BRINKS CO

Previous wording

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

Current wording

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

Previous wording

(c)Amounts for 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.

Current wording

(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.

Previous 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.

Current wording

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

Previous wording

Consolidated Costs and Expenses Cost of revenues increased 4% to $976.7 million primarily due to the impact of higher revenue and the impact of acquisitions, partially offset by the impact of currency exchange rates. Selling, general and administrative costs decreased 5% to $184.5 million primarily due to the depreciation adjustment discussed in Note 1 and the impact of currency exchange rates, partially offset by organic increases in labor costs.

Current wording

Consolidated Costs and Expenses Cost of revenues increased 5% to $990.4 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.

Previous wording

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 9.5% to 9.9%. Operating profit increased $16.1 million due mainly to:

Current wording

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:

Previous wording

•higher costs incurred related to business acquisitions and dispositions ($9.3 million),

Current wording

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

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 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.

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 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.

Previous wording

Consolidated Revenues Revenues increased $58.0 million due to organic increases in Latin America ($49.5 million), North America ($32.5 million), Europe ($25.3 million), and Rest of World ($22.2 million) and the favorable impact of acquisitions ($11.4 million), partially offset by the unfavorable impact of currency exchange rates ($82.9 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 46.

Current wording

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.

Previous 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.

Current wording

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.

Previous 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:

Current wording

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:

Previous wording

•unfavorable changes in currency exchange rates on segment profit ($4.6 million), primarily driven by the Mexican peso and Argentine peso, and

Current wording

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

Previous wording

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

Current wording

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

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 decreased $2.4 million to $43.9 million due to lower interest and other nonoperating income ($10.7 million), higher income tax expense ($5.1 million), higher interest expense ($4.4 million) and higher noncontrolling interest ($0.1 million), partially offset by the increase in operating profit mentioned above. Earnings per share from continuing operations was $1.03, flat to the second 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 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.

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 46 and are reconciled to comparable GAAP measures on pages 48-50.

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 47 and are reconciled to comparable GAAP measures on pages 49-51.

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 $5.1 million to $75.7 million due to higher income tax expense ($5.5 million), lower interest and other nonoperating income ($5.2 million), and higher interest expense ($4.4 million), partially offset by the operating profit increase mentioned above, and lower noncontrolling interest ($1.1 million). Non-GAAP earnings per share from continuing operations was $1.79, unchanged from $1.79 in the second 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 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.

Previous wording

Adjusted EBITDA Adjusted EBITDA increased 3% to $232.0 million primarily due to the increase in Non-GAAP operating profit ($8.9 million).

Current wording

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

Previous wording

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.1% to 12.4%. Non-GAAP operating profit increased $14.5 million due mainly to:

Current wording

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.1% to 13.0%. Non-GAAP operating profit increased $51.1 million due mainly to:

Previous wording

•organic decreases in Latin America ($1.2 million).

Current wording

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

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 $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.

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 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.

Previous wording

Adjusted EBITDA Adjusted EBITDA increased 1% to $447.0 million primarily due to the increase in Non-GAAP operating profit ($14.5 million).

Current wording

Adjusted EBITDA Adjusted EBITDA increased 6% to $700.3 million primarily due to the increase in Non-GAAP operating profit ($51.1 million).

Previous wording

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

Current wording

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

Previous wording

(b)Amounts include the impact of prior year comparable period results for acquired and disposed businesses. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 46.

Current wording

(b)Amounts include the current year results of businesses acquired within the past twelve months recognized from the transaction date through the end of the twelve month period and the impact of prior year comparable period results for disposed businesses. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 47.

Previous wording

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

Current wording

(d)See pages 41-43 for further information, where these items are discussed in more detail.

Previous wording

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

Current wording

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

Previous 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.

Current wording

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. Operating profit increased 37% ($15.3 million) due to a 37% organic increase ($15.3 million). The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and cost productivity.

Previous wording

Revenues decreased 4% ($12.3 million) due to the unfavorable impact of currency exchange rates ($40.1 million) primarily from the Mexican peso, Argentine peso, and Brazilian real, partially offset by a 7% organic increase ($24.7 million) and the impact of acquisitions ($3.1 million). The organic increase was primarily driven by price increases across the segment with a majority of the impact from Argentina and Mexico, as well as growth in AMS and DRS revenue. Operating profit decreased 13% ($8.2 million) primarily due to the unfavorable impact of currency exchange rates ($7.6 million) and a 4% organic decrease ($2.6 million), partially offset by the favorable impact of acquisitions ($2.0 million). The organic decrease was primarily driven by lower volumes and one-time expenses.

Current wording

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.

Previous wording

Revenues increased 9% ($28.1 million) primarily due to favorable impact of currency exchange rates ($17.2 million), an 3% organic increase ($9.8 million) and the favorable impact of acquisitions ($1.1 million). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit increased 23% ($7.3 million) primarily due to an 18% organic increase ($5.7 million) and the favorable impact of currency exchange rates ($2.1 million). The organic increase was driven by the mix benefit of higher AMS and DRS revenue.

Current wording

Revenues increased 12% ($37.6 million) primarily due to favorable impact of currency exchange rates ($19.5 million), a 5% organic increase ($16.1 million), and the favorable impact of acquisitions ($2.0 million). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit increased 15% ($6.1 million) primarily due to a 7% organic increase ($2.8 million) and the favorable impact of currency exchange rates ($2.6 million). The organic increase was driven by the mix benefit of higher AMS and DRS revenue.

Previous wording

Revenues increased 7% ($27.2 million) due to a 5% organic increase ($22.2 million) and the favorable impact of currency exchange rates ($5.0 million). Organic growth in the segment was primarily due to growth in BGS revenue. Operating profit increased 14% ($11.2 million) due to a 13% organic increase ($10.7 million) and the favorable impact of currency exchange rates ($0.5 million). The organic increase was driven by a favorable revenue mix impact.

Current wording

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.

Previous wording

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

Current wording

Revenues and Operating Profit by Segment: Nine Months 2025 versus Nine Months 2024

Previous wording

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

Current wording

Analysis of Segment Results: Nine Months 2025 versus Nine Months 2024

Previous wording

Revenues increased 4% ($34.4 million) primarily due to a 4% organic increase ($32.5 million) and the impact of acquisitions ($4.3 million). Organic revenue increased primarily due to price increases and growth in AMS and DRS revenue, as well as BGS revenue. Operating profit increased 15% ($15.3 million) due to a 15% organic increase ($15.1 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.

Current wording

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.

Previous 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.

Current wording

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.

Previous 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.

Current wording

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.

Previous 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.

Current wording

Revenues increased 6% ($38.1 million) due to a 4% organic increase ($27.2 million) and the favorable impact of currency exchange rates ($10.9 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.

Previous 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).

Current wording

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).

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

•Net charges of $1.2 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

Current wording

•Net charges of $2.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

Previous wording

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

Current wording

•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.