Brink : First Quarter 2024 Earnings Presentation

First-Quarter 2024 Earnings

May 8, 2024

Safe Harbor Statements and Non-GAAP Results

These materials contain forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," "target" "project," "model", "predict," "intend," "plan," "believe," "potential,"

"may," "should" and similar expressions may identify forward-looking information. Forward-looking information in these materials includes, but is not limited to, information regarding: 2024 outlook, including revenue, adjusted EBITDA, adjusted EBITDA margin, earnings per share, net debt and leverage, free cash flow before dividends and the drivers thereof; capital allocation priorities, including expected share repurchase activity and future dividend increases; ; strategic priorities and initiatives, including the Brink's Business System; and expected growth from the deployment of technology-enabled solutions, including digital retail solutions and ATM managed services.

Forward-looking information in this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to predict or quantify, and which could cause actual results, performance or achievements to differ materially from those that are anticipated. These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: our ability to improve profitability and execute further cost and operational improvement and efficiencies in our core businesses; our ability to improve service levels and quality in our core businesses; market volatility and commodity price fluctuations; general economic issues, including supply chain disruptions, fuel price increases, inflation, and changes in interest rates; seasonality, pricing and other competitive industry factors; investment in information technol ogy ("IT") and its impact on revenue and profit growth; our ability to maintain an effective IT infrastructure and safeguard confidential information, including from a cybersecurity incident; our ability to effectively develop and implement solutions for our customers; risks associated with operating in foreign countries, including changing political, labor and economic conditions (including political conflict or unrest), regulatory issues (including the imposition of international sanctions, including by the U.S. government), military conflicts (including but not limited to the conflict in Israel and surrounding areas, as well as the possible expansion of such conflicts and potential geopolitical consequences), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital,

impact on the Company's financial results as a result of jurisdictions determined to be highly inflationary, and restrictive government actions, including nationalization; labor issues,

including labor shortages, negotiations with organized labor and work stoppages; pandemics, acts of terrorism, strikes or other extraordinary events that negatively affect global or regional cash commerce; the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; our abilit y to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; costs related to dispositions and product or market exits; our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; safety and security performance and l oss experience; employee and environmental liabilities in connection with former coal operations, including black lung claims; the impact of the American Rescue Plan Act and Patient P rotection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimated liabilities and assets in actuarial assumptions; the nature of hedging relationships and counterparty risk; access to the capital and credit markets; our ability to realize deferred tax assets; the outcome of pending and future claims, litigation, and administrative proceedings; public perception of our business, reputation and brand; changes in estimates and assumptions underlying critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.

This list of risks, uncertainties and contingencies is not intended to be exhaustive. Additional factors that could cause our results to differ materially from those described in the forward- looking statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2023 and in related disclosures in our other public filings with the Securities and Exchange Commission. Unless otherwise noted, the forward-looking information discussed today and included in these materials is representative as of today only and The Brink's Company undertakes no obligation to update any information contained in this document.

These materials are copyrighted and may not be used without written permission from Brink's.

Today's presentation is focused primarily on non-GAAP results. Detailed reconciliations of non-GAAP to GAAP results are included in the appendix and in the First Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink's website: www.brinks.com

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Key Messages

Record First-Quarter 2024 results

• Reported revenue - up 4% with organic growth of 12%
• • AMS/DRS organic growth of +18% and CVM organic growth of +11%
• Adjusted EBITDA +15% to $218M, margin 17.7% up 160bps
• EPS +20% to $1.52
• Trailing-twelve-monthfree cash flow up 61% to $363M…41% conversion

Continued momentum in key focus areas

• DRS and AMS demand environment strong and building
• Record DRS device installations in the quarter in North America
• Progress on Brink's Business System delivering efficiencies
• Disciplined execution against our capital allocation framework
• • Repurchased ~275k shares in the first quarter for $23M
  • Announced a 10% dividend increase - second consecutive year of double-digit increases

2024 Guidance Affirmed

• Reported revenue between $5,075 - $5,225 supported by low to mid-teens organic growth
• • AMS / DRS double-digit organic growth
• Adjusted EBITDA between $935 - $985M, margin expansion of ~80 bps
• EPS between $7.30 - $8.00
• Free cash flow $415 - $465M, conversion from adjusted EBITDA of ~46%

(non-GAAP, $ millions, except EPS)

Notes: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2024 Earnings Release available in the Results section of the Brink's website www.brinks.com.

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Record First-Quarter 2024 Results

Strong Performance Across All Metrics

(non-GAAP, $ millions, except EPS)

Revenue +4%

Constant Currency +12%

Organic	+12%
Acq		-%
FX		(8%)
	$1,185	$1,236
$1,074
2022	2023	2024

Adj. EBITDA +15%

Constant Currency +30%

$218

$191

$165

15.4% 16.1% 17.7%

Margin Margin Margin

2022 2023 2024

EPS +20%

Constant Currency +57%

		$1.52
	$1.27
$1.19
2022	2023	2024

TTM Free Cash Flow +61%

Conversion of 41%1

$363

$226

$166

23% 28% 41%

CONV CONV CONV

2022 2023 2024

Notes: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2024 Earnings Release available in the Results section of the Brink's website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP 2022 results in the Appendix. Constant currency represents 2024 results at 2023 exchange rates.

1. Conv ersion is calculated as Free cash flow before dividends over Adjusted EBITDA. "CONV" represents Conversion.

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First-Quarter 2024 Revenue & Adjusted EBITDA by Segment

Organic Growth Across Each Segment

($ millions)

North America

Revenue +1%	Adj. EBITDA +21%
Constant currency +1%		+21%
	Organic	+1%	+21%
	Acq	-	-
	FX	-	-

Latin America

Revenue +6%	Adj. EBITDA (3%)
Constant currency +37%	+36%

Organic	+37%	+36%
Acq	-	-
FX	(31%)	(39%)

Europe

Revenue +8%	Adj. EBITDA +14%
Constant currency +7%	+12%

Organic	+6%	+12%
Acq	+1%	+1%
FX	+1%	+1%

	Rest of World
Revenue +3%	Adj EBITDA +10%
Constant currency +4%		+12%
	Organic	+4%	+12%
	Acq/Disp	-	(1%)
	FX	(1%)	(2%)

$402	$406
2023	2024

	$69
$57
14.1%	16.9%
Margin	Margin
2023 2024

	$335
	$316				$79		$77
							25.2%		23.0%
							Margin		Margin
	2023 2024	2023 2024

	$291
	$269				$35		$40
							13.1%		13.7%
							Margin		Margin
	2023 2024		2023 2024

$199	$205
2023	2024

$43	$48
21.7%	23.2%
Margin	Margin
2023 2024

Notes: See detailed reconciliation of non-GAAP to GAAP Adjusted EBITDA results in the Appendix. Constant currency represents 2024 results at 2023 exchange rates.

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AMS/DRS Delivering Growth and Margin Improvement

Organic Growth Acceleration in Both CVM and AMS/DRS Customer Offerings	($ millions)
	Brink's Revenue Mix		Customer Offerings
			Cash & Valuables Management
			• Q1 organic growth of 11%
			•	Strategic pricing initiatives
			•	Stabilization in commodities movement and storage markets
22-23%
	• Brink's Business System driving operational excellence

21%

Digital Retail Solutions

16%

13%

10%							$1,012
						$743
$359			$530
2020			2021	2022	2023	2024 Target
		AMS/DRS			Cash & Valuables Mgmt		AMS/DRS Percent of Total

• Organic growth accelerated sequentially
• Record Q1 device installations in US market
• New wins in both enterprise and SMB markets

ATM Managed Services

• Key wins in the convenience store verticals
• Good transaction growth in North America
• Strong commercial progress in all geographies

AMS/DRS Organic Revenue Growth of 18% - Accelerated Sequentially from Q4

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First-Quarter Revenue and Adjusted EBITDA vs 2023

Double-digit Organic Growth and Adjusted EBITDA Growth

(non-GAAP, $ millions)

			Revenue
% Change		12%	-%	12%	(8%)	4%
	Organic
	+$146
	$103	$43	$2	$1,333	( $97 )
					$1,236
$1,185
	+18%
	+11%
2023	Organic	Organic	Acq / Disp*	2024	FX	2024
Revenue	Cash &	DRS & AMS		Constant		Revenue
	Valuables			Currency
	Mgmt.			Revenue

Adjusted EBITDA

% Change

30%

-%

30%

(16%)

15%

	$58	( $0 )	$248	( $30 )
					$218
$191
16.1%			18.6%		17.7%
Margin			Margin		Margin
2023	Organic	Acq / Disp*	2024	FX	2024
Adjusted			Constant		Adjusted
EBITDA			Currency		EBITDA
			EBITDA

Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink's website www.brinks.com. Constant currency represents 2024 results at 2023 exchange rates.

*Acq/Disp amounts include the impact of prior year trailing twelve-month results for acquired and disposed businesses.

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First-Quarter Adjusted EBITDA and EPS vs 2023

(non-GAAP, $ millions, except EPS)

						Diluted Shares
					2024 EPS: $1.52	45.3 million
					2023 EPS: $1.27	47.4 million
										+15%
								$29	$9	$218
							$56
	$145	( $56 )
	11.7%					$56				17.7%
	Margin									Margin
			( $29 )
				$9	$69
	Op Profit	Interest Expense	Taxes	Other	Income from	D&A	Interest Expense	Taxes	Stock Comp	Adj. EBITDA
					Continuing Ops				& Other
Vs. 2023	$18	( $9 )	( $8 )	$9	$9	$4	$9	$8	( $3 )	$28

Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2023 Earnings Release available in the Quarterly Results section of the Brink's website www.brinks.com.

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Capital Allocation Framework

$415 - $465M in targeted

2024 Free Cash Flow, Conversion of ~46%

Organic	• Strategic investments driving growth and profitability
Investments
2x - 3x Net	• Q1 Net Debt to Adj. EBITDA within targeted range
Debt Target
		Share Repurchase	•	$464M remaining authorization1
Return of
Capital			•	2nd consecutive 10% increase
	Dividends
			announced May 1st
Accretive	• Focus on deals with strong synergy potential that
M&A	fit within our current footprint or service offerings

Disciplined capital allocation model expected to allow the flexibility to optimize shareholder returns

Notes: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the First Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink's website www.brinks.com.
Capital allocation priorities not shown in priority order.	9
1. Remaining capacity as of May 1, 2024 through 2025

2024 Guidance Affirmed

Mid-single organic growth driving low double-digit EBITDA and FCF growth

(non-GAAP, $ millions, except EPS)

	2023	2024
	Actual	Guidance	Growth
Revenue	$4,875	$5,075 - 5,225	~ 6%
Adjusted EBITDA	$867	$935 - 985	~ 11%
Margin	17.8%	18.4% - 18.9%
Free Cash Flow	$393	$415 - 465	~ 12%
FCF / EBITDA	45%	~ 46%
EPS	$7.35	$7.30 - 8.00	~ 4%

• Strong organic growth - low to mid-teens
• • Mid-singledigit organic growth netting the impact of expected Argentina currency headwinds
  • Double-digitorganic growth expected in AMS/DRS
• EBITDA margin expansion driven by revenue growth, mix benefits, and continued productivity
• EPS growth impacted by non-repeating gains on sale of marketable securities in 2023

Notes: See detailed reconciliations of non-GAAP to GAAP 2023 results included in the First Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink's website www.brinks.com. The 2024 Non-GAAP outlook
amounts cannot be reconciled to GAAP without unreasonable effort, as we are unable to accurately forecast certain amounts that are necessary for reconciliation, including the impact of highly inflationary accounting on our Argentina	10
operations or other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions and the impact of possible future acquisitions.