//t/ PROSEGUR
CASH
(Free translation for the original in Spanish. In the event of discrepancy, the Spanish-language version prevails).
Prosegur Cash, S.A. and subsidiaries
Table of contents
CONSOLIDATED INCOME STATEMENT - EXPENSE BY FUNCTION 4
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 5
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 6
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 7
CONSOLIDATED STATEMENT OF CASH FLOWS 9
EXPLANATORY NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL 10
STATEMENTS
General information 10
Basis for presentation, estimates made and accounting policies 11
Changes to the Group's structure 13
Events occurred s ince the end of 2025 14
Cost of sales and administration and sales expens es 17
Employee benefits expenses 18
Other income and expens es 18
Net finance costs 20
Segment reporting 20
Property, plant and equipment, goodwill and other intangible assets 23
Property, plant and equipment 23
Goodwill 24
Right-of-use 25
Other intangible assets 26
Investments accounted for using the equity method 27
Non-current financial ass ets and other current financial assets 30
Cash and cash equivalents 31
Inventories 31
Equity 32
Share capital and Share premium 32
Own shares 32
Cumulative translation differences 33
Earnings per share 34
Non-controlling interests 34
Dividends 34
Provisions 35
Financial liabilities 39
Taxation 42
Contingencies 47
Business combinations 48
Goodwill added in 2026 48
Goodwill added in 2025 whose valuation is being reviewed in 2026 48
Goodwill added in 2025 and not modified in 2026 48
Balances and trans actions with related parties 49
Average headcount 51
Events after the statement of financial position 51
APPENDIX I. - Summary of the main accounting policies 52
Directors' interim report 53
CONSOLIDATED INCOME STATEMENT - EXPENSE BY FUNCTION
(In thousands of Euros)
Six-month period ended 30 June
Note
2026
2025
Revenue
9
1,000,754
1,005,095
Cost of sales
5, 6
(665,976)
(654,798)
Gross profit/loss
334,778
350,297
Other income
7
6,073
10,968
Administration and sales expenses
5, 6
(242,722)
(260,386)
Other expenses
7
(2,340)
(1,717)
Equity accounted for using the equity method
11
5,024
2,012
Operating profit/loss (EBIT)
100,813
101,174
Finance income
8
8,551
7,151
Finance expenses
8
(25,915)
(21,641)
Net finance costs
(17,364)
(14,490)
Profit/loss before tax
83,449
86,684
Income tax
18
(34,987)
(39,121)
Profit/loss after tax from ongoing operations
48,462
47,563
Consolidated profit/loss for the period
48,462
47,563
Attributable to:
Owners of the parent company
46,332
45,940
Non-controlling interests
2,130
1,623
Earnings per share from ongoing operations attributable to the owners of the parent company (Euros per share)
- Basic
15.4
0.03
0.03
- Diluted
15.4
0.03
0.03
Notes on pages 10 to 51 form an integral part of these condensed interim consolidated financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In thousands of Euros)
Six month period ended 30 June
2026
2025
Profit/loss for the period
48,462
47,563
Other comprehensive income:
Items that are going to be reclassified to profit/loss
Translation differences for foreign operations
49,326
(60,343)
49,326
(60,343)
Total comprehensive income for the period, net of tax
97,788
(12,780)
Attributable to:
- Owners of the parent company
95,794
(13,623)
- Non-controlling interests
1,994
843
97,788
(12,780)
Notes on pages 10 to 51 form an integral part of these condensed interim consolidated financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In thousands of Euros)
ASSETS
Note
30 June 2026
31 December
2025
Property, plant and equipment
10
391,876
373,572
Goodwill
10
465,940
467,840
Right-of-use
10
88,996
87,649
Other intangible assets
10
221,264
234,949
Investments accounted for using the equity method
11
28,472
22,704
Non-current financial assets
12
21,720
20,134
Deferred tax assets
50,185
47,976
Non-current assets
1,268,453
1,254,824
Inventories
14
29,061
25,667
Clients and other receivables
395,952
333,974
Receivables with Prosegur Group
21
36,130
32,486
Current tax assets
46,884
59,536
Other financial assets
12
21,449
19,833
Cash and cash equivalents
13
489,382
1,019,741
Current assets
1,018,858
1,491,237
Total assets
2,287,311
2,746,061
EQUITY
Share capital
15
29,465
29,698
Share premium
15
33,134
33,134
Own shares
15
(8,077)
(16,648)
Translation differences
(638,189)
(687,651)
Retained earnings and other reserves
792,223
817,273
Equity attributed to holders of equity instruments of the parent
208,556
175,806
company
Non-controlling interests
46,026
44,298
Total equity
254,582
220,104
LIABILITIES
Financial liabilities
17
732,204
705,701
Long-term lease liabilities
10
66,500
64,603
Deferred tax liabilities
54,858
63,883
Provisions
16
91,117
86,284
Non-current liabilities
944,679
920,471
Suppliers and other payables
353,872
339,050
Current tax liabilities
59,610
71,660
Financial liabilities
17
515,963
1,098,651
Short-term lease liabilities
10
30,329
34,371
Payables with Prosegur Group
21
104,617
44,408
Provisions
16
2,499
4,120
Other current liabilities
21,160
13,226
Current liabilities
1,088,050
1,605,486
Total liabilities
2,032,729
2,525,957
Total equity and liabilities
2,287,311
2,746,061
Notes on pages 10 to 51 form an integral part of these condensed interim consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
PERIOD ENDED 30 JUNE 2026
(In thousands of Euros) Equity attributed to holders of equity instruments of the parent company
Capital (Note 15)
Share premium (Note 15)
Own shares
(Note 15)
Translation differences
Retained earnings and other reserves
Total
Non-
controlling interests
Total equity
Balance at 1 January 2026
29,698
33,134
(16,648)
(687,651)
817,273
175,806
44,298
220,104
Total comprehensive income for the period ended 30 June 2026
-
-
-
49,462
46,332
95,794
1,994
97,788
Capital reduction (Note 15)
(233)
-
8,000
-
(7,767)
-
-
-
Dividends (Note 15)
-
-
-
-
(62,465)
(62,465)
-
(62,465)
Accrued share-based incentives
-
-
571
-
(1,331)
(760)
-
(760)
Other changes
-
-
-
-
181
181
(266)
(85)
Balance at 30 June 2026
29,465
33,134
(8,077)
(638,189)
792,223
208,556
46,026
254,582
Notes on pages 10 to 51 form an integral part of these condensed interim consolidated financial statements.
PERIOD ENDED 30 JUNE 2025
(In thousands of Euros) Equity attributed to holders of equity instruments of the parent company
Capital (Note 15)
Share premium (Note 15)
Own shares
(Note 15)
Translation differences
Retained earnings and other reserves
Total
Non-
controlling interests
Total equity
Balance at 1 January 2025
29,698
33,134
(9,107)
(631,320)
800,300
222,705
41,132
263,837
Total comprehensive income for the period ended 30 June 2025
-
-
-
(59,563)
45,940
(13,623)
843
(12,780)
Dividends (Note 15)
-
-
-
-
(62,960)
(62,960)
-
(62,960)
Accrued share-based incentives
-
-
240
-
287
527
-
527
Purchase of own shares
-
-
(6,036)
-
-
(6,036)
-
(6,036)
Other changes
-
-
-
-
(5,330)
(5,330)
731
(4,599)
Balance at 30 June 2025
29,698
33,134
(14,903)
(690,883)
778,237
135,283
42,706
177,989
Notes on pages 10 to 51 form an integral part of these condensed interim consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands of Euros)
Six month period ending at 30 June
Note
2026
2025
Cash flows from operating activities
Profit/(Loss) of the period
48,462
47,563
Adjustments for:
Depreciation and amortisation
5, 10
71,868
69,350
Impairment losses on trade receivables and inventories
7
1,187
1,137
Investments accounted for using the equity method
(5,024)
(2,012)
Changes in provisions
16
7,542
(13,599)
Finance income
8
(11,097)
(6,737)
Finance expenses
8
28,461
27,501
Income tax
18
34,986
39,121
Other income
(4,318)
(533)
Changes in working capital, excluding the effect of acquisitions and translation differences
Inventories
(3,171)
(10,767)
Clients and other receivables
(21,684)
(23,858)
Suppliers and other payables
(6,564)
15,945
Payments of provisions
16
(12,470)
(25,926)
Other liabilities
1,838
2,284
Cash generated from operations
Interest payments
(12,839)
(16,545)
Income tax paid
(37,990)
(51,406)
Net cash generated from operating activities
79,187
51,518
Cash flows from investing activities
Interest received
3,038
1,368
Proceeds from transactions with associates
11
14,718
-
Payments for the purchase of property, plant and equipment
10
(30,546)
(20,484)
Payments for the purchase of intangible assets
10
(6,492)
(13,230)
Payments for and proceeds from financial assets
12
(4,976)
(5,220)
Proceeds from the sale of property, plant and equipment
(5,026)
1,042
Net cash generated from investing activities
(29,284)
(36,524)
Cash flows from financing activities
Payments from the issue of own shares and equity instruments
Payments from debentures and other negotiable securities
15
-
(600,000)
(6,036)
-
Proceeds from bank borrowings
166,151
467,334
Payments from bank borrowings
(121,170)
(308,359)
Payments from other debts
(5,673)
(7,282)
Payments from lease liabilities
(22,537)
(22,542)
Paid dividends
4 and 15
(2,037)
(513)
Net cash generated from financing activities
(585,666)
122,602
Net increase (decrease) in cash and cash equivalents
(535,363)
137,596
Cash and cash equivalents at the beginning of the year
1,019,741
551,275
Effect of exchange differences on cash
5,004
(12,711)
Cash and equivalents at the end of the year
489,382
676,160
Notes on pages 10 to 51 form an integral part of these condensed interim consolidated financial statements.
EXPLANATORY NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
General information
Prosegur Cash Group (hereinafter, "Prosegur Cash" or the "Cash Group") is a business group made up of Prosegur Cash, S.A. (hereinafter, "the Company") and its subsidiaries (together, Prosegur Cash or Cash Group) which provides securities logistics, cash management and other value-added services in the following countries: Spain, Portugal, Germany, Italy, Andorra, Cyprus, Czech Republic, Luxembourg, the United Kingdom, Sweden, Finland, Denmark, France, Austria, the United States, Argentina, Brazil, Chile, Peru, Uruguay, Paraguay, Colombia, the Dominican Republic, the Philippines, Singapore, New Zealand, Iceland, the Netherlands, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Ecuador, Mexico, India, Indonesia and Australia. The Cash Group is organised into the following geographical areas:
Europe
LATAM
Rest of the world (AOA)
The services provided by the Cash Group are distributed into the following business lines:
Transport
Cash management
Transformation Products
Prosegur Cash, S.A. is a subsidiary controlled by the Spanish company Prosegur Compañía de Seguridad, S.A. (hereinafter, Prosegur or the Prosegur Group), which currently owns 82.37% of its shares. Accordingly, the Prosegur Group consolidates the Prosegur Cash Group in its financial statements. The registered offices of Prosegur Cash, S.A. are at Calle Santa Sabina, 8, Madrid (Spain).
Prosegur is under the control of Gubel, S.L. and Yirayira International S.L., which own 65.09% and 8.04%, respectively, of the shares in Prosegur Compañía de Seguridad S.A.
The corporate purpose of Prosegur Cash is to provide the following services through companies focusing on the Cash business:
national and international transport services (by land, sea and air) of funds and other valuables (including jewellery, artworks, precious metals, electronic devices, voting ballots, legal evidence), including collection, transport, custody and deposit services;
processing and automation of cash (including counting, processing and packaging), as well as coin recycling, cash flow control and monitoring systems;
comprehensive ATM and network management solutions (including planning, loading, monitoring, first- and second-tier maintenance and balancing services);
cash planning and forecasting for financial entities;
Cash-Today (including cash machines, cash deposit machines, recycling and coin and bill dispensing services); and custody services for cryptocurrency and other securities;
until 31 March 2026, added-value outsourcing services (AVOS) in several countries for banks (including outsourcing of teller services, multi-agency services, cheque processing and related administrative services),
correspondent banking activities (collection and payment management and payment of invoices, among others),
foreign exchange services (also includes international payment services and online foreign currency) and
Prosegur Crypto services for the purchase, sale and custody of tokenised gold, as well as cryptocurrency custody services.
The individual and consolidated annual accounts of Prosegur Cash, S.A. for 2025 were approved by the Shareholders General Meeting of 29 April 2026.
Structure of Prosegur Cash
Prosegur Cash, S.A. is the parent company of a Group made up of subsidiaries, listed in Appendix I of the Notes to the Consolidated Annual Accounts at 31 December 2025. Likewise, Prosegur Cash has Joint Arrangements and associates in place (Note 15 and Appendix II of the Notes to the Consolidated Annual Accounts at 31 December 2025).
Details of the principles applied to prepare the Prosegur Cash Consolidated Annual Accounts and define the consolidation scope are provided in Note 32.2 and Note 2 to the Consolidated Annual Accounts at 31 December 2025.
Basis for presentation, estimates made and accounting policies
These condensed interim consolidated financial statements of Prosegur Cash, for the six-month period ended 30 June 2026, have been prepared in accordance with IAS 34 "Interim Financial Reporting".
In accordance with the provisions of IAS 34, interim financial reporting is prepared solely with the intention of updating the content of the latest Consolidated Annual Accounts prepared by Prosegur Cash, emphasising the new activities, events and circumstances that occurred during the six-month period ended 30 June 2026, and not duplicating the information previously published in the Consolidated Annual Accounts for 2025.
Therefore, and for a proper understanding of the information included in these condensed interim consolidated financial statements, they should be read together with Prosegur Cash Consolidated Annual Accounts for the year ended 31 December 2025, which were prepared in accordance with International Financial Reporting Standards (IFRS), adopted for use in the European Union and approved by the current European Commission Regulations and other applicable financial reporting regulations (IFRS-EU).
Significant changes in accounting policies
Except for the rest of the new standards and interpretations effective as of 1 January 2026, described in Appendix I, the accounting policies applied in these condensed interim consolidated financial statements at 30 June 2026 are consistent with those applied in the preparation of Prosegur Cash Consolidated Annual Accounts at 31 December 2025, the detail of which is included in Note 32 of said Consolidated Annual Accounts.
Additionally, as indicated in Appendix I, IFRS 18 introduces, among other changes, three new requirements to improve companies' reporting of their financial performance and provide investors with a better basis for analysing and comparing companies.
It improves the comparability of the statement of financial performance by introducing three new categories: operating, investing and financing;
It provides greater transparency of Management-defined performance measures by introducing new guidelines and breakdowns;
It provides guidance to provide a more useful grouping of information in the financial statements.
The Cash Group is analysing the impact that IFRS 18 will have on its consolidated financial statements from 1 January 2027, and, although the changes will affect specific breakdowns in the Annual Accounts, the Consolidated Statement of Financial Position, and the Consolidated Statement of Cash Flows, the Cash Group estimates that the biggest changes due to the adoption of the Standard will occur in the Consolidated Income Statement, which will include new categories that will be classified among operating, investing and financing results.
The Cash Group is mainly assessing the classification of the following items among the different categories of the Income Statement:
Profits/(losses) of the year, regarding investments accounted for using the equity method;
Breakdown of the other income and other expenses item and classification among the different categories, if applicable;
Classification of positive and negative exchange differences among the categories of operating, investing or financing results, depending on their origin;
Breakdown of the finance expenses item by nature;
Classification of expenses and income derived from the net monetary position;
Classification of dividend income and income from property investments.
Estimates, assumptions and relevant judgements
The preparation of the condensed interim consolidated financial statements, in accordance with IFRS-EU requires the application of relevant accounting estimates and the undertaking of judgements, estimates and assumptions in the process for application of the Prosegur Cash accounting policies and valuation of the assets, liabilities and profit and loss.
The tax expense for Corporate Income Tax for the six-month period ended 30 June 2026 is calculated based on the best estimate of the effective tax rate that the Cash Group expects for the annual period and the recoverability of recognised deferred tax assets.
Comparative information
For comparative purposes and for each item in the consolidated statement of financial position, in the consolidated income statement, in the consolidated statement of comprehensive income, in the consolidated statement of cash flows, in the consolidated statement of changes in equity and in the notes to the condensed interim consolidated financial statements, in addition to the consolidated figures for the six-month period ended 30 June 2026, the condensed interim consolidated financial statements show those for the same period of the previous year, except for the consolidated statement of financial position which shows the consolidated figures for the twelve-month period ended 31 December 2025.
At 30 June 2026, the Cash Group has a negative working capital of EUR 69,192 thousand (EUR 114,249 thousand negative working capital at 31 December 2025). This change compared to the working capital at 31 December 2025 is due to the reclassification from non-current liabilities to current liabilities of the financial debt held by the Cash Group from the issuance of uncovered bonds maturing in February 2026.
Changes to the Group's structure
In Appendix I to the Consolidated Annual Accounts for the year ended 31 December 2025, relevant information is provided on the Group companies that were consolidated at that date.
During the first six months of 2026, the following companies have been incorporated and wound up:
In January 2026, Prosegur Logistik Management GmBH was incorporated in Germany.
In February 2026, Prosegur Cash Management GmBH was incorporated in Germany.
In February 2026, Prosegur Logistik Management GmBH & Co KG was incorporated in Germany.
In February 2026, Prosegur Cash GmBH & Co KG was incorporated in Germany.
In March 2026, Fideicomiso Financiero Individual Prosegur Digital Gold was incorporated in Argentina.
In April 2026, Planopliafigurada Unipessoal LDA was incorporated in Portugal.
In March 2026, Blindados SRL was wound up in Uruguay.
Sale of VN Group in Argentina and Paraguay to Prosegur Group
On 31 March 2026, Prosegur Cash formalised the sale and transfer of 100% of the shares in the companies V.N. Global BPO S.A. (Argentina) and VN Global Paraguay S.A. to Prosegur Compañía de Seguridad, S.A. and another group company, as a means for the acquisition by said entities of the so-called added-value outsourcing services (AVOS) business for financial institutions and insurance companies in Argentina and Paraguay. Both operations are part of a single economic and legal transaction and have been contractually structured as interdependent.
The company value agreed for the operations as a whole amounted to EUR 16,367 thousand for the Argentina company and EUR 3,414 thousand for the Paraguayan company at the time of the transaction.
The transaction responds to the strategic decision, independently adopted by Prosegur Cash to better achieve its business objectives, to monetise and enhance the value of the transferred businesses, freeing up resources to allocate them to investment opportunities with a stronger strategic fit and which are a priority in the capital allocation of Prosegur Cash Group and to the reduction of debt, and it culminates the divestment process, initiated in 2021, of most of the added-value outsourcing services (AVOS) business, within the framework of the sale by Prosegur Cash to Prosegur Group of certain areas of said business in Spain, as well as the associated technology, communicated to the market in March 2021.
The transaction has been reviewed by the Prosegur Cash Audit Committee which has confirmed that it is fair and reasonable from the Company's point of view and from the various Prosegur Group non-controlling shareholders. Likewise, Kroll Advisory S.L. has issued an independent valuation report addressed to the Company's Board of Directors in which it has determined a valuation range for the companies subject to the transfer.
Events occurred since the end of 2025
In addition to what is reflected in Note 3 on the changes to the structure of the Cash Group, the most relevant transactions and events that occurred during the first six months of 2026 are detailed below:
Geopolitical uncertainties
Macroeconomic outlook
During the first half of 2026, the global macroeconomic environment has been marked by a significant increase in uncertainty, stemming mainly from the intensification of geopolitical tensions in the Middle East. In particular, the conflict that began in late February is having a significant impact on energy markets, even causing interruptions in maritime traffic through the Strait of Hormuz and generating disruptions in the supply of oil and gas. These tensions are translating into a rebound in energy and other raw material prices, with direct effects on inflation expectations and global financial conditions.
Although actions for the de-escalation of the conflict have been taken by the parties involved during the first six months, central banks maintain a prudent stance due to the persistence of inflationary risks associated with the volatility of energy markets.
Despite this scenario of high uncertainty, global economic activity has shown resilience, supported by factors such as the strength of domestic demand in certain economies and the boost in investment, especially in technology sectors. Nevertheless, the outlook remains dependent on how geopolitical conflicts evolve and their potential impact on market growth and stability, in an environment where the expectation of a progressive normalisation persists if the resolution of the current tensions takes hold.
Consequently, the Cash Group's results have shown a positive trend during the first six months of 2026, driven by:
Overall, steady business growth in local currency in all regions, with a particular increase in the AOA region;
Growth of transformation products;
Continuous search for alternatives to improve the Group's financing structure. At 30 June 2026, fixed-rate debt as a proportion of total bank debt is 63% and variable-rate debt is 37% (43% and 57% at 2025 year-end, respectively).
Lastly, regarding the other existing armed conflicts in Ukraine and the Middle East, international pressure continues in an effort to force the parties involved to negotiate, but it is not known to what extent or for how long they will remain active. For this reason, the Cash Group continues to constantly monitor the macroeconomic and business variables that give it the best estimate of the potential associated impacts.
Currency risk
More than two and a half years after the arrival of the new government, Argentina remains in a process of macroeconomic stabilisation. The country has managed to maintain a fiscal surplus and a prudent monetary policy, and progress has been made towards greater exchange rate flexibility.
During the first half of 2026, the impacts on the interim consolidated financial statements of the Cash Group arising from the economic situation in Argentina were as follows:
Exchange rate changes: The total sales figure of the Group amounted to EUR 1,000,754 thousand in 2026 (EUR 1,005,095 thousand in the first half of 2025). Turnover, translated into euros, generated in countries with a functional currency other than the euro, and therefore exposed to exchange rate fluctuations, amounted to EUR 704,885 thousand (EUR 723,866 thousand in the first half of 2025).
Hyperinflation and devaluation: Hyperinflation reached 16.97% in the first half of 2026 (15.30% in the same period in 2025), while the appreciation of the Argentine peso against the euro was approximately 3.3% (devaluation of 30.9% in 2025).
Capital reduction
On 10 February 2026, a deed was registered in the Companies Registry of Madrid relating to the reduction of capital through the redemption of 11,678,000 own shares of the Company, each with a nominal value of EUR 0.02, thus reducing the share capital by EUR 233,560, from EUR 29,698,260.74 to EUR 29,464,709.74. The resulting share capital is represented by 1,473,235,487 ordinary shares of a single class and series, each with a nominal value of EUR 0.02 (Note 15).
The capital reduction was carried out without refund of contributions and was made against free reserves by provisioning an unavailable voluntary reserve for the same amount as the capital reduction (that is EUR 233,560), in accordance with article 355 (c) of the Spanish Companies Act.
Sustainability
These condensed interim consolidated financial statements have been prepared taking into account the provisions of the informative documents issued by the International Accounting Standards Board (IASB) in November 2020 and in July 2023, which include information requirements in relation to climate change.
During the first three months of 2026, the Cash Group has continued to make progress in integrating ESG (Environmental, Social and Governance) criteria as an essential part of its corporate culture and responsible management model. These three pillars - environment, social commitment and good
governance - continue to gain a presence in the Group's management and reinforce its long-term sustainability.
The actions carried out in this period have been mainly aimed at enhancing environmental responsibility in the provision of services, promoting decent and stable employment, encouraging the continuous training of employees, ensuring the health and safety of professional teams, preserving human rights and maintaining the highest standards of regulatory compliance and good corporate governance. This commitment was endorsed by the renewal, in 2025, of the highest rating (G++) in AENOR's good governance certification, a recognition that attests to the strength of the Group's governance system.
Likewise, during 2026, the Board of Directors has continued to review and update the Company's internal regulatory framework with the aim of reinforcing best corporate governance practices, approving the updates to the Tax Strategy Policy, the Information Security and Cybersecurity Policy, the Policy on Communication with Shareholders, Institutional Investors and Proxy Advisors, the Corporate Governance Policy, the Shareholder Remuneration Policy, the Policy for the Selection of Candidates for Directors, and the Financial Investment Policy.
The Cash Group continues to work on implementing policies that consolidate a corporate culture based on transparency, responsible innovation and proactive risk management.
In the environmental sphere, the Cash Group maintains a firm commitment to the progressive reduction of its emissions in the medium and long term. It should be noted that, due to the nature of its activity - focused on the provision of services and not on transformation or manufacturing -, the Cash Group's operations do not generate a significant environmental impact, nor do they constitute a factor accelerating climate change or a threat to biodiversity.
Likewise, it is worth highlighting that Prosegur Cash has been included for the first time in Standard & Poor's 2026 sustainability yearbook.
Lastly, it should be noted that Prosegur Cash was included in Forbes' prestigious list as one of the 100 best companies to work for in Spain, and, additionally, was incorporated into the Ibex Gender Equality index.
For all the reasons mentioned above, as of the date these condensed interim consolidated financial statements were prepared, there is no obligation requiring the establishment of an environmental provision.
Cost of sales and administration and sales expenses
The main cost of sales and administration and sales expenses in the consolidated income statement for the six-month periods ended 30 June 2026 and 2025 are as follows:
Thousands of Euros Period ended 30 June
2026
2025
Supplies
48,667
47,301
Employee benefits expenses
(Note 6)
418,870
427,169
Operating leases
4,844
2,780
Supplies and external services
103,457
97,224
Depreciation and amortisation
29,802
25,482
Other expenses
60,336
54,842
Total cost of sales
665,976
654,798
Thousands of Euros Period ended 30 June
2026
2025
Supplies
893
711
Employee benefits expenses
(Note 6)
75,217
73,883
Operating leases
32,189
36,096
Supplies and external services
39,879
41,442
Depreciation and amortisation
42,066
43,868
Other expenses
52,478
64,386
Total administration and sales expenses
242,722
260,386
During the first six months of 2026, the cost of sales and administration and sales expenses increased compared to the same period of the previous year, mainly due to the increase in supplies, depreciation of property, plant and equipment, and other external services expenses.
Total supplies in the consolidated income statement for the six-month period ended 30 June 2026 amount to EUR 49,560 thousand (June 2025: EUR 48,012 thousand). Within the supplies category, costs totalling EUR 5,564 thousand are recorded for the Corban business in Uruguay (compared to EUR 4,284 thousand in June 2025).
The heading on Other expenses mainly includes insurance costs, freight and transport costs, costs for uniforms, travel, training and medical expenses of personnel, costs for taxes, costs for claims not covered by insurance, as well as costs for the acquisition of minor equipment and other minor items.
The heading on Supplies and external services includes the costs for the repair of items of transport, bill-counting equipment, operating subcontracts with third parties and other advisors such as lawyers, auditors and consultants.
The costs for operating leases by right-of-use corresponding to contracts for a period equal to or less than one year and to lease contracts of low value assets for an amount equal to or less than USD 5 thousand are included under the heading on Operating leases. The remaining contracts are included in the heading on Right-of-use (Note 10.3).
The heading on Other expenses, under administration and sales, mainly includes expenses for management support services and trademark usage expenses for EUR 19,514 thousand and EUR 18,137 thousand, respectively (June 2025: EUR 24,579 thousand and EUR 17,704 thousand,
respectively) (Note 21).
Employee benefits expenses
Details of employee benefits expenses for the six-month periods ended 30 June 2026 and 2025 are as follows:
Thousands of Euros Period ended 30 June
2026
2025
Wages and salaries
380,625
385,614
Social Security expenses
78,987
78,967
Other employee benefits expenses
16,808
16,740
Indemnities
17,667
19,731
Total employee benefits expenses
494,087
501,052
The accrual of the long-term incentive associated with the 2021-2023 Plan, 2024-2025 Plan and the 2026-2027 Plan for the Executive President, Managing Director and the Management of the Group is included under the heading on Wages and salaries (Note 16). At 30 June 2026, the accumulated net expense amounts to EUR 1,802 thousand (EUR 1,514 thousand expense in June 2025) (Note 16).
The heading on Indemnities includes the provision for occupational risks (Note 16).
Other income and expenses
Details of Other income and expenses in the consolidated income statement for the six-month periods ended 30 June 2026 and 2025 are as follows:
Thousands of Euros Period ended 30 June
2026
2025
Profit/(loss) for impairment of receivables
(1,551)
(1,137)
Other expenses
(789)
(580)
Total other expenses
(2,340)
(1,717)
The line for impairment losses and reversals on trade receivables includes, at 30 June 2026, credit risks from specific clients in Germany, Spain and Colombia.
Thousands of Euros Period ended 30 June
2026
2025
Other income
6,073
10,968
Total other income
6,073
10,968
In June 2026, the "other income" item primarily reflects:
positive impact in the amount of EUR 3,243 thousand from the sale of 100% of the shares in the companies V.N. Global BPO S.A. (Argentina) and VN Global Paraguay S.A. to Prosegur Compañía de Seguridad, S.A. and another group company (Note 3);
the impact of the reversal of debt for business combinations carried out in previous years in the LATAM segment. Deferred contingent consideration was recorded based on estimated business plans, which included estimated operating results higher than those finally obtained. As a consequence, the Cash Group has recorded income in the amount of EUR 1,205 thousand associated with business combinations in LATAM;
In June 2025, the "other income" item primarily reflects the net impact recorded from:
positive impact from the payment of Transpev's debt to the Brazilian Federal Tax Authority, amounting to EUR 16,087 thousand, due to the difference between the reversal of the provision recorded in recent years for EUR 35,717 thousand and the cash payment to the Brazilian Federal Tax Authority of EUR 19,629 thousand;
negative impact of EUR 7,767 thousand, arising from the agreement signed between the Cash Group and Grupo Prosegur Segurança in Brazil, whereby the Cash Group must indemnify Grupo Prosegur Segurança in Brazil for the partial payment of the debt that the latter made to the Brazilian Federal Tax Authority for proceedings related to Transpev (Notes 4 and 21), which was a debt attributable to the Cash Group.
Net finance costs
Details of net finance costs for the six-month periods ended 30 June 2026 and 2025 are as follows:
Thousands of Euros Period ended 30 June
2026
2025
Borrowing costs
(15,763)
(13,253)
Interest received
3,137
2,217
Net (loss)/profit on foreign currency transactions
5,414
4,423
Net finance (expense)/income from the net monetary position
(528)
413
Finance expenses for the update of lease liabilities (Note 10)
(3,119)
(2,921)
Gains/(losses) due to variation in fair value of financial instruments
-
98
Other expenses and net finance income
(6,505)
(5,467)
Total net finance costs
(17,364)
(14,490)
The main change in the financial profit/loss for the first six months of 2026 compared to the first six months of 2025 is due principally to the net effect of:
Increase in interest expenses amounting to EUR 2,510 thousand; this heading includes the coupon on the bond issued by the Cash Group in 2017 amounting to EUR 600,000 thousand, and the one issued in October 2025, as well as the interest on syndicated operations and other financing. The change is mainly due to an increase in financing costs compared to the same period in 2025;
Increase in interest received amounting to EUR 920 thousand, reflecting the performance of cash surplus investments;
Positive impact of EUR 991 thousand from net gains on foreign currency transactions, mainly driven by Spain and Argentina;
A slight increase in finance expenses for the update of lease liabilities;
Negative impact on the June 2026 consolidated income statement due to the net finance expense arising from the net monetary position. At June 2025, the net monetary position represented a finance income of EUR 413 thousand. That item reflects the exposure to the change in the purchasing power of the Argentine currency;
Increase in finance expenses under the heading of Other net finance income and expenses, amounting to EUR 1,038 thousand, mainly due to an increase in expenses for the monetary adjustment of court deposits associated with the labour actions open in Brazil and Argentina (Note 16).
Segment reporting
The Board of Directors is ultimately responsible for making decisions on the Cash Group's operations and, together with the Audit Committee, for reviewing the Cash Group's internal financial information to assess performance and to allocate resources.
The Board of Directors analyses the business from two perspectives: geographical and by activity. From a geographical perspective, three segments are identified: Europe, LatAm and Rest of the world (AOA), which in turn include the lines of activity identified as Transport, Cash Management and Transformation Products.
The Board of Directors uses adjusted EBITA to assess segment performance, since this indicator is considered to best reflect the results of the Cash Group's different activities.
Details of revenue by segments for the six-month periods ended 30 June 2026 and 2025 are as follows:
Europe AOA LatAm Total
Thousands of Euros
at 30 June
2026
at 30 June
2025
at 30 June
2026
at 30 June
2025
at 30 June
2026
at 30 June
2025
at 30 June
2026
at 30 June
2025
Transport
136,876
137,591
64,097
65,462
273,764
282,839
474,737
485,892
% of total
41%
43%
70%
71%
47%
48%
47%
48%
Cash management
81,999
80,707
4,244
4,390
81,901
92,153
168,144
177,250
% of total
25%
25%
5%
5%
14%
16%
17%
18%
Transformation Products
111,382
104,794
22,975
22,761
223,516
214,398
357,873
341,953
% of total
34%
32%
25%
25%
39%
36%
36%
34%
Total Sales
330,257
323,092
91,316
92,613
579,181
589,390
1,000,754
1,005,095
Income from Transport, Cash Management and Transformation Products services are recognised at the time they are provided.
Segment income and expenses are composed by those deriving from the operating activities directly attributable to them and that the Board of Directors considers reasonable and which are distributed by using an analytical distribution criterion.
Details of profit/loss after tax from operations broken down by segment are as follows:
Europe AOA LatAm Total
Thousands of Euros
at 30 June
2026
at 30 June
2025
at 30 June
2026
at 30 June
2025
at 30 June
2026
at 30 June
2025
at 30 June
2026
at 30 June
2025
Sales to external clients
330,257
323,093
91,316
92,613
579,181
589,389
1,000,754
1,005,095
Other net expenses
(301,550)
(290,694)
(78,500)
(82,473)
(453,047)
(463,416)
(833,097)
(836,583)
Equity losses recorded applying the
24
(134)
4,119
2,866
881
(720)
5,024
2,012
equity method
EBITDA
28,731
32,265
16,935
13,006
127,015
125,253
172,681
170,524
PPE depreciation
(20,795)
(20,688)
(5,264)
(4,728)
(35,233)
(32,671)
(61,292)
(58,087)
Adjusted EBITA
7,936
11,577
11,671
8,278
91,782
92,582
111,389
112,437
Amortisation of intangible assets
(2,701)
(2,926)
(1,198)
(1,345)
(6,677)
(6,992)
(10,576)
(11,263)
EBIT
5,235
8,651
10,473
6,933
85,105
85,590
100,813
101,174
Net Finance Profit/loss
(16,527)
(12,144)
(1,236)
(2,262)
399
(84)
(17,364)
(14,490)
Corporate Income Tax
(6,367)
(9,146)
(3,354)
(1,310)
(25,266)
(28,665)
(34,987)
(39,121)
(17,659)
(12,639)
5,883
3,361
60,238
56,841
48,462
47,563
Profit/loss after tax
of ongoing operations
Details of assets allocated to segments and a reconciliation with total assets at 30 June 2026 and 31 December 2025 are as follows:
Europe AOA LatAm Not allocated to
segments
Total
30 June
2026
31
December 2025
30 June
2026
31
December 2025
30 June
2026
31
December 2025
30 June
2026
31
December 2025
30 June
2026
31
December 2025
449,856
433,219
200,900
188,070
1,028,386
976,952
97,067
107,516
1,776,209
1,705,757
-
-
-
-
-
-
511,102
1,040,304
511,102
1,040,304
-
-
-
-
-
-
21,720
20,563
21,720
20,563
-
-
-
-
-
-
489,382
1,019,741
489,382
1,019,741
449,856
433,219
200,900
188,070
1,028,386
976,952
608,169
1,147,820
2,287,311
2,746,061
Thousands of Euros
Assets allocated to segments
Other non-allocated as sets
Other non-current financial assets
Cash and cash equivalents
Details of liabilities allocated to segments and a reconciliation with total liabilities at 30 June 2026 and 31 December 2025 are as follows:
Europe AOA LatAm Not allocated to segments
Total
30 June
2026
31
December 2025
30 June
2026
31
December 2025
30 June
2026
31
December 2025
30 June
2026
31
December 2025
30 June
2026
31
December 2025
316,209
230,518
78,954
80,751
352,738
348,486
114,467
135,546
862,368
795,301
-
-
-
-
-
-
1,170,361
1,730,656
1,170,361
1,730,656
-
-
-
-
-
-
1,170,361
1,730,656
1,170,361
1,730,656
316,209
230,518
78,954
80,751
352,738
348,486
1,284,828
1,866,202
2,032,729
2,525,957
Thousands of Euros
Liabilities allocated to segments
Other unallocated liabilities
Bank borrowings
Total assets allocated to segments mainly exclude other current and non-current financial assets and cash and cash equivalents, as these are managed together by the Cash Group and include rights-of-use that have emerged as a result of the application of IFRS 16.
The total liabilities assigned to segments exclude bank borrowings as the Cash Group jointly handles the financing, and they include finance lease liabilities and those arising from the application of IFRS 16.
Property, plant and equipment, goodwill and other intangible assets
Property, plant and equipment
Details of changes in property, plant and equipment for the six-month periods ended 30 June 2026 and 2025 are as follows:
Thousands of Euros Period ended 30 June
2026
2025
Cost
Opening balances
932,590
1,013,969
Additions
41,461
20,484
Write offs due to disposals or by other means
(15,761)
(14,756)
Exit from the scope
(5,403)
-
Transfer to right-of-use (Note 10.3)
(2,642)
-
Translation differences
70,630
(32,688)
Closing balances
1,020,875
987,009
Accumulated depreciation
Opening balances
(559,018)
(612,102)
Write offs due to disposals or by other means
6,030
13,792
Provisions charged against the income statement
(34,850)
(33,115)
Exit from the scope
4,391
-
Translation differences
(45,693)
15,429
Transfer to right-of-use (Note 10.3)
141
-
Closing balances
(628,999)
(615,996)
Opening balances
373,572
401,867
Closing balances
391,876
371,013
During the first half of 2026, investments in property, plant and equipment made by the Cash Group came to EUR 41,461 thousand (at 30 June 2025: EUR 20,484 thousand). These investments mainly correspond to:
Cash automation equipment installed at clients amounting to EUR 23,072 thousand (EUR 12,841 thousand in June 2025), most notably in Brazil;
Acquisitions and upgrades of bases, other facilities, and armoured vehicles in Argentina, Brazil, Chile, Colombia, Spain, Paraguay, Peru, and Uruguay, totalling EUR 11,762 thousand (compared to EUR 3,936 thousand in June 2025);
The refurbishment of spaces and purchase of equipment for the foreign exchange business, amounting to EUR 919 thousand (EUR 1,249 thousand in June 2025).
No assets are subject to restrictions on title or pledged as security for particular transactions at 30 June 2026.
Goodwill
Details of changes in goodwill for the six-month period ended 30 June 2026 are as follows:
Thousands of Euros
2026
Net carrying amount at 31 December 2025
467,840
Exits from the scope
(12,749)
Translation differences
10,849
Net carrying amount at 30 June 2026
465,940
The Cash Group tests goodwill for impairment at the end of each reporting period, or earlier if there are indications of impairment, in accordance with the accounting policy described in Note 32.10 of the Consolidated Annual Accounts at December 2025.
At 30 June 2026, there were no elements indicating impairment with respect to recognised goodwill. Details of changes in goodwill for the six-month period ended 30 June 2025 were as follows:
Thousands of Euros
2025
Net carrying amount at 31 December 2024
488,373
Additions
129
Translation differences
(19,553)
Net carrying amount at 30 June 2025
468,949
The additions corresponded to the goodwill Germany GmbH in Germany (Note 3).
generated from the acquisition of Prosegur Services
Thousands of Euros
2025
Prosegur Services Germany GmbH
129
129
Right-of-use
Details of changes in rights-of-use assets for the six-month periods ended 30 June 2026 and 2025 are as follows:
Thousands of Euros Period ended 30 June
2026
2025
Cost
Opening balances
274,183
314,027
Additions
18,519
22,542
Exits from the scope
(793)
-
Transfer of property, plant and equipment (Note 10.1)
2,642
-
Write offs and cancellations
(2,150)
(30,810)
Translation differences
9,525
(18,405)
Closing balances
301,926
287,354
Accumulated amortisation
Opening balances
(186,534)
(191,286)
Transfer to non-current assets held for sale
(141)
-
Provisions charged against the income statement
(19,515)
(19,219)
Translation differences
(7,328)
10,970
Write offs due to disposals or by other means
-
12,634
Exits from the scope
588
-
Closing balances
(212,930)
(186,901)
Opening balances
87,649
122,741
Closing balances
88,996
100,453
Details of changes in lease liabilities for the six-month periods ended 30 June 2026 and 2025 are as follows:
Thousands of Euros Period ended 30 June
2026
2025
Cost
Balance at 31 December
(98,974)
(125,097)
Additions
(18,529)
(22,542)
Write offs and cancellations
25,811
35,397
Finance expenses (Note 8)
(3,119)
(2,921)
Translation differences
(2,260)
3,631
Exits from the scope
242
-
Closing balances
(96,829)
(111,532)
The average discount rates for the main countries affected by this standard, used for calculating the current value of the operating lease liabilities, were as follows:
Average rate
1 to 3 years
3 to 5 years
5 to 10 years
Germany
2.54 %
2.78 %
3.11 %
Brazil
14.63 %
13.97 %
14.24 %
Peru
4.40 %
4.72 %
5.07 %
Argentina
31.14 %
52.80 %
78.51 %
Colombia
10.27 %
11.12 %
12.33 %
Chile
4.97 %
5.36 %
5.96 %
Spain
3.27 %
3.41 %
3.84 %
The rates have been calculated according to the life of the right of use.
The Cash Group does not recognise in the balance sheet the lease liabilities and the right-of-use asset corresponding to short-term lease contracts (leases for one year or less) and lease contracts for low value assets (USD 5 thousand or less). Those exceptions have been recorded entirely under the heading on Operating leases (Note 5).
Other intangible assets
Details of changes in intangible assets for the six-month periods ended 30 June 2026 and 2025 are as follows:
Thousands of Euros
2026
2025
Cost
Opening balances
493,020
509,610
Additions
8,192
13,230
Write offs
(6,956)
(1,359)
Exit from the scope
(11,566)
-
Translation differences
24,646
(24,724)
Closing balances
507,336
496,757
Accumulated amortisation Opening balances
(258,071)
(239,343)
Write offs
4,774
334
Provisions charged against the income statement
(17,503)
(17,016)
Exit from the scope
3,076
-
Translation differences
(18,348)
6,386
Closing balances
(286,072)
(249,639)
Net assets Opening balances
234,949
270,267
Closing balances
221,264
247,118
At June 2026, the additions mainly correspond
to computer software amounting
to EUR 8,192
thousand.
Investments accounted for using the equity method
Details of the main figures of investments accounted for under the equity method at the end of 2025 are included in Note 15 and Appendix III of the Consolidated Annual Accounts for the year ended 31 December 2025.
The main Joint Arrangements of the Cash Group at 30 June 2026 include the following companies:
Companies operating in Spain, and other subsidiaries: LATAM ATM Solutions S.L, LATAM ATM Solutions Perú, S.A.C., and Hispronet LATAM ATM Solutions RD, S.A., 99.8% and 99.0% owned, respectively, by LATAM ATM Solutions S.L.
Companies operating in Brazil: Harapay Holding S.A. and Harapay Instituição de Pagamentos S.A.; the latter is 100% owned by the former.
These Joint Arrangements are structured as separate vehicles and the Cash Group has a share of their net assets. Consequently, the Cash Group has classified these shareholdings as Joint Ventures. They are equity-accounted in accordance with IFRS 11.
In addition, the associates at 30 June 2026 are as follows:
Companies operating in Australia:
Linfox Armaguard Pty Ltd 35% owned;
Prosegur Australia Pty Limited, Prosegur Hub Pty Limited, Armaguard Technology Solutions Pty Ltd, Point 2 Point Secure Pty Ltd, wholly owned by Linfox Armaguard Pty Ltd;
Integrated Technology Services Pty Ltd 42.9% owned by Linfox Armaguard Pty Ltd and,
Armaguard Robotics Pty Ltd wholly owned by Integrated Technology Services Pty Ltd.
The Cash Group is partially represented on the Board of Directors of these companies and is involved in the operational management and financial planning and execution decisions, having significant influence but not control over them. Therefore, the Cash Group has classified these investments as associates. The equity method is applied pursuant to IAS 28 Investments in Associates and Joint Ventures.
Details of changes in the investments in joint ventures accounted for under the equity method for the six-month periods ended 30 June 2026 and 2025 were as follows:
Thousands of Euros
30 June 2026
30 June 2025
Balance at 1 January
22,704
18,935
Additions
1,054
196
Participation in profits/(losses)
5,024
2,012
Write offs/transfers
(828)
609
Translation differences
518
(1,040)
Balance at 30 June
28,472
20,712
Associates in Australia
Regarding the investments in the Australian associates, the Cash Group has reviewed the recoverable amount at 30 June 2026, concluding that there have been no substantial changes compared with December 2025, and therefore, by comparison with its carrying amount, it has concluded that there are no additional indications of impairment, nor do the circumstances exist to reverse the impairments recorded.
In Note 16 of the Consolidated Annual Accounts as of 31 December 2025, an estimate was made of the value of investments in Australian associates as of that date.
The assumptions considered by the Cash Group's Management for each of the businesses developed were updated at 30 June 2026, as follows:
Cash-in-transit and cash management business.
In 2024, working groups were set up with the country's main financial entities to analyse potential changes to the current operational business model in order to lay the foundations for future operations. The main lines of analysis were to identify initiatives that financial entities can implement in their operations to contribute to additional cost reductions beyond those already foreseen in the synergies associated with the merger, to review the improvements and synergies identified at the time of the 2023 merger between Armaguard Group and the Cash Group, and to establish the basis for a new pricing model to ensure the continuity of operations.
At 30 June 2026, the Australian Competition and Consumer Commission (ACCC) is still in the process of reviewing the report prepared by the independent advisor hired to assess the pricing model, as a preliminary step prior to its approval. The Australian Competition and Consumer Commission (ACCC) has requested an update to the report to determine what the impact of the pricing model will be on each of the clients, which is being prepared by the independent advisor and will likely be delivered in August 2026.
Additionally, for certain customers, the terms of their current contracts-agreed by the ACCC as part of the approval of the transaction between Cash Group and Armaguard in September 2023-will expire during the second half of 2026.
It is estimated that the final approval of the pricing model by the Australian Competition and Consumer Commission (ACCC) will take place in the first months of 2027.
To estimate the value of the cash-in-transit and cash management business, the Cash Group's Management considered two scenarios in 2025, to which, given the described existing uncertainty, it assigned a 66% probability of occurrence for scenario 1 and a 33% probability for scenario 2, used to weight the contribution of each scenario to the estimated fair value associated with this business. The description of the two scenarios and their update at 30 June 2026, is as follows:
Scenario 1: an agreement is reached to establish a new pricing mechanism that guarantees an estimated minimum profitability from June 2026; because at 30 June 2026 the Australian Competition and Consumer Commission (ACCC) is still reviewing the report on the new independent pricing mechanism, this scenario is updated and it is estimated that a preliminary agreement is reached in the second half of 2026. At 30 June 2026, this scenario has been given a 66% probability of occurrence because:
Progress continues to be made towards reaching an agreement to establish an independent pricing mechanism, as the Australian Competition and Consumer Commission (ACCC) is still in the process of reviewing the report prepared by the independent advisor and has requested additional information in this regard;
No client participating in the definition of the model has withdrawn from the negotiations, and there is good will to reach an agreement;
Additional cost reductions and improvements and synergies required by financial entities are at a very advanced stage.
Scenario 2: no agreement is reached to establish a new independent pricing mechanism, casting doubt on the sustainable continuity of the business (assigned a 33% probability).
During the first half of 2026, the financial entities have made monthly monetary contributions until June 2026 that have helped cushion the impacts caused by the negative factors of the sector and have guaranteed the sustainability of the operational cash business model. As mentioned, it is expected that during the second half of 2026 the ACCC will approve the pricing model on an interim basis, from which date the model will begin to be applied with retroactive effect from 1 July 2026. Armaguard has cash and cash equivalents amounting to AUD 62,124 thousand at 30 June 2026, of which AUD 20,000 thousand have been drawn down from the credit facility with an Australian financial entity of up to AUD 45,000 thousand (leaving AUD 25,000 thousand pending drawdown at 30 June 2026), which will help to mitigate liquidity risk and, therefore, safeguard business continuity, until the pricing model is approved on an interim basis.
As a result, the Cash Group maintains the valuation performed at 31 December 2025 for the cash-in-transit and cash management business. However, due to the complexity and uncertainty of the various factors influencing this valuation, the Cash Group will continue to monitor closely to enable a more accurate estimation of impacts.
Automated Teller Machine (ATM) business
At 30 June 2026, the estimates of cash flows and of the securing of new contracts made in December 2025 are being met, so their contribution to the estimated recoverable value of the investment accounted for by the equity method has not changed substantially compared to December 2025.
ATM Maintenance, Monitoring, and Supply Business (FTS)
At 30 June 2026, the estimates of cash flows and of the securing of new contracts made in December 2025 are being met, so their contribution to the estimated recoverable value of the investment accounted for by the equity method has not changed substantially compared to December 2025.
Additions, write offs and other changes
Additions in the six-month period ended 30 June 2026 mainly relate to a capitalisation made to the company Latam ATM Solutions S.L.
Additions in the six-month period ended 30 June 2025 mainly relate to a capitalisation made to the company LATAM ATM Solutions S.L.
At 30 June 2026, the Cash Group has no significant contingent liability commitments in any of the joint ventures accounted for under the equity method.
Non-current financial assets and other current financial assets
Non-current financial assets at 30 June 2026 mainly include:
Granting of loans to various external investors related to the subsidiaries of the Cash Group in Indonesia, the Philippines and El Salvador, amounting to EUR 8,933 thousand (31 December 2025: EUR 9,126 thousand).
Investment in MINOS Global for the sum of EUR 3,268 thousand, a brokerage and custody company for crypto assets and digital assets, in which the Cash Group has a 30.92% share (31 December 2025: EUR 3,270 thousand). Additionally, a loan granted to MINOS Global during the first half of 2026 for the amount of EUR 1,250 thousand is included.
Deposits and bonds held by the Cash Group for the amount of EUR 5,280 thousand of which EUR 1,964 thousand correspond to deposits paid in lease contracts of branches where the Cash Group provides exchange and currency services (31 December 2025: EUR 5,685 thousand and EUR 1,839 thousand, respectively).
Other non-current financial provisions for EUR 2,989 thousand (EUR 2,053 thousand at 31 December 2025).
At 30 June 2026, other financial assets mainly include:
Collection rights with a business combination seller from previous years in Brazil in the amount of EUR 18,856 thousand (31 December 2025: EUR 16,694 thousand).
Short-term and long-term deposits and guarantees and various items, amounting to EUR 2,131 thousand, mainly in Brazil (EUR 2,590 thousand at 31 December 2025).
Other current financial provisions for EUR 213 thousand (EUR 549 thousand at 31 December 2025).
- Additionally, at 30 June 2026, under the heading of Current financial assets in the consolidated statement of financial position, several loans granted amounting to EUR 19,905 thousand (equivalent to BRL 117,448 thousand) are included (EUR 16,103 thousand in 2025, equivalent to BRL 106,646 thousand at the exchange rate of 31 December 2025), from the Cash Group to the Brazilian company Harapay Holding S.A., which is consolidated using the equity method. The loans were signed between 2022 and 2026, and impaired loans at 30 June 2026 amount to EUR 19,656 thousand.
Cash and cash equivalents
The detail of this heading at 30 June 2026 and 31 December 2025 is as follows:
Thousands of Euros
30 June 2026
31 December 2025
Cash, banks and other cash equivalents
432,316
468,938
Current bank deposits
57,066
550,803
489,382
1,019,741
The effective interest rate on current bank deposits was 5.2% (at 31 December 2025: 4.81%) and the average term of the deposits held during the first half of 2026 was 15 days (at 31 December 2025: 29 days).
As of 30 June 2026, the Cash and cash equivalents heading includes EUR 170,898 thousand, representing advance funds received from third parties that the Cash Group temporarily holds for its collection and payment management business and invoice payment services in Uruguay and Ecuador (EUR 206,529 thousand at 31 December 2025). These advance funds from third parties carry an obligation to repay them to other third parties, resulting in a corresponding financial liability of EUR 170,898 thousand (refer to Note 17 on financial liabilities).
Likewise, the variation in short-term deposits with credit institutions as of June 2026 compared with December 2025 is due to the payment made by Grupo Cash in February 2026 upon the maturity of the senior unsecured bonds (Note 17).
Inventories
Details of inventories at 30 June 2026 and 31 December 2025 are as follows:
Thousands of Euros
30 June 2026
31 December 2025
Fuel and others
23,714
21,191
Operating material
3,398
2,783
Uniforms
374
368
Others
3,435
3,548
Impairment of inventories
(1,860)
(2,223)
29,061
25,667
Under the Operating material heading, the stock of ATMs and cash machines is primarily included.
No inventories have been pledged as securities for liabilities.
Equity
Share capital and Share premium
At 30 June 2026 the share capital of Prosegur Cash, S.A. was EUR 29,465 thousand (2025: EUR 29,698 thousand) and is represented by 1,473,235,487 shares (2025: 1,484,913,487 shares) with a nominal value of EUR 0.02 each, fully subscribed and paid. These shares are listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges and traded via the Spanish Stock-Exchange Interconnection System (SIBE).
On 10 February 2026, a deed was registered in the Madrid Companies Registry relating to the reduction of capital through the redemption of 11,678,000 own shares of the Company, each with a nominal value of EUR 0.02, thus reducing the share capital by EUR 233,560, from EUR 29,698,260.74 to EUR 29,464,709.74. The resulting share capital is represented by 1,473,235,487 ordinary shares of a single class and series, each with a nominal value of EUR 0.02.
The capital reduction was carried out without refund of contributions and was made against free reserves by provisioning an unavailable voluntary reserve for the same amount as the capital reduction (that is EUR 233,560), in accordance with article 355 (c) of the Spanish Companies Act.
At 30 June 2026, the amount of the share premium totals EUR 33,134 thousand.
Own shares
Details of changes in own shares during the first half of 2026 are as follows:
Number of
shares
Thousands of
Euros
Balance at 31 December 2025 22,366,962 16,648
Capital reduction (11,678,000) (8,000)
Other awards (694,635) (571)
Balance at 30 June 2026 9,994,327 8,077
Buyback programme of 18 December 2024
On 18 December 2024 the Board of Directors decided to implement an own share buyback programme (the "Programme") in the terms of Regulation (EU) no. 596/2014 on market abuse and the Commission Delegated Regulation 2016/1052, making use of the authorisation granted by the Shareholders General Meeting held on 2 June 2021 (item 11 of the Agenda) for the purchase of own shares, for the purpose of redeeming them pursuant to a share capital reduction resolution which will be submitted for the approval of the next Shareholders General Meeting.
The Programme applied to a maximum of 14,849,135 shares, representing approximately 1% of the Company's current share capital (1,484,913,487 shares).
The Programme had the following features:
Maximum amount allocated to the Programme: EUR 8,000 thousand.
Maximum number of shares that can be acquired: up to 14,849,135 shares representing approximately 1% of the Company's share capital on the date of the agreement.
Maximum price per share: shares were purchased in compliance with the price and volume limits established in the Regulations. In particular, the Company cannot buy shares at a price higher than the highest of the following: (i) the price of the last independent trade; or (ii) the highest current independent bid on the trading venues where the purchase is carried out.
Maximum volume per trading session: in so far as volume is concerned, the Company would not purchase more than 25% of the average daily volume of the shares in any one day on the trading venues on which the purchase was carried out.
Duration: the Programme had a maximum duration of one year. Notwithstanding the above, the Company reserves the right to conclude the Programme if, prior to the end of said maximum term of one year, it had acquired the maximum number of shares authorised by the Board of Directors, if it had reached the maximum monetary amount of the Programme or if any other circumstances arise that call for it.
The main manager of the Programme was an investment company or a credit institution that took its decisions in relation to the timing of the purchase of the Company's shares irrespective of the Company.
Delivery of own shares for long term incentives
As a result of the first payment of the 2024-2025 Long-Term Incentive Plan, a total of 390,422 shares were delivered to two beneficiaries of the plan in April 2026 (212,400 shares in 2025).
The rest of the shares delivered correspond to other remuneration not associated with long term Incentive Plans.
Cumulative translation differences
The change in the balance of the cumulative translation difference at 30 June 2026 as compared to 31 December 2025 was EUR 49,462 thousand (lower negative translation differences) due to the net impacts of:
Positive impact from the evolution of the different currencies, mainly arising from the appreciation of the Argentine peso and the Brazilian real;
A slight positive impact from Argentina due to hyperinflation effects (IAS 29).
Earnings per share
Bas ic
Basic earnings per share are calculated by dividing the profit of the ongoing operations attributable to the owners of the parent company by the weighted average number of ordinary shares outstanding during the year, excluding own shares acquired by the Company.
30 June 2026 30 June 2025
Ongoing operations
Total Ongoing operations
Total
Year profit attributable to the owners of the parent company
46,332
46,332
45,940
45,940
Weighted average ordinary shares in circulation
1,462,865,059
1,462,865,059
1,468,747,566
1,468,747,566
Basic earnings per share
0.0317
0.0317
0.0313
0.0313
Diluted
Diluted earnings per share are calculated by adjusting the profit for the year attributable to the owners of the parent company and the weighted average number of ordinary shares outstanding by all the inherent diluting effects of potential ordinary shares.
The parent company does not have different classes of partially diluted ordinary shares.
Non-controlling interests
At 30 June 2026, the non-controlling interests of the Cash Group are:
In India, 51.00% of the companies SIS Cash Services Private Limited, SIS Prosegur Holdings Private Limited and SIS Prosegur Cash Logistics Private Limited;
In Spain, 4.90% of Prosegur Alpha3 Cash Labs, 10.25% of Dinero Gelt S.L., and 4.90% of Wohcash;
In Brazil, 0.00% of Prosegur Brasil S.A. Transportadora de Valores;
In Colombia, 7.04% of Dinero Gelt, S.A.S.;
In Indonesia, 46.66% of PT Prosegur Cash Indonesia.
Dividends
On 29 April 2026 the Shareholders General Meeting of Prosegur Cash S.A. approved the distribution of a dividend charged against voluntary reserves at the rate of EUR 0.0424 gross per share in circulation with the right to receive it on the payment date, which means a total dividend amount of EUR 62,465,184.65, to be paid in a single instalment in December 2026.
Provisions
Details of the balance and changes under this heading for the six-month period ended 30 June 2026 are as follows:
Thousands of Euros Occupational risks
Legal
risks
Employee
benefits
Tax risks Other risks
Total
Balance at 1 January 2026
22,508
16,793
21,654
22,194
7,255
90,404
Provisions charged against the
4,295
1,131
-
897
3,285
9,608
Reversals credited to the income
(625)
(437)
-
(16)
(988)
(2,066)
Applications
(4,980)
(1,134)
-
(298)
(6,058)
(12,470)
Financial effect of discounting
1,649
240
-
166
44
2,099
Provisions and reversals charged to Equity
-
-
-
-
1,331
1,331
Translation differences
1,985
406
1,063
1,205
51
4,710
Balance at 30 June 2026
24,832
16,999
22,717
24,148
4,920
93,616
Non-Current 2026
24,832
16,999
22,717
24,148
2,421
91,117
Current 2026
-
-
-
-
2,499
2,499
a) Occupational ris ks
The provisions for occupational risks, which amount to EUR 24,832 thousand at 30 June 2026 (at 31 December 2025: EUR 22,508 thousand), are calculated individually based on the estimated probability of success or failure. Said probability is determined by the various attorneys that work with the Cash Group. In addition, an internal review is carried out of the probabilities assigned to each of the cases, based on past experience, in order to arrive at the definitive provision to be recorded.
The provision for occupational risks is composed mainly of labour legal cases in Brazil and Argentina. In the remaining countries, they correspond to provisions for individually insignificant amounts.
In the case of Brazil, claims made by ex-employees and employees of the Cash Group are included. The characteristics of labour legislation in that country result in such processes becoming drawn out, leading to a provision in 2026 of EUR 20,013 thousand (31 December 2025: EUR 18,738 thousand).
In the case of Argentina, claims made by former employees and employees of the Cash Group amounting to EUR 3,147 thousand (EUR 3,080 thousand at 31 December 2025) are also included.
Provisions charged to and reversals credited to the income statement are included under other expenses in cost of sales in Note 5; the monetary adjustments associated with said provision are included under other finance expenses (Note 8).
Legal ris ks
The provisions for legal risks, which amount to EUR 16,999 thousand (31 December 2025: EUR 16,793 thousand), correspond mainly to civil claims which are analysed on a case-by-case basis. The settlement of these provisions is highly probable, but both the value of the final settlement as well as the moment are uncertain and depend upon the outcome of the processes under way. Except in the case of Chile, there are no individually significant legal risks.
The provision for legal risks is composed mainly of legal cases in Brazil and Chile. In the remaining countries, they correspond to provisions for individually insignificant amounts.
In the case of Brazil, the provisioned amount corresponds to irrelevant individual amounts, totalling EUR 4,591 thousand (31 December 2025: EUR 3,976 thousand).
Regarding Chile, in 2018 the Chilean National Economic Prosecutor (FNE) began an investigation into potential anti-competitive practices due to agreed actions and the exchange of sensitive commercial information between competitors between 2017 and 2018. On 7 October 2021, the FNE filed a request with the Chilean Court for Competition Defence (TDLC) for sanctions, including a fine of approximately EUR 22,000 thousand on a subsidiary of the Cash Group in Chile (as maximum penalty). Prosegur Cash filed its defence before the TDLC on 22 November 2022 and at the date of preparation of these condensed interim consolidated financial statements, the legal proceedings are still in progress, having been ordered on 18 March 2024, with the case to be accepted as evidence, and the proceedings are pending the development of this phase and the subsequent ruling by the TDLC.
As a result of the formal requirement received on 7 October 2021, the Cash Group reviewed the arguments that previously led it to classify the risk as possible and in 2021 it recorded the provisions that it deemed necessary to make for hedging the likely risk of sanctions being imposed, as identified by our specialist advisors. As of 30 June 2026, the recorded amount associated with this risk in provisions for legal risks amounts to EUR 10,012 thousand (2025: EUR 9,969 thousand).
Employee benefits
As indicated in Note 5.2 of the Consolidated Annual Accounts for the year ended 31 December 2025, the Cash Group maintains defined benefit schemes in Germany, Brazil, Honduras, Nicaragua, El Salvador, Ecuador, India and Mexico. The actuarial valuation, carried out by qualified actuaries, of the value of the benefits to which the Company is committed is updated annually, with the last update at the end of 2025 applicable to the current period.
The defined benefit schemes of Germany, India and Ecuador consist of Pension and retirement schemes, while the defined benefit scheme for Mexico consists of a seniority scheme.
The Cash Group has a defined benefit scheme comprising post-employment healthcare offered to employees in Brazil compliant with local legislation (Act 9656).
In addition, Honduras, Nicaragua and El Salvador have obligations, as determined by law, under defined benefit schemes arising from the termination of employment contracts by dismissal or following a mutual agreement.
Tax risks
The provisions for tax risks amount to EUR 24,148 thousand (31 December 2025: EUR 22,194 thousand) and mainly refer to tax risks in Brazil amounting to EUR 13,532 thousand (31 December 2025: EUR 12,249 thousand). In this regard, during the 2026 financial year, provisions were made against results for EUR 323 thousand, reversals for EUR 16 thousand and applications for EUR 290 thousand. The provisions for the remaining countries refer to provisions for individually insignificant amounts.
The most representative risks arise as a result of the disparity in criteria between Prosegur Cash and the Tax Administration (Note 18).
Tax risks associated with Brazil primarily stem from claims related to direct and indirect taxes, resulting from tax inspections and differences in interpretation with the tax authorities.
Prosegur Cash uses "the most probable outcome" as the basis for assessing uncertain potential tax risks. The significant tax risks are assessed based on opinions and studies provided by external advisors, taking into account the most recent resolutions and jurisprudence related to the subject in question. Internal analyses are also prepared based on similar cases that have occurred in the past in Prosegur Cash or in other entities.
At each close, a detailed analysis of each of the tax contingencies is made. This analysis refers to quantification, qualification and the level of provision associated with the risk. An annual letter with the respective analysis and assessment by an independent expert is used to determine these parameters in the most significant risks. On the basis of this, the level of provision is adjusted.
Provisions charged to and reversals credited to the income statement are included under other expenses and other income in Note 5 and 6.
Other ris ks
The provisions for other risks, which amount to EUR 4,920 thousand at 30 June 2026 (31 December 2025: EUR 7,255 thousand), include multiple items.
The settlement of these provisions is highly probable, but both the value of the final settlement as well as the moment are uncertain and depend upon the outcome of the processes under way.
The most significant ones correspond to accruals with personnel, and the remaining correspond to risk for individually insignificant amounts:
Accruals with pers onnel
At 30 June 2026, the amount recorded for this item amounted to EUR 2,581 thousand (31 December 2025: EUR 5,268 thousand).
These provisions include the accrued incentive in the 2024-2025 and 2026-2027 Long-Term Incentive Plans for the Executive President, Managing Director and Senior Management of the Cash Group. The third payment of the 2021-2023 Plan was paid in full in April 2026, so at 30 June 2026, there is no provision recorded for this plan.
During the year, an expense charged to results of 2,786 and a reversal charged to results of EUR 984 thousand were recorded (30 June 2025: a provision of EUR 1,672 thousand and a reversal of EUR 158 thousand). Expenses are included under the heading on Wages and salaries in Note 6.
During the first half of 2026, a total of EUR 5,875 thousand was paid to beneficiaries, and 1,327,852 shares were delivered, associated with the third payment of the 2021-2023 Plan and the first payment of the 2024-2025 Plan.
During the first half of 2025, a total of EUR 1,375 thousand was paid to beneficiaries, and 212,400 shares were delivered, associated with the second payment of the 2021-2023 Plan.
As detailed in Note 32.17 of the Consolidated Annual Accounts for the year ended 31 December 2025, the 2021-2023 Plan has been generally linked to the creation of value during the 2021-2023 period and has envisaged the payment of cash incentives, calculated for certain beneficiaries based on the share price. In the vast majority of cases, the Plan measures target achievement from 1 January 2021 until 31 December 2023 and length of service from 1 January 2021 until 30 April 2026.
The 2021-2023 Plan is generally linked to the creation of value in the 2021-2023 period and envisages the payment of cash incentives, calculated for certain beneficiaries based on the share price. In the vast majority of cases, the Plan measures target achievement from 1 January 2021 until 31 December 2023 and length of service from 1 January 2021 until 30 April 2026.
The 2024-2025 Plan is generally linked to the creation of value in the 2024-2025 period and envisages the payment of cash incentives, calculated for certain beneficiaries based on the share price. In the vast majority of cases, the Plan measures target achievement from 1 January 2024 until 31 December 2025 and length of service from 1 January 2024 until 31 May 2027.
The 2026-2027 Plan is generally linked to the creation of value in the 2026-2027 period and envisages the payment of cash incentives, calculated for certain beneficiaries based on the share price. In the vast majority of cases, the Plan measures target achievement from 1 January 2026 until 31 December 2027 and length of service from 1 January 2026 until 31 May 2029.
For the purpose of determining the value of each share to which the beneficiary is entitled, the average quotation price of Prosegur Cash shares in the Stock Exchange will be taken as reference during the last fifteen trading sessions of the month prior to the one in which the shares must be delivered.
Quantification of the total incentive depends on the degree of achievement of the targets established in line with the strategic plan.
Financial liabilities
Details of the balances of this heading under the consolidated statement of financial position at 30 June 2026 and 31 December 2025 are as follows:
Thousands of Euros 30 June 2026 31 December 2025
Non-current | Current | Non-current | Current | ||||
Debentures and other negotiable securities | 299,088 | 177,924 | 299,088 | 759,301 | |||
Bank loans | 386,092 | 137,846 | 363,581 | 96,664 | |||
Credit accounts | - | 5,336 | - | 5,493 | |||
Advance funds received from Third parties | - | 170,898 | - | 206,529 | |||
Other payables | 47,024 | 23,959 | 43,032 | 30,664 | |||
732,204 | 515,963 | 705,701 | 1,098,651 |
The most significant items that make up the balance at 31 December 2025 are detailed in Note 22 of the Consolidated Annual Accounts for the year ended on that date.
The financial liabilities associated with the application of IFRS 16 have been recorded under the heading on Lease liabilities (Note 10) for a total amount of EUR 96,829 thousand (EUR 98,254 thousand at 31 December 2025).
During the six-month period ended 30 June 2026 there has been no default or non-compliance with any agreement regarding the loans and credit facilities granted to the Cash Group.
Syndicated credit facility (Spain)
On 10 February 2017 Prosegur Cash arranged a five-year syndicated credit financing facility of EUR 300,000 thousand to provide the company with long-term liquidity. On 7 February 2019 this syndicated credit facility was renewed, and its maturity extended by another 5 years. In February 2020 the maturity was extended until February 2025. Additionally, in February 2021, the maturity was extended again until February 2026.
In February 2025, a new credit facility was negotiated, replacing the previous one for the same amount, with a maturity in February 2030 that includes the option to extend for two additional years, and in 2026 the maturity was extended for 1 additional year.
At 30 June 2026, no balance has been drawn from this credit facility (no balance was drawn at 31 December 2025).
The interest rate of the drawdowns under the syndicated credit facility is equal to Euribor plus an adjustable spread based on the Company's rating.
At 31 December 2025, the Cash Group complied with the covenants related to this syndicated credit facility.
Debentures and other negotiable securities
On 4 December 2017 Prosegur Cash, issued uncovered bonds for EUR 600,000 thousand maturing on 4 February 2026. The issue was made in the Euromarket as part of the Euro Medium Term Note Programme.
On 9 October 2025, Prosegur Cash issued uncovered bonds maturing in October 2030 for the amount of EUR 300,000 thousand. The bonds were admitted to trading on the Vienna Multilateral Trading Facility (MTF). They accrue an annual coupon of 3.38% payable at the end of each year.
On 4 February 2026, Prosegur Cash cancelled and repaid uncovered bonds amounting to EUR 600,000 thousand of principal, which matured on that date. The bonds traded in the secondary market, in the Irish Stock Exchange, and accrued an annual coupon of 1.38%, payable at the end of each year.
Loan in Peru
On 2 June 2021, the Cash Group, via its subsidiary Compañía de Seguridad Prosegur, S.A. in Peru, arranged a credit financing facility for PEN 300,000 thousand for a five-year term. In June 2026, the loan was cancelled, so there is no outstanding amount at that date. At 31 December 2025, the drawn down capital amounted to PEN 30,000 thousand (at 31 December 2025 equivalent to EUR 7,596 thousand).
Loans and credit facilities in Spain
On 30 May 2024, 25 June 2024 and 31 July 2024, three loans of EUR 30,000, EUR 75,000 and EUR 11,000 thousand, respectively, were arranged in Spain, with maturities ranging from four to five years. The loans bear interest at market rates.
In December 2024, two loans were formalised in Spain for EUR 20,000 thousand and EUR 15,000 thousand, with maturities of three and four years, respectively.
During 2025, 7 loans and a credit facility were formalised, and during 2026, 2 loans and a credit facility formalised during 2025 have been drawn down, which bear interest at market rates and have the following characteristics:
Formalised and drawn down in 2025:
Loan of EUR 18,000 thousand with a three-year maturity;
Loan of EUR 20,000 thousand with a four-year maturity;
Loan of EUR 20,000 thousand with a four-year maturity;
Loan of EUR 50,000 thousand with a three-year maturity;
Loan of EUR 25,000 thousand with a three-year maturity;
Loan of EUR 75,000 thousand with a four-year maturity;
Loan of EUR 30,000 thousand with a four-year maturity;
Credit facility with a limit of EUR 80,000 thousand with maturity in two years, and extendable for an additional year; as of 30 June 2026, there is no drawn balance on this credit facility.
Formalised in 2025 and drawn down in 2026:
Loan of EUR 25,000 thousand with a three-year maturity;
Loan of EUR 40,000 thousand with a three-year maturity;
Credit facility with a limit of EUR 40,000 thousand with maturity in two years, and extendable for an additional year; as of 30 June 2026, there is no drawn balance on this credit facility.
Promissory note issuance programmes
In June 2026, the Cash Group formalised a promissory note programme called the Prosegur Cash 2026 AIAF Promissory Note Programme, for a maximum amount of up to EUR four hundred million at any given moment (hereinafter, the Programme).
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