Prosegur Cash (CASH) Q4 2025 earnings summary

Executive summary

• Achieved organic revenue growth of 5.3%, but total sales declined 4.9% year-over-year due to an 11.1% negative currency impact, especially from Argentina and FX volatility.

• Net profit increased 3.3% year-over-year to EUR 94 million, with EPS up 1.2% to EUR 0.0607.

• Transformation products now represent 35.2% of total revenue, up 300 basis points year-on-year.

• Free cash flow reached EUR 108 million, supported by disciplined CapEx and working capital management.

• Maintained a 12% EBITDA/EBITA margin, with Q4 margin improving to 12.5% sequentially.

Financial highlights

• Revenue: EUR 1,987 million, with 5.3% organic growth, but offset by 11.1% FX headwind.

• EBITDA/EBITA: EUR 356 million/238 million; margin stable at 12%, pro forma margin 12.5% in Q4.

• Net profit: EUR 94 million, 4.7% of sales, up 30 bps year-on-year.

• Free cash flow: EUR 108 million, 77% EBITDA conversion, up 300 bps year-on-year.

• Net debt: EUR 850 million, down EUR 36 million year-on-year; leverage ratio at 2.4x.

Outlook and guidance

• Expecting mid-single digit sales growth and EBITDA margin improvement in 2026, with further deleveraging.

• Focus remains on transformation products and operational efficiency, with disciplined capital allocation.

• Latin America anticipated to recover, especially as Argentina stabilizes; Europe and Asia to continue positive trends.

• CapEx to increase in 2026, mainly for Forex business expansion at major airports.

• Tax rate expected to decrease, improving cash flow.