Securitas (SECU) Q2 2026 earnings summary

Executive summary

• Adjusted organic sales growth was 3% in Q2, driven by technology and solutions in North America, but offset by portfolio management and aviation sector headwinds in Europe.

• Operating income increased 3% year-over-year, with EPS up 7% in Q2 and 11% in H1; cash flow conversion was strong at 87%.

• Strategic assessment and portfolio management programs were completed in Europe and Ibero-America, sharpening business focus.

• Margin improvement was delivered in both Technology and Solutions (11.3%) and Services (6.3%) business lines.

• The 2030 strategy targets 10% average annual EPS growth and a continued shift toward higher-margin technology and solutions.

Financial highlights

• Adjusted operating margin improved to 7.6% in Q2, marking 22 consecutive quarters of margin improvement.

• Q2 sales were SEK 37,843M, down 1-2% year-over-year; H1 sales SEK 74,054M, down 5%.

• Net income for Q2 was SEK 1,654M, up 12-14% year-over-year; EPS SEK 2.88, up 12-14%.

• Free cash flow in H1 improved to SEK 1,895M, supported by higher operating cash flow and lower financial expenses.

• Net debt at quarter-end was SEK 32.7 billion, with net debt/EBITDA at 2.2x, below the 2.5x target.

Outlook and guidance

• Targeting 10% average annual EPS growth, 4-6% organic sales growth, and 0.2-0.3% margin improvement by 2030.

• Full-year 2026 cash flow forecasted at SEK 800–850 million; finance net expected below SEK 1.6 billion in 2026.

• Dividend policy set at 50-60% of annual net income over a business cycle.

• Net debt to EBITDA target below 2.5x; CAPEX to remain below 3% of sales.

• Close-down of the SCIS government business is on track for completion by year-end 2026.