Brinks Co.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 26 February 2026: press release. Guidance figures: 3 new, 2 kept. The quarter’s numbers.

Key takeaways

Fourth-quarter revenue up 9%: Q4 revenue was $1,379 million, up 9% reported and 5% organic; currency added $43 million. GAAP operating profit was $180 million, up 72%. Source
Adjusted EBITDA $977 million, margin 18.6%: Adjusted EBITDA was $977 million, up 7% reported and 10% at constant currency. Management said margin rose 40 basis points to 18.6%. Source
AMS/DRS organic growth 22% in Q4: AMS and DRS organic growth was 22% in the fourth quarter, compared with 19% reported for the third quarter. Source
Q4 non-GAAP margin up 100bps: Q4 non-GAAP operating margin was 15.0%, up 100 basis points. GAAP operating margin was 13.1%, up 480 basis points, and 170 basis points at constant currency. Source
Record cash generation for 2025: Cash from operations was $639.5 million for 2025, against $426.0 million in 2024. Free cash flow before dividends was $435.5 million, against $399.9 million. Source
Net debt leverage reduced to 2.7x: The company reduced net debt leverage to 2.7 times Adjusted EBITDA. The prior release had said leverage would be lowered below three times. Source
2026 framework drops shareholder return item: The 2026 framework keeps the organic growth, AMS/DRS growth, margin expansion and free cash flow conversion measures. The 2025 framework's shareholder-return measure of +50% is not listed. Source

“Brink's took another significant step forward in our strategic execution in 2025.”
Mark Eubanks, president and CEO

Guidance

Area	Period	Figure	Against last quarter
Adjusted EBITDA margin expansion Source	FY2026	30-50bps	Kept
Free cash flow conversion Source	FY2026	40-45%	Kept
Revenue Source	Q1 2026	$1,335 - $1,395 million	New
Adjusted EBITDA (non-GAAP) Source	Q1 2026	$220 - $240 million	New
EPS (non-GAAP) Source	Q1 2026	$1.50 - $1.90	New

What changed from last quarter

New guidance: Quarterly guidance for revenue, adjusted EBITDA and EPS was added for 2026, starting with the Q1 2026 ranges. Source
New: Quarterly 2026 guidance is meant to clarify near-term currency impacts; management may return to annual guidance when currency volatility lessens. Source
New: Certain geographies moved from Rest of World to Europe effective December 31, 2025, and all prior periods were recast. Source
New: The non-GAAP income and adjusted EBITDA definitions now also exclude taxes on return of capital and impairment of certain debt securities; the prior release did not list these. Source
New: A return of capital from Argentina was made in 2025 after foreign exchange controls were lifted; a withholding tax was imposed and is excluded from non-GAAP results. Source

Results and growth drivers

Fourth-quarter revenue up 9%: Q4 revenue was $1,379 million, up 9% reported and 5% organic; currency added $43 million. GAAP operating profit was $180 million, up 72%. Source
Full-year revenue up 5%: Full-year revenue was $5,261 million, up 5% reported and 6% at constant currency. Non-GAAP operating profit rose 13% to $710 million. Source
Adjusted EBITDA $977 million, margin 18.6%: Adjusted EBITDA was $977 million, up 7% reported and 10% at constant currency. Management said margin rose 40 basis points to 18.6%. Source
GAAP net income and EPS rose: GAAP net income attributable to Brink's was $200 million, up 23%. GAAP EPS was $4.70, up 30%, and non-GAAP EPS was $8.05, up 12%. Source
GAAP operating margin up 210bps: GAAP operating profit was $586 million, up 29%, with operating margin of 11.1%, up 210 basis points. Non-GAAP operating margin was 13.5%, up 90 basis points. Source

Segments and regions

North America Q4 profit up 42%: North America Q4 revenue was $456 million, up 9% reported and organic. Operating profit was $75 million, up 42%, at a 16.3% margin. Source
Latin America Q4 profit down 9%: Latin America Q4 revenue was $336 million, up 4% reported and 1% organic. Operating profit was $69 million, down 9%, with organic profit down 10%. Source
Europe Q4 revenue up 14%: Europe Q4 revenue was $377 million, up 14% reported and 5% organic, with a $30 million currency effect. Operating profit was $57 million, up 31%. Source
Rest of World Q4 profit up 18%: Rest of World Q4 revenue was $210 million, up 10% reported and 8% organic. Operating profit was $49 million, up 18%, at a 23.1% margin. Source
Latin America full-year revenue down 2%: Full-year Latin America revenue was $1,290 million, down 2% reported and up 5% organic, with a $99 million currency effect. Operating profit fell 10% to $244 million. Source

“In the fourth quarter, AMS / DRS growth accelerated to 22% organically, driving EBITDA margin expansion and over $260 million of free cash flow generation.”
Mark Eubanks, president and CEO

Products and customers

AMS/DRS organic growth 22% in Q4: AMS and DRS organic growth was 22% in the fourth quarter, compared with 19% reported for the third quarter. Source
AMS/DRS driving mix penetration: Management said AMS and DRS growth is driving mix penetration in North America and Europe, supporting margin performance in those segments. Source
Transforming toward recurring customer offerings: Management said it is transforming the business into a faster growing, more profitable and higher cash flow generating business, supported by recurring AMS and DRS offerings. Source

Costs, margins and pricing

Q4 non-GAAP margin up 100bps: Q4 non-GAAP operating margin was 15.0%, up 100 basis points. GAAP operating margin was 13.1%, up 480 basis points, and 170 basis points at constant currency. Source
Acquisition-related costs rose: Acquisition and disposition items were $78.5 million in 2025, against $62.5 million in 2024. Acquisition-related intangible amortization was $58.9 million. Source
Transformation costs and DOJ accruals fell: Transformation costs were $26.0 million in 2025, against $28.4 million. DOJ and FinCEN accruals were $6.5 million, against $45.7 million in 2024, after resolutions in the first quarter of 2025. Source
Corporate expenses fell for year: Corporate expenses were $136 million in 2025, against $143 million in 2024. Fourth-quarter corporate expenses were $42 million, against $35 million. Source

“We remain well positioned to continue our progress delivering value to our shareholders.”
Mark Eubanks, president and CEO

Demand and the order book

Top-line momentum in AMS and DRS: Management said it has considerable top-line momentum in AMS and DRS, supported by customer pipelines that it describes as growing. Source
Currency added $43 million in Q4: Currency effects added $43 million to fourth-quarter revenue of $1,379 million; the organic growth figure excludes that effect. Source
2026 framework before strategic transactions: The 2026 non-GAAP framework and Q1 2026 guidance are presented before the impact of strategic transactions. Source

Capital, cash and returns to shareholders

Record cash generation for 2025: Cash from operations was $639.5 million for 2025, against $426.0 million in 2024. Free cash flow before dividends was $435.5 million, against $399.9 million. Source
Free cash flow conversion at 45%: Management said full-year free cash flow conversion was 45%, at the top end of the full-year framework. Source
Net debt leverage reduced to 2.7x: The company reduced net debt leverage to 2.7 times Adjusted EBITDA. The prior release had said leverage would be lowered below three times. Source
Over $250 million returned to shareholders: Management said the company returned over $250 million to shareholders through its dividend and share repurchase plan. Source
Capital expenditures fell to $203 million: Capital expenditures were $203.1 million in 2025, against $222.5 million in 2024. Acquisitions, net of cash acquired, were $6.0 million. Source
Shares outstanding down to 41.1 million: Shares issued and outstanding were 41.1 million at December 31, 2025, against 42.9 million a year earlier. Source

Strategy and the 2026 framework

Strategy and value framework unchanged: Management said the strategy and value creation framework remain consistent for 2026, with focus on growth and profitability. Source
2026 framework drops shareholder return item: The 2026 framework keeps the organic growth, AMS/DRS growth, margin expansion and free cash flow conversion measures. The 2025 framework's shareholder-return measure of +50% is not listed. Source
Brink's Business System drives waste out: Management said its teams focus on growth and profitability initiatives, and that waste is taken out of operations through the Brink's Business System. Source

Argentina and tax items

Argentina inflation accounting charges $10.2M: Charges under highly inflationary accounting for Argentina were $10.2 million pretax in 2025, including $17.0 million of currency remeasurement losses, against $35.0 million in 2024. Source
Argentina debt securities impairment: Impairment of specific Argentina debt securities was $1.5 million pretax in 2025, and is excluded from non-GAAP results. Source
Non-GAAP tax rate rose to 27.5%: The full-year non-GAAP effective tax rate was 27.5% for 2025, against 23.2% for 2024. Source

Coming up, as management said on 26 February 2026

Q1 2026 guidance is the next period: Q1 2026 ranges for revenue, adjusted EBITDA and non-GAAP EPS are the next guided period. Source

Risks management discussed

Financial: Q1 2026 guidance excludes certain amounts management cannot forecast, including Argentina accounting effects and expenses from M&A transactions that may or may not occur. Source
External: Q1 2026 guidance assumes the continuation of current economic trends and management's assumptions on variables that are difficult to forecast. Source
Regulatory: Chile antitrust matter: a potential fine tied to a Chilean antitrust investigation of cash logistics competitors, with charges of $0.8 million in 2025. Source
Financial: A valuation allowance increase tied to the One Big Beautiful Bill Act was recorded as income tax expense in the third quarter of 2025 and is excluded from non-GAAP results. Source

Earlier plans management reported on

Met: Management said full-year free cash flow conversion was 45%, at the top end of the full-year framework. Source
Not stated: Management refers to productivity initiatives that continue to mature alongside AMS and DRS growth. 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 Announces Fourth-Quarter and Full-Year 2025 Results

Fourth quarter revenue growth of 9% with organic growth of 5%

Accelerating AMS/DRS fourth quarter organic growth to 22%

Record 2025 cash generation with cash from operations of $640M and free cash flow of $436M

Reduced net debt leverage to 2.7x Adjusted EBITDA

RICHMOND, Va., February 26, 2026 - 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 fourth-quarter and full-year 2025 results.

Mark Eubanks, president and CEO, said: “Supported by a strong fourth quarter, Brink's took another significant step forward in our strategic execution in 2025. We continue to methodically transform Brink's into a faster growing, more profitable and higher cash flow generating business supported by growth in our recurring AMS / DRS customer offerings. In the fourth quarter, AMS / DRS growth accelerated to 22% organically, driving EBITDA margin expansion and over $260 million of free cash flow generation. In 2025, we delivered $977 million of adjusted EBITDA with 40 basis points of margin expansion to 18.6%. EBITDA growth was highlighted by record margin performance in our North America and Europe segments where AMS / DRS growth is driving mix penetration, and our productivity initiatives continue to mature. Free cash flow conversion of 45% was at the top end of our full-year framework. The strong cash performance allowed us to return over $250 million to shareholders through our dividend and share repurchase plan while reducing our net debt leverage to 2.7 times EBITDA."

“Looking towards 2026, our strategy and value creation framework remain consistent. We have considerable top-line momentum in AMS and DRS supported by robust and growing customer pipelines. Our teams remain focused on growth and profitability initiatives that will continue to expand profit margins and increase free cash flow as we drive waste out of our operations through the Brink's Business System. We remain well positioned to continue our progress delivering value to our shareholders.”

Full-year and fourth-quarter results are summarized in the following tables:

(In millions, except for per share amounts)	Full Year 2025 (vs. 2024)
	GAAP	Change	Non-GAAP	Change	Constant Currency Change
Revenue	$5,261	5%	$5,261	5%	6%
Operating Profit	$586	29%	$710	13%	17%
Operating Margin	11.1%	210 bps	13.5%	90 bps	130 bps
Net Income / Adjusted EBITDA	$200	23%	$977	7%	10%
EPS	$4.70	30%	$8.05	12%	18%

(In millions, except for per share amounts)	Fourth-Quarter 2025 (vs. 2024)
	GAAP	Change	Non-GAAP	Change	Constant Currency Change(b)
Revenue	$1,379	9%	$1,379	9%	6%
Operating Profit	$180	72%	$207	17%	19%
Operating Margin	13.1%	480 bps	15.0%	100 bps	170 bps
Net Income / Adjusted EBITDA	$68	77%	$277	10%	10%
EPS	$1.62	93%	$2.54	20%	23%

(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.

2026 Non-GAAP Framework and Q1 2026 Non-GAAP Guidance (Unaudited)

In 2026, 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 2026 framework, give investors better visibility into the performance of our business. In addition to our full-year 2026 framework, we have added quarterly guidance for revenue, adjusted EBITDA and EPS in 2026 to clarify the expected impact of near-term currency impact on those results. When, and if, currency volatility lessens, management may return to the previous annual guidance methodology. The full-year 2026 non-GAAP framework and the Q1 2026 non-GAAP guidance are presented before the impact of strategic transactions. Revenues are presented in accordance with GAAP.

	2026 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%

	Q1 2026 Guidance
Revenue		$1,335 - $1,395
Non-GAAP Adjusted EBITDA		$220 - $240
Non-GAAP EPS		$1.50 - $1.90

The Q1 2026 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 Q1 2026 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 February 26 at 4:30 p.m. ET. 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 call. Participants can preregister at https://dpregister.com/sreg/10205756/10310709080 to receive a direct dial-in number for the call. The call also will be accessible live via webcast on the Brink’s investor website (http://investors.brinks.com). A replay of the call will be available through March 5, 2026 at 855-669-9658 (in the U.S.) or 412-317-0088 (international). The conference number is 7137236. An archived version of the webcast will be available online in the events section of the Investor Relations website (http://investors.brinks.com).

The Brink’s Company and subsidiaries

Condensed Consolidated Balance Sheets

	December 31, 2024	December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$1,395.3	1,725.9
Restricted cash	445.1	541.0
Accounts receivable, net	733.5	766.0
Prepaid expenses and other	314.0	296.1
Total current assets	2,887.9	3,329.0
Right-of-use assets, net	354.9	388.7
Property and equipment, net	982.7	1,130.5
Goodwill	1,434.9	1,515.3
Other intangibles	422.3	385.2
Deferred tax assets, net	239.2	237.3
Other	301.2	353.2
Total assets	$6,623.1	7,339.2
Liabilities and Equity
Current liabilities:
Short-term borrowings	149.3	241.1
Current maturities of long-term debt	141.7	163.1
Accounts payable	316.6	319.3
Accrued liabilities	1,058.1	1,180.2
Restricted cash held for customers	232.7	294.2
Total current liabilities	1,898.4	2,197.9
Long-term debt	3,605.2	3,810.1
Accrued pension costs	122.5	147.8
Retirement benefits other than pensions	111.5	120.4
Lease liabilities	278.6	310.2
Deferred tax liabilities	62.8	66.5
Other	231.6	279.0
Total liabilities	6,310.6	6,931.9
Equity:
The Brink's Company ("Brink's") shareholders:
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2025 - 41.1; 2024 - 42.9	42.9	41.1
Capital in excess of par value	660.7	632.1
Retained earnings	285.4	270.1
Accumulated other comprehensive income (loss)	(804.1)	(665.6)
Brink's shareholders	184.9	277.7
Noncontrolling interests	127.6	129.6
Total equity	312.5	407.3
Total liabilities and equity	$6,623.1	7,339.2

The Brink’s Company and subsidiaries

(In millions) (Unaudited)

Condensed Consolidated Statements of Cash Flows

	Twelve Months Ended December 31,
	2024	2025
Cash flows from operating activities:
Net income	$174.7	210.2
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations, net of tax	(1.1)	0.4
Depreciation and amortization	293.3	290.8
Share-based compensation expense	36.5	26.0
Deferred income taxes	(18.0)	21.3
(Gain) loss on marketable securities, sale of property and equipment and derivatives	(15.5)	23.3
Impairment losses	4.8	8.7
Retirement benefit funding (more) less than expense:
Pension	(6.1)	(2.1)
Other than pension	(8.1)	(6.6)
Unrealized foreign currency (gains) losses	(41.8)	10.1
Other operating	16.0	(0.5)
Changes in operating assets and liabilities, net of effects of acquisitions:
(Increase) decrease in accounts receivable and income taxes receivable	15.6	(1.5)
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities	122.4	(6.4)
Increase (decrease) in restricted cash held for customers	(42.9)	46.1
Increase (decrease) in customer obligations	(77.7)	16.5
(Increase) decrease in prepaid and other current assets	(15.5)	15.8
Other	(10.6)	(12.6)
Net cash provided by operating activities	426.0	639.5
Cash flows from investing activities:
Capital expenditures	(222.5)	(203.1)
Acquisitions, net of cash acquired	(19.1)	(6.0)
Marketable securities:
Purchases	(71.8)	(123.2)
Sales	57.2	135.1
Cash proceeds from sale of property and equipment	29.2	18.5
Net change in loans held for investment	7.1	7.0
Net change in economic hedges	4.0	(22.1)
Other	(0.3)	(8.6)
Net cash used by investing activities	(216.2)	(202.4)
Cash flows from financing activities:
Borrowings (repayments) of debt:
Short-term borrowings	12.9	78.1
Long-term revolving credit facilities:
Borrowings	12,857.3	18,103.2
Repayments	(12,865.0)	(17,886.2)
Other long-term debt:
Borrowings	847.4	43.9
Repayments	(527.4)	(164.0)
Acquisition of noncontrolling interest	(0.2)	(6.6)
Cash paid for acquisition related settlements and obligations	(0.8)	-
Debt financing costs	(10.6)	(1.0)
Repurchase shares of Brink's common stock	(203.6)	(209.4)
Dividends to:
Shareholders of Brink’s	(41.8)	(42.3)
Noncontrolling interests in subsidiaries	(6.1)	(6.5)
Proceeds from exercise of stock options	-	0.6
Tax withholdings associated with share-based compensation	(18.6)	(21.6)
Other	(1.3)	(2.3)
Net cash provided by (used in) financing activities	42.2	(114.1)
Effect of exchange rate changes on cash	(95.2)	103.5
Cash, cash equivalents and restricted cash:
Increase	156.8	426.5
Balance at beginning of period	1,683.6	1,840.4
Balance at end of period	$1,840.4	2,266.9

Supplemental Cash Flow Information	Twelve Months Ended December 31,
		2024		2025
Cash paid for income taxes, net	$(122.1)		(135.7)
Cash paid for interest	(235.3)		(239.6)
Proceeds from lessor debt financing	46.6		43.2

The Brink’s Company and subsidiaries

Fourth-Quarter 2025 vs. 2024

			Impact of			% Change
	4Q'24	Change	Dispositions	Effect	4Q'25	Total	Growth
GAAP		Organic	Acquisitions /	Currency			Organic
Revenues:
North America	$420	36	-	-	456	9	9
Latin America	324	2	2	8	336	4	1
Europe	330	15	2	30	377	14	5
Rest of World	191	15	-	4	210	10	8
Segment revenues	$1,264	69	3	43	1,379	9	5
Revenues	$1,264	69	3	43	1,379	9	5
Operating profit:
North America	$52	22	-	-	75	42	42
Latin America	76	(8)	1	-	69	(9)	(10)
Europe	43	8	1	5	57	31	19
Rest of World	41	7	-	1	49	18	17
Segment operating profit	213	29	2	5	249	17	14
Corporate expenses	(35)	2	-	(9)	(42)	20	(5)
Other items not allocated to segments	(73)	37	(1)	10	(27)	(64)	(51)
Operating profit	$105	69	1	6	180	72	66

(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 14.

(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 14.

(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 14.

(d)See pages 12-13 for further information, where these items are discussed in more detail.

(e)Operations in certain geographies were moved from the Rest of World segment to the Europe segment, effective December 31, 2025 in order to align with management reporting. We have recast all prior periods presented to provide consistent comparability.

The Brink’s Company and subsidiaries

Full-Year 2025 vs. 2024

			Impact of			% Change
	2024	Change	Dispositions	Effect	2025	Total	Growth
GAAP		Organic	Acquisitions /	Currency			Organic
Revenues:
North America	$1,650	91	4	(3)	1,743	6	6
Latin America	1,311	67	10	(99)	1,290	(2)	5
Europe	1,305	58	5	62	1,430	10	4
Rest of World	746	41	-	12	800	7	6
Segment revenues	$5,012	257	20	(28)	5,261	5	5
Revenues	$5,012	257	20	(28)	5,261	5	5
Operating profit:
North America	$194	53	-	-	247	27	27
Latin America	272	(10)	4	(22)	244	(10)	(4)
Europe	151	16	1	9	177	17	11
Rest of World	155	21	-	2	178	15	14
Segment operating profit	773	80	5	(12)	846	9	10
Corporate expenses	(143)	20	-	(13)	(136)	(5)	(14)
Other items not allocated to segments	(176)	43	(15)	24	(124)	(29)	(24)
Operating profit	$453	143	(10)	-	586	29	32

See page 7 for footnote explanations.

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: first quarter 2026 outlook, including revenue, adjusted EBITDA and earnings per share, 2026 full-year outlook framework, expected impact from deployment of technology-enabled services, including DRS and AMS, the effectiveness of our compliance programs, and strategic priorities and initiatives, including the Brink's Business System and transformation initiatives.

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 impact of acquisitions, dispositions and other strategic transactions, including integration costs and financing arrangements, on our financial performance, including our free cash flow and liquidity position, and the timing and realization of expected benefits on our financial performance, including our free cash flow and 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, 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		4Q	Full Year
Revenues:
North America	$405.5	412.0	412.6	419.6	1,649.7		$417.6	434.3	434.8		455.9	1,742.6
Latin America	334.7	331.7	321.0	323.6	1,311.0		307.6	319.4	326.8		335.8	1,289.6
Europe	310.2	329.8	334.7	330.3	1,305.0		319.0	358.0	375.3		377.2	1,429.5
Rest of World	185.7	179.6	190.2	190.7	746.2		202.5	188.8	198.1		210.1	799.5
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		1,379.0	5,261.2
	Operating Profit
						2024				2025
	1Q	2Q	3Q	4Q	Full Year		1Q	2Q	3Q		4Q	Full Year
Operating profit:
North America	$48.4	51.7	41.5	52.4	194.0		$53.1	62.3	56.8		74.5	246.7
Latin America	63.0	63.2	70.3	75.8	272.3		53.9	55.0	65.9		69.1	243.9
Europe	28.5	36.6	42.8	43.2	151.1		28.1	42.4	49.9		56.8	177.2
Rest of World	38.5	34.6	41.1	41.2	155.4		47.2	38.3	44.1		48.6	178.2
Segment operating profit	178.4	186.1	195.7	212.6	772.8		182.3	198.0	216.7		249.0	846.0
Corporate expenses	(33.4)	(30.5)	(44.1)	(35.4)	(143.4)		(31.7)	(33.5)	(28.5)		(42.4)	(136.1)
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)		(0.4)	(1.4)
Acquisitions and dispositions	(15.9)	(14.8)	(16.5)	(15.3)	(62.5)		(18.5)	(25.8)	(17.8)		(16.4)	(78.5)
Argentina highly inflationary impact	(1.6)	(11.4)	(10.8)	(11.2)	(35.0)		(6.3)	1.9	(4.7)		(1.1)	(10.2)
Transformation initiatives	(4.8)	(7.2)	(9.5)	(6.9)	(28.4)		(5.1)	(5.4)	(8.1)		(7.4)	(26.0)
DOJ/FinCEN investigations	-	(6.0)	(1.7)	(38.0)	(45.7)		(0.9)	(0.9)	(3.7)		(1.0)	(6.5)
Chile antitrust matter	(0.4)	(0.1)	(0.6)	(0.2)	(1.3)		(0.2)	(0.2)	(0.2)		(0.2)	(0.8)
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		180.1	585.5
	Operating Margin Percentage
						2024				2025
	1Q	2Q	3Q	4Q	Full Year		1Q	2Q	3Q		4Q	Full Year
Operating margin percentage:
North America	11.9	12.5	10.1	12.5	11.8		12.7	14.3	13.1		16.3	14.2
Latin America	18.8	19.1	21.9	23.4	20.8		17.5	17.2	20.2		20.6	18.9
Europe	9.2	11.1	12.8	13.1	11.6		8.8	11.8	13.3		15.1	12.4
Rest of World	20.7	19.3	21.6	21.6	20.8		23.3	20.3	22.3		23.1	22.3
Segment operating margin percentage	14.4	14.9	15.6	16.8	15.4		14.6	15.2	16.2		18.1	16.1
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)	(5.0)
Total operating margin percentage	9.8	9.3	8.9	8.3	9.0		9.6	10.3	11.4		13.1	11.1

(a)See explanation of items on page 12-13.

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 $58.9 million in 2025.
Restructuring costs related to acquisitions were $11.8 million in 2025.
Net charges of $2.2 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.
We incurred $3.8 million in integration costs in 2025.
Transaction costs related to business acquisitions were $2.7 million in 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 related to highly inflationary accounting, including currency remeasurement losses of $18.4 million. In 2025, we recognized $10.2 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $17.0 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 $26.0 million in 2025. The transformation costs primarily include third-party professional services, project management charges and severance. 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. During 2025, we accrued $6.5 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 result.

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 Results Reconciled to GAAP (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, taxes on return of capital, impairment of certain debt securities, 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, taxes on return of capital, impairment of certain debt securities, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss.
Non-GAAP diluted earnings per share ("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, taxes on return of capital, impairment of certain debt securities, 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.

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 report 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 12-13. 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.

Tax on return of capital As a result of lifted foreign exchange controls and the official and unofficial foreign exchange rates convergence in Argentina, we were able to make an unusual and infrequent return of capital. Due to Argentinian tax law, a withholding tax was imposed on the return of capital. This withholding tax is not considered to be part of the Company’s operations and revenue generating activities. Management has excluded this amount when evaluating internal performance. Therefore, it is 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.

	2024			2025
	Pre-tax income	Income tax	Effective income tax rate	Pre-tax income	Income tax	Effective income tax rate
GAAP	$266.3	92.7	34.8%	$353.9	143.3	40.5%
Reorganization and Restructuring	1.5	0.2		1.4	0.2
Acquisitions and dispositions	62.1	5.2		80.2	14.6
Argentina highly inflationary impact	36.3	(5.1)		22.7	(4.1)
Transformation initiatives	28.4	0.7		26.0	0.8
DOJ/FinCEN investigations	45.7	-		6.5	0.1
Chile antitrust matter	1.3	0.3		0.8	0.2
Non-routine auto loss matter	2.0	-		1.0	-
Argentina debt securities impairment	-	-		1.5	0.5
Retirement plans	(8.4)	(0.1)		(6.4)	(1.7)
Tax on return of capital	-	-		-	(5.4)
Valuation allowance on tax credits	-	7.1		-	(14.4)
Non-GAAP	$435.2	101.0	23.2%	$487.6	134.1	27.5%

(a)From continuing operations.

(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 15 for details.

(c)See “Other Items Not Allocated To Segments” on pages 12-13 for details.

(d)Related to the impairment of specific debt securities in Argentina in 2025.

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	4Q	Full Year
Operating profit:
GAAP	$120.9	116.0	111.6	104.5	453.0	$119.1	133.9	152.4	180.1	585.5
Reorganization and Restructuring	1.4	0.1	0.4	(0.4)	1.5	0.5	0.2	0.3	0.4	1.4
Acquisitions and dispositions	15.9	14.8	16.5	15.3	62.5	18.5	25.8	17.8	16.4	78.5
Argentina highly inflationary impact	1.6	11.4	10.8	11.2	35.0	6.3	(1.9)	4.7	1.1	10.2
Transformation initiatives	4.8	7.2	9.5	6.9	28.4	5.1	5.4	8.1	7.4	26.0
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	3.7	1.0	6.5
Chile antitrust matter	0.4	0.1	0.6	0.2	1.3	0.2	0.2	0.2	0.2	0.8
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	206.6	709.9
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	68.4	200.1
Reorganization and Restructuring	1.0	0.2	0.3	(0.2)	1.3	0.4	0.2	0.3	0.3	1.2
Acquisitions and dispositions	14.2	13.5	16.0	12.2	55.9	17.5	15.0	15.6	16.5	64.6
Argentina highly inflationary impact	1.7	11.4	10.0	18.3	41.4	7.2	1.8	5.6	12.2	26.8
Transformation initiatives	4.7	7.0	9.3	6.7	27.7	5.0	5.3	7.8	7.1	25.2
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	3.7	0.9	6.4
Chile antitrust matter	0.4	-	0.5	0.1	1.0	0.2	0.1	0.2	0.1	0.6
Non-routine auto loss matter	-	-	0.5	1.5	2.0	-	-	1.0	-	1.0
Argentina debt securities impairment	-	-	-	-	-	-	-	-	1.0	1.0
Retirement plans	(1.2)	(1.5)	(2.0)	(3.6)	(8.3)	(1.2)	(1.2)	(1.2)	(1.1)	(4.7)
Tax on return of capital	-	-	-	-	-	-	-	-	5.4	5.4
Valuation allowance on tax credits	-	-	-	(7.1)	(7.1)	-	-	16.5	(2.1)	14.4
Income tax rate adjustment	4.5	(2.1)	7.2	(9.6)	-	(11.0)	10.7	2.1	(1.8)	-
Non-GAAP	$74.6	80.8	72.4	93.6	321.4	$70.6	76.7	87.8	106.9	342.0
Adjusted EBITDA:
Net income (loss) attributable to Brink's	$49.3	46.2	28.9	38.5	162.9	$51.6	43.7	36.3	68.1	199.7
Interest expense	55.8	56.5	63.0	60.1	235.4	57.5	60.9	63.4	63.7	245.5
Income tax provision	26.2	22.1	27.2	17.2	92.7	15.6	27.2	53.0	47.5	143.3
Depreciation and amortization	72.4	73.1	74.8	73.0	293.3	70.7	59.8	78.2	82.1	290.8
EBITDA	$203.7	197.9	193.9	188.8	784.3	$195.4	191.6	230.9	261.4	879.3
Discontinued operations	-	0.1	-	(1.2)	(1.1)	-	0.2	(0.1)	0.3	0.4
Reorganization and Restructuring	1.4	0.1	0.4	(0.4)	1.5	0.5	0.2	0.3	0.4	1.4
Acquisitions and dispositions	1.0	(0.1)	2.9	(1.0)	2.8	4.5	12.3	2.3	1.2	20.3
Argentina highly inflationary impact	(0.7)	9.0	7.3	8.7	24.3	5.2	14.4	3.8	7.1	30.5
Transformation initiatives	4.8	7.2	9.5	6.9	28.4	5.1	5.4	8.1	7.4	26.0
DOJ/FinCEN investigations	-	6.0	1.7	38.0	45.7	0.9	0.9	3.7	1.0	6.5
Chile antitrust matter	0.4	0.1	0.6	0.2	1.3	0.2	0.2	0.2	0.2	0.8
Non-routine auto loss matter	-	-	0.5	1.5	2.0	-	-	1.0	-	1.0
Argentina debt securities impairment	-	-	-	-	-	-	-	-	1.5	1.5
Retirement plans	(1.5)	(1.9)	(2.5)	(2.5)	(8.4)	(1.7)	(1.4)	(1.6)	(1.7)	(6.4)
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	7.3	26.0
Marketable securities (gain) loss	(0.5)	(0.1)	(4.9)	-	(5.5)	(0.8)	(1.3)	1.2	(9.3)	(10.2)
Adjusted EBITDA	$218.2	225.9	216.8	251.0	911.9	$215.0	232.0	253.3	276.8	977.1

	2024					2025
	1Q	2Q	3Q	4Q	Full Year	1Q	2Q	3Q	4Q	Full Year
EPS:
GAAP	$1.09	1.03	0.65	0.84	3.61	$1.19	1.03	0.86	1.62	4.70
Reorganization and Restructuring	0.02	0.01	0.01	-	0.03	0.01	-	0.01	0.01	0.03
Acquisitions and dispositions	0.31	0.30	0.36	0.27	1.25	0.40	0.36	0.37	0.39	1.52
Argentina highly inflationary impact	0.04	0.25	0.22	0.42	0.92	0.17	0.05	0.13	0.29	0.63
Transformation initiatives	0.10	0.16	0.21	0.15	0.62	0.11	0.13	0.19	0.17	0.59
DOJ/FinCEN investigations	-	0.13	0.04	0.86	1.02	0.02	0.02	0.09	0.02	0.15
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
Argentina debt securities impairment	-	-	-	-	-	-	-	-	0.02	0.02
Retirement plans	(0.02)	(0.04)	(0.05)	(0.08)	(0.19)	(0.02)	(0.03)	(0.03)	(0.03)	(0.11)
Tax on return of capital	-	-	-	-	-	-	-	-	0.13	0.13
Valuation allowance on tax credits	-	-	-	(0.16)	(0.16)	-	-	0.39	(0.05)	0.34
Income tax rate adjustment	0.10	(0.05)	0.16	(0.22)	-	(0.25)	0.25	0.05	(0.04)	-
Non-GAAP	$1.65	1.79	1.62	2.12	7.17	$1.62	1.81	2.09	2.54	8.05

(a)See “Other Items Not Allocated To Segments” on pages 12-13 for details.

(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 15 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 was 27.5% 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, and a $0.4 million non-GAAP adjustment for a loss in the fourth quarter of 2024, $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, a $0.9 million non-GAAP adjustment for a loss in the third quarter of 2025, and a $6.9 million non-GAAP adjustment for a loss in the fourth quarter of 2025.

(f)Related to the impairment of specific debt securities in Argentina in 2025.

	Full Year	Full Year
	2024	2025
Cash flows provided from (used in) operating activities - GAAP	$426.0	$639.5
(Increase) decrease in restricted cash held for customers	42.9	(46.1)
(Increase) decrease in certain customer obligations	77.7	(16.5)
Capital expenditures	(222.5)	(203.1)
Cash proceeds from sale of property and equipment	29.2	18.5
Proceeds from lessor debt financing	46.6	43.2
Free cash flow before dividends	$399.9	$435.5

(a)Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See page 14 for further information on this non-GAAP measure, and see page 15 for descriptions of the adjustments.

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