Financial Data and Key Metrics Changes - Brink's reported Q3 2025 revenue of over $1.3 billion, a 6% increase, with 5% organic growth and a 1% foreign currency tailwind [18] - Adjusted EBITDA rose 17% to $253 million, with operating profit up 24% [18] - EBITDA margins reached a record 19%, up 180 basis points year-over-year, driven by strong productivity and a favorable revenue mix [5][18] Business Line Data and Key Metrics Changes - The ATM Managed Services and Digital Retail Solutions (AMS DRS) segment saw organic growth accelerate from 16% in Q2 to 19% in Q3, now accounting for 28% of total revenue [5][11] - Cash and Valuables Management (CVM) organic growth remained consistent, but was impacted by the conversion of existing customers to AMS DRS, accounting for a 2-3 percentage point headwind [10][31] Market Data and Key Metrics Changes - The company is experiencing healthy organic growth across all geographic segments, with notable performance in North America and Latin America [11][29] - The penetration rate for ATM outsourcing remains low, indicating significant growth opportunities in both existing and new markets [13] Company Strategy and Development Direction - Brink's is focused on delivering organic growth primarily from higher-margin subscription-based services, with a strategic shift towards AMS DRS [7][10] - The company aims to maximize shareholder value through disciplined capital allocation, including share repurchase programs [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of AMS DRS, citing a healthy pipeline and strong customer conversions [27][28] - The company anticipates continued margin improvement and cash generation, with a commitment to return at least 50% of free cash flow to shareholders [9][25] Other Important Information - Free cash flow for Q3 was $175 million, a year-over-year increase of 30%, with a trailing 12-month conversion rate of 50% of adjusted EBITDA [6][18] - The net debt to EBITDA leverage ratio was reduced to 2.9 times, within the targeted range [9][22] Q&A Session Summary Question: Can you elaborate on the client traction you're seeing in both AMS and DRS? - Management noted good visibility into Q4 and the first half of next year, with strong growth in both AMS and DRS, particularly in North America and Latin America [27][28] Question: What trends are seen in the CVM business? - The CVM business experienced flat organic growth, primarily due to customer conversions to AMS DRS, which accounted for a headwind [31] Question: What internal strategies are driving growth in AMS DRS? - The company has expanded its incentive compensation plans to align more employees with AMS DRS growth, and is also exploring partnerships with channel partners to enhance sales [36][41] Question: How should investors think about North America margin potential? - Management indicated that North America margins have improved significantly, driven by a better AMS DRS mix, disciplined pricing, and operational execution, with expectations for continued margin expansion [42][46] Question: What are the midterm goals for free cash conversion from EBITDA? - The company aims for a conversion rate of 40-45%, supported by improvements in DSO and capital efficiency [49][51] Question: How does bank consolidation impact the business? - Management views bank consolidation as an opportunity for AMS solutions, providing potential cost synergies for consolidating banks [60][62]

Financial Performance Highlights - The company reported strong organic revenue growth of 5% in Q3 2025, driven by accelerating AMS/DRS growth[6] - AMS/DRS organic growth was 19% in Q3 2025, contributing to 28% of the total revenue mix[6] - Adjusted EBITDA margin reached a record 19% in Q3 2025, an increase of 180 basis points[6] - Free cash flow grew by 30% in Q3 2025, reaching $175 million[6] - The company utilized $154 million YTD to repurchase 17 million shares at $8905 per share[8] Growth Strategy and Outlook - The company is increasing its revenue mix expectation for AMS/DRS to 27-28%[13] - North America Adjusted EBITDA margins have expanded 370bps since 2022 and +190bps YTD[20] - The company's Q3 2025 revenue increased by 6% to $1335 million, with organic growth contributing 5%[23, 26] - Adjusted EBITDA increased by 17% to $253 million, with a margin of 19%[23] - The company projects full-year organic revenue growth of approximately 5% and Adjusted EBITDA margin expansion of 30-50 basis points[36]

Financial Performance & Growth Strategy - Brink's aims to grow organically by expanding ATM Managed Services (AMS) and Digital Retail Solutions (DRS) subscription-based recurring revenue[10] - The company is targeting mid-to-high teens organic growth in AMS/DRS over the mid-term[27, 28] - Brink's expects to expand profit margins by shifting revenue to AMS/DRS and driving cost productivity[10] - The company is focused on improving free cash flow conversion by expanding profit margins, reducing capital intensity, and shortening the cash cycle[10] - Brink's aims to maximize shareholder value through accretive capital allocation, targeting at least 50% of free cash flow to shareholder returns[11, 38] AMS/DRS Expansion & Market Opportunity - AMS/DRS expands Brink's addressable market by 2-3x, targeting retailers with over $5,000 cash per month and the remaining bank ATMs to be outsourced[17] - The company's network optimization with conversion to AMS/DRS results in reduced miles driven and process efficiency[22] - AMS/DRS is delivering growth and margin improvement, with AMS/DRS projected to be 24% of total revenue in 2025, up from 10% in 2020[24] 2025 Outlook - For the second quarter of 2025, Brink's projects total revenue between $1.25 billion and $1.3 billion, with organic growth of 3%-6%[47] - The adjusted EBITDA for Q2 2025 is expected to be between $205 million and $225 million, with a margin of approximately 16.9%[47] - The company anticipates earnings per share (EPS) for Q2 2025 to be in the range of $1.25 to $1.65[47]

First-Quarter 2025 Performance - Revenue increased by 1% to $1,247 million, with organic growth of 6%[11] - Adjusted EBITDA decreased by 1% to $215 million, representing a margin of 17.2%[11] - Earnings per share (EPS) decreased by 2% to $1.62, but increased by 13% in constant currency[11] - Trailing-twelve-month Free Cash Flow was $360 million, reflecting a conversion rate of 40%[9, 11] Segment Performance - North America revenue increased by 3% to $418 million, with adjusted EBITDA up 6% to $73 million[15] - Latin America revenue decreased by 8% to $308 million, with adjusted EBITDA down 14% to $67 million[15] - Europe revenue increased by 3% to $299 million, with adjusted EBITDA remaining flat at $40 million[15] - Rest of World revenue increased by 9% to $222 million, with adjusted EBITDA up 20% to $57 million[15] Strategic Growth & Outlook - AMS/DRS organic growth exceeded 20%, now representing 25% of total revenue[9] - The company repurchased over 1.3 million shares year-to-date[9] - Second quarter guidance includes revenue between $1,250 million and $1,300 million, with organic growth between 3% and 6%[9]