Good day. Thank you for standing by. Welcome to the Prosegur Cash Full Year 2025 Results Presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Miguel Andres, Head of IR. Please go ahead.
Good morning to everyone, and thank you for joining today's call. I'd like to welcome you to our 2025 Q4 and so full year results presentation that will be presented by José Antonio Lasanta, our CEO, Javier Hergueta, our CFO, and myself. The presentation shall take around 30 minutes, in which we will share the most relevant events that have taken place in the period for our business, as well as our performance. We'll comment on our key financials, our geographical performance, and our transformation effort, as well as our sustainability initiatives, and we'll end with key conclusions. After, we will open a Q&A session. Should we not get to respond to everything in today's session, we'll get back on any open topics on an individual basis.
I want to again thank you all for your attendance and remind everyone that this presentation has been pre-recorded and is available via webcast on our corporate webpage that you can find at www.prosegurcash.com. Before I let the floor to José Antonio, I'd like to share some news regarding cash that have lately appeared in the media. They cover interesting topics, such as the importance of cash for lower-income families in the U.K., the stance towards cash of North Americans, how often cash is used in Colombia, or the resilience of cash payments in the Eurozone. They're all cases that show the relevance of cash in different geographies and for different purposes, be it privacy, inclusion, or budgeting or expense control. In the first news, we can read from the BBC that the U.K. government will grant cash payments to people that happen to be in financial need.
This new funding scheme will provide emergency funds for low-income individuals across England. This highlights how important cash is for all segments of society, especially for those that are most vulnerable. To reach them effectively and to allow them to budget their expenses accordingly, no other payment mean is as effective and as inclusive as cash is. In the second news, we cross continent towards the U.S.. We read from Moneywise that 84% of Americans oppose having a cashless country, citing privacy and spending control as key reasons for their positioning. Once again, in different places around the world, citizens are rising to defend their privacy and their right to control their personal spending. 84% is more than a relevant amount as to take into consideration when regulators are working on warranting basic economic freedom, for which cash, its acceptance, and its availability are crucial.
Next, moving down to Colombia, we can read from the Diario ADN that this country stands out among cash users, since seven out of 10 daily payments are made with physical money. Here, we can see that in Colombia, consumers stand behind their payment choice, backing cash as their most preferred option. When doing this, they show with their example the relevance of cash for Latin American economies and the preference citizens have for it. Lastly, coming back to Europe, we can read from Euronews that Europeans pay for more than half of their purchases in cash. In 14 of the 20 countries in the Eurozone, cash is the most widely accepted method of payment, accounting for between 45% and 55% of all transactions.
Here we can see that because of the many positive attributes cash has, it's the preferred payment mean in over 70% of Eurozone countries. All the above are a reflection of the many events and news that take place in the world regarding cash, that underscore its unique attributes and the endorsement it gets from consumers and authorities alike. We are proud to assure that the availability of cash in society continues to run smooth and effectively in close collaboration with other relevant stakeholders, such as financial institutions, retailers, or regulators. After this news update, I will share today's agenda. Firstly, José Antonio will review the period's highlights. Second, Javier will share with us the key financials for the year, after which José Antonio will take the floor again to reflect on our transformation initiatives, and then I will share key developments per region.
José Antonio will update us on the latest sustainability developments before sharing his conclusions and open the Q&A session. This being said, José Antonio, the floor is yours.
Thank you, Miguel, for sharing so interesting news on the world of cash. Good morning to everyone, and thank you for attending. 2025 has been a challenging year for our company, in which despite an unfavorable exchange rate environment in Argentina, a key market for us, having taken decisive steps towards its macro normalization, we have managed to maintain our relative operating margins and improve our bottom line in relative and absolute terms. Based on our determined transformation and a sequential improvement in Europe and a strong performance in Asia, all of this demonstrates our business model resilience. Our top line has shown organic growth of over 5%, which has been tainted by an 11.1% currency impact that accelerated as the year progressed....
We must remember that 70% of our revenue is not in euros, is hence affected both by the evolution of the U.S. dollar versus the euro and by local currencies fluctuations versus the U.S. dollar. Combining both elements, sales declined by 4.9%. Despite the above, we have been able to maintain a 12% EBITDA margin. I would like to here highlight that the non-recurrent efficiency program we have carried out since Q2 to improve our operations, and in which we have invested more than EUR 15 million, has been finalized and offset by positive extraordinary items. To end the year, our EBITDA margin has improved in Q4 by 30 basis on a quarter-on-quarter basis, reaching 12.5% on sales.
Net profit has increased by 3.3% and 30 basis points versus 2024 to EUR 94 million, showing the improved performance of the bottom part of our PNL. Regarding transformation, we continued to advance at a very strong pace. Sales for these solutions now account for 35.2% of total revenue, and their penetration has increased by 300 basis points year-on-year. Of particular relevance has been the performance of our Cash Today solutions that have behaved very well in our geographies. In terms of cash flow, our free cash flow reached EUR 180 million on the back of disciplined CapEx control, as well as in strict working capital management. With this, we have been able to reduce our total net debt by EUR 36 million year-on-year, which is a clear proof of our commitment to debt reduction.
I want to share that we have effectively repaid the EUR 600 million bond we had outstanding, and that our balance sheet is strong, flexible, and well-funded until 2030. Our board has proposed a EUR 62.5 million dividend for the year 2025 to be paid in 2026, which implies maintaining the same dividend per share as the prior year. It's important for us to highlight that Standard & Poor's has included us in the demanding The Sustainability Yearbook for 2026, which recognizes our constant effort to have a sustainable company. With this, I'd like to hand over to Javier, he can share with us our key financials.
Thank you, José Antonio. First, looking at our profit and loss account, revenue has reached EUR 1,987 million. As we can see on the right-hand side of the page, organic growth reaches 5.3%, while inorganic adds almost 1%. As José Antonio pointed out in the prior slide, foreign exchange has negatively affected us by 11.1%. Totaling all these effects, our overall sales have decreased by 4.9% in the year. Asia continues to be clearly our organic growth leader, and we foresee that to continue into the future. Our EBITDA totals EUR 356 million, which, together with depreciation of EUR 118 million in the period, makes us reach an EBITDA of EUR 238 million, 5% less than in 2024.
It is important to highlight that despite both the currency and Argentina's normalization impacts on our country mix, we've been able to maintain our 12% relative margin. Looking at the bottom right-hand side of the page, the one-off impact from the extraordinary efficiency program that summed EUR 15 million, and for which we expect a payback of 18 months, has been offset by other positive extraordinaries, fundamentally related to prior acquisitions' deferred payments. As we continue down our PNL, amortization of intangibles reached EUR 22 million, EUR 3 million less than last year, and with which we reach an EBIT of EUR 260 million, 10.9% of sales, which is 10 basis points improvement versus 2024.
It is important as well to note that the financial result totaled EUR 47 million, EUR 13 million less than in 2024, mainly on lower currency impact. We reach an earning before taxes of EUR 169 million, EUR 3 million more than one year ago. That allows us to improve our margin over sales by 60 basis points to 8.5%. Taxes totaled EUR 75 million in line with last year in absolute terms. Results in a reduction of 60 basis points in the tax rate to 44.4%, a trend that should continue into the future. With that all, our net profit reaches EUR 94 million, growing 3.3% versus one year ago. Represents 4.7% of total sales, a 30 basis points improvement year-on-year.
I want to underline the resilience of our PNL, that shows especially in its bottom part towards net profit. This all allows us to deliver earnings per share of EUR 0.0607, 1.2% better than the one achieved a year ago. Even in such an adverse environment, we have been able to not only protect, but improve profitability for our shareholders. We go to page five, we can review our cash flow and net debt position. Starting from the EBITDA I shared in the prior page of EUR 356 million for the year, provisions and other items deduct EUR 69 million, EUR 34 million more than the prior year, explained by the difference year-on-year in extraordinaries and other non-cash items.
Income tax implied a cash outflow of EUR 83 million, EUR 19 million more than in 2024, while CapEx has totaled EUR 82 million, showing our discipline towards CapEx management, which we aim at maintaining in relative terms over sales. Investment in working capital has totaled EUR 14 million, despite growing organically at 5.3%, as we've seen earlier, and representing a substantial reduction of EUR 21 million year-on-year, as a result of an effective DSO and DPO management. With this all, our free cash flow reaches EUR 108 million, implying a 77% conversion over EBITDA in the year, improving 300 basis points over 2024. Interest payments reached EUR 19 million, slightly over a year ago, despite the refinancing program carried out throughout the last part of the year.
M&A payments have totaled EUR 52 million, contributing to reduce the M&A-related outstanding debt by EUR 70 million. Dividend outflow totaled EUR 61 million, and treasury stock summed EUR 8 million in 2025. Our net financial position at the beginning of the period was at EUR 643 million, to which we shall decrease the net cash flow and as well deduct the EUR 10 million negative impact from foreign exchange rate.
This results in a net financial position for the end of a period of EUR 711 million, increased fundamentally due to M&A payments made and extraordinary efficiency costs, to which we must add EUR 98 million of IFRS 16 debt, EUR 55 million in deferred payments, and EUR 40 million positive of treasury stock, achieving a total net debt of EUR 850 million, reducing EUR 36 million year-on-year and taking it below 2023 levels. Our resulting leverage ratio has reached 2.4 times, 0.1 times more than 2024, fundamentally driven by the effect of currencies on our EBITDA levels. As said, we're confident that into 2026, we will be able to continue our deleveraging. With this, I would like to hand over to Jose Antonio, so he can share with us on transformation.
Thank you, Javier. Looking into transformation, I'm very happy to share that these solutions now represent 35.2% of our total sales. In 2025, revenue for our transformation solutions reached EUR 700 million, which is a 4.1% increase in relative terms. Once again, this underlines that our products are very well received by our customers and continue to trust in us as a key service provider. This growth over 2024 is especially relevant if we take into account that in 2024, Q4, we undertook very relevant non-recurrent projects of ATMs in Latin America that have not been repeated in 2025, together with the already mentioned currency impact, that of course, as well affects these sales. Penetration over total sales, as I just said, now reach 35.2%, implying an increase of 300 basis points year-on-year.
If I am to highlight one especially key performer, this has been our Cash Today solutions, that continue to deliver extraordinary growth in our geographies and to which we have increased our product type range. We are determined to continue the transformation of our company into the future, focusing on our key solutions: Cash Today, ATMs, correspondent banking, and Forex business. With this, I would like to pass over to Miguel, so he can share with us the key highlights of our performance by region.
Thank you, José Antonio. I would like to first start sharing with you the key developments in Latin America, our main region that accounts for 58% of group sales. Revenue in the region totaled EUR 1,145 million in 2025, this implies a decline of 11.5% versus the same period achieved a year ago, driven fundamentally by a strongly adverse 17% currency effect. The evolution of the U.S. dollar versus the euro, as well as of local currencies versus the U.S. dollar, have taken a negative toll on our sales. Very important to note that underlying organic growth has been 5.4%, which reflects a positive evolution overall in the region, save Argentina.
The different elections that have taken place in the later part of the year, the measures taken in order to balance public spending, have affected consumption as reflected in our figures. We're confident that as the country continues its change efforts, growth will restart and we'll see strong activity back. Transformation products have experienced as well a very positive year, despite the currency effect. They've managed to grow versus the prior year, reaching EUR 435 million, which is 38% of total sales, increasing thus their penetration by 490 basis points. Growth in the region has been fueled by strong performance of Cash Today and banking correspondent initiatives.
In terms of margins, pro forma EBITDA, which excludes the one-off impact of the EUR 50 million efficiency program carried out in the region in the last three quarters, and other extraordinary items related to prior acquisitions.
payments has reached 16.1% of sales. That is an 80 basis point reduction versus 1 year ago, fundamentally due to the Argentinian normalization, as well as the effect of currencies on the country mix. We believe these margins should expand into 2026. Turning now to Page eight, Europe accounts for 33% of group sales. Revenue in the region has reached EUR 662 million. That's a 1.4% or EUR 9 million increase over one year ago. This growth is backed on an organic positive 1.5% growth that has been slowly but receivingly accelerating quarter-on-quarter, and that we believe will continue into 2026. The region experienced a minor 0.1% drawback from currency effect.
We have to underline that this growth has taken place in a year where Spain and Portugal have seen more or less 2% increases in GDP terms, and Germany, our biggest market in the region, has experienced no growth. Transformation in the region now reaches 33% of total sales, a 10 basis point improvement over one year ago. The main contributor to this transformation product growth continues to be Cash Today, which we believe still has a lot of room for growth from our expanded product range. When we look at margins, pro forma EBITDA, which excludes extraordinary positive impacts due to prior M&A payments, has improved by 15.6% to reach EUR 35 million, and in relative terms, totals 5.4% of sales, 70 basis points better than in 2024.
We're confident that on a pro forma basis, the margins of the region will continue to grow and will actively contribute to the company's more balanced growth and margin profile. We now turn to Asia Pacific, a region that now represents 9% of group sales, up from 7% in 2024. Sales in this geography have reached EUR 180 million, a significant 26.4% improvement year-over-year. It's particularly important to note that this growth has been propelled by a 21.7% organic growth, which continues strong across the region. Such a growth is backed on strong economies, a significant outsourcing still to be developed, and an increasingly high adoption of our transformation products. As we've already seen in prior quarters, currencies have reduced our revenue by 8.1% in EUR terms.
They've been affected by the decline of both local currencies versus the U.S. dollar and U.S. dollar versus the euro throughout the year. Looking at transformation, these products have grown by 53.9% to reach EUR 47 million in 2025. The penetration achieved is of 25.8% of sales, a significant increase of 460 basis points year-on-year, especially noteworthy, considering the strong push of the core business. This growth has been driven fundamentally by the Forex business. In terms of margins, as anticipated, EBITDA significantly improved to double the territory, reaching 10.4% of sales and EUR 19 million in absolute euro terms. Thank you for your attention, now I'll turn to José Antonio.
Thank you, Miguel. I would like to now share our key sustainability related developments. Regarding the environment, I am glad to share our achievements in terms of decarbonization. We have reached our goal of reducing our carbon footprint by 8.4% versus our reference year of 2023, clearly beating our yearly target of 1.7% reduction. This shows our commitment to reducing the impact of our business on the environment in an always economically meaningful manner, without jeopardizing, quite the opposite, our financials. I am pleased to let you know that we have been ranked in the Standard & Poor's 2026 Global Sustainability Yearbook. It is noteworthy to reckon that this list recognizes a select group of companies recognizing us in the top 15% amongst over 8,000 candidates for outstanding sustainability performance.
Turning to our people, I'm very happy to share that we've been able to reduce our workplace accident frequency rate by 9% versus 2024. As a result of the multiple initiatives in terms of training and prevention, we have invested in over time. To continue improving our team safety, reflecting the above rate, we have launched a Road to Safety training targeted at our fleet teams, taking into account that a large portion of our colleagues are in the logistics area, that this is where most accidents take place. We are sure that this initiative will have a very positive impact. Lastly, in the governance area, I am proud to share that we maintain the highest rating on the AENOR Good Corporate Governance Index, reaching G++ grade, a level granted only to the best performing companies.
As well, I want to share that almost 2,500 employees have achieved our corporate compliance certification that assures that we are a more robust and trustworthy company. Lastly, this year, we have improved in almost all key ESG ratings we are in. We can see particularly significant improvements in the S&P Global and MSCI ratings, showing that third-party independent agencies ratify our efforts and achievements in the matter. We are sure that by taking care of our people, by decreasing accidents, reducing our impact on the environment, and improving our governance, we build a more sustainable company. Now, I would like to summarize my main conclusions. 2025 has been a very demanding year, in which we've been able to improve our bottom line profitability, as well as continue to transform in an adverse exchange rate environment.
Our business has weathered the normalization actions undertaken by the Argentina authorities, as well as the US dollar and other currencies devaluation. In this difficult environment, we have been able to both implement the efficiency program and capture growth and profitability in Europe, which has been showing a resiliently accelerating quarter-on-quarter improvement, while Asia continues to show a strong growth. We foresee these trends to continue into the future. Transformation has been at the forefront of our strategy, where we are to focus on our four key families of solutions: Cash Today, ATMs, CORBAN, and the Forex business. Regarding them, we will continue to enlarge our offering and digitalize our portfolio. These efforts have resulted in improving our net profit by 3.3%, demonstrating our strong commitment to creating shareholder value and maintaining a strong shareholder remuneration while we reduce debt.
In all, I said, 2025, and despite the evolution of currencies and Argentina's normalization, has been a transformative year for us. We have improved our bottom line, made our operations more efficient, and continued to transform our company. We are sure that we are best prepared to face 2026, a year in which we are already working hard to continue delivering, and where we should see an improved Latam business, a continued profitability growth in Europe, and a consolidation of our Asian performance. Thank you very much again for your attention. Now I would like to open the floor to any questions that you might have.
Thank you. As a reminder, to ask a question, please press star one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take the first question. From the line of One moment. Alvaro Bernal from Alantra, please go ahead.
Hi, thank you for taking my question. I have three. The first one is regarding Latam. We have seen it has suffered significantly this quarter with the clients in organic growth. If you can explain a bit better the underlying behind this, is it solely because of Argentina or Brazil is also suffering? Your view on this going forward into 2026, do you expect a recovery here? Also, if you can shed some light regarding the margins in the region, it would be very helpful. That's the first question. The second one is regarding investments. We have seen muted investments in both CapEx and leases this year. How do you see this going forward? Do you expect them to jump again, as you renew, for example, opening stores for the Forex business?
Well, if you can give us some color, it'd be very helpful. Lastly, how do you see net debt for 2026? Do you have a specific target in mind, leverage or whole number? It would be very helpful. Thank you.
Thank you, Alvaro. Going first to your first question, it's true what you're saying. If we take out Argentina, the growth of Latam has accelerated during the fourth quarter, so it's been mostly Argentina, I would say 100% of the issue in the fourth quarter. How do we see it in the future? We see that there's gonna be a important improvement in Argentina back to the relative performance that was before year 2025. We see margins stabilizing and getting to where we were in 2024.
It's true that the mix is gonna change, the mix of countries, there will be some change in there, but there is gonna be an improvement, and it's gonna be an important improvement there in Latin America. Second question on CapEx, again, is, it's true what you are saying. This year we've been quite shy on the CapEx of Forex, but this year we are gonna have a stronger boost, where we have one, two big airports, Frankfurt new terminal and JFK terminal one, terminal six. We'll be investing on those two airports, and we'll keep investing on new retail branches.
There is gonna be some boost in CapEx there on the Forex business. At the same time, we are gonna keep optimizing our CapEx in the rest of the areas. I think we are gonna see that there is gonna be optimization on the what do we call infrastructure CapEx. We'll see some improvements there, but as you said, totally overcome by the CapEx we are gonna undertake on the Forex business. On the third question, our commitment is to deliver it and to keep bringing down the debt of the company. We believe there is gonna be delivery on relative terms, but also in absolute terms, as we have seen this year. This year has been mainly focused on three areas, no?
This year, I think we are gonna see a delivering on banking debt as well. The bank also. Yes, I think that's more or less the answer to your three questions.
Very helpful. Thank you.
Okay.
Thank you. We will now take the next question. From the line of Enrique Yaguez from Bestinver Securities, please go ahead.
Good morning, everybody. I have a bunch of questions about Argentina, and then a couple of them about other issues. Regarding Argentina, I don't know if you could give what kind of organic decline suffered last year, how much are the Argentina weighs over the total group revenue, if in the first quarter, do you see some signs of recovery? I mean, in the medium term, probably will stabilize, how is the situation right now? On the restructuring plan announced in Latin last year, I would like to know if all the costs have been already incurred or just provision, how that cope with the recent labor reform announced in Argentina, if you could save some money or not, any reflections on this.
Sorry, I was late at the conference. I don't know if you provided what was the net extraordinary impact of EUR 12 million in Q4. I think on a gross basis, it could be higher, because probably more restructuring costs were incurred in Latin. Thank you very much.
Thank you, Enrique. Regarding your first question, in Argentina, there were three things that happened. The first one was that the consumption came down because of the policies of the government. Although you see an increase on GDP of the country, the GDP growth has been mainly focused on the energy and agricultural sector, but the internal economy and the consumption is very depressed right now. Although the government has stated that this year is gonna be a much better year. To tell you the truth, we have seen very small recovery. There's been some recovery, but really small and not at such extent as government had stated.
The second event that has happened is that devaluation has been much worse than inflation, so has hit in more accounts. The valuation has been quite important. The third one has been the monetary policy restrictions. We know that the government has put a constraint on the money that the banks have to hold, that has been at 58% compared to 13% that is in Europe. 58%. I think the government has said that they are gonna open this year, they want to really make the internal growth, the internal consumption growth much, much higher. We are gonna be very, very, we are gonna be expecting or looking forward to this very early.
Although I think we have, what has been really an achievement for us is that after some of the restructuring costs, we are now at the same relative terms that we were before 2025. I think the country has done a tremendous effort in adjusting the cost structure, which is really difficult in our business. Really, the country has done very well on that front. Restructuring cost is true that it's been incurred like 90%-95% of the whole program. In February, we are gonna do the last few bits, but it's more bit. Why not in January?
It's because, you know, January is a very strong month in Latin America, and also, a lot of people take holidays, so it's very difficult to adjust your last bits during January. We've done it during February, but everything is done in February. The plan is to have a payback of for around 18 months, so we are gonna see all the savings. We are gonna harvest the savings of this program during the year, and we are gonna see at the late part of the year, a very important kickback of the savings. The third question was about...
It's been mainly some deferred payments that we had in some of the M&As. You know that whenever we do a transaction, we record the business plan given by the sellers, and normally it's quite bullish. There's been some adjustments on the different payments of the tail of the acquisitions that we've done, that we did in 2023 and 2022.
The compensations from M&A.
Yes. Yes. Do you wanna Javier?
I think just to clarify, if you still have that, it's basically the adjustment on the pending payments, which are recognized in our balance sheet. As José Antonio was saying, we are typically recognizing it on the initial business case, and there are typically some adjustments between that scenario and the actual performance, and this is reflecting that. Lower level of pending payments going forward in our balance sheet.
Okay. How much was the restructuring cost in Q4 in Latin?
In Q4, we've undertaken.
EUR 3 million.
EUR 3 million more of efficiencies programs in Latin America.
Okay.
Yes.
Okay. Thank you very much.
When you see the Latin figures, I mean, in the adjustments, EUR 3 million come from the efficiencies program, EUR 3 million come from the M&A area on the other side.
Understood. Understood. Thank you.
Thank you. We will now take the next question. From the line of Joaquín García-Quirós from JB Capital. Please go ahead.
Yes, hello, thank you for taking my questions. The first one is in Europe. We've seen some recovery or acceleration throughout the quarters. Now, the growth is almost at 3% for the fourth quarter. What can we expect for this year? Should we see this 3% more or less now as the trend going forward, or was just something specific for this quarter? Germany should continue to weigh down on that growth. For Asia Pacific, it's been growing fairly positive throughout this year. Should that growth continue, or should we expect already a slowdown in 2026? Lastly, assuming that Argentina recovers, would a mid-single digit EBITDA growth be achievable? Thank you.
Thank you, Joaquín. How do we see 2026? By region, as you said, I think the global business, we are gonna see a growth of mid-single digits in terms of sales, and some profitability enhancement above that. I think that's the global picture. If we go by region, I think Latin America is gonna improve, mainly, because of Argentina. We are positive on that one and because of the restructuring program. We are gonna see some earnings enhancing there. Europe, we are going to see some growth in the business. I think the 3% growth, I think, is going to be beaten this year. It's going to be a bit higher. Also some earnings enhancing there.
Asia still is a small region, but we are very positive on it. Indonesia is doing a fantastic job, and is and also the Philippines, India, we are seeing a very strong growth there. I think the Australian issue that we had is being more or less solved. It will be completely solved, hopefully in June to September 2026, in which we'll be sign a deal with the major customers for medium term. I think that's gonna give us a lot of stability.
If we look at the lower part of the P&L, I think we are going to have also good news on the financial costs and on the tax rate. Both in the P&L and in the cash flow, because, as you know, in Argentina, taxes are paid based on previous year profits. This year, our tax bill has been quite high for the profit that we have had in Argentina. Next year, we are going to have some tax bill cut because of that, so that will improve also our cash flow. I think we are positive on achieving the mid-single growth in global terms.
Some earnings enhancing at EBITDA level, and then a much better increase on the net profit level. I think that's going to be more or less the summary. This is going to be reflected on cash flows because of this tax bill that we just mentioned. We will use this cash flow to deleverage a bit more. This is more or less the summary that we have for 2026.
Thank you. Thank you. As a reminder, to ask a question, please press star one and one on your telephone. That's star one one to ask a question. There are no further questions at this time. I would now like to turn the conference back to José Antonio Lasanta for closing remarks.
Thank you very much for your attendance and for your questions. Interesting questions, as always. We'll see, or we'll meet, next year. As I said, I think we are very positive on 2026 because of the trends of the market and because of the last issues on the industry, that you know that yesterday Brink's announced the acquisition of NCR. I think it's going to be the confirmation of an strategy that we are seeing, that CIT companies are going to take the lead on the forefront for bank, ATM systematization or outsourcing, that we are seeing in the market. Thank you very much for your attendance. Thank you very much.
This concludes today's conference call. Thank you for participating. You may now disconnect.