BRINKS CO

(a)Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See page 34 for further information on this non-GAAP measure, and see page 35 for descriptions of the adjustments.

2025 versus 2024

Cash flows from operating activities - GAAP

Cash flows from operating activities increased by $213.5 million in 2025 compared to 2024. The increase was attributed to changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations increased by $16.5 million in 2025 compared to a decrease of $77.7 million in 2024), restricted cash held for customers (restricted cash held for customers increased by $46.1 million in 2025 compared to an decrease of $42.9 million in 2024), and higher operating profit, partially offset by higher amounts paid for income taxes (we had $135.7 million in cash payments for taxes in 2025 as compared to $122.1 million in 2024), and by changes in working capital excluding taxes and interest.

In 2024, working capital improvements resulted primarily from an ongoing focus on certain key discretionary actions, in particular more timely collection of trade accounts receivable and optimizing payment terms to vendors. These actions involved, among others, centrally managing more of our overall spend and negotiating with suppliers to optimize our payment terms and conditions. In 2025, these actions continued to improve cash flow performance, though the magnitude of improvement was more moderate when compared to the prior year. These actions contributed to an increase in trade accounts payable (amounts increased by $7.3 million in 2025 compared to an increase of $78.7 million in 2024) included in the consolidated statements of cash flows line “Increase (decrease) in accounts payable, income taxes payable, and accrued liabilities” as well as sustained improvements in trade accounts receivable (amounts increased $1.2 million in 2025 compared to a decrease of $40.2 million in 2024) included in the consolidated statements of cash flows line “(Increase) decrease in accounts receivable and income taxes receivable”. These results demonstrate the continued focus on working capital optimization and future working capital performance contemplates a continuation of these efforts.

Free cash flow before dividends - non-GAAP

Free cash flow before dividends increased $35.6 million as compared to 2024. The increase was mostly attributed to higher operating profit and lower amounts paid for capital expenditures (we had $203.1 million in cash paid for capital expenditures in 2025 compared to $222.5 million in 2024), partially offset by higher amounts paid for income taxes, changes in working capital excluding taxes and interest as discussed above, and lower amounts of cash proceeds from sale of property and equipment (we had $18.5 million in cash proceeds in 2025 compared to $29.2 million in 2024.