AI assistant
Securitas Interim / Quarterly Report 2026
2968_10-q_2026-04-28_b103eff3-6ad8-474e-8487-48e1908d2edd.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Securitas
Interim Report
Q1 2026 | January–March 2026
Securitas AB Interim Report Q1 2026 | January–March
January–March 2026
36 211
Total sales, MSEK
6.8%
Operating margin
2.80
Earnings per share, SEK
- Total sales MSEK 36 211 (39 606)
- Organic sales growth 0 percent (3)
- Adjusted organic sales growth, 2 percent*
- Real sales growth within technology and solutions 4 percent (5)
- Operating income before amortization MSEK 2 459 (2 525)
- Operating margin 6.8 percent (6.4)
- Adjusted operating margin, 7.0 percent (6.7)*
- Items affecting comparability (IAC) MSEK 184 (-77) whereof MSEK 213 (-5) related to divestitures
- Earnings per share, SEK 2.80 (2.29)
- Earnings per share before IAC, SEK 2.47 (2.36)
- Cash flow from operating activities 40 percent (1)
- Net debt/EBITDA ratio 2.2 (2.5)
*A new key ratio, operating margin adjusted for the government business within SCIS in the process of being closed down, was added as of the second quarter 2025. A new key ratio, organic sales growth adjusted for the same business, was added as of the third quarter 2025. Refer to note 5 for further information.
CONTENTS
Comments from the President and CEO ... 3
January–March summary ... 4
Group development ... 5
Development in the Group’s business segments ... 6
Cash flow ... 9
Capital employed and financing ... 10
Acquisitions and divestitures ... 12
Other significant events ... 13
Changes in Group Management ... 13
Risks and uncertainties ... 14
Parent Company operations ... 15
Consolidated financial statements ... 16
Segment overview ... 20
Notes ... 21
Parent Company ... 28
Financial information ... 29
Securitas AB Interim Report Q1 2026 | January-March
Comments from the President and CEO
"Continued operating margin improvement"
We delivered a further improvement in profitability in the first quarter, reaching an adjusted operating margin of 7.0 percent (6.7), driven by strong performance across all segments. Margins improved in line with our expectations in both the technology and solutions and the security services business lines. Overall profitability was good with an improvement in operating income of 8 percent and earnings per share of 16 percent.
Organic sales growth, adjusted for the close-down of the SCIS government business, was 2 percent which was below our expectations. The growth in North America was negatively impacted by lower installation sales in the technology business. However, commercial activity remained healthy with strong growth in installation order intake and backlog. Real sales growth in technology and solutions was 4 percent, supporting the business mix transition. Growth in security services was hampered by active portfolio management in Europe in line with our expectations. We also experienced a slower start to the year in the Guarding business in North America.
Cash generation was good, amounting to 40 percent (1) of operating income in the quarter, and net debt to EBITDA ratio was 2.2 (2.5).
STRENGTHENING IN LINE WITH OUR STRATEGY
We completed the acquisition of Liferaft in the first quarter. Liferaft is a recognized leader in open source intelligence (OSINT) and threat-intelligence technology, currently focused on the North American market. The acquisition creates significant opportunities to apply Liferaft's threat-intelligence capabilities across our client base, supports the development of a more scalable Securitas, and will be part of the newly established Security Risk Management (SRM) business unit. SRM is an end-to-end, intelligence-led approach to identifying, understanding, monitoring and acting on risks specific to each client.
The ongoing shift in our business mix towards technology and solutions remains a key driver of our profitability improvement. We also continue to strengthen the performance of the security services business line and, as previously communicated, expect to complete the majority of our current portfolio of underperforming contracts in Europe by the first half of 2026.
During the quarter, we divested Global Elite Group in the US and a small non-core part of our technology business in Canada as part of our strategic assessment program, which is now nearing completion. The close-down of the SCIS government business is progressing according to plan.
A RESILIENT BUSINESS
Our clients operate in an increasingly complex and fast-evolving risk environment, which is driving greater awareness of the need for professional, reliable security solutions. As geopolitical uncertainty rises, client interest in our services continues to increase. Supported by our long-term partnership approach, global presence, and strong capabilities, Securitas is well positioned as a trusted and preferred security partner. Our resilient business model and predominantly local service delivery also helped mitigate the impact of geopolitical volatility during the first quarter.
CREATING LONG-TERM SHAREHOLDER VALUE
Securitas is today a more resilient, scalable, and future-proof company – well positioned to continue generating long-term value for our shareholders. We look forward to sharing the next chapters of our strategic journey at our Capital Markets Day in June.
Magnus Ahlqvist
President and CEO
Securitas AB Interim Report Q1 2026 | January-March
4
January–March summary
FINANCIAL SUMMARY
| MSEK | Q1 | Change, % | Full year | Change, % | ||
|---|---|---|---|---|---|---|
| 2026 | 2025 | Total | Real | 2025 | Total | |
| Sales | 36 211 | 39 606 | -9 | 0 | 155 113 | -4 |
| Organic sales growth, % | 0 | 3 | 4 | |||
| Organic sales growth, adjusted, % | 2 | n/a | 4 | |||
| Operating income before amortization | 2 459 | 2 525 | -3 | 8 | 11 493 | 3 |
| Operating margin, % | 6.8 | 6.4 | 7.4 | |||
| Operating margin, adjusted, % | 7.0 | 6.7 | 7.7 | |||
| Amortization of acquisition-related intangible assets | -132 | -150 | -563 | |||
| Acquisition-related costs | -30 | -3 | -9 | |||
| Items affecting comparability^{b} | 184 | -77 | -1 848 | |||
| Operating income after amortization | 2 481 | 2 295 | 8 | 19 | 9 073 | -2 |
| Financial income and expenses | -357 | -497 | -1 778 | |||
| Income before taxes | 2 124 | 1 798 | 18 | 30 | 7 295 | 4 |
| Net income for the period | 1 612 | 1 318 | 22 | 34 | 5 144 | -1 |
| Earnings per share, SEK | 2.80 | 2.29 | 22 | 34 | 8.93 | -1 |
| Earnings per share, before items affecting comparability, SEK | 2.47 | 2.36 | 5 | 16 | 11.55 | 7 |
| Cash flow from operating activities | 978 | 14 | 10 163 | |||
| Cash flow from operating activities, % | 40 | 1 | 88 | |||
| Free cash flow | 178 | -1 048 | 6 832 | |||
| Net debt/EBITDA ratio | 2.2 | 2.5 | 2.1 |
b Refer to note 7 for further information.
ORGANIC SALES GROWTH AND OPERATING MARGIN PER BUSINESS SEGMENT
| Organic sales growth | Operating margin | |||
|---|---|---|---|---|
| Q1 | Q1 | |||
| % | 2026 | 2025 | 2026 | 2025 |
| Securitas North America | 0 | 3 | 9.0 | 8.7 |
| Securitas Europe | 3 | 4 | 6.1 | 5.7 |
| Securitas Ibero-America | 6 | 3 | 7.4 | 7.1 |
| Group | 0 | 3 | 6.8 | 6.4 |
QUARTERLY FINANCIAL SUMMARY PER BUSINESS LINE
| Business line | Sales, MSEK | Real sales growth, % | Operating income before amortization, MSEK | Operating margin, % | ||||
|---|---|---|---|---|---|---|---|---|
| Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | |
| Technology and solutions | 12 528 | 13 227 | 4 | 5 | 1 341 | 1 389 | 10.7 | 10.5 |
| Security services | 23 037 | 25 557 | -1 | 1 | 1 243 | 1 265 | 5.4 | 4.9 |
| Risk management services and costs for Group functions | 646 | 822 | - | - | -125 | -129 | - | - |
| Group | 36 211 | 39 606 | 0 | 2 | 2 459 | 2 525 | 6.8 | 6.4 |
| % of Group sales | % of Group operating income before amortization | |||||||
| --- | --- | --- | --- | |||||
| Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | |||||
| 34 | 33 | 54 | 55 | |||||
| 64 | 65 | 51 | 50 | |||||
| 2 | 2 | -5 | -5 | |||||
| 100 | 100 | 100 | 100 |
For further information regarding the revenue from the Group's business lines, refer to note 3.
Securitas AB Interim Report Q1 2026 | January-March
Group development
QUARTERLY SALES DEVELOPMENT
Organic sales growth, %
QUARTERLY OPERATING INCOME DEVELOPMENT
Operating margin, %
JANUARY-MARCH 2026
SALES DEVELOPMENT
Sales amounted to MSEK 36 211 (39 606) and organic sales growth was 0 percent (3) in the first quarter, hampered by the ongoing close-down activities within Securitas Critical Infrastructure Services (SCIS). Adjusted organic sales growth was 2 percent, supported by Securitas Europe and Ibero-America.
Real sales growth, including acquisitions and divestitures and adjusted for changes in exchange rates, was 0 percent (2).
Technology and solutions sales amounted to MSEK 12 528 (13 227) or 34 percent (33) of total sales in the first quarter. Real sales growth, including acquisitions and divestitures and adjusted for changes in exchange rates, was 4 percent (5).
OPERATING INCOME BEFORE AMORTIZATION
Operating income before amortization was MSEK 2 459 (2 525) which, adjusted for changes in exchange rates, represented a real change of 8 percent (9).
The Group's operating margin was 6.8 percent (6.4), a strong improvement supported by all business segments. Adjusted operating margin was 7.0 percent (6.7).
OPERATING INCOME AFTER AMORTIZATION
Amortization of acquisition-related intangible assets amounted to MSEK -132 (-150).
Acquisition-related costs totaled MSEK -30 (-3), mainly related to the acquisition of Liferaft. For further information refer to Acquisitions and divestitures on page 12 and note 6.
Items affecting comparability were MSEK 184 (-77) whereof MSEK -29 (-46) were related to the transformation program in Europe, MSEK 213 (-5) to divestitures, primarily Global Elite Group, and MSEK 0 (-26) to the business optimization program in Europe. For further information refer to note 7.
FINANCIAL INCOME AND EXPENSES
Financial income and expenses amounted to MSEK -357 (-497). The impact from IAS 29 hyperinflation was MSEK 14 (12) relating to net monetary gains and losses. For further information refer to note 8. Financial income and expenses also include foreign currency gains and losses, net of MSEK 1 (1). The underlying improvement in financial income and expenses derives from lower debt and lower interest rates.
INCOME BEFORE TAXES
Income before taxes amounted to MSEK 2 124 (1 798).
TAXES, NET INCOME AND EARNINGS PER SHARE
The Group's tax rate was 24.1 percent (26.7). The tax rate before tax on items affecting comparability was 26.8 percent (27.6). The tax rate excluding the capital gain related to the divestiture of Global Elite Group was 27.5 percent.
Net income was MSEK 1 612 (1 318).
Earnings per share before and after dilution amounted to SEK 2.80 (2.29). Earnings per share before and after dilution and before items affecting comparability amounted to SEK 2.47 (2.36).
Securitas AB Interim Report Q1 2026 | January-March
6
Development in the Group's business segments
Securitas North America
Securitas North America provides protective services in the US, Canada and Mexico. The operations in the US are organized in three specialized units – Guarding, Technology and Pinkerton Corporate Risk Management.
| Q1 | Change, % | Full Year | Change, % | |||
|---|---|---|---|---|---|---|
| 2026 | 2025 | Total | Real | 2025 | Total | |
| Total sales | 14 170 | 16 236 | -13 | 0 | 61 931 | -4 |
| Organic sales growth, % | 0 | 3 | 5 | |||
| Share of Group sales, % | 39 | 41 | 40 | |||
| Operating income before amortization | 1 270 | 1 406 | -10 | 4 | 5 837 | 0 |
| Operating margin, % | 9.0 | 8.7 | 9.4 | |||
| Share of Group operating income, % | 52 | 56 | 51 |
QUARTERLY SALES DEVELOPMENT
JANUARY-MARCH 2026
Organic sales growth was 0 percent (3) in the first quarter, with positive organic sales growth in the Guarding business unit. Organic sales growth in Technology was negative due to a slower installation sales start to the year, and Pinkerton was affected by the termination of a larger client contract. Client retention rate was 89 percent (88).
Technology and solutions sales accounted for MSEK 5 226 (6 058) or 37 percent (37) of total sales in the business segment, with real sales growth of -1 percent (4) in the first quarter.
The operating margin was 9.0 percent (8.7), with strong improvement in the Guarding business unit supported by operational efficiency and good cost control. Technology delivered profitability in line with last year and Pinkerton improved on a weak comparative.
The Swedish krona exchange rate strengthened against the US dollar, which had a negative impact on operating income in Swedish krona. The real change in operating income was 4 percent (4) in the first quarter.
QUARTERLY OPERATING INCOME DEVELOPMENT
Securitas AB Interim Report Q1 2026 | January-March
Development in the Group's business segments
Securitas Europe
Securitas Europe provides protective services in 21 countries. The full range of protective services includes on-site, mobile and remote guarding, technology and solutions, fire and safety services and corporate risk management.
| Q1 | Change, % | Full Year | Change, % | |||
|---|---|---|---|---|---|---|
| 2026 | 2025 | Total | Real | 2025 | Total | |
| Total sales | 16 181 | 16 683 | -3 | 3 | 67 378 | -4 |
| Organic sales growth, % | 3 | 4 | 4 | |||
| Share of Group sales, % | 45 | 42 | 43 | |||
| Operating income before amortization | 993 | 946 | 5 | 11 | 4 890 | 7 |
| Operating margin, % | 6.1 | 5.7 | 7.3 | |||
| Share of Group operating income, % | 40 | 37 | 43 |
QUARTERLY SALES DEVELOPMENT
QUARTERLY OPERATING INCOME DEVELOPMENT
JANUARY-MARCH 2026
Organic sales growth was 3 percent (4), supported by price increases including the impact of the hyperinflationary environment in Türkiye. Technology and solutions had solid growth in the first quarter. Organic growth in the security services business line was held back by active portfolio management, and was also negatively impacted by the airport security business, primarily due to the geopolitical situation in the Middle East. The client retention rate was 91 percent (90).
Technology and solutions sales accounted for MSEK 5 675 (5 661) or 35 percent (34) of total sales in the business segment, with real sales growth of 6 percent (6) in the first quarter.
The operating margin was 6.1 percent (5.7), a strong improvement driven by both the security services and technology and solutions business lines, including positive impact from the business optimization program. The security services business was also positively impacted by active portfolio management. The operating margin improvement in the technology and solutions business line stemmed from portfolio growth and good cost control.
The Swedish krona exchange rate strengthened against the euro and the Turkish lira, which had a negative impact on operating income in Swedish krona. The real change in operating income was 11 percent (17) in the first quarter.
Securitas AB Interim Report Q1 2026 | January-March
Development in the Group's business segments
Securitas Ibero-America
Securitas Ibero-America provides protective services in Spain, Portugal and six Latin American countries. The full range of protective services includes on-site, mobile and remote guarding, technology and solutions, fire and safety services and corporate risk management.
| Q1 | Change, % | Full Year | Change, % | |||
|---|---|---|---|---|---|---|
| 2026 | 2025 | Total | Real | 2025 | Total | |
| Total sales | 3 760 | 3 707 | 1 | 6 | 14 699 | -1 |
| Organic sales growth, % | 6 | 3 | 4 | |||
| Share of Group sales, % | 10 | 9 | 9 | |||
| Operating income before amortization | 277 | 262 | 6 | 10 | 1 113 | 7 |
| Operating margin, % | 7.4 | 7.1 | 7.6 | |||
| Share of Group operating income, % | 11 | 10 | 10 |
QUARTERLY SALES DEVELOPMENT
JANUARY-MARCH 2026
Organic sales growth was 6 percent (3) in the first quarter, driven by strong technology and solutions growth and price increases in security services. Organic sales growth in the security services business line was negatively impacted by active portfolio management. The client retention rate was 91 percent (91).
Technology and solutions sales accounted for MSEK 1438 (1345) or 38 percent (36) of total sales in the business segment, with real sales growth of 12 percent (9).
The operating margin was 7.4 percent (7.1) and the improvement was driven by strong growth in technology and solutions and from active portfolio management in security services.
The Swedish krona exchange rate strengthened against most currencies in the segment, which had a negative impact on operating income in Swedish krona. The real change in operating income was 10 percent (10) in the first quarter.
QUARTERLY OPERATING INCOME DEVELOPMENT
Securitas AB Interim Report Q1 2026 | January–March
9
Cash flow
CASH FLOW
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| Operating income before amortization | 2 459 | 2 525 | 11 493 |
| Investments in non-current tangible and intangible assets | -982 | -979 | -3 974 |
| Capital expenditure in % of sales | 2.7 | 2.5 | 2.6 |
| Reversal of depreciation | 876 | 918 | 3 551 |
| Change in trade receivables | -434 | -1 129 | -806 |
| Change in operating payables | -894 | -1 690 | -466 |
| Change in other net working capital | -47 | 369 | 365 |
| Cash flow from operating activities | 978 | 14 | 10 163 |
| Cash flow from operating activities, % | 40 | 1 | 88 |
| Financial income and expenses paid | -433 | -735 | -1 782 |
| Current taxes paid | -367 | -327 | -1 549 |
| Free cash flow | 178 | -1 048 | 6 832 |
QUARTERLY CASH FLOW FROM OPERATING ACTIVITIES
CASH FLOW FROM OPERATING ACTIVITIES, %
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|
| 1% | 106% | 106% | 128% | 40% |
JANUARY–MARCH 2026
Cash flow from operating activities amounted to MSEK 978 (14), equivalent to 40 percent (1) of operating income before amortization. The cash flow was supported by one less payroll in our US Guarding business of approximately MSEK 375 (MUSD 41).
The cash flow in the first quarter improved compared to last year, in line with plan.
Free cash flow was MSEK 178 (-1 048), positively impacted by a stronger operating cash flow.
Securitas AB Interim Report Q1 2026 | January-March
10
Capital employed and financing
CAPITAL EMPLOYED AND FINANCING
| MSEK | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|---|
| Non-current tangible and intangible assets | 11 139 | 11 129 | 10 905 |
| Trade receivables | 25 456 | 26 552 | 24 802 |
| Operating payables | -15 368 | -15 540 | -16 166 |
| Other net working capital | -354 | -164 | -455 |
| Net working capital | 9 734 | 10 848 | 8 181 |
| Net working capital as % of sales | 6 | 7 | 5 |
| Operating capital employed | 20 873 | 21 977 | 19 086 |
| Goodwill | 49 856 | 51 055 | 47 975 |
| Acquisition-related intangible assets | 5 031 | 5 601 | 4 929 |
| Shares in associated companies | 318 | 360 | 324 |
| Other capital employed | -2 208 | -1 234 | -1 970 |
| Capital employed | 73 870 | 77 759 | 70 344 |
| Return on capital employed, % | 15 | 15 | 16 |
| Net debt | -32 242 | -37 269 | -31 301 |
| Shareholders' equity | 41 628 | 40 492 | 39 043 |
NET DEBT DEVELOPMENT
| MSEK | Note | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
|---|---|---|---|---|
| Opening balance | -31 301 | -37 923 | -37 923 | |
| Free cash flow | 178 | -1 048 | 6 832 | |
| Acquisitions/divestitures | 6 | -120 | -223 | -318 |
| Items affecting comparability | 7 | -169 | -323 | -1 101 |
| Dividend paid | - | - | -2 578 | |
| Lease liabilities | -38 | 31 | 85 | |
| Change in net debt before revaluation and translation differences | -149 | -1 563 | 2 920 | |
| Revaluation of financial instruments and fees for debt issuance | 9 | -157 | -226 | -234 |
| Translation differences | -635 | 2 445 | 3 936 | |
| Closing balance | -32 242 | -37 267 | -31 301 |
NET DEBT TO EBITDA RATIO
CAPITAL EMPLOYED AS OF MARCH 31, 2026
The net working capital was MSEK 9 734 (8 181 as of December 31, 2025), corresponding to 6 percent of sales, adjusted for the full-year sales of acquired and divested entities (5 as of December 2025). The Group's operating capital employed was MSEK 20 873 (19 086 as of December 31, 2025). The translation of foreign operating capital employed to Swedish kronor increased the Group's operating capital employed by MSEK 509.
The Group's total capital employed was MSEK 73 870 (70 344 as of December 31, 2025). The translation of foreign capital employed to Swedish kronor increased the Group's capital employed by MSEK 1 678. The return on capital employed was 15 percent (16 as of December 31, 2025).
FINANCING AS OF MARCH 31, 2026
The Group's net debt amounted to MSEK 32 242 (31 301 as of December 31, 2025). The net debt was impacted mainly by the free cash flow of MSEK 178, translation differences of MSEK -635 and payments for items affecting comparability of MSEK -169.
The net debt to EBITDA ratio was 2.2 (2.5). The free cash flow to net debt ratio amounted to 0.25 (0.14). The interest coverage ratio amounted to 6.3 (4.5).
Cash flow from financing activities was MSEK -540 (-152) due to a net decrease in borrowings.
Cash flow for the period was MSEK -651 (-1 746).
On March 31, 2026, Securitas had a Revolving Credit Facility with its eleven
Securitas AB Interim Report Q1 2026 | January–March
Capital employed and financing
key relationship banks. The size of the facility amounted to MEUR 1100 with MEUR 200 maturing in 2028 and MEUR 900 maturing in 2030. The facility was undrawn on March 31, 2026.
The Group has a Swedish Commercial Paper Program amounts to MSEK 5 000, of which MSEK 300 was utilized as of March 31, 2026. There have been no other repayments of existing debt or drawdowns of new debt during first quarter 2026.
Standard & Poor's rating of Securitas is BBB with stable outlook.
Further information regarding financial instruments and credit facilities is provided in note 9.
The closing balance for liquid funds after translation differences of MSEK 56 was MSEK 6 456 (7 051 as of December 31, 2025).
Shareholders' equity amounted to MSEK 41 628 (39 043 as of December 31, 2025). The translation of foreign assets and liabilities into Swedish krona together with net investment hedges increased shareholders' equity by MSEK 1 043. Refer to the statement of comprehensive income on page 16 for further information.
Securitas AB Interim Report Q1 2026 | January-March
12
Acquisitions and divestitures
ACQUISITIONS AND DIVESTITURES JANUARY–MARCH 2026 (MSEK)
| Company | Annual sales^{1)} | Enterprise value^{2,3)} | Goodwill | Acq. related intangible assets |
|---|---|---|---|---|
| Opening balance | 47 975 | 4 929 | ||
| Other acquisitions and divestitures^{3,4)} | -1 056 | 118 | 737 | 124 |
| Total acquisitions and divestitures January–March 2026 | -1 056 | 118 | 737 | 124 |
| Amortization of acquisition-related intangible assets | - | -132 | ||
| Translation differences and remeasurement for hyperinflation | 1 144 | 110 | ||
| Closing balance | 49 856 | 5 031 |
1) Estimated annual sales.
2) Purchase price paid/received plus acquired/divested net debt but excluding any deferred considerations.
3) Related to acquisitions for the period and updated previous years acquisition calculations for the following entities: Sonitrol Fort Lauderdale and Level 5 Security Group, the US, Social Navigator (Liferaft), Canada, DAK, Türkiye, Maurice J. Kerrigan, Australia, Nu-Law Firealarms Compliance and CAA Security Training Academy, South Africa. Related also to divestiture of the airport security business, Global Elite Group, in the US and a small non-core part of Securitas technology business in Canada, as well as deferred considerations paid in Australia.
4) Deferred considerations have been recognized mainly based on an assessment of the future profitability development in the acquired entities for an agreed period. The net of new deferred considerations, payments made from previously recognized deferred considerations and revaluation of deferred considerations in the Group was MSEK 82. Total deferred considerations, short-term and long-term, in the Group's balance sheet amount to MSEK 109.
5) Cash flow from acquisitions and divestitures amounts to MSEK -120 which is the sum of enterprise value MSEK -118 and acquisition-related costs paid MSEK -2.
All acquisition calculations are finalized no later than one year after the acquisition is made. Transactions with non-controlling interests are specified in the statement of changes in shareholders' equity on page 19. Transaction costs and revaluation of deferred considerations can be found in note 6.
ACQUISITION OF LIFERAFT IN CANADA
In March, 2026, Securitas has finalized its acquisition of Social Navigator Inc., operating under the brand Liferaft, a recognized leader in open-source intelligence (OSINT) and threat-intelligence technology, boosting Securitas' intelligence led security capabilities for enterprises navigating increasingly complex global risk environments. The company had annual recurring revenue (ARR) of MSEK 138 (MUSD 15.3) by the end of 2025 with organic growth of more than 30 percent.
DIVESTITURE OF GLOBAL ELITE GROUP IN THE US
As of March 31, 2026, Securitas divested Global Elite Group, part of its US airport security business, to an affiliate of H.I.G. Capital, LLC. In 2025, the business generated approximately MUSD 100 (BSEK 1) in sales. Global Elite Group is a US-based provider of aviation security services to airports, airlines and airport-related companies, employing around 1800 people. The transaction resulted in a capital gain, which is reported as an item affecting comparability in this interim report.
Securitas AB Interim Report Q1 2026 | January–March
13
Other significant events
For critical estimates and judgments, provisions and contingent liabilities refer to the Annual Report 2025 and to note 11. If no significant events have occurred relating to the information in the Annual Report no further comments are made in the Interim Report for the respective case.
ESTABLISHMENT OF A NEW BUSINESS UNIT – SECURITY RISK MANAGEMENT Securitas is establishing a new business unit, Security Risk Management (SRM), which brings together Pinkerton, the recently acquired open-source intelligence (OSINT) and threat-intelligence company Liferaft, and Securitas’ existing Risk Intelligence unit. SRM is an end-to-end, intelligence-led approach to identifying, understanding, monitoring and acting on risks specific to each client. It enables proactive security, faster crisis response and adaptive security programs for clients, leveraging Securitas’ unique ability to integrate physical and digital security, and is an engine for future growth for Securitas.
Changes in Group Management
On April 1, 2026, Matt Ellis was appointed President Security Risk Management and member of Group Management. Martin Althén, President Securitas Digital, left Group Management as of the same date.
On April 1, 2026, Matteo Dall’Ora assumed the role of Chief Financial Officer and became a member of Group Management. He succeeded Andreas Lindback, who has decided to leave Securitas.
Securitas AB Interim Report Q1 2026 | January-March
Risks and uncertainties
Risk management is necessary for Securitas to be able to fulfil its strategies and achieve its corporate objectives. Our approach to enterprise risk management is described in more detail in the Annual Report 2025.
Securitas' risks fall into three categories: operational risks, financial risks and strategic risks and opportunities.
Operational risks include risks directly attributed to business operations, for example the risk of labor shortages, contract risk, client retention risk, acquisition risks, business ethics risks and cyber security threats.
Financial risks comprise risks such as refinancing risk, interest-rate risks, foreign exchange risk, cash flow risk and tax related risks.
Strategic risks and opportunities refer to changes in the business environment with potential significant effects on Securitas' operations and business objectives. Current strategic risks include for example risks related to the general macro-economic and political environment such as trade conflicts and protectionist measures, a challenging insurance market and the litigation environment in the US. Strategic risks also include disruption risk from geopolitical tension, new technologies, such as AI, affecting business models and markets.
Also, the geopolitical situation in the world has changed with Russia's invasion of Ukraine and the ongoing conflicts in the Middle East. We have no operations either in Russia or in Ukraine and limited presence in the Middle East and we follow the development closely and contribute to a safer society where we can.
In Europe, we still have some outstanding work related to transformation programs and will continue our implementation efforts in 2026.
The implementation and rollout of new systems and platforms to support transformation naturally carry a risk in terms of potential disruptions to our operations, which could negatively impact our result, cash flow and financial position. Additionally, delays may occur, the expected savings may be lower than anticipated and certain costs in connection with the programs may be higher than anticipated.
Furthermore, Securitas has decided to close down the government business within SCIS, with completion largely targeted by the end of 2026. While this decision is expected to positively impact the Group's long-term profitability and cash generation, the close-down entails potential disruptions, associated non-recurring costs, and uncertainties regarding the final outcome.
All these risks make it difficult to predict the economic development of the different markets and geographies in which we operate.
In the preparation of financial reports, the Board of Directors and Group Management make estimates and judgments. These impact the statement of income and balance sheet as well as disclosures such as contingent liabilities. Actual outcomes may differ under varying circumstances and conditions.
For the forthcoming twelve-month period, the financial impact of the risks described above, as well as certain items affecting comparability, provisions and contingent liabilities, as described in the Annual Report 2025 and, where applicable, under the heading Other significant events, may vary from the current financial estimates and provisions made by management. This could affect the Group's profitability and financial position.
Securitas AB Interim Report Q1 2026 | January–March
15
Parent Company operations
The Group's Parent Company, Securitas AB, is not involved in any operating activities. Securitas AB consists of Group Management and support functions for the Group.
JANUARY–MARCH 2026
The Parent Company's income amounted to MSEK 546 (565) and mainly relates to license fees and other income from subsidiaries.
Financial income and expenses amounted to MSEK –124 (279). Income before taxes amounted to MSEK 77 (550).
AS OF MARCH 31, 2026
The Parent Company's non-current assets amounted to MSEK 75 019 (74 180 as of December 31, 2025) and mainly comprise shares in subsidiaries of MSEK 73 646 (72 825 as of December 31, 2025). Current assets amounted to MSEK 6 306 (7 746 as of December 31, 2025) of which liquid funds accounted for MSEK 40 (24 as of December 31, 2025).
Shareholders' equity amounted to MSEK 55 517 (55 469 as of December 31, 2025).
The Parent Company's liabilities and untaxed reserves amounted to MSEK 25 808 (26 457 as of December 31, 2025) and mainly consist of interest-bearing debt.
For further information, refer to the Parent Company's condensed financial statements on page 28.
Stockholm, April 28, 2026
Magnus Ahlqvist
President and Chief Executive Officer
This report has not been reviewed by the company's auditors.
Securitas AB Interim Report Q1 2026 | January-March
16
Consolidated financial statements
CONDENSED STATEMENT OF INCOME
| MSEK | Note | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
|---|---|---|---|---|
| Sales | 36 203 | 39 588 | 155 054 | |
| Sales, acquired business | 8 | 18 | 59 | |
| Total sales | 3 | 36 211 | 39 606 | 155 113 |
| Organic sales growth, % | 4 | 0 | 3 | 4 |
| Production expenses | -28 491 | -31 519 | -121 972 | |
| Gross income | 7 720 | 8 087 | 33 141 | |
| Selling and administrative expenses | -5 291 | -5 594 | -21 787 | |
| Other operating income | 3 | 19 | 19 | 76 |
| Share in income of associated companies | 11 | 13 | 63 | |
| Operating income before amortization | 2 459 | 2 525 | 11 493 | |
| Operating margin, % | 6.8 | 6.4 | 7.4 | |
| Operating margin, adjusted % | 7.0 | 6.7 | 7.7 | |
| Amortization of acquisition-related intangible assets | -132 | -150 | -563 | |
| Acquisition-related costs | 6 | -30 | -3 | -9 |
| Items affecting comparability | 7 | 184 | -77 | -1 848 |
| Operating income after amortization | 2 481 | 2 295 | 9 073 | |
| Financial income and expenses | 8,9 | -357 | -497 | -1 778 |
| Income before taxes | 2 124 | 1 798 | 7 295 | |
| Income tax | -512 | -480 | -2 151 | |
| Net income for the period | 1 612 | 1 318 | 5 144 | |
| Whereof attributable to: | ||||
| Equity holders of the Parent Company | 1 607 | 1 313 | 5 115 | |
| Non-controlling interests | 5 | 5 | 29 | |
| Earnings per share before and after dilution (SEK) | 2.80 | 2.29 | 8.93 | |
| Earnings per share before and after dilution and before items affecting comparability (SEK) | 2.47 | 2.36 | 11.55 |
STATEMENT OF COMPREHENSIVE INCOME
| MSEK | Note | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
|---|---|---|---|---|
| Net income for the period | 1 612 | 1 318 | 5 144 | |
| Other comprehensive income for the period | ||||
| Items that will not be reclassified to the statement of income | ||||
| Remeasurements of defined benefit pension plans | -9 | -3 | 7 | |
| Deferred tax on remeasurements of defined benefit pension plans | 2 | 1 | -3 | |
| Total items that will not be reclassified to the statement of income | -7 | -2 | 4 | |
| Items that subsequently may be reclassified to the statement of income | ||||
| Remeasurement for hyperinflation | 8 | 68 | 67 | 193 |
| Cash flow hedges | 9 | -83 | -215 | -199 |
| Cost of hedging | 9 | -63 | -9 | -24 |
| Net investment hedges | -47 | 1 111 | 1 513 | |
| Other comprehensive income from associated companies, translation differences | -8 | -30 | -56 | |
| Translation differences | 1 098 | -4 424 | -7 623 | |
| Deferred tax relating to items that may be reclassified to the statement of income | -5 | -16 | 40 | |
| Total items that subsequently may be reclassified to the statement of income | 960 | -3 516 | -6 156 | |
| Other comprehensive income for the period | 953 | -3 518 | -6 152 | |
| Total comprehensive income for the period | 2 565 | -2 200 | -1 008 | |
| Whereof attributable to: | ||||
| Equity holders of the Parent Company | 2 559 | -2 203 | -1 003 | |
| Non-controlling interests | 6 | 3 | 25 |
Securitas AB Interim Report Q1 2026 | January-March
Consolidated financial statements
CONDENSED STATEMENT OF CASH FLOW
| Operating cash flow MSEK | Note | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
|---|---|---|---|---|
| Operating income before amortization | 2 459 | 2 525 | 11 493 | |
| Investments in non-current tangible and intangible assets | -982 | -979 | -3 974 | |
| Capital expenditure in % of sales | 2.7 | 2.5 | 2.6 | |
| Reversal of depreciation | 876 | 918 | 3 551 | |
| Change in trade receivables | -434 | -1 129 | -806 | |
| Change in operating payables | -894 | -1 690 | -466 | |
| Change in other net working capital | -47 | 369 | 365 | |
| Cash flow from operating activities | 978 | 14 | 10 163 | |
| Cash flow from operating activities, % | 40 | 1 | 88 | |
| Financial income and expenses paid | -433 | -735 | -1 782 | |
| Current taxes paid | -367 | -327 | -1 549 | |
| Free cash flow | 178 | -1 048 | 6 832 | |
| Cash flow from acquisitions and divestitures | 6 | -120 | -223 | -318 |
| Cash flow from items affecting comparability | 7 | -169 | -323 | -1 101 |
| Cash flow from financing activities excluding leasing | -540 | -152 | -5 469 | |
| Cash flow for the period | -651 | -1 746 | -56 | |
| Change in net debt MSEK | Note | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
| --- | --- | --- | --- | --- |
| Opening balance | -31 301 | -37 923 | -37 923 | |
| Cash flow for the period | -651 | -1 746 | -56 | |
| Change in lease liabilities | -38 | 31 | 85 | |
| Change in loans | 540 | 152 | 2 891 | |
| Change in net debt before revaluation and translation differences | -149 | -1 563 | 2 920 | |
| Revaluation of financial instruments and fees for debt issuance | 9 | -157 | -226 | -234 |
| Translation differences | -635 | 2 445 | 3 936 | |
| Change in net debt | -941 | 656 | 6 622 | |
| Closing balance | -32 242 | -37 267 | -31 301 | |
| Cash flow MSEK | Note | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
| --- | --- | --- | --- | --- |
| Cash flow from operations | 909 | -456 | 9 466 | |
| Cash flow from investing activities | -644 | -764 | -2 591 | |
| Cash flow from financing activities | -916 | -526 | -6 931 | |
| Cash flow for the period | -651 | -1 746 | -56 | |
| Change in liquid funds MSEK | Note | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
| --- | --- | --- | --- | --- |
| Opening balance | 7 051 | 7 427 | 7 427 | |
| Cash flow for the period | -651 | -1 746 | -56 | |
| Translation differences | 56 | -197 | -320 | |
| Closing balance | 6 456 | 5 484 | 7 051 |
Securitas AB Interim Report Q1 2026 | January-March
Consolidated financial statements
18
CAPITAL EMPLOYED AND FINANCING
| MSEK | Note | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|---|---|
| Non-current tangible and intangible assets | 11 139 | 11 129 | 10 905 | |
| Trade receivables | 25 456 | 26 552 | 24 802 | |
| Operating payables | -15 368 | -15 540 | -16 166 | |
| Other net working capital | -354 | -164 | -455 | |
| Net working capital | 9 734 | 10 848 | 8 181 | |
| Net working capital as % of total sales | 6 | 7 | 5 | |
| Operating capital employed | 20 873 | 21 977 | 19 086 | |
| Goodwill | 49 856 | 51 055 | 47 975 | |
| Acquisition-related intangible assets | 5 031 | 5 601 | 4 929 | |
| Shares in associated companies | 318 | 360 | 324 | |
| Other capital employed | -2 208 | -1 234 | -1 970 | |
| Capital employed | 73 870 | 77 759 | 70 344 | |
| Return on capital employed, % | 15 | 15 | 16 | |
| Net debt | -32 242 | -37 267 | -31 301 | |
| Shareholders' equity | 41 628 | 40 492 | 39 043 |
CONDENSED BALANCE SHEET
| MSEK | Note | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Goodwill | 49 856 | 51 055 | 47 975 | |
| Acquisition-related intangible assets | 5 031 | 5 601 | 4 929 | |
| Other intangible assets | 2 994 | 2 807 | 2 873 | |
| Right-of-use assets | 4 035 | 4 167 | 3 921 | |
| Other tangible non-current assets | 4 110 | 4 156 | 4 111 | |
| Shares in associated companies | 318 | 360 | 324 | |
| Non-interest-bearing financial non-current assets | 3 736 | 4 404 | 4 223 | |
| Interest-bearing financial non-current assets | 712 | 824 | 977 | |
| Total non-current assets | 70 792 | 73 374 | 69 333 | |
| Current assets | ||||
| Non-interest-bearing current assets | 35 194 | 36 417 | 32 790 | |
| Other interest-bearing current assets | 376 | 180 | 271 | |
| Liquid funds | 6 456 | 5 484 | 7 051 | |
| Total current assets | 42 026 | 42 081 | 40 112 | |
| TOTAL ASSETS | 112 818 | 115 455 | 109 445 | |
| MSEK | Note | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
| --- | --- | --- | --- | --- |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity | ||||
| Attributable to equity holders of the Parent Company | 41 612 | 40 485 | 39 033 | |
| Non-controlling interests | 16 | 7 | 10 | |
| Total shareholders' equity | 41 628 | 40 492 | 39 043 | |
| Equity ratio,% | 37 | 35 | 36 | |
| Non-current liabilities | ||||
| Non-interest-bearing non-current liabilities | 434 | 337 | 348 | |
| Non-current lease liabilities | 2 960 | 3 063 | 2 894 | |
| Other interest-bearing non-current liabilities | 33 548 | 37 518 | 33 736 | |
| Non-interest-bearing provisions | 3 616 | 3 613 | 3 808 | |
| Total non-current liabilities | 40 558 | 44 531 | 40 786 | |
| Current liabilities | ||||
| Non-interest-bearing current liabilities and provisions | 27 354 | 27 258 | 26 646 | |
| Current lease liabilities | 1 401 | 1 374 | 1 362 | |
| Other interest-bearing current liabilities | 1 877 | 1 800 | 1 608 | |
| Total current liabilities | 30 632 | 30 432 | 29 616 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 112 818 | 115 455 | 109 445 |
Securitas AB Interim Report Q1 2026 | January-March
Consolidated financial statements
CONDENSED CHANGES IN SHAREHOLDERS' EQUITY
| MSEK | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Attributable to equity holders of the Parent Company | Non-controlling interests | Total | Attributable to equity holders of the Parent Company | Non-controlling interests | Total | Attributable to equity holders of the Parent Company | Non-controlling interests | Total | |
| Opening balance January 1, 2026/2025 | 39 033 | 10 | 39 043 | 42 676 | 4 | 42 680 | 42 676 | 4 | 42 680 |
| Total comprehensive income for the period | 2 559 | 6 | 2 565 | -2 203 | 3 | -2 200 | -1 033 | 25 | -1 008 |
| Transactions with non-controlling interests | - | - | - | - | - | - | - | -19 | -19 |
| Share based incentive schemes | 20 | - | 20b | 12 | - | 12 | -32 | - | -32 |
| Dividend to the shareholders of the Parent Company | - | - | - | - | - | - | -2 578 | - | -2 578 |
| Closing balance March 31, 2026/2025 | 41 612 | 16 | 41 628 | 40 485 | 7 | 40 492 | 39 033 | 10 | 39 043 |
b) Refers to remuneration for the participants in the long-term share-based incentive programs 2026 of MSEK 20.
DATA PER SHARE
| SEK | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
|---|---|---|---|
| Share price, end of period | 157.80 | 141.95 | 147.20 |
| Earnings per share before and after dilutionb | 2.80 | 2.29 | 8.93 |
| Earnings per share before and after dilution and before items affecting comparabilityb | 2.47 | 2.36 | 11.55 |
| Dividend | - | - | 5.30a |
| P/E-ratio after dilution and before items affecting comparability | - | - | 13 |
| Share capital (SEK) | 573 392 552 | 573 392 552 | 573 392 552 |
| Number of shares outstanding | 572 917 552 | 572 917 552 | 572 917 552 |
| Average number of shares outstandingb | 572 917 552 | 572 917 552 | 572 917 552 |
| Treasury shares | 475 000 | 475 000 | 475 000 |
b) Number of shares used for calculation of earnings per share includes shares related to the Group's share based incentive schemes that have been hedged through swap agreements.
b) Used for calculation of earnings per share.
b) Proposed dividend, distributed in two equal installments of SEK 2.65 per share
Securitas AB Interim Report Q1 2026 | January–March
20
Segment overview
January–March 2026 and 2025
JANUARY–MARCH 2026
| MSEK | Securitas North America | Securitas Europe | Securitas Ibero-America | Other | Eliminations | Group |
|---|---|---|---|---|---|---|
| Sales, external | 14 136 | 16 181 | 3 760 | 2 134 | – | 36 211 |
| Sales, intra-group | 34 | 0 | – | 1 | –35 | – |
| Total sales | 14 170 | 16 181 | 3 760 | 2 135 | –35 | 36 211 |
| Organic sales growth, % | 0 | 3 | 6 | – | – | 0 |
| Operating income before amortization | 1 270 | 993 | 277 | –81 | – | 2 459 |
| of which share in income of associated companies | – | 0 | – | 11 | – | 11 |
| Operating margin, % | 9.0 | 6.1 | 7.4 | – | – | 6.8 |
| Operating margin adjusted, % | 9.0 | 6.1 | 7.4 | – | – | 7.0 |
| Amortization of acquisition-related intangible assets | –64 | –62 | –1 | –5 | – | –132 |
| Acquisition-related costs | –30 | – | – | – | – | –30 |
| Items affecting comparability | 213 | –29 | – | – | – | 184 |
| Operating income after amortization | 1 389 | 902 | 276 | –86 | – | 2 481 |
| Financial income and expenses | – | – | – | – | – | –357 |
| Income before taxes | – | – | – | – | – | 2 124 |
JANUARY–MARCH 2025
| IMSEK | Securitas North America | Securitas Europe | Securitas Ibero-America | Other | Eliminations | Group |
|---|---|---|---|---|---|---|
| Sales, external | 16 204 | 16 683 | 3 707 | 3 012 | – | 39 606 |
| Sales, intra-group | 32 | 0 | – | 0 | –32 | – |
| Total sales | 16 236 | 16 683 | 3 707 | 3 012 | –32 | 39 606 |
| Organic sales growth, % | 3 | 4 | 3 | – | – | 3 |
| Operating income before amortization | 1 406 | 946 | 262 | –89 | – | 2 525 |
| of which share in income of associated companies | – | 0 | – | 13 | – | 13 |
| Operating margin, % | 8.7 | 5.7 | 7.1 | – | – | 6.4 |
| Operating margin adjusted, % | 8.7 | 5.7 | 7.1 | – | – | 6.7 |
| Amortization of acquisition-related intangible assets | –73 | –65 | –2 | –10 | – | –150 |
| Acquisition-related costs | –1 | –2 | – | – | – | –3 |
| Items affecting comparability | – | –77 | – | – | – | –77 |
| Operating income after amortization | 1 332 | 802 | 260 | –99 | – | 2 295 |
| Financial income and expenses | – | – | – | – | – | –497 |
| Income before taxes | – | – | – | – | – | 1 798 |
Securitas AB Interim Report Q1 2026 | January–March
21
Notes
NOTE 1
Accounting principles
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
Securitas' consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, the Swedish Annual Accounts Act and the Swedish Sustainability and Financial Reporting Board's standard RFR 1 Supplementary Accounting Rules for Groups. The most important accounting principles under IFRS, which is the basis for the preparation of this interim report, can be found in note 2 on pages 112 to 116 in the Annual Report 2025. In the translation of the financial statements of foreign subsidiaries, income statements are translated at average exchange rates for the reporting period. This represents a change compared with prior years and is applied from 2026.
The Parent Company's financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Sustainability and Financial Reporting Board's standard RFR 2 Accounting for Legal Entities. The most important accounting principles used by the Parent Company can be found in note 41 on page 162 in the Annual Report 2025.
Introduction and effect of new and revised IFRS 2026
None of the published standards and interpretations that are mandatory for the Group's financial year 2026 are assessed to have any significant impact on the Group's financial statements.
Introduction and effect of new and revised IFRS 2027 or later
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements and is mandatory from January 1, 2027. The new standard implies that new requirements for the presentation of income and expenses are introduced in the financial statements and need to be divided into five different categories. Furthermore, two mandatory summaries are introduced ("Operating results" and "Results before financing and income taxes"). The standard also introduces new disclosure requirements, including disclosures related to management defined performance measures. Finally, the current flexibility in the presentation of the cash flow statement will be reduced.
The effects of the new standard have been further investigated and analyzed during the year and preparations are ongoing for implementing changes to the consolidation system and chart of accounts. The final impact on the Group's presentation of income and expenses, cash flow statement and related disclosures has not yet been finally determined.
Other effects on the Group's financial statements from standards and interpretations that are mandatory for the Group's financial year 2027 or later remain to be assessed.
Usage of key ratios not defined in IFRS
For definitions and calculations of key ratios not defined in IFRS, refer to notes 4 and 5 in this interim report as well as to note 3 in the Annual Report 2025.
NOTE 2
Events after the reporting period
There have been no significant events with effect on the financial reporting after the reporting period.
Securitas AB Interim Report Q1 2026 | January-March
Notes
NOTE 3
Revenue
| MSEK | Jan-Mar 2026 | % | Jan-Mar 2025 | % | Jan-Dec 2025 | % |
|---|---|---|---|---|---|---|
| Technology and solutions | 12 528 | 34 | 13 227 | 33 | 51 963 | 34 |
| Security services | 23 037 | 64 | 25 557 | 65 | 100 047 | 64 |
| Risk management services | 646 | 2 | 822 | 2 | 3 103 | 2 |
| Total sales | 36 211 | 100 | 39 606 | 100 | 155 113 | 100 |
| Other operating income | 19 | 0 | 19 | 0 | 76 | 0 |
| Total revenue | 36 230 | 100 | 39 625 | 100 | 155 189 | 100 |
Technology and solutions
This comprises two broad categories regarding technology and solutions.
Technology consists of the sale of alarm, access control and video installations comprising design, installation and integration (time, material and related expenses). Revenue is recognized as per the contract, either upon completion of the conditions in the contract, or over time based on the percentage of completion. Remote guarding (in the form of alarm monitoring services), that is sold separately and not as part of a solution, is also included in this category. Revenue recognition is over time as this is also a service that is rendered by Securitas and simultaneously consumed by the clients. The category further includes maintenance services, that are either performed upon request (time and material) with revenue recognition at a point in time (when the work has been performed), or over time if part of a service level contract with a subscription fee. Finally, there are also product sales (alarms and components) without any design or installation. The revenue recognition is at a point in time (upon delivery).
Solutions are a combination of services such as on-site and/or mobile guarding and/or remote guarding. These services are combined with a technology component in terms of equipment owned and managed by Securitas and used in the provision of services. The equipment is installed at the client site. The revenue recognition pattern is over time, as the services are rendered by Securitas and simultaneously consumed by the client. A solution normally constitutes one performance obligation.
Security services
This comprises on-site and mobile guarding, which are services with the same revenue recognition pattern. Revenue is recognized over time, as the services are rendered by Securitas and simultaneously consumed by the client. Such services cannot be reperformed.
Risk management services
This comprises various types of risk management services that are either recognized over time or at a point in time depending on the type of service. These services include risk advisory, security management, executive protection, corporate investigations, due diligence and similar services.
Other operating income
Other operating income consists mainly of trade mark fees for the use of the Securitas brand name.
Revenue per segment
The disaggregation of revenue by segment is shown in the table below. Total sales agree to total sales in the segment overview.
| MSEK | Securitas North America | Securitas Europe | Securitas Ibero-America | Other | Eliminations | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | |
| Technology and solutions | 5 226 | 6 058 | 5 675 | 5 661 | 1 438 | 1 345 | 207 | 193 | -18 | -30 | 12 528 | 13 227 |
| Security services | 8 298 | 9 356 | 10 506 | 11 022 | 2 322 | 2 362 | 1 928 | 2 819 | -17 | -2 | 23 037 | 25 557 |
| Risk management services | 646 | 822 | - | - | - | - | - | - | - | - | 646 | 822 |
| Total sales | 14 170 | 16 236 | 16 181 | 16 683 | 3 760 | 3 707 | 2 135 | 3 012 | -35 | -32 | 36 211 | 39 606 |
| Other operating income | - | - | - | - | - | - | 19 | 19 | - | - | 19 | 19 |
| Total revenue | 14 170 | 16 236 | 16 181 | 16 683 | 3 760 | 3 707 | 2 154 | 3 031 | -35 | -32 | 36 230 | 39 625 |
Securitas AB Interim Report Q1 2026 | January-March
Notes
NOTE 4
Organic sales growth and currency changes
The calculation of real and organic sales growth and the specification of currency changes on operating income before and after amortization, income before taxes, net income and earnings per share are specified below. The impact from remeasurement for hyperinflation due to the application of IAS 29 is included in currency change.
| MSEK | Jan-Mar 2026 | Jan-Mar 2025 | % |
|---|---|---|---|
| Total sales | 36 211 | 39 606 | -9 |
| Currency change from 2025 | 3 515 | - | |
| Real sales growth, adjusted for changes in exchange rates | 39 726 | 39 606 | 0 |
| Acquisitions/divestitures | -9 | -3 | |
| Organic sales growth | 39 717 | 39 603 | 0 |
| Operating income before amortization | 2 459 | 2 525 | -3 |
| Currency change from 2025 | 277 | - | |
| Real operating income before amortization, adjusted for changes in exchange rates | 2 736 | 2 525 | 8 |
| Operating income after amortization | 2 481 | 2 295 | 8 |
| Currency change from 2025 | 256 | - | |
| Real operating income after amortization, adjusted for changes in exchange rates | 2 737 | 2 295 | 19 |
| Income before taxes | 2 124 | 1 798 | 18 |
| Currency change from 2025 | 214 | - | |
| Real income before taxes, adjusted for changes in exchange rates | 2 338 | 1 798 | 30 |
| Net income for the period | 1 612 | 1 318 | 22 |
| Currency change from 2025 | 157 | - | |
| Real net income for the period, adjusted for changes in exchange rates | 1 769 | 1 318 | 34 |
| Net income attributable to equity holders of the Parent Company | 1 607 | 1 313 | 22 |
| Currency change from 2025 | 156 | - | |
| Real net income attributable to equity holders of the Parent Company, adjusted for changes in exchange rates | 1 763 | 1 313 | 34 |
| Average number of shares outstanding | 572 917 552 | 572 917 552 | |
| Real earnings per share, adjusted for changes in exchange rates | 3.08 | 2.29 | 34 |
| Net income attributable to equity holders of the Parent Company | 1 607 | 1 313 | 22 |
| Items affecting comparability net of taxes | -192 | 40 | |
| Net income attributable to equity holders of the Parent Company, adjusted for items affecting comparability | 1 415 | 1 353 | 5 |
| Currency change from 2025 | 161 | ||
| Real net income attributable to equity holders of the Parent Company, adjusted for items affecting comparability and changes in exchange rates | 1 576 | 1 353 | 16 |
| Average number of shares outstanding | 572 917 552 | 572 917 552 | |
| Real earnings per share, adjusted for items affecting comparability and changes in exchange rates | 2.75 | 2.36 | 16 |
Securitas AB Interim Report Q1 2026 | January–March
Notes
24
NOTE 5
Definitions and calculation of key ratios
The calculations below relate to the period January–March 2026.
Interest coverage ratio
Operating income before amortization (rolling 12 months) plus interest income (rolling 12 months) in relation to interest expenses (rolling 12 months).
Calculation: $(11427 + 209) / 1854 = 6.3$
Cash flow from operating activities, %
Cash flow from operating activities as a percentage of operating income before amortization.
Calculation: $978 / 2459 = 40\%$
Free cash flow in relation to net debt
Free cash flow (rolling 12 months) in relation to closing balance net debt.
Calculation: $8058 / 32242 = 0.25$
Net debt to EBITDA ratio
Net debt in relation to operating income before amortization (rolling 12 months) excluding depreciation (rolling 12 months) and including acquisition-related costs (rolling 12 months).
Calculation: $32242 / (11427 + 3509 - 36) = 2.2$
Net working capital in % of total sales
Net working capital as a percentage of total sales (rolling 12 months) adjusted for the full-year sales of acquired and divested entities.
Calculation: $9734 / 152993 = 6\%$
Capital expenditures in % of total sales
Investments in non-current tangible and intangible assets for the period as a percentage of total sales for the period.
Calculation: $982 / 36211 = 2.7\%$
Return on capital employed
Operating income before amortization (rolling 12 months) as a percentage of closing balance of capital employed adjusted for provisions related to items affecting comparability.
Calculation: $11427 / (73870 + 758) = 15\%$
Net debt equity ratio
Net debt in relation to shareholders’ equity.
Calculation: $32242 / 41628 = 0.77$
Operating margin, adjusted
Operating margin excluding the government business within Securitas Critical Infrastructure Services.
Calculation: $(2459 + 17) / (36211 - 884) = 7.0\%$
Organic sales growth, adjusted
Total sales for the period adjusted for acquisitions and changes in exchange rates and excluding the government business within Securitas Critical Infrastructure Services as a percentage of the previous year period’s total sales adjusted for divestitures and excluding the government business within Securitas Critical Infrastructure Services.
Calculation: $((36211 - 9 + 3515 - 137 - 884) / (39606 - 3 - 1693)) - 1 = 2\%$
NOTE 6
Acquisition-related costs and cash flow from acquisitions and divestitures
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| Restructuring and integration costs | -1 | -2 | -7 |
| Transaction costs | -29 | -1 | -2 |
| Revaluation of deferred considerations | - | - | - |
| Total acquisition-related costs | -30 | -3 | -9 |
| Cash flow impact from acquisitions and divestitures | |||
| Purchase price payments | -123 | -40 | -132 |
| Assumed net debt | 5 | -179 | -178 |
| Acquisition-related costs paid | -2 | -4 | -8 |
| Total cash flow impact from acquisitions and divestitures | -120 | -223 | -318 |
For further information regarding the Group's acquisitions, refer to the section Acquisitions and divestitures.
Securitas AB Interim Report Q1 2026 | January–March
Notes
25
NOTE 7
Items affecting comparability
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| Recognized in the statement of income | |||
| Transformation programs, Group^{a} | –29 | –46 | –161 |
| Divestiture of operations^{b} | 213 | –5 | –4 |
| Business optimization program^{c} | – | –26 | –221 |
| Close-down of Securitas Critical Infrastructure Services^{h} | – | – | –1 462 |
| Total recognized in income before taxes | 184 | –77 | –1 848 |
| Taxes | 8 | 37 | 348 |
| Total recognized in net income for the period | 192 | –40 | –1 500 |
| Cash flow impact | |||
| Transformation programs, Group^{a} | –53 | –23 | –136 |
| Cost savings program, Group^{a} | – | –3 | –4 |
| Acquisition of Stanley Security^{a} | –4 | –77 | –98 |
| US Government investigation in Paragon Systems^{a} | – | –199 | –533 |
| Divestiture of Argentina^{b} | – | –1 | –6 |
| Divestiture operations^{b} | –46 | –4 | –66 |
| Business optimization program^{c} | –14 | –16 | –171 |
| Close-down of Securitas Critical Infrastructure Services^{h} | –52 | – | –87 |
| Total cash flow impact | –169 | –323 | –1 101 |
1) Related to the business transformation programs in Securitas Europe.
2) Related to transaction costs, restructuring and integration costs.
3) Related to cash flow for Securitas Argentina divested in 2023.
4) Includes costs related to the US Government investigation into Paragon Systems, Inc. The investigation relates to alleged misconduct by certain former employees and to Paragon's relationship with various small business entities which were direct or indirect party to contracts with the US Government starting around 2012. In November 2024, a settlement was reached with the authorities, meaning that Securitas will pay MUSD 52, of which MUSD 18 has been paid in the first quarter of 2025, MUSD 18 in the third quarter 2025 and the final payment of MUSD 17 in the fourth quarter 2025. The total costs attributable to the investigation amounted to MUSD 53 during year 2024 and were reported under the heading Other in Securitas' segment reporting.
5) The 2026 result is related to the divestiture of airport security business in the US, Global Elite Group, and a small non-core part of the technology business in Canada. The cash flow impact of MSEK –46 reported as cash flow from items affecting comparability relate to transaction costs. Remaining cash flow impact from the divestitures is reported as cash flow from investing activities, acquisitions and divestitures (note 6).
6) Related to the business optimization program.
7) Related to the close-down of the government business within Securitas Critical Infrastructure Services (SCIS).
8) Related to the cost-savings program and exit of business operations in the Group that was communicated in 2020, finalized in 2021 but still impacted cash flow 2025.
NOTE 8
Remeasurement for hyperinflation
Securitas subsidiaries in countries that according to IAS 29 Financial reporting in hyperinflationary economies are classified as hyperinflationary economies are accounted for in the Group's financial statements after remeasurement for hyperinflation. Currently, only the Group's operations in Türkiye are reported according to IAS 29.
The impact on the consolidated statement of income and other comprehensive income from the remeasurement according to IAS 29 is illustrated below. The index used by Securitas for the remeasurement of the financial statements for Türkiye is the consumer price index with base period January 2005.
EXCHANGE RATES AND INDEX
| Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 | |
|---|---|---|---|
| Exchange rate Türkiye, SEK/TRY | 0.21 | 0.27 | 0.21 |
| Index, Türkiye | 33.77 | 25.81 | 30.69 |
NET MONETARY GAIN RECOGNIZED IN THE CONSOLIDATED STATEMENT OF INCOME
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| Net monetary gain, Türkiye | 14 | 12 | 76 |
| Total net monetary gain recognized in financial income and expenses | 14 | 12 | 76 |
REMEASUREMENT IMPACT RECOGNIZED IN OTHER COMPREHENSIVE INCOME
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| Remeasurement net of tax, Türkiye | 68 | 67 | 192 |
| Total remeasurement impact recognized in other comprehensive income | 68 | 67 | 192 |
Securitas AB Interim Report Q1 2026 | January-March
Notes
26
NOTE 9
Financial instruments and credit facilities
Revaluation of financial instruments
Revaluation of financial instruments is recognized in the statement of income on the line financial income and expenses. Revaluation of cash flow hedges (and the subsequent recycling into the statement of income) is recognized in other comprehensive income on the line cash flow hedges. Cost of hedging (and the subsequent recycling into the statement of income) is recognized on the corresponding line in other comprehensive income.
The amount disclosed in the specification of change in net debt is the total revaluation before tax in the table below.
| MSEK | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Dec 2025 |
|---|---|---|---|
| Recognized in the statement of income | |||
| Revaluation of financial instruments | 2 | -2 | -5 |
| Deferred tax | - | - | - |
| Impact on net income | 2 | -2 | -5 |
| Recognized in the statement of comprehensive income | |||
| Cash flow hedges | -83 | -215 | -199 |
| Cost of hedging | -63 | -9 | -24 |
| Deferred tax | 18 | 27 | 28 |
| Total recognized in the statement of comprehensive income | -128 | -197 | -195 |
| Total revaluation before tax | -144 | -226 | -228 |
| Total deferred tax | 18 | 27 | 28 |
| Total revaluation after tax | -126 | -199 | -200 |
Fair value hierarchy
The methods and assumptions used by the Group in estimating the fair value of the financial instruments are disclosed in note 7 in the Annual Report 2025. Further information regarding the accounting principles for financial instruments is disclosed in note 2 in the Annual Report 2025.
There have been no transfers between any of the the valuation levels during the period.
| MSEK | Quoted market prices | Valuation techniques using observable market data | Valuation techniques using non-observable market data | Total |
|---|---|---|---|---|
| March 31, 2026 | ||||
| Financial assets at fair value through profit or loss | - | 180 | - | 180 |
| Financial liabilities at fair value through profit or loss | - | -79 | -109 | -188 |
| Derivatives designated for hedging with positive fair value | - | 249 | - | 249 |
| Derivatives designated for hedging with negative fair value | - | -251 | - | -251 |
| December 31, 2025 | ||||
| Financial assets at fair value through profit or loss | - | 103 | - | 103 |
| Financial liabilities at fair value through profit or loss | - | -108 | -27 | -135 |
| Derivatives designated for hedging with positive fair value | - | 520 | - | 520 |
| Derivatives designated for hedging with negative fair value | - | -213 | - | -213 |
Financial instruments by category – carrying and fair values
For financial assets and liabilities other than those disclosed in the table below, fair value is deemed to approximate the carrying value.
A full comparison of fair value and carrying value for all financial assets and liabilities is disclosed in note 7 in the Annual Report 2025.
| MSEK | Mar 31, 2026 | Dec 31, 2025 | ||
|---|---|---|---|---|
| Carrying value | Fair value | Carrying value | Fair value | |
| Long-term loan liabilities | 27 013 | 27 361 | 27 090 | 27 407 |
| Short-term loan liabilities | - | - | - | - |
| Total financial instruments by category | 27 013 | 27 361 | 27 090 | 27 407 |
Securitas AB Interim Report Q1 2026 | January–March
Notes
27
SUMMARY OF DEBT FINANCING AND CREDIT FACILITIES AS OF MARCH 31, 2026
| Type | Currency | Total amount (million) | Available amount (million) | Maturity |
|---|---|---|---|---|
| EMTN private placement, floating | SEK | 1 500 | 0 | 2026 |
| EMTN private placement, fixed | USD | 40 | 0 | 2027 |
| EMTN private placement, fixed | USD | 60 | 0 | 2027 |
| EMTN Eurobond, fixed | EUR | 600 | 0 | 2027 |
| Revolving Credit Facility | EUR | 200 | 200 | 2028 |
| Schuldschein dual currency facility, fixed | EUR | 15 | 0 | 2028 |
| EMTN Eurobond, fixed | EUR | 350 | 0 | 2028 |
| Term loan, floating | EUR | 147 | 0 | 2028 |
| EMTN private placement, floating | USD | 50 | 0 | 2028 |
| EMTN private placement, fixed | USD | 75 | 0 | 2029 |
| EMTN Eurobond, fixed | EUR | 600 | 0 | 2029 |
| EMTN Eurobond, fixed | EUR | 500 | 0 | 2030 |
| Revolving Credit Facility | EUR | 900 | 900 | 2030 |
| EMTN private placement, floating | USD | 200 | 0 | 2031 |
| EMTN Eurobond, fixed | EUR | 300 | 0 | 2032 |
| Term loan, floating | USD | 190 | 0 | 2032 |
| Commercial Paper (uncommitted) | SEK | 5 000 | 4 700 | n/a |
NOTE 10
Pledged assets
| MSEK | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|---|
| Pension balances, defined contribution plans¹) | 309 | 275 | 307 |
| Total pledged assets | 309 | 275 | 307 |
¹) Refers to assets relating to insured pension plans excluding social benefits.
NOTE 11
Contingent liabilities
| MSEK | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|---|
| Guarantees | – | – | – |
| Guarantees related to discontinued operations | 15 | 15 | 15 |
| Total contingent liabilities | 15 | 15 | 15 |
For significant estimates and judgments, provisions and contingent liabilities, refer to note 4 and note 39 in the Annual Report 2025 as well as to the section Other significant events in this report.
Securitas AB Interim Report Q1 2026 | January–March
28
Parent Company
CONDENSED STATEMENT OF INCOME
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| License fees and other income | 546 | 565 | 2 491 |
| Gross income | 546 | 565 | 2 491 |
| Administrative expenses | -262 | -273 | -1 312 |
| Operating income | 284 | 292 | 1 179 |
| Financial income and expenses | -124 | 279 | 1 828 |
| Income after financial items | 160 | 571 | 3 007 |
| Appropriations | -83 | -21 | -293 |
| Income before taxes | 77 | 550 | 2 714 |
| Income tax | -31 | -99 | -202 |
| Net income for the period | 46 | 451 | 2 512 |
CONDENSED BALANCE SHEET
| MSEK | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Shares in subsidiaries | 73 646 | 72 825 | 72 825 |
| Shares in associated companies | 112 | 112 | 112 |
| Other non-interest-bearing non-current assets | 415 | 387 | 411 |
| Interest-bearing financial non-current assets | 846 | 1 047 | 832 |
| Total non-current assets | 75 019 | 74 371 | 74 180 |
| Current assets | |||
| Non-interest-bearing current assets | 2 459 | 2 175 | 909 |
| Other interest-bearing current assets | 3 807 | 3 790 | 6 813 |
| Liquid funds | 40 | 7 | 24 |
| Total current assets | 6 306 | 5 972 | 7 746 |
| TOTAL ASSETS | 81 325 | 80 343 | 81 926 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | |||
| Restricted equity | 7 936 | 7 936 | 7 936 |
| Non-restricted equity | 47 581 | 48 064 | 47 533 |
| Total shareholders' equity | 55 517 | 56 000 | 55 469 |
| Untaxed reserves | 445 | 292 | 432 |
| Non-current liabilities | |||
| Non-interest-bearing non-current liabilities/provisions | 311 | 276 | 307 |
| Interest-bearing non-current liabilities | 10 997 | 10 774 | 10 848 |
| Total non-current liabilities | 11 308 | 11 050 | 11 155 |
| Current liabilities | |||
| Non-interest-bearing current liabilities | 3 125 | 3 089 | 1 629 |
| Interest-bearing current liabilities | 10 930 | 9 912 | 13 241 |
| Total current liabilities | 14 055 | 13 001 | 14 870 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 81 325 | 80 343 | 81 926 |
Securitas AB Interim Report Q1 2026 | January–March
29
Financial information
FINANCIAL CALENDAR
June 16, 2026
Capital Markets Day in London
July 24, 2026, 8.00 a.m. (CEST)
Interim Report
January–June 2026
October 23, 2026, 8.00 a.m. (CEST)
Interim Report
January–September 2026
For further information regarding
Securitas' IR activities, refer to
www.securitas.com
PRESENTATION OF THE INTERIM REPORT
Analysts and media are invited to participate in a telephone conference on April 28, 2026, at 9.30 a.m. (CEST) where President and CEO Magnus Ahlqvist and CFO Matteo Dall'Ora will present the report and answer questions. The telephone conference will also be audio cast live via Securitas' website www.securitas.com
To follow the audio cast of the telephone conference via the web, please follow the link www.securitas.com/en/investors/financial-reports-and-presentations/
A recorded version of the audio cast will be available at www.securitas.com/en/investors/financial-reports-and-presentations/ after the telephone conference.
For further information, please contact:
Micaela Sjökvist, Vice President, Investor Relations +46 76 116 7443
ABOUT SECURITAS
Securitas is a world-leading safety and security solutions partner that helps make your world a safer place. Nine decades of deep experience means we see what others miss. By leveraging technology in partnership with our clients, combined with an innovative, holistic approach, we're transforming the security industry. With approximately 322 000 employees in 44 markets, we see a different world and create sustainable value for our clients by protecting what matters most – their people and assets.
Group financial targets
Securitas has the following financial targets:
- 8–10 percent technology and solutions annual average real sales growth
- 8 percent Group operating margin in the second half year of 2025, with a >10 percent long-term operating margin ambition
- A net debt to EBITDA ratio below 3.0x
- An operating cash flow of 70–80 percent of operating income before amortization
Securitas AB (publ.)
P.O. Box 12307, SE-102 28 Stockholm, Sweden
Visiting address:
Lindhagensplan 70
Telephone: +46 10 470 30 00
Corporate registration number:
556302-7241
www.securitas.com
This is information that Securitas 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 8.00 a.m. (CEST) on Tuesday, April 28, 2026.