Prosegur
Spanish cash logistics and physical security group running armored transport, guards, and alarms.
On the record
Checkpoint: Q2 2026 results showing whether Alarms and tokenization growth offset Security margin pressure
The call
Prosegur's licenses and armored infrastructure keep AI and rivals out of its core cash and guard business, but thin security margins leave little room if Securitas or pricing pressure bites.
Prosegur is a Spanish company that transports cash, provides armed security guards, and manages ATMs and alarm monitoring across Europe and Latin America. It is hard to copy because each country requires special government licenses, armored trucks, and insurance that take years and millions of euros to build, while AI software cannot replace the physical work of moving real money or responding to break-ins in person. The biggest risk is that Securitas, Prosegur's largest rival, just spent 3.2 billion dollars buying Stanley Security to combine their technology and security teams, so whether Securitas can actually use AI to cut costs faster than Prosegur and steal customers over the next two years will determine if Prosegur's advantage holds.
Why
01
AI pressure: AI-native video monitoring and alarm triage software. AI can cut monitoring center headcount, but Prosegur is deploying its own tools (GenzAI, Hawk-Eye, iSOC) rather than getting replaced by them. Could AI do the core job? Unlikely.
02
Bigger players: Securitas (via Stanley Security acquisition). Securitas is pushing tech-enabled security bundles that could squeeze Prosegur's already-thin 3.5% Security EBITA margin. Could a giant copy it? No, they are blocked.
03
What protects it. Per-country licenses, armored fleets, and liability requirements for cash and armed response that software or new entrants cannot copy quickly.
What would change this call
Securitas reports enterprise security contract wins in Europe in 2026 results. Would show Prosegur losing enterprise security share to Stanley-integrated Securitas.
Prosegur Security division EBITA margin falls below 3.5% in Q2 2026 (July 31, 2026). Would show pricing pressure eroding the thin margin cushion in security.
A bank or fintech announces a lower-cost cash-handling deal bypassing Prosegur Cash. Would show a non-traditional rival taking banking cash-logistics contracts.
Prosegur Security division EBITA margin falls below 3.5% in Q2 2026 (July 31, 2026). Would show pricing pressure eroding the thin margin cushion in security.
A bank or fintech announces a lower-cost cash-handling deal bypassing Prosegur Cash. Would show a non-traditional rival taking banking cash-logistics contracts.
Key numbers
- FY2025 revenue €4.93 billion, +10% organic
- Net profit €119 million, up 52.8% YoY
- Security division EBITA margin only 3.5%, €90 million
Named risks
- Argentina and LatAm currency depreciation cutting reported growth, ~9.9pp FX drag in FY2025.
- Thin 3.5% Security division EBITA margin leaves little room for pricing pressure from tech-enabled rivals.
- EU AI Act Article 50 transparency rules effective August 2, 2026 could raise compliance costs for AI video products.
- Family ownership concentration (~74.8-81%) via Gubel raises succession and governance concentration risk.
- Prosegur Cash headcount decline (-8.6% YoY in 2025) signals possible automation-driven cash-handling contraction.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Securitas AB | contesting | Acquired Stanley Security for $3.2B in 2022 to scale tech-enabled security against Prosegur |
| Brink's | contesting | Direct peer in cash logistics, both hold top positions per 2025 secure logistics market reports |
| Loomis | contesting | Direct peer in cash-in-transit competing globally as of 2025 industry reports |
| GardaWorld | contesting | Named alongside Prosegur as top secure logistics player in 2025 market research |
| Allied Universal | contesting | Competes in manned guarding/security services per 2024-08-26 competitive analysis report |
Questions people ask
- Is Prosegur profitable in 2025?
- Yes. Prosegur reported consolidated net profit of €119 million for FY2025, up 52.8% year on year, on consolidated sales of €4.930 billion (+0.5% reported, +10% organic), announced February 26, 2026.
- Could AI replace Prosegur's security guards?
- Unlikely for core services. AI can automate alarm triage and video analytics, which Prosegur itself ships via GenzAI and Hawk-Eye, but armored cash transport and licensed armed guarding remain regulated, liability-bearing physical activities that models cannot perform as of March 2026.
- Who owns Prosegur?
- The founding Gut/Revoredo family controls Prosegur through the holding company Gubel, S.L. A mid-2024 voluntary tender offer raised the family stake to roughly 74.8% to 81.4%, with Helena Revoredo Delvecchio chairing the board and her son Christian Gut Revoredo serving as CEO.
- Is Prosegur's biggest competitor Securitas or Brink's?
- Both are considered top rivals. Brink's, Loomis, and GardaWorld compete directly in cash logistics, while Securitas AB is the largest threat in tech-enabled manned security after its $3.2 billion Stanley Security acquisition in 2022, per industry reports.
- How much of Prosegur's revenue comes from technology now?
- Prosegur states (vendor-claimed) that over 30% of group-wide turnover was tied to technological innovation as of its 50th anniversary announcement on March 25, 2026, with over 35% of Prosegur Cash's 2025 revenue from tokenization/asset transformation products.
- Is Prosegur facing risk from Argentina's economy?
- Yes, FX effects subtracted about 9.9 percentage points from Prosegur's FY2025 reported sales growth, mainly due to Argentina and Latin American currency depreciation, even as underlying organic growth reached 10% for the year ended December 31, 2025.
Timeline
- 2026-07-31Prosegur scheduled to present Q2 2026 results in Madrid
- 2026-05-05Prosegur presents Q1 2026 results
- 2026-03-25Prosegur marks 50th anniversary, cites over 30% of turnover from tech innovation
- 2026-02-27Prosegur Cash reports FY2025 net profit up 3.3% to €94 million
- 2026-02-26FY2025 consolidated net profit reported at €119 million, up 52.8% YoY
- 2025-10-309M 2025 net profit reported at €96 million, up 47.2% YoY
- 2025-09-10Prosegur named to TIME's World's Best Companies list for second year
- 2024-06-30Voluntary tender offer raises Gubel family stake to 74.8-81.4%
- 2023-06-30Australian cash-in-transit merger with Linfox Armaguard gets regulatory approval
- 2022-12-31Securitas AB acquires Stanley Security for $3.2 billion
Revision history
24 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Prosegur's 2025 consolidated net profit up 52.8% to €119 million (2026-02-26)
- Prosegur FY25 slides: net profit surges 44% despite forex headwinds (2026-02-27)
- Prosegur net profit up 47% to €96 million (2025-10-30)
- Prosegur celebrates its 50th anniversary with 30% turnover driven by innovation (2026-03-25)
- Prosegur among world's 1,000 best companies (2025-09-10)
- Prosegur Compañía de Seguridad employees
- Prosegur Services Group Number of Employees 2026 (2026-06-29)
- Prosegur Cash Number of Employees 2026 (2026-06-29)
- Who Owns Prosegur Compania de Seguridad Company? (2026-04-14)
- Prosegur Cash net profit up 3.3% to €94 million in 2025 (2026-02-27)
- wikipedia.org (Prosegur, Global presence)
- Secure Logistics Companies (2026-04-05)