Prosegur Cash (CASH) Q4 2024 earnings summary

Executive summary

• Achieved record sales exceeding EUR 2 billion, with 12.3% year-over-year growth and double-digit increases in both Q4 and full year.

• Earnings per share rose 45.1% to EUR 0.06, and net profit increased 44.9% to EUR 91 million.

• Free cash flow reached EUR 148 million, up 24% from 2023, with Q4 standalone FCF at EUR 57 million.

• Transformation products now represent over 32% of sales, growing 18.8% year-over-year.

• ESG ratings improved, with notable reductions in CO2 emissions and a new sustainability master plan.

Financial highlights

• Revenue reached EUR 2.09 billion, up 12.3% year-over-year, with 18% organic growth and 0.5% inorganic growth.

• EBITDA totaled EUR 383 million (up 17.5%), with an EBITDA margin of 18.3%.

• EBITA grew from EUR 220 million to EUR 251 million (+13.9%), margin at 12.0%.

• Net profit increased 44.9% to EUR 91 million; EPS rose 45.1% to EUR 0.06.

• Free cash flow improved to EUR 148 million, with a 74% EBITDA-to-CapEx conversion rate.

Outlook and guidance

• Expecting mid-single digit or slightly higher sales growth in 2025, with continued margin improvement and strong EPS growth.

• Focus remains on free cash flow generation, debt reduction, and shareholder remuneration.

• Margin improvement anticipated in all regions, with Asia Pacific expected to outperform Europe but remain below Latin America in the short term.

• Transformation products and new business lines (Forex, Corban) expected to drive future profitability, especially from 2025 onward.

• Dividend proposal of EUR 63 million and new EUR 8 million share buyback plan announced.