This report does not constitute a rating action. S&P Global Ratings-adjusted EBITDA came in at SEK13.7 billion versus our expectation of SEK14.4 billion. As a result, funds from operations (FFO) to debt landed at 23%, under our forecast of 26%. That said, given that the investigation relates to Securitas? business dealings with the U.S. government around 2012, we do not expect the probe to hamper credit metrics. S&P Global Ratings expects Securitas? revenue will expand by 3%, driven by price increases as well as growth in its technology and solutions division, although the company did not renew some nonprofitable traditional manned guarding contracts in Europe. We project S&P Global Ratings-adjusted EBITDA margins will expand to 9.2% from 8.4% in 2024,
