Securitas Q1 Revenue Flat, Beats FCF Forecast

Securitas posted Q1 group revenue of 36.2 bn crowns, with organic growth of 0% (2% ex‑SCIS), missing analyst forecasts of 1.4%/3.6%.
Adjusted EBITA reached 2.46 bn crowns, near consensus 2.5 bn, with margins improving to 6.8%, up 40 bps YoY.
Free cash flow turned positive at 178 m crowns versus expected -626 m crowns, while net debt/EBITDA rose slightly to 2.2x from 2.1x.
Growth weakness stemmed from lower tech installation, soft guarding start, a large North America contract termination, and European airport security headwinds.