Brinks Company (the) · NYSE:BCO
Brinks Company (the) — Q2 2025 Earnings Presentation
31 slides from Brinks Company (the)'s earnings presentation, Aug 6, 2025
Slide 1: Second Quarter 2025 Earnings
Second Quarter 2025 Earnings August 6, 2025
Slide 2: Safe Harbor Statements and Non-GAAP Results
Safe Harbor Statements and Non-GAAP Results These materials contain forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," “target” "project," “model”, "predict," "intend," "plan," "believe," "potential," "may," "should" and similar expressions may identify forward-
Slide 3: Second Quarter Performance Highlights
Second Quarter Performance Highlights Strong organic Profitability Accelerating Free revenue growth in performance ahead Cash Flow all segments of expectations Generation 5% Total organic growth 17.8% Adjusted margin EBITDA +$36M Increased Free Cash Flow YTD AMS / DRS Operating profit 16% organic gr
Slide 4: Executing Against Our Value Creation Strategy
Executing Against Our Value Creation Strategy 01 02 Expand Profit 03 Improve FCF 04 Maximize Shareholder Grow Organically Margins Conversion Value 5% YTD Organic YTD Operating +6 days Q2 YoY Utilized $130M YTD to growth profit up 30bps YoY DSO improvement repurchase 1.5M shares 18% YTD AMS/DRS Margi
Slide 5: ATM Managed Services Strategy Update
ATM Managed Services Strategy Update Full ATM Ownership Value Chain Software Processing Hardware Monitoring & Dispatch FLM / SLM Cash Logistics Forecasting Recent Business Updates: Record ATM transactions and Completed onboarding of Strategic investment in KAL, a global cash dispensed in North Sains
Slide 6: Digital Retail Solutions Strategy Update
Digital Retail Solutions Strategy Update Retail Customer Cash to DRS Device; Brink’s Efficiently Reconciles Accepts Cash Customer Credited and Processes Payments Recent Business Updates: Record global installations in Strong sales momentum Investing to strengthen the second quarter building in all m
Slide 7: AMS / DRS Expands the Brink's Addressable Market by 2-3x
AMS / DRS Expands the Brink’s +2-3x Addressable Market by 2-3x Retailers with >$5,000 cash per month Remaining Bank ATMs are Outsourced Existing ATM Managed $8B $8B Service Market Traditional Cash Management $28B $28B Market All values based on management estimates and market research 7
Slide 8: AMS/DRS Growth Strategy Continues to Drive Results
AMS/DRS Growth Strategy Continues to Drive Results ($ millions) Customer Offerings Brink’s Revenue Mix Cash & Valuables Management • Organic growth stable quarter-over-quarter • Continuing to convert traditional customers to AMS / DRS 25-27% • Global services’ strength on precious metal demand 24% c
Slide 9: Q2 Financial Results
Q2 Financial Results
Slide 10: Second-Quarter 2025 Results
Second-Quarter 2025 Results (non-GAAP, $ millions, except EPS) Revenue +4% Adj. EBITDA +3% Operating Profit +6% EPS -% TTM Free Cash Flow +47% Constant Currency +5% Constant Currency +5% Constant Currency +9% Constant Currency +6% Conversion of 48%1 Organic +5% Diluted Share Count (6%) Acq -% FX (1%
Slide 11: Second-Quarter 2025 Revenue and Adjusted EBITDA vs 2024
Second-Quarter 2025 Revenue and Adjusted EBITDA vs 2024 (non-GAAP, $ millions) Revenue Adjusted EBITDA % Change 5% -% 5% (1%) 4% % Change 5% 1% 5% (3%) 3% Organic +$60 $49 $4 $1,318 ( $17 ) $1,301 $1,253 $12 $11 $1 $238 ( $6 ) $226 $232 +1% +16% 18.0% 18.1% 17.8% Margin Margin Margin 2024 Organic Or
Slide 12: Second-Quarter 2025 Adjusted EBITDA vs 2024
Second-Quarter 2025 Adjusted EBITDA vs 2024 (non-GAAP, $ millions, except EPS) $7 $232 $31 $61 $165 ( $61 ) $58 17.8% Margin 12.6% ( $31 ) Margin $3 $76 Op Profit Interest Expense Taxes Interest Income & Income from D&A Interest Expense Taxes Stock Comp Adj. EBITDA Other Continuing Ops & Other Vs. 2
Slide 13: Capital Allocation Framework
Capital Allocation Framework Organic • Strategic investments driving growth and profit margins Investments 2x - 3x Net • Expected to be below the top end of the range by year end Debt Target 2025 Free Cash Flow Conversion of 40% - 45% • Repurchased ~1.5M shares YTD Share Repurchase • $166M capacity
Slide 14: Third Quarter 2025 Guidance and Full Year 2025 Framework
Third Quarter 2025 Guidance and Full Year 2025 Framework (non-GAAP, $ millions, except EPS) Full Year 2025 Framework Organic Revenue Growth Mid-Single Digits • Expectations have increased on strong organic AMS/DRS Organic performance and H1 currency trends Mid to High Teens Revenue Growth • Revenue
Slide 15: Appendix
Appendix
Slide 16: Second-Quarter 2025 Revenue & Adjusted EBITDA by Segment vs 2024
Second-Quarter 2025 Revenue & Adjusted EBITDA by Segment vs 2024 ($ millions) North America Latin America Europe Rest of World Revenue +5% Adj. EBITDA 16% Revenue (4%) Adj. EBITDA (12%) Revenue +9% Adj. EBITDA +19% Revenue +5% Adj EBITDA +7% Constant currency +5% +16% Constant currency 8% (1%) Const
Slide 17: Second-Quarter 2025 Revenue & Operating Profit by Segment vs 2024
Second-Quarter 2025 Revenue & Operating Profit by Segment vs 2024 ($ millions) North America Latin America Europe Rest of World Revenue +5% Operating Profit +21% Revenue (4%) Operating Profit (13%) Revenue +9% Operating Profit +23% Revenue +5% Operating Profit +6% Constant currency +5% +21% Constant
Slide 18: Net Debt and Leverage
Net Debt and Leverage Leverage Expected Below Top End of 2-3x Range by Year End 2025 (Non-GAAP, $ millions) Net Debt Adjusted EBITDA and Financial Leverage $2,858 Leverage Ratio 2 2.8 3.1 $2,582 $1,468 $912 $915 $1,194 Secured Net Debt Adjusted EBITDA Unsecured $1,388 $1,389 Senior Notes1 12/31/2024
Slide 19: Cash Remains Resilient Even in Advanced Markets
Cash Remains Resilient Even in Advanced Markets Organic Revenue Growth US cash payments have been consistent since 20211 Great Pandemic Recession 83% of US consumers used cash in last 30 days 12% 12% 9% 1 7% 7% 7% 4% - 6% 6% 6% 6% 6% 5% 5% 92% of US consumers plan to use cash in the future 4% 4% 3%
Slide 20: Independent Cash Market Studies
Independent Cash Market Studies European Central Bank US Federal Reserve 2024 Study on the Payment Attitudes of 2025 Diary of Consumer Payment Choice Consumers in the Euro area (SPACE) 20
Slide 21: 2023 Non-GAAP Results Reconciled to GAAP
2023 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions, except for per share amounts) 2023 Q2 EPS: GAAP $ 0.68 Reorganization and Restructuring(a) 0.01 Acquisitions and dispositions(a) 0.27 Argentina highly inflationary impact(a) 0.24 Retirement plans(b) (0.03) Va
Slide 22: Non-GAAP Results Reconciled to GAAP (2023 Adj EBITDA)
Non-GAAP Results Reconciled to GAAP (2023 Adj EBITDA) The Brink’s Company and subsidiaries (In millions, except for per share amounts) 2023 Q2 Adjusted EBITDA: Net income (loss) attributable to Brink's $ 32.1 Interest expense 51.1 Income tax provision 23.4 Depreciation and amortization 69.6 EBITDA $
Slide 23: Other Items Not Allocated to Segments (Unaudited)
Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) Brink’s measures its segment results before income and expenses for corporate activities and for certain other items. See below for a summary of the other items not allocated to segments. Reorganizat
Slide 24: Other Items Not Allocated to Segments (Unaudited)
Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) 2023 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $28.6 million in the first six months of 2023. • We derecognized a contingent consideration lia
Slide 25: Non-GAAP Measures and Reconciliations to GAAP Measures
Non-GAAP Measures and Reconciliations to GAAP Measures Non-GAAP measures described below and included in this filing 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
Slide 26: Non-GAAP Measures and Reconciliations to GAAP Measures
Non-GAAP Measures and Reconciliations to GAAP Measures 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 n
Slide 27: Non-GAAP Reconciliation – Segment Adjusted EBITDA
Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA: 2024 2025 Q2 Q2 Add back: Add back: Depreciation Segment Depreciation Segment GAAP and Adjusted GAAP and Adjusted amounts amortization EBITDA amounts amortization EBITDA Oper
Slide 28: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) 2024 2025 Q2 Q2 North America $ 72.0 $ 83.2 Latin America 77.2 67.9 Europe 46.6 55.5 Rest of World 45.3 48.3 Total segment adjusted EBITDA(a) $ 241.1 $ 254.9 Corporate expenses (30.5) (33.5) Corporate depreciation and
Slide 29: 2024-2025 Non-GAAP Results Reconciled to GAAP
2024-2025 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions) 2024 2025 Q2 Q2 Interest and other nonoperating income (expense): GAAP $ 12.5 $ 1.8 Acquisitions and dispositions(a) — 1.5 Argentina highly inflationary impact(a) 0.2 3.7 Retirement plans(b) (1.9) (1.4)
Slide 30: 2022-2023 Non-GAAP Reconciliation – Cash Flows
2022-2023 Non-GAAP Reconciliation – Cash Flows The Brink’s Company and subsidiaries (In millions) Six Months Full Year Six Months Full Year 2022 2022 2023 2023 Cash flows provided from (used in) operating activities - GAAP $ 41.1 $ 479.9 $ 105.3 $ 702.4 (Increase) decrease in restricted cash held fo
Slide 31: 2024-2025 Non-GAAP Reconciliation – Net Debt
2024-2025 Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries (In millions) December 31, June 30, 2024 2025 Debt: Short-term borrowings $ 149.3 $ 181.7 Long-term debt 3,746.9 3,941.4 Total Debt 3,896.2 4,123.1 Less: Cash and cash equivalents 1,395.3 1,376.8 Amounts held by Cash M