Quadient (QDT) Q3 2026 TU earnings summary

Executive summary

• Q3 2025 revenue was €248 million, down 3.5% organically year-over-year, with 9M 2025 revenue at €765 million, down 3.1% organically; Digital and Lockers segments delivered strong double-digit subscription growth and network expansion, while Mail remained weak, especially in US hardware.

• Digital SaaS platform achieved #1 global ranking in customer communication management with 11% market share in 2024, recognized by IDC.

• Lockers business expanded in Europe, launching an open network in Italy and growing rapidly in the UK and France, with a global installed base of over 27,100 units.

• Major acquisitions included Cerenzia (Serensia) and the planned acquisition of CDP Communications, both reinforcing digital leadership and expected to be EBITDA accretive.

• FY 2025 guidance reaffirmed, expecting a low single-digit organic revenue decline and stable to low single-digit decline in current EBIT.

Financial highlights

• Digital revenue for 9M 2025 grew 7.9% organically to €206 million; Lockers revenue up 9.4% organically to €84 million; Mail revenue declined 9.0% organically to €476 million.

• Subscription-related revenue for Digital and Lockers grew 10.0% and 16.1% organically, respectively, over 9M 2025, totaling €569 million and representing 74% of total sales.

• Digital ARR reached €242 million, up 9.1% organically; Lockers subscription-related revenue at 65% of segment total.

• Non-recurring revenue declined 13.0% organically, mainly due to lower product placements in North America.

• Currency effects negatively impacted revenue by €19 million, offsetting positive scope effects from acquisitions.

Outlook and guidance

• FY 2025 guidance reaffirmed: low single-digit organic revenue decline and flat to low single-digit decline in organic current EBIT.

• EBITDA margin improvement expected in Digital and Lockers, with resilience in Mail; 2026 EBITDA margin targets by solution confirmed.

• 2030 ambitions confirmed, targeting group EBITDA margin of ~20% and over €1 billion revenue.