Prosegur Compañía de Seguridad (PSG) Q3 2026 earnings summary

Executive summary

• Jan–Sep sales rose 7.5% to €3,946.2m, with 7.0% organic growth; operating cash flow increased 11.0% to €134.8m.

• EBITDA grew 6.2% to €434.9m, while adjusted EBITA declined 1.7% to €253.9m amid mix, Argentina and geopolitical pressures.

• Net profit before minorities rose 5.6% to €86.6m; consolidated net profit was €100m, up 3.6%.

Financial highlights

• Sales growth included 7.0% organic growth, a positive 0.5% combined FX and IAS 29/IAS 21.42 impact, and a negative 0.02% impact from acquisitions and divestments.

• EBITDA margin was 11.0% versus 11.1%; adjusted EBITA margin was 6.4% versus 7.0%, and EBIT was €230.5m, down 2.3%.

• Profit before tax was €169.5m, down 3.4%; EPS was €0.20, up 5.4%, and consolidated net profit margin was 2.2%.

• Free cash flow improved to €19m from negative €2m; total net cash flow was negative €28.9m.

• Effective tax rate fell to 41.04% from 45%; taxes declined to €70m from €79m.

Outlook and guidance

• Movistar Prosegur Alarmas targets ~10% annual growth through 2030 and ~1m customers in Spain by decade-end.

• Technology and Defense, combined with existing technology, targets €500m revenue in 2027, with margins similar to existing technology’s high-single-digit level.

• Alarms service margin, ARPU, churn and growth KPIs are expected to improve in 2027; acquisition margins may be harder to raise.

• 2026 was characterized as a transition year for Alarms, with continued focus on customer quality, profitability and cash generation.