Prosegur Cash sales reach €1.523 billion up to September (+1.7%), obtains a net profit of €66 million (+4.1%)

• Euro growth on a like-for-like basis was 2.2%, with sustained organic growth in all geographies. EBITA was €179 million, with a margin of 11.8%. 
• Transformation products grew by 9.9% to reach a turnover of €489 million, equivalent to 32.1% of total sales, with Cash Today and Forex business growth standing out. 
• Prosegur Cash generated solid cash flow of €92 million in the first nine months of 2024, reducing its net debt by €28 million in the three-month period. 

Madrid, October 31, 2024. Prosegur Cash has reported sales of €1.523 billion in the first nine months of the year, up 1.7% on the same period for 2023, a figure that rises to 2.2% if non-organic growth is excluded. Organic growth was sustained in all regions, reflecting a solid and positive business performance. 

Efforts to make operations more efficient, along with evolving volumes and the growing contribution of transformation products, have enabled relative profitability to continue to improve on a quarterly basis to reach a cumulative EBITA margin of 11.8% as of 9M'24. Consolidated net income came in at €66 million, up 4.1% on the first nine months of 2023, largely helped by lower financial costs and the reduction in the tax rate. 

Strong customer acceptance of transformation products and their growing share of total sales, which reached 32.1% of total sales, is also noteworthy. In this context, the growth of the Cash Today and Forex businesses stands out. 

Activity by geography 

Latin America accounted for 61% of total sales between January and September 2024. The region reported sales of €932 million, which as a result of currency fluctuations represents a 1% decrease compared to the first nine months of 2023. Europe, meanwhile, accounted for 32% of the total with sales of €492 million, an increase of 9.1%, thanks mainly to organic growth of 6.8%. The Asia-Pacific region, which accounts for 7% of the business, posted sales of €99 million, with organic growth remaining in double digits at 11.7%. 

Sustained growth of transformation products 

The Cash Today and Forex initiatives have driven sustained growth in transformation products, with sales reaching €489 million, 9.9% up on the same period of the previous year, making up a 32.1% share of total sales. This growth in transformation products is reflected throughout all regions. In Latin America, sales increased by 8.8% to €311 million, contributing 33.3% to total sales. In Europe, turnover grew by around 18% to €159 million, representing 32.3% of total revenues in the region. Meanwhile, in Asia-Pacific, these products reported sales of €19 million, making up 19.2% of the total. 

Growing cash flow and debt reduction 

In the first nine months of 2024, Prosegur Cash has generated a solid free cash flow of €92 million, €63 million of which was generated in the third quarter, with a conversion ratio of 76%, which has allowed it to reduce total net debt at the end of the period to €898 million (including IFRS16, deferred payments and treasury stock). The leverage ratio stands at 2.9 times EBITDA, with a significant reduction expected in the next quarter. 

Recent highlights 

The company has recorded the payment of the second tranche of its dividend, paying €15 million in July. 

In August, Prosegur Cash participated in Minos Global’s financing round, becoming its main partner in the process. The operation aims to strengthen the current position of this alliance as a provider of services on cryptoassets in Europe, following the European Union's Cryptoasset Markets Regulation (MiCA), as well as to boost its expansion in Latin America and extend its coverage to include the provision of tokenized financial instruments services under the Securities Market Act (Ley de Mercado de Valores).