Interim report
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Sectra’s three-month interim report 2026/2027 1 (31) Three-month report 2026/2027 Growing cloud recurring revenue Measured on a rolling 12-month basis, cloud recurring revenue exceeded SEK 1 billion for the first time. This outcome was the result of strong order bookings in recent years as well as Sectra’s long-term investments in delivering, deploying and scaling up services for a growing number of customers. Report presentation | September 4, 2026 at 10:00 a.m. (CEST) https://investor.sectra.com/q1report2627
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Sectra’s three-month interim report 2026/2027 2 (31) Amounts and diagrams in the financial report Amounts are restated in SEK million unless otherwise indicated. Percentage changes are calculated based on amounts in SEK thousand. Figures in parentheses pertain to the corresponding period/quarter in the preceding fiscal year. Bars in the diagrams show the outcome per quarter and lines show the outcome for the rolling 12-month period (R12). FINANCIAL OUTCOME IN BRIEF Figures in parentheses pertain to the corresponding period/quarter in the preceding fiscal year. Amounts are stated in SEK million unless otherwise noted. Percentage changes are calculated based on amounts in SEK thousand. First quarter: May–July 2026 Contracted order bookings decreased 46.6% to SEK 699 million (1,310), of which SEK 598 million (1,192) pertained to guaranteed order bookings. Of the guaranteed order bookings, 22.2% were recognized during the quarter and a further approximately 30–40% are deemed to pertain to revenue within 12 months after the end of the quarter. Rolling 12-month contracted order bookings were well above the Group’s annual sales, and there is significant variation across quarters since some customer contracts are long-term and extensive. Net sales increased 25.8% to SEK 963 million (766). Based on unadjusted exchange rates compared with the year-earlier quarter, the increase would have been 26.6%. Recurring revenue accounted for SEK 723 million (549) of net sales, up 31.7%. Based on unadjusted exchange rates, the increase would have been 32.5%.Cloud recurring revenue (CRR) increased 75.3% to SEK 315 million (179). Operating profit increased 60.9% to SEK 191 million (119), corresponding to an operating margin of 19.8% (15.5). Based on unadjusted exchange rates compared with the year-earlier quarter, the increase would have been 63.5%. The outcome includes SEK 24 million (36) in costs for share-based incentive programs. Profit for the period amounted to SEK 158 million (103). Cash flow from operations amounted to SEK 3 million (118). The change was mainly attributable to an increase in capital tied up in current receivables and the settlement of liabilities. Key figures Quarter 12 months SEK million Q1 Q1 Δ R12 Full-year Δ 26/27 25/26 % 26/27 25/26 % Contracted order bookings 699 1,310 -46.6 6,989 7,600 -8.0 of which guaranteed order bookings 597 1,192 -49.9 5,260 5,855 -10.2 Net sales 963 766 25.8 3,739 3,542 5.6 of which recurring revenue 723 549 31.7 2,625 2,451 7.1 of which cloud recurring revenue (CRR) 315 179 75.3 1,051 916 14.8 Operating profit 191 119 60.9 783 711 10.2 Operating margin, % 19.8 15.5 n/a 20.9 20.1 n/a Profit for the period 158 103 53.8 619 564 9.8 Earnings per share, SEK1 0.82 0.53 54.7 3.21 2.93 9.6 Churn, % n/a n/a n/a 0.5 0.5 n/a Cash flow from operations 3 118 -97.7 982 1,097 -10.5 Average no. of employees 1,403 1,328 5.6 1,350 1,331 1.4 1 Before and after dilution Cloud services +75% recurring revenue y-o-y Churn 0.5% of recurring revenue R12 as-a-service
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Sectra’s three-month interim report 2026/2027 3 (31) Torbjörn Kronander, President and CEO CEO’S COMMENTS We are growing together with our customers. More and more of our customers are deploying Sectra’s services and enjoying the benefits of our solutions. At the same time, this trend is putting greater pressure on our organization, and we are continuing to invest to meet customer needs. These investments strengthen our ability to help customers work more securely and more efficiently to deliver higher quality results, which leads to better care for patients and a safer, more secure society. The growing use of our services had a positive impact on our earnings as well as our profitability during the first quarter. This outcome reflects the effects of our strong order bookings in recent years as well as our long-term investments in delivering, deploying and scaling up cloud services for a growing number of customers. Fulfilling orders in the order book, delivering customer value and thereby enabling invoicing is the top priority. Imaging IT Solutions continued to perform positively as a result of this work, with sales growth and higher operating profit compared with the year-earlier quarter. We are investing to make the organization more effective and to find faster, better ways to deliver the same level of quality – not least through the use of AI. Growing revenue from medical imaging cloud services is playing an increasingly important role in the Group’s financial performance. It also helps to reduce our dependence on the timing of individual deliveries and limits the variation between quarters. Our consolidated figures for the past four quarters indicate that our earnings are gradually levelling off, although some business areas are still experiencing volatility from quarter to quarter because their outcomes are impacted by the timing of deliveries and non-recurring revenue. That is why it is important to look at trends over longer periods of time rather than jumping to conclusions based on single quarters. Investments for a growing customer base We are making excellent progress in several comprehensive customer projects that we have been entrusted to carry out. The first hospitals in Scotland have started using our services as part of a national rollout, and deployment is continuing in phases at our major customers in the US and Canada. With each of these deployments, additional operations and users are connected to our services, contributing to growing recurring revenue. Demand for our solutions remains high. To give our customers better support as they implement, deploy and use our solutions, we have added more resources in the last six months, primarily in the US. This will entail increased costs before we see the corresponding revenue from customers. At the same time, we are continuing to develop our offerings. One area where we are seeing clear growth in customer interest is integrated diagnostic reporting, with the ability to use AI as a natural part of the diagnostic workflow. Our customer dialogues also indicate a growing interest in AI solutions that can deliver tangible efficiency gains alongside clear use. This reinforces our belief in the value of integrating AI into existing workflows rather than creating additional standalone systems for healthcare users. Security: an important part of customer value Information and cybersecurity are of great importance in all our customer segments. Robust and secure IT systems are mission-critical for healthcare. Security breaches or a major disruption could impact patient safety as well as a hospital’s finances and ability to provide care. That is why we invest significant resources in cybersecurity, regulatory compliance and certifying our solutions. We took further steps in this area during the period. Certifications are important marks of quality and, in some markets, are a prerequisite for being able to participate in procurements. An increasingly data-driven and technology-intensive defense landscape is dominating the operating environment for Secure Communications. Drones, sensors and real-time data are increasing the need for secure, robust communication that can also be adapted at a moment’s notice. At the same time, the protection of critical infrastructure, communication systems and control functions is highly prioritized in essentially every country. The future The trend is heading in the direction we have been predicting for quite some time. As populations age, the demographic situation is becoming more challenging, and a greater burden is being placed on healthcare. Increasing digitization in society and defense, meanwhile, are leading to greater demands for secure and reliable communication. In both cases, Sectra delivers mission-critical solutions that help meet the needs of healthcare and society. When solutions are critical for customers’ operations, trust and quality matter more than price. This trust must be earned every day. Our close collaboration with customers and our mission to deliver the highest possible quality, security and reliability are therefore essential for Sectra’s long-term development. The number of customers who use our solutions in their daily operations is growing, which in turn strengthens our recurring revenue base. At the same time, this trust requires continued investments in people, technology, security and delivery capacity. While these investments can impact costs and profitability for individual periods, they are essential for meeting customer needs and capitalizing on the long-term opportunities provided by our strong order book and market position.
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Sectra’s three-month interim report 2026/2027 4 (31) Excluding patent settlement 24/25 Including patent settlement 24/25 Goal OVERALL TARGETS AND FINANCIAL GOALS Sectra’s overall operational target is to create significant customer value. Customers should be so satisfied with their experience that they remain for a long time, expand their use of the company’s solutions and recommend Sectra to others. The Group’s strategies for reaching this target are divided into four areas: Customer value is the top priority; a corporate culture that drives customer value; continuous innovation and new business; and financial stability and long-term returns. The strategic priorities in each area are based on customer value and set the direction for how our operations are to develop in order to remain a long-term sustainable and future- proof partner for our customers. Priorities linked to financial performance are followed up according to three financial goals. Stability and profitability are fundamental goals. Once these goals have been met, the focus shifts to earnings growth per share, which in practice is our primary financial goal. All result indicators exceed the target levels by a comfortable margin despite the effects of the business model’s transition into service sales. Financial goals in order of priority: 1. Stability1: Equity/assets ratio ≥30% 2. Profitability (R12): Operating margin ≥15% 3. Earnings growth 2: Growth for operating profit/share over a five-year period ≥50% The equity/assets ratio exceeded the target due to a strong financial position. The operating margin was well above the target, even though profitability was dampened by exchange-rate movements, the ongoing transformation of the business model and a large share of growth attributable to entirely new customers. Earnings growth was well above the target as a result of higher revenue and good cost control. Strong earnings per share were reported five years ago, due in part to high levels of license sales and in part to temporarily lower costs due to the COVID-19 pandemic. 1 The line in the diagram shows the outcome at the end of the periods including a patent settlement in the third quarter of 2024/2025, which was a non-recurring transaction. The settlement did not have any material effect on the equity/assets ratio. 2 The line in the diagram shows the outcomes for growth over five-year periods. 20.9% 89.6% 51.7% Development driven by customer feedback Close cooperation with customers is an important part of how we develop our solutions and our operations. In August, we brought together key users and decision-makers from 16 customer organizations on the West Coast of the US at our first Customer Connect meeting. Strategic updates and roundtable discussions gave us the opportunity to discuss customers’ needs and priorities in depth. Cloud services, diagnostic reporting, AI and analysis were at the top of the agenda.
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Sectra’s three-month interim report 2026/2027 5 (31) EVENTS First quarter Imaging IT Solutions Hennick Humber Hospital, part of one of Canada’s largest community care organizations, ordered Sectra One Cloud, Sectra’s cloud service. Emory Healthcare, the largest and most comprehensive academic health system in the US state of Georgia, fully migrated from a locally installed system to Sectra One Cloud. Sectra achieved a Cloud Computing Compliance Criteria Catalogue (C5) Type 2 attestation for Sectra One Cloud from the national German cybersecurity authority Bundesamt für Sicherheit in der Informationstechnik (BSI). MVZ MedDiagnost GmbH in Germany, part of LifeLink Group, ordered Sectra One for its ten clinics in the Aachen region. Secure Communications Sectra was awarded a framework agreement in national operational cybersecurity for critical infrastructure in Sweden. 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. New customers continue to deploy Sectra One Cloud A growing number of customers are moving from agreements to actually using Sectra One Cloud. Additional healthcare providers deployed the solution during the quarter, and preparations for upcoming deployments are advancing on several fronts. For very large customers, deployment is long term and takes place in phases. Two Health Boards in Scotland are now online, and rollouts are continuing among major customers in the US and Canada. These deployments are the result of previously secured customer contracts and reflect the growing base of recurring revenue.
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Sectra’s three-month interim report 2026/2027 6 (31) COMMENTS ON THE GROUP’S FINANCIAL OUTCOME Sectra plays a key role in meeting the need for medical imaging IT and cybersecurity. We help solve major social problems in changing markets, where scope for expansion remains. The global trends of an aging population and increased digitization mean that these markets are expected to continue to grow regardless of the economic climate. Information about trends and the company’s markets can be found in Sectra’s latest Annual Report and Sustainability Report. Order bookings Contracted order bookings decreased 46.6% to SEK 699 million (1,310) year-on-year, of which SEK 598 million (1,192) pertained to guaranteed order bookings. The ratio of contracted order bookings to net sales for the latest rolling 12-month period totaled 1.9, compared with 2.2 at the end of the previous fiscal year. Order bookings often include comprehensive, long-term customer contracts. These are not signed every quarter and can lead to significant variations in order bookings between individual quarters and periods. Demand for Sectra’s customer offerings remains high in all operating areas. The difference in outcome from the comparative quarter is primarily due to quarterly variations. Net sales and recurring revenue The Group’s net sales rose 25.8% to SEK 963 million (766). Based on unadjusted exchange rates, the Group’s sales would have increased 26.6% 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 723 million (549) of sales. This represents an increase of 31.7% year-on-year and an increase of 32.5% based on unadjusted exchange rates. Lost recurring revenue (recurring revenue churn) for the last 12-month period was 0.5%. Cloud recurring revenue (CRR) increased 75.3% to SEK 315 million (179). Non-recurring revenue is expected to decrease over time as a result of the ongoing transition to service deliveries. However, outcomes continue to vary between quarters, and this revenue increased 10.8% to SEK 240 million (217). In geographic terms, the operations in the US reported the largest year-on-year sales increase. More than 70% of the Group’s sales are carried out in foreign currency, primarily EUR, GBP and USD, which entails a relatively large sensitivity to currency fluctuations. Contracted order bookings, SEK million Sales trend per operating area, SEK million Pertains to external sales compared with the corresponding period in the preceding fiscal year. Sales trend per geographic market, SEK million Pertains to external sales compared with the corresponding period in the preceding fiscal year. Total Increase Decrease
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Sectra’s three-month interim report 2026/2027 7 (31) Revenue (per quarter) and sales (R12), SEK million Sales (R12) by geographic market, SEK million Result Revenue growth in the Imaging IT Solutions operating area had a positive impact on operating profit and profitability during the quarter. At the same time, the combination of Secure Communications and currency fluctuations dampened outcomes. The Group’s operating profit rose 60.9% to SEK 191 million (119). Based on unadjusted exchange rates, the year-on-year increase would have been 63.5%. The Group’s operating margin amounted to 19.8% (15.5). The outcome includes SEK 24 million (36) in costs for share- based incentive programs. The change is a result of the impact of share price movements on costs. The Group’s financial items amounted to SEK 8 million (12). Currency fluctuations had a positive impact of SEK 2 million (5) 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 199 million (130). These outcomes correspond to a profit margin of 20.7% (17.0). Earnings per share before and after dilution totaled SEK 0.82 (0.53). 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 2026/2027 8 (31) Cash flow from operations for the Group, SEK million Financial position and cash flow The Group’s cash and cash equivalents amounted to SEK 1,752 million (1,427) at the end of the reporting period, and the debt/equity ratio was 0.06 (0.05). Interest-bearing liabilities amounted to SEK 128 million (109), most of which pertained to leases. Cash flow from operations amounted to SEK 3 million (118) for the quarter, corresponding to cash flow from operations per share of SEK 0.01 (0.61). The underlying performance improved, and the change from the comparative period was mainly attributable to an increase in capital tied up in current receivables and the settlement of current liabilities. Cash flow from investing activities amounted to SEK -54 million (-31). Refer to the additional information about investments below. The Group’s total cash flow for the period amounted to SEK -60 million (81). Investments and depreciation/amortization Investments amounted to SEK 54 million (31). The change from the comparative quarter is primarily linked to investments in the form of leasehold improvements and right-of-use assets for premises. Capitalized work for own use amounted to SEK 20 million (23). Capitalization includes the development of cloud-based services for medical diagnostics. Total depreciation/amortization amounted to SEK 33 million (28). Of the total depreciation/amortization for the quarter, SEK 13 million (13) was attributable to capitalized development expenditures. At the end of the period, capitalized development expenditures totaled SEK 288 million (243). 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 secure communications. The beginning of the fiscal year is usually weaker since few customers want to deploy new systems during the summer. As Sectra transitions to selling products as a service, this variation is expected to gradually decrease over the next several years since revenue and earnings will be spread more evenly over time. On the other hand, individual orders are sometimes very large, since certain contracts are highly comprehensive and have long terms. These orders lead 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
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Sectra’s three-month interim report 2026/2027 9 (31) OPERATING AREA IMAGING IT SOLUTIONS Quarter 12 months Q1 Q1 Δ R12 Full-year Δ 26/27 25/26 % 26/27 25/26 % Sales, SEK million 868 665 30.5 3,260 3,057 6.6 of which, external sales 866 665 30.2 3,244 3,043 6.6 Recurring external revenue, SEK million 679 513 32.2 2,465 2,300 7.2 of which cloud recurring revenue 310 175 77.3 1,030 895 15.1 Operating profit, SEK million 201 114 76.8 794 707 12.4 Operating margin, % 23.2 17.1 n/a 24.4 23.1 n/a The volumes of medical images managed by customers using Sectra’s systems are growing steadily, and increased recurring revenue is proof of the rapid success of our transformation into a service supplier. This growth helped Imaging IT Solutions post sales growth and higher operating profit compared with the year-earlier quarter. Sales were in line with the record-breaking outcome for the previous quarter. This growing recurring revenue contributes to more even quarterly outcomes, although non-recurring revenue may continue to create variations between individual quarters. Non-recurring revenue is expected to decrease over time as more healthcare providers transition to purchasing services instead of software licenses. The transition to cloud services continues. Several new customers deployed Sectra One Cloud during the quarter. For very large customers, deployment is long term and takes place in phases. Sectra also completed the first conversion of an existing customer in the US, Emory Healthcare in Georgia, which chose to replace a locally installed system with cloud services. During the coming years, many hospitals will start using Sectra’s cloud services, while other customers with license agreements are planning to transition to Sectra One Cloud. There is considerable demand for effective enterprise imaging systems. Sectra won several procurements at the beginning of the fiscal year, although its order bookings were not on a par with the comparative quarter. Several of the sales organizations in the business area reported increased order bookings over the comparative quarter, including Australia, Norway, Portugal and Germany. The rapid growth of the operations requires continued investments. To create the conditions for this growth, we are refining and scaling our offerings, ways of working and organization with a strong focus on quality and data security. Trend, SEK million Growing number of healthcare providers choosing the advantages of having all medical imaging in one solution The US healthcare provider Dayton Children’s Hospital uses Sectra One and is one of our customers that have chosen to expand their partnership with Sectra. The hospital was already using the radiology module in Sectra One, which is a comprehensive enterprise imaging solution. Now they have also started using the ophthalmology module. By collecting images from several modalities and specialties into a single system, healthcare personnel can review and compare the complete image history of a patient, making it easier to perform clinical assessments in complex cases. The hospital’s IT department also has a unified system to manage, making operations more efficient and reducing the administrative burden. Cloud recurring revenue +77% y-o-y Sales, R12 Operating profit, R12
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Sectra’s three-month interim report 2026/2027 10 (31) OPERATING AREA BUSINESS INNOVATION Quarter 12 months Q1 Q1 Δ R12 Full-year Δ 26/27 25/26 % 26/27 25/26 % Sales, SEK million 24 22 8.9 109 107 1.8 of which, external sales 8 8 1.5 46 46 0.2 Recurring external revenue, SEK million 6 5 11.1 25 24 2.5 of which cloud recurring revenue 5 5 4.7 21 21 1.1 Operating profit, SEK million 1 2 -7.8 16 16 -0.8 Operating margin, % 6.0 7.1 n/a 14.5 14.9 n/a Business Innovation comprises the Genomics IT, Medical Education and Orthopaedics business units. Sales of the business unit’s customer offerings primarily take place through the Sectra One service from Imaging IT Solutions. As a result, the majority of sales revenue for Business Innovation is generated internally. We also report the expenses for medical research activities in Business Innovation, which includes initiatives in the field of AI for medical applications. Sectra’s research activities linked to secure communications are organized and reported in the Secure Communications operating area. Business Innovation’s sales and operating profit trends are stable. However, the results may vary significantly between quarters and periods. In the long term, growing volumes are expected to reduce quarterly variations. Trend, SEK million Sales, R12 Operating profit, R12 Real-world training for tomorrow’s healthcare personnel High-quality medical diagnostic imaging training is essential for the quality of care that patients receive. Sectra offers an education portal where students can practice on the same types of scenarios they would encounter in clinical practice. The cloud-based portal also gives users access to educational content on demand and from their own devices, enabling self-directed learning. One customer that ordered a subscription to the education portal in 2026 is Loyalist College in Ontario, Canada. Healthcare personnel at nearby hospitals can access anonymized patient cases from their own clinical practice through the portal, allowing them to create courses and exams that students can access no matter where they are. This enables users to study cases that reflect real-life situations within diagnostics, treatment planning and follow-up for a wide range of medical conditions.
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Sectra’s three-month interim report 2026/2027 11 (31) OPERATING AREA SECURE COMMUNICATIONS Quarter 12 months Q1 Q1 Δ R12 Full-year Δ 26/27 25/26 % 26/27 25/26 % Sales, SEK million 89 93 -3.8 449 453 -0.8 of which, external sales 89 93 -3.8 449 453 -0.8 Recurring external revenue, SEK million 39 31 27.3 136 128 6.5 Operating profit, SEK million 1 11 -92.9 70 80 -12.7 Operating margin, % 0.9 11.7 n/a 15.5 17.6 n/a The unstable global security situation is continuing to fuel investments in defense and public security. In the EU, these needs are giving rise to new regulations, more stringent requirements for cybersecurity and protection for secure communications within critical infrastructure. Sectra is well positioned to respond to these needs with offerings that meet customers’ high demands. Order bookings during the quarter included crypto products, additional orders in development assignments, extensions of operational and support contracts as well as secure communications sold as a service. Sectra also entered into a new framework agreement with the Swedish Civil Defence and Resilience Agency regarding cybersecurity for critical infrastructure in Sweden. The financial outcome for Secure Communications did not reach the figures of the year-earlier quarter. Outcomes can vary considerably between quarters, however, which is natural given the nature of the operations. The change from the comparative quarter was primarily related to investments in the future as well as changes in customer requirements for an ongoing development assignment that resulted in delays, which in turn hampered the operating area’s financial performance. Serial production for the assignment began at the end of the previous fiscal year, and product deliveries started with a smaller pre- production launch in the first quarter of 2026/2027. While these deliveries have only had a limited impact on financial outcomes so far, production is currently being ramped up. Ongoing future investments for the area including product development, research assignments and developing the organization, processes, premises and IT environment. These investments will strengthen the area’s capacity and long-term ability to support customers in their work to rebuild and develop civil and military defense. Trend, SEK million Sales, R12 Operating profit excl. patent settlement, R12 Operating profit incl. patent settlement, R12 Secure field connectivity innovation tested in a military exercise Sectra also actively participates in work to strengthen society’s civil and military defense through innovation, product deliveries and preparedness planning together with authorities. Sectra has close partnerships with customers and has participated in events such as the Swedish Armed Forces’ large-scale Aurora 26 exercise. This event brought together approximately 18,000 participants and represented an important opportunity to test new technology, new ways of working and cross-sector partnerships in a realistic environment. During the exercise, the Swedish Armed Forces tested new technology for secure field connectivity together with Sectra and the company Actia. By cooperating with local units during the exercise, the solution could be further developed and adjusted immediately in the environ- ment where it will be used. This work is driven by the need to create a secure, robust and future-proof communication solution to strengthen the ability for soldiers in the field and at headquarters to securely manage information. Read the entire article on Sectra’s website >>
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Sectra’s three-month interim report 2026/2027 12 (31) OTHER BUSINESS SEGMENTS AND THE PARENT COMPANY Other operations Quarter 12 months Q1 Q1 Δ R12 Full-year Δ 26/27 25/26 % 26/27 25/26 % Sales, SEK million 100 68 46.8 347 315 10.1 of which, external sales 0 0 0.0 0 0 0.0 Operating loss, SEK million -13 -9 -48.1 -107 -103 -4.2 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 in sales 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 20. 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. For comments on changes in outcomes from the comparative year, see Other Operations above. 2026 AGM The AGM will be held on September 8, 2026 in Linköping. Visit the event page https://investor.sectra.com/agm2026 for information on the proposals of the Board as well as the documentation for the AGM. Proposal regarding dividend and repurchase of own shares For the 2025/2026 fiscal year, the Board and CEO have proposed that the AGM resolve on an increased ordinary dividend of SEK 1.30 per share (1.10) and an extraordinary dividend of SEK 1.00 per share (1.00). The proposed record date for receiving dividends is September 10, 2026. The proposal was announced in Sectra’s year-end report published on June 5, 2026. It also proposed that the AGM authorize the Board to decide, on one or more occasions during the period until the next AGM, on the acquisition or divestment of own shares to the extent that the company’s holding at no time exceeds 10% of the total number of shares in the company. The intention is to give the Board scope to use own shares in conjunction with the acquisition of companies or operations, in full or in part, as well as in conjunction with market investments. The intention is also to adapt the company’s capital structure from time to time, according to its capital needs, in order to finance the acquisition of companies or operations and to ensure the acquisition and delivery of Class B shares to participants in the company’s incentive programs and to cover the costs associated with such programs. The authorization would thereby enable the repurchase of a maximum of 1,000,000 Class B shares, corresponding to 0.5% of the capital in order to secure the company’s commitments under a new share-based incentive program (LTIP 2026) that the Board proposed to the AGM. The full proposals are published in the notice of the AGM. THE SHARE Share capital and number of shares Sectra’s share capital on the balance-sheet date totaled SEK 39,024,179, distributed between 195,120,895 shares and 313,052,035 votes. The number of shares is distributed between 13,103,460 Class A shares and 182,017,435 Class B shares. Sectra’s holding of treasury shares at the end of the period amounted to 2,453,406 Class B shares, corresponding to 1.3% of the share capital and 0.8% of the voting rights in the company. For more information, refer to Note 5. Authorization The Board of Directors was authorized by the 2025 AGM, during the period until the 2026 AGM, to decide on new share issues of a maximum of 18,500,000 Class B shares and to decide on the acquisition and divestment of the company’s treasury shares, with the condition that the Company’s holding of treasury shares at no point exceeds 10% of all the shares in the Company. At the time of publication of this financial report, the Board had not utilized these authorizations. The complete authorization is presented in the minutes from the AGM: https://investor.com/agm2025. RISKS AND UNCERTAINTIES Through its operations, Sectra is exposed to such business risks as dependence on major customers and partners, the effect of currency fluctuations on pricing in the markets in which the Group is active, and property and liability risks. Sectra is also exposed to various types of financial risks such as currency, interest-rate, credit and liquidity risks. A detailed description of the risks and specific external factors as well as Sectra’s strategies and tactics for minimizing risk exposure and limiting adverse effects are provided in the Administration Report in Sectra’s Annual and Sustainability Report for the 2025/2026 fiscal year on pages 70–79 and in Note 31 on pages 144–145. No significant events have occurred that would alter the conditions reported.
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Sectra’s three-month interim report 2026/2027 13 (31) 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, 2026 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/q1report2627. Financial calendar and AGM Annual General Meeting September 8, 2026 at 3:30 p.m. (CEST) Six-month interim report November 25, 2026 at 8:15 a.m. (CET) Nine-month interim report March 3, 2027 at 8:15 a.m. (CET) Year-end report June 4, 2027 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) hereby assure that the interim report for the period from May 1 to July 31, 2026 provides a true and fair view of the Parent Company’s and Group’s operations, financial position and earnings and describes the significant risks and uncertainties facing the Parent Company and other companies in the Group. The contents of this interim report were decided on September 3, 2026. Linköping, September 3, 2026 Torbjörn Kronander Jan-Olof Brüer Tomas Puusepp President, CEO and Board member Chairman Board member Ulrika Unell Anders Persson Fredrik Robertsson Board member Board member Board member Birgitta Hagenfeldt Alva Mårdsjö Olof Sandberg Board member Board member and Board member and employee representative employee representative 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 Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:15 a.m. (CEST) on September 4, 2026. Sectra AB (publ), Corporate Registration Number 556064-8304, https://sectra.com, email info@sectra.com
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Sectra’s three-month interim report 2026/2027 14 (31) GROUP Condensed consolidated income statements SEK thousand 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Net sales (Note 6) 963,407 765,854 3,739,214 3,541,661 Capitalized work for own use 20,063 23,007 96,075 99,019 Other operating income 9,405 7,123 51,395 49,113 Total income 992,875 795,984 3,886,684 3,689,793 Goods for resale -172,706 -105,193 -570,283 -502,770 Personnel costs -455,335 -420,309 -1,803,081 -1,768,055 Other external costs -141,125 -124,110 -603,504 -586,490 Depreciation/amortization and impairment -32,566 -27,573 -126,837 -121,843 Total operating expenses -801,732 -677,185 -3,103,705 -2,979,158 Operating profit 191,143 118,799 782,979 710,635 Total financial items 8,136 11,500 14,950 18,314 Profit after financial items 199,280 130,300 797,930 728,949 Taxes -41,384 -27,515 -179,040 -165,171 Profit for the period 157,896 102,785 618,889 563,778 Profit for the period attributable to: Parent Company owners 158,117 102,785 619,110 563,778 Non-controlling interest -221 - -221 - Earnings per share Before and after dilution, SEK (Note 5) 0.82 0.53 3.21 2.93 Consolidated statement of comprehensive income SEK thousand 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Profit for the period 157,896 102,785 618,889 563,778 Items that may be reversed in profit or loss Translation differences 10,683 9,086 -2,090 -3,687 Total other comprehensive income for the period 10,683 9,086 -2,090 -3,687 Total comprehensive income for the period 168,579 111,871 616,799 560,091 Comprehensive income for the period attributable to: Parent Company owners 168,800 111,871 617,020 560,091 Non-controlling interest -221 - -221 -
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Sectra’s three-month interim report 2026/2027 15 (31) Condensed consolidated balance sheets SEK thousand Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 Assets Intangible assets and goodwill 361,381 295,323 351,818 Tangible assets 291,267 219,252 269,052 Right-of-use assets 142,807 115,320 91,511 Financial assets 175,247 245,453 187,426 Deferred tax assets 14,619 9,235 14,175 Total fixed assets 985,321 884,583 913,982 Accounts receivable 630,609 419,717 722,318 Other current assets 115,353 110,686 72,941 Prepaid expenses and accrued income 182,728 162,803 134,893 Contract assets/recognized non-invoiced income 827,640 753,611 819,267 Cash and bank balances 1,752,477 1,426,469 1,810,310 Total current assets 3,508,807 2,873,286 3,559,729 Total assets 4,494,128 3,757,869 4,473,711 Equity and liabilities Equity attributable to Parent Company owners 2,321,630 2,046,764 2,135,548 Non-controlling interest 1,555 - 2,809 Total equity 2,323,185 2,046,764 2,138,357 Deferred tax liabilities 8,572 4,397 8,478 Provisions 66,336 84,377 60,022 Non-current lease liabilities 95,867 72,445 55,507 Other long-term liabilities - 12,178 - Total long-term liabilities 170,775 173,397 124,007 Provisions 9,450 6,653 9,474 Current lease liabilities 31,772 24,301 20,977 Other current liabilities 281,774 216,081 353,267 Accrued expenses and deferred income 415,746 322,489 544,646 Contract liabilities/invoiced non-recognized income 1,261,426 968,184 1,282,983 Total current liabilities 2,000,168 1,537,708 2,211,347 Total equity and liabilities 4,494,128 3,757,869 4,473,711
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Sectra’s three-month interim report 2026/2027 16 (31) Consolidated cash-flow statements SEK thousand 3 months May–Jul 2026 3 months May–Jul 2025 Full-year May–Apr 2025/2026 Operating activities Operating profit 191,143 118,799 710,635 Adjustment for non-cash items 63,229 74,309 177,794 Interest received 7,434 7,562 28,017 Interest paid -1,554 -1,340 -7,517 Income tax paid -48,865 -60,250 -166,774 Cash flow from operations before changes in working capital 211,387 139,080 742,155 Changes in working capital Change in inventories -1,703 -6,683 -4,943 Change in receivables 39,152 139,547 -161,043 Change in current liabilities -246,097 -153,806 521,149 Cash flow from operations 2,739 118,138 1,097,318 Investing activities Acquisitions of intangible assets -23,840 -24,482 -103,115 Acquisitions of tangible assets -30,468 -6,746 -85,488 Acquisitions of Group companies - - -18,860 Cash flow from investing activities -54,308 -31,228 -207,463 Financing activities Repayment of lease liabilities -7,972 -6,292 -26,636 New share issue in subsidiary to non-controlling interest (Note 4) - - 2,809 Dividend - - -404,602 Cash flow from financing activities -7,972 -6,292 -428,429 Cash flow for the period -59,541 80,618 461,426 Cash and cash equivalents, opening balance 1,810,310 1,341,871 1,341,871 Exchange-rate difference in cash and cash equivalents 1,708 3,980 7,013 Cash and cash equivalents, closing balance 1,752,477 1,426,469 1,810,310
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Sectra’s three-month interim report 2026/2027 17 (31) Consolidated statement of changes in equity Equity attributable to Parent Company owners Non- control- ling interest Total equity SEK thousand Share capital Other contri- buted capital Translation reserve Other reserves Retained earnings, including net profit for the year Total Opening balance May 1, 2025 39,025 361,470 36,621 67,298 1,412,411 1,916,825 - 1,916,825 Profit for the period - - 0 - 102,785 102,785 - 102,785 Other comprehensive income for the period - - 9,086 - 0 9,086 - 9,086 Total comprehensive income for the period - - 9,086 - 102,785 111,871 - 111,871 Share-based incentive programs - - - - 18,068 18,068 - 18,068 Closing balance July 31, 2025 39,025 361,470 45,707 67,298 1,533,264 2,046,764 - 2,046,764 Profit for the period - - 0 - 460,993 460,993 - 460,993 Other comprehensive income for the period - - -12,773 - 0 -12,773 - -12,773 Total comprehensive income for the period - - -12,773 - 460,993 448,220 - 448,220 Ongoing new share issue in subsidiaries - - 0 - 0 0 2,809 2,809 Share-based incentive programs - - 0 - 45,166 45,166 - 45,166 Dividend - - - - -404,602 -404,602 - -404,602 Closing balance Apr 30, 2026 39,025 361,470 32,934 67,298 1,634,821 2,135,548 2,809 2,138,357 Profit/loss for the period - - - 158,117 158,117 -221 157,896 Other comprehensive income for the period - - 10,683 - 10,683 0 10,683 Total comprehensive income for the period - - 10,683 - 158,117 168,800 -221 168,579 Share-based incentive programs - - 0 - 16,238 16,238 11 16,249 New share issue and other transactions in subsidiaries with non- controlling interest - 1,044 - - - 1,044 -1,044 0 Closing balance July 31, 2026 39,025 362,514 43,617 67,298 1,809,176 2,321,630 1,555 2,323,185
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Sectra’s three-month interim report 2026/2027 18 (31) Consolidated income statements by quarter SEK thousand Q1 26/27 Q4 25/26 Q3 25/26 Q2 25/26 Q1 25/26 Q4 24/25 Q3 1 24/25 Q2 24/25 Q1 24/25 Net sales 963,407 1,033,209 892,015 850,583 765,854 914,075 848,400 753,500 723,836 Capitalized work for own use 20,063 20,656 27,772 27,584 23,007 18,878 22,916 19,385 12,915 Other operating income 9,405 11,446 5,230 25,313 7,123 14,528 202,580 6,519 2,729 Total income 992,875 1,065,311 925,017 903,480 795,984 947,481 1,073,896 779,404 739,480 Goods for resale -172,706 -146,915 -140,888 -109,774 -105,193 -124,123 -93,570 -120,734 -103,285 Personnel costs -455,335 -520,887 -406,801 -420,058 -420,309 -423,880 -409,143 -385,530 -380,144 Other external costs -141,125 -152,100 -154,145 -156,134 -124,110 -171,765 -227,238 -136,234 -130,088 Depreciation/amortization and impairment -32,566 -36,301 -29,095 -28,874 -27,573 -28,785 -29,257 -27,399 -26,148 Total operating expenses -801,732 -856,203 -730,929 -714,840 -677,185 -748,553 -759,208 -669,837 -639,665 Operating profit 191,143 209,108 194,088 188,640 118,799 198,928 314,688 109,567 99,815 Total financial items 8,136 11,789 -2,777 -2,199 11,500 -16,940 17,818 960 1,445 Profit after financial items 199,280 220,897 191,311 186,441 130,300 181,988 332,506 110,527 101,260 Tax on earnings for the period -41,384 -63,405 -36,210 -38,043 -27,515 -50,786 -68,496 -22,768 -20,859 Profit for the period 157,896 157,493 155,101 148,399 102,785 131,202 264,010 87,759 80,401 Profit for the period attributable to: Parent Company owners 158,117 157,493 155,101 148,399 102,785 131,202 264,010 87,759 80,401 Non-controlling interest -221 - - - - - - - - Earnings per share Before and after dilution, SEK 0.82 0.82 0.81 0.77 0.53 0.68 1.37 0.46 0.42 1 Other operating income includes a patent settlement of SEK 195 million that had a positive impact of SEK 110 million on operating profit. Consolidated statement of comprehensive income by quarter SEK thousand Q1 26/27 Q4 25/26 Q3 25/26 Q2 25/26 Q1 25/26 Q4 24/25 Q31 24/25 Q2 24/25 Q1 24/25 Profit for the period 157,896 157,493 155,101 148,399 102,785 131,202 264,010 87,759 80,401 Items that may be reversed in profit or loss Translation differences 10,683 31,962 -25,723 -19,011 9,086 -43,534 4,753 -5,296 -3,450 Total other comprehensive income for the period 10,683 31,962 -25,723 -19,011 9,086 -43,534 4,753 -5,296 -3,450 Total comprehensive income for the period 168,579 189,455 129,378 129,388 111,871 87,668 268,763 82,463 76,951 Comprehensive income for the period attributable to: Parent Company owners 168,800 189,455 129,378 129,388 111,871 87,668 268,763 82,463 76,951 Non-controlling interest -221 - - - - - - - - 1 The outcome includes a patent settlement that had a positive impact of SEK 110 million on operating profit.
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Sectra’s three-month interim report 2026/2027 19 (31) Condensed consolidated cash flow by quarter SEK thousand Q1 26/27 Q4 25/26 Q3 25/26 Q2 25/26 Q1 25/26 Q4 24/25 Q31 24/25 Q2 24/25 Q1 24/25 Operating activities Operating profit 191,143 209,108 194,087 188,641 118,799 198,928 314,688 109,566 99,815 Adjustment for non-cash items 63,299 57,460 4,558 41,468 74,309 60,570 20,103 51,417 47,491 Interest received 7,434 9,376 5,401 5,678 7,562 8,156 15,475 4,041 3,731 Interest paid -1,554 -2,734 -1,318 -2,125 -1,340 -1,177 -1,341 -1,229 -561 Income tax paid -48,865 -18,331 -37,462 -50,731 -60,250 -24,258 -30,945 -46,301 -70,199 Cash flow from operations before changes in working capital 211,387 254,879 165,266 182,931 139,080 242,219 317,980 117,494 80,277 Changes in working capital Change in inventories -1,703 -5,543 3,021 4,262 -6,683 -9,362 4,357 15,309 -11,412 Change in receivables 39,152 54,942 -189,329 -166,203 139,547 110,089 -71,323 -26,698 -28,435 Change in current liabilities -246,097 215,374 439,132 20,449 -153,806 -120,628 329,681 69,962 -97,146 Cash flow from operations 2,739 519,652 418,090 41,439 118,138 222,318 580,695 176,067 -56,716 Investing activities Acquisitions of intangible assets -23,840 -20,656 -28,692 -29,285 -24,482 -19,086 -23,851 -19,386 -12,914 Acquisitions of tangible assets -30,468 -38,980 -29,990 -9,772 -6,746 17,498 -14,261 -7,823 -30,169 Change in financial assets - 5,737 -5,737 - - - -3,872 - - Acquisitions of Group companies - -18,860 - - - - - - - Cash flow from investing activities -54,308 -72,759 -64,419 -39,057 -31,228 -1,588 -41,984 -27,209 -43,083 Financing activities Repayment of lease liabilities -7,972 -6,463 -7,089 -6,792 -6,292 -23,719 -6,210 -5,685 -4,336 New share issue in subsidiary to non-controlling interest (Note 4) - 2,809 - - - - - - - Dividend/redemption of shares - - - -404,602 - - - -211,935 - Cash flow from financing activities -7,972 -3,654 -7,089 -411,394 -6,292 -23,719 -6,210 -217,620 -4,336 Cash flow for the period -59,541 443,239 346,582 -409,012 80,618 197,011 532,501 -68,762 -104,135 Cash and cash equivalents, opening balance 1,810,310 1,353,147 1,016,471 1,426,469 1,341,871 1,160,698 625,775 699,355 804,640 Exchange-rate difference in cash and cash equivalents 1,708 13,924 -9,906 -986 3,980 -15,839 2,422 -4,818 -1,150 Cash and cash equivalents, closing balance 1,752,477 1,810,310 1,353,147 1,016,471 1,426,469 1,341,870 1,160,698 625,775 699,355 1 The outcome includes a patent settlement that had a positive impact of SEK 110 million on operating profit.
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Sectra’s three-month interim report 2026/2027 20 (31) PARENT COMPANY Condensed Parent Company income statements SEK thousand 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Net sales 101,892 69,089 356,325 323,522 Other operating income 2,557 2,456 19,062 18,961 Total income 104,449 71,545 375,387 342,483 Goods for resale -49,468 -22,814 -159,730 -133,076 Personnel costs -21,939 -20,284 -99,393 -97,738 Other external costs -49,756 -40,166 -239,811 -230,221 Depreciation/amortization -1,347 -1,057 -4,924 -4,634 Total operating expenses -122,510 -84,321 -503,858 -465,669 Operating loss -18,061 -12,776 -128,471 -123,186 Total financial items 2,376 6,542 74,799 78,965 Loss after financial items -15,685 -6,234 -53,672 -44,221 Appropriations - - 589,350 589,350 Profit before tax -15,685 -6,234 535,678 545,129 Tax on earnings for the period - - -99,121 -99,121 Profit for the period -15,685 -6,234 436,557 446,008 Parent Company statement of comprehensive income SEK thousand 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Profit for the period -15,685 -6,234 436,557 446,008 Total comprehensive income for the period -15,685 -6,234 436,557 446,008 Condensed Parent Company balance sheets SEK thousand Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 Assets Intangible assets 9,000 11,400 9,600 Tangible assets 71,389 6,799 49,690 Financial assets 356,059 322,357 350,778 Total fixed assets 436,448 340,556 410,068 Accounts receivable 6,096 2,997 11,765 Receivables from Group companies 954,489 704,511 1,008,978 Other current assets 48,619 38,403 33,710 Cash and bank balances 1,453,699 1,239,853 1,489,817 Total current assets 2,462,903 1,985,764 2,544,270 Total assets 2,899,351 2,326,320 2,954,338 Equity and liabilities Restricted equity 274,480 276,880 275,080 Unrestricted equity 1,202,452 1,105,380 1,200,764 Total equity 1,476,932 1,382,260 1,475,844 Provisions 9,832 7,128 9,081 Liabilities to Group companies 1,309,175 879,263 1,329,146 Other current liabilities 103,412 57,669 140,267 Total equity and liabilities 2,899,351 2,326,320 2,954,338
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Sectra’s three-month interim report 2026/2027 21 (31) 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 2025/2026 Annual and Sustainability Report. New and revised standards that have come into effect as of 2026 have had no material impact on the financial statements. IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 and will apply as of January 1, 2027. The primary change from this standard is with respect to presentation and disclosure requirements in the financial statements. The Group is currently analyzing the effects of the new standard. Note 2 Related-party transactions Other than the types of transactions presented in Note 4 Employees and personnel costs in the 2025/2026 Annual Report, no significant transactions with related parties took place in the reporting period. Note 3 Acquisitions On April 14, 2026 (during the previous fiscal year) the Group acquired all shares in Oxipit UAB, a Lithuanian company specializing in autonomous AI for radiology, and changed the name to Sectra Lithuania UAB. The company had 17 employees at the time of the acquisition. The company develops AI solutions for radiology and holds the first CE Class IIB certification1 for autonomous AI chest X-ray analysis. The product is designed to independently identify and filter out examinations from the radiologist’s work list that can be deemed normal with a high level of certainty. This acquisition strengthens Sectra’s offering in diagnostic imaging by introducing autonomous AI. It complements the Group’s vendor-independent AI marketplace and its own product development. The acquisition also brings expertise within clinical validation and regulatory affairs associated with AI-based medical devices, which is a precondition for being able to use this kind of device in clinical operations. The total consideration transferred on the date of acquisition amounted to SEK 19.4 million, entirely as a cash consideration. The purchase was fully financed with Sectra’s existing funds. Transaction costs for the acquisition amounted to SEK 1.3 million and have been recognized as external costs. The operations were consolidated into Imaging IT Solutions from the date of acquisition, at which time Sectra obtained a controlling influence over the acquired company. Since the acquisition date, the company has delivered sales of SEK 0 million and an operating loss of SEK -0.1 million. If the company had been part of the Group for the full previous fiscal year, sales would have amounted to SEK 0.6 million and the operating loss would have been SEK -19.6 million. Acquired net assets at April 14, 2026 Preliminary acquisition analysis SEK million Value according to acquisition analysis Patents and licenses 25.8 Tangible assets 0.1 Deferred tax assets 7.8 Other receivables 0.5 Cash and bank balances 0.5 Deferred tax liabilities -4.4 Other long-term liabilities -8.3 Other current liabilities -2.6 Total acquired net assets 19.4 Fair value of consideration transferred 19.4 Net outflow of cash and cash equivalents due to the acquisition Cash consideration transferred 19.4 Cash and cash equivalents in the acquired company on the date of acquisition 0.5 Total 18.9 1 CE class IIb certification confirms compliance with EU medical device regulations and permits commercialization within the EEA.
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Sectra’s three-month interim report 2026/2027 22 (31) Note 4 Non-controlling interest The subsidiary Sectra Critical Infrastructure AB carried out a directed share issue to minority shareholders during the period, raising SEK 2.8 million in proceeds. As a result of the share issue, the Group’s ownership of the subsidiary decreased from 100% to 89.93%. The transaction is recognized as a change in ownership without a loss of controlling influence, therefore impacting equity but not the Group’s earnings. Note 5 Number of shares No. of common shares 1, 2 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 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 (2,453,406) Class B treasury shares. Note 6 Segment reporting Operating profit/loss by business segment SEK million 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Imaging IT Solutions 201 114 794 707 Secure Communications 1 11 70 80 Business Innovation 1 2 16 16 Other Operations -13 -9 -107 -103 Group eliminations 1 2 10 11 Total 191 119 783 711 SEK million 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 United States 335 210 1,211 1,086 Sweden 162 152 695 684 United Kingdom 150 155 575 580 Rest of Europe 225 186 889 851 Rest of World 91 62 369 341 Total 963 766 3,739 3,542 Sales by business segment SEK million 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Imaging IT Solutions 868 665 3,260 3,057 Secure Communications 89 93 450 453 Business Innovation 24 22 109 107 Other Operations 100 68 347 315 Group eliminations -118 -82 -427 -391 Total 963 766 3,739 3,542 Sales by geographic market
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Sectra’s three-month interim report 2026/2027 23 (31) Distribution of sales and revenue Imaging IT Solutions Secure Communications Business Innovation Other Operations and Group eliminations Total Group SEK million Q1 26/27 Q1 25/26 Q1 26/27 Q1 25/26 Q1 26/27 Q1 25/26 Q1 26/27 Q1 25/26 Q1 26/27 Q1 25/26 External sales 866 665 89 93 8 8 0 0 963 766 Internal sales 2 0 0 0 16 14 -18 -14 0 0 Total net sales 868 665 89 93 24 22 -18 -14 963 766 Revenue per category Recurring revenue 679 513 39 31 6 5 0 0 723 549 of which cloud services 310 175 0 0 5 5 0 0 315 179 Non-recurring revenue 187 152 50 62 2 3 0 0 240 217 Total external revenue 866 665 89 93 8 8 0 0 963 766 Share of recurring revenue, % 78.3 77.2 43.5 32.9 75.0 68.4 - - 75.1 71.7 Revenue per geographic market United States 332 208 0 0 3 2 - - 335 210 Sweden 104 88 57 63 1 1 0 0 162 152 United Kingdom 150 155 0 0 0 0 - - 150 155 Rest of Europe 194 154 29 30 2 3 - - 225 186 Rest of World 86 60 3 0 2 2 - - 91 62 Total external revenue 866 665 89 93 8 8 0 0 963 766 Note 7 Financial definitions and alternative performance measures The Group applies the European Securities and Markets Authority (ESMA) Guidelines on Alternative Performance Measures. Alternative performance measures are applied since the company believes they provide valuable supplementary information for management and investors given that they play a central role when it comes to understanding and evaluating the Group’s operations. Share of recurring revenue Purpose Shows the portion of external sales that is recurring. Recurring revenue refers to revenue from customers for the provision of a good or service during the term of a contract, wherein the customer cannot continue to benefit from the full functionality of the good or service without ongoing payments and the revenue stream is expected to recur for more than 12 months. Recurring revenue mainly refers to revenue from subscription, support and maintenance agreements. The share delivered via the cloud is reported as cloud recurring revenue (CRR). Revenue from system implementations, migration and one-time purchases of licenses are not recognized as recurring revenue. Calculation Recurring revenue divided by total external sales. Refer to Note 6. Recurring revenue churn SEK thousand 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Recurring revenue from customer contracts that have concluded or not been renewed 13,210 11,493 Recurring revenue 2,625,560 2,451,310 Recurring revenue churn, % 0.5 0.5 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.
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Sectra’s three-month interim report 2026/2027 24 (31) Equity per share before and after dilution Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 Equity, SEK thousand 2,323,185 2,046,764 2,138,357 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 12.06 10.62 11.10 Purpose Calculation Measures the company’s net value per share and shows the change in shareholder capital per share over time. Equity including non-controlling interest 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, 2026 Jul 31, 2025 Apr 30, 2026 Non-interest-bearing liabilities 2,043,304 1,602,181 2,258,870 Interest-bearing liabilities 127,639 108,924 76,484 Total liabilities 2,170,943 1,711,105 2,335,354 Purpose Calculation Indicates the proportion of the Company’s liabilities with and without interest. Included in the calculation of the debt/equity ratio and capital employed. Non-interest-bearing liabilities refers to liabilities without interest, such as accounts payable, advances from customers and tax liabilities. Interest-bearing liabilities refers to liabilities with interest, such as lease liabilities. Cash flow per share before and after dilution 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Cash flow from operations, SEK thousand 2,739 118,138 981,919 1,097,318 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 0.01 0.61 5.10 5.70 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 2025 –Jul 2026 Full-year May–Apr 2025/2026 Contracted order bookings 6,989,376 7,599,519 Net sales 3,739,214 3,541,661 Ratio of contracted order bookings to net sales 1.87 2.15 Purpose Calculation Provides an indication of demand for the company’s products and services. Contracted order bookings divided by net sales.
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Sectra’s three-month interim report 2026/2027 25 (31) Liquidity SEK thousand Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 Current assets 3,508,807 2,873,286 3,559,729 Unutilized overdraft facilities 15,000 15,000 15,000 Current liabilities 2,000,168 1,537,708 2,211,347 Liquidity 1.8 1.9 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 Definition 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 2026 3 months May–Jul 2025 Full-year May–Apr 2025/2026 Nominal change, % 25.8 5.8 9.3 Exchange-rate effect, % 0.8 6.3 7.2 Change in unadjusted exchange rates, % 26.6 12.1 16.5 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 – operating profit 3 months May–Jul 2026 3 months May–Jul 2025 Full-year May–Apr 2025/2026 Nominal change, % 60.9 19.0 -1.7 Exchange-rate effect, % 2.6 16.9 15.6 Change in unadjusted exchange rates, % 63.5 35.9 13.9 Purpose Calculation Provides an indication of changes in financial measures for unadjusted exchange rates. Disclosures and adjustments of the effects of non-recurring transactions in operating profit and operating margin are made separately. When applicable, information about such transactions is provided on page 2. Amounts for the current year restated at last year’s average exchange rates less last year’s amounts at last year’s average exchange rates, divided by last year’s amounts at last year’s rates. Unadjusted exchange rates – recurring revenue 3 months May–Jul 2026 3 months May–Jul 2025 Full-year May–Apr 2025/2026 Nominal change, % 31.7 13.9 18.6 Exchange-rate effect, % 0.8 6.9 8.1 Change in unadjusted exchange rates, % 32.5 20.8 26.7 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.
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Sectra’s three-month interim report 2026/2027 26 (31) Order bookings – guaranteed Purpose Definition Indicates future revenue in the company. The share of contracted order bookings that corresponds to what the customer has undertaken to purchase when the contract is entered into. Order bookings – contracted Purpose Definition Indicates future revenue in the company. The value of orders received that corresponds to what the customer has procured and intends to purchase during the term of the contract. P/E ratio SEK 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Share price at end of period 267.20 255.20 Earnings per share for the rolling 12-month period 3.21 2.93 P/E ratio, multiple 83.2 87.1 Purpose Calculation Shows how the market values the company’s profits and how long it may take for the shareholders to get a return on an investment in the share. Share price at the end of the period divided by earnings per share for the most recent rolling 12-month period before dilution. Earnings per share before and after dilution 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Profit for the period, SEK thousand 158,117 102,785 619,110 563,778 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 0.82 0.53 3.21 2.93 Purpose Calculation Shows each share’s participation in the company’s earnings during the reporting period. Profit/loss after tax attributable to the Parent Company owners 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 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Profit for the period 158,117 102,785 619,110 563,778 Equity at start of period 2,138,357 1,916,825 2,046,764 1,916,825 Equity at end of period 2,321,630 2,046,764 2,321,630 2,138,357 Average equity 2,229,994 1,981,795 2,184,197 2,027,591 Return on equity, % 7.1 5.2 28.3 27.8 Purpose Calculation Shows the return on capital attributable to the Parent Company owners. Profit for the period attributable to the Parent Company owners divided by average equity, excluding non-controlling interest.
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Sectra’s three-month interim report 2026/2027 27 (31) Return on capital employed (ROCE) SEK thousand 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Profit after financial items 199,280 130,300 797,930 728,949 Financial expenses -1,554 -1,340 -7,732 -7,517 Average capital employed 2,332,833 2,085,852 2,303,256 2,115,428 Return on capital employed, % 8.6 6.3 35.0 34.8 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, including non-controlling interest. Operating margin SEK thousand 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Operating profit 191,143 118,799 782,979 710,635 Net sales 963,407 765,854 3,739,214 3,541,661 Operating margin, % 19.8 15.5 20.9 20.1 Purpose Calculation Measures operational profitability. This measure is used for the purpose of management by objectives in the operations. Disclosures and adjustments of the effects of non-recurring transactions in operating profit and operating margin are made separately. When applicable, information about such transactions is provided on page 2. Operating profit divided by net sales. Operating profit per share 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Operating profit, SEK thousand 782,979 710,635 Number of shares before dilution 192,667,489 192,667,489 Operating profit per share, SEK 4.06 3.69 Purpose Calculation Shows earnings per share before interest and taxes. Disclosures and adjustments of the effects of non-recurring transactions in operating profit are made separately. When applicable, information about such transactions is provided on page 2. Operating profit divided by the number of shares before dilution on the balance-sheet date. Debt/equity ratio SEK thousand Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 Interest-bearing liabilities 127,639 108,924 76,484 Equity 2,323,185 2,046,764 2,138,357 Debt/equity ratio 0.05 0.05 0.04 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, including non- controlling interest.
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Sectra’s three-month interim report 2026/2027 28 (31) Equity/assets ratio SEK thousand Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 Equity 2,323,185 2,046,764 2,138,357 Total assets 4,494,128 3,757,869 4,473,711 Equity/assets ratio, % 51.7 54.5 47.8 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 including non-controlling interest divided by total assets on the balance-sheet date. Capital employed SEK thousand Jul 31, 2026 Jul 31, 2025 Apr 30, 2026 Total assets 4,494,128 3,757,869 4,473,711 Non-interest-bearing liabilities 2,043,304 1,602,181 2,258,870 Capital employed 2,450,824 2,155,688 2,214,841 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. Growth in operating profit per share over a five-year period SEK 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Operating profit per share before dilution 4,064 3,668 Operating profit per share before dilution five years earlier 2,143 1,817 Growth in operating profit per share before dilution over a five-year period, % 89.6 103.0 Purpose Calculation Shows the growth of the operations over a five-year period. This measure is used for the purpose of management by objectives in the operations. Disclosures and adjustments of the effects of non- recurring transactions in operating profit and operating margin are made separately. When applicable, information about such transactions is provided on page 2. Operating profit per share on the balance-sheet date less operating profit per share on the balance-sheet date five years earlier divided by operating profit per share on the balance-sheet date five years earlier. Profit margin SEK thousand 3 months May–Jul 2026 3 months May–Jul 2025 12 months Aug 2025 –Jul 2026 Full-year May–Apr 2025/2026 Profit after financial items 199,280 130,300 797,930 728,949 Net sales 963,407 765,854 3,739,214 3,541,661 Profit margin, % 20.7 17.0 21.3 20.6 Purpose Calculation Shows a comparison of profitability regardless of corporate tax rate. Profit after financial items divided by net sales.
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Sectra’s three-month interim report 2026/2027 29 (31) KEY FIGURES AND OTHER INFORMATION Key figures 3 months Jul 31, 2026 3 months Jul 31, 2025 12 months Jul 31, 2026 Full-year Apr 30, 2026 Contracted order bookings, SEK million 699 1,310 6,989 7,600 of which guaranteed order bookings, SEK million 598 1,192 5,260 5,855 Operating margin, % 19.8 15.5 20.9 20.1 Profit margin, % 3 20.7 17.0 21.3 20.6 Average no. of employees 1,403 1,328 1,350 1,331 Cash flow per share, SEK 1, 2 0.01 0.61 5.10 5.70 P/E ratio, multiple n/a n/a 83.2 87.1 Share price at end of period, SEK 267.20 363.00 267.20 255.20 Return on equity, % 7.1 5.2 28.3 27.8 Return on capital employed, % 8.6 6.3 35.0 34.8 Equity/assets ratio, % 51.7 54.5 51.7 47.8 Liquidity ratio, multiple 1.8 1.9 1.8 1.6 Equity per share, SEK 2 12.06 10.62 12.06 11.10 1 Cash flow from operations. 2 Before and after dilution. Key figures by quarter Q1 Q4 Q3 Q2 Q1 Q4 Q32 Q2 Q1 26/27 25/26 25/26 25/26 25/26 24/25 24/25 24/25 24/25 Contracted order bookings, SEK million 699 1,552 1,307 3,432 1,310 2,900 968 4,223 615 of which guaranteed order bookings 598 1,323 1,093 2,246 1,192 2,382 711 4,017 543 Recurring revenue, SEK million 723 682 632 588 549 575 526 485 482 of which cloud services (CRR) 315 275 250 212 179 184 163 121 123 Operating margin, % 19.8 20.2 21.8 22.2 15.5 21.8 37.1 14.5 13.8 Earnings per share, SEK 1 0.82 0.82 0.81 0.77 0.53 0.68 1.37 0.46 0.42 Cash flow per share, SEK 1 0.01 2.70 2.17 0.22 0.61 1.15 3.01 0.91 -0.29 Return on equity, % 7.1 7.7 8.3 7.7 5.2 7.0 15.8 5.5 5.0 Return on capital employed, % 8.6 10.5 9.8 9.3 6.3 9.4 18.9 6.7 6.2 Equity/assets ratio, % 51.7 47.8 47.6 51.1 54.5 51.0 46.7 48.0 52.2 Equity per share, SEK 1 12.06 11.10 10.02 9.29 10.62 9.95 9.40 7.95 8.59 Share price at end of period, SEK 267.20 255.20 220.20 301.80 363.00 296.60 254.00 283.00 243.40 1 Before and after dilution. 2 The outcomes include a patent settlement, which was a non-recurring transaction. The settlement had a positive impact of SEK 110 million on operating profit. Exchange rates Currency Average rates in SEK Closing rates in SEK 3 months May–Jul 2026 3 months May–Jul 2025 Δ % Jul 31, 2026 Jul 31, 2025 Δ % US dollar, 1 USD 9.44 9.54 -1.0 9.47 9.73 -2.7 Euro, 1 EUR 10.87 10.98 -1.0 10.91 11.10 -1.7 British pound, 1 GBP 12.63 12.89 -2.0 12.75 12.89 -1.1
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Sectra’s three-month interim report 2026/2027 30 (31) 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. Five-year summary 2025/2026 2024/20251 2023/2024 2022/2023 2021/2022 Contracted order bookings, SEK million 7,600 8,706 6,224 4,636 2,320 Net sales, SEK million 3,542 3,240 2,964 2,351 1,949 Operating profit, SEK million 711 723 518 456 383 Profit after financial items, SEK million 729 726 553 479 395 Profit for the period, SEK million 564 563 428 375 315 Operating margin, % 20.1 22.3 17.5 19.4 19.7 Profit margin, % 20.6 22.4 18.7 20.4 20.2 Earnings per share before and after dilution, SEK 2.93 2.92 2.22 1.95 1.63 Dividend/Redemption program per share, SEK 2 2.30 2.10 1.10 1.10 1.00 Share price at end of year, SEK 255.20 296.60 219.20 161.70 124.80 P/E ratio, multiple 87.1 101.6 98.7 82.9 76.6 Return on equity, % 27.8 32.3 29.9 31.5 31.9 Return on capital employed, % 34.8 40.4 37.3 38.2 37.5 Equity per share before and after dilution, SEK 11.10 9.95 8.15 6.73 5.61 Equity/assets ratio, % 47.8 51.0 48.9 47.4 49.3 1 The outcomes include a patent settlement, which was a non-recurring transaction. The settlement had a positive impact of SEK 110 million on operating profit. 2 The amount for 2024/2025 includes an extraordinary dividend of SEK 1.00 and the amount for 2025/2026 includes an extraordinary dividend of SEK 1.00.
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Sectra’s three-month interim report 2026/2027 31 (31) ABOUT SECTRA Vision To contribute to a healthier and safer society. Mission statements To increase the effectiveness of healthcare, while maintaining or increasing the quality of care. To strengthen the stability and efficiency of society’s most important functions through solutions for critical IT security. Operating areas/business models Imaging IT Solutions helps hospitals across the world to become more efficient, enabling them to care for more patients and save more lives. Increased use of medical images and aging populations that are living longer pose huge challenges to healthcare. Sectra’s IT solutions and services for medical diagnostic imaging enable greater efficiency and contribute to healthcare advancements. Sectra has exceeded 2,500 installations of medical IT systems, and customers include some of the largest healthcare providers in the world. Secure Communications helps society’s critical functions, govern- ment 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. Overall target and strategies for value creation and sustainable business development To create significant customer value. Customers should be so satisfied with their experience that they remain for a long time, expand their use of our solutions and recommend Sectra to others. Customer satisfaction cannot be achieved without satisfied and dedicated employees. Employees who are motivated, understand their customers, feel a sense of well-being and are satisfied in their jobs will also increasingly develop new, creative solutions that can further increase the value we provide for our customers. Value that is then passed on to us through the payments we receive for the improve- ments that our products and services create. This is what pays our employees’ salaries and enables innovation and the investments needed to continue making our existing and new customers more successful. The Group’s strategies comprise four areas: Customer value is the top priority A corporate culture that leads to satisfied customers Continuous innovation and new business Financial stability and returns For more information, visit https://investor.sectra.com 7 good reasons to invest in Sectra A corporate culture that creates high levels of customer satisfaction A strong corporate culture clearly focused on customer value and employees who are passionate about making a difference lead to satisfied customers and extremely low churn. To safeguard our corporate culture and customer satisfaction, growth is primarily organic. Stability, profitability and long-term growth Sectra has an over 45-year history of growth and profitability. More than half of the company’s sales comprise recurring revenue from long-term customer contracts, a share that is growing due to an ongoing transition to service sales. International, growing niche markets IT for healthcare as well as cybersecurity for critical social functions are rapidly changing markets where challenges linked to an aging population and digitization force society to make investments regardless of the economy. This creates major growth opportunities for companies such as Sectra. 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 using our products or services to benefit millions of people. High pace of innovation and exciting future prospects By continuously investing in new and enhanced products and services, including 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 a healthier and safer society by creating significant value for our customers is the foundation of Sectra’s operations and business model. We help our customers improve the efficiency and quality of patient care and increase cybersecurity in critical social functions. This is how Sectra creates long-term value and contributes to a more sustainable society Long-standing owners and dedicated management With principal owners who have been part of the company since the 1980s, there is a strong long-term dedication to the company’s development. This is further evidenced by the fact that all members of Group Management are shareholders in Sectra.