Quadient (QDT) Q2 2026 earnings summary

Executive summary

• H1 2025 revenue was €517 million, down 3% organically, with strong growth in Digital and Lockers offsetting a temporary decline in US Mail hardware sales.

• Subscription-related revenue grew to €384 million (74% of total), with Digital and Lockers delivering double-digit growth and Mail segment declines.

• Major acquisitions included Package Concierge (Dec 2024) and Serensia (June 2025), strengthening digital compliance and parcel management.

• Recognized for leadership in AI, customer communications, and automation, with major customer wins in Digital.

• Current EBIT remained stable at €60 million (11.5% margin), with net income at €21 million.

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.

• Free cash flow: -€8 million, impacted by seasonality, debt interest, and tax one-offs.

• Net debt: €712 million, leverage ratio at 2.9x (net debt/EBITDA), improved from January.

• Gross margin: 74.4% (vs. 74.7% in H1 2024); current operating margin: 11.5%.

• Liquidity position: €423 million (cash + undrawn credit line).

Outlook and guidance

• H2 2025 revenue expected to increase, driven by Digital and Lockers, with a rebound in US Mail.

• FY 2025 organic revenue expected to decline low single digits; current EBIT to be flat or decline slightly.

• 2026 EBITDA margin targets: >20% Digital, >25% Mail, >10% Lockers; 2030 ambitions confirmed, including >€1.3B revenue and €250M EBIT.

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