Prosegur Cash (CASH) Q1 2025 earnings summary

Executive summary

• Sales grew 9.7% year-over-year in Q1 2025 to EUR 516 million, with 13.3% organic growth and strong Asia-Pacific performance, especially from Indian operations consolidation and over 40% organic growth in the region.

• EBITDA margin improved to 11.8% of sales, up 110 basis points year-over-year, with EBITDA at EUR 61 million, a 20.9% increase.

• Net income rose 35.1% to EUR 24 million, and EPS improved by 30.2% to EUR 0.0155.

• Transformation Products now represent 33% of total sales, growing 14.1% year-over-year.

• Free cash flow reached EUR 5 million, supporting growth and ongoing CAPEX investments.

Financial highlights

• Q1 2025 sales totaled EUR 516 million, up 9.7% year-over-year; EBITDA reached EUR 90 million (17.4% of sales), up 11.1%.

• EBIT increased 25.5% to EUR 55 million; net profit was EUR 24 million (4.6% of sales), up 35.1% year-over-year.

• Free cash flow conversion rate improved to 80%, up 7 percentage points.

• Effective tax rate was 45%, improved by 150 bps.

• CapEx was EUR 18 million, down EUR 4 million year-over-year due to efficiency and stock optimization.

Outlook and guidance

• Expect continued strong organic growth in Asia-Pacific, though not at Q1's 40%+ level.

• Latin America and Asia-Pacific anticipated to maintain robust performance; Europe expected to improve in April due to calendar normalization.

• Transformation and ATM joint venture with Euronet seen as key future growth levers.

• Continued focus on Transformation Products and integration of Indian companies expected to support future growth.

• Stable leverage and ongoing debt reduction expected to support future investments.