Prosegur Cash (CASH) Q3 2025 earnings summary

Executive summary

• Sales declined by 2.3% year-over-year, mainly due to a 10.5% negative currency impact, despite 6.9% organic growth and 1.3% inorganic growth.

• EBITDA margin was 11% of sales, with pro forma margin at 11.8% after adjusting for a €12 million efficiency program.

• Net income reached €67 million, up 1.6% year-over-year, demonstrating resilience in the lower P&L.

• Transformation products grew 6.8% to represent 35.1% of total sales, with strong growth across all regions.

• Free cash flow totaled €76 million, supporting a €62 million net debt reduction over the last 12 months.

Financial highlights

• Revenue for the first nine months was €1,488 million, down 2.3% from the prior year.

• EBITDA for the period was €251 million (16.9% of sales), down 8.6% year-over-year.

• EBITA margin was 11.0%, with pro forma margin at 11.8%.

• Net profit was stable at €66.6–67 million, up 1.6% year-over-year.

• Free cash flow conversion rate improved to 80%.

Outlook and guidance

• Expectation of a rebound in Argentina’s macro environment in 2026, with some improvement possible in Q4 2025.

• CapEx expected to return to previous levels in 2026 as forex business openings resume and inventory rationalization is not repeated.

• Working capital consumption anticipated to be lower in 2026 due to normalized inflation.

• Efficiency programs and transformation product penetration are expected to continue impacting results.

• Continued focus on organic growth, especially in Asia Pacific.