Loomis AB (LOOMIS.ST) 2Q'26 first take Organic growth of c.7 , EBITA c.7 ahead of cons. helped by topline and margins

Equity Research 24 July 2026 | 7:17AM BST

Loomis AB (LOOMIS.ST): 2Q’26 first take: Organic growth of c.7%, EBITA c.7% ahead of cons. helped by topline and margins

Loomis delivered 2Q revenues and EBITA c.1%/7% above Modular Finance Suhasini Varanasi | consensus, driven by stronger than expected organic growth of 6.7% (vs. cons. at Goldman Sachs International 5.4% and GSe of 5.6%) and improvement in adj. EBITA margin to 14.0% Harshita Bhatter, CFA (+70bps/60bps higher vs. cons/GSe). | Goldman Sachs India SPL 2Q’26 revenues were Skr7,891mm, c.1% above Modular Finance consensus estimates (cons: Skr7,783m), driven mainly by better than expected organic growth of 6.7% vs. cons. at 5.4%. The company saw much stronger organic growth in US at 8.5% (vs. cons. at 5.7%), supported by strong International and Automated Solutions business lines. Growth in Europe and Latin America region was a touch softer (3.9% vs. cons 4.2%).

FX came in a touch better than GSe at -2.6% (vs. GSe at -3.2%), offset by slightly softer M&A growth of 2.5% (GSe: 2.9%).

EBITA came in at Sk1,102m, c.7% above cons. (Skr1,033m), driven by better topline growth and improvement in margins to 14.0% vs. cons. at 13.3% and GSe at 13.4%, supported by both Europe & LatAm (12.4% vs. cons. at 12.2%) and USA (18.4% vs. cons. at 17.3%). The EBITA drag from Loomis Pay was -Skr35m (cons: -Skr34m).

View: We expect the results to taken well by the market, especially the strong growth and margin improvement in the US. We await further details from the call at 10:30am CET/9:30am UK, in particular around the sustainability of the strength in International business line.

Other details Reported income came in at Skr608m, c.4% above consensus at Skr583mn. Net interest costs came in higher at Sk163m (vs. cons at Skr147mn and GSe at Skr152m), and tax charges were also higher at Skr261m, (vs. cons. at Skr250m and GSe at Skr245mn). IAC costs came in lower vs. our expectations at Skr30m vs. GSe at Skr40m (cons.: Skr11mn).

FCF incl. IAC came in at Skr945m for 1H’26 (vs. 1H’25: Skr303m), leverage at 1.6x (2Q’25: 1.75x).

Modular Finance cons. expects org growth of 4.9% (GSe inline with cons) and EBITA margin: 13.3% (GSe of 13.1%) in FY26.

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Goldman Sachs Loomis AB (LOOMIS.ST)

Exhibit 1: 2Q’26: Beat on organic growth and margins Actual vs. Consensus vs. GSe vs. Historical

Loomis 2Q'26 Actual vs. Actual vs. SKr mn Actual Cons. GSe 2Q'25 YoY Cons. GSe Revenue 7,891 7,783 1.4% 7,782 1.4% 7,407 6.5% % organic growth 6.7% 5.4% 130bps 5.6% 110bps 3.8% 290bps EBITA 1,102 1,033 6.7% 1,044 5.6% 944 16.7% % margin 14.0% 13.3% 69bps 13.4% 60bps 12.7% 120bps Net income 608 583 4.3% 571 6.4% 477 27.5% Source: Company data, Goldman Sachs Global Investment Research, Modular Finance

Exhibit 2: Margin and organic growth outperformance driven by strong USA Regional Trends: Quarterly organic growth and EBITA margins since 1Q’24 2Q'26 Organic growth 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Actual Cons. GSe Europe & Latin America 6.3% 7.7% 6.2% 12.0% 4.1% 4.1% 2.3% 1.9% 6.6% 3.9% 4.2% 5.5% USA 5.8% 5.9% 4.4% 4.7% 4.9% 4.2% 5.4% 5.5% 5.3% 8.5% 5.7% 5.0% Group 6.3% 7.0% 5.5% 8.4% 4.4% 3.8% 3.9% 4.2% 5.9% 6.7% 5.4% 5.6%

2Q'26 EBITA margins 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Actual Cons. GSe Europe & Latin America 8.8% 11.0% 12.4% 12.1% 9.3% 12.3% 12.9% 12.5% 10.2% 12.4% 12.2% 12.5% USA 15.1% 15.2% 16.1% 16.6% 16.6% 16.3% 16.3% 17.1% 17.9% 18.4% 17.3% 17.5% Group 10.4% 11.6% 12.9% 12.9% 11.6% 12.7% 13.2% 13.2% 12.6% 14.0% 13.3% 13.4%

Source: Company data, Goldman Sachs Global Investment Research, Modular Finance

Exhibit 3: Loomis Pay revenues at Skr 90m Loomis Pay: Quarterly…