Quadient (QDT) Q2 2026 earnings summary

Executive summary

• H1 2025 revenue was €517 million, down 3.2% year-over-year (3.0% organic), with strong Digital and Lockers growth offsetting a temporary US Mail hardware decline.

• Subscription-related revenue grew to €384 million, now 74% of total revenue, with double-digit growth in Digital and Lockers.

• Current EBIT/EBITDA remained stable at €60 million, with a margin of 11.5%, and net income was €21 million.

• Major acquisitions (Serensia, Package Concierge) contributed to segment growth and digital compliance offerings.

• Digital and Lockers segments delivered robust growth and profitability, while Mail faced headwinds but maintained profitability through cost controls.

Financial highlights

• Revenue for H1 2025: €517 million, down 3% organically year-over-year; EBITDA margin: 21.0%.

• Net income: €21 million; EPS: €0.60 (diluted €0.59); free cash flow: -€8 million.

• Net debt: €712 million; leverage ratio: 2.9x (including leasing), improved from January.

• Equity stood at €1,069 million as of July 2025.

• Subscription revenue: 74% of total, with Digital at 84.5%, Mail at 71.6%, Lockers at 64.9%.

Outlook and guidance

• H2 2025 revenue expected to improve, driven by Digital and Lockers, with Mail rebounding in the US.

• FY 2025 guidance: low single-digit organic revenue decline, current EBIT/EBITDA stable or slightly down.

• 2026 EBITDA margin targets: Digital >20%, Mail >25%, Lockers >10%; 2030 ambitions reaffirmed.

• 2030 targets: >€1.3B revenue, >€1B from subscriptions, EBIT ~€250M; climate strategy: net zero by 2050.

• Suspension of detailed Digital and Lockers guidance for 2023-2026 due to US Mail market uncertainty.