BRINKS CO

Previous wording

Consolidated Revenues Revenues increased $10.6 million due to organic increases in Latin America ($24.8 million), Rest of World ($19.0 million), Europe ($15.5 million), and North America ($9.9 million), and the favorable impact of acquisitions ($7.2 million), partially offset by the unfavorable impact of currency exchange rates ($65.8 million). The unfavorable currency impact was driven primarily by the Mexican peso, Argentine peso, and Brazilian real. Revenues increased 6% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue. See our definition of “organic growth” on page 40.

Current wording

Consolidated Revenues Revenues increased $47.4 million due to organic increases in Latin America ($24.7 million), North America ($22.6 million), Europe ($9.8 million), and Rest of World ($3.2 million), and the favorable impact of acquisitions ($4.2 million), partially offset by the unfavorable impact of currency exchange rates ($17.1 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 inflation-based price increases and organic growth in AMS and DRS revenue. See our definition of “organic growth” on page 46.

Previous wording

Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 9.8% to 9.6%. Operating profit decreased $1.8 million due mainly to:

Current wording

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 9.3% to 10.3%. Operating profit increased $17.9 million due mainly to:

Previous wording

Consolidated Costs and Expenses Cost of revenues increased 1% to $939.5 million primarily due to the impact of higher revenue partially offset by the impact of exchange rates. Selling, general and administrative costs decreased 7% to $186.3 million primarily due the impact of currency exchange rates and lower net compensation costs, professional fees, and administrative expenses.

Current wording

Consolidated Costs and Expenses Cost of revenues increased 3% to $1,916.2 million primarily due to the impact of higher revenue partially offset by the impact of currency exchange rates. Selling, general and administrative costs decreased 6% to $370.8 million primarily due to the depreciation adjustment discussed above and the impact of currency exchange rates.

Previous wording

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $2.3 million to $51.6 million due to lower income tax expense ($10.6 million) and lower noncontrolling interest ($0.6 million), partially offset by lower interest and other nonoperating income ($5.4 million), the decrease in operating profit mentioned above, and higher interest expense ($1.7 million). Earnings per share from continuing operations was $1.19, up from $1.09 in the first quarter of 2024.

Current wording

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $0.1 million to $95.5 million due to lower interest and other nonoperating income ($16.1 million) and higher interest expense ($6.1 million), partially offset by the increase in operating profit mentioned above, lower income tax expense ($5.5 million) and lower noncontrolling interest ($0.5 million). Earnings per share from continuing operations was $2.22, up from $2.12 in the first six months of 2024.

Previous wording

Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations. These non-GAAP measures are described in more detail on page 40 and are reconciled to comparable GAAP measures on pages 42-44.

Current wording

Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations. These non-GAAP measures are described in more detail on page 46 and are reconciled to comparable GAAP measures on pages 48-50.

Previous wording

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $4.3 million to $70.3 million due to higher income tax expense ($4.7 million), lower interest and other nonoperating income ($3.7 million), and higher interest expense ($1.7 million), partially offset by the operating profit increase mentioned above, and lower noncontrolling interest ($0.2 million). Earnings per share from continuing operations was $1.62, down from $1.65 in the first quarter of 2024.

Current wording

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $10.0 million to $145.4 million due to higher income tax expense ($10.8 million), lower interest and other nonoperating income ($8.9 million), and higher interest expense ($6.1 million), and partially offset by the operating profit increase mentioned above, and lower noncontrolling interest ($1.3 million). Earnings per share from continuing operations was $3.38, down from $3.44 in the first six months of 2024.

Previous wording

Revenues and Operating Profit by Segment: First Quarter 2025 versus First Quarter 2024

Current wording

Revenues and Operating Profit by Segment: Second Quarter 2025 versus Second Quarter 2024

Previous wording

(d)See pages 35-36 for further information, where these items are discussed in more detail.

Current wording

(d)See pages 41-42 for further information, where these items are discussed in more detail.

Previous wording

Analysis of Segment Results: First Quarter 2025 versus First Quarter 2024

Current wording

Analysis of Segment Results: Second Quarter 2025 versus Second Quarter 2024

Previous wording

Revenues increased 3% ($12.1 million) due to a 2% organic increase ($9.9 million) and the impact of acquisitions ($4.3 million), partially offset by the unfavorable impact of currency exchange rates ($2.1 million). Organic revenue increased primarily due to price increases and growth in AMS and DRS, as well as BGS revenue. Operating profit increased 10% ($4.7 million) due to a 9% organic increase ($4.5 million). The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and due to productivity initiatives.

Current wording

Revenues increased 5% ($22.3 million) due to a 5% organic increase ($22.6 million), partially offset by the unfavorable impact of currency exchange rates ($0.3 million). Organic revenue increased primarily due to growth in AMS and DRS, as well as BGS revenue. Operating profit increased 21% ($10.6 million) due to a 21% organic increase ($10.6 million). The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and productivity initiatives.

Previous wording

Revenues increased 9% ($17.9 million) due to a 9% organic increase ($19.0 million), partially offset by the unfavorable impact of currency exchange rates ($1.1 million). Organic growth in the segment was primarily due to growth in BGS revenue. Operating profit increased 22% ($9.0 million) primarily due to a 23% organic increase ($9.4 million). The organic increase was driven by higher revenue.

Current wording

Revenues increased 5% ($9.3 million) due to the favorable impact of currency exchange rates ($6.1 million) and a 2% organic increase ($3.2 million). Organic growth in the segment was primarily due to growth in BGS revenue. Operating profit increased 6% ($2.2 million) primarily due to a 3% organic increase ($1.3 million). The organic increase was primarily driven by a favorable revenue mix impact.

Previous wording

Revenues decreased 8% ($27.1 million) due to the unfavorable impact of currency exchange rates ($54.4 million) primarily from the Mexican peso, Argentine peso, and Brazilian real, partially offset by a 7% organic increase ($24.8 million) and the impact of acquisitions ($2.5 million). The organic increase was primarily driven by inflation-based price increases across the segment with a majority of the impact from Argentina, as well as growth in AMS and DRS revenue. Operating profit decreased 14% ($9.1 million) primarily due to the unfavorable impact of currency exchange rates ($10.4 million), partially offset by a 2% organic increase ($1.4 million). The organic increase was driven by inflation-based price increases which outpaced the impact of labor and other cost increases.

Current wording

Revenues decreased ($39.4 million) due to the unfavorable impact of currency exchange rates ($94.5 million), primarily from the Mexican peso, Argentine peso, and Brazilian real, partially offset by a 7% organic increase ($49.5 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 14% ($17.3 million) due to the unfavorable impact of currency exchange rates ($18.0 million) and a 1% organic decrease ($1.2 million), partially offset by the favorable impact of acquisitions ($1.9 million). The organic decrease was driven by lower volumes.

Previous wording

Revenues increased 3% ($7.7 million) primarily due to an 5% organic increase ($15.5 million) partially offset by the unfavorable impact of currency exchange rates ($8.2 million). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit decreased 3% ($0.7 million) primarily due to the unfavorable impact of currency exchange rates ($0.8 million) and the impact of acquisitions ($0.2 million), partially offset by a 1% organic increase ($0.3 million) driven by higher revenue outpacing the impact of labor and other cost increases across the segment and the mix benefit of higher AMS and DRS revenue.

Current wording

Revenues increased 6% ($35.8 million) due to an 4% organic increase ($25.3 million), the favorable impact of currency exchange rates ($9.0 million), and the favorable impact of acquisitions ($1.5 million). The organic increase was primarily due to price increases and the growth of AMS and DRS revenue. Operating profit increased 11% ($6.6 million), primarily due to a 10% organic increase ($6.0 million). The organic increase was primarily driven by higher revenue outpacing the impact of labor and other cost increases across the segment and the mix benefit of higher AMS and DRS revenue.

Previous wording

Corporate Expenses include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the chief operating decision maker ("CODM") evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.

Current wording

Corporate Expenses include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the CODM evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.

Previous wording

Corporate expenses for the first three months of 2025 decreased $1.7 million versus the prior year period. This was primarily driven by lower net compensation costs ($4.1 million) and lower professional and audit fees ($3.0 million), partially offset by a reduction in currency transaction gains ($3.1 million) and higher charges related to insurance and security losses ($2.7 million).

Current wording

Corporate expenses for the three months ended June 30, 2025 increased $3.0 million versus the prior year period. This was primarily driven by higher charges related to insurance and security losses ($2.6 million), a reduction in currency transaction gains ($1.3 million), and higher net compensation costs ($1.2 million), partially offset by favorable adjustments related to reconciliation of segment policies to GAAP ($2.3 million).

Previous wording

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

Current wording

•Restructuring costs related to acquisitions were $9.7 million in the first six months of 2025.

Previous wording

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

Current wording

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

Previous wording

•We incurred $0.3 million in integration costs in the first three months of 2024.

Current wording

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

Previous wording

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

Current wording

•Transaction costs related to business acquisitions were $1.1 million in the first six months of 2025.

Previous wording

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

Current wording

•We incurred $0.4 million in integration costs in the first six months of 2024.

Previous wording

•Compensation expense related to the retention of key PAI employees was $0.1 million in the first three months of 2024.

Current wording

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

Previous wording

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. 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 losses of $4.8 million. In the first three months of 2024, we recognized $1.6 million in pretax charges in operating profit related to highly inflationary accounting. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. 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.

Current wording

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. 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 losses of $14.1 million. In the first six months of 2024, we recognized $13.0 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $6.4 million. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. 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.

Previous wording

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 $4.8 million of expense in the first three months of 2024 and an additional $5.1 million in the first three months of 2025. The transformation costs primarily include third party professional services and project management charges. These costs relate to a discrete program and are not reflective of our ongoing operating cost structure, and are not indicative of our core operating expenses or normal activities. Additionally, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Current wording

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 $12.0 million of expense in the first six months of 2024 and an additional $10.5 million in the first six months of 2025. The transformation costs primarily include third party professional services and project management charges. These costs relate to a discrete program and are not reflective of our ongoing operating cost structure, and are not indicative of our core operating expenses or normal activities. Additionally, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Previous wording

DOJ/FinCEN investigations During the first three months of 2025, we accrued $0.9 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with this matter. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigation are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results. See Note 13 for details.

Current wording

DOJ/FinCEN investigations During the first six months of 2025, we accrued $1.8 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. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigations are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Previous wording

subsequent years (which were primarily related to changes in currency rates). Overall, these charges related to a potential fine associated with an investigation by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts, including the estimated loss and associated third-party costs, is such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years of the underlying event. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results. See Note 13 for details.

Current wording

Chile antitrust matter We recognized an estimated loss of $9.5 million in 2021 and recognized additional amounts in subsequent years (which were primarily related to changes in currency rates). Overall, these charges related to a potential fine associated with an investigation by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts, including the estimated loss and associated third-party costs, is such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years of the underlying event. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results. See Note 13 for details.

Previous wording

Interest expense was higher in the first three months of 2025 compared to the first three months of 2024 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.

Current wording

Interest expense was higher for the three and six months ended June 30, 2025, 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.

Previous wording

The decrease in the net income attributable to noncontrolling interests in the three months ended March 31, 2025, in comparison to the three months ended March 31, 2024, is primarily attributable to lower first quarter 2025 operating results reported by certain subsidiaries that are not wholly-owned.

Current wording

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

Previous wording

Non-GAAP measures are reconciled to comparable GAAP measures either in the tables below or in “Liquidity and Capital Resources” section. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented. Most of the reconciling adjustments are described in Other Items Not Allocated to Segments above on pages 35–36. Additional reconciling items include the following:

Current wording

Non-GAAP measures are reconciled to comparable GAAP measures either in the tables below or in “Liquidity and Capital Resources” section. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented. Most of the reconciling adjustments are described in Other Items Not Allocated to Segments above on pages 41–42. Additional reconciling items include the following:

Previous wording

(c)See “Other Items Not Allocated To Segments” on pages 35-36 for details.

Current wording

(c)See “Other Items Not Allocated To Segments” on pages 41-42 for details.

Previous wording

(d)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 27.8% for 2025 and was 23.2% for 2024.

Current wording

(d)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 28.4% for 2025 and was 23.2% for 2024.

Previous wording

(a)See “Other Items Not Allocated To Segments” on pages 35-36 for details.

Current wording

(a)See “Other Items Not Allocated To Segments” on pages 41-42 for details.

Previous wording

(c)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 27.8% for 2025 and was 23.2% for 2024.

Current wording

(c)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 28.4% for 2025 and was 23.2% for 2024.

Previous wording

(e)Due to the impact of Argentina highly inflationary accounting, there was no non-GAAP adjustment for a loss in the three months ended March 31, 2024. There was a $1.0 million non-GAAP adjustment for a loss in the three months ended March 31, 2025.

Current wording

(e)Due to the impact of Argentina highly inflationary accounting, there was a $0.2 million non-GAAP adjustment for a loss in the three and six months ended June 30, 2024. 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, respectively.

Previous wording

Cash flows from operating activities decreased $124.1 million in the first three months of 2025 as compared to the first three months of 2024. Cash used for investing activities increased by $2.9 million in the first three months of 2025 compared to the first three months of 2024. We financed our liquidity needs in the first three months of 2025 with existing cash from operations.

Current wording

Cash flows from operating activities increased $146.0 million in the first six months of 2025 as compared to the first six months of 2024. Cash used for investing activities increased by $41.2 million in the first six months of 2025 compared to the first six months of 2024. We financed our liquidity needs in the first six months of 2025 with existing cash from operations.

Previous wording

Cash flows from operating activities decreased $124.1 million in the first three months of 2025 compared to the same period in 2024. The decrease was primarily ($102.3 million) attributed to restricted cash held for customers (restricted cash held for customers decreased by $45.0 million in 2025 compared to an increase of $57.3 million in 2024) as well as changes in working capital excluding taxes and interest (working capital decreased by $176.0 million in 2025 compared to a decrease of $137.6 million in 2024), partially offset by changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations increased by $38.9 million in 2025 compared to an increase of $24.0 million in 2024) and lower amounts paid for interest (we had $52.9 million in cash payments for interest in 2025 as compared to $68.0 million in 2024).

Current wording

Cash flows from operating activities increased $146.0 million in the first six 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 increased by $31.3 million in 2025 compared to a decrease of $67.2 million in 2024) and changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations increased by $24.0 million in 2025 compared to an increase of $4.6 million in 2024) as well as changes in working capital excluding taxes and interest (working capital decreased by $133.8 million in 2025 compared to a decrease of $161.3 million in 2024)

Previous wording

Cash used by investing activities increased by $2.9 million in the first three months of 2025 versus the first three months of 2024. The increase was primarily due to increases in cash paid for capital expenditures and increases in cash paid for acquisitions in Europe in 2025, partially offset by cash flows received related to economic hedge contracts, as discussed in Note 7.

Current wording

Cash used by investing activities increased by $41.2 million in the first six months of 2025 versus the first six months of 2024. The increase was primarily due to the increases in net cash paid for purchases of marketable securities in 2025 and cash payments related to the net change in economic hedge contracts, as discussed in Note 7, partially offset by less cash paid for acquisitions in 2025.

Previous wording

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 1.4 for the 12 months ending March 31, 2025 compared to 1.4 for the 12 months ending March 31, 2024.

Current wording

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 1.4 for the 12 months ending June 30, 2025 compared to 1.3 for the 12 months ending June 30, 2024.

Previous wording

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

Current wording

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

Previous wording

Cash used in financing activities increased by $122.8 million year over year as we had net cash used in financing activities of $124.1 million in the first three months of 2025 compared to net cash used in financing activities of $1.3 million in the first three months of 2024. The change was driven primarily by a decrease in net borrowings (as discussed in Note 8) compared to the prior year three month period, and an increase in cash used to repurchase shares of common stock (we used $44.8 million to repurchase shares in 2025 as compared to $23.0 million in 2024).

Current wording

Cash used in financing activities increased by $137.2 million year over year as we had net cash used in financing activities of $38.1 million in the first six months of 2025 compared to net cash provided from financing activities of $99.1 million in the first six months of 2024. The change was driven primarily by a decrease in net borrowings (as discussed in Note 8) compared to the prior year six month period, and an increase in cash used to repurchase shares of common stock (we used $130.0 million to repurchase shares in 2025 as compared to $65.7 million in 2024).

Previous wording

We paid dividends to Brink’s shareholders of $0.2425 per share or $10.4 million in the first three months of 2025 compared to $0.2200 per share or $9.8 million in the first three months of 2024. On May 7, 2025, the Board declared a regular quarterly dividend of 25.50 cents per share payable on June 2, 2025 to shareholders of record on May 19, 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.

Current wording

We paid dividends to Brink’s shareholders of $0.4975 per share or $21.1 million in the first six months of 2025 compared to $0.4625 per share or $20.6 million in the first six months of 2024. 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.