Q3 25 Results presentation
1
Investor Relations Department
Significant milestones of the period. Growth
Profitability
Cash Flow
News+2,5% YoY
1
Sales increase
2
Prosegur Security
Leading Group growth while mitigating currency impact.
Sales up by 2.5%, despite currency impact in the quarter.
Sales
3.672 €M
+9,0% YoY
1
Cash
2 Security
3 Alarms
churn in both MPA and Alarms.
Improvement in ARPU and
Service Margin with controlled
18% YoY increase thanks to healthy growth.
Profitability impacted by the extraordinary efficiency program.
EBITA
258 €M
-15%% YoY
1
2
Recurring CF Alarms
21% YoY improvement in recurring CF, reaching €81M to reinvest in growth.
Security CF Improvement
€35M improvement, consolidating the Group's debt reduction target.
3
Controlled Leverage
2.3x ND/EBITDA despite seasonality.
Operative CF
121 €M
YoY
1
600k Connections in MPA (oct)
2 €300M Cash Bond Issuance
3 Net Income
Prosegur improves its net income by 47%.
Maturity in 2030 under favorable conditions.
Connections have tripled since the creation of the JV.
Net Result
47%
3
Sales & profitability Total Sales Profitability - EBITA €M 6M 25 vs 24 Evolution
Figures in €M
2,5%
0,5%
4.003
3.584
3.672
9M 24
Org
Inorg
9M 25
pre-FX
FX(1)
9M 25
Sales by RegionFigures in €M
4,9%
2,1%
13,8%
1.433 1.503
Europa
LatAm
RoW
450
396
1.719
1.755
+11,2%
-9,2%
Figures in €M
9,0%
237
258
6,6%
7,0%
EBITA
EBITA %
9M 24
9M 25
Cash
Organic growth of 6.9% led by the APAC region. EBITA remains impacted by the extraordinary efficiency plan and currency effects in LatAm.
Security
Solid growth above 5% and improved profitability, reaching a YTD margin of 3.27%.
Alarms
Growth close to 10% and improvement in Service Margin. Acquisition margin remains impacted by increased investment in marketing and product.
CASH
Sales
2,3%
EBITA
8,5%
Security
Sales
5,6%
EBITA
17,5%
Prosegur Alarms (2)
Sales
9,7%
Service M.
+9€M
(1) Includes FX and IAS 21 and 29.
(2) Prosegur Alarms ex-MPA. 4
P & L Net Result Taxes
Net Result
47%
Compared to the same period of the previous year
◢ Net Income Improvement driven by increased profitability (EBITA reaches 7%) and efficient management of financial results and taxes.
Tax rate
238bps
Significant improvement during the period.
◢ Continuous Rate Improvement driven by a solid tax strategy leveraging improved results across all geographies.
Figures in €M | 9M 2024 | 9M 2025 | Variation | |
SALES | 3.584 | 3.672 | 2,5% | |
Organic Growth | +37,1% | +11,2% | ||
Inorganic Growth | -0,2% | 0,5% | ||
FX | -30,5% | -9,2% | ||
EBITDA | 399 | 409 | 2,7% | |
Margin | 11,1% | 11,1% | ||
Depreciation | (162) | (151) | ||
EBITA | 237 | 258 | 9,0% | |
Margin | 6,6% | 7,0% | ||
Amortization of intangibles and impairments | (26) | (22) | ||
EBIT | 211 | 236 | 11,9% | |
Margin | 5,9% | 6,4% | ||
Financial results | (86) | (61) | ||
Profit Before Tax | 125 | 175 | 40,8% | |
Margin | 3,5% | 4,8% | ||
Tax | (59) | (79) | ||
Tax rate | 47,39% | 45,01% | ||
Net Profit | 66 | 96 | 47,2% | |
Minority interest | (14) | (14) | ||
CONSOLIDATED NET PROFIT | 52 | 82 | 58,7% |
5
Figures in €M | 9M 2024 | 9M 2025 |
Figures in €M | 399 | 409 |
EBITDA | (13) | (47) |
Provisions and other non-cash items | (76) | (81) |
Tax on profit | (136) | (127) |
Changes in working capital | (31) | (33) |
Interest payments | 143 | 121* |
Operating Cash Flow | (133) | (124) |
Acquisition of property, plant & equipment | 10 | (2) |
Free Cash Flow | (36) | (12) |
Payments for acquisitions of subsidiaries | (7) | (3) |
Dividend payments | (28) | (26) |
Treasury stock & others | (61) | (44) |
1.327 | 1.369 | |
150 | 141 | |
-218 | -218 | |
sept-24 | sept-25 | |
Consolidated Cash Flow
Initial Net Financial Debt | (1.243) | (1.305) | |
Net increase / (decrease) in cash | (61) | (44) | |
Exchange rate | (23) | (20) | |
Final Net Financial Debt (1) | (1.327) | (1.369) | |
Financial investments (2) | 218 | 218 | |
IFRS 16 Debt | (150) | (141) | |
Adjusted Final Net Financial Debt (3) | (1.258) | (1.292) |
Figures in €M
1.258
1.292
Deuda financiera neta Deuda IFRS 16
Inversiones financieras (2)
(*) There is a collection timing effect of +€14M already monetized in the first week of October. Additionally, it includes an extraordinary efficiency plan of €12M in Cash. Total operating cash flow, excluding these effects, amounts to €147M.
Coste medio deuda
2,4%
S&P Rating
BBB
Deuda neta/EBITDA (3)
2,3x
(1) Excludes IFRS 16 debt and financial investments.
6(2) Telefónica shares valued at market price at period-end.
3) Includes net financial debt, IFRS 16 debt, and financial investments.
Results by Business
2
7Growth €M
Profitability EBITA €M
Operational Cash Flow €M
2,3%
1.523
+1,3%
-10,5%
+6,9%
1.488
9M 24
Org
Inorg
FX (1)
9M 25
Transformation
Products On Sales
35,1%
Organic growth of 6.9% led by the APAC region
Growth impacted by currency effect.
Transformation Products exceed 35% of total sales.
8,5%
1,8% (2)
179
164
179
176
11,8% 11,0% 11,8% 11,8%9M 24
9M 25
9M 24
9M 25
EBITA Margin
pro-forma (2)
YoY
11,8%
EBITA margin stable at 11.8%, excluding the
€12M extraordinary efficiency plan aimed at achieving operational improvements and efficiencies.
23,0%
Caja negocio
142
109
9M 24
9M 25
Cash generation impacted by extraordinary efficiency plan.
Strong discipline in CAPEX and working capital control.
Operational Cashflow
Generation:
109€M
(1) Includes FX and IAS 21 and 29.
(2) Excluding the impact of the extraordinary efficiency plan 8
Growth €M
Profitability EBITA €M
Operating Cash Flow €M
5,6%
+13,1%
0,0%
-7,6%
1.833
1.935
9M 24
Org
Inorg
FX (1)
9M 25
Organic Growth
YoY
13%
Growth trend in sales continues, driven by the U.S. and Spanish markets.
Positive outlook for commercial productivity.
17,5%
63
54
3,27%
2,94%
EBITA Mrg.
EBITA(2)
9M 24
9M 25
Profitability increase
YoY
17,5%
Margin improvement driven by growth with strong gross margin.
Margin at 3.27% (+33 bps YoY) and 4.0% in the standalone quarter, with slight acceleration in price pass-through.
x17
37
2
9M 24
9M 25
Operational Cash Flow
YoY
+35€M
Operating cash flow improved by €35M, consolidating the path toward strong cash generation.
Improvement driven by margin increase and DSO reduction.
(1) Includes FX and IAS 21 and 29.
9New Clients
86K
90K
55K
62K
9M 24
9M 25
Client BaseBTC
10,4%
937k
1.035k
9M 24 9M 25
404k
533k
436k
599k
Profitability Revenues (2)
Churn Rate
45 bps
119bps
9M 24 9M 25
9M 24 9M 25
9%
12%
12%
11%
ARPU
8,1%
2,0%
42,1
45,5
42,2 43,0
40,7
44,0
38,5 39,4
+8,2% +2,4%
9M 24 9M 25 9M 24 9M 25
Descuento asociado a captación
Service Margin
9,7%
2,2%
22 €
18 €
19 €
22 €
9M 24 9M 25
9M 24 9M 25
43%
44%
57%
57%
Acquisition Cost
12,6% 3,4%
9M 24 9M 25 9M 24 9M 25
1.038 € 1.169 €
1.447 € 1.497 €
Figures in €M
9,7%
0% -20,1%
158
174
9M 24 Org Inorg
FX(1)
9M 25
Organic growth
Only of Prosegur Alarms
30%
29,8%
New channels
Only of Prosegur Alarms
Growth up 78%
(1) Includes FX and IAS 21 & 29 effects
10(2) Reported Alarms sales belonging exclusively to Prosegur, Movistar Prosegur Alarms sales are not included.
(3) Customer acquisition margin, excluding financing effects
Service Cash Flow
17,2%
86
49
101
58
38
+13,5%
43
Service Cash Flow ROW
Figures in €M
9M 24
9M 25
Replacement Cash Flow
Recurring Cash Flow
15,0%
140
161
84
81
59
+31,3%
77
Service Cash Flow MPA
Figures in €M
9M 24
9M 25
Replacement Cash Flow
Recurring Cash Flow
16,2%
182
156
100
89
67
+21,3%
81
Service Cash ROW + 50% MPA
Figures in €M
9M 24
9M 25
Replacement Cash Flow
Recurring Cash Flow
11
Conclusions
3
12Conclusions
Group
Cash
Security
Alarms
Growth
Sales increase: +2.5%,
reaching €3,672M.
Transformation
products account for
35% of total sales.
Sales increase: +6%,
driven by ES and US with positive outlook.
Sales increase:
+10% in Prosegur Alarms.
EBITA margin up 9.0%
Proforma relative
Margin increase: +18%
Profitabilit
last year.
Service Margin
improvement: +10% in Prosegur Alarms and
+2% in MPA.
due to quality of new clients and scalability.
margin stable at 11.8%, in line with
%.
and Net Income: +47
y
Cash Flow
Operating cash flow:
€147M, normalizing extraordinary effects.
Impacted by the
extraordinary efficiency plan.
€35M improvement
compared to the same period last year.
€81M in rolling
recurring cash flow (to reinvest in growth).
13
2025 Dec 16th Investor Day Prosegur Alarms.
Madrid.
2026 Jan 14th BNP Paribas Spain Investors day.
Madrid.
2026 Feb 4th
2026 Santander Iberian Conference.
Madrid.
2026 Mar 17th Bank of America Conference 2026.
Londres.
Investor Relations ContactJuan Ignacio Galleano
Investor Relations Director
juan.galleano@prosegur.com accionistas@prosegur.com
Calle Pajaritos 24, 28007, Madrid, España
+34 915 588 021
Prosegur promotes open and active communication with the capital markets and their participants, in order to achieve a fair and appropriate valuation of the company, in harmony with the principles of responsibility and sustainability that it upholds.
Communication Policy with Shareholders, Institutional Investors and Proxy Advisors.
14Q&A
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