J P M O R G A N Europe Equity Research 24 July 2026 Securitas Q2'26: Small miss on organic growth and op. EBITA margins Our Take: Revenue of SEK 37,843 is broadly inline with consensus (SEK 37,933m) but organic growth came in slightly weaker at 0% (vs. Infront consensus of 1.2%), in line with 1Q growth of 0%. Growth was slightly weaker vs. 1Q in Europe (2Q of 2% vs. 1Q of 3%) and Ibero America (2Q of 5% vs. 1Q of 6%) but improved in North America (2Q of 2% vs. 1Q of 0%). In particular, the North American Te ...