Prosegur Cash, S.A.

Q1 2026 revenue was EUR 497 million, down 3.7% year over year, with organic growth of 3.2%, a 6.6% FX drag, and a 0.2% inorganic impact. EBITDA totaled EUR 86 million, with a 17.3% margin versus 17.4% in Q1 2025; EBITA was EUR 56 million, EBIT was EUR 51 million, and net profit increased 8.1% to EUR 26 million. Consolidated net profit was EUR 25 million, EPS was EUR 1.68, and EPS was up 8.6%. For cash flow, free cash flow was EUR 6 million, conversion was 75%, and LTM net debt fell by EUR 47 million; total net debt was EUR 845 million and leverage was 2.4x. Looking ahead, management did not give formal quarterly or full-year guidance, but said consensus EBITDA of EUR 250 million-plus sounded reasonable, noted Q1 was in line with expectations, and said ex-Argentina organic growth was at mid-single-digit levels.

The lead executive framed Q1 as a good start to the year despite a difficult FX backdrop, emphasizing resilience in the business model, steady margin performance, and faster transformation progress. He highlighted that inflation and geopolitical uncertainty can support cash usage and reinforce cash’s role, while also noting the company is closely monitoring fuel prices and supply-chain risks. His tone was constructive but measured, with repeated caveats around Argentina, FX, and other external variables.

The CFO focused on the income statement and cash generation: revenue was EUR 497 million, EBITDA EUR 86 million, EBITA EUR 56 million, EBIT EUR 51 million, and net profit EUR 26 million, with the tax rate improving 300 bps to 42%. He said financial result improved to EUR 6 million from EUR 12 million a year ago, and that free cash flow was EUR 6 million thanks to lower working capital use of EUR 18 million versus EUR 40 million in Q1 2025. He also noted EUR 22 million of CapEx, EUR 10 million of interest payments, EUR 15 million of M&A inflows, net cash flow of EUR 7 million, and total net debt of EUR 845 million with 2.4x leverage.

Analysts pressed on whether Argentina could improve sequentially, and management said there were early signs of improvement in April, though recovery should remain gradual. On Europe, management said growth reflected broad-based strength across both core and transformation businesses, not a single large contract, and noted Cash Today was performing well. Questions on working capital and provisions were answered by pointing to lower DSO/DPO, softer organic growth, redundancy-related outflows, and timing shifts in tax refunds; fuel cost questions were answered with management saying tariff pass-through is working and supply contingency measures are in place.