Securitas AB (publ)

Top-line / strategy execution (good): Adjusted sales growth +3%; Technology & Solutions momentum remained the key driver with real T&S growth +6% (sequential improvement), supported by record technology installation order entry—especially in North America and Ibero-America. T&S share rose to 35% across segments, reflecting ongoing success in moving the mix toward “intelligence-led security” offerings. Client retention ~90%.

Margins (mixed; mainly negative from European aviation): Adjusted operating margin 8.2%. Positive: North America’s highest Q3 margin to date and Europe ex-aviation implies group operating margin 8.4% (i.e., ~20 bps impact from European aviation). Negative: Europe operating margin 8.1% (-30 bps vs very strong comp) and group flat operating margin in the quarter due to aviation losses.

European aviation headwinds (bad + specific drivers): Aviation underperformance in Europe was attributed to three main factors vs Q3 last year: (1) Middle East flight demand reduction (~20%) in key markets like Germany, (2) contract model conversion in Germany from price per passenger to fixed hourly—with peak-season demand changes causing profitability drag, and (3) challenging start-up for a new major Netherlands contract. Management stated actions are underway and expects improvement over coming quarters, but cautioned operational issues “are not solved overnight.”