Loomis — Interim / Quarterly Report 2022

May 4, 2022

At the Centre of the Payment Ecosystem

1

Interim Report January – March 2022

Record sales and increasing operating margin

• Revenue for the quarter was SEK 5,627 million (4,483). Real growth was 18 percent (–6) of which organic growth was 15 percent (–9).
• Operating income (EBITA) for the period was SEK 516 million (358) and EBITA operating margin was 9.2 percent (8.0). Excluding Loomis Pay, the operating margin amounted to 10.0 percent (8.7).
• Operating income (EBIT) for the period was SEK 463 million (315) and EBIT operating margin was 8.2 percent (7.0).
• Income before taxes 406 MSEK (269) and net income 295 MSEK (198).
• Earnings per share before and after dilution were SEK 4.00 (2.63).
• Cash flow from operating activities SEK 177 million (342), equivalent to 34 percent (96) of operating income (EBITA).
• The Board of Directors of Loomis AB has, as previously announced, appointed Aritz Larrea as new President and CEO of the company. Aritz Larrea will take up the position on May 23, 2022.

	2022	2021		2021
SEK m	Quarter 1	Quarter 1	Change (%)	Full year
Revenue	5,627	4,483	25.5	19,723
Of which:
Organic growth	654	–461	14.6	1,045
Acquisitions and divestments	169	136	3.8	815
Exchange rate effects	321	–521	7.2	–950
Total growth	1,144	–846	25.5	909
Operating income (EBITA)	516	358	44.2	1,961
Operating margin (EBITA), %	9.2	8.0		9.9
Operating income (EBIT) before items affecting comparability	463	315	47.1	1,790
Operating income (EBIT) before items affecting comparability, %	8.2	7.0		9.1
Income before tax	406	269	50.9	1,545
Profit for the period	295	198	49.3	1,104
Earnings per share before dilution, SEK	4.00	2.63	52.1	14.74
Tax rate, %	27	27		28
Cash flow from operating activities	177	342	–48.3	1,620
Cash flow from operating activities as % of operating income (EBITA)	34	96		83

KEY RATIOS

Explanation and reconciliation of alternative performance measures can be found on pages 22–23 of this report and under Definitions on page 24.

We continue to grow in both Europe and the USA

Recently the news has been dominated by the tragic events unfolding in Ukraine. Loomis has no operations in Ukraine or Russia, and the war has no direct impact on our business volumes, but we, of course, sympathize with Ukraine and the Ukrainian people.

New ambitious targets

On March 23 we held a virtual Capital Markets Day at which we presented an updated strategy, new financial targets and our sustainability targets. The strategy we presented extends from 2022 to 2024. Our ambition is to accelerate our core business and continue to advance further up the value chain by increasing our focus on services with recurring revenue, combining physical and digital customer offerings, being the leading actor within ESG in the market and continuing to develop the Loomis Model.

Briefly, our financial targets for the strategy period are average real growth of 5–8 percent per year and an operating margin (EBITA) of between 12 and 14 percent for 2024. Loomis's dividend policy, with 40–60 percent of the net income for the year being distributed to the shareholders, is unchanged.

Our sustainability targets are highly prioritized and involve reducing our carbon emissions in Scope 1 and 2 combined by 15 percent compared with 2019 levels. We have also set a target regarding employee work injury rate involving a reduction of 15 percent compared with 2021.

Sustained good growth

We are experiencing a clear growth trend at this time. Throughout 2021 the pandemic had a negative impact on travel and tourism, but we are seeing good growth opportunities now that the situation in society is becoming fully normalized. The first quarter did, however, begin somewhat slowly as the effects of the restrictions in response to the Omicron variant had a significantly negative impact on large parts of Europe. The Omicron variant also impacted our business in the USA, where the rate of employees on sick leave increased temporarily. In the second half of February the negative effects of the pandemic decreased in both Europe and the USA. Growth and the operating margin both picked up speed again in Europe. In the USA we saw a continuation of the good growth we have reported over a long period and the operating margin once again developed in a positive direction in the latter part of February and in March.

First quarter revenue for our US operations exceeded the level in Q1 2019 by 21 percent and in Europe, organic revenue amounted to 91 percent of the 2019 level.

The Group's first quarter real growth was 18 percent (–6), of which organic growth was 15 percent (–9). The Group's operating margin (EBITA %) was 9.2 percent (8.0) in the first quarter. As anticipated, Loomis Pay negatively impacted income, and excluding Loomis Pay, the operating margin was 10.0 percent (8.7).

SafePoint's positive development in the USA continues and organic revenue for SafePoint increased by just over 21 percent during the quarter. The US operations as a whole saw revenue growth in local currency of 15 percent during the quarter.

The first quarter operating margin in the USA amounted to 13.0 percent (16.2). As has been the case in past quarters, the operating margin was lower than in the previous quarters due to the structural challenges that currently exist in the US labor market. Good growth and a high level of service to our customers are prioritized. As a result, as we grow, the level

+15% Organic growth

+52% EPS growth

of overtime will continue to increase. We are convinced that this is the right strategy and that our operating margin in the USA will rise once access to labor normalizes and overtime hours can be reduced.

I am delighted to see our continued growth in Segment Europe. Organic growth amounted to 15 percent in the first quarter. The operating margin was 8.7 percent (3.0) and we are well-equipped for margin improvement. The steps that Loomis took early on to compensate for the pandemic effects continued to yield good results. The acquisition in Switzerland in 2021 is also progressing well and contributes with clear synergy effects.

Many activities are currently under way in the countries where we have already launched Loomis Pay and preparations are now also fully in progress to launch Loomis Pay in an important market in continental Europe. We aim to be ready for the launch no later than Q3 this year.

We are now ready to shift up a gear and, with a clear strategy in place, I would like to hand over the baton to Loomis's next President and CEO, Aritz Larrea. Aritz will lead our continued transformation. I would like to thank all of our employees, customers, shareholders and other stakeholders. I'm proud of having had the opportunity to lead Loomis during an exciting period.

Patrik Andersson President and CEO

Revenue and income – Group

Group – Quarter 1

Revenue for the quarter amounted to SEK 5,627 million (4,483). Real growth was 18 percent (–6), of which organic growth was 15 percent (–9). Revenue was primarily positively affected by higher sales in both Europe and the USA, and by the acquisition in Switzerland in May 2021. Revenues increased from all business lines but above all revenues increased for SafePoint. For the quarter, revenues from SafePoint amounted to approximately 13 percent (12) of the Group's total revenues. The corresponding proportion for ATMs was approximately 21 percent (22).

The operating income (EBITA) amounted to SEK 516 million (358) and the operating margin was 9.2 percent (8.0). The exchange rate effect on operating income during the quarter was approximately SEK 36 million.

For segment information, see pages 4–7.

The operating income (EBIT) for the quarter amounted to SEK 463 million (315), which includes amortization of acquisition related intangible assets of SEK –34 million (–33) and acquisitionrelated costs of SEK –19 million (–10).

Income before tax of SEK 406 million (269) includes a net financial expense, including a loss on monetary net assets, of SEK –56 million (–46).

The tax expense for the quarter was SEK –111 million (–72), which represents a tax rate of 27 percent (27).

Earnings per share before and after dilution amounted to SEK 4.00 (2.63).

Revenue, SEK billion

Operating margin (EBITA), %

Revenue by business line, Q1

Revenue by business line, R12

The segments Revenue, operating income and number of full-time employees

EUROPE AND LATIN AMERICA

	2022	2021	2022	2021
SEK m	Quarter 1	Quarter 1	R12	Full year
Revenue	2,796	2,268	10,706	10,178
Sales growth, %	23.3	–20.2	16.2	3.9
-of which organic growth, %	14.6	–18.7	8.6	–0.5
-of which acquisitions / divestments, %	6.6	4.4	8.8	8.0
-of which exchange rate effects, %	2.1	–6.0	–1.2	–3.6
Real growth, %	21.2	–14.2	17.3	7.5
Operating income (EBITA)	242	69	1,020	846
Operating margin, %	8.7	3.0	9.5	8.3
Number of full-time employees	14,000	13,400	14,000	13,900

USA

	2022	2021	2022	2021
SEK m	Quarter 1	Quarter 1	R12	Full year
Revenue	2,862	2,234	10,270	9,643
Sales growth, %	28.1	–10.9	16.4	6.0
-of which organic growth, %	14.9	2.8	15.4	12.3
-of which acquisitions / divestments, %	0.9	0.3	0.4	0.3
-of which exchange rate effects, %	12.3	–14.0	0.5	–6.6
Real growth, %	15.8	3.1	15.8	12.6
Operating income (EBITA)	371	363	1,461	1,452
Operating margin, %	13.0	16.2	14.2	15.1
Number of full-time employees	10,600	8,800	9,800	9,300

LOOMIS PAY

	2022	2021	2022	2021
SEK m	Quarter 1	Quarter 1	R12	Full year
Revenue	3	2	12	11
Transaction volume	355	145	1,489	1,279
Sales growth, %	90.8	e/t	50.3	65.8
-of which organic growth, %	86.9	e/t	36.5	23.4
-of which acquisitions / divestments, %	0.0	e/t	14.2	44.0
-of which exchange rate effects, %	3.8	e/t	–0.5	–1.5
Real growth, %	86.9	e/t	50.8	67.3
Operating income (EBITA)	–49	–32	–165	–149
Operating margin, %	e/t	e/t	e/t	e/t

Revenue and income – Europe and Latin America

Europe and Latin America – Quarter 1

Revenue for the quarter amounted to SEK 2,796 million (2,268). Real growth, which was 21 percent (–14), was positively affected by revenue attributable to the acquisition of the cash handling operations of Swiss Post in May 2021. Organic growth was 15 percent (–19). Overall, the restrictions were less extensive in the first quarter of this year than in Q1 2021. In January and the beginning of February this year this segment was negatively affected to some extent by restrictions relating to the Omicron variant. Growth improved in the second half of February and in March once restrictions were eased.

The operating income (EBITA) amounted to SEK 242 million (69) and the operating margin was 8.7 percent (3.0). Increased revenue in combination with the steps that Loomis took early on to compensate for the temporarily lower volumes after the pandemic broke out are still providing clear results. Integration of the operations acquired in Switzerland in 2021 is proceeding according to plan and resulting in good synergy effects.

Revenue, SEK billion

Operating margin (EBITA), %

Revenue by business line, Q1

Revenue by business line, R12

Revenue and income – USA

USA – Quarter 1

Revenue amounted to SEK 2,862 million (2,234) and real growth was 16 percent (3). Organic growth amounted to 15 percent (3). Similar to previous quarters, the US operations continued to show good growth. Revenue from all offerings grew and SafePoint in particular saw increased volumes. Revenue for the quarter from SafePoint accounted for approximately 19 percent (18) of the segment's total revenue, while ATMs accounted for around 24 percent (26).

The operating income (EBITA) amounted to SEK 371 million (363) and the operating margin was 13.0 percent (16.2). The lower operating margin is primarily due to the current challenges in the US labor market. In order to maintain both a high growth rate and a high level of service, overtime will continue to increase temporarily resulting in higher cost levels. The assessment is that the operating margin can increase when access to labor improves.

Revenue, SEK billion

Operating margin (EBITA), %

Revenue by segment, Q1

Revenue by segment, R12

Revenue and income – Loomis Pay

Loomis Pay – Quarter 1

Revenue amounted to SEK 3 million (2). The offering is currently available in the Danish, Swedish and Norwegian markets and the ambition is to roll out Loomis Pay in continental Europe in 2022. Dialogue with customers, building up of local sales organizations and continued development of the service offering are prioritized areas.

The segment's operating income (EBITA) amounted to SEK –49 million (–32). Additional investments will be made in product development and other activities relating to Loomis Pay and the operating income will be negative for 2022 as a whole.

Sustainability

Sustainability targets

When a new strategy was presented, for the period 2022-2024, in the first quarter of 2022, the Company's sustainability framework and sustainability targets were updated. Loomis's updated sustainability strategy will strengthen inclusion and help ensure the right of all people to use whatever means of payment they choose. The focus in the years ahead will be on further reducing climate impact, being an ever more inclusive company and remaining a reliable partner that maintains the highest standards of integrity and compliance.

Environment

Loomis's vision is to reduce climate impact across the global organization by lowering emissions, transitioning to renewable energy sources and working in cooperation with suppliers and customers. This will be done through an improved fuel mix, a greater share of

electric and hybrid vehicles in the fleet, increased use of self-produced and purchased renewable energy, and monitoring supplier climate targets. The target up to 2024 is a 15 percent reduction in CO2 emissions in Scope 1 and 2 combined, compared with the levels 2019.

Social responsibility

Loomis's vision is to be an inclusive company that provides a safe, fair and diverse environment for its employees with zero tolerance for death and injuries. This will be done through proactive preventive measures with a focus on locally or globally recognized standards. The target up to 2024 is to reduce the rate of injuries by 15 percent compared to 2021.

Governance

Loomis's vision is to be a trusted partner that maintains the highest standards of integrity and adheres to a policy of zerotolerance for corruption and bribes. This

will be done by updating supplier agreements and education initiatives on a regular basis.

Cash flow and investments

January – March 2022

Cash flow from operating activities, excluding the IFRS 16 effects, amounted to SEK 177 million (342), equivalent to 34 percent (96) of operating income (EBITA).

Net investments in fixed assets for the period amounted to SEK –322 million (–173), which can be compared with depreciation (excluding the effect of IFRS 16) of SEK 331 million (306). Investments made during the period were mainly in buildings, vehicles, machinery and equipment. Investments in relation to depreciation (excluding IFRS 16) for the period amounted to 1.0 (0.6).

Capital employed and financial position

Capital employed

The total capital employed at the end of the first quarter was SEK 17,856 million (17,070 as of December 31, 2021), which is equivalent to around 86 percent (87) of revenue. Return on capital employed amounted to 12 percent (12).

Shareholders' equity and financing

Shareholders' equity increased in the first quarter by SEK 815 million, amounting to SEK 10,878 million as of March 31, 2022 (10,063 as of December 31, 2021). The increase is largely explained by translation differences of SEK 333 million, net profit for the period of SEK 295 million and actuarial gains of SEK 206 million. The return on shareholders' equity was 11 percent (11) and the equity ratio was 38 percent (37).

Net debt amounted to SEK 6,979 million as of March 31, 2022 (7,007 as of December 31, 2021) and net debt/EBITDA amounted to 1.71 (1.81 as of December 31, 2021).

As of March 31, 2022 the long-term loan facilities totaled around SEK 8.3 billion and the short-term loan facilities totaled around SEK 0.4 billion. Unutilized loan facilities amounted to around SEK 4.5 billion, of which SEK 1.6 billion are used as back-up for outstanding commercial papers. Available liquid funds amounted to around SEK 1.9 billion (see Note 7).

Other events

Significant events during the period

On February 9 Loomis announced that the current President and CEO, Patrik Andersson, will conclude his operational career and leave his role at Loomis. On March 19 the Company announced that Aritz Larrea will succeed Patrik Andersson as President and CEO of Loomis. Mr. Larrea will take over this role, at the latest, by August 1 this year.

Mr. Larrea is a Spanish citizen and he was born in 1973. He is currently President and CEO for Loomis USA and is a member of Loomis Group Management. He holds an Executive Master in Business Administration from Instituto de Empresa in Spain and he has many years of experience in senior roles. Mr. Larrea's roles include serving as Country President for Loomis in Spain. Before joining Loomis he was CEO of Grupo Segur in Spain.

Björn Züger has been appointed as new President and CEO for Loomis USA and will take up the position by August 1, 2022, at the latest. Mr. Züger is currently Country President for Loomis Switzerland and Regional President for Austria/Germany/Switzerland. Mr. Züger, a Swiss citizen born in 1970, will report to Loomis's President and CEO and will be a member of Group Management. He has studied business administration in Switzerland with a focus on logistics. Mr. Züger has previously held various management roles within the VIA MAT Group, both in Europe and South America. VIA MAT was acquired by Loomis in 2014.

On March 23 Loomis held a virtual Capital Markets Day at which new financial and sustainability targets for the 2022–2024 strategy period were presented. For a more detailed description of the targets, please refer to the press release from March 23 and the presentations, which are available on the Loomis website, www.loomis.com.

Brief description of the targets:

Targets

• Revenue: Average real growth of 5–8 percent per year
• Operating margin (EBITA): 12–14 percent for 2024
• 15 percent reduction in carbon emissions, in Scope 1 and 2 combined, compared with 2019
• 15 percent reduction in workplace injuries compared with 2021

On March 29 Loomis's Board of Directors issued a notice of the Annual General Meeting. The meeting will take place on May 4, 2022. For further information on the proposed agenda items and proposals from the Board, see the full notice of the meeting which is available on Loomis's website, www.loomis.com.

At the beginning of 2022 Loomis made a change to the organizational structure whereby the mergers and acquisition (M&A)

function was placed under the Chief Financial Officer for the Group. In connection with this change, Johannes Bäckman, who was previously Head of M&A and was part of Group Management, left Loomis.

Events after the end of the period

On April 12 it was announced that Loomis AB had issued an additional SEK 300 million of sustainability-linked bonds (SLBs). The interest on the bonds is variable and based on three months' Stibor plus a credit margin of 1.48 percentage points. The proceeds will be used for operating activities and to refinance loans. This will involve an increase in the existing SLB program which matures on November 30, 2026. As with the SLBs issued previously, the new bonds will be listed on Nasdaq Stockholm Sustainable Bond List.

The Board of Directors of Loomis AB has, as previously announced, appointed Aritz Larrea as new President and CEO of the company. Aritz will take up his position on May 23, 2022.

Financial reports

CONSOLIDATED INCOME STATEMENT

Note	2022	2021	2022	2021
SEK m	Quarter 1	Quarter 1	R12	Full year
Revenue 3,4	5,627	4,483	20,867	19,723
Production expenses	–4,181	–3,387	–15,286	–14,492
Gross income	1,446	1,096	5,581	5,231
Selling and administration expenses	–964	–771	–3,589	–3,396
Other income and expenses	–19	–10	–53	–45
Items affecting comparability 5	–	–	–52	–52
Operating income (EBIT)	463	315	1 886	1 738
Financial income	24	17	79	71
Financial expenses	–57	–50	–216	–209
Loss on monetary net assets/liabilities	–23	–12	–67	–56
Income before taxes	406	269	1,682	1,545
Income tax	–111	–72	–480	–440
Net income for the period1)	295	198	1,202	1,104
Other comprehensive income
Items that will not be reclassified to the statement of income
Actuarial gains and losses, net of tax	206	167	126	87
Items that may be reclassified to the statement of income
Translation differences	333	542	772	981
Hedging of net investments, net of tax	–24	–45	–69	–90
Other comprehensive income and expenses for the period, net after tax	514	663	829	978
Total comprehensive income and expenses for
the period2)	809	861	2,031	2,083
Earnings per share, SEK
Earnings per share before dilution	4.00	2.63	16.11	14.74
Earnings per share after dilution	4.00	2.63	16.10	14.73
Number of shares
Number of outstanding shares (million) Average number of outstanding shares before dilution (million)	73.8 73.8	75.2 75.2	73.8 74.6	73.8 74.9
Average number of outstanding shares after dilution (million)	73.9	75.2	74.7	75.0

1) Net income for the period is entirely attributable to the owners of the Parent company.

2) Comprehensive income is entirely attributable to the owners of the Parent company.

In connection with the introduction of the change in the format of presentation, SEK 33 million relating to amortization of intangible assets has been moved from sales and administration costs to production costs and thereby reduced gross profit by the corresponding amount in quarter 1 2021. For the full year 2021, the reclassification is SEK 126 million. In addition, a correction was made in the first quarter of 2021, where production costs were reduced by SEK 27 million and sales and administration costs increased correspondingly.

CONSOLIDATED BALANCE SHEET

Note	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
ASSETS
Fixed assets
Goodwill	7,334	6,955	7,185
Intangible assets	1,128	980	1,147
Buildings and land	1,040	954	970
Machinery and equipment	4,495	4,222	4,463
Right-of-use assets	3,225	2,775	3,008
Contract assets	171	142	164
Deferred tax assets	444	498	449
Pension plan assets	302	476	225
Interest-bearing financial fixed assets	481	391	466
Other long-term receivables	305	246	273
Total fixed assets	18,925	17,640	18,349
Current assets
Accounts receivable	2,778	2,257	2,686
Other current receivables	306	185	236
Current tax assets	287	347	263
Prepaid expenses and accrued income	845	719	527
Interest-bearing financial current assets	37	38	13
Liquid funds 6	5,157	4,160	5,156
Total current assets	9,409	7,706	8,880
TOTAL ASSETS	28,334	25,346	27,228
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 8
Share capital	376	376	376
Other capital contributed	4,594	4,594	4,594
Other reserves	1,207	839	894
Retained earnings including net income for the year	4,701	3,823	4,199
Non-controlling interest	–	1	–
Total shareholders' equity	10,878	9,633	10,063
Long-term liabilities
Interest-bearing non-current lease liabilities	2,556	2,204	2,348
Loans payable	5,587	5,369	5,636
Deferred tax liabilities	479	532	436
Provisions for claims reserves	423	415	451
Provisions for pensions and similar commitments	548	790	724
Other provisions	155	113	118
Other long-term liabilities	142	126	126
Total long-term liabilities	9,890	9,549	9,839
Current liabilities
Interest-bearing current lease liabilities	733	597	701
Loans payable	259	225	311
Accounts payable	802	589	687
Provisions for claims reserves	219	191	231
Current tax liabilities	284	215	274
Liabilities, cash processing operations	2,805	1,959	2,818
Accrued expenses and prepaid income	1,699	1,624	1,689
Other provisions	41	96	45
Other current liabilities	723	666	569
Total current liabilities	7,567	6,164	7,326
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	28,334	25,346	27,228

CHANGE IN CONSOLIDATED SHAREHOLDERS' EQUITY

	2022	2021	2021
SEK m	Quarter 1	Quarter 1	Full year
Opening balance	10,063	8,773	8,773
Actuarial gains and losses after tax	206	167	87
Exchange rate differences	333	542	981
Hedging of net investments, net of tax	–24	–45	–90
Total other comprehensive income	514	663	978
Net income for the period	295	198	1,104
Total comprehensive income1)	809	861	2,083
Dividend paid to Parent Company's shareholders	–	–	–451
Share-related remuneration	5	–1	9
Acquisition of own shares	–	–	–350
Non-controlling interest	–	–	–1
Closing balance	10,878	9,633	10,063

1) Total comprehensive income is entirely attributable to the owners of the Parent company.

CONSOLIDATED STATEMENT OF CASH FLOWS

	2022	2021	2021
SEK m Note	Quarter 1	Quarter 1	Full year
Operations
Income before taxes	406	269	1,545
Depreciation and amortization	562	492	2,027
Other items not affecting cash flow	44	–26	141
Financial items received	14	7	29
Financial items paid	–70	–52	–223
Income tax paid	–118	–83	–375
Change in accounts receivable	–41	34	–341
Change in other operating capital employed and other items	–287	–163	–45
Cash flow from operations	511	479	2,758
Investing activities
Investments in fixed assets	–323	–174	–1,162
Disposals of fixed assets	1	2	6
Acquisitions of operations	–	–	–230
Cash flow from investing activities	–322	–173	–1,386
Financing activities
Dividend paid	–	–	–451
Acquisition of own shares	–	–	–350
Issuance of bonds	–	–	1,200
Issuance of commercial papers and other long-term borrowing	–	–	868
Redemption of commercial papers and other long-term borrowing	–60	–155	–1,937
Change in other interest-bearing net debt	–279	–371	–819
Cash flow from financing activities	–339	–526	–1,489
Cash flow for the period	–150	–219	–117
Liquid fund at beginning of the period1)	2,009	2,056	2,056
Translation differences in liquid funds	24	52	71
Liquid funds at end of period1)	1,884	1,888	2,009

1) Excluding liquid funds within cash processing operations. See also Note 6 Liquid funds.

	2022	2021	2022	2021
SEK m	Quarter 1	Quarter 1	R12	Full year
Operating income (EBITA)1)	497	342	2,050	1,896
Depreciation1)	331	306	1,266	1,240
Change in accounts receivable	–41	34	–416	–341
Change in other operating capital employed and other items1)	–289	–167	–140	–19
Cash flow from operating activities before investments	499	515	2,760	2,776
Investments in fixed assets, net	–322	–173	–1,305	–1,156
Cash flow from operating activities	177	342	1,454	1,620
Financial items paid and received1)	–30	–23	–112	–104
Income tax paid	–118	–83	–411	–375
Free cash flow	28	237	932	1,141
Cash flow effect of items affecting comparability	–2	–54	–24	–76
Acquisition of operations	–	–	–230	–230
Acquisition-related costs and revenue, paid and received2)	–29	–27	–75	–73
Dividend paid	–	–	–451	–451
Acquisition of own shares	–	–	–350	–350
Issuance of bonds	–	–	1,200	1,200
Issuance of commercial papers and other long-term borrowing	–	–	868	868
Redemption of commercial papers and other long-term borrowing	–60	–155	–1,842	–1,937
Change in other interest-bearing net debt1)	–87	–220	–76	–209
Cash flow for the period	–150	–219	–48	–117

1) Excluding the IFRS 16 impact.

2) Refers to the cash flow effect of acquisition-related transaction-, restructuring and integration costs.

Notes

NOTE 1 – ACCOUNTING PRINCIPLES

The Group's financial reports are prepared in accordance with the International Financial Reporting Standards (IAS/IFRS, as adopted by the European Union) issued by the International Accounting Standards Board, and statements issued by the IFRS Interpretations Committee (IFRIC).

This interim report has been prepared according to IAS 34 Interim Financial Reporting. The most important accounting principles according to IFRS, which are the accounting standards used in the preparation of this interim report, are described in the 2021 Annual Report.

New or changed standards and interpretations that entered into force on January 1, 2022 are not expected to have any material effect on the Group's financial statements.

In connection with the preparation of the interim report for the first quarter, the presentation format for the consolidated income statement has been changed as an adjustment for expected future amendments to IAS 1. The following amendments have been made: i) The partial summary with EBITDA has been removed but can, as previously, be found in the section Alternative performance measures ii) Amortization of acquisition-related intangible assets and Acquisition-related costs and revenue are now included in the relevant functional lines (mainly production costs for the amortization). iii) A new line for Other income and expense is introduced where now the acquisition-related expenses are included. The item Other income and expense may also include capital gains / losses on the sale of fixed assets, or the like, that are not related to the period's regular sales operations. iv) The format has been changed so that Other comprehensive income is now stated directly in the statement of total comprehensive income (which Loomis calls "Income statement") and not in a separate statement as previously. The effect of the recalculation on gross income is stated in a note in connection with the income statement.

Critical estimates and assessments

For critical estimates and assessments as well as contingent liabilities, please refer to pages 99–100 and 130 of the 2021 Annual Report. There have been no other significant changes compared to what is described in the Annual Report.

Parent Company – Loomis AB

The Parent Company's financial statements have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities.

NOTE 2 – RISKS AND UNCERTAINTIES Risks

Loomis' operations, which include cash in transit, cash management services, international valuables logistics, FX and the payment platform Loomis Pay involve Loomis assuming the customer's risks associated with managing, transporting and storing cash, precious metals and valuables. Loomis has established routines and processes to identify, take action to mitigate and monitor risks. Risks are assessed based on two criteria: the likelihood that an event will occur and the severity of the consequences for the business if the event should occur. There are risks both in terms of circumstances pertaining to Loomis itself and the industry as a whole, as well as risks that are more general in nature. Certain risks are outside of Loomis' control.

Below is a description of some of the most significant risks and uncertainties that may have a negative impact on Loomis' operations, financial position and results, and that should therefore be taken into account when making assessments based on full-year or interim information. The risks described below are not in any particular order of significance.

Operational risks: Operational risks are risks associated with the day-to-day operations and the services offered by the Company to its customers. Some of the most significant risks Loomis has identified are:

• IT-related risks, such as operational disruptions and extended stoppages of systems linked to operating activities, as well as risks linked to installation of new systems.
• Risk of changed behavioral patterns relating to purchases and payments.
• Customer-related risks, such as the risk of loss of certain customers as well as significant changes in the banking sector.
• Competition risk, such as Loomis' ability to develop competitive offerings.
• Employee risk, such as a high staff turnover.
• Risk of robbery and other criminal activity.
• Risk of internal theft and/or failing cash reconciliation routines at cash centers.
• Risk associated with the implementation of acquisitions, such as difficulties integrating new operations and employees, as well as the anticipated benefits of a certain acquisition not being realized or being only partially realized.

Financial risks: In its operations, Loomis is exposed to risk associated with financial instruments such as liquid funds, accounts receivable, accounts payable and loans. The risks relating to these instruments are mainly:

• Interest rate risk associated with liquid funds and loans.
• Exchange rate risk associated with transactions and translation of shareholder's equity.
• Credit risk pertaining to financial and commercial activities.
• Financing risk relating to the company's financing needs.
• Liquidity risk associated with short-term solvency.
• Capital risk pertaining to the capital structure.
• Price risk regarding changes in raw material prices (mainly fuel).

The financial risks are described in more detail in Note 22 in the 2021 Annual Report.

Legal risks: Through its operations Loomis is exposed to legal risks such as:

• Risk of disputes and legal action.
• Risk associated with the application of existing laws, other regulations and changes in legislation.

Factors of uncertainty

The corona pandemic that broke out in early 2020 had a negative effect on the world economy and the economy also in 2021. ForLoomis, this meant deteriorating conditions in a number of markets, especially in Europe. It cannot be ruled out that the pandemic may have a negative effect on Loomis's earnings and financial position even in 2022.

Changes in general economic conditions and market trends have various effects on demand for cash handling services. These include the ratio of cash purchases to credit card purchases, changes in consumption levels, the risk of robbery and bad debt losses, and the staff turnover rate.

The preparation of financial reports requires the Board of Directors and Group Management to make estimates and assessments. Estimates and assessments affect both the income statement and the balance sheet as well as the information disclosed on things like contingent liabilities. Actual outcomes may deviate from these estimates and assessments depending on other circumstances or other conditions.

In 2022 the actual financial results of certain previously reported items affecting comparability, provisions and contingent liabilities, as described in the 2021 Annual report and where applicable under the heading "Critical estimates and assessments" in Note 1 of this report, may deviate from the financial assessments and provisions made by management. This may impact the Group's profitability and financial position.

Seasonal variations

Loomis' earnings fluctuate across the seasons and this should be taken into consideration when making assessments based on interim financial information. The primary reason for these seasonal variations is that the need for cash handling services increases during the vacation periods and in connection with public holidays.

NOTE 3 – REVENUE BY BUSINESS LINE

	Europe and Latin America	USA	Loomis Pay	Group wide func tions and elimina tions	Total	Europe	USA	Loomis Pay	Group wide func tions and elimina tions	Total
SEK m			Quarter 1 2022					Quarter 1 2021
Cash in transit (CIT)	1,055	1,055			2,110	892	808			1,700
Cash management services (CMS)	636	446			1,082	518	358			876
ATM	508	699			1,208	404	572			976
SafePoint	201	536			737	133	403			536
International	245	99			344	205	73			278
FXGS	91	0			91	67	-			67
Loomis Pay	-	0	3		3	-	-	2		2
Revenue, internal	59	27		–34	52	49	21		–21	49
Total revenue	2,796	2,862	3	–34	5,627	2,268	2,234	2	–21	4,483
Timing of revenue recognition, external
At a point in time	565	108	1		674	442	72	1		514
Over time	2,209	2,742	2		4,953	1,814	2,153	1		3,969
Total external revenue	2,775	2,850	3	0	5,627	2,256	2,225	2	0	4,483

	Europe and Latin America	USA	Loomis Pay	Group wide func tions and elimina tions	Total
SEK m			Full year 2021
Cash in transit (CIT)	3,895	3,445			7,341
Cash management services (CMS)	2,391	1,593			3,984
International	1,942	2,405			4,347
ATM	672	1,752			2,424
SafePoint	843	356			1,199
International	254	0			254
FXGS	-	0	11		11
Loomis Pay	181	90		–109	163
Total revenue	10,178	9,643	11	–109	19,723
Timing of revenue recognition, external
At a point in time
Over time
Total external revenue

REVENUE PER SIGNIFICANT GEOGRAPHICAL MARKET

	2022	2021	2021
SEK m	Quarter 1	Quarter 1	Full year
USA	2,862	2,234	9,643
France	739	655	2,737
Spain	352	303	1,345
Switzerland	406	213	1,320
UK	277	195	941
Sweden	190	166	676
Other countries and eliminations	801	717	3,061
Total revenue	5,627	4,483	19,723

NOTE 4 – SEGMENT OVERVIEW

Loomis has operations in a number of countries, with country presidents being responsible for each country. Segment presidents supervise operations in a number of countries and also support the respective country president. The Loomis Pay payment platform was introduced in autumn 2020 and will be rolled out country by country, but the Pay segment is monitored centrally by a segment president. Operating segments are reported in accordance with the internal Loomis reporting, submitted to Loomis' CEO who has been identified as the most senior executive decision-maker within Loomis. Loomis has the following segments: Europe, USA, Loomis Pay and Group-wide functions. Presidents for the segments are responsible for following up the segments' operating income before amortization of acquisitionrelated intangible assets, acquisition-related costs and revenue and items affecting comparability (EBITA), according to the manner in which Loomis reports its consolidated statement of income. This then forms the basis for how the CEO monitors development, allocates resources etc. Loomis has therefore chosen this structure for its segment reporting.

REVENUE

	2021					2022
					Full					Full
SEK m	Q1	Q2	Q3	Q4	year	Q1	Q2	Q3	Q4	year
Europe and Latin America	2,268	2,456	2,688	2,766	10,178	2,796	–	–	–	–
USA	2,234	2,348	2,473	2,587	9,643	2,862	–	–	–	–
Loomis Pay	2	1	3	5	11	3	–	–	–	–
Group-wide functions	–	–	–	–	–	–	–	–	–	–
Eliminations	–21	–25	–29	–33	–109	–34	–	–	–	–
Total revenue	4,483	4,779	5,135	5,325	19,723	5,627	–	–	–	–

OPERATING INCOME (EBITA)

		2021				2022
SEK m	Q1	Q2	Q3	Q4	Full year	Q1	Q2	Q3	Q4	Full year
Europe and Latin America	69	148	300	330	846	242	–	–	–	–
USA	363	363	359	367	1,452	371	–	–	–	–
Loomis Pay	–32	–33	–36	–48	–149	–49	–	–	–	–
Group-wide functions	–42	–51	–42	–55	–189	–49	–	–	–	–
Operating income (EBITA)	358	428	581	594	1,961	516	–	–	–	–

OPERATING INCOME (EBIT)

		2021					2022
SEK m	Q1	Q2	Q3	Q4	Full year	Q1	Q2	Q3	Q4	Full year
Europe and Latin America	39	114	258	288	698	195	–	–	–	–
USA	357	360	357	365	1 439	366	–	–	–	–
Loomis Pay	–33	–33	–36	–48	–150	–49	–	–	–	–
Group-wide functions	–49	–54	–38	–57	–198	–49	–	–	–	–
Operating income (EBIT) before items affecting comparability	315	388	541	547	1 790	463	–	–	–	–
Items affecting comparability	–	–	–52	–	–52	–	–	–	–	–
Operating income (EBIT)	315	388	489	547	1 738	463	–	–	–	–

SEGMENT OVERVIEW STATEMENT OF INCOME

	Europe and Latin America	USA	Loomis Pay	Group-wide functions	Eliminations	Total
SEK m				Quarter 1 2022
Revenue	2,646	2,843	3	–	–34	5,458
Revenue, acquisitions	150	20	–	–	–	169
Total revenue	2,796	2,862	3	–	–34	5,627
Production expenses	–2,113	–2,088	–14	–	34	–4,181
Gross income	683	774	–11	–	–	1,446
Selling and administrative expenses	–471	–407	–38	–49	–	–964
Other income and expenses	–18	–1	–	0	–	–19
Items affecting comparability	–	–	–	–	–	–
Operating income (EBIT)	195	366	–49	–49	–	463
Net financial items	–	–	–	–33	–	–33
Loss on monetary net assets/liabilities	–	–	–	–23	–	–23
Income before taxes	195	366	–49	–105	–	406

SEGMENT OVERVIEW STATEMENT OF INCOME

	Europe and Latin America	USA	Loomis Pay	Group-wide functions	Eliminations	Total
SEK m		Quarter 1 2021
Revenue	2,142	2,226	–	–	–21	4,346
Revenue, acquisitions	126	9	2	–	–	136
Total revenue	2,268	2,234	2	–	–21	4,483
Production expenses	–1,859	–1,540	–7	–2	21	–3,387
Gross income	409	695	–6	–2	–	1,096
Selling and administrative expenses	–368	–336	–27	–39	–	–771
Other income and expenses	–2	–1	–	–7	–	–10
Items affecting comparability	–	–	–	–	–	–
Operating income (EBIT)	39	357	–33	–49	–	315
Net financial items	–	–	–	–33	–	–33
Loss on monetary net assets/liabilities	–	–	–	–12	–	–12
Income before taxes	39	357	–33	–94	–	269

SEGMENT OVERVIEW BALANCE SHEET

	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
Europe and Latin America
Assets	11,214	10,755	10,837
Liabilities	5,579	4,800	5,621
USA
Assets	11,477	9,797	10,874
Liabilities	1,716	1,581	1,654
Other 1)
Assets	5,643	4,794	5,517
Liabilities	10,161	9,332	9,890
Shareholders' equity	10,878	9,633	10,063
Group total
Assets	28,334	25,346	27,228
Liabilities	17,456	15,713	17,165
Shareholders' equity	10,878	9,633	10,063

1) Segment Other includes of Group-wide functions and Loomis Pay.

NOTE 5 – ITEMS AFFECTING COMPARABILITY

	2022	2021	2021
SEK m	Quarter 1	Quarter 1	Full year
Goodwill impairment within the European segment	–	–	–52
Total items affecting comparability	–	–	–52

NOTE 6 – LIQUID FUNDS

	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
Liquid funds	5,157	4,160	5,156
Adjusted for inventory of cash at the cash processing operations	–2,699	–1,249	–2,537
Adjusted for prepayments from customers	–574	–1,022	–609
Liquid funds excluding funds for cash processing activities	1,884	1,888	2,009

NOTE 7 – TRANSACTIONS WITH RELATED PARTIES

Transactions between Loomis and related parties are described in Note 30 of the 2021 Annual Report. There have been no transactions with related parties during the period that have materially impacted the Company's earnings and financial position.

NOTE 8 – NUMBER OF SHARES AS OF MARCH 31, 2022

	No. of shares		No. of votes Quota value	SEK m
Shares	75,279,829	75,279,829	5	376
Total no. of shares	75,279,829	75,279,829		376
Total treasury shares1)	–1,433,782	–1,433,782
Total no. of outstanding shares	73,846,047	73,846,047

1) The number of treasury shares is unchanged for the period.

NOTE 9 – CONTINGENT LIABILITIES, GROUP

	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
Guarantees and other commitments	2,430	1,927	2,411

KEY RATIOS

	2022	2021	2022	2021
	Quarter 1	Quarter 1	R12	Full year
Real growth, %	18.4	-6.1	16.5	9.9
Organic growth, %	14.6	-8.7	11.8	5.6
Total growth, %	25.5	-15.9	16.1	4.8
Gross margin, %	25.7	24.4	26.7	26.5
Selling and administration expenses in % of total revenue	-17.1	-17.2	-17.3	–17.2
Operating margin (EBITA), %	9.2	8.0	10.2	9.9
Tax rate, %	27	27	29	28
Net margin, %	5.2	4.4	5.8	5.6
Return on shareholders' equity, %	11.1	5.7	11.1	11.0
Return on capital employed, %	11.9	9.6	11.9	11.5
Equity ratio, %	38.4	38.0	38.4	37.0
Liquid funds excluding funds within cash processing operations (SEK m)	1,884	1,888	1,884	2,009
Net debt (SEK m)	6,979	6,391	6,979	7,007
Net debt/EBITDA	1.71	1.89	1.71	1.81
Cash flow from operating activities as % of operating income (EBITA)1)	34	96	69	83
Investments in relation to depreciation	0.6	0.4	0.7	0.6
Investments as a % of total revenue	5.7	3.8	6.3	5.9
Earnings per share before dilution, SEK	4.00	2.63	16.11	14.74
Shareholders' equity per share before dilution, SEK	147.30	128.06	147.30	135.35
Cash flow from operating activities per share before dilution, SEK	6.92	6.37	37.37	36.79
Dividend per share, SEK	-	-	6.00	6.00
Number of outstanding shares (millions)	73.8	75.2	73.8	73.8
Average number of outstanding shares before dilution (millions)	73.8	75.2	74.6	74.9

1) Excluding the IFRS 16 impact.

Parent Company

PARENT COMPANY SUMMARY STATEMENT OF INCOME

	2022	2021	2021
SEK m	Quarter 1	Quarter 1	Full year
Revenue	199	142	574
Operating income (EBIT)	96	85	281
Income after financial items	64	30	25
Net income for the period	53	20	64

The Parent Company's revenue consists mainly of revenue from subsidiaries in the form of management, trademark and IT fees. The increase in result in 2022 is mainly due to increased revenues and a higher financial net.

PARENT COMPANY SUMMARY BALANCE SHEET

	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
Fixed assets	12,773	12,745	12,634
Current assets	1,620	1,386	1,554
Total assets	14,393	14,131	14,188
Shareholders' equity	4,532	5,207	4,459
Untaxed reserves	15	8	15
Long-term liabilities	5,612	5,358	5,630
Short-term liabilities	4,234	3,558	4,084
Total shareholders' equity and liabilities	14,393	14,131	14,188

The Parent Company's fixed assets consist mainly of shares in subsidiaries and loan receivables from subsidiaries. The liabilities are mainly external liabilities and liabilities to subsidiaries.

CONTINGENT LIABILITIES, PARENT COMPANY

	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
Guarantees and other commitments	5,532	4,679	5,610

Alternative performance measures

Use of alternative performance measures

To support Group Management and other stakeholders to analyze the Group's financial performance, Loomis reports certain performance measures that are not defined by IFRS. Group Management believes that this information facilitates analysis of the Group's performance. The Loomis Group primarily uses the following alternative performance measures (see also Definitions on page 24 for a full list of measures):

• Real growth and Organic growth in sales
• Operating income (EBITA) and Operating margin (EBITA), %
• Cash flow from operating activities as % of operating income (EBITA)
• Net debt and Net debt/EBITDA
• Equity ratio, %
• Capital employed and Return on capital employed
• Return on shareholders' equity

Cash flow from operating activities as % of operating income (EBITA)

Loomis's main measure of cash flow (cash flow from operating activities) focuses on the current cash flow from operating activities based on EBITA adding back amortization/depreciation and the effect of changes in accounts receivable, as well as changes in other working capital and other items. Cash flow from operating activities reflects the cash flow that the operating activities generate before payments of financial items, income tax, items affecting comparability, acquisitions and divestments, as well as dividends and changes in the Group's net debt. Cash flow from operating activities as a percentage of operating income (EBITA) illustrates the cash conversion that Loomis has, i.e. how recognized earnings have resulted in cash flow.

Loomis provides an alternative presentation of cash flow which includes cash flow from operating activities adjusted for the impact of IFRS 16 Leases. This is presented on page 13 of this report.

Real growth and Organic growth in sales

Since Loomis generates most of its revenue in currencies other than the reporting currency (i.e. Swedish kronor, SEK) and exchange rates have historically proved to be relatively volatile, and since the Group has made a number of acquisitions, sales growth is presented both as exchange rate adjusted and adjusted for both exchange rate fluctuations and effects from acquisitions. This makes it possible to analyze and explain growth excluding exchange rate effects and acquisitions.

	2022	2021
SEK m	Quarter 1 Quarter 1			Growth Growth, %
Recognized revenue	5,627	4,483	1,144	25.5
Organic growth			654	14.6
Revenue, acquisitions			169	3.8
Real growth			823	18.4
Exchange rate effects			321	7.2

Operating income (EBIT) before items affecting comparability, Operating income (EBITA) and Operating margin (EBITA), %

Loomis's internal control of operating activities is focused on the operating income that is created within and can be

impacted by local operating activities. For this reason Loomis has chosen to focus on earnings and margins before interest, taxes, amortization of acquisition-related intangible fixed assets, acquisition-related costs and revenue, and items affecting comparability.

	2022	2021	2021
SEK m	Quarter 1	Quarter 1	Full year
Operating income (EBIT)	463	315	1,738
Adding back items affecting comparability	–	–	52
Operating income (EBIT) before items affecting comparability	463	315	1,790
Adding back acquisition-related costs	19	10	45
Adding back amortization of acquisition-related intangible assets	34	33	126
Operating income (EBITA)	516	358	1,961
Calculation of operating margin (EBITA), %
EBITA	516	358	1,961
Total revenue	5,627	4,483	19,723
EBITA/Total revenue, %	9.2	8.0	9.9

Net debt and Net debt/EBITDA

Net debt is an important concept to understand a company's financing structure and leverage. Net debt is the net of interestbearing liabilities and assets, and is used together with shareholders' equity to finance the Group's capital employed. Loomis excludes funds within cash processing operations and financing of funds within cash processing operations (so-called stock funding) from the definition of net debt. The financial leverage is measured by calculating net debt as percentage of operating income after adding back amortization and depreciation, i.e. net debt/EBITDA.

Reconciliation of Net debt and calculation of Net debt/EBITDA

	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
Short-term loans	259	225	311
Long-term loans	5,587	5,369	5,636
Total loans payable	5,846	5,594	5,947
Liquid funds excluding funds in cash processing operations Other interest-bearing assets	1,884 518	1,888 429	2,009 479
Financial net debt	3,444	3,276	3,458
Lease liabilities	3,290	2,801	3,049
Pension liabilities, net	245	314	499
Net debt	6,979	6,391	7,007

	2022	2021	2021
SEK m	Q1	Q1	Full year
Operating income (EBITA), R12	2,119	1,544	1,961
Adding back depreciation/amortization, R12	1,969	1,836	1,901
EBITDA, R12	4,088	3,380	3,862
Net debt/EBITDA (number of times)	1.71	1.89	1.81

Equity ratio, %

The equity ratio is a measure that show the ratio of equity financing in relation to the company's total assets. The measure is used as an indication of financial strength and resilience to losses.

Reconciliation equity ratio, %

	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
Shareholders' equity	10,878	9,633	10,063
Total assets	28,334	25,346	27,228
Equity ratio, %	38.4	38.0	37.0

Capital employed and Return on capital employed, %

Capital employed is a measure of how much capital is tied up in operating activities and that is therefore expected to generate returns in the form of operating income. Capital employed is equivalent to the sum of all financing in the form of net debt and shareholders' equity. Loomis includes funds within cash processing operations and financing of funds within cash processing operations (so-called stock funding) in the definition of capital employed.

Reconciliation of capital employed and return on capital employed, %

	2022	2021	2021
SEK m	Mar 31	Mar 31	Dec 31
Fixed assets
Goodwill	7,334	6,955	7,185
Acquisition-related intangible assets	708	696	734
Other intangible assets	420	284	413
Buildings and land	1,040	954	970
Machinery and equipment	4,495	4,222	4,463
Right-of-use assets	3,225	2,775	3,008
Other operating fixed assets1)	920	886	885
Current assets
Accounts receivable	2,778	2,257	2,686
Other operating current assets2)	1,438	1,251	1,025
Funds in cash processing operations	3,273	2,271	3,146
Long-term liabilities
Deferred tax liability	–479	–532	–436
Provisions for claims reserves	–423	–415	–451
Other provisions	–155	–113	–118
Other long-term liabilities	–142	–126	–126
Current liabilities
Accounts payable	–802	–589	–687
Liabilities in cash processing opera
tions	–2,805	–1,959	–2,818
Accrued expenses and prepaid income	–1,699	–1,624	–1,689
Other operating current liabilities3)	–1,269	–1,169	–1,119
Capital employed	17,856	16,024	17,070
Operating income (EBITA), R12	2,119	1,544	1,961
Return on capital employed, %	11.9	9.6	11.5

1) Includes the items Contract assets, Deferred tax assets and Other long-term receivables.

2) Includes the items Other current receivables, Current tax assets, and Prepaid expenses and accrued income.

3) Includes the items Provisions for claims reserves, Current tax liabilities, Other provisions and Other current liabilities.

Return on shareholders' equity

Return on shareholders' equity is an important concept to understand a company's return on the capital that the shareholders have injected and earned. The return is calculated as earnings for the period (rolling 12 months) as a percent of the closing balance for shareholders' equity.

	2022	2021	2021
SEK m	Q1	Q1	Full year
Net income for the period, R12	1,202	549	1,104
Shareholders' equity	10,878	9,633	10,063
Return on equity, %	11.1	5.7	11.0

Definitions

Gross margin, %	Gross income as a percentage of total revenue.
Operating income (EBITA)	Earnings Before Interest, Taxes, Amortization of acquisition-related intangible fixed assets, Acquisition-related costs and revenue and Items affecting comparability.
Operating margin (EBITA), %	Earnings Before Interest, Taxes, Amortization of acquisition-related intangible fixed assets, Acquisition-related costs and revenue and Items affecting comparability, as a percentage of revenue.
Operating income (EBITDA)	Earnings Before Interest, Taxes, Depreciation, Amortization of acquisition-related intangible fixed assets, Acquisition-related costs and revenue and Items affecting comparability.
Operating income (EBIT)	Earnings Before Interest and Tax.
Operating income (EBIT before items affecting comparability)	Earnings before interest, tax and items affecting comparability.
Items affecting comparability	Items affecting comparability are reported events and transactions whose impact are important to note when the period's results are compared with previous periods, such as capital gains and capital losses from divestments of significant cash generating units, material write-downs or other significant items affecting comparability.
Real growth, %	Increase in revenue for the period, adjusted for changes in exchange rates, as a percentage of the previous year's revenue.
Organic growth, %	Increase in revenue for the period, adjusted for acquisition/divestitures and changes in exchange rates, as a percentage of the previous year's revenue adjusted for divestitures.
Total growth, %	Increase in revenue for the period as a percentage of the previous year's revenue.
Net margin, %	Net income for the period after tax as a percentage of total revenue.
Earnings per share before dilution	Net income for the period in relation to the average number of outstanding shares during the period.
Earnings per share after dilution	Net income for the period in relation to the average number of outstanding shares after dilution during the period.
Cash flow from operations per share	Cash flow for the period from operations in relation to the number of shares after dilution.
Investments in relation to depreciation	Investments in fixed assets, net, for the period, in relation to depreciation, excluding the IFRS 16 impact.
Investments as a % of total revenue	Investments in fixed assets, net, for the period, as a percentage of total revenue.
Shareholders' equity per share	Shareholders' equity in relation to the number of shares before and after dilution.
Cash flow from operating activities as % of operating income (EBITA)	Operating income, EBITA, (excluding IFRS 16), adjusted for depreciation (excluding IFRS 16), change in accounts receivable and other items (excluding IFRS 16) as well as net investments in fixed assets as a percentage of operating income, EBITA.
Return on equity, %	Net income for the period (rolling 12 months) as a percentage of the closing balance of shareholders' equity.
Return on capital employed, %	Operating income (EBITA) (rolling 12 months) as a percentage of the closing balance of capital employed.
Equity ratio, %	Shareholders' equity as a percentage of total assets.
Capital employed	Shareholders' equity with the addition of net debt.
Net debt	Interest-bearing liabilities less interest-bearing assets and liquid funds excluding funds for cash processing activities.
Net debt/EBITDA	Net debt as percentage of operating income after reversal of depreciations and amortizations.
R12	Rolling 12 months.
n/a	Not applicable.
Other	Amounts in tables and other combined amounts have been rounded off on an individual basis. Minor differences due to this rounding-off, may, therefore, appear in the totals.

Outlook 2022

The company is not providing any forecast information for 2022.

Stockholm, May 4, 2022

Patrik Andersson President and CEO

This interim report has not been subject to a review by the company's auditors.

Loomis in brief

Vision

Managing cash in society.

Financial targets 2022–2024

• Revenue: Average currency-adjusted growth of 5–8 percent per year
• Operating margin EBITA: 12–14 percent for 2024

Sustainability targets 2022–2024

• Reduce cabon emissions by 15 percent compared to 2019. Refers to scope 1&2 in total
• Reduction of the occupational injury frequency by 15 percent compared to 2021

Dividend policy

• 40–60 percent of the result for the year

Telephone conference and audio cast

A telephone conference will be held on May 5, 2022 at 09:00 a.m. (CET).

To follow the conference call via telephone and to participate in the question and answer session, please call: UK: +44 (0)800 376 7425 USA: +1 917 720 0178 Sweden: +46 (0)8 506 921 85 International: +44 (0)203 009 5710

The audio cast can be followed at our website www.loomis.com (follow "Financial presentation").

A recorded version of the audio cast will be available at www.loomis.com (follow "Financial presentation") after the telephone conference.

Future reporting

Interim Report	January – June	July 22, 2022
Interim Report	January – September	October 28, 2022
Interim Report	January – December	February 2, 2023

Loomis' Annual General meeting will be held on May 4, 2022 in Stockholm.

For further information

Anders Haker, Chief Investor Relations Officer +1 281 795 8580, e-mail: anders.haker@loomis.com Refer also to the Loomis website: www.loomis.com

This information is information that Loomis AB is obliged 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 3.00 p.m. (CET) on May 4, 2022.

Loomis AB (publ.) Corporate Identity Number 556620-8095, PO Box 702, SE-101 33 Stockholm, Sweden. Telephone: +46 8-522 920 00, www.loomis.com

Operations

Loomis offers secure and effective comprehensive solutions for the distribution, handling, storage and recycling of cash and other valuables. Loomis' customers are banks, retailers and other operators. Loomis operates through an international network of around 400 branches in more than 20 countries. Loomis employed around 24,000 people at the end of 2021 and had revenue in 2021 of approximately SEK 20 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list.