Brinks Co.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 5 November 2025: press release. Guidance figures: 3 new, 3 kept. The quarter’s numbers.

Key takeaways

Revenue up 6% to $1,335 million: Revenue was $1,335 million, up 6% on a GAAP basis and 5% at constant currency. Acquisitions added $5 million and currency $13 million to the change; organic growth was 5%. Source
Non-GAAP EPS up 28% to $2.08: Non-GAAP diluted EPS was $2.08, up 28%, and GAAP EPS was $0.86, up 32%. Constant currency non-GAAP EPS rose 29%. Source
AMS and DRS organic growth 19%: AMS and DRS growth accelerated quarter over quarter to 19%, which management attributed to customer conversions and new additions to the portfolio. Source
AMS/DRS reached 27% of revenue: AMS/DRS increased to 27% of trailing-twelve-month revenue, according to the release. Source
Non-GAAP operating margin 14.1%: Non-GAAP operating margin was 14.1%, up 210 basis points. GAAP operating margin was 11.4%, up 250 basis points; the constant currency change was 230 basis points. Source
Nine-month free cash flow $174.3 million: Free cash flow before dividends was $174.3 million for the nine months, against $98.0 million a year earlier. Operating cash flow was $265.9 million against $56.2 million. Source
Q4 revenue guided $1,330-$1,380M: For Q4 2025, non-GAAP revenue guidance is $1,330 million to $1,380 million, given alongside adjusted EBITDA and EPS ranges for the quarter. Source
Full-year framework unchanged: The full-year 2025 framework is unchanged from the second-quarter release: mid-single-digit organic growth, mid-to-high-teens AMS/DRS growth, 30-50bps margin expansion, 40-45% conversion and +50% shareholder returns. Source

“We delivered a strong third quarter, above the midpoint of our previous guidance range.”
Mark Eubanks, president and CEO

Guidance

Area	Period	Figure	Against last quarter
Revenue (non-GAAP, in millions) Source	Q4 2025	$1,330 - $1,380	New
Adjusted EBITDA (non-GAAP, in millions) Source	Q4 2025	$267 - $287	New
EPS (non-GAAP, diluted) Source	Q4 2025	$2.28 - $2.68	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

What changed from last quarter

New guidance: Management issued Q4 2025 non-GAAP guidance for revenue, adjusted EBITDA and EPS, the quarter after the Q3 2025 quarterly guidance given in the second-quarter release. Source
Guidance kept: The full-year 2025 non-GAAP framework was kept as presented in the second-quarter release. Source

Quarter results and profit measures

Revenue up 6% to $1,335 million: Revenue was $1,335 million, up 6% on a GAAP basis and 5% at constant currency. Acquisitions added $5 million and currency $13 million to the change; organic growth was 5%. Source
Operating profit up 37% on GAAP: GAAP operating profit was $152 million, up 37%. Non-GAAP operating profit was $188 million, up 24%; the GAAP figure is lower because of excluded items such as acquisition costs and Argentina accounting. Source
Adjusted EBITDA up 17%: Adjusted EBITDA was $253 million, up 17%. Net income attributable to Brink's was $36 million, up 26%. Source
Non-GAAP EPS up 28% to $2.08: Non-GAAP diluted EPS was $2.08, up 28%, and GAAP EPS was $0.86, up 32%. Constant currency non-GAAP EPS rose 29%. Source

Segment and regional results

North America profit up 37%: North America revenue was $435 million, up 5%. Segment operating profit was $57 million, up 37% from $42 million a year earlier. Source
Latin America profit down 6%: Latin America revenue was $327 million, up 2% on GAAP and 5% organic, after a $12 million currency reduction. Operating profit was $66 million, down 6%. Source
Europe revenue up 12%: Europe revenue was $353 million, up 12% on GAAP and 5% organic, with a $20 million currency effect and $2 million from acquisitions. Operating profit was $46 million, up 15%. Source
Rest of World revenue up 5%: Rest of World revenue was $220 million, up 5% on GAAP and 2% organic. Operating profit was $48 million, up 9%. Source
Corporate expenses down 35%: Corporate expenses were $29 million against $44 million a year earlier, shown as a 35% decrease in the release table. Source

“We continue to improve cash generation, delivering a 30% increase to free cash flow year-over-year driven by improved profitability, improved working capital metrics, and lowered capex intensity.”
Mark Eubanks, president and CEO

AMS and DRS growth

AMS and DRS organic growth 19%: AMS and DRS growth accelerated quarter over quarter to 19%, which management attributed to customer conversions and new additions to the portfolio. Source
AMS/DRS reached 27% of revenue: AMS/DRS increased to 27% of trailing-twelve-month revenue, according to the release. Source
Subscription revenue mix is the plan: Management plans to keep building higher-margin subscription-based AMS and DRS revenue for the balance of the year and beyond, alongside margin expansion and cash conversion. Source

Margins, costs and transformation

Non-GAAP operating margin 14.1%: Non-GAAP operating margin was 14.1%, up 210 basis points. GAAP operating margin was 11.4%, up 250 basis points; the constant currency change was 230 basis points. Source
Margin gains tied to transformation: Management tied margin expansion, and record third-quarter operating profit and EBITDA margins, to the Brink's Business System effort. Source
Transformation costs slightly lower: Transformation costs excluded from non-GAAP were $8.1 million in the third quarter, against $9.5 million a year earlier, and $18.6 million for the nine months. Source
Segment margins by region: North America margin was 13.1% in the third quarter against 10.1% a year earlier; Latin America margin was 20.2% against 21.9%. Source

“I am proud of the progress we have made and am confident we are well positioned for additional growth as we penetrate large and growing addressable markets.”
Mark Eubanks, president and CEO

Cash flow and capital returns

Nine-month free cash flow $174.3 million: Free cash flow before dividends was $174.3 million for the nine months, against $98.0 million a year earlier. Operating cash flow was $265.9 million against $56.2 million. Source
Capex and acquisition spending lower: Nine-month capital expenditures were $155.4 million against $159.9 million. Acquisitions, net of cash acquired, were $6.0 million against $14.4 million. Source
Cash and debt at quarter end: Cash and cash equivalents were $1,340.3 million at September 30, 2025, against $1,395.3 million at December 31, 2024. Long-term debt was $3,622.5 million against $3,605.2 million. Source
Nine-month buybacks $153.6 million: Share repurchases for the nine months were $153.6 million against $125.3 million; shares outstanding fell from 42.9 million to 41.6 million. Source
Leverage lowered below three times: Management said it lowered leverage below three times and reduced its outstanding share count by 5% year to date, while making key investments in strategic acquisitions. Source

Q4 2025 guidance and framework

Q4 revenue guided $1,330-$1,380M: For Q4 2025, non-GAAP revenue guidance is $1,330 million to $1,380 million, given alongside adjusted EBITDA and EPS ranges for the quarter. Source
Q4 adjusted EBITDA guided $267-$287M: Q4 2025 adjusted EBITDA guidance is $267 million to $287 million. Management said the guidance assumes continuation of current economic trends. Source
Q4 EPS guided $2.28-$2.68: Q4 2025 non-GAAP EPS guidance is $2.28 to $2.68. Source
Full-year framework unchanged: The full-year 2025 framework is unchanged from the second-quarter release: mid-single-digit organic growth, mid-to-high-teens AMS/DRS growth, 30-50bps margin expansion, 40-45% conversion and +50% shareholder returns. Source

Tax, legal and other items

Tax valuation allowance after tax law: Management said the One Big Beautiful Bill Act led to a higher valuation allowance and a significant income tax expense in the third quarter, excluded from non-GAAP results. Source
Non-GAAP tax rate estimated 27.7%: The full-year non-GAAP effective tax rate is estimated at 27.7% for 2025, against 23.2% for 2024. Source
DOJ and FinCEN matters resolved: Resolutions with the DOJ and FinCEN were reached in the first quarter of 2025. Third-party legal and compliance costs of $5.5 million were accrued in the first nine months. Source
Acquisition amortization and costs: Acquisition-related amortization was $44.0 million in the first nine months, and restructuring costs related to acquisitions were $10.3 million; both are excluded from non-GAAP results. Source

Coming up, as management said on 5 November 2025

Possible return to annual guidance: If currency volatility lessens, management may return to the previous annual guidance methodology. No timing is given. Source

Risks management discussed

Financial: Argentina highly inflationary accounting produced pretax charges and currency remeasurement losses, excluded from non-GAAP results. Source
Financial: Management said certain Q4 items cannot be forecast accurately, including M&A-related expenses that may or may not occur in the quarter. Source
Regulatory: A Chile antitrust investigation concerns possible anti-competitive practices in cash logistics; the third-quarter charge was $0.2 million. Source
External: Management added quarterly guidance to clarify the expected impact of near-term currency trends and volatile economic conditions on results. Source

Earlier plans management reported on

Met: Management said Q3 revenue was above the midpoint of the previous guidance range given in the second-quarter release. Source
On track: Management said AMS and DRS growth was in line with its expectations. Source
On track: Management said it remains committed to its capital allocation framework, citing leverage below three times. Source
Not stated: Management said the 2025 framework gives investors visibility into organic growth, margin expansion and free cash flow 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 Third-Quarter Results

Total revenue growth of 6% with 19% AMS/DRS organic growth

AMS/DRS increased to 27% of trailing-twelve-month revenue

Record third-quarter operating profit margin and EBITDA margin

RICHMOND, Va., November 5, 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 third-quarter results.

Mark Eubanks, president and CEO, said: “We delivered a strong third quarter, above the midpoint of our previous guidance range. In line with our expectations, AMS and DRS growth accelerated quarter-over-quarter to 19% on customer conversions and healthy new additions to our portfolio. Our efforts to transform the business with the Brink's Business System are driving margin expansion with record third-quarter operating profit and EBITDA margins. We continue to improve cash generation, delivering a 30% increase to free cash flow year-over-year driven by improved profitability, improved working capital metrics, and lowered capex intensity. We remain committed to our capital allocation framework, lowering our leverage below three times and reducing our outstanding share count by 5% year-to-date, while making key investments in strategic acquisitions."

"Looking to the balance of the year and beyond, we plan to build upon strong momentum growing higher-margin subscription-based AMS / DRS revenue, expanding profit margins, and improving our cash conversion. I am proud of the progress we have made and am confident we are well positioned for additional growth as we penetrate large and growing addressable markets."

Third-quarter results are summarized in the following table:

(In millions, except for per share amounts)	Third-Quarter 2025 (vs. 2024)
	GAAP	Change	Non-GAAP	Change	Constant Currency Change
Revenue	$1,335	6%	$1,335	6%	5%
Operating Profit	$152	37%	$188	24%	24%
Operating Profit Margin	11.4%	250 bps	14.1%	210 bps	230 bps
Net Income / Adjusted EBITDA	$36	26%	$253	17%	17%
EPS	$0.86	32%	$2.08	28%	29%

(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 Q4 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%

	Q4 2025 Guidance
Revenue		$1,330 - $1,380
Non-GAAP Adjusted EBITDA		$267 - $287
Non-GAAP EPS		$2.28 - $2.68

The Q4 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 Q4 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, November 5, at 9:00 a.m. (EDT) to review third-quarter financial results. The conference call can be accessed 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/10203061/fff03ce46d to receive a direct dial-in number for the call. The call will also be accessible at https://event.choruscall.com/mediaframe/webcast.html?webcastid=eFmE6lNv. A replay of the call will be available through November 12, 2025, at (877) 344-7529 (in the U.S.) or (412) 317-0088 (international). The conference number is 3590547. An archived version of the webcast will also be available on our website at 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	September 30, 2025
Assets
Current assets:
Cash and cash equivalents	$1,395.3	1,340.3
Restricted cash	445.1	461.6
Accounts receivable, net	733.5	801.0
Prepaid expenses and other	314.0	340.7
Total current assets	2,887.9	2,943.6
Right-of-use assets, net	354.9	403.5
Property and equipment, net	982.7	1,081.0
Goodwill	1,434.9	1,514.6
Other intangibles, net	422.3	399.5
Deferred tax assets, net	239.2	236.9
Other	301.2	373.9
Total assets	$6,623.1	6,953.0
Liabilities and Equity
Current liabilities:
Short-term borrowings	149.3	218.1
Current maturities of long-term debt	141.7	150.4
Accounts payable	316.6	281.4
Accrued liabilities	1,058.1	1,157.6
Restricted cash held for customers	232.7	215.4
Total current liabilities	1,898.4	2,022.9
Long-term debt	3,605.2	3,622.5
Accrued pension costs	122.5	147.6
Retirement benefits other than pensions	111.5	108.0
Lease liabilities	278.6	328.0
Deferred tax liabilities	62.8	62.9
Other	231.6	264.6
Total liabilities	6,310.6	6,556.5
Equity:
The Brink's Company ("Brink's") shareholders:
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2025 - 41.6; 2024 - 42.9	42.9	41.6
Capital in excess of par value	660.7	636.8
Retained earnings	285.4	260.2
Accumulated other comprehensive income (loss)	(804.1)	(670.1)
Brink's shareholders	184.9	268.5
Noncontrolling interests	127.6	128.0
Total equity	312.5	396.5
Total liabilities and equity	$6,623.1	6,953.0

The Brink’s Company and subsidiaries

(In millions) (Unaudited)

Condensed Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
	2024	2025
Cash flows from operating activities:
Net income	$133.9	138.9
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of tax	0.1	0.1
Depreciation and amortization	220.3	208.7
Share-based compensation expense	24.1	18.7
Deferred income taxes	(7.2)	15.8
(Gain) loss on marketable securities, sale of property and equipment and derivatives	(0.5)	33.3
Impairment losses	3.3	5.4
Retirement benefit funding more than expense:
Pension	(4.9)	(1.3)
Other than pension	(6.5)	(8.5)
Unrealized foreign currency (gains)	(36.4)	(0.7)
Other operating	11.1	(1.2)
Changes in operating assets and liabilities, net of effects of acquisitions:
Increase in accounts receivable and income taxes receivable	(91.2)	(48.4)
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities	35.9	(48.8)
Decrease in restricted cash held for customers	(100.6)	(31.9)
Increase (decrease) in customer obligations	(69.7)	11.8
Increase in prepaid and other current assets	(23.7)	(8.6)
Other	(31.8)	(17.4)
Net cash provided by operating activities	56.2	265.9
Cash flows from investing activities:
Capital expenditures	(159.9)	(155.4)
Acquisitions, net of cash acquired	(14.4)	(6.0)
Marketable securities:
Purchases	(59.3)	(108.6)
Sales	42.8	84.6
Cash proceeds from sale of property and equipment	12.0	21.8
Net change in loans held for investment	5.4	4.7
Net change in economic hedges	(7.7)	(32.0)
Other	(0.3)	(8.7)
Net cash used in investing activities	(181.4)	(199.6)
Cash flows from financing activities:
Borrowings (repayments) of debt:
Short-term borrowings	(6.7)	55.6
Long-term revolving credit facilities:
Borrowings	9,169.7	12,850.4
Repayments	(9,202.6)	(12,810.3)
Other long-term debt:
Borrowings	819.8	22.4
Repayments	(489.5)	(117.1)
Acquisition of noncontrolling interest	(0.2)	(6.6)
Cash paid for acquisition related settlements and obligations	(0.8)	-
Debt financing costs	(10.5)	(1.0)
Repurchase shares of Brink's common stock	(125.3)	(153.6)
Dividends to:
Shareholders of Brink’s	(31.3)	(31.7)
Noncontrolling interests in subsidiaries	(5.2)	(3.9)
Proceeds from exercise of stock options	-	0.6
Tax withholdings associated with share-based compensation	(17.9)	(19.1)
Other	-	(1.8)
Net cash provided by (used in) financing activities	99.5	(216.1)
Effect of exchange rate changes on cash	(19.1)	111.3
Cash, cash equivalents and restricted cash:
Increase (decrease)	(44.8)	(38.5)
Balance at beginning of period	1,683.6	1,840.4
Balance at end of period	$1,638.8	1,801.9

Supplemental Cash Flow Information	Nine Months Ended September 30,
		2024		2025
Cash paid for income taxes, net	$(96.3)		(97.3)
Cash paid for interest	(172.9)		(174.9)
Proceeds from lessor debt financing	19.4		21.9

The Brink’s Company and subsidiaries

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

Third-Quarter 2025 vs. 2024

			Impact of			% Change
	3Q'24	Change	Dispositions	Effect	3Q'25	Total	Growth
GAAP		Organic	Acquisitions /	Currency			Organic
Revenues:
North America	$413	23	-	-	435	5	5
Latin America	321	15	3	(12)	327	2	5
Europe	316	16	2	20	353	12	5
Rest of World	209	5	-	6	220	5	2
Segment revenues	$1,259	59	5	13	1,335	6	5
Revenues	$1,259	59	5	13	1,335	6	5
Operating profit:
North America	$42	15	-	-	57	37	37
Latin America	70	(2)	1	(4)	66	(6)	(2)
Europe	40	3	1	3	46	15	7
Rest of World	44	3	-	1	48	9	7
Segment operating profit	196	20	2	(1)	217	11	10
Corporate expenses	(44)	15	-	-	(29)	(35)	(35)
Other items not allocated to segments	(40)	(1)	(1)	6	(36)	(10)	2
Operating profit	$112	34	1	6	152	37	31

(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 11.

(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 11.

(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 11.

(d)See pages 9-10 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 this release includes, but is not limited to: statements made in Mr. Eubanks quote; updated fourth 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 expansion, 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 and 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 and cyber attacks, including increasingly sophisticated cyber attacks incorporating the use of AI and other similar disruptions; 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, environmental and other 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 our 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	3Q		Nine Months
Revenues:
North America	$405.5	412.0	412.6	419.6	1,649.7		$417.6	434.3	434.8		1,286.7
Latin America	334.7	331.7	321.0	323.6	1,311.0		307.6	319.4	326.8		953.8
Europe	291.4	309.7	315.5	310.8	1,227.4		299.1	337.8	353.1		990.0
Rest of World	204.5	199.7	209.4	210.2	823.8		222.4	209.0	220.3		651.7
Segment revenues	$1,236.1	1,253.1	1,258.5	1,264.2	5,011.9		$1,246.7	1,300.5	1,335.0		3,882.2
	Operating Profit
						2024				2025
	1Q	2Q	3Q	4Q	Full Year		1Q	2Q	3Q		Nine Months
Operating profit:
North America	$48.4	51.7	41.5	52.4	194.0		$53.1	62.3	56.8		172.2
Latin America	63.0	63.2	70.3	75.8	272.3		53.9	55.0	65.9		174.8
Europe	25.9	32.2	40.1	39.7	137.9		25.2	39.5	46.2		110.9
Rest of World	41.1	39.0	43.8	44.7	168.6		50.1	41.2	47.8		139.1
Segment operating profit	178.4	186.1	195.7	212.6	772.8		182.3	198.0	216.7		597.0
Corporate expenses	(33.4)	(30.5)	(44.1)	(35.4)	(143.4)		(31.7)	(33.5)	(28.5)		(93.7)
Other items not allocated to segments
Reorganization and Restructuring	(1.4)	(0.1)	(0.4)	0.4	(1.5)		(0.5)	(0.2)	(0.3)		(1.0)
Acquisitions and dispositions	(15.9)	(14.8)	(16.5)	(15.3)	(62.5)		(18.5)	(25.8)	(17.8)		(62.1)
Argentina highly inflationary impact	(1.6)	(11.4)	(10.8)	(11.2)	(35.0)		(6.3)	1.9	(4.7)		(9.1)
Transformation initiatives	(4.8)	(7.2)	(9.5)	(6.9)	(28.4)		(5.1)	(5.4)	(8.1)		(18.6)
DOJ/FinCEN investigations	-	(6.0)	(1.7)	(38.0)	(45.7)		(0.9)	(0.9)	(3.7)		(5.5)
Chile antitrust matter	(0.4)	(0.1)	(0.6)	(0.2)	(1.3)		(0.2)	(0.2)	(0.2)		(0.6)
Non-routine auto loss matter	-	-	(0.5)	(1.5)	(2.0)		-	-	(1.0)		(1.0)
Operating profit	$120.9	116.0	111.6	104.5	453.0		$119.1	133.9	152.4		$405.4
	Operating Margin Percentage
						2024				2025
	1Q	2Q	3Q	4Q	Full Year		1Q	2Q	3Q		Nine Months
Operating margin percentage:
North America	11.9	12.5	10.1	12.5	11.8		12.7	14.3	13.1		13.4
Latin America	18.8	19.1	21.9	23.4	20.8		17.5	17.2	20.2		18.3
Europe	8.9	10.4	12.7	12.8	11.2		8.4	11.7	13.1		11.2
Rest of World	20.1	19.5	20.9	21.3	20.5		22.5	19.7	21.7		21.3
Segment operating margin percentage	14.4	14.9	15.6	16.8	15.4		14.6	15.2	16.2		15.4
Corporate expenses and Other items not allocated to segments	(4.6)	(5.6)	(6.7)	(8.5)	(6.4)		(5.0)	(4.9)	(4.8)		(5.0)
Total operating margin percentage	9.8	9.3	8.9	8.3	9.0		9.6	10.3	11.4		10.4

(a)See explanation of items on pages 9-10.

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 $44.0 million in the first nine 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 $10.3 million in the first nine months of 2025.
We incurred $2.7 million in integration costs in the first nine months of 2025.
Transaction costs related to business acquisitions were $2.5 million in the first nine 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 nine months of 2025, we recognized $9.1 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $16.2 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 $18.6 million in the first nine months of 2025. The transformation costs primarily include project management charges and third-party professional services. Because these expenses are associated with a discrete transformation initiative, they are not reflective of our ongoing operating cost structure, and are not indicative of our core operating expenses or normal activities. Accordingly, 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 nine months of 2025, we accrued $5.5 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters, including upfront expenses that are directly attributable to establishing compliance programs. 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 9-11. 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 Gains and charges related to major tax law changes are not considered to be part of the Company's operations and revenue generating activities. As a result of historical changes to foreign tax credit regulations, in 2024 we released an incremental valuation allowance on deferred tax assets that was otherwise expected to expire and recorded a tax credit. Then, as a result of the One Big Beautiful Bill Act, we increased a valuation allowance on deferred tax assets and recorded a significant income tax expense in the third quarter of 2025. 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

	Nine months ended September 30, 2024			Nine months ended September 30, 2025
	Pre-tax income	Income tax	Effective income tax rate	Pre-tax income	Income tax	Effective income tax rate
GAAP	$209.5	75.5	36.0%	$234.8	95.8	40.8%
Reorganization and Restructuring	1.9	0.4		1.0	0.1
Acquisitions and dispositions	48.3	3.9		63.8	15.0
Argentina highly inflationary impact	24.7	1.6		14.7	0.1
Transformation initiatives	21.5	0.5		18.6	0.5
DOJ/FinCEN investigations	7.7	-		5.5	-
Chile antitrust matter	1.1	0.2		0.6	0.1
Non-routine auto loss matter	0.5	-		1.0	-
Retirement plans	(5.9)	(1.2)		(4.7)	(1.1)
Valuation allowance on tax credits	-	-		-	(16.5)
Income tax rate adjustment	-	(9.1)		-	(1.1)
Non-GAAP	$309.3	71.8	23.2%	$335.3	92.9	27.7%

(a)From continuing operations.

(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 12 for details.

(c)See “Other Items Not Allocated To Segments” on pages 9-10 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 27.7% 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	3Q	Nine Months
Operating profit (loss):
GAAP	$120.9	116.0	111.6	104.5	453.0	$119.1	133.9	152.4	405.4
Reorganization and Restructuring	1.4	0.1	0.4	(0.4)	1.5	0.5	0.2	0.3	1.0
Acquisitions and dispositions	15.9	14.8	16.5	15.3	62.5	18.5	25.8	17.8	62.1
Argentina highly inflationary impact	1.6	11.4	10.8	11.2	35.0	6.3	(1.9)	4.7	9.1
Transformation initiatives	4.8	7.2	9.5	6.9	28.4	5.1	5.4	8.1	18.6
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	3.7	5.5
Chile antitrust matter	0.4	0.1	0.6	0.2	1.3	0.2	0.2	0.2	0.6
Non-routine auto loss matter	-	-	0.5	1.5	2.0	-	-	1.0	1.0
Non-GAAP	$145.0	155.6	151.6	177.2	629.4	$150.6	164.5	188.2	503.3

Income (loss) from continuing operations attributable to Brink's:
GAAP	$49.3	46.3	28.9	37.3	161.8	$51.6	43.9	36.2	131.7
Reorganization and Restructuring	1.0	0.2	0.3	(0.2)	1.3	0.4	0.2	0.3	0.9
Acquisitions and dispositions	14.2	13.5	16.0	12.2	55.9	17.5	15.0	15.6	48.1
Argentina highly inflationary impact	1.7	11.4	10.0	18.3	41.4	7.2	1.8	5.6	14.6
Transformation initiatives	4.7	7.0	9.3	6.7	27.7	5.0	5.3	7.8	18.1
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	3.7	5.5
Chile antitrust matter	0.4	-	0.5	0.1	1.0	0.2	0.1	0.2	0.5
Non-routine auto loss matter	-	-	0.5	1.5	2.0	-	-	1.0	1.0
Retirement plans	(1.2)	(1.5)	(2.0)	(3.6)	(8.3)	(1.2)	(1.2)	(1.2)	(3.6)
Valuation allowance on tax credits	-	-	-	(7.1)	(7.1)	-	-	16.5	16.5
Income tax rate adjustment	4.5	(2.1)	7.2	(9.6)	-	(11.2)	10.5	1.8	1.1
Non-GAAP	$74.6	80.8	72.4	93.6	321.4	$70.4	76.5	87.5	234.4
Adjusted EBITDA:
Net income attributable to Brink's	$49.3	46.2	28.9	38.5	162.9	$51.6	43.7	36.3	131.6
Interest expense	55.8	56.5	63.0	60.1	235.4	57.5	60.9	63.4	181.8
Income tax provision	26.2	22.1	27.2	17.2	92.7	15.6	27.2	53.0	95.8
Depreciation and amortization	72.4	73.1	74.8	73.0	293.3	70.7	59.8	78.2	208.7
EBITDA	$203.7	197.9	193.9	188.8	784.3	$195.4	191.6	230.9	617.9
Discontinued operations	-	0.1	-	(1.2)	(1.1)	-	0.2	(0.1)	0.1
Reorganization and Restructuring	1.4	0.1	0.4	(0.4)	1.5	0.5	0.2	0.3	1.0
Acquisitions and dispositions	1.0	(0.1)	2.9	(1.0)	2.8	4.5	12.3	2.3	19.1
Argentina highly inflationary impact	(0.7)	9.0	7.3	8.7	24.3	5.2	14.4	3.8	23.4
Transformation initiatives	4.8	7.2	9.5	6.9	28.4	5.1	5.4	8.1	18.6
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	3.7	5.5
Chile antitrust matter	0.4	0.1	0.6	0.2	1.3	0.2	0.2	0.2	0.6
Non-routine auto loss matter	-	-	0.5	1.5	2.0	-	-	1.0	1.0
Retirement plans	(1.5)	(1.9)	(2.5)	(2.5)	(8.4)	(1.7)	(1.4)	(1.6)	(4.7)
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	4.9	18.7
Marketable securities (gain) loss	(0.5)	(0.1)	(4.9)	-	(5.5)	(0.8)	(1.3)	1.2	(0.9)
Adjusted EBITDA	$218.2	225.9	216.8	251.0	911.9	$215.0	232.0	253.3	700.3

	2024					2025
	1Q	2Q	3Q	4Q	Full Year	1Q	2Q	3Q	Nine Months
EPS:
GAAP	$1.09	1.03	0.65	0.84	3.61	$1.19	1.03	0.86	3.09
Reorganization and Restructuring costs	0.02	0.01	0.01	-	0.03	0.01	-	0.01	0.02
Acquisitions and dispositions	0.31	0.30	0.36	0.27	1.25	0.40	0.36	0.37	1.13
Argentina highly inflationary impact	0.04	0.25	0.22	0.42	0.92	0.17	0.05	0.13	0.34
Transformation initiatives	0.10	0.16	0.21	0.15	0.62	0.11	0.13	0.19	0.42
DOJ/FinCEN investigations	-	0.13	0.04	0.86	1.02	0.02	0.02	0.09	0.13
Chile antitrust matter	0.01	-	0.01	-	0.02	-	-	0.01	0.01
Non-routine auto loss matter	-	-	0.01	0.03	0.05	-	-	0.02	0.02
Retirement plans	(0.02)	(0.04)	(0.05)	(0.08)	(0.19)	(0.02)	(0.03)	(0.03)	(0.08)
Valuation allowance on tax credits	-	-	-	(0.16)	(0.16)	-	-	0.39	0.39
Income tax rate adjustment	0.10	(0.05)	0.16	(0.22)	-	(0.26)	0.25	0.04	0.03
Non-GAAP	$1.65	1.79	1.62	2.12	7.17	$1.62	1.80	2.08	5.49

(a)See “Other Items Not Allocated To Segments” on pages 9-10 for details.

(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 12 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 27.7% 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, a $3.7 million non-GAAP adjustment for a loss in the second quarter of 2025, and a $0.9 million non-GAAP adjustment for a loss in the third quarter of 2025.

	Full Year	Nine Months Ended September 30,
	2024	2024	2025
Cash flows provided from operating activities - GAAP	$426.0	$56.2	$265.9
Decrease in restricted cash held for customers	42.9	100.6	31.9
(Increase) decrease in certain customer obligations	77.7	69.7	(11.8)
Capital expenditures	(222.5)	(159.9)	(155.4)
Cash proceeds from sale of property and equipment	29.2	12.0	21.8
Proceeds from lessor debt financing	46.6	19.4	21.9
Free cash flow before dividends	$399.9	$98.0	$174.3

(a)Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See page 11 for further information on this non-GAAP measure, and see page 12 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