The Brink's Company

Q2 revenue increased 7%, with 4% constant-currency growth and a 3% FX tailwind. Adjusted EBITDA increased 11% to $257 million, operating profit rose 15% to $190 million, and EPS grew 18% to $2.13. EBITDA margin was 18.5%, up 70 basis points year over year, and operating profit margin was 13.6%, up 100 basis points. Trailing 12-month free cash flow was $468 million with 46% conversion. For full-year 2026, Brink’s expects mid-single-digit total organic growth, AMS/DRS organic growth in the mid- to high teens, EBITDA margin expansion of 30 to 50 basis points, and free cash flow conversion of 40% to 45%. For Q3, the company guided to revenue of $1.365 billion to $1.415 billion, adjusted EBITDA of $263 million to $283 million, and EPS of $2.23 to $2.63.

Mark Eubanks emphasized that Brink’s is seeing continued momentum in higher-margin recurring businesses, especially AMS/DRS, and said the company has clear line of sight to more growth in the second half. He highlighted customer wins in Europe, North America, Indonesia, and Latin America, and framed the business as still being in the “early innings” of improving growth, margins, and cash generation. On the NCR Atleos deal, he said regulatory progress has been strong and that the combined company should create density, service, and routing synergies over time.

Kurt McMacken said revenue rose 7% and adjusted EBITDA increased 11% to $257 million, with 70 bps of EBITDA margin expansion and EPS up 18% to $2.13. He noted operating profit of $190 million, interest expense of $63 million, tax expense of $34 million, and D&A of $64 million; he also said D&A should be roughly $250 million for the full year. He reiterated full-year cash conversion guidance of 40% to 45%, described leverage at 2.7x net debt to adjusted EBITDA at quarter end, and said the company expects stand-alone leverage to fall to about 2.3x this year before rapid deleveraging after the acquisition closes.

Analysts focused on what is driving AMS/DRS growth, how much of the second-half acceleration is already contracted, and whether North America margins can move beyond the 20% level. Management said AMS/DRS is mostly volume-driven, with growth supported by new customers, share gains, and deployed deals that moved from Q2 into Q3; they also said the pipeline is strong and visibility is good. On margins, Eubanks argued that incremental margins can keep improving as network density rises and the combined Brink’s/NCR platform creates more routing and service efficiencies, while on outsourcing he said the ATM managed services market is still in early innings, especially in Europe and among smaller U.S. banks, though large U.S. institutions have not yet broadly embraced full outsourcing.