Prosegur Cash SA (FRA:PQN) Q4 2025 Earnings Call Highlights: Navigating Currency Challenges ...

This article first appeared on GuruFocus .

• Revenue:EUR 1,987 million, a decrease of 4.9% year-on-year.

• Organic Growth:5.3% increase.

• EBITDA:EUR 356 million, maintaining a 12% margin.

• Net Profit:EUR 94 million, a 3.3% increase year-on-year.

• Free Cash Flow:EUR 180 million.

• Net Debt:Reduced by EUR 36 million year-on-year to EUR 850 million.

• Dividend Proposal:EUR 62.5 million for 2025.

• Transformation Solutions Revenue:EUR 700 million, representing 35.2% of total revenue.

• Asia Pacific Sales Growth:26.4% increase year-on-year.

• Latin America Revenue:EUR 1,145 million, a decline of 11.5% due to currency effects.

• Europe Revenue:EUR 662 million, a 1.4% increase year-on-year.

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Release Date: February 27, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Prosegur Cash SA ( FRA:PQN ) achieved a 5% organic growth in revenue despite adverse currency impacts.

• The company maintained a 12% EBITDA margin, demonstrating operational resilience.

• Free cash flow reached EUR 180 million, supported by disciplined CapEx control and working capital management.

• Prosegur Cash SA reduced its total net debt by EUR 36 million year-on-year, showcasing a commitment to debt reduction.

• The company has been included in Standard & Poor's Sustainability Yearbook for 2026, highlighting its sustainability efforts.

Negative Points

• The company faced an 11.1% negative impact from foreign exchange fluctuations, affecting overall sales.

• Revenue in Latin America declined by 11.5% due to a 17% adverse currency effect and economic challenges in Argentina.

• Net financial position increased to EUR 711 million due to money payments and extraordinary efficiency costs.

• The restructuring costs in Latin America were significant, with EUR 33 million attributed to efficiency programs.

• Argentina's economic environment remains challenging, with limited signs of recovery impacting the company's performance.

Q & A Highlights

Q: Can you explain the decline in organic growth in Latin America, particularly in Argentina, and your expectations for 2026? A: Jose Antonio Lasanta Luri, CEO, explained that the decline was primarily due to Argentina, with consumption down due to government policies. Although GDP growth was noted, it was concentrated in energy and agriculture, not internal consumption. The devaluation was worse than inflation, impacting accounts. However, improvements are expected in 2026, with margins stabilizing and an important improvement in Latin America anticipated.