Prosegur Cash (CASH) Q2 2025 earnings summary

Executive summary

• Net income/net profit rose 22.2% year-over-year to €48 million, with strong organic sales growth of 9.7% and a reduction in net debt by €44 million over the last 12 months.

• Revenue for H1 2025 reached €1.005 billion, up 0.7% year-over-year, surpassing €1 billion for the first time, with organic growth close to 10%.

• Transformation products now account for 34% of total sales, up 220 basis points year-over-year, with sales of €341.9 million (+7.6%).

• Asia-Pacific led regional growth with revenue up 60.4% year-over-year, driven by strong organic growth and full consolidation of Indian operations.

• Free cash flow for H1 was €28 million, with leverage ratio stable at 2.3x net debt/EBITDA.

Financial highlights

• EBITDA was €171 million (margin 11.2%), down 3.9% year-over-year; pro forma EBITA margin was 11.7%, up 35 basis points year-over-year.

• Net profit increased 22.2% to €48 million, with EPS up 20% to €3.09.

• Free cash flow conversion rate was 80.7%–81%.

• CapEx outflow reduced to €33 million from €51 million a year ago.

• Net finance costs improved to €14.5 million from €30.5 million, mainly due to positive FX impacts and lower monetary losses in Argentina.

Outlook and guidance

• Management expects improved sales and margins in H2, with positive trends in Asia-Pacific and transformation products.

• Confident in achieving consensus pro forma EBITDA of €278–279 million for the year.

• Focus on efficiency, innovation, and natural FX hedging to mitigate currency volatility.

• Regulatory support for cash as a payment method is expected to remain strong across all geographies.

• Anticipate further acceleration in Latin America post-midterm elections and continued strong performance in Asia-Pacific.