Could you summarize the main milestones of the company that have marked this quarter?
In sales We have had a very solid growth in euros, close to 10%which demonstrates the strength of the company’s business. This advance includes a organic growth of 13.3 %figure that reflects progress in all geographies and, very particularly, in Asia-Pacificwhere we not only consolidate India Since April 1 of last year, but also the region has experienced a organic growth greater than 40% In this quarter.
In it Ebitda margin we have improved up to 11.8%which means a 110 basic points improvement Regarding the same period of the previous year. In relative terms with respect to last year, the Ebitda of the first quarter has reached the 61 million eurosa 20.9 % growth compared to last year.
In the final line, the Net result grew by 35.1%evidencing the operational leverage and the improvement of profitability from an increase in sales near 10% to a 35% growth in the lower part of the results account. Another element to highlight is the Very solid increase in transformation products sales They grew by 14.1% and already represent 33%, increasing their penetration into 130 basic points compared to previous years, which underlines customer confidence in this line of business.
Finally, in Free Box Generationwe have generated 5 million euros in the quarter (compared to the million of the previous year), and in comparable terms over 12 months we have reduced the total debt in absolute terms with a neutral impact by exchange rate, which positions ourselves in a range of comfortable and sustainable leverage.
The figures both for benefit (24 million) and in sales (516 million) have been really positive. What growth engines have contributed to reaching this data?
In Asia-Pacific The increase in sales has been 152%. Of that figure, 110% respond to the perimeter change due to the consolidation of India. Organic growth has risen to 43.3 %, driven by the good performance of transformation products, the proper functioning of economies in that region, the collection of new contracts and the growing confidence of customers in India, Indonesia or the Philippines.
Latin Americawhich represents 61% of our sales and is our main region, has also had a very important growth, close to 6% in euros, with organic growth of more than 18%. The currency effect has been almost 13%, which shows that this region is also worked very well.
Finally, in Europawe have had a slightly more stable sales, mainly for a calendar effect issue. Recall that last year, Holy Week fell in March and this year it has fallen in April, so that last year’s sales entered the first quarter and not.
In «by form» terms, growth would have been 3%-4%, well above the European average, despite not reaching the levels of Latin America or Asia-Pacific.
The Net Debt Ratio/Ebitda LTM is 2.3 times, 0.5 below the same period last year. How will that debt be managed? Have you thought about refinancing measures?
We have a bonus that expires in February 2026 with a very competitive guy, which allowed us to structure a very solid financing block. Since then, the evolution of interest rates has been favorable: levels have descended significantly since the peak of inflation of a couple of years ago, and this improves our refinancing perspectives.
We are opening several alternative financing routes, which we are very calm. We already have practically assured the roads to continue with a more flexible financing scheme and with greater control of the curve over time, which we are calm about it.
We have several alternatives already signed and a few aligned to see according to these months how they are completed.
By regions, Asia-Pacific although it represents a lower volume has experienced the greatest growth in the different strategic markets in which it operates. What growth forecasts does prosegur cash have in the next three months? Will the upward trend in Asia-Pacific be maintained?
I believe that in 2025 we have, of course, an eye very put in the macro situation and the certain instability and geopolitical uncertainty there are. Where you look there are some uncertainty, but at the same time we are seeing that consumption is being maintained, which is positive about it.
We believe that 2025 should be a good year; We see a good organic growth that will undoubtedly maintain in Asia-Pacific, we believe that Latin America will continue with a good growth trend, currencies should accompany, with which that is a good sign.
And Europe, between that we are not going to have the calendar effect that we had in the first quarter and the series of initiatives we have underway, we also trust that it is recovering land. With which, in general we are optimistic with respect to the evolution of the company in 2025.
Transformation products have continued to grow double digit, registering an increase of 14.1% and reaching sales of 170 million euros. What are the solutions that have allowed this volume?
In general, they are all behaving in a very positive way. I believe that the two who are leading in terms of volume, that growth of 14.1% and the additional 21 million, imply many contracts and many clients that deposit their trust. We are really grateful to them.
These transformation products are fundamentally based on two solutions: Cash Today y Forex.
Cash Today or cash automation machines in trade, which are running frankly well in all geographies.
The growth of Exchange business or of changing currency Forex. In this product we have been investing in a very determined way, it is demonstrating in good growth in sales, and that the first quarter is a quieter quarter in that market because there is less international traveler movement.
In addition, we have just started the operations of the joint-venture What we have with Eurboard For the development of the ATM market in Latin Americawith the beginning of operations in the Dominican Republic and in Peru. This alliance for us is very important because it is a seed that is now small but surely it will be an important growth engine, as both Cash Today and Forex are already.
After the blackout last week. Has any effect on the demand for cash management and transport services been observed? Do you consider that it will have a positive impact for Prosegur Cash in the short-medium term?
I believe that what happened last Monday has shown the importance of cash for the resilience of the economy. That is, not only that the cash has a series of attributes that it is not possible to replicate them in terms of their ability to include all the extracts of society or its element of protection of privacy or management and education of domestic spending, but has shown that it is a fundamental element for the resilience of trade. It is the only means of payment that never fails. So I believe that those 10 hours that we were with the blackout have shown that everyone has to have effective.
It is recommended to have effective in the famous emergency kit, which reinforces awareness about the need to have cash. If the ten -hour blackout had lasted two or three days, as has happened in natural disasters in the southern United States, Haiti or Chile, the absence of cash would have paralyzed trade and could trigger serious episodes of social disorder. To avoid this risk, it is essential to maintain and use effective, and this event has been a clear call for attention in this regard.
In general, what expectations and objectives does Prosegur Cash this year?
For the rest of 2025, we will keep the macroeconomic environment, which remains changing, although for the moment it shows some resilience, especially in Latin America and Asia-Pacific. In Europe the panorama is more stable.
We are optimistic about the year, we believe that we will continue to see a Growth clearly above the GDP in the different geographies in which we are present. We also anticipate an increase in the penetration of our transformation products and we will be able to translate that impulse into greater operational efficiencies, as we have already begun in the first quarter. This will allow us Raise the Ebitda, keep the absolute debt controlled and improve our relative leverage.
In addition, we will continue having a Very strong commitment to compensation to the shareholder. By 2025, the compromised dividend has risen from 60 to 63 million euros and, together with the 8 million shares of shares, the total remuneration will go from 60 to 71 million.
Get a balanced growth, advance in disappointment and, at the same time, raise the compensation to the shareholder, I think it is a good combination. We are very positive with respect to 2025.