Prosegur Compania De Seguridad SaBME: PSG

9M 2025 Results Presentation

· Issued by Prosegur Compania De Seguridad Sa

‌Q3 25 Results presentation

1

October 31st 2025 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 Region

Figures 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)

Net Debt

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

7


‌Growth €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.

9


New Clients

86K

90K

55K

62K

9M 24

9M 25

‌Client Base

BTC

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%



Prosegur Alarms
Movistar Prosegur Alarmas

(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

12


‌Conclusions

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

‌

Financial Calendar

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 Contact

Juan 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.

14

‌Q&A

4

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