Loomis Interim Report January – September 2024

Solid performance and strong operating cash flow

Loomis delivered solid financial results for the third quarter. Revenue exceeded SEK 7.6 billion with growth across all business lines when adjusting for changes in exchange rates, except for the International business line where we are still experiencing cyclical headwinds. We continue to see double-digit organic growth for Automated Solutions in both regions, where the performance of CIMA also has a positive contribution on the results. 

The operating income (EBITA) of SEK 981 million is our highest ever and we increased our operating margin to 12.9 percent (10.4). The cash flow from operating activities surpassed SEK 1.3 billion for the quarter, representing a strong 134 percent cash conversion rate relative to operating income (EBITA).

We had a solid third quarter overall, nevertheless, it will be challenging to reach the operating margin (EBITA %) target of 12-14 percent for the year.

Comments on Quarter 3

• Revenue for the third quarter was SEK 7,624 million (7,408). Revenue grew by 2.9 percent (9.9) of which organic growth was 5.5 percent (6.3). Acquisitions contributed with 2.3 percent (0.5) and the exchange rate effect on revenue was –4.9 percent (3.1).
• Operating income (EBITA) ¹⁾ for the quarter was SEK  981 million (814). The operating margin (EBITA) was 12.9 ­percent (11.0).
• Items affecting comparability in the quarter amounted to SEK –59 million (–2) and relates to costs for the ongoing restructuring within Segment Europe and Latin America.
• Operating income (EBIT) before items affecting comparability for the quarter was SEK 936 million (774) and operating margin (EBIT) before items affecting comparability was 12.3 ­percent (10.4).
• Net financial expenses for the quarter were SEK –218 million (–175).
• Income before taxes for the quarter was SEK 659 million (596) and net income was SEK 481 million (421).
• Earnings per share before dilution for the quarter were SEK 6.92 (5.92) and after dilution were 6.91 (5.90).
• Cash flow from operating activities ²⁾ amounted to SEK 1,314 million (736) in the quarter, equivalent to 134 percent (90) of operating income (EBITA).
• Loomis AB has repurchased 593,100 shares during the third quarter for a value of SEK 200 million. The Board of Directors has resolved to continue to repurchase own shares during the fourth quarter 2024.
• Changes to the Group Management team were communicated on September 30, 2024.

¹⁾ Earnings Before Interest, Taxes, Amortization of acquisition-related intangible fixed assets, Acquisition-related costs and revenue and items affecting comparability.

²⁾ Cash flow from operating activities is exclusive of impact from IFRS 16.

This press release is also available on the company's website, www.loomis.com.

For more information, please contact:

Jenny Boström
Head of Sustainability and IR
jenny.bostrom@loomis.com
+46 79 006 45 92

Loomis offers secure and effective comprehensive solutions for managing payments, including the distribution, handling, storage and recycling of cash and other valuables. Loomis’ customers are mainly financial institutions and retailers. Loomis operates through an international network of around 400 branches in more than 20 countries. Loomis employs around 25,000 people and had revenue in 2023 of more than SEK 28 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list.

This information is information that Loomis AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07.30 a.m. CET on October 29, 2024.