Prosegur Cash (CASH) Q2 2025 earnings summary

Executive summary

• Net income grew by up to 22.2% year-over-year, with strong organic sales growth and a reduction in net debt by EUR 44 million over the last 12 months.

• Revenue for H1 2025 reached EUR 1,005.1 million, up 0.7% year-over-year, driven by organic growth of up to 9.7%, despite an 11% negative currency impact.

• Transformation products now account for 34% of total sales, up 220 basis points year-over-year.

• Asia-Pacific led regional growth with a 60.4% increase in sales, driven by strong organic performance and full consolidation of Indian operations.

• Free cash flow for H1 was EUR 28 million, with leverage ratio stable at 2.3x net debt/EBITDA.

Financial highlights

• EBITDA was EUR 171 million (11.2% margin), down 3.9% year-over-year; pro forma EBITDA margin was 11.7%, up 35 bps year-over-year.

• Net profit was EUR 48 million, up 22.2% year-over-year; EPS rose 20% to EUR 3.09.

• Gross profit for H1 2025 was EUR 350.3 million, with gross margin stable year-over-year.

• Free cash flow conversion rate was 81%.

• CapEx outflow reduced to EUR 33 million from EUR 51 million a year ago.

Outlook and guidance

• Expecting improved sales and margins in H2, with positive trends in Asia-Pacific and transformation products.

• Confident in achieving consensus pro forma EBITDA of EUR 278–279 million for the year.

• Gradual improvement expected in Europe in the second half of the year.

• Anticipate further acceleration in Latin America post-midterm elections and continued strong performance in Asia-Pacific.

• Focus on efficiency, innovation, and natural FX hedging to mitigate currency volatility.