Securitas AB (SECUb.ST): CMD ’26: New strategy and financial targets announced

Research evidence excerpt

Securitas AB (SECUb.ST): CMD ’26: New strategy and financial targets announced

Equity Research

15 June 2026 | 9:54PM BST

Securitas AB (SECUb.ST): CMD ‘26: New strategy and financial targets

announced

Securitas announced its 2030 strategy and updated its financial targets ahead of its Suhasini Varanasi

+44(20)7774-3722 |

Capital Markets Day in London tomorrow (June 16th). suhasini.varanasi@gs.com

Goldman Sachs International

According to the company, the new strategy would position Securitas as a trusted Harshita Bhatter, CFA

+1(332)245-7830 |

partner in intelligence-led security, combining its global presence and deep security harshita.bhatter@gs.com

Goldman Sachs India SPL

expertise with advanced data, analytics and technology. Moreover, by leveraging

actionable risk intelligence and a more consultative approach, the company aims to

move further up the value chain, delivering proactive, insight-driven security

solutions and strengthening its role as a strategic advisor to clients.

As part of the new strategy, the company updated its Group financial targets for the

period through 2030 targeting:

n average annual EPS growth of 10% over a business cycle, excluding IAC costs

and adjusted for changes in FX, with an unchanged target of >10% operating

margin ambition long-term. We note that the new EPS target of c.10% CAGR

compares to c.6% EPS CAGR delivered over 2019-25, and c.11% CAGR

pre-covid, i.e. 2014-19.

n operating cash flow of 80–90% of operating income before amortization (vs.

70-80% earlier)

n net debt to EBITDA of <2.5x (vs. previous target of <3.0x). On our estimates, we

see leverage (including leases, provisions and pensions) falling to 1.2x by 2030 -

levering up to 2.5x would enable the company to deploy at least Skr23bn, about

35% of current market cap.