Prosegur Compañía de Seguridad (PSG) Q3 2025 earnings summary

Executive summary

• Sales rose 2.5% year-over-year to €3.67 billion, driven by strong organic growth and transformation products now representing over 35% of total sales.

• Adjusted EBITA increased 9% to €258.3 million, with margin up to 7.0%, and net income surged 58.7% to €82 million, reflecting tax efficiency and lower financial expenses.

• Recurring cash flow in Alarms rose 21% year-over-year to €81 million, with MPA connections surpassing 600,000 and churn rate reduced to 9%.

• All business lines reported enhanced operating efficiencies, with Security and Alarms segments showing strong growth and margin improvements.

• Operating cash flow reached €147 million, normalizing for extraordinary effects, while free cash flow was impacted by efficiency plans and collection timing.

Financial highlights

• EBITDA grew 2.7% to €409.3 million; EBIT rose 11.9% to €235.9 million; earnings per share increased 58.4% to €0.2.

• Net financial expenses dropped 29.8% to €60.6 million, mainly due to lower interest and exchange rate costs.

• Net consolidated income was €82 million, a 59% year-over-year increase.

• Normalized consolidated operating cash flow was €147 million, up €4 million year-over-year after adjusting for extraordinary items.

• Operating cash flow fell 15% to €121.4 million.

Outlook and guidance

• Confident in meeting main objective of generating shareholder value and achieving year-end targets, with a strategic plan for the next four years being finalized.

• Alarm Capital Market Day scheduled for December 16th to discuss strategy and guidance.

• Positive outlook for commercial productivity in Security, especially in the U.S. and Spain, and continued focus on reinvesting recurring cash flow from Alarms.

• €300 million in uncovered bonds issued in October 2025 to enhance financial flexibility and support business development.