Slide 1: Third Quarter 2025 Earnings
Third Quarter 2025 Earnings November 5, 2025 Exhibit 99.2
Slide 2: Forward-Looking Statements and Non-GAAP Results
2 Forward-Looking 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 fo
Slide 3: Third Quarter Performance Highlights
3 Third Quarter Performance Highlights Strong organic revenue growth with accelerating AMS/DRS 5% Total organic growth 19% AMS / DRS organic growth Record Q3 Operating Profit and EBITDA margins 19.0% Adjusted EBITDA margin +180bps 14.1% Operating profit Best Q3 margin in history Continued Free Cash
Slide 4: Executing Against Our Value Creation Strategy
4 Executing Against Our Value Creation Strategy Grow Organically 01 Expand Profit Margins 02 Improve FCF Conversion 03 Maximize Shareholder Value 04 5% YTD Organic Growth 18% YTD AMS/DRS Organic Growth Record EBITDA Margins in North America / Europe Margin Expansion Accelerating in H2 +78% Increase
Slide 5: Growth Strategy Continues to Drive Results
5 $359 $530 $743 $1,012 $1,212 10% 13% 16% 21% 24% 2020 2021 2022 2023 2024 2025 Target AMS/DRS Cash & Valuables Mgmt AMS/DRS Percent of Total AMS/DRS Growth Strategy Continues to Drive Results • Organic growth consistent with expectations • Continued conversion of existing customers to AMS/DRS Cash
Slide 6: ATM Managed Service Growth Accelerating Globally
6 ATM Managed Service Growth Accelerating Globally ATM Outsourcing Remains in Early Stages with 2-3x Addressable Market Expansion Potential Brink’s presence Brink’s active AMS agreement
Slide 7: Record Q3 Margins in North America Continue Strong Momentum
7 Pandemic $129 $168 $154 $217 $228 $259 $276 $309 11.7% 12.3% 12.2% 15.4% 14.4% 16.2% 16.8% 18.1% 2018 2019 2020 2021 2022 2023 2024 3Q 25 TTM Record Q3 Margins in North America Continue Strong Momentum North America Adj. EBITDA and Adj. EBITDA Margins Adjusted EBITDA Margins Have Expanded 370bps s
Slide 8: Q3 Financial Results
Q3 Financial Results
Slide 9: Third-Quarter 2025 Results
9 Third-Quarter 2025 Results (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Third Quarter 2025 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP
Slide 10: Third-Quarter 2025 Revenue and Adjusted EBITDA vs 2024
10 Third-Quarter 2025 Revenue and Adjusted EBITDA vs 2024 (non-GAAP, $ millions) Revenue $1,259 $1 $58 $5 $1,322 $13 $1,335 2024 Revenue Organic Cash & Valuables Mgmt. Organic DRS & AMS Acq / Disp* 2025 Constant Currency Revenue FX 2025 Revenue Notes: Amounts may not add due to rounding. See detaile
Slide 11: Third-Quarter 2025 Adjusted EBITDA vs 2024
11 $188 ( $63 ) ( $35 ) ( $3 ) $88 $62 $63 $35 $6 $253 Op Profit Interest Expense Taxes Interest Income & Other Income from Continuing Ops D&A Interest Expense Taxes Stock Comp & Other Adj. EBITDA Third-Quarter 2025 Adjusted EBITDA vs 2024 (non-GAAP, $ millions, except EPS) 19.0% Margin 14.1% Margin
Slide 12: Capital Allocation Framework
12 Capital Allocation Framework Notes: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Third Quarter 2025 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Capital allocation priorities not shown in priorit
Slide 13: Fourth Quarter and Full Year 2025 Guidance and 2025 Framework
13 Fourth Quarter and Full Year 2025 Guidance and 2025 Framework (non-GAAP, $ millions, except EPS) The 2025 Non-GAAP outlook amounts cannot be reconciled to GAAP without unreasonable effort, as we are unable to accurately forecast certain amounts that are necessary for reconciliation, including the
Slide 14: Appendix
Appendix
Slide 15: Third-Quarter 2025 Revenue & Adjusted EBITDA by Segment vs 2024
15 Third-Quarter 2025 Revenue & Adjusted EBITDA by Segment vs 2024 ($ millions) Notes: See detailed reconciliation of non-GAAP to GAAP Segment Adjusted EBITDA results in the Appendix. Constant currency represents 2025 results at 2024 exchange rates. $413 $435 2024 2025 $62 $79 2024 2025 15.0% Margin
Slide 16: Third-Quarter 2025 Revenue & Operating Profit by Segment vs 2024
16 Third-Quarter 2025 Revenue & Operating Profit by Segment vs 2024 ($ millions) Note: Constant currency represents 2025 results at 2024 exchange rates. $413 $435 2024 2025 $42 $57 2024 2025 10.1% Margin 13.1% Margin $321 $327 2024 2025 $70 $66 2024 2025 21.9% Margin 20.2% Margin $209 $220 2024 2025
Slide 17: Net Debt and Leverage
17 Net Debt and Leverage Note: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Third Quarter 2025 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. 1. Net of unamortized debt issuance costs of $12 million a
Slide 18: Nine-Months 2025 Results
18 Nine-Months 2025 Results (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Third Quarter 2025 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP
Slide 19: 2023 Non-GAAP Results Reconciled to GAAP
19 2023 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions, except for per share amounts) Amounts may not add due to rounding. a. See “Other Items Not Allocated To Segments” on slides 21-24 for details. b. See "Reconciliations of Non-GAAP to GAAP Measures" on slide
Slide 20: Non-GAAP Results Reconciled to GAAP (2023 Adj EBITDA)
20 Non-GAAP Results Reconciled to GAAP (2023 Adj EBITDA) The Brink’s Company and subsidiaries (In millions, except for per share amounts) 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 counte
Slide 21: Other Items Not Allocated to Segments (Unaudited)
21 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. Reorgani
Slide 22: Other Items Not Allocated to Segments (Unaudited)
22 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 $43.2 million in the first nine months of 2023. • We derecognized a contingent consideration
Slide 23: Other Items Not Allocated to Segments (Unaudited)
23 Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) 2020 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $35.1 million in 2020. • We incurred $23.5 million in integration costs related to Dunbar an
Slide 24: Other Items Not Allocated to Segments (Unaudited)
24 Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) 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-denominat
Slide 25: Non-GAAP Measures and Reconciliations to GAAP Measures
25 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 fr
Slide 26: Non-GAAP Measures and Reconciliations to GAAP Measures
26 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
Slide 27: 2018-2022 Non-GAAP Reconciliation – Segment Adjusted EBITDA
27 2018-2022 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) 20222021202020192018Segment Adjusted EBITDA: Full YearFull YearFull YearFull YearFull Year Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted E
Slide 28: 2018-2022 Adjusted EBITDA Reconciliation
28 2018-2022 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) (a) See detailed reconciliations of the 2018 to 2022 Segment Adjusted EBITDA on slide 27. (b) See detailed reconciliations of non-GAAP to GAAP results on slide 29. (c) Due to reorganization and restructuri
Slide 29: 2018-2022 Non-GAAP Results Reconciled to GAAP
29 2018-2022 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions) a) See “Other Items Not Allocated To Segments” details for the full year ended 2023 on slides 21-24 for details. (b) See "Reconciliations of Non-GAAP to GAAP Measures" on slides 25-26 for details. (c)
Slide 30: Non-GAAP Reconciliation – Segment Adjusted EBITDA
30 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) 202520242023Segment Adjusted EBITDA: Nine MonthsQ3Q4Q3Full Year Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amor
Slide 31: Adjusted EBITDA Reconciliation
31 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) (a) See detailed reconciliations of the Third Quarter 2025, the Third Quarter 2024, and the full year 2023 Segment Adjusted EBITDA on slide 30. (b) See detailed reconciliations of non-GAAP to GAAP results on slide 3
Slide 32: 2024-2025 Non-GAAP Results Reconciled to GAAP
32 2024-2025 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions) (a) See “Other Items Not Allocated To Segments” details for the full year ended 2023 on slides 21-22 for details. See “Other Items Not Allocated To Segments” details included in the Third Quarter 2025
Slide 33: 2022-2023 Non-GAAP Reconciliation – Cash Flows
33 2022-2023 Non-GAAP Reconciliation – Cash Flows The Brink’s Company and subsidiaries (In millions) (a) Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See slides 25-26 for further information and descriptions of th
Slide 34: 2024-2025 Non-GAAP Reconciliation – Net Debt
34 2024-2025 Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries (In millions) a) Net Debt is a supplemental non-GAAP financial measure that is not required by or presented in accordance with GAAP. See slides 25-26 for further information and descriptions of the adjustments. Incl