Prosegur Cash (CASH) Q1 2025 earnings summary

Executive summary

• Sales grew 9.7% year-over-year in Q1 2025 to EUR 516 million, with 13.3% organic growth and strong Asia-Pacific performance, especially from Indian operations consolidation and over 40% organic growth in the region.

• EBITA margin improved by 110 basis points to 11.8%, with EBITA at EUR 61 million, up 20.9% year-over-year.

• Net profit rose 35.1% to EUR 24 million, and EPS improved by 30.2% to EUR 0.0155.

• Transformation products now represent 33% of total sales, growing 14.1% year-over-year.

• Free cash flow reached EUR 5 million, supporting growth and ongoing CAPEX investments.

Financial highlights

• EBITDA reached EUR 90 million (17.4% of sales), up 11.1% year-over-year; EBIT was EUR 55 million, up 25.5%.

• Free cash flow conversion rate improved to 80%, up 7 percentage points.

• Net profit was EUR 24 million (4.6% of sales), up 35.1% year-over-year.

• Net financial debt at EUR 661.9 million, with leverage at 2.3x EBITDA.

• CapEx totaled EUR 18 million, mainly for armoured vehicles and cash automation.

Outlook and guidance

• Continued focus on Transformation Products and regional growth, especially in Asia-Pacific and expansion of ATM-as-a-service in Latin America.

• Economic growth and consumption trends are meeting expectations across all regions.

• Wage cost increases moderated due to lower inflationary pressure.

• Transformation and ATM joint venture with Euronet seen as key future growth levers.

• Stable leverage and ongoing debt reduction expected to support future investments.