Brinks Co.: Q2 FY2025 earnings call

What management said about Q2 FY2025, from the documents filed with the SEC on 6 August 2025: press release. Guidance figures: 1 raised, 3 new, 3 kept. The quarter’s numbers.

Key takeaways

Revenue and EBITDA above guidance: Revenue was $1,301 million, up 4% GAAP and 5% in constant currency. Adjusted EBITDA was $232 million, up 3%. Management said revenue, EBITDA and EPS exceeded the top of the second-quarter ranges. Source
Second-quarter margin rose 100 bps: GAAP operating profit margin was 10.3%, up 100 bps. Non-GAAP margin was 12.6%, up 20 bps. Management attributed the margin to productivity in North America and Europe and higher AMS/DRS revenue mix. Source
Organic growth in mid-single digits: Organic revenue growth was in the mid-single digits. AMS and DRS organic growth was in the mid-to-high teens. Source
Full-year expectations increased: Management raised full-year 2025 revenue and adjusted EBITDA expectations, citing first-half momentum, second-half AMS/DRS visibility and favorable currency trends. Source
Third-quarter guidance introduced: Third-quarter 2025 ranges were given for revenue, adjusted EBITDA and non-GAAP EPS, in place of the second-quarter ranges. Source
Latin America profit fell: Latin America revenue fell 4% to $319 million, with 7% organic growth. Operating profit fell 13% to $55 million; margin was 17.2% against 19.1%. Source
Six-month free cash flow near breakeven: Free cash flow before dividends was $(0.4) million for the first six months, against $(36.8) million a year earlier. Source

“I am proud of our consistent execution and the delivery of another quarter of meaningful progress against our strategic priorities.”
Mark Eubanks, president and CEO

Guidance

Area	Period	Figure	Against last quarter
Revenue Source	Third quarter 2025	$1,305 - $1,355 million	New
Adjusted EBITDA Source	Third quarter 2025	$240 - $260 million	New
Non-GAAP EPS Source	Third quarter 2025	$1.85 - $2.25	New
Adjusted EBITDA margin expansion Source	Full year 2025	30-50bps	Kept
Free cash flow conversion Source	Full year 2025	40-45%	Kept
Free cash flow returned to shareholders Source	Full year 2025	+50%	Kept
Non-GAAP effective income tax rate Source	Full year 2025	28.4%	Raised from 27.8%

What changed from last quarter

Guidance raised: Management increased full-year 2025 revenue and adjusted EBITDA expectations. The documents give no revised full-year figures. Source
New guidance: Quarterly non-GAAP guidance for the third quarter of 2025 covers revenue, adjusted EBITDA and EPS. Source
Guidance raised: Estimated full-year 2025 non-GAAP effective tax rate rose to 28.4% from 27.8%. Source
Guidance kept: The 2025 non-GAAP framework percentages were restated with the same figures as the first-quarter release. Source

Results and growth drivers

Revenue and EBITDA above guidance: Revenue was $1,301 million, up 4% GAAP and 5% in constant currency. Adjusted EBITDA was $232 million, up 3%. Management said revenue, EBITDA and EPS exceeded the top of the second-quarter ranges. Source
Second-quarter margin rose 100 bps: GAAP operating profit margin was 10.3%, up 100 bps. Non-GAAP margin was 12.6%, up 20 bps. Management attributed the margin to productivity in North America and Europe and higher AMS/DRS revenue mix. Source
Organic growth in mid-single digits: Organic revenue growth was in the mid-single digits. AMS and DRS organic growth was in the mid-to-high teens. Source
Net income down 5%, EPS flat: GAAP net income was $44 million, down 5%. GAAP EPS was $1.03, flat. Non-GAAP EPS was $1.79, flat as reported and up 6% in constant currency. Source
Full-year expectations increased: Management raised full-year 2025 revenue and adjusted EBITDA expectations, citing first-half momentum, second-half AMS/DRS visibility and favorable currency trends. Source
Third-quarter guidance introduced: Third-quarter 2025 ranges were given for revenue, adjusted EBITDA and non-GAAP EPS, in place of the second-quarter ranges. Source

Segments and currency

North America revenue and profit up: North America revenue rose 5% to $434 million, all organic. Operating profit rose 21% to $62 million; margin was 14.3% against 12.5%. Source
Latin America profit fell: Latin America revenue fell 4% to $319 million, with 7% organic growth. Operating profit fell 13% to $55 million; margin was 17.2% against 19.1%. Source
Europe profit rose 23%: Europe revenue rose 9% to $338 million, with 3% organic growth. Operating profit rose 23% to $40 million; margin was 11.7% against 10.4%. Source
Rest of World grew modestly: Rest of World revenue rose 5% to $209 million, with 2% organic growth. Operating profit rose 6% to $41 million; margin was 19.7% against 19.5%. Source
Corporate costs up, unallocated items down: Corporate expenses were $34 million against $31 million. Other items not allocated to segments were $31 million against $40 million, down 23%. Source
Currency reduced reported growth: Currency reduced second-quarter revenue by $17 million. Total growth was 4% and organic growth was 5%. Source

“Free cash flow continues to improve with over $100 million generated in the quarter on EBITDA growth, continued capital efficiency and strong working capital performance.”
Mark Eubanks, president and CEO

Strategy, AMS and DRS mix

AMS and DRS mix rising: Management described AMS and DRS as higher-margin subscription-based revenue, with growing mix across all segments. Source
Transformation program costs: Transformation initiative costs were $5.4 million in the second quarter and $10.5 million for six months. The company excludes these from non-GAAP results. Source
Acquisition intangibles amortization: Amortization of acquisition-related intangible assets was $29.2 million in the first six months, excluded from non-GAAP results. Source

Costs and Argentina

Acquisition-related items rose: Acquisition and disposition items were $25.8 million in the second quarter, against $14.8 million a year earlier. The company excludes them from non-GAAP results. Source
Argentina accounting gave Q2 credit: Highly inflationary accounting gave a $1.9 million credit to second-quarter operating profit, after a $6.3 million charge in the first quarter. Source
Reorganization charges small: Reorganization and restructuring charges were $0.2 million in the second quarter and $0.7 million for the first six months. Source

“We remain diligent in our approach to capital allocation, repurchasing $85 million of common stock shares this quarter.”
Mark Eubanks, president and CEO

Cash flow

Six-month free cash flow near breakeven: Free cash flow before dividends was $(0.4) million for the first six months, against $(36.8) million a year earlier. Source
Six-month operating cash flow positive: Operating cash flow was $143.8 million for the first six months, against $(2.2) million. Capital expenditures were $110.7 million, against $108.9 million. Source
Cash balance slightly lower: Cash and cash equivalents were $1,376.8 million at June 30, 2025, against $1,395.3 million at December 31, 2024. Long-term debt was $3,790.0 million. Source

Capital and shareholder returns

Share count reduced: Shares outstanding were 41.8 million at June 30, 2025, against 42.9 million at December 31, 2024. Source
Six-month buybacks rose: Repurchases of Brink's common stock were $130.0 million in the first six months, against $65.7 million a year earlier. Source
Dividends to Brink's shareholders: Dividends to Brink's shareholders were $21.1 million in the first six months, against $20.6 million a year earlier. Source

Legal and regulatory matters

DOJ and FinCEN matters resolved: Resolutions with the DOJ and FinCEN were reached in the first quarter of 2025. Investigation-related legal costs were $1.8 million for the first six months. Source
Chile antitrust charges small: Chile antitrust matter charges were $0.4 million in the first six months. They relate to a potential fine from a Chilean antitrust investigation. Source
No 2025 auto loss charges: No charges for the non-routine auto loss matter appeared in 2025 results. Management does not believe similar litigation will likely recur within two years. Source

Coming up, as management said on 6 August 2025

Annual guidance may return: Management may return to the previous annual guidance methodology if currency volatility lessens. Source
Second-half AMS and DRS growth: Management cited good visibility into accelerating AMS and DRS organic revenue growth in the second half. Source

Risks management discussed

Financial: Highly inflationary accounting on Argentina operations is difficult to forecast and affects non-GAAP reconciling items. Source
External: Management cited near-term currency trends and volatile economic conditions as affecting results and guidance. Source
Regulatory: The Chile antitrust matter concerns potential anti-competitive practices among cash logistics competitors in Chile. Source
Operational: Integration costs from acquisitions were $1.6 million in the first six months and are excluded from non-GAAP results. Source

Earlier plans management reported on

Ahead: Management said second-quarter results exceeded the top end of the quarterly guidance ranges. Source
Not stated: Management said the 2025 framework gives investors visibility into organic growth, margin and cash conversion. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Brink's Delivers Strong Second-Quarter Results Exceeding

Top End of Guidance for Revenue, Operating Profit, and EBITDA

Record Second-Quarter Operating Profit Margin as AMS/DRS Continue to Gain Momentum

Increasing Full-Year 2025 Revenue and EBITDA Expectations

RICHMOND, Va., August 6, 2025 - The Brink’s Company (NYSE:BCO), a leading global provider of cash and valuables management, digital retail solutions (DRS), and ATM managed services (AMS), today announced second-quarter results.

Mark Eubanks, president and CEO, said: “I am proud of our consistent execution and the delivery of another quarter of meaningful progress against our strategic priorities. We continue to grow higher-margin subscription-based AMS / DRS revenue, expand our profit margins, improve our cash conversion and return capital to shareholders. This was clear in our strong second quarter performance which exceeded the top end of our quarterly guidance for revenue, EBITDA and EPS. We are increasing our expectations for the full-year, supported by strong operational momentum in the first-half of the year, good second-half visibility into accelerating AMS / DRS organic revenue growth, and favorable first-half currency trends."

"In the quarter, organic revenue growth was robust with mid-single digit growth and mid-to-high teens organic growth in AMS / DRS. Record second quarter operating profit margins were primarily driven by strong productivity performance in our North America and European segments and increasing AMS / DRS revenue mix across all segments. Free cash flow continues to improve with over $100 million generated in the quarter on EBITDA growth, continued capital efficiency and strong working capital performance. We remain diligent in our approach to capital allocation, repurchasing $85 million of common stock shares this quarter."

Second-quarter results are summarized in the following table:

(In millions, except for per share amounts)	Second-Quarter 2025 (vs. 2024)
	GAAP	Change	Non-GAAP	Change	Constant Currency Change
Revenue	$1,301	4%	$1,301	4%	5%
Operating Profit	$134	15%	$165	6%	9%
Operating Profit Margin	10.3%	100 bps	12.6%	20 bps	50 bps
Net Income / Adjusted EBITDA	$44	(5%)	$232	3%	5%
EPS	$1.03	- %	$1.79	- %	6%

(a)The non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brink's.

(b)Constant currency represents 2025 Non-GAAP results at 2024 exchange rates.

2025 Non-GAAP Framework and Q3 2025 Non-GAAP Guidance (Unaudited)

In 2025, management has included additional guidance to better help investors understand currency impacts on our results. Management believes organic growth, margin expansion and free cash flow conversion performance, provided in our 2025 framework, gives investors better visibility into the performance of our business. In addition to our full-year 2025 framework, we have added quarterly guidance for revenue, adjusted EBITDA and EPS in 2025 to clarify the expected impact of near-term currency trends and volatile economic conditions on our results. When, and if, currency volatility lessens, management may return to the previous annual guidance methodology. Revenues are presented in accordance with GAAP.

	2025 Non-GAAP Framework
Organic Revenue Growth		Mid-Single Digits
AMS/DRS Organic Revenue Growth		Mid-to-High Teens
Adjusted EBITDA Margin Expansion		30-50bps
Free Cash Flow Conversion		40-45%
Free Cash Flow Returned to Shareholders		+50%

	Q3 2025 Guidance
Revenue		$1,305 - $1,355
Non-GAAP Adjusted EBITDA		$240 - $260
Non-GAAP EPS		$1.85 - $2.25

The Q3 2025 non-GAAP Guidance cannot be reconciled to GAAP without unreasonable effort, as we are unable to accurately forecast certain amounts that are necessary for reconciliation, including the impact of highly inflationary accounting on our Argentina operations, expenses relating to M&A transactions that may or may not occur in the quarter, and other potential non-GAAP adjusting items for which the timing and amounts are uncertain. The Q3 2025 non-GAAP Guidance assumes the continuation of current economic trends and reflects management's current assumptions regarding variables that are difficult to accurately forecast, including those discussed in the Risk Factors set forth in the Company's filings with the United States Securities and Exchange Commission.

Conference Call

Brink’s will host a conference call on Wednesday, August 6, at 9:00 a.m. (EDT) to review second-quarter financial results. Interested parties can listen by calling 888-349-0094 (in the U.S.) or 412-902-0124 (international). Participants should join at least five minutes prior to the start of the call. Participants can pre-register at https://dpregister.com/sreg/10201317/ff889d9625 to receive a direct dial-in number for the call. The call also will be accessible via live webcast at https://event.choruscall.com/mediaframe/webcast.html?webcastid=UTxxUZ1T or found on the Brink’s website (www.brinks.com). A replay of the call will be available through August 13, 2025, at (877) 344-7529 (in the U.S.) or (412) 317-0088 (international). The conference number is 1235806. An archived version of the webcast will be available online in the Investor Relations section of http://investors.brinks.com.

The Brink’s Company and subsidiaries

(In millions, except for per share amounts) (Unaudited)

Condensed Consolidated Balance Sheets

	December 31, 2024	June 30, 2025
Assets
Current assets:
Cash and cash equivalents	$1,395.3	1,376.8
Restricted cash	445.1	525.3
Accounts receivable, net	733.5	811.5
Prepaid expenses and other	314.0	358.9
Total current assets	2,887.9	3,072.5
Right-of-use assets, net	354.9	380.8
Property and equipment, net	982.7	1,087.8
Goodwill	1,434.9	1,515.2
Other intangibles, net	422.3	415.3
Deferred tax assets, net	239.2	252.9
Other	301.2	361.5
Total assets	$6,623.1	7,086.0
Liabilities and Equity
Current liabilities:
Short-term borrowings	149.3	181.7
Current maturities of long-term debt	141.7	151.4
Accounts payable	316.6	291.9
Accrued liabilities	1,058.1	1,129.7
Restricted cash held for customers	232.7	280.4
Total current liabilities	1,898.4	2,035.1
Long-term debt	3,605.2	3,790.0
Accrued pension costs	122.5	143.4
Retirement benefits other than pensions	111.5	109.4
Lease liabilities	278.6	312.6
Deferred tax liabilities	62.8	62.5
Other	231.6	247.9
Total liabilities	6,310.6	6,700.9
Equity:
The Brink's Company ("Brink's") shareholders:
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2025 - 41.8; 2024 - 42.9	42.9	41.8
Capital in excess of par value	660.7	635.8
Retained earnings	285.4	254.2
Accumulated other comprehensive income (loss)	(804.1)	(677.2)
Brink's shareholders	184.9	254.6
Noncontrolling interests	127.6	130.5
Total equity	312.5	385.1
Total liabilities and equity	$6,623.1	7,086.0

The Brink’s Company and subsidiaries

(In millions) (Unaudited)

Condensed Consolidated Statements of Cash Flows

	Six Months Ended June 30,
	2024	2025
Cash flows from operating activities:
Net income	$102.0	101.3
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss from discontinued operations, net of tax	0.1	0.2
Depreciation and amortization	145.5	130.5
Share-based compensation expense	16.6	13.7
Deferred income taxes	0.1	0.1
(Gain) loss on marketable securities, sale of property and equipment and derivatives	(2.8)	17.9
Impairment losses	1.9	2.0
Retirement benefit funding more than expense:
Pension	(3.3)	(1.1)
Other than pension	(3.9)	(5.6)
Unrealized foreign currency (gains) losses	(3.5)	(1.2)
Other operating	5.1	1.7
Changes in operating assets and liabilities, net of effects of acquisitions:
Increase in accounts receivable and income taxes receivable	(89.8)	(64.8)
Decrease in accounts payable, income taxes payable and accrued liabilities	(62.2)	(84.8)
Increase (decrease) in restricted cash held for customers	(67.2)	31.3
Increase in customer obligations	4.6	24.0
Increase in prepaid and other current assets	(21.8)	(11.4)
Other	(23.6)	(10.0)
Net cash (used in) provided by operating activities	(2.2)	143.8
Cash flows from investing activities:
Capital expenditures	(108.9)	(110.7)
Acquisitions, net of cash acquired	(14.4)	(5.3)
Marketable securities:
Purchases	(1.4)	(92.9)
Sales	1.2	64.8
Cash proceeds from sale of property and equipment	4.5	9.8
Net change in loans held for investment	3.5	3.3
Net change in economic hedges	-	(17.2)
Other	(0.9)	(9.4)
Net cash used in investing activities	(116.4)	(157.6)
Cash flows from financing activities:
Borrowings (repayments) of debt:
Short-term borrowings	(7.0)	19.8
Long-term revolving credit facilities:
Borrowings	5,508.5	7,943.5
Repayments	(6,043.4)	(7,757.5)
Other long-term debt:
Borrowings	807.8	12.2
Repayments	(53.4)	(77.3)
Acquisition of noncontrolling interest	(0.2)	(6.6)
Debt financing costs	(9.6)	(1.0)
Repurchase shares of Brink's common stock	(65.7)	(130.0)
Dividends to:
Shareholders of Brink’s	(20.6)	(21.1)
Noncontrolling interests in subsidiaries	(0.1)	(0.7)
Tax withholdings associated with share-based compensation	(17.2)	(17.8)
Other	-	(1.6)
Net cash provided by (used in) financing activities	99.1	(38.1)
Effect of exchange rate changes on cash	(46.1)	113.6
Cash, cash equivalents and restricted cash:
Increase (decrease)	(65.6)	61.7
Balance at beginning of period	1,683.6	1,840.4
Balance at end of period	$1,618.0	1,902.1

Supplemental Cash Flow Information	Six Months Ended June 30,
		2024		2025
Cash paid for income taxes, net	$(68.5)		(56.5)
Cash paid for interest	(124.7)		(132.8)
Proceeds from lessor debt financing	7.2		12.0

The Brink’s Company and subsidiaries

(In millions, except for per share amounts) (Unaudited)

Second-Quarter 2025 vs. 2024

			Impact of			% Change
	2Q'24	Change	Dispositions	Effect	2Q'25	Total	Growth
GAAP		Organic	Acquisitions /	Currency			Organic
Revenues:
North America	$412	23	-	-	434	5	5
Latin America	332	25	3	(40)	319	(4)	7
Europe	310	10	1	17	338	9	3
Rest of World	200	3	-	6	209	5	2
Segment revenues	$1,253	60	4	(17)	1,301	4	5
Revenues	$1,253	60	4	(17)	1,301	4	5
Operating profit:
North America	$52	11	-	-	62	21	21
Latin America	63	(3)	2	(8)	55	(13)	(4)
Europe	32	6	(1)	2	40	23	18
Rest of World	39	1	-	1	41	6	3
Segment operating profit	186	15	2	(5)	198	6	8
Corporate expenses	(31)	(2)	-	(1)	(34)	10	6
Other items not allocated to segments	(40)	7	(11)	13	(31)	(23)	(17)
Operating profit	$116	20	(9)	7	134	15	17

(a)Organic change and organic growth are supplemental financial measures that are not required by, or presented in accordance with, GAAP, and are described in more detail on page 10.

(b)Amounts include the impact of prior year comparable period results for acquired and disposed businesses. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 10.

(c)The amounts in the “Currency” column consist of the effects of Argentina devaluations under highly inflationary accounting and the sum of monthly currency changes. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 10.

(d)See pages 8-9 for further information, where these items are discussed in more detail.

About The Brink’s Company

The Brink’s Company (NYSE:BCO) is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our network of operations in 51 countries serves customers in more than 100 countries. For more information, please visit our website at www.brinks.com or call 804-289-9709.

Forward-Looking Statements

This release contains forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," “target,” "project," "predict," "intend," "plan," "believe," "potential," "may," "should" and similar expressions may identify forward-looking information. Forward-looking information in these materials includes, but is not limited to: statements made in Mr. Eubanks quote, updated third quarter 2025 outlook, including revenue, adjusted EBITDA, and non-GAAP earnings per share (and drivers thereof), full-year 2025 guidance framework, including organic revenue growth, AMS/DRS organic revenue growth, adjusted EBITDA margin, free cash flow conversion and shareholder returns (and the drivers thereof), capital allocation priorities, the impact of U.S. and global macroeconomic conditions, the impact of tariffs and foreign inflation, expected impact from deployment of technology-enabled solutions, including AMS and DRS, the effect of pending legal matters, including the Chile antitrust matter, the impacts of the operating environment in Argentina, and strategic priorities and initiatives, including the Brink’s Business System and technology and systems investments.

Forward-looking information in this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to predict or quantify, and which could cause actual results, performance or achievements to differ materially from those that are anticipated. These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: our ability to improve profitability and execute further cost and operational improvement and efficiencies in our core businesses; our ability to improve service levels and quality in our core businesses; market volatility and commodity price fluctuations; general economic issues, including supply chain disruptions, fuel price increases, new or increased international tariffs and/or trade barriers, inflation, recessionary conditions, changes in interest rates; seasonality, pricing and other competitive industry factors; investment in information technology (“IT”) and its impact on revenue and profit growth; risks associated with the usage of artificial intelligence (“AI”) technologies; our ability to maintain an effective IT infrastructure and safeguard confidential information and risks related to a failure of our IT systems and networks, including cloud-based applications, and risks associated with current and emerging technology threats, and damage from computer viruses, unauthorized access, cyber attacks, including increasingly sophisticated cyber attacks incorporating the use of AI and other similar disruptions; our ability to maintain an effective IT infrastructure and safeguard confidential information; our ability to effectively develop and implement solutions for our customers; risks associated with operating in foreign countries, including changing political, labor and economic conditions (including political conflict or unrest), regulatory issues (including the imposition of international sanctions, including by the U.S. government), military conflicts (including but not limited to the conflict in Israel and surrounding areas, as well as the possible expansion of such conflicts and potential geopolitical consequences), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company’s financial results as a result of jurisdictions' higher-than-expected inflation and those determined to be highly inflationary, and restrictive government actions, including nationalization; labor issues, including labor shortages, negotiations with organized labor and work stoppages; pandemics, acts of terrorism, strikes or other extraordinary events that negatively affect global or regional cash commerce; anticipated cash needs in light of our current liquidity position; the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; costs related to dispositions and product or market exits; our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; safety and security performance and loss experience; employee and environmental liabilities in connection with former coal operations, including black lung claims; the impact of the American Rescue Plan Act and Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimated liabilities and assets in actuarial assumptions; the nature of hedging relationships and counterparty risk; access to the capital and credit markets; our ability to realize deferred tax assets; the impact of foreign tax credit regulations; the impact of the One Big Beautiful Bill Act; the outcome of pending and future claims, litigation, and administrative proceedings; our ability to comply with regulatory compliance obligations; public perception of our business, reputation and brand; our ability to identify, recruit and retain key employees; changes in estimates and assumptions underlying critical accounting policies; and the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.

Forward-looking statements notice

This list of risks, uncertainties and contingencies is not intended to be exhaustive. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2024, and in related disclosures in our other public filings with the Securities and Exchange Commission. All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all of the forward-looking statements in this document are expressly qualified by the cautionary statements contained or referred to herein and therein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this document. The forward-looking information included in this document is representative only as of the date of this document and The Brink's Company undertakes no obligation to update, revise or clarify any information contained in this document or forward-looking statements that may be made from time to time on our behalf, whether as a result of new information, future events or otherwise, except as required by law.

The Brink’s Company and subsidiaries

Segment Results: 2024 and 2025 (Unaudited)

(In millions, except for percentages)

	Revenues
	2024						2025
	1Q	2Q	3Q	4Q	Full Year		1Q	2Q		Six Months
Revenues:
North America	$405.5	412.0	412.6	419.6	1,649.7		$417.6	434.3		851.9
Latin America	334.7	331.7	321.0	323.6	1,311.0		307.6	319.4		627.0
Europe	291.4	309.7	315.5	310.8	1,227.4		299.1	337.8		636.9
Rest of World	204.5	199.7	209.4	210.2	823.8		222.4	209.0		431.4
Segment revenues	$1,236.1	1,253.1	1,258.5	1,264.2	5,011.9		$1,246.7	1,300.5		2,547.2
	Operating Profit
						2024			2025
	1Q	2Q	3Q	4Q	Full Year		1Q	2Q		Six Months
Operating profit:
North America	$48.4	51.7	41.5	52.4	194.0		$53.1	62.3		115.4
Latin America	63.0	63.2	70.3	75.8	272.3		53.9	55.0		108.9
Europe	25.9	32.2	40.1	39.7	137.9		25.2	39.5		64.7
Rest of World	41.1	39.0	43.8	44.7	168.6		50.1	41.2		91.3
Segment operating profit	178.4	186.1	195.7	212.6	772.8		182.3	198.0		380.3
Corporate expenses	(33.4)	(30.5)	(44.1)	(35.4)	(143.4)		(31.7)	(33.5)		(65.2)
Other items not allocated to segments
Reorganization and Restructuring	(1.4)	(0.1)	(0.4)	0.4	(1.5)		(0.5)	(0.2)		(0.7)
Acquisitions and dispositions	(15.9)	(14.8)	(16.5)	(15.3)	(62.5)		(18.5)	(25.8)		(44.3)
Argentina highly inflationary impact	(1.6)	(11.4)	(10.8)	(11.2)	(35.0)		(6.3)	1.9		(4.4)
Transformation initiatives	(4.8)	(7.2)	(9.5)	(6.9)	(28.4)		(5.1)	(5.4)		(10.5)
DOJ/FinCEN investigations	-	(6.0)	(1.7)	(38.0)	(45.7)		(0.9)	(0.9)		(1.8)
Chile antitrust matter	(0.4)	(0.1)	(0.6)	(0.2)	(1.3)		(0.2)	(0.2)		(0.4)
Non-routine auto loss matter	-	-	(0.5)	(1.5)	(2.0)		-	-		-
Operating profit	$120.9	116.0	111.6	104.5	453.0		$119.1	133.9		$253.0
	Operating Margin Percentage
						2024			2025
	1Q	2Q	3Q	4Q	Full Year		1Q	2Q		Six Months
Operating margin percentage:
North America	11.9	12.5	10.1	12.5	11.8		12.7	14.3		13.5
Latin America	18.8	19.1	21.9	23.4	20.8		17.5	17.2		17.4
Europe	8.9	10.4	12.7	12.8	11.2		8.4	11.7		10.2
Rest of World	20.1	19.5	20.9	21.3	20.5		22.5	19.7		21.2
Segment operating margin percentage	14.4	14.9	15.6	16.8	15.4		14.6	15.2		14.9
Corporate expenses and Other items not allocated to segments	(4.6)	(5.6)	(6.7)	(8.5)	(6.4)		(5.0)	(4.9)		(5.0)
Total operating margin percentage	9.8	9.3	8.9	8.3	9.0		9.6	10.3		9.9

(a)See explanation of items on pages 8-9.

The Brink’s Company and subsidiaries

Other Items Not Allocated To Segments (Unaudited)

(In millions)

Income and expenses not allocated to segments are reported either as “Corporate Expenses” or “Other Items not Allocated to Segments.”

Corporate Expenses include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the chief operating decision maker ("CODM") evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.

Other Items not Allocated to Segments include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results. These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities. Each of the items in the “Other Items Not Allocated to Segments” category is excluded from non-GAAP measures.

See below for a summary of the other items not allocated to segments.

Reorganization and Restructuring

Costs associated with certain reorganization and restructuring actions are excluded from reported non-GAAP results. These items include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic. Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit. Due to the unusual nature of the underlying events that led to these actions, the charges are not considered part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Acquisitions and dispositions

Certain acquisition and disposition items are not part of the Company's operations and revenue generating activities. These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs. All of the items are significantly impacted by the timing and nature of our acquisitions and dispositions, and many are inconsistent in amount and frequency. Management has excluded these amounts when evaluating internal performance. Therefore, we have not allocated these amounts to segment or Corporate results and have excluded these amounts from non-GAAP results.

These items are described below:

2025 Acquisitions and Dispositions

Amortization expense for acquisition-related intangible assets was $29.2 million in the first six months of 2025.
Net charges of $2.2 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.
Restructuring costs related to acquisitions were $9.7 million in the first six months of 2025.
We incurred $1.6 million in integration costs in the first six months of 2025.
Transaction costs related to business acquisitions were $1.1 million in the first six months of 2025.

2024 Acquisitions and Dispositions

Amortization expense for acquisition-related intangible assets was $58.3 million in 2024.
Net charges of $2.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.
We incurred $1.1 million in integration costs in 2024.
A net credit of $1.3 million related to the reversal of a retention liability for key PAI employees was recorded in 2024.

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. In 2024, we recognized $35.0 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $18.4 million. In the first six months of 2025, we recognized $4.4 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $14.1 million. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Transformation initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model. The program is designed to help us standardize our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence. Accordingly, we incurred $28.4 million of expense in 2024 and an additional $10.5 million in the first six months of 2025. The transformation costs primarily include third party professional services and project management charges. These costs relate to a discrete program and are not reflective of our ongoing operating cost structure, and are not indicative of our core operating expenses or normal activities. Additionally, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

DOJ/FinCEN investigations During 2024, we accrued $45.7 million in connection with the U.S. Department of Justice ("DOJ") and U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") investigations. In the first six months of 2025, we accrued $1.8 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigations are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Chile antitrust matter We recognized an estimated loss of $9.5 million in the third quarter of 2021 and recognized additional amounts in subsequent years (which were primarily related to changes in currency rates). Overall, these charges related to a potential fine associated with an investigation by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts, including the estimated loss and associated third-party costs, is such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years of the underlying event. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party and, in connection with the ensuing litigation, Brink’s recognized a $10.0 million charge. Due to the unusual nature of the matter, including the unique circumstances of the claim, potential magnitude of remedy, and variation from our ordinary-course litigation strategy, we consider the litigation as separate and distinct from routine legal matters. Management does not believe that similar litigation will likely recur within the next two years, and there have been no similar matters within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

The Brink’s Company and subsidiaries

Non-GAAP Measures and Reconciliations to GAAP Measures (Unaudited)

Non-GAAP measures described below and included in this press release are financial measures that are not required by or presented in accordance with GAAP. The purpose of the disclosure of these non-GAAP measures is to report financial information from the primary operations of our business by excluding the effects of certain income and expenses that do not reflect the ordinary earnings of our operations.

These non-GAAP financial measures are intended to provide investors with a supplemental comparison of our operating results and trends for the periods presented. Our management believes these measures are also useful to investors as such measures allow investors to evaluate our performance using the same metrics that our management uses to evaluate past performance and prospects for future performance. The reconciliations in the tables below include adjustments that we do not consider reflective of our operating performance as they result from events and circumstances that are not a part of our core business. Additionally, certain non-GAAP results, including non-GAAP operating profit and free cash flow before dividends, are utilized as performance measures in certain management incentive compensation plans.

Non-GAAP results should not be considered as an alternative to results determined in accordance with GAAP and should be read in conjunction with their GAAP counterparts. Non-GAAP financial measures may not be comparable to non-GAAP financial measures presented by other companies.

The items excluded from non-GAAP measures are considered by us to be nonrecurring, infrequent or unusual costs and gains as well as other items not considered part of our operations and revenue generating activities. Non-recurring and infrequent items are items that are not reasonably expected to recur in the following two years.

In addition to the rationale described above, we believe the following non-GAAP metrics are helpful to investors in assessing results of operations consistent with how our management evaluates performance:

Non-GAAP operating profit and Non-GAAP operating profit margin: Non-GAAP operating profit equals GAAP operating profit excluding Other Items not Allocated to Segments. Non-GAAP operating margin equals non-GAAP operating profit divided by revenues.
Non-GAAP income from continuing operations attributable to Brink's: This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances.
Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA: EBITDA is calculated by starting with net income attributable to Brink's and adding back the amounts for interest expense, income taxes, depreciation and amortization. Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss.
Non-GAAP diluted EPS from continuing operations attributable to Brink's common shareholders: This measure equals non-GAAP income from continuing operations attributable to Brink's divided by diluted shares.
Organic change and organic growth: Organic change represents the change in revenues or operating profit between the current and prior period excluding the effect of acquisitions and dispositions for one year after the transaction and changes in currency exchange rates. Organic growth is the percentage change of organic growth versus the prior year amount.
Impact of Acquisitions/Dispositions: This measure represents the impact of acquisitions or dispositions without a full year of reported results in either comparable period.
Currency Effect: This measure consists of the effects of Argentina devaluations under highly inflationary accounting and the sum of monthly currency changes. Monthly currency changes represent the accumulation throughout the year of the impact on current period results of changes in foreign currency rates from the prior year period.
Non-GAAP pre-tax income, Non-GAAP income tax and Non-GAAP effective income tax rate: Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances. Non-GAAP effective income tax rate equals non-GAAP income tax divided by non-GAAP pre-tax income.

In addition to the rationale described above, we believe the following non-GAAP metrics are helpful in assessing cash flow and financial leverage consistent with how our management evaluates performance:

Free Cash Flow before Dividends: This non-GAAP measure reflects management’s calculation of cash flows that are available for capital or investing activities such as paying dividends, share repurchases, debt, acquisitions and other investments. The measure is calculated as net cash flows from operating activities, adjusted to exclude certain operating activities related to cash that is not available for corporate purposes, including the impact of cash flows from restricted cash held for customers, as well as cash received and processed in certain of our secure cash management services operations. The resulting amount is further adjusted to include the impact of cash flows related to equipment used to operate our business, including capital expenditures, cash proceeds from sale of property and equipment, as well as proceeds from lessor debt financing. The latter item, which is part of cash flows from financing activities and relates to the subsequent financings of certain capital expenditures, was added to our calculation in the second quarter of 2024 as we believe such cash flows are similar in nature to transactions reported in Investing Activities, which have historically been included in our calculation. Prior amounts were recast to reflect this change.

Reconciliations of Non-GAAP to GAAP Measures

Non-GAAP measures are reconciled to comparable GAAP measures in the tables below. Amounts reported for prior periods have been updated in this press release to present information consistently for all periods presented. Most of the reconciling adjustments are described in Other Items Not Allocated to Segments above on pages 8-9. Additional reconciling items include the following:

Retirement plans We incur costs, such as interest expense and amortization of actuarial gains and losses, associated with certain retirement plans that have been frozen to new entrants. Furthermore, we also incur non-cash settlement charges and curtailment gains related to all of our retirement plans. These costs and gains are not considered to be part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. Therefore, they are excluded from non-GAAP results.

Valuation allowance on tax credits As a result of new foreign tax credit regulations, we released a valuation allowance on deferred tax assets and recorded a significant income tax credit in 2022. We then re-established some of the valuation allowance in 2023 primarily related to adjustments to the previous foreign tax credit changes, resulting in a significant incremental income tax expense. In 2024, we released an incremental valuation allowance on deferred tax assets that was otherwise expected to expire and recorded a tax credit. The gains and charges related to major tax law changes that impacted U.S. foreign tax credits. These gains and charges are not considered to be part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. Therefore, they are excluded from non-GAAP results.

Change in restricted cash held for customers Restricted cash held for customers is not available for general corporate purposes such as payroll, vendor invoice payments, debt repayment, or capital expenditures. Because the cash is not available to support the Company's operations and revenue generating activities, management excludes the changes in the restricted cash held for customers balance when assessing cash flows from operations. We believe that the exclusion of the change in restricted cash held for customers from our non-GAAP operating cash flows measure is helpful to users of the financial statements as it presents this financial measure consistent with how management assesses this liquidity measure.

Change in certain customer obligations The title to cash received and processed in certain of our secure cash management services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and is thus not available for general corporate purposes. Because the cash is not available to support our operations and revenue generating activities, management excludes the changes in this specific cash balance when assessing cash flows from operations. We believe that the exclusion of the change in this cash balance from our non-GAAP operating cash flows measure is helpful to the users of our financial statements as it presents this financial measure consistent with how our management assesses this liquidity measure.

Non-GAAP Results Reconciled to GAAP

	Six months ended June 30, 2024			Six months ended June 30, 2025
	Pre-tax income	Income tax	Effective income tax rate	Pre-tax income	Income tax	Effective income tax rate
GAAP	$150.4	48.3	32.1%	$144.3	42.8	29.7%
Reorganization and Restructuring	1.5	0.3		0.7	0.1
Acquisitions and dispositions	30.5	2.3		46.5	13.5
Argentina highly inflationary impact	13.2	0.1		9.1	0.1
Transformation initiatives	12.0	0.3		10.5	0.2
DOJ/FinCEN investigations	6.0	-		1.8	-
Chile antitrust matter	0.5	0.1		0.4	0.1
Retirement plans	(3.4)	(0.7)		(3.1)	(0.7)
Income tax rate adjustment	-	(1.8)		-	3.6
Non-GAAP	$210.7	48.9	23.2%	$210.2	59.7	28.4%

(a)From continuing operations.

(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 11 for details.

(c)See “Other Items Not Allocated To Segments” on pages 8-9 for details.

(d)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 28.4% for 2025 and was 23.2% for 2024.

The Brink’s Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited) - continued

	2024					2025
	1Q	2Q	3Q	4Q	Full Year	1Q	2Q	Six Months
Operating profit (loss):
GAAP	$120.9	116.0	111.6	104.5	453.0	$119.1	133.9	253.0
Reorganization and Restructuring	1.4	0.1	0.4	(0.4)	1.5	0.5	0.2	0.7
Acquisitions and dispositions	15.9	14.8	16.5	15.3	62.5	18.5	25.8	44.3
Argentina highly inflationary impact	1.6	11.4	10.8	11.2	35.0	6.3	(1.9)	4.4
Transformation initiatives	4.8	7.2	9.5	6.9	28.4	5.1	5.4	10.5
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	1.8
Chile antitrust matter	0.4	0.1	0.6	0.2	1.3	0.2	0.2	0.4
Non-routine auto loss matter	-	-	0.5	1.5	2.0	-	-	-
Non-GAAP	$145.0	155.6	151.6	177.2	629.4	$150.6	164.5	315.1

Income (loss) from continuing operations attributable to Brink's:
GAAP	$49.3	46.3	28.9	37.3	161.8	$51.6	43.9	95.5
Reorganization and Restructuring	1.0	0.2	0.3	(0.2)	1.3	0.4	0.2	0.6
Acquisitions and dispositions	14.2	13.5	16.0	12.2	55.9	17.5	15.0	32.5
Argentina highly inflationary impact	1.7	11.4	10.0	18.3	41.4	7.2	1.8	9.0
Transformation initiatives	4.7	7.0	9.3	6.7	27.7	5.0	5.3	10.3
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	1.8
Chile antitrust matter	0.4	-	0.5	0.1	1.0	0.2	0.1	0.3
Non-routine auto loss matter	-	-	0.5	1.5	2.0	-	-	-
Retirement plans	(1.2)	(1.5)	(2.0)	(3.6)	(8.3)	(1.2)	(1.2)	(2.4)
Valuation allowance on tax credits	-	-	-	(7.1)	(7.1)	-	-	-
Income tax rate adjustment	4.5	(2.1)	7.2	(9.6)	-	(11.9)	9.7	(2.2)
Non-GAAP	$74.6	80.8	72.4	93.6	321.4	$69.7	75.7	145.4
Adjusted EBITDA:
Net income (loss) attributable to Brink's	$49.3	46.2	28.9	38.5	162.9	$51.6	43.7	95.3
Interest expense	55.8	56.5	63.0	60.1	235.4	57.5	60.9	118.4
Income tax provision	26.2	22.1	27.2	17.2	92.7	15.6	27.2	42.8
Depreciation and amortization	72.4	73.1	74.8	73.0	293.3	70.7	59.8	130.5
EBITDA	$203.7	197.9	193.9	188.8	784.3	$195.4	191.6	387.0
Discontinued operations	-	0.1	-	(1.2)	(1.1)	-	0.2	0.2
Reorganization and Restructuring	1.4	0.1	0.4	(0.4)	1.5	0.5	0.2	0.7
Acquisitions and dispositions	1.0	(0.1)	2.9	(1.0)	2.8	4.5	12.3	16.8
Argentina highly inflationary impact	(0.7)	9.0	7.3	8.7	24.3	5.2	14.4	19.6
Transformation initiatives	4.8	7.2	9.5	6.9	28.4	5.1	5.4	10.5
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	1.8
Chile antitrust matter	0.4	0.1	0.6	0.2	1.3	0.2	0.2	0.4
Non-routine auto loss matter	-	-	0.5	1.5	2.0	-	-	-
Retirement plans	(1.5)	(1.9)	(2.5)	(2.5)	(8.4)	(1.7)	(1.4)	(3.1)
Income tax rate adjustment	0.3	0.3	(0.1)	(0.5)	-	-	1.4	1.4
Share-based compensation	9.3	7.3	7.5	12.5	36.6	5.7	8.1	13.8
Marketable securities (gain) loss	(0.5)	(0.1)	(4.9)	-	(5.5)	(0.8)	(1.3)	(2.1)
Adjusted EBITDA	$218.2	225.9	216.8	251.0	911.9	$215.0	232.0	447.0

	2024					2025
	1Q	2Q	3Q	4Q	Full Year	1Q	2Q	Six Months
EPS:
GAAP	$1.09	1.03	0.65	0.84	3.61	$1.19	1.03	2.22
Reorganization and Restructuring costs	0.02	0.01	0.01	-	0.03	0.01	-	0.01
Acquisitions and dispositions	0.31	0.30	0.36	0.27	1.25	0.40	0.36	0.75
Argentina highly inflationary impact	0.04	0.25	0.22	0.42	0.92	0.17	0.05	0.21
Transformation initiatives	0.10	0.16	0.21	0.15	0.62	0.11	0.13	0.24
DOJ/FinCEN investigations	-	0.13	0.04	0.86	1.02	0.02	0.02	0.04
Chile antitrust matter	0.01	-	0.01	-	0.02	-	-	0.01
Non-routine auto loss matter	-	-	0.01	0.03	0.05	-	-	-
Retirement plans	(0.02)	(0.04)	(0.05)	(0.08)	(0.19)	(0.02)	(0.03)	(0.05)
Valuation allowance on tax credits	-	-	-	(0.16)	(0.16)	-	-	-
Income tax rate adjustment	0.10	(0.05)	0.16	(0.22)	-	(0.27)	0.23	(0.05)
Non-GAAP	$1.65	1.79	1.62	2.12	7.17	$1.60	1.79	3.38

(a)See “Other Items Not Allocated To Segments” on pages 8-9 for details.

(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 11 for details.

(c)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 28.4% for 2025 and was 23.2% for 2024.

(d)There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented.

(e)Due to the impact of Argentina highly inflationary accounting, there was a $0.2 million non-GAAP adjustment for a loss in the second quarter of 2024, a $0.7 million non-GAAP adjustment for a loss in the third quarter of 2024, a $0.4 million non-GAAP adjustment for a loss in the fourth quarter of 2024, a $1.0 million non-GAAP adjustment for a loss in the first quarter of 2025, and a $3.7 million non-GAAP adjustment for a loss in the second quarter of 2025.

	Full Year	Six Months Ended June 30,
	2024	2024	2025
Cash flows provided from (used in) operating activities - GAAP	$426.0	$(2.2)	$143.8
(Increase) decrease in restricted cash held for customers	42.9	67.2	(31.3)
(Increase) decrease in certain customer obligations	77.7	(4.6)	(24.0)
Capital expenditures	(222.5)	(108.9)	(110.7)
Cash proceeds from sale of property and equipment	29.2	4.5	9.8
Proceeds from lessor debt financing	46.6	7.2	12.0
Free cash flow before dividends	$399.9	$(36.8)	$(0.4)

(a)Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See page 10 for further information on this non-GAAP measure, and see page 11 for descriptions of the adjustments.

Contacts
P R E S S R E L E A S E · Contact:Investor Relations804.289.9709
BRINK’S CORPORATEThe Brink’s Company1801 Bayberry Court Richmond, VA 23226-8100 USA