BRINKS CO

Consolidated Results

(a)Amounts reported in this table are attributable to the shareholders of Brink’s and exclude earnings related to noncontrolling interests.

(b)These measures are supplemental financial measures that are not required by, or presented in accordance with, GAAP. See page 34 for further information on these non-GAAP measures and reconciliations to the applicable GAAP measures.

(c)Amounts in 2025 include an adjustment that reduced depreciation expense and increased income from continuing operations by $13.6 million. See "Depreciation Adjustment" in Note 1 for more details.

GAAP Basis

Analysis of Consolidated Results: 2025 versus 2024

Consolidated Revenues Revenues increased $249.3 million due to organic increases in North America ($91.2 million), Latin America ($66.9 million), Europe ($57.9 million), and Rest of World ($41.4 million) and the favorable impact of acquisitions ($19.5 million), partially offset by the unfavorable impact of currency exchange rates ($27.6 million). The unfavorable currency impact was driven primarily by the Mexican peso, Argentine peso, and Brazilian real. Revenues increased 5% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue. See below for our definition of “organic change” and "organic growth."

Consolidated Costs and Expenses Cost of revenues increased 4% to $3,903.2 million primarily due to the impact of higher revenue partially offset by the impact of currency exchange rates. Selling, general and administrative costs decreased 7% to $778.0 million primarily due to lower costs incurred in connection with the resolutions of the U.S. DOJ and the U.S. Department of Treasury's FinCEN investigations and the depreciation adjustment discussed in Note 1 partially offset by organic increases in labor.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 9.0% to 11.1%. Operating profit increased $132.5 million due mainly to:

•organic increases in North America ($52.5 million), Rest of World ($21.3 million), and Europe ($16.1 million),

•lower corporate expenses on an organic basis ($20.3 million),

•the depreciation adjustment mentioned above, and

•the favorable impact of acquisitions reflected in segment results ($5.2 million).

partially offset by:

•higher costs related to business acquisitions and dispositions ($15.4 million),

•unfavorable changes in currency exchange rates on segment profit ($11.5 million) primarily driven by the Argentine peso and Mexican peso, and

•an organic decrease in Latin America ($10.4 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $38.3 million to $200.1 million primarily due to the increase in operating profit mentioned above, partially offset by higher income tax expense ($50.6 million), lower interest and other nonoperating income ($34.8 million), and higher interest expense ($10.1 million). Diluted earnings per share from continuing operations was $4.70, up from $3.61 in 2024.

Non-GAAP Basis

Analysis of Consolidated Results: 2025 versus 2024

Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations, adjusted EBITDA and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations. These non-GAAP measures are described in more detail on page 34 and are reconciled to comparable GAAP measures on pages 35-38.

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin was 13.5%. Non-GAAP operating profit increased $80.5 million due mainly to:

•organic increase in North America ($52.5 million), Rest of World ($21.3 million) and Europe ($16.1 million)

•lower corporate expenses on an organic basis ($20.3 million), and

•the favorable impact of acquisitions reflected in segment results ($5.2 million).

partially offset by:

•unfavorable changes in currency exchange rates ($24.5 million), driven primarily by the Argentine peso and Mexican peso, and

•an organic decrease in Latin America ($10.4 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $20.6 million to $342.0 million due to the operating profit increase mentioned above, partially offset by higher income tax expense ($33.1 million), lower interest and other nonoperating income ($18.0 million), and higher interest expense ($10.1 million). Non-GAAP diluted earnings per share from continuing operations was $8.05, up from $7.17 in 2024.

Adjusted EBITDA Adjusted EBITDA increased 7% to $977.1 million primarily due to the increase in non-GAAP operating profit ($80.5 million), excluding the impact of higher non-GAAP depreciation and amortization ($16.7 million).

Revenues and Operating Profit by Segment

(a)Organic change and organic growth are supplemental financial measures that are not required by, or presented in accordance with, GAAP, and are described in more detail on page 34.

(b)Amounts include the impact of prior year comparable period results for acquired and disposed businesses. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 34.

(c)The amounts in the “Currency” column consist of the effects of Argentina devaluations under highly inflationary accounting and the sum of monthly currency changes. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 34.

(d)See page 27-29 for further information, where these items are discussed in more detail.

(e)Effective December 31, 2025, operations in certain geographies were moved from the Rest of World segment to the Europe segment. See Note 3 for more information.

Analysis of Segment Results: 2025 versus 2024

North America

Revenues increased 6% ($92.9 million) primarily due to a 6% organic increase ($91.2 million) and the favorable impact of acquisitions ($4.3 million), partially offset by the unfavorable impact of currency exchange rates ($2.6 million) from the Canadian dollar. Organic revenue increased primarily due to price increases and growth in AMS and DRS revenue, as well as BGS revenue. Operating profit increased ($52.7 million), primarily due to a 27% organic increase ($52.5 million) and the impact of acquisitions ($0.2 million). The organic increase was primarily driven by the net impact of revenue mix and cost productivity improvements from transformation initiatives in the U.S.

Latin America

Revenues decreased 2% ($21.4 million) due to the unfavorable impact of currency exchange rates ($98.5 million), primarily from the Argentine peso, Mexican peso, and Brazilian real, partially offset by a 5% organic increase ($66.9 million) and the favorable impact of acquisitions ($10.2 million). The organic increase was driven by inflation-based price increases across the segment with a majority of the impact from Argentina, as well as growth in AMS and DRS revenue. Operating profit decreased 10% ($28.4 million) due to the unfavorable currency exchange rates ($22.0 million) and by a 4% organic decrease ($10.4 million), partially offset by the favorable impact of acquisitions ($4.0 million). The organic decrease was driven by lower volumes partially offset by labor cost reduction actions.

Europe

Revenues increased 10% ($124.5 million) due to the favorable impact of currency exchange rates ($61.6 million), primarily from the Euro, a 4% organic increase ($57.9 million), and the favorable impact of acquisitions ($5.0 million). The organic increase was primarily due to the growth of AMS and DRS revenue. Operating profit increased ($26.1 million) primarily due to an organic increase ($16.1 million), the favorable impact of currency exchange rates ($9.0 million), and the favorable impact of acquisitions ($1.0 million). The organic increase was primarily driven by the revenue mix benefit of higher AMS and DRS revenue.

Rest of World

Revenues increased 7% ($53.3 million) due a 6% organic increase ($41.4 million). The organic increase was primarily due to growth in BGS revenue. Operating profit increased $22.8 million primarily due to a 14% organic increase ($21.3 million). The organic increase was driven by a favorable BGS revenue mix impact.