Prosegur reported sales of €3.946 billion for the first nine months of 2026, up 7.5% year over year, as group EBITA declined 1.7% to €254 million. The EBITA margin fell from 7.0% to 6.4%, with the company citing product mix, economic conditions in Argentina and geopolitical factors among the pressures on profitability.
Organic growth was 7.0%, with foreign exchange adding 0.5%. Sales increased across all regions: 3.8% in Europe, 8.1% in Latin America and 17.1% in the Rest of World segment. Net consolidated profit rose 5.6% to €87 million, while operating cash flow increased 11.0% to €135 million. Free cash flow was positive at €19 million, compared with a €2 million outflow a year earlier.
Security was the strongest-growing segment, with sales up 9.8% to €2.137 billion and EBITA rising 9.0% to €72 million. The segment maintained a 3.4% margin. The United States recorded 32% organic growth and became Prosegur’s second-largest market by volume. However, Security operating cash flow fell 50.1% to €15 million, which the presentation attributed to increased working capital needs linked to rapid U.S. growth.
Cash sales grew 1.4% to €1.510 billion, while EBITA declined 2.4% to €160 million and the margin stood at 10.6%. Operating cash flow in the segment increased 9.3% to €119 million. Transformation products accounted for 36.2% of its sales.
Alarms sales rose 16.3% to €202 million, with organic growth of 16.8% concentrated in Prosegur Alarms. Its customer base reached 1.058 million, up 2.2%, and Movistar Prosegur Alarmas exceeded 650,000 connections. The overall churn rate increased by 2.3 percentage points to 14%, compared with 9% for MPA. Management described 2026 as a transition year, with improvements in churn, service margins and growth expected in 2027.
Prosegur’s net financial debt declined during the quarter to €1.397 billion, and its net debt-to-EBITDA ratio was 2.4 times. Standard & Poor’s affirmed the company’s BBB rating and revised its outlook to Stable. Capital expenditure fell to €115 million from €124 million.
The company also presented Prosegur Technology & Defense, a division combining its existing technology business with defense capabilities. The unit currently generates about €400 million in annual revenue, and Prosegur is targeting €500 million by 2027, with margins in the high single digits. Its areas of focus include artificial intelligence, advanced analytics, private 5G, critical communications, drones and robotics.
For Alarms, management reiterated a goal of around one million MPA customers in Spain by 2030 and annual growth of about 10% for the overall business through the end of the decade. It said it was not considering a carve-out of Alarms and remained focused on organic growth. On its Telefónica stake, the company said it still intends to sell but is waiting for more favorable market conditions.
Sources: Investing.com News.