Quadient (QDT) Q2 2025 earnings summary

Executive summary

• H1 2024 consolidated sales reached €534 million, up 3.2% reported and 0.8% organically year-over-year, with 72% of revenue from subscriptions and strong North American performance.

• Digital platform received high industry rankings and French government PDP accreditation, positioning for upcoming e-invoicing regulations.

• Net attributable income was €24 million, down from €36-37 million last year, impacted by an €8 million IT project write-off and higher debt costs.

• Launched new strategic plan, Elevate to 2030, and a €30 million share buyback program, reflecting confidence in strategy and financial targets.

• Major events included the acquisition of Frama, expansion of the parcel locker network, and new strategic partnerships in Europe, North America, and Japan.

Financial highlights

• H1 2024 revenue reached €534 million (+3.2% reported, +0.8% organic), with subscription revenue at €384 million (72% of total).

• Current EBIT was €61 million (11.5% margin), up 0.3% organically; EBITDA was €111 million (20.8% margin), nearly flat year-over-year.

• Free cash flow after CapEx improved to €3 million from -€15 million last year.

• Net debt at €726 million as of July 2024; leverage ratio (excluding leasing) improved to 1.6x.

• Liquidity position of €494 million (cash and undrawn credit line); all financial covenants met.

Outlook and guidance

• Full-year 2024 guidance confirmed for organic growth in revenue and current EBIT.

• 2024-2026: >1.5% organic revenue CAGR, >3% organic current EBIT CAGR; 2030 targets: >€1.3bn total revenue, >€1bn subscription revenue, ~€250m current EBIT, and -35% CO₂ reduction vs. 2018.

• Digital: ~10% organic CAGR, >20% EBITDA margin by 2026, >€500m revenue by 2030.

• Lockers: >10% organic CAGR, >10% EBITDA margin by 2026, >€200m revenue by 2030.

• Mail: ~-3% organic CAGR, >25% EBITDA margin by 2026, >€600m revenue by 2030.