Strategic Analysis Series
Swedish Companies 2024

Securitas

Strategic Analysis Report 2024

Intelligent Security Solutions Partner
Transforming the Security Industry

Company: Securitas AB (publ)

Headquarters: Stockholm, Sweden

Sector: Security Services & Technology

Founded: 1934 | Analysis Date: January 2026

Executive Summary

Securitas is a world-leading safety and security solutions partner that helps make the world a safer place. With nine decades of deep experience, the company leverages technology and an innovative, holistic approach to transform the security industry.

SEK 162B

Total Sales 2024

336,000

Employees Globally

44

Markets Worldwide

2024 Strong Performance
Securitas achieved 5% organic sales growth in 2024 with an operating margin of 6.9% (vs 6.5% in 2023). The company strengthened its operating margin to 7.3% in Q4 2024, demonstrating successful strategic execution.

Company Overview

Global Security Solutions Leader

Founded in 1934, Securitas has evolved from a traditional guarding company into a technology-enabled security solutions provider. The company's transformation accelerated under CEO Magnus Ahlqvist since 2018.

Key Business Metrics 2024

Metric	Value	Details
Branch Offices	~1,800	Local presence globally
Net Debt/EBITDA	2.5	Strong balance sheet
Operating Cash Flow	84%	Strong cash generation
Technology & Solutions	33%	Share of total sales

Business Segments

Three Regional Divisions

Securitas is organized into three main business segments: North America, Europe, and Ibero-America, complemented by an AMEA (Africa, Middle East, Asia, Australia) division.

Securitas North America

Operations in US, Canada, and Mexico. Organized in three units: Guarding, Technology, and Pinkerton Corporate Risk Management.

40% of Group sales | 9.1% operating margin

Securitas Europe

Operations across 21 European countries. Major markets include Germany (20%), France (16%), Sweden (11%), Belgium (8%), and UK (7%).

43% of Group sales | Leading European position

Securitas Ibero-America

Operations in Spain, Portugal, and Latin America. Spain represents 61% of regional sales with strong growth potential.

9% of Group sales | Highest regional margins

AMEA & Other

Operations across 11 countries including Australia, China, India, and South Africa. Includes Securitas Critical Infrastructure Services.

8% of Group sales | Strategic growth areas

Financial Performance 2024

Strong Growth & Margin Improvement

Securitas delivered strong financial performance in 2024 with improved margins, robust cash flow, and successful strategic execution across all business segments.

Financial Performance Summary (SEK Million)

Metric	2024	2023	Growth
Total Sales	161,921	157,249	+3.0%
Operating Income	11,200	10,247	+9.3%
Operating Margin	6.9%	6.5%	+0.4pp
EPS (SEK)	9.01	2.24	+302%

Q4 2024 Strong Finish
Q4 2024 delivered 4% organic growth with operating margin improving to 7.3%. Cash flow was strong at 153% of operating income, supporting accelerated deleveraging.

Technology & Solutions

Intelligent Security Platform

Securitas is transforming the security industry through technology integration, AI-powered analytics, and digital solutions that provide comprehensive protection for clients.

Global Security Operation Centers (GSOCs): Centralized command hubs monitoring thousands of sites with real-time incident response

AI-Powered Video Analytics: Intelligent cameras and software detecting anomalies, intrusions, and behavioral patterns

Integrated Access Control: Design, installation, and management of electronic access paired with intrusion detection

Security-as-a-Service: Subscription models where clients pay for outcomes rather than hours or devices

Remote Monitoring: 24/7 surveillance with automated alerts and rapid response capabilities

Technology Growth Strategy
Securitas targets 8-10% annual real sales growth in Technology & Solutions. The segment represented 33% of total sales in 2024 and achieved 6% real growth.

STANLEY Security Acquisition

Transformative Strategic Move

In 2022, Securitas completed the transformative acquisition of STANLEY Security for USD 3.2 billion, significantly strengthening its technology capabilities and market position.

Acquisition Impact & Synergies

Metric	Value
Purchase Price	USD 3.2 billion
2021 STANLEY Sales	~USD 1.7 billion
Recurring Revenue	40% of STANLEY sales
Cost Synergies Target	USD 50 million (achieved)

Strategic Benefits
The acquisition more than doubled Securitas' electronic security business. Going forward, approximately 50% of profit contribution is generated from higher-margin technology and solutions sales.

Sustainability Leadership

Science-Based Climate Targets

Securitas became the first global security company to have its climate targets validated by the Science Based Targets Initiative (SBTi), committing to reduce absolute Scope 1, 2, and 3 emissions by 42% by 2030.

Emission Reduction Target

42%

By 2030 (vs 2022 baseline)

Climate Recognition

Top 40

US government suppliers

Electric Vehicle Fleet

25%

Target by 2025

CDP Score

B

Above peer average

New Sustainability Strategy (2025)
Built on three pillars: Develop People, Decarbonize Business, and Demonstrate Integrity. By 2027, Securitas will expand carbon data to services.

Strategic Transformation

Five-Year Journey (2018-2023)

Under CEO Magnus Ahlqvist, Securitas embarked on a comprehensive five-year transformation to become an intelligent protective solutions partner, moving beyond traditional guarding services.

Strategic Reset: Formulated new five-year strategy with IMD Business School partnership

Technology Integration: Shifted from "boots-on-the-ground" to tech-enabled solutions

Digital Capabilities: Developed global client platform and AI-powered analytics

Portfolio Management: Divested non-core assets and optimized contract portfolio

Cultural Transformation: Built winning culture focused on innovation and client value

Transformation Results
The transformation delivered 19 consecutive quarters of operating margin improvement by Q3 2025. Securitas achieved record-high operating margin and 19% EPS growth in Q3 2025.

Business Optimization

Cost Efficiency & Portfolio Management

Securitas continues to optimize its business portfolio and operations to achieve structurally lower cost levels and improve long-term profitability.

Optimization Initiatives

Initiative	Target	Status
Business Optimization Program	MSEK 200 annual savings	Completed Q3 2025
Non-Performing Contracts	Address majority in Europe & Ibero-America	In progress
SCIS Government Business	Close-down by end 2026	Started Q3 2025

Portfolio Refinement
Securitas is assessing its business mix to enhance long-term performance. The close-down of SCIS government business will positively impact Group profitability and cash generation.

Strategic Outlook

Future Growth Drivers

Securitas is well-positioned for continued growth, supported by increasing security threats, technology adoption, and the company's strategic initiatives.

Technology & Solutions Growth: Target 8-10% annual real sales growth in higher-margin tech-enabled services

Operating Margin Target: Achieve 8% operating margin by end of 2025

Organic Sales Growth: Target 5-7% average annual organic growth

AI & Automation: Leverage AI-powered analytics and automation for efficiency

Global Platform: Scale operations through global client platform and data insights

Resilient Business Model
Securitas' focus on local security services provides resilience against global trade shifts. The company's transformation into a technology-enabled partner positions it to capture growing demand for intelligent security solutions.

Strategic Recommendations

Building on Strong Foundation

Accelerate Technology Integration: Continue expanding AI-powered analytics and connected technology solutions

Focus on High-Margin Segments: Prioritize Technology & Solutions growth to improve overall profitability

Optimize Portfolio: Complete portfolio refinement and address remaining non-performing contracts

Leverage Sustainability Leadership: Use SBTi-validated targets and climate recognition as competitive advantages

Expand Recurring Revenue: Grow subscription-based services and long-term contracts

Strengthen Digital Capabilities: Invest in global platform and automation to scale operations efficiently

Investment Thesis
Securitas offers compelling investment opportunity as a transformed security leader with strong technology capabilities, proven margin improvement, and clear path to continued growth. The company's resilient business model positions it well for long-term value creation.