Quadient (QDT) Q4 2025 earnings summary

Executive summary

• FY 2024 revenue was €1,093m (+2.8% reported, +0.4% organic) and current EBIT was €146m (+2.2% organic), meeting financial targets.

• Digital and Lockers growth and improved profitability offset Mail pressure; subscription-related revenue reached €777m, 71% of total.

• The Elevate to 2030 plan began strongly, with acquisitions, subscription expansion and refinancing supporting strategic goals.

• Proposed dividend increased to €0.70 per share, alongside a €30m share buyback program.

Financial highlights

• Revenue rose from €1,062m to €1,093m; organic growth was 0.4%, with a €24m positive scope effect and nearly neutral currency impact.

• Current EBIT was €146m, nearly flat reported and up 2.2% organically; Digital and Lockers added over €26m EBITDA, offsetting an €18m Mail EBITDA decline.

• EBITDA reached €247m, up 1.2%, with a 22.6% margin; current EBIT margin was 13.4%.

• Net attributable income was €66m versus €69m; EPS was €1.94 versus €2.02.

• Free cash flow after CapEx was €66m, up from €64m.

Outlook and guidance

• 2025 guidance calls for acceleration in organic revenue and current EBIT growth versus 2024, with revenue growth expected to build after a softer Q1.

• 2024–2026 minimum CAGR guidance remains 1.5% for organic revenue and 3% for organic current EBIT.

• Digital EBITDA margin is on track to exceed 20% by 2026; Lockers targets a 10% EBITDA margin by 2026.

• Mail is expected to decline at a ~3% CAGR over three years; Frama is expected to cease diluting Mail profitability in 2025.