 9.0 
Other operating income   2.7 1.3 0.6 2.2 1.3 0.5 0.5 0.4 0.1 
Operating expenses   -613.5 -687.0 -614.9 -607.5 -509.2 -524.7 -485.2 -443.9 -406.6 
Depreciation/amortization and 
impairment   -26.1 -31.3 -24.7 -23.6 -24.5 -24.3 -23.3 -22.1 -22.2 
Operating profit    99.8 197.4 74.4 176.7 69.3 196.8 87.0 107.6 64.4 
Total financial items   1.5 14.7 -1.5 13.6 8.2 5.1 4.1 10.7 3.8 
Profit after financial items   101.3 212.1 72.9 190.3 77.5 201.9 91.1 118.3 68.2 
Tax on earnings for the period    -20.9 -53.6 -15.1 -39.7 -16.0 -47.3 -18.8 -24.4 -14.0 
Profit for the period    80.4 158.5 57.8 150.6 61.6 154.6 72.3 93.9 54.1 
 
 
Key figures by quarter 
     2024/2025  2023/2024 2022/2023 
   Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Contracted order bookings, SEK million   615.0 896.9 1,853.6 503.0 2,970.0 1,186.9 549.2 664.2 2,235.4 
of which guaranteed order bookings   543.1 762.3 1,652.5 460.1 344.4 811.6 484.0 605.6 705.3 
Recurring revenue, SEK million   482.3 463.5 434.7 429.6 397.2 376.6 356.4 316.4 310.4 
of which cloud services (CRR)   122.8 113.8 103.2 93.4 86.4 72.9 72.1 59.6 50.0 
Operating margin, %   13.8 22.0 10.7 22.4 11.9 27.2 15.0 19.2 13.3 
Earnings per share, SEK 1   0.42 0.82 0.30 0.78 0.32 0.80 0.38 0.49 0.28 
Cash flow per share, SEK 1    -0.29 0.69 1.21 0.30 -0.51 1.98 0.43 0.20 -0.33 
Return on equity, %    5.0 10.7 4.2 11.0 4.6 12.7 6.5 8.5 4.9 
Return on capital employed, %    6.2 14.2 5.3 13.5 5.5 15.6 7.8 10.2 5.8 
Equity/assets ratio, %    52.2 48.9 49.2 49.8 50.8 47.4 50.4 52.3 54.9 
Equity per share, SEK 1    8.59 8.15 7.20 6.96 7.20 6.73 5.94 5.54 5.95 
Share price at end of period, SEK   243.40 219.20 195.14 120.60 168.60 161.70 147.44 146.40 185.90 
1 Before and after dilution.  
 
 
 
Five-year summary 
 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020 
Contracted order bookings, SEK million 6,223.5 4,635.7 2,320.2 2,651.6 1,816.0 
Net sales, SEK million 2,963.6 2,350.8 1,949.1 1,632.4 1,661.1 
Operating profit, SEK million 517.8 455.7 383.4 350.1 295.3 
Profit after financial items, SEK million  552.8 479.4 394.5 348.2 303.0 
Profit for the period, SEK million 428.4 375.0 314.8 275.5 237.4 
Operating margin, % 17.5 19.4 19.7 21.4 17.8 
Profit margin, % 18.7 20.4 20.2 21.3 18.2 
Earnings per share before dilution, SEK 1 2.22 1.95 1.63 1.43 1.24 
Earnings per share after dilution, SEK 1 2.22 1.95 1.63 1.43 1.23 
Redemption program per share/dividend, SEK 1  1.10 1.10 1.00 0.90 0.90 
Share price at end of year, SEK 1 219.20 161.70 124.80 121.00 84.00 
P/E ratio, multiple 98.7 82.9 76.6 84.6 68.0 
Return on equity, % 29.9 31.5 31.9 32.2 30.7 
Return on capital employed, % 37.3 38.2 37.5 37.4 36.8 
Equity per share before dilution, SEK 1 8.15 6.73 5.61 4.65 4.24 
Equity per share after dilution, SEK 1 8.15 6.73 5.61 4.65 4.24 
Equity/assets ratio, % 48.9 47.4 49.3 54.2 54.1 
     1 Comparative figures per share have been restated due to the 5:1 share split that Sectra carried out in the second quarter of 21/22.

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

Sectra’s three-month interim report 2024/2025 
27 (28) 
 
 
Exchange rates 
Currency                                  Average rates in SEK Closing rates in SEK 
 
  
 3 months 
May–Jul 
2024 
3 months 
May–Jul 
2023 
Δ  
% Jul 31, 
2024 
Jul 31, 
2023 
Δ 
% 
US dollar, 1 USD     10.63 10.67 -0.4 10.69 10.46 2.2 
Euro, 1 EUR    11.45 11.62 -1.5 11.56 11.53 0.3 
British pound, 1 GBP    13.54 13.52 0.1 13.73 13.47 1.9 
 
 
 
 GLOSSARY  
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 28 =====

Sectra’s three-month interim report 2024/2025 
28 (28) 
 
 
 
 
 
 
 
 
 
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. Sect ra’s IT solutions and services for 
medical diagnostic imaging enable gr eater 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 ar e 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 exc eed—customer expectations. 
Constant innovation 
Close cooperation with customers, unive rsities 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 supplemente d 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 pro-
fitability. 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.