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Item 1. Financial Statements

2025-11-05 compared with 2025-08-06 · 187 added, 142 removed, 1095 unchanged (23% of the section changed)

4 unchanged sentences

(In millions, except for per share amounts)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Current assets:

50 unchanged sentences

Condensed Consolidated Statements of Operations

Ended June 30, Six Months

Ended June 30,

Ended September 30, Nine Months

Ended September 30,

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

12 unchanged sentences

Income from continuing operations 37.5 31.9 139.0 134.0

Loss from discontinued operations, net of tax

Income (loss) from discontinued operations, net of tax

0.1 — ( 0.1 ) ( 0.1 )

22 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Loss)

Ended June 30, Six Months

Ended June 30,

Ended September 30, Nine Months

Ended September 30,

(In millions) 2025 2024 2025 2024

17 unchanged sentences

Other comprehensive income (loss) 6.5 ( 2.7 ) 138.2 ( 93.4 )

Comprehensive income (loss)

Comprehensive income

44.1 29.2 277.1 40.5

1 unchanged sentence

0.7 10.0 11.3 13.8

Comprehensive income (loss) attributable to Brink's

Comprehensive income attributable to Brink's

$ 43.4 19.2 $ 265.8 26.7

3 unchanged sentences

Condensed Consolidated Statements of Equity

Six Months ended June 30, 2025

Nine Months ended September 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

Net income — — — 43.7 — 3.7 47.4

12 unchanged sentences

Balance as of June 30, 2025

41.8 $ 41.8 635.8 254.2 ( 677.2 ) 130.5 385.1

Net income — — — 36.3 — 1.3 37.6

Other comprehensive income (loss) — — — — 7.1 ( 0.6 ) 6.5

Shares repurchased (a)

( 0.2 ) ( 0.2 ) ( 3.4 ) ( 19.7 ) — — ( 23.3 )

Dividends to:

Brink’s common shareholders ($ 0.2550 per share)

— — — ( 10.6 ) — — ( 10.6 )

Noncontrolling interests — — — — — ( 3.2 ) ( 3.2 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 4.9 — — — 4.9

Consideration from exercise of stock options — — 0.6 — — — 0.6

Other share-based benefit transactions — — ( 1.1 ) — — — ( 1.1 )

Balance as of September 30, 2025

41.6 $ 41.6 636.8 260.2 ( 670.1 ) 128.0 396.5

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

3 unchanged sentences

See accompanying notes to condensed consolidated financial statements.

Six Months ended June 30, 2024

Nine Months ended September 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

11 unchanged sentences

Balance as of June 30, 2024

44.2 $ 44.2 666.3 354.0 ( 744.0 ) 126.1 446.6

Net income — — — 28.9 — 3.0 31.9

Other comprehensive income (loss)

— — — — ( 9.7 ) 7.0 ( 2.7 )

Shares repurchased (a)

( 0.6 ) ( 0.6 ) ( 8.3 ) ( 50.1 ) — — ( 59.0 )

Dividends to:

Brink’s common shareholders ($ 0.2425 per share)

— — — ( 10.7 ) — — ( 10.7 )

Noncontrolling interests — — — — — ( 5.1 ) ( 5.1 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 7.5 — — — 7.5

Other share-based benefit transactions 0.1 0.1 ( 0.5 ) — — — ( 0.4 )

Balance as of September 30, 2024

43.7 $ 43.7 665.0 322.1 ( 753.7 ) 131.0 408.1

(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 June 30,

Ended September 30,

(In millions)

1 unchanged sentence

$ 138.9 133.9

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

Adjustments to reconcile net income to net cash provided by operating activities:

Loss from discontinued operations, net of tax

14 unchanged sentences

( 48.4 ) ( 91.2 )

Decrease in accounts payable, income taxes payable and accrued liabilities

Increase (decrease) in accounts payable, income taxes payable and accrued liabilities

( 48.8 ) 35.9

Increase (decrease) in restricted cash held for customers

Decrease in restricted cash held for customers

( 31.9 ) ( 100.6 )

Increase in customer obligations

Increase in prepaid and other current assets

Increase (decrease) in customer obligations

11.8 ( 69.7 )

Increase in prepaid and other current assets

( 8.6 ) ( 23.7 )

Net cash (used in) provided by operating activities

( 17.4 ) ( 31.8 )

Net cash provided by operating activities

Cash flows from investing activities:

20 unchanged sentences

Acquisition of noncontrolling interest ( 6.6 ) ( 0.2 )

Cash paid for acquisition related settlements and obligations — ( 0.8 )

Debt financing costs ( 1.0 ) ( 10.5 )

3 unchanged sentences

Noncontrolling interests in subsidiaries ( 3.9 ) ( 5.2 )

Proceeds from exercise of stock options 0.6 —

Tax withholdings associated with share-based compensation ( 19.1 ) ( 17.9 )

54 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 six months of 2025 and 3 % of our consolidated revenues for the first six months of 2024.

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

In the first nine months of 2025 and 2024, the Argentine peso declined approximately 25 % (from 1,031.0 to 1,379.7 pesos to the U.S.

dollar) and 14 % (from 833.3 to 968.7 pesos to the U.S.

4 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 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.

In the first nine months of 2025, we recognized a $ 16.2 million pretax remeasurement loss.

In the first nine months of 2024, we recognized a $ 11.9 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 September 30, 2025, Argentina's economy remained highly inflationary for accounting purposes.

At September 30, 2025, we had net monetary assets denominated in Argentine pesos of $ 16.3 million (including cash of $ 12.2 million).

At September 30, 2025, we had net nonmonetary assets of $ 177.8 million (including $ 102.5 million of goodwill and $ 43.4 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).

10 unchanged sentences

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 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.

Impairment indicators were reviewed as of September 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.

48 unchanged sentences

Cash and Valuables Management DRS and AMS Total

Three months ended June 30, 2025

Three months ended September 30, 2025

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 958.1 376.9 1,335.0

Three months ended June 30, 2024

Three months ended September 30, 2024

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 948.2 310.3 1,258.5

Six months ended June 30, 2025

Nine months ended September 30, 2025

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 2,822.3 1,059.9 3,882.2

Six months ended June 30, 2024

Nine months ended September 30, 2024

Reportable Segments:

17 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 ($ 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 assets expected to be billed or amortized within one year ($ 7.8 million at September 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 ($ 18.5 million at September 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 (June 30, 2025) 811.5 25.7 13.6

Closing (September 30, 2025) 801.0 26.3 12.7

Increase (decrease)

$ 67.5 4.1 ( 2.3 )

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.

The amount of revenue recognized in the nine months ended September 30, 2025 that was included in the January 1, 2025 contract liabilities balance was $ 11.5 million.

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

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

Revenue recognized in the nine months ended September 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 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.

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

The capitalized amounts at September 30, 2025 and December 31, 2024 were $ 13.3 million and $ 12.8 million, respectively.

Practical Expedients

23 unchanged sentences

• Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business,

• Europe – total operations in European countries that primarily provide services outside of the BGS line of business, and

• Europe – predominantly operations in European countries that primarily provide services outside of the BGS line of business, and

• Rest of World – operations in the Middle East, Africa and Asia.

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 June 30, 2025

Three Months Ended September 30, 2025

(In millions)

11 unchanged sentences

Segment operating profit $ 56.8 65.9 46.2 47.8 216.7

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(In millions)

11 unchanged sentences

Segment operating profit $ 41.5 70.3 40.1 43.8 195.7

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(In millions)

11 unchanged sentences

Segment operating profit $ 172.2 174.8 110.9 139.1 597.0

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(In millions)

14 unchanged sentences

(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 June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In millions)

8 unchanged sentences

2.6 2.3 7.6 11.7

Reconciliation of segment policies to GAAP (a)

1.9 ( 0.4 ) 2.0 1.1

Other items not allocated to segments (b) :

10 unchanged sentences

( 0.2 ) ( 0.6 ) ( 0.6 ) ( 1.1 )

Non-routine auto loss matter

( 1.0 ) ( 0.5 ) ( 1.0 ) ( 0.5 )

Operating profit

14 unchanged sentences

The program is designed to help us standardize our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence.

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

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

These costs relate to a discrete program.

2 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 these matters.

Additionally, we have incurred third-party costs, primarily legal costs associated with these matters, including upfront expenses that are directly attributable to establishing compliance programs.

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

3 unchanged sentences

See Note 13 for details.

Six Months Ended June 30,

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.

In connection with the ensuing litigation, Brink’s recognized a charge.

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

Nine Months Ended September 30,

(In millions) 2025 2024

7 unchanged sentences

Total $ 155.4 159.9

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

Three Months Ended September 30, Nine Months Ended September 30,

(In millions) 2025 2024 2025 2024

16 unchanged sentences

(In millions)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Assets held by Reportable Segment

20 unchanged sentences

(In millions) 2025 2024 2025 2024 2025 2024

Three months ended June 30,

Three months ended September 30,

Service cost $ — — 2.2 2.1 2.2 2.1

2 unchanged sentences

Amortization of losses 1.2 1.2 0.8 0.6 2.0 1.8

Amortization of prior service credit — — 0.1 0.1 0.1 0.1

Settlement loss — — 0.3 0.6 0.3 0.6

1 unchanged sentence

$ ( 2.1 ) ( 2.7 ) 5.0 4.9 2.9 2.2

Six months ended June 30,

Nine months ended September 30,

Service cost $ — — 6.3 6.5 6.3 6.5

8 unchanged sentences

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

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

pension plan in 2024 or the first nine 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.

3 unchanged sentences

Retirement benefits related to our former U.S.

coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as obligations for paying lifetime black lung benefits to miners and their dependents for claims under the Federal Black Lung Benefits Act of 1972.

The components of net periodic postretirement cost (credit) related to retirement benefits other than pensions were as follows:

1 unchanged sentence

(In millions) 2025 2024 2025 2024 2025 2024

Three months ended June 30,

Service cost $ — — 0.1 — 0.1 —

Three months ended September 30,

Interest cost on accumulated postretirement benefit obligations $ 2.4 2.2 1.1 1.1 3.5 3.3

5 unchanged sentences

$ ( 1.9 ) ( 2.7 ) 1.8 2.2 ( 0.1 ) ( 0.5 )

Six months ended June 30,

Nine months ended September 30,

Service cost $ — — 0.1 0.1 0.1 0.1

8 unchanged sentences

Note 5 - Income taxes

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

Three Months Ended September 30, Nine Months Ended September 30,

(In millions, except for effective tax rate)

6 unchanged sentences

Statutory Rate

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 OBBBA includes modifications to the U.S.

taxation of worldwide income and the deductibility of interest expense, among other tax changes.

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.

As a result of the enactment of the OBBBA, we recorded a tax expense of $ 18.7 million from an increased valuation allowance on U.S.

tax credit carryforwards.

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

taxable income and credit limitations.

2024 Effective Income Tax Rate Compared to U.S.

Statutory Rate

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

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

10 unchanged sentences

Income (Loss)

Three months ended June 30, 2025

Three months ended September 30, 2025

Amounts attributable to Brink's:

18 unchanged sentences

$ 12.1 ( 3.0 ) ( 2.8 ) 0.2 6.5

Three months ended June 30, 2024

Three months ended September 30, 2024

Amounts attributable to Brink's:

26 unchanged sentences

Income (Loss)

Six months ended June 30, 2025

Nine months ended September 30, 2025

Amounts attributable to Brink's:

18 unchanged sentences

$ 130.6 8.9 ( 2.7 ) 1.4 138.2

Six months ended June 30, 2024

Nine months ended September 30, 2024

Amounts attributable to Brink's:

21 unchanged sentences

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 June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In millions) 2025 2024 2025 2024

3 unchanged sentences

Interest and other nonoperating expense 0.7 ( 0.5 ) 1.5 0.9

(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).

2025 foreign currency translation adjustment amounts arising during the three months ended September 30, 2025 reflect primarily the appreciation of the the Mexican peso.

2024 foreign currency translation adjustment amounts arising during the three months ended September 30, 2024 reflect primarily the appreciation of the euro and the Malaysian ringgit, partially offset by the devaluation of the Mexican peso.

2025 foreign currency translation adjustment amounts arising during the nine months ended September 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 nine months ended September 30, 2024 reflect primarily the devaluation of the Mexican peso and the Brazilian real, partially offset by the appreciation of the Malaysian ringgit and the euro.

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

When sold, gains and losses are then realized and reclassified to the condensed consolidated statements of operations in the same period.

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 ( $ 2.1 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).

(c) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as in terest expense ( $ 1.7 million reduction to expense in the three months ended September 30, 2025 and $ 4.6 million reduction to expense in the three months ended September 30, 2024;

as well as $ 6.3 million reduction to expense in the nine months ended September 30, 2025 and $ 14.3 million reduction to expense in the nine months ended September 30, 2024).

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

(In millions)

Benefit Plan Adjustments Foreign Currency Translation Adjustments Gains (Losses) on Available-for-Sale Securities

6 unchanged sentences

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

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

Balance as of September 30, 2025 $ ( 264.1 ) ( 415.0 ) ( 2.3 ) 11.3 ( 670.1 )

Note 7 - Fair value of financial instruments

5 unchanged sentences

(In millions)

June 30, 2025 December 31, 2024

September 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 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 .

At September 30, 2025, the notional value of our outstanding foreign currency forward and swap contracts was $ 773 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) June 30, 2025 December 31, 2024

(In millions)

September 30, 2025 December 31, 2024

Prepaid expenses and other

1 unchanged sentence

( 2.1 ) ( 10.1 )

Net asset (liability)

$ ( 17.8 ) 8.9

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

Ended June 30, Six Months

Ended June 30,

Ended September 30, Nine Months

Ended September 30,

(in millions) 2025 2024 2025 2024

1 unchanged sentence

$ 11.3 ( 39.4 ) $ ( 23.9 ) ( 38.1 )

(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.

(a) Derivative instrument losses in the nine months ended September 30, 2025, and derivative instrument gains in the three months ended September 30, 2025, as compared to the corresponding prior year periods are primarily due to the impact of hedging currency exposures on intercompany loans denominated in the euro, the British pound, and the Mexican peso.

Net Investment Hedges

10 unchanged sentences

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

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

(In millions)

September 30, 2025 December 31, 2024

Euro net investment hedge (a)

8 unchanged sentences

Prepaid expenses and other

Net asset (liability)

Net liability

$ ( 61.5 ) ( 12.8 )

(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.

(a) At September 30, 2025, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 0.6 years.

Swaps with a total notional value of $ 185 million will terminate in April 2031 and have a weighted average maturity of 5.0 years.

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

(b) At September 30, 2025, the total notional value was $ 55 million with a weighted average maturity of 0.1 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 June 30, Six Months

Ended June 30,

Ended September 30, Nine Months

Ended September 30,

(In millions) 2025 2024 2025 2024

10 unchanged sentences

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 and a maturity date of June 2027.

In the first and third quarters of 2025, we entered into interest rate swaps totaling $ 150 million in notional value, all maturing in June 2027.

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

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

(In millions)

September 30, 2025 December 31, 2024

$100 million notional - June 2027 maturity (a)

Prepaid expenses and other

Accrued liabilities

Other noncurrent liabilities

Net asset (liability) $ ( 0.5 ) $ —

(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.

$50 million notional - June 2027 maturity (a)

Other noncurrent liabilities

Net liability

(a) At September 30, 2025, swaps with a total notional value of $ 150 million will terminate in June 2027 and have a weighted average maturity of 0.9 years.

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

Ended June 30, Six Months

Ended June 30,

Ended September 30, Nine Months

Ended September 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 $ 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.

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

Other Financial Instruments

1 unchanged sentence

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 six months of 2025.

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

Note 8 - Debt

June 30, December 31,

September 30, December 31,

(In millions) 2025 2024

15 unchanged sentences

Total debt $ 3,991.0 3,896.2

(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.

(a) Amounts outstanding are net of unamortized debt costs of $ 2.0 million as of September 30, 2025 and $ 2.8 million as of December 31, 2024.

(b) Amounts outstanding are net of unamortized debt costs of $ 10.2 million as of September 30, 2025 and $ 12.2 million as of December 31, 2024.

(c) Includes Other Revolving Credit Facilities of $ 308 million at September 30, 2025 and $ 359 million at December 31, 2024.

Long-Term Debt

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

As of September 30, 2025, $ 509 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 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.

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

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

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

Senior Unsecured Notes

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

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.

The 2027 Senior Unsecured Notes, the 2029 Senior Unsecured Notes and the 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 exemption from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S.

persons pursuant to Regulation S under the Securities Act.

The aggregate proceeds from the Senior Secured Credit Facility and the 2027 Senior Unsecured Notes were used in part to repay certain prior indebtedness and certain fees and expenses related to the closing of certain transactions.

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

The remaining 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 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.

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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 $ 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.

On an aggregate basis, borrowings under these facilities total $ 498 million with an additional $ 350 million available as of September 30, 2025, including $ 189 million in Short-term borrowings and $ 309 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 5.20 % to 5.80 %.

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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 June 30, 2025.

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

Note 9 - Credit losses

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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 six month period ended June 30, 2025.

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

Allowance for doubtful accounts:

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Foreign currency exchange effects 1.1

June 30, 2025 $ 20.0

September 30, 2025 $ 19.2

Note 10 - Share-based compensation plans

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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 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.

Outstanding awards at September 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 June 30, 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 September 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.

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Compensation Expense Compensation Expense

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

Three Months Ended September 30, Nine Months Ended September 30,

(In millions)

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

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

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

(in thousands)

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Exercised ( 19.7 ) 21.15

Outstanding balance as of June 30, 2025

Outstanding balance as of September 30, 2025

Restricted Stock Units (“RSUs”)

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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 six months of 2025:

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

(in thousands)

5 unchanged sentences

Vested ( 147.1 ) 69.63

Nonvested balance as of June 30, 2025

Nonvested balance as of September 30, 2025

264.7 $ 84.19

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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 six months of 2025:

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

(in thousands)

6 unchanged sentences

( 235.0 ) 67.17

Nonvested balance as of June 30, 2025

Nonvested balance as of September 30, 2025

524.8 $ 80.70

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 six months of 2025:

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

(in thousands)

3 unchanged sentences

Vested ( 13.6 ) 87.93

Nonvested balance as of June 30, 2025

Nonvested balance as of September 30, 2025

Note 11 - Capital Stock

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

At September 30, 2025, we had 100 million shares of common stock authorized and 41.6 million shares issued and outstanding.

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

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.

On July 11, 2025, the Board declared a regular quarterly dividend of $ 0.2550 per share payable on September 2, 2025, to shareholders of record on July 28, 2025.

On September 17, 2025, the Board declared a regular quarterly dividend of $ 0.2550 per share payable on December 1, 2025, to shareholders of record on November 3, 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 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.

At September 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

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

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.

During the nine months ended September 30, 2025, we repurchased a total of 1,724,309 shares of our common stock for an aggregate amount of $ 153.6 million and an average price of $ 89.05 per share.

These shares were retired upon repurchase.

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

At September 30, 2025, $ 143 million remained available under the 2023 Repurchase Program.

Shares Used to Calculate Earnings per Share

Ended June 30, Six Months

Ended June 30,

Ended September 30, Nine Months

Ended September 30,

(In millions) 2025 2024 2025 2024

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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 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.

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

Note 12 - Supplemental cash flow information

Ended June 30,

Ended September 30,

(In millions) 2025 2024

3 unchanged sentences

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.

In the first nine 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 nine months of 2025.

Cash inflows for the sale of these financial instruments totaled $ 43.3 million.

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

There were purchases of $ 29.7 million and sales of $ 13.3 million during the first nine months of 2024.

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

1 unchanged sentence

Non-cash Investing and Financing Activities

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.

We acquired $ 47.9 million in armored vehicles, DRS devices and other equipment under financing lease arrangements in the first nine months of 2025 compared to $ 44.2 million in armored vehicles, DRS devices and other equipment acquired under financing lease arrangements in the first nine 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 $ 45.5 million ($ 44.0 million at December 31, 2024) and, due to this contractual restriction, we have classified these amounts as restricted cash.

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 September 30, 2025, we held $ 461.6 million of restricted cash ($ 215.4 million represented restricted cash held for customers and $ 198.9 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 $ 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.

Cash inflows related to these transactions totaled $ 21.9 million in the first nine months of 2025 compared to $ 19.4 million in the first nine 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.

June 30, December 31,

September 30, December 31,

(In millions) 2025 2024

16 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