Brink’s (BCO) posts 10% Q1 revenue growth, stronger cash flow and updates NCR Atleos deal
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
The Brink’s Company reported strong first-quarter 2026 results with solid growth in key metrics. Revenue reached $1.38 billion, up 10% year over year, driven by 4.5% total organic growth and 15% organic growth in its higher-margin AMS/DRS businesses.
Non-GAAP operating profit rose 12% to $168 million and adjusted EBITDA increased 10% to $238 million, expanding the adjusted EBITDA margin to 17.3%. Non-GAAP EPS grew 11% to $1.80, while GAAP EPS declined to $0.77, reflecting acquisition, transformation and other non-core costs.
Cash generation improved meaningfully, with cash flows from operating activities up $89 million, free cash flow up $66 million year over year, and trailing-twelve-month free cash flow surpassing $500 million with 50% conversion. Management reaffirmed its 2026 framework of mid-single-digit organic revenue growth, mid-to-high-teens AMS/DRS organic growth, 30–50 basis points of adjusted EBITDA margin expansion and 40–45% free cash flow conversion, and guided Q2 2026 revenue to $1.37–$1.43 billion and non-GAAP EPS to $1.85–$2.25.
The company also highlighted progress on the planned acquisition of NCR Atleos, targeting $200 million in annual run-rate cost synergies within three years and a closing by the end of the first quarter of 2027.
Positive
- None.
Negative
- None.
Insights
Brink’s delivered healthy top-line growth, margin expansion on a non-GAAP basis, and stronger cash flow while advancing the NCR Atleos deal.
Brink’s first-quarter 2026 revenue grew 10% to $1.38 billion, with 4.5% organic growth and 15% organic growth in its AMS/DRS lines. These higher-margin services, plus global services, supported a 10% rise in adjusted EBITDA to $238 million and a 17.3% margin, up 10 basis points year over year.
Non-GAAP EPS increased 11% to $1.80, while GAAP EPS fell 35% to $0.77, mainly due to acquisition, transformation and other items excluded from management’s core performance view. Cash generation was a clear strength: trailing-twelve-month free cash flow reached $502 million with 50% conversion, and free cash flow rose $66 million year over year in the quarter.
Management kept its 2026 framework of mid-single-digit organic revenue growth, mid-to-high-teens AMS/DRS organic growth, 30–50 basis points of adjusted EBITDA margin expansion and 40–45% free cash flow conversion. It also reiterated plans for the NCR Atleos acquisition, targeting $200 million in annual run-rate cost synergies within three years and closing by the end of Q1 2027. Overall, the quarter supports a constructive operational trajectory, though execution on integration and currency conditions remains important for future results.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $1,375 million
Q1 2026 Adjusted EBITDA: $238 million
Q1 2026 GAAP EPS: $0.77 per share
+5 more
8 metrics
Q1 2026 Revenue
$1,375 million
Up 10% year over year; 5% constant currency; 4.5% organic growth
Q1 2026 Adjusted EBITDA
$238 million
Non-GAAP; up 10% year over year; 17.3% margin
Q1 2026 GAAP EPS
$0.77 per share
Down 35% versus Q1 2025
Q1 2026 Non-GAAP EPS
$1.80 per share
Up 11% versus Q1 2025; 4% constant currency growth
Trailing-12-Month Free Cash Flow
$502 million
First time above $500M; 50% free cash flow conversion
Q2 2026 Revenue Guidance
$1,370–$1,430 million
Non-GAAP framework; 3–6% organic growth; 5–10% total growth
Q2 2026 Adjusted EBITDA Guidance
$245–$265 million
Implied margin around 18.2%
Planned NCR Atleos Cost Synergies
$200 million per year
Target annual run-rate cost synergies within three years of closing
Key Terms
adjusted EBITDA, organic revenue growth, free cash flow conversion, non-GAAP EPS, +1 more
5 terms
adjusted EBITDA financial
"adjusted EBITDA increased 10% to $238 million, expanding the adjusted EBITDA margin"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
organic revenue growth financial
"In 2026, management has included additional guidance to better help investors understand currency impacts on our results. Management believes organic revenue growth"
Organic revenue growth is the increase in a company's sales that comes from its existing products and services, without including any gains from acquisitions or selling off parts of the business. It reflects the company’s ability to attract more customers or encourage existing customers to buy more over time. For investors, it indicates the company's underlying strength and efficiency in expanding its core operations.
free cash flow conversion financial
"Free Cash Flow Conversion 40-45%"
Free cash flow conversion measures how effectively a company turns its reported profits into actual cash that can be used for growth, debt repayment, or dividends. It compares the cash generated after expenses to the company's net income, similar to how a person might compare their savings to their paycheck. High conversion indicates the company is efficient at translating profits into cash, which is important for investors assessing its financial health and flexibility.
non-GAAP EPS financial
"Non-GAAP EPS | $ | 1.80 | | | 11%"
Non-GAAP EPS is a measure of a company's profit per share that excludes certain expenses or income items that are included in standard accounting reports. It is used by investors to get a clearer picture of the company's core performance, much like removing one-time costs from a personal budget to see regular spending habits. This adjusted figure helps investors compare companies more consistently and understand their ongoing profitability.
highly inflationary accounting financial
"Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes."
Highly inflationary accounting is the set of rules used when a company does business in an economy where prices are rising very rapidly, forcing its financial records to be updated so amounts reflect current purchasing power. For investors this matters because it changes reported revenue, profit, and debts to show a truer picture of performance and financial health—similar to updating an old household budget to today’s prices so comparisons over time are meaningful.
Earnings Snapshot
Revenue: $1,375 million · Guidance included
Q1 2026
Revenue
$1,375 million
+10% year over year
Adjusted EBITDA
$238 million
+10% year over year
GAAP EPS
$0.77
-35% year over year
Non-GAAP EPS
$1.80
+11% year over year
Trailing-12-Month Free Cash Flow
$502 million
Surpassed $500 million with 50% conversion
Guidance
For full-year 2026, Brink’s targets mid-single-digit organic revenue growth, mid-to-high-teens AMS/DRS organic growth, 30–50 bps adjusted EBITDA margin expansion and 40–45% free cash flow conversion. Q2 2026 guidance calls for $1.37–$1.43 billion revenue and $1.85–$2.25 non-GAAP EPS.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 6, 2026
THE BRINK’S COMPANY | ||||||||
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address and zip code of
principal executive offices)
Registrant’s telephone number, including area code: (804 ) 289-9600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. | ||||
On May 6, 2026, The Brink's Company (the “Company”) issued a press release reporting its results for the first quarter ended March 31, 2026. A copy of the release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.
| Item 7.01 | Regulation FD Disclosure. | ||||
On May 6, 2026, the Company provided slides to accompany its earnings presentation. A copy of the slides is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.
| Item 9.01 | Financial Statements and Exhibits. | ||||||||||
| (d) | Exhibits | ||||||||||
| 99.1 | Press Release, dated May 6, 2026, issued by The Brink's Company | ||||||||||
| 99.2 | Slide presentation of The Brink's Company | ||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE BRINK’S COMPANY (Registrant) | ||||||||
| Date: May 6, 2026 | By: | /s/ Kurt B. McMaken | ||||||
| Kurt B. McMaken | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| Exhibit 99.1 | ||||||||
P R E S S R E L E A S E |  | ||||
Contact: Investor Relations 804.289.9709 | BRINK’S CORPORATE The Brink’s Company 1801 Bayberry Court Richmond, VA 23226-8100 USA | ||||
Brink's Delivers Strong First-Quarter Results with Double-Digit Revenue Growth
Revenue growth of 10% with 4.5% organic growth and 15% AMS/DRS organic growth
Cash flows provided by operating activities increased $89M and free cash flow was up $66M
NCR Atleos acquisition remains on track to close by the end of the first quarter of 2027
RICHMOND, Va., May 6, 2026 – 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 first-quarter results.
Mark Eubanks, president and CEO, said: “We delivered a strong first quarter, as we continue to make progress against our strategic priorities. Double-digit top-line growth featured strong performance in the higher-margin AMS, DRS and global services lines of business. Favorable revenue mix, good pricing discipline, and continued cost productivity drove EBITDA margin expansion in the quarter. We continue to deliver sustainable improvements in cash generation with trailing-twelve-month free cash flow surpassing $500 million in the quarter for the first time in our history."
"With the registration statement filed last week, we continue to make progress on our acquisition of NCR Atleos. We have a dedicated integration management team that is working to plan and prepare for execution on our $200M annual run-rate cost synergy targets and will eventually lead the synergy capture and integration in the combined company. The regulatory approval process is well underway and progressing as expected. We remain on track for closing by the end of the first quarter of 2027 and are excited about the value creation potential of the combination."
First-quarter results are summarized in the following table:
| (In millions, except for per share amounts) | First-Quarter 2026 (vs. 2025) | ||||||||||||||||||||||||||||
| GAAP | Change | Non-GAAP | Change | Constant Currency Change(b) | |||||||||||||||||||||||||
| Revenue | $ | 1,375 | 10% | $ | 1,375 | 10% | 5% | ||||||||||||||||||||||
| Operating Profit | $ | 110 | (7)% | $ | 168 | 12% | 7% | ||||||||||||||||||||||
| Operating Profit Margin | 8.0 | % | (160 bps) | 12.2 | % | 10 bps | 30 bps | ||||||||||||||||||||||
Net Income / Adjusted EBITDA(a) | $ | 32 | (38%) | $ | 238 | 10% | 6% | ||||||||||||||||||||||
| EPS | $ | 0.77 | (35%) | $ | 1.80 | 11% | 4% | ||||||||||||||||||||||
(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 Q2 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% | ||||||||||
| Q2 2026 Guidance | |||||||||||
| Revenue | $1,370 - $1,430 | ||||||||||
| Non-GAAP Adjusted EBITDA | $245 - $265 | ||||||||||
| Non-GAAP EPS | $1.85 - $2.25 | ||||||||||
The Q2 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 Q2 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, May 6, 2026, at 9:00 a.m. (EDT) to review first-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/10208418/103d8e3323a 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=WtFtsDVo. A replay of the call will be available through May 13, 2026, at (855) 669-9658 (in the U.S.) or (412) 317-0088 (international). The conference access code is 5852169. An archived version of the webcast will also be available on our website at http://investors.brinks.com.
2
The Brink’s Company and subsidiaries
(In millions, except for per share amounts) (Unaudited)
Condensed Consolidated Balance Sheets
| December 31, 2025 | March 31, 2026 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,725.9 | 1,547.3 | ||||||||
| Restricted cash | 541.0 | 548.2 | |||||||||
| Accounts receivable, net | 766.0 | 833.3 | |||||||||
| Prepaid expenses and other | 296.1 | 346.1 | |||||||||
| Total current assets | 3,329.0 | 3,274.9 | |||||||||
| Right-of-use assets, net | 388.7 | 392.7 | |||||||||
| Property and equipment, net | 1,130.5 | 1,116.1 | |||||||||
| Goodwill | 1,515.3 | 1,508.7 | |||||||||
| Other intangibles, net | 385.2 | 368.3 | |||||||||
| Deferred tax assets, net | 237.3 | 240.4 | |||||||||
| Other | 353.2 | 374.3 | |||||||||
| Total assets | $ | 7,339.2 | 7,275.4 | ||||||||
| Liabilities and Equity | |||||||||||
| Current liabilities: | |||||||||||
| Short-term borrowings | 241.1 | 229.2 | |||||||||
| Current maturities of long-term debt | 163.1 | 92.8 | |||||||||
| Accounts payable | 319.3 | 307.8 | |||||||||
| Accrued liabilities | 1,180.2 | 1,218.8 | |||||||||
| Restricted cash held for customers | 294.2 | 290.9 | |||||||||
| Total current liabilities | 2,197.9 | 2,139.5 | |||||||||
| Long-term debt | 3,810.1 | 3,833.9 | |||||||||
| Accrued pension costs | 147.8 | 148.9 | |||||||||
| Retirement benefits other than pensions | 120.4 | 116.4 | |||||||||
| Lease liabilities | 310.2 | 310.6 | |||||||||
| Deferred tax liabilities | 66.5 | 62.6 | |||||||||
| Other | 279.0 | 270.4 | |||||||||
| Total liabilities | 6,931.9 | 6,882.3 | |||||||||
| 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 | 619.4 | |||||||||
| Retained earnings | 270.1 | 265.6 | |||||||||
| Accumulated other comprehensive income (loss) | (665.6) | (664.2) | |||||||||
| Brink's shareholders | 277.7 | 262.0 | |||||||||
| Noncontrolling interests | 129.6 | 131.1 | |||||||||
| Total equity | 407.3 | 393.1 | |||||||||
| Total liabilities and equity | $ | 7,339.2 | 7,275.4 | ||||||||
3
The Brink’s Company and subsidiaries
(In millions) (Unaudited)
Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | |||||||||||
| 2025 | 2026 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 53.9 | 34.8 | ||||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 70.7 | 79.7 | |||||||||
| Share-based compensation expense | 5.7 | 7.1 | |||||||||
| Deferred income taxes | 0.3 | (8.7) | |||||||||
| (Gain) loss on marketable securities, sale of property and equipment and derivatives | (8.6) | 1.6 | |||||||||
| Impairment losses | 1.6 | 0.5 | |||||||||
| Retirement benefit funding (more) less than expense: | |||||||||||
| Pension | (1.0) | 1.2 | |||||||||
| Other than pension | (4.1) | (4.6) | |||||||||
| Unrealized foreign currency losses | 15.6 | 0.6 | |||||||||
| Other operating | (5.6) | 2.0 | |||||||||
| Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||
| Increase in accounts receivable and income taxes receivable | (53.1) | (78.1) | |||||||||
| Increase (decrease) in accounts payable, income taxes payable and accrued liabilities | (91.1) | 4.4 | |||||||||
| Increase (decrease) in restricted cash held for customers | (45.0) | 3.2 | |||||||||
| Increase in customer obligations | 38.9 | 30.0 | |||||||||
| Increase in prepaid and other current assets | (27.5) | (31.1) | |||||||||
| Other | (10.9) | (13.9) | |||||||||
| Net cash provided by (used in) operating activities | (60.2) | 28.7 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (58.9) | (40.1) | |||||||||
| Acquisitions, net of cash acquired | (5.3) | — | |||||||||
| Marketable securities: | |||||||||||
| Purchases | (12.7) | (18.8) | |||||||||
| Sales | 14.3 | 18.4 | |||||||||
| Cash proceeds from sale of property and equipment | 2.6 | 3.3 | |||||||||
| Net change in loans held for investment | 1.6 | 1.5 | |||||||||
| Net change in economic hedges | 9.0 | (1.2) | |||||||||
| Other | 0.7 | 0.7 | |||||||||
| Net cash used in investing activities | (48.7) | (36.2) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings (repayments) of debt: | |||||||||||
| Short-term borrowings | (16.5) | (11.3) | |||||||||
| Long-term revolving credit facilities: | |||||||||||
| Borrowings | 3,620.0 | 4,589.1 | |||||||||
| Repayments | (3,627.0) | (4,628.3) | |||||||||
| Other long-term debt: | |||||||||||
| Borrowings | 8.1 | 5.6 | |||||||||
| Repayments | (28.4) | (27.5) | |||||||||
| Acquisition of noncontrolling interest | (6.6) | — | |||||||||
| Debt financing costs | (0.8) | (20.6) | |||||||||
| Repurchase shares of Brink's common stock | (44.8) | (30.2) | |||||||||
| Dividends to: | |||||||||||
| Shareholders of Brink’s | (10.4) | (10.5) | |||||||||
| Noncontrolling interests in subsidiaries | (0.4) | (0.2) | |||||||||
| Proceeds from exercise of stock options | — | 0.2 | |||||||||
| Tax withholdings associated with share-based compensation | (17.3) | (18.1) | |||||||||
| Net cash used in financing activities | (124.1) | (151.8) | |||||||||
| Effect of exchange rate changes on cash | 32.9 | (12.1) | |||||||||
| Cash, cash equivalents and restricted cash: | |||||||||||
| Decrease | (200.1) | (171.4) | |||||||||
| Balance at beginning of period | 1,840.4 | 2,266.9 | |||||||||
| Balance at end of period | $ | 1,640.3 | 2,095.5 | ||||||||
| Supplemental Cash Flow Information | Three Months Ended March 31, | ||||||||||
| 2025 | 2026 | ||||||||||
| Cash paid for income taxes, net | $ | (28.3) | (30.4) | ||||||||
| Cash paid for interest | (52.9) | (55.9) | |||||||||
| Proceeds from lessor debt financing | 8.1 | 3.2 | |||||||||
4
The Brink’s Company and subsidiaries
(In millions, except for per share amounts) (Unaudited)
First-Quarter 2026 vs. 2025
| Impact of | % Change | |||||||||||||||||||||||||||||||||||||||||||
| GAAP | Organic | Acquisitions / | Currency | Organic | ||||||||||||||||||||||||||||||||||||||||
| 1Q'25 | Change(a) | Dispositions(b) | Effect(c) | 1Q'26 | Total | Growth(a) | ||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | 418 | 20 | — | 2 | 440 | 5 | 5 | ||||||||||||||||||||||||||||||||||||
| Latin America | 308 | 11 | 1 | 24 | 344 | 12 | 4 | |||||||||||||||||||||||||||||||||||||
| Europe | 319 | 11 | 1 | 35 | 366 | 15 | 3 | |||||||||||||||||||||||||||||||||||||
| Rest of World | 203 | 13 | — | 10 | 226 | 12 | 7 | |||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 1,247 | 56 | 2 | 71 | 1,375 | 10 | 4 | ||||||||||||||||||||||||||||||||||||
| Revenues | $ | 1,247 | 56 | 2 | 71 | 1,375 | 10 | 4 | ||||||||||||||||||||||||||||||||||||
| Operating profit: | ||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | 53 | 8 | — | — | 61 | 15 | 15 | ||||||||||||||||||||||||||||||||||||
| Latin America | 54 | 1 | — | 3 | 57 | 6 | 2 | |||||||||||||||||||||||||||||||||||||
| Europe | 28 | 8 | 1 | 4 | 40 | 42 | 27 | |||||||||||||||||||||||||||||||||||||
| Rest of World | 47 | 6 | — | 2 | 55 | 17 | 13 | |||||||||||||||||||||||||||||||||||||
| Segment operating profit | 182 | 22 | — | 8 | 213 | 17 | 12 | |||||||||||||||||||||||||||||||||||||
Corporate expenses(d) | (32) | (12) | — | (2) | (45) | 41 | 36 | |||||||||||||||||||||||||||||||||||||
Other items not allocated to segments(d) | (32) | (30) | 3 | — | (58) | 85 | 96 | |||||||||||||||||||||||||||||||||||||
| Operating profit | $ | 119 | (19) | 4 | 7 | 110 | (7) | (16) | ||||||||||||||||||||||||||||||||||||
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 11.
(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 11.
(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 11.
(d)See pages 9-10 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.
5
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; second quarter 2026 outlook, including revenue, 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 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, and effectiveness of the registration statement on Form S-4 and the filing of the related joint proxy statement; 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; 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 or shareholder approval or the failure to satisfy other conditions to closing; 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.
6
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.
7
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 | ||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| North America | $ | 417.6 | 434.3 | 434.8 | 455.9 | 1,742.6 | $ | 439.6 | |||||||||||||||||||||||||||
| Latin America | 307.6 | 319.4 | 326.8 | 335.8 | 1,289.6 | 343.8 | |||||||||||||||||||||||||||||
| Europe | 319.0 | 358.0 | 375.3 | 377.2 | 1,429.5 | 365.9 | |||||||||||||||||||||||||||||
| Rest of World | 202.5 | 188.8 | 198.1 | 210.1 | 799.5 | 225.8 | |||||||||||||||||||||||||||||
| Segment revenues | $ | 1,246.7 | 1,300.5 | 1,335.0 | 1,379.0 | 5,261.2 | $ | 1,375.1 | |||||||||||||||||||||||||||
| Operating Profit | |||||||||||||||||||||||||||||||||||
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| 1Q | 2Q | 3Q | 4Q | Full Year | 1Q | ||||||||||||||||||||||||||||||
| Operating profit: | |||||||||||||||||||||||||||||||||||
| North America | $ | 53.1 | 62.3 | 56.8 | 74.5 | 246.7 | $ | 60.9 | |||||||||||||||||||||||||||
| Latin America | 53.9 | 55.0 | 65.9 | 69.1 | 243.9 | 57.4 | |||||||||||||||||||||||||||||
| Europe | 28.1 | 42.4 | 49.9 | 56.8 | 177.2 | 39.9 | |||||||||||||||||||||||||||||
| Rest of World | 47.2 | 38.3 | 44.1 | 48.6 | 178.2 | 55.0 | |||||||||||||||||||||||||||||
| Segment operating profit | 182.3 | 198.0 | 216.7 | 249.0 | 846.0 | 213.2 | |||||||||||||||||||||||||||||
Corporate expenses(a) | (31.7) | (33.5) | (28.5) | (42.4) | (136.1) | (44.8) | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
| Argentina highly inflationary impact | (6.3) | 1.9 | (4.7) | (1.1) | (10.2) | 0.5 | |||||||||||||||||||||||||||||
| NCR Atleos acquisition and transformation initiatives | (5.1) | (5.4) | (8.1) | (7.4) | (26.0) | (38.9) | |||||||||||||||||||||||||||||
| Non-routine legal matters | — | — | — | — | — | (2.8) | |||||||||||||||||||||||||||||
| DOJ/FinCEN investigations | (0.9) | (0.9) | (3.7) | (1.0) | (6.5) | (1.2) | |||||||||||||||||||||||||||||
| Chile antitrust matter | (0.2) | (0.2) | (0.2) | (0.2) | (0.8) | (0.2) | |||||||||||||||||||||||||||||
| Non-routine auto loss matter | — | — | (1.0) | — | (1.0) | — | |||||||||||||||||||||||||||||
| Operating profit | $ | 119.1 | 133.9 | 152.4 | 180.1 | 585.5 | $ | 110.2 | |||||||||||||||||||||||||||
| Operating Margin Percentage | |||||||||||||||||||||||||||||||||||
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| 1Q | 2Q | 3Q | 4Q | Full Year | 1Q | ||||||||||||||||||||||||||||||
| Operating margin percentage: | |||||||||||||||||||||||||||||||||||
| North America | 12.7 | 14.3 | 13.1 | 16.3 | 14.2 | 13.9 | |||||||||||||||||||||||||||||
| Latin America | 17.5 | 17.2 | 20.2 | 20.6 | 18.9 | 16.7 | |||||||||||||||||||||||||||||
| Europe | 8.8 | 11.8 | 13.3 | 15.1 | 12.4 | 10.9 | |||||||||||||||||||||||||||||
| Rest of World | 23.3 | 20.3 | 22.3 | 23.1 | 22.3 | 24.4 | |||||||||||||||||||||||||||||
| Segment operating margin percentage | 14.6 | 15.2 | 16.2 | 18.1 | 16.1 | 15.5 | |||||||||||||||||||||||||||||
Corporate expenses and Other items not allocated to segments(a) | (5.0) | (4.9) | (4.8) | (5.0) | (5.0) | (7.5) | |||||||||||||||||||||||||||||
| Total operating margin percentage | 9.6 | 10.3 | 11.4 | 13.1 | 11.1 | 8.0 | |||||||||||||||||||||||||||||
(a)See explanation of items on pages 9-10.
8
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 $14.9 million in the first three months of 2026.
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.
9
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 three months of 2026, we recognized a net $0.5 million pretax gain in operating profit related to highly inflationary accounting, including currency remeasurement gains of $1.4 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 expected to close in the first quarter of 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 three months of 2026, we incurred $38.9 million of related costs, including fees to attorneys, accountants and other professional advisors related to the NCR Atleos acquisition as well as severance costs and 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.
Non-routine legal matters In the first quarter of 2026, we recognized $2.8 million of probable losses 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 three months of 2026, we accrued $1.2 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.
10
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 as well as other items 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.
11
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 9-10. 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
| Three months ended March 31, 2025 | Three months ended March 31, 2026 | ||||||||||||||||||||||||||||||||||
Pre-tax income(a) | Income tax | Effective income tax rate(a) | Pre-tax income(a) | Income tax | Effective income tax rate(a) | ||||||||||||||||||||||||||||||
| GAAP | $ | 69.5 | 15.6 | 22.4 | % | $ | 45.8 | 11.0 | 24.0 | % | |||||||||||||||||||||||||
Reorganization and Restructuring(c) | 0.5 | 0.1 | — | — | |||||||||||||||||||||||||||||||
Acquisitions and dispositions(c) | 19.2 | 1.4 | 15.2 | 3.4 | |||||||||||||||||||||||||||||||
Argentina highly inflationary impact(c) | 7.3 | 0.1 | 1.1 | 0.1 | |||||||||||||||||||||||||||||||
NCR Atleos acquisition and transformation initiatives(c) | 5.1 | 0.1 | 38.9 | 4.8 | |||||||||||||||||||||||||||||||
Non-routine legal maters(c) | — | — | 2.8 | 0.7 | |||||||||||||||||||||||||||||||
DOJ/FinCEN investigations(c) | 0.9 | — | 1.2 | 0.3 | |||||||||||||||||||||||||||||||
Chile antitrust matter(c) | 0.2 | — | 0.2 | 0.1 | |||||||||||||||||||||||||||||||
Retirement plans(b) | (1.7) | (0.5) | 1.5 | 0.4 | |||||||||||||||||||||||||||||||
Income tax rate adjustment(d) | — | 11.0 | — | 8.6 | |||||||||||||||||||||||||||||||
| Non-GAAP | $ | 101.0 | 27.8 | 27.5 | % | $ | 106.7 | 29.4 | 27.6 | % | |||||||||||||||||||||||||
Amounts may not add due to rounding.
(a)From continuing operations.
(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 12 for details.
(c)See “Other Items Not Allocated To Segments” on pages 9-10 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 27.6% for 2026 and was 27.5% for 2025.
12
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 | ||||||||||||||||||||||||||||||
| Operating profit (loss): | |||||||||||||||||||||||||||||||||||
| GAAP | $ | 119.1 | 133.9 | 152.4 | 180.1 | 585.5 | $ | 110.2 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Argentina highly inflationary impact(a) | 6.3 | (1.9) | 4.7 | 1.1 | 10.2 | (0.5) | |||||||||||||||||||||||||||||
NCR Atleos acquisition and transformation initiatives(a) | 5.1 | 5.4 | 8.1 | 7.4 | 26.0 | 38.9 | |||||||||||||||||||||||||||||
Non-routine legal maters(a) | — | — | — | — | — | 2.8 | |||||||||||||||||||||||||||||
DOJ/FinCEN investigations(a) | 0.9 | 0.9 | 3.7 | 1.0 | 6.5 | 1.2 | |||||||||||||||||||||||||||||
Chile antitrust matter(a) | 0.2 | 0.2 | 0.2 | 0.2 | 0.8 | 0.2 | |||||||||||||||||||||||||||||
Non-routine auto loss matter(a) | — | — | 1.0 | — | 1.0 | — | |||||||||||||||||||||||||||||
| Non-GAAP | $ | 150.6 | 164.5 | 188.2 | 206.6 | 709.9 | $ | 168.4 | |||||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to Brink's: | |||||||||||||||||||||||||||||||||||
| GAAP | $ | 51.6 | 43.9 | 36.2 | 68.4 | 200.1 | $ | 32.1 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Argentina highly inflationary impact(a) | 7.2 | 1.8 | 5.6 | 12.2 | 26.8 | 1.0 | |||||||||||||||||||||||||||||
NCR Atleos acquisition and transformation initiatives(a) | 5.0 | 5.3 | 7.8 | 7.1 | 25.2 | 34.1 | |||||||||||||||||||||||||||||
Non-routine legal maters(a) | — | — | — | — | — | 2.1 | |||||||||||||||||||||||||||||
DOJ/FinCEN investigations(a) | 0.9 | 0.9 | 3.7 | 0.9 | 6.4 | 0.9 | |||||||||||||||||||||||||||||
Chile antitrust matter(a) | 0.2 | 0.1 | 0.2 | 0.1 | 0.6 | 0.1 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
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) | — | (8.3) | |||||||||||||||||||||||||||||
| Non-GAAP | $ | 70.6 | 76.7 | 87.8 | 106.9 | 342.0 | $ | 74.7 | |||||||||||||||||||||||||||
| Adjusted EBITDA: | |||||||||||||||||||||||||||||||||||
| Net income attributable to Brink's | $ | 51.6 | 43.7 | 36.3 | 68.1 | 199.7 | $ | 32.1 | |||||||||||||||||||||||||||
| Interest expense | 57.5 | 60.9 | 63.4 | 63.7 | 245.5 | 63.5 | |||||||||||||||||||||||||||||
| Income tax provision | 15.6 | 27.2 | 53.0 | 47.5 | 143.3 | 11.0 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 70.7 | 59.8 | 78.2 | 82.1 | 290.8 | 79.7 | |||||||||||||||||||||||||||||
| EBITDA | $ | 195.4 | 191.6 | 230.9 | 261.4 | 879.3 | $ | 186.3 | |||||||||||||||||||||||||||
| Discontinued operations | — | 0.2 | (0.1) | 0.3 | 0.4 | — | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Argentina highly inflationary impact(a) | 5.2 | 14.4 | 3.8 | 7.1 | 30.5 | 0.1 | |||||||||||||||||||||||||||||
NCR Atleos acquisition and transformation initiatives(a) | 5.1 | 5.4 | 8.1 | 7.4 | 26.0 | 38.9 | |||||||||||||||||||||||||||||
Non-routine legal maters(a) | — | — | — | — | — | 2.8 | |||||||||||||||||||||||||||||
DOJ/FinCEN investigations(a) | 0.9 | 0.9 | 3.7 | 1.0 | 6.5 | 1.2 | |||||||||||||||||||||||||||||
Chile antitrust matter(a) | 0.2 | 0.2 | 0.2 | 0.2 | 0.8 | 0.2 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Income tax rate adjustment(c) | — | 1.4 | (1.4) | — | — | 0.3 | |||||||||||||||||||||||||||||
Share-based compensation(d) | 5.7 | 8.1 | 4.9 | 7.3 | 26.0 | 7.1 | |||||||||||||||||||||||||||||
Marketable securities (gain) loss(e) | (0.8) | (1.3) | 1.2 | (9.3) | (10.2) | (1.0) | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 215.0 | 232.0 | 253.3 | 276.8 | 977.1 | $ | 237.5 | |||||||||||||||||||||||||||
13
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||
| 1Q | 2Q | 3Q | 4Q | Full Year | 1Q | ||||||||||||||||||||||||||||||
| EPS: | |||||||||||||||||||||||||||||||||||
| GAAP | $ | 1.19 | 1.03 | 0.86 | 1.62 | 4.70 | $ | 0.77 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Argentina highly inflationary impact(a) | 0.17 | 0.05 | 0.13 | 0.29 | 0.63 | 0.02 | |||||||||||||||||||||||||||||
NCR Atleos acquisition and transformation initiatives(a) | 0.11 | 0.13 | 0.19 | 0.17 | 0.59 | 0.82 | |||||||||||||||||||||||||||||
Non-routine legal maters(a) | — | — | — | — | — | 0.05 | |||||||||||||||||||||||||||||
DOJ/FinCEN investigations(a) | 0.02 | 0.02 | 0.09 | 0.02 | 0.15 | 0.02 | |||||||||||||||||||||||||||||
Chile antitrust matter(a) | — | — | 0.01 | — | 0.01 | — | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
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) | — | (0.20) | |||||||||||||||||||||||||||||
| Non-GAAP | $ | 1.62 | 1.81 | 2.09 | 2.54 | 8.05 | $ | 1.80 | |||||||||||||||||||||||||||
Amounts may not add due to rounding.
(a)See “Other Items Not Allocated To Segments” on pages 9-10 for details.
(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 12 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 27.6% for 2026 and was 27.5% for 2025.
(d)There is no difference between GAAP and non-GAAP share-based compensation amounts for the 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.
(f)Related to the impairment of specific debt securities in Argentina in 2025.
| Full Year | Three Months Ended March 31, | ||||||||||||||||
| 2025 | 2025 | 2026 | |||||||||||||||
| Cash flows provided from operating activities - GAAP | $ | 639.5 | $ | (60.2) | $ | 28.7 | |||||||||||
(Increase) decrease in restricted cash held for customers(a) | (46.1) | 45.0 | (3.2) | ||||||||||||||
(Increase) decrease in certain customer obligations(a) | (16.5) | (38.9) | (30.0) | ||||||||||||||
| Capital expenditures | (203.1) | (58.9) | (40.1) | ||||||||||||||
| Cash proceeds from sale of property and equipment | 18.5 | 2.6 | 3.3 | ||||||||||||||
| Proceeds from lessor debt financing | 43.2 | 8.1 | 3.2 | ||||||||||||||
| Subtotal | $ | 435.5 | (102.3) | (38.1) | |||||||||||||
NCR Atleos acquisition cash flows(a) | — | — | 2.1 | ||||||||||||||
Free cash flow before dividends(a) | $ | 435.5 | (102.3) | (36.0) | |||||||||||||
(a)Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See page 11 for further information on this non-GAAP measure, and see page 12 for descriptions of the adjustments.
14
First Quarter 2026 Earnings May 6, 2026 Exhibit 99.2
2 Forward-Looking Statements and Non-GAAP Results These materials contain 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: second quarter 2026 outlook, including revenue, 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 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, and the effectiveness of the registration statement on Form S-4 and the filing of the related joint proxy statement; 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; 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 or shareholder approval or the failure to satisfy other conditions to closing; 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. These materials are copyrighted and may not be used without written permission from Brink’s. Today’s presentation is focused primarily on non-GAAP results. Detailed reconciliations of non-GAAP to GAAP results are included in the appendix.
3 First Quarter Performance Highlights Strong organic revenue growth led by AMS/DRS 4.5% Total organic growth 15% AMS / DRS organic growth Good margin performance on favorable revenue mix & productivity 17.3% Adjusted EBITDA margin 10bps of YoY expansion 12.2% Operating profit margin 10 bps of YoY expansion Improved Q1 YoY Free Cash Flow on continued cash cycle improvements +$66M Q1 YoY Free Cash Flow Notes: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2026 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP First Quarter 2023 results in the Appendix. 50% Q1 TTM Free Cash Flow Conv $502M Q1 TTM Free Cash Flow
4 Consistent Value Creation Strategy Grow Organically 01 Expand Profit Margins 02 Improve FCF Conversion 03 Maximize Shareholder Value 04 Mid-to-high teens AMS/DRS driving mid- single digit total growth FCF conversion target between 40-45% Combined net leverage1 below 3x by end of 2027, ~$1B of free cash flow potential3 4Notes: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2026 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP First Quarter 2023 results in the Appendix. 1. Net Debt divided by Adjusted EBITDA 2. Presented on a pre-tax basis 3. Free cash flow potential represents 2027 consensus estimates of free cash flow before dividends of Brink’s and adjusted free cash flow unrestricted for NCR Atleos, as well as $200M in pre-tax run-rate synergies expected to be realized within three years and management’s estimates of related integration expenses. Expected AMS/DRS growth acceleration NCR Atleos Acquisition Strategic Fit EBITDA margin expansion of 30-50bps from mix & productivity $200M in annual run-rate cost synergies by year three2 Continued working capital optimization potential Net Leverage1 reduction to ~2.3x EBITDA by year-end 2026 Expectations
5 $359 $530 $743 $1,012 $1,212 $1,462 10% 13% 16% 21% 24% 28% 31.6% 2020 2021 2022 2023 2024 2025 2026 Target AMS/DRS Cash & Valuables Mgmt AMS/DRS Percent of Total AMS/DRS Continues Strong Performance • Continued underlying organic revenue growth • Strong precious metal shipping trends throughout Q1 • Continued conversion of existing customers to AMS/DRS Cash & Valuables Management • 15% first-quarter organic revenue growth • Sequentially lapping equipment sales from Q4’25 • DRS - Strong enterprise retail momentum • AMS - Continued strength with early success in RoW • Healthy pipelines and backlog to support full-year organic revenue growth outlook ATM Managed Services / Digital Retail Solutions Customer OfferingsBrink’s Revenue Mix Remain on-track to deliver mid-to-high teens organic revenue growth in 2026 ($ millions) 30-32%
6 Increased labor productivity Paradies Improves Cash Management with Digital Retail Solutions + 700 Locations A premier North American airport retailer and restauranteur + 90 Different Airports Full DRS Solution Reduced shrink and theft Decreased cash handling time Scalable solution to fuel retail growth Increased customer service focus Partnering to Unlock Cash Management Opportunities with Digital Retail Solutions
7 $129 $168 $154 $217 $228 $259 $276 $332 $343 11.7% 12.3% 12.2% 15.4% 14.4% 16.2% 16.8% 19.0% 19.5% 2018 2019 2020 2021 2022 2023 2024 2025 2026 1Q TTM Pandemic Margin Expansion Progress in North America Continues to Build North America Adj. EBITDA and Adj. EBITDA Margins Adjusted EBITDA Margins Continue to Expand Towards Near-term 20% Targets CAGR 14% • Business mix shifting to higher margin services • Conversion push into AMS/DRS • Growth in global services revenue • AMS/DRS mix of 31% in Q1’26 • Strong operational productivity • Efficiency in revenue per vehicle and employee (non-GAAP, $ millions) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2026 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP Adjusted EBITDA results in the Appendix Margin Improvement Drivers
8 3.4x 3.1x 1Q 2027E Unsynergized Synergized <3.0x 2027E NCR Atleos Acquisition Update Deal remains on track for completion by the end of Q1 2027 2.3x 2026E 2.7x 2025 1. Net Debt divided by Adjusted EBITDA. 2. Shown for illustrative purposes only. There can be no assurances as to when or if any such debt repayment will occur (if at all). 3. Illustratively reflects ~$500M in debt repayment expect to occur by the end of 2027 (assuming close occurs in Q1 2027). There can be no assurances as to when or if any such debt repayment will occur (if at all). 4. Combined Net Leverage Unsynergized is provided for illustrative purposes only and reflects consensus estimates for post-closing Net Debt divided by consensus estimates for post-closing Adjusted EBITDA. 5. Combined Net Leverage Synergized is provided for illustrative purposes only and reflects Combined Net Leverage Unsynergized and immediate realization of $200M in pre-tax annual run-rate cost synergies expected to be realized within three years of closing. Brink’s + NCR Atleos Combined Net Leverage1 Brink’s Net Leverage1 2.8x 2024 Targeted Closing Process Update • Secured bridge loan takeout with upsized credit agreement on March 31 • Registration statement filed April 29th • Shareholder meetings anticipated in June or July • Regulatory process on track • Dedicated integration management team established • Cost synergy planning ongoing Strong Q1 Free Cash Flow Performance Supports Leverage Targets ~2.2x 1Q 2027E2 54 2 3
Q1 Financial Results
10 First-Quarter 2026 Results (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2026 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP First Quarter 2023 results in the Appendix. Constant currency represents 2026 results at 2024 exchange rates. 1. Conversion is calculated as Free Cash Flow before dividends over Adjusted EBITDA. “CONV” represents Conversion. Revenue +10% Organic +4.5% Acq -% FX +5.7% Adj. EBITDA +10% $1,236 $1,247 $1,375 2024 2025 2026 Constant Currency +5% Constant Currency +6% EPS +11% Constant Currency +4% $1.65 $1.62 $1.80 2024 2025 2026 $218 $215 $238 2024 2025 2026 17.3% Margin 17.2% Margin 17.7% Margin TTM Free Cash Flow +40% Conversion of 50%1 $374 $360 $502 2024 2025 2026 50% CONV 40% CONV 42% CONV $145 $151 $168 2024 2025 2026 Operating Profit +12% Constant Currency +7% 11.7% Margin 12.1% Margin 12.2% Margin Diluted Share Count (5%)
11 First-Quarter 2026 Revenue and Adjusted EBITDA vs 2025 (non-GAAP, $ millions) Revenue $1,247 $8 $48 $2 $1,304 $71 $1,375 2025 Revenue Organic Cash & Valuables Mgmt. Organic DRS & AMS Acq / Disp* 2026 Constant Currency Revenue FX 2026 Revenue Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2026 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Constant currency represents 2026 results at 2024 exchange rates. *Acq/Disp amounts include the impact of prior year trailing twelve-month results for acquired and disposed businesses. % Change +5.7%4.5% -% 10%+5% Organic +$56 +1% +15% $238 $215 $12 $0 $227 $10 2025 Adjusted EBITDA Organic Acq / Disp* 2026 Constant Currency EBITDA FX 2026 Adjusted EBITDA Adjusted EBITDA 17.2% Margin 17.3% Margin % Change +6% +6% +5% +10% 17.4% Margin +%
12 $168 ( $64 ) ( $29 ) ( $1 ) $75 $64 $64 $29 $6 $238 Op Profit Interest Expense Taxes Interest Income & Other Income from Continuing Ops D&A Interest Expense Taxes Stock Comp & Other Adj. EBITDA First-Quarter 2026 Adjusted EBITDA vs 2025 (non-GAAP, $ millions) 17.3% Margin 12.2% Margin Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2026 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. $23$1$2$6$10$4($6)($2)($6)$18Vs. 2025
13 2026 Capital Allocation Framework Notes: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the First Quarter 2026 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Capital allocation priorities not shown in priority order. 1. Net Debt divided by Adjusted EBITDA 2. Shown for illustrative purposes only. There can be no assurances as to when or if any such debt repayment will occur (if at all). Q1 2026 TTM Free Cash Flow $502M with 50% Conversion • Limited M&A activity contemplated in the near-term as we work to close and integrate NCR Atleos 2x - 3x Net Leverage1 Target Accretive M&A Return of Capital Organic Investments • Pausing share repurchase program to focus on net debt reduction in advance of NCR Atleos acquisition • Primary allocation in 2026 as we position for NCR Atleos acquisition in early 2027 • 2.7x Net Leverage 1Q26 (~2.3x YE262) • Key strategic investments in AMS/DRS growth opportunities Capital Allocation Framework Remains Consistent and Focused on Compounding Shareholder Returns
14 Full Year 2026 Framework and First Quarter 2026 Guidance (non-GAAP, $ millions, except EPS) The 2026 Non-GAAP outlook amounts 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 currently uncertain. The 2026 non-GAAP guidance assumes the continuation of current economic trends and reflects management’s current assumptions regarding variables that are difficult to forecast, including those discussed in the Risk Factors set forth in the Company’s filings with the Unites States Securities and Exchange Commission. Full Year 2026 Framework Mid-Single DigitsOrganic Revenue Growth Mid to High TeensAMS/DRS Organic Revenue Growth +30bps - 50bpsAdjusted EBITDA Margin Expansion 40% - 45%Free Cash Flow Conversion Second Quarter 2026 Guidance $1,370 - $1,430Total Revenue 3% - 6%Organic Growth 5% - 10%Total Growth $245 - $265Adjusted EBITDA ~18.2%Margin $1.85 - $2.25EPS • Mid-single digit organic growth • Strong AMS/DRS growth • 2-4% tailwinds from foreign currency • Adjusted EBITDA reflects • Flow-through of productivity actions • Revenue mix benefits from AMS/DRS and global services • 2026 Framework remains consistent • Mid to High teens organic growth in AMS/DRS driving mid-single digit total organic growth • Margins expand from continued productivity and revenue mix benefits
Appendix
16 First-Quarter 2026 Revenue & Adjusted EBITDA by Segment vs 2025 ($ millions) Notes: See detailed reconciliation of non-GAAP to GAAP Segment Adjusted EBITDA results in the Appendix. Constant currency represents 2026 results at 2024 exchange rates. $418 $440 2025 2026 $73 $84 2025 2026 17.4% Margin 19.1% Margin $308 $344 2025 2026 $67 $72 2025 2026 21.7% Margin 21.0% Margin $203 $226 2025 2026 $53 $62 2025 2026 26.2% Margin 27.2% Margin Latin America Adj. EBITDA +8%Revenue +12% +2%Constant currency +4% North America Adj. EBITDA +16%Revenue +5% +16%Constant currency +5% Europe Adj. EBITDA +35%Revenue +15% +22%Constant currency +4% Rest of World Adj EBITDA +16%Revenue 12% +12%Constant currency 7% Organic +5% +16% Acq – – FX – – Organic +4% +2% Acq -- -- FX +8% +6% Organic +3% +21% Acq -- +1% FX +11% +13% Organic +7% +12% Acq/Disp – – FX +5% +4% $319 $366 2025 2026 $44 $59 2025 2026 16.1% Margin 13.7% Margin AMS/DRS Mix 31% AMS/DRS Mix 22% AMS/DRS Mix 44% AMS/DRS Mix 8%
17 First-Quarter 2026 Revenue & Operating Profit by Segment vs 2025 ($ millions) Note: Constant currency represents 2026 results at 2024 exchange rates. $418 $440 2025 2026 $53 $61 2025 2026 12.7% Margin 13.9% Margin $308 $344 2025 2026 $54 $57 2025 2026 17.5% Margin 16.7% Margin $203 $226 2025 2026 $47 $55 2025 2026 23.3% Margin 24.4% Margin Latin America Operating Profit +6%Revenue +12% +1%Constant currency +4% North America Operating Profit +15%Revenue +5% +15%Constant currency +5% Europe Operating Profit +42%Revenue +15% +29% Constant currency +4% Rest of World Operating Profit +17%Revenue 12% +13%Constant currency 7% Organic +5% +15% Acq -- -- FX -- -- Organic +4% +2% Acq -- -- FX +8% +5% Organic +3% +27% Acq -- +2% FX +11% +13% Organic +7% +13% Acq/Disp – – FX +5% +4% $319 $366 2025 2026 $28 $40 2025 2026 10.9% Margin 8.8% Margin
18 Net Debt and Net Leverage Note: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the First Quarter 2026 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Amounts may not add due to rounding 1. Net of unamortized debt issuance costs of $9 million as of 3/31/2026 and $10 million as of 12/31/2025. 2. Net Debt divided by Adjusted EBITDA. (Non-GAAP, $ millions)Net Leverage Within 2-3x Targeted Range $977 $1,000 Q4 2025 TTM Q1 2026 TTM Net Debt Adjusted EBITDA and Net Leverage Adjusted EBITDA $1,390 $1,391 $1,204 $1,353 $2,595 $2,744 12/31/2025 3/31/2026 Unsecured Senior Notes1 Secured Net Debt 2.72.7Net Leverage2
19 2024 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions, except for per share amounts) Amounts may not add due to rounding. a. See “Other Items Not Allocated To Segments” on slides 21-25 for details. b. See "Reconciliations of Non-GAAP to GAAP Measures" on slides 26-27 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 was 23.2% for 2024. d. Due to reorganization and restructuring activities, there was a $0.9 million non-GAAP adjustment to share-based compensation in 2023. 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 $0.5 million non-GAAP adjustment for a gain in 2018, a $0.1 million non-GAAP adjustment for a gain in 2020, a $4.0 million non-GAAP adjustment for a full- year loss in 2022, a $55.2 million non-GAAP adjustment for a full year loss in 2023, and a $1.3 million adjustment for a full-year loss in 2024 . There is no difference between GAAP and non-GAAP marketable securities gain and loss amounts for the other periods presented. f. Gain on termination of a mining lease obligation related to former coal operations. We have no remaining mining leases. g. Effective June 30, 2018, we deconsolidated our investment in Venezuelan subsidiaries and recognized a pretax charge of $126.7 million. 2024 Q1 EPS: $ 1.09GAAP 0.02Reorganization and Restructuring(a) 0.31Acquisitions and dispositions(a) 0.04Argentina highly inflationary impact(a) 0.10Transformation initiatives(a) 0.01Chile antitrust matter(a) (0.02)Retirement plans(b) 0.10Income tax rate adjustment(c) $ 1.65Non-GAAP Operating Profit: $ 120.9GAAP 1.4Reorganization and Restructuring(a) 15.9Acquisitions and dispositions(a) 1.6Argentina highly inflationary impact(a) 4.8Transformation initiatives(a) 0.4Chile Antitrust(a) $ 145.0Non-GAAP
20 Non-GAAP Results Reconciled to GAAP (2018-2024 Adj EBITDA) The Brink’s Company and subsidiaries (In millions, except for per share amounts) 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 as well as other items 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. Amounts may not add due to rounding. See slide 19 for footnote explanations. 2024202320222021202020192018 Full YearQ1Full YearFull YearFull YearFull YearFull YearFull Year Adjusted EBITDA: $ 162.9$ 49.3$ 87.7$ 170.6$ 105.2$ 16.0$ 29.0$ (33.3)Net income (loss) attributable to Brink's 235.455.8203.8138.8112.296.590.666.7Interest expense 92.726.2139.241.4120.356.661.070.0Income tax provision 293.372.4275.8245.8239.5206.8185.0162.3Depreciation and amortization $ 784.3$ 203.7$ 706.5$ 596.6$ 577.2$ 375.9$ 365.6$ 265.7EBITDA (1.1)—(1.7)2.9(2.1)0.8(0.7)—Discontinued operations 1.51.416.437.742.865.528.618.7Reorganization and Restructuring(a) ——————0.9(1.0)Venezuela operations(g) 2.81.013.030.918.853.056.828.1Acquisitions and dispositions(a) 24.3(0.7)136.642.710.18.812.77.5Argentina highly inflationary impact(a) 28.44.85.5—————Transformation initiatives(a) 45.7———————DOJ/FinCEN investigations(a) 2.0—8.0—————Non-routine auto loss matter(a) ———15.6————Change in allowance estimate(a) ———4.9————Ship loss matter(a) 1.30.40.51.49.5———Chile antitrust matter(a) ————(21.1)6.920.9—Internal loss(a) ——0.8——0.52.14.5Reporting compliance(a) ——————(5.2)—Gain on lease termination(f) ———————126.7Loss on deconsolidation of Venezuela operations(g) (8.4)(1.5)(9.0)11.029.833.847.333.2Retirement plans(b) —0.3——————Income tax rate adjustment(c) 36.69.333.048.634.031.335.028.3Share-based compensation(d) (5.5)(0.5)(42.4)(4.0)(16.4)(10.5)2.9(2.7)Marketable securities (gain) loss(e) $ 911.9$ 218.2$ 867.2$ 788.3$ 682.6$ 566.0$ 566.9$ 509.0Adjusted EBITDA
21 Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) Brink’s measures its segment results before income and expenses for corporate activities and for certain other items. See below for a summary of the other items not allocated to segments. Reorganization and Restructuring Costs associated with certain reorganization and restructuring actions are excluded from reported non-GAAP results. These items include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic. Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit. 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. 2022 Global Restructuring Plan In the first quarter of 2023, management completed the review and approval of the previously announced restructuring plan across our global business operations. The actions were taken to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions. In total, we have recognized $34.2 million in charges under this program, iincluding $22.2 million in 2022, $11.0 million in 2023 and $0.8 million in 2024. The actions under this program were substantially completed in 2024. Severance actions from this restructuring plan reduced our global workforce by approximately 3,200 positions. 2016 Restructuring In the fourth quarter of 2016, management implemented restructuring actions across our global business operations and our corporate functions. As a result of these actions, we recognized charges of $13.0 million in 2018. The actions under this program were substantially completed in 2018, with cumulative pretax charges of approximately $48 million. Other Restructurings Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized charges of $7.6 million in 2018, primarily severance costs. We recognized charges of $28.8 million in 2019, primarily severance costs and charges related to the modification of share-based compensation awards. We recognized $66.6 million net costs in operating profit and $0.6 million costs in interest and other nonoperating income (expense) in 2020, primarily severance costs. As a result of these actions, we recognized $43.6 million net costs in 2021, primarily severance costs. We recognized $16.6 million in net costs in 2022, primarily severance costs. The majority of the costs from 2022 restructuring plans result from the exit of a line of business in a specific geography with most of the remaining costs due to management initiatives to address the COVID-19 pandemic. We recognized $6.6 million net costs in 2023, primarily severance costs and $0.7 million in net costs in 2024. The majority of the costs in both the 2024 and 2023 periods result from the exit of a line of business in a specific geography with most of the remaining costs due to management initiatives to address the COVID-19 pandemic. The actions were substantially completed in 2024. 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:
22 Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) 2024 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $58.3 million in 2024. • Net charges of $2.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions • We incurred $1.1 million in integration costs in 2024. • A net credit of $1.3 million related to the reversal of a retention liability for key PAI employees was recorded in 2024. 2023 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $57.8 million in 2023. • We derecognized a contingent consideration liability related to the NoteMachine business acquisition and recognized a gain of $4.8 million. We also derecognized a contingent consideration liability related to the Touchpoint 21 acquisition and recognized a gain of $1.4 million. • We recognized $4.9 million in charges in Argentina in 2023 for expected payments to union workers of the Maco businesses. • Net charges of $3.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $2.2 million in integration costs, primarily related to PAI, in 2023. • Transaction costs related to business acquisitions were $4.2 million in 2023. • We recognized a $2.0 million loss on the disposition of Russia-based operations in 2023. • Compensation expense related to the retention of key PAI employees was $1.6 million in 2023. 2022 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $52.0 million in 2022. • We recognized $12.5 million in charges in Argentina in 2022 for expected payments to union workers of the Maco businesses. • Net charges of $7.8 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $4.8 million in integration costs, primarily related to PAI and G4S, in 2022. • Transaction costs related to business acquisitions were $5.6 million in 2022. • Restructuring costs related to acquisitions were $0.2 million in 2022. • Compensation expense related to the retention of key PAI employees was $3.5 million in 2022.
23 Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) 2021 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $47.7 million in 2021. • We incurred $10.5 million in integration costs, primarily related to G4S, in 2021. • Transaction costs related to business acquisitions were $6.5 million in 2021. • Restructuring costs related to acquisitions were $5.3 million in 2021. • Compensation expense related to the retention of key PAI employees was $1.8 million in 2021. 2020 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $35.1 million in 2020. • We incurred $23.5 million in integration costs related to Dunbar and G4S in 2020. • Transaction costs related to business acquisitions were $19.3 million in 2020. • Restructuring costs related to acquisitions were $4.7 million in 2020. 2019 Acquisitions and Dispositions • We incurred $43.1 million in integration costs related to Dunbar, Rodoban, COMEF and TVS in 2019. • Amortization expense for acquisition-related intangible assets was $27.8 million in 2019. • Restructuring costs related to acquisitions, primarily Rodoban and Dunbar, were $5.6 million in 2019. • Transaction costs related to business acquisitions were $7.9 million in 2019. • Compensation expense related to the retention of key Dunbar employees was $1.5 million in 2019. • In 2019, we recognized $2.2 million in net charges, primarily asset impairment and severance costs, related to the exit from our top-up prepaid mobile phone business in Brazil. 2018 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $17.7 million in 2018. • Integration costs in 2018 related to acquisitions in France and the U.S. were $8.1 million. • 2018 transaction costs related to business acquisitions were $6.7 million. • We incurred 2018 severance charges related to our acquisitions in Argentina, France, U.S. and Brazil of $5.0 million. • Compensation expense related to the retention of key Dunbar employees was $4.1 million in 2018. • We recognized a net gain in 2018 ($2.6 million, net of statutory employee benefit) on the sale of real estate in Mexico.
24 Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) 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 the second half of 2018, we recognized $8.0 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $6.2 million. In 2019, we recognized $14.5 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $11.3 million. In 2020, we recognized $10.7 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $7.7 million. In 2021, we recognized $11.9 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $9.0 million. In 2022, we recognized $41.7 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $37.6 million. In 2023, we recognized $86.8 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $79.1 million. In 2024, we recognized $35.0 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $18.4 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. Transformation initiatives 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 our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence. Accordingly, we incurred $5.5 million of expense in 2023 and $28.4 million of expense in 2024. The transformation costs primarily include third-party professional services and project management charges. Because these expenses are associated with a discrete transformation initiative, 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. DOJ/FinCEN investigations During 2024, we accrued $45.7 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 was primarily related to cross-border shipments of cash and things of value and anti-money laundering and Bank Secrecy Act compliance. 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. 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 an $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. Change in allowance estimate In the first quarter of 2022, we refined our global methodology of estimating the allowance for doubtful accounts. Our previous method to estimate currently expected credit losses in receivables (the allowance) was weighted significantly to a review of historical loss rates and specific identification of higher risk customer accounts. It also considered current and expected economic conditions in determining an appropriate allowance. As many of our regions began to recover from the COVID-19 pandemic, we re-assessed those earlier assumptions and estimates. Our updated method now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables not captured in our previous method. As part of the analysis under the updated estimation methodology, we noted an increase in accounts receivable significantly past due, particularly in the U.S., and we recorded an additional allowance of $16.7 million. In the subsequent quarters of 2022, the additional allowance was reduced by $1.1 million as a result of collections. The charge and credit were not reflective of the Company's operations and revenue generating activities in the periods recorded. Additionally, given the unusual nature of the events that led to the charge (i.e. the COVID-19 pandemic), a similar charge is not reasonably likely to recur within two years, nor were similar costs incurred 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.
25 Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) Internal loss We recorded charges and gains associated with the impact of actions by a former non-management employee in our U.S. global services operations. The former employee embezzled funds from Brink's and, in an effort to cover up the embezzlement, intentionally misstated the underlying accounts receivable subledger data. We incurred costs to reconstruct the accounts receivable subledger, to reserve for uncollectible receivables and for legal expenses to recover insurance claims. Subsequently, we recognized gains as we collected previously reserved receivables and the insurance claims. Prior to 2021, we recorded charges to reconstruct the ledger and to reserve for uncollectible receivables. In 2021, we recognized a decrease in bad debt expense of $3.7 million and $1.3 million of legal charges. In the fourth quarter of 2021, we successfully collected $18.8 million of insurance recoveries. Both the expenses and the gains related to this matter are not part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts is such that they are not reasonably likely to recur within two years, nor were there similar charges or gains 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. Reporting compliance We incurred certain compliance costs in 2023 to remediate a material weakness in internal controls over financial reporting. These third-party costs are not part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts is such that they are not reasonably likely to recur within two years, nor were similar costs incurred within the prior two years of the underlying event. 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. Ship loss matter In 2015, Brink’s placed cargo containing customer valuables on a ship which suffered extensive damages and losses of cargo. Our cargo did not suffer any damage. However, the ship owner declared a "general average claim," an ancient maritime law principle, to recover losses from customers with undamaged cargo based on the pro rata value of ship cargo. In the fourth quarter of 2022, we recognized a $4.9 million charge for our estimate of the probable loss. Due to the unusual nature of the events that led to the charge, a similar charge is not reasonably likely to recur within two years, nor were similar costs incurred within the prior two years. Management has excluded this amount when evaluating internal performance. Therefore, it has not been allocated to segment or Corporate results and is 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.
26 Non-GAAP Measures and Reconciliations to GAAP Measures Non-GAAP measures described below and included in this filing 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, 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 as well as other items 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 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, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustment, share-based compensation and marketable securities (gain) loss. • Non-GAAP diluted earnings per share ("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. • 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 and unusual adjustments to deferred tax asset valuation allowances. Non-GAAP effective income tax rate equals non-GAAP income tax divided by non-GAAP pre-tax income. •
27 Non-GAAP Measures and Reconciliations to GAAP Measures 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: This non-GAAP measure reflects management’s calculation of cash flows that are available for capital or investing activities such as paying dividends, share repurchases, debt, acquisitions and other investments. The measure is calculated as net cash flows from 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 equipment used to operate our business, including capital expenditures, cash proceeds from sale of property and equipment, as well as proceeds from lessor debt financing. The latter item, which is part of cash flows from financing activities and relates to the subsequent financings of certain capital expenditures, was added to our calculation in 2024 as we believe such cash flows are similar in nature to transactions reported in Investing Activities, which have historically been included in our calculation. Prior amounts were recast to reflect this change. • Net Debt: Net Debt equals total debt less cash and cash equivalents available for general corporate purposes. We exclude from cash and cash equivalents amounts held by our cash management services operations, as such amounts are not considered available for general corporate purposes. • 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 report to present information consistently for all periods presented. Most of the reconciling adjustments are described in Other Items Not Allocated to Segments on Slides 25-26. 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 As a result of new foreign tax credit regulations, we released a valuation allowance on deferred tax assets and recorded a significant income tax credit in 2022. We then re- established some of the valuation allowance in 2023 primarily related to adjustments to the previous foreign tax credit changes, resulting in a significant incremental income tax expense. In 2024, we released an incremental valuation allowance on deferred tax assets that was otherwise expected to expire and recorded a tax credit. The gains and charges related to major tax law changes that impacted U.S. foreign tax credits. These gains and charges 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. 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 non-GAAP operating cash flows 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. Amounts held by cash management services operations As described above, cash held in certain of our secure cash management services operations is not available to support our operations and revenue generating activities. Therefore, management excludes this specific cash balance when assessing our liquidity and capital resources, and in our computation of Net Debt. We believe that the exclusion of this cash balance from our non-GAAP Net Debt 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.
28 2018-2020 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) 202020192018Segment Adjusted EBITDA: Full YearFull YearFull Year Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Operating Profit: 154.062.3$ 91.7168.364.2$ 104.1129.158.2$ 70.9North America 277.644.0233.6341.744.8296.9295.140.2254.9Latin America 220.552.2168.3150.632.3118.3148.431.3117.1Europe and Rest of World 652.1158.5493.6660.6141.3519.3572.6129.7442.9Total Segment 9.1(112.3)10.8(127.7)11.9(96.0)Corporate 39.2(167.8)32.9(154.8)20.7(72.2)Other Items not Allocated to Segments $ 213.5$ 236.8$ 274.7Total operating profit (96.5)(90.6)(66.7)Interest expense ——(126.7)Loss on deconsolidation of Venezuela operations (37.7)(52.7)(38.8)Interest and other nonoperating income (expense) (56.6)(61.0)(70.0)Provision for income taxes (0.8)0.7—Income (expense) from discontinued operations, net of tax (5.9)(4.2)(5.8)Net income attributable to noncontrolling interests $ 16.0$ 29.0$ (33.3)Net income attributable to Brink’s
29 2018-2022 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) 202320222021Segment Adjusted EBITDA: Full YearFull YearFull Year Segment Adjusted EBITDA Add back: Depreciati on and amortizati on GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Operating Profit: 259.173.9$ 185.2228.269.1$ 159.1217.168.7$ 148.4North America 333.953.6280.3326.849.1277.7303.546.2257.3Latin America 367.778.6289.1325.563.2262.3285.964.6221.3Europe and Rest of World 960.7206.1754.6880.5181.4699.1806.5179.5627.0Total Segment 5.3(139.6)8.4(148.8)9.7(156.5)Corporate 64.4(189.8)56.0(189.0)50.3(115.8)Other Items not Allocated to Segments $ 425.2$ 361.3$ 354.7Total operating profit (203.8)(138.8)(112.2)Interest expense 14.43.7(7.0)Interest and other nonoperating income (expense) (139.2)(41.4)(120.3)Provision for income taxes 1.7(2.9)2.1Income (expense) from discontinued operations, net of tax (10.6)(11.3)(12.1)Net income attributable to noncontrolling interests $ 87.7$ 170.6$ 105.2Net income attributable to Brink’s
30 2018-2022 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) (a) See detailed reconciliations of the 2018 to 2023 Segment Adjusted EBITDA on slides 28-29. (b) See detailed reconciliations of non-GAAP to GAAP results on slide 31. (c) Due to reorganization and restructuring activities, there was a $0.1 million non-GAAP adjustment to share-based compensation in 2018, a $7.7 million non-GAAP adjustment in 2019, and a $0.9 million non-GAAP adjustment in 2023. There is no difference between GAAP and non-GAAP share-based compensation amounts for the other periods presented. (d) Due to the impact of Argentina highly inflationary accounting, there was a $0.5 million non-GAAP adjustment for a gain in 2018, a $0.1 million non-GAAP adjustment for a gain in 2020, a $4.0 million non-GAAP adjustment for a loss in 2022, and a $55.2 million non-GAAP adjustment for a loss in the full year 2023. There is no difference between GAAP and non-GAAP marketable securities gain and loss amounts for the other periods presented. 202320222021202020192018 259.1228.2217.1154.0168.3$ 129.1North America 333.9326.8303.5277.6341.7295.1Latin America 367.7325.5285.9220.5150.6148.4Europe and Rest of World 960.7880.5806.5652.1660.6$ 572.6Total segment adjusted EBITDA(a) (139.6)(148.8)(156.5)(112.3)(127.7)(96.0)Corporate expenses 5.38.49.79.110.811.9Corporate depreciation and amortization 61.816.118.83.0(10.4)1.7Interest and other nonoperating income (expense)(b) (11.6)(12.5)(13.5)(6.7)(4.3)(6.8)Net income attributable to noncontrolling interests(b) 33.048.634.031.335.028.3Share-based compensation(c) (42.4)(4.0)(16.4)(10.5)2.9(2.7)Marketable securities (gain) loss(d) 867.2788.3682.6566.0566.9$ 509.0Consolidated adjusted EBITDA
31 2018-2022 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions) (a) See “Other Items Not Allocated To Segments” details for the full years ended 2018-2023 on slides 21-25 for details. (b) See "Reconciliations of Non-GAAP to GAAP Measures" on slides 26-27 for details. (c) Gain on termination of a mining lease obligation related to former coal operations. We have no remaining mining leases. (d) Post-deconsolidation funding of ongoing costs related to our Venezuelan operations was $0.9 million in 2019 ($0.6 million in the second half of 2018) and was expensed as incurred and reported in interest and other nonoperating income (expense). We do not expect any future funding of the Venezuela business, as long as current U.S. sanctions remain in effect. 202320222021202020192018 Interest and other nonoperating income (expense): 14.43.7(7.0)(37.7)(52.7)$ (38.8)GAAP —11.129.833.8——Reorganization and restructuring(a) 1.2———(0.7)4.4Acquisitions and dispositions(a) 55.2——0.5—(0.5)Argentina highly inflationary impact(a) —(2.6)(4.4)6.50.93.4Venezuela operations(b)(d) (9.0)3.90.4(0.1)47.333.2Retirement plans(b) ————(5.2)—Gain on lease termination(c) 61.816.118.83.0(10.4)$ 1.7Non-GAAP Net income attributable to noncontrolling interests: 10.611.312.15.94.2$ 5.8GAAP —0.1————Reorganization and restructuring(a) 1.0———0.1—Acquisitions and dispositions(a) —0.10.50.3—1.0Venezuela operations(b)(d) —1.00.90.5——Retirement plans(b) 11.612.513.56.74.3$ 6.8Non-GAAP
32 2023-Q1 2026 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) 202620252024Segment Adjusted EBITDA: Q1Full YearQ1Full Year Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Segment Adjusted EBITDA Add back: Depreciation and amortization GAAP amounts Operating Profit: 84.023.1$ 60.9331.885.1246.772.519.4$ 53.1276.482.4$ 194.0North America 72.114.757.4300.156.2243.966.612.753.9326.253.9272.3Latin America 58.818.939.9248.771.5177.243.715.628.1212.161.0151.1Europe 61.56.555.0202.524.3178.253.05.847.2177.622.2155.4Rest of World 276.463.2213.21,083.1237.1846.0235.853.5182.3992.3219.5772.8Total Segment 0.6(44.8)2.6(136.1)0.7(31.7)3.5(143.4)Corporate 15.9(58.2)51.1(124.4)16.5(31.5)70.3(176.4)Other Items not Allocated to Segments $ 110.2$ 585.5$ 119.1$ 453.0Total operating profit (63.5)(245.5)(57.5)(235.4)Interest expense (0.9)13.97.948.7Interest and other nonoperating income (expense) (11.0)(143.3)(15.6)(92.7)Provision for income taxes —(0.4)—1.1Income (expense) from discontinued operations, net of tax (2.7)(10.5)(2.3)(11.8)Net income attributable to noncontrolling interests $ 32.1$ 199.7$ 51.6$ 162.9Net income attributable to Brink’s
33 2023-Q1 2026 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) (a) See detailed reconciliations of the First Quarter 2026, the First Quarter 2025, the full year 2025, and the full year 2024 Segment Adjusted EBITDA on slide 32. (b) See detailed reconciliations of non-GAAP to GAAP results on slide 34. (c) There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented. (d) Due to the impact of Argentina highly inflationary accounting, there was a $1.3 million non-GAAP adjustment for a loss in the full year 2024, a $1.0 million non-GAAP adjustment for a loss in the first quarter of 2025, a $12.5 million non-GAAP adjustment for a loss in the full year 2025, and a $1.6 million non-GAAP adjustment for a loss in the first quarter of 2026. 202620252024 Q1Full YearQ1Full Year $ 84.0$ 331.8$ 72.5$ 276.4North America 72.1300.166.6326.2Latin America 58.8248.743.7212.1Europe 61.5202.553.0177.6Rest of World $ 276.4$ 1,083.1$ 235.8$ 992.3Total segment adjusted EBITDA(a) (44.8)(136.1)(31.7)(143.4)Corporate expenses 0.62.60.73.5Corporate depreciation and amortization 1.823.27.941.2Interest and other nonoperating income (expense)(b) (2.6)(11.5)(2.6)(12.8)Net income attributable to noncontrolling interests(b) 7.126.05.736.6Share-based compensation(c) (1.0)(10.2)(0.8)(5.5)Marketable securities (gain) loss(d) $ 237.5$ 977.1$ 215.0$ 911.9Consolidated adjusted EBITDA
34 2023-Q1 2026 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions) (a) See “Other Items Not Allocated To Segments” details for the full year ended 2024 on slides 21-25 for details. See “Other Items Not Allocated To Segments” details included in the First Quarter 2026 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. We do not consider these items to be reflective of our operating performance as they result from events and circumstances that are not a part of our core business. (b) See "Reconciliations of Non-GAAP to GAAP Measures" on slides 26-27 for details. (c) Non-GAAP net income attributable to noncontrolling interests has 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 27.6% for 2026. The full-year non-GAAP effective tax rate was 27.5% for 2025, and 23.2% for 2024. (d) Related to the impairment of specific debt securities in Argentina in 2025. 202620252024 Q1Full YearQ1Full Year Interest and other nonoperating income (expense): $ (0.9)13.9$ 7.948.7GAAP (0.4)1.70.7(0.4)Acquisitions and dispositions(a) 1.612.51.01.3Argentina highly inflationary impact(a) 1.5(6.4)(1.7)(8.4)Retirement plans(b) —1.5——Argentina debt securities impairment(d) $ 1.823.2$ 7.941.2Non-GAAP Net income attributable to noncontrolling interests: $ 2.710.5$ 2.311.8GAAP 0.21.00.31.0Acquisitions and dispositions(a) (0.3)———Income tax rate adjustment(c) $ 2.611.5$ 2.612.8Non-GAAP
35 2023-2024 Non-GAAP Reconciliation – Cash Flows The Brink’s Company and subsidiaries (In millions) (a) Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See slides 26-27 for further information and descriptions of the adjustments. Full YearThree MonthsFull YearThree Months 2024202420232023 $ 426.0$ 63.9$ 702.4$ (45.1)Cash flows provided from (used in) operating activities - GAAP 42.9(57.3)(59.5)43.7(Increase) decrease in restricted cash held for customers(a) 77.7(24.0)(66.0)9.6(Increase) decrease in customer obligations(a) (222.5)(52.2)(202.7)(45.2)Capital expenditures 29.23.518.40.3Proceeds from sale of property, equipment and investments 46.64.17.50.9Proceeds from lessor debt financing $ 399.9$ (62.0)$ 400.1$ (35.8)Free cash flow before dividends(a)
36 2024-2026 Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries (In millions) a) Net Debt is a supplemental non-GAAP financial measure that is not required by or presented in accordance with GAAP. See slides 26-27 for further information and descriptions of the adjustments. Included within Net Debt is net cash from our Argentina operations of $31.3 million at March 31, 2026, $25 million at December 31, 2025 and $104 million at December 31, 2024 March 31,December 31,December 31, 202620252024 Debt: $ 229.2$ 241.1$ 149.3Short-term borrowings 3,926.73,973.23,746.9Long-term debt 4,155.94,214.33,896.2Total Debt Less: 1,547.31,725.91,395.3Cash and cash equivalents (135.2)(106.4)(81.3)Amounts held by Cash Management Services operations(a) 1,412.11,619.51,314.0Cash and cash equivalents available for general corporate purposes $ 2,743.8$ 2,594.8$ 2,582.2Net Debt(a)
FAQ
How did Brink’s (BCO) perform financially in the first quarter of 2026?
Brink’s delivered solid growth in Q1 2026. Revenue rose 10% to $1.38 billion, with 4.5% organic growth. Non-GAAP operating profit increased 12% to $168 million, and adjusted EBITDA grew 10% to $238 million, reflecting slightly higher margins and mix benefits.
What were Brink’s (BCO) GAAP and non-GAAP earnings for Q1 2026?
In Q1 2026, Brink’s reported GAAP EPS of $0.77, down 35% year over year, mainly due to non-core costs. Non-GAAP EPS was $1.80, up 11%. Management emphasizes non-GAAP results to highlight underlying operating performance after excluding specified adjustments.
How strong was Brink’s (BCO) cash flow and free cash flow in Q1 2026?
Cash generation improved meaningfully. Cash flows from operating activities increased $89 million, and free cash flow rose $66 million year over year. Trailing-twelve-month free cash flow surpassed $500 million, reaching $502 million with a conversion rate of about 50% of adjusted EBITDA.
What guidance did Brink’s (BCO) provide for Q2 2026 and full-year 2026?
For Q2 2026, Brink’s expects revenue of $1.37–$1.43 billion, adjusted EBITDA of $245–$265 million, and non-GAAP EPS of $1.85–$2.25. For 2026 overall, it targets mid-single-digit organic revenue growth, mid-to-high-teens AMS/DRS organic growth and 30–50 basis points of margin expansion.
How are Brink’s AMS and DRS businesses contributing to growth?
AMS and DRS remain major growth drivers. In Q1 2026, they delivered approximately 15% organic revenue growth and increased their share of total revenue. Management expects mid-to-high-teens AMS/DRS organic growth in 2026, supporting mid-single-digit total organic growth and higher margins.
What is the status of Brink’s proposed acquisition of NCR Atleos?
Brink’s reports that the proposed NCR Atleos acquisition is progressing as expected. The company targets closing by the end of Q1 2027, subject to approvals, and is planning for about $200 million in annual run-rate cost synergies to be realized within three years after closing.