What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-05 compared with 2026-05-06 · 234 added, 103 removed, 519 unchanged (39% of the section changed)

24 unchanged sentences

Consolidated Review

Ended March 31, %

Ended June 30, % Six Months

Ended June 30, %

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

2026 2025 Change

2026 2025 Change 2026 2025 Change

Revenues $ 1,392.3 1,300.5 7 $ 2,767.4 2,547.2 9

12 unchanged sentences

Non-GAAP income from continuing operations (a)

88.2 76.7 15 163.2 147.3 11

Adjusted EBITDA

1 unchanged sentence

Non-GAAP diluted EPS from continuing operations (a)

2.13 1.81 18 3.93 3.43 15

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

2 unchanged sentences

Analysis of Consolidated Results:

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.

Second Quarter 2026 versus Second Quarter 2025

Consolidated Revenues Revenues increased $91.8 million due to the favorable impact of currency exchange rates ($37.4 million), organic increases in Rest of World ($28.8 million), North America ($10.3 million), Europe ($7.9 million), and Latin America ($6.9 million), and the favorable impact of acquisitions ($0.5 million).

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

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 46 .

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 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 Costs and Expenses Cost of revenues increased 5% to $1,026.2 million primarily due to the impact of currency exchange rates and the impact of higher revenue.

Selling, general and administrative costs increased 26% to $232.6 million primarily due to costs from the NCR Atleos acquisition and transformation initiatives and the impact of currency exchange rates.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 10.3% to 9.6%.

Operating profit decreased $0.6 million due mainly to:

• higher expenses due to the NCR Atleos acquisition and transformation initiatives ($31.0 million),

• higher corporate expenses on an organic basis ($7.9 million), and

• unfavorable changes in currency exchange rates ($2.6 million),

partially offset by:

• organic increases in Rest of World ($13.7 million), Europe ($7.7 million), North America ($7.3 million), and Latin America ($2.1 million) and

• lower costs incurred related to business acquisitions and dispositions ($10.1 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 $0.6 million to $44.5 million due to the lower income tax expense ($6.7 million) and lower noncontrolling interest ($0.8 million), partially offset by the decrease in operating profit mentioned above, lower interest and other nonoperating income ($4.3 million), and higher interest expense ($2.0 million).

Earnings per share from continuing operations was $1.07, up from $1.03 in the second quarter of 2025.

Analysis of Consolidated Results:

First Half 2026 versus First Half 2025

Consolidated Revenues Revenues increased $220.2 million due to the favorable impact of currency exchange rates ($108.5 million), organic increases in Rest of World ($42.0 million), North America ($30.7 million), Europe ($18.6 million), and Latin America ($18.3 million), and the favorable impact of acquisitions ($2.1 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 to inflation-based price increases and organic growth in AMS and DRS revenue.

See our definition of “organic growth” on page 46 .

Consolidated Costs and Expenses Cost of revenues increased 7% to $2,045.6 million primarily due to the impact of currency exchange rates and higher revenue.

Selling, general and administrative costs increased 30% to $483.4 million primarily due to costs from the 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 9.9% to 8.8%.

Operating profit decreased $9.5 million due mainly to:

• higher expenses due to the NCR Atleos acquisition and transformation initiatives ($64.8 million) and

1 unchanged sentence

partially offset by:

• 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.

• organic increases in Rest of World ($19.7 million), Europe ($15.3 million), North America ($15.1 million), and Latin America ($3.0 million),

• lower costs incurred related to business acquisitions and dispositions ($13.5 million), and

• favorable changes in currency exchange rates on segment profit ($13.3 million), primarily driven 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 $18.9 million to $76.6 million due to the lower interest and other nonoperating income ($13.1 million), decrease in operating profit mentioned above and higher interest expense ($(8.0) million), partially offset by the lower income tax expense ($11.3 million) and lower noncontrolling interest ($0.4 million).

Earnings per share from continuing operations was $1.84, down from $2.22 in the first six months of 2025.

Non-GAAP Basis

2 unchanged sentences

Analysis of Consolidated Results:

First Quarter 2026 versus First Quarter 2025

Second Quarter 2026 versus Second Quarter 2025

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.6% to 13.6%.

Non-GAAP operating profit increased $25.2 million due mainly to:

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

• organic increases in Rest of World ($13.7 million), Europe ($7.7 million), North America ($7.3 million), and Latin America ($2.1 million) and

• favorable changes in currency exchange rates ($2.5 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:

• higher corporate expenses on an organic basis ($7.9 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.

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 $11.5 million to $88.2 million due to the operating profit increase mentioned above, partially offset by lower interest and other nonoperating income ($6.9 million), the higher income tax expense ($4.3 million), and higher interest expense ($2.0 million).

Non-GAAP earnings per share from continuing operations was $2.13, up from $1.81 in the second quarter of 2025.

Adjusted EBITDA Adjusted EBITDA increased 11% to $257.2 million primarily due to the increase in Non-GAAP operating profit ($25.2 million).

Analysis of Consolidated Results:

First Half 2026 versus First Half 2025

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.4% to 12.9%.

Non-GAAP operating profit increased $43.0 million due mainly to:

• organic increases in Rest of World ($19.7 million), Europe ($15.3 million), North America ($15.1 million), and Latin America ($3.0 million) and

• favorable changes in currency exchange rates ($9.2 million), driven primarily by the the Mexican peso, the euro, and Brazilian real,

partially offset by:

• higher corporate expenses on an organic basis ($19.4 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $15.9 million to $163.2 million due to the operating profit increase mentioned above, and partially offset by the lower interest and other nonoperating income ($13.0 million), higher interest expense ($8.0 million), higher income tax expense ($5.6 million), and higher noncontrolling interest ($0.5 million).

Earnings per share from continuing operations was $3.93, up from $3.43 in the first six months of 2025.

Adjusted EBITDA Adjusted EBITDA increased 11% to $494.7 million primarily due to the increase in Non-GAAP operating profit ($43.0 million).

Revenues and Operating Profit by Segment:

First Quarter 2026 versus First Quarter 2025

Second Quarter 2026 versus Second Quarter 2025

Organic Change (a)

30 unchanged sentences

Analysis of Segment Results:

First Quarter 2026 versus First Quarter 2025

Second Quarter 2026 versus Second Quarter 2025

North America

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).

Revenues increased 2% ($10.2 million) driven almost entirely by organic growth.

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

Operating profit increased 12% ($7.3 million) driven entirely by organic growth.

The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and cost productivity.

Latin America

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).

Revenues increased 10% ($32.2 million) due to the favorable impact of currency exchange rates ($24.8 million) primarily from the Mexican peso and the Brazilian real and a 2% organic increase ($6.9 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 10% ($5.5 million) primarily due to the favorable impact of currency exchange rates ($3.6 million) and a 4% organic increase ($2.1 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).

The organic increase was primarily driven by higher revenue, AMS and DRS revenue mix, and cost productivity.

Revenues increased 5% ($19.0 million) primarily due to favorable impact of currency exchange rates ($11.1 million) and a 2% organic increase ($7.9 million).

Organic revenue increased primarily due the growth of AMS and DRS revenue.

Operating profit increased 21% ($9.1 million) primarily due to a 18% organic increase ($7.7 million) and the favorable impact of currency exchange rates ($1.4 million).

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

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

Rest of World

Revenues increased 16% ($30.4 million) due to a 15% organic increase ($28.8 million) and the favorable impact of currency exchange rates ($1.6 million).

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).

Organic growth in the segment was primarily due to growth in BGS revenue, AMS and DRS revenue, and pricing discipline.

Operating profit increased 36% ($13.7 million) due to a 36% organic increase ($13.7 million).

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

Revenues and Operating Profit by Segment:

First Half 2026 versus First Half 2025

Six months ended June 30, 2025 Organic Change (a)

Impact of Acquisitions / Dispositions (b)

Currency Effect (c)

Six months ended June 30, 2026 % Change

(In millions, except for percentages)

Total Organic Growth (a)

North America $ 851.9 30.7 — 1.5 884.1 4 4

Latin America 627.0 18.3 1.0 49.1 695.4 11 3

Europe 677.0 18.6 1.1 46.2 742.9 10 3

Rest of World 391.3 42.0 — 11.7 445.0 14 11

Segment revenues

2,547.2 109.6 2.1 108.5 2,767.4 9 4

$ 2,547.2 109.6 2.1 108.5 2,767.4 9 4

Operating profit:

North America $ 115.4 15.1 — — 130.5 13 13

Latin America 108.9 3.0 (0.4) 6.4 117.9 8 3

Europe 70.5 15.3 0.5 5.1 91.4 30 22

Rest of World 85.5 19.7 — 1.8 107.0 25 23

Segment operating profit 380.3 53.1 0.1 13.3 446.8 17 14

Corporate expenses (d)

(65.2) (19.4) — (4.1) (88.7) 36 30

Other items not allocated to segments (d)

(62.1) (60.9) 13.5 (5.1) (114.6) 85 98

Operating profit

$ 253.0 (27.2) 13.6 4.1 243.5 (4) (11)

Amounts may not add due to rounding.

See page 38 for footnote explanations.

Analysis of Segment Results:

First Half 2026 versus First Half 2025

North America

Revenues increased 4% ($32.2 million) primarily due to a 4% organic increase ($30.7 million) and the favorable impact of currency exchange rates ($1.5 million).

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

Operating profit increased 13% ($15.1 million) due to a 13% organic increase ($15.1 million).

The organic increase was primarily driven by the net impact of revenue mix and cost productivity.

Latin America

Revenues increased 11% ($68.4 million) due to the favorable impact of currency exchange rates ($49.1 million), primarily from the Mexican peso and Brazilian real, and a 3% organic increase ($18.3 million).

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

Operating profit increased 8% ($9.0 million) due to the favorable impact of currency exchange rates ($6.4 million) and a 3% organic increase ($3.0 million).

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

Revenues increased 10% ($65.9 million) due to the favorable impact of currency exchange rates ($46.2 million) and a 3% organic increase ($18.6 million).

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

Operating profit increased 30% ($20.9 million), primarily due to a 22% organic increase ($15.3 million).

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

Rest of World

Revenues increased 14% ($53.7 million) due to a 11% organic increase ($42.0 million) and the favorable impact of currency exchange rates ($11.7 million).

Organic growth in the segment was primarily due to growth in BGS revenue, AMS and DRS revenue, and pricing discipline.

Operating profit increased 25% ($21.5 million) due to a 23% organic increase ($19.7 million) and the favorable impact of currency exchange rates ($1.8 million).

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

Analysis of Income and Expense Not Allocated to Segments

6 unchanged sentences

Corporate Expenses

Ended March 31, %

Ended June 30, % Six Months

Ended June 30, %

(In millions, except for percentages)

2026 2025 change

2026 2025 change 2026 2025 change

General, administrative and other expenses $ (43.1) (35.3) 22 $ (89.5) (70.2) 27

Foreign currency transaction gains 1.6 3.2 (50)

Foreign currency transaction gains (losses) (0.8) 1.8 unfav 0.8 5.0 (84)

Corporate expenses $ (43.9) (33.5) 31 $ (88.7) (65.2) 36

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).

Corporate expenses for the three months ended June 30, 2026 increased $10.4 million versus the prior year period.

This was primarily driven by higher costs for investments in global capabilities, primarily in AMS and DRS, and higher net incentive compensation costs.

Corporate expenses for the first six months of 2026 increased $23.5 million versus the prior year period.

This was primarily driven by higher costs for investments in global capabilities, primarily in AMS and DRS, and higher net incentive compensation costs.

Other Items Not Allocated to Segments

Ended March 31, %

Ended June 30, % Six Months

Ended June 30, %

(In millions, except for percentages)

2026 2025 change

2026 2025 change 2026 2025 change

Reorganization and restructuring

1 unchanged sentence

Acquisitions and dispositions (15.3) (25.8) (41) (30.9) (44.3) (30)

Argentina highly inflationary impact 0.5 (6.3) fav

NCR Atleos acquisition and transformation initiatives

(38.9) (5.1) unfav

Argentina highly inflationary impact (3.3) 1.9 unfav (2.8) (4.4) (36)

NCR Atleos acquisition and transformation initiatives (36.4) (5.4) unfav (75.3) (10.5) unfav

Non-routine legal matters

(2.8) — unfav

(0.1) — unfav (2.9) — unfav

DOJ/FinCEN investigations (0.9) (0.9) — (2.1) (1.8) 17

18 unchanged sentences

2026 Acquisitions and Dispositions

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

• Amortization expense for acquisition-related intangible assets was $29.3 million in the first six months of 2026.

2025 Acquisitions and Dispositions

• 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.

• Amortization expense for acquisition-related intangible assets was $29.2 million in the first six months of 2025.

• Restructuring costs related to acquisitions were $9.7 million in the first six 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 $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.

• We incurred $1.6 million in integration costs in the first six months of 2025.

• Transaction costs related to business acquisitions were $1.1 million in the first six 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 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.

In the first six months of 2026, we recognized $2.8 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $0.8 million.

In the first six months of 2025, we recognized $4.4 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement loss of $14.1 million.

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

8 unchanged sentences

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.

Accordingly, we incurred $10.5 million of expense in the first six months of 2025, which primarily included third-party professional services.

During the first six months of 2026, we incurred $75.3 million of related costs, including severance costs;

fees to attorneys, accountants and other professional advisors related to the NCR Atleos acquisition;

as well as 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.

1 unchanged sentence

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

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.

Non-routine legal matters In the first six months of 2026, we recognized $2.9 million of probable losses and related legal costs 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.

1 unchanged sentence

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.

DOJ/FinCEN investigations During the first six months of 2026, we accrued $2.1 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.

19 unchanged sentences

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

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

At June 30, 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.

5 unchanged sentences

From time to time, we use short term foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.

These short term 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.

These short term foreign currency forward and swap contracts primarily offset exposures in the euro, the British pound, and the Mexican peso, and are not designated as hedges for accounting purposes.

Accordingly, changes in their fair value are recorded immediately in earnings.

7 unchanged sentences

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

Ended March 31, %

Ended June 30, % Six Months

Ended June 30, %

(In millions, except for percentages)

2026 2025 change

2026 2025 change 2026 2025 change

Foreign currency items:

Transaction gains (losses)

$ (7.4) 10.9 unfav

$ (8.7) 15.2 unfav $ (16.1) 26.1 unfav

Derivative instrument gains (losses)

10.4 (12.6) fav

5.7 (22.6) fav 16.1 (35.2) fav

Gains (losses) on sale of property and other assets

Impairment losses (0.5) (1.6) (69)

0.1 0.3 (67) 0.2 0.3 (33)

Impairment losses (0.8) (0.4) unfav (1.3) (2.0) (35)

Indemnification asset adjustments (2.1) (1.8) 17 (2.1) (2.7) (22)

2 unchanged sentences

Other gains (losses)

(1.0) (0.3) unfav

2.3 0.9 fav 1.3 0.6 fav

Other operating income (expense) $ (0.2) (5.4) (96) $ 5.1 (7.2) fav

1 unchanged sentence

Interest expense

Ended March 31, %

Ended June 30, % Six Months

Ended June 30, %

(In millions, except for percentages)

2026 2025 change

2026 2025 change 2026 2025 change

Interest expense $ 62.9 60.9 3 $ 126.4 118.4 7

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.

Interest expense was higher for the three and six months ended June 30, 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 March 31, %

Ended June 30, % Six Months

Ended June 30, %

(In millions, except for percentages)

2026 2025 change

2026 2025 change 2026 2025 change

Interest income $ 4.9 6.8 (28) $ 9.3 17.7 (47)

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

Gain (loss) on equity and debt securities (0.3) (2.3) (87) (0.9) (2.5) (64)

Foreign currency transaction gains (losses) (0.2) (1.5) (87) 0.4 (2.2) fav

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

Retirement benefit cost other than service cost (4.1) (0.7) unfav (8.3) (0.9) unfav

Argentina turnover tax (0.1) (0.6) (83) (0.2) (1.3) (85)

Non-income taxes on intercompany billings

(1.2) (0.2) unfav

Other 0.2 (1.0) fav

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

Ended March 31,

(1.3) (0.1) unfav (2.5) (0.3) unfav

Other (1.4) 0.2 unfav (1.2) (0.8) 50

Interest and other nonoperating income (expense) $ (2.5) 1.8 unfav $ (3.4) 9.7 unfav

Ended June 30, Six Months

Ended June 30,

(In millions, except for effective tax rate)

2026 2025 2026 2025

Continuing operations

Provision for income taxes

$ 20.5 27.2 $ 31.5 42.8

Effective tax rate 30.2 % 36.4 % 27.7 % 29.7 %

3 unchanged sentences

Noncontrolling Interests

Ended March 31, %

Ended June 30, % Six Months

Ended June 30, %

(In millions, except for percentages)

2026 2025 change

2026 2025 change 2026 2025 change

Net income attributable to noncontrolling interests $ 2.9 3.7 (22) $ 5.6 6.0 (7)

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.

The decrease in the net income attributable to noncontrolling interests in the first three months ended June 30, 2026, in comparison to the first three months ended June 30, 2025, is primarily attributable to lower 2026 operating results reported by certain subsidiaries that are not wholly-owned.

The decrease in the net income attributable to noncontrolling interests in the first six months ended June 30, 2026, in comparison to the first six months ended June 30, 2025, is primarily attributable to lower 2026 operating results reported by certain subsidiaries that are not wholly-owned.

Non-GAAP Measures and Reconciliations to GAAP Measures

62 unchanged sentences

Non-GAAP reconciled to GAAP

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

Six months ended June 30, 2026 Six months ended June 30, 2025

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

10 unchanged sentences

75.3 11.6 10.5 0.2

Non-routine legal matters (a)

Non-routine legal matters (c)

DOJ/FinCEN investigations (c)

12 unchanged sentences

The full-year non-GAAP effective tax rate is estimated at 27.3% for 2026 and was 27.5% for 2025.

Ended March 31,

Ended June 30, Six Months

Ended June 30,

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

3 unchanged sentences

Acquisitions and dispositions (a)

15.3 25.8 30.9 44.3

Argentina highly inflationary impact (a)

3.3 (1.9) 2.8 4.4

NCR Atleos acquisition and transformation initiatives (a)

36.4 5.4 75.3 10.5

Non-routine legal matters (a)

DOJ/FinCEN investigations (a)

0.9 0.9 2.1 1.8

Chile antitrust matter (a)

0.4 0.2 0.6 0.4

Non-GAAP $ 189.7 164.5 $ 358.1 315.1

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Acquisitions and dispositions (a)

12.0 15.0 23.6 32.5

Argentina highly inflationary impact (a)

3.4 1.8 4.4 9.0

NCR Atleos acquisition and transformation initiatives (a)

29.6 5.3 63.7 10.3

Non-routine legal matters (a)

DOJ/FinCEN investigations (a)

0.7 0.9 1.6 1.8

Chile antitrust matter (a)

0.3 0.1 0.4 0.3

Retirement plans (b)

1.0 (1.2) 2.1 (2.4)

Income tax rate adjustment (c)

(3.4) 10.7 (11.4) (0.3)

Non-GAAP $ 88.2 76.7 $ 163.2 147.3

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EBITDA $ 206.9 191.6 $ 393.2 387.0

Discontinued operations 0.1 0.2 0.1 0.2

Reorganization and restructuring (a)

Acquisitions and dispositions (a)

0.6 12.3 0.7 16.8

Argentina highly inflationary impact (a)

2.4 14.4 2.5 19.6

NCR Atleos acquisition and transformation initiatives (a)

36.4 5.4 75.3 10.5

Non-routine legal matters (a)

DOJ/FinCEN investigations (a)

0.9 0.9 2.1 1.8

Chile antitrust matter (a)

0.4 0.2 0.6 0.4

Retirement plans (b)

1.2 (1.4) 2.7 (3.1)

Income tax rate adjustment (c)

0.2 1.4 0.5 1.4

Share-based compensation (d)

7.7 8.1 14.8 13.8

Marketable securities (gain) loss (e)

0.3 (1.3) (0.7) (2.1)

Adjusted EBITDA $ 257.2 232.0 $ 494.7 447.0

Ended March 31,

Ended June 30, Six Months

Ended June 30,

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

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Acquisitions and dispositions (a)

0.29 0.36 0.57 0.75

Argentina highly inflationary impact (a)

0.09 0.05 0.11 0.21

NCR Atleos acquisition and transformation initiatives (a)

0.71 0.13 1.53 0.24

Non-routine legal matters (a)

DOJ/FinCEN investigations (a)

0.02 0.02 0.04 0.04

Chile antitrust matter (a)

0.01 — 0.01 0.01

Retirement plans (b)

0.02 (0.03) 0.05 (0.05)

Income tax rate adjustment (c)

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The full-year non-GAAP effective tax rate is estimated at 27.3% for 2026 and was 27.5% for 2025.

(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 $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.

(d) Due to the impact of transformation-related equity awards, there was a $0.2 million non-GAAP adjustment to share-based compensation in the second quarter of 2026.

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

(e) Due to the impact of Argentina highly inflationary accounting, there was a $3.7 million and a $4.7 million non-GAAP adjustment for a loss in the three and six months ended June 30, 2025.

There was a $1.6 million non-GAAP adjustment for a loss in the six months ended June 30, 2026.

LIQUIDITY AND CAPITAL RESOURCES

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.

Cash flows from operating activities decreased $78.6 million in the first six months of 2026 as compared to the first six months of 2025.

Cash used for investing activities decreased by $93.4 million in the first six months of 2026 compared to the first six months of 2025.

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

Operating Activities

Ended March 31, $

Ended June 30, $

(In millions) 2026 2025 change

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Cash flows from operating activities - GAAP

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.

Cash flows from operating activities decreased $78.6 million in the first six months of 2026 compared to the same period in 2025.

The decrease was primarily attributed to restricted cash held for customers (restricted cash held for customers decreased by $66.3 million in 2026 compared to an increase of $31.3 million in 2025) and lower operating profit, partially offset by changes in custom er obligations related to certain of our secure cash management services operations (certain customer obligations increased by $40.5 million in 2026 compared to an increase of $24.0 million in 2025).

Free cash flow before dividends - non-GAAP

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).

Free cash flow before dividends increased $32.4 million in the first six months of 2026 as compared to the same period in 2025.

The increase was mostly attributed to lower amounts paid for capital expenditures (we had $74.9 million in cash paid for capital expenditures in 2026 compared to $110.7 million in 2025), partially offset by lower operating profit and lower cash proceeds from lessor debt financing (we had $5.6 million in cash proceeds in 2026 compared to $12.0 million in 2025) and lower cash proceeds from sale of property and equipment (we had $5.6 million in cash proceeds in 2026 compared to $9.8 million in 2025).

Investing Activities

Ended March 31, $

Ended June 30, $

(In millions) 2026 2025 change

6 unchanged sentences

Proceeds from sale of property and equipment

5.6 9.8 (4.2)

Net change in economic hedges

3 unchanged sentences

Investing activities $ (64.2) (157.6) 93.4

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.

Cash used by investing activities decreased by $93.4 million in the first six months of 2026 versus the first six months of 2025.

The decrease was primarily due to less cash paid for capital expenditures and acquisitions in 2026, less cash paid for purchases of marketable securities, and less 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 March 31, $ Full Year

Ended June 30, $ Full Year

(In millions) 2026 2025 change 2025

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

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.

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 1.0 for the 12 months ended June 30, 2026 compared to 1.4 for the 12 months ended June 30, 2025.

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

Financing Activities

Ended March 31, $

Ended June 30, $

(In millions) 2026 2025 change

11 unchanged sentences

Noncontrolling interests in subsidiaries (2.2) (0.7) (1.5)

Cash paid for acquisition related settlements and obligations (1.1) — (1.1)

Proceeds from exercise of stock options 0.2 — 0.2

Tax withholdings associated with share-based compensation (18.3) (17.8) (0.5)

Other (1.6) (1.6) —

Financing activities $ (105.2) (38.1) (67.1)

Debt borrowings and repayments

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.

Cash used in financing activities increased by $67.1 million year over year as we had net cash used in financing activities of $105.2 million in the first six months of 2026 compared to net cash used from financing activities of $38.1 million in the first six months of 2025.

The change was driven primarily by an increase in net repayments (as discussed in Note 8) compared to the prior year six 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 $130.0 million in 2025).

We paid dividends to Brink’s shareholders of $0.5100 per share or $21.0 million in the first six months of 2026 compared to $0.4975 per share or $21.1 million in the first six 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

March 31, December 31,

June 30, December 31,

(In millions) 2026 2025

9 unchanged sentences

See page 46 for further information on this non-GAAP measure, and see page 47 for a description of the adjustment.

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.

Included within Net Debt is net cash from our Argentina operations of $29.0 million at June 30, 2026 and $24.9 million at December 31, 2025.

Net Debt as of June 30, 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 March 31, 2026, $540 million was available under the Revolving Credit Facility.

As of June 30, 2026, $500 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.

20 unchanged sentences

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.

During the six months ended June 30, 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.

At June 30, 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 March 31, 2026.

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