Loomis AB (publ)

Revenue was almost SEK 7.9 billion in Q2 2026, with currency-adjusted growth above 9% driven by strong organic growth and acquisitions. EBITA margin increased by more than 1 percentage point year over year to 14%, which management said is the highest in company history. Quarterly EPS grew by 30% versus Q2 2025, and rolling 12-month revenue was SEK 30.7 billion with a record EBITA margin of more than 13% and currency-adjusted growth of 8.2%. For segments, Europe and Latin America revenue was SEK 3.7 billion with a 12.4% EBITA margin, the U.S. exceeded SEK 4.1 billion in revenue with 12.2% currency-adjusted growth, and SME/Pay revenue was SEK 90 million. Management said it expects to remain in the upper half of its 12% to 14% EBITA margin target range for the remainder of the strategic period; in the U.S., fuel indexation should remain a positive contributor through year-end, and in Europe second-half growth is expected to be positive with ATM likely flattish to slightly up.

The CEO framed the quarter as evidence that Loomis is executing well on its strategy, with restructuring and efficiency initiatives continuing to expand margins. He emphasized strong demand in international, FXGS, and Automated Solutions, plus progress in Latin America through the Argentina acquisition and the planned Hermes tender. His tone was confident on growth and margin durability, while noting that cash usage remains attractive in the region and that the company expects to keep building scale there over time.

The CFO highlighted that quarterly operating cash flow was affected by higher working capital, but rolling 12-month cash conversion still reached 95%. He said net debt-to-EBITDA improved year over year and remains well below the 2x target, although leverage is expected to temporarily exceed that level after Hermes closes before returning below 2x within about 6 months. He also noted refinancing costs in the quarter and a comparison against a Q2 last year that included a one-time positive FX effect, saying financial net should be stable going forward.

Analysts focused on what is driving the U.S. margin strength, especially whether fuel indexation and Burroughs integration were boosting results. Management said fuel clauses are meant to protect against higher fuel costs, not drive margin expansion, and pointed to operational efficiencies, improved route density and CMS processes, and the stabilization of Burroughs after service-quality issues. Questions also centered on Europe, where management said second-half growth should be positive, ATM should be roughly flat to slightly up, and Q3/Q4 seasonality should help. On Latin America, management said Hermes tender launch is expected in August and, if all goes well, closing could occur at the beginning of Q4.