Securitas (SECU) Q3 2026 earnings summary

Executive summary

• Q3 adjusted organic sales growth was 3%, with technology momentum offset by softer airport activity and SCIS government-contract wind-down effects.

• Technology and solutions reached 35% of sales, up from 33% YoY; installation order intake was record-high in North America and Ibero-America.

• Q3 adjusted operating margin was 8.2%; nine-month EPS before items affecting comparability rose to SEK 8.69 from SEK 8.48.

Financial highlights

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

• Q3 operating income before amortization was MSEK 3,161 versus 3,107; reported margin was 8.2% versus 8.1%, while adjusted margin was 8.2% versus 8.3%.

• Q3 net income was MSEK 2,117 versus 631 and diluted EPS was SEK 3.68 versus 1.09; EPS before items affecting comparability was SEK 3.28 versus 3.34.

• 9M sales were MSEK 112,620 versus 116,691; operating income before amortization was MSEK 8,444 versus 8,430 and adjusted margin was 7.6% versus 7.5%.

• 9M net income was MSEK 5,383 versus 3,422; diluted EPS was SEK 9.36 versus 5.95, and EPS before items affecting comparability was SEK 8.69 versus 8.48.

Outlook and guidance

• Full-year operating cash flow target remains 80–90% of operating income before amortization; 9M conversion was 71%.

• The updated financial targets include average annual EPS growth of 10% over a business cycle, excluding items affecting comparability and adjusted for FX, with a long-term operating-margin ambition above 10%.

• The final remaining SCIS government-business contracts were expected to be exited by the end of October 2026.

• Other targets: net debt to EBITDA below 2.5x and dividends of 50–60% of annual net income over a business cycle, with excess capital returned after strategic growth priorities are met.