What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-26 compared with 2025-02-26 · 258 added, 352 removed, 2005 unchanged (23% of the section changed)

19 unchanged sentences

Note 6 – Property and Equipment

Note 7 – Acquisitions and Dispositions

Note 7 – Goodwill and Other Intangible Assets

14 unchanged sentences

Note 2 2 – Other Commitments and Contingencies

Note 24 – Reorganization and Restructuring

Report of Independent Registered Public Accounting Firm

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At one location, we also performed a software-assisted data analysis to test relationships among certain revenue transactions.

We evaluated the sufficiency of audit evidence obtained by assessing the results of procedures performed, including the appropriateness of the nature and extent of audit effort.

We evaluated the sufficiency of audit

evidence obtained by assessing the results of procedures performed, including the appropriateness of the nature and extent of audit effort.

We have served as the Company’s auditor since 2020.

139 unchanged sentences

Other comprehensive income (loss) — — — — 44.5 ( 2.3 ) 42.2

Shares repurchased ( 1.5 ) ( 1.5 ) ( 22.1 ) ( 28.6 ) — — ( 52.2 )

Shares repurchased (a)

( 2.3 ) ( 2.3 ) ( 38.9 ) ( 132.1 ) — — ( 173.3 )

Dividends to:

6 unchanged sentences

Other share-based benefit transactions 0.5 0.5 ( 1.7 ) ( 0.2 ) — — ( 1.4 )

Acquisitions of noncontrolling interests (a)

Acquisitions of noncontrolling interests (b)

— — 0.3 — — ( 0.9 ) ( 0.6 )

Acquisitions with noncontrolling interests — — — — — 0.1 0.1

Capital contributions from noncontrolling interest — — — — — 0.1 0.1

Balance as of December 31, 2023 44.5 44.5 675.9 333.0 ( 656.0 ) 122.8 520.2

Net income — — — 162.9 — 11.8 174.7

Other comprehensive income (loss) — — — — 44.5 ( 2.3 ) 42.2

Shares repurchased (b)

Other comprehensive loss

— — — — ( 148.1 ) ( 0.5 ) ( 148.6 )

Shares repurchased (a)

( 2.1 ) ( 2.1 ) ( 34.6 ) ( 168.5 ) — — ( 205.2 )

Dividends to:

6 unchanged sentences

Other share-based benefit transactions 0.5 0.5 ( 17.3 ) ( 0.2 ) — — ( 17.0 )

Acquisitions of noncontrolling interests

Acquisitions of noncontrolling interests (b)

— — 0.2 — — ( 0.4 ) ( 0.2 )

1 unchanged sentence

Net income — — — 199.7 — 10.5 210.2

Other comprehensive loss

Other comprehensive income

— — — — 138.7 5.0 143.7

Shares repurchased (b)

Shares repurchased (a)

( 2.2 ) ( 2.2 ) ( 35.7 ) ( 172.7 ) — — ( 210.6 )

6 unchanged sentences

Compensation expense — — 26.0 — — — 26.0

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

Other share-based benefit transactions 0.4 0.4 ( 20.1 ) — — — ( 19.7 )

Acquisitions of noncontrolling interests — — 0.2 — — ( 0.4 ) ( 0.2 )

Acquisitions of noncontrolling interests (b)

— — 0.6 — ( 0.2 ) ( 7.0 ) ( 6.6 )

Balance as of December 31, 2025 41.1 $ 41.1 632.1 270.1 ( 665.6 ) 129.6 407.3

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

(b) Amounts do not agree to cash paid to repurchase shares in the consolidated statements of cash flows or Note 19.

(a) Amounts do not agree to cash paid to repurchase shares in the consolidated statements of cash flows or Note 18.

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

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

* Accumulated other comprehensive income (loss)

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Cash proceeds from sale of property and equipment 18.5 29.2 18.4

Cash proceeds from settlement of cross currency swap — — 64.3

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

Net change in economic hedges ( 22.1 ) 4.0 —

Other ( 8.6 ) ( 0.3 ) ( 0.6 )

11 unchanged sentences

Acquisition of noncontrolling interests

( 6.6 ) ( 0.2 ) ( 0.6 )

Cash paid for acquisition related settlements and obligations — ( 0.8 ) ( 11.1 )

4 unchanged sentences

Noncontrolling interests in subsidiaries ( 6.5 ) ( 6.1 ) ( 7.7 )

Proceeds from exercise of stock options 0.6 — —

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

44 unchanged sentences

We determine historical loss rates for each pool and these historical loss rates represent the primary assumption used in estimating the allowance for doubtful accounts.

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

We monitor the aging of accounts receivable by country along with any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of receivables that were not contemplated or relevant during a previous period.

Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

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Goodwill is not amortized but is tested for impairment at least annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred.

We perform the test of goodwill impairment at the reporting unit level, which is one level below an operating segment.

We perform the test of goodwill impairment at the reporting unit level.

Goodwill is assigned to one or more reporting units at the date of acquisition.

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Alternatively, when performing a quantitative assessment, we estimate 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 Income Approach and the Public Company Market Multiple Method, with the greatest weight placed on the Income Approach.

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

Indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values.

We have had no significant impairments of goodwill in the last three years.

Other indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values.

We have had no significant impairments of indefinite-lived intangibles in the last three years.

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Benefit plan actuarial gains and losses are recognized in other comprehensive income (loss).

Accumulated net benefit plan actuarial gains and losses that exceed 10% of the greater of a plan’s benefit obligation or plan assets at the beginning of the year are amortized into earnings from other comprehensive income (loss) on a straight-line basis.

Accumulated net benefit plan actuarial gains and losses that exceed 10% of the greater of a plan’s benefit obligation or plan assets at the beginning of the year are amortized into earnings from

other comprehensive income (loss) on a straight-line basis.

The amortization period for pension plans is the average remaining service period of employees expected to receive benefits under the plans.

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Other than nonmonetary equity and available-for-sale debt securities, nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar.

For nonmonetary equity securities traded in highly inflationary economies, the fair market value of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income.

For nonmonetary available-for-sale debt securities traded in highly inflationary economies, the fair market value of these debt securities are remeasured at the current exchange rates, with changes recorded in the gains (losses) on available-for-sale securities component of accumulated other comprehensive income (loss).

For nonmonetary equity securities traded in highly inflationary economies, the fair market values of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income.

For nonmonetary available-for-sale debt securities traded in highly inflationary economies, the fair market values of these debt securities are remeasured at the current exchange rates, with changes recorded in the gains (losses) on available-for-sale securities component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings when these debt securities are sold.

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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.

Revenues from Brink's Argentina represented approximately 3 % of our consolidated revenues for the year ended December 31, 2025, and 4 % for the years ended December 31, 2024, and 2023.

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

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In 2024 and in 2023, we recognized $ 18.4 million and $ 79.1 million in pretax remeasurement losses, respectively.

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

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

1 unchanged sentence

At December 31, 2025, we had net nonmonetary assets of $ 140.7 million (including $ 102.5 million of goodwill and $ 7.7 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.

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

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

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.

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

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

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

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

Our Venezuelan operations offer transportation and route-based logistics management services for cash and valuables throughout Venezuela.

Currency exchange regulations, combined with other government regulations, such as price controls and strict labor laws, significantly limit our ability to make and execute operational decisions at our Venezuelan subsidiaries.

As a result of the conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we began reporting the results of our investment in our Venezuelan subsidiaries using the cost method of accounting, the basis of which approximates zero.

As a result of the conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we report the results of our investment in our Venezuelan subsidiaries using the cost method of accounting, the basis of which approximates zero.

Prior to the imposition of the U.S.

government sanctions, we provided immaterial amounts of financial support to our Venezuela operations.

We continue to monitor the situation in Venezuela, including the imposition of sanctions by the U.S.

government targeting Venezuela.

We continue to monitor the situation in Venezuela, including changes in the political and regulatory environment, as well as U.S.

sanctions impacting the operations.

Depreciation Adjustment

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

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

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

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

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

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

Concentration of Credit Risks

We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic breadth of our customers, limits our concentration of risk with respect to accounts receivable.

Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivables.

Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivable.

Cash and cash equivalents are held by major financial institutions.

4 unchanged sentences

The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets and purchase price allocations.

In the first quarter of 2022, we further 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, particularly the effects of the COVID-19 pandemic, in determining an appropriate allowance.

As many of our regions began to recover from the 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 first quarter of 2022.

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

Due to the fact that management has excluded this amount when evaluating internal performance, we have excluded it from segment results.

Our global methodology for estimating the allowance for doubtful accounts involves identifying higher‑risk customer accounts, evaluating current and expected economic conditions, and estimating allowances for significantly past‑due receivables to ensure adequate provisioning for at‑risk balances.

Fair-value estimates.

6 unchanged sentences

New Accounting Standards

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

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

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

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

In accordance with the new guidance, we have added disclosures about significant segment expenses in Note 3.

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

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

1 unchanged sentence

(federal and state) and foreign jurisdictions.

The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted.

This new guidance will result in increased disclosures in the notes to our financial statements.

The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and we adopted the provisions of ASU 2023-09 for the year ended December 31, 2025 on a prospective basis.

Expanded disclosures are reflected in Note 5.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) , which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses.

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We provide various services to meet the needs of our customers and we group these service offerings into two broad categories:

(1) cash and valuables management;

and (2) digital retail solutions and ATM managed services.

(1) cash and valuables management ("CVM");

and (2) digital retail solutions ("DRS") and ATM managed services ("AMS").

Cash and Valuables Management

Cash and valuables management services are provided to customers throughout the world.

CVM services are provided to customers throughout the world.

Cash-in-transit services include the secure transportation of cash, securities and other valuables between businesses, financial institutions and central banks.

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

Contract assets expected to be collected within one year ($ 4.6 million at December 31, 2024) are included in prepaid expenses and other on the consolidated balance sheet.

Contract assets expected to be billed or amortized within one year ($ 11.0 million at December 31, 2025) are included in prepaid expenses and other on the consolidated balance sheet.

Amounts not expected to be billed and collected within one year ($ 16.6 million at December 31, 2025) are reported in other noncurrent assets on the consolidated balance sheet.

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

The capitalized amounts at December 31, 2024 were $ 12.8 million.

The capitalized amounts at December 31, 2025 and December 31, 2024 were $ 14.3 million and $ 12.8 million, respectively.

Practical Expedients

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

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

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

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

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

Operations in certain geographies were moved from the Rest of World segment to the Europe segment, effective December 31, 2025 in order to align with management reporting.

We have recast all prior periods presented to provide consistent comparability.

Year Ended December 31, 2025

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Segment operating profit $ 185.2 280.3 137.0 152.1 754.6

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

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

Selling, general and administrative expenses include insignificant amounts reported within other operating income (expense) in the consolidated statements of operations.

9 unchanged sentences

10.9 23.9 15.3

Reconciliation of segment policies to GAAP (a)

( 0.1 ) ( 2.1 ) 1.8

Other items not allocated to segments (b) :

Other items not allocated to segments (a) :

Reorganization and restructuring

2 unchanged sentences

( 78.5 ) ( 62.5 ) ( 70.6 )

Argentina highly inflationary impact

Argentina highly inflationary impact (b)

( 10.2 ) ( 35.0 ) ( 86.8 )

2 unchanged sentences

DOJ/FinCEN investigations

( 6.5 ) ( 45.7 ) —

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

Change in allowance estimate

Ship loss matter

Non-routine auto loss matter ( 1.0 ) ( 2.0 ) ( 8.0 )

2 unchanged sentences

$ 585.5 453.0 425.2

(a) This line item includes adjustments to bad debt expense and a Mexico profit sharing plan accrual reported by the segments to the estimated consolidated amounts required by U.S.

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

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

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

Other Items not Allocated to Segments

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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.

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

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

These costs relate to a discrete program.

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Treasury") Financial Crimes Enforcement Network ("FinCEN") investigations.

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

See Note 23 for details.

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

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

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

2 unchanged sentences

See Note 22 for details.

Change in allowance estimate Represents impact of a change in our methodology to estimate our allowance for doubtful accounts in the first quarter of 2022.

See Note 1 and Note 16 for further details.

Ship loss matter We have excluded our share of costs for damages and losses suffered by a ship owner that was carrying cargo for Brink's.

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.

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Argentina highly inflationary impact ( 7.8 ) 12.0 5.4

Acquisitions and dispositions — — 0.1

Reorganization and restructuring

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Long-Lived Assets by Significant Country (a)

Mexico $ 106.5 135.9

France $ 143.1 113.2

Brazil 54.9 78.3

Mexico 125.0 106.5

Other 544.7 432.0

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Brazil 285.2 283.2 309.8

Argentina 190.7 207.1 203.9

United Kingdom

1 unchanged sentence

Netherlands 183.6 170.3 149.7

Argentina 168.2 190.7 207.1

Canada 129.7 123.1 118.0

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Amortization of prior service cost — — — 0.1 0.1 — 0.1 0.1 —

Curtailment gain — — — — — ( 0.5 ) — — ( 0.5 )

Settlement loss (a)

Settlement loss

— — — 1.2 1.1 — 1.2 1.1 —

Net periodic pension cost (credit) $ ( 8.0 ) ( 10.5 ) ( 13.2 ) $ 18.9 18.8 16.4 $ 10.9 8.3 3.2

Plans settlement losses relate primarily to terminated employees that participate in a Mexican severance indemnity program ("Mexico Plan") that is accounted for as a defined benefit plan.

Plans settlement losses in 2023 related to terminated employees that participate in the Mexico Plan were offset by a settlement gain related to our defined benefit plan in Ireland, which was terminated during 2023.

Plan settlement losses in 2022 relate primarily to lump-sum payouts in Canada as well as terminated employees that participate in the Mexico Plan that is accounted for as a defined benefit plan.

The components of net periodic pension cost and net periodic post-retirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the consolidated statements of operations.

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Benefits paid ( 45.4 ) ( 45.0 ) ( 20.8 ) ( 22.4 ) ( 66.2 ) ( 67.4 )

Divestitures (a)

— — — ( 3.7 ) — ( 3.7 )

Actuarial (gains) losses

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Benefits paid ( 45.4 ) ( 45.0 ) ( 20.8 ) ( 22.4 ) ( 66.2 ) ( 67.4 )

Divestitures (a)

— — — ( 3.7 ) — ( 3.7 )

Foreign currency exchange effects — — 19.8 ( 16.9 ) 19.8 ( 16.9 )

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$ ( 23.2 ) ( 2.0 ) 139.4 109.3 116.2 107.3

(a) During 2023, we terminated our defined-benefit pension plan in Ireland.

Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss)

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End of year $ — — — ( 0.5 ) — ( 0.5 )

The net actuarial gains of $ 3.2 million in 2024 and losses of $ 2.1 million in 2023 were mainly driven by changes in the primary U.S.

The net actuarial gains of $ 7.3 million in 2025 and gains of $ 3.2 million in 2024 were mainly driven by changes in the primary U.S.

pension plan.

The 2024 net actuarial gains arose primarily from a higher discount rate at the end of the year ($ 27 million) and census data updates ($ 2 million), which was largely offset by lower actual return on assets than expected ($ 26 million).

The 2023 net actuarial losses arose primarily from a lower discount rate at the end of the year ($ 18 million), which was largely offset by higher actual return on assets than expected ($ 13 million).

The net actuarial gains of $ 2.0 million in 2024 were primarily due to a better liability experience ($ 11 million) driven by higher discount rates at the end of the year, which was mostly offset by actual return on assets being lower than expected ($ 9 million).

The net actuarial losses of $ 24.0 million in 2023 were primarily due to lower discount rates at the end of the year ($ 30 million), largely offset by actual return on assets being higher than expected ($ 10 million).

The 2025 net actuarial gains arose primarily from higher actual return on assets than expected ($ 10 million), partially offset by a net actuarial obligation loss ($ 3 million).

The net actuarial obligation loss was driven by a lower discount rate at the end of the year ($ 10 million), partially offset by gains from updated retirement assumptions and census data ($ 8 million).

The 2024 net gains arose primarily from a higher discount rate at the end of the year ($ 27 million) and census data updates ($ 2 million), which were largely offset by lower actual return on assets than expected ($ 26 million).

The net actuarial losses of $ 12.6 million in 2025 were primarily due to actual return on assets being lower than expected ($ 17 million), partially offset by a net actuarial obligation gain ($ 4 million).

The net actuarial obligation gain was driven by higher discount rates at the end of the year ($ 19 million), partially offset by losses from updated assumptions ($ 15 million).

The net actuarial gains of $ 2.0 million in 2024 were primarily due to a better obligation experience ($ 11 million) driven by higher discount rates at the end of the year, which was mostly offset by actual return on assets being lower than expected ($ 9 million).

Information Comparing Plan Assets to Plan Obligations

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Retirement benefits related to our former U.S.

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

Components of Net Periodic Postretirement Cost

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End of year $ 41.3 51.5 0.1 0.2 41.4 51.7

The net actuarial gains of $ 42.9 million in 2024 arose primarily due to claims assumptions updates ($ 35 million), higher actual return on assets than expected ($ 3 million), and higher discount rate at the end of the year ($ 7 million), partially offset by payments higher than expected ($ 4 million).

The net actuarial gains of $ 15.1 million in 2023 arose primarily due to claim assumptions updates ($ 17 million) and higher actual return on assets than expected ($ 4 million), which were partially offset by lower discount rate at the end of the year ($ 5 million).

We recognized a prior service credit in 2022 associated with UMWA obligations due to a plan amendment that changed the medical plan to a group Medicare Advantage plan ($ 67 million), which reduced future expected net per capita claims costs.

The net actuarial losses of $ 11.5 million in 2025 arose primarily due to claims assumptions updates ($ 17 million), and lower discount rate at the end of the year ($ 4 million), partially offset by higher actual return on assets than expected ($ 10 million).

The net actuarial gains of $ 42.9 million in 2024 arose primarily due to claim assumptions updates ($ 35 million), higher actual return on assets than expected ($ 3 million), and higher discount rate at the end of the year ($ 7 million), partially offset by payments higher than expected ($ 4 million).

Black Lung and Other Plans

We recognized net actuarial gains of $ 3.7 million in 2025.

This was primarily due to census data updates ($ 4 million).

We recognized net actuarial gains of $ 7.3 million in 2024.

This was primarily due to a higher discount rate compared to the prior period ($ 4 million) and claims assumptions updates ($ 7 million), partially offset by census data updates ($ 4 million).

We recognized net actuarial losses of $ 3.3 million in 2023.

This was primarily due to a lower discount rate compared to the prior period ($ 2 million).

See Mortality Tables for our U.S.

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Additionally, by providing healthcare benefits under an EGWP, we are able to benefit from the mandatory 50 % discount that pharmaceutical companies must provide for Medicare Act-eligible prescription drugs.

In 2022, we amended our UWMA plans by transferring the majority of our retirees from a self-insured medical plan to a fully insured group Medicare Advantage plan starting in 2023.

As a result, we updated our claims assumption for the plan amendment as of December 31, 2022, which reduced our obligation by $ 66.7 million and was recognized as a prior service credit as of December 31, 2022.

Estimated Contributions from the Company to Plan Assets

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Equity securities:

Global managed volatility equities (a)

1 55.8 10 10 — — —

large-cap (a)

4 unchanged sentences

— — — — 66.7 11 12

Emerging markets (b)

1 — — — 4.5 1 1

Dynamic asset allocation (c)

1 — — — 15.6 3 3

Fixed-income securities:

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plans are invested with an objective of maximizing the total return, taking into consideration the liabilities of the plan, and minimizing the risks that could create the need for excessive contributions.

Plan assets are invested primarily using actively managed

accounts with asset allocation targets listed in the tables above.

Plan assets are invested primarily using actively managed accounts with asset allocation targets listed in the tables above.

Our policy does not permit the purchase of Brink’s common stock if immediately after any such purchase the aggregate fair market value of the plan assets invested in Brink’s common stock exceeds 10% of the aggregate fair market value of the assets of the plan, except as permitted by an exemption under ERISA.

1 unchanged sentence

Among other factors, the performance of asset groups and investment managers will affect the long-term rate of return.

In 2018, the UMWA plans re-locked their energy debt investment for another three years , which expired in 2022.

We did not re-lock the energy debt investment as the fund intends to be fully liquidated by 2026.

The global private equity investment cannot be redeemed due to the nature of the underlying investments.

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retirement plans can be redeemed daily.

The structured credit investments can be redeemed quarterly with 65 days’ notice.

The core property fund investment can be redeemed quarterly with 105 days’ notice.

The structured credit investment can be redeemed quarterly with 65 days’ notice.

The core property fund investments can be redeemed quarterly with 105 days’ notice.

We believe all plans have sufficient liquidity to meet the needs of the plans' beneficiaries in all market scenarios.

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European equity funds (a)

Emerging markets (a)

Other global equity funds (a)

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The weighted-average asset allocation targets are listed in the table above, and

reflect limitations on types of investments held and allocations among assets classes, as required by local regulation or market practice of the country where the assets are invested.

reflect limitations on types of investments held and allocations among asset classes, as required by local regulation or market practice of the country where the assets are invested.

Most of the investments of our non-U.S.

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Years Ended December 31, 2025 2024 2023

401(K) $ 9.9 9.9 7.6

$ 9.8 9.9 9.9

Other plans 13.1 13.3 10.7

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Deferred tax expense (benefit) 21.3 ( 18.0 ) 22.7

Total Income tax expense (benefit)

federal $ 14.3 ( 24.0 ) 33.1

State 5.9 4.8 —

Foreign 123.1 111.9 106.1

Provision for income taxes of continuing operations $ 143.3 92.7 139.2

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The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S.

federal income tax rate of 21% for 2025.

Year Ended December 31,

(In percentages) 2025

Amount Percent

Federal Statutory Income Tax Rate $ 74.3 21.0 %

State and local tax effects , (net of federal income tax effects) (a)

Domestic Federal

Foreign tax credits

( 18.2 ) ( 5.1 )

Others ( 0.5 ) ( 0.1 )

Changes in federal valuation allowances

Effect of cross-border tax laws

Global intangible low-taxed income (net of foreign tax credits)

Foreign derived intangible income

( 6.4 ) ( 1.8 )

Other 1.3 0.4

Nontaxable or nondeductible items

Nondeductible officer compensation

Excess tax benefits on share-based payments

( 3.9 ) ( 1.1 )

Other 1.5 0.4

Other reconciling items

( 1.8 ) ( 0.5 )

Worldwide - changes in unrecognized tax benefits

( 8.3 ) ( 2.3 )

Foreign Tax Effects

Foreign rate differential

Deductible inflation adjustment

( 9.9 ) ( 2.8 )

Non-deductible hyperinflationary adjustments

Withholding taxes

Brazil 5.9 1.7

France 4.4 1.2

Foreign rate differential

Non-deductible employee cost

Other non-deductible expenses 3.6 1.0

Withholding taxes 4.5 1.3

Other ( 1.2 ) ( 0.3 )

Exchange gain

Change in valuation allowances

( 5.6 ) ( 1.6 )

Other ( 2.5 ) ( 0.7 )

Other foreign jurisdictions (b)

Effective Tax Rate $ 143.3 40.5 %

(a) State taxes in Texas, California, and the state and city of New York make up greater than 50% of the tax effects in this category.

(b) No other foreign jurisdiction contributes a reconciling tax effect item of greater than 5% of pretax income at the U.S.

Federal statutory rate.

The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S.

federal income tax rate of 21% for 2025, 2024 and 2023.

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Amounts are recognized in income from continuing operations.

The 2022 change in judgment includes the impact of the U.S.

final foreign tax credit regulations.

We determined a significant amount of the post-2021 foreign withholding taxes would have been 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 expected 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.

The 2023 change in judgment includes the impact of Internal Revenue Notices which provide relief for foreign taxes paid in any taxable year beginning on or after December 28, 2021, and ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance).

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operations will annually be generating new foreign tax credits which should be creditable in the year generated.

The 2025 change in judgment includes the impact of the One Big Beautiful Bill Act which included modifications to the U.S.

taxation of worldwide income among other changes.

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

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2036 and thereafter — 10.2 6.0 16.2

— 10.7 5.7 16.4

Unlimited — 1.3 40.3 41.6

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federal and various state and foreign jurisdictions.

As of December 31, 2024, we are subject to U.S.

Federal income tax examination by tax authorities for the taxable year ending December 31, 2019, but with few exceptions, we are no longer subject to any state and local, or non-U.S.

With few exceptions, as of December 31, 2025, we are no longer subject to any state and local, or non-U.S.

income tax examinations by tax authorities for years before 2022.

Additionally, due to statute of limitations expirations and audit settlements, it is reasonably possible that approximately $ 5.7 million of currently remaining unrecognized tax positions may be recognized by the end of 2025.

The following table provides the cash income taxes paid, net of refunds, for 2025.

Year ended December 31,

(in millions) 2025

US Federal $ —

Argentina 18.1

Total $ 135.7

(a) There were no other individual jurisdictions above the 5% threshold.

Note 6 - Property and Equipment

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(a) Amortization of capitalized software costs included in continuing operations was $ 24.4 million in 2025, $ 19.3 million in 2024 and $ 15.5 million in 2023.

Note 7 - Acquisitions and Dispositions

We account for business combinations using the acquisition method.

Under the acquisition method of accounting, assets acquired and liabilities assumed from these operations are recorded at fair value on the date of acquisition.

The consolidated statements of operations include the results of operations for each acquired entity from the date of acquisition.

In 2024, we acquired three business operations in the North America, Latin America and Europe segments.

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

In 2022, we acquired United Kingdom-based business operations that manage ATMs (see "NoteMachine Limited Acquisition" section below) and a smaller business acquisition in the North America segment.

The aggregate purchase consideration for these two acquisitions was approximately $ 209 million.

NoteMachine Limited Acquisition

On October 3, 2022 , we acquired 100 % of the capital stock of NoteMachine Limited and Testlink Services Limited.

At the acquisition date, these two entities directly owned 100% of the ownership interests in three additional entities (collectively, the five entities are referred to as "NoteMachine").

We acquired the NoteMachine businesses 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.

We estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition.

The determination of estimated fair value required management to make significant estimates and assumptions.

We finalized our purchase price accounting for NoteMachine in the third quarter of 2023.

(In millions)

Estimated Fair Value at Acquisition Date

Fair value of purchase consideration

Purchase consideration, excluding contingent consideration $ 179.4

Contingent consideration at acquisition-date fair value (a)

Fair value of purchase consideration $ 194.2

Fair value of net assets acquired

Restricted cash 12.1

Accounts receivable 27.3

Other current assets 14.5

Property and equipment, net 38.2

Intangible assets (b)

Other noncurrent assets 11.1

Current liabilities ( 37.0 )

Other noncurrent liabilities ( 27.2 )

Fair value of net assets acquired $ 194.2

(a) The contingent consideration has three components.

The largest component was based on post-acquisition collections of ATM tax rate rebates from municipal governments in the U.K.

The consideration was estimated at $ 10.5 million at the acquisition date.

Through December 31, 2023, substantially all amounts were paid to the seller for this component.

A smaller component was based on post-acquisition increases in the ATM cash withdrawal interchange fees through June 30, 2023.

The consideration was estimated at $ 4.3 million at the acquisition date.

The post-acquisition fee increases did not occur and the liability was derecognized in the second quarter of 2023 resulting in a $ 4.8 million gain classified as other operating income (expense) in the consolidated statements of operations.

(b) Intangible assets are composed of customer relationships ($ 47 million fair value and 13 year amortization period), developed technology ($ 27 million fair value and 12 year amortization period) and a trade name ($ 10 million fair value and 5 year amortization period).

(c) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating NoteMachine's operations with our existing Brink's operations.

Goodwill of $ 63 million has been assigned to the Europe reporting unit and goodwill of $ 1 million has been assigned to the North America reporting unit.

We do not expect goodwill in these reporting units to be deductible for tax purposes.

Note 7 - Goodwill and Other Intangible Assets

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• Rest of World

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.

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.

We performed a goodwill impairment test on these reporting units as of October 1, 2025 and performed a qualitative assessment to determine whether it was more likely than not that the fair value of each reporting units were less than their carrying values.

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.

We concluded the estimated fair value of each reporting unit was greater than the carrying value of equity as of our testing date.

As a result of the evaluation, we concluded that goodwill was not impaired.

We completed these goodwill impairment tests, as well as the tests in the previous two years, with no impairment charges required.

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(In millions) Beginning Balance Acquisitions/

Segment Reallocation (a)

Currency Ending Balance

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Total Goodwill $ 1,434.9 8.9 — 71.5 1,515.3

(a) Operations in certain geographies were moved from the Rest of World to the Europe segment, effective December 31, 2025.

See Note 3 for more information.

As part of this change, we have reallocated Goodwill between these two segments based on the estimated relative fair value of the business which moved as compared to the total Rest of World segment.

December 31, 2024

(In millions) Beginning Balance Acquisitions/

Dispositions (a)

Currency Ending Balance

Dispositions Currency Ending Balance

North America $ 477.7 9.4 ( 0.6 ) 486.5

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Total Goodwill $ 1,473.8 14.7 ( 53.6 ) 1,434.9

(a) Includes adjustments related to the finalization of valuations in prior year acquisitions ($ 1.9 million increase in Europe).

Intangible Assets

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December 31, 2025 December 31, 2024

(In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average amortization period

(In millions) Gross Carrying Amount (a)

Accumulated Amortization (a)

Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average amortization period

Customer relationships $ 641.3 ( 313.1 ) 328.2 $ 627.7 ( 271.2 ) 356.5 7.9

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Total $ 753.5 ( 368.3 ) 385.2 $ 743.6 ( 321.3 ) 422.3

(a) $ 28.3 million of fully amortized intangible assets were written off in 2025.

Total amortization expense for our finite-lived intangible assets was $ 58.9 million in 2025 and $ 58.3 million in 2024.

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Assets held for sale

Derivative instruments 24.7 28.5

Sales-type lease inventory

Income tax receivable 24.2 16.9

Sales-type lease inventory

Derivative instruments 7.0 24.7

Other 40.0 48.8

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(In millions) 2025 2024

Sale-type lease receivables $ 97.4 82.3

Sales-type lease receivables

Prepaid pension assets 42.4 20.9

Deposits 31.8 27.9

Loans held for investment (see Note 20) 16.4 25.2

Marketable securities 19.1 31.3

Prepaid pension assets 20.9 15.1

Contract assets

Loans held for investment (see Note 19)

Other 103.4 89.7

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

Net periodic retirement benefit cost also includes service cost, interest cost, expected returns on assets, and settlement costs.

Net periodic retirement benefit cost also includes service cost, interest cost, expected returns on assets, and settlements.

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

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Interest and other nonoperating income (expense) 1.9 0.1 0.5

(b) 2024 foreign currency translation adjustment amounts reflect primarily the devaluation of the Mexican peso, the Brazilian real, the Canadian dollar, the Colombian peso, the Chilean peso, and the euro.

(b) 2025 foreign currency translation adjustment amounts reflect primarily the appreciation of the Mexican peso, the Brazilian real, the Colombian peso, the Chilean peso, the Malaysian ringgit, and the euro.

2024 foreign currency translation adjustment amounts reflect primarily the devaluation of the Mexican peso, the Brazilian real, the Canadian dollar, the Colombian peso, the Chilean peso, and the euro.

2023 foreign currency translation adjustment amounts reflect primarily the appreciation of the Mexican peso, the Brazilian real, the British pound, and the euro.

2022 foreign currency translation adjustment amounts reflect primarily the devaluation of the British pound and the Chilean peso, partially offset by appreciation of the Mexican peso and the Brazilian real.

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

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

We realized a $ 4.6 million gain in 2024, a $ 5.0 million loss in 2023, and a $ 0.3 million loss in 2022 on sales of available-for-sale debt securities.

We realized a $ 10.1 million gain in 2025, a $ 4.6 million gain in 2024, and a $ 5.0 million loss in 2023 on sales of available-for-sale debt securities.

(d) Pretax gains and losses on cash flow hedges are classified in the consolidated statements of operations as

• other operating income (expense) ( no gain or loss in 2024, $ 7.8 million loss in 2023 and $ 8.9 million loss in 2022.)

• interest expense ($ 17.7 million reduction to expense in 2024 and $ 19.1 million in 2023 and $ 3.5 million of expense in 2022.)

• other operating income (expense) ( no gain or loss in 2025, no gain or loss in 2024 and a $ 7.8 million loss in 2023.)

• interest expense ($ 7.7 million reduction to expense in 2025, $ 17.7 million reduction to expense in 2024, and $ 19.1 million reduction to expense in 2023.)

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

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Other comprehensive income (loss) attributable to Brink's ( 11.5 ) 65.6 ( 1.2 ) ( 8.4 ) 44.5

Acquisitions of noncontrolling interests — 0.1 — — 0.1

Balance as of December 31, 2023 ( 302.2 ) ( 368.2 ) ( 1.8 ) 16.2 ( 656.0 )

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Other comprehensive income (loss) attributable to Brink's ( 6.6 ) 150.1 2.4 ( 7.2 ) 138.7

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

Balance as of December 31, 2025 $ ( 267.0 ) ( 406.8 ) ( 0.9 ) 9.1 ( 665.6 )

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2027 Senior Unsecured Notes

Carrying value (a)

Fair value — 382.0

2027 Senior Unsecured Notes

Carrying value $ 600.0 600.0

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Fair value 416.0 397.2

(a) The 2025 Senior Unsecured Notes were redeemed in the third quarter of 2024 (see Note 15).

Pricing inputs for nonpublic debt are often not observable.

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

Twelve Months Ended December 31,

(In millions) 2025 2024

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$ ( 17.9 ) ( 11.0 ) 21.3

(a) Derivative instrument losses in 2024 and derivative instrument gains in 2023 were driven primarily by the impacts of forward currency contracts to hedge exposure to the Mexican peso.

Derivative instrument gains in 2022 were primarily attributable to the impacts of forward currency contracts to hedge exposure to the euro.

(a) Derivative instrument losses in 2025 were driven primarily by the impacts of hedging currency exposures on intercompany loans denominated in the euro, the British pound, and the Mexican peso.

Derivative instrument losses in 2024 and derivative instrument gains in 2023 were driven primarily by the impacts of forward currency contracts to hedge exposure to the Mexican peso

Net Investment 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.

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

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We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of the cross currency swaps.

In 2022, we terminated the cross currency swap contracts hedging a portion of our net investment in certain euro functional currency subsidiaries and received $ 67 million in cash for the fair value of the derivative assets at the settlement date.

We subsequently entered into new cross currency swaps which also hedge a portion of our net investment in certain euro functional currency subsidiaries.

In 2023, we entered into a zero cost foreign exchange collar contract with a $ 215 million notional amount and a May 2026 expiration date.

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

Twelve Months Ended December 31,

(In millions) 2025 2024

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Prepaid expenses and other

Accrued liabilities ( 34.2 ) —

Other noncurrent liabilities

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Zero cost collar

Prepaid expenses and other $ 0.2 —

Other noncurrent asset

Hong Kong dollar net investment hedge (b)

Other currency net investment hedges (b)

Prepaid expenses and other $ 0.5 0.1

Other noncurrent asset 0.2 —

Accrued liabilities ( 0.7 ) —

Other noncurrent liabilities

Net asset (liability)

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(b) At December 31, 2025, the total notional value was $ 145 million with a weighted average maturity of 1.1 years.

These contracts hedge portions of our net investments in subsidiaries with functional currencies of Hong Kong dollar;

Singapore dollar;

Japanese yen;

Israeli shekel;

and Canadian dollar.

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

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Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

In 2024, we elected to early terminate interest rate swaps with an aggregate notional value of $ 775 million and we received approximately $ 19 million in cash proceeds upon termination.

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

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

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

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$100 million notional - June 2027 maturity (a)

Prepaid expenses and other

Other noncurrent assets

$200 million notional - June 2027 maturity (a)

Prepaid expenses and other

Other noncurrent assets

Accrued liabilities

Other noncurrent liabilities

$50 million notional - June 2027 maturity (a)

Prepaid expenses and other

Accrued liabilities $ ( 0.1 ) —

Other noncurrent liabilities ( 0.1 ) —

$400 million notional - January 2024 maturity

Prepaid expenses and other $ — 1.1

(a) These interest rate swaps were terminated in the fourth quarter of 2024 and we received approximately $ 19 million in cash proceeds upon termination.

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

Net asset (liability) $ ( 0.8 ) —

(a) At December 31, 2025, swaps with a total notional value of $ 150 million will terminate in June 2027 and have a weighted average maturity of 0.8 years.

Amounts under these contracts were recognized in interest expense as follows:

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dollar denominated intercompany loan and a Brazilian real denominated intercompany loan.

Before final settlement occurred in the fourth quarter of 2023, amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:

Twelve Months Ended December 31,

(In millions) 2024 2023 2022

Derivative instrument losses included in other operating income (expense)

$ — ( 7.9 ) ( 8.9 )

Offsetting transaction gains

Derivative instrument losses included in interest expense — ( 0.8 ) ( 1.3 )

Net derivative instrument losses

$ — ( 8.7 ) ( 10.2 )

Before final settlement occurred in the fourth quarter of 2023, under this contract, we recognized a net derivative instrument loss of 8.7 million in 2023.

Contingent Consideration

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Operating lease liabilities 92.2 78.2

Derivative instruments 40.6 10.1

Workers’ compensation and other claims 31.1 60.6

DOJ/FinCEN investigations (c)

ATM surcharge/interchange payables 30.1 28.0

Accrued interest 27.9 28.2

Income taxes payable 20.4 28.0

ATM surcharge/interchange payables 28.0 27.7

Contract liability 15.0 21.4

DOJ/FinCEN investigations (c)

Retirement benefits

Derivative instruments 10.1 9.8

Contract liability 15.0 15.0

Chile antitrust matter (d)

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Asset retirement and remediation obligations 36.0 33.8

Acquisition-related obligations 23.3 22.8

Derivative instruments 29.8 21.7

Noncurrent transformation-related liabilities (a)

Acquisition-related obligations 25.4 23.3

Noncurrent tax liabilities 17.3 18.0

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$ 279.0 231.6

(a) Certain transformation initiative services provided by third-party vendors are not due to be paid within the next twelve months.

Note 14 - Debt

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$ 1,223.3 1,292.2

Senior unsecured notes (year-end effective interest rate of 4.6 % for "2027 Senior Unsecured Notes", 6.5 % for "2029 Senior Unsecured Notes" and 6.8 % for "2032 Senior Unsecured Notes" in 2024 and 5.5 % for "2025 Senior Unsecured Notes" and 4.6 % for "2027 Senior Unsecured Notes" in 2023)

less unamortized issuance cost of $ 9.6 million in 2025 and $ 12.2 million in 2024

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Senior Secured Credit Facility

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

as administrative agent.

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

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

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

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

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

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

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

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

The notes were redeemed on September 13, 2024.

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

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

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

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

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

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

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

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

persons pursuant to Regulation S under the Securities Act.

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

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

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

The remaining borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes.

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

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

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On an aggregate basis, borrowings under these facilities total $ 761 million with an additional $ 84 million available as of December 31, 2025, including $ 204 million in Short-term borrowings and $ 557 million in Other long-term debt.

Maturity dates of the long-term facilities range from February 2027 to July 2027 and interest rates range from 5.90 % to 6.20 %.

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

Maturity dates of the long-term facilities range from July 2027 to June 2028 and interest rates range from 3.70 % to 5.00 %.

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

In July 2024, we increased the capacity of the largest of these credit facilities from $ 250 million to $ 500 million.

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The Senior Secured Credit Facility, Senior Unsecured Notes, Other Revolving Credit Facilities, and other debt facilities contain various financial and other covenants.

The covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum

consolidated net leverage ratio and provide for minimum coverage of interest costs.

If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn.

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These historical loss rates are the main assumption used in estimating expected credit losses over the life of the financial assets.

We also considered current and expected economic conditions, particularly the effects of the pandemic, in determining an appropriate allowance.

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

We monitor the aging of accounts receivable by country and write off any accounts that are deemed uncollectible.

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

In the first quarter of 2022, as many of our regions began to recover from the COVID-19 pandemic, we re-assessed earlier assumptions and estimates, and we further refined our methodology of estimating the allowance for doubtful accounts.

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.

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

The following table is a rollforward of the allowance for doubtful accounts:

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( 11.4 ) ( 13.6 ) ( 21.1 )

Other — — 3.2

Foreign currency exchange effects 1.2 ( 0.8 ) 0.4

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Short-term lease cost 30.3 23.3 25.5

Variable lease cost (a)

91.0 19.9 19.6

Finance lease cost:

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Total lease cost $ 368.0 $ 261.8 $ 237.4

(a) Includes variable lease costs, which are immaterial.

(a) Includes expenses related to certain customer contracts in our AMS business, which contain embedded leases where variable lease costs are incurred for the space in which our ATMs reside.

Prior periods have been adjusted to conform to the current year presentations.

Other information related to leases was as follows:

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

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

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

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

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

Prior to 2020, for employee and director awards considered equity grants, compensation expense is recognized from the award or grant date to the earlier of the retirement-eligible date or the vesting date.

In 2020, the retirement eligibility provisions for many employee awards were changed on a go-forward basis to require a six month notification period prior to actual retirement.

For the 2020 awards, we recognized expense from the grant date to six months after the participant's retirement eligible date.

In 2021, the retirement eligibility provisions were changed to require a minimum of a one year service period in order to meet the retirement eligible conditions.

For awards granted after 2020, we recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

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

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

For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered.

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Deferred stock units and fees paid in stock 1.6 1.4 1.4 0.5 0.4

Time-based options — — 0.4 — —

Cash based awards 2.2 1.9 2.8 1.1 1.4

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Restricted Stock Units (“RSUs”)

We grant RSUs that contain only a service condition as part of our compensation program.

We granted RSUs, which contain only a service condition as part of our compensation program.

RSUs are paid out in shares of Brink’s stock when the awards vest.

For RSUs granted during the last three years, the units generally vest ratably in three equal annual installments.

In 2020, we additionally granted RSUs that vested after a stated two year service condition had been met.

For RSUs granted during the last three years, the units generally vest ratably in three equal annual installments following the grant date.

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

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

For IM PSUs granted in 2021, the performance period was from January 1, 2021 to December 31, 2022 with an additional one year of service after 2022.

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

For IM PSUs granted in 2023, the performance period was from January 1, 2023 to December 31, 2025.

For IM PSUs granted in 2024, the performance period is from January 1, 2024 to December 31, 2026.

For IM PSUs granted in 2025, the performance period is from January 1, 2025 to December 31, 2027.

In 2023 and in 2024, we also granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier), a performance condition, and a service condition.

In 2023, 2024, and 2025, we also granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier), a performance condition, and a service condition.

We measure the fair value of IM PSUs containing a market condition at the grant date using a Monte Carlo simulation model.

IM PSUs will be paid out in shares of Brink’s stock when the awards vest.

IM PSUs are paid out in shares of Brink’s stock when the awards vest.

For the IM PSUs granted in 2025, 2024 and 2023, the number of shares paid out ranges from 0 % to 200 % of an employee’s award, depending on the achievement of pre-established financial goals over the performance period.

Shares are not paid out if the financial results do not meet a pre-established threshold level of performance.

Before 2023, we granted TSR PSUs containing a market condition as well as a service condition.

We measure the fair value of TSR PSUs at the grant date using a Monte Carlo simulation model.

TSR PSUs granted have a three year performance period and typically vest at the end of three years .

TSR PSUs are paid out in shares of Brink’s stock when the awards vest.

The number of shares paid out ranges from 0 % to 200 % of an employee's award depending on Brink's relative TSR rank among a selected peer group.

The following table summarizes all PSU activity during 2025:

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In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2024 were 440.2 thousand, compared to target shares of 235.0 thousand.

The following table provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the IM PSUs with a market condition granted in 2024 and 2023 and the TSR PSUs granted in 2022:

Terms and Assumptions Used to Estimate Grant Date Fair Value 2024 IM PSUs (a)

The following table provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the IM PSUs with a market condition granted in 2025, 2024, and 2023:

Terms and Assumptions Used to Estimate Grant Date Fair Value

2025 IM PSUs (a)

2022 TSR PSUs

2024 IM PSUs (a)

2023 IM PSUs (a)

Terms of awards:

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Treasury bill that was commensurate with the grant date contractual term.

Prior to 2019, we granted primarily performance-based stock options to select senior executives.

These performance-based awards have a service condition as well as a market condition.

We measure the fair value of these awards at the grant date using a Monte Carlo simulation model.

No performance-based options were granted after 2018.

In 2020, 2019 and 2017, we granted time-based vesting stock options to certain senior executives.

In 2020, we granted time-based vesting stock options to certain senior executives.

We measure the fair value of these awards at the grant date using the Black-Scholes-Merton option pricing model.

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

Performance-Based Option Activity

The table below summarizes the activity associated with grants of performance-based options:

(in thousands) Weighted- Average

Exercise Price Per Share Weighted-Average Grant Date Fair Value Per Share Weighted- Average

Remaining Contractual

Term (in years) Aggregate Intrinsic Value (a)

(in millions)

Outstanding at December 31, 2023 (b)

174.4 $ 73.45 $ 17.92

Forfeited or expired — — —

Exercised (b)

( 174.4 ) 73.45 17.92

Outstanding at December 31, 2024 (b)

— $ — $ — — $ —

Of the above, as of December 31, 2024:

Exercisable — $ — — $ —

Expected to vest in future periods (c)

(a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option.

The market price at December 31, 2024 was $ 92.77 .

(b) There were 174.4 thousand exercisable options with a weighted average exercise price of $ 73.45 at December 31, 2023 an d 446.2 thousand exercisable options with a weighted average exercise price of $ 61.23 a t December 31, 2022.

Time-based Vesting Option Activity

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(a) The expected dividend yield is the calculated annual yield on Brink's stock at the time of the grant.

(b) The expected stock price volatility was calculated at time of the grant after reviewing the historic volatility of our stock using daily close prices.

(b) The expected stock price volatility was calculated at the time of the grant after reviewing the historic volatility of our stock using daily close prices.

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Share Repurchase Program

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

Under the 2023 Share Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares.

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.

The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements.

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 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, with approximately $ 87 million remaining available.

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

Under the 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $ 169.9 million and an average price of $ 73.92 per share.

In 2022, we repurchased a total of 948,395 shares of our common stock for an aggregate of $ 52.2 million and an average price of $ 55.01 per share.

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 in February 2020 (the “2020 Repurchase Program”).

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.

Shares Used to Calculate Earnings per Share

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42.5 44.8 46.9

Antidilutive stock excluded from denominator (b)

Antidilutive stock excluded from denominator

(a) We have deferred compensation plans for directors and certain of our employees.

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Accordingly, basic and diluted shares include weighted-average units of 0.2 million in 2025, 0.2 million in 2024 and 0.3 million in 2023.

(b) Under the November 2021 ASR, based on our stock prices from November 1, 2021 to March 31, 2022, we would have received additional shares under the ASR if the settlement date had been March 31, 2022.

Because the ASR settlement date did not occur until April 2022 and because any anticipated receipt of additional shares of our common stock would have been antidilutive, no amounts were included the computation of diluted EPS.

The antidilutive impact from the first quarter of 2022 continued to have year-to-date antidilutive impact for the remainder of 2022.

Note 19 - Supplemental Cash Flow Information

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Cash Paid for Acquisitions Included in Financing Activities

In 2025 we did not have any payments related to acquisitions recorded in financing activities.

In 2024 we paid $ 0.8 million in settlements related to acquired business operations in the Europe segment.

In 2023 we paid $ 10.3 million in settlements related to the Note Machine acquisition and $ 0.8 million related to the Touchpoint 21 acquisition.

In 2022, we paid $ 2.8 million in settlements related to the PAI acquisition.

These payments are reported as cash flows from financing activities as the payments were made more than three months after the acquisition date.

In 2023 we paid $ 10.3 million in settlements related to the NoteMachine acquisition and $ 0.8 million related to the Touchpoint 21 acquisition.

Restricted Cash (Cash Supply Chain Services)

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The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering.

The corresponding deposit liability is included in Accrued Liabilities on the consolidated balance sheets and these amounts are included in the change in restricted cash held for customers in the consolidated statements of cash flows.

In Malaysia, we offer ATM replenishment services to certain of our financial institution customers.

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Foreign currency items:

Transaction losses (a)

Transaction gains (losses) (a)

$ 11.7 16.5 ( 85.1 )

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Impairment losses ( 4.1 ) ( 4.8 ) ( 10.3 )

Share in earnings of equity method affiliates 2.8 3.0 2.8

Gains (losses) on sale of property and other assets

( 0.6 ) 3.9 1.9

Indemnification asset adjustments (b)

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Contingent consideration liability adjustments (c)

Gains on sale of property and other assets 3.9 1.9 2.7

Share in earnings of equity method affiliates 3.0 2.8 2.1

Other 3.2 5.5 4.9

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Interest income $ 27.3 48.9 36.3

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

Foreign currency transaction gains (losses)

Gain (loss) on equity and debt securities

( 3.8 ) 5.0 ( 12.8 )

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( 2.3 ) ( 3.4 ) ( 6.8 )

Gain (loss) on equity and debt securities (a)

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

Foreign currency transaction gains (losses)

( 1.8 ) 0.3 ( 1.1 )

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

(a) In 2023, the loss was primarily related to the impact of highly inflationary accounting on investments in marketable securities held by Argentina.

Note 22 - Other Commitments and Contingencies

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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At December 31, 2025, we had noncancellable commitments for $ 29.5 million in equipment purchases, and information technology and other services.

Note 24 - 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.

The following table summarizes the changes in the accrued liability for costs incurred, payments and utilization, and foreign currency exchange effects of the 2022 Global Restructuring Plan:

(In millions)

Severance Costs Other Total

Balance as of December 31, 2022 $ 11.5 — 11.5

Expense 8.0 3.0 11.0

Payments and utilization ( 16.9 ) ( 3.0 ) ( 19.9 )

Foreign currency exchange effects 0.2 — 0.2

Balance as of December 31, 2023 $ 2.8 — 2.8

Expense — 0.8 0.8

Payments and utilization ( 2.4 ) ( 0.8 ) ( 3.2 )

Foreign currency exchange effects ( 0.1 ) — ( 0.1 )

Balance as of December 31, 2024 $ 0.3 — 0.3

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.

Note 23 - Subsequent Event

Acquisition of NCR Atleos Corporation ("NCR Atleos")

On February 26, 2026 , the Company entered into a definitive agreement to acquire NCR Atleos, in a cash and stock transaction valued at approximately $ 6.6 billion, comprised of 11.5 million shares of Brink's common stock and $ 2.2 billion in cash, plus the assumption of approximately $ 2.6 billion of NCR Atleos' indebtedness.

The transaction is expected to close in the first quarter of 2027, subject to regulatory approval and other customary closing conditions.

The Company is currently evaluating the accounting impact of the transaction.

Accordingly, the financial effects of the acquisition have not been reflected in the consolidated financial statements.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

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 8. Financial Statements and Supplementary Data