Prosegur Cash (CASH) Q3 2025 earnings summary

Executive summary

• Sales declined by 2.3% year-over-year, mainly due to a 10.5% negative currency impact, despite 6.9% organic growth and 1.3% inorganic growth.

• Net profit increased by 1.6% year-over-year to €67 million, with an EBITA margin of 11.0% (11.8% pro forma/adjusted), demonstrating resilience.

• Transformation Products grew 6.8% to €522 million, now representing 35.1% of total sales, with strong growth across all regions.

• Free cash flow reached €76 million, supporting a €62 million net debt reduction over the last 12 months and a leverage ratio of 2.3x.

• Asia Pacific led regional growth with 24.1% organic growth and total sales up 37.3%.

Financial highlights

• Revenue for the first nine months was €1,488 million, down 2.3% year-over-year.

• EBITDA for the period was €251 million (16.9% of sales), down 8.6% year-over-year.

• EBITA was €164 million, down 8.5%, with a margin of 11.0% (11.8% adjusted/pro forma).

• Net profit was €67 million, 4.5% of sales, up 1.6% year-over-year.

• Free cash flow conversion rate improved to 80%.

Outlook and guidance

• Efficiency programs and transformation product penetration are expected to continue impacting results.

• Expectation of a rebound in Argentina’s macro environment in 2026, with some improvement possible in Q4 2025.

• CapEx expected to return to previous levels in 2026 as forex business openings resume and inventory rationalization is not repeated.

• Working capital consumption anticipated to be lower in 2026 due to normalized inflation.

• Continued focus on organic growth, especially in Asia Pacific, and ongoing deleveraging.