Quadient (QDT) Q2 2027 earnings summary

Executive summary

• Strategic pivot to Digital, targeting it as the largest and most profitable solution by 2030, with leadership changes and direct CEO oversight; Lockers business reviewed, UK open network sold for €65 million, and sale process for remaining Lockers assets underway.

• H1 2026 revenue at €448 million, down 2.0% organically, with Digital up 6.7% and Mail down 5.7%.

• EBITDA margin at 21.5%, with Digital margin stable at 14.5% and Mail margin resilient at 24.9%.

• Sale of UK Lockers network for €65 million, with total expected proceeds of €120 million, reducing leverage guidance to 1.2x.

• Over 950,000 entities registered for France's e-invoicing mandate, with 700,000+ invoices processed since September 1.

Financial highlights

• H1 2026 revenue: €448 million, down 2.0% organically year-over-year; Digital revenue: €146 million (+6.7% organic), Mail revenue: €302 million (–5.7% organic).

• EBITDA: €96 million (21.5% margin), current EBIT: €57 million (12.7% margin); net income from continuing operations: €21 million.

• Free cash flow: €34 million, a significant improvement from negative €4 million last year.

• Gross margin stable at 77.0%.

• Basic EPS: €0.26; diluted EPS: €0.25.

Outlook and guidance

• FY 2026 guidance (excluding Lockers): organic revenue change of –3% to +1%, EBITDA margin above 19% in Digital and above 24% in Mail.

• Leverage ratio (excluding leasing) targeted at 1.2x by year-end, assuming UK Lockers sale completion.

• 2030 ambitions: €550 million Digital revenue, €500 million Mail revenue, Digital EBITDA margin c.30%.