布林克 2025年度报告

2025Annual Report ogether, we build partnerships tosecurecommerceOur Purpose & Values Together, we build partnerships tosecurecommerce Excelenceare passionateWe deliver positiveWe DriveCusmer Suces PrecWe keep our peopleWe Strive forExcelence TogeherWe respect andvalue our diverseWe WorkTogeher WePrec improving on theway we operate, thesolutions we build,and the services wesafe, protect ourcustomers’ assets,and strive to securethe future through acommitment tosustainability.We deliver positiveresults bycontinuouslyimproving on theway we operate, thesolutions we build,and the services weprovide. backgrounds andsucceed as oneinclusive team.We keep our peoplesafe, protect ourcustomers’ assets,and strive to securethe future through acommitment tosustainability. about being a trustedmarketplace to creatennovative solutionsresults bycontinuouslyprovide.We are passionateabout being a trustedpartner for themarketplace to createseamless andinnovative solutionsand exceptionalexperiences. acting with integrity– we’re honest,reliable, and takeownership for howwe act.We respect andvalue our diversebackgrounds andsucceed as oneinclusive team. We build trust byacting with integrity– we’re honest,reliable, and takeownership for howwe act. Our Strategy Win asTeam Brink’sUnleash the powerof our peopleWin asTeam Brink’sUnleash the powerof our people Partner forCustomer SuccessDeliver securecommerce solutionsPartner forCustomer SuccessDeliver securecommerce solutions Innovate to GrowDrive innovationthat createsvalueInnovate to GrowDrive innovationthat creates Run theBusiness BetterOperate withexcellence and efficiencyRun theBusiness BetterOperate withexcellence and efficiency Letter to Shareholders 2025 was a year of strong execution andmeaningful progress for Brink’s. We continue toredefine the service experience for our customersin both the retail and financial institution endmarkets, while transforming our company intoa faster growing, more profitable, and highercash generating enterprise. Through disciplinedfocus on our strategic priorities and consistentexecution, we are evolving our business modelfrom a traditional cash logistics company to amanaged services partner that is committed tosecuring commerce globally. In line with our capital allocation framework, wereturned more than $250 million to shareholdersthrough dividends and share repurchases, whilefurther strengthening our balance sheet byreducing net debt leverage to 2.7 times EBITDA. These results reflect the dedication of ourglobal team and the continued rollout of theBrink’s Business System. This operatingdiscipline is helping us standardize processes,improve service quality, and drive continuousimprovement across our operations. At the sametime, our teams remain focused on deliveringvalue for customers, strengthening partnerships,and enhancing the employee experience. Our performance continues to be grounded instrong governance, ethical transparency, and aclear commitment to our Code of Ethics. Overthe past several years, we have strengthenedour compliance framework through continuedinvestment in technology, people, and processes.This foundation reinforces the trust ourcustomers and stakeholders place in Brink’s andsupports long term value creation. Looking ahead to 2026, our strategy and valuecreation framework remain unchanged. Wesee continued momentum in AMS and DRS,supported by strong customer demand, andremain focused on initiatives that will furtherexpand margins and increase free cash flow. On behalf of the entire Brink’s team, thank youfor your continued confidence and support. Weremain committed to executing our strategy withdiscipline as we deliver long term value for ourshareholders. ATM managed services (AMS) and digital retailsolutions (DRS) are increasingly central to ourgrowth strategy and continue to differentiateBrink’s in the global marketplace. Execution across AMS and DRS acceleratedduring the year, with AMS/DRS organic growthreaching 22% in the fourth quarter. Thismomentum drove favorable revenue mix, marginexpansion, and stronger cash generation. For thefull year, we delivered net income of $200 millionand $977 million in adjusted EBITDA*, withadjusted EBITDA margin expanding to 18.6%*.Performance was especially strong in NorthAmerica and Europe, where increased AMS andDRS penetration and continued productivityimprovements drove record margins. Mark Eubanks President and Chief Executive Officer (CEO) 2025 was also a record year for cash generation.We delivered $640 million in cash fromoperations and $436 million in free cash flow*,reflecting improved profitability, capital efficiency,and sustained focus on working capital. *This non GAAP financial measure is not presented in accordance withGAAP. See pages 34 to 40of the Annual Report on Form 10-K for the yearended December 31, 2025 for a reconciliation of adjusted EBITDA and freecash flow before dividends to the most directly comparable GAAP finan