Prosegur Compania de Seguridad SA
XBER:PRHA
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Prosegur Compania de Seguridad SA
Prosegur Compañía de Seguridad is a security services company based in Spain. It protects businesses, public institutions, and homes with services such as manned guarding, cash transport, alarm monitoring, and security technology. It also helps large customers move and manage cash through secure collection, counting, processing, and storage services. Its customers are mainly banks, retailers, industrial companies, logistics firms, and government bodies that need protection for people, property, and cash. Prosegur makes money by charging recurring service fees for guarding, monitoring, and cash-handling contracts, plus equipment and installation fees for alarm and security systems. Because many services are tied to long-term contracts and day-to-day operations, the business is built around steady, service-based demand rather than one-time product sales. What makes Prosegur different is that it sits in the middle of the security value chain: it does not just sell alarms or guards, it also moves and processes cash and runs monitoring centers that keep watch over customer sites. That mix gives it a role in both physical security and secure cash logistics, two areas where trust, local presence, and operational reliability matter more than flashy technology.
Prosegur Compañía de Seguridad is a security services company based in Spain. It protects businesses, public institutions, and homes with services such as manned guarding, cash transport, alarm monitoring, and security technology. It also helps large customers move and manage cash through secure collection, counting, processing, and storage services.
Its customers are mainly banks, retailers, industrial companies, logistics firms, and government bodies that need protection for people, property, and cash. Prosegur makes money by charging recurring service fees for guarding, monitoring, and cash-handling contracts, plus equipment and installation fees for alarm and security systems. Because many services are tied to long-term contracts and day-to-day operations, the business is built around steady, service-based demand rather than one-time product sales.
What makes Prosegur different is that it sits in the middle of the security value chain: it does not just sell alarms or guards, it also moves and processes cash and runs monitoring centers that keep watch over customer sites. That mix gives it a role in both physical security and secure cash logistics, two areas where trust, local presence, and operational reliability matter more than flashy technology.
Revenue: Prosegur reported Q1 sales of EUR 1.3 billion, up 1.5% year over year, with growth driven almost entirely by organic expansion despite a foreign exchange hit.
Cash generation: Operating cash flow improved to EUR 8 million from negative EUR 19 million last year, and free cash flow was negative EUR 32 million, better than last year by EUR 22 million.
Security strength: The security business was the clear standout, with EBITDA up 12.7% year over year and the U.S. and Spain driving double-digit growth.
Alarm reset: Management is intentionally slowing alarm growth to improve quality, lifting upfront acquisition prices and tightening late-payment rules, which is pushing churn higher in the near term.
Leverage: Net debt fell EUR 28 million to EUR 1.4 billion, while the net debt-to-EBITDA ratio stayed at 2.4x; management expects further improvement through 2026.
Financing: Prosegur refinanced with a EUR 60 million EIB loan at 3.2% for six years and said more than 60% of debt is at fixed rates.
Outlook: Management sounded confident about disciplined growth, stable margins, and stronger cash generation, though security growth should be a bit lower than Q1 levels across the full year.
