BRINKS CO

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2023 in Review

In 2023, we delivered $4.875 billion of revenue, $88 million of GAAP net income, $867 million of non-GAAP adjusted EBITDA, $425 million of GAAP operating profit (8.7% margin), $615 million of non-GAAP operating profit (12.6% margin), $702 million of GAAP net cash from operations and $393 million of non-GAAP free cash flow before dividends.* GAAP EPS was $1.83 per share and non-GAAP EPS grew to $7.35 per share.* Revenue growth included 21% organic growth in DRS and AMS, which are key strategic focus areas for the Company. During 2023, the Company saw meaningful progress executing its strategy, including growth in high-margin services, increasing productivity through the Brink’s Business System and disciplined execution against the Company’s capital allocation priorities. These financial metrics are monitored by management and the Board and reported to shareholders, and certain of these metrics are used in determining compensation for the NEOs.

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These non-GAAP financial measures are not presented in accordance with GAAP. See Appendix A of this Proxy Statement and pages 35 to 37 of the 2023 Annual Report for a reconciliation of non-GAAP operating profit, non-GAAP operating profit margin and non-GAAP EPS to the most directly comparable GAAP financial measure. See Appendix A of this Proxy Statement for a reconciliation of non-GAAP adjusted EBITDA and free cash flow before dividends to the most directly comparable GAAP financial measures. There is no difference between GAAP and non-GAAP revenues.

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Pay Aligned with Performance: 2023 Annual and Long-Term Incentive Payouts

At the core of our executive compensation program is the link between compensation and Company and individual performance over both the short- and long-term. We do this through incentive compensation that aligns the interests of executives and shareholders, including by setting rigorous goals tied to performance metrics that are intended to drive our business forward.

Annual incentive program payout determinations under the BIP for 2023 for the NEOs reflect the Company’s performance against the specific, pre-established financial goals of 2023 non-GAAP operating profit (50%), revenue (25%) and free cash flow (25%). The NEOs received 2023 BIP payouts ranging from approximately 84.9% to 102.9% of their respective targets.