Overview Key strengths Key risks Second-largest security services provider in the world with a wide geographic presence and well–diversified customer base across different end markets. The debt funded acquisition of Stanley in July 2022 has put pressure on funds from operations (FFO) to debt, which stood at 22% at year-end 2023. On track to successfully integrate Stanley, which has significantly increased its exposure to the higher-margin electronic and security solutions division. The competitive and fragmented nature of the security service industry, with low entry barriers, especially in manned guarding, leads to modest EBITDA margins. Flexible cost base and a track record of resilience through past economic shocks given the essential nature of security services. The rapid growth of electronic security
