Prosegur Compañía de Seguridad (PSG) Q2 2025 earnings summary

Executive summary

• Revenue rose 5.1% year-over-year to €2,467M, driven by organic growth, Indian consolidation, and balanced regional performance led by APAC and US.

• Adjusted EBITA increased 16% to €170.2M, with margin improving to 6.9% from 6.3%, supported by efficiency programs.

• Net income rose 80% year-over-year, reflecting strong operational, treasury, and tax performance, and a positive one-off tax settlement in Brazil.

• Over 1 million alarm connections achieved, marking a significant operational milestone.

• All business lines and regions reported positive sales growth, with robust results in Security and Alarm segments.

Financial highlights

• Revenue for the first half reached €2,466.9M, up 5.1% year-over-year, with organic growth of 13.8%.

• Adjusted EBITA was €170.2M (6.9% margin), up 15.9% year-over-year, mainly from Security Business.

• Net profit attributable to owners more than doubled to €54.2M, up 96.3% year-over-year.

• EBITDA reached €275M, up 7.4% from the previous year.

• Net financial debt stood at €1,172.9M, with a net debt/EBITDA ratio of 2.31.

Outlook and guidance

• Management expects continued growth in sales and margins, led by Security and Alarms, with Cash remaining stable despite FX headwinds.

• Efficiency and transformation initiatives to further improve margins.

• Alarm acquisition costs to remain high in 2025 due to marketing, with a decrease expected in 2026.