Prosegur Cash (CASH) Q1 2026 earnings summary

Executive summary

• Net profit rose 8.1% year-over-year to €26 million in Q1 2026, despite a 3.7% decline in sales to €497 million due to adverse currency effects and lower sales in Argentina.

• Organic sales grew 3.2%, with Transformation Products showing strong momentum and now representing 36.4% of total sales, up 340bps year-over-year.

• Free cash flow reached €6 million, supporting a €47 million reduction in LTM net debt.

• Sale of AVOS in Argentina and Paraguay and cancellation of treasury shares were completed.

• Strategic partnerships and inclusion in the S&P Global Sustainability 2026 index marked notable milestones.

Financial highlights

• Revenue: €497 million, down 3.7% year-over-year; organic growth 3.2%.

• EBITDA: €86 million, margin stable at 17.3%.

• EBITA: €56 million, margin 11.3%; EBIT: €51 million (10.2% of sales) after €5 million amortization.

• Net profit: €26 million, up 8.1% year-over-year; EPS €0.0168, up 8.6%.

• Free cash flow: €6 million; net financial position improved to €700 million.

Outlook and guidance

• Consensus EBITDA for 2026 is €250+ million, considered reasonable barring major disruptions.

• Organic growth ex-Argentina at mid-single digit levels; gradual recovery expected in Argentina.

• Continued focus on transformation products and operational efficiency in a volatile macroeconomic environment.

• FX and geopolitical tensions remain key uncertainties for the rest of the year.

• Most countries are meeting strategic plan targets despite regional challenges.