Securitas (SECU) Q4 2025 earnings summary

Executive summary

• Achieved 8% operating margin target in H2 2025, with strong performance across all segments, especially North America and Europe, both exceeding 8% margin in Q4.

• Organic sales growth was 4% for the year and 3% in Q4; Technology and Solutions real sales growth reached 6% in Q4.

• EPS before items affecting comparability increased by 18% year-over-year.

• Dividend proposal increased by 18% to SEK 5.30 per share.

• Announced acquisition of Liferaft, a SaaS-based threat intelligence provider, to accelerate digital risk intelligence and recurring revenue.

Financial highlights

• Full-year sales were SEK 155,113M, with Q4 sales at SEK 38,422M.

• Operating income before amortization was SEK 11,493M for FY 2025, with a 7.7% adjusted margin (up 60 bps year-over-year).

• Free cash flow for FY 2025 was SEK 6,832M, supported by strong operating cash flow and lower interest payments.

• Net income for FY 2025 was SEK 5,144M.

• Net debt to EBITDA improved to 2.1x, down from 2.5x prior year.

Outlook and guidance

• Majority of underperforming security services contracts in Europe expected to be completed by H1 2026, with growth and margin improvement weighted toward H2.

• European transformation program costs estimated at SEK 225–250 million for FY 2026.

• CAPEX expected to remain around 2.5–2.6% of group sales.

• Liferaft acquisition expected to drive further growth in high-margin, recurring revenue.

• Continued focus on deleveraging and maintaining investment grade rating.