Quadient (QDT) Q4 2026 earnings summary

Executive summary

• Accelerated digitalization and AI adoption drove strong demand for software solutions, with Digital and Lockers segments delivering robust revenue and margin growth in FY 2025, while Mail remained profitable despite market headwinds and a €124 million non-cash goodwill impairment.

• Strategic acquisitions (Serensia, CDP Communications, Package Concierge) and organizational changes strengthened positioning in e-invoicing, customer communications, and compliance.

Financial highlights

• FY 2025 group revenue was €1.036 billion, down 3.2% organically year-over-year, with negative currency impact; recurring EBITDA margin was 13%, total EBITDA margin 22.2%.

• Digital revenue grew 8% organically, Lockers up 11.4%, Mail declined 9.5%; Digital EBITDA margin at 18%, Mail at 27.1%, Lockers at 5%.

• Net attributable loss was €66–68 million due to €124 million Mail goodwill impairment; excluding this, net income was €58 million.

• Free cash flow after capex was €47 million, impacted by one-off settlements and working capital timing.

Outlook and guidance

• FY 2026 organic revenue growth expected between -2% and +2%, reflecting mail market uncertainty.

• EBITDA margin targets for 2026: above 20% for Digital, above 25% for Mail, above 10% for Lockers.

• 2030 ambitions: Digital revenue ~€550 million (up from €500m), Mail ~€500 million (down from €600m), Lockers above €200 million; Digital expected to become the largest segment by 2030 in both revenue and EBITDA.