Spain · Delayed Price · Currency is EUR Prosegur Cash Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw improved profitability, stable sales, and reduced net debt, with Transformation Products driving growth and strong performance in Asia-Pacific and Europe. LATAM showed accelerating organic growth, while Argentina remained slow. MiCA license and sustainability initiatives advanced.
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Q1 2026 saw strong net profit growth and ongoing transformation, despite FX headwinds and a 3.7% sales decline. Transformation products now make up 36.4% of sales, and net debt was reduced by EUR 47 million. Free cash flow and profitability improved, with positive trends in Europe and Asia-Pacific.
Fiscal Year 2025
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Organic growth exceeded 5%, but FX headwinds led to a 4.9% sales decline. Net profit rose 3.3% to EUR 94 million, with strong transformation product growth and improved margins in Europe and Asia. 2026 outlook is positive, with expected recovery in Latin America and increased CapEx for Forex expansion.
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Sales declined 2.3% year-over-year due to currency headwinds, but organic growth was strong at 6.9%. EBITDA margin held at 11% (11.8% pro forma), net income rose 1.6%, and transformation products grew to 35.1% of sales. Net debt was reduced by €62 million.
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Net income rose 20% year-over-year, with strong organic growth and reduced net debt. Transformation products now make up 34% of sales, and Asia-Pacific saw revenue surge 60%. Despite currency headwinds, guidance remains positive for H2.
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Q1 2025 saw nearly 10% sales growth, with strong organic gains and margin expansion, especially in Asia-Pacific. Transformation products now make up a third of sales, free cash flow improved, and leverage declined, while the Euronet JV and Argentina's stabilization offer further upside.
Fiscal Year 2024
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Record sales and double-digit growth drove a 45% increase in EPS and strong free cash flow, enabling debt reduction and higher shareholder returns. Transformation products now exceed 32% of sales, with all regions contributing to profitability and further margin gains expected in 2025.
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Sales grew 1.7% year-over-year with strong organic growth and transformation product penetration rising to 32.1%. Net profit increased 4.1%, free cash flow was robust, and net debt fell to EUR 898 million. Q4 and 2025 are expected to show further improvement.
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Q2 saw 5.1% sales growth and a 120 bps EBITDA margin improvement, with transformation products now 31.8% of sales. Management expects strong H2 profitability, driven by recovery in Australia, seasonality in Forex, and India consolidation, with leverage set to fall below 2.5x.