Securitas Q1 Revenue Stagnates, Misses Estimates

Securitas posted Q1 organic revenue growth of 0% (2% ex‑SCIS), below analysts' 1.4% and 3.6% expectations.
Group revenue reached 36.2 bn crowns, roughly 1% under consensus, while adjusted EBITA was 2.46 bn crowns, near the 2.5 bn forecast.
Margins stayed at 6.8% (up 40 bps YoY), free cash flow hit 178 m crowns versus -626 m consensus, and net debt/EBITDA rose to 2.2x.
Weakness stemmed from lower tech installations, soft guarding start, a large North American contract termination, and European airport security headwinds.