The Brink's Company Q4 FY2025 earnings call

• Announcement of $6.6 billion acquisition of NCR Atlios. • Both companies reported 2025 fourth quarter and full year results, with Brinks having strong organic growth from ATM managed services and digital retail solutions, delivering adjusted EBITDA margins up 40 basis points and $436 million free cash flow. • NCR Atlios has a strong track record since spinoff, with a large installed base of ATMs and capabilities in software, service, and ATM management. • Combined company expected to have ~$10 billion revenue, ~$2 billion adjusted EBITDA, and adjusted EBITDA margins near 20%, with recurring subscription-based revenue expansion, mid-single-digit organic growth outlook, and potential margin expansion through synergies and value-added services. • Synergies expected to be ~$200 million annual run rate, captured over 3 years, with SG&A cost savings, shared network optimization, and procurement savings. • Benefits include enhanced scale, ability to serve customers across ATM value chain, growth in digital retail solutions, and improved route and labor efficiency.

No specific product segment financial performance details provided in the transcript for individual segments. Focus is on the combined performance of the two companies post-acquisition with projected total revenue of ~$10 billion, adjusted EBITDA of ~$2 billion, and adjusted EBITDA margins approaching 20%.

• Combined company expected to have total revenue of approximately $10 billion with adjusted EBITDA of approximately $2 billion and adjusted EBITDA margins approaching 20%. • Expect ~$200 million of annual run rate cost synergies captured over next 3 years. • Deal expected to be at least 35% accretive in year one EPS and deliver approximately $1 billion of free cash flow. • Targeted net debt leverage range of two to three times adjusted EBITDA by end of 2027. • Expect mid-single-digit organic revenue growth outlook.

• Transaction subject to completion of customary closing conditions including regulatory approvals and shareholder approvals. • Risk of distractions during the 12-month closing period for the deal, needing to ensure day-to-day operations are not disrupted. • Uncertainty in achieving expected synergies and revenue growth as a result of the acquisition. • Actual results could differ materially from forward-looking statements due to factors outside control of Brinks and NCR Atlios.

Q: You mentioned you expect $200 million in cost synergies from this transaction. Can you provide more details on where you expect this $200 million to come from, how much from routing, from the fleet, from overhead?

A: The $200 million in annual run rate synergies expected to be hitting in the third year. A little bit over $100 million in the SG&A area, shared network resources optimization, and procurement savings.

Q: Related to what you just mentioned around revenue synergies, is there a way to frame the potential upside from revenue synergies?

A: We see the opportunity to really drive great organic growth between us by broadening capabilities to serve customers better, but sales synergies are not included in the modeling.

Q: When you think about this business with NCR Atlios, what is the kind of long-term growth that you're expecting this business to generate?

A: Mid-double-digit organic growth can continue for the foreseeable future, and the acquisition puts us in a better place to enable ATM outsourcing and bank outsourcing.

Q: When you assess the marrying these services of yours with the NCR Atlas and its specific hardware, how do you look at and assess the major risks and the positives versus your prior sort of agnostic approach to hardware?

A: Customers want outcomes, and there could be opportunities for cross-selling. Risk is around distractions, so teams are ring-fenced.

Q: How may you be able to accelerate AMFs, DRFs, growth post-combination?

A: Having strong customer relationships, integrated solution allows de-risking for customers, and commercial teams can raise nascent opportunities in markets.