Brinks Company (the) · NYSE:BCO
Brinks Company (the) — Q3 2025 Earnings Presentation
34 slides from Brinks Company (the)'s earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings
Third Quarter 2025 Earnings November 5, 2025
Slide 2: Forward-Looking Statements and Non-GAAP Results
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 forw
Slide 3: Third Quarter Performance Highlights
Third Quarter Performance Highlights Strong organic Record Q3 Continued Free Cash revenue growth Operating Profit and Flow conversion with accelerating EBITDA margins momentum AMS/DRS Q3 Free Cash +30% Flow Growth 5% Total organic growth 19.0% Adjusted EBITDA margin +180bps Q3 Free Cash $175M Flow 1
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 Record EBITDA +78% Increase to Utilized $154M YTD to Growth Margins in North Free Cash Flow YTD Repurchase 1.7M shares America / Europe at
Slide 5: AMS/DRS Growth Strategy Continues to Drive Results
AMS/DRS Growth Strategy Continues to Drive Results ($ millions) Customer Offerings Brink’s Revenue Mix 27-28% Cash & Valuables Management • Organic growth consistent with expectations 25-27% • Continued conversion of existing customers to AMS/DRS 24% 21% ATM Managed Services / Digital Retail Solutio
Slide 6: ATM Managed Service Growth Accelerating Globally
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 6
Slide 7: Record Q3 Margins in North America Continue Strong Momentum
Record Q3 Margins in North America Continue Strong Momentum (non-GAAP, $ millions) North America Adj. EBITDA and Adj. EBITDA Margins Margin Improvement Drivers CAGR 13% • Shifting revenue to higher margin AMS/DRS $309 Pandemic $276 $259 33% AMS/DRS growth since 2022 $228 $217 • Brink’s Business Sy
Slide 8: Q3 Financial Results
Q3 Financial Results
Slide 9: Third-Quarter 2025 Results
Third-Quarter 2025 Results (non-GAAP, $ millions, except EPS) Revenue +6% Adj. EBITDA +17% Operating Profit +24% EPS +28% TTM Free Cash Flow +82% Constant Currency +5% Constant Currency +17% Constant Currency +24% Constant Currency +29% Conversion of 50%1 Organic +5% Diluted Share Count (6%) Acq -%
Slide 10: Third-Quarter 2025 Revenue and Adjusted EBITDA vs 2024
Third-Quarter 2025 Revenue and Adjusted EBITDA vs 2024 (non-GAAP, $ millions) Revenue Adjusted EBITDA % Change 5% -% 5% 1% 6% % Change 16% 1% 17% -% 17% Organic +$59 $13 $1,335 $2 $58 $5 $1,322 $34 $253 $1 $253 $1,259 $1 $217 -% +19% 17.2% 19.1% 19.0% Margin Margin Margin 2024 Organic Organic Acq /
Slide 11: Third-Quarter 2025 Adjusted EBITDA vs 2024
Third-Quarter 2025 Adjusted EBITDA vs 2024 (non-GAAP, $ millions, except EPS) $35 $6 $253 $63 $188 ( $63 ) $62 19.0% ( $35 ) Margin 14.1% Margin ( $3 ) $88 Op Profit Interest Expense Taxes Interest Income & Income from D&A Interest Expense Taxes Stock Comp Adj. EBITDA Other Continuing Ops & Other Vs
Slide 12: Capital Allocation Framework
Capital Allocation Framework Organic • Strategic investments driving growth and profit margins Investments 2x - 3x Net • 2.9x Net Debt Leverage at quarter end - within target range Debt Target 2025 Free Cash Flow Conversion of 40% - 45% • YTD ~1.7M shares @ $89.05 Share Repurchase • 5% YTD share cou
Slide 13: Fourth Quarter and Full Year 2025 Guidance and 2025 Framework
Fourth Quarter and Full Year 2025 Guidance and 2025 Framework (non-GAAP, $ millions, except EPS) Guidance Fourth Quarter Full-Year 2025 Framework Total Revenue $1,330 - $1,380 $5,212 - $5,262 Organic Revenue Growth Mid-Single Digits Organic Growth 3% - 6% ~5% AMS/DRS Organic Mid to High Teens Revenu
Slide 14: Appendix
Appendix
Slide 15: Third-Quarter 2025 Revenue & Adjusted EBITDA by Segment vs 2024
Third-Quarter 2025 Revenue & Adjusted EBITDA by Segment vs 2024 ($ millions) North America Latin America Europe Rest of World Revenue +5% Adj. EBITDA 28% Revenue 2% Adj. EBITDA (5%) Revenue +12% Adj. EBITDA +13% Revenue 5% Adj EBITDA +10% Constant currency +5% +28% Constant currency 6% --% Constant
Slide 16: Third-Quarter 2025 Revenue & Operating Profit by Segment vs 2024
Third-Quarter 2025 Revenue & Operating Profit by Segment vs 2024 ($ millions) North America Latin America Europe Rest of World Revenue +5% Operating Profit +37% Revenue 2% Operating Profit (6%) Revenue +12% Operating Profit +15% Revenue 5% Operating Profit +9% Constant currency +5% +37% Constant cur
Slide 17: Net Debt and Leverage
Net Debt and Leverage Leverage Within 2-3x Targeted Range (Non-GAAP, $ millions) Net Debt Adjusted EBITDA and Financial Leverage 2 $2,751 Leverage Ratio 2.8 2.9 $2,582 $951 $912 $1,361 $1,194 Secured Net Debt Adjusted EBITDA Unsecured $1,388 $1,390 Senior Notes1 12/31/2024 9/30/2025 Q4 2024 TTM Q3 2
Slide 18: Nine-Months 2025 Results
Nine-Months 2025 Results (non-GAAP, $ millions, except EPS) Revenue +4% Adj. EBITDA +6% Operating Profit +11% EPS +8% TTM Free Cash Flow +82% Constant Currency +5% Constant Currency +9% Constant Currency +16% Constant Currency +16% Conversion of 50%1 Organic +5% Diluted Share Count (5%) Acq -% FX (2
Slide 19: 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 Q3 Nine Months EPS: Amounts may not add due to rounding. GAAP $ 0.97 $ 1.95 a. See “Other Items Not Allocated To Segments” on slides 21-24 for details. b. See "Reconciliatio
Slide 20: 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) 2018 2019 2020 2021 2022 2023 Full Year Full Year Full Year Full Year Full Year Q3 Nine Months Adjusted EBITDA: Net income (loss) attributable to Brink's $ (33.3) $
Slide 21: Other Items Not Allocated to Segments
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 22: Other Items Not Allocated to Segments
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 li
Slide 23: Other Items Not Allocated to Segments
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 and G
Slide 24: Other Items Not Allocated to Segments
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-denominated
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: 2018-2022 Non-GAAP Reconciliation – Segment Adjusted EBITDA
2018-2022 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA: 2018 2019 2020 2021 2022 Full Year Full Year Full Year Full Year Full Year Add back: Add back: Add back: Add back: Add back: Depreciation Segment Depreciation Segme
Slide 28: 2018-2022 Adjusted EBITDA Reconciliation
2018-2022 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) 2018 2019 2020 2021 2022 North America $ 129.1 168.3 154.0 $ 217.1 228.2 Latin America 295.1 341.7 277.6 303.5 326.8 Europe 63.2 63.9 83.4 131.2 138.0 Rest of World 85.2 86.7 137.1 154.7 187.5 Total segment a
Slide 29: 2018-2022 Non-GAAP Results Reconciled to GAAP
2018-2022 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions) 2018 2019 2020 2021 2022 Interest and other nonoperating income (expense): GAAP $ (38.8) (52.7) (37.7) (7.0) 3.7 Reorganization and restructuring(a) — — 33.8 29.8 11.1 Acquisitions and dispositions(a) 4.
Slide 30: Non-GAAP Reconciliation – Segment Adjusted EBITDA
Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA: 2023 2024 2025 Full Year Q3 Q4 Q3 Nine Months Add back: Add back: Add back: Add back: Add back: Depreciation Segment Depreciation Segment Depreciation Segment Depreciation Se
Slide 31: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) 2023 2024 2025 Full Year Q3 Q4 Q3 Nine Months North America $ 259.1 $ 61.8 $ 74.1 $ 79.3 $ 235.0 Latin America 333.9 83.4 88.5 79.5 214.0 Europe 179.2 55.0 53.4 62.4 157.8 Rest of World 188.5 50.6 51.4 55.5 160.6 Total
Slide 32: 2024-2025 Non-GAAP Results Reconciled to GAAP
2024-2025 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions) 2023 2024 2025 Full Year Q3 Q4 Q3 Nine Months Interest and other nonoperating income (expense): GAAP 14.4 10.5 12.4 1.5 11.2 Acquisitions and dispositions(a) 1.2 1.3 (1.5) (0.5) 1.7 Argentina highly infl
Slide 33: 2022-2023 Non-GAAP Reconciliation – Cash Flows
2022-2023 Non-GAAP Reconciliation – Cash Flows The Brink’s Company and subsidiaries (In millions) Nine Months Full Year Nine Months Full Year 2022 2022 2023 2023 Cash flows provided from (used in) operating activities - GAAP $ 200.5 $ 479.9 $ 293.0 $ 702.4 (Increase) decrease in restricted cash held
Slide 34: 2024-2025 Non-GAAP Reconciliation – Net Debt
2024-2025 Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries (In millions) December 31, September 30, 2024 2025 Debt: Short-term borrowings $ 149.3 $ 218.1 Long-term debt 3,746.9 3,772.9 Total Debt 3,896.2 3,991.0 Less: Cash and cash equivalents 1,395.3 1,340.3 Amounts held by C