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PRESS RELEASE 2021 SECOND - QUARTER SALES AND HALF - YEAR RESULTS quadient Because connections matter . Strong first - half 2021 performance with double - digit organic sales growth , improved profitability and sustained free cash flow ; Upgraded 2021 outlook " Key Highlights • • • Consolidated sales of € 504 million in H1 2021 , reflecting an organic growth of 11.1 % ¹ vs. H1 2020 ; Second - quarter sales up 11.1 % organically ; Current EBIT² of € 70 million in H1 2021 , up 28.2 % on an organic basis vs. H1 2020 ; Improved profitability , with EBITDA margin at 23.5 % in H1 2021 vs. 21.5 % in H1 2020 ; Sharp increase in net attributable income at € 45 million in H1 2021 vs. € 21 million in H1 2020 ( + 110 % ) ; Strong free cash flow³ of € 54 million in H1 2021 , reinforcing the Group's robust liquidity position of € 722 million as at 31 July 2021 ; Improved leverage ratio³ at 2.0x despite the acquisition of Beanworks with a net debt of € 526 million as at 31 July 2021 . 2021 Outlook Full - year 2021 organic sales growth still expected above 4 % : guidance maintained thanks to better - than - expected performance across all solutions offsetting the impact of divestment of automated packing systems ; Full - year 2021 current EBIT² organic growth guidance revised upward : it is now expected above 6 % versus between 5 % and 6 % previously expected ; Both sales and current EBIT² organic growth CAGR guidance over 2021-2023 confirmed . Paris , 27 September 2021 , Quadient ( Euronext Paris : QDT ) , a leader in business solutions for meaningful customer connections through digital and physical channels , announces today its 2021 second - quarter consolidated sales and half - year results . Geoffrey Godet , Chief Executive Officer of Quadient , stated : " We maintained a good revenue performance in the second quarter , confirming the strong rebound already achieved in the first quarter . Our Intelligent Communication Automation offering clearly benefits from the recent additions of growing AP / AR solutions , we are acquiring new customers across all software solutions and the shift of our business model to SaaS subscription is accelerating . Mail - Related Solutions is benefiting from a robust recovery in equipment sales , supported by the renewal of our smart mailing systems with successful launches in the US and ongoing deployment in Europe . Finally , our Parcel Locker Solutions installed base is growing steadily , with new units deployed in the US , France , UK , Japan and across carriers , retail , residential , universities and corporate segments . In the meantime , our EBITDA margin has improved due to higher sales , synergies and operating efficiencies . As we celebrate the 2 - year anniversary of our brand , we symbolically crossed 10,000 software customers . Looking ahead , we remain firmly committed to drive sustainable value by thoroughly executing the second phase of our Back to Growth strategy . With the recent acquisition in AP software solutions and the divestment of our Drachten industrial facility , we have further reshaped our portfolio to better focus on our customer needs driven by the increased digitalization of finance and 1H1 2021 sales are compared to H1 2020 sales , from which is deducted revenue prorata temporis from ProShip and the graphics activities in Australia and New Zealand and to which is added revenue prorata temporis from YayPay and Beanworks , for a consolidated amount of - € 13 million , and are restated after a € 20 million negative currency impact over the period . Q2 2021 sales are compared to Q2 2020 sales , from which is deducted revenue prorata temporis from the graphics activities in Australia and New Zealand and to which is added revenue prorata temporis from YayPay and Beanworks , for a consolidated amount of - € 6 million , and are restated after a € 8 million negative currency impact over the period . 2 Current operating income before acquisition - related expenses . 3 Cash flow after capital expenditure . 4 € 322 million of cash and € 400 million of undrawn credit line , the latter maturing in 2024 . 5 Net debt / EBITDA generated in the last 12 months . Data taking into account IFRS 16 . 6 On the basis of 2020 current operating income before acquisition - related expenses excluding Parcel Pending's earn - out reversal , i.e. € 145 million , with a scope effect resulting in a € 140 million proforma . Interim review procedures were performed by the statutory auditors . Their interim review report is currently being issued . 1/16