Second-Quarter 2024 Earnings
August 7, 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; the Company’s
capital allocation priorities, including expected share repurchase activity; the impact of macroeconomic factors, including potential future pandemics or recessions, strategic priorities andinitiatives, 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 technology (“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 ourcustomers; 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 ability to identify, evaluate and complete acquisitions and otherstrategic 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 loss experience; employee and environmental liabilities inconnection with former coal operations, including black lung claims; the impact of the American Rescue Plan Act and Patient Protection and Affordable Care Act on legacy liabilities andongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimatedliabilities 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 forwardlooking 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 oftoday 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 Second Quarter 2024
Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com

2Key Messages(non-GAAP, $ millions, except EPS)
Record Second-Quarter 2024 Revenue, EBITDA and EPS• Accelerating organic growth of 14%– AMS/DRS organic growth of +26% and CVM organic growth of +10%
• Adjusted EBITDA +16% to $226M, margin 18.0% expansion of 200bps• EPS +31% to $1.67• Continued strong free cash flow conversion, supported by profit growth, margin expansion and working capital improvements

Strategic Execution Enhancing Shareholder Value• DRS and AMS revenue now over 22% of total trailing-twelve-month revenue• DRS and AMS revenue accelerating sequentially from 18% (Q1) to 26% (Q2) as demand remains robust• Second consecutive quarter of double-digit EBITDA growth– Led by North America with 360bps of margin expansion in 2Q– North America segment averaging over 200bps year-over-year margin expansion over the last six quarters• Disciplined execution against our capital allocation framework−

Increased year-to-date share repurchases by more than 3x versus prior year−

Increased liquidity, secured credit capacity and balance sheet flexibility by refinancing 2025 bonds

2024 Guidance Affirmed• Reported revenue between $5,075 - $5,225M 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%
Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Second Quarter 2024 Earnings Release available in the Results section of the Brink’s website www.brinks.com.

3Second-Quarter 2024 Results
Record Revenue, EBITDA, and EPS - Executing on Profitable Growth Strategy(non-GAAP, $ millions, except EPS)

Revenue +3%

Adj. EBITDA +16%

EPS +31%

TTM Free Cash Flow -7%

Constant Currency +14%

Constant Currency +39%

Constant Currency +87%

Conversion of 32%2

Excl. Sec.
1
Loss Impact
17.0%
MarginExcl. Sec.
1
Loss Impact

Organic
Acq
FX$1,216

+14%
+1%
(11%)

$1,253$1,134

$207

$1.47

$226

$1.67
$319

$187

16.4%
Margin$194

16.0%
Margin

$1.34

$296

$1.27

18.0%
Margin

$173

2022

2023

2024

2022

2023

2024

2022

2023

2024

24%
CONV

39%
CONV

32%
CONV

2022

2023

2024

Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Second 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. Excludes second-quarter 2023 $12 million year-over-year increase in security losses, primarily from one large loss event in our BGS line of business.
2. Conversion is calculated as Free cash flow before dividends over Adjusted EBITDA. “CONV” represents Conversion.

4

Meaningful Progress Improving Margins in North America(non-GAAP, $ millions)North America EBITDA and EBITDA Margins

Performance Drivers

CAGR 16%$288
Pandemic• Safety culture focus driving reduction in incidents• Improving customer service levels

$259

$217

Brink’s Business Systems Implementation• Scaling LEAN initiatives$228• Improving labor management
17.8%

$168

• Money processing technology investment

$154

16.2%

• Routing-and-scheduling enhancements

$129
15.4%
14.4%

12.3%

12.2%

2019

2020

Strategic Pricing / Revenue Mix• AMS / DRS now 25% of trailing-twelve-month revenue

11.7%• Lapping 2023 portfolio rationalization in second quarter
2018

2021

2022

2023

2Q '24 TTM• Strategic Pricing Initiatives

North America EBITDA +123% with EBITDA Margins +610bps Since 2018
Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Second 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 Adjusted EBITDA results in the Appendix

5

AMS/DRS Delivering Growth and Margin Improvement
Organic Growth Acceleration in Both AMS and DRS Customer Offerings

Brink’s Revenue Mix($ millions)Customer Offerings
Cash & Valuables Management

22-23%

21%

Digital Retail Solutions• Sequential acceleration in all segments• All markets and segments remain underpenetrated• Roll-out of large grocery store chain in Europe

16%

13%

10%

$359

$530

2020

2021
AMS/DRS$743
2022

Cash & Valuables Mgmt

• Q2 organic growth of 10%• Focus on pricing initiatives• Softness in global commodities movement and storage• Brink’s Business System driving operational excellence

ATM Managed Services$1,0122023

2024
Target2024

AMS/DRS Percent of Total• New customers and transaction growth accelerating growth in
the North America segment• Strong global pipeline of both banking and retail customers

TTM AMS/DRS revenue at 22% of total revenue with organic growth of 26% in Q2’24
6Brink’s is Well Positioned to Deliver During Market Uncertainties(non-GAAP)

Organic Revenue Growth
Recession

Adjusted EBITDA Margin

1

Pandemic

Pandemic
12%~12-15%
9%

7%

7%
4%

6%
4%

6%

5%

6%

7%

6%

11.7%

13.3%

14.8%

15.4%

15.3%

2018

2019

2020

16.3%

17.4%

17.8%

2022

2023

18.4% 18.9%

5%

3%

-0.5%
2016

2017

2021

2024
Target-7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Target•Organic growth has been consistent over last 15+ years•

Margins are durable during downturns•

Resilience during macro economic volatility••

Diverse geographic and end-market customer base

Variable cost structure allows flexibility to protect margins
in the downturn and scale up for growth•

Leveraging the Brink’s Business System to improvemargins regardless of market environment

Notes: See detailed reconciliations of non-GAAP to GAAP results in the Appendix.
1. Total company organic revenue growth adjusted to exclude Venezuela prior to the 2018 deconsolidation.

7

Second-Quarter Revenue and Adjusted EBITDA vs 2023
Double-digit Organic Growth and Adjusted EBITDA Growth(non-GAAP, $ millions)

Revenue% Change

14%

Adjusted EBITDA

1%

14%

(11%)

$7

$1,390( $137 )3%% Change

39%

1%

39%

(23%)

$75

$1

$271

( $45 )

16%

Organic
+$167

$100

$67

$1,253$1,216
+26%

$226

+10%
$194

16.0%
Margin2023
Revenue

Organic
Cash &
Valuables
Mgmt.

Organic
DRS & AMS

Acq / Disp*

2024
Constant
Currency
Revenue

FX

2024
Revenue2023
Adjusted
EBITDA

18.0%
Margin19.5%
MarginOrganic

Acq / Disp*

Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Second 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.

2024
Constant
Currency
EBITDA

FX

2024
Adjusted
EBITDA

8

Second-Quarter Adjusted EBITDA and EPS vs 2023

(non-GAAP, $ millions, except EPS)

Diluted Shares
2Q 2024 EPS: $1.67
2Q 2023 EPS: $1.27

45.1 million
47.3 million

+16%

$31

$7

$226

$57
$156

( $57 )
$56

12.4%
MarginVs. 2023

18.0%
Margin( $31 )
$7

$75

Op Profit

Interest Expense

Taxes

Other

Income from
Continuing Ops

D&A

Interest Expense

Taxes

Stock Comp& Other

Adj. EBITDA$24( $6 )( $10 )

$7

$15

$2

$6

$10

( $2 )$32

Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Second Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com.

9Successfully Refinanced 2025 Bonds
Improved Credit Rating, Extended and Diversified Maturities, Increased Liquidity= Q1 ‘24

$0.7
Drawn
Revolver$0.6
2027 Bond$0.42025 Bond
2024

2025 2025= Q1 ’24 Pro forma 2

$0.3
Drawn
Revolver2026

AgencyRating 1

S&P

BB+

Moody’s

Ba2

Fitch

BB+

$0.6
2027 Bond

$1.3
$1.3
Term Loan A Term Loan A$0($ billions)

2027 2027

$0
2028

$0.4
2029 Bond

2029 2029

$0
2030

2031

$0.4
2032 Bond2032 2032

Increased Balance Sheet Flexibility by Diversifying Maturities
1 Reflects the Corporate Family Credit Rating
2 Q1 '24 presented proforma for the planned retirement of 2025 bonds. This presentation is not reflective of actual debt balances on 03/31/2024, or 06/30/2024

Reflects public debt only; Excludes Term Loan Amortization Payments until maturity in 2027

10

Capital Allocation Framework
Organic
Investments$415 - $465M in targeted
2024 Free Cash Flow,
Conversion of ~46%

2x - 3x Net
Debt Target•

Strategic investments driving growth and profitability•

Refinanced 2025 bonds, increasing flexibility while
maintaining leverage within target range

Share Repurchase
Return of
CapitalDividends

Accretive
M&A

•

•

$66M utilized to repurchaseover 722k shares through Q2•

Executing purposeful,consistent dividend policy

Focus on deals with strong synergy potential that
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 Second 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.

11

2024 Guidance Affirmed
Mid-single digit growth driving low double-digit EBITDA and FCF growth2023
ActualRevenue

Adjusted EBITDA
Margin2024
Guidance$4,875 $5,075 - 5,225$867$935 - 985

17.8%

18.4% - 18.9%

Free Cash Flow

$393

$415 - 465

FCF / EBITDA

45%

~ 46%

$7.35

$7.30 - 8.00

EPS

(non-GAAP, $ millions, except EPS)

Growth~ 6%•Strong organic growth - low to mid-teens• Mid-single digit organic growth netting the impact
of expected Argentina currency headwinds• Double-digit organic 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 saleof marketable securities in 2023

~ 11%

~ 12%

~ 4%

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
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.

12Appendix

Our Strategic Pillars
Strong Foundation For Success• Improved customer experience andevolved sales and marketing approach
are driving growth and loyalty• Innovation through enhanced DRS
platform and new AMS capabilities• Brink’s Business System is unlocking
savings and driving operational
excellence through standardized
processes and metrics• Developing our talent to accelerate our
futureConfidential. For Internal Use Only – Do Not Duplicate or Distribute.

14

Second-Quarter 2024 Revenue & Adjusted EBITDA by Segment($ millions)North America
Revenue +4%

Latin America

Adj. EBITDA +30%

Constant currency +4%

Organic
Acq
FX

$397

+30%

+3%
+1%
–

+29%
+1%
–

Revenue (1%)

EuropeAdj. EBITDA (3%)

Constant currency +38%

Organic
Acq
FX

+38%
–
(39%)

+50%

+50%
–
(53%)

Revenue +8%

Organic
Acq
FX

+7%

+9%
+1%
(1%)

+7%
–
(1%)

Revenue -%Organic
Acq/Disp
FX

$199

$77

$44

2023 2024

(2%)
–
(2%)

$47

$47

2023 2024

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.

2023 2024$45

23.7% 22.7%
Margin Margin

15.4% 15.0%
Margin Margin

2023 2024

+2%
–
(2%)

$200

23.7% 23.3%
Margin Margin

13.9% 17.5%
Margin Margin

2023 2024

(2%)

$286

$79

$55

Adj EBITDA (4%)

Constant currency +2%

$310

$332

$72

Adj. EBITDA +6%

Constant currency +10%

$412
$334

Rest of World

2023 2024

2023 202415

Six-Months 2024 Results(non-GAAP, $ millions, except EPS)

Revenue +4%

Adj. EBITDA +15%

EPS +26%

TTM Free Cash Flow -7%

Constant Currency +13%

Constant Currency +35%

Constant Currency +72%

Conversion of 32%1

Organic
Acq
FX$2,402

+13%
-%
(10%)

$2,489$444$2,208

$3.21

$319

$385

$296

$352
$2.53
15.9%
Margin16.0%
Margin

$2.54

17.8%
Margin

$173

2022

2023

2024

2022

2023

2024

2022

2023

2024

24%
CONV

39%
CONV

32%
CONV

2022

2023

2024

Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Second 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. Conversion is calculated as Free cash flow before dividends over Adjusted EBITDA. “CONV” represents Conversion.

16

Six-Months Revenue and Adjusted EBITDA vs 2023
(non-GAAP, $ millions)

Revenue% Change

13%

Adjusted EBITDA

-%

13%

(10%)

$9

$2,723( $233 )4%% Change

35%

-%

35%

(19%)

$133

$1

$519

( $75 )

15%

Organic+$312$203$2,402$109$2,489
+22%

+11%

$444
$385

16.0%
Margin2023
Revenue

Organic
Cash &
Valuables
Mgmt.

Organic
DRS & AMS

Acq / Disp*

2024
Constant
Currency
Revenue

FX

2024
Revenue2023
Adjusted
EBITDA

17.8%
Margin19.1%
MarginOrganic

Acq / Disp*

Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Second 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.

2024
Constant
Currency
EBITDA

FX

2024
Adjusted
EBITDA17

Six-Months Adjusted EBITDA and EPS vs 2023

(non-GAAP, $ millions, except EPS)

Diluted Shares2024 EPS: $3.212023 EPS: $2.54

45.2 million
47.4 million

+15%

$59

$16

$444

$112
$301

( $112 )
$112

12.1%
MarginVs. 2023

17.8%
Margin( $59 )
$16

$145

Op Profit

Interest Expense

Taxes

Other

Income from
Continuing Ops

D&A

Interest Expense

Taxes

Stock Comp& Other

Adj. EBITDA$41( $15 )

( $17 )

$16

$25

$7

$15

$17

( $4 )$59

Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Second Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com.

18

Six-Months 2024 Revenue & Adjusted EBITDA by Segment($ millions)North America
Revenue +2%

Latin America

Adj. EBITDA +26%

Constant currency +2%

Organic
Acq
FX

$799

+26%

+2%
+1%
–

+25%
+1%
–

Revenue +3%

Adj. EBITDA (3%)

Constant currency +38%

Organic
Acq
FX

Europe

+38%
–
(35%)

+43%

+43%
–
(46%)

Revenue +8%

Rest of World

Adj. EBITDA +9%

Constant currency +8%

Organic
Acq
FX

+9%

+8%
+1%
-%

+9%
+1%
-%

Revenue +1%

Adj EBITDA +3%

Constant currency +3%

Organic
Acq/Disp
FX

+5%

+3%
–
(2%)

+5%
–
(2%)

$818
$649

$666
$601
$555
$159 $154

$141

$398

24.4% 23.2%
Margin Margin$112
14.0% 17.2%
Margin Margin

$79

$404
$90

$87

22.7% 23.0%
Margin Margin

14.3% 14.4%
Margin Margin

2023 2024

2023 2024

2023 2024

2023 2024

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.

2023 2024$93

2023 2024

2023 2024

19

Net Debt and Leverage
Leverage Within Targeted Range(Non-GAAP, $ millions)

Adjusted EBITDA and Financial Leverage

Net Debt$2,726

Leverage Ratio

2

2.9

2.9

$2,521
$941
$927
$867
SecuredNet Debt$1,527

Adjusted EBITDA$1,785
Unsecured
SeniorNotes1$994

12/31/2023
Actual

6/30/2024
Actual2023
Actual

Q2 2024
TTM Actual

Note: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Second Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com.
1. Net of unamortized debt issuance costs of $6 million as of 12/31/2023 and $15 million as of 6/30/2024.
2. Net Debt divided by Adjusted EBITDA.

20

2022 Non-GAAP Results Reconciled to GAAP (1 of 3)
The Brink’s Company and subsidiaries
Non-GAAP Reconciliations(In millions)Operating profit (loss):
GAAP
Reorganization and Restructuring (a)Acquisitions and dispositions (a)Argentina highly inflationary impact(a)Change in allowance estimate (a)Chile antitrust matter(a)Non-GAAP
Interest expense:
GAAP
Acquisitions and dispositions
Non-GAAP

2022
Q2

$

96.5
2.7
15.4
9.0
(0.4)

158.9
14.4
30.6
15.1
16.3

$

0.8
124.0

0.8
236.1

$

(32.4)(60.3)$

0.3(32.1)

0.7(59.6)$

29.3(11.8)

$

0.7
1.1
1.0
(0.3)
(0.1)
(3.3)
0.2
0.6
29.2

1.4
2.3
1.8
(0.5)
3.9
55.0
0.2
3.0
55.3

(a)

Taxes:GAAP(c)Retirement plans(a)Reorganization and Restructuring(a)Acquisitions and dispositions
Argentina highly inflationary impact(a)Change in allowance estimate (a)Valuation allowance on tax credits (g)Chile antitrust matter(a)Income tax rate adjustment(b)Non-GAAP
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)
(m)

Six Months

See “Other Items Not Allocated To Segments” on slides 24-26 for details. We do not consider these items to be reflective of our operating performance as they result from events and circumstances that are not a part of our core business.
Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate was 30.3% for 2022 and 33.6% for 2021.
Our U.S. retirement plans are frozen and costs related to these plans are excluded from non-GAAP results. Certain non-U.S. operations also have retirement plans. Settlement charges and curtailment gains related to these non-U.S. plans and costs related to our frozen non-U.S. retirement plans
are also excluded from non-GAAP results.
Adjusted EBITDA is defined as non-GAAP income from continuing operations excluding the impact of non-GAAP interest expense, non-GAAP income tax provision, non-GAAP depreciation and amortization, non-GAAP share-based compensation and non-GAAP marketable securities (gain) loss.
There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented.
Due to the impact of Argentina highly inflationary accounting, there was a $0.5 million non-GAAP adjustment for a gain in 2018, a $0.1 million non-GAAP adjustment for a gain in 2020, a $0.6 million non-GAAP adjustment for a loss in the first quarter of 2022, a $0.9 million non-GAAP adjustment
for a loss in the second quarter of 2022, and a $4.0 million non-GAAP adjustment for a full-year loss in 2022. There is no difference between GAAP and non-GAAP marketable securities gain and loss amounts for the other periods presented.
In 2022, we released a portion of our valuation allowance on certain U.S. deferred tax assets primarily related to foreign tax credit carryforward attributes. The valuation allowance release was due to new foreign tax credit regulations published by the U.S. Treasury in January 2022.
Post-deconsolidation funding of ongoing costs related to our Venezuelan operations was $0.6 million in the second half of 2018 and $0.9 million in 2019 and was expensed as incurred and reported in interest and other nonoperating income (expense). We do not expect any future funding of the
Venezuela business, as long as current U.S. sanctions remain in effect.
Gain on termination of a mining lease obligation related to former coal operations. We have no remaining mining leases.
Effective June 30, 2018, we deconsolidated our investment in Venezuelan subsidiaries and recognized a pretax charge of $126.7 million.
There was a change in judgement resulting in a valuation allowance against certain tax attributes with a limited statutory carryforward period that are no longer more-likely-than-not to be realized due to lower than expected Canada operating results.
Penalties upon prepayment of Private Placement notes in September 2017 and a term loan in October 2017.
Related to an unfavorable court ruling in the third quarter of 2017 on a non-income tax claim in Brazil. The court ruled that Brink's must pay interest accruing from the initial claim filing in 1994 to the current date. The principal amount of the claim was approximately $1 million and was recognizedin selling, general and administrative expenses in the third quarter of 2017.

Amounts may not add due to rounding.

21

2022 Non-GAAP Results Reconciled to GAAP (2 of 3)
The Brink’s Company and subsidiaries
Non-GAAP Reconciliations(In millions, except for per share amounts)
Q2
Incom e (loss) from continuing operations attributable to Brink's:
GAAP
Retirement plans (c)Reorganization and Restructuring(a)Acquisitions and dispositions (a)Argentina highly inflationary impact(a)Change in allow ance estimate(a)Valuation allow ance on tax credits (g)Chile antitrust matter (a)Income tax rate adjustment(b)Non-GAAPEPS:GAAPRetirement plans (c)Reorganization and Restructuring(a)Acquisitions and dispositions (a)Argentina highly inflationary impact(a)Change in allow ance estimate(a)Valuation allow ance on tax credits (g)Chile antitrust matter (a)Income tax rate adjustment(b)Non-GAAP
Depreciation and Am ortization:
GAAP
Acquisitions and dispositions (a)Argentina highly inflationary impact(a)Non-GAAP

Amounts may not add due to rounding.
See slide 21 for footnote explanations.

$

2022
Six Months

35.2
1.0
1.6
12.8
10.2
(0.3)
3.3
0.6
(0.5)
63.9

106.6
3.4
12.1
26.6
17.1
12.4
(55.0)
0.6
(2.5)
121.3

$

0.73
0.02
0.03
0.27
0.21
(0.01)
0.07
0.01(0.01)
1.34

2.22
0.07
0.25
0.55
0.36
0.26
(1.15)
0.01(0.05)
2.53

$

60.3
(12.5)
(0.6)
47.2

$

$

$

121.3
(25.2)
(1.3)
94.8

22

2022 Non-GAAP Results Reconciled to GAAP (3 of 3)
The Brink’s Company and subsidiaries
Non-GAAP Reconciliations(In millions)
Revenues:
GAAP
Venezuela operations (a)Acquisitions and dispositions (a)Internal loss (a)Non-GAAP

2016
Full Year

2017
Full Year

2018
Full Year2019
Full Year

2020
Full Year

2021
Six Months
Full Year

Q2

2022
Six Months

Full Year

$

3,020.6(109.4)(2.8)-$

3,347.0(154.1)-$

3,488.9(51.4)-$

3,683.2
0.5
(4.0)

$

3,690.9-$

2,026.5-

4,200.2-$

1,133.9-

2,207.9-

4,535.5-$

2,908.4$

3,192.9$

3,437.5$

3,679.7$

3,690.9$

2,026.5

4,200.2$

1,133.9

2,207.9

4,535.5

$

34.5
20.4
78.5
131.6
265.0
1.7
31.5
(12.3)
30.3
16.4
9.5
(0.5)
341.6

$

16.7
32.2
157.7
146.6
353.2
0.2
34.9
(13.7)
19.6
3.2
8.3
1.6
17.7
(1.5)
423.5

$

(33.3)
66.7
70.0
162.3
265.7
33.2
(1.0)
18.7
28.1
7.5
4.5
126.7
28.3
(2.7)
509.0

$

29.0
90.6
61.0
185.0
365.6
(0.7)
47.3
0.9
28.6
56.8
12.7
20.9
2.1
(5.2)
35.0
2.9
566.9

$

16.0
96.5
56.6
206.8
375.9
0.8
33.8
65.5
53.0
8.8
6.9
0.5
31.3
(10.5)
566.0

$

36.6
55.4
36.3
116.5
244.8
0.1
13.1
21.0
15.1
5.5
(1.7)
0.3
18.7
(14.2)
302.7

105.2
112.2
120.3
239.5
577.2
(2.1)
29.8
42.8
18.8
10.1
9.5
(21.1)
34.0(16.4)
682.6

$

35.1
32.4
29.3
60.3
157.1
0.1
1.7
2.7
1.0
9.3
(0.4)
0.8
0.1
14.9
(0.8)
186.5

106.4
60.3
(11.8)
121.3
276.2
0.2
4.8
14.4
2.5
15.3
16.3
0.8
0.5
22.0
(1.1)
351.9

170.6
138.8
41.4
245.8
596.6
2.9
11.0
37.7
30.9
42.7
15.6
4.9
1.4
48.6
(4.0)
788.3

(d)

Adjusted EBITDA :Net income attributable to Brink's - GAAPInterest expense - GAAP
Income tax provision - GAAP
Depreciation and amortization - GAAPEBITDA
Discontinued operations - GAAP
Retirement plans (c)Venezuela operations (a)(h)Reorganization and Restructuring (a)Acquisitions and dispositions (a)Prepayment penalties (l)Interest on Brazil tax claim (m)Argentina highly inflationary impact(a)Change in allowance estimate (a)Ship loss matter(a)(a)
Chile antitrust matter(a)Internal loss(a)
Reporting compliance(i)Gain on lease termination
Loss on deconsolidation of Venezuela operations (j)Income tax rate adjustment(b)Share-based compensation (e)Marketable securities (gain) loss (f)Adjusted EBITDA

$

$

$

$

$

$

$

$

$

$

$

$

$

$

The 2024 Non-GAAP outlook amounts exclude certain forecasted Non-GAAP adjusting items, such as intangible asset amortization, U.S. retirement plan costs and approved restructuring actions. We have not forecasted the impact of highly inflationary accounting on our
Argentina operations in 2024 or other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions. We have also not forecasted changes in cash held for customer obligations or proceeds from the sale ofproperty, equipment and investments in 2024. 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 operations in 2024 or other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions. We are also unable to forecast changes in cash held for customer obligations orproceeds from the sale of property, equipment and investments in 2024.
Amounts may not add due to rounding.
See slide 21 for footnote explanations.

23

Non-GAAP Reconciliation – Other
The Brink’s Company and subsidiaries
Other Items Not Allocated to Segments (Unaudited)(In millions)
Brink’s measures its segment results before income and expenses for corporate activities and for certain other items. See below for a summary of the other items not allocated to segments.
Venezuela operations Prior to the deconsolidation of our Venezuelan subsidiaries effective June 30, 2018, we excluded from our segment results all of our Venezuela operating results, due to the
Venezuelan government's restrictions that have prevented us from repatriating funds. As a result, the Chief Executive Officer, the Company's Chief Operating Decision maker ("CODM"), has assessedsegment performance and has made resource decisions by segment excluding Venezuela operating results.
Reorganization and Restructuring2022 Glob al Restructuring Plan
In the third quarter of 2022, management began a restructuring program across our global business operations. The actions were taken to enable growth, reduce costs and related infrastructure, and to
mitigate the potential impact of external economic conditions. As a result of actions taken, we recognized $22.2 million in charges in 2022 under this restructuring, primarily severance costs.
2016 Restructuring
In the fourth quarter of 2016, management implemented restructuring actions across our global business operations and our corporate functions. As a result of these actions, we recognized charges of$18.1 million in 2016, $17.3 million in 2017, and an additional $13.0 million in 2018. The actions under this program were substantially completed in 2018, with cumulative pretax charges of approximately$48 million.
Executive Leadership and Board of Directors
In 2015, we recognized $1.8 million in charges related to Executive Leadership and Board of Directors restructuring actions, which were announced in January 2016. We recognized $4.3 million in charges
in 2016 related to the Executive Leadership and Board of Directors restructuring actions.
2015 Restructuring
Brink's initiated a restructuring of its business in the third quarter of 2015. We recognized $11.6 million in related 2015 costs and an additional $6.5 million in 2016 related to this restructuring. The actions
under this program were substantially completed by the end of 2016, with cumulative pretax charges of approximately $18 million.
Other Restructurings
Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized charges of $4.6 million in 2017, primarily severance costs. We
recognized charges of $7.6 million in 2018, primarily severance costs. We recognized charges of $28.8 million in 2019, primarily severance costs and charges related to the modification of share-based
compensation awards. We recognized $66.6 million net costs in operating profit and $0.6 million costs in interest and other nonoperating income (expense) in 2020, primarily severance costs. As a resultof these actions, we recognized $43.6 million net costs in 2021, primarily severance costs. We recognized $16.6 million in net costs in 2022, primarily severance costs. The majority of the costs from 2022
restructuring plans result from the exit of a line of business in a specific geography with most of the remaining costs due to management initiatives to address the COVID-19 pandemic.
Due to the unique circumstances around these charges, they have not been allocated to segment results and are excluded from non-GAAP results.
Acquisitions and dispositions Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and are special in nature are consistently excluded from nonGAAP results. These items are described below:
2022 Acquisitions and Dispositions• Amortization expense for acquisition-related intangible assets was $52.0 million in 2022.
• We recognized $12.5 million in charges in Argentina in 2022 for expected payments to union workers of the Maco Transportadora and Maco Litoral businesses (together "Maco"). Although the Maco
operations were acquired in 2017, formal antitrust approval was obtained in 2021, which triggered negotiation and approval of the expected payments in 2022.
• Net charges of $7.8 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.
• We incurred $4.8 million in integration costs, primarily related to PAI and G4S, in 2022.
• Transaction costs related to business acquisitions were $5.6 million in 2022.
• Restructuring costs related to acquisitions were $0.2 million in 2022.
• Compensation expense related to the retention of key PAI employees was $3.5 million in 2022.

24

Non-GAAP Reconciliation – Other
The Brink’s Company and subsidiaries
Other Items Not Allocated to Segments (Unaudited)(In millions)2021 Acquisitions and Dispositions• Amortization expense for acquisition-related intangible assets was $47.7 million in 2021.
• We incurred $10.5 million in integration costs, primarily related to G4S, in 2021.
• Transaction costs related to business acquisitions were $6.5 million in 2021.
• Restructuring costs related to acquisitions were $5.3 million in 2021.
• Compensation expense related to the retention of key PAI employees was $1.8 million in 2021.
2020 Acquisitions and Dispositions• Amortization expense for acquisition-related intangible assets was $35.1 million in 2020.
• We incurred $23.5 million in integration costs related to Dunbar and G4S in 2020.
• Transaction costs related to business acquisitions were $19.3 million in 2020.
• Restructuring costs related to acquisitions were $4.7 million in 2020.
2019 Acquisitions and Dispositions• We incurred $43.1 million in integration costs related to Dunbar, Rodoban, COMEF and TVS in 2019.
• Amortization expense for acquisition-related intangible assets was $27.8 million in 2019.
• Restructuring costs related to acquisitions, primarily Rodoban and Dunbar, were $5.6 million in 2019.
• Transaction costs related to business acquisitions were $7.9 million in 2019.
• Compensation expense related to the retention of key Dunbar employees was $1.5 million in 2019.
• In 2019, we recognized $2.2 million in net charges, primarily asset impairment and severance costs, related to the exit from our top-up prepaid mobile phone business in Brazil.
2018 Acquisitions and Dispositions• Amortization expense for acquisition-related intangible assets was $17.7 million in 2018.
• Integration costs in 2018 related to acquisitions in France and the U.S. were $8.1 million.
• 2018 transaction costs related to business acquisitions were $6.7 million.
• We incurred 2018 severance charges related to our acquisitions in Argentina, France, U.S. and Brazil of $5.0 million.
• Compensation expense related to the retention of key Dunbar employees was $4.1 million in 2018.
• We recognized a net gain in 2018 ($2.6 million, net of statutory employee benefit) on the sale of real estate in Mexico.
2017 Acquisitions and Dispositions• Amortization expense for acquisition-related intangible assets was $8.4 million in 2017.
• A net gain of $7.8 million was recognized in 2017 related to the sale of real estate in Mexico.
• We incurred 2017 severance costs of $4.0 million related to our acquisitions in Argentina and Brazil.
• Transaction costs were $2.6 million related to acquisitions of new businesses in 2017.
• We recognized currency transaction gains of $1.8 million related to acquisition activity in 2017.
2016 Acquisitions and Dispositions• Due to management's decision in the first quarter of 2016 to exit the Republic of Ireland, the prospective impacts of shutting down this operation were included in items not allocated to segments andwere excluded from the operating segments effective March 1, 2016. This activity is also excluded from the consolidated non-GAAP results. Beginning May 1, 2016, due to management's decision toalso exit Northern Ireland, the results of shutting down these operations were treated similarly to the Republic of Ireland.
• Amortization expense for acquisition-related intangible assets was $3.6 million in 2016.
• Brink's recognized a $2.0 million loss related to the sale of corporate assets in the second quarter of 2016.

25

Non-GAAP Reconciliation – Other
The Brink’s Company and subsidiaries
Other Items Not Allocated to Segments (Unaudited)(In millions)
Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominatedmonetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In
addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are
consumed. In the second half of 2018, we recognized $8.0 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $6.2 million. In 2019, we
recognized $14.5 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $11.3 million. In 2020, we recognized $10.7 million in pretax charges
related to highly inflationary accounting, including currency remeasurement losses of $7.7 million. In 2021, we recognized $11.9 million in pretax charges related to highly inflationary accounting, including
currency remeasurement losses of $9.0 million. In 2022, we recognized $41.7 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $37.6 million.
These amounts are excluded from non-GAAP results.
Change in allowance estimate In the first quarter of 2022, we refined our global methodology of estimating the allowance for doubtful accounts. Our previous method to estimate currently expected credit
losses in receivables (the allowance) was weighted significantly to a review of historical loss rates and specific identification of higher risk customer accounts. It also considered current and expectedeconomic conditions, particularly the effects of the coronavirus (COVID-19) pandemic, in determining an appropriate allowance. As many of our regions begin to recover from the pandemic, we have reassessed those earlier assumptions and estimates. Our updated method now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables
not captured in our previous method. As part of the analysis under the updated estimation methodology, we noted an increase in accounts receivable significantly past due, particularly in the U.S., and werecorded an additional allowance of $16.7 million. In the subsequent quarters of 2022, the additional allowance was reduced by $1.1 million as a result of collections. Due to the fact that management has
excluded these amounts when evaluating internal performance, we have excluded this charge from segment and non-GAAP results.
Ship loss matter In 2015, Brink’s placed cargo containing customer valuables on a ship which suffered damages and losses. Brink’s cargo did not suffer any damage. The ship owner declared a general
average claim to recover losses to the ship and cargo from customers with undamaged cargo, including Brink’s, based on the pro rata value of ship cargo. In the fourth quarter of 2022, we recognized a$4.9 million charge for our estimate of the probable loss. Due to the unusual nature of the contingency and the fact that management has excluded these amounts when evaluating internal performance,
we have excluded this charge from segment and non-GAAP results.
Chile antitrust matter We recognized an estimated loss of $9.5 million in the third quarter of 2021 related to a potential fine. In 2022, we recognized an additional $1.4 million adjustment to our estimatedloss as a result of a change in currency rates. Due to its special nature, this charge has not been allocated to segment results and is excluded from non-GAAP results.
Internal loss A former non-management employee in our U.S. global services operations embezzled funds from Brink's in prior years. Except for a small deductible amount, the amount of the internal loss
related to the embezzlement was covered by our insurance. In an effort to cover up the embezzlement, the former employee intentionally misstated the underlying accounts receivable subledger data. In
2019, we incurred $4.5 million in costs (primarily third party expenses) to reconstruct the accounts receivables subledger. In the third quarter of 2019, we were able to identify $4.0 million of revenues billed
and collected in prior periods which had never been recorded in the general ledger. We also identified and recorded $0.3 million in bank fees, which had been incurred in prior periods. The rebuild of thesubledger was completed during the third quarter of 2019. In 2020, we incurred $0.3 million in costs (primarily third party expenses) to reconstruct the accounts receivables subledger. Based on thereconstructed subledger, we were able to analyze and quantify the uncollected receivables from prior periods. Although we planned to attempt to collect these receivables, we estimated an increase to bad
debt expense of $20.1 million in the second half of 2019. We estimated an increase to bad debt expense of $6.6 million in 2020. In 2021, we recognized a decrease to bad debt expense of $3.7 million,
primarily related to collection of these receivables. We also recognized $1.3 million of legal charges in 2021 as we attempted to collect additional insurance recoveries related to these receivables. In the
fourth quarter of 2021, we successfully collected $18.8 million of insurance recoveries related to these internal losses. In 2022, we did not incur any charges related to the internal loss. Due to the unusual
nature of this internal loss and the related errors in the subledger data, along with the fact that management has excluded these amounts when evaluating internal performance, we have excluded thesenet charges from segment and non-GAAP results.
Reporting compliance Certain compliance costs (primarily third party expenses) are excluded from non-GAAP results. These costs relate to the implementation and January 1, 2019 adoption of the newlease accounting standard ($2.7 million in 2018, $1.8 million in 2019, $0.5 million in 2020, and no significant amounts in the other periods presented) and the mitigation of material weaknesses ($1.8
million in 2018, $0.3 million in 2019, and no such costs in the other periods presented).

26

Non-GAAP Reconciliation – Segment Adjusted EBITDA
The Brink’s Company and subsidiaries(In millions)

Segment Adjusted EBITDA:GAAPamounts
Operating Profit:
North America
Latin America
EuropeRest of World
Total Segment
Corporate
Other Items not Allocated to Segments
Total operating profit
Interest expense
Interest and other nonoperating income (expense)
Provision for income taxes
Income (expense) from discontinued operations, net of tax
Net income attributable to noncontrolling interests
Net income attributable to Brink’s

$

37.5
65.9
29.3
41.3
174.0
(42.2)(26.2)$ 105.6(51.1)
4.1(23.4)(0.1)(3.0)$ 32.1

Q2
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
17.9
13.4
14.7
5.8
51.8
1.8
16.0

55.4
79.3
44.0
47.1
225.8

GAAP
amounts
76.1
132.5
51.3
78.6
338.5
(79.3)(73.8)
185.4

2023
Six Months
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
35.8
26.2
27.8
11.7
101.5
3.5
32.2

111.9
158.7
79.1
90.3
440.0

(97.7)
8.8(43.7)
0.6
(6.3)
47.1

2024
Full Year
Add back:
Depreciation Segment
GAAP
andAdjusted
amounts amortization EBITDA
185.2
280.3
125.0
164.1
754.6
(139.6)(189.8)425.2(203.8)14.4(139.2)
1.7(10.6)
87.7

73.9
53.6
54.2
24.4
206.1
5.3
64.4

259.1
333.9
179.2
188.5
960.7

GAAP
amounts
$

51.7
63.2
32.2
39.0
186.1
(30.5)(39.6)$ 116.0(56.5)
12.5(22.1)(0.1)(3.6)$ 46.2Q2
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
20.3
14.0
14.4
6.3
55.0
0.9
17.2

72.0
77.2
46.6
45.3
241.1

GAAP
amounts$ 100.1
126.2
58.1
80.1
364.5
(63.9)(63.7)$ 236.9

Six Months
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
40.4
28.1
28.4
12.7
109.6
1.9
34.0

(112.3)25.8(48.3)(0.1)(6.5)$ 95.5

Segment Adjusted EBITDA is defined as Segment Operating Profit excluding the impact of Segment depreciation and amortization.
Amounts may not add due to rounding.

27

140.5
154.3
86.5
92.8
474.1

Adjusted EBITDA Reconciliation
The Brink’s Company and subsidiaries(In millions)North America
Latin America
EuropeRest of World

$

55.4
79.3
44.0
47.1

2023
Six Months
111.9
158.7
79.1
90.3

Total segment adjusted EBITDA(a)

$

225.8

440.0

960.7

(42.2)
1.8(79.3)
3.5(139.6)
5.3(30.5)
0.9(63.9)
1.9
22.4

Q2

Corporate expenses
Corporate depreciation and amortization

Share-based compensation

(a)
(b)
(c)
(d)

$

72.0
77.2
46.6
45.3

$

$

241.1

$

Six Months
140.5
154.3
86.5
92.8
474.1

(b)

3.1

6.4

61.8

10.8

(3.0)

(6.2)

(11.6)

(3.6)

(6.4)

8.3

20.1

33.0

7.3

16.6

0.5
194.3

0.3
384.8

(42.4)
867.2(c)Marketable securities (gain) loss
Consolidated adjusted EBITDA

Q2

(b)

Interest and other nonoperating income (expense)
Net income attributable to noncontrolling interests

2024
Full Year
259.1
333.9
179.2
188.5

(d)

$

$

(0.1)
225.9

$

(0.6)
444.1

See detailed reconciliations of the Second Quarter and Six Months 2024 and the Second Quarter, Six Months and Full Year 2023 Segment Adjusted
EBITDA in the Appendix.
See detailed reconciliations of non-GAAP to GAAP results included in the Second Quarter 2024 Earnings Release available in the Quarterly Results
section of the Brink’s website www.brinks.com.
Due to reorganization and restructuring activities, there was a $0.9 million non-GAAP adjustment to share-based compensation in the six months ended
2023. There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented.
Due to the impact of Argentina highly inflationary accounting, there was a $0.3 million non-GAAP adjustment for a loss in the second quarter of 2023, a$0.6 million non-GAAP adjustment for a loss in the six months ended 2023, and a $55.2 million non-GAAP adjustment for a loss in the full year 2023.
There is no difference between GAAP and non-GAAP share-based compensation amounts for the other periods presented.

28Non-GAAP Reconciliation – Segment Adjusted EBITDA
The Brink’s Company and subsidiaries(In millions)
Segment Adjusted EBITDA:GAAPamounts
Operating Profit:
North America
Latin America
EuropeRest of World
Total Segment
Corporate
Other Items not Allocated to Segments
Total operating profit
Interest expense
Loss on deconsolidation of Venezuela operations
Interest and other nonoperating income (expense)
Provision for income taxes
Income (expense) from discontinued operations, net of tax
Net income attributable to noncontrolling interests
Net income attributable to Brink’s

$

70.9
254.9
43.0
74.1
442.9
(96.0)(72.2)$ 274.7(66.7)(126.7)(38.8)(70.0)(5.8)$ (33.3)

2018
Full Year
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
58.2
40.2
20.2
11.1
129.7
11.9
20.7

129.1
295.1
63.2
85.2
572.6

GAAP
amounts
104.1
296.9
42.6
75.7
519.3
(127.7)(154.8)236.8

2019
Full Year
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
64.2
44.8
21.3
11.0
141.3
10.8
32.9

168.3
341.7
63.9
86.7
660.6

(90.6)(52.7)(61.0)
0.7
(4.2)
29.0

GAAP
amounts
$

91.7
233.6
51.2
117.1
493.6
(112.3)(167.8)$ 213.5(96.5)(37.7)(56.6)(0.8)(5.9)$ 16.02020
Full Year
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
62.3
44.0
32.2
20.0
158.5
9.1
39.2

154.0
277.6
83.4
137.1
652.1

GAAP
amounts$ 148.4
257.3
89.8
131.5
627.0
(156.5)(115.8)$ 354.7(112.2)(7.0)(120.3)2.1(12.1)$ 105.2

2021
Full Year
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
68.7
46.2
41.4
23.2
179.5
9.7
50.3

217.1
303.5
131.2
154.7
806.5

GAAP
amounts$ 159.1
277.7
98.4
163.9
699.1
(148.8)(189.0)$ 361.3

2022
Full Year
Add back:
Depreciation Segment
andAdjustedamortization EBITDA
69.1
49.1
39.6
23.6
181.4
8.4
56.0

228.2
326.8
138.0
187.5
880.5

(138.8)3.7(41.4)(2.9)(11.3)$ 170.6

Segment Adjusted EBITDA is defined as Segment Operating Profit excluding the impact of Segment depreciation and amortization.
Amounts may not add due to rounding.

29

Adjusted EBITDA Reconciliation
The Brink’s Company and subsidiaries(In millions)North America
Latin America
EuropeRest of World2018
Full Year
$
129.1
295.1
63.2
85.2

2019
Full Year
$
168.3
341.7
63.9
86.7

2020
Full Year
$
154.0
277.6
83.4
137.1

2021
Full Year
$
217.1
303.5
131.2
154.7

2022
Full Year
$
228.2
326.8
138.0
187.5

Total segment adjusted EBITDA(a)

$

$

$

$

$

Corporate expenses
Corporate depreciation and amortization

Share-based compensation

(a)
(b)
(c)
(d)

652.1

806.5

880.5

(127.7)
10.8

(b)

1.7

(10.4)

3.0

18.8

16.1

(b)

(6.8)

(4.3)

(6.7)

(13.5)(12.5)

28.3

35.0

31.3

34.0

48.6

(2.7)
509.0

2.9
566.9

(10.5)
566.0(16.4)
682.6(c)Marketable securities (gain) loss
Consolidated adjusted EBITDA

660.6(96.0)
11.9

Interest and other nonoperating income (expense)
Net income attributable to noncontrolling interests

572.6

(d)

$

$

(112.3)9.1$(156.5)9.7$(148.8)
8.4

$

(4.0)
788.3

See detailed reconciliations of the 2018 to 2022 Segment Adjusted EBITDA in the Appendix.
See detailed reconciliations of non-GAAP to GAAP results on slide 31.
Due to reorganization and restructuring activities, there was a $0.1 million non-GAAP adjustment to share-based compensation in 2018 and a $7.7 million nonGAAP adjustment in 2019. There is no difference between GAAP and non-GAAP share-based compensation amounts for the other periods presented.
Due to the impact of Argentina highly inflationary accounting, there was a $0.5 million non-GAAP adjustment for a gain in 2018, a $0.1 million non-GAAP
adjustment for a gain in 2020, and a $4.0 million non-GAAP adjustment for a loss in 2022. There is no difference between GAAP and non-GAAP marketablesecurities gain and loss amounts for the other periods presented.

30

2018-2022 Non-GAAP Results Reconciled to GAAPThe Brink’s Company and subsidiaries
Non-GAAP Reconciliations(In millions)
2018
Full Year
Interest and other nonoperating income (expense):
GAAP
Retirement plans (a)Venezuela operations$(b)(d)

Reorganization and Restructuring
Acquisitions and dispositions (b)(52.7)
47.3$(37.7)
33.8

2021
Full Year
$

(7.0)
29.8

2022
Full Year
$

3.7
11.1

3.4

0.9

-

-

-

4.4

(0.7)

0.5
6.5

(4.4)

(2.6)

(b)

(0.5)

-

(0.1)

0.4

3.9

1.7

$

(5.2)
(10.4)

$

3.0

$

18.8

$

16.1

5.8

$

4.2

$

5.9

$

12.1

$

11.3

(c)

Net income attributable to noncontrolling interests:
GAAP

$

$

Retirement plans (a)(b)

Venezuela operations
Reorganization and Restructuring (b)Acquisitions and dispositions (b)Non-GAAP$

2020
Full Year(b)

Argentina highly inflationary impact
Gain on lease termination
Non-GAAP(38.8)
33.2

2019
Full Year

$

-

-

-

-

0.1

1.0
-

-

0.3

0.5

0.1

6.8

$

0.1
4.3

$

0.5
6.7

$

0.9
13.5

$

1.0
12.5

Amounts may not add due to rounding.
(a)
(b)
(c)
(d)

Our U.S. retirement plans are frozen and costs related to these plans are excluded from non-GAAP results. Certain non-U.S. operations also have retirement plans. Settlement charges and curtailment
gains related to these non-U.S. plans and costs related to our frozen non-U.S. retirement plans are also excluded from non-GAAP results.
See “Other Items Not Allocated To Segments” for details on slides 24-26. We do not consider these items to be reflective of our operating performance as they result from events and circumstances thatare not a part of our core business.
Gain on termination of a mining lease obligation related to former coal operations. We have no remaining mining leases.
Post-deconsolidation funding of ongoing costs related to our Venezuelan operations was $0.9 million in 2019 ($0.6 million in the second half of 2018) and was expensed as incurred and reported ininterest and other nonoperating income (expense). We do not expect any future funding of the Venezuela business, as long as current U.S. sanctions remain in effect.

31

Non-GAAP Reconciliation – Cash Flows
The Brink’s Company and subsidiaries
Non-GAAP Reconciliations(In millions)Free cash flow before dividends
Cash flows from operating activities
Operating activities - GAAP
(Increase) decrease in restricted cash held for customers(Increase) decrease in certain customer obligations (a)G4S intercompany payments
Operating activities - non-GAAP
Capital expenditures - GAAP
Proceeds from sale of property, equipment and investments
Proceeds from lessor debt financing
Free cash flow before dividends

Six Months
2021

Full Year
2021

Six Months
2022

Full Year
2022

$

$

$

$

$

$

81.0
36.3
(8.3)
2.6
111.6
(73.2)
3.4
2.5
44.3

478.0
(60.2)(15.7)
2.6$ 404.7(167.9)7.7
2.5$ 247.0

$

$

41.1
(3.5)
(5.3)
32.3
(83.4)
2.0
19.2(29.9)

479.9(50.0)(50.0)$ 379.9(182.6)
5.7
19.4$ 222.4(a) To adjust for the change in the balance of customer obligations related to cash received and processed in certain of our secure CashManagement Services operations. The title to this cash transfers to us for a short period of time. The cash is generally credited tocustomers’ accounts the follow ing day and w e do not consider it as available for general corporate purposes in the management of ourliquidity and capital resources.

Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance w ith GAAP. The
purpose of this non-GAAP measure is to report financial information excluding the change in restricted cash held for customers, the impact
of cash received and processed in certain of our secure cash management services operations, capital expenditures, payments made to
G4S for net intercompany receivables from the acquired subsidiaries, and to include proceeds from the sale of property, equipment andinvestments and proceeds from lessor debt financing. In the second quarter of 2024, w e changed the definition of free cash flow before
dividends to include proceeds from lessor debt financing. We believe this measure is helpful in assessing cash flow s from operations,enables period-to-period comparability and is useful in predicting future cash flow s. This non-GAAP measure should not be considered as
an alternative to cash flow s from operating activities determined in accordance w ith GAAP and should be read in conjunction w ith ourcondensed consolidated statements of cash flow s.

32

Non-GAAP Reconciliation – Net Debt
The Brink’s Company and subsidiaries
Non-GAAP Reconciliations(In millions)(In millions)
Debt:
Short-term borrowings
Long-term debt
Total Debt

December 31,
2023
$

Less:
Cash and cash equivalents
Amounts held by Cash Management Services operations (a)Cash and cash equivalents available for general corporate purposes
Net Debt

151.7
3,379.6
3,531.3

June 30,2024$

1,176.6(166.2)
1,010.4$

2,520.9

138.6
3,608.5
3,747.1

1,189.2(168.1)
1,021.1$

2,726.0a) Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period oftime. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate
purposes in the management of our liquidity and capital resources and in our computation of Net Debt.
Net Debt is a supplemental non-GAAP financial measure that is not required by or presented in accordance with GAAP. We use Net Debt as ameasure of our financial leverage. We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage. Net Debt
should not be considered as an alternative to Debt determined in accordance with GAAP and should be reviewed in conjunction with ourcondensed consolidated balance sheets. Set forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to Debt, which is themost directly comparable financial measure calculated and reported in accordance with GAAP, as of June 30, 2024, and December 31, 2023.

33