What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-05-12 compared with 2024-11-06 · 147 added, 425 removed, 544 unchanged (51% of the section changed)

4 unchanged sentences

• Cash-in-transit ("CIT") services – armored vehicle transportation of cash and coin

• Basic ATM services – replenishing funds and providing basic maintenance services to our customers’ automated teller machines

• Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities

• Basic ATM services – cash replenishment and treasury management of automated teller machines ("ATMs")

• Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods

• Cash management services – counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting

• Vaulting services – combines cash-in-transit services, cash management, vaulting and electronic reporting technologies for banks

• Vaulting services – combines CIT services, cash management, vaulting and electronic reporting technologies for banks

• Other Services – guarding, commercial security, and payment services

1 unchanged sentence

• DRS – services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility

• AMS – comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions.

10 unchanged sentences

Consolidated Review

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages and per share amounts)

2024 2023 Change 2024 2023 Change

2025 2024 Change

Revenues $ 1,246.7 1,236.1 1

3 unchanged sentences

Operating profit margin

8.9 % 11.2 % unfav 9.3 % 8.9 % fav

Income from continuing operations (a)

9.6 % 9.8 % (2)

Income from continuing operations (a)

Diluted EPS from continuing operations (a)

0.65 0.97 (33) 2.77 1.95 42

Non-GAAP operating profit $ 150.6 145.0 4

Non-GAAP operating profit margin

12.0 % 13.5 % unfav 12.1 % 11.7 % fav

12.1 % 11.7 % 3

Non-GAAP income from continuing operations (a)

6 unchanged sentences

(b) These measures are supplemental financial measures that are not required by, or presented in accordance with, GAAP.

See page 50 for further information on these non-GAAP measures.

and reconciliations to the applicable GAAP measures

See page 40 for further information on these non-GAAP measures and reconciliations to the applicable GAAP measures

Analysis of Consolidated Results:

Third Quarter 2024 versus Third Quarter 2023

Consolidated Revenues Revenues increased $31.1 million due to organic increases in Latin America ($117.1 million), Europe ($22.9 million), North America ($10.4 million), and Rest of World ($5.4 million) and the favorable impact of acquisitions ($6.5 million), partially offset by the unfavorable impact of currency exchange rates ($131.2 million).

The unfavorable currency impact was driven primarily by the Argentine peso.

First Quarter 2025 versus First Quarter 2024

Consolidated Revenues Revenues increased $10.6 million due to organic increases in Latin America ($24.8 million), Rest of World ($19.0 million), Europe ($15.5 million), and North America ($9.9 million), and the favorable impact of acquisitions ($7.2 million), partially offset by the unfavorable impact of currency exchange rates ($65.8 million).

The unfavorable currency impact was driven primarily by the Mexican peso, Argentine peso, and Brazilian real.

Revenues increased 6% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue.

1 unchanged sentence

Consolidated Costs and Expenses Cost of revenues increased 1% to $939.5 million primarily due to the impact of higher revenue partially offset by the impact of exchange rates.

Selling, general and administrative costs increased 19% to $202.3 million primarily due to organic increases in labor costs and costs related to transformation initiatives, partially offset by the impact of currency exchange rates and lower acquisition and restructuring related costs.

Selling, general and administrative costs decreased 7% to $186.3 million primarily due the impact of currency exchange rates and lower net compensation costs, professional fees, and administrative expenses.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 9.8% to 9.6%.

Operating profit decreased $1.8 million due mainly to:

• unfavorable changes in currency exchange rates ($50.7 million), driven by the Argentine peso,

• higher corporate expenses on an organic basis ($13.2 million),

• transformation initiative costs ($9.5 million), and

• an organic decrease in North America ($6.3 million),

• unfavorable changes in currency exchange rates ($19.2 million), driven by the Mexican peso, Argentine peso, and Brazilian real and

• the unfavorable impact of acquisitions ($2.8 million),

partially offset by:

• organic increases in Latin America ($47.7 million), Europe ($3.8 million), and Rest of World ($1.0 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $16.8 million to $28.9 million due to the decrease in operating profit mentioned above and higher interest expense ($9.2 million), partially offset by lower income tax expense ($10.1 million), higher interest and other nonoperating income ($7.6 million) and lower noncontrolling interest ($0.8 million).

Earnings per share from continuing operations was $0.65, down from $0.97 in the third quarter of 2023.

Analysis of Consolidated Results:

Nine Months 2024 versus Nine Months 2023

Consolidated Revenues Revenues increased $118.7 million due to organic increases in Latin America ($360.9 million), Europe ($65.6 million), North America ($24.3 million), and Rest of World ($17.3 million) and the favorable impact of acquisitions ($15.1 million), partially offset by the unfavorable impact of currency exchange rates ($364.5 million).

The unfavorable currency impact was driven primarily by the Argentine peso.

Revenues increased 13% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue.

See our definition of “organic growth” on page 50 .

Consolidated Costs and Expenses Cost of revenues increased 1% to $2,808.6 million primarily due to the impact of higher revenue partially offset by the impact of exchange rates.

Selling, general and administrative costs increased 15% to $597.2 million primarily due to organic increases in labor costs and higher transformation initiative costs, partially offset by the impact of currency exchange rates.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 8.9% to 9.3%.

Operating profit increased $25.4 million due mainly to:

• organic increases in Latin America ($113.4 million), North America ($17.2 million), Europe ($10.3 million), and Rest of World ($4.1 million),

• lower costs incurred related to reorganization and restructuring ($12.7 million),

• lower costs incurred related to business acquisitions and dispositions ($9.8 million), and

• organic increases in Rest of World ($9.4 million), North America ($4.5 million), Latin America ($1.4 million), and Europe ($0.3 million) and

• lower corporate expenses on an organic basis ($4.9 million).

partially offset by:

• unfavorable changes in currency exchange rates ($114.8 million), driven by the Argentine peso, and

• transformation initiative costs ($21.5 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $32.3 million to $124.5 million due to the increase in operating profit mentioned above and higher interest and other nonoperating income ($24.6 million), lower income tax expense ($5.5 million) and lower noncontrolling interest ($0.6 million), partially offset by higher interest expense ($23.8 million) .

Earnings per share from continuing operations was $2.77, up from $1.95 in the first nine months of 2023.

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $2.3 million to $51.6 million due to lower income tax expense ($10.6 million) and lower noncontrolling interest ($0.6 million), partially offset by lower interest and other nonoperating income ($5.4 million), the decrease in operating profit mentioned above, and higher interest expense ($1.7 million).

Earnings per share from continuing operations was $1.19, up from $1.09 in the first quarter of 2024.

Non-GAAP Basis

2 unchanged sentences

Analysis of Consolidated Results:

Third Quarter 2024 versus Third Quarter 2023

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin decreased from 13.5% to 12.0%.

Non-GAAP operating profit decreased $14.7 million due mainly to:

• unfavorable changes in currency exchange rates ($48.2 million), driven primarily by the Argentine peso,

• higher corporate expenses on an organic basis ($13.2 million), and

• an organic decrease in North America ($6.3 million),

partially offset by:

• organic increases in Latin America ($47.7 million), Europe ($3.8 million), and Rest of World ($1.0 million)

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $29.9 million to $67.6 million due to the operating profit decrease mentioned above, lower interest and other nonoperating income ($12.6 million), and higher interest expense ($9.4 million), partially offset by lower income tax expense ($5.9 million), and lower noncontrolling interest ($0.9 million).

Earnings per share from continuing operations was $1.51, down from $2.07 in the third quarter of 2023.

Adjusted EBITDA Adjusted EBITDA decreased 6% to $216.8 million primarily due to the decrease in Non-GAAP operating profit ($14.7 million), excluding the impact of higher Non-GAAP depreciation and amortization ($2.8 million).

Analysis of Consolidated Results:

Nine Months 2024 versus Nine Months 2023

First Quarter 2025 versus First Quarter 2024

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 11.7% to 12.1%.

Non-GAAP operating profit increased $5.6 million due mainly to:

• organic increases in Latin America ($113.4 million), North America ($17.2 million), Europe ($10.3 million), and Rest of World ($4.1 million), and

• organic increases in Rest of World ($9.4 million), North America ($4.5 million), Latin America ($1.4 million), and Europe ($0.3 million) and

• lower corporate expenses on an organic basis ($4.9 million),

partially offset by:

• unfavorable changes in currency exchange rates ($122.0 million), driven primarily by the Argentine peso.

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $5.2 million to $212.7 million due to higher interest expense ($24.5 million) and higher income tax expense ($11.5 million), partially offset by the operating profit increase mentioned above, higher interest and other nonoperating income ($3.4 million), and lower noncontrolling interest ($0.7 million).

Earnings per share from continuing operations was $4.73, up from $4.61 in the first nine months of 2023.

Adjusted EBITDA Adjusted EBITDA increased 7% to $660.9 million primarily due to the increase in Non-GAAP operating profit ($26.7 million), excluding the impact of higher depreciation and amortization ($9.3 million).

• unfavorable changes in currency exchange rates ($14.8 million), driven primarily by the Mexican peso, Argentine peso, and Brazilian real.

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $4.3 million to $70.3 million due to higher income tax expense ($4.7 million), lower interest and other nonoperating income ($3.7 million), and higher interest expense ($1.7 million), partially offset by the operating profit increase mentioned above, and lower noncontrolling interest ($0.2 million).

Earnings per share from continuing operations was $1.62, down from $1.65 in the first quarter of 2024.

Adjusted EBITDA Adjusted EBITDA decreased 1% to $215.0 million primarily due to lower interest and other nonoperating income, primarily driven by lower interest income.

Revenues and Operating Profit by Segment:

Third Quarter 2024 versus Third Quarter 2023

First Quarter 2025 versus First Quarter 2024

Organic Change (a)

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Analysis of Segment Results:

Third Quarter 2024 versus Third Quarter 2023

First Quarter 2025 versus First Quarter 2024

North America

Revenues increased 3% ($12.1 million) due to a 2% organic increase ($9.9 million) and the impact of acquisitions ($4.3 million), partially offset by the unfavorable impact of currency exchange rates ($2.1 million).

Organic revenue increased primarily due to price increases and growth in AMS and DRS revenue in the U.S., partially offset by lower BGS revenue.

Operating profit decreased 13% ($6.0 million) due to a 13% organic decrease ($6.3 million) partially offset by the impact of acquisitions $0.3 million.

The organic decrease was primarily driven by technology and operational investments that impacted labor and fleet productivity as well as the net impact of revenue mix.

Organic revenue increased primarily due to price increases and growth in AMS and DRS, as well as BGS revenue.

Operating profit increased 10% ($4.7 million) due to a 9% organic increase ($4.5 million).

The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and due to productivity initiatives.

Latin America

Revenues decreased 5% ($18.6 million) due to the unfavorable impact of currency exchange rates ($135.7 million) primarily from the Argentine and Mexican peso, largely offset by a 34% organic increase ($117.1 million).

Revenues decreased 8% ($27.1 million) due to the unfavorable impact of currency exchange rates ($54.4 million) primarily from the Mexican peso, Argentine peso, and Brazilian real, partially offset by a 7% organic increase ($24.8 million) and the impact of acquisitions ($2.5 million).

The organic increase was primarily driven by inflation-based price increases across the segment with a majority of the impact from Argentina, as well as growth in AMS and DRS revenue.

Operating profit increased 3% ($2.2 million) primarily due to a 70% organic increase ($47.7 million), mostly offset by the unfavorable impact of currency exchange rates ($45.5 million).

Operating profit decreased 14% ($9.1 million) primarily due to the unfavorable impact of currency exchange rates ($10.4 million), partially offset by a 2% organic increase ($1.4 million).

The organic increase was driven by inflation-based price increases which outpaced the impact of labor and other cost increases.

Revenues increased 10% ($27.7 million) due to an 8% organic increase ($22.9 million), the favorable impact of currency exchange rates ($2.9 million), and the impact of acquisitions ($1.9 million).

Organic revenue increased primarily due to price increases and the growth of AMS and DRS revenue.

Operating profit increased $4.3 million primarily due to an 11% organic increase ($3.8 million) driven by higher revenue outpacing the impact of labor and other cost increases across the segment, cost productivity, and the mix benefit of higher AMS and DRS revenue.

Rest of World

Revenues increased $7.5 million due to a 3% organic increase ($5.4 million) and the favorable impact of currency exchange rates ($2.1 million).

Organic growth in the segment was primarily due to growth in DRS and AMS revenue offset by volume reductions in CVM revenue.

Operating profit increased 3% ($1.2 million) primarily due to a 2% organic increase ($1.0 million).

Revenues and Operating Profit by Segment:

Nine Months 2024 versus Nine Months 2023

Nine months ended September 30, 2023 Organic Change (a)

Impact of Acquisitions / Dispositions (b)

Currency Effect (c)

Nine months ended September 30, 2024 % Change

(In millions, except for percentages)

Total Organic Growth (a)

North America $ 1,197.4 24.3 9.4 (1.0) 1,230.1 3 2

Latin America 989.0 360.9 — (362.5) 987.4 — 36

Europe 842.4 65.6 5.7 2.9 916.6 9 8

Rest of World 600.2 17.3 — (3.9) 613.6 2 3

Segment revenues

3,629.0 468.1 15.1 (364.5) 3,747.7 3 13

$ 3,629.0 468.1 15.1 (364.5) 3,747.7 3 13

Operating profit:

North America $ 123.6 17.2 0.8 — 141.6 15 14

Latin America 200.6 113.4 — (117.5) 196.5 (2) 57

Europe 87.1 10.3 0.6 0.2 98.2 13 12

Rest of World 121.2 4.1 (0.3) (1.1) 123.9 2 3

Segment operating profit 532.5 145.0 1.1 (118.4) 560.2 5 27

Corporate expenses (d)

(107.0) 2.6 — (3.6) (108.0) 1 (2)

Other items not allocated to segments (d)

(102.4) (18.3) 9.8 7.2 (103.7) 1 18

Operating profit

$ 323.1 129.3 10.9 (114.8) 348.5 8 40

Amounts may not add due to rounding.

See page 40 for footnote explanations.

Analysis of Segment Results:

Nine Months 2024 versus Nine Months 2023

North America

Revenues increased 3% ($32.7 million) primarily due to a 2% organic increase ($24.3 million) and the impact of acquisitions ($9.4 million).

Organic revenue increased primarily due to price increases and growth in AMS and DRS revenue in the U.S., partially offset by lower BGS revenue.

Operating profit increased $18.0 million due to a 14% organic increase ($17.2 million) and the impact of acquisitions ($0.8 million).

The organic increase was primarily driven by the net impact of revenue mix and cost productivity improvements from transformation initiatives in the U.S., partially offset by technology and operational investments in the third quarter that impacted labor and fleet productivity.

Latin America

Revenues decreased ($1.6 million) due to the unfavorable impact of currency exchange rates ($362.5 million), primarily from the Argentine peso, mostly offset by a 36% organic increase ($360.9 million).

The organic increase was driven by inflation-based price increases across the segment with a majority of the impact from Argentina, as well as growth in AMS and DRS revenue.

Operating profit decreased 2% ($4.1 million) due to the unfavorable impact of currency exchange rates ($117.5 million), mostly offset by a 57% organic increase ($113.4 million).

The organic increase was driven by higher revenue which outpaced the impact of labor and other cost increases.

Revenues increased 9% ($74.2 million) due to an 8% organic increase ($65.6 million) and the favorable impact of acquisitions ($5.7 million).

The organic increase was primarily due to price increases and the growth of AMS and DRS revenue.

Operating profit increased 13% ($11.1 million), primarily due to a 12% organic increase ($10.3 million).

The organic increase was primarily driven by higher revenue outpacing the impact of labor and other cost increases across the segment, cost productivity, and the mix benefit of higher AMS and DRS revenue.

Revenues increased 3% ($7.7 million) primarily due to an 5% organic increase ($15.5 million) partially offset by the unfavorable impact of currency exchange rates ($8.2 million).

Organic revenue increased primarily due the growth of AMS and DRS revenue.

Operating profit decreased 3% ($0.7 million) primarily due to the unfavorable impact of currency exchange rates ($0.8 million) and the impact of acquisitions ($0.2 million), partially offset by a 1% organic increase ($0.3 million) driven by higher revenue outpacing the impact of labor and other cost increases across the segment and the mix benefit of higher AMS and DRS revenue.

Rest of World

Revenues increased 9% ($17.9 million) due to a 9% organic increase ($19.0 million), partially offset by the unfavorable impact of currency exchange rates ($1.1 million).

Organic growth in the segment was primarily due to continued growth in AMS and DRS revenue and supplemented by growth in BGS revenue.

Operating profit increased 2% ($2.7 million) due to a 3% organic increase ($4.1 million), partially offset by the unfavorable impact of currency exchange rates ($1.1 million).

The organic increase was primarily due the increase in higher-margin revenue.

Organic growth in the segment was primarily due to growth in BGS revenue.

Operating profit increased 22% ($9.0 million) primarily due to a 23% organic increase ($9.4 million).

The organic increase was driven by higher revenue.

Analysis of Income and Expense Not Allocated to Segments

6 unchanged sentences

Corporate Expenses

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2024 2023 change 2024 2023 change

2025 2024 change

General, administrative and other expenses $ (35.0) (41.2) (15)

Foreign currency transaction gains 3.2 6.3 (49)

Reconciliation of segment policies to GAAP 1.8 (0.7) fav 2.9 — —

Reconciliation of segment policies to GAAP 0.1 1.5 (93)

Corporate expenses $ (31.7) (33.4) (5)

Corporate expenses for the three months ended September 30 2024 increased $16.4 million compared to the prior year period.

The higher costs primarily resulted from increased charges for insurance and security losses ($9.4 million), higher net compensation costs ($4.2 million), a reduction in currency transaction gains ($3.1 million) and higher technology costs ($2.6 million).

Corporate expenses for the first nine months of 2024 increased $1.0 million versus the prior year period.

This was primarily driven by higher net compensation costs ($6.5 million), higher technology costs ($4.9 million) and higher professional and audit fees ($2.6 million), mostly offset by lower charges related to insurance and security losses ($13.1 million).

Corporate expenses for the first three months of 2025 decreased $1.7 million versus the prior year period.

This was primarily driven by lower net compensation costs ($4.1 million) and lower professional and audit fees ($3.0 million), partially offset by a reduction in currency transaction gains ($3.1 million) and higher charges related to insurance and security losses ($2.7 million).

Other Items Not Allocated to Segments

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2024 2023 change 2024 2023 change

2025 2024 change

Reorganization and restructuring

1 unchanged sentence

Acquisitions and dispositions (18.5) (15.9) 16

Argentina highly inflationary impact (10.8) (8.1) 33 (23.8) (30.3) (21)

Transformation initiatives (9.5) — unfav (21.5) — unfav

Department of Justice investigation

(1.7) — unfav (7.7) — unfav

Argentina highly inflationary impact (6.3) (1.6) unfav

Transformation initiatives (5.1) (4.8) 6

DOJ/FinCEN investigations (0.9) — unfav

Chile antitrust matter

(0.6) — unfav (1.1) (0.4) unfav

Non-routine auto loss matter

(0.5) — unfav (0.5) — unfav

Reporting compliance — (0.7) (100) — (0.7) (100)

(0.2) (0.4) (50)

Total Other items not allocated to segments

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In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously announced restructuring program across our global business operations.

In total, we have recognized $34.2 million in charges under this program, including $1.0 million in the first nine months of 2024.

In total, we have recognized $34.2 million in charges under this program, including $0.2 million in the first three months of 2025.

The actions under this program were substantially completed in 2024.

1 unchanged sentence

Other Restructurings

As a result of other restructuring actions, we recognized net costs of $4.6 million in the first nine months of 2023, primarily severance costs.

We recognized $0.9 million in net costs in the first nine months of 2024.

As a result of other restructuring actions, we recognized net costs of $0.4 million in the first three months of 2024, primarily severance costs.

We recognized $0.3 million in net costs in the first three months of 2025.

The actions were substantially completed in 2024.

Charges related to these restructuring actions were excluded from the segments and corporate expenses as shown in the table below:

Three Months Ended September 30, % Nine Months

Ended September 30, %

(In millions, except for percentages)

2024 2023 change 2024 2023 change

Reportable Segments:

North America $ 0.1 (0.3) fav $ (0.7) (4.3) (84)

Latin America — (0.3) (100) (0.3) (4.3) (93)

Europe (0.4) 0.2 unfav (0.9) (4.0) (78)

Rest of World — — — — (0.7) (100)

Total excluded from reportable segments

(0.3) (0.4) (25) (1.9) (13.3) (86)

Excluded from Corporate expenses

(0.1) — unfav — (1.3) (100)

Total Reorganization and Restructuring Costs

$ (0.4) (0.4) — $ (1.9) (14.6) (87)

Acquisitions and dispositions

6 unchanged sentences

2025 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $43.8 million in the first nine months of 2024.

• Amortization expense for acquisition-related intangible assets was $14.4 million in the first three months of 2025.

• Restructuring costs related to acquisitions were $2.0 million in the first three months of 2025.

• Net charges of $0.9 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

• We recognized $0.5 million in charges in Argentina in the first nine months of 2024 for an inflation-adjusted labor increase to expected payments to union workers of the Maco Transportadora and Maco Litoral businesses (together, "Maco").

Although the Maco operations were acquired in 2017, formal antitrust approval was obtained in 2021, which triggered negotiation and approval of the expected payments in 2022.

See Note 6 for details.

• We incurred $0.5 million in integration costs in the first nine months of 2024.

• Transaction costs related to business acquisitions were $0.6 million in the first nine months of 2024.

• A net credit of $1.3 million related to the reversal of a retention liability for key PAI employees was recorded in the first nine months of 2024.

• We incurred $0.4 million in integration costs in the first three months of 2025.

• Transaction costs related to business acquisitions were $0.5 million in the first three months of 2025.

2024 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $43.2 million in the first nine months of 2023.

• We derecognized a contingent consideration liability related to the NoteMachine business acquisition and recognized a gain of $4.8 million.

• We recognized $4.7 million in charges in Argentina in the first nine months of 2023 for an inflation-adjusted labor increase to 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 $2.0 million in integration costs, primarily related to PAI, in the first nine months of 2023.

• Transaction costs related to business acquisitions were $3.6 million in the first nine months of 2023.

• We recognized a $2.0 million loss on the disposition of Russia-based operations in the first nine months of 2023.

• Compensation expense related to the retention of key PAI employees was $1.3 million in the first nine months of 2023.

• Amortization expense for acquisition-related intangible assets was $14.5 million in the first three months of 2024.

• We incurred $0.3 million in integration costs in the first three months of 2024.

• Compensation expense related to the retention of key PAI employees was $0.1 million in the first three months of 2024.

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes.

2 unchanged sentences

The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed.

In the first nine months of 2024, we recognized $23.8 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $11.9 million.

In the first nine months of 2023, we recognized $30.3 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $23.9 million.

In the first three months of 2025, we recognized $6.3 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $4.8 million.

In the first three months of 2024, we recognized $1.6 million in pretax charges in operating profit related to highly inflationary accounting.

Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates.

2 unchanged sentences

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 in the U.S., with expectations to then leverage the transformation changes and learnings globally.

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 an additional $21.5 million in the first nine months of 2024.

Accordingly, we incurred $4.8 million of expense in the first three months of 2024 and an additional $5.1 million in the first three months of 2025.

The transformation costs primarily include third party professional services and project management charges.

2 unchanged sentences

As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Department of Justice investigation During the first nine months of 2024, we accrued $7.7 million in connection with a U.S.

Department of Justice (the "DOJ") investigation.

This amount represents an estimate for a potential resolution, as well as third-party legal costs associated with this matter.

In the third quarter of 2024, we determined it was appropriate to exclude third-party costs associated with this matter from non-GAAP results, which for the current quarter consisted of legal costs.

In August 2020, the Company received a subpoena issued in connection with the DOJ investigation, primarily related to cross-border shipments of cash and things of value and anti-money laundering (“AML”) compliance.

Subsequently, in March 2024, as is commonly the case with this type of matter, the Company received a Notice of Investigation from the U.S.

Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) related to Bank Secrecy Act/AML compliance that involves substantially the same conduct that is subject to the DOJ’s investigation.

DOJ/FinCEN investigations During the first three months of 2025, we accrued $0.9 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with this matter.

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, including both the estimate for a potential resolution and associated third-party costs, and the underlying investigation are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years.

Additionally, the nature of these amounts and the underlying investigation 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.

1 unchanged sentence

See Note 13 for details.

Chile antitrust matter We recognized an estimated loss of $9.5 million in the third quarter of 2021.

In the first nine months of 2024, we recognized a $1.1 million adjustment and, in the first nine months of 2023, a $0.4 million adjustment to the estimated loss.

The post-2021 adjustments were primarily related to changes in currency rates as well as third-party legal costs associated with this matter.

In the third quarter of 2024, we determined it was appropriate to exclude third-party costs associated with this matter from non-GAAP results, which for the current quarter primarily consisted of legal costs.

Chile antitrust matter We recognized an estimated loss of $9.5 million in 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).

5 unchanged sentences

See Note 13 for details.

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 $8.0 million charge.

In the first nine months of 2024, we recognized a $0.5 million charge related to third-party legal costs associated with this matter.

In the third quarter of 2024, we determined it was appropriate to exclude third-party costs associated with this matter from non-GAAP results, which for the current quarter consisted of legal costs.

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 and associated third-party costs 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.

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.

Foreign Operations

6 unchanged sentences

government sanctioned the Venezuela central bank and, as a result, the Company has ceased support of the Venezuela business.

At March 31, 2025, Argentina's economy remained highly inflationary for accounting purposes.

See Note 1 for more details about our Argentina operations including a description of how we account for currency remeasurement for our Argentine subsidiaries and the potential impacts of converting local currency into U.S.

Our international operations conduct a majority of their business in local currencies.

1 unchanged sentence

dollars, they are affected by changes in the value of various local currencies in relation to the U.S.

Recent strengthening of the U.S.

dollar relative to certain currencies has reduced some of our reported U.S.

dollar revenues and operating profit and may continue through the end of 2024.

At September 30, 2024, Argentina's economy remains highly inflationary for accounting purposes.

At September 30, 2024, we had net monetary assets denominated in Argentine pesos of $96.9 million (including cash of $83.0 million) and net nonmonetary assets of $150.6 million (including $99.8 million of goodwill, $1.3 million in equity securities denominated in Argentine pesos and $23.5 million in debt securities denominated in Argentine pesos).

During September 2019, the Argentine government announced currency controls on both companies and individuals.

Under the exchange procedures implemented by the central bank, approval is required for many transactions, including dividend repatriation abroad.

We have previously elected to use other market mechanisms to convert Argentine pesos into U.S.

Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina.

We did not have any such conversions or conversion losses in the nine months ended September 30, 2024 or September 30, 2023.

Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina.

We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina.

Future fluctuations in exchange rates could have either a positive or negative impact on our financial results.

Changes in exchange rates may also affect transactions that are denominated in currencies other than the functional currency.

From time to time, we use short term foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.

At September 30, 2024, the notional value of our short term outstanding foreign currency forward and swap contracts was $1,001 million, with average contract maturities of approximately one month.

These short term foreign currency forward and swap contracts primarily offset exposures in the euro, the British pound and the Mexican peso and are not designated as hedges for accounting purposes.

These short term foreign currency forward and swap contracts primarily offset exposures in the euro, the Mexican peso, and the British pound and are not designated as hedges for accounting purposes.

Accordingly, changes in their fair value are recorded immediately in earnings.

At September 30, 2024, the fair value of our short term foreign currency contracts was a net liability of approximately $13.2 million, of which $2.6 million was included in prepaid expenses and other and $15.8 million was included in accrued liabilities on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of these foreign currency contracts was a net liability of approximately $1.1 million, of which $8.7 million was included in prepaid expenses and other and $9.8 million was included in accrued liabilities on the condensed consolidated balance sheet.

Cash flows related to economic hedges for acquisition-related intercompany balances are reported as investing activities.

All other cash flows for economic hedges are reported as operating activities.

Amounts under these contracts were recognized in other operating income (expense) as follows:

Ended September 30, Nine Months

Ended September 30,

(In millions) 2024 2023 2024 2023

Derivative instrument gains (losses) included in other operating income (expense) (a)

$ (39.4) 4.3 $ (38.1) 22.9

(a) Derivative instrument losses in the three months ended September 30, 2024, were higher than in the three months ended September 30, 2023, due primarily to the impact of forward currency contracts to hedge exposures to the Mexican peso.

We also had a long term cross currency swap contract to hedge exposure in Brazilian real, which was designated as a cash flow hedge for accounting purposes.

Accordingly, changes in the fair value of the cash flow hedge were initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We immediately reclassified from accumulated other comprehensive income (loss) to earnings an amount to offset the remeasurement recognized in earnings associated with the respective intercompany loan.

Additionally, we reclassified amounts from accumulated other comprehensive income (loss) to interest expense amounts that were associated with the interest rate differential between a U.S.

dollar denominated intercompany loan and a Brazilian real denominated intercompany loan.

In the first nine months of 2023, amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:

Ended September 30, Nine Months

Ended September 30,

(In millions) 2024 2023 2024 2023

Derivative instrument losses included in other operating income (expense) $ — (0.5) $ — (7.7)

Offsetting transaction gains — 0.5 — 7.7

Derivative instrument losses included in interest expense — (0.2) — (0.7)

Net derivative instrument losses — (0.7) — (8.4)

In the second quarter of 2021, we entered into ten cross currency swaps to hedge a portion of our net investments in certain of our subsidiaries with euro functional currencies.

We elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges.

See Note 7 for more details regarding our economic hedges.

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and Hong Kong dollar functional currencies.

As net investment hedges for accounting purposes, we elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges.

Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated.

We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of these cross currency swaps.

In the third quarter of 2022, we terminated these cross currency swap contracts and received $67 million in cash as settlement.

We subsequently entered into a total of nine cross currency swaps with a total notional value of $400 million to hedge a portion of our net investment in certain of our subsidiaries with euro functional currencies.

Swaps with a total notional value of $215 million will terminate in May 2026 and swaps with a total notional value of $185 million will terminate in April 2031.

We have designated these swaps as net investment hedges for accounting purposes.

In the third quarter of 2023, we entered into a zero cost foreign exchange collar contract with a $215 million notional amount and a May 2026 expiration date.

We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $215 million notional cross currency swaps.

Upon the execution of the zero cost foreign exchange collar contract, we de-designated the existing $215 million notional cross currency swaps and re-designated the combined $215 million notional cross currency swaps and zero cost collar into a new hedging instrument.

At re-designation, the existing $215 million notional cross currency swaps had a non-zero fair value representing an off-market component of the participating cross currency swaps.

The off-market value is being ratably amortized into earnings through May 2026.

The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes.

At September 30, 2024, the notional value of these cross currency swap contracts was $400 million with a remaining weighted average maturity of 1.5 years for the cross currency swaps maturing in May 2026 and a remaining weighted average maturity of 5.7 years for the cross currency swaps maturing in April 2031.

At September 30, 2024, the fair value of these currency swaps was a net liability of $38.2 million, of which $5.6 million was included in prepaid expenses and other and $43.8 million was included in other liabilities on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of these currency swaps was a net liability of $34.6 million of which $5.6 million was included in prepaid expenses and other and $40.2 million was included in other liabilities on the condensed consolidated balance sheet.

At September 30, 2024, the fair value of the zero cost collar was an asset of $0.4 million, which was included in other assets on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of the zero cost collar was an asset of $0.1 million, which was included in other assets on the condensed consolidated balance sheet.

In the fourth quarter of 2023, we entered into a foreign exchange forward swap contract to hedge a portion of our net investments in certain of our subsidiaries with Hong Kong dollar functional currencies.

As the contract is designated as a net investment hedge for accounting purposes, we will use the spot method to assess effectiveness of this derivative contract.

We will record changes in fair value attributable to changes in the Hong Kong dollar undiscounted spot rates in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) with amounts remaining in accumulated comprehensive income (loss) until the hedged net investments are sold or substantially liquidated.

At September 30, 2024, the notional value of this foreign exchange forward swap contract was $55 million with a remaining weighted average maturity of 0.1 years.

At September 30, 2024, the fair value of this foreign exchange forward swap was an asset of $0.1 million, which was included in prepaid expenses and other on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of this foreign exchange forward swap was an asset of $0.1 million, which was included in prepaid expenses and other on the condensed consolidated balance sheet.

Cash flows related to the amortization of the off-market component of net investment hedges are reported in investing activities.

Cash flows from the termination and final settlement of net investment hedges are reported in investing activities.

All other cash flow from net investment hedges are reported as operating activities

The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps is included in interest expense as follows:

Ended September 30, Nine Months

Ended September 30,

(In millions) 2024 2023 2024 2023

Net derivative instrument gains included in interest expense $ (1.2) (1.2) $ (3.5) (4.1)

See Note 1 to the condensed consolidated financial statements for a description of how we account for currency remeasurement for Argentine subsidiaries, beginning July 1, 2018 under the heading, "Argentina".

See Note 7 for more details regarding these contracts.

Other Operating Income and Expense

Other operating income (expense) includes amounts included in segment results as well as income and expense not allocated to segments.

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2024 2023 change 2024 2023 change

2025 2024 change

Foreign currency items:

Transaction gains (losses)

$ 36.2 (4.6) fav $ 37.9 (31.5) fav

$ 10.9 (5.5) fav

Derivative instrument gains (losses)

(39.4) 4.3 unfav (38.1) 22.9 unfav

(12.6) 13.4 unfav

Gains (losses) on sale of property and other assets — 0.8 (100)

Impairment losses (1.4) (3.0) (53) (3.3) (7.2) (54)

Indemnification asset adjustments (1.2) (1.4) (14) (2.4) (4.0) (40)

Impairment losses (1.6) (0.5) unfav

Indemnification asset adjustments (0.9) — unfav

Share in earnings of equity affiliates 0.8 0.8 —

Royalty income 1.9 2.1 (10)

Contingent consideration liability adjustment — — — — 4.8 (100)

Other gains (losses)

2.2 0.2 fav 3.1 3.0 3

Other operating income (expense) $ (1.0) 1.3 unfav $ 6.6 (3.2) fav

(0.3) 1.5 unfav

Other operating income (expense) $ (1.8) 12.6 unfav

Nonoperating Income and Expense

Interest expense

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2024 2023 change 2024 2023 change

2025 2024 change

Interest expense $ 57.5 55.8 3

Interest expense was higher in the first nine months of 2024 due to higher interest rates on corporate debt and overall higher borrowing levels.

Interest expense was higher in the first three months of 2025 compared to the first three months of 2024 due to higher interest rates on corporate debt and overall higher borrowing levels.

Borrowings were primarily used to fund growth in our DRS business and other general corporate initiatives.

Interest and other nonoperating income (expense)

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2024 2023 change 2024 2023 change

2025 2024 change

Interest income $ 10.9 15.6 (30)

Gain (loss) on equity and debt securities 4.5 (9.0) fav 5.0 (10.0) fav

Foreign currency transaction gains (losses) (1.2) 0.9 unfav (1.1) (0.2) unfav

Retirement benefit cost other than service cost 0.4 0.2 100 (1.0) 1.0 unfav

Argentina turnover tax (0.3) (2.4) fav (0.9) (4.3) (79)

Gain (loss) on equity and debt securities (0.2) 0.5 unfav

Foreign currency transaction gains (losses) (0.7) 0.1 unfav

Retirement benefit cost other than service cost (0.2) (1.1) (82)

Argentina turnover tax (0.7) (1.1) (36)

Non-income taxes on intercompany billings (a)

1 unchanged sentence

Other (1.0) (0.3) unfav

Interest and other nonoperating income (expense) $ 10.5 2.9 fav $ 36.3 11.7 fav

Interest and other nonoperating income (expense) $ 7.9 13.3 (41)

(a) Certain of our Latin American subsidiaries incur non-income taxes related to the billing of intercompany charges.

These intercompany charges do not impact the Latin America segment results and are eliminated in our consolidation.

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions, except for effective tax rate)

2024 2023 2024 2023

Continuing operations

Provision for income taxes

$ 27.2 37.3 $ 75.5 81.0

Effective tax rate 22.4 % 33.4 %

3 unchanged sentences

Noncontrolling Interests

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2024 2023 change 2024 2023 change

2025 2024 change

Net income attributable to noncontrolling interests $ 2.3 2.9 (21)

The decrease in the net income attributable to noncontrolling interests in the three months ended September 30, 2024, in comparison to the three months ended September 30, 2023, is primarily attributable to lower third quarter 2024 operating results reported by certain subsidiaries that are not wholly-owned.

The net income attributable to noncontrolling interests in the nine months ended September 30, 2024, in comparison to the nine months ended September 30, 2023, is primarily attributable to lower 2024 operating results reported by certain subsidiaries that are not wholly-owned.

The decrease in the net income attributable to noncontrolling interests in the three months ended March 31, 2025, in comparison to the three months ended March 31, 2024, is primarily attributable to lower first quarter 2025 operating results reported by certain subsidiaries that are not wholly-owned.

Non-GAAP Measures and Reconciliations to GAAP Measures

51 unchanged sentences

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.

This gain and subsequent charge both related to the same underlying event, a major tax law change.

A similar event is not reasonably likely to recur within two years, nor did a similar event occur within the prior two years.

Also, the gain and charge 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.

9 unchanged sentences

Non-GAAP reconciled to GAAP

Nine months ended September 30, 2024 Nine months ended September 30, 2023

Three months ended March 31, 2025 Three months ended March 31, 2024

(In millions, except for percentages) Pre-tax income (a)

10 unchanged sentences

Transformation initiatives (c)

Department of Justice investigation (c)

Chile antitrust matter (c)

5.1 0.1 4.8 0.1

Non-routine auto loss matter (c)

Reporting compliance (c)

DOJ/FinCEN investigations (c)

Chile antitrust matter (c)

Retirement plans (b)

(1.7) (0.5) (1.5) (0.3)

Valuation allowance on tax credits (b)

Income tax rate adjustment (d)

7 unchanged sentences

The full-year non-GAAP effective tax rate is estimated at 27.8% for 2025 and was 23.2% for 2024.

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions, except for per share amounts)

2024 2023 2024 2023

Operating profit:

1 unchanged sentence

Reorganization and restructuring (a)

0.4 0.4 1.9 14.6

Acquisitions and dispositions (a)

16.5 19.4 47.2 56.4

Argentina highly inflationary impact (a)

10.8 8.1 23.8 30.3

Transformation initiatives (a)

Department of Justice investigation (a)

DOJ/FinCEN investigations (a)

Chile antitrust matter (a)

0.6 — 1.1 0.4

Non-routine auto loss matter (a)

Reporting compliance (a)

Non-GAAP $ 150.6 145.0

2 unchanged sentences

Reorganization and restructuring (a)

0.3 0.3 1.5 11.9

Acquisitions and dispositions (a)

16.0 15.1 43.7 48.8

Argentina highly inflationary impact (a)

10.0 31.7 23.1 55.2

Transformation initiatives (a)

Department of Justice investigation (a)

DOJ/FinCEN investigations (a)

Chile antitrust matter (a)

0.5 — 0.9 0.3

Non-routine auto loss matter (a)

Reporting compliance (a)

Retirement plans (b)

(2.0) (1.5) (4.7) (4.9)

Valuation allowance on tax credits (b)

Income tax rate adjustment (c)

2.4 5.5 (5.5) 7.0

$ 67.6 97.5 $ 212.7 217.9

Adjusted EBITDA:

Net income (loss) attributable to Brink's

$ 28.9 45.6 $ 124.4 92.7

Interest expense

63.0 53.8 175.3 151.5

Income tax provision

27.2 37.3 75.5 81.0

Depreciation and amortization

74.8 69.1 220.3 206.3

EBITDA $ 195.4 203.7

Discontinued operations

— 0.1 0.1 (0.5)

Reorganization and restructuring (a)

0.4 0.4 1.9 13.4

Acquisitions and dispositions (a)

2.9 3.6 3.8 12.6

Argentina highly inflationary impact (a)

7.3 29.4 15.6 49.8

Transformation initiatives (a)

Department of Justice investigation (a)

DOJ/FinCEN investigations (a)

Chile antitrust matter (a)

0.6 — 1.1 0.4

Non-routine auto loss matter (a)

Reporting compliance (a)

Retirement plans (b)

(2.5) (2.1) (5.9) (6.2)

Income tax rate adjustment (c)

(0.1) (0.1) 0.5 0.5

Share-based compensation (d)

7.5 6.4 24.1 26.5

Marketable securities (gain) loss (e)

(4.9) (13.7) (5.5) (13.4)

Adjusted EBITDA $ 215.0 218.2

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions, except for per share amounts)

2024 2023 2024 2023

GAAP $ 1.19 1.09

Reorganization and restructuring (a)

0.01 0.01 0.03 0.25

Acquisitions and dispositions (a)

0.36 0.31 0.97 1.02

Argentina highly inflationary impact (a)

0.22 0.67 0.51 1.17

Transformation initiatives (a)

0.21 — 0.47 —

Department of Justice investigation (a)

0.04 — 0.17 —

DOJ/FinCEN investigations (a)

Chile antitrust matter (a)

0.01 — 0.02 0.01

Non-routine auto loss matter (a)

0.01 — 0.01 —

Reporting compliance (a)

— 0.02 — 0.02

Retirement plans (b)

(0.02) (0.02)

Valuation allowance on tax credits (b)

Income tax rate adjustment (c)

0.05 0.12 (0.12) 0.15

$ 1.51 2.07 $ 4.73 4.61

Amounts may not add due to rounding.

3 unchanged sentences

The full-year non-GAAP effective tax rate is estimated at 27.8% for 2025 and 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 $22.7 million non-GAAP adjustment for a loss in the third quarter of 2023, and a $23.3 million non-GAAP adjustment for a loss in the nine months ended 2023.

There was a $0.7 million non-GAAP adjustment for a loss in the third quarter of 2024 and a $0.9 million non-GAAP adjustment for a loss in the nine months ended 2024.

(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 no non-GAAP adjustment for a loss in the three months ended March 31, 2024.

There was a $1.0 million non-GAAP adjustment for a loss in the three months ended March 31, 2025.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows from operating activities decreased $236.8 million in the first nine months of 2024 as compared to the first nine months of 2023.

Cash used for investing activities increased by $33.5 million in the first nine months of 2024 compared to the first nine months of 2023.

We financed our liquidity needs in the first nine months of 2024 with existing cash from operations and cash flows from long term debt.

Cash flows from operating activities decreased $124.1 million in the first three months of 2025 as compared to the first three months of 2024.

Cash used for investing activities increased by $2.9 million in the first three months of 2025 compared to the first three months of 2024.

We financed our liquidity needs in the first three months of 2025 with existing cash from operations.

Operating Activities

Ended September 30, $

Ended March 31, $

(In millions) 2025 2024 change

1 unchanged sentence

$ (60.2) 63.9 (124.1)

Decrease in restricted cash held for customers (see Note 13) (a)

Decrease (increase) in restricted cash held for customers (see Note 12) (a)

45.0 (57.3) 102.3

Decrease in customer obligations (a)

Increase in customer obligations (a)

(38.9) (24.0) (14.9)

2 unchanged sentences

Cash proceeds from sale of property and equipment

Proceeds from lessor debt financing (see Note 13)

2.6 3.5 (0.9)

Proceeds from lessor debt financing (see Note 12)

Free cash flow before dividends (a)

3 unchanged sentences

Cash flows from operating activities - GAAP

Cash flows from operating activities decreased $236.8 million in the first nine months of 2024 compared to the same period in 2023.

The decrease was attributed to restricted cash held for customers (restricted cash held for customers decreased by $100.6 million in 2024 compared to a decrease of $44.9 million in 2023), changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations decreased by $69.7 million in 2024 compared to a decrease of $5.5 million in 2023), changes in working capital excluding taxes and interest (working capital decreased by $98.2 million in 2024 compared to a decrease of $51.6 million in 2023), higher amounts paid for interest (we had $172.9 million in cash payments for interest in 2024 as compared to $161.2 million in 2023), and higher amounts paid for income taxes (we had $96.3 million in cash payments for taxes in 2024 as compared to $74.5 million in 2023), partially offset by higher operating profit.

Cash flows from operating activities decreased $124.1 million in the first three months of 2025 compared to the same period in 2024.

The decrease was primarily ($102.3 million) attributed to restricted cash held for customers (restricted cash held for customers decreased by $45.0 million in 2025 compared to an increase of $57.3 million in 2024) as well as changes in working capital excluding taxes and interes t (working capital decreased by $176.0 million in 2025 compared to a decrease of $137.6 million in 2024), partially offset by changes in custom er obligations related to certain of our secure cash management services operations (certain customer obligations increased by $38.9 million in 2025 compared to an increase of $24.0 million in 2024) and lower amounts paid for interest (we had $52.9 million in cash payments for interest in 2025 as compared to $68.0 million in 2024).

Free cash flow before dividends - non-GAAP

Free cash flow before dividends decreased $137.8 million in the first nine months of 2024 as compared to the same period in 2023.

The decrease was attributed to changes in working capital, higher amounts paid for interest and incomes taxes, and higher amounts paid for capital expenditures (we had $159.9 million in capital expenditures in 2024 compared to $133.1 million in 2023), partially offset by higher operating profit and higher proceeds received from sale of property and equipment (we received $12.0 million in proceeds in 2024 as compared to $5.7 million in 2023).

Free cash flow before dividends decreased $40.3 million in the first three months of 2025 as compared to the same period in 2024.

The decrease was mostly attributed to changes in working capital, and higher amounts paid for capital expenditures (we had $58.9 million in capital expenditures in 2025 compared to $52.2 million in 2024), partially offset by lower amounts paid for interest.

Investing Activities

Ended September 30, $

Ended March 31, $

(In millions) 2025 2024 change

2 unchanged sentences

Acquisitions, net of cash acquired (5.3) 0.7 (6.0)

Dispositions, net of cash disposed — 1.1 (1.1)

Marketable securities:

2 unchanged sentences

Proceeds from sale of property and equipment

2.6 3.5 (0.9)

Net change in loans held for investment 1.6 1.8 (0.2)

Other 9.7 (0.1) 9.8

Discontinued operations — 0.9 (0.9)

Investing activities $ (48.7) (45.8) (2.9)

Cash used by investing activities increased by $33.5 million in the first nine months of 2024 versus the first nine months of 2023.

The increase was primarily due to increases in cash paid for capital expenditures and increases in cash paid for acquisitions in Europe and North America in 2024, partially offset by the net change in loans held for investment (we had $5.4 million in cash received in 2024 compared to $12.3 million in cash paid in 2023), as discussed in Note 13.

Cash used by investing activities increased by $2.9 million in the first three months of 2025 versus the first three months of 2024.

The increase was primarily due to increases in cash paid for capital expenditures and increases in cash paid for acquisitions in Europe in 2025, partially offset by cash flows received related to economic hedge contracts, as discussed in Note 7.

Capital expenditures and depreciation and amortization were as follows:

Ended September 30, $ Full Year

Ended March 31, $ Full Year

(In millions) 2025 2024 change 2024

Property and equipment acquired during the period

Capital expenditures (a) :

Capital expenditures:

North America $ 24.0 13.6 10.4 62.6

5 unchanged sentences

$ 58.9 52.2 6.7 222.5

Financing leases (b) :

Financing leases:

North America $ 5.9 13.7 (7.8) 38.4

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Reorganization and restructuring

— 1.2 (1.2) 1.2

Depreciation and amortization of property and equipment

5 unchanged sentences

(a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.

Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the period divided by the annual amount of depreciation, was 1.4 for the 12 months ending September 30, 2024 compared to 1.3 for the 12 months ending September 30, 2023.

Capital expenditures in the first nine months of 2024 were primarily for cash devices, information technology, and armored vehicles.

Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the period divided by the annual amount of depreciation, was 1.4 for the 12 months ending March 31, 2025 compared to 1.4 for the 12 months ending March 31, 2024.

Capital expenditures in the first three months of 2025 were primarily for cash devices, information technology, and armored vehicles.

Financing Activities

Ended September 30, $

Ended March 31, $

(In millions) 2025 2024 change

11 unchanged sentences

Noncontrolling interests in subsidiaries (0.4) — (0.4)

Acquisition-related financing activities:

Payment of acquisition related obligation

(0.8) (10.5) 9.7

Tax withholdings associated with share-based compensation (17.3) (16.8) (0.5)

Other — 3.9 (3.9)

Financing activities $ (124.1) (1.3) (122.8)

Debt borrowings and repayments

Cash from financing activities increased by $306.9 million year over year as we had net cash from financing activities of $99.5 million in the first nine months of 2024 compared to net cash used in financing activities of $207.4 million in the first nine months of 2023.

The change was driven primarily by an increase in net borrowings (as discussed in Note 9) compared to the prior year nine month period, partially offset by increased cash used to repurchase shares of common stock (we used $125.3 million to repurchase shares in 2024 as compared to $105.7 million in 2023).

We paid dividends to Brink’s shareholders of $0.7050 per share or $31.3 million in the first nine months of 2024 compared to $0.6400 per share or $29.7 million in the first nine months of 2023.

Cash used in financing activities increased by $122.8 million year over year as we had net cash used in financing activities of $124.1 million in the first three months of 2025 compared to net cash used in financing activities of $1.3 million in the first three months of 2024.

The change was driven primarily by a decrease in net borrowings (as discussed in Note 8) compared to the prior year three month period, and an increase in cash used to repurchase shares of common stock (we used $44.8 million to repurchase shares in 2025 as compared to $23.0 million in 2024).

We paid dividends to Brink’s shareholders of $0.2425 per share or $10.4 million in the first three months of 2025 compared to $0.2200 per share or $9.8 million in the first three months of 2024.

On May 7, 2025, the Board declared a regular quarterly dividend of 25.50 cents per share payable on June 2, 2025 to shareholders of record on May 19, 2025.

Future dividends are dependent on our earnings, financial condition, shareholders’ equity levels, our cash flow and business requirements, as determined by the Board of Directors.

2 unchanged sentences

GAAP Measures

September 30, December 31,

March 31, December 31,

(In millions) 2025 2024

9 unchanged sentences

See page 40 for further information on this non-GAAP measure, and see page 41 for a description of the adjustment.

Included within Net Debt is net cash from our Argentina operations of $83 million at September 30, 2024 and $63 million at December 31, 2023 (see Note 1 to the consolidated financial statements for a discussion of currency controls in Argentina).

Debt and Net Debt as of September 30, 2024 increased versus the prior year end to provide funding for general corporate purposes and other working capital needs.

Included within Net Debt is net cash from our Argentina operations of $117.4 million at March 31, 2025 and $104 million at December 31, 2024 (see Note 1 to the consolidated financial statements for a discussion of currency controls in Argentina).

Net Debt as of March 31, 2025 increased versus the prior year end to provide funding for general corporate purposes and other working capital needs.

Liquidity Needs

1 unchanged sentence

Our operating liquidity needs are typically financed by cash from operations, short-term borrowings and the available borrowing capacity under our Revolving Credit Facility (our debt facilities are described in more detail in Note 8 to the condensed consolidated financial statements, including certain limitations and considerations related to the cash and borrowing capacity).

As of September 30, 2024, $499 million was available under the Revolving Credit Facility.

As of March 31, 2025, $531 million was available under the Revolving Credit Facility.

Based on our current cash on hand, cash generated from operations, and amounts available under our credit facilities and our ability to access capital from financial markets, we believe that we will be able to meet our liquidity needs for the next 12 months and thereafter the foreseeable future.

16 unchanged sentences

Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.

During the nine months ended September 30, 2024, we repurchased a total of 1,291,224 shares of our common stock for an aggregate of $125.3 million and an average price of $97.04 per share.

These shares were retired upon repurchase.

At September 30, 2024, $375 million remained available under the 2023 Repurchase Program.

In October 2021, we announced that our Board of Directors authorized a $250 million share repurchase program (the "2021 Repurchase Program").

Under the 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $169.9 million and an average price of $73.92 per share.

During the three months ended March 31, 2025, we repurchased a total of 514,795 shares of our common stock for an aggregate of $44.8 million and an average price of $86.97 per share.

These shares were retired upon repurchase.

The 2021 Repurchase Program expired on December 31, 2023 with approximately $28 million remaining available.

At March 31, 2025, $252 million remained available under the 2023 Repurchase Program.

Retirement Liabilities

8 unchanged sentences

• Changing discount rates and other assumptions in effect at measurement dates (normally December 31)

• Investment returns of plan assets

• Investment returns on plan assets

• Addition of new participants (historically immaterial due to freezing of pension benefits and exit from coal business)

4 unchanged sentences

Actual Actual Projected

(In millions) 2023 Nine Months 2024 4th Quarter 2024 2025 2026 2027 2028

(In millions) 2024 1Q 2025 2Q-4Q 2025 2026 2027 2028 2029

Beginning funded status $ (10.9) 8.2 11.5 14.0 19.9 26.9 39.5

21 unchanged sentences

We did not make cash contributions to the primary U.S.

pension plan in 2023 or the first nine months of 2024.

pension plan in 2024 or the first three months of 2025.

There are approximately 10,300 beneficiaries in the plan.

10 unchanged sentences

Actual Actual Projected

(In millions) 2023 Nine Months 2024 4th Quarter 2024 FY2024 2025 2026 2027 2028

(In millions) 2024 1Q 2025 2Q-4Q 2025 FY2025 2026 2027 2028 2029

pension plan $ (10.9) (2.0) (6.1) (8.1) (0.6) 6.6 4.9 3.9

8 unchanged sentences

Actual Actual Projected

(In millions) 2023 Nine Months 2024 4th Quarter 2024 FY2024 2025 2026 2027 2028

(In millions) 2024 1Q 2025 2Q-4Q 2025 FY2025 2026 2027 2028 2029

Payments from Brink’s to U.S.

9 unchanged sentences

Contingent Matters

See Note 14 to the condensed consolidated financial statements for information about contingent matters at September 30, 2024.

See Note 13 to the condensed consolidated financial statements for information about contingent matters at March 31, 2025.

Critical Accounting Policies and Estimates

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis