Brink's Delivers Strong Third-Quarter Results

Nine-month operating cash flow fell to $154.8 million from $265.9 million despite higher revenue.

Rhea-AI Summary

Brink’s (BCO) reported third-quarter 2026 revenue of $1,375 million, with growth in ATM managed services and digital retail solutions. Revenue increased 3% year over year, with 4% organic growth and over 16% organic growth in those two businesses. GAAP operating profit fell 14% to $131 million; net income attributable to Brink’s declined 60% to $15 million, and earnings per share fell 59% to $0.35. Adjusted EBITDA, a non-GAAP earnings measure, rose 8% to $274 million, while non-GAAP earnings per share increased 18% to $2.46.

Brink’s expects its NCR Atleos acquisition to close in early January 2027 and anticipates realizing synergies sooner than originally planned against its original $200 million target. Fourth-quarter guidance calls for revenue of $1,365–$1,415 million, adjusted EBITDA of $275–$295 million and non-GAAP earnings per share of $2.45–$2.80.

28 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue increased 3% to $1,375 million, with 4% organic growth.
• Moderate pointThird-quarter adjusted EBITDA increased 8% to $274 million year over year.
• Moderate pointThird-quarter non-GAAP operating profit rose 11% to $208 million; margin expanded 100 basis points to 15.1%.
• Moderate pointThird-quarter non-GAAP earnings per share increased 18% to $2.46 year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter revenue guidance is $1,365–$1,415 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Brink’s maintains its 2026 organic revenue growth framework of mid-single digits.
• Moderate point. Forward-looking: it has not happened yet and may not happen.NCR Atleos synergies are expected sooner than originally planned; Brink’s retains its original $200 million target.

21 minor points

• Minor pointATM managed services and digital retail solutions delivered over 16% organic growth in the third quarter.
• Minor pointNorth America third-quarter revenue increased 1% to $440 million; organic growth was 1%.
• Minor pointNorth America third-quarter operating profit increased 8% to $62 million.
• Minor pointLatin America third-quarter revenue increased 8% to $354 million; organic growth was 2%.
• Minor pointEurope third-quarter revenue increased 1% to $380 million; organic growth was 2%.
• Minor pointEurope third-quarter operating profit increased 31% to $65 million.
• Minor pointRest of World third-quarter revenue increased 1% to $200 million; organic growth was 14%.
• Minor pointRest of World third-quarter operating profit increased 20% to $53 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter adjusted EBITDA guidance is $275–$295 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter non-GAAP earnings-per-share guidance is $2.45–$2.80.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brink’s 2026 framework targets mid-to-high teens organic growth in ATM managed services and digital retail solutions.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brink’s 2026 framework targets adjusted EBITDA margin expansion of 30–50 basis points.
• Minor point. Forward-looking: it has not happened yet and may not happen.Brink’s 2026 framework targets free cash flow conversion of 40–45%.
• Minor pointNine-month revenue increased 7% to $4,142 million, with 4% organic growth.
• Minor pointNorth America nine-month revenue rose 3% to $1,324 million; operating profit increased 11% to $192 million.
• Minor pointLatin America nine-month revenue rose 10% to $1,050 million; operating profit increased 4% to $183 million.
• Minor pointEurope nine-month revenue rose 7% to $1,123 million; operating profit increased 30% to $157 million.
• Minor pointRest of World nine-month revenue rose 9% to $645 million; operating profit increased 24% to $160 million.
• Minor pointNine-month capital expenditures decreased to $112.1 million from $155.4 million a year earlier.
• Minor pointNine-month share repurchases returned $30.2 million to shareholders.
• Minor pointLong-term debt declined to $3,798.1 million at September 30, 2026, from $3,810.1 million at year-end 2025.

Negative

• Moderate pointThird-quarter GAAP net income attributable to Brink’s fell 60% to $15 million; earnings per share declined 59% to $0.35.
• Moderate pointThird-quarter GAAP operating profit fell 14% to $131 million; margin contracted 190 basis points to 9.5%.
• Moderate pointNCR Atleos acquisition remains uncompleted, with closing now expected in early January 2027.
• Moderate pointNine-month operating cash flow fell to $154.8 million from $265.9 million a year earlier.
• Moderate pointNine-month debt financing costs increased to $22.7 million from $1.0 million a year earlier.

10 minor points

• Minor pointLatin America third-quarter operating profit declined 2% to $65 million, with a 6% organic decline.
• Minor pointThird-quarter corporate expenses increased 27% to $36 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Additional NCR Atleos synergy opportunities still require validation and detailed post-closing implementation plans.
• Minor pointNine-month net income fell to $98.6 million from $138.9 million a year earlier.
• Minor pointNine-month GAAP operating profit declined 8% to $375 million.
• Minor pointNine-month corporate expenses increased 33% to $125 million.
• Minor pointNine-month impairment losses increased to $9.8 million from $5.4 million a year earlier.
• Minor pointNine-month business disposition losses totaled $8.9 million, versus none a year earlier.
• Minor pointCash and cash equivalents declined to $1,563.2 million at September 30, 2026, from $1,725.9 million at year-end 2025.
• Minor pointShort-term borrowings increased to $251.7 million at September 30, 2026, from $241.1 million at year-end 2025.

News Explained

Operating cash flow declined year over year for the nine months ended September 30, 2026; the decline is year-to-date, not a third-quarter-only comparison.

Key Figures

Revenue: $1,375 million; +3% Adjusted EBITDA: $274 million; +8% Net income: $15 million; -60% +5 more

Revenue

$1,375 million; +3%

Third-quarter 2026 vs. 2025

Adjusted EBITDA

$274 million; +8%

Third-quarter 2026 vs. 2025

Net income

$15 million; -60%

GAAP, third-quarter 2026 vs. 2025

EPS

$2.46; +18%

Non-GAAP, third-quarter 2026 vs. 2025

Q4 revenue guidance

$1,365 million–$1,415 million

Q4 2026

Q4 adjusted EBITDA guidance

$275 million–$295 million

Non-GAAP, Q4 2026

Q4 EPS guidance

$2.45–$2.80

Non-GAAP, Q4 2026

Expected acquisition closing

Early January 2027

NCR Atleos acquisition

Historical Context

2 past events · Latest: Oct 08

2 events

1. Oct 08

   Acquisition update

   24h Move

   +0.3%

   CMA accepted in principle a proposed remedy for the NCR Atleos acquisition; the $200 million synergy target remained.

2. Aug 05

   Earnings report

   24h Move

   -1.9%

   Second-quarter revenue and adjusted EBITDA increased, while Brink's reaffirmed its 2026 framework.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap, constant currency

3 terms

gaap financial

"In millions, except for per share amounts; GAAP and Non-GAAP results"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Q4 2026 non-GAAP guidance cannot be reconciled to GAAP"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

constant currency financial

"Constant currency represents 2026 Non-GAAP results at 2025 exchange rates"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Revenue growth of 3% with organic growth of 4% and over 16% AMS/DRS organic growth 
NCR Atleos acquisition now expected to close in early January 2027

RICHMOND, Va., Nov. 04, 2026 (GLOBE NEWSWIRE) -- The Brink’s Company (NYSE:BCO), a leading global provider of cash and valuables management, digital retail solutions ("DRS"), and ATM managed services ("AMS"), today announced third-quarter results.

Mark Eubanks, President and CEO, said: “We delivered a strong third quarter and continued to build real momentum in our strategic focus areas of AMS and DRS. Growth in these lines of business accelerated sequentially, even against a challenging economic backdrop in many of our larger markets. Adjusted EBITDA grew 8%, and margins expanded by 90 basis points year-over-year, powered by favorable revenue mix and strong pricing dynamics. Heading into the fourth quarter, customer demand for our solutions remains healthy, and we remain firmly committed to our full-year framework.”

"We are making strong progress toward closing our acquisition of NCR Atleos. With increasing clarity and momentum on the regulatory front, including the recent developments with the CMA in the United Kingdom, we now expect to close the acquisition in early January 2027. Early customer reaction has been positive, and we are energized by the interest from financial institutions and retailers across multiple geographies. Our joint integration planning teams are accelerating day one readiness and continue to identify additional cost synergy opportunities. We now expect to realize synergies sooner than originally planned and have identified additional opportunities that increase confidence in our original $200 million target. We will continue our planning efforts between now and closing to validate these opportunities and develop detailed post-closing implementation plans. I am more excited than ever about our potential to deliver compelling solutions to our customers and accelerate long-term value creation for our shareholders.”

Third-quarter results are summarized in the following table:

(In millions, except for per share amounts)	Third-Quarter 2026 (vs. 2025)
	GAAP				Change			Non-GAAP				Change			Constant Currency Change(b)
Revenue	$	1,375			3%			$	1,375			3%			2%
Operating Profit	$	131			(14%)			$	208			11%			11%
Operating Profit Margin		9.5	%		(190 bps)				15.1	%		100 bps			130 bps
Net Income / Adjusted EBITDA(a)	$	15			(60%)			$	274			8%			8%
EPS	$	0.35			(59%)			$	2.46			18%			19%

(a)	The non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brink's.
(b)	Constant currency represents 2026 Non-GAAP results at 2025 exchange rates.

2026 Non-GAAP Framework and Q4 2026 Non-GAAP Guidance (Unaudited)
(In millions, except for percentages and per share amounts)

In 2026, management has included additional guidance to better help investors understand currency impacts on our results. Management believes organic revenue growth, adjusted EBITDA margin expansion and free cash flow conversion performance, provided in our 2026 framework, gives investors better visibility into the performance of our business. In addition to our full-year 2026 framework, we have added quarterly guidance for revenue, adjusted EBITDA and non-GAAP EPS in 2026 to clarify the expected impact of near-term currency trends and volatile economic conditions on our results. When, and if, currency volatility lessens, management may return to the previous annual guidance methodology. Revenue guidance is presented in accordance with GAAP.

	2026 Non-GAAP Framework
Organic Revenue Growth		Mid-Single Digits
AMS/DRS Organic Revenue Growth		Mid-to-High Teens
Adjusted EBITDA Margin Expansion		30-50bps
Free Cash Flow Conversion		40-45%

	Q4 2026 Guidance
Revenue		$1,365 - $1,415
Non-GAAP Adjusted EBITDA		$275 - $295
Non-GAAP EPS		$2.45 - $2.80

The Q4 2026 non-GAAP guidance cannot be reconciled to GAAP without unreasonable effort, as we are unable to accurately forecast certain amounts that are necessary for reconciliation, including the impact of highly inflationary accounting on our Argentina operations, expenses relating to M&A transactions that may or may not occur in the quarter, and other potential non-GAAP adjusting items for which the timing and amounts are uncertain. The Q4 2026 non-GAAP guidance assumes the continuation of current economic trends and reflects management's current assumptions regarding variables that are difficult to accurately forecast, including those discussed in the Risk Factors set forth in the Company's filings with the United States Securities and Exchange Commission.

Conference Call
Brink’s will host a conference call on Wednesday, November 4, 2026, at 9:00 a.m. (EST) to review third-quarter financial results. The conference call can be accessed by calling 888-349-0094 (in the U.S.) or 412-902-0124 (international). Participants should join at least five minutes prior to the start of the call. Participants can pre-register at https://dpregister.com/sreg/10211784/104d0077238 to receive a direct dial-in number for the call. The call will also be accessible at https://event.choruscall.com/mediaframe/webcast.html?webcastid=grX1V8ZH. A replay of the call will be available through November 11, 2026, at (855) 669-9658 (in the U.S.) or (412) 317-0088 (international). The conference access code is 1313445. An archived version of the webcast will also be available on our website at http://investors.brinks.com.

The Brink’s Company and subsidiaries (In millions, except for per share amounts) (Unaudited)
Condensed Consolidated Balance Sheets
	December 31, 2025				September 30, 2026
Assets
Current assets:
Cash and cash equivalents	$	1,725.9			1,563.2
Restricted cash		541.0			436.0
Accounts receivable, net		766.0			862.1
Prepaid expenses and other		296.1			360.8
Total current assets		3,329.0			3,222.1
Right-of-use assets, net		388.7			398.2
Property and equipment, net		1,130.5			1,031.0
Goodwill		1,515.3			1,493.7
Other intangibles, net		385.2			330.4
Deferred tax assets, net		237.3			247.0
Other		353.2			421.9
Total assets	$	7,339.2			7,144.3
Liabilities and Equity
Current liabilities:
Short-term borrowings		241.1			251.7
Current maturities of long-term debt		163.1			105.3
Accounts payable		319.3			311.2
Accrued liabilities		1,180.2			1,246.3
Restricted cash held for customers		294.2			168.2
Total current liabilities		2,197.9			2,082.7
Long-term debt		3,810.1			3,798.1
Accrued pension costs		147.8			147.2
Retirement benefits other than pensions		120.4			117.7
Lease liabilities		310.2			316.6
Deferred tax liabilities		66.5			65.7
Other		279.0			232.3
Total liabilities		6,931.9			6,760.3
Equity:
The Brink's Company ("Brink's") shareholders:
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2026 - 41.2; 2025 - 41.1		41.1			41.2
Capital in excess of par value		632.1			635.2
Retained earnings		270.1			303.5
Accumulated other comprehensive income (loss)		(665.6	)		(680.6	)
Brink's shareholders		277.7			299.3
Noncontrolling interests		129.6			84.7
Total equity		407.3			384.0
Total liabilities and equity	$	7,339.2			7,144.3

The Brink’s Company and subsidiaries (In millions) (Unaudited)
Condensed Consolidated Statements of Cash Flows
	Nine Months Ended September 30,
		2025			2026
Cash flows from operating activities:
Net income	$	138.9			98.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss from discontinued operations, net of tax		0.1			0.2
Depreciation and amortization		208.7			234.8
Share-based compensation expense		18.7			23.0
Deferred income taxes		15.8			(13.3	)
(Gain) loss on marketable securities, sale of property and equipment and derivatives		33.3			(5.7	)
Loss on business dispositions		—			8.9
Impairment losses		5.4			9.8
Retirement benefit funding (more) less than expense:
Pension		(1.3	)		4.2
Other than pension		(8.5	)		(4.4	)
Unrealized foreign currency (gains) losses		(0.7	)		18.1
Other operating		(1.2	)		7.0
Changes in operating assets and liabilities, net of effects of acquisitions:
Increase in accounts receivable and income taxes receivable		(48.4	)		(126.7	)
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities		(48.8	)		24.0
Decrease in restricted cash held for customers		(31.9	)		(106.2	)
Increase in customer obligations		11.8			37.0
Increase in prepaid and other current assets		(8.6	)		(31.2	)
Other		(17.4	)		(23.3	)
Net cash provided by operating activities		265.9			154.8
Cash flows from investing activities:
Capital expenditures		(155.4	)		(112.1	)
Acquisitions, net of cash acquired		(6.0	)		—
Marketable securities:
Purchases		(108.6	)		(51.6	)
Sales		84.6			46.4
Cash proceeds from sale of property and equipment		21.8			5.6
Net change in loans held for investment		4.7			3.6
Cash derecognized upon deconsolidation of the Malaysia business		—			(62.4	)
Net change in economic hedges		(32.0	)		6.5
Other		(8.7	)		1.0
Net cash used in investing activities		(199.6	)		(163.0	)
Cash flows from financing activities:
Borrowings (repayments) of debt:
Short-term borrowings		55.6			15.1
Long-term revolving credit facilities:
Borrowings		12,850.4			15,321.1
Repayments		(12,810.3	)		(15,382.8	)
Other long-term debt:
Borrowings		22.4			18.0
Repayments		(117.1	)		(78.6	)
Acquisition of noncontrolling interest		(6.6	)		—
Cash paid for acquisition related settlements and obligations		—			(1.1	)
Debt financing costs		(1.0	)		(22.7	)
Repurchase shares of Brink's common stock		(153.6	)		(30.2	)
Dividends to:
Shareholders of Brink’s		(31.7	)		(31.5	)
Noncontrolling interests in subsidiaries		(3.9	)		(3.6	)
Proceeds from exercise of stock options		0.6			0.2
Tax withholdings associated with share-based compensation		(19.1	)		(18.9	)
Other		(1.8	)		(1.1	)
Net cash used in financing activities		(216.1	)		(216.1	)
Effect of exchange rate changes on cash		111.3			(43.4	)
Cash, cash equivalents and restricted cash:
Decrease		(38.5	)		(267.7	)
Balance at beginning of period		1,840.4			2,266.9
Balance at end of period	$	1,801.9			1,999.2

Supplemental Cash Flow Information	Nine Months Ended September 30,
		2025			2026
Cash paid for income taxes, net	$	(97.3	)		(97.8	)
Cash paid for interest		(174.9	)		(177.2	)
Proceeds from lessor debt financing		21.9			10.1

The Brink’s Company and subsidiaries (In millions, except for per share amounts) (Unaudited)
Third-Quarter 2026 vs. 2025
								Impact of									% Change
GAAP					Organic			Acquisitions /			Currency									Organic
	3Q'25				Change(a)			Dispositions(b)			Effect(c)			3Q'26			Total			Growth(a)
Revenues:
North America	$	435			6			—			(1	)		440			1			1
Latin America		327			6			—			21			354			8			2
Europe		375			8			—			(3	)		380			1			2
Rest of World		198			28			(24	)		(3	)		200			1			14
Segment revenues	$	1,335			48			(23	)		15			1,375			3			4
Revenues	$	1,335			48			(23	)		15			1,375			3			4
Operating profit:
North America	$	57			5			—			—			62			8			8
Latin America		66			(4	)		—			3			65			(2	)		(6	)
Europe		50			16			—			—			65			31			31
Rest of World		44			11			(2	)		(1	)		53			20			25
Segment operating profit		217			27			(2	)		2			244			13			13
Corporate expenses(d)		(29	)		(4	)		—			(4	)		(36	)		27			14
Other items not allocated to segments(d)		(36	)		(70	)		19			10			(77	)		unfav			unfav
Operating profit	$	152			(47	)		17			8			131			(14	)		(31	)

Amounts may not add due to rounding.
(a)	Organic change and organic growth are supplemental financial measures that are not required by, or presented in accordance with, GAAP, and are described in more detail on page 13.
(b)	Amounts include the impact of prior year comparable period results for acquired and disposed businesses. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 13.
(c)	The amounts in the “Currency” column consist of the effects of Argentina devaluations under highly inflationary accounting and the sum of monthly currency changes. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 13.
(d)	See pages 11-12 for further information, where these items are discussed in more detail.

About The Brink’s Company
The Brink’s Company (NYSE:BCO) is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our network of operations in 51 countries serves customers in more than 100 countries. For more information, please visit our website at www.brinks.com or call 804-289-9709.

The Brink’s Company and subsidiaries (In millions, except for per share amounts) (Unaudited)
Nine Months Ended September 30, 2026 vs. 2025
								Impact of									% Change
GAAP					Organic			Acquisitions /			Currency									Organic
	2025				Change(a)			Dispositions(b)			Effect(c)			2026			Total			Growth(a)
Revenues:
North America	$	1,287			36			—			1			1,324			3			3
Latin America		954			25			1			70			1,050			10			3
Europe		1,052			27			1			43			1,123			7			3
Rest of World		589			70			(24	)		9			645			9			12
Segment revenues	$	3,882			158			(21	)		124			4,142			7			4
Revenues	$	3,882			158			(21	)		124			4,142			7			4
Operating profit:
North America	$	172			20			—			—			192			11			11
Latin America		175			(1	)		(1	)		9			183			4			(1	)
Europe		120			31			1			5			157			30			26
Rest of World		130			31			(2	)		1			160			24			24
Segment operating profit		597			80			(2	)		15			691			16			13
Corporate expenses(d)		(94	)		(24	)		—			(8	)		(125	)		33			25
Other items not allocated to segments(d)		(98	)		(131	)		32			4			(192	)		96			unfav
Operating profit	$	405			(74	)		31			12			375			(8	)		(18	)
Amounts may not add due to rounding.
See page 6 for footnote explanations.

Forward-Looking Statements

This release contains forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," “target,” "project," "predict," "intend," "plan," "believe," "potential," "may," "should" and similar expressions may identify forward-looking information. Forward-looking information in this release includes, but is not limited to: statements made in Mr. Eubanks' quote; fourth quarter 2026 outlook, including revenue, organic revenue growth, adjusted EBITDA, and non-GAAP earnings per share (and drivers thereof); full-year 2026 guidance framework, including organic revenue growth, AMS/DRS organic revenue growth, adjusted EBITDA margin expansion, free cash flow conversion and shareholder returns (and the drivers thereof); capital allocation priorities; the expected timing and conditions to closing of the proposed acquisition of NCR Atleos, including receipt of remaining regulatory approvals; the timing and amount of expected synergies; integration planning; customer interest in potential combined-company offerings; the impact of U.S. and global macroeconomic conditions; the impact of tariffs and foreign inflation; expected impact from deployment of technology-enabled solutions, including AMS and DRS; the effect of pending legal matters, including the Chile antitrust matter; the impacts of the operating environment in Argentina; the proposed acquisition of NCR Atleos, Inc. ("NCR Atleos"), including: the expected timing and conditions to closing (including receipt of regulatory approvals), the anticipated benefits and synergies of the transaction, the expected financing thereof and the related indebtedness expected to be incurred in connection with the transaction and the ability to service and repay such indebtedness; the impact of the deconsolidation of the Malaysia business; and strategic priorities and initiatives, including the Brink’s Business System and technology and systems investments.

Forward-looking information in this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to predict or quantify, and which could cause actual results, performance or achievements to differ materially from those that are anticipated. These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: our ability to improve profitability and execute further cost and operational improvement and efficiencies in our core businesses; our ability to improve service levels and quality in our core businesses; market volatility and commodity price fluctuations; general economic issues, including supply chain disruptions, fuel price increases, new or increased international tariffs and/or trade barriers, inflation, recessionary conditions and changes in interest rates; seasonality, pricing and other competitive industry factors; investment in information technology (“IT”) and its impact on revenue and profit growth; risks associated with the usage of artificial intelligence (“AI”) technologies; our ability to maintain an effective IT infrastructure and safeguard confidential information and risks related to a failure of our IT systems and networks, including cloud-based applications, and risks associated with current and emerging technology threats, and damage from computer viruses, unauthorized access and cyber and ransomware attacks, including increasingly sophisticated cyber attacks incorporating the use of AI and other similar disruptions; our ability to effectively develop and implement solutions for our customers; risks associated with operating in foreign countries, including changing political, labor and economic conditions (including political conflict or unrest), regulatory issues (including the imposition of international sanctions, including by the U.S. government), military conflicts (including but not limited to the conflict in Israel, Iran and surrounding areas, as well as the possible expansion of such conflicts and potential geopolitical consequences), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company’s financial results as a result of jurisdictions' higher-than-expected inflation and those determined to be highly inflationary, and restrictive government actions, including nationalization; risks related to changes in control over, or economic interest in, foreign subsidiaries, including the deconsolidation of the Malaysia business, and the timing and magnitude of the related impact on the Company's revenue and adjusted EBITDA; labor issues, including labor shortages, negotiations with organized labor and work stoppages; pandemics, acts of terrorism, strikes or other extraordinary events that negatively affect global or regional cash commerce; anticipated cash needs in light of our current liquidity position; the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; risks related to the proposed acquisition of NCR Atleos, including: the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the inability to complete the proposed transaction due to the failure to obtain regulatory approval or the failure to satisfy other conditions to closing; the risk that regulatory authorities delay or do not grant clearance or impose conditions, divestitures or other remedies; the risk that closing does not occur on the anticipated timeline; risks that the proposed transaction disrupts current plans and operations; the focus of management's time and attention on the transaction and other disruptions arising from the proposed transaction; the ability to recognize the anticipated benefits and synergies of the proposed transaction; the amount of the costs, fees, expenses, and charges related to the proposed transaction and financing obtained in connection with the proposed transaction; the ability to obtain regulatory approvals on the terms expected or anticipated schedule; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain customers, retain and hire key personnel and maintain relationships with suppliers, customers and other business relationships and on operating results and business generally; the risk of litigation and/or regulatory actions related to the proposed transaction; costs related to dispositions and product or market exits; our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; safety and security performance and loss experience; employee, environmental and other liabilities in connection with former coal operations, including black lung claims; the impact of the American Rescue Plan Act and Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimated liabilities and assets in actuarial assumptions; the nature of hedging relationships and counterparty risk; access to the capital and credit markets; our ability to realize deferred tax assets; the impact of foreign tax credit regulations; the impact of the One Big Beautiful Bill Act; the outcome of pending and future claims, litigation, and administrative proceedings; our ability to comply with regulatory compliance obligations; public perception of our business, reputation and brand; our ability to identify, recruit and retain key employees; changes in estimates and assumptions underlying our critical accounting policies; and the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.

This list of risks, uncertainties and contingencies is not intended to be exhaustive. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2025, and in the registration statement on Form S-4 filed in connection with the proposed acquisition of NCR Atleos, and in related disclosures in our other public filings with the Securities and Exchange Commission. All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all of the forward-looking statements in this document are expressly qualified by the cautionary statements contained or referred to herein and therein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this document. The forward-looking information included in this document is representative only as of the date of this document and The Brink's Company undertakes no obligation to update, revise or clarify any information contained in this document or forward-looking statements that may be made from time to time on our behalf, whether as a result of new information, future events or otherwise, except as required by law.

The Brink’s Company and subsidiaries Segment Results: 2025 and 2026 (Unaudited) (In millions, except for percentages)
	Revenues
		2025																2026
	1Q				2Q			3Q			4Q			Full Year			1Q				2Q			3Q			Nine Months
Revenues:
North America	$	417.6			434.3			434.8			455.9			1,742.6			$	439.6			444.5			439.9			1,324.0
Latin America		307.6			319.4			326.8			335.8			1,289.6				343.8			351.6			354.4			1,049.8
Europe		319.0			358.0			375.3			377.2			1,429.5				365.9			377.0			380.3			1,123.2
Rest of World		202.5			188.8			198.1			210.1			799.5				225.8			219.2			200.0			645.0
Segment revenues	$	1,246.7			1,300.5			1,335.0			1,379.0			5,261.2			$	1,375.1			1,392.3			1,374.6			4,142.0
	Operating Profit
		2025																2026
	1Q				2Q			3Q			4Q			Full Year			1Q				2Q			3Q			Nine Months
Operating profit:
North America	$	53.1			62.3			56.8			74.5			246.7			$	60.9			69.6			61.5			192.0
Latin America		53.9			55.0			65.9			69.1			243.9				57.4			60.5			64.6			182.5
Europe		28.1			42.4			49.9			56.8			177.2				39.9			51.5			65.2			156.6
Rest of World		47.2			38.3			44.1			48.6			178.2				55.0			52.0			53.1			160.1
Segment operating profit		182.3			198.0			216.7			249.0			846.0				213.2			233.6			244.4			691.2
Corporate expenses(a)		(31.7	)		(33.5	)		(28.5	)		(42.4	)		(136.1	)			(44.8	)		(43.9	)		(36.2	)		(124.9	)
Other items not allocated to segments(a)
Reorganization and Restructuring		(0.5	)		(0.2	)		(0.3	)		(0.4	)		(1.4	)			—			—			—			—
Acquisitions and dispositions		(18.5	)		(25.8	)		(17.8	)		(16.4	)		(78.5	)			(15.6	)		(15.3	)		1.8			(29.1	)
Argentina highly inflationary impact		(6.3	)		1.9			(4.7	)		(1.1	)		(10.2	)			0.5			(3.3	)		(2.0	)		(4.8	)
NCR Atleos acquisition and transformation initiatives		(5.1	)		(5.4	)		(8.1	)		(7.4	)		(26.0	)			(38.9	)		(36.4	)		(45.7	)		(121.0	)
Incident-related losses		—			—			—			—			—				—			—			(26.6	)		(26.6	)
Non-routine legal matters		—			—			—			—			—				(2.8	)		(0.1	)		(0.3	)		(3.2	)
DOJ/FinCEN investigations		(0.9	)		(0.9	)		(3.7	)		(1.0	)		(6.5	)			(1.2	)		(0.9	)		(4.1	)		(6.2	)
Chile antitrust matter		(0.2	)		(0.2	)		(0.2	)		(0.2	)		(0.8	)			(0.2	)		(0.4	)		(0.3	)		(0.9	)
Non-routine auto loss matter		—			—			(1.0	)		—			(1.0	)			—			—			—			—
Operating profit	$	119.1			133.9			152.4			180.1			585.5			$	110.2			133.3			131.0			374.5
	Operating Margin Percentage
		2025																2026
	1Q				2Q			3Q			4Q			Full Year			1Q				2Q			3Q			Nine Months
Operating margin percentage:
North America		12.7			14.3			13.1			16.3			14.2				13.9			15.7			14.0			14.5
Latin America		17.5			17.2			20.2			20.6			18.9				16.7			17.2			18.2			17.4
Europe		8.8			11.8			13.3			15.1			12.4				10.9			13.7			17.1			13.9
Rest of World		23.3			20.3			22.3			23.1			22.3				24.4			23.7			26.6			24.8
Segment operating margin percentage		14.6			15.2			16.2			18.1			16.1				15.5			16.8			17.8			16.7
Corporate expenses and Other items not allocated to segments(a)		(5.0	)		(4.9	)		(4.8	)		(5.0	)		(5.0	)			(7.5	)		(7.2	)		(8.3	)		(7.7	)
Total operating margin percentage		9.6			10.3			11.4			13.1			11.1				8.0			9.6			9.5			9.0

(a)	See explanation of items on pages 11-12.

The Brink’s Company and subsidiaries
Other Items Not Allocated To Segments (Unaudited)
(In millions)

Income and expenses not allocated to segments are reported either as “Corporate Expenses” or “Other Items not Allocated to Segments.”

Corporate Expenses include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the chief operating decision maker ("CODM") evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.

Other Items not Allocated to Segments include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results. These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities. Each of the items in the “Other Items Not Allocated to Segments” category is excluded from non-GAAP measures.

See below for a summary of the other items not allocated to segments.

Reorganization and Restructuring
Costs associated with certain reorganization and restructuring actions were excluded from reported non-GAAP results. These items included primarily severance charges and asset impairment losses. These costs related to global restructuring initiatives, completed in prior years, mainly to mitigate the impact of external economic conditions in light of the COVID-19 pandemic. Due to the unusual nature of the underlying events that led to these actions, the charges are not considered part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Acquisitions and dispositions 
Certain acquisition and disposition items are not part of the Company's operations and revenue generating activities. These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs. All of the items are significantly impacted by the timing and nature of our acquisitions and dispositions, and many are inconsistent in amount and frequency. Management has excluded these amounts when evaluating internal performance. Therefore, we have not allocated these amounts to segment or Corporate results and have excluded these amounts from non-GAAP results.

These items are described below:

2026 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $43.3 million in the first nine months of 2026.
• Net gain of $16.1 million relating to the deconsolidation of our Malaysia subsidiaries.

2025 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $58.9 million in 2025.
• Restructuring costs related to acquisitions were $11.8 million in 2025.
• Net charges of $2.2 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.
• We incurred $3.8 million in integration costs in 2025.
• Transaction costs related to business acquisitions were $2.7 million in 2025.

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. In 2025, we recognized $10.2 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $17.0 million. In the first nine months of 2026, we recognized $4.8 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $1.6 million. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

NCR Atleos acquisition and transformation initiatives On February 26, 2026, we entered into a definitive agreement to acquire NCR Atleos. The transaction is now expected to close in early January 2027, subject to regulatory approval and other customary closing conditions. This acquisition represents a significant strategic step for Brink’s, expanding the scale of the combined company and supporting continued growth in our AMS and DRS offerings, which reflect an increasing portion of our business mix.

During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model. The program is designed to help us standardize and streamline our commercial and operational systems and processes, as well as back-office functions, including finance and information technology. The efforts will drive continuous improvement and achieve operational excellence.

Accordingly, we incurred $26.0 million of expense in 2025, which primarily included third-party professional services, project management charges, and severance. During the first nine months of 2026, we incurred $121.0 million of related costs, including severance costs; fees to attorneys, accountants and other professional advisors related to the NCR Atleos acquisition; as well as third-party professional services. Because these expenses are associated with discrete transformation initiatives, they are not reflective of our ongoing operating cost structure and are not indicative of our core operating expenses or normal activities. Accordingly, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Incident-related losses In the first nine months of 2026, we recognized losses of $19.6 million related to a September 2026 precious metals robbery in our global services line of business, and $7.0 million related to damaged leased and owned inventory in a significant flooding incident at a North America warehouse location. These losses relate to specific incidents that, based on their nature and magnitude, management does not believe are indicative of the Company's underlying operating performance for the period. Management has excluded these amounts when evaluating internal operating performance, and accordingly, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Non-routine legal matters In the first nine months of 2026, we recognized $3.2 million of probable losses and related legal costs in connection with non-routine legal matters. These costs relate to fact-specific matters that management does not believe are indicative of the Company's underlying operational performance for the period. Additionally, the nature of these amounts and the underlying claims are such that they are not reasonably likely to recur based on the Company's historical experience within two years, nor were there similar charges for such matters within the prior two years. Management has excluded these amounts when evaluating internal operating performance, and accordingly, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

DOJ/FinCEN investigations During 2025, we accrued $6.5 million in connection with the U.S. Department of Justice ("DOJ") and U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") investigations, which represents third-party legal costs associated with these matters, including upfront expenses that are directly attributable to establishing compliance programs. In the first nine months of 2026, we accrued $6.2 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigations are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Chile antitrust matter We recognized an estimated loss of $9.5 million in the third quarter of 2021 and recognized additional amounts in subsequent years (which were primarily related to changes in currency rates). Overall, these charges related to a potential fine associated with an investigation by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts, including the estimated loss and associated third-party costs, is such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years of the underlying event. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party and, in connection with the ensuing litigation, Brink’s recognized a $10.0 million charge. Due to the unusual nature of the matter, including the unique circumstances of the claim, potential magnitude of remedy, and variation from our ordinary-course litigation strategy, we consider the litigation as separate and distinct from routine legal matters. Management does not believe that similar litigation will likely recur within the next two years, and there have been no similar matters within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

The Brink’s Company and subsidiaries
Non-GAAP Measures and Reconciliations to GAAP Measures (Unaudited)
(In millions, except for percentages and per share amounts)

Non-GAAP measures described below and included in this press release are financial measures that are not required by or presented in accordance with GAAP. The purpose of the disclosure of these non-GAAP measures is to report financial information from the primary operations of our business by excluding the effects of certain income and expenses that do not reflect the ordinary earnings of our operations.

These non-GAAP financial measures are intended to provide investors with a supplemental comparison of our operating results and trends for the periods presented. Our management believes these measures are also useful to investors as such measures allow investors to evaluate our performance using the same metrics that our management uses to evaluate past performance and prospects for future performance. The reconciliations in the tables below include adjustments that we do not consider reflective of our operating performance as they result from events and circumstances that are not a part of our core business. Additionally, certain non-GAAP results, including non-GAAP operating profit and free cash flow before dividends, are utilized as performance measures in certain management incentive compensation plans.

Non-GAAP results should not be considered as an alternative to results determined in accordance with GAAP and should be read in conjunction with their GAAP counterparts. Non-GAAP financial measures may not be comparable to non-GAAP financial measures presented by other companies.

The items excluded from non-GAAP measures are considered by us to be nonrecurring, infrequent or unusual costs and gains or not considered part of our operations and revenue generating activities. Non-recurring and infrequent items are items that are not reasonably expected to recur in the following two years.

In addition to the rationale described above, we believe the following non-GAAP metrics are helpful to investors in assessing results of operations consistent with how our management evaluates performance:

• Non-GAAP operating profit and Non-GAAP operating profit margin: Non-GAAP operating profit equals GAAP operating profit excluding Other Items not Allocated to Segments. Non-GAAP operating margin equals non-GAAP operating profit divided by revenues.
• Non-GAAP income from continuing operations attributable to Brink's: This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, taxes on return of capital, impairment of certain debt securities, and unusual adjustments to deferred tax asset valuation allowances.
• Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA: EBITDA is calculated by starting with net income attributable to Brink's and adding back the amounts for interest expense, income taxes, depreciation and amortization. Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, taxes on return of capital, impairment of certain debt securities, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss.
• Non-GAAP diluted EPS from continuing operations attributable to Brink's common shareholders: This measure equals non-GAAP income from continuing operations attributable to Brink's divided by diluted shares.
• Organic change and organic growth: Organic change represents the change in revenues or operating profit between the current and prior period excluding the effect of acquisitions and dispositions for one year after the transaction and changes in currency exchange rates. Organic growth is the percentage change of organic growth versus the prior year amount.
• Impact of acquisitions/dispositions: This measure represents the impact of acquisitions or dispositions without a full year of reported results in either comparable period.
• Currency effect: This measure consists of the effects of Argentina devaluations under highly inflationary accounting and the sum of monthly currency changes. Monthly currency changes represent the accumulation throughout the year of the impact on current period results of changes in foreign currency rates from the prior year period.
• Non-GAAP pre-tax income, Non-GAAP income tax and Non-GAAP effective income tax rate: Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains. Non-GAAP effective income tax rate equals non-GAAP income tax divided by non-GAAP pre-tax income.

In addition to the rationale described above, we believe the following non-GAAP metrics are helpful in assessing cash flow and financial leverage consistent with how our management evaluates performance:

• Free cash flow before dividends: Free cash flow before dividends is a non-GAAP financial measure that represents management’s calculation of cash flows that are available for capital and investing activities such as paying dividends, share repurchases, debt, acquisition and other investments. We define free cash flow before dividends as net cash provided by (used in) operating activities, adjusted to exclude certain operating activities related to cash that is not available for corporate purposes, including the impact of cash flows from restricted cash held for customers, as well as cash received and processed in certain of our secure cash management services operations. The resulting amount is further adjusted to include the impact of cash flows related to property and equipment used to operate our business, including capital expenditures, cash proceeds from the sale of property and equipment, as well as lessor debt financing. Free cash flow before dividends also excludes the cash impact of transaction costs related to the NCR Atleos acquisition.

Reconciliations of Non-GAAP to GAAP Measures

Non-GAAP measures are reconciled to comparable GAAP measures in the tables below. Amounts reported for prior periods have been updated in this press release to present information consistently for all periods presented. Most of the reconciling adjustments are described in Other Items Not Allocated to Segments above on pages 11-12. Additional reconciling items include the following:

Retirement plans   We incur costs, such as interest expense and amortization of actuarial gains and losses, associated with certain retirement plans that have been frozen to new entrants. Furthermore, we also incur non-cash settlement charges and curtailment gains related to all of our retirement plans. These costs and gains are not considered to be part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. Therefore, they are excluded from non-GAAP results.

Valuation allowance on tax credits Gains and charges related to major tax law changes are not considered to be part of the Company's operations and revenue generating activities. As a result of the One Big Beautiful Bill Act, we increased a valuation allowance on deferred tax assets and recorded a significant income tax expense in the third quarter of 2025. Management has excluded these amounts when evaluating internal performance. Therefore, they are excluded from non-GAAP results.

Tax on return of capital As a result of lifted foreign exchange controls and the official and unofficial foreign exchange rates convergence in Argentina, we were able to make an unusual and infrequent return of capital. Due to Argentinian tax law, a withholding tax was imposed on the return of capital. This withholding tax is not considered to be part of the Company’s operations and revenue generating activities. Management has excluded this amount when evaluating internal performance. Therefore, it is excluded from non-GAAP results.

Change in restricted cash held for customers   Restricted cash held for customers is not available for general corporate purposes such as payroll, vendor invoice payments, debt repayment, or capital expenditures. Because the cash is not available to support the Company's operations and revenue generating activities, management excludes the changes in the restricted cash held for customers balance when assessing cash flows from operations. We believe that the exclusion of the change in restricted cash held for customers from our non-GAAP operating cash flows measure is helpful to users of the financial statements as it presents this financial measure consistent with how management assesses this liquidity measure.

Change in certain customer obligations The title to cash received and processed in certain of our secure cash management services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and is thus not available for general corporate purposes. Because the cash is not available to support our operations and revenue generating activities, management excludes the changes in this specific cash balance when assessing cash flows from operations. We believe that the exclusion of the change in this cash balance from our non-GAAP operating cash flows measure is helpful to the users of our financial statements as it presents this financial measure consistent with how our management assesses this liquidity measure.

NCR Atleos acquisition cash flows This represents the cash outflows during the period related to NCR Atleos acquisition-related transaction costs, such as fees to attorneys, accountants and other professional advisors.

Non-GAAP Results Reconciled to GAAP
	Nine months ended September 30, 2025										Nine months ended September 30, 2026
	Pre-tax income(a)				Income tax			Effective income tax rate(a)			Pre-tax income(a)			Income tax		Effective income tax rate(a)
GAAP	$	234.8			95.8			40.8	%		$	154.0		55.2		35.8	%
Reorganization and Restructuring(c)		1.0			0.1							—		—
Acquisitions and dispositions(c)		63.8			15.0							53.7		10.5
Argentina highly inflationary impact(c)		14.7			0.1							6.4		0.2
NCR Atleos acquisition and transformation initiatives(c)		18.6			0.5							121.0		20.9
Incident-related losses(c)		—			—							26.6		1.6
Non-routine legal matters(c)		—			—							3.2		0.7
DOJ/FinCEN investigations(c)		5.5			—							6.2		1.4
Chile antitrust matter(c)		0.6			0.1							0.9		0.2
Non-routine auto loss matter(c)		1.0			—							—		—
Retirement plans(b)		(4.7	)		(1.1	)						3.9		0.8
Valuation allowance on tax credits(b)		—			(16.5	)						—		—
Income tax rate adjustment(d)		—			(1.8	)						—		10.7
Non-GAAP	$	335.3			92.2			27.5	%		$	375.9		102.2		27.2	%

Amounts may not add due to rounding.
(a)	From continuing operations.
(b)	See "Reconciliations of Non-GAAP to GAAP Measures" on page 14 for details.
(c)	See “Other Items Not Allocated To Segments” on pages 11-12 for details.
(d)	Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 27.2% for 2026 and was 27.5% for 2025.

The Brink’s Company and subsidiaries Non-GAAP Results Reconciled to GAAP (Unaudited) - continued (In millions, except for percentages and per share amounts)
		2025												2026
	1Q			2Q			3Q		4Q		Full Year		1Q				2Q		3Q			Nine Months
Operating profit (loss):
GAAP	$	119.1		133.9			152.4		180.1		585.5		$	110.2			133.3		131.0			374.5
Reorganization and Restructuring(a)		0.5		0.2			0.3		0.4		1.4			—			—		—			—
Acquisitions and dispositions(a)		18.5		25.8			17.8		16.4		78.5			15.6			15.3		(1.8	)		29.1
Argentina highly inflationary impact(a)		6.3		(1.9	)		4.7		1.1		10.2			(0.5	)		3.3		2.0			4.8
NCR Atleos acquisition and transformation initiatives(a)		5.1		5.4			8.1		7.4		26.0			38.9			36.4		45.7			121.0
Incident-related losses(a)		—		—			—		—		—			—			—		26.6			26.6
Non-routine legal matters(a)		—		—			—		—		—			2.8			0.1		0.3			3.2
DOJ/FinCEN investigations(a)		0.9		0.9			3.7		1.0		6.5			1.2			0.9		4.1			6.2
Chile antitrust matter(a)		0.2		0.2			0.2		0.2		0.8			0.2			0.4		0.3			0.9
Non-routine auto loss matter(a)		—		—			1.0		—		1.0			—			—		—			—
Non-GAAP	$	150.6		164.5			188.2		206.6		709.9		$	168.4			189.7		208.2			566.3

Income (loss) from continuing operations attributable to Brink's:
GAAP	$	51.6			43.9			36.2			68.4			200.1			$	32.1			44.5			14.6			91.2
Reorganization and Restructuring(a)		0.4			0.2			0.3			0.3			1.2				—			—			—			—
Acquisitions and dispositions(a)		17.5			15.0			15.6			16.5			64.6				11.6			12.0			19.0			42.6
Argentina highly inflationary impact(a)		7.2			1.8			5.6			12.2			26.8				1.0			3.4			1.8			6.2
NCR Atleos acquisition and transformation initiatives(a)		5.0			5.3			7.8			7.1			25.2				34.1			29.6			36.4			100.1
Incident-related losses(a)		—			—			—			—			—				—			—			25.0			25.0
Non-routine legal matters(a)		—			—			—			—			—				2.1			0.1			0.3			2.5
DOJ/FinCEN investigations(a)		0.9			0.9			3.7			0.9			6.4				0.9			0.7			3.2			4.8
Chile antitrust matter(a)		0.2			0.1			0.2			0.1			0.6				0.1			0.3			0.3			0.7
Non-routine auto loss matter(a)		—			—			1.0			—			1.0				—			—			—			—
Argentina debt securities impairment(f)		—			—			—			1.0			1.0				—			—			—			—
Retirement plans(b)		(1.2	)		(1.2	)		(1.2	)		(1.1	)		(4.7	)			1.1			1.0			1.0			3.1
Tax on return of capital(b)		—			—			—			5.4			5.4				—			—			—			—
Valuation allowance on tax credits(b)		—			—			16.5			(2.1	)		14.4				—			—			—			—
Income tax rate adjustment(c)		(11.0	)		10.7			2.1			(1.8	)		—				(7.9	)		(3.2	)		0.6			(10.5	)
Non-GAAP	$	70.6			76.7			87.8			106.9			342.0			$	75.1			88.4			102.2			265.7
Adjusted EBITDA:
Net income attributable to Brink's	$	51.6			43.7			36.3			68.1			199.7			$	32.1			44.4			14.5			91.0
Interest expense		57.5			60.9			63.4			63.7			245.5				63.5			62.9			66.0			192.4
Income tax provision		15.6			27.2			53.0			47.5			143.3				11.0			20.5			23.7			55.2
Depreciation and amortization		70.7			59.8			78.2			82.1			290.8				79.7			79.1			76.0			234.8
EBITDA	$	195.4			191.6			230.9			261.4			879.3			$	186.3			206.9			180.2			573.4
Discontinued operations		—			0.2			(0.1	)		0.3			0.4				—			0.1			0.1			0.2
Reorganization and Restructuring(a)		0.5			0.2			0.3			0.4			1.4				—			—			—			—
Acquisitions and dispositions(a)		4.5			12.3			2.3			1.2			20.3				0.1			0.6			9.1			9.8
Argentina highly inflationary impact(a)		5.2			14.4			3.8			7.1			30.5				0.1			2.4			1.1			3.6
NCR Atleos acquisition and transformation initiatives(a)		5.1			5.4			8.1			7.4			26.0				38.9			36.4			45.7			121.0
Incident-related losses(a)		—			—			—			—			—				—			—			26.6			26.6
Non-routine legal matters(a)		—			—			—			—			—				2.8			0.1			0.3			3.2
DOJ/FinCEN investigations(a)		0.9			0.9			3.7			1.0			6.5				1.2			0.9			4.1			6.2
Chile antitrust matter(a)		0.2			0.2			0.2			0.2			0.8				0.2			0.4			0.3			0.9
Non-routine auto loss matter(a)		—			—			1.0			—			1.0				—			—			—			—
Argentina debt securities impairment(f)		—			—			—			1.5			1.5				—			—			—			—
Retirement plans(b)		(1.7	)		(1.4	)		(1.6	)		(1.7	)		(6.4	)			1.5			1.2			1.2			3.9
Income tax rate adjustment(c)		—			1.4			(1.4	)		—			—				0.3			0.2			(0.3	)		0.2
Share-based compensation(d)		5.7			8.1			4.9			7.3			26.0				7.1			7.7			5.4			20.2
Marketable securities (gain) loss(e)		(0.8	)		(1.3	)		1.2			(9.3	)		(10.2	)			(1.0	)		0.3			(0.2	)		(0.9	)
Adjusted EBITDA	$	215.0			232.0			253.3			276.8			977.1			$	237.5			257.2			273.6			768.3

		2025																2026
	1Q				2Q			3Q			4Q			Full Year			1Q				2Q			3Q		Nine Months
EPS:
GAAP	$	1.19			1.03			0.86			1.62			4.70			$	0.77			1.07			0.35		2.20
Reorganization and Restructuring costs(a)		0.01			—			0.01			0.01			0.03				—			—			—		—
Acquisitions and dispositions(a)		0.40			0.36			0.37			0.39			1.52				0.28			0.29			0.46		1.03
Argentina highly inflationary impact(a)		0.17			0.05			0.13			0.29			0.63				0.02			0.09			0.04		0.15
NCR Atleos acquisition and transformation initiatives(a)		0.11			0.13			0.19			0.17			0.59				0.82			0.71			0.88		2.41
Incident-related losses(a)		—			—			—			—			—				—			—			0.60		0.60
Non-routine legal matters(a)		—			—			—			—			—				0.05			—			0.01		0.06
DOJ/FinCEN investigations(a)		0.02			0.02			0.09			0.02			0.15				0.02			0.02			0.08		0.12
Chile antitrust matter(a)		—			—			0.01			—			0.01				—			0.01			0.01		0.02
Non-routine auto loss matter(a)		—			—			0.02			—			0.02				—			—			—		—
Argentina debt securities impairment(f)		—			—			—			0.02			0.02				—			—			—		—
Retirement plans(b)		(0.02	)		(0.03	)		(0.03	)		(0.03	)		(0.11	)			0.03			0.02			0.02		0.07
Tax on return of capital(b)		—			—			—			0.13			0.13				—			—			—		—
Valuation allowance on tax credits(b)		—			—			0.39			(0.05	)		0.34				—			—			—		—
Income tax rate adjustment(c)		(0.25	)		0.25			0.05			(0.04	)		—				(0.19	)		(0.08	)		0.01		(0.25	)
Non-GAAP	$	1.62			1.81			2.09			2.54			8.05			$	1.81			2.13			2.46		6.40

Amounts may not add due to rounding.
(a)	See “Other Items Not Allocated To Segments” on pages 11-12 for details.
(b)	See "Reconciliations of Non-GAAP to GAAP Measures" on page 14 for details.
(c)	Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 27.2% for 2026 and was 27.5% for 2025.
(d)	Due to the impact of transformation-related equity awards, there was a $0.2 million non-GAAP adjustment to share-based compensation in the second quarter of 2026 and a $2.6 million adjustment to share-based compensation in the third quarter of 2026. There is no difference between GAAP and non-GAAP share-based compensation amounts for the other periods presented.
(e)	Due to the impact of Argentina highly inflationary accounting, there was a $1.0 million non-GAAP adjustment for a loss in the first quarter of 2025, a $3.7 million non-GAAP adjustment for a loss in the second quarter of 2025, a $0.9 million non-GAAP adjustment for a loss in the third quarter of 2025, a $6.9 million non-GAAP adjustment for a loss in the fourth quarter of 2025, and a $1.6 million non-GAAP adjustment for a loss in the first quarter of 2026. In the second and third quarters of 2026, there were no non-GAAP adjustments for marketable securities gains or losses due to Argentina highly inflationary accounting.
(f)	Related to the impairment of specific debt securities in Argentina in 2025.

	Full Year				Nine Months Ended September 30,
		2025				2025				2026
Cash flows provided from operating activities - GAAP	$	639.5			$	265.9			$	154.8
(Increase) decrease in restricted cash held for customers(a)		(46.1	)			31.9				106.2
Increase in certain customer obligations(a)		(16.5	)			(11.8	)			(37.0	)
Capital expenditures		(203.1	)			(155.4	)			(112.1	)
Cash proceeds from sale of property and equipment		18.5				21.8				5.6
Proceeds from lessor debt financing		43.2				21.9				10.1
Subtotal	$	435.5				174.3				127.6
NCR Atleos acquisition cash flows(a)		—				—				24.1
Free cash flow before dividends(a)	$	435.5				174.3				151.7

(a)	Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See page 13 for further information on this non-GAAP measure, and see page 14 for descriptions of the adjustments.

Contact:
Investor Relations
804.289.9709

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Brink’s BCO third-quarter 2026 earnings?

Brink’s reported GAAP earnings per share of $0.35, down 59% year over year, on revenue of $1,375 million, up 3%. Non-GAAP earnings per share increased 18% to $2.46, while adjusted EBITDA rose 8% to $274 million.

When does Brink’s expect the NCR Atleos acquisition to close?

Brink’s expects the NCR Atleos acquisition to close in early January 2027. The company also expects to realize synergies sooner than originally planned and has identified additional opportunities that increase its confidence in the original $200 million target.

What is Brink’s full-year 2026 financial framework?

Brink’s maintains a 2026 framework of mid-single-digit organic revenue growth, with mid-to-high teens organic growth in ATM managed services and digital retail solutions. Its framework also targets adjusted EBITDA margin expansion of 30–50 basis points and free cash flow conversion of 40–45%.

Why is Brink’s not reconciling fourth-quarter 2026 non-GAAP guidance to GAAP?

Brink’s cannot reconcile its fourth-quarter non-GAAP guidance to GAAP without unreasonable effort because certain adjustment amounts cannot be accurately forecast. These include highly inflationary accounting effects in Argentina, expenses for mergers and acquisitions that may or may not occur during the quarter, and other adjustments with uncertain timing and amounts.