8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 25, 2018

THE BRINK’S COMPANY

(Exact name of registrant as specified in its charter)

Virginia	001-09148	54-1317776
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1801 Bayberry Court

P. O. Box 18100

Richmond, VA 23226-8100

(Address and zip code of

principal executive offices)

Registrant’s telephone number, including area code: (804) 289-9600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition.

On April 25, 2018, The Brink's Company issued a press release regarding its results for the first quarter ended March 31, 2018. A copy of this release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

Item 7.01 Regulation FD Disclosure.

On April 25, 2018, The Brink's Company provided slides to accompany its earnings presentation. A copy of the slides is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

Item 9.01		Financial Statements and Exhibits
(d)	Exhibits
	99.1	Press Release, dated April 25, 2018, issued by The Brink's Company
	99.2	Slide presentation of The Brink's Company

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE BRINK’S COMPANY (Registrant)
Date: April 25, 2018	By:	/s/Ronald J. Domanico
		Ronald J. Domanico
		Executive Vice President and Chief Financial Officer

3

EXHIBIT INDEX

EXHIBIT	DESCRIPTION
99.1	Press Release, dated April 25, 2018, issued by The Brink's Company
99.2	Slide presentation of The Brink's Company

4

EX-99.1

Exhibit 99.1

Contact: Investor Relations
804.289.9709	FORIMMEDIATE RELEASE

Brink's Reports First-Quarter Results

North America Profits Double, South America Profits up 42%

Acquisitions Contribute $51 Million Revenue and $9 Million Profit to Segment Results

More Acquisitions Expected in 2018 and 2019

RICHMOND, Va., April 25, 2018– The Brink’s Company (NYSE:BCO), the global leader in cash management, secure logistics and security solutions, today announced results for the first-quarter of 2018 including the following highlights:

(In millions, except for per share amounts)	First-Quarter 2018
	GAAP			Change	Non-GAAP			Change
Revenue	$	879		+12%	$	853		+15%
Operating Profit	$	65		(9%)	$	72		+34%
Operating Margin	7.4		%	(160) bps	8.4		%	+120 bps
Net Income / Adjusted EBITDA(a)	$	22		(36%)	$	110		+25%
EPS	$	0.42		(37%)	$	0.65		+12%

(a) The non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brink's.

Doug Pertz, president and chief executive officer, said: “Our first-quarter non-GAAP results, which include a 34% increase in operating profit on revenue growth of 15%, reflect strong operating leverage and a continuation of the profit momentum we achieved in 2017. It’s clear that our strategy to accelerate profitable growth, both organically and through accretive acquisitions, is working.

“As we move through 2018, we expect operating profit margin improvement to accelerate as organic initiatives gain momentum, and as we achieve further growth from the six acquisitions we completed last year. We expect increased profit growth in the second half from normal seasonality and the addition of the Rodoban acquisition in Brazil. We also remain committed to driving additional growth by pursuing synergistic acquisitions. Including our pending $145 million investment in Rodoban, we expect to invest approximately $800 million in new acquisitions between now and the end of 2019.”

First-quarter non-GAAP operating profit increased 34% despite higher corporate expenses due in part to increased security-related costs that are expected to decline in subsequent quarters. Earnings were affected by a higher tax rate and higher interest costs related primarily to borrowings to support completed and potential acquisitions.

Brink’s affirmed its 2018 non-GAAP guidance, which includes revenue growth of 8% to approximately $3.45 billion, operating profit growth of at least 30% to a range between $365 million and $385 million, earnings growth to a range between $3.65 and $3.85 per share, and adjusted EBITDA growth of approximately $100 million to a range between $515 million and $535 million. For 2019, Brink’s continues to target $625 million of adjusted EBITDA.

The company’s 2018 guidance and 2019 adjusted EBITDA target assume annual organic revenue growth of approximately 5%, supplemented by contributions from the six acquisitions closed in 2017 and from Rodoban, which is expected to close around mid-year. Upon completion of the Rodoban acquisition, total expenditures on acquisitions since March 2017 will be approximately $510 million. These acquisitions are expected to generate adjusted EBITDA of

$60 million to $70 million in 2018 and approximately $90 million with synergies through 2019, reflecting an average post-synergy purchase multiple of less than six.

Conference Call

Brink’s will host a conference call on April 25 at 8:30 a.m. ET to review first-quarter results.  Interested parties can listen by calling 888-349-0094 (in the U.S.) or 412-902-0124 (international). Participants can pre-register at http://dpregister.com/10118824to receive a direct dial-in number for the call. The call also will be accessible live via webcast on the Brink’s website (www.brinks.com). To access the webcast and related earnings material, click here. A replay of the call will be available through May 25, 2018, at 877-344-7529 (in the U.S.) or 412-317-0088 (international). The conference number is 10118824. An archived version of the webcast will be available online in the Investor Relations section of www.brinks.com or by clicking here.

2018 Guidance (Unaudited)

(In millions except as noted)

	2017 GAAP			2017 Non-GAAP(a)		2018 GAAP Outlook(b)		Reconciling Items(a)		2018 Non-GAAP Outlook(a)
Revenues	$	3,347		3,193		3,476		(26	)	3,450
Operating profit	274			281		319 – 339		46		365 – 385
Nonoperating expense	(92		)	(33	)	(87) – (91)		38		(49) – (53)
Provision for income taxes	(158		)	(85	)	(97) – (104)		—		(117) – (123)
Noncontrolling interests	(7		)	(6	)	(8	)	—		(7	)
Income from continuing operations attributable to Brink's	17			157		127 – 137		—		192 – 202
EPS from continuing operations attributable to Brink's	$	0.33		3.03		2.40 – 2.60		—		3.65 – 3.85
Operating profit margin	8.2		%	8.8	%	9.2% – 9.8%		1.4	%	10.6% – 11.2%
Effective income tax rate	86.9		%	34.2	%	42.0	%	—		37.0	%
Adjusted EBITDA				425						515 – 535

Changes from 2017	Revenue Change							Operating Profit Change				EPS Change
	2018 GAAP Outlook(b)		% Change vs. 2017		2018 Non-GAAP Outlook(a)		% Change vs. 2017	2018 GAAP Outlook(b)		2018 Non-GAAP Outlook(a)		2018 Non-GAAP Outlook(a)
Organic	392		12		160		5	91 – 111		75 – 95		0.54 – 0.74
Acquisitions / Dispositions(c)	110		3		110		3	(18	)	28		0.33
Currency	(373	)	(11	)	(13	)	—	(28	)	(19	)	(0.25	)
Total	129		4		257		8	45 – 65		84 – 104		0.62 – 0.82

Amounts may not add due to rounding

(a) The 2017 Non-GAAP amounts are reconciled to the corresponding GAAP items on pages 8-10. The 2018 Non-GAAP outlook amounts for operating profit and nonoperating expense exclude the impact of other items not allocated to segments and certain retirement plan costs. The 2018 Non-GAAP outlook amounts for provision for income taxes, noncontrolling interests, income from continuing operations, EPS from continuing operations, effective income tax rate and Adjusted EBITDA cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the tax impact of Venezuela operations and the related exchange rates used to measure those operations.

(b) 2018 GAAP outlook includes the actual impact of Venezuela operations through March 31, 2018, but does not include any forecasted amounts from Venezuela operations for the remainder of 2018. The 2018 GAAP outlook excludes future restructuring actions for which the timing and amount are currently under review.

(c) Non-GAAP amounts include the impact of prior year comparable period results for acquired and disposed businesses. GAAP results also include the impact of acquisition-related intangible amortization, restructuring and other charges, and disposition related gains/losses.

The Brink’s Company and subsidiaries

(In millions, except for per share amounts) (Unaudited)

First-Quarter2018 vs. 2017

GAAP				Organic		Acquisitions /						% Change
	1Q'17			Change		Dispositions(a)		Currency(b)		1Q'18		Total		Organic
Revenues:
North America	$	305		5		2		8		320		5		2
South America	202			36		37		(20	)	255		26		18
Rest of World	234			4		12		29		278		19		2
Revenues non-GAAP	$	740		45		51		17		853		15		6
Other items not allocated to segments(d)	48			338		—		(360	)	26		(46	)	fav
Revenues - GAAP	$	788		383		51		(343	)	879		12		49
Operating profit:
North America	$	10		9		—		1		21		fav		90
South America	39			16		7		(7	)	56		42		42
Rest of World	25			(3	)	1		2		26		1		(11	)
Segment operating profit	75			23		9		(5	)	102		36		30
Corporate(c)	(21		)	(10	)	—		1		(30	)	42		46
Operating profit - non-GAAP	$	54		13		9		(4	)	72		34		24
Other items not allocated to segments(d)	17			(9	)	(7	)	(9	)	(7	)	unfav		(49	)
Operating profit (loss) - GAAP	$	71		4		2		(13	)	65		(9	)	6
GAAP interest expense	(5		)							(15	)	unfav
GAAP interest and other income (expense)	(11		)							(13	)	17
GAAP provision for income taxes	14									11		(21	)
GAAP noncontrolling interests	6									3		(45	)
GAAP income (loss) from continuing operations(f)	35									22		(36	)
GAAP EPS(f)	$	0.67								0.42		(37	)
GAAP weighted-average diluted shares	51.5									52.1		1

Non-GAAP(e)				Organic	Acquisitions /					% Change
	1Q'17			Change	Dispositions(a)	Currency(b)		1Q'18		Total	Organic
Segment revenues - GAAP/non-GAAP	$	740		45	51	17		853		15	6
Non-GAAP operating profit	54			13	9	(4	)	72		34	24
Non-GAAP interest expense	(5		)					(15	)	unfav
Non-GAAP interest and other income (expense)	(1		)					1		fav
Non-GAAP provision for income taxes	16							21		30
Non-GAAP noncontrolling interests	1							2		57
Non-GAAP income from continuing operations(f)	30							34		13
Non-GAAP EPS(f)	$	0.58						0.65		12
Non-GAAP weighted-average diluted shares	51.5							52.1		1

Amounts may not add due to rounding.

(a) Non-GAAP amounts include the impact of prior year comparable period results for acquired and disposed businesses. GAAP results also include the impact of acquisition-related intangible amortization, restructuring and other charges, and disposition related gains/losses.

(b) The amounts in the “Currency” column consist of the effects of Venezuela devaluations and the sum of monthly currency changes. Monthly currency changes represent the accumulation throughout the year of the impact on current period results from changes in foreign currency rates from the prior year period.

(c) Corporate expenses are not allocated to segment results. Corporate expenses include salaries and other costs to manage the global business and to perform activities required of public companies.

(d) See pages 6-7 for more information.

(e) Non-GAAP results are reconciled to applicable GAAP results on pages 8-10.

(f) Attributable to Brink's.

3

The Brink’s Company and subsidiaries

(In millions) (Unaudited)

Selected Items - Condensed Consolidated Balance Sheets

	December 31, 2017		March 31, 2018
Assets
Cash and cash equivalents	$	614.3	562.2
Restricted cash	112.6		159.4
Accounts receivable, net	642.3		633.9
Property and equipment, net	640.9		659.7
Goodwill and intangibles	559.4		543.4
Deferred income taxes	226.2		233.3
Other	263.9		307.2
Total assets	$	3,059.6	3,099.1
Liabilities and Equity
Accounts payable	174.6		162.8
Debt	1,236.7		1,255.7
Retirement benefits	571.6		565.9
Accrued liabilities	488.5		453.2
Other	250.0		295.0
Total liabilities	2,721.4		2,732.6
Equity	338.2		366.5
Total liabilities and equity	$	3,059.6	3,099.1

Selected Items - Condensed Consolidated Statements of Cash Flows

	Three Months   Ended March 31,
	2017			2018
Net cash provided by operating activities	$	39.4		56.8
Net cash used by investing activities	(49.2		)	(48.6	)
Net cash provided (used) by financing activities	52.8			(13.8	)
Effect of exchange rate changes on cash	6.9			0.3
Cash, cash equivalents and restricted cash:
Increase (decrease)	49.9			(5.3	)
Balance at beginning of period	239.0			726.9
Balance at end of period	$	288.9		721.6
Supplemental Cash Flow Information
Capital expenditures	$	(27.8	)	(36.7	)
Acquisitions	(14.2		)	—
Depreciation and amortization	33.9			38.8
Cash paid for income taxes, net	(17.9		)	(20.5	)

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About The Brink’s Company

The Brink’s Company (NYSE:BCO) is the global leader in cash management, secure logistics and security solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), international transportation of valuables, and payment services. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our global network of operations in 41 countries serve customers in more than 100 countries. For more information, please visit our website at www.Brinks.com or call 804-289-9709.

Forward-Looking Statements

This release contains forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," “target” "project," "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: 2018 GAAP and non-GAAP outlook, including revenue, organic growth, operating profit, operating profit margin, expected currency impact and impact of acquisitions, tax rate, and adjusted EBITDA, the impact of Venezuela operations and related exchange rates and expected costs related to Reorganization and Restructuring activities, 2019 non-GAAP adjusted EBITDA outlook and the expected contributions from acquisitions, the expected closing of the acquisition of Rodoban and the expected investment in acquisitions in 2018 and 2019. 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; seasonality, pricing and other competitive industry factors; investment in information technology and its impact on revenue and profit growth; our ability to maintain an effective IT infrastructure and safeguard confidential information; our ability to effectively develop and implement solutions for our customers; risks associated with operating in foreign countries, including changing political, labor and economic conditions, regulatory issues, 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 negotiations with organized labor and work stoppages; 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 other strategic transactions and to successfully integrate acquired companies; costs related to dispositions and 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 in connection with former coal operations, including black lung claims; the impact of the Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimated liabilities 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 forward-looking statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2017, and in our other public filings with the Securities and Exchange Commission. The forward-looking information included in this document is representative only as of the date of this document and The Brink's Company undertakes no obligation to update any information contained in this document.

5

The Brink’s Company and subsidiaries

Segment Results: 2017 and 2018 (Unaudited)    

(In millions, except for percentages)

	Revenues
	2017											2018
	1Q			2Q		3Q		4Q		Full Year		1Q
Revenues:
North America	$	304.6		311.0		316.5		322.1		1,254.2		$	320.1
South America	202.2			204.6		247.4		270.4		924.6		254.8
Rest of World	233.5			244.0		264.8		271.8		1,014.1		278.4
Segment revenues - GAAP and Non-GAAP	740.3			759.6		828.7		864.3		3,192.9		853.3
Other items not allocated to segments(a)
Venezuela operations	48.1			46.3		20.8		38.9		154.1		25.8
GAAP	$	788.4		805.9		849.5		903.2		3,347.0		$	879.1
	Operating Profit
	2017											2018
	1Q			2Q		3Q		4Q		Full Year		1Q
Operating profit:
North America	$	10.2		16.8		16.9		30.1		74.0		$	20.6
South America	39.2			36.4		47.7		59.5		182.8		55.6
Rest of World	25.4			25.4		33.3		31.1		115.2		25.6
Corporate	(21.3		)	(17.8	)	(21.5	)	(30.0	)	(90.6	)	(30.3		)
Non-GAAP	53.5			60.8		76.4		90.7		281.4		71.5
Other items not allocated to segments(a)
Venezuela operations	21.1			(4.5	)	2.5		1.3		20.4		3.5
Reorganization and Restructuring	(4.1		)	(5.6	)	(6.4	)	(6.5	)	(22.6	)	(3.7		)
Acquisitions and dispositions	0.4			(2.4	)	(6.1	)	2.8		(5.3	)	(6.5		)
GAAP	$	70.9		48.3		66.4		88.3		273.9		$	64.8
	Margin
	2017											2018
	1Q			2Q		3Q		4Q		Full Year		1Q
Margin:
North America	3.3		%	5.4		5.3		9.3		5.9		6.4		%
South America	19.4			17.8		19.3		22.0		19.8		21.8
Rest of World	10.9			10.4		12.6		11.4		11.4		9.2
Non-GAAP	7.2			8.0		9.2		10.5		8.8		8.4
Other items not allocated to segments(a)	1.8			(2.0	)	(1.4	)	(0.7	)	(0.6	)	(1.0		)
GAAP	9.0		%	6.0		7.8		9.8		8.2		7.4		%

(a) See explanation of items on page 7.

6

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 We have 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"), assesses segment performance and makes resource decisions by segment excluding Venezuela operating results.  

Reorganization and Restructuring

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 $18.1 million in related 2016 costs, an additional $17.3 million in 2017 and $2.7 million in the first three months of 2018. We expect to incur additional costs between $7 and $9 million in future periods, primarily severance costs.

Other Restructurings

Management routinely implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized $1.0 million in the first three months of 2018, primarily severance costs. For the current restructuring actions, we expect to incur additional costs between $1 and $3 million in future periods.

Due to the unique circumstances around these charges, these management-directed items 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 non-GAAP results. These items are described below:

2018 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $3.8 million in the first three months of 2018.

• Severance costs related to our 2017 acquisitions in Argentina, France and Brazil were $2.1 million in the first three months of 2018.

• Transaction costs related to business acquisitions was $0.5 million in the first three months of 2018.

2017 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $8.4 million in 2017.

• Fourth quarter 2017 gain of $7.8 million related to the sale of real estate in Mexico.

• Severance costs of $4.0 million related to our recent acquisitions in Argentina and Brazil.

• Transaction costs of $2.6 million related to acquisitions of new businesses in 2017.

• Currency transaction gains of $1.8 million related to acquisition activity.

7

The Brink’s Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for percentages and per share amounts)

Non-GAAP results described in this press release are financial measures that are not required by or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The purpose of the Non-GAAP results is to report financial information from the primary operations of our business by excluding the effects of certain income and expenses that do not reflect the ordinary earnings of our operations. The specific items excluded have not been allocated to segments, are described on page 7 and in more detail in our Form 10-Q, and are reconciled to comparable GAAP measures below.

Non-GAAP results adjust the quarterly Non-GAAP tax rates so that the Non-GAAP tax rate in each of the quarters is equal to the full-year estimated Non-GAAP tax rate. The full-year Non-GAAP tax rate in both years excludes certain pretax and income tax amounts. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented.

The 2018 Non-GAAP outlook amounts for provision for income taxes, income (loss) from continuing operations, EPS from continuing operations, effective income tax rate and Adjusted EBITDA cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the tax impact of Venezuela operations and the related exchange rates used to measure those operations. The impact of Venezuela operations and related exchange rates during the remainder of 2018 could be significant to our full-year GAAP provision for income taxes, and, therefore, to income (loss) from continuing operations, EPS from continuing operations, effective income tax rate and Adjusted EBITDA.

The Non-GAAP financial measures are intended to provide investors with a supplemental comparison of our operating results and trends for the periods presented. Our management believes these measures are also useful to investors as such measures allow investors to evaluate our performance using the same metrics that our management uses to evaluate past performance and prospects for future performance. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance. Additionally, non-GAAP results are utilized as performance measures in certain management incentive compensation plans.

Non-GAAP Results Reconciled to GAAP

	YTD '17							YTD '18
	Pre-tax			Tax		Effective tax rate		Pre-tax			Tax		Effective tax rate
Effective Income Tax Rate
GAAP	$	54.9		14.4		26.2	%	$	36.7		11.4		31.1	%
Retirement plans(c)	7.3			2.7				8.8			1.9
Venezuela operations(a)	(18.2		)	(4.9	)			(1.6		)	(1.5	)
Reorganization and Restructuring(a)	4.1			1.4				3.7			1.2
Acquisitions and dispositions(a)	(0.4		)	0.2				9.6			3.1
Tax on accelerated income(g)	—			—				—			0.5
Income tax rate adjustment(b)	—			2.5				—			4.6
Non-GAAP	$	47.7		16.3		34.2	%	$	57.2		21.2		37.0	%

Amounts may not add due to rounding.

(a) See “Other Items Not Allocated To Segments” on pages 6-7 for details. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance.

(b) 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 is estimated at 37.0% for 2018 and was 34.2% for 2017.

(c) 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 related to these non-U.S. plans are also excluded from non-GAAP results.

(d) Penalties upon prepayment of Private Placement notes in September 2017 and a term loan in October 2017.

(e) 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 recognized in selling, general and administrative expenses in the third quarter of 2017.

(f) Represents the estimated impact of tax legislation enacted into law in the fourth quarter of 2017.  This primarily relates to the U.S. Tax Reform expense from the remeasurement of our net deferred tax assets.

(g) The non-GAAP tax rate excludes the 2018 and 2017 foreign tax benefits that resulted from the transaction that accelerated U.S. tax in 2015.

(h) There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented.

(i) 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 and non-GAAP share-based compensation.

(j) Because we reported a loss from continuing operations on a GAAP basis in the fourth quarter of 2017, GAAP EPS was calculated using basic shares. However, as we reported income from continuing operations on a non-GAAP basis in the fourth quarter of 2017, non-GAAP EPS was calculated using diluted shares.

8

The Brink’s Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited) - continued

(In millions, except for percentages and per share amounts)

	2017											2018
	1Q			2Q		3Q		4Q		Full Year		1Q
Revenues:
GAAP	$	788.4		805.9		849.5		903.2		3,347.0		$	879.1
Venezuela operations(a)	(48.1		)	(46.3	)	(20.8	)	(38.9	)	(154.1	)	(25.8		)
Non-GAAP	$	740.3		759.6		828.7		864.3		3,192.9		$	853.3
Operating profit (loss):
GAAP	$	70.9		48.3		66.4		88.3		273.9		$	64.8
Venezuela operations(a)	(21.1		)	4.5		(2.5	)	(1.3	)	(20.4	)	(3.5		)
Reorganization and Restructuring(a)	4.1			5.6		6.4		6.5		22.6		3.7
Acquisitions and dispositions(a)	(0.4		)	2.4		6.1		(2.8	)	5.3		6.5
Non-GAAP	$	53.5		60.8		76.4		90.7		281.4		$	71.5
Operating margin:
GAAP margin	9.0		%	6.0	%	7.8	%	9.8	%	8.2	%	7.4		%
Non-GAAP margin	7.2		%	8.0	%	9.2	%	10.5	%	8.8	%	8.4		%
Interest expense:
GAAP	$	(4.8	)	(6.0	)	(7.7	)	(13.7	)	(32.2	)	$	(15.0	)
Venezuela operations(a)	—			—		—		0.1		0.1		—
Acquisitions and dispositions(a)	—			—		0.8		0.3		1.1		0.2
Non-GAAP	$	(4.8	)	(6.0	)	(6.9	)	(13.3	)	(31.0	)	$	(14.8	)
Interest and other income (expense):
GAAP	$	(11.2	)	(11.4	)	(21.2	)	(16.4	)	(60.2	)	$	(13.1	)
Retirement plans(c)	7.3			8.6		9.0		10.0		34.9		8.8
Venezuela operations(a)	2.9			2.2		0.9		0.8		6.8		1.9
Acquisitions and dispositions(a)	—			—		—		6.3		6.3		2.9
Prepayment penalties(d)	—			—		6.5		1.8		8.3		—
Interest on Brazil tax claim(e)	—			—		4.1		(2.5	)	1.6		—
Non-GAAP	$	(1.0	)	(0.6	)	(0.7	)	—		(2.3	)	$	0.5
Taxes:
GAAP	$	14.4		17.3		16.4		109.6		157.7		$	11.4
Retirement plans(c)	2.7			3.1		3.2		3.6		12.6		1.9
Venezuela operations(a)	(4.9		)	(3.8	)	(3.1	)	(0.9	)	(12.7	)	(1.5		)
Reorganization and Restructuring(a)	1.4			1.9		2.2		2.1		7.6		1.2
Acquisitions and dispositions(a)	0.2			0.3		2.5		1.5		4.5		3.1
Prepayment penalties(d)	—			—		2.4		(2.2	)	0.2		—
Interest on Brazil tax claim(e)	—			—		1.4		(0.9	)	0.5		—
Tax reform(f)	—			—		—		(86.0	)	(86.0	)	—
Tax on accelerated income(g)	—			—		—		0.4		0.4		0.5
Income tax rate adjustment(b)	2.5			(0.3	)	(1.5	)	(0.7	)	—		4.6
Non-GAAP	$	16.3		18.5		23.5		26.5		84.8		$	21.2
Noncontrolling interests:
GAAP	$	5.8		(0.7	)	1.2		0.6		6.9		$	3.2
Venezuela operations(a)	(4.9		)	2.2		0.6		0.5		(1.6	)	(0.6		)
Reorganization and Restructuring(a)	0.3			0.1		0.2		0.2		0.8		—
Income tax rate adjustment(b)	0.2			—		(0.2	)	—		—		(0.4		)
Non-GAAP	$	1.4		1.6		1.8		1.3		6.1		$	2.2

Amounts may not add due to rounding.

See page 8 for footnote explanations.

9

	2017											2018
	1Q			2Q		3Q		4Q		Full Year		1Q
Income (loss) from continuing operations attributable to Brink's:
GAAP	$	34.7		14.3		19.9		(52.0	)	16.9		$	22.1
Retirement plans(c)	4.6			5.5		5.8		6.4		22.3		6.9
Venezuela operations(a)	(8.4		)	8.3		0.9		—		0.8		0.5
Reorganization and Restructuring(a)	2.4			3.6		4.0		4.2		14.2		2.5
Acquisitions and dispositions(a)	(0.6		)	2.1		4.4		2.3		8.2		6.5
Prepayment penalties(d)	—			—		4.1		4.0		8.1		—
Interest on Brazil tax claim(e)	—			—		2.7		(1.6	)	1.1		—
Tax reform(f)	—			—		—		86.0		86.0		—
Tax on accelerated income(g)	—			—		—		(0.4	)	(0.4	)	(0.5		)
Income tax rate adjustment(b)	(2.7		)	0.3		1.7		0.7		—		(4.2		)
Non-GAAP	$	30.0		34.1		43.5		49.6		157.2		$	33.8
Adjusted EBITDA(i):
Net income (loss) attributable to Brink's - GAAP	$	34.7		14.2		19.9		(52.1	)	16.7		$	22.3
Interest expense - GAAP	4.8			6.0		7.7		13.7		32.2		15.0
Income tax provision - GAAP	14.4			17.3		16.4		109.6		157.7		11.4
Depreciation and amortization - GAAP	33.9			34.6		37.9		40.2		146.6		38.8
EBITDA	87.8			72.1		81.9		111.4		353.2		87.5
Discontinued operations - GAAP	—			0.1		—		0.1		0.2		(0.2		)
Retirement plans(c)	7.3			8.6		9.0		10.0		34.9		8.8
Venezuela operations(a)	(13.7		)	4.1		(2.6	)	(1.5	)	(13.7	)	(1.5		)
Reorganization and Restructuring(a)	2.9			4.9		5.7		6.1		19.6		2.5
Acquisitions and dispositions(a)	(1.0		)	1.3		3.4		(0.5	)	3.2		5.6
Prepayment penalties(d)	—			—		6.5		1.8		8.3		—
Interest on Brazil tax claim(e)	—			—		4.1		(2.5	)	1.6		—
Income tax rate adjustment(b)	(0.2		)	—		0.2		—		—		0.4
Share-based compensation(h)	4.5			4.0		4.0		5.2		17.7		6.8
Adjusted EBITDA	$	87.6		95.1		112.2		130.1		425.0		$	109.9
EPS:
GAAP	$	0.67		0.28		0.38		(1.02	)	0.33		$	0.42
Retirement plans(c)	0.09			0.11		0.11		0.12		0.43		0.13
Venezuela operations(a)	(0.16		)	0.15		0.02		—		0.02		0.01
Reorganization and Restructuring costs(a)	0.04			0.07		0.08		0.08		0.27		0.05
Acquisitions and dispositions(a)	(0.01		)	0.04		0.09		0.05		0.16		0.12
Prepayment penalties(d)	—			—		0.08		0.08		0.16		—
Interest on Brazil tax claim(e)	—			—		0.05		(0.03	)	0.02		—
Tax reform(f)	—			—		—		1.65		1.66		—
Tax on accelerated income(g)	—			—		—		(0.01	)	(0.01	)	(0.01		)
Income tax rate adjustment(b)	(0.05		)	0.01		0.03		0.01		—		(0.08		)
Share adjustment(j)	—			—		—		0.02		—		—
Non-GAAP	$	0.58		0.66		0.84		0.95		3.03		$	0.65
Depreciation and Amortization:
GAAP	$	33.9		34.6		37.9		40.2		146.6		$	38.8
Venezuela operations(a)	(0.4		)	(0.4	)	(0.4	)	(0.5	)	(1.7	)	(0.5		)
Reorganization and Restructuring costs(a)	(0.9		)	(0.6	)	(0.5	)	(0.2	)	(2.2	)	(1.2		)
Acquisitions and dispositions(a)	(0.6		)	(1.1	)	(2.7	)	(4.0	)	(8.4	)	(3.8		)
Non-GAAP	$	32.0		32.5		34.3		35.5		134.3		$	33.3

Amounts may not add due to rounding.

See page 8 for footnote explanations.

10

EX-99.2

First Quarter 2018 April 25, 2018 Exhibit 99.2

Safe Harbor Statement and Non-GAAP Results 2 These materials contain forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," “target” "project," "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: 2018 non-GAAP outlook, including revenue, operating profit, margin rate, earnings per share and adjusted EBITDA; 2018 and future years’ tax rates; 2019 adjusted EBITDA target; 2018 and 2019 margin rate targets for specific businesses; closing of the Rodoban acquisition; 2018 and 2019 capital expenses and cash flow; expected impact of U.S. Tax Reform; net debt and leverage outlook and future investment in and results of acquisitions. 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; seasonality, pricing and other competitive industry factors; investment in information technology and its impact on revenue and profit growth; our ability to maintain an effective IT infrastructure and safeguard confidential information; our ability to effectively develop and implement solutions for our customers; risks associated with operating in foreign countries, including changing political, labor and economic conditions, regulatory issues, 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 negotiations with organized labor and work stoppages; 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 other strategic transactions and to successfully integrate acquired companies; costs related to dispositions and 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, environmental and other liabilities in connection with former coal operations, including black lung claims ; the impact of the Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimated liabilities 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 forward-looking statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2017, and in our other public filings with the Securities and Exchange Commission. The forward-looking information discussed today and included in these materials is representative as of today 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 First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com.

First-Quarter 2018 Non-GAAP Results 3 8.2% Margin Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. (Non-GAAP, $ Millions, except EPS) Op Profit +34% Organic +24% Acq +17% FX (7%) $54 $72 2017 2018 7.2% Margin 8.4% Margin 11.8% Margin 13.3% Margin Revenue +15% Organic +6% Acq +7% FX +2% $740 $853 2017 2018 Adj. EBITDA +25% $88 $110 2017 2018 11.8% Margin 12.9% Margin EPS +12% $0.58 $0.65 2017 2018 1 Excess interest cost, net and tax impact 10% or $(0.06) per share

North America: Strong Margin Improvement 4 8.2% Margin Op Profit +102% $10 $21 2017 2018 3.3% Margin 6.4% Margin 11.8% Margin Revenue +5% Organic +2% Acq +1% FX +3% $305 $320 2017 2018 Highlights • Organic revenue: U.S. up 4%, N.A. up 5% excluding recycler sales in 1Q17 • 6.4% margin, up 310 bps • Strong growth and continued improvement in Mexico • Profits up ~40% in U.S.; up ~70% excluding recycler sales in 1Q17 • Continued improvement expected Organic +90% Acq +3% FX +9% ($ Millions)

South America: Strong Revenue and Margin Growth 5 8.2% Margin Op Profit +42% $39 $56 2017 2018 19.4% Margin 21.8% Margin 11.8% Margin Revenue +26% Organic +18% Acq +18% FX (10%) $202 $255 2017 2018 Highlights • Strong organic revenue growth throughout the region • Acquisition integration on track • 21.8% margin, up 240 bps • Positive outlook for continued growth • Rodoban acquisition (Brazil) expected to close in mid-2018 Organic +42% Acq +19% FX (18%) ($ Millions)

ROW: Growth Offset by Pricing Pressure in France 6 8.2% Margin Op Profit +1% $25 $26 2017 2018 10.9% Margin 9.2% Margin 11.8% Margin Revenue +19% Organic +2% Acq +5% FX +12% $234 $278 2017 2018 Highlights • Revenue growth due to strong euro and acquisition of Temis in France • Organic profit decline due to price and volume pressure in France, partially offset by growth in other countries • Expect improvement in France from higher pricing and cost reductions • 2019 France 12% margin target affirmed Organic (11%) Acq +6% FX +7% ($ Millions)

$3,193 $3,450 2017 2018 On Track to Meet 2018 Guidance 7 8.2% Margin Op Profit +30% - +37% $281 $365-$385 2017 2018 8.8% Margin ~10.9%1 Margin 11.8% Margin 13.3% Margin Revenue Total +8% Organic +5% Acq./Disp. +3% FX - Adjusted EBITDA +21% - +26% $425 $515-$535 2017 2018 13.3% Margin ~15.2%1 Margin EPS +20% - +27% $3.03 $3.65-$3.85 2017 2018 1. Margin percentage calculated based on middle of range provided Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. 2019 Adjusted EBITDA Target = $625 Million (Non-GAAP, $ Millions except EPS)

Three-Year Strategic Plan 8 Organic Growth + Acquisitions 11.8% Margin 13.3% Margin Organic Growth + Acquisitions = Increased Value for Shareholders 2019 Adjusted EBITDA Target = $625 Million Strategy 1.0 Core Organic Growth 20182017 2019 Strategy 1.5 Acquisitions • Focus on “core-core” & “core-adjacent” • Capture synergies & improve density • ~$400M/Year Additional Investment in 2018-2019 • Close the Gap • Accelerate Profitable Growth • Introduce Differentiated Services 2019 EBITDA Target: $90M 2019 EBITDA Target: $535M (Acquisitions announced/closed to date)

$216 $390 $90 $470 2016 Actual North America South America Rest of World Contingency 2019 Target Organic Completed & Announced Acquisitions 2019 Target w/ Acquisitions Strategy 1.0 + 1.5 = Core Organic Growth + Acquisitions 9 OP Margin 7.4% 3.7% 2% 0.4% (2.5%) ~11% ~12% EBITDA Margin 11.8% ~15% ~16% Adjusted EBITDA Op Profit Adjusted EBITDA Op Profit Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. 1. Includes completed and announced acquisitions and partial achievement of synergies through 2019 $342 $535 $625 2019 Adjusted EBITDA Target = $625 Million 1 1 (Non-GAAP, $ Millions)

2016 Actual 2019 Target Organic Only Completed & Announced Acquisitions 2019 Target with Completed & Announced Acquisitions Potential Acquisitions with Full Synergies Illustrative EBITDA with Potential Acquisitions & Full Synergies Strategy 1.0 + 1.5 + Potential Future Acquisitions 10 Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. 1. Includes completed, announced, and potential acquisitions and announced licensing agreement. Potential acquisition impact based on spending $400 million in 2018 and 2019 with synergies fully realized. $625$90 $535 $342 $110 - $140 $735 - $765 Adjusted EBITDA 1 (Non-GAAP, $ Millions) 11.8% Adjusted EBITDA Margin ~16%~15% 1 Illustrative EBITDA Post-Synergy Potential with $400M of Acquisitions in 2018-2019

$740 $17 $45 $51 $853 2017 Revenue FX Organic Acq / Disp 2018 Revenue First-Quarter 2018 Non-GAAP Revenue Up 15% 11Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. Amounts may not add due to rounding. 2%% Change 6% 7% Strong Organic and Inorganic Growth (Non-GAAP, $ Millions)

$54 ($4) $13 $9 $72 2017 Op Profit FX Organic Acq / Disp 2018 Op Profit First-Quarter 2018 Non-GAAP Operating Profit Up 34% 12Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. Amounts may not add due to rounding. (7%)% Change 24% 17% Strong Organic and Inorganic Growth 7.2%OP Margin 8.4% 34% (Non-GAAP, $ Millions)

$72 ( $14 ) ( $21 ) ( $2 ) $34 $33 $36 $7 $110 Op Profit Net Interest Taxes Non-controlling Interest Income from Continuing Ops D&A Interest Exp & Taxes Share-based Compensation Adjusted EBITDA First-Quarter 2018 Adjusted EBITDA = $110 Million 13Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. Amounts may not add due to rounding. $18vs2017 ($9) ($5) $4 $1 $15 $2 $22($1) (Non-GAAP, $ Millions)

$5 $2 $4 $4 $15 2017 Interest Rate Impact & Other 2017 Acquistions Available Excess Cash from Debt Refinance 2018 First-Quarter 2018 Interest Expense 14 ($ Millions) Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. Amounts may not add due to rounding. Interest Expense Interest Expense Summary • Negative EPS impact ~($.05) related to excess cash earmarked for acquisitions • Weighted average interest rate of 4.8% in 1Q18 versus 3.8% in 1Q17 • $1.1 billion from the 2017 refinancing: 55% fixed rate; 45% floating rate

Income Tax Evolution 15 2017 Effective Tax Rate Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. Amounts may not add due to rounding. • Global Capital Structure Optimization • U.S. Foreign Tax Credit/ Withholding Taxes • Mexico – further align union contract with tax deduction limits • Favorable pending tax law changes • Expect favorable impact from M&A initiatives Future ETR Target 33% - 35% Statutory Tax Rates* Argentina 35% Brazil 34% Chile 27% Colombia 40% France 34% Israel** 36% Mexico 30% Global Wtd. Avg. 32% Other ETR Items (net), incl. Withholding Taxes 2% 2017 ETR 34% 2017 Cash Tax Rate 30% 2017 ETR 34% Tax Law and Acquisition Changes 3% - U.S. deductions - U.S. credit loss - Brazil royalties - Argentina changes 2018 ETR Outlook 37% 2018 Cash Tax Rate 27% * Top 7 in alphabetical order; U.S. has no statutory earnings ** Including dividend withholding taxes Tax Initiatives 2018 ETR Changes 0 0 (ETR)

$0.58 ( 0.05 ) 0.16 0.12 (0.05) ( 0.03 ) ( 0.03 ) ( 0.03 ) ( 0.02 ) 0.65 2017 EPS Currency Organic Acq / Disp Acquisitions Available Excess Cash from Debt Refinance Interest Rate Impact/Other Tax Shares / Non- controlling interest 2018 EPS First-Quarter 2018 Non-GAAP EPS 16 Operating Profit Net Interest +0.07 from Acquisitions +0.23 (0.11) Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. Amounts may not add due to rounding.

2015 Actual 2016 Actual 2017 Actual 2017 Actual 2018 Outlook 2019 Outlook 2020 Outlook Capital expenditures 2015 – 20201 Facility Equipment / Other IT Armored Vehicles % Revenue 3.5% 4.2% 5.8% 5.8% ~6% ~5.5% ~4% D&A1 $118 $112 $119 $119 Reinvestment Ratio 0.9 1.1 1.6 1.6 $124 1. Excludes CompuSafe® 2. Excludes potential acquisitions (through year-end 2019) Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. . $106 $185 ~$200 ~$200 ~4% of Revenue Higher 2017-19 CapEx reflects investment in strategic initiatives $185 High Return Growth CapEx High Return Growth CapEx High Return Growth CapEx 17 CapEx Expected to Return to ~4% of Revenue in 2020 2 2 2 (Non-GAAP, $ Millions)

Strong Free Cash Flow Expected 18 Actual 2017 Target 2018 Target 2019 Adjusted EBITDA $425 ~$525 ~$625 Working Capital & Other (86) ~(10) ~(15) Cash Taxes (84) ~(85) ~(75) Cash Interest (27) ~(60) ~(65) Non-GAAP Cash from Operating Activities 229 ~370 ~470 Capital Expenditures excl. CompuSafes (185) ~(200) ~(200) CompuSafes (38) (25) (25) Exclude Capital Leases 52 55 55 Non-GAAP Cash Capital Expenditures ~(170) ~(170) ~(170) Non-GAAP Free Cash Flow before dividends 58 ~200 ~300 EBITDA – Non-GAAP Cash CapEx 255 ~355 ~455 Amounts may not add due to rounding. Note: Non-GAAP Free Cash Flow excludes the impact of Venezuela operations. See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com Projected Adjusted EBITDA growth Working capital improvement, restructuring No cash taxes projected in U.S. for at least five years Impact of debt restructuring U.S. fleet investment primarily under capital leases Investment above historic levels to support strategic initiatives Free cash flow includes completed and announced acquisitions (Non-GAAP, $ Millions)

Leverage Ratio <1.5x with Potential Acquisitions $301 $612 $681 ~ $480 ~ $1,100 March 2017 Dec 2017 March 2018 2019 Target with Completed & Announced Acquisitions Illustrative Net Debt with Potential Acquisitions with Full Synergies Leverage Ratio1 0.8 1.4 Net Debt and Financial Leverage 1. Net Debt divided by Adjusted EBITDA 2. Includes completed, announced and potential acquisitions and announced licensing agreement. Potential acquisition impact based on spending $400 million in 2018 and 2019 with synergies fully realized. 19 1.5 Note: See detailed reconciliations of non-GAAP to GAAP results included in the Appendix. ~0.8 ~1.5 2 Illustration assumes $400 per year in acquisitions in 2018-2019 (Non-GAAP, $ Millions)

Continued Improvement Expected 20 $216 $281 $365- $385 ~ $470 $126 $144 ~ $150 ~ $155 $342 $425 $515-$535 ~ $625 7.4% 8.8% 10.6%-11.2% ~12% 11.8% 13.3% ~15.2% ~16% 2016 2017 2018 Outlook 2019 Target Adj. EBITDA Margin Op Profit Margin D&A/Other Op Profit Adj. EBITDA Non-GAAP Operating Profit & Adj. EBITDA Note: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2018 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. Amounts may not add due to rounding. 2018 Non-GAAP Outlook • Revenue ~3.45 billion (5% organic growth) • Operating Profit $365 - $385 million; margin 10.6% - 11.2% • Adjusted EBITDA $515 to $535 million; margin ~15.2% • EPS $3.65 - $3.85 2019 Preliminary Target • Adjusted EBITDA ~$625 million (Non-GAAP, $ Millions, except EPS)

Appendix

Non-GAAP Reconciliation — Outlook The Brink’s Company and subsidiaries 2018 and 2019 Guidance (Unaudited) (In millions, except as noted) 22 2018 GAAP Outlook(b) Reconciling Items(a) 2018 Non-GAAP Outlook(a) 2019 GAAP Outlook(b) Reconciling Items(a) 2019 Non-GAAP Outlook(a) Revenues $ 3,476 (26) 3,450 Not provided — Not provided Operating profit 319 – 339 46 365 – 385 440 30 470 EPS from continuing operations attributable to Brink's $ 2.40 – 2.60 — 3.65 – 3.85 Not provided — Not provided Adjusted EBITDA $ 515 – 535 ~ 625 (a) The 2018 and 2019 Non-GAAP outlook amounts for operating profit exclude the impact of other items not allocated to segments. The 2018 Non-GAAP outlook amounts for EPS from continuing operations, depreciation and amortization/other as well as 2018 and 2019 Adjusted EBITDA cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the tax impact of Venezuela operations and the related exchange rates used to measure those operations. (b) 2018 and 2019 GAAP outlook does not include any forecasted amounts from Venezuela operations. The 2018 and 2019 GAAP outlook excludes future restructuring actions for which the timing and amount are currently under review.

2016 Non-GAAP Results Reconciled to GAAP (1 of 4) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 23 2016 Full Year Revenues: GAAP 3,020.6 Venezuela operations(a) (109.4) Acquisitions and dispositions(a) (2.8) Non-GAAP 2,908.4 Operating profit (loss): GAAP 184.5 Venezuela operations(a) (18.5) Reorganization and Restructuring(a) 30.3 Acquisitions and dispositions(a) 19.5 Non-GAAP 215.8 Interest expense: GAAP (20.4) Venezuela operations(a) 0.1 Non-GAAP (20.3) Taxes: GAAP 78.5 Retirement plans(c) 11.3 Venezuela operations(a) (14.1) Reorganization and Restructuring(a) 7.4 Acquisitions and dispositions(a) 1.8 Deferred tax valuation allowance(b) (14.7) Non-GAAP 70.2 Amounts may not add due to rounding. See slide 25 for footnote explanations.

2016 Non-GAAP Results Reconciled to GAAP (2 of 4) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 24 2016 Full Year Income (loss) from continuing operations attributable to Brink's: GAAP 36.2 Retirement plans(c) 20.2 Venezuela operations(a) 2.6 Reorganization and Restructuring(a) 23.7 Acquisitions and dispositions(a) 18.2 Deferred tax valuation allowance(b) 14.7 Non-GAAP 115.6 EPS: GAAP 0.72 Retirement plans(c) 0.39 Venezuela operations(a) 0.05 Reorganization and Restructuring(a) 0.47 Acquisitions and dispositions(a) 0.37 Deferred tax valuation allowance(b) 0.29 Non-GAAP 2.28 Depreciation and Amortization: GAAP 131.6 Venezuela operations(a) (0.7) Reorganization and Restructuring(a) (0.8) Acquisitions and dispositions(a) (3.6) Non-GAAP 126.5 Amounts may not add due to rounding. See slide 25 for footnote explanations.

2016 Non-GAAP Results Reconciled to GAAP (3 of 3) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 25 2016 Full Year Adjusted EBITDA(e): Net income (loss) attributable to Brink's - GAAP 34.5 Interest expense - GAAP 20.4 Income tax provision - GAAP 78.5 Depreciation and amortization - GAAP 131.6 EBITDA 265.0 Discontinued operations - GAAP 1.7 Retirement plans(c) 31.5 Venezuela operations(a) (12.3) Reorganization and Restructuring(a) 30.3 Acquisitions and dispositions(a) 16.4 Share-based compensation(d) 9.5 Adjusted EBITDA 342.1 The 2018 and 2019 Non-GAAP outlook for Adjusted EBITDA and Non-GAAP operating profit, as well as 2018, 2019 and 2020 outlook for capital expenditures, 2018 and 2019 target free cash flows, and 2019 target and 2019 pro-forma net debt cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the tax impact of Venezuela operations and the related exchange rates used to measure those operations. The impact of Venezuela operations and related exchange rates could be significant to our GAAP provision for income taxes, and, therefore, to income (loss) from continuing operations, EPS from continuing operations, effective income tax rate and Adjusted EBITDA. Amounts my not add due to rounding. (a) See “Other Items Not Allocated To Segments” on slide 26 for details. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance. (b) There was a change in judgment 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 U.S. operating results, certain non-GAAP pre-tax items, and other timing of tax deductions related to executive leadership transition. (c) 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 related to these non-U.S. plans are also excluded from non-GAAP results. (d)There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented. (e) 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 and non-GAAP share-based compensation.

Non-GAAP Reconciliation — Other The Brink’s Company and subsidiaries Other Items Not Allocated to Segments (Unaudited) (In millions) 26 Brink’s measures its segment results before income and expenses for corporate activities and for certain other items. A summary of the other items not allocated to segment results is below. Venezuela operations We have 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"), assesses segment performance and makes resource decisions by segment excluding Venezuela operating results. Reorganization and Restructuring 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 $18.1 million in related 2016 costs. 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. 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 non-GAAP results. These items are described below: 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 and were 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 to also 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.

Non-GAAP Reconciliation — Other The Brink’s Company and subsidiaries Non-GAAP Reconciliations — Other Amounts (Unaudited) (In millions) Amounts Used to Calculate Reinvestment Ratio Property and Equipment Acquired During the Period Full-Year 2015 Full Year 2016 Full Year 2017 Capital expenditures — GAAP 101.1 112.2 174.5 Capital leases — GAAP 18.9 29.4 51.7 Total Property and equipment acquired 120.0 141.6 226.2 Venezuela property and equipment acquired (4.3) (5.0) (4.2) CompuSafe (10.2) (13.1) (37.5) Total property and equipment acquired excluding Venezuela & CompuSafe 105.5 123.5 184.5 Depreciation Depreciation and amortization — GAAP 139.9 131.6 146.6 Amortization of intangible assets (4.2) (3.6) (8.4) Venezuela depreciation (3.9) (0.7) (1.7) Reorganization and Restructuring - (0.8) (2.2) CompuSafe (14.2) (14.9) (15.6) Depreciation and amortization — Non-GAAP (excluding CompuSafe) 117.6 111.6 118.7 Reinvestment Ratio 0.9 1.1 1.6 27

Non-GAAP Reconciliation — Cash Flows The Brink’s Company and subsidiaries (In millions) 28 Full Year 2017 Cash flows from operating activities Operating activities - GAAP $ 252.1 Venezuela operations (17.3) (Increase) decrease in certain customer obligations(a) (6.1) Operating activities - non-GAAP $ 228.7 (a) To adjust for the change in the balance of customer obligations related to cash received and processed in certain of our secure Cash Management Services operations. The title to this cash transfers to us for a short period of time. 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. Non-GAAP cash flows from operating activities is a supplemental financial measure that is not required by, or presented in accordance with GAAP. The purpose of this non-GAAP measure is to report financial information excluding cash flows from Venezuela operations and the impact of cash received and processed in certain of our Cash Management Services operations. We believe this measure is helpful in assessing cash flows from operations, enables period-to-period comparability and is useful in predicting future operating cash flows. This non-GAAP measure should not be considered as an alternative to cash flows from operating activities determined in accordance with GAAP and should be read in conjunction with our consolidated statements of cash flows.

Non-GAAP Reconciliation — Net Debt The Brink’s Company and subsidiaries Non-GAAP Reconciliations — Net Debt (Unaudited) (In millions) a) Restricted cash borrowings are related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. b) Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time. 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 a measure 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 our condensed consolidated balance sheets. Set forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to Debt, which is the most directly comparable financial measure calculated and reported in accordance with GAAP, as of December 31, 2016, March 31, 2017, December 31, 2017, and March 31,2018. December 31, March 31, December 31, March 31, (In millions) 2016 2017 2017 2018 Debt: Short-term borrowings $ 162.8 $ 156.4 $ 45.2 $ 64.8 Long-term debt 280.4 372.0 1,191.5 1,190.9 Total Debt 443.2 528.4 1,236.7 1,255.7 Restricted cash borrowings(a) (22.3) (24.0) (27.0) (28.6) Total Debt without restricted cash borrowings 420.9 504.4 1,209.7 1,227.1 Less: Cash and cash equivalents 183.5 218.7 614.3 562.2 Amounts held by Cash Management Services operations(b) (9.8) (15.1) (16.1) (16.3) Cash and cash equivalents available for general corporate purposes 173.7 203.6 598.2 545.9 Net Debt $ 247.2 $ 300.8 $ 611.5 $ 681.2 29