Slide 1: Fourth Quarter 2025 Earnings
Fourth Quarter 2025 Earnings February 26, 2026 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: Fourth Quarter Performance Highlights
3 Fourth Quarter Performance Highlights Continued strong organic revenue growth led by AMS/DRS 5% Total organic growth 22% AMS / DRS organic +3% sequentially Good margin flow through with sequential improvement 20.1% Adjusted EBITDA margin 20bps of YoY expansion 15.0% Operating profit 100 bps of YoY
Slide 4: Consistent Value Creation Strategy
4 Consistent Value Creation Strategy Grow Organically 01 Expand Profit Margins 02 Improve FCF Conversion 03 Maximize Shareholder Value 04 5% total with 19% AMS/DRS org. growth Third consecutive year with at least $400M FCF generated De-leveraging ahead of acquisition 4Notes: See detailed reconciliat
Slide 5: AMS/DRS Growth Strategy Continues to Drive Results
5 $359 $530 $743 $1,012 $1,212 $1,462 10% 13% 16% 21% 24% 28% 31.6% 2020 2021 2022 2023 2024 2025 2026 Target AMS/DRS Cash & Valuables Mgmt AMS/DRS Percent of Total AMS/DRS Growth Strategy Continues to Drive Results • Organic growth consistent with expectations • Strong global services trends in pre
Slide 6: Pandora Transforms Global Cash Management with Digital Retail Solutions
6 Pandora Transforms Global Cash Management with Digital Retail Solutions + 7,000 location footprint Recent global flagship retail transformation win supports DRS growth into 2026 and beyond + Store fronts in 100+ countries + Global expansion opportunity Reduced cash handling costs Improved store ef
Slide 7: Margin Expansion Progress in North America Continues to Build
7 Pandemic $129 $168 $154 $217 $228 $259 $276 $332 11.7% 12.3% 12.2% 15.4% 14.4% 16.2% 16.8% 19.0% 2018 2019 2020 2021 2022 2023 2024 2025 Margin Expansion Progress in North America Continues to Build North America Adj. EBITDA and Adj. EBITDA Margins Adjusted EBITDA Margins Have Expanded 460bps sinc
Slide 8: Q4 Financial Results
Q4 Financial Results
Slide 9: Fourth-Quarter 2025 Results
9 Fourth-Quarter 2025 Results (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2025 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GA
Slide 10: Fourth-Quarter 2025 Revenue and Adjusted EBITDA vs 2024
10 Fourth-Quarter 2025 Revenue and Adjusted EBITDA vs 2024 (non-GAAP, $ millions) Revenue $1,264 ( $2 ) $71 $3 $1,336 $43 $1,379 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 de
Slide 11: Fourth-Quarter 2025 Adjusted EBITDA vs 2024
11 $207 ( $64 ) ( $42 ) $6 $107 $66 $64 $42 ( $2 ) $277 Op Profit Interest Expense Taxes Interest Income & Other Income from Continuing Ops D&A Interest Expense Taxes Stock Comp & Other Adj. EBITDA Fourth-Quarter 2025 Adjusted EBITDA vs 2024 (non-GAAP, $ millions, except EPS) 20.1% Margin 15.0% Marg
Slide 12: 2025 Capital Allocation Framework
12 2025 Capital Allocation Framework Notes: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Fourth Quarter 2025 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Capital allocation priorities not shown in p
Slide 13: Full Year 2026 Framework and First Quarter 2026 Guidance
13 Full Year 2026 Framework and First Quarter 2026 Guidance (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 impa
Slide 14: Appendix
Appendix
Slide 15: Fourth-Quarter 2025 Revenue & Adjusted EBITDA by Segment vs 2024
15 Fourth-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. $420 $456 2024 2025 $74 $97 2024 2025 17.7% Margi
Slide 16: Fourth-Quarter 2025 Revenue & Operating Profit by Segment vs 2024
16 Fourth-Quarter 2025 Revenue & Operating Profit by Segment vs 2024 ($ millions) Note: Constant currency represents 2025 results at 2024 exchange rates. $420 $456 2024 2025 $52 $75 2024 2025 12.5% Margin 16.3% Margin $324 $336 2024 2025 $76 $69 2024 2025 23.4% Margin 20.6% Margin $191 $210 2024 202
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 Fourth Quarter 2025 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Amounts may not add due to rounding 1. Net of unamortized
Slide 18: Full-Year 2025 Results
18 Full-Year 2025 Results (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Fourth 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 2
Slide 19: Full-Year 2025 Adjusted EBITDA vs 2024
19 $710 ( $246 ) ( $134 ) $12 $342 $240 $246 $134 $16 $977 Op Profit Interest Expense Taxes Interest Income & Other Income from Continuing Ops D&A Interest Expense Taxes Stock Comp & Other Adj. EBITDA Full-Year 2025 Adjusted EBITDA vs 2024 (non-GAAP, $ millions, except EPS) 18.6% Margin 13.5% Margin
Slide 20: 2025 Revenue & Adjusted EBITDA by Segment vs 2024
20 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. $1,650 $1,743 2024 2025 $276 $332 2024 2025 16.8% Margin 19.0% M
Slide 21: 2025 Revenue & Operating Profit by Segment vs 2024
21 2025 Revenue & Operating Profit by Segment vs 2024 ($ millions) Note: Constant currency represents 2025 results at 2024 exchange rates. $1,650 $1,743 2024 2025 $194 $247 2024 2025 11.8% Margin 14.2% Margin $1,311 $1,290 2024 2025 $272 $244 2024 2025 20.8% Margin 18.9% Margin $746 $800 2024 2025 $
Slide 22: 2023 Non-GAAP Results Reconciled to GAAP
22 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 24-27 for details. b. See "Reconciliations of Non-GAAP to GAAP Measures" on slide
Slide 23: Non-GAAP Results Reconciled to GAAP (2023 Adj EBITDA)
23 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 24: Other Items Not Allocated to Segments
24 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 25: Other Items Not Allocated to Segments
25 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 $57.8 million in 2023. • We derecognized a contingent consideration liability related to the
Slide 26: Other Items Not Allocated to Segments
26 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 27: Other Items Not Allocated to Segments
27 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 28: Non-GAAP Measures and Reconciliations to GAAP Measures
28 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 29: Non-GAAP Measures and Reconciliations to GAAP Measures
29 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: Thi
Slide 30: 2018-2020 Non-GAAP Reconciliation – Segment Adjusted EBITDA
30 2018-2020 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA: 2018 2019 2020 Full Year Full Year Full Year GAAP amounts Add back: Depreciation and amortization Segment Adjusted EBITDA GAAP amounts Add back: Depreciation and
Slide 31: 2021-2023 Non-GAAP Reconciliation – Segment Adjusted EBITDA
31 2021-2023 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA: 2021 2022 2023 Full Year Full Year Full Year GAAP amounts Add back: Depreciation and amortization Segment Adjusted EBITDA GAAP amounts Add back: Depreciation and
Slide 32: 2018-2023 Adjusted EBITDA Reconciliation
32 2018-2023 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) (a) See detailed reconciliations of the 2018 to 2023 Segment Adjusted EBITDA on slides 30-31. (b) See detailed reconciliations of non-GAAP to GAAP results on slide 33. (c) Due to reorganization and restruc
Slide 33: 2018-2023 Non-GAAP Results Reconciled to GAAP
33 2018-2023 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 24-27 for details. (b) See "Reconciliations of Non-GAAP to GAAP Measures" on slides 28-29 for details. (c)
Slide 34: Non-GAAP Reconciliation – Segment Adjusted EBITDA
34 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA: 2024 2025 Q4 Full Year Q4 Full Year GAAP amounts Add back: Depreciation and amortization Segment Adjusted EBITDA GAAP amounts Add back: Depreciation and amortization Segme
Slide 35: Adjusted EBITDA Reconciliation
35 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) (a) See detailed reconciliations of the full year and fourth quarter 2025 and 2024 on slide 34. (b) See detailed reconciliations of non-GAAP to GAAP results on slide 36. (c) There is no difference between GAAP and n
Slide 36: 2024-2025 Non-GAAP Results Reconciled to GAAP
36 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 included in the Fourth Quarter 2025 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. We do not
Slide 37: 2023 Non-GAAP Reconciliation – Cash Flows
37 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 28-29 for further information and descriptions of the adj
Slide 38: 2024-2025 Non-GAAP Reconciliation – Net Debt
38 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 28-29 for further information and descriptions of the adjustments. Incl