FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
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Sectra’s three-month interim report 2025/2026
1 (27)
REPORT PRESENTATION
September 4, 2025 at 10:00 a.m.
(CEST)
Follow online:
https://investor.sectra.com/q1report2526
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 SE K million
unless otherwise indicated. Amounts in parentheses pertain to the corresponding quarter/period in the preceding fiscal year.
Three-month report 2025/2026
Order bookings doubled following success in the
US and Canada
The Group reports double order bookings, increased sales in all
operating areas and a positive earnings trend in the first quarter of
2025/2026. In geographic terms, the US along with the Swedish
operations made the larges t contribution to the sales growth, despite
the fact the outcomes in the US were hampered by exchange-rate
effects. The ongoing transition to service sales is progressing well, with
growing recurring revenue.
FINANCIAL OUTCOME IN BRIEF
Figures in parentheses pertain to the corresponding period/quarter in the preceding fiscal year.
First quarter: May–July 2025
Contracted order bookings rose 112.9% to SEK 1,309.5 million (615.0), of which SEK 1,192.3 million (543.1)
pertained to guaranteed order bookings. Of the guaranteed order bookings, 7% were recognized as revenue during
the quarter and a further estimated 13–23% will pertain to revenue within 12 months after the end of the quarter.
Net sales increased 5.8% to SEK 765.9 million (723.8). Based on unadjusted exchange rates compared with the
year-earlier period, the increase was 12.1%. Recurring revenue accounted for SEK 549.2 million (482.3) of net
sales, up 13.9%. Based on unadjusted exchange rates, the increase was 20.8%. Cloud recurring revenue (CRR)
increased 46.1% to SEK 179.4 million (122.8).
Operating profit rose 19.0% to SEK 118.8 million (99.8), corresponding to an operating margin of 15.5% (13.8).
The outcome includes SEK 36.1 million (12.5) in costs for share-based incentive programs. The increase is partly
attributable to the start of a new program after the comparative quarter and partly to the share price trend. Based on
unadjusted exchange rates compared with the year-earlier period, operating profit rose 35.9%.
Profit for the period amounted to SEK 102.8 million (80.4).
Cash flow from operations amounted to SEK 118.1 million (-56.7). The change was primarily the result of a
decrease in capital tied up in current receivables.
Key figures Quarter 12 months
SEK million Q1 Q1 Δ R12 Full-year Δ
25/26 24/25 % 25/26 24/25 %
Contracted order bookings 1,309.5 615.0 112.9 9,400.6 8,706.1 8.0
of which guaranteed order bookings 1,192.3 543.1 119.5 8,302.2 7,653.0 8.5
Net sales 765.9 723.8 5.8 3,281.8 3,239.8 1.3
of which recurring revenue 549.2 482.3 13.9 2,134.2 2,067.4 3.2
of which cloud recurring revenue (CRR) 179.4 122.8 46.1 647.7 591.1 9.6
Operating profit 2 118.8 99.8 19.0 742.0 723.0 2.6
excluding patent settlement 118.8 99.8 19.0 632.0 613.0 3.1
Operating margin 2, % 15.5 13.8 n/a 22.6 22.3 n/a
excluding patent settlement, % 15.5 13.8 n/a 19.3 18.9 n/a
Profit for the period 2 102.8 80.4 27.9 585.8 563.4 4.0
Churn, % n/a n/a n/a 0.7 0.6 n/a
Earnings per share, SEK 1, 2 0.53 0.42 26.2 3.04 2.92 4.1
Cash flow from operations 118.1 -56.7 308.3 1,097.2 922.4 19.0
Average no. of employees 1,328 1,222 8.7 1,275 1,249 2.1
1 Before and after dilution
2 The outcomes for the full year and R12 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.
===== SIDA 2 =====
Sectra’s three-month interim report 2025/2026
2 (27)
Torbjörn Kronander,
President and CEO
Cloud services
+46%
recurring revenue
y-o-y
Churn
0.7%
of recurring revenue
R12
as-a-service
CEO’S COMMENTS
The fiscal year started with a favor able performance in both medical IT and
cybersecurity. Growth in North America was particularly notable. We are also
making progress in our change of business model to selling medical
diagnostic imaging to healthcare providers as a service. At the same time, we
continue to strengthen society’s resilience against cyberthreats through our
information security solutions.
Success in North America
In our medical operations, our growth in the US and Canada is continuing at a rapid rate.
During the quarter, we secured new contracts w ith some of the most reputable healthcare
providers in the region, while also renewing and expanding contracts with existing customers.
High customer satisfaction remains a strong competitive advantage that is contributing to our
success and enabling us to create long-term relationships.
During the quarter, we also received two new healthcare cybersecur ity certifications—Texas Ramp in the US and C5 in Germany.
The certifications were a result of our extensive work related to the security of healthcare IT solutions. It is crucial for ho spitals that
their systems are robust, as a breach could pose a risk for patien ts and lead to enormous costs for the hospitals themselves. T hese
certifications are therefore important, and in some cases a requirement, for offering our services.
Focus on deployment and increased volumes
The extensive customer contracts we secured in the last fiscal year will soon enter a phase during which customers will start to deploy
our solutions, albeit gradually over a number of years. While se veral large healthcare providers will start producing examinations in
2025/2026, we expect the financial impact from this to remain relatively small during the fiscal year. Once these customers go live,
our focus will be on helping them to maximize the benefits of our services and increasing their use—efforts that will ultimatel y
generate stable growth in recurring revenue and further strengthen our customer relationships.
Increased investment in resilience and security in NATO countries
In Secure Communications, we see continuing favorable demand, not least as a result of security developments. While NATO’s decision
during the summer to increase member states’ defense and security investments has not had an immediate impact on our business, it will
create further opportunities in the long term. We are well positioned to contribute solutions for secure communication and information
sharing that make societies more resistant to cyberthreats. Our solutions were used, for example, at the NATO summit in the Netherlands
during the summer (refer to page 10). This is a highly prestigious recognition and a clear indication that we have captured a l eading
position in our segment. This example demonstrates how our innovations help customers to protect decision-makers and citizens alike,
at a time when information security is more important than ever . Our technologies, such as Tiger/S and other security solutions we
develop, protect sensitive data and ensure that diplomacy and crisis management can occur under secure conditions.
The future
Efficient medical care and cybersecurity are areas that will continue to grow for a long time to come. We grow by adding new customers,
and by existing customers remaining with us and increasing their use of our services. Together with our customers, we are continuing to
work for a healthier and safer society. Our comprehensive transformation to selling services that are delivered via the cloud is a strategic
initiative to position us for the future. We are doing this to be able to deliver faster, become more scalable and create more secure solutions
for our customers, who need to manage growing image volumes, ease the burden on their IT departments and strengthen their protection
against cyberthreats. The initiative is laying the foundation for enterprise imaging, integrated diagnostics and precision medi cine.
However, the transition will require persistence and a long-term focus. Although it will have a negative impact on our financia l
performance in the short term, it will provide us with a stronger and more scalable business model in the long term. Thanks to this
transformation, a high level of customer trust, and innovative offerings, we are well equipped for the future.
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OPERATIONAL TARGETS AND FINANCIAL GOALS
Sectra’s overall operational target is to create significant customer value. Customers should be so satisfied with their experi ence
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 profita bility are considered fundamental goals. Once these goals hav e
been met, the focus shifts to earnings growth per share, whic h 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:
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
outcomes 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 outcome.
The operating margin was impacted by
the ongoing transformation of the
business model, with a large share of
growth attributable to entirely new
customers. This entails an initial increase
in costs before these customers reach
the expected volumes. Including the
patent settlement, the operating margin
for the latest rolling 12-month period
was 22.6%.
The profit growth is well above the goal.
Operating profit per share has grown as
a result of higher revenue and cost
control, which explains the increase in
the first quarter of 2025/2026.
Including the patent settlement, growth
was 152.7% over the last five years.
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
19.3% 115.3% 54.5%
Excluding patent settlement
Including patent settlement
Goal
Outcome of operational targets
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Sectra’s three-month interim report 2025/2026
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EVENTS
First quarter
Imaging IT Solutions
The use of Sectra’s services for enterprise imaging is growing in the US through new prestigious customers, add-
on sales and customers converting from traditional system solutions to Sectra One. One of these new customers is
a leading medical center that has chosen Sectra One Cloud to improve efficiency and collaboration in its radiology,
mammography, cardiology and orthopaedics departments. The contract extends for five years, with a contracted
order value of USD 21 million, corresponding to approximately SEK 206 million, of which approximately SEK
196 million is guaranteed order bookings. The orders during the quarter also included an expanded collaboration
with one of the country’s largest regional healthcare providers, which previously ordered Sectra One Cloud
modules for radiology and ophthalmology and has now also chosen to use the digital pathology module.
Sectra secured several new customers in Canada, including a multiyear agreement with ENHANCE Ontario,
whose partner organizations plan to consolidate their imaging across 13 hospital sites using Sectra’s services.
Several customers signed agreements to use Sectra Amplifier Services, Sectra’s AI service for better patient care
and more efficient workflows, including the Canadian hospital system William Osler Health System and the
German medical center Universitätsmedizin Göttingen.
Sectra has received a number of cybersecurity certifications, which are increasingly being required for healthcare
providers to use Sectra’s medical products. The certifications include Texas Ramp in the US and Cloud Computing
Compliance Criteria Catalogue (C5) in Germany, where Sectra became one of the first medical IT providers to
obtain a so-called C5 certificate.
Three university hospitals from a large region in France signed contracts for Sectra’s digital pathology solution. By
adopting a digital workflow, the hospitals can strengthen their collaboration and thus further enhance cancer
diagnostics in the region.
After the end of the reporting period
No events of significant importance for the assessment of Sectra’s financial position and earnings took place
between the balance-sheet date and the publication date of this interim report.
International healthcare provider
goes live with Sectra One Cloud in
the UK
A private healthcare provider delivering medical imaging
services at more than 20 hospitals and clinics in the UK
went live with Sectra One Cloud during the first quarter.
With our services and our scalable enterprise imaging
solution operated in a public cloud, we are helping the
customer modernize and streamline the management of
nearly 500,000 exams per year within radiology and
mammography. The first sites went live in mid-June
2025, and within two weeks all sites were using Sectra’s
services. The healthcare pr ovider’s organization has
previously deployed Sectra’s solutions at some of its
clinics in the US.
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Sectra’s three-month interim report 2025/2026
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0
2 000
4 000
6 000
8 000
10 000
0
1 000
2 000
3 000
4 000
5 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
23/24 24/25 25/26
Quarter R12
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 the company’s markets can
be found in Sectra’s latest Annual Report and Sustainability Report.
Order bookings
Contracted order bookings for the quarter rose 112.9% to SEK
1,309.5 million (615.0). The year-on-year increase was primarily
attributable to the operations in the US and Canada. A total of
SEK 1,192.3 million (543.1) was guaranteed order bookings. The
ratio of contracted order bookings to net sales for the latest rolling
12-month period totaled 2.9, 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 signi-
ficant variations in order bookings between individual quarters
and periods.
Net sales and recurring revenue
The Group’s net sales rose 5.8% to SEK 765.9 million (723.8).
Based on unadjusted exchange rates, consolidated sales increased
12.1% 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. Recurring
revenue accounted for SEK 549.2 million (482.3) of sales. This
represents an increase of 13.9% and an increase of 20.8% based
on unadjusted exchange rates. Lost recurring revenue (recurring
revenue churn) for the last 12-month period was 0.7%. Cloud
recurring revenue (CRR) increased 46.1% to SEK 179.4 million
(122.8). Non-recurring revenue decreased 10.3% to SEK 216.7
million (241.5) due to the ongoing transition to service deliveries.
All operating areas contributed to the Group’s sales growth. In
geographic terms, the operations in the US and Sweden reported
the single largest year-on-year sales increases. 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
Total Increase Decrease
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
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Sectra’s three-month interim report 2025/2026
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Revenue (per quarter) and sales (R12), SEK million Sales (R 12) by geographic market, SEK million
0
200
400
600
800
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
23/24 24/25 25/26
Patent settlement
Quarter excl. patent settlement
R12 excl. patent settlement
R12 incl. patent settlement
0
200
400
600
800
1 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
23/24 24/25 25/26
US Rest of Europe
Sweden UK
Rest of World
0
500
1 000
1 500
2 000
2 500
3 000
3 500
0
200
400
600
800
1 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
23/24 24/25 25/26
Other recuring revenue Cloud recurring revenue
Non-recurring revenue Sales
Result
The Group’s operating profit increased 19.0% to SEK 118.8 million (99.8). Based on unadjus ted exchange rates, the year-on-year
increase was 35.9%. All operating areas reported higher operating profit than in the comparative quarter. The Group’s operating
margin amounted to 15.5% (13.8). The outcome includes SEK 36.1 million (12.5) in costs for share-based incentive programs. The
increase was partly attributable to the start of a new program after the comparative quarter and partly to the share price trend.
The Group’s financial items amounted to SEK 11.5 million (1.4). Currency fluctuations had an impact of SEK 5.3 million (-1.7) 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 130.3 million (101.3) . This outcome corresponds to a profit margin of 17.0% (14.0) .
Earnings per share before and after dilution totaled SEK 0.53 (0.42).
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
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Sectra’s three-month interim report 2025/2026
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Cash flow from operations for the Group,
SEK million
-200
0
200
400
600
800
Q1
Q2
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Q4
Q1
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Q1
23/24 24/25 25/26
-100
-50
0
50
100
150
200
250
-20
-10
0
10
20
30
40
50
Q1
Q2
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Q4
Q1
Q2
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Q4
Q1
23/24 24/25 25/26
Capitalization, quarter
Depreciation/amortization, quarter
Carrying amount at end of period
Financial position and cash flow
The Group’s cash and cash equivalents at the end of the reporting period
amounted to SEK 1,426.5 million (699.4).
The Group’s debt/equity ratio was 0.05 (0.03) as of the balance-sheet date.
Interest-bearing lease liabilities amounted to SEK 96.7 million (45.9). The
change was due to the fact that several new leases were signed during the
preceding fiscal year as a result of Sectra’s growth.
Cash flow from operations amounted to SEK 118.1 million (-56.7). The
change was primarily the result of a decrease in capital tied up in current
receivables.
Cash flow per share amounted to SEK 0.61 (-0.29).
Cash flow from investing activities amounted to SEK -31.2 million (-43.1).
Refer to the additional information about investments below.
The Group’s total cash flow for the period amounted to SEK 80.6 million
(-104.1).
Investments and depreciation/amortization
Investments amounted to SEK 31.2 million (43.1). Capitalized work for
own use amounted to SEK 23.0 million (12.9). Capitalization includes the
development of cloud-based services for medical diagnostics.
Total depreciation/amortization amounted to SEK 27.6 million (26.1). Of
the total depreciation/amortization for the quarter, SEK 12.7 million (11.0)
was attributable to capitalized development expenditures. At the end of the
period, capitalized development expenditures totaled SEK 243.0 million
(204.7).
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.
Capitalized development expenditures,
SEK million
Read Sectra’s 2024/2025 Annual Report and
Sustainability Report
https://investor.sectra.com/annual-reports
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Sectra’s three-month interim report 2025/2026
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0
500
1 000
1 500
2 000
2 500
3 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
23/24 24/25 25/26
OPERATING AREA IMAGING IT SOLUTIONS
Quarter 12 months
Q1 Q1 Δ R12 Full-year Δ
25/26 24/25 % 25/26 24/25 %
Sales, SEK million 665.0 639.9 3.9 2,823.1 2,798.0 0.9
of which external recurring revenue 513.3 448.9 14.3 1,989.2 1,924.8 3.3
of which cloud recurring revenue 174.7 117.6 48.6 628.6 571.5 10.0
Operating profit, SEK million 113.7 95.0 19.7 586.3 567.6 3.3
Operating margin, % 17.1 14.8 n/a 20.8 20.3 n/a
Imaging IT Solutions noted sales growth and a year-on-year increase in
operating profit. Recurring revenue grew, primarily due to customers’
increased use of Sectra’s cloud-based services for medical imaging. Non-
recurring revenue was lower than in the comparative quarter, mainly as a
result of customers purchasing servi ces instead of traditional software
licenses.
Profitability was impacted by ongoing initiatives, the most extensive of
which was the transition to becoming a service provider. Currency also had
a negative impact on outcomes. While these factors had dampening effects
on the financial outcome, they have thus far been offset by the strong
underlying growth of the operations.
Numerous new customers will go live during the fiscal year and in the coming
years. Work to prepare for the deliver ies is ongoing, and none of the largest
customers are in full production yet. Revenue is growing as customers put
the systems into operation, but it could take several years for major customers
to become fully operational and reach planned volumes. One of those new,
major customers is MSSS Québec in Canada. The client has been dealing
with a legal challenge regarding the award of the contract. The challenge has
now been closed and no longer poses a risk to the project.
During the first quarter, Sectra signed additional contracts with prestigious
customers, mainly in the US and Canada but also in other parts of the world.
Order bookings include agreements with new customers, add-on orders and
contracts with existing customers who have chosen to convert from Sectra’s
traditional system solutions to Sectra One.
Trend, SEK million
Sales, R12
Operating profit, R12
Cloud Recurring Revenue
y-o-y
+49 %
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OPERATING AREA BUSINESS INNOVATION
Quarter 12 months
Q1 Q1 Δ R12 Full-year Δ
25/26 24/25 % 25/26 24/25 %
Sales, SEK million 22.2 17.6 26.1 95.4 90.8 5.1
of which external recurring revenue 5.4 5.8 -6.9 22.8 23.2 -1.7
of which cloud recurring revenue 4.7 5.2 -9.6 19.1 19.5 -2.1
Operating profit/loss, SEK million 1.6 -0.3 633.3 11.8 9.9 19.2
Operating margin, % 7. 2 neg n/a 12.4 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.
While the segment’s recurring revenue was lower than in the comparative
quarter, this was offset by higher non-recurring revenue in both the Medical
Education and the Orthopaedics units. 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
Research could help healthcare manage
growing volumes of genomics data
Genetic information is increasingly being used, particularly in
cancer care. Managing the dramatic increase in genomics data for
medical diagnostics poses a major challenge. New methods are
therefore needed to provide patients with better and more
customized diagnostics and treatment. As part of a doctoral
project, Emilia Ståhlbom is develop ing new types of visualization
concepts that bring together differ ent types of data. Emilia is an
industrial PhD student at the Department of Media and Information
Technology at Linköping University and a Sectra employee.
“We are trying to combine as much information as possible in a
single visualization. This provi des a faster overview of large
volumes of data and makes it possible to more efficiently find
relevant information and more mutations that may be important to
the patient’s treatment,” says Emilia Ståhlbom.
The vision for the research project is to create a detailed picture of
the patient’s disease and handle even larger amounts of data,
making DNA sequencing a routine part of healthcare and allowing
more patients to receive more personalized care.
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-100
0
100
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600
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
23/24 24/25 25/26
OPERATING AREA SECURE COMMUNICATIONS
Quarter 12 months
Q1 Q1 Δ R12 Full-year Δ
25/26 24/25 % 25/26 24/25 %
Sales, SEK million 92.8 77.5 19.7 422.2 407.0 3.7
of which external recurring revenue 30.5 27.3 11.7 122.0 118.7 2.8
Operating profit 1, SEK million 10.8 10.1 6.9 174.9 174.2 0.4
excl. patent settlement, SEK million 10.8 10.1 6.9 64.9 64.2 1.1
Operating margin 1, % 11.6 13.0 n/a 41.4 42.8 n/a
excl. patent settlement, % 11.6 13.0 n/a 15.4 15.8 n/a
1 The outcomes for the full year and R12 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.
Secure Communications noted sales growth and increased operating profit.
This growth was driven by Sectra’s ability to help customers protect their
communications and critical infrastructure, which has led to growing
volumes of product deliveries and development assignments. The outcome
varies considerably between quarters, which is natural given the nature of
the operations.
The financial development was temporarily hampered by the fact that an
ongoing development assignment in a major customer project was extended
at the end of the previous fiscal y ear. While it is positive that the project
was extended, this also means that the contracted serial deliveries that
should have started at the end of the last fiscal year have been postponed
until the end of 2025/2026.
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. During the
first quarter, some customers extended their existing contracts to ensure
access to Sectra's products and services for secure communications as well
as security monitoring of critical infrastructure.
Sales, R12
Operating profit excl. patent settlement, R12
Operating profit incl. patent settlement, R12
Trend, SEK million
Sectra Tiger/S ensured secure
communications during NATO
summit
During the quarter, Sectra’s NATO-approved
communication solution played a key role when the
leaders of the NATO countries gathered in The Hague
to discuss the serious security situation and the need
for increased defense investment.
The Dutch authorities in charge of hosting chose to
use Sectra’s services for secure communication
before and during the summit. Sectra’s NATO-
approved encryption solutions enabled efficient and
secure collaboration between authorities, including
ministries, security services and the police. The
assignment highlights how Sectra’s innovations are
used to strengthen international security and protect
sensitive information.
===== SIDA 11 =====
Sectra’s three-month interim report 2025/2026
11 (27)
OTHER OPERATIONS
Quarter 12 months
Q1 Q1 Δ R12 Full-year Δ
25/26 24/25 % 25/26 24/25 %
Sales, SEK million 67.9 47.3 43.6 237.5 216.9 9.5
Operating loss, SEK million -9.1 -9.1 0.0 -37.2 -37.2 0.0
Operating margin, % neg neg n/a neg neg n/a
Other Operations pertain to Sectra’s joint functions for admi nistration, recruitment, Group finance, IT, regulatory affairs, pe ople
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 16. 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).
2025 AGM AND PROPOSED DIVIDEND
2025 AGM
The AGM will be held on September 9, 2025 in Linköping. Visit the event page https://investor.sectra.com/agm2025 for
information on the proposals of the Board and the Nomina tion Committee as well as the documentation for the AGM.
Proposed dividend
For the 2024/2025 fiscal year, the Board and CEO have proposed that the AGM resolve on an ordinary dividend of SEK
1.10 per share and an extraordinary dividend of SEK 1.00 per share, considering the year’s strong cash flow and Sectra’s
financial position. The proposed record date for receivi ng dividends is September 11, 2025. If the AGM resolves in
accordance with the Board’s proposal, payment is expected to take place on September 16, 2025. The corresponding
distribution to the shareholders in the preceding year was SEK 1.10 per share and was issued through a redemption program,
a method that can no longer be used. The proposal was announced in Sectra’s year-end report published on June 5, 2025.
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 2024 AGM, during the period until the 2025 AGM, to decide on new share issues of
a maximum of 18,500,000 Class B shares and to decide on the acqui sition 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.com/agm2024. 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 risk s 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 liqui dity 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.
===== SIDA 12 =====
Sectra’s three-month interim report 2025/2026
12 (27)
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 4, 2025 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/q1report2526.
Financial calendar and AGM
Annual General Meeting September 9, 2025 at 3:30 p.m. (CEST)
Six-month interim report December 12, 2025 at 8:15 a.m. (CET)
Nine-month interim report March 6, 2026 at 8:15 a.m. (CET)
Year-end report June 5, 2026 at 8:15 a.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) he reby assure that the interim report from May 1 to July 31, 2025
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
President, CEO and Board member Chairman Board member
Ulrika Unell Anders Persson Fredrik Robertsson
Board member Board member Board member
Birgitta Hagenfeldt Pontus Svärd Andreas Häll
Board member Board member and employee re presentative Board 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 4, 2025.
Sectra AB (publ), Corporate Registration Number 556064-8304, https://sectra.com, email info@sectra.com
===== SIDA 13 =====
Sectra’s three-month interim report 2025/2026
13 (27)
GROUP
Condensed consolidated income statements
SEK thousand
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Net sales (Note 4) 765,854 723,836 3,281,829 3,239,811
Capitalized work for own use 23,007 12,915 84,185 74,093
Other operating income 1 7,123 2,729 230,750 226,356
Total income 795,984 739,480 3,596,764 3,540,260
Goods for resale -105,193 -103,285 -443,620 -441,712
Personnel costs -420,309 -380,144 -1,638,862 -1,598,697
Other external costs -124,110 -130,088 -659,346 -665,324
Depreciation/amortization and
impairment
-27,573 -26,148 -112,955 -111,530
Total operating expenses -677,185 -639,665 -2,854,783 -2,817,263
Operating profit 118,799 99,815 741,981 722,997
Total financial items 11,500 1,445 13,339 3,284
Profit after financial items 130,300 101,260 755,320 726,281
Taxes -27,515 -20,859 -169,566 -162,910
Profit for the period 102,785 80,401 585,784 563,371
Profit for the period attributable to:
Parent Company owners 102,785 80,401 585,754 563,371
Earnings per share
Before dilution, SEK 0.53 0.42 3.04 2.92
After dilution, SEK (Note 3) 0.53 0.42 3.04 2.92
1 The outcome for full-year 2024/2025 include the patent settlement of SEK 195 million.
Consolidated statement of comprehensive income
SEK thousand
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Profit for the period 102,785 80,401 585,754 563,371
Items that may be reversed in profit or
loss
Translation differences 9,086 -3,450 -34,991 -47,527
Total other comprehensive income for
the period
9,086 -3,450 -34,991 -47,527
Total comprehensive income for the
period
111,871 76,951 550,763 515,844
Comprehensive income for the period
attributable to:
Parent Company owners 111,871 76,951 550,763 515,844
===== SIDA 14 =====
Sectra’s three-month interim report 2025/2026
14 (27)
Condensed consolidated balance sheets
SEK thousand Jul 31,
2025
Jul 31,
2024
Apr 30,
2025
Assets
Intangible assets and goodwill 295,323 263,633 283,063
Tangible assets 219,252 228,015 220,654
Right-of-use assets 115,320 68,539 106,415
Financial assets 245,453 165,157 178,464
Deferred tax assets 9,235 8,630 8,502
Total fixed assets 884,583 733,974 797,098
Accounts receivable 419,717 566,537 572,036
Other current assets 110,686 43,769 106,492
Prepaid expenses and accrued income 916,414 1,128,297 938,732
Cash and bank balances 1,426,469 699,355 1,341,871
Total current assets 2,873,286 2,437,958 2,959,131
Total assets 3,757,869 3,171,932 3,756,229
Equity and liabilities
Equity 2,046,764 1,654,220 1,916,825
Deferred tax liabilities 4,397 6,721 4,063
Provisions 84,377 33,729 58,318
Non-current lease liabilities 72,445 32,812 63,840
Other long-term liabilities 12,178 – 11,733
Total long-term liabilities 173,397 73,262 137,954
Provisions 6,653 3,364 5,619
Current lease liabilities 24,301 13,072 23,617
Other current liabilities 216,081 164,303 263,267
Accrued expenses and deferred income 1,290,673 1,263,711 1,408,947
Total current liabilities 1,537,708 1,444,450 1,701,450
Total equity and liabilities 3,757,869 3,171,932 3,756,229
===== SIDA 15 =====
Sectra’s three-month interim report 2025/2026
15 (27)
Consolidated cash-flow statements
SEK thousand 3 months
May–Jul
2025
3 months
May–Jul
2024
Full-year
May–Apr
2024/2025
Operating activities
Operating profit 118,799 99,815 722,997
Adjustment for non-cash items 74,309 47,491 179,581
Interest received 7,562 3,731 31,403
Interest paid -1,340 -561 -4,308
Income tax paid -60,250 -70,199 -171,703
Cash flow from operations before changes in working capital 139,080 80,277 757,970
Changes in working capital
Change in inventories -6,683 -11,412 -1,108
Change in receivables 139,547 -28,435 -16,367
Change in current liabilities -153,806 -97,146 181,869
Cash flow from operations 118,138 -56,716 922,364
Investing activities
Acquisitions of intangible assets -24,482 -12,914 -75,237
Acquisitions of tangible assets -6,746 -30,169 -34,755
Acquisition of financial assets – – -3,872
Cash flow from investing activities -31,228 -43,083 -113,864
Financing activities
Repayment of lease liabilities -6,292 -4,336 -39,950
Redemption of shares – – -211,935
Cash flow from financing activities -6,292 -4,336 -251,885
Cash flow for the period 80,618 -104,135 556,615
Cash and cash equivalents, opening balance 1,341,871 804,640 804,640
Exchange-rate difference in cash and cash equivalents 3,980 -1,150 -19,384
Cash and cash equivalents, closing balance 1,426,469 699,355 1,341,871
Condensed consolidated statement of changes in equity
SEK thousand 3 months
May–Jul
2025
3 months
May–Jul
2024
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 111,871 76,951 515,844
Dividend/redemption of shares – – -211,935
Share-based payments 18,068 7,678 43,325
Equity at end of period 2,046,764 1,654,220 1,916,825
===== SIDA 16 =====
Sectra’s three-month interim report 2025/2026
16 (27)
PARENT COMPANY
Condensed Parent Company income statements
SEK thousand
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Net sales 69,089 47,356 244,915 223,182
Capitalized work for own use 0 1,221 1,596 2,817
Other operating income 2,456 17 9,244 6,805
Total income 71,545 48,594 255,755 232,804
Goods for resale -22,814 -10,577 -67,854 -55,617
Personnel costs -20,284 -17,595 -85,972 -83,283
Other external costs -40,166 -31,986 -150,466 -142,286
Depreciation/amortization
-1,057 -446 -2,426 -1,815
Total operating expenses -84,321 -60,604 -306,718 -283,001
Operating loss -12,776 -12,010 -50,963 -50,197
Total financial items 6,542 1,471 101,050 95,979
Profit/loss after financial items -6,234 -10,539 50,087 45,782
Appropriations – – 542,000 542,000
Profit/loss before tax -6,234 -10,539 592,087 587,782
Tax on earnings for the period – – -104,356 -104,356
Profit/loss for the period -6,234 -10,539 487,731 483,427
Parent Company statement of comprehensive income
SEK thousand
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Profit/loss for the period -6,234 -10,539 487,731 483,427
Total comprehensive income for the
period -6,234 -10,539 487,731 483,427
Condensed Parent Company balance sheets
SEK thousand Jul 31,
2025
Jul 31,
2024
Apr 30,
2025
Assets
Intangible assets 11,400 10,405 12,000
Tangible assets 6,799 7,240 6,975
Financial assets 322,357 375,074 330,409
Total fixed assets 340,556 392,719 349,384
Accounts receivable 2,997 945 9,190
Receivables from Group companies 704,511 856,651 1,113,990
Other current assets 38,403 23,647 41,474
Cash and bank balances 1,239,853 569,805 1,145,466
Total current assets 1,985,764 1,451,048 2,310,120
Total assets 2,326,320 1,843,767 2,659,504
Equity and liabilities
Restricted equity 276,880 275,684 277,480
Unrestricted equity 1,105,380 777,416 1,093,723
Total equity 1,382,260 1,053,100 1,371,203
Provisions 7,128 3,069 6,327
Current liabilities 936,932 787,598 1,281,974
Total equity and liabilities 2,326,320 1,843,767 2,659,504
===== SIDA 17 =====
Sectra’s three-month interim report 2025/2026
17 (27)
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 polic ies and calculation methods applied are cons istent 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 Em ployees and personnel costs in the 2024/2025 Annual Report, no signi ficant
transactions with related parties took place in the reporting period.
Note 3 Number of shares
No. of common shares 1, 2
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
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 2, 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
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Imaging IT Solutions 113.7 95.0 586.3 567.6
Secure Communications 10.8 10.1 174.9 174.2
Business Innovation 1.6 -0.3 11.8 9.9
Other Operations -9.1 -9.1 -37.2 -37.2
Group eliminations 1.8 4.1 6.2 8.5
Total 118.8 99.8 742.0 723.0
SEK million
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
United States 210.4 179.0 930.9 899.5
Sweden 152.0 132.9 647.0 627.9
United Kingdom 155.1 156.7 611.9 613.5
Rest of Europe 186.2 187.2 826.8 827.8
Rest of World 62.2 68.0 265.2 271.1
Total 765.9 723.8 3,281.8 3,239.8
Sales by business segment
SEK million
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Imaging IT Solutions 665.0 639.9 2,823.1 2,798.0
Secure Communications 92.8 77.5 422.2 407.0
Business Innovation 22.2 17.6 95.4 90.8
Other Operations 67.9 47.3 237.5 216.9
Group eliminations -82.0 -58.5 -296.4 -272.9
Total 765.9 723.8 3,281.8 3,239.8
Sales by geographic market
===== SIDA 18 =====
Sectra’s three-month interim report 2025/2026
18 (27)
Recurring and non-recurring external revenue by business segment
Group
SEK million
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Recurring revenue 549.2 482.3 2,134.2 2,067.4
Of which cloud recurring revenue, CRR 179.4 122.8 647.7 591.1
Non-recurring revenue 216.7 241.5 1,147.6 1,172.4
Total 765.9 723.8 3,281.8 3,239.8
Share of recurring revenue, % 71.7 66.6 65.0 63.8
Imaging IT Solutions
SEK million
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Recurring revenue 513.3 448.9 1,989.2 1,924.8
Of which cloud recurring revenue, CRR 174.7 117.6 628.6 571.5
Non-recurring revenue 151.9 190.1 829.7 867.9
Total 665.2 639.0 2,818.9 2,792.7
Share of recurring revenue, % 77.2 70.3 70.6 68.9
Secure Communications
SEK million
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Recurring revenue 30.5 27.3 122.0 118.7
Of which cloud recurring revenue, CRR – – – –
Non-recurring revenue 62.3 50.1 299.8 287.7
Total 92.8 77.4 421.8 406.4
Share of recurring revenue, % 32.9 35.3 28.9 29.2
Business Innovation
SEK million
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Recurring revenue 5.4 5.8 22.8 23.2
Of which cloud recurring revenue, CRR 4.7 5.2 19.1 19.5
Non-recurring revenue 2.5 1.2 18.1 16.8
Total 7.9 7.0 40.9 40.0
Share of recurring revenue, % 68.4 82.9 55.7 58.0
Other Operations
SEK million
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Recurring revenue 0.0 0.3 0.4 0.7
Of which cloud recurring revenue, CRR – – – –
Non-recurring revenue 0.0 0.2 0.0 0.0
Total 0.0 0.5 0.4 0.7
Share of recurring revenue, % 100.0 60.0 100.0 100.0
===== SIDA 19 =====
Sectra’s three-month interim report 2025/2026
19 (27)
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. 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 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Recurring revenue from customer contracts that have concluded or not been
renewed
14,410 12,972
Recurring revenue 2,134,214 2,067,354
Recurring revenue churn, % 0.7 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
Jul 31,
2025
Jul 31,
2024
Apr 30,
2025
Equity, SEK thousand 2,046,764 1,654,220 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
10.62
8.59
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 Jul 31,
2025
Jul 31,
2024
Apr 30,
2025
Non-interest-bearing liabilities 1,602,181 1,471,828 1,740,213
Interest-bearing liabilities 108,924 45,884 99,190
Total liabilities 1,711,105 1,517,712 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 20 =====
Sectra’s three-month interim report 2025/2026
20 (27)
Cash flow per share before and after dilution
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Cash flow from operations, SEK thousand 118,138 -56,716 1,097,218 922,364
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
Cash flow per share before and after
dilution, SEK 0.61 -0.29 5.69 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
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Contracted order bookings 9,400,633 8,706,063
Net sales 3,281,829 3,239,811
Ratio of contracted order bookings to net sales 2.86 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 Jul 31,
2025
Jul 31,
2024
Apr 30,
2025
Current assets 2,873,286 2,437,958 2,959,131
Unutilized overdraft facilities 15,000 15,000 15,000
Current liabilities 1,537,708 1,444,450 1,701,450
Liquidity 1.9 1.7 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 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
2025
3 months
May–Jul
2024
Full-year
May–Apr
2024/2025
Nominal change, % 5.8 24.0 9.3
Exchange-rate effect, % 6.3 0.7 0.9
Change in unadjusted exchange rates, % 12.1 24.7 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 21 =====
Sectra’s three-month interim report 2025/2026
21 (27)
Unadjusted exchange rates – operating profit
3 months
May–Jul
2025
3 months
May–Jul
2024
Full-year
May–Apr
2024/2025
Nominal change, % 19.0 44.0 39.6
Exchange-rate effect, % 16.9 1.8 1.9
Change in unadjusted exchange rates, % 35.9 45.8 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 1.
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
2025
3 months
May–Jul
2024
Full-year
May–Apr
2024/2025
Nominal change, % 13.9 21.4 19.9
Exchange-rate effect, % 6.9 0.6 0.8
Change in unadjusted exchange rates, % 20.8 22.0 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 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 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Share price at end of period 363.0 296.60
Earnings per share for the rolling 12-month period 3.04 2.92
P/E ratio, multiple 119.4 101.6
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 22 =====
Sectra’s three-month interim report 2025/2026
22 (27)
Earnings per share before and after dilution
3 months
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Profit for the period, SEK thousand 102,785 80,401 585,754 563,371
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
0.53
0.42 3.04
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
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Profit for the period 102,785 80,401 585,754 563,371
Equity at start of period 1,916,825 1,569,591 1,654,220 1,569,591
Equity at end of period 2,046,764 1,654,220 2,046,764 1,916,825
Average equity 1,981,795 1,611,906 1,850,492 1,743,208
Return on equity, % 5.2 5.0 31.7 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
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Profit after financial items 130,300 101,260 755,320 726,281
Financial expenses -1,340 -561 -5,087 -4,308
Average capital employed 2,085,852 1,650,742 1,927,896 1,808,698
Return on capital employed, % 6.3 6.2 39.4 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
May–Jul
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Operating profit 118,799 99,815 741,981 722,997
Net sales 765,854 723,836 3,281,829 3,239,811
Operating margin, % 15.5 13.8 22.6 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 1.
Operating profit divided by net sales.
===== SIDA 23 =====
Sectra’s three-month interim report 2025/2026
23 (27)
Operating profit per share
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Operating profit, SEK thousand 741,981 722,997
Number of shares before dilution 192,667,489 192,667,489
Operating profit per share, SEK 3.85 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 1.
Operating profit divided by the number of shares before
dilution on the balance-sheet date.
Debt/equity ratio
SEK thousand Jul 31,
2025
Jul 31,
2024
Apr 30,
2025
Interest-bearing liabilities 108,924 45,884 99,190
Equity 2,046,764 1,654,220 1,916,825
Debt/equity ratio 0.05 0.03 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 Jul 31,
2025
Jul 31,
2024
Apr 30,
2025
Equity 2,046,764 1,654,220 1,916,825
Total assets 3,757,869 3,171,932 3,756,229
Equity/assets ratio, % 54.5 52.2 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 Jul 31,
2025
Jul 31,
2024
Apr 30,
2025
Total assets 3,757,869 3,171,932 3,756,229
Non-interest-bearing liabilities 1,602,181 1,471,828 1,740,213
Capital employed 2,155,688 1,700,104 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 24 =====
Sectra’s three-month interim report 2025/2026
24 (27)
Growth in operating profit per share over a five-year period
SEK 12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Operating profit per share before dilution 3,851 3,752
Operating profit per share before dilution five years earlier 1,524 1,534
Growth in operating profit per share before dilution
over a five-year period, %
152.7
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 1.
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
2025
3 months
May–Jul
2024
12 months
Aug 2024
–Jul 2025
Full-year
May–Apr
2024/2025
Profit after financial items 130,300 101,260 755,320 726,281
Net sales 765,854 723,836 3,281,829 3,239,811
Profit margin, % 17.0 14.0 23.0 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
3 months
Jul 31,
2025
3 months
Jul 31,
2024
12 months
Jul 31,
20253
Full-year
Apr 30,
20253
Contracted order bookings, SEK million 1,309.5 615.0 9,400.6 8,706.1
of which guaranteed order bookings, SEK million 1,192.3 543.1 8,302.2 7,653.0
Operating margin, % 15.5 13.8 22.6 22.3
Profit margin, % 3 17.0 14.0 23.0 22.4
Average no. of employees 1,328 1,222 1,275 1,249
Cash flow per share, SEK 1, 2 0.61 -0.29 5.69 4.79
P/E ratio, multiple n/a n/a 119.4 101.6
Share price at end of period, SEK 363.0 243.40 363.0 296.60
Return on equity, % 5.2 5.0 31.7 32.3
Return on capital employed, % 6.3 6.2 39.4 40.4
Equity/assets ratio, % 54.5 52.2 54.5 51.0
Liquidity ratio, multiple 1.9 1.7 1.9 1.7
Equity per share, SEK 2 10.62 8.59 10.62 9.95
1 Cash flow from operations. 2 Before and after dilution. 3 The outcomes for R12 and full-year 2024/2025 include a positive effect from a patent settlement, a
non-recurring transaction.
===== SIDA 25 =====
Sectra’s three-month interim report 2025/2026
25 (27)
Condensed consolidated income statements by quarter
SEK million 2025/2026 2024/2025 2023/2024
Q1 Q4 Q3 1 Q2 Q1 Q4 Q3 Q2 Q1
Net sales 765.9 914.1 848.4 753.5 723.8 898.1 694.0 787.7 583.7
Capitalized work for own use 23.0 18.9 22.9 19.4 12.9 16.3 19.3 17.9 18.0
Other operating income 7.1 14.5 202.6 6.5 2.7 1.3 0.6 2.2 1.3
Operating expenses -649.6 -719.8 -729.9 -642.5 -613.5 -687.0 -614.9 -607.5 -509.2
Depreciation/amortization and
impairment -27.6 -28.8 -29.3 -27.3 -26.1 -31.3 -24.7 -23.6 -24.5
Operating profit 118.8 198.9 314.7 109.6 99.8 197.4 74.4 176.7 69.3
Total financial items 11.5 -16.9 17.8 0.9 1.5 14.7 -1.5 13.6 8.2
Profit after financial items 130.3 182.0 332.5 110.5 101.3 212.1 72.9 190.3 77.5
Tax on earnings for the period -27.5 -50.8 -68.5 -22.7 -20.9 -53.6 -15.1 -39.7 -16.0
Profit for the period 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
Q1 Q4 Q3 2 Q2 Q1 Q4 Q3 Q2 Q1
Contracted order bookings, SEK
million 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 1,192.3 2,382.1 710.8 4,017.0 543.1 762.3 1,652.5 460.1 344.4
Recurring revenue, SEK million 549.2 574.6 525.8 484.7 482.3 463.5 434.7 429.6 397.2
of which cloud services (CRR) 179.4 184.1 162.8 121.3 122.8 113.8 103.2 93.4 86.4
Operating margin, % 15.5 21.8 37.1 14.5 13.8 22.0 10.7 22.4 11.9
Earnings per share, SEK 1 0.53 0.68 1.37 0.46 0.42 0.82 0.30 0.78 0.32
Cash flow per share, SEK 1 0.61 1.15 3.01 0.91 -0.29 0.69 1.21 0.30 -0.51
Return on equity, % 5.2 7.0 15.8 5.5 5.0 10.7 4.2 11.0 4.6
Return on capital employed, % 6.3 9.4 18.9 6.7 6.2 14.2 5.3 13.5 5.5
Equity/assets ratio, % 54.5 51.0 46.7 48.0 52.2 48.9 49.2 49.8 50.8
Equity per share, SEK 1 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 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, % 40.5 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 pertains to the proposal to the AGM and includes an extraordinary dividend of SEK 1.00.
===== SIDA 26 =====
Sectra’s three-month interim report 2025/2026
26 (27)
Exchange rates
Currency Average rates in SEK Closing rates in SEK
3 months
May–Jul
2025
3 months
May–Jul
2024
Δ
% Jul 31,
2025
Jul 31,
2024
Δ
%
US dollar, 1 USD 9.54 10.63 -10.3 9.73 10.69 -9.0
Euro, 1 EUR 10.98 11.45 -4.1 11.10 11.56 -4.0
British pound, 1 GBP 12.89 13.54 -4.8 12.89 13.73 -6.1
GLOSSARY
DICOM
A standard communication protocol used to capture, store and
transfer medical images and related data.
DNA sequencing
A process for determining genetic material, DNA, in a sample.
Genomics
The study of genetic material, meaning an organism’s DNA. In
medicine, a patient’s genetic material is studied to increase
understanding of the causes of disease. In cancer diseases, for
example, a tumor’s mutations are studied in DNA. The genetic
information plays an important role in diagnosing cancer and
customizing treatment, known as precision medicine.
Cardiology/cardiovascular diseases
The field of medicine dealing with the functions and diseases of the
heart.
Critical infrastructure
Basic infrastructure that is essential for the functioning of society,
such as roads, bridges and electricity and water supply.
Encryption
Equipment that uses mathematical manipulations (algorithms and
keys) to encrypt information, so that it can be interpreted or read
only by the intended recipient. To read encrypted information, the
recipient must have the correct key and algorithm.
The cloud/cloud solutions
From the term cloud computing, meaning delivering services and
sharing IT infrastructure over the internet.
Ophthalmology
A specialist medical area for the diagnosis and treatment of eye
disorders.
Orthopaedics
A surgical specialty for disorders affecting the musculoskeletal
system.
Pathology/histopathology/microscopy
A specialized medical area that uses tissues and body fluids for
diagnostic purposes.
Precision medicine
Providing patient care that is highly adapted to individual
conditions. Advanced diagnostic analyses are a cornerstone of
precision medicine.
Radiology
A health science discipline and medical specialty that uses
technologies for imaging the human body, such as X-ray,
magnetic resonance imaging (MRI) and ultrasound.
Sectra One/Sectra One Cloud
A subscription for Sectra’s enterprise imaging solution. Under
the new model, customers pay a more evenly distributed
subscription fee every year instead of paying a higher license
fee for software at the start of the contract and a lower rolling
service fee. The fee is determined based on the functionality
used and the number of different services utilized. When Sectra
One is sold as fully cloud-based services, it is referred to as
Sectra One Cloud.
High assurance/High assurance products
Cryptographic methods and other measures designed to prevent
unauthorized parties from accessing or influencing information in
telecom and IT systems. The high assurance products that
Sectra provides are approved by one or more nations and, for
certain products, by the EU and NATO.
===== SIDA 27 =====
Sectra’s three-month interim report 2025/2026
27 (27)
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
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.