Slide 1: Second Quarter 2025 Earnings
Second Quarter 2025 Earnings August 6, 2025 Exhibit 99.2
Slide 2: Safe Harbor Statements and Non-GAAP Results
2 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 forwar
Slide 3: Second Quarter Performance Highlights
3 Second Quarter Performance Highlights Strong organic revenue growth in all segments 5% Total organic growth 16% AMS / DRS organic growth 4% Total growth Favorable FX trends Profitability performance ahead of expectations 17.8% Adjusted EBITDA margin 12.6% Operating profit Best Q2 margin in history
Slide 4: Executing Against Our Value Creation Strategy
4 Executing Against Our Value Creation Strategy Grow Organically Expand Profit Margins Improve FCF Conversion Maximize Shareholder Value 5% YTD Organic growth 18% YTD AMS/DRS organic growth YTD Operating profit up 30bps YoY Margin expansion expected to accelerate in H2 +6 days Q2 YoY DSO improvement
Slide 5: ATM Managed Services Strategy Update
5 Strategic investment in KAL, a global ATM software provider, expands capabilities across the value chain ATM Managed Services Strategy Update Full ATM Ownership Value Chain HardwareSoftware FLM / SLM Cash LogisticsMonitoring & Forecasting DispatchProcessing Completed onboarding of Sainsbury’s and
Slide 6: Digital Retail Solutions Strategy Update
6 Digital Retail Solutions Strategy Update Record global installations in the second quarter Strong sales momentum building in all markets Investing to strengthen commercial capabilities Recent Business Updates: Retail Customer Accepts Cash Cash to DRS Device; Customer Credited Brink’s Efficiently R
Slide 7: AMS / DRS Expands the Brink's Addressable Market by 2-3x
7 AMS / DRS Expands the Brink’s Addressable Market by 2-3x $28B $8B Traditional Cash Management Market Existing ATM Managed Service Market $28B $8B +2-3x Retailers with >$5,000 cash per month Remaining Bank ATMs are Outsourced All values based on management estimates and market research
Slide 8: AMS/DRS Growth Strategy Continues to Drive Results
8 $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 stable quarter-over-quarter • Continuing to convert traditional customers to AMS / DRS •
Slide 9: Q2 Financial Results
Q2 Financial Results
Slide 10: Second-Quarter 2025 Results
10 Second-Quarter 2025 Results (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Second Quarter 2025 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to G
Slide 11: Second-Quarter 2025 Revenue and Adjusted EBITDA vs 2024
11 Second-Quarter 2025 Revenue and Adjusted EBITDA vs 2024 (non-GAAP, $ millions) Revenue $1,253 $12 $49 $4 $1,318 ( $17 ) $1,301 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 d
Slide 12: Second-Quarter 2025 Adjusted EBITDA vs 2024
12 $165 ( $61 ) ( $31 ) $3 $76 $58 $61 $31 $7 $232 Op Profit Interest Expense Taxes Interest Income & Other Income from Continuing Ops D&A Interest Expense Taxes Stock Comp & Other Adj. EBITDA Second-Quarter 2025 Adjusted EBITDA vs 2024 (non-GAAP, $ millions, except EPS) 17.8% Margin 12.6% Margin No
Slide 13: Capital Allocation Framework
13 Capital Allocation Framework Notes: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Second Quarter 2025 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Capital allocation priorities not shown in priori
Slide 14: Third Quarter 2025 Guidance and Full Year 2025 Framework
14 Third Quarter 2025 Guidance and Full Year 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 impa
Slide 15: Appendix
Appendix
Slide 16: Second-Quarter 2025 Revenue & Adjusted EBITDA by Segment vs 2024
16 Second-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. $412 $434 2024 2025 $72 $83 2024 2025 17.5% Margi
Slide 17: Second-Quarter 2025 Revenue & Operating Profit by Segment vs 2024
17 Second-Quarter 2025 Revenue & Operating Profit by Segment vs 2024 ($ millions) Note: Constant currency represents 2025 results at 2024 exchange rates. $412 $434 2024 2025 $52 $62 2024 2025 12.5% Margin 14.3% Margin $332 $319 2024 2025 $63 $55 2024 2025 19.1% Margin 17.2% Margin $200 $209 2024 202
Slide 18: Net Debt and Leverage
18 Net Debt and Leverage Note: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Second 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
Slide 19: Cash Remains Resilient Even in Advanced Markets
19 Cash Remains Resilient Even in Advanced Markets 1. US Federal Reserve 2025 Diary of Consumer Payment Choice – link in appendix 2. European Central Bank – 2024 Study on the Payment Attitudes of Consumers in the Euro area (SPACE) – link in Appendix Notes: See detailed reconciliations of non-GAAP to
Slide 20: Independent Cash Market Studies
20 Independent Cash Market Studies US Federal Reserve 2025 Diary of Consumer Payment Choice European Central Bank 2024 Study on the Payment Attitudes of Consumers in the Euro area (SPACE)
Slide 21: 2023 Non-GAAP Results Reconciled to GAAP
21 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 23-24 for details. b. See "Reconciliations of Non-GAAP to GAAP Measures" on slide
Slide 22: Non-GAAP Results Reconciled to GAAP (2023 Adj EBITDA)
22 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 23: Other Items Not Allocated to Segments (Unaudited)
23 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 24: Other Items Not Allocated to Segments (Unaudited)
24 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
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: Non-GAAP Reconciliation – Segment Adjusted EBITDA
27 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) 20252024Segment Adjusted EBITDA: Q2Q2 Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Oper
Slide 28: Adjusted EBITDA Reconciliation
28 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) (a) See detailed reconciliations of the Second Quarter 2025 and the Second Quarter 2024 Segment Adjusted EBITDA in the Appendix. (b) See detailed reconciliations of non-GAAP to GAAP results on slide 29. (c) There is
Slide 29: 2024-2025 Non-GAAP Results Reconciled to GAAP
29 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 Second Quarter 2025 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. We do not
Slide 30: 2022-2023 Non-GAAP Reconciliation – Cash Flows
30 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 31: 2024-2025 Non-GAAP Reconciliation – Net Debt
31 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