Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Jul 31, 2026
AI Summary
Q2 2026

Growth: Prosegur said first-half revenue rose 5.2% to EUR 2.6 billion, helped by strong organic growth of 7.3% and a better foreign exchange backdrop.

Profitability: EBITA was EUR 167 million, down 1.8% year on year, as Security’s faster growth, Alarms portfolio optimization and 50th anniversary costs weighed on margins.

Cash flow: Net cash flow improved to negative EUR 58 million from negative EUR 72 million last year, and management expects a much stronger second half with leverage improving by year-end.

Security strength: Security remained the main growth engine, with revenue up 7.5% and EBITA up 12.7%, led by the U.S. and Iberia.

Alarms reset: Prosegur is tightening Alarms customer quality, even if that reduces the reported customer base in the short term; management said the move should support better cash generation over time.

Consensus comfort: Management said it is comfortable with full-year consensus and expects no further margin hit from the Alarms cleanup or the 50th anniversary costs.

Key Financials
Revenue
EUR 2.6 billion
Organic growth
7.3%
EBITA
EUR 167 million
EBITA margin
6.4%
Net income
EUR 57 million
Effective tax rate
41.8%
Net cash flow
negative EUR 58 million
Net debt-to-EBITDA
2.5x
Average cost of debt
3.1%
Debt fixed rate share
64%
Average debt maturity
3.7 years
Prosegur Cash revenue
EUR 1,001 million
Prosegur Cash EBITDA
up 1.3%
Prosegur Cash EBITA
EUR 111 million
Prosegur Cash EBITA margin
11.1%
Prosegur Cash operating cash flow
EUR 53 million
Prosegur Security revenue
up 7.5%
Prosegur Security EBITA
EUR 45 million
Prosegur Security EBITA margin
3.2%
Security operating cash flow
EUR 2 million
Alarms revenue
up 12% year on year
Alarms service margin
limited decline of 0.7%
Alarms connections
more than 1 million
Movistar Prosegur Alarmas customer base growth
around 9% to 10%
Upfront revenue
up 53% year on year
Alarms combined recurring cash flow
EUR 72 million
Total volume service cash
EUR 193 million
Alarms portfolio write-off
around EUR 4 million
Security USA organic growth
around 30%
Rest of the World Alarms connections
around 425,000 by year-end
Consensus EBITDA
EUR 193 million
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