Q1 2026 Securitas AB Earnings Call Transcript
Key Points
- Securitas AB (SCTBF) reported an improvement in the adjusted operating margin to 7%, marking the 21st consecutive quarter of margin improvement.
- Earnings per share improved by 16% on a constant currency basis, excluding items affecting comparability.
- The acquisition of Liferaft, a leading provider of threat intelligence, was completed, enhancing Securitas AB's intelligence capabilities.
- The company recorded a strong operating cash flow at 40% of operating income, supported by reduced financial expenses.
- Securitas AB's European segment showed solid profitability improvement with a 3% organic growth, driven by price increases and technology solutions growth.
- Top line growth was below expectations, with adjusted growth at only 2% for the group.
- North America experienced flat year-on-year growth due to significantly lower installation sales in the Technology business.
- Three winter storms in North America negatively impacted installations, causing productivity issues.
- The Pinkerton business in North America recorded negative growth due to the loss of a large temporary contract.
- Active portfolio management in Europe and Ibero-America negatively impacted growth, with lower-than-expected sales in aviation due to the Middle East situation.
Good morning, everyone, and a warm welcome to our Q1 2026 report. Before we begin, I would like to welcome Matteo, who joined the group as CFO on April 1. And Matteo has an impressive track record from a number of leadership roles in finance, but also leading significant businesses. And for many years, you spent time with Atlas Copco and more recently with Assa Abloy. So a great addition to the team and a warm welcome, Matteo.
With that, let's go to the performance highlights of the quarter. And on a high level, we delivered good operating margin improvement, earnings growth and cash flow in Q1, but the top line growth was below my expectations. The adjusted operating margin improved to 7%, and this was supported by all business segments. And this is testament to focused execution, and we have now improved the operating margin 21 quarters in a row.
The adjusted growth in the quarter was 2% for the group. And the growth in North America was flat year-on-year, and this was primarily the result of significantly lower
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