BRINKS CO

Previous wording

Consolidated Revenues Revenues increased $128.4 million due to the favorable impact of currency exchange rates ($71.1 million), organic increases in North America ($20.4 million), Rest of World ($13.2 million), Latin America ($11.4 million), and Europe ($10.7 million), and the favorable impact of acquisitions ($1.6 million). The favorable currency exchange rate impact was driven primarily by the euro, Mexican peso, and Brazilian real. Revenues increased 4% on an organic basis primarily due to inflation-based price increases, and organic growth in AMS and DRS revenue, as well as BGS revenue. See our definition of “organic growth” on page 40.

Current wording

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.

Previous wording

Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 9.6% to 8.0%. Operating profit decreased $8.9 million due mainly to:

Current wording

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:

Previous wording

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.

Current wording

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.

Previous wording

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

Current wording

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

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 $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.

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 Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.1% to 12.2%. Non-GAAP operating profit increased $17.8 million due mainly to:

Current wording

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:

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 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.

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 $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.

Previous wording

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

Current wording

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

Previous wording

Revenues and Operating Profit by Segment: First Quarter 2026 versus First Quarter 2025

Current wording

Revenues and Operating Profit by Segment: Second Quarter 2026 versus Second Quarter 2025

Previous wording

(d)See pages 34-36 for further information, where these items are discussed in more detail.

Current wording

(d)See pages 40-42 for further information, where these items are discussed in more detail.

Previous wording

Analysis of Segment Results: First Quarter 2026 versus First Quarter 2025

Current wording

Analysis of Segment Results: Second Quarter 2026 versus Second Quarter 2025

Previous wording

Revenues increased 12% ($36.2 million) due to the favorable impact of currency exchange rates ($24.3 million) primarily from the Mexican peso and a 4% organic increase ($11.4 million). The organic increase was primarily driven by price increases across the segment, as well as growth in AMS and DRS revenue. Operating profit increased 6% ($3.5 million) primarily due to the favorable impact of currency exchange rates ($2.8 million) and a 2% organic increase ($0.9 million). The organic increase was primarily driven by higher revenue and cost productivity.

Current wording

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, AMS and DRS revenue mix, and cost productivity.

Previous wording

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). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit increased 42% ($11.8 million) primarily due to a 27% organic increase ($7.6 million) and the favorable impact of currency exchange rates ($3.7 million). The organic increase was driven by the mix benefit of higher AMS and DRS revenue.

Current wording

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 and cost productivity initiatives.

Previous wording

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

Current wording

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.

Previous wording

Revenues increased 12% ($23.3 million) due to a 7% organic increase ($13.2 million) and the favorable impact of currency exchange rates ($10.1 million). Organic growth in the segment was primarily due to growth in BGS revenue and pricing discipline across the segment. Operating profit increased 17% ($7.8 million) primarily due to a 13% organic increase ($6.0 million) and the favorable impact of currency exchange rates ($1.8 million). The organic increase was primarily driven by a favorable BGS mix and higher revenue.

Current wording

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.

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

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

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 2026, we recognized a net $0.5 million pretax gain in operating profit related to highly inflationary accounting, including currency remeasurement gains of $1.4 million. In the first three months of 2025, we recognized $6.3 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement loss of $4.8 million. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. 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 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. 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

Accordingly, we incurred $5.1 million of expense in the first three months of 2025, which primarily included third-party professional services. During the first three months of 2026, we incurred $38.9 million of related costs, including fees to attorneys, accountants and other professional advisors related to the NCR Atleos acquisition as well as severance costs and third-party professional services. Because these expenses are associated with discrete transformation initiatives, they are not reflective of our ongoing operating cost structure and are not indicative of our core operating expenses or normal activities. Accordingly, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Current wording

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. Accordingly, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Previous wording

Non-routine legal matters In the first quarter of 2026, we recognized $2.8 million of probable losses in connection with non-routine legal matters. These costs relate to fact-specific matters that management does not believe are indicative of the Company's underlying operational performance for the period. Additionally, the nature of these amounts and the underlying claims are such that they are not reasonably likely to recur based on the Company's historical experience within two years, nor were there similar charges for such matters within the prior two years. Management has excluded these amounts when evaluating internal operating performance, and accordingly, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Current wording

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. Additionally, the nature of these amounts and the underlying claims are such that they are not reasonably likely to recur based on the Company's historical experience within two years, nor were there similar charges for such matters within the prior two years. Management has excluded these amounts when evaluating internal operating performance, and accordingly, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Previous wording

DOJ/FinCEN investigations During the first three months of 2026, we accrued $1.2 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. 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.

Current wording

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. 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

Changes in exchange rates may also affect transactions that are denominated in currencies other than the functional currency. 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. Accordingly, changes in their fair value are recorded immediately in earnings. See Note 7 for more details regarding our economic hedges.

Current wording

Changes in exchange rates may also affect transactions that are denominated in currencies other than the functional currency. 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 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. See Note 7 for more details regarding our economic hedges.

Previous wording

Interest expense was higher for the three months ended March 31, 2026, compared to the same prior year periods due to higher interest rates on corporate debt and overall higher borrowing levels. Borrowings were primarily used to fund growth in our DRS business and other general corporate initiatives.

Current wording

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.

Previous wording

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.

Current wording

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.

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 34–36. 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 40–42. Additional reconciling items include the following:

Previous wording

(c)See “Other Items Not Allocated To Segments” on pages 34-36 for details.

Current wording

(c)See “Other Items Not Allocated To Segments” on pages 40-42 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 27.6% for 2026 and was 27.5% for 2025.

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 27.3% for 2026 and was 27.5% for 2025.

Previous wording

(a)See “Other Items Not Allocated To Segments” on pages 34-36 for details.

Current wording

(a)See “Other Items Not Allocated To Segments” on pages 40-42 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 27.6% for 2026 and was 27.5% for 2025.

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 27.3% for 2026 and was 27.5% for 2025.

Previous wording

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

Current wording

(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.

Previous wording

(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.

Current wording

(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.

Previous wording

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.

Current wording

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.

Previous wording

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 customer 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.

Current wording

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 customer 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).

Previous wording

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).

Current wording

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).

Previous wording

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.

Current wording

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.

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 1.1 for the 12 months ended March 31, 2026 compared to 1.4 for the 12 months ended March 31, 2025.

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

Previous wording

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

Current wording

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