Quadient (QDT) Q1 2027 TU earnings summary

Executive summary

• Q1 2026 revenue reached €243 million, down 1.9% organically year-over-year, with strong Digital ARR growth and easing Mail revenue decline.

• Subscription-related revenue expanded to 77% of total revenue, up from 70% in Q1 2022.

• Digital ARR accelerated to 16% annualized growth, driven by e-invoicing and CCM momentum, especially in France.

• Lockers segment saw 18% organic growth in subscription revenue, now representing 80% of segment revenue, despite a high comparison base for hardware sales.

• Full-year 2026 guidance reaffirmed, expecting continued solid growth in Digital and Lockers subscriptions and further easing of Mail revenue decline.

Financial highlights

• Q1 2026 revenue was €243 million, down 1.9% organically and 6.0% as reported compared to Q1 2025.

• Subscription-related revenue rose 1.3% organically to €188 million, making up 77% of total revenue.

• Digital revenue grew 6.8% organically to €71 million; Mail declined 5.2%; Lockers declined 3.8%.

• Non-recurring revenue declined 11.3% organically, reflecting lower professional services and hardware sales.

• Currency effects negatively impacted revenue by €12 million in Q1.

Outlook and guidance

• Full-year 2026 organic revenue change expected between -2% and +2%.

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

• Digital and Lockers expected to maintain strong subscription-related revenue growth; Mail decline to continue easing.

• ARR growth in Digital expected to progressively translate into revenue over the next 12 months.