The Brink's Company — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third-quarter 2026 revenue was $1,375 million, representing a 3% year-over-year increase and 4% organic growth.
• Non-GAAP adjusted EBITDA was $274 million, an 8% increase year-over-year.
• Non-GAAP operating profit margin expanded 100 basis points year-over-year to 15.1%.
• GAAP operating profit was $131 million, a 14% decrease year-over-year, while GAAP operating margin was 9.5%.
• Non-GAAP diluted EPS was $2.46, an 18% increase year-over-year; GAAP diluted EPS was $0.35, a 59% decrease.
• Net income attributable to Brink's was $15 million (GAAP) compared to $274 million (Non-GAAP adjusted EBITDA).
• Nine months ended September 30, 2026, GAAP operating profit was $375 million (down 8% from $405 million in 2025), while Non-GAAP operating profit was $566 million.
• Nine months ended September 30, 2026, GAAP net income was $98.6 million compared to $138.9 million in 2025.
• Free cash flow before dividends for the nine months ended September 30, 2026, was $151.7 million.
• Cash and cash equivalents were $1,563.2 million as of September 30, 2026, down from $1,725.9 million as of December 31, 2025.
• Total debt (short-term borrowings, current maturities of long-term debt, and long-term debt) was $4,155.1 million as of September 30, 2026.

Guidance and Future Outlook:

• The acquisition of NCR Atleos is now expected to close in early January 2027, subject to regulatory approvals.
• Management expects to realize synergies sooner than originally planned and has identified additional opportunities increasing confidence in the original $200 million synergy target.
• Full-year 2026 Non-GAAP framework guidance includes:
  • Organic revenue growth: Mid-single digits.
  • AMS/DRS organic revenue growth: Mid-to-high teens.
  • Adjusted EBITDA margin expansion: 30-50 basis points.
  • Free cash flow conversion: 40-45%.
• Q4 2026 Non-GAAP guidance (unaudited) includes:
  • Revenue: $1,365 million to $1,415 million.
  • Non-GAAP Adjusted EBITDA: $275 million to $295 million.
  • Non-GAAP EPS: $2.45 to $2.80.
• Management remains committed to the full-year framework despite a challenging economic backdrop in larger markets.

Business Segments and Product Lines:

• Growth in ATM managed services (AMS) and digital retail solutions (DRS) accelerated sequentially.
• AMS/DRS organic revenue growth exceeded 16% in the third quarter.
• Segment revenue breakdown for Q3 2026:
  • North America: $440 million (1% total change, 1% organic).
  • Latin America: $354 million (8% total change, 2% organic).
  • Europe: $380 million (1% total change, 2% organic).
  • Rest of World: $200 million (1% total change, 14% organic).
• Segment operating profit for Q3 2026:
  • North America: $62 million (8% total change, 8% organic).
  • Latin America: $65 million (2% total change, 6% organic).
  • Europe: $65 million (31% total change, 31% organic).
  • Rest of World: $53 million (20% total change, 25% organic).
• The NCR Atleos acquisition is expected to expand the scale of the combined company and support continued growth in AMS and DRS offerings.

Market and Competitive Landscape:

• Early customer reaction to the NCR Atleos acquisition has been positive, with interest from financial institutions and retailers across multiple geographies.
• The company operates in 51 countries serving customers in more than 100 countries.
• Management noted healthy customer demand heading into the fourth quarter despite challenging economic conditions in many larger markets.

Risks and Challenges:

• Argentina's economy is designated as highly inflationary, resulting in currency remeasurement losses and incremental expenses recognized in operating profit ($4.8 million pretax charges in the first nine months of 2026).
• Significant one-time costs incurred in the first nine months of 2026 related to:
  • NCR Atleos acquisition and transformation initiatives: $121.0 million.
  • Incident-related losses: $26.6 million ($19.6 million from a precious metals robbery and $7.0 million from flooding).
  • Non-routine legal matters: $3.2 million.
  • DOJ/FinCEN investigations: $6.2 million.
  • Chile antitrust matter: $0.9 million.
• Risks include regulatory approval delays for the NCR Atleos acquisition, potential disruption to current plans, and macroeconomic factors such as inflation, currency fluctuations, and geopolitical conflicts.

Management Commentary and Tone:

• Mark Eubanks, President and CEO, stated the company delivered a strong third quarter and continued to build momentum in strategic focus areas of AMS and DRS.
• Management expressed excitement about the potential to deliver compelling solutions to customers and accelerate long-term value creation for shareholders following the NCR Atleos acquisition.
• The tone regarding the NCR Atleos deal is confident, citing increasing clarity on the regulatory front, including recent developments with the CMA in the United Kingdom.

Other Key Points:

• The NCR Atleos acquisition agreement was entered into on February 26, 2026.
• The company incurred $121.0 million in costs related to the NCR Atleos acquisition and transformation initiatives in the first nine months of 2026, including severance and professional fees.
• A $19.6 million loss was recognized in the first nine months of 2026 related to a September 2026 precious metals robbery.
• A $7.0 million loss was recognized related to damaged inventory from a significant flooding incident at a North America warehouse.
• The company paid $31.5 million in dividends to Brink's shareholders and $3.6 million to noncontrolling interests in the first nine months of 2026.
• Share repurchases totaled $30.2 million in the first nine months of 2026.
• The deconsolidation of the Malaysia business resulted in a $62.4 million cash outflow in the first nine months of 2026.
• Non-GAAP measures exclude items such as reorganization costs, acquisition/disposition costs, Argentina highly inflationary impacts, and specific legal matters to reflect ongoing operating performance.