BCO filing — read by section

Item 8. Financial Statements and Supplementary Data

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 
 
 THE BRINK’S COMPANY 
 CONSOLIDATED FINANCIAL STATEMENTS 
 AS OF DECEMBER 31, 2025 AND 2024 
 AND FOR EACH OF THE YEARS IN THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2025 
 TABLE OF CONTENTS 
 
 Page 
 
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
 
 Report of Independent Registered Public Accounting Firm - (PCAOB ID 185 ) 
 60 
 
 CONSOLIDATED FINANCIAL STATEMENTS 
 
 Consolidated Balance Sheets 
 61 
 
 Consolidated Statements of Operations 
 62 
 
 Consolidated Statements of Comprehensive Income (Loss) 
 63 
 
 Consolidated Statements of Equity 
 64 
 
 Consolidated Statements of Cash Flows 
 64 
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
 
 Note 1 – Summary of Significant Accounting Policies 
 65 
 
 Note 2 – Revenue from Contracts with Customers 
 69 
 
 Note 3 – Segment Information 
 72 
 
 Note 4 – Retirement Benefits 
 77 
 
 Note 5 – Income Taxes 
 87 
 
 Note 6 – Property and Equipment 
 92 
 
 Note 7 – Goodwill and Other Intangible Assets 
 93 
 
 Note 8 – Prepaid Expenses and Other 
 95 
 
 Note 9 – Other Assets 
 95 
 
 Note 10 – Accumulated Other Comprehensive Income (Loss) 
 96 
 
 Note 1 1 – Fair Value of Financial Instruments 
 99 
 
 Note 1 2 – Accrued Liabilities 
 102 
 
 Note 1 3 – Other Liabilities 
 102 
 
 Note 1 4 – Debt 
 103 
 
 Note 1 5 – Accounts Receivable and Credit Losses 
 106 
 
 Note 1 6 – Leases 
 107 
 
 Note 1 7 – Share-Based Compensation Plans 
 109 
 
 Note 1 8 – Capital Stock 
 114 
 
 Note 19 – Supplemental Cash Flow Information 
 115 
 
 Note 2 0 – Other Operating Income (Expense) 
 116 
 
 Note 2 1 – Interest and Other Nonoperating Income (Expense) 
 116 
 
 Note 2 2 – Other Commitments and Contingencies 
 117 
 
 59 

 Report of Independent Registered Public Accounting Firm 
 
 To the Shareholders and Board of Directors 
 The Brink's Company: 
 
 Opinion on the Consolidated Financial Statements 
 
 We have audited the accompanying consolidated balance sheets of The Brink's Company and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024 , and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025 , in conformity with U.S. generally accepted accounting principles. 
 
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025 , based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. 
 
 Basis for Opinion 
 
 These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
 
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. 
 
 Critical Audit Matter 
 
 The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 
 
 Sufficiency of Audit Evidence over Revenue 
 
 As discussed in Note 2 to the Company’s consolidated financial statements, the Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The Company’s operations are disbursed among many countries. The Company recorded $ 5,261.2 million of revenue for the year ended December 31, 2025 . 
 
 We identified the evaluation of the sufficiency of audit evidence over revenue as a critical audit matter. Subjective auditor judgment was required to evaluate the sufficiency of audit evidence over revenue, including determining the locations for which procedures were performed, because of the geographical dispersion of the Company’s revenue generating activities. 
 
 The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the nature and extent of procedures to be performed over revenue, including the determination of the locations for which those procedures were to be performed. At each Company location for which procedures were performed, we evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s revenue process. For a sample of revenue transactions, we compared the amounts recognized by the Company to relevant underlying documentation such as contracts with customers and cash receipts, or other third-party evidence. 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. 
 
 /s/ KPMG LLP 
 We have served as the Company’s auditor since 2020. 
 
 Richmond, Virginia 
 February 26, 2026 
 
 60 

 THE BRINK’S COMPANY 
 and subsidiaries 
 
 Consolidated Balance Sheets 
 
 December 31, 
 (In millions, except for per share amounts) 2025 2024 
 
 ASSETS 
 
 Current assets: 
 Cash and cash equivalents $ 1,725.9 1,395.3 
 Restricted cash 541.0 445.1 
 Accounts receivable (net of allowance: 2025 - $ 20.6 ; 2024 - $ 24.5 ) 
 766.0 733.5 
 Prepaid expenses and other 296.1 314.0 
 Total current assets 3,329.0 2,887.9 
 
 Right-of-use assets, net 388.7 354.9 
 Property and equipment (net of accumulated depreciation and amortization: 2025 - $ 1,886.2 ; 2024 - $ 1,633.2 ) 
 1,130.5 982.7 
 Goodwill 1,515.3 1,434.9 
 Other intangibles (net of accumulated amortization: 2025 - $ 368.3 ; 2024 - $ 321.3 ) 
 385.2 422.3 
 Deferred income taxes 237.3 239.2 
 Other 353.2 301.2 
 
 Total assets $ 7,339.2 6,623.1 
 
 LIABILITIES AND EQUITY 
 
 Current liabilities: 
 Short-term borrowings $ 241.1 149.3 
 Current maturities of long-term debt 163.1 141.7 
 Accounts payable 319.3 316.6 
 Accrued liabilities 1,180.2 1,058.1 
 Restricted cash held for customers 294.2 232.7 
 Total current liabilities 2,197.9 1,898.4 
 
 Long-term debt 3,810.1 3,605.2 
 Accrued pension costs 147.8 122.5 
 Retirement benefits other than pensions 120.4 111.5 
 Lease liabilities 310.2 278.6 
 Deferred income taxes 66.5 62.8 
 Other 279.0 231.6 
 Total liabilities $ 6,931.9 6,310.6 
 
 Commitments and contingent liabilities (notes 4, 5, 14, 16, and 22) 
 
 Equity: 
 The Brink’s Company (“Brink’s”) shareholders: 
 Common stock, par value $ 1 per share: 
 
 Shares authorized: 100.0 
 
 Shares issued and outstanding: 2025 - 41.1 ; 2024 - 42.9 
 41.1 42.9 
 Capital in excess of par value 632.1 660.7 
 Retained earnings 270.1 285.4 
 Accumulated other comprehensive income (loss): 
 Benefit plan adjustments ( 267.0 ) ( 260.4 ) 
 Foreign currency translation ( 406.8 ) ( 556.7 ) 
 Unrealized losses on available-for-sale securities 
 ( 0.9 ) ( 3.3 ) 
 Unrealized gains on cash flow hedges 
 9.1 16.3 
 Accumulated other comprehensive loss ( 665.6 ) ( 804.1 ) 
 
 Brink’s shareholders 277.7 184.9 
 
 Noncontrolling interests 129.6 127.6 
 
 Total equity 407.3 312.5 
 
 Total liabilities and equity $ 7,339.2 6,623.1 

 See accompanying notes to consolidated financial statements. 
 61 

 THE BRINK’S COMPANY 
 and subsidiaries 
 
 Consolidated Statements of Operations 
 
 Years Ended December 31, 
 (In millions, except for per share amounts) 2025 2024 2023 
 
 Revenues $ 5,261.2 5,011.9 4,874.6 
 
 Costs and expenses: 
 Cost of revenues 3,903.2 3,743.1 3,707.1 
 Selling, general and administrative expenses 778.0 834.5 688.1 
 Total costs and expenses 4,681.2 4,577.6 4,395.2 
 Other operating income (expense) 5.5 18.7 ( 54.2 ) 
 
 Operating profit 585.5 453.0 425.2 
 
 Interest expense ( 245.5 ) ( 235.4 ) ( 203.8 ) 
 Interest and other nonoperating income (expense) 13.9 48.7 14.4 
 Income from continuing operations before tax 353.9 266.3 235.8 
 Provision for income taxes 143.3 92.7 139.2 
 
 Income from continuing operations 210.6 173.6 96.6 
 
 Income (loss) from discontinued operations, net of tax ( 0.4 ) 1.1 1.7 
 
 Net income 210.2 174.7 98.3 
 Less net income attributable to noncontrolling interests 10.5 11.8 10.6 
 
 Net income attributable to Brink’s $ 199.7 162.9 87.7 
 
 Amounts attributable to Brink’s: 
 Continuing operations $ 200.1 161.8 86.0 
 Discontinued operations ( 0.4 ) 1.1 1.7 
 
 Net income attributable to Brink’s $ 199.7 162.9 87.7 
 
 Earnings (loss) per share attributable to Brink’s common shareholders (a) : 
 
 Basic: 
 Continuing operations $ 4.74 3.65 1.86 
 Discontinued operations ( 0.01 ) 0.03 0.04 
 Net income 4.73 3.68 1.90 
 
 Diluted: 
 Continuing operations $ 4.70 3.61 1.83 
 Discontinued operations ( 0.01 ) 0.03 0.04 
 Net income 4.69 3.63 1.87 
 
 Weighted-average shares 
 Basic 42.2 44.3 46.2 
 Diluted 42.5 44.8 46.9 

 (a) Amounts may not add due to rounding. 
 
 See accompanying notes to consolidated financial statements. 
 
 62 

 THE BRINK’S COMPANY 
 and subsidiaries 
 
 Consolidated Statements of Comprehensive Income (Loss) 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Net income $ 210.2 174.7 98.3 
 
 Net benefit plan adjustments: 
 
 Net benefit plan actuarial adjustment 
 ( 1.1 ) 74.5 ( 3.9 ) 
 Net benefit plan prior service adjustment 
 ( 9.8 ) ( 18.0 ) ( 11.8 ) 
 Net deferred profit sharing adjustment 
 1.7 ( 0.6 ) 0.4 
 Total benefit plan adjustments ( 9.2 ) 55.9 ( 15.3 ) 
 
 Net foreign currency translation adjustment 
 144.4 ( 183.7 ) 58.2 
 Net change on available-for-sale securities 
 3.4 ( 6.7 ) 4.2 
 Net change on cash flow hedges 
 ( 8.0 ) ( 2.1 ) ( 9.4 ) 
 Other comprehensive income (loss) before tax 
 130.6 ( 136.6 ) 37.7 
 Provision (benefit) for income taxes ( 13.1 ) 12.0 ( 4.5 ) 
 
 Other comprehensive income (loss) 
 143.7 ( 148.6 ) 42.2 
 
 Comprehensive income 353.9 26.1 140.5 
 Less comprehensive income attributable to noncontrolling interests 15.5 11.3 8.3 
 
 Comprehensive income attributable to Brink’s 
 $ 338.4 14.8 132.2 

 See accompanying notes to consolidated financial statements. 
 63 

 THE BRINK’S COMPANY 
 and subsidiaries 
 
 Consolidated Statements of Equity 
 
 Years Ended December 31, 2025, 2024 and 2023 
 
 (In millions) 
 Shares Common
Stock Capital in Excess of Par Value Retained
Earnings AOCI* Noncontrolling
Interests Total 
 Balance as of December 31, 2022 46.3 $ 46.3 684.1 417.2 ( 700.5 ) 123.1 570.2 
 
 Net income — — — 87.7 — 10.6 98.3 
 Other comprehensive income (loss) — — — — 44.5 ( 2.3 ) 42.2 
 Shares repurchased (a) 
 ( 2.3 ) ( 2.3 ) ( 38.9 ) ( 132.1 ) — — ( 173.3 ) 
 Dividends to: 
 Brink’s common shareholders ($ 0.8600 per share) 
 — — — ( 39.6 ) — — ( 39.6 ) 
 Noncontrolling interests — — — — — ( 7.7 ) ( 7.7 ) 
 Share-based compensation: 
 Stock options and awards: 
 Compensation expense — — 32.1 — — — 32.1 
 
 Other share-based benefit transactions 0.5 0.5 ( 1.7 ) ( 0.2 ) — — ( 1.4 ) 
 
 Acquisitions of noncontrolling interests (b) 
 — — 0.3 — — ( 0.9 ) ( 0.6 ) 
 
 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 loss 
 — — — — ( 148.1 ) ( 0.5 ) ( 148.6 ) 
 
 Shares repurchased (a) 
 ( 2.1 ) ( 2.1 ) ( 34.6 ) ( 168.5 ) — — ( 205.2 ) 
 Dividends to: 
 Brink’s common shareholders ($ 0.9475 per share) 
 — — — ( 41.8 ) — — ( 41.8 ) 
 Noncontrolling interests — — — — — ( 6.1 ) ( 6.1 ) 
 Share-based compensation: 
 Stock options and awards: 
 Compensation expense — — 36.5 — — — 36.5 
 
 Other share-based benefit transactions 0.5 0.5 ( 17.3 ) ( 0.2 ) — — ( 17.0 ) 
 
 Acquisitions of noncontrolling interests (b) 
 — — 0.2 — — ( 0.4 ) ( 0.2 ) 
 
 Balance as of December 31, 2024 42.9 42.9 660.7 285.4 ( 804.1 ) 127.6 312.5 
 
 Net income — — — 199.7 — 10.5 210.2 
 Other comprehensive income 
 — — — — 138.7 5.0 143.7 
 
 Shares repurchased (a) 
 ( 2.2 ) ( 2.2 ) ( 35.7 ) ( 172.7 ) — — ( 210.6 ) 
 Dividends to: 
 Brink’s common shareholders ($ 1.0075 per share) 
 — — — ( 42.3 ) — — ( 42.3 ) 
 Noncontrolling interests — — — — — ( 6.5 ) ( 6.5 ) 
 Share-based compensation: 
 Stock options and awards: 
 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 (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) 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) 
 
 See accompanying notes to consolidated financial statements. 
 
 THE BRINK’S COMPANY 
 and subsidiaries 
 Consolidated Statements of Cash Flows 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 Cash flows from operating activities: 
 Net income $ 210.2 174.7 98.3 
 Adjustments to reconcile net income to net cash provided by operating activities: 
 (Income) loss from discontinued operations, net of tax 
 0.4 ( 1.1 ) ( 1.7 ) 
 Depreciation and amortization 290.8 293.3 275.8 
 Share-based compensation expense 26.0 36.5 32.1 
 Deferred income taxes 21.3 ( 18.0 ) 22.7 
 
 (Gain) loss on marketable securities, sale of property and equipment and derivatives 23.3 ( 15.5 ) 10.9 
 
 Impairment losses 8.7 4.8 10.3 
 Retirement benefit funding (more) less than expense: 
 Pension ( 2.1 ) ( 6.1 ) ( 10.2 ) 
 Other than pension ( 6.6 ) ( 8.1 ) ( 5.5 ) 
 Unrealized foreign currency (gains) losses 10.1 ( 41.8 ) 79.1 
 Other operating ( 0.5 ) 16.0 26.1 
 Changes in operating assets and liabilities, net of effects of acquisitions: 
 (Increase) decrease in accounts receivable and income taxes receivable ( 1.5 ) 15.6 69.0 
 Increase (decrease) in accounts payable, income taxes payable and accrued liabilities 
 ( 6.4 ) 122.4 ( 36.3 ) 
 Increase (decrease) in restricted cash held for customers 
 46.1 ( 42.9 ) 59.5 
 Increase (decrease) in customer obligations 
 16.5 ( 77.7 ) 66.0 
 (Increase) decrease in prepaid and other current assets 
 15.8 ( 15.5 ) 24.6 
 Other ( 12.6 ) ( 10.6 ) ( 18.3 ) 
 
 Net cash provided by operating activities 639.5 426.0 702.4 
 
 Cash flows from investing activities: 
 Capital expenditures ( 203.1 ) ( 222.5 ) ( 202.7 ) 
 Acquisitions, net of cash acquired ( 6.0 ) ( 19.1 ) ( 1.5 ) 
 Dispositions, net of cash disposed — — 1.1 
 Marketable securities: 
 Purchases ( 123.2 ) ( 71.8 ) ( 134.7 ) 
 Sales 135.1 57.2 150.4 
 Cash proceeds from sale of property and equipment 18.5 29.2 18.4 
 
 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 ) 
 Discontinued operations — — 0.9 
 Net cash used in investing activities ( 202.4 ) ( 216.2 ) ( 179.8 ) 
 
 Cash flows from financing activities: 
 Borrowings (repayments) of debt: 
 Short-term borrowings 78.1 12.9 98.6 
 
 Long-term revolving credit facilities: 
 Borrowings 18,103.2 12,857.3 9,265.7 
 Repayments ( 17,886.2 ) ( 12,865.0 ) ( 9,273.8 ) 
 Other long-term debt: 
 Borrowings 43.9 847.4 25.4 
 Repayments ( 164.0 ) ( 527.4 ) ( 97.1 ) 
 Acquisition of noncontrolling interests 
 ( 6.6 ) ( 0.2 ) ( 0.6 ) 
 
 Cash paid for acquisition related settlements and obligations — ( 0.8 ) ( 11.1 ) 
 Debt financing costs ( 1.0 ) ( 10.6 ) — 
 
 Repurchase shares of Brink's common stock ( 209.4 ) ( 203.6 ) ( 169.9 ) 
 Dividends to: 
 Shareholders of Brink’s ( 42.3 ) ( 41.8 ) ( 39.6 ) 
 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 ) 
 Other ( 2.3 ) ( 1.3 ) 11.0 
 
 Net cash provided by (used in) financing activities ( 114.1 ) 42.2 ( 207.1 ) 
 Effect of exchange rate changes on cash 103.5 ( 95.2 ) ( 42.4 ) 
 Cash, cash equivalents and restricted cash: 
 Increase 426.5 156.8 273.1 
 Balance at beginning of period 1,840.4 1,683.6 1,410.5 
 Balance at end of period $ 2,266.9 1,840.4 1,683.6 

 See accompanying notes to consolidated financial statements. 
 64 

 THE BRINK’S COMPANY 
 and subsidiaries 
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
 
 Note 1 - Summary of Significant Accounting Policies 
 
 Basis of Presentation 
 The Brink’s Company (along with its subsidiaries, “we,” “our,” “Brink’s” or the “Company”), based in Richmond, Virginia, is a leading provider of cash and valuables management, digital retail solutions ("DRS"), and ATM managed services ("AMS") to financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Brink’s is the oldest and largest secure transportation and cash management services company in the U.S., and a market leader in many other countries. 
 
 Consolidation 
 The consolidated financial statements include our controlled subsidiaries. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. See "Venezuela" section below for further information. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity. 
 
 Investments in businesses that we do not control, but for which we have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method and our proportionate share of income or loss is recorded in other operating income (expense). Investments in businesses for which we do not have the ability to exercise significant influence over operating and financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. All intercompany accounts and transactions have been eliminated in consolidation. 
 
 Revenue Recognition 
 Revenue is recognized when services related to cash and valuables management, DRS, and AMS are performed. We assess our customers' ability to meet contractual terms, including payment terms, before entering into contracts. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of operations. 
 
 Cash and Cash Equivalents 
 Cash and cash equivalents include cash on hand, demand deposits and investments with original maturities of three months or less. Cash and cash equivalents include amounts held by certain of our secure cash management services operations for customers for which, under local regulations, the title transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources. We record a liability for the amounts owed to customers (see Note 12). 
 
 Restricted Cash 
 Cash that is held for a specific purpose and is not available for immediate or general business use due to external restrictions is classified in our consolidated balance sheets as restricted cash. In Malaysia, we offer ATM replenishment services to certain of our financial institution customers. Providing this service requires our Malaysia subsidiary to take temporary title to the cash received in advance of ATM replenishment. 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. In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with this offering, we take temporary title to certain customers' cash, which is included as restricted cash in our financial statements due to customer agreement or regulation. In addition, in accordance with a revolving credit facility, we are required to maintain a restricted cash reserve and, due to this contractual restriction, we have classified these amounts as restricted cash (see Note 19). 
 
 Trade Accounts Receivable 
 Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We assess the collectability of our receivables on a pool basis, which we aggregate by geographical location. 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 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. 
 
 Right-of-Use Assets 
 For operating leases, right-of-use assets (and related lease liabilities) are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. See Note 16 for further information. 
 
 Property and Equipment 
 Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method based on the estimated useful lives of individual assets or classes of assets. 
 
 65 

 Leased property and equipment meeting financing lease criteria are capitalized at the lower of the present value of the related lease payments or the fair value of the leased asset at the inception of the lease. Amortization is calculated on the straight-line method based on the lease term. See Note 16 for further information. 
 
 Leasehold improvements are recorded at cost. Amortization is calculated principally on the straight-line method over the lesser of the estimated useful life of the leasehold improvement or the lease term. Renewal periods are included in the lease term when the renewal is determined to be reasonably assured. 
 
 Part of the costs related to the development or purchase of internal-use software is capitalized and amortized over the estimated useful life of the software. Costs that are capitalized include external direct costs of materials and services to develop or obtain the software, and internal costs, including compensation and employee benefits for employees directly associated with a software development project. 
 
 Estimated Useful Lives 
 Years 
 
 Buildings 25 
 
 Building leasehold improvements Lesser of Lease Term or 10 
 
 Vehicles 3 to 8 
 
 Capitalized software 5 
 
 Other machinery and equipment 3 to 10 
 
 Expenditures for routine maintenance and repairs on property and equipment are charged to expense. Major renewals, betterments and modifications are capitalized and depreciated over the lesser of the remaining life of the asset or, if applicable, the lease term. 
 
 Goodwill and Other Intangible Assets 
 Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Intangible assets arising from business acquisitions include customer lists, customer relationships, developed technology, covenants not to compete, trademarks and other identifiable intangibles. At December 31, 2025, finite-lived intangible assets have remaining useful lives ranging from 1 to 11 years and are amortized based on the pattern in which the economic benefits are used or on a straight-line basis. 
 
 Impairment of Goodwill and Long-Lived Assets 
 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. Goodwill is assigned to one or more reporting units at the date of acquisition. 
 
 When testing goodwill for impairment, we may assess qualitative factors to determine whether reporting unit fair values are greater than their carrying values. 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 the greatest weight placed on the Income Approach. The resulting reporting unit fair values are compared to each reporting unit's carrying value. 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. 
 
 Long-lived assets other than goodwill and other indefinite-lived intangibles are reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. For long-lived assets other than goodwill that are to be held and used in operations, an impairment is indicated when the estimated total undiscounted cash flow associated with the asset or group of assets is less than carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. See Note 7 for further information. 
 
 Retirement Benefit Plans 
 We account for retirement benefit obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Compensation – Retirement Benefits . For U.S. and certain non-U.S. retirement plans, we derive the discount rates used to measure the present value of benefit obligations using the cash flow matching method. Under this method, we compare the plan’s projected payment obligations by year with the corresponding yields on a Mercer yield curve. Each year’s projected cash flows are then discounted back to their present value at the measurement date and an overall discount rate is determined. The overall discount rate is then rounded to the nearest tenth of a percentage point. We used Mercer’s Above-Mean Curve to determine the discount rates for the year-end benefit obligations and retirement cost of our U.S. retirement plans. We use a local or regional version of the Mercer yield curve in the majority of our non-U.S. locations. In non-U.S. locations where the cash flow matching method is not possible, rates of local high-quality long-term government bonds are used to select the discount rate. 
 
 We select the expected long-term rate of return assumption for our U.S. pension plan and retiree medical plans using advice from our investment advisor. The selected rate considers plan asset allocation targets, expected overall investment manager performance and long-term historical average compounded rates of return. 
 
 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 
 66 

 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. The amortization period for other retirement plans is primarily the average remaining life expectancy of inactive participants. 
 
 Income Taxes 
 Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. We recognize tax benefits related to uncertain tax positions if we believe it is more-likely-than-not the benefit will be realized. We review our deferred tax assets to determine if it is more-likely-than-not that they will be realized. If we determine it is not more-likely-than-not that a deferred tax asset will be realized, we record a valuation allowance to reverse the previously recognized tax benefit. See Note 5 for further information. 
 
 Foreign Currency Translation 
 Our consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. 
 
 Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income. 
 
 Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. 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 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. Revenues and expenses are translated at rates of exchange in effect during the year. See "Venezuela" and "Argentina" sections below for further information. 
 
 Argentina 
 We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). 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. For the year ended December 31, 2023, the Argentine peso declined by approximately 79 % (from 178.6 to 833.3 pesos to the U.S. dollar). For the year ended December 31, 2024, the Argentine peso declined by approximately 19 % (from 833.3 to 1,031.0 pesos to the U.S. dollar). For the year ended December 31, 2025, the Argentine peso declined approximately 29 % (from 1,031.0 to 1,451.6 pesos to the U.S. dollar). 
 
 Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In 2025, we recognized $ 17.0 million in pretax remeasurement losses. 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. At December 31, 2025, we had net monetary assets denominated in Argentine pesos of $ 23.4 million (including cash of $ 24.9 million). 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, 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). 
 
 67 

 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. 
 
 Venezuela 
 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 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 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 receivable. Cash and cash equivalents are held by major financial institutions. 
 
 Use of Estimates 
 In accordance with U.S. generally accepted accounting principles (“GAAP”), we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from those estimates. 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. 
 
 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. We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets using the following hierarchy using the highest level possible: 
 
 Level 1: Quoted prices for identical assets or liabilities in active markets. 
 Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. 
 Level 3: Unobservable inputs that reflect estimates and assumptions. 
 
 New Accounting Standards 
 In December 2023, the FASB issued ASU 2023-09, I ncome Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the U.S. (federal and state) and foreign jurisdictions. 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. This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements. 
 68 

 Note 2 - Revenue from Contracts with Customers 
 
 Performance Obligations 
 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 ("CVM"); and (2) digital retail solutions ("DRS") and ATM managed services ("AMS"). 
 
 Cash and Valuables Management 
 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. Basic ATM management services include cash replenishment, treasury management and first line maintenance. Our global services business provides secure transport of high-value commodities including diamonds, jewelry, precious metals, securities, banknotes, currency, high-tech devices, electronics and pharmaceuticals. Additional global services include pick-up, packaging, customs clearance, secure vault storage and inventory management. We also offer a variety of cash management services including money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.), check imaging and other cash management services (e.g., cashier balancing, counterfeit detection, account consolidation and electronic reporting). Our vaulting services combine cash-in-transit services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities. In addition to providing secure storage, we process deposits, provide check imaging and reconciliation services, perform currency inventory management, process ATM replenishment orders and electronically transmit banking transactions. We provide other services to some of our customers, such as guarding, commercial security and payment services. 
 
 Digital Retail Solutions and ATM Managed Services 
 DRS and AMS are technology enabled services provided to customers throughout the world. DRS includes services that leverage Brink’s tech-enabled sales and software platforms to simplify cash acceptance, enables merchants to access their cash without visiting a bank and provide customers with enhanced analytics and visibility. DRS includes our patented Brink’s Complete TM and CompuSafe® services. AMS provides comprehensive services beyond basic ATM services including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services. These services allow financial institutions, retailers and independent ATM owners to outsource day-to-day operation of ATMs. For certain customers, we take ownership of ATM devices as part of our managed services offering. 
 
 For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action. 
 
 Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer. 
 
 Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date. 
 
 Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action. 
 
 Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue. 
 
 Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of operations. 
 
 69 

 Revenue Disaggregated by Reportable Segment and Type of Service 
 
 (In millions) 
 Cash and Valuables Management DRS and AMS Total 
 Twelve months ended December 31, 2025 
 
 Reportable Segments: 
 North America $ 1,208.9 533.7 1,742.6 
 Latin America 1,035.1 254.5 1,289.6 
 Europe 818.2 611.3 1,429.5 
 Rest of World 736.9 62.6 799.5 
 Total reportable segments $ 3,799.1 1,462.1 5,261.2 
 
 Twelve months ended December 31, 2024 
 
 Reportable Segments: 
 North America $ 1,207.0 442.7 1,649.7 
 Latin America 1,095.5 215.5 1,311.0 
 Europe 803.7 501.3 1,305.0 
 Rest of World 694.2 52.0 746.2 
 Total reportable segments $ 3,800.4 1,211.5 5,011.9 
 
 Twelve months ended December 31, 2023 
 
 Reportable Segments: 
 North America $ 1,216.8 384.3 1,601.1 
 Latin America 1,149.1 183.2 1,332.3 
 Europe 800.4 413.2 1,213.6 
 Rest of World 696.4 31.2 727.6 
 Total reportable segments $ 3,862.7 1,011.9 4,874.6 
 
 Certain of our services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance, but are included in the above table as the amounts are a small percentage of overall revenues. 
 
 Contract Balances 
 Contract Assets 
 Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in Latin America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. In our Rest of World segment, certain Brink's affiliates provide services to specific customers and, per contract, a portion of the consideration is retained by the customers until the contract is completed. The retention amounts are reported as contract assets until we have the right to bill the customer for these amounts. Certain Brink's affiliates make upfront consideration payments in order to gain customer contracts. The upfront payment amounts are reported as contract assets and are amortized as a reduction to revenues over the duration of the contracts. Contract assets expected to be billed or amortized within one year ($ 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. 
 
 Contract Liabilities 
 For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability, which is included in accrued liabilities on the consolidated balance sheet. 
 
 70 

 The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows: 
 
 (In millions) 
 Receivables Contract Assets Contract Liabilities 
 
 Opening (January 1, 2025) $ 733.5 22.2 15.0 
 Closing (December 31, 2025) 766.0 27.6 15.0 
 Increase (decrease) $ 32.5 5.4 — 

 The amount of revenue recognized in 2025 that was included in the January 1, 2025 contract liability balance was $ 14.7 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year. 
 
 Revenue recognized in the twelve months ended December 31, 2025 from performance obligations satisfied in the prior year was not 
 significant. This revenue is a result of changes in the transaction price of our contracts with customers. 
 
 Contract Costs 
 Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts. At 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, 2025 and December 31, 2024 were $ 14.3 million and $ 12.8 million, respectively. 
 
 Practical Expedients 
 For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog. 
 
 We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less. 
 
 71 

 Note 3 - Segment Information 
 
 We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on a profit or loss measure which, at the reportable segment level, excludes the following: 
 • Corporate expenses - include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the CODM evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses. 
 • Other items not allocated to segments - include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results. These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities. As such, they have not been allocated to segment or Corporate results. 
 
 Our CODM uses segment operating profit to evaluate the performance of each of our reportable segments, comparing profitability to expected results as well as to the other segments, ultimately guiding resource allocation decisions including investment, capital allocation and staffing to optimize overall company profitability. 
 
 We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries. 
 
 We manage our business in the following four segments: 
 • North America – operations in the U.S. and Canada, including the Brink’s Global Services ("BGS") line of business, 
 • Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business, 
 • 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 
 
 (In millions) 
 North America Latin America Europe Rest of World Total 
 
 Revenues $ 1,742.6 1,289.6 1,429.5 799.5 5,261.2 
 Less: 
 Cost of revenues: 
 
 Labor and fringe benefit costs (a) 
 606.3 574.3 619.2 200.4 
 Other cost of revenues segment items (b) 
 667.9 350.9 474.5 357.3 
 Total cost of revenues (a) 
 1,274.2 925.2 1,093.7 557.7 
 
 Selling, general, and administrative (a) 
 221.7 120.5 158.6 63.6 
 
 Segment operating profit $ 246.7 243.9 177.2 178.2 846.0 

 72 

 Year Ended December 31, 2024 
 
 (In millions) 
 North America Latin America Europe Rest of World Total 
 
 Revenues $ 1,649.7 1,311.0 1,305.0 746.2 5,011.9 
 Less: 
 Cost of revenues: 
 
 Labor and fringe benefit costs (a) 
 624.0 572.1 578.5 202.5 
 Other cost of revenues segment items (b) 
 608.2 349.3 425.9 329.7 
 Total cost of revenues (a) 
 1,232.2 921.4 1,004.4 532.2 
 
 Selling, general, and administrative (a) 
 223.5 117.3 149.5 58.6 
 
 Segment operating profit $ 194.0 272.3 151.1 155.4 772.8 

 Year Ended December 31, 2023 
 
 (In millions) 
 North America Latin America Europe Rest of World Total 
 
 Revenues $ 1,601.1 1,332.3 1,213.6 727.6 4,874.6 
 Less: 
 Cost of revenues: 
 
 Labor and fringe benefit costs (a) 
 633.2 574.6 546.7 203.1 
 Other cost of revenues segment items (b) 
 583.4 354.1 405.9 321.7 
 Total cost of revenues (a) 
 1,216.6 928.7 952.6 524.8 
 
 Selling, general, and administrative (a) 
 199.3 123.3 124.0 50.7 
 
 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 CODM. Selling, general and administrative expenses include insignificant amounts reported within other operating income (expense) in the consolidated statements of operations. 
 (b) Other cost of revenues segment items for each reportable segment include primarily vehicle expenses, freight, equipment costs, building expense, and office and administrative expenses. 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Segment operating profit 
 $ 846.0 772.8 754.6 
 
 Reconciling Items: 
 Corporate expenses: 
 General, administrative and other expenses ( 147.0 ) ( 167.3 ) ( 154.9 ) 
 Foreign currency transaction gains 
 10.9 23.9 15.3 
 
 Other items not allocated to segments (a) : 
 
 Reorganization and restructuring 
 ( 1.4 ) ( 1.5 ) ( 17.6 ) 
 Acquisitions and dispositions 
 ( 78.5 ) ( 62.5 ) ( 70.6 ) 
 Argentina highly inflationary impact (b) 
 ( 10.2 ) ( 35.0 ) ( 86.8 ) 
 Transformation initiatives 
 ( 26.0 ) ( 28.4 ) ( 5.5 ) 
 DOJ/FinCEN investigations 
 ( 6.5 ) ( 45.7 ) — 
 Chile antitrust matter ( 0.8 ) ( 1.3 ) ( 0.5 ) 
 
 Non-routine auto loss matter ( 1.0 ) ( 2.0 ) ( 8.0 ) 
 Reporting compliance 
 — — ( 0.8 ) 
 Operating profit 
 $ 585.5 453.0 425.2 

 (a) See "Other Items not Allocated to Segments" for a description of these items. 
 (b) See "Depreciation Adjustment" in Note 1 for more details. 
 
 73 

 Other Items not Allocated to Segments 
 
 Reorganization and restructuring Net charges incurred in relation to certain restructuring actions include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic. Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit. 
 
 Acquisitions and dispositions These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs. 
 
 Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. 
 
 Transformation initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model. 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, project management charges and severance. These costs relate to a discrete program. 
 
 DOJ/FinCEN investigations In 2024, we recorded a charge for a probable loss in connection with U.S. Department of Justice ("DOJ") and U.S. Department of the Treasury’s (the "U.S. Treasury") Financial Crimes Enforcement Network ("FinCEN") investigations. 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). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter. See Note 22 for details. 
 
 Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party. In connection with the ensuing litigation, Brink’s recognized a charge. Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter. 
 
 Reporting compliance We incurred certain third-party compliance costs in 2023 to remediate a material weakness in internal controls over financial reporting. 
 
 74 

 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Capital Expenditures by Reportable Segment 
 North America $ 59.7 62.6 43.8 
 Latin America 24.2 33.0 48.8 
 Europe 73.3 79.9 77.5 
 Rest of World 43.4 42.6 25.2 
 Total reportable segments 200.6 218.1 195.3 
 Corporate items 2.5 4.4 7.4 
 
 Total $ 203.1 222.5 202.7 
 
 Depreciation and Amortization by Reportable Segment 
 Depreciation and amortization of property and equipment: 
 North America $ 85.1 82.4 73.9 
 Latin America 56.2 53.9 53.6 
 Europe 71.5 61.0 58.0 
 Rest of World 24.3 22.2 20.6 
 Total reportable segments 237.1 219.5 206.1 
 Corporate items 2.6 3.5 5.3 
 Argentina highly inflationary impact ( 7.8 ) 12.0 5.4 
 
 Reorganization and restructuring 
 — — 1.2 
 Depreciation and amortization of property and equipment 231.9 235.0 218.0 
 
 Amortization of intangible assets (a) 
 58.9 58.3 57.8 
 Total $ 290.8 293.3 275.8 

 (a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts. 
 
 December 31, 
 (In millions) 2025 2024 
 
 Assets held by Reportable Segment 
 North America $ 2,166.7 2,089.8 
 Latin America 1,211.6 1,171.7 
 Europe 2,458.9 1,988.3 
 Rest of World 1,070.9 991.5 
 Total reportable segments 6,908.1 6,241.3 
 Corporate items 431.1 381.8 
 Total $ 7,339.2 6,623.1 

 December 31, 
 (In millions) 2025 2024 
 
 Long-Lived Assets by Significant Country (a) 
 
 Non-U.S.: 
 France $ 143.1 113.2 
 Mexico 125.0 106.5 
 
 Other 544.7 432.0 
 Subtotal 812.8 651.7 
 U.S. 317.7 331.0 
 Total $ 1,130.5 982.7 

 (a) Long-lived assets include only property and equipment, net. 
 
 75 

 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Revenues by Significant Country (a) 
 
 Outside the U.S.: 
 Mexico $ 576.4 582.8 563.8 
 France 470.8 447.1 413.2 
 Brazil 285.2 283.2 309.8 
 United Kingdom 
 236.1 190.7 188.7 
 Netherlands 183.6 170.3 149.7 
 Argentina 168.2 190.7 207.1 
 Canada 129.7 123.1 118.0 
 Other 1,598.3 1,497.4 1,441.2 
 Subtotal 3,648.3 3,485.3 3,391.5 
 U.S. 1,612.9 1,526.6 1,483.1 
 Total $ 5,261.2 5,011.9 4,874.6 

 (a) Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue. 
 
 December 31, 
 (In millions) 2025 2024 
 
 Net assets outside the U.S. by Geographic Area 
 
 Canada 
 $ 46.6 46.9 
 Latin America (a) 
 676.8 750.4 
 Europe (a)(b) 
 1,354.9 1,061.7 
 Middle East, Africa and Asia ("MEAA") (a)(b) 
 556.7 606.5 
 Total $ 2,635.0 2,465.5 

 (a) Amounts include net assets of Corporate entities domiciled outside the U.S. 
 (b) European countries that primarily provide BGS services from our Rest of World segment are included in the Europe geographic area. The remainder of our Rest of World segment primarily represents operations in the MEAA geographic area. 
 76 

 Note 4 - Retirement Benefits 
 
 Defined-benefit Pension Plans 
 
 Summary 
 We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits. Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005. 
 
 Components of Net Periodic Pension Cost (Credit) 
 
 (In millions) 
 U.S. Plans Non-U.S. Plans Total 
 Years Ended December 31, 2025 2024 2023 2025 2024 2023 2025 2024 2023 
 
 Service cost $ — — — $ 8.3 8.7 7.6 $ 8.3 8.7 7.6 
 Interest cost on projected benefit obligation 31.3 30.7 32.4 18.0 17.7 18.1 49.3 48.4 50.5 
 Return on assets – expected ( 44.5 ) ( 46.4 ) ( 47.2 ) ( 11.5 ) ( 11.4 ) ( 11.1 ) ( 56.0 ) ( 57.8 ) ( 58.3 ) 
 Amortization of losses 5.2 5.2 1.6 2.8 2.6 1.8 8.0 7.8 3.4 
 Amortization of prior service cost — — — 0.1 0.1 — 0.1 0.1 — 
 
 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 
 
 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. 
 77 

 Obligations and Funded Status 
 Changes in the projected benefit obligation (“PBO”) and plan assets for our pension plans are as follows: 
 
 (In millions) 
 U.S. Plans Non-U.S. Plans Total 
 Years Ended December 31, 2025 2024 2025 2024 2025 2024 
 
 Benefit obligation at beginning of year $ 585.7 629.2 347.8 383.1 933.5 1,012.3 
 Service cost — — 8.3 8.7 8.3 8.7 
 Interest cost 31.3 30.7 18.0 17.7 49.3 48.4 
 Participant contributions — — 0.6 0.6 0.6 0.6 
 Plan amendments — — ( 0.3 ) — ( 0.3 ) — 
 Plan combinations — — 1.0 2.2 1.0 2.2 
 
 Curtailments — — ( 0.1 ) 0.1 ( 0.1 ) 0.1 
 Settlements — — ( 2.7 ) ( 0.9 ) ( 2.7 ) ( 0.9 ) 
 Benefits paid ( 45.4 ) ( 45.0 ) ( 20.8 ) ( 22.4 ) ( 66.2 ) ( 67.4 ) 
 
 Actuarial (gains) losses 
 2.6 ( 29.2 ) ( 3.9 ) ( 10.6 ) ( 1.3 ) ( 39.8 ) 
 Foreign currency exchange effects — — 35.2 ( 30.7 ) 35.2 ( 30.7 ) 
 Benefit obligation at end of year $ 574.2 585.7 383.1 347.8 957.3 933.5 
 
 Fair value of plan assets at beginning of year $ 587.7 611.6 238.5 259.3 826.2 870.9 
 Return on assets – actual 54.4 20.4 ( 5.0 ) 2.9 49.4 23.3 
 Participant contributions — — 0.6 0.6 0.6 0.6 
 
 Plan combinations — — 1.0 2.2 1.0 2.2 
 Employer contributions 0.7 0.7 12.3 13.7 13.0 14.4 
 
 Settlements — — ( 2.7 ) ( 0.9 ) ( 2.7 ) ( 0.9 ) 
 Benefits paid ( 45.4 ) ( 45.0 ) ( 20.8 ) ( 22.4 ) ( 66.2 ) ( 67.4 ) 
 
 Foreign currency exchange effects — — 19.8 ( 16.9 ) 19.8 ( 16.9 ) 
 Fair value of plan assets at end of year $ 597.4 587.7 243.7 238.5 841.1 826.2 
 
 Funded status $ 23.2 2.0 ( 139.4 ) ( 109.3 ) ( 116.2 ) ( 107.3 ) 
 
 Included in: 
 Noncurrent asset $ 29.2 8.2 13.2 12.7 42.4 20.9 
 Current liability, included in accrued liabilities 0.6 0.6 10.2 5.1 10.8 5.7 
 Noncurrent liability 5.4 5.6 142.4 116.9 147.8 122.5 
 Net pension (asset) liability 
 $ ( 23.2 ) ( 2.0 ) 139.4 109.3 116.2 107.3 

 78 

 Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) 
 
 (In millions) 
 U.S. Plans Non-U.S. Plans Total 
 Years Ended December 31, 2025 2024 2025 2024 2025 2024 
 
 Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): 
 Beginning of year $ ( 178.8 ) ( 187.2 ) ( 33.4 ) ( 43.1 ) ( 212.2 ) ( 230.3 ) 
 Net actuarial gains (losses) arising during the year 
 7.3 3.2 ( 12.6 ) 2.0 ( 5.3 ) 5.2 
 Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 5.2 5.2 4.0 3.7 9.2 8.9 
 Foreign currency exchange effects — — ( 2.5 ) 4.0 ( 2.5 ) 4.0 
 End of year $ ( 166.3 ) ( 178.8 ) ( 44.5 ) ( 33.4 ) ( 210.8 ) ( 212.2 ) 
 
 Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): 
 Beginning of year $ — — ( 0.5 ) ( 0.7 ) ( 0.5 ) ( 0.7 ) 
 Prior service credit (cost) from plan amendments during the year — — 0.3 — 0.3 — 
 Reclassification adjustment for amortization of prior service cost included in net income (loss) — — 0.1 0.1 0.1 0.1 
 Foreign currency exchange effects — — 0.1 0.1 0.1 0.1 
 End of year $ — — — ( 0.5 ) — ( 0.5 ) 

 U.S. Plans 
 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 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). 
 
 Non-U.S. Plans 
 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 
 Information comparing plan assets to plan obligations as of December 31, 2025 and 2024 are aggregated below. The accumulated benefit obligation (“ABO”) differs from the PBO in that the ABO is based on the benefit earned through the date noted. The PBO includes assumptions about future compensation levels for plans that have not been frozen. The total ABO for our U.S. pension plans was $ 574.2 million in 2025 and $ 585.7 million in 2024. The total ABO for our Non-U.S. pension plans was $ 343.5 million in 2025 and $ 317.6 million in 2024. 
 
 Information for Pension Plans with an ABO in Excess of Plan Assets 
 
 (In millions) 
 U.S. Plans Non-U.S. Plans Total 
 December 31, 2025 2024 2025 2024 2025 2024 
 
 Fair value of plan assets $ — — 96.1 92.0 96.1 92.0 
 Accumulated benefit obligation 6.0 6.2 216.6 191.2 222.6 197.4 
 Projected benefit obligation 6.0 6.2 248.7 214.0 254.7 220.2 

 79 

 Assumptions 
 The weighted-average assumptions used to determine the net pension cost and benefit obligations for our pension plans were as follows: 
 
 U.S. Plans Non-U.S. Plans 
 2025 2024 2023 2025 2024 2023 
 
 Discount rate: 
 Pension cost 5.6 % 5.1 % 5.4 % 5.0 % 4.9 % 5.4 % 
 Benefit obligation at year end 5.4 % 5.6 % 5.1 % 5.5 % 5.0 % 4.9 % 
 
 Expected return on assets – pension cost 7.00 % 7.00 % 7.00 % 4.65 % 4.58 % 4.59 % 
 
 Average rate of increase in salaries (a): 
 
 Pension cost N/A N/A N/A 1.9 % 2.0 % 1.9 % 
 Benefit obligation at year end N/A N/A N/A 2.3 % 1.9 % 2.0 % 

 (a) Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen and will not increase due to future salary increases. 
 
 Mortality Tables for our U.S. Retirement Benefits 
 We use the Society of Actuaries base mortality tables for private sector plans, Pri-2012, and the Mercer modified MP-2021 projection scale, with a Blue Collar adjustment factor for the majority of our U.S. retirement plans and a White Collar adjustment factor for our nonqualified U.S. pension plan. 
 
 Estimated Future Cash Flows 
 Estimated Future Contributions from the Company into Plan Assets 
 Our policy is to fund at least the minimum actuarially determined amounts required by applicable regulations. We do not expect to make contributions to our primary U.S. pension plan in 2026. We expect to contribute $ 12.1 million to our non-U.S. pension plans and $ 0.6 million to our nonqualified U.S. pension plan in 2026. 
 
 Estimated Future Benefit Payments from Plan Assets to Beneficiaries 
 Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2025, are as follows: 
 
 (In millions) 
 U.S. Plans Non-U.S. Plans Total 
 
 2026 $ 46.9 24.8 71.7 
 2027 46.6 24.4 71.0 
 2028 46.2 27.2 73.4 
 2029 45.9 28.1 74.0 
 2030 45.4 29.3 74.7 
 2031 through 2035 216.5 160.5 377.0 

 80 

 Retirement Benefits Other than Pensions 
 
 Summary 
 We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. 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 
 The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: 
 
 (In millions) 
 UMWA Plans Black Lung and Other Plans Total 
 Years Ended December 31, 2025 2024 2023 2025 2024 2023 2025 2024 2023 
 
 Service cost $ — — — $ 0.2 0.1 0.3 $ 0.2 0.1 0.3 
 Interest cost on APBO 9.8 9.6 11.1 4.4 4.6 5.3 14.2 14.2 16.4 
 Return on assets – expected ( 9.7 ) ( 10.2 ) ( 10.3 ) — — — ( 9.7 ) ( 10.2 ) ( 10.3 ) 
 Amortization of losses 2.0 1.7 5.1 3.1 4.3 4.8 5.1 6.0 9.9 
 Amortization of prior service credit ( 10.2 ) ( 9.4 ) ( 11.0 ) — — ( 0.1 ) ( 10.2 ) ( 9.4 ) ( 11.1 ) 
 
 Net periodic postretirement cost (credit) 
 $ ( 8.1 ) ( 8.3 ) ( 5.1 ) $ 7.7 9.0 10.3 $ ( 0.4 ) 0.7 5.2 

 The components of net periodic pension cost and net periodic postretirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the consolidated statements of operations. 
 
 Obligations and Funded Status 
 Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows: 
 
 (In millions) 
 UMWA Plans Black Lung and Other Plans Total 
 Years Ended December 31, 2025 2024 2025 2024 2025 2024 
 
 APBO at beginning of year $ 172.2 214.0 77.8 91.3 250.0 305.3 
 Service cost — — 0.2 0.1 0.2 0.1 
 Interest cost 9.8 9.6 4.4 4.6 14.2 14.2 
 Plan amendments — 8.8 — — — 8.8 
 
 Benefits paid ( 17.8 ) ( 20.7 ) ( 7.5 ) ( 8.3 ) ( 25.3 ) ( 29.0 ) 
 
 Actuarial (gains) losses, net 21.0 ( 39.5 ) ( 3.7 ) ( 7.3 ) 17.3 ( 46.8 ) 
 Foreign currency exchange effects — — 0.9 ( 2.6 ) 0.9 ( 2.6 ) 
 APBO at end of year $ 185.2 172.2 72.1 77.8 257.3 250.0 
 
 Fair value of plan assets at beginning of year $ 129.5 136.1 — — 129.5 136.1 
 Return on assets – actual 19.2 13.6 — — 19.2 13.6 
 Employer contributions — — 7.5 8.3 7.5 8.3 
 Net transfers to (from) plan assets 
 ( 1.3 ) 0.5 — — ( 1.3 ) 0.5 
 Benefits paid ( 17.8 ) ( 20.7 ) ( 7.5 ) ( 8.3 ) ( 25.3 ) ( 29.0 ) 
 
 Fair value of plan assets at end of year $ 129.6 129.5 — — 129.6 129.5 
 
 Funded status $ ( 55.6 ) ( 42.7 ) ( 72.1 ) ( 77.8 ) ( 127.7 ) ( 120.5 ) 
 
 Included in: 
 Current, included in accrued liabilities $ — — 7.3 9.0 7.3 9.0 
 Noncurrent 55.6 42.7 64.8 68.8 120.4 111.5 
 Retirement benefits other than pension liability $ 55.6 42.7 72.1 77.8 127.7 120.5 

 81 

 Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) 
 Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows: 
 
 (In millions) 
 UMWA Plans Black Lung and Other Plans Total 
 Years Ended December 31, 2025 2024 2025 2024 2025 2024 
 
 Benefit plan net actuarial gain (loss) recognized in accumulated other comprehensive income (loss): 
 Beginning of year $ ( 29.1 ) ( 73.7 ) ( 32.6 ) ( 44.4 ) ( 61.7 ) ( 118.1 ) 
 Net actuarial gains (losses) arising during the year ( 11.5 ) 42.9 3.7 7.3 ( 7.8 ) 50.2 
 Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 2.0 1.7 3.2 4.3 5.2 6.0 
 Foreign currency exchange effects — — 0.1 0.2 0.1 0.2 
 End of year $ ( 38.6 ) ( 29.1 ) ( 25.6 ) ( 32.6 ) ( 64.2 ) ( 61.7 ) 
 
 Benefit plan prior service (cost) credit recognized in accumulated other comprehensive income (loss): 
 Beginning of year $ 51.5 69.7 0.2 0.2 51.7 69.9 
 Prior service credit from plan amendments during the year — ( 8.8 ) — — — ( 8.8 ) 
 Reclassification adjustment for amortization or curtailment of prior service cost included in net income (loss) ( 10.2 ) ( 9.4 ) ( 0.1 ) — ( 10.3 ) ( 9.4 ) 
 Foreign currency exchange effects — — — — — — 
 End of year $ 41.3 51.5 0.1 0.2 41.4 51.7 

 UMWA Plans 
 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). 
 
 Assumptions 
 See Mortality Tables for our U.S. Retirement Benefits on page 81 for a description of the mortality assumptions. 
 
 The APBO for each of the plans was determined using the unit credit method and assumed rates as follows: 
 
 2025 2024 2023 
 
 Weighted-average discount rate: 
 Postretirement cost: 
 UMWA plans 5.6 % 5.1 % 5.4 % 
 Black lung 5.5 % 5.1 % 5.4 % 
 Weighted-average 5.7 % 5.3 % 5.6 % 
 Benefit obligation at year end: 
 UMWA plans 5.3 % 5.6 % 5.1 % 
 Black lung 5.2 % 5.5 % 5.1 % 
 Weighted-average 5.5 % 5.7 % 5.3 % 
 Expected return on assets 8.00 % 8.00 % 8.00 % 

 82 

 Healthcare Cost Trend Rates 
 For UMWA plans, the assumed healthcare cost trend rate used to compute the 2025 APBO is 7.0 % for 2026, declining to 5.0 % in 2034 and thereafter (in 2024: 6.5 % for 2025 declining to 5.0 % in 2031 and thereafter). For the black lung obligation, the assumed healthcare cost trend rate used to compute the 2025 APBO was 5.0 % (in 2024: 5.0 %). Other plans in the U.S. provide for fixed-dollar value coverage for eligible participants and, accordingly, are not adjusted for inflation. 
 
 For the Canadian plan, the assumed healthcare cost trend rate used to compute the 2025 APBO is 7.0 % for 2026, declining to 5.0 % in 2034 (in 2024: 6.5 % for 2025, declining to 5.0 % in 2031). For the Brazilian plan, the assumed healthcare cost trend rate used to compute the 2025 APBO is 4.8 % (in 2024: 4.8 %). 
 
 We provide healthcare benefits to our UMWA retirees who are eligible for the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Medicare Act”) subsidy reimbursement under an employer group waiver plan (“EGWP”). Under this arrangement, a government approved health insurance provider receives the Medicare Act subsidy reimbursement on our behalf and passes these savings to us. 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. 
 
 Cash Flows 
 Estimated Contributions from the Company to Plan Assets 
 Based on the funded status and assumptions at December 31, 2025, we expect the Company to contribute $ 7.3 million in cash to the plans to pay 2026 beneficiary payments for black lung and other plans. We do not expect to contribute cash to our UMWA plans in 2026 since we believe these plans have sufficient amounts held in trust to pay for beneficiary payments until 2039 based on actuarial assumptions. Our UMWA plans are not covered by ERISA or other funding laws or regulations that require these plans to meet funding ratios. 
 
 Estimated Future Benefit Payments from Plan Assets to Beneficiaries 
 Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2025, are as follows: 
 
 (In millions) 
 UMWA Plans Black Lung and Other Plans Total 
 
 2026 $ 16.5 7.3 23.8 
 2027 16.6 7.2 23.8 
 2028 16.6 6.6 23.2 
 2029 16.5 6.9 23.4 
 2030 16.3 6.4 22.7 
 2031 through 2035 75.3 25.5 100.8 

 83 

 Retirement Plan Assets 
 U.S. Plans 
 
 December 31, 2025 December 31, 2024 
 (In millions, except for percentages) Fair Value Level Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation 
 
 U.S. Pension Plans 
 Cash, cash equivalents and receivables $ 5.8 — — 3.8 — — 
 Equity securities: 
 Global managed volatility equities (a) 
 1 55.8 10 10 — — — 
 U.S. large-cap (a) 
 — — — — 75.2 13 14 
 U.S. small/mid-cap (a) 
 — — — — 20.9 4 4 
 International (a) 
 — — — — 66.7 11 12 
 
 Fixed-income securities: 
 Long duration - mutual fund (d) 
 1 454.1 90 90 343.8 68 70 
 Long duration - Treasury strips (d) 
 2 81.7 55.3 
 
 Other types of investments: 
 
 Core property (g) (l) 
 — — — 21.3 4 — 
 Structured credit (h) (l) 
 — — — 0.7 — — 
 Total $ 597.4 100 100 587.7 100 100 
 
 UMWA Plans 
 Cash, cash equivalents and receivables $ 0.3 — — — — — 
 Equity securities: 
 U.S. large-cap (a) 
 1 30.5 24 24 29.3 23 24 
 U.S. small/mid-cap (a) 
 1 13.4 10 11 13.3 10 11 
 International (a) 
 1 32.9 25 25 30.7 24 26 
 Emerging markets (b) 
 1 5.0 4 4 4.8 3 4 
 Dynamic asset allocation (c) 
 1 8.9 7 7 8.6 7 7 
 Fixed-income securities: 
 High yield (e) 
 1 2.4 2 2 2.4 2 2 
 Emerging markets (f) 
 1 4.8 4 4 4.8 4 4 
 Multi asset real return (i) 
 1 5.9 4 5 6.0 4 5 
 Other types of investments: 
 
 Core property (g) (l) 
 6.8 5 5 10.6 8 5 
 Structured credit (h) (l) 
 10.9 8 8 10.0 8 5 
 Global private equity (j) (l) 
 7.1 6 5 8.2 6 7 
 Energy debt (k) (l) 
 0.7 1 — 0.8 1 — 
 Total $ 129.6 100 100 129.5 100 100 

 (a) These categories include a passively managed U.S. large-cap equity mutual fund, an actively managed U.S. small/mid-cap equity and a Non-U.S. equity mutual fund that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index. 
 (b) This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider. 
 (c) This category represents an actively managed mutual fund that seeks to generate, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes based upon the manager's expectations of risk and return. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class. 
 (d) This category represents actively managed mutual funds that seek to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to 15 years and longer. This is achieved by using an intermediate duration credit bond fund and a long duration credit bond mutual fund. This category also includes Treasury future contracts and zero-coupon securities created by the U.S. Treasury. 
 (e) This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years . 
 (f) This category represents an actively managed mutual fund that invests primarily in U.S. dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. 
 (g) This category represents an actively managed real estate fund of funds that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities. 
 (h) This category invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans. 
 (i) This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions. 
 (j) This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondary strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five to seven years , as opposed to the more typical 10 -year life of private assets funds. 
 (k) This category invests in credit securities of commodity oriented companies affected by the dislocation in the commodity markets with the investment objective of producing an equity like return with less downside risk than equity or commodity investments. 
 (l) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. 
 
 84 

 Assets of our U.S. 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. 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. The plans rebalance their assets on a quarterly basis if actual allocations of assets are outside predetermined ranges. Among other factors, the performance of asset groups and investment managers will affect the long-term rate of return. 
 
 The global private equity investment cannot be redeemed due to the nature of the underlying investments. As the global private equity investment matures and becomes fully invested, liquidating distributions will be provided back to investors. We expect to receive liquidating distributions over the stated life of the underlying investments. We have $ 4 million in unfunded commitments related to the global private equity investment. 
 
 Most of the investments of our U.S. retirement plans can be redeemed daily. 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. 
 
 Non-U.S. Plans 
 
 December 31, 2025 December 31, 2024 
 (In millions, except for percentages) Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation 
 Non-U.S. Pension Plans 
 Cash and cash equivalents $ 0.6 — — 0.5 — — 
 Equity securities: 
 U.S. equity funds (a) 
 7.7 7.3 
 Canadian equity funds (a) 
 2.4 1.8 
 European equity funds (a) 
 — 0.6 
 
 Emerging markets (a) 
 0.1 — 
 Other global equity funds (a) 
 7.3 8.1 
 Total equity securities 17.5 7 8 17.8 7 8 
 Fixed-income securities: 
 
 Canadian fixed-income securities (b) 
 57.3 49.7 
 European fixed-income funds (c) 
 16.5 13.4 
 High-yield (d) 
 0.1 0.3 
 Emerging markets (e) 
 0.2 0.3 
 Long-duration (f) 
 50.1 57.5 
 Total fixed-income securities 124.2 51 49 121.2 51 49 
 Other types of investments: 
 Guaranteed contract value (g) 
 79.1 33 36 77.9 33 36 
 
 Property funds (h) 
 6.4 9 7 6.2 9 7 
 Global infrastructure fund (i) 
 8.5 7.5 
 Other 7.4 7.4 
 Total other types of investments 101.4 99.0 
 Total $ 243.7 100 100 238.5 100 100 

 (a) These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 2500 Index, MSCI World Index, S&P/TSX Composite Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives. 
 (b) This category seeks to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to 15 years and longer. This is achieved by using a mix of actively managed fixed income mutual funds, which invest in bonds issued by Canadian issuers, as well as Canadian-dollar denominated zero-coupon securities issued by the Canadian Federal and Provincial governments, and agencies thereof. 
 (c) This category is primarily designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities. 
 (d) This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies. 
 (e) This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries. 
 (f) This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts. 
 (g) This represents the guaranteed contract value of insurance contracts in the Netherlands pension plan. 
 (h) This category offers exposure to limited partnerships invested in diversified real estate, participating mortgages, and property for development and resale. 
 (i) This category is a limited partnership invested in fund of funds designed to acquire and maintain a diversified portfolio of global infrastructure investments (within targeted sub-sectors with varied maturities) that realizes a minimum of 10% annual return over a three-year rolling period. 
 
 Asset allocation strategies for our non-U.S. plans are designed to accumulate a diversified portfolio among markets and asset classes in order to reduce market risk and increase the likelihood that pension assets are available to pay benefits as they are due. Assets of non-U.S. pension plans are invested primarily using actively managed accounts. The weighted-average asset allocation targets are listed in the table above, and 
 85 

 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. retirement plans can be redeemed at least monthly, except for a portion of “Other” in the above table, which can be redeemed quarterly. 
 
 Non-U.S. Plans - Fair Value Measurements 
 
 (In millions) 
 December 31, 2025 December 31, 2024 
 
 Quoted prices in active markets for identical assets (Level 1) $ 111.3 89.6 
 Significant other observable inputs (Level 2) 23.7 43.4 
 Guaranteed contract value (Level 3) (a) 
 79.1 77.9 
 Other insurance contract value (Level 3) (b) 
 3.8 3.0 
 Net asset value per share practical expedient (c) 
 25.8 24.6 
 Total fair value $ 243.7 238.5 

 (a) In 2020, we acquired operations in the Netherlands as part of the U.K.-based G4S plc ("G4S") acquisition. As a result, we acquired insurance contract assets related to the Netherlands pension plan. These investments are valued at the highest value available at year end, either the reported cash surrender value of the contract or the vested benefit obligation ("VBO"). The VBO for a defined benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee's expected date of separation or retirement. Both the cash surrender value and the VBO are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment. 
 (b) In 2021, our Belgium plans invested in a traditional group insurance policy, where assets are invested in the insurers' main fund with a minimum guaranteed rate. The contracts are valued based on the weighted average return of each individual insured contract. The contract value is determined based on unobservable inputs. The contract is classified as a Level 3 investment. 
 (c) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. 
 
 Savings Plans 
 We sponsor various defined contribution plans to help eligible employees provide for retirement. We record expense for amounts that we contribute on behalf of employees, usually in the form of matching contributions. We matched the first 2 % of employees' eligible contributions to our U.S. 401(k) plan. Our matching contribution expense is as follows: 
 
 (In millions) 
 
 Years Ended December 31, 2025 2024 2023 
 
 U.S. 401(k) 
 $ 9.8 9.9 9.9 
 Other plans 13.1 13.3 10.7 
 Total $ 22.9 23.2 20.6 

 86 

 Note 5 - Income Taxes 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Income (loss) from continuing operations before income taxes 
 U.S. $ 71.6 ( 39.3 ) 1.8 
 Foreign 282.3 305.6 234.0 
 Income from continuing operations before income taxes $ 353.9 266.3 235.8 

 Provision (benefit) for income taxes from continuing operations 
 Current tax expense (benefit) 
 U.S. federal $ 3.7 1.0 2.7 
 State 5.4 3.4 4.0 
 Foreign 112.9 106.3 109.8 
 Current tax expense 122.0 110.7 116.5 
 
 Deferred tax expense (benefit) 
 U.S. federal $ 10.6 ( 25.0 ) 30.4 
 State 0.5 1.4 ( 4.0 ) 
 Foreign 10.2 5.6 ( 3.7 ) 
 Deferred tax expense (benefit) 21.3 ( 18.0 ) 22.7 
 
 Total Income tax expense (benefit) 
 
 U.S. 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 

 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Comprehensive provision (benefit) for income taxes allocable to 
 Continuing operations $ 143.3 92.7 139.2 
 Discontinued operations — 0.4 0.5 
 Other comprehensive income (loss) ( 13.1 ) 12.0 ( 4.5 ) 
 
 Comprehensive provision for income taxes $ 130.2 105.1 135.2 

 87 

 Rate Reconciliation 
 
 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 
 
 U.S. Federal Statutory Income Tax Rate $ 74.3 21.0 % 
 
 State and local tax effects , (net of federal income tax effects) (a) 
 5.9 1.6 
 
 Domestic Federal 
 
 Tax credits 
 Foreign tax credits 
 ( 18.2 ) ( 5.1 ) 
 Others ( 0.5 ) ( 0.1 ) 
 
 Changes in federal valuation allowances 
 15.4 4.4 
 Effect of cross-border tax laws 
 Global intangible low-taxed income (net of foreign tax credits) 
 7.6 2.1 
 Foreign derived intangible income 
 ( 6.4 ) ( 1.8 ) 
 Other 1.3 0.4 
 Nontaxable or nondeductible items 
 
 Nondeductible officer compensation 
 6.1 1.7 
 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 
 Argentina 
 Foreign rate differential 
 2.6 0.7 
 Deductible inflation adjustment 
 ( 9.9 ) ( 2.8 ) 
 Non-deductible hyperinflationary adjustments 
 12.6 3.6 
 Withholding taxes 
 10.4 2.9 
 
 Brazil 5.9 1.7 
 
 France 4.4 1.2 
 Mexico 
 Foreign rate differential 
 7.0 2.0 
 
 Non-deductible employee cost 
 5.0 1.4 
 Other non-deductible expenses 3.6 1.0 
 Withholding taxes 4.5 1.3 
 Other ( 1.2 ) ( 0.3 ) 
 Netherlands 
 Exchange gain 
 14.9 4.2 
 Change in valuation allowances 
 ( 5.6 ) ( 1.6 ) 
 Other ( 2.5 ) ( 0.7 ) 
 
 Other foreign jurisdictions (b) 
 18.6 5.2 
 
 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. 
 
 88 

 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. 
 
 Years Ended December 31, 
 (In percentages) 2025 2024 2023 
 
 U.S. federal tax rate 21.0 % 21.0 % 21.0 % 
 Increases (reductions) in taxes due to: 
 Foreign rate differential 4.0 7.5 4.7 
 Taxes on cross border income, net of credits 3.2 2.9 7.9 
 
 Adjustments to valuation allowances 3.2 ( 2.8 ) 18.5 
 Foreign income taxes 5.7 ( 1.0 ) 6.0 
 
 French business tax 0.3 0.3 0.4 
 State income taxes, net 1.6 2.0 0.6 
 Share-based compensation 0.6 1.3 1.8 
 Acquisition costs 0.1 — 0.2 
 Nondeductible fines and penalties 
 0.1 3.8 — 
 Other (a) 
 0.7 ( 0.2 ) ( 2.1 ) 
 Actual income tax rate on continuing operations 40.5 % 34.8 % 59.0 % 

 (a) No individual item is above a 5% threshold. 
 
 Components of Deferred Tax Assets and Liabilities 
 
 December 31, 
 (In millions) 2025 2024 
 
 Deferred tax assets 
 Pension liabilities $ 25.8 26.9 
 Retirement benefits other than pensions 14.0 10.8 
 Lease liabilities 116.0 99.5 
 Workers’ compensation and other claims 25.8 26.3 
 Property and equipment, net 46.5 42.3 
 Other assets and liabilities 109.3 117.2 
 Net operating loss carryforwards 63.0 54.4 
 Interest limitations and other tax carryforwards (a) 
 101.0 80.2 
 Foreign tax and other tax credits (b) 
 51.7 61.1 
 Subtotal 553.1 518.7 
 Valuation allowances ( 136.5 ) ( 118.1 ) 
 Total deferred tax assets 416.6 400.6 
 
 Deferred tax liabilities 
 
 Right-of-use assets, net 107.2 93.0 
 Goodwill and other intangibles 107.9 101.1 
 Other assets and miscellaneous 30.7 30.1 
 Deferred tax liabilities 245.8 224.2 
 Net deferred tax asset $ 170.8 176.4 
 
 Included in: 
 
 Noncurrent assets $ 237.3 239.2 
 
 Noncurrent liabilities ( 66.5 ) ( 62.8 ) 
 Net deferred tax asset $ 170.8 176.4 

 (a) U.S. interest limitation carryforward of $ 63.8 million has an unlimited carryforward and is not subject to a valuation allowance. In addition, foreign interest limitation and other tax carryforwards of $ 37.2 million have an unlimited carryforward and are subject to a full valuation allowance. 
 (b) U.S. foreign tax credits of $ 50.3 million expire in various years between 2025 and 2033 and other remaining credits of $ 1.3 million have various expiration periods. The U.S. foreign tax credits and other credits have a valuation allowance of $ 50.3 million. 
 
 Valuation Allowances 
 Valuation allowances relate to deferred tax assets for certain federal credit carryforwards, certain state and non-U.S. jurisdictions. Based on our analysis of positive and negative evidence including historical and expected future taxable earnings, and a consideration of available tax-planning strategies, we believe it is more-likely-than-not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2025. 
 89 

 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Valuation allowances: 
 Beginning of year $ 118.1 128.0 77.3 
 Expiring tax credits ( 0.9 ) ( 0.2 ) ( 0.1 ) 
 Acquisitions and dispositions 3.2 ( 0.1 ) ( 0.9 ) 
 Changes in judgment about deferred tax assets (a) 
 15.9 1.3 32.5 
 Other changes in deferred tax assets, charged to: 
 Income from continuing operations ( 7.0 ) ( 8.6 ) 11.3 
 
 Other comprehensive income (loss) 1.1 1.7 6.9 
 
 Foreign currency exchange effects 6.1 ( 4.0 ) 1.0 
 End of year $ 136.5 118.1 128.0 

 (a) Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not” of realizing beginning-of-year balances of deferred tax assets. Amounts are recognized in income from continuing operations. 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). We determined a significant amount of the post-2021 foreign withholding taxes will now be eligible for U.S. foreign income tax credit treatment and therefore our U.S. 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. 
 
 Net Operating Losses 
 The gross amount of the net operating loss carryforwards as of December 31, 2025, was $ 434.0 million. The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2025, was $ 63.0 million, and expires as follows: 
 
 (In millions) 
 Federal State Foreign Total 
 
 Years of expiration 
 2026-2030 
 $ — — 3.6 3.6 
 2031-2035 — 0.6 1.0 1.6 
 2036 and thereafter — 10.2 6.0 16.2 
 Unlimited — 1.3 40.3 41.6 
 $ — 12.1 50.9 63.0 

 Uncertain Tax Positions 
 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Uncertain tax positions: 
 Beginning of year $ 21.6 23.5 23.5 
 Increases related to prior-year tax positions 2.5 — 2.1 
 Decreases related to prior-year tax positions ( 6.5 ) ( 1.3 ) ( 2.7 ) 
 Increases related to current-year tax positions 2.0 2.0 2.4 
 Increases related to acquisitions 0.5 0.8 — 
 
 Settlements ( 0.9 ) ( 0.1 ) — 
 Effect of the expiration of statutes of limitation ( 3.6 ) ( 2.5 ) ( 2.5 ) 
 
 Foreign currency exchange effects 0.2 ( 0.8 ) 0.7 
 End of year $ 15.8 21.6 23.5 

 Included in the balance of unrecognized tax benefits at December 31, 2025, are potential benefits of approximately $ 13.8 million that, if recognized, will reduce the effective tax rate on income from continuing operations. 
 
 We recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. We reverse interest and penalty accruals when a statute of limitation lapses or when we otherwise conclude the amounts should not be accrued. The impact of interest and penalties on the 2025, 2024 and 2023 tax provisions was not significant. We had accrued interest and penalties of $ 2.9 million at December 31, 2025, and $ 5.3 million at December 31, 2024. 
 
 We file income tax returns in the U.S. federal and various state and foreign jurisdictions. 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. 
 
 90 

 Cash Taxes 
 
 The following table provides the cash income taxes paid, net of refunds, for 2025. 
 
 Year ended December 31, 
 
 (in millions) 2025 
 
 US Federal $ — 
 US State 
 
 Others (a) 
 4.7 
 Foreign 
 
 Mexico 39.7 
 Argentina 18.1 
 Others (a) 
 73.2 
 Total $ 135.7 

 (a) There were no other individual jurisdictions above the 5% threshold. 
 91 

 Note 6 - Property and Equipment 
 
 The following table presents our property and equipment that is classified as held and used: 
 
 December 31, 
 (In millions) 2025 2024 
 
 Land $ 52.6 47.6 
 Buildings 248.9 228.0 
 Leasehold improvements 308.4 284.8 
 Vehicles 855.0 777.9 
 Capitalized software (a) 
 323.0 285.5 
 DRS devices leased to customers 374.5 282.8 
 Other machinery and equipment 854.3 709.3 
 3,016.7 2,615.9 
 Accumulated depreciation and amortization ( 1,886.2 ) ( 1,633.2 ) 
 Property and equipment, net $ 1,130.5 982.7 

 (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. 
 92 

 Note 7 - Goodwill and Other Intangible Assets 
 
 Goodwill 
 Based on our management structure, we have four reporting units, which are equal to our operating segments: 
 
 • North America 
 • Latin America 
 • Europe 
 • Rest of World 
 
 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. 
 
 The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2025 and 2024 are as follows: 
 
 December 31, 2025 
 (In millions) Beginning Balance Acquisitions/ 
 Dispositions 
 Segment Reallocation (a) 
 Currency Ending Balance 
 
 Goodwill: 
 North America $ 486.5 — — 0.3 486.8 
 Latin America 208.5 0.9 — 12.8 222.2 
 Europe 348.1 8.0 36.3 41.5 433.9 
 Rest of World 391.8 — ( 36.3 ) 16.9 372.4 
 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 Currency Ending Balance 
 
 Goodwill: 
 North America $ 477.7 9.4 ( 0.6 ) 486.5 
 Latin America 230.8 3.3 ( 25.6 ) 208.5 
 Europe 364.9 2.0 ( 18.8 ) 348.1 
 Rest of World 400.4 — ( 8.6 ) 391.8 
 Total Goodwill $ 1,473.8 14.7 ( 53.6 ) 1,434.9 

 Intangible Assets 
 The following table summarizes our other intangible assets by category: 
 
 December 31, 2025 December 31, 2024 
 (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 
 Indefinite-lived trade names 8.6 — 8.6 7.4 — 7.4 — 
 Finite-lived trade names 35.9 ( 30.1 ) 5.8 39.7 ( 27.7 ) 12.0 1.4 
 Developed technology 66.7 ( 24.1 ) 42.6 64.8 ( 18.4 ) 46.4 7.8 
 
 Other 1.0 ( 1.0 ) — 4.0 ( 4.0 ) — — 
 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. 
 
 93 

 Total amortization expense for our finite-lived intangible assets was $ 58.9 million in 2025 and $ 58.3 million in 2024. Our estimated aggregate amortization expense for finite-lived intangibles recorded at December 31, 2025, for the next five years is as follows: 
 
 (In millions) 
 2026 2027 2028 2029 2030 
 
 Amortization expense $ 53.6 50.6 47.5 47.0 42.9 

 94 

 Note 8 - Prepaid Expenses and Other 
 
 December 31, 
 (In millions) 2025 2024 
 
 Prepaid expenses $ 173.8 164.4 
 Assets held for sale 
 32.9 34.9 
 Income tax receivable 24.2 16.9 
 Sales-type lease inventory 
 18.2 24.3 
 Derivative instruments 7.0 24.7 
 Other 40.0 48.8 
 Prepaid expenses and other $ 296.1 314.0 

 Note 9 - Other Assets 
 
 December 31, 
 (In millions) 2025 2024 
 
 Sales-type lease receivables 
 $ 127.3 97.4 
 Prepaid pension assets 42.4 20.9 
 Deposits 31.8 27.9 
 Marketable securities 19.1 31.3 
 Contract assets 
 16.6 17.6 
 Loans held for investment (see Note 19) 
 12.6 16.4 
 Other 103.4 89.7 
 Other assets $ 353.2 301.2 

 95 

 Note 10 - Accumulated Other Comprehensive Income (Loss) 
 
 The following tables provide the components of other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings: 
 
 Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) 
 (In millions) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) 
 
 2025 
 
 Amounts attributable to Brink's: 
 Benefit plan adjustments $ ( 14.6 ) 4.0 5.7 ( 1.7 ) ( 6.6 ) 
 Foreign currency translation adjustments 144.3 9.9 ( 5.2 ) 1.1 150.1 
 Gains (losses) on available-for-sale securities 
 ( 6.7 ) ( 1.4 ) 10.1 0.4 2.4 
 Gains (losses) on cash flow hedges ( 0.3 ) ( 1.0 ) ( 7.7 ) 1.8 ( 7.2 ) 
 122.7 11.5 2.9 1.6 138.7 
 
 Amounts attributable to noncontrolling interests: 
 Benefit plan adjustments ( 0.3 ) — — — ( 0.3 ) 
 Foreign currency translation adjustments 5.3 — — — 5.3 
 5.0 — — — 5.0 
 
 Total 
 Benefit plan adjustments (a) 
 ( 14.9 ) 4.0 5.7 ( 1.7 ) ( 6.9 ) 
 Foreign currency translation adjustments (b) 
 149.6 9.9 ( 5.2 ) 1.1 155.4 
 Gains (losses) on available-for-sale securities (c) 
 ( 6.7 ) ( 1.4 ) 10.1 0.4 2.4 
 Gains (losses) on cash flow hedges (d) 
 ( 0.3 ) ( 1.0 ) ( 7.7 ) 1.8 ( 7.2 ) 
 $ 127.7 11.5 2.9 1.6 143.7 
 
 2024 
 
 Amounts attributable to Brink's: 
 Benefit plan adjustments $ 50.5 ( 10.8 ) 5.6 ( 3.5 ) 41.8 
 Foreign currency translation adjustments ( 178.8 ) ( 6.2 ) ( 4.6 ) 1.1 ( 188.5 ) 
 Gains (losses) on available-for-sale securities 
 ( 2.1 ) 0.8 ( 4.6 ) 4.4 ( 1.5 ) 
 Gains (losses) on cash flow hedges 15.6 ( 2.2 ) ( 17.7 ) 4.4 0.1 
 ( 114.8 ) ( 18.4 ) ( 21.3 ) 6.4 ( 148.1 ) 
 
 Amounts attributable to noncontrolling interests: 
 Benefit plan adjustments 0.1 — ( 0.3 ) — ( 0.2 ) 
 Foreign currency translation adjustments ( 0.3 ) — — — ( 0.3 ) 
 ( 0.2 ) — ( 0.3 ) — ( 0.5 ) 
 
 Total 
 Benefit plan adjustments (a) 
 50.6 ( 10.8 ) 5.3 ( 3.5 ) 41.6 
 Foreign currency translation adjustments (b) 
 ( 179.1 ) ( 6.2 ) ( 4.6 ) 1.1 ( 188.8 ) 
 Gains (losses) on available-for-sale securities (c) 
 ( 2.1 ) 0.8 ( 4.6 ) 4.4 ( 1.5 ) 
 Gains (losses) on cash flow hedges (d) 
 15.6 ( 2.2 ) ( 17.7 ) 4.4 0.1 
 $ ( 115.0 ) ( 18.4 ) ( 21.6 ) 6.4 ( 148.6 ) 

 See page 98 for footnote explanations. 
 96 

 Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) 
 Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) 
 
 2023 
 
 Amounts attributable to Brink's: 
 Benefit plan adjustments $ ( 17.4 ) 4.3 2.2 ( 0.6 ) ( 11.5 ) 
 Foreign currency translation adjustments 65.6 4.0 ( 5.2 ) 1.2 65.6 
 Gains (losses) on available-for-sale securities 
 ( 0.8 ) ( 3.7 ) 5.0 ( 1.7 ) ( 1.2 ) 
 Gains (losses) on cash flow hedges 1.9 ( 0.8 ) ( 11.3 ) 1.8 ( 8.4 ) 
 49.3 3.8 ( 9.3 ) 0.7 44.5 
 
 Amounts attributable to noncontrolling interests: 
 Benefit plan adjustments — — ( 0.1 ) — ( 0.1 ) 
 Foreign currency translation adjustments ( 2.2 ) — — — ( 2.2 ) 
 ( 2.2 ) — ( 0.1 ) — ( 2.3 ) 
 
 Total 
 Benefit plan adjustments (a) 
 ( 17.4 ) 4.3 2.1 ( 0.6 ) ( 11.6 ) 
 Foreign currency translation adjustments (b) 
 63.4 4.0 ( 5.2 ) 1.2 63.4 
 Gains (losses) on available-for-sale securities (c) 
 ( 0.8 ) ( 3.7 ) 5.0 ( 1.7 ) ( 1.2 ) 
 Gains (losses) on cash flow hedges (d) 
 1.9 ( 0.8 ) ( 11.3 ) 1.8 ( 8.4 ) 
 $ 47.1 3.8 ( 9.4 ) 0.7 42.2 

 (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 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): 
 
 December 31, 
 (In millions) 2025 2024 2023 
 
 Total net periodic retirement benefit cost included in: 
 Cost of revenues $ 6.8 6.8 5.9 
 Selling, general and administrative expenses 1.8 2.1 2.0 
 Interest and other nonoperating income (expense) 1.9 0.1 0.5 

 (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. 
 (c) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss). When sold, gains and losses are then realized and reclassified to the consolidated statement of operations in the same period. Pretax amounts are classified in the consolidated statements of operations as interest and other income (expense). 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 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.) 
 
 97 

 The changes in accumulated other comprehensive loss attributable to Brink’s are as follows: 
 
 (In millions) 
 Benefit Plan Adjustments Foreign Currency Translation Adjustments Gains (Losses) on Available-for-Sale Securities 
 Gains (Losses) on Cash Flow Hedges Total 
 Balance as of December 31, 2022 $ ( 290.7 ) ( 433.8 ) ( 0.6 ) 24.6 ( 700.5 ) 
 Other comprehensive income (loss) before reclassifications ( 13.1 ) 69.6 ( 4.5 ) 1.1 53.1 
 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 1.6 ( 4.0 ) 3.3 ( 9.5 ) ( 8.6 ) 
 Other comprehensive income (loss) attributable to Brink's ( 11.5 ) 65.6 ( 1.2 ) ( 8.4 ) 44.5 
 
 Balance as of December 31, 2023 ( 302.2 ) ( 368.2 ) ( 1.8 ) 16.2 ( 656.0 ) 
 Other comprehensive income (loss) before reclassifications 39.7 ( 185.0 ) 3.1 13.4 ( 128.8 ) 
 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 2.1 ( 3.5 ) ( 4.6 ) ( 13.3 ) ( 19.3 ) 
 Other comprehensive income (loss) attributable to Brink's 41.8 ( 188.5 ) ( 1.5 ) 0.1 ( 148.1 ) 
 
 Balance as of December 31, 2024 ( 260.4 ) ( 556.7 ) ( 3.3 ) 16.3 ( 804.1 ) 
 Other comprehensive income (loss) before reclassifications ( 10.6 ) 154.2 ( 8.1 ) ( 1.3 ) 134.2 
 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 4.0 ( 4.1 ) 10.5 ( 5.9 ) 4.5 
 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 ) 

 98 

 Note 11 - Fair Value of Financial Instruments 
 
 Investments in Marketable Securities 
 We have investments in mutual funds, equity securities and available-for-sale debt securities that are carried at fair value in the financial statements and are included in other assets on the consolidated balance sheet. For these investments, fair value was based on quoted market prices, which we have categorized as a Level 1 valuation. 
 
 Fixed-Rate Debt 
 The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows: 
 
 December 31, 
 (In millions) 2025 2024 
 
 2027 Senior Unsecured Notes 
 Carrying value $ 600.0 600.0 
 Fair value 579.0 558.7 
 
 2029 Senior Unsecured Notes 
 Carrying value $ 400.0 400.0 
 Fair value 412.2 399.0 
 
 2032 Senior Unsecured Notes 
 Carrying value $ 400.0 400.0 
 Fair value 416.0 397.2 

 Pricing inputs for nonpublic debt are often not observable. The fair value estimates of our senior notes reflect unobservable estimates and assumptions, which we have categorized as a Level 3 valuation. Our fair value estimates were based on the present value of future cash flows, discounted at rates for public debt at the measurement date. The rates for public debt were additionally adjusted for a factor which represented the change in the interest spreads between the inception rates and the public debt rates at the measurement date. 
 
 Forward and Swap Contracts 
 The fair values of our forward and swap contracts are based on the present value of net future cash payments and receipts, as well as inputs 
 related to forward interest rates and forward currency rates that are derived principally from, or corroborated by, observable market data, 
 which we have categorized as a Level 2 valuation. 
 
 Economic Hedges 
 We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. At December 31, 2025, the notional value of our outstanding foreign currency forward and swap contracts was $ 982 million, with average maturities of approximately one month . These foreign currency forward and swap contracts primarily offset exposures in the euro, the Mexican peso, and the British pound and are not designated as hedges for accounting purposes. Accordingly, changes in their fair value are recorded immediately in earnings.
 
 Cash flows related to economic hedges are reported in the consolidated statements of cash flows based on the nature of the underlying items being hedged. For the periods presented, such cash flows are reported in operating activities or investing activities. 
 
 The fair value of these contracts were recognized in the consolidated balance sheet as follows:
 
 December 31, 
 
 (In millions) 2025 2024 
 
 Prepaid expenses and other 
 $ 4.2 19.0 
 Accrued liabilities 
 ( 5.3 ) ( 10.1 ) 
 Net asset (liability) 
 $ ( 1.1 ) 8.9 
 
 Amounts under these contracts were recognized in other operating income (expense) as follows: 
 
 Twelve Months Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Derivative instrument gains (losses) included in other operating income (expense) (a) 
 $ ( 17.9 ) ( 11.0 ) 21.3 
 
 (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 
 
 99 

 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 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. Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated. 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 2023, we entered into a zero cost foreign exchange collar contract with a $ 215 million notional amount and a May 2026 expiration date. We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $ 215 million notional cross currency swaps. Upon the execution of the zero cost foreign exchange collar contract, we de-designated the existing $ 215 million notional cross currency swaps and re-designated the combined $ 215 million notional cross currency swaps and zero cost collar into a new hedging instrument. At re-designation, the existing $ 215 million notional cross currency swaps had a non-zero fair value representing an off-market component of the participating cross currency swaps. The off-market value is being ratably amortized into earnings through May 2026. The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes. 
 
 The fair value of these contracts were recognized in the consolidated balance sheet as follows: 
 
 December 31, 
 
 (In millions) 2025 2024 
 
 Euro net investment hedge (a) 
 
 Prepaid expenses and other 
 $ 2.1 5.7 
 Accrued liabilities ( 34.2 ) — 
 Other noncurrent liabilities 
 ( 28.3 ) ( 21.7 ) 
 
 Zero cost collar 
 
 Prepaid expenses and other $ 0.2 — 
 Other noncurrent asset 
 — 3.1 
 
 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 
 ( 1.1 ) — 
 
 Net asset (liability) 
 $ ( 61.3 ) ( 12.8 ) 

 (a) At December 31, 2025, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 0.3 years. Swaps with a total notional value of $ 185 million will terminate in April 2031 and have a weighted average maturity of 4.8 years. 
 (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; Swiss franc; 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: 
 
 Twelve Months Ended December 31, 
 
 (In millions) 2025 2024 2023 
 
 Cross currency swaps designated as net investment hedges 
 $ ( 5.1 ) ( 4.6 ) ( 5.2 ) 
 
 Cash flows related to the amortization of the off-market component of net investment hedges are reported in investing activities. Cash flows from the termination and final settlement of net investment hedges are reported in investing activities. All other cash flows from net investment hedges are reported in operating activities. 
 
 Interest Rate Swaps - Cash Flow Hedges 
 
 We have periodically entered into interest rate swaps to hedge cash flow risk associated with changes in variable interest rates and we have designated the interest rate swaps as cash flow hedges for accounting purposes. 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 
 100 

 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: 
 
 December 31, 
 (In millions) 2025 2024 
 
 $100 million notional - June 2027 maturity (a) 
 
 Accrued liabilities 
 $ ( 0.3 ) — 
 Other noncurrent liabilities 
 ( 0.3 ) — 
 
 $50 million notional - June 2027 maturity (a) 
 
 Accrued liabilities $ ( 0.1 ) — 
 Other noncurrent liabilities ( 0.1 ) — 
 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: 
 
 Twelve Months Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Impact to interest expense - (benefit) cost 
 $ ( 7.7 ) ( 17.7 ) ( 19.9 ) 
 
 Cash flows related to interest rate swaps are reported as operating activities. 
 
 Cross Currency Swap - Cash Flow Hedge 
 In the first quarter of 2019, we entered into a long term cross currency swap contract to hedge exposure in Brazilian real. This cross currency swap contract matured and was fully settled in the fourth quarter of 2023. The swap contract was designated as a cash flow hedge for accounting purposes and changes in the fair value of the cash flow hedge were initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We immediately reclassified from accumulated other comprehensive income (loss) to earnings an amount to offset the remeasurement recognized in earnings associated with the respective intercompany loan. Additionally, we reclassified amounts from accumulated other comprehensive income (loss) to interest expense that were associated with the interest rate differential between a U.S. dollar denominated intercompany loan and a Brazilian real denominated intercompany loan. 
 
 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 
 In the second quarter of 2020, we acquired cash management operations in Malaysia from U.K.-based G4S Plc ("G4S") and have recorded a payable for contingent consideration. The contingent consideration will be paid when minimum dividend distributions are received by Brink's relating to cash on the balance sheets of the Malaysia subsidiaries as of the acquisition date. We used a probability-weighted approach to estimate the fair value of the contingent consideration. The fair value of the contingent consideration is the full $ 24 million that remains potentially payable as of December 31, 2025 as we believe it is unlikely that the contingent consideration payments will be reduced. 
 
 Other Financial Instruments 
 Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value. 
 
 There were no transfers in or out of any of the levels of the valuation hierarchy in 2025. 
 
 101 

 Note 12 - Accrued Liabilities 
 
 December 31, 
 (In millions) 2025 2024 
 
 Cash supply chain deposit liability (a) 
 $ 199.3 166.5 
 Payroll and other employee liabilities 176.0 151.2 
 Taxes, except income taxes 139.2 134.0 
 Cash held by cash management services operations (b) 
 106.4 81.3 
 Operating lease liabilities 92.2 78.2 
 Derivative instruments 40.6 10.1 
 Workers’ compensation and other claims 31.1 60.6 
 ATM surcharge/interchange payables 30.1 28.0 
 Accrued interest 27.9 28.2 
 Income taxes payable 20.4 28.0 
 DOJ/FinCEN investigations (c) 
 18.2 42.0 
 Retirement benefits 
 18.1 14.7 
 Contract liability 15.0 15.0 
 Chile antitrust matter (d) 
 11.3 9.9 
 
 Other 254.4 210.4 
 Accrued liabilities $ 1,180.2 1,058.1 

 (a) In France, we offer services to certain customers requiring us to take temporary title to the cash received from the management of our customers' cash supply chains. 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. 
 (b) Title to cash received and processed in certain of our secure cash management services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession. 
 (c) See Note 3 for more information on the DOJ/FinCEN investigations matters. 
 (d) See Note 22 for more information on the Chile antitrust matter. 
 
 Note 13 - Other Long-term Liabilities 
 
 December 31, 
 (In millions) 2025 2024 
 
 Workers’ compensation and other claims $ 76.6 75.7 
 Asset retirement and remediation obligations 36.0 33.8 
 Derivative instruments 29.8 21.7 
 Noncurrent transformation-related liabilities (a) 
 25.9 — 
 Acquisition-related obligations 25.4 23.3 
 Noncurrent tax liabilities 17.3 18.0 
 Deferred compensation 12.1 12.6 
 Post-employment benefits 6.9 6.5 
 Other 49.0 40.0 
 Other long-term liabilities 
 $ 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. 
 102 

 Note 14 - Debt 
 
 December 31, 
 (In millions) 2025 2024 
 
 Debt: 
 Short-term borrowings 
 
 Other (year end weighted average interest rate of 4.9 % in 2025 and 6.5 % in 2024) 
 $ 241.1 149.3 
 Total short-term borrowings $ 241.1 149.3 
 
 Long-term debt 
 Bank credit facilities: 
 Term loans (year-end weighted average interest rate of 5.4 % in 2025 and 6.2 % in 2024) 
 
 less unamortized issuance cost of $ 1.7 million in 2025 and $ 2.8 million in 2024 
 $ 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" respectively in 2025 and 2024) 
 
 less unamortized issuance cost of $ 9.6 million in 2025 and $ 12.2 million in 2024 
 1,390.4 1,387.8 
 Revolving Credit Facility (year-end weighted average interest rate of 5.5 % in 2025 and 6.2 % in 2024) 
 420.0 399.7 
 
 Other facilities (year-end weighted-average interest rate of 4.3 % in 2025 and 5.8 % in 2024) (a) 
 669.1 432.1 
 Financing leases (year-end weighted-average interest rate of 7.1 % in 2025 and 6.7 % in 2024) 
 270.4 235.1 
 Total long-term debt $ 3,973.2 3,746.9 
 
 Total Debt $ 4,214.3 3,896.2 
 
 Included in: 
 Current liabilities $ 404.2 291.0 
 Noncurrent liabilities 3,810.1 3,605.2 
 Total debt $ 4,214.3 3,896.2 

 (a) Includes Other Revolving Credit Facilities of $ 557 million at December 31, 2025 and $ 359 million at December 31, 2024. 
 
 Long-Term Debt 
 
 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. 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"). 
 
 All loans under the Revolving Credit Facility and the Term Loans mature on June 23, 2027. Principal payments for the Term Loans are due quarterly in an amount equal to 0.625 % of the initial loan amount for the first eight quarterly installment payments and 1.25 % for subsequent payments with a final lump sum payment due on June 23, 2027. Interest rates for the Senior Secured Credit Facility are based on the Secured Overnight Financing Rate ("SOFR") plus a margin or an alternate base rate plus a margin. The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of December 31, 2025, $ 580 million was available under the Revolving Credit Facility. The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries. The Company and certain of its domestic subsidiaries also guarantee the obligations under the Senior Secured Credit Facility. 
 
 The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio. The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at December 31, 2025. The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of December 31, 2025. We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio. The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 %as of December 31, 2025. 
 103 

 Senior Unsecured Notes 
 In June 2024, we issued at par five-year senior unsecured notes (the "2029 Senior Unsecured Notes") in the aggregate principal amount of $ 400 million. The 2029 Senior Unsecured Notes will mature on June 15, 2029, and bear an annual interest rate of 6.5 %. The 2029 Senior Unsecured Notes are 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. 
 
 In June 2024, we issued at par eight-year senior unsecured notes (the "2032 Senior Unsecured Notes") in the aggregate principal amount of $ 400 million. The 2032 Senior Unsecured Notes will mature on June 15, 2032, and bear an annual interest rate of 6.75 %. The 2032 Senior Unsecured Notes are 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. 
 
 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 %. The 2027 Senior Unsecured Notes are 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. 
 
 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. 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. 
 
 Other Facilities 
 Other facilities consists primarily of revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities"). On an aggregate basis, borrowings under these facilities total $ 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 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. 
 
 Minimum repayments of long-term debt are as follows: 
 
 (In millions) 
 Financing leases Other long-term debt Total 
 
 2026 $ 72.7 90.4 163.1 
 2027 67.4 2,645.6 2,713.0 
 2028 51.9 136.7 188.6 
 2029 35.0 418.1 453.1 
 2030 26.6 11.4 38.0 
 Later years 16.8 411.9 428.7 
 Total $ 270.4 3,714.1 3,984.5 

 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. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements. We were in compliance with all of these covenants at December 31, 2025. 
 
 104 

 Financing Leases 
 Property and equipment acquired under financing leases are included in property and equipment as follows: 
 
 December 31, 
 (In millions) 2025 2024 
 
 Asset class: 
 Buildings $ 33.5 7.8 
 Vehicles 330.3 347.8 
 Machinery and equipment 186.2 122.6 
 550.0 478.2 
 Less: accumulated amortization ( 223.8 ) ( 196.9 ) 
 Total $ 326.2 281.3 

 105 

 Note 15 - Accounts Receivable and Credit Losses 
 
 Accounts receivable 
 
 December 31, 
 (In millions) 2025 2024 
 
 Trade $ 643.1 603.9 
 Other 143.5 154.1 
 Total accounts receivable 786.6 758.0 
 Allowance for doubtful accounts ( 20.6 ) ( 24.5 ) 
 Accounts receivable, net $ 766.0 733.5 

 Credit losses 
 
 We are exposed to credit losses primarily through sales of our cash and valuable management services and DRS and AMS services to customers with operations in the U.S. as well as customers in more than 100 countries outside the U.S. We typically invoice our customers on a monthly basis and payment terms are generally between 30 and 60 days. 
 
 We assess currently expected credit losses in our financial assets on a pool basis by aggregating financial assets with similar risk characteristics. We have pooled financial assets by geographic location because of the similarities within each location such as customers, payment terms, and services offered. Loss experience is monitored for each pool and we determine historical loss rates for each pool. 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 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. 
 
 The following table is a rollforward of the allowance for doubtful accounts: 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Allowance for doubtful accounts: 
 Beginning of year $ 24.5 30.4 38.3 
 
 Provision for uncollectible accounts receivable 6.3 8.5 12.8 
 Write offs and recoveries 
 ( 11.4 ) ( 13.6 ) ( 21.1 ) 
 
 Foreign currency exchange effects 1.2 ( 0.8 ) 0.4 
 End of year $ 20.6 24.5 30.4 

 106 

 Note 16 - Leases 
 
 We lease facilities, vehicles, certain DRS devices, ATMs, computers and other equipment under long-term operating and financing leases with varying terms. Most of the leases contain renewal and/or purchase options, exercisable at our sole discretion. The renewal periods differ by asset class and by country and are included in our determination of lease term if we determine we are reasonably certain to exercise the option. 
 
 We have taken the component election for all material asset categories, except certain DRS devices. This election allows us to account for lease components (e.g., fixed payments or variable payments that depend on a rate that can be determined at commencement, including rent for the right to use the asset) together with non-lease components (e.g., other fixed payments that deliver a good or service including common-area maintenance costs) in the calculation of the right-of-use asset and corresponding liability. Variable costs, such as inflation adjusted payments for facilities, or non-lease components that vary periodically (included as part of the component election), are expensed as incurred. 
 
 Our leases do not contain any material residual value guarantees or material restrictive covenants. 
 
 The components of lease assets and liabilities were as follows: 
 
 December 31, 
 (In millions) Balance sheet classification 2025 2024 
 Assets: 
 Operating lease assets Right-of-use assets, net $ 388.7 $ 354.9 
 Finance lease assets Property and equipment, net 326.2 281.3 
 Total leased assets $ 714.9 $ 636.2 
 
 Liabilities: 
 Current: 
 Operating Accrued liabilities $ 92.2 $ 78.2 
 Financing Current maturities of long-term debt 72.7 61.4 
 Noncurrent: 
 Operating Lease liabilities 310.2 278.6 
 Financing Long-term debt 197.7 173.7 
 Total lease liabilities $ 672.8 $ 591.9 

 The components of lease expense were as follows: 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Operating lease cost (a) 
 $ 159.5 $ 148.7 $ 133.8 
 Short-term lease cost 30.3 23.3 25.5 
 Variable lease cost (a) 
 91.0 19.9 19.6 
 Finance lease cost: 
 Amortization of related assets 61.5 52.4 44.5 
 Interest on related liabilities 25.7 17.5 14.0 
 Total lease cost $ 368.0 $ 261.8 $ 237.4 

 (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. 
 
 107 

 Other information related to leases was as follows: 
 
 Years Ended December 31, 
 (In millions, except for lease term and discount rate) 2025 2024 2023 
 
 Supplemental Cash Flows Information 
 
 Cash paid for amounts included in the measurement of lease liabilities: 
 Operating cash flows from operating leases $ 134.5 $ 125.6 $ 107.9 
 Operating cash flows from finance leases 25.7 17.5 14.0 
 Financing cash flows from finance leases 75.9 64.6 55.5 
 Right-of-use assets obtained in exchange for lease obligations: 
 Operating leases 156.2 132.2 104.3 
 Finance leases 76.2 75.1 92.0 
 
 Weighted Average Remaining Lease Term 
 
 Operating leases 6.4 years 6.2 years 6.5 years 
 Finance leases 4.4 years 4.2 years 4.7 years 
 
 Weighted Average Discount Rate 
 
 Operating leases 7.3 % 7.0 % 6.8 % 
 Finance leases 7.1 % 6.7 % 6.2 % 

 As of December 31, 2025, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: 
 
 (In millions) 
 Facilities DRS Devices 
 Other Total 
 
 2026 $ 74.9 25.3 17.3 117.5 
 2027 61.6 23.2 11.2 96.0 
 2028 50.5 19.9 5.8 76.2 
 2029 37.8 13.4 1.3 52.5 
 2030 29.6 3.6 0.4 33.6 
 Later years 128.9 — 0.1 129.0 
 Total lease payments 
 $ 383.3 85.4 36.1 504.8 
 Less: Interest 89.9 9.3 3.2 102.4 
 Present value of lease liabilities $ 293.4 76.1 32.9 402.4 

 As of December 31, 2025, minimum repayments of long-term debt under financing leases were as follows: 
 
 (In millions) 
 
 2026 $ 88.2 
 2027 78.3 
 2028 58.6 
 2029 38.7 
 2030 28.5 
 Later years 28.6 
 Total finance lease payments $ 320.9 
 Less: Interest 50.5 
 Present value of finance lease liabilities $ 270.4 

 108 

 Note 17 - Share-Based Compensation Plans 
 
 We have share-based compensation plans to attract and retain employees and non-employee directors and to more closely align their interests with those of our shareholders. 
 
 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, 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. The 2017 Plan became effective May 2017. The 2024 Plan became effective May 2024. During the first quarter ended March 31, 2023, the remaining outstanding awards granted under the 2013 Equity Incentive Plan (the "2013 Plan") were fully exercised. No further grants of awards will be made under the 2013 Plan or the 2017 Plan. 
 
 We also have outstanding deferred stock units granted to directors under the 2017 Plan and the 2024 Plan. Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors’ Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired. 
 
 There are 2.6 million shares underlying share-based plans that are authorized, but not yet granted. Outstanding awards at December 31, 2025, include performance stock units, restricted stock units, deferred stock units, time-based stock options, and certain awards that will be settled in cash. 
 
 Compensation Expense 
 Compensation expense is measured using the fair-value-based method. For all share-based awards outstanding at 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. 
 
 Compensation expenses are classified as selling, general and administrative expenses in the consolidated statements of operations. Compensation expenses for the last three years and the amount of unrecognized expense for awards outstanding at December 31, 2025, were as follows: 
 
 Compensation Expense Unrecognized Expense for Nonvested Awards at Weighted-average No. of Years Unrecognized Expense to be Recognized 
 Years Ended December 31, Dec 31, 2025 
 (in millions except years) 2025 2024 2023 
 
 Performance stock units 
 $ 13.8 25.2 20.3 $ 17.6 1.7 
 
 Restricted stock units 10.6 9.9 10.4 9.2 1.5 
 Deferred stock units and fees paid in stock 1.6 1.4 1.4 0.5 0.4 
 
 Cash based awards 2.2 1.9 2.8 1.1 1.4 
 Share-based payment expense 28.2 38.4 34.9 
 Income tax benefit ( 6.5 ) ( 8.7 ) ( 7.9 ) 
 Share-based payment expense, net of tax $ 21.7 29.7 27.0 

 109 

 Value of Distributed or Exercised Awards 
 The value of shares distributed or options exercised in the last three years is as follows: 
 
 Value of Shares Distributed or Exercised (a) 
 
 Years Ended December 31, 
 (in millions) 2025 2024 2023 
 
 Performance stock units 
 $ 42.5 35.3 16.3 
 
 Restricted stock units 14.2 13.4 8.5 
 Deferred stock units and fees paid in stock 1.1 1.4 1.0 
 Performance-based options (a) 
 — 1.3 3.0 
 Time-based vesting options (a) 
 0.6 2.2 0.1 
 Total $ 58.4 53.6 28.9 
 
 Income tax benefit realized $ 13.9 12.7 7.0 

 (a) Intrinsic value for options. 
 
 Restricted Stock Units (“RSUs”) 
 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 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. The weighted-average fair value per share at grant date was $ 89.26 in 2025, $ 85.14 in 2024 and $ 65.77 in 2023. The weighted-average discount was approximately 2 % in each of 2025, 2024 and 2023. 
 
 The following table summarizes RSU activity during 2025: 
 
 Shares 
 (in thousands) 
 Weighted-Average Grant Date Fair Value Per Share 
 
 Nonvested balance as of December 31, 2024 
 290.4 $ 74.24 
 Activity from January 1 to December 31, 2025: 
 
 Granted 163.2 89.26 
 Forfeited ( 38.5 ) 82.82 
 
 Vested ( 151.4 ) 70.34 
 Nonvested balance as of December 31, 2025 
 263.7 $ 84.52 

 Performance Stock Units (“PSUs”) 
 Historically, we have granted Internal Metric PSUs ("IM PSUs") and Relative Total Shareholder Return PSUs ("TSR PSUs") as part of our compensation program. 
 
 The majority of outstanding IM PSUs contain a performance condition as well as a service condition. 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 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, 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 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. 
 
 110 

 The following table summarizes all PSU activity during 2025: 
 
 Shares
(in thousands) Weighted-Average Grant Date Fair Value Per Share 
 
 Nonvested balance as of December 31, 2024 
 639.1 $ 72.64 
 Activity from January 1 to December 31, 2025: 
 
 Granted 222.1 89.90 
 Forfeited or expired 
 ( 103.8 ) 81.18 
 
 Vested (a) 
 ( 235.0 ) 67.17 
 Nonvested balance as of December 31, 2025 
 522.4 $ 80.75 

 (a) The vested PSUs presented are based on the target amount of the award. 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 2025, 2024, and 2023: 
 
 Terms and Assumptions Used to Estimate Grant Date Fair Value 
 2025 IM PSUs (a) 
 2024 IM PSUs (a) 
 2023 IM PSUs (a) 
 
 Terms of awards: 
 Performance period Jan. 1, 2025 to Jan. 1, 2024 to Jan. 1, 2023 to 
 Dec. 31, 2027 Dec. 31, 2026 Dec. 31, 2025 
 
 Weighted-average assumptions used to estimate fair value: 
 Expected dividend yield (b) 
 1.1 % 1.1 % 1.2 % 
 Expected stock price volatility (c) 
 29.4 % 31.1 % 41.9 % 
 Risk-free interest rate (d) 
 3.9 % 4.3 % 4.5 % 
 Contractual term in years 2.8 2.8 2.8 
 
 Weighted-average fair value estimates at grant date: 
 In millions $ 12.9 $ 10.5 $ 8.5 
 Fair value per share $ 92.26 $ 83.81 $ 72.51 

 (a) In 2025, 2024, and 2023, we granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier). 
 (b) The stock price projection in the Monte Carlo simulation model assumed a 0 % dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period. For the valuation of these PSUs with market conditions, because the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model to reduce the projected stock price as of the grant date. 
 (c) The expected stock price volatility was calculated on the grant date for the most recent term equivalent to the contractual term in years. 
 (d) The risk-free interest rate on each date of grant is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the grant date contractual term. 
 
 111 

 Options 
 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. 
 
 When vested, options entitle the holder to purchase a specified number of shares of Brink’s stock at a price set at the date the options were granted. The option price for Brink’s options was equal to the market price of Brink’s stock on the award date. Options granted to employees have a maximum term of six years . 
 
 Time-based Vesting Option Activity 
 The table below summarizes the activity associated with grants of time-based vesting options: 
 
 Shares
(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, 2024 (b) 
 22.5 $ 84.17 $ 20.98 
 
 Exercised ( 19.7 ) 84.52 21.15 
 Outstanding at December 31, 2025 
 2.8 $ 81.69 $ 19.75 0.2 $ 0.1 
 
 Of the above, as of December 31, 2025: 
 
 Exercisable 2.8 $ 81.69 0.2 $ 0.1 
 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, 2025 was $ 116.73 . 
 (b) There were 22.5 thousand exercisable options with a weighted average exercise price of $ 84.17 at December 31, 2024 and 115.7 thousand exercisable options with a weighted average exercise price of $ 80.74 at December 31, 2023. 
 (c) At December 31, 2025, all outstanding time-based options were vested. 
 
 The following table provides the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for the time-based vesting options granted in 2020:
 
 Assumptions Used to Estimate Grant Date Fair Value of Time-Based Options 2020 
 
 Assumptions used to estimate fair value: 
 Expected dividend yield (a) 
 0.7 % 
 Expected stock price volatility (b) 
 29.7 % 
 Risk-free interest rate (c) 
 1.3 % 
 Expected term in years (d) 
 4.5 
 
 Weighted-average fair value estimates at grant date: 
 In millions $ 1.7 
 Fair value per share $ 21.10 

 (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 the time of the grant after reviewing the historic volatility of our stock using daily close prices. 
 (c) The risk-free interest rate at each grant date was the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. 
 (d) The expected term of the options was based on historical exercise, expiration and post-cancellation behavior. 
 
 Deferred Stock Units (“DSUs”) 
 We granted DSUs to our non-employee directors as part of our compensation program. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period. 
 
 DSUs granted after 2014 will be paid out in shares of Brink's stock on the first anniversary of the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service. 
 
 112 

 The following table summarizes all DSU activity during 2025: 
 
 Shares 
 (in thousands) 
 Weighted-Average Grant-Date Fair Value 
 
 Nonvested balance as of December 31, 2024 
 13.6 $ 87.93 
 Activity from January 1 to December 31, 2025: 
 
 Granted 14.8 92.19 
 
 Vested ( 13.6 ) 87.93 
 Nonvested balance as of December 31, 2025 
 14.8 $ 92.19 

 The weighted-average grant-date fair value estimate per share for DSUs granted was $ 92.19 in 2025, $ 87.93 in 2024 and $ 62.43 in 2023. 
 
 Other Share-Based Compensation 
 We have a deferred compensation plan that allows participants to defer a portion of their compensation into stock units. Units will be redeemed by employees for an equal number of shares of Brink’s stock. Employee deferred compensation accounts held 31,773 units at December 31, 2025, and 77,573 units at December 31, 2024. 
 
 We have a stock accumulation plan for our non-employee directors that, prior to 2014, provided for awards of stock units. Additionally, some fees paid to our directors are in the form of stock and may be deferred for distribution to a later date. Directors’ deferred compensation accounts held 23,350 units at December 31, 2025, and 21,818 units at December 31, 2024. 
 
 113 

 Note 18 - Capital Stock 
 
 Common Stock 
 At December 31, 2025, we had 100 million shares of common stock authorized and 41.1 million shares issued and outstanding. 
 
 Dividends 
 We paid regular quarterly dividends on our common stock during the last three years. On September 17, 2025, the Board declared a regular quarterly dividend of 25.50 cents per share payable on December 1, 2025 to shareholders of record on November 3, 2025. The payment of future dividends is at the discretion of the Board and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors. 
 
 Preferred Stock 
 At December 31, 2025, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share. 
 
 Share Repurchase Program 
 In December 2025, our Board authorized a $ 750 million share repurchase program that expires on December 31, 2027 (the “2025 Repurchase Program”). 
 
 Under the 2025 Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares. 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. 
 
 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. 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. These shares were retired upon repurchase. The 2021 Repurchase Program expired on December 31, 2023 with approximately $ 28 million remaining available. 
 
 Shares Used to Calculate Earnings per Share 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Weighted-average shares 
 
 Basic (a) 
 42.2 44.3 46.2 
 Effect of dilutive stock awards 0.3 0.5 0.7 
 Diluted (a) 
 42.5 44.8 46.9 
 
 Antidilutive stock excluded from denominator 
 — — 0.3 

 (a) We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, basic and diluted shares include weighted-average units of 0.2 million in 2025, 0.2 million in 2024 and 0.3 million in 2023. 
 
 114 

 Note 19 - Supplemental Cash Flow Information 
 
 Years Ended December 31, 
 
 2025 2024 2023 
 
 Cash paid for: 
 Interest $ 239.6 235.3 195.8 
 Income taxes, net 135.7 122.1 96.3 

 Argentina Marketable Securities 
 In the last three years, we have used available Argentine pesos to purchase equity and available-for-sale debt securities. Cash outflows for the purchase of these financial instruments totaled $ 67.9 million in 2025, $ 29.7 million in 2024, and $ 131.1 million in 2023. Cash inflows for the sale of these financial instruments totaled $ 73.9 million in 2025, $ 14.6 million in 2024, and $ 145.6 million in 2023. At the time of any future sale of these financial instruments, proceeds received will be solely in Argentine pesos. These cash flows are reported in investing activities. 
 
 Non-cash Investing and Financing Activities 
 We acquired armored vehicles, DRS devices and other equipment under financing lease arrangements in the last three years including $ 76.2 million in 2025, $ 75.1 million in 2024 and $ 92.0 million in 2023. 
 
 Loans Held for Investment 
 In France, as part of an ATM managed services contract for a large customer, we purchase the ATMs at the beginning of the contract. However, since these ATMs are specifically for the benefit of the customer and transfer back to the customer at the end of the contract, this is recorded as a financing transaction. As a result, the loan to the customer, net of payments received, is treated as investing cash flows. 
 
 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 NoteMachine acquisition and $ 0.8 million related to the Touchpoint 21 acquisition. 
 
 Restricted Cash (Cash Supply Chain Services) 
 In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. Providing this service requires our French subsidiary to take temporary title to the cash received from the management of our customers' cash supply chains until the cash is returned to the customers. 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. Providing this service requires our Malaysia subsidiary to take temporary title to the cash received in advance of ATM replenishment. 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. 
 
 In accordance with our revolving credit facilities, we are required to maintain restricted cash reserves totaling $ 45.7 million ($ 44.0 million at December 31, 2024) and, due to this contractual restriction, we have classified these amounts as restricted cash. 
 
 At December 31, 2025, we held $ 541.0 million of restricted cash ($ 294.2 million represented restricted cash held for customers and $ 199.3 million represented accrued liabilities). At December 31, 2024, we held $ 445.1 million of restricted cash ($ 232.7 million represented restricted cash held for customers and $ 166.5 million represented accrued liabilities). 
 
 Lessor Debt Financing 
 In certain leasing transactions, we acquire assets through capital expenditures that are then sold to lessors in which the cash received is classified as borrowings from financing activities rather than proceeds from investing activities. Cash inflows related to these transactions totaled $ 43.2 million in 2025 compared to $ 46.6 million in 2024 and $ 7.5 million in 2023 and are included in Other long-term debt borrowings within financing activities in the consolidated statements of cash flows. 
 
 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. 
 
 December 31, 
 (In millions) 2025 2024 
 Cash and cash equivalents $ 1,725.9 1,395.3 
 Restricted cash 541.0 445.1 
 Total, cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 2,266.9 1,840.4 

 115 

 Note 20 - Other Operating Income (Expense) 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Foreign currency items: 
 Transaction gains (losses) (a) 
 $ 11.7 16.5 ( 85.1 ) 
 Derivative instrument gains (losses) ( 17.9 ) ( 11.0 ) 21.3 
 Royalty income 10.2 8.0 7.5 
 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) 
 0.2 ( 2.4 ) ( 3.4 ) 
 Contingent consideration liability adjustments (c) 
 — — 6.2 
 
 Other 3.2 5.5 4.9 
 Other operating income (expense) $ 5.5 18.7 ( 54.2 ) 

 (a) Includes remeasurement losses in Argentina of $ 17.0 million in 2025, $ 18.4 million in 2024 and $ 79.1 million in 2023 related to highly inflationary accounting. 
 (b) Post-acquisition adjustments to indemnification assets recognized in previous business acquisitions. 
 (c) In 2023, we derecognized contingent consideration liabilities, primarily related to the NoteMachine business acquisition. 
 
 Note 21 - Interest and Other Nonoperating Income (Expense) 
 
 Years Ended December 31, 
 (In millions) 2025 2024 2023 
 
 Interest income $ 27.3 48.9 36.3 
 Gain (loss) on equity and debt securities 
 ( 3.8 ) 5.0 ( 12.8 ) 
 Non-income taxes on intercompany billings 
 ( 2.6 ) ( 2.1 ) ( 2.6 ) 
 Argentina turnover tax 
 ( 2.3 ) ( 3.4 ) ( 6.8 ) 
 Retirement benefit cost other than service cost ( 1.9 ) ( 0.2 ) ( 0.5 ) 
 Foreign currency transaction gains (losses) 
 ( 1.8 ) 0.3 ( 1.1 ) 
 
 Other ( 1.0 ) 0.2 1.9 
 Interest and other nonoperating income (expense) $ 13.9 48.7 14.4 

 116 

 Note 22 - Other Commitments and Contingencies 
 
 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. In October 2021, the FNE filed a complaint before the Chilean antitrust court alleging that Brink’s Chile (as well as competitor companies) engaged in collusion in 2017 and 2018 and requested that the court approve a fine of $ 30.5 million. The Company filed its response to the complaint in November 2022, which signaled the beginning of the evidentiary phase. The Company intends to vigorously defend itself against the FNE's complaint. Based on available information to date, the Company recorded a charge of $ 9.5 million in the third quarter of 2021 in connection with this matter. After the third quarter of 2021, all adjustments to the contingent liability have resulted primarily from changes in currency rates. 
 
 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. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that it is reasonably possible the ultimate disposition of any of the legal matters currently pending against the Company could have a material adverse effect on our liquidity, financial position or results of operations. 
 
 At December 31, 2025, we had noncancellable commitments for $ 29.5 million in equipment purchases, and information technology and other services. 
 
 117 

 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. 
 118 

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 
 
 None.
BRINKS CO 10-K

Item 8. Financial Statements and Supplementary Data
