Q1 2026 Results Presentation
1
1
Investor Relations Department
Key milestones Growth
Profitability
Cash Flow
News+1.5% YoY
1
Sales growth
2
Diversified growth
Spain, United States and
APAC region leading growth
Organic growth close to
8%
Volume growth across
all business lines
Sales
1,274 €M
+0.7% YoY
1
2
Cash
EBITA margin impacted by the
macroeconomic environment and the country mix evolution
Security
12.7% YoY increase driven by
solid and healthy growth
3 Alarms
Implemented a strategic
commintment to quality growth
EBITA
87 €M
+143% YoY
1
Working capital improvement
Efficient management driven by
stock and DSO
2 Net Debt reduction
28€M reduction
3
Record cash generation in Security
in Q1
Cash break-even reached for the
firs t time in Q1
Operating CF
8 €M
YoY
1
Cash bond repayment
600€M Prosegur Cash bond amortization
2 EIB Financing
60€M loan formalized with the
European Investment Bank
3
Cipher integrated into Security
The Cybersecurity division
complements Security business
Net Profit
15%
3
Sales and Profitability
€M amounts
1.5%
0.0%
1,353
1,255
1,274
Q1 25
Org
Inorg
Q1 26
pre-FX
FX(1)
Q1 26
Sales by Region€M amounts
4.0%
1.9%
7.6%
Europe
LatAm
RoW
165
153
504
485
605
617
-6.2%
+7.8%
Total Sales
(1) Includes FX and IAS 21 and 29
Profitability - EBITA (€M) Evolution Q1 26 vs 25
€M amounts
0.7%
86
87
6.8%
6.8%
EBITA
EBITA %
Q1 25
Q1 26
Cash
Organic growth of 3.2%, led by the APAC region
Security
4% sales growth and profitability above 12%,
particularly driven by the U.S.
Alarms
Double-digit organic growth.
Strategy implemented with a focus on solid, high-quality growth
CASH
Sales
3.7%
EBITA
7.3%
Security
Sales
4.4%
EBITA
12.7%
Prosegur Alarms (2)
Sales
7.8%
Service Margin %
2 bps
(2) Prosegur Alarms ex-MPA 4
Q1 2025
Q1 2026
Income Statement
€M amounts
Variation
SALES
Organic Growth
1,255
+16.2%
1,274 1.5%
+7.8%
Inorganic Growth FX
EBITDA
-6.6%
138
11.0%
-6.2%
141
11.1%
2.4%
Margin
Depreciation
EBITA
Margin
Amortization of intangibles and impairments
EBIT
(52)
86
6.8%
(8)
78
6.2%
(15)
63
5.0%
(54)
87
6.8%
(7)
79
6.2%
(14)
65
5.1%
0.7%
1.2%
Margin
Financial result
Profit before taxes
3.0%
Margin
Taxes
Tax Rate
Net Profit
Minorities
CONSOLIDATED NET PROFIT
46.51%
34
(5)
28
42.01%
37
(5)
33
11.7%
15.2%
(27)
(29)
0.0%
1.8%
Net Profit
15%
Compared with the same
period last year
◢ Efficient
management of
financial res ults and taxes continues to drive an improvement in net profit
Tax Rate
449bps
Significant improvement during the period
◢ The rate continues to improve, thanks to a s ound fis cal
s trategy underpinned by improved results across all regions
5
1,409
1,381
Financial net debt
Debt IFRS 16
94
23
Deferred payments and treasury shares
-216
Q1 25
Financial investments
Q1 26
€M amounts
Net Debt-188
133
1,413
149
1,382
Average cost of debt
2.9%
S&P Rating
BBB
Net debt/EBITDA
2.4x
Q1 2026
€M amounts | Q1 2025 | |
EBITDA | 138 | |
Provisions and other non-cash ítems | (19) | |
Tax on profit | (28) | |
Changes in working capital | (97) |
Free Cash Flow | (54) | |
Payments for the acquisition of subsidiaries | (2) | |
Dividend payments | (3) | |
Treasury shares and others | (14) |
Interest payments
Operating Cash Flow
Acquisition of property, plant & equipment
(13)
(19)
(35)
Total Net cash flow
(73)
141
(24)
(24)
(74)
(11)
8
(40)
(32)
(2)
(5)
(4)
(43)
Initial Net Financial Debt
(1,305)
(1,377)
(43)
7
(1,413)
188
(23)
IFRS 16 Debt
Net Debt
(149)
(1409)
(133)
(1,381)
◢ Leverage remains at comfortable levels and the financial cos t of debt is under control
◢ Significant improvement in operating cas h flow, driven by
efficient working capital management
◢ 28€M net debt reduction
Net increase / (decrease) in cash | (73) | |
Exchange rate | (4) | |
Final Net Financial Debt | (1,382) | |
Financial investments (1) | 216 | |
Outstanding deferred payments and treasury shares | (94) |
Telefónica shares valued at market Price at period-end
Includes net financial debt, IAS 16, deferred payments, treasury shares and financial investments. EBITDA LTM 6
Results by Business
Growth €M
Profitability EBITA €M
Operating Cash Flow €M
3.7%
516
-0.2%
+3.2%
-6.6%
497
Q1 25
Org
Inorg
FX (1)
Q1 26
Transformation Products
on sales
36.4%
Organic growth of 3.2%, driven by the
APAC region and Europe
Trans formation Products reached 36.4% of total sales
7.3%
61
56
11.8%
11.3%
Q1 25
Q1 26
EBITA margin impacted by currency devaluation and geographic mix
EBITA positively driven by a higher s hare of Trans formation Products and efficiencies from prior years
EBITA margin
11.3%
53.6%
18
12
Q1 25
Q1 26
Significant improvement in cas h
generation, driven by s ound working capital management
Strict CAPEX dis cipline
Operating cash
generation
18€M
(1) Includes FX and IAS 21 and 29
8
(1)
Growth €M
Profitability EBITA €M
Operating Cash Flow €M
4.4%
657
+9.6%
0.0%
-5.2%
685
Q1 25
Org
Inorg
FX (2)
Q1 26
Organic Growth
YoY
9.6%
Sales growth driven by the U.S. market
The U.S. strengthens its leaders hip through
double-digit growth, becoming the
s econd-larges t contributor to sales
12.7%
17
19
2.8%
2.6%
EBITA Mrg.
EBITA
Q1 25
Q2 26
Profitability increase
YoY
12.7%
Margin improvement leveraged by
s calability and growth in s ales productivity
Price revis ion underway and progres s ing
well
0
-14
Q1 25
Q1 26
Operating cash flow
YoY
+14€M
Strong 14€M improvement in operating cas h flow, with Security consolidating its position as a s trong cas h generator for the Group
Trend explained by excellent working capital management, driven by improved DSO
Includes Security and Cipher
Includes FX and IAS 21 and 29 9
Customer base Revenues (2)
BTC
8.9%
984k
1,072k
Q1 25
Q1 26
421k
564k
452k
620k
New Clients
27K
26K
21K
17K
Q1 25
Q1 26
Churn Rate
95 bps
67 bps
Q1 25 Q1 26
Q1 25 Q1 26
12%
10%
13%
10%
€M amounts
7.8%
1,5% -16.2%
61
66
Q1 25 Org Inorg
FX(1)
Q1 26
Organic growth
Only of Prosegur Alarms
22.5%
Clients Scoring (4) Activation fee revenue increase 35% YoY
22.5%
Profitability
ARPU
4.7%
3.5%
48.0
45.8
42.4
43.9
46.4 44.2
38,7 40,8
-4.7% +5.2%
Q1 25 Q1 26
Discount linked to customer acquisition
Service margin
0.2%
17.4%
48% 50%
22 22
56% 62%
25
22
21 21
-0.9%
25
+18.1%
Q1 25 Q1 26
Depreciation
21
Q1 25 Q1 26
Acquisition margin (3)
10.4%
Q1 25 Q1 26
8.6%
Q1 25 Q1 26
1,146 € 1,265 € 1,578 € 1,714 €
48.0 45.8
46,4 44,2
Q1 25 Q1 26
Prosegur Alarms Movistar Prosegur Alarmas(1) Includes FX and IAS 21 and 29
(2) Reported Alarms sales belonging exclusively to Prosegur, Movistar Prosegur Alarmas sales are not included
10
(3) Acquisition marging, excluding financial effects
(4) Prosegur Alarms, ex-MPA
Service cash flow
3.8%
105
57
109
77
48
-33.6%
32
Service Cash Flow - Prosegur Alarms
Amount €M
Q1 25
Q1 26
Replacement cash flow
Recurring cash flow
29.8%
183
141
111
87
53
+33.5%
71
Service Cash Flow - MPA
Amount €M
Q1 25
Q1 26
Replacement cash flow
Recurring cash flow
14.2%
201
176
101
133
75
-9.6%
67
Service Cash Flow Prosegur Alarms + 50%
MPA
Amount €M
Q1 25
Q1 26
Replacement cash flow
Recurring cash flow
11
Key corporate milestones for the periodFinancing agreement with the European
Inves tment Bank
60€M at a fixed interes t rate with a
s ix-year maturity
Boosting R&D&i, as well as to the digital s trategy
Second loan granted by the European institution to Pros egur
ESG ratings improvement in the quarter
B (iincreas e 1 notch)
73/100 (0 min-100 max)
Corporate financing
ESG Innovation Rating y proxies
12
Conclusions
Conclusions
Group
Cash
Security
Alarms
Growth
Sales increased by
1.5%, reaching €1,274
M
Organic growth of
3.2%, led by the APAC
región and Europe
4.4% sales growth, led
by the U.S.,
second-largest country by sales
Double-digit organic
growth, reaching
22.5%
EBITA margin broadly
EBITA margin impacted
Margin of 2.8%.
Profitabili
Net Profit
country mix evolution
Service margin
improvement: 50% at
Prosegur Alarms and
62% at MPA
in
Strong performance
price revision
by the macro environment and
in line, close to 7%. 15% improvement in
ty
Cash Flow
8€M operating cash
flow, reducing net debt by 28€M
Solid working capital
management,
strengthening cash flow
14€M improvement,
consolidating its position
as a Group cash generator
€67 M in rolling
recurring cash (to be
reinvested in growth)
14
Q&A
Financial Calendar
26 May 2026
MedCap Forum 2026
Madrid
16 June2026 Goldman Sachs Conference 2026 Londres
31 July 2026
Q2 26 Results Presentation Madrid
Investor Relations ContactCristina Casado Barroso
Inves tor Relations Director
cristina.casado@prosegur.com
accionistas@prosegur.com
12 Herberto Gut Street, 28007, Madrid, Spain
+34 915 588 021
Prosegur promotes open and proactive communication with capital markets and their participants, with the aim of
achieving a fair and appropriate valuation of the company, in line with the principles of responsibility and sustainability it upholds.
Communication Policy with Shareholders, Institutional Investors and Proxy Advisors
16
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