Q1 2017 May 09 2017 1 IPO Prosegur CASH at a Glance Spain - PowerPoint PPT Presentation

Results Presentation Q1 – 2017 May 09 2017 1

IPO Prosegur CASH at a Glance Spain Europe 3% 7% • Start of Trading: 17 March 2017 US 37% • Initial Price: € 2 per Share • Subscribed Volume: 412.5 million shares (27.5% of Total UK Shares, including 2.5% of the execution of the Green Shoe) 53% • Proceeds: 750 million Euros (plus 75 million Green Shoe, Hedge Fund executed in April) 23% • Allocation: 100+ Institutional Investors (77% Long Only) 4 th largest operation in value worldwide and 1 st in Europe • in Q1 2017 (Source: EY Global IPO Trends 2017) Long Only 77% 2 2

Objectives Achieved Creating a Pure Player in Cash in Transit • Leader in profitability with the most advanced business model • Capable to lead the consolidation of the sector • Own publicly listed shares Boosting the other businesses • Funds deployment to accelerate growth of the customer base in Alarms (both organic & inorganic) • Continued investment in new technologies Enhancing PROSEGUR’s value proposition • Balancing of the portfolio & redistribute value across the different business lines • Increased visibility of standalone valuation for each division • Broadening of the investment proposition Remunerating shareholders’ confidence • Partial return to Prosegur shareholders by means of a special dividend 3 3

Main Indicators of the Quarter Growth in sales Profitability Financial Soundness Financial discipline is Increase by 18.9% EBIT grows by 21% maintained • Sales growth in all regions • Consistent margin increase in • Reduction of indirect costs and business lines CASH and SECURITY • Cash flow generation levels • Growth in local currency • Margin growth above sales are maintained despite above 12% increase seasonality • Improvement both in client • Net Debt reduction after profitability and internal Prosegur CASH IPO efficiencies 4 4

P&L Consolidated Results Q1 2016 Q1 2017 Reconciliation between Accounting and Business Million Euros Accounting Business 57 1,067 1,067 Sales 897 9 44 4 134 (1) 130 EBITDA 111 12.5% Margin 12.4% 12.2% IPO -26 Depreciation -21 -26 Extraordinary Cost 108 105 EBITA 90 Accounting (1) Expenses (2) Taxes Business -6 Amortization of Intangibles and Other -6 -6 Net Profit Net Profit 102 EBIT 84 98 Margin 9.2% 9.5% 9.4% -13 Financial Result -10 -13 Profitability Improvement 89 Profit before Taxes 85 74 Business figures 8.3% Margin 8.2% 8.0% -32 (2) Taxes -26 -41 21% Tax Rate 48.4% 35.7% 35.5% 20% 19% Net Profit 44 57 48 4 4 Minority Interest - 6% 53 Net Consolidated Profit 48 40 FX Sales EBITDA EBIT EPS 0.1 0.1 0.1 (Earnings per share) 5 5

Consolidated Sales and Margins Sales EBIT Business figures +21% +19% 102 6.1% 1,067 84 12.5% 0.3% 9.5% 9.4% 897 Q1 16 Org Inorg FX Q1 17 Q1 16 Q1 17 EBIT Margin EBIT 6 6

Main Indicators by Business Line CASH SECURITY ALARMS Sales Sales (*) BTC & Churn +25% +13% 443 487 418 424 369 388 10.2 % 9.7% Q1 16 Q1 17 Q1 16 Q1 17 FY16 Q1 17 Churn BTC EBIT (*) EBIT ARPU +8% 38.9 95 17 36.0 14 75 * Prosegur Security Ex Brazil 4.1% 3.9% 19.5% 19.4% Prosegur Cash sales exclude Chile’s Courier activity (sold in Sept. ‘16) Sales and EBIT in Million € Q1 16 Q1 17 Q1 16 Q1 17 FY16 Q1 17 ARPU in € BTC in ‘000s connections 7 7

Q1 2017 Results by Business Line 8 8

PROSEGUR CASH EBIT Sales +25% 7.8% 487 95 CASH 1.4% 16.2% 45% 75 388 19.4% 19.5% PROSEGUR Total Sales Q1 16 Org Inorg FX Q1 17 Q1 16 Q1 17 EBIT Margin EBIT Prosegur Cash sales exclude Chile´ s Courier activity (sold in Sept. ‘16) 9 9

PROSEGUR Prosegur SECURITY SECURITY • Growth above GDP in all geographies, especially in the LatAm region SECURITY • Strong sales growth, close to 60%, in Technological Solutions in Europe 49% • Continuing the turnaround in Security Brazil with margin improvement . However, volumes in Technology still reflect the recession and lack of new projects • Margin improvement due to the increase of technological security solutions as well as optimization in LatAm PROSEGUR Total Sales • CYBER SECURITY strengthens its structure and increases its capacities 10 10

Prosegur SECURITY Dynami mic Gu Guarding rding Monitori toring Sales * EBIT* Integ tegrate rated Se Serv rvices Contr trol Centers ters Fire Fir e Protecti rotection on Cybe ber r Sec ecuri urity ty 17 +13% 0.5% 418 0.2% 12.7% 14 4.1% 369 3.9% Q1 16 Org Inorg FX Q1 17 Q1 16 Q1 17 EBIT Margin EBIT * Prosegur Security Ex Brazil 11 11

PROSEGUR Prosegur ALARMAS ALARMS • Growth in sales of 20% ALARMS 6% • Total Contract Base growth almost doubles compared to same period in 2016, reaching 442.618 connections in total • Our sales force exceeds 1.700 sales people , maintaining productivity ratios stable at 2016 levels • Churn rate improves versus last year PROSEGUR • Increase in sales of Diversified Monitoring Products (Vehicle Tracking, Elderly Total Sales Assistance, Cloud CCTV…) 12 12

Prosegur ALARMS ARPU Euros +8% Sales 38.9 38.4 36.0 35.0 Ø 37.1 Residenti tial +20% Business 1.4% 61 18.0% -0.8% Vehicle tr tracking 2014 2015 2016 Q1 2017 51 Acc cces ess co control ntrol El Elderl rly assistan tance BTC Thousand connections 443 424 389 355 Q1 16 Org Inorg FX Q1 17 EBIT 2014 2015 2016 Q1 2017 5 4 Churn Rate 10.1% 6.7% 10.3% 10.2% 10.2% 9.7% Q1 16 Q1 17 2014 2015 2016 Q1 2017 EBIT Margin EBIT 13 13

Financial Information 14 14

Net Profit Q1 17 Q1 17 Consolidated Results Q1 16 Var. Million Euros Accounting Business 102 98 21.0% EBIT 84 Financial Result -13 -13 -10 89 Profit Before Tax 85 74 19.9% Margin 8.2% 8.0% 8.3% Ordinary Tax -32 -32 -26 Tax Rate 35.7% 35.5% - Restructuring Tax - -9 57 Net Profit 48 44 18.8% Minority Interest - 4 4 53 Net Consolidated Profit 40 48 11.8% Margin 3.8% 5.0% 5.3% EPS 0.1 0.1 0.1 (Earnings per share) 15 15

Consolidated Cash Flow Consolidated Cash Flow Q1 2016 Q1 2017 Million Euros Accounting EBITDA 111 130 Organization restructuring expenses 4 Business EBITDA 134 Provisions and other non-cash items 11 3 Tax on profit (ordinary) (22) (37) Changes in working capital (79) (53) Interests payments (3) (23) • Cash conversion rate improves by more Operating Cash Flow 18 24 than 200bps vs. first quarter in 2016 Acquisition of property, plant and equipment (24) (44) Payments for acquisitions of subsidiaries (44) (15) • DSO improvement vs. Q1 2016 Dividend payment (16) (21) Prosegur Cash IPO - 750 Other - (2) • Positive impact of proceeds from Prosegur Cash Flow from Investment / Financing (84) 667 Cash IPO Total Net Cash Flow (66) 692 Initial Net Financial Position (616) (712) Net increase / (decrease) in cash (66) 692 Exchange rate (12) 4 Final Net Financial Position (31/03/2016-17) (694) (17) 16 16

Total Net Debt Million Euros 637 -61 • Net financial position has decreased by 695 Million 36 30 35 30 Euros compared to 2016 closing figures • Average cost of debt for the period in line with last 712 694 706 exercise 669 Ratio Financial Net Debt / EBITDA  • 0.04x 27 17 -93 -102 -116 -111 -105 Ratio Financial Net Debt / Equity  • 0.01x Mar. 2016 Jun. 2016 Sep. 2016 Dec.2016 Mar. 2017 Deferred Payments Net Financial Position Treasury Stock* *Treasury stock at market price as of 31 March 61 750 -637 -20 -17 -15 Total Net Debt Dec. 16 Free Cash Flow (ex M&A) Others M&A Payments Proceeds IPO Total Net Debt Mar. 17 Business -37 MM € Extraordinary 735 MM € 17 17

Balance Sheet FY 2016 Q1 2017 Million Euros Non-Current Assets 1,568 1,604 Tangible fixed assets 558 587 Intangible assets 785 790 Other 225 227 Current Assets 2,066 2,617 Inventories 87 92 1,238 Customer and other receivables 1,155 1,287 Cash and cash equivalents and other financial assets 825 • Balance sheet reflects the impact of TOTAL ASSETS 3,635 4,221 Prosegur Cash’s IPO both in cash position and equity 1,554 Net Equity 751 37 Share capital 37 • Part of the proceeds already assigned Treasury shares (53) (53) to cancel short-term facilities 1,484 Retained earnings and other reserves 767 Minority Interest 1 86 Non-Current Liabilities 1,570 1,526 1,171 Bank borrowings and other financial liabilities 1,224 Other non-current liabilities 347 354 Current liabilities 1,313 1,141 172 Bank borrowings ant other financial liabilities 358 Trade payables and other current liabilities 955 970 4,221 TOTAL NET EQUITY AND LIABILITIES 3,635 18 18

Conclusiones Excellent results of Prosegur CASH IPO Significant sales increase in all business lines Continued profitability improvement despite seasonality M&A transactions closed in South Africa (Alarms) and Australia (Cash) Margin improvement of security business in all regions and continued recovery of Brazil Alarms growth on track, with improvement of key indicators versus last year Sustained financial discipline , cash flow generation and excellent net financial position 19 19

Q & A

Annex