BRINKS CO

The discussion of liquidity and capital resources comparing 2024 versus 2023 can be found in Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations of our 2024 10-K, starting on page 40.

Over the last three years, we used cash generated from our operations and borrowings to

•invest in the infrastructure of our business (new facilities, cash sorting and other equipment for our cash management services operations, armored trucks, DRS devices, and information technology) ($628 million),

•repurchase shares of Brink's common stock ($583 million),

•pay dividends to Brink’s shareholders ($124 million), and

•acquire new business operations ($39 million).

Cash flows from operating activities increased by $213.5 million in 2025 as compared to the prior year primarily due to changes in customer obligations related to certain of our secure cash management services operations, an increase in restricted cash held for customers and higher operating profit, partially offset by higher amounts paid for income taxes and interest and changes in working capital excluding taxes. Cash used for investing activities decreased by $13.8 million in 2025 due to lower amounts paid for capital expenditures and net inflows of purchases and sales of marketable securities in 2025 compared to the prior year, partially offset by changes in economic hedges. Cash also increased $103.5 million in 2025 as a result of the weakening of the U.S. dollar in 2025, primarily against the euro and Mexican peso. We financed our liquidity needs in 2025 with debt and cash flows from operations.