Securitas (SECU) Q3 2026 earnings summary

Executive summary

• Adjusted organic sales growth was 3%; adjusted operating margin was 8.2%, with European aviation weakness offsetting strong North American margin performance.

• Technology & Solutions reached 35% of sales, with 6% real growth and record installation order entry in North America and Ibero-America.

• Strategy targets 4%-6% annual organic growth, 20-30 bps annual margin expansion and 10% average annual EPS growth over a business cycle.

Financial highlights

• Q3 sales were MSEK 38,566 versus MSEK 38,521; organic growth was 0%, or 3% adjusted for the SCIS government-business closure.

• Q3 operating income before amortization was MSEK 3,161 versus MSEK 3,107; adjusted operating margin was 8.2% versus 8.3%.

• Q3 EPS before IAC was SEK 3.28 versus SEK 3.34; 9M EPS before IAC rose 6% to SEK 8.69 from SEK 8.48.

• 9M sales were MSEK 112,620 versus MSEK 116,691; operating income before amortization was MSEK 8,444 versus MSEK 8,430.

• 9M net income was MSEK 5,383 versus MSEK 3,422; reported diluted EPS was SEK 9.36 versus SEK 5.95.

Outlook and guidance

• Targets include 4%-6% annual organic growth, 20-30 bps annual margin expansion, 10% average annual EPS growth and a long-term operating-margin ambition above 10%.

• Operating cash flow target is 80%-90% of operating income before amortization; net debt/EBITDA target is below 2.5x.

• FY 2026 adjusted tax rate is forecast at 27.9%; IAC is estimated at MSEK 225-MSEK 250, excluding capital gains of MSEK 223.

• 2026 finance net is expected below SEK 1.6bn, versus SEK 1.8bn in 2025; the year-on-year benefit is expected to moderate as leverage normalizes.

• Final SCIS government-business contract exits were expected by end-October 2026; technology orders typically convert over 4-6 months, with some projects extending into 2027.