What changed in this filing

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Item 1. Business

2026-02-26 compared with 2025-02-26 · 27 added, 43 removed, 147 unchanged (32% of the section changed)

8 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.

4 unchanged sentences

The Brink’s Company, along with its subsidiaries, is referred to as “we,” “our,”, “us,” “Brink’s,” or “the Company” throughout this Annual Report on Form 10-K for the period ended December 31, 2025 ("this Form 10-K").

Our strategy continues to focus on growing Brink’s by providing a superior customer experience and driving continuous improvement.

Our strategic focus areas remain the same, but in 2024, we renamed them to provide clarity for our team on what is most important.

Our four strategic pillars are now:

Our strategy is centered on delivering a superior customer experience and driving continuous improvement.

Our four strategic pillars are:

(1) Partner for Customer Success, (2) Innovate to Grow, (3) Run the Business Better and (4) Win as Team Brink’s.

In 2024, we also refreshed our organizational purpose to inspire, energize and align our Brink’s team members around the world.

Our new purpose is “Together, we build partnerships to secure commerce.” This purpose and strategic framework considers our global footprint and values-driven culture and aligns our organizational focus on:

Our organizational purpose, “Together, we build partnerships to secure commerce” aligns our global workforce around a common, values-driven framework with a focus on:

• Placing customers at the center of everything we do and understanding their current and future needs to better define our value proposition;

50 unchanged sentences

Prosegur, Compania de Seguridad, S.A.

and Garda World Security Corporation (Canada).

and GardaWorld Security Corporation (Canada).

We believe the primary factors in attracting and retaining customers are security expertise, service quality, value-added solutions and price.

8 unchanged sentences

We believe our high levels of service, security expertise and value-added solutions differentiate us from competitors.

Our revenues and earnings are typically higher in the second half of the year, particularly in the fourth quarter, due to generally increased activity associated with the holiday season.

Our revenues and earnings are typically higher in the second half of the year, particularly in the fourth quarter, due to generally increased customer activity associated with seasonal demand.

Insurance Coverage

23 unchanged sentences

Our permits and licensing requirements vary by jurisdiction based on the scope of business conducted and applicable laws and regulations.

In addition, in the U.S., Brink’s Capital LLC has federally registered as a Money Services Business in anticipation of offering money transmission and payment services to customers.

Human Capital Management

Purpose and Values

As described above, in 2024, we renewed our purpose and updated the values underpinning our company culture to be more impactful, modern and reflective of our future.

Our new purpose is:

At Brink’s, our purpose is:

Together, we build partnerships to secure commerce.

Our new values are:

The values underpinning our company culture are:

We Drive Customer Success, We Strive for Excellence, We Protect, We Work Together, and We Do What’s Right.

Our new purpose and values are more action-oriented and relevant to our current business, emphasize our collective effort, and continue to ensure that we work safely to protect ourselves and others, consider the customer first in all we do, display the highest standards of ethics, engage and empower employees, and continually find new ways to improve the way we work.

With our new purpose and values in mind, we also launched "Team Brink’s – Better Together," a Company-wide roadmap for our future that embraces an enterprise-first mindset and better reflects our aspirations to be a global team working together to inspire trust, create value and achieve excellence.

Our new purpose and values unite our team members around behaviors that guide our work across the organization and with our partners.

Our purpose and values are action-oriented and relevant to our current business, emphasize our collective effort, and ensure that we work safely to protect ourselves and others, consider the customer first in all we do, display the highest standards of ethics, engage and empower employees, and continually find new ways to improve the way we work.

With our purpose and values in mind, our Company-wide roadmap for our future (#Team Brink's - Better Together) embraces an enterprise-first mindset and reflects our continuing aspirations to be a global team working together to inspire trust, create value, and achieve excellence.

Our purpose and values unite our team members around behaviors that guide our work across the organization and with our partners.

Workforce Demographics

6 unchanged sentences

Certain employees in the United States provide corporate services for the various regions in which we operate.

During 2024, we continued to take steps to develop a deep talent pool to meet the ever-changing needs of our business.

During 2025, we continued our efforts towards developing a talent pool to meet the ever-changing needs of our business.

Specifically, we maintained focus on enhancing talent planning for critical roles, identifying high potential employees and enhancing our brand attractiveness by further establishing Brink’s as a company that is relevant, digital and growing.

We also continued to evaluate, and sought to maintain, the competitiveness of our compensation and benefits programs to assist with talent attraction and retention.

Our commitment to actively engage with our employees is a key component of our culture.

In 2023, we launched a global employee engagement survey with the goal of better understanding the thoughts and perspectives of our employees and what they need to be more successful.

The survey covered workplace culture, management style, employee satisfaction and other topics and provided valuable feedback that we are currently leveraging to implement Company-wide action plans.

Globally, we are sharing our vision of a winning culture with our leadership and using global leadership capability building training (#PowerYourTalent) and streamlined performance reviews to reinforce our new Brink’s values throughout the organization.

We offer a range of programs to develop our managers’ capabilities and enhance our leadership across the Company.

In 2024, we continued our focus on onboarding and other training programs for employees, which are designed to represent our culture and values, focus on retention, increase employee engagement and ensure that employees act in accordance with applicable law and industry best practices.

Our efforts are aimed at increasing organizational talent and capabilities and identifying and developing potential successors for key leadership positions.

We also continually evaluate, and seek to maintain, the competitiveness of our compensation and benefits programs to assist with talent attraction and retention.

Our commitment to engaging with our employees is a key component of our culture.

In 2025, we launched a global engagement survey (the Employee Voice Program) to better understand employees’ perspectives and the factors that influence their experience at work.

The survey addressed key aspects of the employee experience, including workplace culture, leadership and communication, career development opportunities, and overall engagement.

The insights gained from the survey are being used to help strengthen our culture, enhance employee experience, and position the organization for long-term success.

Globally, we continue to communicate our vision of a winning culture to our leadership teams and reinforce our values through leadership capability-building programs (including our PowerYourTalent training) and streamlined performance reviews.

We offer a range of developmental programs designed to strengthen leadership capabilities and effectiveness across the Company.

These efforts are aimed at increasing organizational talent and capabilities and identifying and developing potential successors for key leadership positions.

Employee Safety and Wellness

3 unchanged sentences

We believe in supporting our employees’ health and well-being.

We offer our employees a wide array of market-competitive benefits specific to the markets in which we operate, including life and health coverage, as well as mental health resources.

Effective in 2025, we introduced fertility benefits for our U.S.

employees to support their paths to parenthood.

We offer our employees a wide array of market-competitive benefits tailored to the jurisdictions in which we operate, including life and health coverage and mental health resources.

In addition, we offer fertility benefits for our U.S.

To maintain a competitive workforce, we continually evolve and enhance how we train, identify and promote key talent.

2 unchanged sentences

Future Leaders is an intense and immersive 12-month leadership development program for our emerging leaders.

In 2024, this program was expanded to include the Americas.

Our Talent Philosophy reflects a clear and consistent approach to how we define great performance, support development, and grow as an organization.

It is built on two core principles:

what we achieve and how we achieve it.

We recognize not only results, but also the behaviors and values, such as collaboration, accountability, and integrity, that strengthen our culture and drive sustainable success.

This philosophy provides a shared framework for aligning expectations, fostering growth, and creating a high-performing, values-driven organization.

Labor Relations

6 unchanged sentences

The aggregate purchase consideration for these three acquisitions was approximately $27 million.

On October 3, 2022, we acquired 100% of the capital stock of NoteMachine for approximately $194 million.

NoteMachine is based in the United Kingdom and manages a portfolio of ATMs.

NoteMachine generated approximately $150 million in revenues in the twelve month period prior to the acquisition.

See Note 7 to the consolidated financial statements for more detailed information on the acquired assets and liabilities from these acquisitions.

Reorganization and restructuring

2022 Global Restructuring Plan

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

In total, we have recognized $34.0 million in charges under this program, including $0.8 million in 2024.

The actions under this program were substantially completed in 2024.

Other Restructurings

As a result of other restructuring actions, we recognized $16.6 million of net costs in 2022, primarily severance costs.

We recognized $6.6 million of net costs in 2023.

We recognized $0.7 million of net costs in 2024.

The actions were substantially completed in 2024.

See Note 24 to the consolidated financial statements for more detailed information on reorganization and restructuring activities.

Available Information and Corporate Governance Documents

13 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-K

Item 1. Business