Loomis AB (publ)

Record Q3 performance; strong margin expansion (good + surprising) - Loomis delivered record-high revenue, operating income and operating margin in Q3 2026. - Revenue: > SEK 8.1bn, currency-adjusted growth +6.6%. - EBITA margin: >15%, up ~2pp YoY (highest margin in company history). - EPS: > SEK 10, +32% YoY. - Cash conversion: 84% on a rolling 12-month basis; Q3 cash conversion lower mainly from higher working capital as the business grows (esp. Automated Solutions) and some timing effects.

Business momentum + mix shift (good + opportunity) - International continued to strengthen with >25% growth YoY (supports demand for transportation and storage of precious metals/valuables). - Automated Solutions continued double-digit growth as retailers outsource/automate cash handling. - Management emphasized the mix change: International + Automated Solutions are becoming a larger share, increasing diversification. - U.S. was again a standout: record revenue ~SEK 4.3bn, +8.4% currency-adjusted YoY and +8.1% organic YoY; all lines grew, especially International and Automated Solutions. - U.S. EBITDA margin >19% (new record)—but management wants investors not to assume further structural step-ups given efficiency is largely done and price pressure is rising.

Key outlook guidance/expectations (neutral-to-good, but not “all upside”) - U.S. margin outlook: management aims to remain around ~19%, highlighting limited upside because U.S. efficiency programs are already completed and price pressure is appearing from both competitors and customers. - U.S. SafePoint rollout timing: impacts are expected starting in Q1 next year (not immediate in Q3). - Europe/International forward: Q4 International expected to be positive, but not as strong as Q4 last year due to tougher comparatives; management also noted expanded lanes/capacity to capture demand.