Renta 4 | The Q1 2026 results not only match, as we mentioned in our previous report, but exceed the figures for the same quarter of the previous year, despite the depreciation of several currencies (USD, INR, ARS) against the euro, and its consequent impact on revenue (down 6.2%).
Revenue has even increased by 1% year-on-year, in line with estimates, thanks to an excellent performance of the underlying business, which has resulted in organic growth of 7.8%.
In terms of operating profit, the figures slightly exceed our forecast and the market consensus, with EBITDA of €87 million (compared to Renta 4’s €84 million estimate and consensus’ €83 million) thanks to the excellent performance of the security business, which, despite including a negative currency impact of 5.2%, saw reported revenue increase by 4.4% (9.6% organic growth) and EBITDA by 12.7%, expanding the margin by 20bps to 2.8%.
As we mentioned yesterday regarding Prosegur Cash, the bottom line of Prosegur’s income statement has also improved due to lower PPA amortisation, financial expenses and taxes, and thus net profit rose by 15% to €33 million.
These positive results were achieved in an adverse environment due to the negative movement of exchange rates for the various currencies in which the company operates, which exceeded inflation rates in these countries, thereby making it difficult to pass on this depreciation to final prices. Looking ahead to the second half of the financial year, we expect current trends to continue, with high growth rates in business activity and possibly a reduced impact from exchange rates, which should even allow for an improvement in results compared to Q1 2026.
We reiterate our OVERWEIGHT recommendation.
