Prosegur Compañía de Seguridad (PSG) investor relations material

Executive summary

• Revenue for H1 2026 reached €2,594.1 million, up 5.2% year-on-year, driven by 7.3% organic growth and positive FX, partially offset by minor inorganic changes.

• Net profit attributable to owners rose to €57.2 million, a 5.5% increase year-on-year, supported by effective tax management and disciplined financing.

• Adjusted EBITA was €167.1 million, with a margin of 6.4%, slightly down from 6.9% in H1 2025, mainly due to business mix and one-off costs.

• EBITDA was €279.1 million, up 1.7% year-on-year, with margin at 10.8%.

• All business segments showed growth except Cash, which saw a slight decline due to Argentina's macroeconomic environment.

Financial highlights

• Revenue: €2,594.1 million (+5.2% YoY); organic growth 7.3%, exchange rate effect -2.1%.

• Adjusted EBITA: €167.1 million (margin 6.4%), down from €170.2 million (6.9%) in H1 2025.

• Net profit: €57.2 million, up 5.5% year-on-year, supported by improved tax efficiency.

• Net financial debt (including lease liabilities): €1,406.5 million; leverage ratio 2.5x EBITDA.

• Total net cash flow was negative €58 million, an improvement from negative €72 million in H1 2025.

Outlook and guidance

• Continued sales growth expected in H2 2026, led by US, Iberia, and LatAm; Security segment projected to outperform H1.

• Cash segment to maintain stable margins; Alarms to focus on portfolio quality and cost adaptation.

• No further significant one-off impacts expected from alarms portfolio optimization or anniversary costs.

• Net debt to EBITDA ratio expected to improve from 2.5x at mid-year to around 2.4x by year-end.

• Confident in achieving or slightly exceeding consensus EBITDA for the full year.