What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-05 compared with 2025-08-06 · 184 added, 225 removed, 608 unchanged (40% of the section changed)

19 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.

2 unchanged sentences

Consolidated Review

Ended June 30, % Six Months

Ended June 30, %

Ended September 30, % Nine Months

Ended September 30, %

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

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See page 47 for further information on these non-GAAP measures and reconciliations to the applicable GAAP measures.

(c) Amounts for 2025 include an adjustment that reduced depreciation expense and increased income from continuing operations by $13.6 million.

(c) Amounts for the nine months ended September 30, 2025 include an adjustment that reduced depreciation expense and increased income from continuing operations by $13.6 million.

See "Depreciation Adjustment" in Note 1 for more details.

Analysis of Consolidated Results:

Second Quarter 2025 versus Second Quarter 2024

Consolidated Revenues Revenues increased $47.4 million due to organic increases in Latin America ($24.7 million), North America ($22.6 million), Europe ($9.8 million), and Rest of World ($3.2 million), and the favorable impact of acquisitions ($4.2 million), partially offset by the unfavorable impact of currency exchange rates ($17.1 million).

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

Third Quarter 2025 versus Third Quarter 2024

Consolidated Revenues Revenues increased $76.5 million due to organic increases in North America ($22.5 million), Europe ($16.1 million), Latin America ($15.3 million), and Rest of World ($5.0 million), favorable impact of currency exchange rates ($12.8 million), and the favorable impact of acquisitions ($4.8 million).

The favorable currency exchange rate impact was driven primarily by the euro.

Revenues increased 5% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue.

See our definition of “organic growth” on page 47 .

Consolidated Costs and Expenses Cost of revenues increased 4% to $976.7 million primarily due to the impact of higher revenue and the impact of acquisitions, partially offset by the impact of currency exchange rates.

Selling, general and administrative costs decreased 5% to $184.5 million primarily due to the depreciation adjustment discussed in Note 1 and the impact of currency exchange rates, partially offset by organic increases in labor costs.

Consolidated Costs and Expenses Cost of revenues increased 5% to $990.4 million primarily due to the impact of higher revenue and the impact of currency exchange rates.

Selling, general and administrative costs decreased 2% to $199.0 million primarily due to an organic decrease due to lower consulting fees and lower transformation initiative costs.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 8.9% to 11.4%.

Operating profit increased $40.8 million due mainly to:

• organic increases in North America ($10.6 million), Europe ($5.7 million), and Rest of World ($1.3 million) and

• the depreciation adjustment mentioned above,

• organic increases in North America ($15.3 million), Rest of World ($3.1 million), and Europe ($2.8 million),

• lower corporate expenses on an organic basis ($15.3 million),

• favorable changes in currency exchange rates ($5.6 million), and

• the impact of acquisitions reflected in segment results ($2.0 million),

partially offset by:

• an organic decrease in Latin America ($1.5 million) and

• higher costs incurred related to business acquisitions and dispositions ($1.2 million).

• unfavorable changes in currency exchange rates on segment profit ($4.6 million), primarily driven by the Mexican peso and Argentine peso, and

• an organic decrease in Latin America ($2.6 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $2.4 million to $43.9 million due to lower interest and other nonoperating income ($10.7 million), higher income tax expense ($5.1 million), higher interest expense ($4.4 million) and higher noncontrolling interest ($0.1 million), partially offset by the increase in operating profit mentioned above.

Earnings per share from continuing operations was $1.03, flat to the second quarter of 2024.

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $7.3 million to $36.2 million due to the increase in operating profit mentioned above and lower noncontrolling interest ($1.7 million), partially offset by the higher income tax expense ($25.8 million), lower interest and other nonoperating income ($9.0 million), and higher interest expense ($0.4 million).

Earnings per share from continuing operations was $0.86, up from $0.65 in the third quarter of 2024.

Analysis of Consolidated Results:

First Half 2025 versus First Half 2024

Nine Months 2025 versus Nine Months 2024

Consolidated Revenues Revenues increased $134.5 million due to organic increases in Latin America ($64.8 million), North America ($55.0 million), Europe ($41.4 million), and Rest of World ($27.2 million) and the favorable impact of acquisitions ($16.2 million), partially offset by the unfavorable impact of currency exchange rates ($70.1 million).

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Consolidated Costs and Expenses Cost of revenues increased 3% to $2,906.6 million primarily due to the impact of higher revenue partially offset by the impact of currency exchange rates.

Selling, general and administrative costs decreased 6% to $370.8 million primarily due to the depreciation adjustment discussed above and the impact of currency exchange rates.

Selling, general and administrative costs decreased 5% to $569.8 million primarily due to the depreciation adjustment discussed in Note 1, the impact of currency exchange rates, and lower transformation initiative costs.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 9.3% to 10.4%.

1 unchanged sentence

• organic increases in North America ($30.4 million), Rest of World ($13.8 million), and Europe ($8.8 million),

• the depreciation adjustment mentioned above, and

• lower corporate expenses on an organic basis ($18.4 million),

• the depreciation adjustment mentioned above, and

• the impact of acquisitions reflected in segment results ($3.4 million),

partially offset by:

• unfavorable changes in currency exchange rates on segment profit ($16.2 million), primarily driven by the Mexican peso, Argentine peso, and Brazilian real,

• unfavorable changes in currency exchange rates on segment profit ($16.9 million), primarily driven by the Argentine peso and Mexican peso,

• higher costs incurred related to business acquisitions and dispositions ($14.7 million), and

• an organic decrease in Latin America ($2.7 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $0.1 million to $95.5 million due to lower interest and other nonoperating income ($16.1 million) and higher interest expense ($6.1 million), partially offset by the increase in operating profit mentioned above, lower income tax expense ($5.5 million) and lower noncontrolling interest ($0.5 million).

Earnings per share from continuing operations was $2.22, up from $2.12 in the first six months of 2024.

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $7.2 million to $131.7 million due to the increase in operating profit mentioned above and lower noncontrolling interest ($2.2 million), partially offset by the lower interest and other nonoperating income ($25.1 million), higher income tax expense ($20.3 million), and higher interest expense ($6.5 million).

Earnings per share from continuing operations was $3.09, up from $2.77 in the first nine months of 2024.

Non-GAAP Basis

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Analysis of Consolidated Results:

Second Quarter 2025 versus Second Quarter 2024

Third Quarter 2025 versus Third Quarter 2024

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.0% to 14.1%.

Non-GAAP operating profit increased $36.6 million due mainly to:

• organic increases in North America ($10.6 million), Europe ($5.7 million) and Rest of World ($1.3 million) and

• the favorable impact of acquisitions ($1.5 million),

• organic increases in North America ($15.3 million), Rest of World ($3.1 million), and Europe ($2.8 million),

• lower corporate expenses on an organic basis ($15.3 million), and

• the favorable impact of acquisitions in segment results ($2.0 million),

partially offset by:

• unfavorable changes in currency exchange rates ($5.8 million), driven primarily by the Mexican peso, Argentine peso, and Brazilian real,

• organic decrease in Latin America ($2.6 million), and

• higher corporate expenses on an organic basis ($1.8 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $5.1 million to $75.7 million due to higher income tax expense ($5.5 million), lower interest and other nonoperating income ($5.2 million), and higher interest expense ($4.4 million), partially offset by the operating profit increase mentioned above, and lower noncontrolling interest ($1.1 million).

Non-GAAP earnings per share from continuing operations was $1.79, unchanged from $1.79 in the second quarter of 2024.

• an organic decrease in Latin America ($1.5 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $15.1 million to $87.5 million due to the operating profit increase mentioned above and lower noncontrolling interest ($0.4 million), partially offset by the higher income tax expense ($11.8 million), lower interest and other nonoperating income ($9.7 million), and higher interest expense ($0.4 million).

Non-GAAP earnings per share from continuing operations was $2.08, up from $1.62 in the third quarter of 2024.

Adjusted EBITDA Adjusted EBITDA increased 17% to $253.3 million primarily due to the increase in Non-GAAP operating profit ($36.6 million).

Analysis of Consolidated Results:

First Half 2025 versus First Half 2024

Nine Months 2025 versus Nine Months 2024

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.1% to 13.0%.

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• lower corporate expenses on an organic basis ($18.4 million), and

• the favorable impact of acquisitions ($1.4 million)

• the favorable impact of acquisitions in segment results ($3.4 million),

partially offset by:

• unfavorable changes in currency exchange rates ($20.6 million), driven primarily by the Mexican peso, Argentine peso, and Brazilian real, and

• organic decreases in Latin America ($1.2 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $10.0 million to $145.4 million due to higher income tax expense ($10.8 million), lower interest and other nonoperating income ($8.9 million), and higher interest expense ($6.1 million), and partially offset by the operating profit increase mentioned above, and lower noncontrolling interest ($1.3 million).

Earnings per share from continuing operations was $3.38, down from $3.44 in the first six months of 2024.

• unfavorable changes in currency exchange rates ($21.0 million), driven primarily by the Argentine peso and Mexican peso, and

• an organic decreases in Latin America ($2.7 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $6.6 million to $234.4 million due to the operating profit increase mentioned above and lower noncontrolling interest ($1.7 million), and partially offset by the higher income tax expense ($21.1 million), lower interest and other nonoperating income ($18.6 million), and higher interest expense ($6.5 million).

Earnings per share from continuing operations was $5.49, up from $5.06 in the first nine months of 2024.

Adjusted EBITDA Adjusted EBITDA increased 6% to $700.3 million primarily due to the increase in Non-GAAP operating profit ($51.1 million).

Revenues and Operating Profit by Segment:

Second Quarter 2025 versus Second Quarter 2024

Third Quarter 2025 versus Third Quarter 2024

Organic Change (a)

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(a) Organic change and organic growth are supplemental financial measures that are not required by, or presented in accordance with, GAAP, and are described in more detail on page 47 .

(b) Amounts include the impact of prior year comparable period results for acquired and disposed businesses.

(b) Amounts include the current year results of businesses acquired within the past twelve months recognized from the transaction date through the end of the twelve month period and the impact of prior year comparable period results for disposed businesses.

This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 47 .

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Analysis of Segment Results:

Second Quarter 2025 versus Second Quarter 2024

Third Quarter 2025 versus Third Quarter 2024

North America

Revenues increased 5% ($22.3 million) due to a 5% organic increase ($22.6 million), partially offset by the unfavorable impact of currency exchange rates ($0.3 million).

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

Revenues increased 5% ($22.2 million) primarily due to a 5% organic increase ($22.5 million).

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

Operating profit increased 37% ($15.3 million) due to a 37% organic increase ($15.3 million).

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

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

Latin America

Revenues decreased 4% ($12.3 million) due to the unfavorable impact of currency exchange rates ($40.1 million) primarily from the Mexican peso, Argentine peso, and Brazilian real, partially offset by a 7% organic increase ($24.7 million) and the impact of acquisitions ($3.1 million).

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

Revenues increased 2% ($5.8 million) due to a 5% organic increase ($15.3 million) and the impact of acquisitions ($2.8 million) partially offset by the unfavorable impact of currency exchange rates ($12.3 million) primarily from the Argentine peso.

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

Operating profit decreased 6% ($4.4 million) primarily due to the unfavorable impact of currency exchange rates ($4.2 million) and a 2% organic decrease ($1.5 million), partially offset by the favorable impact of acquisitions ($1.3 million).

The organic decrease was primarily driven by lower volumes and one-time expenses.

Revenues increased 9% ($28.1 million) primarily due to favorable impact of currency exchange rates ($17.2 million), an 3% organic increase ($9.8 million) and the favorable impact of acquisitions ($1.1 million).

The organic decrease was primarily driven by lower volumes and a security loss partially offset by cost productivity.

Revenues increased 12% ($37.6 million) primarily due to favorable impact of currency exchange rates ($19.5 million), a 5% organic increase ($16.1 million), and the favorable impact of acquisitions ($2.0 million).

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

Operating profit increased 23% ($7.3 million) primarily due to an 18% organic increase ($5.7 million) and the favorable impact of currency exchange rates ($2.1 million).

Operating profit increased 15% ($6.1 million) primarily due to a 7% organic increase ($2.8 million) and the favorable impact of currency exchange rates ($2.6 million).

The organic increase was driven by the mix benefit of higher AMS and DRS revenue.

2 unchanged sentences

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

Operating profit increased 6% ($2.2 million) primarily due to a 3% organic increase ($1.3 million).

The organic increase was primarily driven by a favorable revenue mix impact.

Operating profit increased 9% ($4.0 million) primarily due to a 7% organic increase ($3.1 million) and the favorable impact of currency exchange rates ($0.9 million).

The organic increase was primarily driven by a favorable BGS revenue mix impact.

Revenues and Operating Profit by Segment:

First Half 2025 versus First Half 2024

Six months ended June 30, 2024 Organic Change (a)

Nine Months 2025 versus Nine Months 2024

Nine months ended September 30, 2024 Organic Change (a)

Impact of Acquisitions / Dispositions (b)

Currency Effect (c)

Six months ended June 30, 2025 % Change

Nine months ended September 30, 2025 % Change

(In millions, except for percentages)

22 unchanged sentences

Analysis of Segment Results:

First Half 2025 versus First Half 2024

Nine Months 2025 versus Nine Months 2024

North America

Revenues increased 4% ($34.4 million) primarily due to a 4% organic increase ($32.5 million) and the impact of acquisitions ($4.3 million).

Revenues increased 5% ($56.6 million) primarily due to a 4% organic increase ($55.0 million) and the impact of acquisitions ($4.3 million), partially offset by the unfavorable impact of currency exchange rates ($2.7 million).

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

2 unchanged sentences

Latin America

Revenues decreased ($39.4 million) due to the unfavorable impact of currency exchange rates ($94.5 million), primarily from the Mexican peso, Argentine peso, and Brazilian real, partially offset by a 7% organic increase ($49.5 million).

Revenues decreased 3% ($33.6 million) due to the unfavorable impact of currency exchange rates ($106.8 million), primarily from the Mexican peso, Argentine peso, and Brazilian real, partially offset by a 7% organic increase ($64.8 million) and the impact of acquisitions ($8.4 million).

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

Operating profit decreased 11% ($21.7 million) due to the unfavorable impact of currency exchange rates ($22.2 million) and a 1% organic decrease ($2.7 million), partially offset by the favorable impact of acquisitions ($3.2 million).

The organic decrease was driven by lower volumes.

Revenues increased 6% ($35.8 million) due to an 4% organic increase ($25.3 million), the favorable impact of currency exchange rates ($9.0 million), and the favorable impact of acquisitions ($1.5 million).

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

The organic decrease was driven by lower volumes partially offset by labor cost reduction actions.

Revenues increased 8% ($73.4 million) due to a 5% organic increase ($41.4 million), the favorable impact of currency exchange rates ($28.5 million), and the favorable impact of acquisitions ($3.5 million).

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

Operating profit increased 13% ($12.7 million), primarily due to a 9% organic increase ($8.8 million).

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

The organic increase was primarily driven by the mix benefit of higher AMS and DRS revenue.

Rest of World

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

Operating profit increased 14% ($11.2 million) due to a 13% organic increase ($10.7 million) and the favorable impact of currency exchange rates ($0.5 million).

The organic increase was driven by a favorable revenue mix impact.

Operating profit increased 12% ($15.2 million) due to an 11% organic increase ($13.8 million) and the favorable impact of currency exchange rates ($1.4 million).

The organic increase was driven by a favorable BGS revenue mix impact.

Analysis of Income and Expense Not Allocated to Segments

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Corporate Expenses

Ended June 30, % Six Months

Ended June 30, %

Ended September 30, % Nine Months

Ended September 30, %

(In millions, except for percentages)

2 unchanged sentences

Foreign currency transaction gains 2.6 2.3 13 7.6 11.7 (35)

Reconciliation of segment policies to GAAP 1.9 (0.4) fav 2.0 1.1 82

Corporate expenses $ (28.5) (44.1) (35) $ (93.7) (108.0) (13)

Corporate expenses for the three months ended June 30, 2025 increased $3.0 million versus the prior year period.

This was primarily driven by higher charges related to insurance and security losses ($2.6 million), a reduction in currency transaction gains ($1.3 million), and higher net compensation costs ($1.2 million), partially offset by favorable adjustments related to reconciliation of segment policies to GAAP ($2.3 million).

Corporate expenses for the first six months of 2025 increased $1.3 million versus the prior year period.

This was primarily driven by a reduction in currency transaction gains ($4.4 million), partially offset by lower net compensation costs ($2.5 million).

Corporate expenses for the three months ended September 30, 2025 decreased $15.6 million versus the prior year period.

This was primarily driven by lower charges related to insurance and security losses ($8.3 million), and lower net compensation costs ($6.5 million).

Corporate expenses for the first nine months of 2025 decreased $14.3 million versus the prior year period.

This was primarily driven by lower net compensation costs ($8.6 million), lower charges related to insurance and security losses ($4.9 million), and lower professional fees ($4.6 million), partially offset by a reduction in currency transaction gains ($4.1 million).

Other Items Not Allocated to Segments

Ended June 30, % Six Months

Ended June 30, %

Ended September 30, % Nine Months

Ended September 30, %

(In millions, except for percentages)

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Acquisitions and dispositions (17.8) (16.5) 8 (62.1) (47.2) 32

Argentina highly inflationary impact 1.9 (11.4) fav (4.4) (13.0) (66)

Argentina highly inflationary impact (4.7) (10.8) (56) (9.1) (23.8) (62)

Transformation initiatives (8.1) (9.5) (15) (18.6) (21.5) (13)

DOJ/FinCEN investigations (0.9) (6.0) (85) (1.8) (6.0) (70)

DOJ/FinCEN investigations (3.7) (1.7) unfav (5.5) (7.7) (29)

Chile antitrust matter

(0.2) (0.6) (67) (0.6) (1.1) (45)

Non-routine auto loss matter (1.0) (0.5) 100 (1.0) (0.5) 100

Total Other items not allocated to segments

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2025 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $29.2 million in the first six months of 2025.

• Restructuring costs related to acquisitions were $9.7 million in the first six months of 2025.

• Amortization expense for acquisition-related intangible assets was $44.0 million in the first nine months of 2025.

• Restructuring costs related to acquisitions were $10.3 million in the first nine months of 2025.

• Net charges of $2.2 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

• We incurred $1.6 million in integration costs in the first six months of 2025.

• Transaction costs related to business acquisitions were $1.1 million in the first six months of 2025.

• We incurred $2.7 million in integration costs in the first nine months of 2025.

• Transaction costs related to business acquisitions were $2.5 million in the first nine months of 2025.

2024 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $29.1 million in the first six months of 2024.

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

• Net charges of $2.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

• We recognized $0.5 million in charges in Argentina in the first six months of 2024 for an inflation-adjusted labor increase to expected payments to union workers of the Maco businesses.

• We incurred $0.4 million in integration costs in the first six months of 2024.

• Transaction costs related to business acquisitions were $0.3 million in the first six months of 2024.

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

• We recognized $0.5 million in charges in Argentina in the first nine months of 2024 for an inflation-adjusted labor increase to expected payments to union workers of the Maco businesses.

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

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

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

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

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

In the first six months of 2025, we recognized $4.4 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $14.1 million.

In the first six months of 2024, we recognized $13.0 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $6.4 million.

In the first nine months of 2025, we recognized $9.1 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $16.2 million.

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

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

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

Accordingly, we incurred $12.0 million of expense in the first six months of 2024 and an additional $10.5 million in the first six months of 2025.

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

These costs relate to a discrete program and are not reflective of our ongoing operating cost structure, and are not indicative of our core operating expenses or normal activities.

Additionally, management has excluded these amounts when evaluating internal performance.

Accordingly, we incurred $21.5 million of expense in the first nine months of 2024 and $18.6 million in the first nine months of 2025.

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

Because these expenses are associated with a discrete transformation initiative, they are not reflective of our ongoing operating cost structure, and are not indicative of our core operating expenses or normal activities.

Accordingly, management has excluded these amounts when evaluating internal performance.

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

DOJ/FinCEN investigations During the first six months of 2025, we accrued $1.8 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters.

DOJ/FinCEN investigations During the first nine months of 2025, we accrued $5.5 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters, including upfront expenses that are directly attributable to establishing compliance programs.

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

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See Note 13 for details.

Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party and, in connection with the ensuing litigation, Brink’s recognized a $10.0 million charge.

Due to the unusual nature of the matter, including the unique circumstances of the claim, potential magnitude of remedy, and variation from our ordinary-course litigation strategy, we consider the litigation as separate and distinct from routine legal matters.

Management does not believe that similar litigation will likely recur within the next two years, and there have been no similar matters within the prior two years.

Management has excluded these amounts when evaluating internal performance.

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

Foreign Operations

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

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

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

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

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

Ended June 30, % Six Months

Ended June 30, %

Ended September 30, % Nine Months

Ended September 30, %

(In millions, except for percentages)

2 unchanged sentences

Transaction gains (losses)

$ 15.2 7.2 fav $ 26.1 1.7 fav

Derivative instrument gains (losses)

$ (10.8) 36.2 unfav $ 15.3 37.9 (60)

Gains on sale of property and other assets

0.3 0.5 (40) 0.3 1.3 (77)

Derivative instrument gains (losses)

11.3 (39.4) fav (23.9) (38.1) (37)

Gains (losses) on sale of property and other assets

(0.4) 0.1 unfav (0.1) 1.4 unfav

Impairment losses (0.4) (1.4) (71) (2.4) (3.3) (27)

Indemnification asset adjustments (1.8) (1.2) 50 (2.7) (1.2) unfav

Indemnification asset adjustments 2.9 (1.2) fav 0.2 (2.4) fav

Share in earnings of equity affiliates 0.6 0.6 — 1.8 2.0 (10)

1 unchanged sentence

Other gains (losses)

0.9 (0.6) fav 0.6 0.9 (33)

Other operating income (expense) $ (5.4) (5.0) 8 $ (7.2) 7.6 unfav

1.0 2.2 (55) 1.6 3.1 (48)

Other operating income (expense) $ 6.8 (1.0) fav $ (0.4) 6.6 unfav

Nonoperating Income and Expense

Interest expense

Ended June 30, % Six Months

Ended June 30, %

Ended September 30, % Nine Months

Ended September 30, %

(In millions, except for percentages)

1 unchanged sentence

Interest expense $ 63.4 63.0 1 $ 181.8 175.3 4

Interest expense was higher for the three and six months ended June 30, 2025, compared to the same prior year periods due to higher interest rates on corporate debt and overall higher borrowing levels.

Interest expense was higher for the three and nine months ended September 30, 2025, compared to the same prior year periods due to higher interest rates on corporate debt and overall higher borrowing levels.

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

Interest and other nonoperating income (expense)

Ended June 30, % Six Months

Ended June 30, %

Ended September 30, % Nine Months

Ended September 30, %

(In millions, except for percentages)

2 unchanged sentences

Gain (loss) on equity and debt securities (2.2) 4.5 unfav (4.7) 5.0 unfav

Foreign currency transaction gains (losses) (1.5) — unfav (2.2) 0.1 unfav

Foreign currency transaction gains (losses) 0.5 (1.2) fav (1.7) (1.1) 55

Retirement benefit cost other than service cost (0.6) 0.4 unfav (1.5) (1.0) 50

Argentina turnover tax (0.6) (0.9) (33) (1.3) (2.0) (35)

Argentina turnover tax (0.7) (0.3) unfav (2.0) (0.9) unfav

Non-income taxes on intercompany billings (a)

(0.8) (0.5) 60 (1.1) (2.5) (56)

Other 0.2 2.1 (90) (0.8) 1.8 unfav

Other 0.5 (2.5) fav (0.3) (0.7) (57)

Interest and other nonoperating income (expense) $ 1.5 10.5 (86) $ 11.2 36.3 (69)

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

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

Ended June 30, Six Months

Ended June 30,

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

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

Ended September 30, Nine Months

Ended September 30,

(In millions, except for effective tax rate)

4 unchanged sentences

Effective tax rate 58.6 % 46.0 % 40.8 % 36.0 %

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

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.

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.

Effective Income Tax Rate

2 unchanged sentences

Noncontrolling Interests

Ended June 30, % Six Months

Ended June 30, %

Ended September 30, % Nine Months

Ended September 30, %

(In millions, except for percentages)

1 unchanged sentence

Net income attributable to noncontrolling interests $ 1.3 3.0 (57) $ 7.3 9.5 (23)

The net income attributable to noncontrolling interest in the three months ended June 30, 2025, is consistent with the net income attributable to noncontrolling interest in the three months ended June 30, 2024.

The decrease in the net income attributable to noncontrolling interests in the first six months ended June 30, 2025, in comparison to the first six months ended June 30, 2024, is primarily attributable to lower 2025 operating results reported by certain subsidiaries that are not wholly-owned.

The decrease in the net income attributable to noncontrolling interest in the three months ended September 30, 2025, in comparison to the three months ended September 30, 2024, is primarily attributable to lower 2025 operating results reported by certain subsidiaries that are not wholly-owned.

The decrease in the net income attributable to noncontrolling interests in the first nine months ended September 30, 2025, in comparison to the first nine months ended September 30, 2024, is primarily attributable to lower 2025 operating results reported by certain subsidiaries that are not wholly-owned.

Non-GAAP Measures and Reconciliations to GAAP Measures

61 unchanged sentences

We believe that the exclusion of this cash balance from our non-GAAP Net Debt measure is helpful to the users of our financial statements as it presents this financial measure consistent with how our management assesses this liquidity measure.

Valuation allowance on tax credits As a result of the One Big Beautiful Bill Act, we increased a valuation allowance on deferred tax assets and recorded a significant income tax expense in the third quarter of 2025.

The gains and charges related to major tax law changes are not considered to be part of the Company's operations and revenue generating activities.

Management has excluded these amounts when evaluating internal performance.

Therefore, they are excluded from non-GAAP results.

Non-GAAP reconciled to GAAP

Six months ended June 30, 2025 Six months ended June 30, 2024

Nine months ended September 30, 2025 Nine months ended September 30, 2024

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

14 unchanged sentences

0.6 0.1 1.1 0.2

Non-routine auto loss matter (c)

Retirement plans (b)

(4.7) (1.1) (5.9) (1.2)

Valuation allowance on tax credits (b)

Income tax rate adjustment (d)

7 unchanged sentences

The full-year non-GAAP effective tax rate is estimated at 27.7% for 2025 and was 23.2% for 2024.

Ended June 30, Six Months

Ended June 30,

Ended September 30, Nine Months

Ended September 30,

(In millions, except for per share amounts)

14 unchanged sentences

0.2 0.6 0.6 1.1

Non-routine auto loss matter (a)

1.0 0.5 1.0 0.5

Non-GAAP $ 188.2 151.6 $ 503.3 452.2

13 unchanged sentences

0.2 0.5 0.5 0.9

Non-routine auto loss matter (a)

1.0 0.5 1.0 0.5

Retirement plans (b)

2 unchanged sentences

1.8 7.2 1.1 9.6

Valuation allowance on tax credits (b)

16.5 — 16.5 —

Non-GAAP $ 87.5 72.4 $ 234.4 227.8

Adjusted EBITDA:

Net income (loss) attributable to Brink's

Net income attributable to Brink's

$ 36.3 28.9 $ 131.6 124.4

20 unchanged sentences

0.2 0.6 0.6 1.1

Non-routine auto loss matter (a)

1.0 0.5 1.0 0.5

Retirement plans (b)

7 unchanged sentences

Adjusted EBITDA $ 253.3 216.8 $ 700.3 660.9

Ended June 30, Six Months

Ended June 30,

Ended September 30, Nine Months

Ended September 30,

(In millions, except for per share amounts)

13 unchanged sentences

0.01 0.01 0.01 0.02

Non-routine auto loss matter (a)

0.02 0.01 0.02 0.01

Retirement plans (b)

2 unchanged sentences

0.04 0.16 0.03 0.21

Valuation allowance on tax credits (b)

0.39 — 0.39 —

$ 2.08 1.62 $ 5.49 5.06

Amounts may not add due to rounding.

4 unchanged sentences

(d) There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented.

(e) Due to the impact of Argentina highly inflationary accounting, there was a $0.2 million non-GAAP adjustment for a loss in the three and six months ended June 30, 2024.

There was a $3.7 million and a $4.7 million non-GAAP adjustment for a loss in the three and six months ended June 30, 2025, respectively.

(e) Due to the impact of Argentina highly inflationary accounting, there was a $0.7 million and a $0.9 million non-GAAP adjustment for a loss in the three and nine months ended September 30, 2024.

There was a $0.9 million and a $5.6 million non-GAAP adjustment for a loss in the three and nine months ended September 30, 2025, respectively.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows from operating activities increased $146.0 million in the first six months of 2025 as compared to the first six months of 2024.

Cash used for investing activities increased by $41.2 million in the first six months of 2025 compared to the first six months of 2024.

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

Cash flows from operating activities increased $209.7 million in the first nine months of 2025 as compared to the first nine months of 2024.

Cash used for investing activities increased by $18.2 million in the first nine months of 2025 compared to the first nine months of 2024.

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

Operating Activities

Ended June 30, $

Ended September 30, $

(In millions) 2025 2024 change

1 unchanged sentence

$ 265.9 56.2 209.7

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

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

31.9 100.6 (68.7)

Increase in customer obligations (a)

Decrease (increase) in customer obligations (a)

(11.8) 69.7 (81.5)

2 unchanged sentences

Cash proceeds from sale of property and equipment

21.8 12.0 9.8

Proceeds from lessor debt financing (see Note 12)

21.9 19.4 2.5

Free cash flow before dividends (a)

3 unchanged sentences

Cash flows from operating activities - GAAP

Cash flows from operating activities increased $146.0 million in the first six months of 2025 compared to the same period in 2024.

The increase was primarily attributed to restricted cash held for customers (restricted cash held for customers increased by $31.3 million in 2025 compared to a decrease of $67.2 million in 2024) and changes in custom er obligations related to certain of our secure cash management services operations (certain customer obligations increased by $24.0 million in 2025 compared to an increase of $4.6 million in 2024) as well as changes in working capital excluding taxes and interes t (working capital decreased by $133.8 million in 2025 compared to a decrease of $161.3 million in 2024)

Cash flows from operating activities increased $209.7 million in the first nine months of 2025 compared to the same period in 2024.

The increase was primarily attributed to restricted cash held for customers (restricted cash held for customers decreased by $31.9 million in 2025 compared to a decrease of $100.6 million in 2024) and changes in custom er obligations related to certain of our secure cash management services operations (certain customer obligations increased by $11.8 million in 2025 compared to a decrease of $69.7 million in 2024) as well as higher operating profit, partially offset by changes in working capital excluding taxes and interes t (working capital decreased by $111 million in 2025 compared to a decrease of $92.7 million in 2024).

Free cash flow before dividends - non-GAAP

Free cash flow before dividends increased $36.4 million in the first six months of 2025 as compared to the same period in 2024.

The increase was mostly attributed to changes in working capital excluding taxes and interest, and higher amounts of cash proceeds from sale of property and equipment (we had $9.8 million in cash proceeds in 2025 compared to $4.5 million in 2024) and cash proceeds from lessor debt financing (we had $12.0 million in cash proceeds in 2025 compared to $7.2 million in 2024).

Free cash flow before dividends increased $76.3 million in the first nine months of 2025 as compared to the same period in 2024.

The increase was mostly attributed to higher operating profit, lower amounts paid for capital expenditures (we had $155.4 million in cash paid for capital expenditures in 2025 compared to $159.9 million in 2024), higher amounts of cash proceeds from sale of property and equipment (we had $21.8 million in cash proceeds in 2025 compared to $12.0 million in 2024) and cash proceeds from lessor debt financing (we had $21.9 million in cash proceeds in 2025 compared to $19.4 million in 2024), partially offset by changes in working capital excluding taxes and interest.

Investing Activities

Ended June 30, $

Ended September 30, $

(In millions) 2025 2024 change

6 unchanged sentences

Proceeds from sale of property and equipment

21.8 12.0 9.8

Net change in economic hedges

3 unchanged sentences

Investing activities $ (199.6) (181.4) (18.2)

Cash used by investing activities increased by $41.2 million in the first six months of 2025 versus the first six months of 2024.

The increase was primarily due to the increases in net cash paid for purchases of marketable securities in 2025 and cash payments related to the net change in economic hedge contracts, as discussed in Note 7, partially offset by less cash paid for acquisitions in 2025.

Cash used by investing activities increased by $18.2 million in the first nine months of 2025 versus the first nine months of 2024.

The increase was primarily due to the cash payments related to the net change in economic hedge contracts in 2025, as discussed in Note 7, and increases in net cash paid for purchases of marketable securities in 2025, partially offset by less cash paid for acquisitions and capital expenditures in 2025.

Capital expenditures and depreciation and amortization were as follows:

Ended June 30, $ Full Year

Ended September 30, $ Full Year

(In millions) 2025 2024 change 2024

31 unchanged sentences

(8.7) 9.1 (17.8) 12.0

Reorganization and restructuring

Depreciation and amortization of property and equipment

6 unchanged sentences

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

Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the period divided by the annual amount of depreciation, was 1.4 for the 12 months ending June 30, 2025 compared to 1.3 for the 12 months ending June 30, 2024.

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

Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the period divided by the annual amount of depreciation, was 1.3 for the 12 months ended September 30, 2025 compared to 1.4 for the 12 months ended September 30, 2024.

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

Financing Activities

Ended June 30, $

Ended September 30, $

(In millions) 2025 2024 change

11 unchanged sentences

Noncontrolling interests in subsidiaries (3.9) (5.2) 1.3

Acquisition-related financing activities:

Payment of acquisition related obligation

Proceeds from exercise of stock options 0.6 — 0.6

Tax withholdings associated with share-based compensation (19.1) (17.9) (1.2)

2 unchanged sentences

Debt borrowings and repayments

Cash used in financing activities increased by $137.2 million year over year as we had net cash used in financing activities of $38.1 million in the first six months of 2025 compared to net cash provided from financing activities of $99.1 million in the first six months of 2024.

The change was driven primarily by a decrease in net borrowings (as discussed in Note 8) compared to the prior year six month period, and an increase in cash used to repurchase shares of common stock (we used $130.0 million to repurchase shares in 2025 as compared to $65.7 million in 2024).

We paid dividends to Brink’s shareholders of $0.4975 per share or $21.1 million in the first six months of 2025 compared to $0.4625 per share or $20.6 million in the first six months of 2024.

Cash used in financing activities increased by $315.6 million year over year as we had net cash used in financing activities of $216.1 million in the first nine months of 2025 compared to net cash provided from financing activities of $99.5 million in the first nine months of 2024.

The change was driven primarily by a decrease in net borrowings (as discussed in Note 8) compared to the prior year nine month period, and an increase in cash used to repurchase shares of common stock (we used $153.6 million to repurchase shares in 2025 as compared to $125.3 million in 2024).

We paid dividends to Brink’s shareholders of $0.7525 per share or $31.7 million in the first nine months of 2025 compared to $0.7050 per share or $31.3 million in the first nine months of 2024.

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

2 unchanged sentences

GAAP Measures

June 30, December 31,

September 30, December 31,

(In millions) 2025 2024

9 unchanged sentences

See page 47 for further information on this non-GAAP measure, and see page 48 for a description of the adjustment.

Included within Net Debt is net cash from our Argentina operations of $16.9 million at June 30, 2025 and $104 million at December 31, 2024 (see Note 1 to the consolidated financial statements for a discussion of currency controls in Argentina).

Net Debt as of June 30, 2025 increased versus the prior year end to provide funding for general corporate purposes and other working capital needs.

Included within Net Debt is net cash from our Argentina operations of $12.3 million at September 30, 2025 and $104.0 million million at December 31, 2024 (see Note 1 to the condensed consolidated financial statements for a discussion of currency controls in Argentina).

Net Debt as of September 30, 2025 increased versus the prior year end to provide funding for general corporate purposes and other working capital needs.

Liquidity Needs

1 unchanged sentence

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

As of 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.

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

16 unchanged sentences

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

During the 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.

Retirement Liabilities

Assumptions for U.S.

Retirement Obligations

The amounts in the tables below are based on a variety of estimates, including actuarial assumptions as of the most recent measurement date.

The assumptions used to estimate our U.S.

retirement obligations can be found in our Annual Report on Form 10-K for the year ended December 31, 2024.

The estimated amounts will change in the future to reflect payments made, investment returns, actuarial revaluations, and other changes in estimates.

Actual amounts could differ materially from the estimated amounts and will be updated at December 31, 2025.

Our most significant actuarial assumptions include:

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

• Investment returns on plan assets

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

• Mortality rates

• Change in laws

Funded Status of U.S.

Retirement Plans

Actual Actual Projected

(In millions) 2024 First Half 2025 3Q-4Q 2025 2026 2027 2028 2029

Beginning funded status $ (10.9) 8.2 15.0 14.1 20.0 27.0 39.6

Net periodic pension credit (a)

16.0 6.8 6.7 11.3 9.0 9.4 9.6

Payment from Brink’s — — — — 1.3 5.5 1.5

Benefit plan experience loss 3.1 — (7.6) (5.4) (3.3) (2.3) (1.6)

Ending funded status $ 8.2 15.0 14.1 20.0 27.0 39.6 49.1

Beginning funded status $ (77.9) (42.7) (41.7) (42.7) (42.3) (42.0) (41.9)

Net periodic postretirement cost (a)

0.6 0.1 (0.1) 0.4 0.3 0.1 (0.1)

Benefit plan experience gain 42.9 — — — — — —

Other (8.3) 0.9 (0.9) — — — —

Ending funded status $ (42.7) (41.7) (42.7) (42.3) (42.0) (41.9) (42.0)

Black lung plans

Beginning funded status $ (74.4) (69.8) (67.2) (64.3) (59.3) (54.8) (50.6)

Net periodic postretirement cost (a)

(3.6) (1.8) (1.7) (3.3) (3.1) (2.8) (2.6)

Payment from Brink’s 8.0 4.4 4.6 8.3 7.6 7.0 6.4

Benefit plan experience loss 0.2 — — — — — —

Ending funded status $ (69.8) (67.2) (64.3) (59.3) (54.8) (50.6) (46.8)

(a) Excludes amounts reclassified from accumulated other comprehensive income (loss).

Pension benefits provided to eligible U.S.

employees were frozen on December 31, 2005, and benefits are not provided to employees hired after 2005 or to those covered by a collective bargaining agreement.

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

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

There are approximately 10,300 beneficiaries in the plan.

Based on our current assumptions, we do not expect to make contributions until 2027.

Retirement benefits related to former coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees.

There were approximately 2,200 beneficiaries in the UMWA plans as of December 31, 2024.

The Company does not expect to make additional contributions to these plans until 2040, based on actuarial assumptions.

Under the Federal Black Lung Benefits Act of 1972, Brink’s is responsible for paying lifetime black lung benefits to miners and their dependents for claims filed and approved after June 30, 1973.

There were approximately 700 black lung beneficiaries as of December 31, 2024.

Summary of Expenses Related to All U.S.

Retirement Liabilities through 2029

This table summarizes actual and projected expense related to U.S.

retirement liabilities.

Actual Actual Projected

(In millions) 2024 First Half 2025 3Q-4Q 2025 FY2025 2026 2027 2028 2029

pension plan $ (10.9) (4.1) (4.2) (8.3) (0.6) 6.6 4.9 3.9

UMWA plans (8.3) (4.3) (3.8) (8.1) (4.8) (4.6) (4.5) (4.3)

Black lung plans 8.2 3.7 3.4 7.1 7.1 6.6 6.1 5.6

Total $ (11.0) (4.7) (4.6) (9.3) 1.7 8.6 6.5 5.2

Summary of Payments from Brink’s to U.S.

Plans and Payments from U.S.

Plans to Participants through 2029

This table summarizes actual and projected payments from Brink’s to U.S.

retirement plans and from the plans to participants.

Actual Actual Projected

(In millions) 2024 First Half 2025 3Q-4Q 2025 FY2025 2026 2027 2028 2029

Payments from Brink’s to U.S.

pension plan $ — — — — — 1.3 5.5 1.5

Black lung plans 8.0 4.4 4.6 9.0 8.3 7.6 7.0 6.4

Total $ 8.0 4.4 4.6 9.0 8.3 8.9 12.5 7.9

Payments from U.S.

Plans to participants

pension plan $ 44.4 22.4 25.4 47.8 47.7 47.3 46.9 46.3

UMWA plans 20.7 9.5 6.7 16.2 16.0 15.8 15.7 15.4

Black lung plans 8.0 4.4 4.6 9.0 8.3 7.6 7.0 6.4

Total $ 73.1 36.3 36.7 73.0 72.0 70.7 69.6 68.1

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

Contingent Matters

See Note 13 to the condensed consolidated financial statements for information about contingent matters at June 30, 2025.

See Note 13 to the condensed consolidated financial statements for information about contingent matters at September 30, 2025.

Critical Accounting Policies and Estimates

1 unchanged sentence

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis