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Item 1. Financial Statements

2025-08-06 compared with 2025-05-12 · 313 added, 136 removed, 924 unchanged (33% of the section changed)

4 unchanged sentences

(In millions, except for per share amounts)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Current assets:

50 unchanged sentences

Condensed Consolidated Statements of Operations

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions, except for per share amounts) 2025 2024 2025 2024

10 unchanged sentences

Provision for income taxes

27.2 22.1 42.8 48.3

Income from continuing operations 47.6 49.9 101.5 102.1

Income (loss) from discontinued operations, net of tax

Loss from discontinued operations, net of tax

( 0.2 ) ( 0.1 ) ( 0.2 ) ( 0.1 )

Net income 47.4 49.8 101.3 102.0

21 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Loss)

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions) 2025 2024 2025 2024

2 unchanged sentences

Net benefit plan actuarial adjustment

( 0.6 ) 5.2 ( 0.6 ) 9.3

Net benefit plan prior service adjustment

1 unchanged sentence

Net deferred profit sharing adjustment

0.3 ( 0.2 ) 0.6 ( 0.1 )

Total benefit plan adjustments ( 2.8 ) ( 5.4 ) ( 5.0 ) ( 4.0 )

2 unchanged sentences

Net change on available-for-sale securities

2.3 0.6 2.9 1.7

Net change on cash flow hedges

( 2.4 ) 0.9 ( 5.0 ) 11.6

Other comprehensive income (loss) before tax 84.6 ( 75.0 ) 118.6 ( 83.3 )

1 unchanged sentence

Other comprehensive income (loss) 93.2 ( 75.9 ) 131.7 ( 90.7 )

Comprehensive income

Comprehensive income (loss)

140.6 ( 26.1 ) 233.0 11.3

Less comprehensive income attributable to noncontrolling interests

Comprehensive income attributable to Brink's

7.6 2.7 10.6 3.8

Comprehensive income (loss) attributable to Brink's

$ 133.0 ( 28.8 ) $ 222.4 7.5

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

Condensed Consolidated Statements of Equity

Three Months ended March 31, 2025

Six Months ended June 30, 2025

(In millions) Shares Common

19 unchanged sentences

Balance as of March 31, 2025 42.7 $ 42.7 639.3 290.3 ( 766.5 ) 123.2 329.0

Three Months ended March 31, 2024

Net income — — — 43.7 — 3.7 47.4

Other comprehensive income

— — — — 89.3 3.9 93.2

Shares repurchased (a)

( 1.0 ) ( 1.0 ) ( 11.6 ) ( 69.1 ) — — ( 81.7 )

Dividends to:

Brink’s common shareholders ($ 0.2550 per share)

— — — ( 10.7 ) — — ( 10.7 )

Noncontrolling interests — — — — — ( 0.3 ) ( 0.3 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 8.1 — — — 8.1

Other share-based benefit transactions 0.1 0.1 — — — — 0.1

Balance as of June 30, 2025 41.8 $ 41.8 635.8 254.2 ( 677.2 ) 130.5 385.1

(a) Amounts do not agree to cash paid to repurchase shares in the condensed consolidated statements of cash flows or Note 11.

The difference is due to the timing of the cash settlements for shares repurchased near the balance sheet dates plus the accrual of liabilities to pay excise taxes resulting from share repurchases.

(b) This amount represents the impact of transactions in which we acquired or disposed of noncontrolling ownership interests in certain companies where we had an existing controlling interest prior to and after the related acquisition or disposal transactions.

* Accumulated other comprehensive income (loss)

See accompanying notes to condensed consolidated financial statements.

Six Months ended June 30, 2024

(In millions) Shares Common

17 unchanged sentences

Balance as of March 31, 2024 44.6 $ 44.6 666.8 354.0 ( 669.0 ) 123.5 519.9

Net income — — — 46.2 — 3.6 49.8

Other comprehensive loss — — — — ( 75.0 ) ( 0.9 ) ( 75.9 )

Shares repurchased (a)

( 0.4 ) ( 0.4 ) ( 7.9 ) ( 35.3 ) — — ( 43.6 )

Dividends to:

Brink’s common shareholders ($ 0.2425 per share)

— — — ( 10.8 ) — — ( 10.8 )

Noncontrolling interests — — — — — ( 0.1 ) ( 0.1 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 7.3 — — — 7.3

Other share-based benefit transactions — — 0.1 ( 0.1 ) — — —

Balance as of June 30, 2024 44.2 $ 44.2 666.3 354.0 ( 744.0 ) 126.1 446.6

(a) Amounts do not agree to cash paid to repurchase shares in the condensed consolidated statements of cash flows or Note 11.

6 unchanged sentences

Condensed Consolidated Statements of Cash Flows

Ended March 31,

Ended June 30,

(In millions)

Cash flows from operating activities:

$ 101.3 102.0

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Loss from discontinued operations, net of tax

Depreciation and amortization

2 unchanged sentences

(Gain) loss on marketable securities, sale of property and equipment and derivatives

( 8.6 ) ( 2.2 )

Impairment losses

3 unchanged sentences

( 5.6 ) ( 3.9 )

Unrealized foreign currency (gains) losses

Unrealized foreign currency gains

( 1.2 ) ( 3.5 )

Other operating

21 unchanged sentences

Net change in loans held for investment 3.3 3.5

Net change in economic hedges ( 17.2 ) —

Other ( 9.4 ) ( 0.9 )

16 unchanged sentences

Tax withholdings associated with share-based compensation ( 17.8 ) ( 17.2 )

Net cash used in financing activities ( 124.1 ) ( 1.3 )

Other ( 1.6 ) —

Net cash (used in) provided by financing activities $ ( 38.1 ) 99.1

Effect of exchange rate changes on cash 113.6 ( 46.1 )

Cash, cash equivalents and restricted cash:

Decrease ( 200.1 ) ( 3.0 )

Increase (decrease) 61.7 ( 65.6 )

Balance at beginning of period 1,840.4 1,683.6

22 unchanged sentences

Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity.

See "Venezuela" section below for further information.

For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity.

24 unchanged sentences

We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together, "Brink's Argentina").

Revenues from Brink's Argentina represented approximately 4 % of our consolidated revenues for the first three months of 2025 and 3 % of our consolidated revenues for the first three months of 2024.

Revenues from Brink's Argentina represented approximately 4 % of our consolidated revenues for the first six months of 2025 and 3 % of our consolidated revenues for the first six months of 2024.

The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation.

In the first three months of 2025, the Argentine peso declined approximately 4 % (from 1,031.0 to 1,073.1 pesos to the U.S.

In the first six months of 2025 and 2024, the Argentine peso declined approximately 14 % (from 1,031.0 to 1,203.6 pesos to the U.S.

dollar) and 9 % (from 833.3 to 911.5 pesos to the U.S.

dollar), respectively.

For the year ended December 31, 2024, the Argentine peso declined approximately 19 % (from 833.3 to 1,031.0 pesos to the U.S.

2 unchanged sentences

Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings.

In the first three months of 2025, we recognized a $ 4.8 million pretax remeasurement loss.

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

At March 31, 2025, we had net monetary assets denominated in Argentine pesos of $ 127.6 million (including cash of $ 117.4 million).

At March 31, 2025, we had net nonmonetary assets of $ 144.5 million (including $ 102.6 million of goodwill and $ 20.8 million in debt securities denominated in Argentine pesos).

In the first six months of 2025, we recognized a $ 14.1 million pretax remeasurement loss.

In the first six months of 2024, we recognized a $ 6.4 million pretax remeasurement loss.

Argentine peso-denominated nonmonetary assets and liabilities are recorded at historical cost based on the currency exchange rate at the time the asset or liability was acquired.

At June 30, 2025, Argentina's economy remained highly inflationary for accounting purposes.

At June 30, 2025, we had net monetary assets denominated in Argentine pesos of $ 17.4 million (including cash of $ 16.9 million).

At June 30, 2025, we had net nonmonetary assets of $ 186.5 million (including $ 102.6 million of goodwill and $ 49.3 million in debt securities denominated in Argentine pesos).

At December 31, 2024, we had net monetary assets denominated in Argentine pesos of $ 115.9 million (including cash of $ 104.0 million) and net nonmonetary assets of $ 147.5 million (including $ 103.1 million of goodwill and $ 21.2 million in debt securities denominated in Argentine pesos).

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

The Argentine central bank issued details as to how the exchange control procedures would operate in practice.

Under these procedures, central bank approval is required for many transactions, including dividend repatriation abroad.

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.

In April 2025, the Argentine government announced economic policy changes, including the removal of certain currency controls.

The official exchange rate will be allowed to fluctuate within a moving range.

Depreciation Adjustment

In accordance with our highly inflationary accounting policy, property, plant and equipment owned by Brink’s Argentina are considered nonmonetary assets.

These assets retain a higher historical basis when the currency is devalued and the higher historical basis results in incremental depreciation expense being recognized.

In the second quarter of 2025, we identified a prior period overstatement of depreciation related to Brink’s Argentina property, plant and equipment.

The accounting error was corrected resulting in a $ 13.6 million increase to second quarter 2025 net income and no impact to first half 2025 net cash provided by operating activities.

We have concluded that the impact of this accounting error was not material to any prior period financial statements.

Consistent with our treatment of the impact of Argentina highly inflationary accounting, this adjustment has been excluded from segment results and is reported as part of Other Items not Allocated to Segments.

Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired.

We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred.

Impairment indicators were reviewed as of March 31, 2025 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.

Impairment indicators were reviewed as of June 30, 2025 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.

We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.

New Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which requires expanded disclosures about significant segment expenses and information used to assess segment performance.

For annual reporting periods, we adopted ASU 2023-07 on January 1, 2024.

For interim reporting periods, this ASU was effective for us on January 1, 2025.

In accordance with the new guidance, we added disclosures about significant segment expenses in Note 3 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Beginning with our first interim reporting period in 2025, we have also included disclosures regarding assets held by segments as well as capital expenditures and depreciation and amortization by segment in Note 3.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

46 unchanged sentences

Cash and Valuables Management DRS and AMS Total

Three months ended March 31, 2025

Three months ended June 30, 2025

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 940.2 360.3 1,300.5

Three months ended March 31, 2024

Three months ended June 30, 2024

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 943.0 310.1 1,253.1

Six months ended June 30, 2025

Reportable Segments:

North America $ 602.2 249.7 851.9

Latin America 509.7 117.3 627.0

Europe 365.2 271.7 636.9

Rest of World 387.1 44.3 431.4

Total reportable segments $ 1,864.2 683.0 2,547.2

Six months ended June 30, 2024

Reportable Segments:

North America $ 606.5 211.0 817.5

Latin America 560.1 106.3 666.4

Europe 369.7 231.4 601.1

Rest of World 368.0 36.2 404.2

Total reportable segments $ 1,904.3 584.9 2,489.2

Certain of our services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices.

11 unchanged sentences

The upfront payment amounts are reported as contract assets and are amortized as a reduction to revenues over the duration of the contracts.

Contract assets expected to be billed or amortized within one year ($ 6.2 million at March 31, 2025) are included in prepaid expenses and other on the condensed consolidated balance sheet.

Amounts not expected to be billed or amortized within one year ($ 19.1 million at March 31, 2025) are reported in other assets on the condensed consolidated balance sheet.

Contract assets expected to be billed or amortized within one year ($ 7.5 million at June 30, 2025) are included in prepaid expenses and other on the condensed consolidated balance sheet.

Amounts not expected to be billed or amortized within one year ($ 18.2 million at June 30, 2025) are reported in other assets on the condensed consolidated balance sheet.

Contract Liabilities

5 unchanged sentences

Opening (January 1, 2025) $ 733.5 22.2 15.0

Closing (March 31, 2025) 772.4 25.3 16.7

Closing (June 30, 2025) 811.5 25.7 13.6

Increase (decrease)

$ 78.0 3.5 ( 1.4 )

The amount of revenue recognized in the three months ended March 31, 2025 that was included in the January 1, 2025 contract liabilities balance was $ 3.7 million.

The amount of revenue recognized in the six months ended June 30, 2025 that was included in the January 1, 2025 contract liabilities balance was $ 8.3 million.

This revenue consists of services provided to customers who had prepaid for those services prior to the current year.

Revenue recognized in the three months ended March 31, 2025 from performance obligations satisfied in the prior year was not significant.

Revenue recognized in the six months ended June 30, 2025 from performance obligations satisfied in the prior year was not significant.

This revenue is a result of changes in the transaction price of our contracts with customers.

1 unchanged sentence

Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts.

At March 31, 2025, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet.

The capitalized amounts at March 31, 2025 and December 31, 2024 were $ 13.4 million and $ 12.8 million, respectively.

At June 30, 2025, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet.

The capitalized amounts at June 30, 2025 and December 31, 2024 were $ 14.2 million and $ 12.8 million, respectively.

Practical Expedients

26 unchanged sentences

This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(In millions)

11 unchanged sentences

Segment operating profit $ 62.3 55.0 39.5 41.2 198.0

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

(In millions)

11 unchanged sentences

Segment operating profit $ 51.7 63.2 32.2 39.0 186.1

Six Months Ended June 30, 2025

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 851.9 627.0 636.9 431.4 2,547.2

Cost of revenues:

Labor and fringe benefit costs (a)

307.6 286.2 279.8 118.6

Other cost of revenues segment items (b)

317.3 171.7 218.4 188.9

Total cost of revenues (a)

624.9 457.9 498.2 307.5

Selling, general, and administrative (a)

111.6 60.2 74.0 32.6

Segment operating profit $ 115.4 108.9 64.7 91.3 380.3

Six Months Ended June 30, 2024

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 817.5 666.4 601.1 404.2 2,489.2

Cost of revenues:

Labor and fringe benefit costs (a)

311.0 294.1 270.5 118.3

Other cost of revenues segment items (b)

295.3 182.6 202.2 172.4

Total cost of revenues (a)

606.3 476.7 472.7 290.7

Selling, general, and administrative (a)

111.1 63.5 70.3 33.4

Segment operating profit $ 100.1 126.2 58.1 80.1 364.5

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

1 unchanged sentence

(b) Other cost of revenues segment items for each reportable segment include primarily vehicle expenses, freight, equipment costs, building expense, and office and administrative expenses.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In millions)

2025 2024 2025 2024

Segment operating profit

5 unchanged sentences

Foreign currency transaction gains

1.8 3.1 5.0 9.4

Reconciliation of segment policies to GAAP (a)

1.9 ( 0.4 ) 2.0 1.1

Other items not allocated to segments (b) :

3 unchanged sentences

( 25.8 ) ( 14.8 ) ( 44.3 ) ( 30.7 )

Argentina highly inflationary impact

Argentina highly inflationary impact (c)

1.9 ( 11.4 ) ( 4.4 ) ( 13.0 )

8 unchanged sentences

(b) See "Other Items not Allocated to Segments" for a description of these items.

Other Items not Allocated to Segments

14 unchanged sentences

Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") investigations.

Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter.

Additionally, we have incurred third-party costs, primarily legal costs, associated with these matters.

In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN.

See Note 13 for details.

Chile antitrust matter We have recorded charges for a contingent loss associated with an investigation initiated by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency).

2 unchanged sentences

See Note 13 for details.

Three Months Ended March 31,

Six Months Ended June 30,

(In millions) 2025 2024

7 unchanged sentences

Total $ 110.7 108.9

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2025 2024 2025 2024

Depreciation and Amortization by Reportable Segment

6 unchanged sentences

Corporate items 0.7 0.9 1.4 1.9

Argentina highly inflationary impact 2.1 2.3

Argentina highly inflationary impact (b)

( 12.6 ) 2.6 ( 10.5 ) 4.9

Depreciation and amortization of property and equipment 45.0 58.5 101.3 116.4

Amortization of intangible assets (a)

14.8 14.6 29.2 29.1

Total $ 59.8 73.1 $ 130.5 145.5

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

(b) See "Depreciation Adjustment" in Note 1 for more details.

(In millions)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Assets held by Reportable Segment

20 unchanged sentences

(In millions) 2025 2024 2025 2024 2025 2024

Three months ended March 31,

Three months ended June 30,

Service cost $ — — 2.1 2.2 2.1 2.2

2 unchanged sentences

Amortization of losses 1.4 1.2 0.7 0.7 2.1 1.9

Settlement loss — — 0.4 — 0.4 —

Net periodic pension cost (credit)

$ ( 2.0 ) ( 2.7 ) 4.8 4.5 2.8 1.8

Six months ended June 30,

Service cost $ — — 4.1 4.4 4.1 4.4

Interest cost on projected benefit obligation 15.7 15.4 8.7 8.9 24.4 24.3

Return on assets – expected ( 22.3 ) ( 23.2 ) ( 5.6 ) ( 5.7 ) ( 27.9 ) ( 28.9 )

Amortization of losses 2.7 2.7 1.3 1.3 4.0 4.0

Amortization of prior service cost — — 0.1 — 0.1 —

4 unchanged sentences

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

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

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

Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2024, we do not expect to make contributions to the primary U.S.

7 unchanged sentences

(In millions) 2025 2024 2025 2024 2025 2024

Three months ended March 31,

Three months ended June 30,

Service cost $ — — 0.1 — 0.1 —

6 unchanged sentences

$ ( 1.9 ) ( 1.5 ) 2.0 2.2 0.1 0.7

Six months ended June 30,

Service cost $ — — 0.1 0.1 0.1 0.1

Interest cost on accumulated postretirement benefit obligations 4.8 5.2 2.2 2.4 7.0 7.6

Return on assets – expected ( 4.9 ) ( 5.1 ) — — ( 4.9 ) ( 5.1 )

Amortization of losses 0.9 1.4 1.7 2.1 2.6 3.5

Amortization of prior service cost (credit)

( 5.1 ) ( 4.4 ) — 0.1 ( 5.1 ) ( 4.3 )

Net periodic postretirement cost (credit)

$ ( 4.3 ) ( 2.9 ) 4.0 4.7 ( 0.3 ) 1.8

The components of net periodic postretirement cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.

Note 5 - Income taxes

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In millions, except for effective tax rate)

2025 2024 2025 2024

Continuing operations

Provision for income taxes

$ 27.2 22.1 $ 42.8 48.3

Effective tax rate 36.4 % 30.7 % 29.7 % 32.1 %

1 unchanged sentence

Statutory Rate

The effective income tax rate on continuing operations in the first three months of 2025 was greater than the 21% U.S.

The effective income tax rate on continuing operations in the first six months of 2025 was greater than the 21% U.S.

statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S.

taxable income and credit limitations.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the U.S.

The OBBBA includes modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

We are currently assessing its impact on our consolidated financial statements, including the impact to our deferred tax assets.

2024 Effective Income Tax Rate Compared to U.S.

Statutory Rate

The effective income tax rate on continuing operations in the first three months of 2024 was greater than the 21% U.S.

The effective income tax rate on continuing operations in the first six months of 2024 was greater than the 21% U.S.

10 unchanged sentences

Income (Loss)

Three months ended March 31, 2025

Three months ended June 30, 2025

Amounts attributable to Brink's:

18 unchanged sentences

$ 82.2 8.2 2.4 0.4 93.2

Three months ended March 31, 2024

Three months ended June 30, 2024

Amounts attributable to Brink's:

18 unchanged sentences

$ ( 70.5 ) ( 2.0 ) ( 4.5 ) 1.1 ( 75.9 )

Amounts Arising During

the Current Period Amounts Reclassified to

Net Income (Loss)

(In millions) Pretax Income

Tax Pretax Income

Tax Total Other

Comprehensive

Income (Loss)

Six months ended June 30, 2025

Amounts attributable to Brink's:

Benefit plan adjustments $ ( 7.8 ) 2.2 2.8 ( 0.7 ) ( 3.5 )

Foreign currency translation adjustments (b)

123.5 10.9 ( 2.4 ) 0.6 132.6

Gains (losses) on available-for-sale securities

( 1.4 ) ( 1.3 ) 4.3 0.2 1.8

Gains (losses) on cash flow hedges ( 0.4 ) 0.1 ( 4.6 ) 1.1 ( 3.8 )

113.9 11.9 0.1 1.2 127.1

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments 4.6 — — — 4.6

4.6 — — — 4.6

Benefit plan adjustments (a)

( 7.8 ) 2.2 2.8 ( 0.7 ) ( 3.5 )

Foreign currency translation adjustments (b)

128.1 10.9 ( 2.4 ) 0.6 137.2

Gains (losses) on available-for-sale securities (c)

( 1.4 ) ( 1.3 ) 4.3 0.2 1.8

Gains (losses) on cash flow hedges (d)

( 0.4 ) 0.1 ( 4.6 ) 1.1 ( 3.8 )

$ 118.5 11.9 0.1 1.2 131.7

Six months ended June 30, 2024

Amounts attributable to Brink's:

Benefit plan adjustments $ ( 7.5 ) 1.5 3.5 ( 0.8 ) ( 3.3 )

Foreign currency translation adjustments (b)

( 87.6 ) ( 3.8 ) ( 2.3 ) 0.5 ( 93.2 )

Gains (losses) on available-for-sale securities

1.7 ( 2.3 ) — — ( 0.6 )

Gains (losses) on cash flow hedges 21.3 ( 4.9 ) ( 9.7 ) 2.4 9.1

( 72.1 ) ( 9.5 ) ( 8.5 ) 2.1 ( 88.0 )

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments ( 2.7 ) — — — ( 2.7 )

( 2.7 ) — — — ( 2.7 )

Benefit plan adjustments (a)

( 7.5 ) 1.5 3.5 ( 0.8 ) ( 3.3 )

Foreign currency translation adjustments (b)

( 90.3 ) ( 3.8 ) ( 2.3 ) 0.5 ( 95.9 )

Gains (losses) on available-for-sale securities (c)

1.7 ( 2.3 ) — — ( 0.6 )

Gains (losses) on cash flow hedges (d)

21.3 ( 4.9 ) ( 9.7 ) 2.4 9.1

$ ( 74.8 ) ( 9.5 ) ( 8.5 ) 2.1 ( 90.7 )

(a) The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income.

1 unchanged sentence

Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2025 2024 2025 2024

3 unchanged sentences

Interest and other nonoperating expense 0.7 0.3 0.8 1.4

(b) 2025 foreign currency translation adjustment amounts arising during the three months ended March 31, 2025 reflect primarily the appreciation of the euro, the Mexican peso, and the Brazilian real.

2024 foreign currency translation adjustment amounts arising during the three months ended March 31, 2024 reflect primarily the devaluation of the Chilean peso, the Brazilian real, and the euro, partially offset by the appreciation of the Mexican peso.

(b) 2025 foreign currency translation adjustment amounts arising during the three months ended June 30, 2025 reflect primarily the appreciation of the euro, the Mexican peso, the Brazilian real, the Malaysian ringgit, and the Romanian leu.

2024 foreign currency translation adjustment amounts arising during the three months ended June 30, 2024 reflect primarily the devaluation of the Mexican peso and the Brazilian real, partially offset by the appreciation of the Chilean peso.

2025 foreign currency translation adjustment amounts arising during the six months ended June 30, 2025 reflect primarily the appreciation of the euro, the Mexican peso, the Brazilian real, the Malaysian ringgit and the Romanian leu.

2024 foreign currency translation adjustment amounts arising during the six months ended June 30, 2024 reflect primarily the devaluation of the Mexican peso, the Brazilian real, and the Chilean peso.

(c) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss).

1 unchanged sentence

Pretax amounts are classified in the condensed consolidated statements of operations as interest and other income (expense).

(d) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as in terest expense ( $ 2.5 million reduction to expense in the three months ended March 31, 2025 and $ 5.0 million reduction to expense in the three months ended March 31, 2024.

(d) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as in terest expense ( $ 2.1 million reduction to expense in the three months ended June 30, 2025 and $ 4.7 million reduction to expense in the three months ended June 30, 2024;

as well as $ 4.6 million reduction to expense in the six months ended June 30, 2025 and $ 9.7 million reduction to expense in the six months ended June 30, 2024).

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:

8 unchanged sentences

Acquisitions of noncontrolling interests — ( 0.2 ) — — ( 0.2 )

Balance as of March 31, 2025 $ ( 262.0 ) ( 516.2 ) ( 2.6 ) 14.3 ( 766.5 )

Balance as of June 30, 2025 $ ( 263.9 ) ( 424.3 ) ( 1.5 ) 12.5 ( 677.2 )

Note 7 - Fair value of financial instruments

5 unchanged sentences

(In millions)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

2027 Senior Unsecured Notes

17 unchanged sentences

We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.

At March 31, 2025, the notional value of our outstanding foreign currency forward and swap contracts was $ 772 million, with average maturities of approximately one month .

At June 30, 2025, the notional value of our outstanding foreign currency forward and swap contracts was $ 881 million, with average maturities of approximately one month .

These 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.

3 unchanged sentences

The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:

(In millions) March 31, 2025 December 31, 2024

(In millions) June 30, 2025 December 31, 2024

Prepaid expenses and other

4 unchanged sentences

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

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(in millions) 2025 2024 2025 2024

1 unchanged sentence

$ ( 22.6 ) ( 12.1 ) $ ( 35.2 ) 1.3

(a) Derivative instrument losses in the three months ended March 31, 2025, as compared to gains in the prior year period is primarily due to the impact of hedging currency exposures on intercompany loans denominated in the Mexican peso, the Euro, and the British pound.

(a) Derivative instrument losses in the six months ended June 30, 2025, and in the three months ended June 30, 2025, as compared to the prior year period are primarily due to the impact of hedging currency exposures on intercompany loans denominated in the euro and the British pound.

Net Investment Hedges

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The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:

(In millions) March 31, 2025 December 31, 2024

(In millions) June 30, 2025 December 31, 2024

Euro net investment hedge (a)

Prepaid expenses and other

Accrued liabilities

Other noncurrent liabilities

1 unchanged sentence

Zero cost collar

Prepaid expenses and other $ 1.6 —

Other noncurrent asset

3 unchanged sentences

$ ( 62.2 ) $ ( 12.8 )

(a) At March 31, 2025, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 1.0 year.

(a) At June 30, 2025, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 0.8 years.

Swaps with a total notional value of $ 185 million will terminate in April 2031 and have a weighted average maturity of 5.2 years.

(b) At March 31, 2025, the total notional value was $ 55 million with a weighted average maturity of 0.6 years.

(b) At June 30, 2025, the total notional value was $ 55 million with a weighted average maturity of 0.4 years.

The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions) 2025 2024 2025 2024

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The cash proceeds for terminating the swaps were reported as cash flows from operating activities.

In the first quarter of 2025, we entered into interest rate swaps with a notional value of $ 100 million with a maturity date of June 2027.

In the first quarter of 2025, we entered into interest rate swaps with a notional value of $ 100 million and a maturity date of June 2027.

The fair values of our interest rate swaps were recognized in the condensed consolidated balance sheet as follows:

(In millions) March 31, 2025 December 31, 2024

(In millions) June 30, 2025 December 31, 2024

$100 million notional - June 2027 maturity (a)

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Net asset (liability) $ ( 0.5 ) $ —

(a) At March 31, 2025, swaps with a total notional value of $ 100 million will terminate in June 2027 and have a weighted average maturity of 1.2 years.

(a) At June 30, 2025, swaps with a total notional value of $ 100 million will terminate in June 2027 and have a weighted average maturity of 1.0 years.

Amounts under our interest rate swap contracts were recognized in interest expense as follows:

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions) 2025 2024 2025 2024

6 unchanged sentences

We used a probability-weighted approach to estimate the fair value of the contingent consideration.

The fair value of the contingent consideration is the full $ 23 million that remains potentially payable as of March 31, 2025 as we believe it is unlikely that the contingent consideration payments will be reduced.

The fair value of the contingent consideration is the full $ 24 million that remains potentially payable as of June 30, 2025 as we believe it is unlikely that the contingent consideration payments will be reduced.

Other Financial Instruments

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The financial statement carrying amounts of these items approximate the fair value.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first three months of 2025.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first six months of 2025.

Note 8 - Debt

March 31, December 31,

June 30, December 31,

(In millions) 2025 2024

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Total debt $ 4,123.1 3,896.2

(a) Amounts outstanding are net of unamortized debt costs of $ 2.3 million as of March 31, 2025 and $ 2.8 million as of December 31, 2024.

(b) Amounts outstanding are net of unamortized debt costs of $ 11.8 million as of March 31, 2025 and $ 12.2 million as of December 31, 2024.

(c) Includes Other Revolving Credit Facilities of $ 282 million at March 31, 2025 and $ 359 million at December 31, 2024.

(a) Amounts outstanding are net of unamortized debt costs of $ 2.2 million as of June 30, 2025 and $ 2.8 million as of December 31, 2024.

(b) Amounts outstanding are net of unamortized debt costs of $ 10.9 million as of June 30, 2025 and $ 12.2 million as of December 31, 2024.

Long-Term Debt

Senior Secured Credit Facility

In June 2022, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Bank of America, N.A.

as administrative agent.

In June 2022, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Bank of America, N.A., as administrative agent.

After the amendment, the Senior Secured Credit Facility consisted of a $ 1 billion revolving credit facility (the "Revolving Credit Facility") and $ 1.4 billion of term loans (the "Term Loans").

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The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility.

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

As of June 30, 2025, $ 373 million was available under the Revolving Credit Facility.

The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries.

1 unchanged sentence

The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio.

The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at March 31, 2025.

The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of March 31, 2025.

The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at June 30, 2025.

The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of June 30, 2025.

We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio.

The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 % as of March 31, 2025.

The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 % as of June 30, 2025.

Senior Unsecured Notes

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subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

In June 2020, we issued at par five-year senior unsecured notes (the "2025 Senior Unsecured Notes") in the aggregate principal amount of $ 400 million.

The 2025 Senior Unsecured Notes were set to mature on July 15, 2025 and had an annual interest rate of 5.5 %.

The 2025 Senior Unsecured Notes were general unsecured obligations guaranteed by certain of the Company’s existing and future U.S.

subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

On August 7, 2024, we issued a notice of redemption to holders to redeem all of the outstanding aggregate principal amount of the 2025 Senior Unsecured Notes in accordance with the terms of the notes and the indenture.

The notes were redeemed on September 13, 2024.

In October 2017, we issued at par ten-year senior unsecured notes (the "2027 Senior Unsecured Notes" and together with the 2025 Senior Unsecured Notes, 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes, the "Senior Unsecured Notes") in the aggregate principal amount of $ 600 million.

In October 2017, we issued at par ten-year senior unsecured notes (the "2027 Senior Unsecured Notes") in the aggregate principal amount of $ 600 million.

The 2027 Senior Unsecured Notes will mature on October 15, 2027, bearing an annual interest rate of 4.625 %.

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subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

The Senior Unsecured Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The 2027 Senior Unsecured Notes, the 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes (the "Senior Unsecured Notes") have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exception from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S.

2 unchanged sentences

Borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes.

The aggregate proceeds from the 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes were used to redeem the $ 400 million outstanding principal amount of the 2025 Senior Unsecured Notes prior to maturity and to repay a portion of the outstanding indebtedness under our Revolving Credit Facility.

The aggregate proceeds from the 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes were used to redeem the $ 400 million outstanding principal amount of our five-year senior unsecured notes issued in June 2020 (the "2025 Senior Unsecured Notes") prior to maturity and to repay a portion of the outstanding indebtedness under our Revolving Credit Facility.

Before applying a portion of the net proceeds from this offering to redeem or repurchase the 2025 Senior Unsecured Notes as described above, we used such portion of the net proceeds for general corporate purposes and to temporarily repay additional amounts outstanding under our Revolving Credit Facility.

1 unchanged sentence

Other facilities consists primarily of revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities").

On an aggregate basis, borrowings under these facilities total $ 382 million with an additional $ 423 million available as of March 31, 2025, including $ 100 million in Short-term borrowings and $ 282 million in Other long-term debt.

Maturity dates of the long-term facilities range from February 2027 to January 2028 and interest rates range from 5.30 % to 5.70 %.

On an aggregate basis, borrowings under these facilities total $ 464 million with an additional $ 350 million available as of June 30, 2025, including $ 146 million in Short-term borrowings and $ 318 million in Other long-term debt.

Maturity dates of the long-term facilities range from July 2027 to June 2028 and interest rates range from 5.30 % to 6.30 %.

Borrowings under these facilities are secured by cash and certain receivables held by Brink's.

4 unchanged sentences

An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements.

We were in compliance with all of these covenants at March 31, 2025.

We were in compliance with all of these covenants at June 30, 2025.

Note 9 - Credit losses

9 unchanged sentences

We also monitor any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of outstanding accounts receivables balances that were not contemplated or relevant during a previous period.

The following table is a rollforward of the allowance for doubtful accounts for the three month period ended March 31, 2025.

The following table is a rollforward of the allowance for doubtful accounts for the six month period ended June 30, 2025.

Allowance for doubtful accounts:

4 unchanged sentences

Foreign currency exchange effects 1.2

March 31, 2025 $ 21.5

June 30, 2025 $ 20.0

Note 10 - Share-based compensation plans

1 unchanged sentence

We have outstanding share-based awards granted to employees under the 2017 Equity Incentive Plan (the "2017 Plan") and under the 2024 Equity Incentive Plan (the "2024 Plan").

The 2017 Plan and the 2024 Plan each permit grants of restricted stock, restricted stock units, performance stock, performance stock units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees.

The 2017 Plan and the 2024 Plan each permit grants of restricted stock, restricted stock units, performance stock, performance stock units, stock appreciation rights, and stock options, as well as other share-based awards to eligible employees.

The 2017 Plan and the 2024 Plan also permit cash awards to eligible employees.

4 unchanged sentences

Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors' Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired.

Outstanding awards at March 31, 2025 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Outstanding awards at June 30, 2025 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Compensation Expense

Compensation expense is measured using the fair-value-based method.

For all share-based awards outstanding at March 31, 2025, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement eligible conditions.

For all share-based awards outstanding at June 30, 2025, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement eligible conditions.

We recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

2 unchanged sentences

Compensation expenses for the share-based awards were as follows:

Compensation Expense

Three Months Ended March 31,

Compensation Expense Compensation Expense

Three Months Ended June 30, Six Months Ended June 30,

(In millions)

2025 2024 2025 2024

Performance stock units

$ 4.7 4.4 $ 7.7 10.8

Restricted stock units 3.1 2.6 5.4 5.1

9 unchanged sentences

Options granted to employees have a maximum term of six years.

The following table summarizes time-based stock option activity during the first three months of 2025:

The following table summarizes time-based stock option activity during the first six months of 2025:

(in thousands)

2 unchanged sentences

Exercised — —

Outstanding balance as of March 31, 2025

Outstanding balance as of June 30, 2025

Restricted Stock Units (“RSUs”)

3 unchanged sentences

We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first three months of 2025:

The following table summarizes RSU activity during the first six months of 2025:

(in thousands)

5 unchanged sentences

Vested ( 134.9 ) 69.49

Nonvested balance as of March 31, 2025

Nonvested balance as of June 30, 2025

281.5 $ 82.32

16 unchanged sentences

For TSR PSUs granted in 2022, the service period was from January 1, 2022 to December 31, 2024.

The following table summarizes all PSU activity during the first three months of 2025:

The following table summarizes all PSU activity during the first six months of 2025:

(in thousands)

6 unchanged sentences

( 235.0 ) 67.17

Nonvested balance as of March 31, 2025

Nonvested balance as of June 30, 2025

571.7 $ 80.81

6 unchanged sentences

DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service.

The following table summarizes all DSU activity during the first three months of 2025:

The following table summarizes all DSU activity during the first six months of 2025:

(in thousands)

1 unchanged sentence

Nonvested balance as of December 31, 2024

Nonvested balance as of March 31, 2025

Granted 14.8 92.19

Vested ( 13.6 ) 87.93

Nonvested balance as of June 30, 2025

Note 11 - Capital Stock

At March 31, 2025, we had 100 million shares of common stock authorized and 42.7 million shares issued and outstanding.

At June 30, 2025, we had 100 million shares of common stock authorized and 41.8 million shares issued and outstanding.

We paid regular quarterly dividends on our common stock during the last two years.

On January 16, 2025, the Board declared a regular quarterly dividend of 24.25 cents per share payable on March 3, 2025 to shareholders of record on February 3, 2025.

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.

On May 7, 2025, the Board declared a regular quarterly dividend of $ 0.2550 per share payable on June 2, 2025 to shareholders of record on May 19, 2025.

The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At March 31, 2025, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share, and no shares were issued and outstanding.

At June 30, 2025, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share, and no shares were issued and outstanding.

Share Repurchase Program

3 unchanged sentences

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

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.

During the six months ended June 30, 2025, we repurchased a total of 1,485,362 shares of our common stock for an aggregate amount of $ 130.0 million and an average price of $ 87.49 per share.

These shares were retired upon repurchase.

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

At June 30, 2025, $ 166 million remained available under the 2023 Repurchase Program.

Shares Used to Calculate Earnings per Share

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions) 2025 2024 2025 2024

Weighted-average shares:

42.3 44.6 42.7 44.7

Effect of dilutive stock awards and options 0.1 0.5 0.3 0.5

6 unchanged sentences

Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed.

Accordingly, basic shares include weighted-average units of 0.2 million in the three months ended March 31, 2025, and 0.2 million in the three months ended March 31, 2024.

Accordingly, basic shares include weighted-average units of 0.2 million in the three months and 0.2 million in the six months ended June 30, 2025, and 0.2 million in the three months and 0.2 million in the six months ended June 30, 2024.

Note 12 - Supplemental cash flow information

Ended March 31,

Ended June 30,

(In millions) 2025 2024

2 unchanged sentences

Income taxes, net 56.5 68.5

Argentina Marketable Securities

In the first six months of 2025, we have used available Argentine pesos to purchase equity and available-for-sale debt securities.

Cash outflows for the purchase of these financial instruments totaled $ 67.9 million through the first six months of 2025.

Cash inflows for the sale of these financial instruments totaled $ 38.5 million.

There were no purchases or sales through the first six months of 2024.

At the time of any future sale of these financial instruments, proceeds received will be solely in Argentine pesos.

These cash flows are reported in investing activities.

Non-cash Investing and Financing Activities

We acquired $ 13.9 million in armored vehicles and other equipment under financing lease arrangements in the first three months of 2025 compared to $ 19.5 million in armored vehicles and other equipment acquired under financing lease arrangements in the first three months of 2024.

We acquired $ 32.5 million in armored vehicles, DRS devices and other equipment under financing lease arrangements in the first six months of 2025 compared to $ 25.6 million in armored vehicles, DRS devices and other equipment acquired under financing lease arrangements in the first six months of 2024.

Loans Held for Investment

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In accordance with a revolving credit facility, we are required to maintain a restricted cash reserve of $ 45.9 million ($ 44.0 million at December 31, 2024) and, due to this contractual restriction, we have classified these amounts as restricted cash.

At March 31, 2025, we held $ 414.1 million of restricted cash ($ 194.1 million represented restricted cash held for customers and $ 173.9 million represented accrued liabilities).

At June 30, 2025, we held $ 525.3 million of restricted cash ($ 280.4 million represented restricted cash held for customers and $ 199.8 million represented accrued liabilities).

At December 31, 2024, we held $ 445.1 million of restricted cash ($ 232.7 million represented restricted cash held for customers and $ 166.5 million represented accrued liabilities).

1 unchanged sentence

In certain leasing transactions, we acquire assets through capital expenditures that are then sold to lessors in which the cash received is classified as borrowings from financing activities rather than proceeds from investing activities.

Cash inflows related to these transactions totaled $ 8.1 million in the first three months of 2025 compared to $ 4.1 million in the first three months of 2024 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

Cash inflows related to these transactions totaled $ 12.0 million in the first six months of 2025 compared to $ 7.2 million in the first six months of 2024 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

March 31, December 31,

June 30, December 31,

(In millions) 2025 2024

3 unchanged sentences

Note 13 - Contingent matters

In August 2020, the Company received a subpoena issued in connection with an investigation being conducted by the U.S.

Department of Justice (the “DOJ”), 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.

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

On January 31, 2025, Brink’s Global Services USA, a subsidiary of the Company, entered into a Consent Order Imposing Civil Money Penalty with FinCEN and a Non-Prosecution Agreement (the “NPA”) with the DOJ, to fully resolve these matters.

As part of these resolutions, the Company agreed to pay $ 42 million to these agencies over three years, beginning in January 2025, and accrued $ 42 million for the settlement amounts in the fourth quarter of 2024.

The Company agreed to pay FinCEN $ 17 million (which represents the amount due after crediting $ 20 million to the Company’s payment to the DOJ from the total $ 37 million penalty assessed by FinCEN).

The Company agreed to pay $ 25 million to the DOJ (which represents the amount due after crediting $ 5 million for the Company’s swift resolution and acceptance of responsibility as well as $ 20 million that will be forgiven at the end of the two-year term of the NPA so long as the Company has not breached the NPA).

At the end of the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) (“FNE”) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile.

11 unchanged sentences

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 1. Financial Statements