BRINKS CO (BCO)

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Brink’s Company (along with its subsidiaries, “Brink’s”, the “Company”, “we”, “us” or “our”) is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services throughout the world. These services include:

Cash and Valuables Management ("CVM")

•Cash-in-transit ("CIT") services – armored vehicle transportation of cash and coin

•Basic ATM services – cash replenishment and treasury management of automated teller machines ("ATMs")

•Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods

•Cash management services – counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting

•Vaulting services – combines CIT services, cash management, vaulting and electronic reporting technologies for banks

•Other Services – guarding, commercial security, and payment services

Digital Retail Solutions ("DRS") and ATM Managed Services ("AMS")

•DRS – services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility

•AMS – comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements, and installation services

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on an operating profit or loss measure, excluding corporate expenses and other items not allocated to segments.

We manage our business in the following four segments:

•North America – operations in the U.S. and Canada, including the BGS line of business,

•Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business,

•Europe – predominantly operations in European countries that primarily provide services outside of the BGS line of business, and

•Rest of World – operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.

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RESULTS OF OPERATIONS

Consolidated Review

(a)Amounts reported in this table are attributable to the shareholders of Brink’s and exclude earnings related to noncontrolling interests.

(b)These measures are supplemental financial measures that are not required by, or presented in accordance with, GAAP. See page 46 for further information on these non-GAAP measures and reconciliations to the applicable GAAP measures.

GAAP Basis

Analysis of Consolidated Results: Second Quarter 2026 versus Second Quarter 2025

Consolidated Revenues  Revenues increased $91.8 million due to the favorable impact of currency exchange rates ($37.4 million), organic increases in Rest of World ($28.8 million), North America ($10.3 million), Europe ($7.9 million), and Latin America ($6.9 million), and the favorable impact of acquisitions ($0.5 million). The favorable currency exchange rate impact was driven primarily by the Mexican peso, Brazilian real, and the euro. Revenues increased 4% on an organic basis primarily due to inflation-based price increases, and organic growth in AMS and DRS revenue, as well as BGS revenue. See our definition of “organic growth” on page 46.

Consolidated Costs and Expenses  Cost of revenues increased 5% to $1,026.2 million primarily due to the impact of currency exchange rates and the impact of higher revenue. Selling, general and administrative costs increased 26% to $232.6 million primarily due to costs from the NCR Atleos acquisition and transformation initiatives and the impact of currency exchange rates.

Consolidated Operating Profit and Operating Profit Margin  Operating profit margin decreased from 10.3% to 9.6%. Operating profit decreased $0.6 million due mainly to:

•higher expenses due to the NCR Atleos acquisition and transformation initiatives ($31.0 million),

•higher corporate expenses on an organic basis ($7.9 million), and

•unfavorable changes in currency exchange rates ($2.6 million),

partially offset by:

•organic increases in Rest of World ($13.7 million), Europe ($7.7 million), North America ($7.3 million), and Latin America ($2.1 million) and

•lower costs incurred related to business acquisitions and dispositions ($10.1 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $0.6 million to $44.5 million due to the lower income tax expense ($6.7 million) and lower noncontrolling interest ($0.8 million), partially offset by the decrease in operating profit mentioned above, lower interest and other nonoperating income ($4.3 million), and higher interest expense ($2.0 million). Earnings per share from continuing operations was $1.07, up from $1.03 in the second quarter of 2025.

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Analysis of Consolidated Results: First Half 2026 versus First Half 2025

Consolidated Revenues  Revenues increased $220.2 million due to the favorable impact of currency exchange rates ($108.5 million), organic increases in Rest of World ($42.0 million), North America ($30.7 million), Europe ($18.6 million), and Latin America ($18.3 million), and the favorable impact of acquisitions ($2.1 million). The favorable currency exchange rate impact was driven primarily by the euro, Mexican peso, and Brazilian real. Revenues increased 4% on an organic basis primarily due to to inflation-based price increases and organic growth in AMS and DRS revenue. See our definition of “organic growth” on page 46.

Consolidated Costs and Expenses  Cost of revenues increased 7% to $2,045.6 million primarily due to the impact of currency exchange rates and higher revenue. Selling, general and administrative costs increased 30% to $483.4 million primarily due to costs from the NCR Atleos acquisition and transformation initiatives, higher incentive compensation, and the impact of currency exchange rates.

Consolidated Operating Profit and Operating Profit Margin  Operating profit margin decreased from 9.9% to 8.8%. Operating profit decreased $9.5 million due mainly to:

•higher expenses due to the NCR Atleos acquisition and transformation initiatives ($64.8 million) and

•higher corporate expenses on an organic basis ($19.4 million),

partially offset by:

•organic increases in Rest of World ($19.7 million), Europe ($15.3 million), North America ($15.1 million), and Latin America ($3.0 million),

•lower costs incurred related to business acquisitions and dispositions ($13.5 million), and

•favorable changes in currency exchange rates on segment profit ($13.3 million), primarily driven by the Mexican peso, the euro, and Brazilian real.

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $18.9 million to $76.6 million due to the lower interest and other nonoperating income ($13.1 million), decrease in operating profit mentioned above and higher interest expense ($(8.0) million), partially offset by the lower income tax expense ($11.3 million) and lower noncontrolling interest ($0.4 million). Earnings per share from continuing operations was $1.84, down from $2.22 in the first six months of 2025.

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Non-GAAP Basis

Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations. These non-GAAP measures are described in more detail on page 46 and are reconciled to comparable GAAP measures on pages 48-50.

Analysis of Consolidated Results: Second Quarter 2026 versus Second Quarter 2025

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.6% to 13.6%. Non-GAAP operating profit increased $25.2 million due mainly to:

•organic increases in Rest of World ($13.7 million), Europe ($7.7 million), North America ($7.3 million), and Latin America ($2.1 million) and

•favorable changes in currency exchange rates ($2.5 million), driven primarily by the Mexican peso, the euro, and Brazilian real, and

partially offset by:

•higher corporate expenses on an organic basis ($7.9 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts  Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $11.5 million to $88.2 million due to the operating profit increase mentioned above, partially offset by lower interest and other nonoperating income ($6.9 million), the higher income tax expense ($4.3 million), and higher interest expense ($2.0 million). Non-GAAP earnings per share from continuing operations was $2.13, up from $1.81 in the second quarter of 2025.

Adjusted EBITDA Adjusted EBITDA increased 11% to $257.2 million primarily due to the increase in Non-GAAP operating profit ($25.2 million).

Analysis of Consolidated Results: First Half 2026 versus First Half 2025

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.4% to 12.9%. Non-GAAP operating profit increased $43.0 million due mainly to:

•organic increases in Rest of World ($19.7 million), Europe ($15.3 million), North America ($15.1 million), and Latin America ($3.0 million) and

•favorable changes in currency exchange rates ($9.2 million), driven primarily by the the Mexican peso, the euro, and Brazilian real,

partially offset by:

•higher corporate expenses on an organic basis ($19.4 million).

Non-GAAP Consolidat

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

THE BRINK’S COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

AS OF DECEMBER 31, 2025 AND 2024

AND FOR EACH OF THE YEARS IN THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2025

TABLE OF CONTENTS

The discussion of operating results and financial condition comparing 2024 versus 2023 can be found in Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 10-K"), starting on page 21.

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OPERATIONS

The Brink’s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services throughout the world. These services include:

Cash and Valuables Management

•Cash-in-transit ("CIT") services – armored vehicle transportation of cash and coin

•Basic ATM services – cash replenishment and treasury management of automated teller machines ("ATMs")

•Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods

•Cash management services – counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting

•Vaulting services – combines CIT services, cash management, vaulting and electronic reporting technologies for banks

•Other Services – guarding, commercial security, and payment services

Digital Retail Solutions ("DRS") and ATM Managed Services ("AMS")

•DRS – services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility

•AMS – comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements and installation services

We manage our business in the following four segments:

•North America – operations in the U.S. and Canada, including the BGS line of business,

•Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business,

•Europe – predominantly operations in European countries that primarily provide services outside of the BGS line of business, and

•Rest of World – operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.

We believe that Brink’s has significant competitive advantages including:

•brand recognition;

•reputation for a high level of service and security;

•risk management and logistics expertise;

•global network and customer base;

•proven operational excellence

•high-quality insurance coverage and financial strength; and

•innovative technology-enabled offerings.

Our strategy continues to focus on growing Brink’s by providing a superior customer experience and driving continuous improvement. We will achieve this by delivering on four strategic pillars: (1) Partner for Customer Success, (2) Innovate to Grow, (3) Run the Business Better, and (4) Win as Team Brink's. This framework considers our global footprint and values-driven culture.

We focus our time and resources on service quality, protecting and strengthening our brand, and addressing our risks. Our marketing and sales efforts are enhanced by the “Brink’s” brand, so we seek to protect and build its value. Because our services focus on handling, transporting, protecting, and managing valuables, we strive to understand and manage risk.

To earn an adequate return on capital, we focus on the effective and efficient use of resources in addition to our pricing discipline. We attempt to optimize the business that flows through our branches, vehicles, and systems to obtain the lowest costs possible without compromising safety, security, or service.

Operating results may vary from period to period. Our cash and valuables management revenues are generated from charges per service performed or based on the value of goods transported, which may be affected by both the level of economic activity and the volume of business for specific customers. We also periodically incur costs to change the scale of our operations when volumes increase or decrease. Incremental costs incurred usually relate to increasing or decreasing the number of employees and increasing or decreasing branches or administrative facilities. In addition, security costs can vary depending on performance, the cost of insurance coverage, and changes in crime rates (e.g., attacks and robberies).

Brink’s revenues and related operating profit are generally higher in the second half of the year, particularly in the fourth quarter, due to generally increased economic activity associated with the holiday season.

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RESULTS OF OPERATIONS

Analysis of Results

Consolidated Results

(a)Amounts reported in this table are attributable to the shareholders of Brink’s and exclude earnings related to noncontrolling interests.

(b)These measures are supplemental financial measures that are not required by, or presented in accordance with, GAAP. See page 34 for further information on these non-GAAP measures and reconciliations to the applicable GAAP measures.

(c)Amounts in 2025 include an adjustment that reduced depreciation expense and increased income from continuing operations by $13.6 million. See "Depreciation Adjustment" in Note 1 for more details.

GAAP Basis

Analysis of Consolidated Results: 2025 versus 2024

Consolidated Revenues  Revenues increased $249.3 million due to organic increases in North America ($91.2 million), Latin America ($66.9 million), Europe ($57.9 million), and Rest of World ($41.4 million) and the favorable impact of acquisitions ($19.5 million), partially offset by the unfavorable impact of currency exchange rates ($27.6 million). The unfavorable currency impact was driven primarily by the Mexican peso, Argentine peso, and Brazilian real. Revenues increased 5% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue. See below for our definition of “organic change” and "organic growth."

Consolidated Costs and Expenses  Cost of revenues increased 4% to $3,903.2 million primarily due to the impact of higher revenue partially offset by the impact of currency exchange rates. Selling, general and administrative costs decreased 7% to $778.0 million primarily due to lower costs incurred in connection with the resolutions of the U.S. DOJ and the U.S. Department of Treasury's FinCEN investigations and the depreciation adjustment discussed in Note 1 partially offset by organic increases in labor.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 9.0% to 11.1%. Operating profit increased $132.5 million due mainly to:

•organic increases in North America ($52.5 million), Rest of World ($21.3 million), and Europe ($16.1 million),

•lower corporate expenses on an organic basis ($20.3 million),

•the depreciation adjustment mentioned above, and

•the favorable impact of acquisitions reflected in segment results ($5.2 million).

partially offset by:

•higher costs related to business acquisitions and dispositions ($15.4 million),

•unfavorable changes in currency exchange rates on segment profit ($11.5 million) primarily driven by the Argentine peso and Mexican peso, and

•an organic decrease in Latin America ($10.4 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $38.3 million to $200.1 million primarily due to the increase in operating profit mentioned above, partially offset by higher income tax expense ($50.6 million), lower interest and other nonoperating income ($34.8 million), and higher interest expense ($10.1 million). Diluted earnings per share from continuing operations was $4.70, up from $3.61 in 2024.

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Non-GAAP Basis

Analysis of Consolidated Results: 2025 versus 2024

Non-GAAP Financial Measures  The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations, adjusted EBITDA and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations. These non-GAAP measures are described in more detail on page 34 and are reconciled to comparable GAAP measures on pages 35-38.

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin was 13.5%. Non-GAAP operating profit increased $80.5 million due mainly to:

•organic increase in North America ($52.5 million), Rest of World ($21.3 million) and Europe ($16.1 million)

•lower corporate expenses on an organic basis ($20.3 million), and

•the favorable impact of acquisitions reflected in segment results ($5.2 million).

partially offset by:

•unfavorable changes in currency exchange rates ($24.5 million), driven primarily by the Argentine peso and Mexican peso, and

•an organic decrease in Latin A

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