Earnings call transcript: Prosegur Q1 2025 sees 11.4% sales rise

Prosegur reported a strong start to 2025 with a notable increase in total sales and earnings. The company announced a 69% rise in net income and an 11.4% boost in total sales, reaching 1.3 billion euros. The earnings report led to a positive market reaction, with Prosegur’s stock price rising by 3.05% in the open market, reflecting investor confidence in the company’s performance. According to InvestingPro data, the stock is currently trading near its 52-week high of $31.48, with an impressive financial health score of 3.41, rated as "GREAT" by the platform’s comprehensive analysis system.

Key Takeaways

• Total sales increased by 11.4% to 1.3 billion euros.
• Net income surged 69% to 34 million euros.
• Stock price rose by 3.05% in reaction to the earnings announcement.
• EBITDA grew by 42.8% year-over-year to 86 million euros.
• The company continues to focus on expanding its US market presence.

Company Performance

Prosegur demonstrated robust financial health in the first quarter of 2025, with significant improvements across its key business segments. The company’s focus on organic growth and technology integration has been instrumental in driving its revenue increase. Prosegur’s strategic investments in cybersecurity and tech businesses are positioning it well for future growth, particularly in the US market where it has seen robust expansion.

Financial Highlights

• Revenue: 1.3 billion euros, up 11.4% year-over-year
• EBITDA: 86 million euros, a 42.8% increase from the previous year
• Net income: 34 million euros, up 69% year-over-year
• Cash Business EBITDA: 61 million euros, a 20.9% increase year-over-year
• Security Business EBITDA: 17 million euros, a 49.2% increase year-over-year

Market Reaction

Following the earnings announcement, Prosegur’s stock price increased by 3.05%, reflecting positive investor sentiment. The stock’s performance was buoyed by the company’s strong financial results and optimistic outlook. Trading at a P/E ratio of 14.67 and offering a significant dividend yield of 5.62%, InvestingPro analysis suggests the stock is currently undervalued, presenting a potential opportunity for investors. The company has maintained dividend payments for 33 consecutive years, demonstrating consistent shareholder returns. For detailed valuation metrics and 12 additional ProTips, consider exploring the comprehensive Pro Research Report available on InvestingPro.

Outlook & Guidance

Prosegur maintains a positive outlook for the remainder of 2025, expecting high single-digit growth in its security business. The company aims to reduce its net debt to EBITDA ratio to between 2.0x and 2.2x, underscoring its commitment to financial stability. With a strong current ratio of 2.33 and an impressive Altman Z-Score of 10.18, InvestingPro data confirms the company’s solid financial position. Discover more detailed financial health metrics and expert analysis in the Pro Research Report, part of the comprehensive coverage available for over 1,400 US equities. Prosegur plans to continue expanding its operations in the US and other international markets, leveraging its technological capabilities to enhance service offerings.

Executive Commentary

CFO Maite Rodriguez highlighted the company’s operational efficiencies and strong results across all business lines, stating, "All businesses reported enhanced operating efficiencies and strong results." Rodriguez also emphasized the company’s growth in the US market, noting, "We are very happy with USA. We are still growing and even going to be above the budget in sales and margins."

Risks and Challenges

• Economic fluctuations in key markets like Argentina could impact revenue.
• Rising inflation rates may affect profit margins if not managed effectively.
• Increased competition in the security and tech sectors could pressure market share.
• Potential geopolitical tensions may disrupt international operations.
• Cybersecurity threats pose a risk to operational integrity and customer trust.

Q&A

During the Q&A session, analysts focused on Prosegur’s growth in the security business, which achieved 17% organic growth with pricing around 5%. Questions also addressed the company’s performance in the US market, where no slowdown has been observed. The influence of Argentine inflation on the Alarm Business’s ARPU and the growth potential of emerging tech businesses like AVOS and Cybersecurity were also discussed.

Full transcript - Prosegur (PSG) Q1 2025:

Conference Operator: Good day, and thank you for standing by. Welcome to the Prosegur Q1 twenty twenty five Results Presentation. At this time, all participants are in a listen only mode. After the speakers’ presentation, there will be a question and answer session. To ask a question during the session, you will need to press 1 1 on your telephone.

You will then hear an automated message advising your hand is raised. Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Juan Ignacio Galliano, Head of IR. Please go ahead.

Juan Ignacio Galliano, Head of Investor Relations, Prosegur: Good afternoon, and welcome to Prosegur First Quarter twenty twenty five Results Presentation Webcast. Before we start, I would like to remind you all that this presentation has been prerecorded and that it will be available on our corporate website. I will now hand you over to our CFO, Maite Rodriguez.

Maite Rodriguez, CFO, Prosegur: Good afternoon, and thank you all for your presence. We are delighted to present a strong first quarter as it is naturally a very good indicator that we are on the right track to accomplish the objectives, both financial and operational that we set for 2025. As we shall see through the entire presentation, all relevant indicators outperform those of last year in every single business. Even recognizing that last year results were somehow impacted by accounting effects, the positive comparison year over year would have still performed once the accounting impact is wiped out. Now with all this in mind, let’s deep dive into the most significant aspects of the period.

Our top line grew by 11.4% compared to the same period of last year. And as it has been the case for some time now, was fully driven by organic growth. As per the sustainability of the metric, it can be seen that all regions grew with a special highlight in the APAC region, where cash volumes continue to increase at very healthy levels. As for profitability, EBITDA stood at EUR 86,000,000, 40 3 percent higher year over year, explained by the strong performance of our Cash and Security businesses. As already mentioned, even if last year’s negative accounting impact is not considered, the year over year growth would have still been quite impressive.

For our Cash business, main reasons had to do with our continued strategy of cost saving initiatives, coupled with a better performance in Argentina and Australia. Results in our Security business were driven by higher volumes and a very agile commercial strategy that enabled us to rapidly pass through cost to prices. For our Alarm business, as we will see, operational performance was clearly enhanced, reflected in better and healthier indicators. Thanks to an efficient working capital management and keeping infrastructure CapEx under control, the higher achieved profitability rebounded in higher cash generation. This is clearly the case because even though free cash flow is in line with last year, the truth is that volumes were higher, particularly in security.

As always, our main premise is to continue growing but always being mindful on leverage. Overall, net debt stands at 2.3x relative to EBITDA, while it’s not only very well structured in the long run, but also very cheap. There are two things worth of mention. First, the significant reduction on leverage compared to last year’s first quarter and the fact that we should see the current ratio going down throughout the year, considering the seasonality of our cash generation. I would like to mention a few words on the agreement that Argentina and the IMF recently reached.

Not only it implies the effective elimination of most of the restrictions and cost to access the FX market, but we also see it as a positive step towards the long term stabilization of the country. Lastly, as you should be aware, a dividend of EUR 87,000,000 was recently approved, implying an almost 5% growth compared to the previous year, clear evidence of the commitment to Prosegur’s shareholders. Let’s now turn to Slide two, where I would like to deep dive into our sales and EBITDA figures. As said, total sales during the first quarter increased by 11.4% over last year, reaching €1,300,000,000 Discounting for the FX effect, almost the entire growth was organic, evidencing our strict policy when it comes to passing through inflation to prices. At the same time, volumes continue to grow both in our most traditional businesses without exception and most importantly, in our transformation product.

As for geographic sales diversification, it should be noted that Roe continues to be the driver. This is only natural as both USA and APAC are included. It’s evident that as far as this trend consolidates and there’s nothing that should prevent this from happening, the entire sustainability of the company will be positively impacted. Moving now to further review profitability. EBITA reached EUR 86,000,000, marking an outstanding 42.8% increase compared to last year.

As already stressed, even though part of the increase is due to the disparate impact of the hyperinflation accounting, the truth is that operational performance was enhanced, further contributing to the year on year growth. Our cash business registered an EBITDA of EUR 61,000,000, marking a 20.9% higher year on year growth. This was primarily explained by the organic volume growth, especially in APAC, enhanced operating efficiencies, the consolidation of our Indian operation and the better performance of our Australian operation. Turning now to our Security business. EBITDA amounted to €17,000,000 40 9 point 2 percent higher compared to the first quarter of twenty twenty four.

As has been the case for some time now, the continued year over year growth rates are due to maintain a strong discipline on the cost side of the equation and increasing margins by acquiring high quality clients. Needless to say, our strategy to include more technology to our service is a cornerstone of the good performance. Lastly, our alarms business continue to be on good track, and good proof of this is the evolution of main financial indicators such as service margin and churn rate. Let’s now turn to our full P and L that as it can be seen showed a remarkable increase compared to last year. The good performance all the way down to EBIT were almost already explained.

Moving on to our financial results, the increase was mainly driven by FX differences as both the Brazilian reals and the U. S. Dollar depreciated. However, it must be considered that this is a noncash item. Going further down to accrued taxes, the 181 basis points reduction in the effective rate should be highlighted.

The rationale behind this reduction is twofold. On the one hand, we achieved better results across all individual geographies. And on the other, the negative impact from hyperinflation accounting and dividend upstreaming were significantly reduced. All of the above led to a net income of EUR 34,000,000, achieving an astonishing 69% higher year over year. Let’s now turn to cash generation during the period.

As it can be seen, following the historical seasonality of the business, free cash flow resulted in negative EUR 54,000,000, in line with the previous year. As said before, controlling for volumes sold, it can be argued that our capacity to generate cash was higher than 2024. This is evidenced when we take a closer look to the working capital requirements line. Indeed, compared to last year, it went up by EUR 11,000,000. And the main reason behind it, excluding the fact that increased our stocks and that suppliers went down, is that this year, we increased our volumes sold, particularly in our Security business.

Additionally, it’s worth to highlight that the increase in accounts receivables was partially mitigated by the reduction DSO in all of our businesses, pointing to a good treasury management. Net financial debt reached EUR 1,300,000,000.0, resulting in a total net debt to EBITDA ratio of 2.3 times. It’s worth highlighting that both the terms and the structure of our debt are very healthy, with an average cost of 2.8% and over 70% at a fixed rate maturing between 2026 and 2029. Prosegur cash bond, which matures in 2026, has been reclassified as short term on our balance sheet this quarter. We have practically completed the refinancing, and the new loans will mature between the next three to five years at a variable rate.

That’s all from me for now. I will now turn the presentation over to our Head of Investor Relations, Juan Ignacio Galliano, who will give you more detailed information on the development of the specific business areas.

Juan Ignacio Galliano, Head of Investor Relations, Prosegur: Thank you very much, Maite. Let’s now have a look at the results of each business line covering the main performance indicators and the most relevant aspects of the period. Starting with our cash business, I would like to reinforce the 13% of organic growth that we achieved during the first quarter. Not only this reflects how rapid we were to pass through cost to prices, but more importantly, that volumes continue to increase. That is why our diverse geographic footprint plays an outstanding role.

Indeed, both in LatAm and even more so in the APAC region, volumes are growing at a healthy pace, compensating more mature countries where volumes remain quite stable. The depreciation of the Brazilian real and the Argentine peso resulted in an 8% reduction when measured in autos, meaning that total sales would have increased by 18% should the currencies have remained the same. When it comes to profitability, higher sales were leveraged by ongoing enhancements at operating level and by the better performance of our Israel in operation. All this led to a 21% increase in EBITDA and 170 basis points increase in EBITDA margin. Such a high increase is also explained by the fact that during the first quarter of last year, the Argentinian economy was particularly impacted by recent policies.

At a cash flow level, operating cash flow reached €12,000,000, 2 million euros lower than last year. This reduction is mainly explained by working capital requirement as DPOs were temporarily reduced. These positive results are reinforced by the fact that diversification continues its upward trend. Indeed, transformation products are gaining more relevance exceeding 32% of total sales. We are certainly benefiting from all CapEx deployed in both cash today and ForEx businesses.

Needless to say, increasing the percentage in the context of higher sales deserves even more credit. Let’s move now to our security business, which continues to favorably evolve following past year trends. Total revenues reached €653,000,000 with the organic share reaching 17%. This is mainly driven by our volume based strategy that leads to operating leverage, our capacity to pass through inflation to prices, and the outstanding performance of the operation in The US. All the above, coupled with enhanced efficiencies and operating leverage, resulted in total EBITDA reaching €17,000,000 40 9 percent higher compared to the same period of last year.

This is by every means impressive considering the volume led nature of the business. Margins for the part continued to increase reaching 2.63% during the first quarter. Even though all geographies performed, results were mainly driven by our operations in Spain, Argentina, and The USA. As we have explained in past results, macroeconomic stability in Argentina evidenced by the significant reduction in inflation rate is very positive for the business. As for The USA, it continues to be very important driver, and we are confident that it will continue to be so as we plan to further expand operations there.

Operating cash flow resulted in negative €10,000,000 compared to the negative €24,000,000 registered during the first quarter of last year. This was mainly driven by higher sales with higher gross margins, coupled with an enhancement in the treasury management evidenced by a sharp reduction in DSOs. Indeed, compared to the same period last year, higher volumes required an additional €19,000,000 in working capital. Let’s now turn to the alarm business where, once again, we delivered outstanding results. As it can be seen, every relevant KPI did better when compared to the same period of last year.

Our client base totaled 984,000, marking a 13.1% increase year over year. However, even more important than growing the client base is doing so in a healthy and thus sustainable manner. Being able to do so is not only a good testament to efficient management, but also the only way for long term value creation. As said, every indicator moved in the right direction, further contributing to increased value. Indeed, churn rate went down year over year.

It did so by spectacular two percent in the case of NPA. This is explained by both enhancements in our customer retention process and in a strict control in the scoring of new clients. ARPU and service margins for their part increased, reaching €21,000,000 per BTC for both Prosegur alarms and MVA, evidencing a strict discipline of our commercial team when it comes to passing through cost to prices. It’s also worth pointing out that the 27.7% increase in service margins in Proseur alarms has to do with the macroeconomic dynamics of Argentina where inflation was much higher than the nominal depreciation of the currency, implying a real appreciation of the Argentinian peso. As for acquisition cost, the increase in both cases has to do with a deliberate strategy of increasing marketing expenses.

As thoroughly explained in our last analyst day, following a push strategy sets the virtuous cycle in motion leading to a multiplication effect. Let’s now turn to the following slide to see how all these indicators merge into an enhancement of recurring cash flow. It’s clear that the combination of higher service margin and good performance at a churn rate level implies a significant increase in recurring cash flow, that is the resulting cash after the clients that churn are fully reacquired. In the charts above, what we are showing is the twelve month rolling recurring cash flow of both Prosegur alarms and NPA. The one on the right side clearly indicates that the generating cash flow capacity of the two businesses combined for Prosegur stands at €75,000,000,000, 40 percent higher year over year.

As we have been suggesting for quite a while now, it seems that the market is not considering this when calculating the company’s fair value, reason why we see this as a natural catalyst. This concludes our analysis of the performance of each business line for the first three months of the year. Thank you all for your attention. I will now hand you the microphone back to our CFO, Maja Rodriguez, for her closing remarks.

Maite Rodriguez, CFO, Prosegur: Thank you very much, Juan Ignacio. Let me now share with you my closing thoughts on the most relevant conclusions of these results presentation. Overall, as we have seen during the presentation, all businesses reported enhanced operating efficiencies and strong results. On a consolidated basis, total sales increased 11%. Even more important is the fact that this increase was widespread across all geographies and further enhancing both geographic and product diversification, thus making the entire operation more sustainable.

EBITDA and net income increased by 4369%, respectively, mainly thanks to the good performance of all our business lines. In our Cash business, the remarkable 10% increase in organic sales was further enhanced by strict cost control and operational efficiencies, resulting in a 21% increase in EBITDA generation. Turning to our Security business, sales volumes increased by 12% compared to the previous year, and we achieved higher margins, thanks not only to scalability, but also to our robust client portfolio and an efficient price pass through. It is also noteworthy that there was a significant improvement in cash flow compared to last year despite being offset by seasonal growth. Lastly, our Alarm business demonstrated very solid growth, achieving 984,000 connections.

This growth is accompanied by strong results in key management indicators. We have seen improvement in churn, service margin and ARPU. This strong performance translates into a rolling recurring cash flow of EUR 75,000,000, implying a 40 year over year increase and pointing to robust cash generation. As said at the beginning of the presentation, these results not only reinforce the adopted strategy so far, but is also a good indication that we are in the good track to accomplish the objective set for the year. This was all on my side for this results presentation.

I would like to thank you all once again, and we are now open for Q and A.

Conference Operator: Thank you. We will take our first question. And this is from the line of Manuel Lorente Ortega from Santander. Please go ahead.

Manuel Lorente Ortega, Analyst, Santander: Yes. Hello. Good afternoon. My first question is on the security business. We have seen a pretty strong 17% organic growth in the quarter.

It will be great if you can give us some color regarding pricing, volume trends beneath that strong delivery and what we should expect for the coming quarters.

Conference Operator: Mute off.

Maite Rodriguez, CFO, Prosegur: Thank you, Manu. In relation to security, we are very happy how it’s evolving and how the results that we have this quarter. But it is true that this quarter, we we really want the the price pass through around 5%. So it’s not extrapolable these results for the rest of the year and for year end because we are having more coming from that those pass through cost pass through to to to prices. But we are happy on the trend, on the positive trend that we are having because we still continue.

We are very happy for year end also because our budget is better than the last year’s figures, and we are going to continue improving in a high single digit our our growth, and that means that our margin is also going to to to to improve little by little because, as you know, security business is a volume business, so we have to do it little by little. But, yes, with a very strict disciplining passing through inflation as a control and an improvement on absenteeism and even having a lean operational structure and and a healthy customer portfolio. The we think that our budget is achievable, and we are very positive in in the margins that we will achieve for year end. We will continue with the the same positive trend, but not as positive as it has been when we compare first Q twenty twenty four and first Q twenty twenty five. Mhmm.

Manuel Lorente Ortega, Analyst, Santander: And just and just a follow-up on on security then. You mentioned in that, the improving in margins is a combination of the operational level of the business plus some, let’s say, mix effects from from the client base. What we should expect going forward? Do you think that there is still room for further improvement in in mix given the enhanced in play and mix or any other consideration?

Maite Rodriguez, CFO, Prosegur: In in this business, in security business, as as I mentioned, all the improvements are little by little, and they are based in we always say the same thing. We have, like, five different strategies on the same time. We we and it’s like a little bit coming from everywhere. A little bit coming from trying to to pass through cost more than inflation. A little bit will come from there.

A little bit will will come from scalability because we are growing, and that growth will come bring scalability. A little bit is going to come from controlling the absenteeism that we we are really doing well also there. A little bit will come from the turnover of of our customers trying to to to implement more technology or trying to have a better margins on the on the customers that we have, also on the geographies where we are because, as you know, in USA, we have higher margins than in other countries. So that means that that if we grow more in USA, we will have better margins also in in in at group level. And also on the on the operational structure, if we are more lean, we will also or if we are leaner, we will also have a little bit of better margin.

So it’s not going to be something that, you we will really our goal, I guess, the the passing through or our goal is just scalability or just operational structure. No. It’s a little bit of everything. That’s why if you add all these, that’s why we were saying that we should improve our margins significantly. But I don’t want to give you a guidance on the margins because we have to analyze also the investments that we are doing in USA.

But if we ex exclude those investments, the the margins will be very good also for year end, but not as good as we have had them now. No? That it was, like, a final, I don’t know, a a bigger it was, like, a 49% of increase. That are last year, we closed in 3.26%. For 2025 full year, it’s not going to be those 49% increase.

That’s what I was trying to say. But it’s going to be a little bit of a regain.

Manuel Lorente Ortega, Analyst, Santander: Okay. Okay. So brick by brick. And and and probably my my my last question is on the on the on the leverage side. The the two times net debt to EBITDA, let’s say, indications that you mentioned at some time, it is still your central scenario for for this year given the, to some extent, slightly higher net debt at the beginning of the year?

Conference Operator: New of?

Maite Rodriguez, CFO, Prosegur: In in terms of debt, we I I I think that I already mentioned it on my on the two year results presentation that we were going to be between two and two point two times. I maintain it. We will be around there, between two and two point two times. It will depend on the growing of security because, as you know, for example, this quarter, our cash flow was 20 around $2,019,000,000 euros smaller just because of the volumes of security. So if we have good internally, we always we always say, if we have good growth, good quality growth, we are going to invest that cash flow.

So at the end of the year or at the end of the quarter, the 4Q, if we continue having a very good growth, maybe we could have a little bit more debt. But for sure that we are going to decrease the debt that we had last year, and we will be between two and two point two depending on this security business growth.

Conference Operator: Thank you. We’ll now take the next question. This is from Alvaro Lenso from Alantra Equities. Please go ahead.

Alvaro Lenso, Analyst, Alantra Equities: Hi. Thanks for taking my questions, and congratulations on the good set of results. The the first question is coming back to security. You’re you’re investing a lot on on The US. I I don’t know if you are seeing any slowdown from the the the for example, q one GDP in the country was was already negative, and and and the macro seems to be becoming a little bit less stable or or or more adverse.

Don’t know if you’re noticing any any slowdown on the security business. My second question would be on alarms. I have seen that you have reported a very strong increase in ARPU in Q1 in Prosegur alarms, and, you wanted to know whether this is you expect to maintain this €46 per per unit for the rest of the year or if you expect a decline, maybe you have front loaded a little bit of the inflation in Argentina and you expect that to to come down in euro terms in the in the rest of the year? And my third question would be regarding if you could provide some disclosure on the EBITDA generated by the other businesses that is not security and cash because we do not have the breakdown between alarms and and the other business and the corporate costs, but it has been significantly better than last year. In fact, it has been positive, while last year, you reported a little bit of an operating loss.

So if you could clarify that, it would be very helpful. Thank you.

Maite Rodriguez, CFO, Prosegur: Thank you, Alvaro, for your questions. In terms of the slowdown of USA that of USA that you are mentioning, USA is doing amazing. It’s really doing very, very well. We we are not observing these macroeconomics problems on our business mainly because in the in the type of in our in our budget for this year, our main goals were to focus on big customers and trying to achieve a name on USA. And in in this type of of customers, they are the value they are really valuing they really we are adding value to their business.

So we are not really noticing any kind of decrease in margins or not. We are still growing. We are even going to be above the budget in sales and in margins in both. So we are very happy with USA. I don’t know.

Maybe maybe in the future, I don’t know if we will have delays on DSO. We are not having them now. But I don’t know. Maybe if the if the country goes slowly or something, I don’t know, maybe we could be affected there. But now we have zero impact coming from the evolution of the country USA.

Going back to the your second question about the ARPU of alarm, you are right. I think that we already mentioned also on our split, but in the now the ARPU that we have is a little bit high coming coming because of the the Argentinian inflation. If we compare it with to last year, the inflation is higher, and we have a higher ARPU. We also have a higher cost because now if you go if you visit Argentina, you will see that everything is super expensive. And but it’s because of that.

So that’s why you don’t observe so much that impacting our service margin, but you observe it in the ARPU. So, yes, from my point of view, I think that during the year, something should decrease. It’s not going to be very significant, but something should decrease coming from Argentina. And in relation to your third question about how is Prosevul Tech doing, the sales of AVOS, you know, here we have, like, two, AVOS and Cypher, two different business lines. ABOS, in sales, we achieved €20,700,000 of sales.

That is 8% higher than last year. And in EBITDA, we are in €1,300,000. Last year was zero. So we have increased also there, and we have a margin of 6.2%. And in in the case so in the case of AVOD, we are happy.

They are it’s evolving very well. We have we are doing very well also with SysNet. We are we have an international plan. We are trying to set to enter in in in Colombia and in other different countries. So we are happy, but but as you know, for full year, I know I I really don’t know the the total budget that we have for the full year, but it’s not more than 100 or 100 something.

So it’s a very small it’s still very small business. And in the case of cybersecurity, we have close to €5,000,000 of sales. The EBITDA is negative in 2,000,000, and last year was more or less the same. One was I think that this year is five, and last year was 4.6, something like that. So and the EBITDA was also exactly the same, like two point three and two point three this year in negative.

Why is negative? As you know, this is an start up. The full year’s total sales, I think the last year were around 15 or 16,000,000 or something like that. And it’s a start up. It’s very small.

And what we are happy because we we are exceeding as you know, we enter in USA last year. We have a lot of that’s why our EBITDA is mainly negative because we are investing a lot in product, but also in in Salesforce. So and the Salesforce in in USA is quite expensive, and that’s why while they are learning the product and so on, it’s taking time. But this this month, in April, for example, they they are starting to to to have a very good pipeline and winning a big customer. So we will see how it evolves.

From now on, we are just, like, a kind of safety because it’s very, very, very small.

Conference Operator: Mute on.

Maite Rodriguez, CFO, Prosegur: Thank you.

Conference Operator: You. As a reminder, if there are any further questions, please press 11 on your telephone, and wait for your name to be announced. And to withdraw your request, you can press 11 again. There are no further questions at this time, so I will hand back to the speakers for closing comments. Thank Thank

Maite Rodriguez, CFO, Prosegur: you very much for attending this presentation. If you need further information, please contact our Investor Relations department, who is open to help you at any time. Have a nice day.

Conference Operator: Thank you. This concludes today’s conference call. Thank you for participating, and you may now disconnect.

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