What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-02-26 compared with 2025-02-26 · 178 added, 258 removed, 1049 unchanged (29% of the section changed)

20 unchanged sentences

Off Balance Sheet Arrangements

U.S Retirement Liabilities

Retirement Liabilities

Contingent Matters

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.

33 unchanged sentences

Operating profit margin

9.0 % 8.7 % 8.0 % fav fav

Income from continuing operations (a)

11.1 % 9.0 % 8.7 % 23 fav

Income from continuing operations (a)(c)

200.1 161.8 86.0 24 88

2 unchanged sentences

Non-GAAP operating profit 709.9 629.4 615.0 13 2

Non-GAAP operating profit margin 12.6 % 12.6 % 12.1 % — fav

Non-GAAP operating profit margin 13.5 % 12.6 % 12.6 % 7 —

Non-GAAP income from continuing operations (a)

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See page 34 for further information on these non-GAAP measures and reconciliations to the applicable GAAP measures.

(c) Amounts in 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:

2025 versus 2024

Consolidated Revenues Revenues increased $137.3 million due to organic increases in Latin America ($461.8 million), Europe ($82.3 million), North America ($36.6 million), and Rest of World ($20.7 million) and the favorable impact of acquisitions ($23.7 million), partially offset by the unfavorable impact of currency exchange rates ($487.8 million).

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

Revenues increased 12% on an organic basis primarily due to inflation-based price increases and growth in AMS and DRS revenue.

Consolidated Revenues Revenues increased $249.3 million due to organic increases in North America ($91.2 million), Latin America ($66.9 million), Europe ($57.9 million), and Rest of World ($41.4 million) and the favorable impact of acquisitions ($19.5 million), partially offset by the unfavorable impact of currency exchange rates ($27.6 million).

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

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

See below for our definition of “organic change” and "organic growth."

Consolidated Costs and Expenses Cost of revenues increased 1% to $3,743.1 million primarily due to higher revenue partially offset by the impact of currency exchange rates.

Selling, general and administrative costs increased 21.3% to $834.5 million primarily due to organic increases in labor and other administrative costs, costs incurred in connection with the resolutions of the U.S.

Department of Justice ("DOJ") and the U.S.

Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") investigations (see Note 23), and costs related to transformation initiatives, partially offset by the the impact of currency exchange rates.

Consolidated Costs and Expenses Cost of revenues increased 4% to $3,903.2 million primarily due to the impact of higher revenue partially offset by the impact of currency exchange rates.

Selling, general and administrative costs decreased 7% to $778.0 million primarily due to lower costs incurred in connection with the resolutions of the U.S.

DOJ and the U.S.

Department of Treasury's FinCEN investigations and the depreciation adjustment discussed in Note 1 partially offset by organic increases in labor.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 9.0% to 11.1%.

Operating profit increased $132.5 million due mainly to:

• organic increases in Latin America ($149.0 million), Europe ($12.2 million), North America ($7.6 million), and Rest of World ($5.6 million),

• lower costs incurred related to reorganization and restructuring ($16.1 million),

• lower costs related to business acquisitions and dispositions ($8.6 million), including the impact of acquisition-related charges, included in "Other items not allocated to segments", and

• favorable operating impact of business acquisitions ($1.7 million), excluding intangible amortization and acquisition-related charges,

• organic increases in North America ($52.5 million), Rest of World ($21.3 million), and Europe ($16.1 million),

• lower corporate expenses on an organic basis ($20.3 million),

• the depreciation adjustment mentioned above, and

• the favorable impact of acquisitions reflected in segment results ($5.2 million).

partially offset by:

• unfavorable changes in currency exchange rates ($96.5 million) primarily driven by the Argentine peso,

• higher costs in connection with the resolutions of DOJ/FinCEN investigations ($45.7 million),

• higher transformation initiative costs ($22.9 million), and

• higher corporate expenses on an organic basis ($12.4 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $75.8 million to $161.8 million due to lower income tax expense ($46.5 million), higher interest and other nonoperating income ($34.3 million), and the increase in operating profit mentioned above, partially offset by higher interest expense ($31.6 million).

• higher costs related to business acquisitions and dispositions ($15.4 million),

• unfavorable changes in currency exchange rates on segment profit ($11.5 million) primarily driven by the Argentine peso and Mexican peso, and

• an organic decrease in Latin America ($10.4 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $38.3 million to $200.1 million primarily due to the increase in operating profit mentioned above, partially offset by higher income tax expense ($50.6 million), lower interest and other nonoperating income ($34.8 million), and higher interest expense ($10.1 million).

Diluted earnings per share from continuing operations was $4.70, up from $3.61 in 2024.

6 unchanged sentences

Non-GAAP operating profit increased $80.5 million due mainly to:

• organic increases in Latin America ($149.0 million), Europe ($12.2 million), North America ($7.6 million), and Rest of World ($5.6 million) and

• the favorable operating impact of business acquisitions ($1.7 million), excluding intangible amortization and acquisition-related charges,

• organic increase in North America ($52.5 million), Rest of World ($21.3 million) and Europe ($16.1 million)

• lower corporate expenses on an organic basis ($20.3 million), and

• the favorable impact of acquisitions reflected in segment results ($5.2 million).

partially offset by:

• unfavorable changes in currency exchange rates ($149.3 million), driven primarily by the Argentine peso, and

• higher corporate expenses on an organic basis ($12.4 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 $23.2 million to $321.4 million due to higher interest expense ($32.4 million), lower interest and other nonoperating income ($20.6 million), and higher noncontrolling interest ($1.2 million), partially offset by lower income tax expense ($16.6 million) and the operating profit increase mentioned above.

Non-GAAP diluted earnings per share from continuing operations was $7.17, down from $7.35 in 2023.

• unfavorable changes in currency exchange rates ($24.5 million), driven primarily by the Argentine peso and Mexican peso, and

• an organic decrease in Latin America ($10.4 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 $20.6 million to $342.0 million due to the operating profit increase mentioned above, partially offset by higher income tax expense ($33.1 million), lower interest and other nonoperating income ($18.0 million), and higher interest expense ($10.1 million).

Non-GAAP diluted earnings per share from continuing operations was $8.05, up from $7.17 in 2024.

Adjusted EBITDA Adjusted EBITDA increased 7% to $977.1 million primarily due to the increase in non-GAAP operating profit ($80.5 million), excluding the impact of higher non-GAAP depreciation and amortization ($16.7 million).

2 unchanged sentences

(In millions, except for percentages)

2023 Change (a)

Dispositions (b)

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(d) See page 27 - 29 for further information, where these items are discussed in more detail.

(e) Effective December 31, 2025, operations in certain geographies were moved from the Rest of World segment to the Europe segment.

See Note 3 for more information.

Analysis of Segment Results:

2 unchanged sentences

Revenues increased 6% ($92.9 million) primarily due to a 6% organic increase ($91.2 million) and the favorable impact of acquisitions ($4.3 million), partially offset by the unfavorable impact of currency exchange rates ($2.6 million) from the Canadian dollar.

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

Operating profit increased ($8.8 million), primarily due to a 4% organic increase ($7.6 million).

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

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

Operating profit increased ($52.7 million), primarily due to a 27% organic increase ($52.5 million) and the impact of acquisitions ($0.2 million).

The organic increase was primarily driven by the net impact of revenue mix and cost productivity improvements from transformation initiatives in the U.S.

Latin America

Revenues decreased 2% ($21.3 million) primarily due to the unfavorable impact of currency exchange rates ($485.3 million), primarily from the Argentine peso, mostly offset by a 35% organic increase ($461.8 million) and the favorable impact of acquisitions ($2.2 million).

The organic increase was driven by inflation-based price increases across the segment and growth in AMS and DRS revenue.

Operating profit decreased 3% ($8.0 million) due to the unfavorable currency exchange rates ($156.9 million) largely offset by a 53% organic increase ($149.0 million).

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

Revenues increased 8% ($90.6 million) due to a 7% organic increase ($82.3 million) and the favorable impact of acquisitions ($7.6 million).

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

Operating profit increased ($12.9 million) primarily due to an organic increase ($12.2 million) and the favorable impact of acquisitions ($0.8 million).

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

Revenues decreased 2% ($21.4 million) due to the unfavorable impact of currency exchange rates ($98.5 million), primarily from the Argentine peso, Mexican peso, and Brazilian real, partially offset by a 5% organic increase ($66.9 million) and the favorable impact of acquisitions ($10.2 million).

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

Operating profit decreased 10% ($28.4 million) due to the unfavorable currency exchange rates ($22.0 million) and by a 4% organic decrease ($10.4 million), partially offset by the favorable impact of acquisitions ($4.0 million).

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

Revenues increased 10% ($124.5 million) due to the favorable impact of currency exchange rates ($61.6 million), primarily from the Euro, a 4% organic increase ($57.9 million), and the favorable impact of acquisitions ($5.0 million).

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

Operating profit increased ($26.1 million) primarily due to an organic increase ($16.1 million), the favorable impact of currency exchange rates ($9.0 million), and the favorable impact of acquisitions ($1.0 million).

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

Rest of World

Revenues increased 7% ($53.3 million) due a 6% organic increase ($41.4 million).

The organic increase was primarily due to growth in AMS and DRS.

The organic increase was primarily due to growth in BGS revenue.

Operating profit increased $22.8 million primarily due to a 14% organic increase ($21.3 million).

The organic increase was primarily due to the revenue mix benefit of higher AMS and DRS revenue.

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

Analysis of Income and Expenses Not Allocated to Segments:

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Corporate Expenses include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the chief operating decision maker ("CODM") evaluates segment results.

Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.

Examples include corporate staff compensation, corporate headquarters costs, global and regional management costs, share-based compensation, and currency transaction gains and losses.

Other Items not Allocated to Segments include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results.

7 unchanged sentences

Foreign currency transaction gains (losses) 10.9 23.9 15.3 (54) 56

Reconciliation of segment policies to GAAP (0.1) (2.1) 1.8 (95) unfav

Corporate expenses $ (136.1) (143.4) (139.6) (5) 3

Corporate expenses in 2024 increased by $3.8 million versus the prior year.

This was primarily driven by higher net compensation costs, including share-based compensation and bonus accruals ($11.8 million), partially offset by higher foreign currency transaction gains ($8.6 million).

Corporate expenses in 2025 decreased by $7.3 million versus the prior year.

This was primarily driven by a reduction in charges related to insurance and security losses ($11.2 million), lower net compensation costs ($10.3 million), lower global information technology costs ($5.6 million), and decreased professional fees ($4.6 million), partially offset by lower foreign currency transaction gains ($13.0 million) and higher global management costs not allocated to segments ($11.9 million).

Other Items Not Allocated to Segments

5 unchanged sentences

Acquisitions and dispositions (78.5) (62.5) (70.6) 26 (11)

Argentina highly inflationary impact (35.0) (86.8) (41.7) (60) unfav

Argentina highly inflationary impact (10.2) (35.0) (86.8) (71) (60)

Transformation initiatives

(28.4) (5.5) — unfav unfav

DOJ/FinCEN investigations

(26.0) (28.4) (5.5) (8) unfav

Non-routine auto loss matter

DOJ/FinCEN investigations

(6.5) (45.7) — (86) unfav

Change in allowance estimate — — (15.6) — (100)

Ship loss matter — — (4.9) — (100)

Chile antitrust matter (0.8) (1.3) (0.5) (38) unfav

Non-routine auto loss matter

(1.0) (2.0) (8.0) (50) (75)

Reporting compliance — — (0.8) — (100)

3 unchanged sentences

Costs associated with certain reorganization and restructuring actions are excluded from reported non-GAAP results.

These items primarily include severance charges and asset impairment losses.

These items include primarily severance charges and asset impairment losses.

The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic.

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

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.

Severance actions from this restructuring plan reduced our global workforce by approximately 3,200 positions.

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, primarily severance costs.

We recognized $0.7 million of net costs in 2024.

The actions were substantially completed in 2024.

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

Years Ended December 31, % change

(In millions, except for percentages)

2024 2023 2022 2024 2023

Reportable Segments:

North America $ (0.5) $ (4.2) (11.8) (88) (64)

Latin America (0.3) (4.9) (15.7) (94) (69)

Europe (0.7) (6.1) (9.7) (89) (37)

Rest of World — (1.2) (1.2) (100) —

Total excluded from reportable segments

(1.5) (16.4) (38.4) (91) (57)

Excluded from Corporate expenses

— (1.2) (0.4) (100) unfav

Total Reorganization and restructuring costs

$ (1.5) $ (17.6) (38.8) (91) (55)

Acquisitions and dispositions

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• Amortization expense for acquisition-related intangible assets was $58.9 million in 2025.

• Restructuring costs related to acquisitions were $11.8 million in 2025.

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

• We incurred $3.8 million in integration costs in 2025.

• Transaction costs related to business acquisitions were $2.7 million in 2025.

2024 Acquisitions and Dispositions Items

• Amortization expense for acquisition-related intangible assets was $58.3 million in 2024.

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

• We incurred $1.1 million in integration costs in 2024.

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

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• Compensation expense related to the retention of key PAI employees was $1.6 million in 2023.

2022 Acquisitions and Dispositions Items

• Amortization expense for acquisition-related intangible assets was $52.0 million in 2022.

• We recognized $12.5 million in charges in Argentina in 2022 for expected payments to union workers of the Maco businesses.

• Net charges of $7.8 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

• We incurred $4.8 million in integration costs, primarily related to PAI and G4S, in 2022.

• Transaction costs related to business acquisitions were $5.6 million in 2022.

• Restructuring costs related to acquisitions were $0.2 million in 2022.

• Compensation expense related to the retention of key PAI employees was $3.5 million in 2022.

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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In 2025, we recognized $10.2 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $17.0 million.

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

These non-cash charges are not part of the Company's operations and revenue generating activities.

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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 $5.5 million of expense in 2023 and an additional $28.4 million in 2024.

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 $5.5 million of expense in 2023, $28.4 million of expense in 2024, and an additional $26.0 million in 2025.

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

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 2024, we accrued $45.7 million in connection with the DOJ and FinCEN investigations, which was primarily related to cross-border shipments of cash and things of value and anti-money laundering and Bank Secrecy Act compliance.

This amount represents an estimate of $42.0 million for the resolutions with the DOJ and FinCEN, as well as $3.7 million of third-party legal costs associated with this matter.

DOJ/FinCEN investigations During 2025, we accrued $6.5 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.

These costs are not considered part of the Company's operations and revenue generating activities.

Additionally, the nature of these amounts, including associated third-party costs, and the underlying investigation are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years.

Additionally, the nature of these amounts and the underlying investigations are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years.

Management has excluded these amounts when evaluating internal performance.

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

See Note 23 for details.

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

Chile antitrust matter We recognized an estimated loss of $9.5 million in the third quarter of 2021 and recognized additional amounts in subsequent years (which were primarily related to changes in currency rates).

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See Note 22 for details.

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

2 unchanged sentences

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

Ship loss matter In 2015, Brink’s placed cargo containing customer valuables on a ship which suffered extensive damages and losses of cargo.

Our cargo did not suffer any damage.

However, the ship owner declared a "general average claim," an ancient maritime law principle, to recover losses from customers with undamaged cargo based on the pro rata value of ship cargo.

In the fourth quarter of 2022, we recognized a $4.9 million charge for our estimate of the probable loss.

Due to the unusual nature of the events that led to the charge, a similar charge is not reasonably likely to recur within two years, nor were similar costs incurred within the prior two years.

Management has excluded this amount when evaluating internal performance.

Therefore, it has not been allocated to segment or Corporate results and is excluded from non-GAAP results.

Change in allowance estimate In the first quarter of 2022, we refined our global methodology of estimating the allowance for doubtful accounts.

Our previous method to estimate currently expected credit losses in receivables (the allowance) was weighted significantly to a review of historical loss rates and specific identification of higher risk customer accounts.

It also considered current and expected economic conditions in determining an appropriate allowance.

As many of our regions began to recover from the COVID-19 pandemic, we re-assessed those earlier assumptions and estimates.

Our updated method now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables not captured in our previous method.

As part of the analysis under the updated estimation methodology, we noted an increase in accounts receivable significantly past due, particularly in the U.S., and we recorded an additional allowance of $16.7 million.

In the subsequent quarters of 2022, the additional allowance was reduced by $1.1 million as a result of collections.

The charge and credit were not reflective of the Company's operations and revenue generating activities in the periods recorded.

Additionally, given the unusual nature of the events that led to the charge (i.e.

the COVID-19 pandemic), a similar charge is not reasonably likely to recur within two years, nor were similar costs incurred within the prior two years.

Management has excluded these amounts when evaluating internal performance.

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

Reporting compliance We incurred certain compliance costs in 2023 to remediate a material weakness in internal controls over financial reporting.

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Impairment losses (4.1) (4.8) (10.3) (15) (53)

Indemnification asset adjustments (2.4) (3.4) (7.8) (29) (56)

Indemnification asset adjustments 0.2 (2.4) (3.4) fav (29)

Contingent consideration liability adjustments

— 6.2 — (100) fav

Gains on sale of property and other assets 3.9 1.9 2.7 fav (30)

— — 6.2 — (100)

Gains (losses) on sale of property and other assets

(0.6) 3.9 1.9 unfav fav

Share in earnings of equity method affiliates 2.8 3.0 2.8 (7) 7

Other 3.2 5.5 4.9 (42) 12

Other operating income (expense) $ 18.7 (54.2) (25.3) fav unfav

Other operating income (expense) $ 5.5 18.7 (54.2) (71) fav

2025 versus 2024

We reported other operating income of $18.7 million in 2024 versus other operating expense of $54.2 million in the prior year.

The change was primarily due to net gains of $5.5 million from foreign currency items in 2024 as compared to net losses of $63.8 million from foreign currency items in 2023.

This change was driven primarily by lower currency remeasurement losses in 2024 related to highly inflationary accounting in Argentina.

The foreign currency items above do not include business acquisition-related currency items which are reported in interest and other nonoperating income (expense).

We reported other operating income of $5.5 million in 2025 versus other operating income of $18.7 million in the prior year.

The change was primarily due to net losses of $6.2 million from foreign currency items in 2025 as compared to net gains of $5.5 million from foreign currency items in 2024.

This change was driven primarily by higher derivative instrument losses in 2025.

Nonoperating Income and Expense

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Interest expense $ 245.5 235.4 203.8 4 16

Interest expense was higher in 2024 primarily due to higher interest rates on corporate debt.

Interest expense was higher in 2025 primarily due to higher interest rates on corporate debt and overall higher borrowing levels.

Borrowings were used to fund general corporate initiatives and other working capital needs.

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Interest income $ 27.3 48.9 36.3 (44) 35

Gain (loss) on equity and debt securities 5.0 (12.8) — fav unfav

Foreign currency transaction gains (losses) 0.3 (1.1) 2.4 fav unfav

Retirement benefit cost other than service cost (0.2) (0.5) (16.7) (60) (97)

Argentina turnover tax (3.4) (6.8) (1.8) (50) unfav

Gain (loss) on equity and debt securities (3.8) 5.0 (12.8) unfav fav

Foreign currency transaction gains (losses) (1.8) 0.3 (1.1) unfav fav

Retirement benefit cost other than service cost (1.9) (0.2) (0.5) unfav (60)

Argentina turnover tax (2.3) (3.4) (6.8) (32) (50)

Non-income taxes on intercompany billings

(2.6) (2.1) (2.6) 24 (19)

Other 0.2 1.9 (1.5) (89) fav

Interest and other nonoperating income (expense) $ 48.7 14.4 3.7 fav fav

Interest and other nonoperating income (expense) was higher in 2024 compared to 2023 primarily due to gains on equity and debt securities in 2024 versus losses in the prior year.

The 2023 losses were primarily related to the impact of highly inflationary accounting on investments in marketable securities held by Argentina.

Higher income in 2024 was also driven by an increase in interest income on surplus cash in money market investments, including in Argentina.

The change from 2022 to 2023 was caused mainly by a reduction in retirement benefit costs attributed to lower amortization of actuarial losses.

Refer to Note 4 for further explanation.

Other (1.0) 0.2 1.9 unfav (89)

Interest and other nonoperating income (expense) $ 13.9 48.7 14.4 (71) fav

Interest and other nonoperating income (expense) decreased in 2025 compared to 2024 primarily due to lower balances invested in money market instruments by certain subsidiaries during 2025, resulting in reduced interest income.

Summary Reconciliation of Effective Income Tax Rate to U.S.

20 unchanged sentences

• changes in the geographical mix of earnings,

• changes in laws in the U.S., France, Mexico, Brazil and Argentina,

• changes in laws in the U.S., France, Brazil and Argentina,

• timing of benefit recognition for uncertain tax positions,

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We are continuing to monitor the pending implementation of Pillar Two by individual countries and the potential effects of Pillar Two on our business.

The provisions effective in 2024 did not have a material impact on our results of operations, financial position or cash flows, and we do not expect the provisions in 2025 to have a materially adverse impact on our results of operations, financial position or cash flows.

The provisions effective in 2024 and 2025 did not have a material impact on our results of operations, financial position or cash flows, and we do not expect the provisions in 2026 to have a materially adverse impact on our results of operations, financial position or cash flows.

2025 Effective Income Tax Rate Compared to U.S.

1 unchanged sentence

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

statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments and U.S.

taxable income and credit limitations, U.S.

statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments, U.S.

taxable income and credit limitations, and Argentina nondeductible inflation, net of deductible Argentina inflation adjustments.

2 unchanged sentences

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

statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments and U.S.

taxable income and credit limitations, the increase of valuation allowances on U.S.

foreign tax credits, and Argentina nondeductible inflation, net of deductible Argentina inflation adjustments.

statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments, U.S.

taxable income and credit limitations, and Argentina nondeductible inflation, net of deductible Argentina inflation adjustments.

Noncontrolling Interests

3 unchanged sentences

Net income attributable to noncontrolling interests $ 10.5 11.8 10.6 (11) 11

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

The increase in the net income attributable to noncontrolling interests in 2024, in comparison to 2023, is primarily attributable to higher 2024 operating results reported by certain subsidiaries that are not wholly-owned.

The decrease in the net income attributable to noncontrolling interests in 2023, in comparison to 2022, is primarily due to the acquisition of noncontrolling interests in the second half of 2022.

Non-GAAP Measures and Reconciliations to GAAP Measures

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• Non-GAAP income from continuing operations attributable to Brink's :

This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances.

This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, taxes on return of capital, impairment of certain debt securities, and unusual adjustments to deferred tax asset valuation allowances.

• Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA:

EBITDA is calculated by starting with net income attributable to Brink's and adding back the amounts for interest expense, income taxes, depreciation and amortization.

Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss.

Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, taxes on return of capital, impairment of certain debt securities, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss.

• Non-GAAP diluted earnings per share ("EPS") from continuing operations attributable to Brink's common shareholders :

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• Non-GAAP pre-tax income, Non-GAAP income tax and Non-GAAP effective income tax rate :

Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances.

Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, taxes on return of capital, impairment of certain debt securities, and unusual adjustments to deferred tax asset valuation allowances.

Non-GAAP effective income tax rate equals non-GAAP income tax divided by non-GAAP pre-tax income.

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The resulting amount is further adjusted to include the impact of cash flows related to equipment used to operate our business, including capital expenditures, cash proceeds from sale of property and equipment, as well as proceeds from lessor debt financing.

The latter item, which is part of cash flows from financing activities and relates to the subsequent financings of certain capital expenditures, was added to our calculation in 2024 as we believe such cash flows are similar in nature to transactions reported in Investing Activities, which have historically been included in our calculation.

Prior amounts were recast to reflect this change.

Net Debt equals total debt less cash and cash equivalents available for general corporate purposes.

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Therefore, they are excluded from non-GAAP results.

Tax on return of capital As a result of lifted foreign exchange controls and the official and unofficial foreign exchange rates convergence in Argentina, we were able to make an unusual and infrequent return of capital.

Due to Argentinian tax law, a withholding tax was imposed on the return of capital.

This withholding tax is not considered to be part of the Company’s operations and revenue generating activities.

Management has excluded this amount when evaluating internal performance.

Therefore, it is excluded from non-GAAP results.

Change in restricted cash held for customers Restricted cash held for customers is not available for general corporate purposes such as payroll, vendor invoice payments, debt repayment, or capital expenditures.

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1.0 — 2.0 — 8.0 0.2

Change in allowance estimate (c)

— — — — 15.6 3.7

Ship loss matter (c)

Argentina debt securities impairment (d)

1.5 0.5 — — — —

3 unchanged sentences

(6.4) (1.7) (8.4) (0.1) (9.0) (2.0)

Tax on return of capital (b)

— (5.4) — — — —

Valuation allowance on tax credits (b)

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(d) Related to the impairment of specific debt securities in Argentina in 2025.

Years Ended December 31,

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Reorganization and restructuring (a)

1.5 17.6 38.8

Acquisitions and dispositions (a)

3 unchanged sentences

Transformation initiatives (a)

26.0 28.4 5.5

DOJ/FinCEN investigations (a)

1 unchanged sentence

Non-routine auto loss matter (a)

Ship loss matter (a)

Reporting compliance (a)

Change in allowance estimate (a)

Non-GAAP $ 709.9 629.4 615.0

2 unchanged sentences

Reorganization and restructuring (a)

1.3 14.2 30.5

Acquisitions and dispositions (a)

3 unchanged sentences

Transformation initiatives (a)

25.2 27.7 5.4

DOJ/FinCEN investigations (a)

1 unchanged sentence

Non-routine auto loss matter (a)

Ship loss matter (a)

Reporting compliance (a)

Argentina debt securities impairment (e)

Retirement plans (b)

(4.7) (8.3) (7.0)

Change in allowance estimate (a)

Tax on return of capital (b)

Valuation allowance on tax credits (b)

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Reorganization and restructuring (a)

1.5 16.4 37.7

Acquisitions and dispositions (a)

3 unchanged sentences

Transformation initiatives (a)

26.0 28.4 5.5

DOJ/FinCEN investigations (a)

1 unchanged sentence

Non-routine auto loss matter (a)

Ship loss matter (a)

Argentina debt securities impairment (e)

Reporting compliance (a)

1 unchanged sentence

(6.4) (8.4) (9.0)

Change in allowance estimate (a)

Valuation allowance on tax credits (b)

Share-based compensation (c)

13 unchanged sentences

Transformation initiatives (a)

0.59 0.62 0.12

DOJ/FinCEN investigations (a)

2 unchanged sentences

Non-routine auto loss matter (a)

Ship loss matter (a)

0.02 0.05 0.17

Argentina debt securities impairment (e)

Reporting compliance (a)

1 unchanged sentence

(0.11) (0.19) (0.15)

Change in allowance estimate (a)

Tax on return of capital (b)

Valuation allowance on tax credits (b)

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

(d) Due to the impact of Argentina's highly inflationary accounting, there was a $55.2 million non-GAAP adjustment for a loss in 2023, and a $1.3 million non-GAAP adjustment in 2024.

(d) Due to the impact of Argentina's highly inflationary accounting, there was a $55.2 million adjustment for a loss in 2023 , a $1.3 million non-GAAP adjustment for a loss in 2024, and a $12.5 million non-GAAP adjustment for a loss in 2025.

(e) Related to the impairment of specific debt securities in Argentina in 2025.

Foreign Operations

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The future effects, if any, of these risks are unknown.

In April 2019, the U.S.

government sanctioned the Venezuela central bank and, as a result, we have ceased support of our Venezuela business.

The Company has ceased support of its Venezuela operations as a result of U.S.

government sanctions.

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

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

Recent strengthening of the U.S.

dollar relative to certain currencies has reduced our reported dollar revenues and operating profit.

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

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See Note 11 for more details regarding our economic hedges.

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

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

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

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• repurchase shares of Brink's common stock ($583 million),

• acquire new business operations ($209 million), and

• pay dividends to Brink’s shareholders ($119 million).

Cash flows from operating activities decreased by $(276.4) million in 2024 as compared to the prior year primarily due to changes in customer obligations related to certain of our secure cash management services operations, a decrease in restricted cash held for customers and higher amounts paid for income taxes and interest, partially offset by improvements in working capital excluding taxes and interest.

Cash used for investing activities increased by $36.4 million in 2024 due to net outflows related to purchases and sales of marketable securities in 2024 versus net inflows in the prior year.

Cash also decreased $95.2 million in 2024 as a result of the strengthening of the U.S.

dollar in 2024, primarily against the euro, Mexican peso and Argentine peso.

• pay dividends to Brink’s shareholders ($124 million), and

• acquire new business operations ($39 million).

Cash flows from operating activities increased by $213.5 million in 2025 as compared to the prior year primarily due to changes in customer obligations related to certain of our secure cash management services operations, an increase in restricted cash held for customers and higher operating profit, partially offset by higher amounts paid for income taxes and interest and changes in working capital excluding taxes.

Cash used for investing activities decreased by $13.8 million in 2025 due to lower amounts paid for capital expenditures and net inflows of purchases and sales of marketable securities in 2025 compared to the prior year, partially offset by changes in economic hedges.

Cash also increased $103.5 million in 2025 as a result of the weakening of the U.S.

dollar in 2025, primarily against the euro and Mexican peso.

We financed our liquidity needs in 2025 with debt and cash flows from operations.

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Proceeds from lessor debt financing (see Note 19)

43.2 46.6 7.5 (3.4) 39.1

Free cash flow before dividends (a)

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Cash flows from operating activities - GAAP

Cash flows from operating activities decreased by $276.4 million in 2024 compared to 2023.

The decrease was attributed to changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations decreased by $77.7 million in 2024 compared to an increase of $66.0 million in 2023), restricted cash held for customers (restricted cash held for customers decreased by $42.9 million in 2024 compared to an increase of $59.5 million in 2023), higher amounts paid for income taxes (we had $122.1 million in cash payments for taxes in 2024 as compared to $96.3 million in 2023), and higher amounts paid for interest (we had $235.3 million in cash payments for interest in 2024 as compared to $195.8 million in 2023), partially offset by improvements in working capital excluding taxes and interest.

Working capital improvements resulted primarily from an ongoing focus on certain key levers, in particular more timely collection of trade accounts receivable and optimizing payment terms to vendors.

Our cash flows may continue to be affected by certain discretionary actions we may take with customers and suppliers.

In 2024, these actions involved, among others, centrally managing more of our overall spend and negotiating with suppliers to optimize our payment terms and conditions, including focused activity in the fourth quarter that included extending timing of payments to certain vendors.

These actions contributed to an increase in trade accounts payable (amounts increased by $78.7 million in 2024 compared to a decrease of $18.0 million in 2023) included in the consolidated statements of cash flows line “Increase (decrease) in accounts payable, income taxes payable, and accrued liabilities” as well as continued improvements in trade accounts receivable (amounts decreased $40.2 million in 2024 and decreased $56.0 million in 2023) included in the consolidated statements of cash flows line “(Increase) decrease in accounts receivable and income taxes receivable”.

Our efforts to improve working capital continue in 2025 as we work to formalize extended terms for more vendors and manage more of our spend in a centralized, global manner.

Future working capital performance contemplates a continuation of these efforts.

Cash flows from operating activities increased by $213.5 million in 2025 compared to 2024.

The increase was attributed to changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations increased by $16.5 million in 2025 compared to a decrease of $77.7 million in 2024), restricted cash held for customers (restricted cash held for customers increased by $46.1 million in 2025 compared to an decrease of $42.9 million in 2024), and higher operating profit, partially offset by higher amounts paid for income taxes (we had $135.7 million in cash payments for taxes in 2025 as compared to $122.1 million in 2024), and by changes in working capital excluding taxes and interest.

In 2024, working capital improvements resulted primarily from an ongoing focus on certain key discretionary actions, in particular more timely collection of trade accounts receivable and optimizing payment terms to vendors.

These actions involved, among others, centrally managing more of our overall spend and negotiating with suppliers to optimize our payment terms and conditions.

In 2025, these actions continued to improve cash flow performance, though the magnitude of improvement was more moderate when compared to the prior year.

These actions contributed to an increase in trade accounts payable (amounts increased by $7.3 million in 2025 compared to an increase of $78.7 million in 2024) included in the consolidated statements of cash flows line “Increase (decrease) in accounts payable, income taxes payable, and accrued liabilities” as well as sustained improvements in trade accounts receivable (amounts increased $1.2 million in 2025 compared to a decrease of $40.2 million in 2024) included in the consolidated statements of cash flows line “(Increase) decrease in accounts receivable and income taxes receivable”.

These results demonstrate the continued focus on working capital optimization and future working capital performance contemplates a continuation of these efforts.

Free cash flow before dividends - non-GAAP

Free cash flow before dividends was relatively flat compared to 2023, down $0.2 million.

Higher amounts paid for income taxes, higher amounts paid for interest, and higher amounts paid for capital expenditures (we had $222.5 million in capital expenditures in 2024 compared to $202.7 million in 2023) were mostly offset by higher proceeds from lessor debt financing (we received $46.6 million in proceeds in 2024 compared to $7.5 million in 2023), and working capital changes discussed above.

In 2024, as noted above, we took actions focused on working capital improvements.

We also increased our use of leases to finance the acquisition of assets used in the business in order to better align cash inflows and outflows.

Free cash flow before dividends increased $35.6 million as compared to 2024.

The increase was mostly attributed to higher operating profit and lower amounts paid for capital expenditures (we had $203.1 million in cash paid for capital expenditures in 2025 compared to $222.5 million in 2024), partially offset by higher amounts paid for income taxes, changes in working capital excluding taxes and interest as discussed above, and lower amounts of cash proceeds from sale of property and equipment (we had $18.5 million in cash proceeds in 2025 compared to $29.2 million in 2024.

Investing Activities

10 unchanged sentences

18.5 29.2 18.4 (10.7) 10.8

Proceeds from settlement of cross currency swap — — 64.3 — (64.3)

Net change in loans held for investment 7.0 7.1 (11.1) (0.1) 18.2

Net change in economic hedges

(22.1) 4.0 — (26.1) 4.0

Other (8.6) (0.3) (0.6) (8.3) 0.3

1 unchanged sentence

Investing activities $ (202.4) (216.2) (179.8) $ 13.8 (36.4)

Cash used by investing activities increased by $36.4 million in 2024 as compared to 2023.

The increase was primarily due to increases in cash paid for the net purchases and sales of marketable securities (we had $14.6 million in net cash paid in 2024 compared to $15.7 million in net cash received in 2023), increases in cash paid for capital expenditures and increases in cash paid for acquisitions 2024.

This was partially offset by a decrease in cash received for loans held for investment (we received $7.1 million for loans held for investment in 2024 compared to payments of $11.1 million in 2023), as discussed in Note 20.

Cash used by investing activities decreased by $13.8 million in 2025 as compared to 2024.

The decrease was primarily due to changes in the net cash impact related to the purchases and sales of marketable securities in 2025 (we had $11.9 million in net cash received in 2025 compared to $14.6 million in net cash paid in 2024), lower amounts paid for capital expenditures, and lower amounts paid for acquisitions in 2025.

This was partially offset by the cash payments related to the net change in economic hedge contracts in 2025, as discussed in Note 11, and lower amounts received from proceeds from sale of property and equipment.

Capital expenditures and depreciation and amortization were as follows:

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— — 1.2 — (1.2)

Acquisitions and dispositions — — 0.1 — (0.1)

Depreciation and amortization of property and equipment

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Capital expenditures in 2025 for our operating units were primarily for cash devices, information technology, armored vehicles, and machinery and equipment.

Capital expenditures in 2024 were $19.8 million higher compared to 2023.

Total property and equipment acquired in 2024 was $2.9 million higher than the prior year.

This increase was primarily due to an increase in investments in armored vehicles and DRS devices.

Capital expenditures in 2025 were $19.4 million lower compared to 2024.

Total property and equipment acquired in 2025 was $18.3 million lower than the prior year.

This decrease was primarily due to a decrease in investments in armored vehicles and DRS devices.

Corporate capital expenditures in the last three years were primarily for IT investments.

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Payment of acquisition-related obligation — (0.8) (11.1) 0.8 10.3

Proceeds from exercise of stock options 0.6 — — 0.6 —

Tax withholdings associated with share-based compensation (21.6) (18.6) (8.0) (3.0) (10.6)

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Debt borrowings and repayments

Cash flows from financing activities increased by $249.3 million in 2024 compared to 2023 as we had net cash provided by financing activities of $42.3 million in 2024 compared to net cash used in financing activities of $207.1 million in 2023.

The change was driven primarily by an increase in net borrowings (as discussed in Note 15) compared to the prior year, partially offset by increased cash used to to repurchase shares of common stock in the current year (we used $203.6 million in cash to repurchase shares of common stock in 2024, compared to $169.9 million in 2023).

Cash used in financing activities increased by $156.3 million in 2025 compared to 2024, as we had net cash used in financing activities of $114.1 million in 2025 compared to net cash provided by financing activities of $42.2 million in 2024.

The change was driven primarily by a decrease in net borrowings (as discussed in Note 14) compared to the prior year.

We paid dividends to Brink’s shareholders of $1.0075 per share or $42.3 million in 2025 compared to $0.9475 per share or $41.8 million in 2024 and $0.86 per share or $39.6 million in 2023.

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Effect of Exchange Rate Changes on Cash and Cash Equivalents

Changes in currency exchange rates decreased the amount of cash and cash equivalents by $95.2 million during 2024, compared to a decrease of $42.4 million in 2023 and a decrease of $70.1 million in 2022.

The decrease in 2024 was due to the strengthening of the U.S.

dollar in 2024, primarily against the euro, Mexican peso, and Argentine peso.

Changes in currency exchange rates increased the amount of cash and cash equivalents by $103.5 million during 2025, compared to a decrease of $95.2 million in 2024 and a decrease of $42.4 million in 2023.

The increase in 2025 was due to the weakening of the U.S.

dollar in 2025, primarily against the euro and Mexican peso.

Capitalization

We use a combination of debt, leases and equity to capitalize our operations.

As of December 31, 2024, debt as a percentage of capitalization (defined as total debt and equity) was 93%, which increased from 87% at December 31, 2023.

As of December 31, 2025, debt as a percentage of capitalization (defined as total debt and equity) was 91%, which decreased from 93% at December 31, 2024.

Summary of Debt, Equity and Other Liquidity Information

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See page 34 for further information on this non-GAAP measure, and see page 35 for a description of the adjustment.

Included within Net Debt is net cash from our Argentina operations of $104 million at December 31, 2024 and $63 million at December 31, 2023 (see Note 1 to the consolidated financial statements for a discussion of currency controls in Argentina).

Included within Net Debt is net cash from our Argentina operations of $25 million at December 31, 2025 and $104 million at December 31, 2024.

Debt and Net Debt at the end of 2025 increased versus the prior year to provide funding for corporate purposes and other working capital needs.

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Share Repurchase Program

In November 2023, our Board of Directors authorized a $500 million share repurchase program that expires on December 31, 2025 (the "2023 Repurchase Program").

In December 2025, our Board authorized a $750 million share repurchase program that expires on December 31, 2027 (the “2025 Repurchase Program”).

Under the 2025 Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares.

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

During the twelve months ended December 31, 2024, we repurchased a total of 2,108,544 shares of our common stock for an aggregate of $203.6 million and an average price of $96.54 per share.

In November 2023, our Board of Directors authorized a $500 million share repurchase program (the "2023 Repurchase Program").

Under the 2023 Repurchase program, in 2025, we repurchased a total of 2,210,616 shares of our common stock for an aggregate of $209.4 million and an average price of $94.74 per share.

In 2024, we repurchased a total of 2,108,544 shares of our common stock for an aggregate of $203.6 million and an average price of $96.54 per share.

These shares were retired upon repurchase.

At December 31, 2024, $296 million remained available under the 2023 Repurchase Program.

The 2023 Repurchase Program expired on December 31, 2025.

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

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These shares were retired upon repurchase.

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

Our Board previously authorized a $250 million repurchase program (the "2020 Repurchase Program") in February 2020.

Under the 2020 Repurchase Program, we entered into three accelerated share repurchase arrangements ("ASR") with a financial institution.

In each case, in exchange for an upfront payment at the beginning of each purchase period, the financial institution delivered to us shares of our common stock.

The shares received were retired in the period they were delivered to us, and the upfront payment was accounted for as a reduction to shareholders' equity in the consolidated balance sheet.

In 2022, we received 546,993 additional shares upon the termination of an ASR.

For purposes of calculating earnings per share, we reported each ASR as a repurchase of our common stock and as a forward contract indexed to our common stock.

Each ASR met the applicable criteria for equity classification, and, as a result, none were accounted for as a derivative instrument.

The 2021 Repurchase Program expired on December 31, 2023.

Off Balance Sheet Arrangements

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13.6 8.2 6.4 6.7 6.8 7.2

Payment from Brink’s — — — 1.3 5.5 1.5

Benefit plan actuarial gain (loss)

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There are approximately 10,200 beneficiaries in the plan.

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

Based on our current assumptions, we do not expect to make contributions for the foreseeable future.

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

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Contingent Matters

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

Department of Justice (the “DOJ”), primarily related to cross-border shipments of cash and things of value and anti-money laundering (“AML”) compliance.

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

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

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

As part of these resolutions, the Company agreed to pay $42 million to these agencies over three years, beginning in January 2025 and, as of December 31, 2024, accrued $42 million for the settlement amounts.

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

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

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

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After the third quarter of 2021, all adjustments to the contingent liability have resulted primarily from changes in currency rates.

In addition to the matters discussed above, we are involved in various other lawsuits and claims in the ordinary course of business.

In addition to the matter discussed above, we are involved in various other lawsuits and claims in the ordinary course of business.

We are not able to estimate the loss or range of losses for some of these matters.

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jurisdictions.

In 2025, we concluded that we were not more-likely-than-not to realize assets related to certain attributes with a limited statutory carryforward, and we recorded a $12 million valuation allowance detriment through income from continuing operations and an additional $1 million valuation allowance increase through other comprehensive income (loss).

Our conclusion was based upon the One Big Beautiful Bill Act enacted in July 2025 which included modifications to the U.S.

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

As a result, we no longer expect to be able to utilize a substantial amount of our foreign tax credit carryforwards to offset future tax prior to their expiration.

In 2024, we concluded that we were more-likely-than-not to realize assets related to certain attributes with a limited statutory carryforward and we recorded a $7 million valuation allowance benefit through income from continuing operations and an additional $2 million valuation allowance reduction through other comprehensive income (loss).

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Additionally, we concluded that we were more-likely-than-not to realize certain state deferred tax assets, and, as a result, we recorded a $4 million valuation allowance benefit through income from continuing operations.

In 2022, we concluded that we were more-likely-than-not to realize assets related to certain attributes with a limited statutory carryforward and we recorded a $56 million valuation allowance benefit through income from continuing operations and an additional $14 million valuation allowance reduction through other comprehensive income (loss).

Our conclusion was based upon the final foreign tax credit regulations that the U.S.

Treasury published in the Federal Register on January 4, 2022.

We determined a significant amount of the post-2021 foreign withholding taxes will now be ineligible for U.S.

foreign income tax credit treatment and therefore our U.S.

operations will no longer annually be generating new foreign tax credits in excess of its annual foreign tax credit utilization limit.

As a result, we expect to be able to utilize a substantial amount of our foreign tax credit and general business tax credit carryforwards to offset future tax prior to their expiration.

We used various estimates and assumptions to evaluate the need for the valuation allowance in the U.S.

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entities from subsidiaries outside the U.S.,

• projected Global Intangible Low-Taxed Income ("GILTI") inclusion in our U.S.

• projected Net CFC Tested Income ("NCTI") inclusion in our U.S.

taxable income,

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For example, if we did not have growth in either the U.S.

jurisdictions with respect to the GILTI inclusions or using different assumptions, we might have concluded that we require a full valuation allowance offsetting our U.S.

jurisdictions with respect to the NCTI inclusions or using different assumptions, we might have concluded that we require a full valuation allowance offsetting our U.S.

deferred tax assets.

Deferred Tax Assets

In 2024, we recognized a tax expense of $1 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S.

In 2025, we recognized a tax benefit of $1 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S.

jurisdictions.

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The qualitative assessment can be performed in order to determine whether facts and circumstances support a determination that reporting unit fair values are greater than their carrying values.

We performed a goodwill impairment test on these reporting units as of October 1, 2024 and elected to forego the optional qualitative assessment and performed a quantitative goodwill impairment assessment instead.

We estimated the fair value of each reporting unit using a weighting of two valuation methodologies:

the Income Approach and the Public Company Market Multiple Method, with greatest weight placed on the Income Approach.

The resulting reporting unit fair values were compared to each reporting unit's carrying value.

As a result of the evaluation, we concluded that goodwill was not impaired, and the fair value of each reporting unit exceeded its carrying value for all reporting units.

For our annual impairment test, we performed a qualitative assessment on these reporting units as of October 1, 2025.

Factors considered in the qualitative assessment included, among other things, macroeconomic conditions, industry and market conditions, financial performance of the reporting unit, and other relevant entity and reporting unit considerations.

Based on the results of the qualitative assessment, we determined that it was not more-likely-than-not that the carrying value of our reporting units exceeded their fair value.

As such, we determined that a quantitative assessment was not necessary.

Adverse changes in these factors could result in future impairment.

Finite-lived Intangible Assets and Property and Equipment

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Our conclusions regarding asset impairment may have been different if we had used different assumptions.

Retirement and Post employment Benefit Obligations

Retirement and Postemployment Benefit Obligations

We provide benefits through defined benefit pension plans and retiree medical benefit plans and under statutory requirements.

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We account for pension and other retirement benefit obligations under FASB ASC Topic 715, Compensation – Retirement Benefits.

We account for post employment benefit obligations, including workers’ compensation obligations, under FASB ASC Topic 712, Compensation – Non retirement Post employment Benefits .

We account for postemployment benefit obligations, including workers’ compensation obligations, under FASB ASC Topic 712, Compensation – Nonretirement Postemployment Benefits .

To account for these benefits, we make assumptions of expected return on assets, discount rates, inflation, demographic factors and changes in the laws and regulations covering the benefit obligations.

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For the UMWA plans, our largest retiree medical plans, we have assumed a medical inflation rate of 7.0% for 2026, and we project this rate to decline to 5% in 2034 and hold at 5% thereafter.

Our overall medical inflation rate assumption, including the assumption that medical inflation rates will gradually decline over the next seven years and hold at 5%, is based on macroeconomic assumptions of gross domestic growth rates, the excess of national health expenditures over other goods and services, and population growth.

Our overall medical inflation rate assumption, including the assumption that medical inflation rates will gradually decline over the next nine years and hold at 5%, is based on macroeconomic assumptions of gross domestic growth rates, the excess of national health expenditures over other goods and services, and population growth.

Our assumption of a medical inflation rate of 7.0% for 2026 is based on the above-described factors, combined with our recent actual experience.

Workers’ Compensation

Besides the effects of changes in medical costs, worker’s compensation costs are affected by the severity and types of injuries, changes in state and federal regulations and their application and the quality of programs which assist an employee’s return to work.

Besides the effects of changes in medical costs, workers' compensation costs are affected by the severity and types of injuries, changes in state and federal regulations and their application and the quality of programs which assist an employee’s return to work.

Our liability for future payments for workers’ compensation claims is evaluated annually with the assistance of an actuary.

39 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 years ended December 31, 2024, 2023, and 2022.

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

For the year ended December 31, 2022, the Argentine peso declined by approximately 42% (from 103.1 to 178.6 pesos to the U.S.

For the year ended December 31, 2023, the Argentine peso declined by approximately 79% (from 178.6 to 833.3 pesos to the U.S.

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

Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes.

1 unchanged sentence

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

In 2024, we recognized $18.4 million in pretax remeasurement losses.

In 2023 and in 2022, we recognized $79.1 million and $37.6 million in pretax remeasurement losses, respectively.

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

At December 31, 2024, we had net monetary assets denominated in Argentine pesos of $115.9 million, including cash of $104.0 million.

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

At December 31, 2023, we had net monetary assets denominated in Argentine pesos of $72.1 million (including cash of $62.5 million) and net nonmonetary assets of $141.9 million (including $99.8 million of goodwill, $1.1 million in equity securities denominated in Argentine pesos and $5.6 million in debt securities denominated in Argentine pesos).

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

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

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

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

We did not have any such conversion losses in the last three years.

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

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

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

Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina.

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

See Note 1 for more details.

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 7. Management’s Discussion and Analysis