Prosegur Cash (CASH) Q4 2024 earnings summary

Executive summary

• Achieved record sales exceeding €2.09 billion, up 12.3% year-over-year, with double-digit growth in Q4 and full year.

• Net profit increased 44.9% to €91 million, with EPS rising 45.1% to €0.06.

• Free cash flow reached €148 million, up 24% year-over-year, supporting debt reduction and improved leverage.

• Transformation products now represent over 32% of sales, growing 18.8% year-over-year.

• ESG ratings improved, with new sustainability initiatives, reduced CO2 emissions, and higher recycling rates.

Financial highlights

• Revenue reached €2.09 billion, up 12.3% year-over-year, with 18% organic and 0.5% inorganic growth.

• EBITDA totaled €383 million (up 17.5%), with an EBITDA margin of 18.3%.

• EBITA grew 13.9% to €251 million, with a margin of 12.0%.

• Net profit climbed from €63 million to €91 million (+44.9%); EPS increased from 4.13 to 6.00 euro cents (+45.1%).

• Free cash flow improved to €148 million, with a 74% EBITDA-to-CapEx conversion rate.

Outlook and guidance

• Expecting mid-single digit or higher sales growth in 2025, with continued margin and EPS improvement.

• Dividend proposal of €63 million and new €8 million share buyback plan announced.

• Focus remains on free cash flow generation, debt reduction, and shareholder remuneration.

• Margin improvement anticipated in all regions, with Asia Pacific expected to outperform Europe but remain below Latin America in the short term.

• Transformation products and new business lines (Forex, Corban) expected to drive future profitability.