Prosegur Cash (CASH) investor relations material

Executive summary

• Organic revenue grew 5.3%, but total sales declined 4.9% to €1,987 million due to an 11.1% negative currency impact, especially from Argentina and FX volatility.

• Net profit rose 3.3% year-over-year to €94 million, with improved profitability and finance expenses; some sources report €90.2 million (+1.2%).

• Transformation solutions/products now represent 35.2% of total revenue, up 300 basis points year-on-year, with strong performance in Cash Today and Forex.

• Free cash flow reached €108 million, supported by disciplined CAPEX and working capital management.

• Balance sheet strengthened by €600 million bond repayment and robust liquidity, with total liquidity at €1,579.7 million.

Financial highlights

• Revenue: €1,987 million, with 5.3% organic growth and nearly 1% inorganic, offset by 11.1% FX headwind.

• EBITDA: €355.7 million (17.9% margin), down 7.2% year-over-year; EBITA: €238 million (12% margin), pro forma EBITA margin improved to 12.5% in Q4.

• Net profit: €94 million, up 3.3% year-over-year, representing 4.7% of sales.

• EPS: €0.0607, up 1.2% year-over-year.

• Free cash flow: €108 million, 77% EBITDA conversion.

Outlook and guidance

• Expecting mid-single digit sales growth and EBITDA margin improvement in 2026, with profitability enhancement above sales growth.

• Focus remains on transformation products, operational efficiency, and disciplined capital allocation.

• CapEx to increase in 2026, particularly for Forex business expansion at major airports.

• Continued deleveraging targeted, with further reductions in net debt and improved cash flow from lower tax bills in Argentina.

• No significant changes expected in capital structure or cost of capital for 2026.