Quadient (QDT) Q4 2025 earnings summary

Executive summary

• Achieved consolidated sales of €1,092.6M in FY2024, up 2.8% year-over-year, with organic growth of 0.4%.

• Current operating income (current EBIT) was €146.0M, with a margin of 13.4%.

• Net income attributable to shareholders was €66.3M, with a net margin of 6.1%.

• Free cash flow reached €65.9M; net debt stood at €740.8M.

• Proposed dividend of €0.70 per share, up 8% from last year.

• Share buyback program launched for up to €30M; €10M repurchased to date.

Financial highlights

• Digital revenue: €266.9M (+7.7% organic), EBITDA margin 17.5% (+5.7 pts), ARR €232M (+12.7%).

• Mail revenue: €732.2M (-2.5% organic), EBITDA margin 27.4% (-2.5 pts), 68.1% subscription-related.

• Lockers revenue: €93.5M (+4.3% organic), EBITDA margin 0.6% (+3.6 pts), installed base 25,700 units.

• Group EBITDA: €247.4M (22.6% margin), up 3.0% organically.

• R&D expenses: €62.8M (5.8% of sales); capex €107.9M, mainly for Digital and Lockers.

Outlook and guidance

• Targets >1.5% organic revenue CAGR and >3% organic current EBIT CAGR for 2024-2026.

• 2030 ambitions: >€1.3B revenue, >€1B subscription-related, current EBIT ~€250M.

• Digital: ~10% organic CAGR, EBITDA margin >20% by 2026; Mail: ~-3% CAGR, EBITDA margin >25%; Lockers: >10% CAGR, EBITDA margin >10%.