What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-06 compared with 2025-11-05 · 152 added, 322 removed, 470 unchanged (50% of the section changed)

24 unchanged sentences

Consolidated Review

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

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

2025 2024 Change 2025 2024 Change

2026 2025 Change

Revenues $ 1,375.1 1,246.7 10

4 unchanged sentences

8.0 % 9.6 % (16)

Income from continuing operations (a)(c)

Income from continuing operations (a)

32.1 51.6 (38)

5 unchanged sentences

Non-GAAP income from continuing operations (a)

87.5 72.4 21 234.4 227.8 3

Adjusted EBITDA

1 unchanged sentence

Non-GAAP diluted EPS from continuing operations (a)

2.08 1.62 28 5.49 5.06 8

(a) Amounts reported in this table are attributable to the shareholders of Brink’s and exclude earnings related to noncontrolling interests.

1 unchanged sentence

See page 40 for further information on these non-GAAP measures and reconciliations to the applicable GAAP measures.

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

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

Analysis of Consolidated Results:

Third Quarter 2025 versus Third Quarter 2024

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

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

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

First Quarter 2026 versus First Quarter 2025

Consolidated Revenues Revenues increased $128.4 million due to the favorable impact of currency exchange rates ($71.1 million), organic increases in North America ($20.4 million), Rest of World ($13.2 million), Latin America ($11.4 million), and Europe ($10.7 million), and the favorable impact of acquisitions ($1.6 million).

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

Revenues increased 4% on an organic basis primarily due to inflation-based price increases, and organic growth in AMS and DRS revenue, as well as BGS revenue.

See our definition of “organic growth” on page 40 .

Consolidated Costs and Expenses Cost of revenues increased 9% to $1,019.4 million primarily due to the impact of higher revenue and the impact of currency exchange rates.

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

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

Operating profit increased $40.8 million due mainly to:

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

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

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

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

partially offset by:

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

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

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

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

Analysis of Consolidated Results:

Nine Months 2025 versus Nine Months 2024

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

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

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

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

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

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

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

Operating profit increased $56.9 million due mainly to:

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

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

• the depreciation adjustment mentioned above, and

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

Selling, general and administrative costs increased 35% to $250.8 million primarily due to costs from NCR Atleos acquisition and transformation initiatives, higher incentive compensation, and the impact of currency exchange rates.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 9.6% to 8.0%.

Operating profit decreased $8.9 million due mainly to:

• higher expenses due to the NCR Atleos acquisition and transformation initiatives ($33.8 million) and

• higher corporate expenses on an organic basis ($11.5 million),

partially offset by:

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

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

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

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

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

• organic increases in North America ($7.8 million), Europe ($7.6 million), Rest of World ($6.0 million), and Latin America ($0.9 million) and

• favorable changes in currency exchange rates ($6.7 million), driven primarily by the Mexican peso, the euro, and Brazilian real.

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $19.5 million to $32.1 million due to the decrease in operating profit mentioned above, lower interest and other nonoperating income ($8.8 million), higher interest expense ($6.0 million), and higher noncontrolling interest ($0.4 million), partially offset by the lower income tax expense ($4.6 million).

Earnings per share from continuing operations was $0.77, down from $1.19 in the first quarter of 2025.

Non-GAAP Basis

2 unchanged sentences

Analysis of Consolidated Results:

Third Quarter 2025 versus Third Quarter 2024

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

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

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

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

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

partially offset by:

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

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

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

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

Analysis of Consolidated Results:

Nine Months 2025 versus Nine Months 2024

First Quarter 2026 versus First Quarter 2025

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.1% to 12.2%.

Non-GAAP operating profit increased $17.8 million due mainly to:

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

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

• organic increases in North America ($7.8 million), Europe ($7.6 million), Rest of World ($6.0 million), and Latin America ($0.9 million),

• favorable changes in currency exchange rates ($6.7 million), driven primarily by the Mexican peso, the euro, and Brazilian real, and

• the favorable impact of acquisitions in segment results ($0.3 million),

partially offset by:

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

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

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

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

• higher corporate expenses on an organic basis ($11.5 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $4.1 million to $74.7 million due to the operating profit increase mentioned above, partially offset by lower interest and other nonoperating income ($6.1 million), and higher interest expense ($6.0 million), and the higher income tax expense ($1.6 million).

Non-GAAP earnings per share from continuing operations was $1.80, up from $1.62 in the first quarter of 2025.

Adjusted EBITDA Adjusted EBITDA increased 10% to $237.5 million primarily due to the increase in Non-GAAP operating profit ($17.8 million).

Revenues and Operating Profit by Segment:

Third Quarter 2025 versus Third Quarter 2024

First Quarter 2026 versus First Quarter 2025

Organic Change (a)

30 unchanged sentences

Analysis of Segment Results:

Third Quarter 2025 versus Third Quarter 2024

First Quarter 2026 versus First Quarter 2025

North America

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

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

Revenues increase 5% ($22.0 million) primarily due to a 5% organic increase ($20.4 million).

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

Operating profit increased 15% ($7.8 million) due to a 15% organic increase ($7.8 million).

1 unchanged sentence

Latin America

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

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

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

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

Revenues increased 12% ($36.2 million) due to the favorable impact of currency exchange rates ($24.3 million) primarily from the Mexican peso and a 4% organic increase ($11.4 million).

The organic increase was primarily driven by price increases across the segment, as well as growth in AMS and DRS revenue.

Operating profit increased 6% ($3.5 million) primarily due to the favorable impact of currency exchange rates ($2.8 million) and a 2% organic increase ($0.9 million).

The organic increase was primarily driven by higher revenue and cost productivity.

Revenues increased 15% ($46.9 million) primarily due to favorable impact of currency exchange rates ($35.1 million), a 3% organic increase ($10.7 million), and the favorable impact of acquisitions ($1.1 million).

3 unchanged sentences

Rest of World

Revenues increased 5% ($10.9 million) due to the favorable impact of currency exchange rates ($5.9 million) and a 2% organic increase ($5.0 million).

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

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

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

Revenues and Operating Profit by Segment:

Nine Months 2025 versus Nine Months 2024

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

Impact of Acquisitions / Dispositions (b)

Currency Effect (c)

Nine months ended September 30, 2025 % Change

(In millions, except for percentages)

Total Organic Growth (a)

North America $ 1,230.1 55.0 4.3 (2.7) 1,286.7 5 4

Latin America 987.4 64.8 8.4 (106.8) 953.8 (3) 7

Europe 916.6 41.4 3.5 28.5 990.0 8 5

Rest of World 613.6 27.2 — 10.9 651.7 6 4

Segment revenues

3,747.7 188.4 16.2 (70.1) 3,882.2 4 5

$ 3,747.7 188.4 16.2 (70.1) 3,882.2 4 5

Operating profit:

North America $ 141.6 30.4 0.2 — 172.2 22 21

Latin America 196.5 (2.7) 3.2 (22.2) 174.8 (11) (1)

Europe 98.2 8.8 — 3.9 110.9 13 9

Rest of World 123.9 13.8 — 1.4 139.1 12 11

Segment operating profit 560.2 50.3 3.4 (16.9) 597.0 7 9

Corporate expenses (d)

(108.0) 18.4 — (4.1) (93.7) (13) (17)

Other items not allocated to segments (d)

(103.7) 5.8 (14.7) 14.7 (97.9) (6) (6)

Operating profit

$ 348.5 74.5 (11.3) (6.3) 405.4 16 21

Amounts may not add due to rounding.

See page 39 for footnote explanations.

Analysis of Segment Results:

Nine Months 2025 versus Nine Months 2024

North America

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

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

Operating profit increased 22% ($30.6 million) due to a 21% organic increase ($30.4 million) and the impact of acquisitions ($0.2 million).

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

Latin America

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

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

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

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

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

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

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

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

Rest of World

Revenues increased 12% ($23.3 million) due to a 7% organic increase ($13.2 million) and the favorable impact of currency exchange rates ($10.1 million).

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

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

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

Organic growth in the segment was primarily due to growth in BGS revenue and pricing discipline across the segment.

Operating profit increased 17% ($7.8 million) primarily due to a 13% organic increase ($6.0 million) and the favorable impact of currency exchange rates ($1.8 million).

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

Analysis of Income and Expense Not Allocated to Segments

6 unchanged sentences

Corporate Expenses

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2025 2024 change 2025 2024 change

2026 2025 change

General, administrative and other expenses $ (46.4) (34.9) 33

1 unchanged sentence

Corporate expenses $ (44.8) (31.7) 41

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

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

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

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

Corporate expenses for the first three months of 2026 increased $13.1 million versus the prior year period.

This was primarily driven by higher net compensation costs ($6.7 million), higher global management costs not allocated to segments ($3.5 million), higher net technology costs ($2.9 million) and a reduction in currency transaction gains ($1.6 million), partially offset by lower charges related to insurance and security losses ($3.6 million).

Other Items Not Allocated to Segments

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2025 2024 change 2025 2024 change

2026 2025 change

Reorganization and restructuring

1 unchanged sentence

Acquisitions and dispositions (15.6) (18.5) (16)

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

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

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

Argentina highly inflationary impact 0.5 (6.3) fav

NCR Atleos acquisition and transformation initiatives

(38.9) (5.1) unfav

Non-routine legal matters

(2.8) — unfav

DOJ/FinCEN investigations (1.2) (0.9) 33

Chile antitrust matter

(0.2) (0.2) —

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

Total Other items not allocated to segments

1 unchanged sentence

Reorganization and Restructuring

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

These items include primarily severance charges and asset impairment losses.

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

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.

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

These items included primarily severance charges and asset impairment losses.

These costs related to global restructuring initiatives, completed in prior years, mainly to mitigate the impact of external economic conditions in light of the COVID-19 pandemic.

Due to the unusual nature of the underlying events that led to these actions, the charges are not considered part of the Company's operations and revenue generating activities.

9 unchanged sentences

2026 Acquisitions and Dispositions

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

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

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

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

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

• Amortization expense for acquisition-related intangible assets was $14.9 million in the first three months of 2026.

2025 Acquisitions and Dispositions

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

• Amortization expense for acquisition-related intangible assets was $14.4 million in the first three months of 2025.

• Restructuring costs related to acquisitions were $2.0 million in the first three months of 2025.

• Net charges of $0.9 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

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

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

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

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

• We incurred $0.4 million in integration costs in the first three months of 2025.

• Transaction costs related to business acquisitions were $0.5 million in the first three months of 2025.

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

2 unchanged sentences

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

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

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

In the first three months of 2026, we recognized a net $0.5 million pretax gain in operating profit related to highly inflationary accounting, including currency remeasurement gains of $1.4 million.

In the first three months of 2025, we recognized $6.3 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement loss of $4.8 million.

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

2 unchanged sentences

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

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.

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

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

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

NCR Atleos acquisition and transformation initiatives On February 26, 2026, we entered into a definitive agreement to acquire NCR Atleos.

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

This acquisition represents a significant strategic step for Brink’s, expanding the scale of the combined company and supporting continued growth in our AMS and DRS offerings, which reflect an increasing portion of our business mix.

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 and streamline our commercial and operational systems and processes, as well as back-office functions, including finance and information technology.

The efforts will drive continuous improvement and achieve operational excellence.

Accordingly, we incurred $5.1 million of expense in the first three months of 2025, which primarily included third-party professional services.

During the first three months of 2026, we incurred $38.9 million of related costs, including fees to attorneys, accountants and other professional advisors related to the NCR Atleos acquisition as well as severance costs and third-party professional services.

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

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

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

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

Non-routine legal matters In the first quarter of 2026, we recognized $2.8 million of probable losses in connection with non-routine legal matters.

These costs relate to fact-specific matters that management does not believe are indicative of the Company's underlying operational performance for the period.

Additionally, the nature of these amounts and the underlying claims are such that they are not reasonably likely to recur based on the Company's historical experience within two years, nor were there similar charges for such matters within the prior two years.

Management has excluded these amounts when evaluating internal operating performance, and accordingly, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

DOJ/FinCEN investigations During the first three months of 2026, we accrued $1.2 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters.

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

11 unchanged sentences

See Note 13 for details.

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

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

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

Management has excluded these amounts when evaluating internal performance.

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

Foreign Operations

6 unchanged sentences

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

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

At March 31, 2026, Argentina's economy remained highly inflationary for accounting purposes.

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

8 unchanged sentences

See Note 7 for more details regarding our economic hedges.

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

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

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

4 unchanged sentences

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

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2025 2024 change 2025 2024 change

2026 2025 change

Foreign currency items:

4 unchanged sentences

Gains (losses) on sale of property and other assets

(0.4) 0.1 unfav (0.1) 1.4 unfav

Impairment losses (0.5) (1.6) (69)

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

Indemnification asset adjustments — (0.9) (100)

Share in earnings of equity affiliates 0.9 0.8 13

1 unchanged sentence

Other gains (losses)

1.0 2.2 (55) 1.6 3.1 (48)

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

(1.0) (0.3) unfav

Other operating income (expense) $ 5.3 (1.8) fav

Nonoperating Income and Expense

Interest expense

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2025 2024 change 2025 2024 change

2026 2025 change

Interest expense $ 63.5 57.5 10

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

Interest expense was higher for the three months ended March 31, 2026, compared to the same prior year periods due to higher interest rates on corporate debt and overall higher borrowing levels.

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

Interest and other nonoperating income (expense)

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2025 2024 change 2025 2024 change

2026 2025 change

Interest income $ 4.4 10.9 (60)

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

Gain (loss) on equity and debt securities (0.6) (0.2) unfav

Foreign currency transaction gains (losses) 0.6 (0.7) fav

Retirement benefit cost other than service cost (4.2) (0.2) unfav

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

Non-income taxes on intercompany billings (a)

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

Argentina turnover tax (0.1) (0.7) (86)

Non-income taxes on intercompany billings

(1.2) (0.2) unfav

Other 0.2 (1.0) fav

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

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

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

Ended September 30, Nine Months

Ended September 30,

Interest and other nonoperating income (expense) $ (0.9) 7.9 unfav

Ended March 31,

(In millions, except for effective tax rate)

2025 2024 2025 2024

Continuing operations

Provision for income taxes

$ 53.0 27.2 $ 95.8 75.5

Effective tax rate 24.0 % 22.4 %

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

The OBBBA includes modifications to the U.S.

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

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

As a result of the enactment of the OBBBA, we recorded a tax expense of $18.7 million from an increased valuation allowance on U.S.

tax credit carryforwards.

Effective Income Tax Rate

2 unchanged sentences

Noncontrolling Interests

Ended September 30, % Nine Months

Ended September 30, %

Ended March 31, %

(In millions, except for percentages)

2025 2024 change 2025 2024 change

2026 2025 change

Net income attributable to noncontrolling interests $ 2.7 2.3 17

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

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

The increase in the net income attributable to noncontrolling interests in the first three months ended March 31, 2026, in comparison to the first three months ended March 31, 2025, is primarily attributable to higher 2025 operating results reported by certain subsidiaries that are not wholly-owned.

Non-GAAP Measures and Reconciliations to GAAP Measures

14 unchanged sentences

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

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

This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains.

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

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

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

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

• Non-GAAP diluted EPS from continuing operations attributable to Brink's common shareholders :

9 unchanged sentences

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

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

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

1 unchanged sentence

• Free cash flow before dividends:

This non-GAAP measure reflects management’s calculation of cash flows that are available for capital or investing activities such as paying dividends, share repurchases, debt, acquisitions and other investments.

The measure is calculated as net cash flows from operating activities, adjusted to exclude certain operating activities related to cash that is not available for corporate purposes, including the impact of cash flows from restricted cash held for customers, as well as cash received and processed in certain of our secure cash management services operations.

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

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

Prior amounts were recast to reflect this change.

Free cash flow before dividends is a non-GAAP financial measure that represents management’s calculation of cash flows that are available for capital and investing activities such as paying dividends, share repurchases, debt, acquisition and other investments.

We define free cash flow before dividends as net cash provided by (used in) operating activities, adjusted to exclude certain operating activities related to cash that is not available for corporate purposes, including the impact of cash flows from restricted cash held for customers, as well as cash received and processed in certain of our secure cash management services operations.

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

Free cash flow before dividends also excludes the cash impact of transaction costs related to the NCR Atleos acquisition.

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

18 unchanged sentences

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

NCR Atleos acquisition cash flows This represents the cash outflows during the period related to NCR Atleos acquisition-related transaction costs, such as fees to attorneys, accountants and other professional advisors.

Amounts held by cash management services operations As described above, cash held in certain of our secure cash management services operations is not available to support our operations and revenue generating activities.

1 unchanged sentence

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

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

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

Management has excluded these amounts when evaluating internal performance.

Therefore, they are excluded from non-GAAP results.

Non-GAAP reconciled to GAAP

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

Three months ended March 31, 2026 Three months ended March 31, 2025

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

Effective income tax rate (a)

Income tax Effective income tax rate (a)

Pre-tax income (a)

2 unchanged sentences

Reorganization and restructuring (c)

1.0 0.1 1.9 0.4

Acquisitions and dispositions (c)

2 unchanged sentences

1.1 0.1 7.3 0.1

Transformation initiatives (c)

NCR Atleos acquisition and transformation initiatives (c)

38.9 4.8 5.1 0.1

Non-routine legal matters (a)

DOJ/FinCEN investigations (c)

1.2 0.3 0.9 —

Chile antitrust matter (c)

0.2 0.1 0.2 —

Non-routine auto loss matter (c)

Retirement plans (b)

1.5 0.4 (1.7) (0.5)

Valuation allowance on tax credits (b)

Income tax rate adjustment (d)

— (1.1) — (9.1)

$ 335.3 92.9 27.7 % $ 309.3 71.8 23.2 %

Non-GAAP $ 106.7 29.4 27.6 % $ 101.0 27.8 27.5 %

Amounts may not add due to rounding.

4 unchanged sentences

The full-year non-GAAP effective tax rate is estimated at 27.6% for 2026 and was 27.5% for 2025.

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions, except for per share amounts) 2026 2025

2025 2024 2025 2024

Operating profit:

1 unchanged sentence

Reorganization and restructuring (a)

0.3 0.4 1.0 1.9

Acquisitions and dispositions (a)

17.8 16.5 62.1 47.2

Argentina highly inflationary impact (a)

4.7 10.8 9.1 23.8

Transformation initiatives (a)

8.1 9.5 18.6 21.5

NCR Atleos acquisition and transformation initiatives (a)

Non-routine legal matters (a)

DOJ/FinCEN investigations (a)

3.7 1.7 5.5 7.7

Chile antitrust matter (a)

0.2 0.6 0.6 1.1

Non-routine auto loss matter (a)

1.0 0.5 1.0 0.5

Non-GAAP $ 168.4 150.6

2 unchanged sentences

Reorganization and restructuring (a)

0.3 0.3 0.9 1.5

Acquisitions and dispositions (a)

15.6 16.0 48.1 43.7

Argentina highly inflationary impact (a)

5.6 10.0 14.6 23.1

Transformation initiatives (a)

7.8 9.3 18.1 21.0

NCR Atleos acquisition and transformation initiatives (a)

Non-routine legal matters (a)

DOJ/FinCEN investigations (a)

3.7 1.7 5.5 7.7

Chile antitrust matter (a)

0.2 0.5 0.5 0.9

Non-routine auto loss matter (a)

1.0 0.5 1.0 0.5

Retirement plans (b)

(1.2) (2.0) (3.6) (4.7)

Income tax rate adjustment (c)

1.8 7.2 1.1 9.6

Valuation allowance on tax credits (b)

16.5 — 16.5 —

Non-GAAP $ 74.7 70.6

1 unchanged sentence

Net income attributable to Brink's $ 32.1 51.6

$ 36.3 28.9 $ 131.6 124.4

Interest expense 63.5 57.5

63.4 63.0 181.8 175.3

Income tax provision 11.0 15.6

53.0 27.2 95.8 75.5

Depreciation and amortization 79.7 70.7

78.2 74.8 208.7 220.3

EBITDA $ 186.3 195.4

Discontinued operations

(0.1) — 0.1 0.1

Reorganization and restructuring (a)

0.3 0.4 1.0 1.9

Acquisitions and dispositions (a)

2.3 2.9 19.1 3.8

Argentina highly inflationary impact (a)

3.8 7.3 23.4 15.6

Transformation initiatives (a)

8.1 9.5 18.6 21.5

NCR Atleos acquisition and transformation initiatives (a)

Non-routine legal matters (a)

DOJ/FinCEN investigations (a)

3.7 1.7 5.5 7.7

Chile antitrust matter (a)

0.2 0.6 0.6 1.1

Non-routine auto loss matter (a)

1.0 0.5 1.0 0.5

Retirement plans (b)

(1.6) (2.5) (4.7) (5.9)

Income tax rate adjustment (c)

(1.4) (0.1) — 0.5

Share-based compensation (d)

4.9 7.5 18.7 24.1

Marketable securities (gain) loss (e)

1.2 (4.9) (0.9) (5.5)

Adjusted EBITDA $ 237.5 215.0

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions, except for per share amounts) 2026 2025

2025 2024 2025 2024

GAAP $ 0.77 1.19

Reorganization and restructuring (a)

0.01 0.01 0.02 0.03

Acquisitions and dispositions (a)

0.37 0.36 1.13 0.97

Argentina highly inflationary impact (a)

0.13 0.22 0.34 0.51

Transformation initiatives (a)

0.19 0.21 0.42 0.47

NCR Atleos acquisition and transformation initiatives (a)

Non-routine legal matters (a)

DOJ/FinCEN investigations (a)

0.09 0.04 0.13 0.17

Chile antitrust matter (a)

0.01 0.01 0.01 0.02

Non-routine auto loss matter (a)

0.02 0.01 0.02 0.01

Retirement plans (b)

(0.03) (0.05) (0.08) (0.11)

Income tax rate adjustment (c)

(0.20) (0.25)

Valuation allowance on tax credits (b)

0.39 — 0.39 —

$ 2.08 1.62 $ 5.49 5.06

Non-GAAP $ 1.80 1.62

Amounts may not add due to rounding.

4 unchanged sentences

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

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

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

(e) Due to the impact of Argentina highly inflationary accounting, there was a $1.0 million non-GAAP adjustment for a loss in the three months ended March 31, 2025.

There was a $1.6 million non-GAAP adjustment for a loss in the three months ended March 31, 2026.

LIQUIDITY AND CAPITAL RESOURCES

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

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

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

Cash flows from operating activities increased $88.9 million in the first three months of 2026 as compared to the first three months of 2025.

Cash used for investing activities decreased by $12.5 million in the first three months of 2026 compared to the first three months of 2025.

We financed our liquidity needs in the first three months of 2026 with existing cash from operations.

Operating Activities

Ended September 30, $

Ended March 31, $

(In millions) 2026 2025 change

Cash flows provided from (used in) operating activities - GAAP

Cash flows provided by (used in) operating activities - GAAP

$ 28.7 (60.2) 88.9

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

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

(3.2) 45.0 (48.2)

Decrease (increase) in customer obligations (a)

Increase in customer obligations (a)

(30.0) (38.9) 8.9

Capital expenditures (40.1) (58.9) 18.8

(155.4) (159.9) 4.5

Cash proceeds from sale of property and equipment 3.3 2.6 0.7

21.8 12.0 9.8

Proceeds from lessor debt financing (see Note 12) 3.2 8.1 (4.9)

$ (38.1) (102.3) 64.2

NCR Atleos acquisition cash flows (a)

Free cash flow before dividends (a)

3 unchanged sentences

Cash flows from operating activities - GAAP

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

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

Cash flows from operating activities increased $88.9 million in the first three months of 2026 compared to the same period in 2025.

The increase was primarily attributed to restricted cash held for customers (restricted cash held for customers increased by $3.2 million in 2026 compared to a decrease of $45.0 million in 2025) and changes in working capital excluding taxes and interest (working capital decreased by $115.2 million in 2026 compared to a decrease of $176.0 million in 2025), partially offset by changes in custom er obligations related to certain of our secure cash management services operations (certain customer obligations increased by $30.0 million in 2026 compared to an increase of $38.9 million in 2025) and lower operating profit.

Free cash flow before dividends - non-GAAP

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

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

Free cash flow before dividends increased $66.3 million in the first three months of 2026 as compared to the same period in 2025.

The increase was mostly attributed to changes in working capital excluding taxes and interest and lower amounts paid for capital expenditures (we had $40.1 million in cash paid for capital expenditures in 2026 compared to $58.9 million in 2025), partially offset by lower operating profit and lower cash proceeds from lessor debt financing (we had $3.2 million in cash proceeds in 2026 compared to $8.1 million in 2025).

Investing Activities

Ended September 30, $

Ended March 31, $

(In millions) 2026 2025 change

6 unchanged sentences

Proceeds from sale of property and equipment

21.8 12.0 9.8

Net change in economic hedges

3 unchanged sentences

Investing activities $ (36.2) (48.7) 12.5

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

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

Cash used by investing activities decreased by $12.5 million in the first three months of 2026 versus the first three months of 2025.

The decrease was primarily due to less cash paid for capital expenditures and acquisitions in 2026, partially offset by more cash payments related to the net change in economic hedge contracts in 2026, as discussed in Note 7.

Capital expenditures and depreciation and amortization were as follows:

Ended September 30, $ Full Year

Ended March 31, $ Full Year

(In millions) 2026 2025 change 2025

29 unchanged sentences

Corporate 0.6 0.7 (0.1) 2.6

Argentina highly inflationary impact (b)

Argentina highly inflationary impact

1.0 2.1 (1.1) (7.8)

6 unchanged sentences

(a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.

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

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

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

Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the period divided by the annual amount of depreciation, was 1.1 for the 12 months ended March 31, 2026 compared to 1.4 for the 12 months ended March 31, 2025.

Capital expenditures in the first three months of 2026 were primarily for cash devices, information technology, and armored vehicles.

Financing Activities

Ended September 30, $

Ended March 31, $

(In millions) 2026 2025 change

11 unchanged sentences

Noncontrolling interests in subsidiaries (0.2) (0.4) 0.2

Acquisition-related financing activities:

Payment of acquisition related obligation

Proceeds from exercise of stock options 0.2 — 0.2

Tax withholdings associated with share-based compensation (18.1) (17.3) (0.8)

Other (1.8) — (1.8)

Financing activities $ (151.8) (124.1) (27.7)

Debt borrowings and repayments

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

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

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

Cash used in financing activities increased by $27.7 million year over year as we had net cash used in financing activities of $151.8 million in the first three months of 2026 compared to net cash used from financing activities of $124.1 million in the first three months of 2025.

The change was driven primarily by an increase in net repayments (as discussed in Note 8) compared to the prior year three month period and an increase in cash paid for debt financing costs, partially offset by a decrease in cash used to repurchase shares of common stock (we used $30.2 million to repurchase shares in 2026 as compared to $44.8 million in 2025).

We paid dividends to Brink’s shareholders of $0.2550 per share or $10.5 million in the first three months of 2026 compared to $0.2425 per share or $10.4 million in the first three months of 2025.

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

2 unchanged sentences

GAAP Measures

September 30, December 31,

March 31, December 31,

(In millions) 2026 2025

9 unchanged sentences

See page 40 for further information on this non-GAAP measure, and see page 41 for a description of the adjustment.

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

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

Included within Net Debt is net cash from our Argentina operations of $31.3 million at March 31, 2026 and $24.9 million at December 31, 2025.

Net Debt as of March 31, 2026 increased versus the prior year end to provide funding for general corporate purposes and other working capital needs.

Liquidity Needs

1 unchanged sentence

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

As of September 30, 2025, $509 million was available under the Revolving Credit Facility.

As of March 31, 2026, $540 million was available under the Revolving Credit Facility.

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

12 unchanged sentences

• the market prices of our securities.

On November 2, 2023, our Board of Directors authorized a $500 million share repurchase program that expires on December 31, 2025 (the "2023 Repurchase Program").

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

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

1 unchanged sentence

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

During the nine months ended September 30, 2025, we repurchased a total of 1,724,309 shares of our common stock for an aggregate amount of $153.6 million and an average price of $89.05 per share.

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.

These shares were retired upon repurchase.

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

The 2023 Repurchase Program expired on December 31, 2025, with approximately $87 million remaining available.

During the three months ended March 31, 2026, we repurchased a total of 241,321 shares of our common stock for an aggregate amount of $30.2 million and an average price of $125.12 per share.

These shares were retired upon repurchase.

At March 31, 2026, $720 million remained available under the 2025 Repurchase Program.

Contingent Matters

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

See Note 13 to the condensed consolidated financial statements for information about contingent matters at March 31, 2026.

Critical Accounting Policies and Estimates

1 unchanged sentence

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis