Quadient (QDT) Q2 2027 earnings summary

Executive summary

• Strategic pivot to Digital continues, targeting Digital as the largest and most profitable solution by 2030, supported by 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 was €448 million, down 2.0% organically, with Digital up 6.7% and Mail down 5.7% organically.

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

• Net income attributable to the Group was €9.9 million, impacted by discontinued Lockers operations and lower operating income.

• Free cash flow improved to €34 million, a significant increase from negative €4 million in H1 2025.

Financial highlights

• H1 2026 revenue: €448 million, down 2.0% organically; 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; net income attributable to the Group: €9.9 million.

• Free cash flow: €34 million, up from negative €4 million last year.

• Gross margin stable at 77.0%.

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%, Mail margin 20–25%.

• Sustainability targets: net zero emissions by 2050, 64% reduction in Scope 1 & 2 and 30% in Scope 3 emissions by 2030.