Prosegur Compañía de Seguridad (PSG) Q1 2025 earnings summary

Executive summary

• Revenue grew 11.4% year-over-year to EUR 1,255 million, with all business lines and geographies contributing and APAC as a key driver.

• Adjusted EBITA increased 42.8% to EUR 86 million, with margin improving to 6.8% from 5.3% year-over-year.

• Consolidated net profit rose 69% to EUR 34 million, with EPS up 68.7% to EUR 0.1.

• All business segments—Cash, Security, and Alarms—reported double-digit sales growth and improved profitability.

Financial highlights

• EBITDA rose 43% year-over-year to EUR 86 million, with margin up to 11.0% from 10.0%.

• Free cash flow was negative EUR 54 million, in line with seasonal patterns.

• Net financial debt stood at EUR 1,316 million, with a net debt/EBITDA ratio of 2.3x.

• Dividend of EUR 87 million approved, up nearly 5% from the previous year.

• Effective tax rate reduced by 181 basis points year-over-year to 46.5%.

Outlook and guidance

• Expectation to maintain high single-digit growth in security for the year, with gradual margin improvement.

• Net debt/EBITDA ratio projected to remain between 2x and 2.2x for the year, depending on security business growth.

• Management highlighted continued growth prospects in ES and US Security, and strong momentum in APAC.

• Margins in security expected to improve incrementally, supported by operational strategies and geographic mix.