Slides
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1© 2025 Quadient. All rights reserved. QUADIENT 2025 first-half results 24 September 2025
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2© 2025 Quadient. All rights reserved. Disclaimer FORWARD-LOOKING STATEMENT This presentation contains forward-looking statements (made pursuant to (i) the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and (ii) the principles of the French Autorité des Marchés Financiers' guide to periodical disclosures of listed companies (DOC-2016-05) of 28 July 2023), which, by their nature, involve a degree of risk and uncertainty. Forward-looking statements represent the Company’s judgment regarding future events and are based on currently available information. Consequently, the Company cannot guarantee their accuracy and their completeness. Actual results may differ materially from those the Company anticipated due to a number of uncertainties, many of which the Company is not aware of. For additional factors that may cause the Company’s actual results to differ materially from expectations and underlying assumptions, please refer to the reports filed by the Company with the Autorité des Marchés Financiers (French Financial Markets Authority – “AMF”).
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3© 2025 Quadient. All rights reserved. Agenda 05 01 H1 2025 Highlights 03 Conclusion02 H1 2025 Business review H1 2025 Key financials 04 H1 2025 Quadient financials
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4© 2025 Quadient. All rights reserved. H1 2025 01 Geoffrey GODET Chief Executive Officer HIGHLIGHTS
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5© 2025 Quadient. All rights reserved. Strong performance in Digital and Lockers Stable current EBIT despite temporary softer US mail market Organic change excludes currency and scope effects. % of change vs. the same period last year. ▪ Continued good momentum in Digital with double-digit growth in subscription- related ⁻ Strong prospects from Serensia Accredited e-invoicing Platform ▪ 30% reported growth in Lockers, including Package Concierge ▪ Temporary low point in the US renewal cycle of mail equipment, impacting hardware sales, as expected ▪ Resilient double-digit current EBIT and EBITDA margins ▪ Sustained Mail and Digital high profitability ▪ Strong gains in Lockers profitability H1 REVENUE AT €517M, -3% ORGANICALLY H1 CURRENT EBIT AT €60M, STABLE YOY
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6© 2025 Quadient. All rights reserved. H1 2025 Laurent du PASSAGE Chief Financial Officer 02 KEY FINANCIALS
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7© 2025 Quadient. All rights reserved. Non-recurring revenue Subscription-related revenue (in €m, % organic change vs. same period last year) REVENUE BREAKDOWN AND ORGANIC CHANGE +1.3% (13.4)% 72% H1 24 74% H1 25 534 517 (3.0)% Organic change excludes currency and scope effects. % of change vs. the same period last year. (3.5)% (3.2)% +2.0% 34% 58% H1 24 34% 58% H1 25 534 517 (3.0)% International North America Main European Countries By revenue type By geography Continued growth in recurring revenues, lower Mail product placements in the US
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8© 2025 Quadient. All rights reserved. Continued good momentum in Digital and Lockers +9 +9 H1 2024 revenue Scope effect(1) Digital -31 Mail +6 Lockers -10 Currency effect(2) H1 2025 revenue 534 517 Organic change excludes currency and scope. % of change vs. the same period last year (1) Acquisition of Package Concierge in Dec. 2024 and Serensia in June 2025 (2) Average rates EUR/USD H1 2025 = 1.12 and H1 2024 = 1.08; EUR/GBP H1 2025 = 0.85 and H1 2024 = 0.85 CHANGE IN REVENUE (in €m) +7.2% (8.6)% +11.2% (3.0)% ORGANIC CHANGE
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9© 2025 Quadient. All rights reserved. Current EBIT stable, with resilient EBITDA across solutions +5 H1 2024 current EBIT 0 Scope effect(1) +1 Digital change in EBITDA -6 Mail change in EBITDA Lockers change in EBITDA 0 Organic change in D&A -2 Currency effect(2) H1 2025 current EBIT 61 60 Organic change in EBITDA Organic change excludes currency and scope. % of change vs. the same period last year (1) Acquisition of Package Concierge in Dec. 2024 and Serensia in June 2025 (2) Average rates EUR/USD H1 2025 = 1.12 and H1 2024 = 1.08; EUR/GBP H1 2025 = 0.85 and H1 2024 = 0.85 CHANGE IN CURRENT EBIT (in €m) +0.1% ORGANIC GROWTH
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10© 2025 Quadient. All rights reserved. H1 2025 Geoffrey GODET Chief Executive Officer Laurent du PASSAGE Chief Financial Officer 03 BUSINESS REVIEW……………..
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11© 2025 Quadient. All rights reserved. Digital Quadient SaaS platform well positioned in a rising number of analyst reports Leader positions reaffirmed in Q2 2025 across CCM-CXM Aspire Leaderboards AnyPrem CCM Software Vendor hosted SaaS CCM Interaction Experience Software Communication Experience Platform Vendor Hosted SaaS CCM Quadient AR recognized by IDC for customer satisfaction Leader position in AP Automation by 2025 QKS SPARK Matrix Quadient Quadient Most Valuable Pioneer in AI Maturity Matrix for CCM by QKS Quadient AI Maturity Matrix for Customer Communication Management, 2025 Account payable automation, Q3 2025
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12© 2025 Quadient. All rights reserved. Digital Solid commercial trend across the Digital automation platform ▪ Strong commercial dynamics continue with 1,100 new customers added in H1 2025 - Solid dynamics with large accounts ▪ Solid cross-selling from Mail customers, up 30%+ yoy, with strong momentum in UK and the US ▪ Multiple key large accounts wins, including: - Major deal with leading US health insurer (>$2m) in Q2 - Large deal with top Spanish bank (>€1m) in Q2 ▪ Strong up-sell momentum in financial automation, especially for our E-invoicing module, with our Accredited Platform having successfully passed French tax authority e-invoicing platform testing: - Up-sell to major accounts and white label resellers, selecting Serensia as an Accredited Platform ahead of e-invoicing compliance - Quadient already guaranteed to manage +200m invoices annually in 2026, securing over 10% of the addressable market(1) ▪ Upselling success with full platform modules bundle, including AP ,AR, Hybrid Mail and CCM, sold to a leading cloud-based electronic health record provider in North America CUSTOMER ACQUISITION CUSTOMER EXPANSION (1) Based on the data from the French Tax Authority (DGFiP).
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13© 2025 Quadient. All rights reserved. Q2 24 Q2 25 82% H1 24 84% H1 25 66 70 130 137 +7.3% +7.2% (in €m, % organic change) ▪ Continued double-digit organic growth in subscription-related revenue, with particularly strong performance in North America and the UK ▪ Further increase in ARR (1) to €241m, representing an annualized organic growth of +10.3%(2) vs 31st of January 2025 Organic change excludes currency and scope. % of change vs. the same period last year. (1) ARR (Annual Recurring Revenue): Forward looking annualized revenue from subscription-related revenue streams (2) Including Serensia; H1 2025 ARR impacted by a €5.1 million negative currency effect vs. January 2025 (0.7)pt VS. H1 2024 REVENUE PERFORMANCE EBITDA and EBITDA MARGIN ▪ H1 2025 EBITDA stable yoy, despite: − E-invoicing platform acquisition integration (Serensia) − Higher commercial expenses tied to strong bookings ▪ Profitability increase expected for FY 2025 (vs. 17.5% EBITDA margin in FY 2024) Non-recurring revenue Subscription-related revenue Digital Continued strong momentum in subscription-related revenue growth (in €m) (5.1)% 10.1% (7.9)% 10.6% 20 20 15.7% 15.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 10 12 14 16 18 20 22 H1 24 H1 25 EBITDA EBITDA margin
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14© 2025 Quadient. All rights reserved. Mail 2030 expectations confirmed Recovery in hardware sales is expected in coming quarters (% organic change) 2030 expectations confirmed ▪ c.-7% CAGR expected decline in transaction mail volume ▪ c.-5% CAGR expected decline in addressed mail market segment value ▪ c.€600m of Quadient Mail revenue Hardware sales Q1 2025 Q2 2025 H1 2025 Quadient -15.8% -19.1% -17.5% Competitor 1 -18.3% -16.1% -17.2% Competitor 2 -7.9% -26.0% -18.0% Mail hardware sales aligned with market performance 1 Organic evolution of mail hardware sales 2 3 5-year average contract length Covid Post covid recovery US decertification Q3 -1% Q4 2019 -33% Q1 -28% Q2 -8% Q3 -10% Q4 2020 36% Q1 23% Q2 1% Q3 3% Q4 2021 -3% Q1 5% Q2 4% Q3 9% Q4 2022 -2% Q1 -5% Q2 6% Q3 3% Q4 2023 4% Q1 6% Q2 -3% Q3 -7% Q4 2024 -16% Q1 -7% Q2 Q3 Q4 2025 Q1 Q2 2026 -19%
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15© 2025 Quadient. All rights reserved. Mail Resilient profitability performance ▪ H1 2025 hardware sales down 17.5%, primarily driven by drop in mail product placements in the US due to strong comparison base (boosted by decertification-driven sales, ended in Q4 2024) ▪ EBITDA margin up 0.8pt despite topline evolution, driven by: ⁻ Positive impact from FRAMA, acquired in Feb. 2024, delivering the expected benefits of the integration ⁻ Impact of lower hardware sales ⁻ Commercial productivity with Digital ⁻ Limited impact from US tariffs Q2 24 Q2 25 68% H1 24 72% H1 25 183 160 362 325 (9.3)% (8.6)% (19.1)% (4.7)% (17.5)% (4.5)% Organic change excludes currency and scope. % of change vs. the same period last year. (in €m, % organic change) REVENUE PERFORMANCE EBITDA and EBITDA MARGIN +0.8pt VS. H1 2024 Hardware and license sales Subscription-related revenue (in €m) 94 86 25.8% 26.6% 23.0% 24.0% 25.0% 26.0% 27.0% 28.0% 29.0% 30.0% 0 10 20 30 40 50 60 70 80 90 H1 24 H1 25 EBITDA EBITDA margin
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16© 2025 Quadient. All rights reserved. Lockers Steady expansion of Lockers automation platform +1,100 LOCKERS GLOBALLY in H1 2025 Japanese Open Network Expansion of the partnership with JR East Smart Logistics JR East commuters can now send and receive parcels through station lockers c.26,600 INSTALLED LOCKERS at the end of H1 2025 Accelerating momentum in the UK Shell Service Stations Alliance Strategic partnership with The Range, one of the UK’s fastest-growing retailers
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17© 2025 Quadient. All rights reserved. Lockers Rapid adoption of Lockers automation platform, notably in Europe… ▪ Steady acceleration of locker installations in Europe ▪ Outstanding volume increase from both pick-up and drop-off in Europe, driven by the UK CUSTOMER ACQUISITION CUSTOMER EXPANSION 200 400 600 800 1,000 1,200 1,400 Jan- 24 Apr- 24 Jul- 24 Oct- 24 Jan- 25 Apr- 25 Jul- 25 Parcel volumes Based at 100 in Jan. 2024100 150 200 250 300 350 Jan- 24 Jul- 24 Jan- 25 Jul- 25 Installed base ▪ Installed base tripled over the past 18 months ▪ Growth in the UK supported by new premium location deals (Morrisons, Shell, The Range…) Apr- 24 Oct- 24 Apr- 25 c. 13x 3.0x Based at 100 in Jan. 2024 ▪ Growth in the UK supported deals with major carriers (extended partnership with EVRi)
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18© 2025 Quadient. All rights reserved. Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 2025 20 24 23 25 21 24 21 22 20 23 24 27 27 29 Subscription-related revenue Non-recurring revenue Lockers ….driving strong revenue and profitability growth QUARTERLY REVENUE EVOLUTION (in €m, % organic SSR change) PROFITABILITY EVOLUTION (% EBITDA margin) ▪ Strong revenue momentum ▪ 4 consecutive quarters of strong double-digit organic subscription-related revenue growth ▪ Lockers already a €100m revenue business on a 12-month basis ▪ EBITDA breakeven achieved in FY 2024 ▪ H2 25 EBITDA margin expected to improve both sequentially and yoy ▪ Well on track to reach >10% EBITDA margin in 2026 ▪ Significant profitability progress +17.8% +12.7% +19.6% +15.7% -10.9% -3.0% 0.6% 3.6% 2022 2023 2024 H1 25
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19© 2025 Quadient. All rights reserved. Lockers Strong momentum in subscription-related revenue and enhanced profitability ▪ Strong reported growth in H1 2025, at +30.2%, including Package Concierge scope effect (€8m) ▪ Double-digit organic growth in subscription-related revenue,reflecting: ‐ Outstanding volumes ramp up in the UK and in France ‐ Continued momentum in the US ▪ Hardware sales slightly down in Q2 25 due to softer performance in North America ▪ H1 2025 EBITDA at €2m ▪ Substantial profitability improvement, with EBITDA margin up +10.3pts, driven by rising recurring revenue and increased usage. ▪ Package Concierge accretive contribution to EBITDA Q2 24 Q2 25 65% H1 24 65% H1 25 23 29 43 55 +10.3% +11.2% (1.0)% +17.8% +4.4% +15.3% Organic change excludes currency and scope. % of change vs. the same period last year. (in €m, % organic change) REVENUE PERFORMANCE EBITDA and EBITDA MARGIN +10.3pts VS. H1 2024 Non-recurring revenue Subscription-related revenue (in €m) -3 2 -6.7% 3.6% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% -3 -3 -2 -2 -1 -1 0 1 1 2 2 H1 24 H1 25 EBITDA EBITDA margin H1 24
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20© 2025 Quadient. All rights reserved. H1 2025 Laurent du PASSAGE Chief Financial Officer 02 04 QUADIENT FINANCIALS
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21© 2025 Quadient. All rights reserved. H1 2025 indicators Resilient profitability LOCKERSMAILDIGITAL Revenue Organic change North America Main European Countries International €176m (3.2)% €43m +2.0% €298m (3.5)% TOTAL €137m +7.2% Revenue Organic change €325m (8.6)% €55m +11.2% €517m (3.0)% 15.0% (0.7)pts EBITDA margin Change in pts 26.6% +0.8pts 3.6% +10.3pts 21.0% +0.2pts Current EBIT Organic change €60m +0.1% Organic change excludes currency and scope. % of change vs. the same period last year.
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22© 2025 Quadient. All rights reserved. P&L Income before tax up >50% year-on-year Average rates EUR/USD H1 2025 = 1.12 and H1 2024 = 1.08; EUR/GBP H1 2025 = 0.85 and H1 2024 = 0.85 (1) For the H1 2025, the average compounded number of shares is 34,475,170. Diluted number of shares is 35,424,134. In € million H1 2024 H1 2025 Revenue 534 517 EBITDA 111 109 EBITDA margin 20.8% 21.0% Depreciation and amortization (50) (49) Current EBIT Current EBIT margin 61 11.5% 60 11.5% Optimization expenses and other operating income & expenses (16) (3) EBIT 45 57 Net financial income/(expense) (21) (20) Income before tax 24 37 Income taxes 2 (16) Net income from continued operations 26 21 Net income 25 21 Of which minority interest 1 1 Of which net attributable income 24 21 EPS (in €) 0.71 0.60 Fully diluted EPS(1) (in €) 0.70 0.59 One-off IT project write-off and restructuring costs related to FRAMA and further office optimization in H1 2024 Resilient EBITDA margin (3.2)% reported change Resilient current EBIT margin H1 2025 income taxes at normalized level; H1 2024 included €15m tax benefit from internal IP transfers
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23© 2025 Quadient. All rights reserved. Cash flow Resilient Free Cash Flow despite debt interest payment, inventory, and tax one-offs Average rates EUR/USD H1 2025 = 1.12 and H1 2024 = 1.08; EUR/GBP H1 2025 = 0.85 and H1 2024 = 0.85 In € million H1 2024 H1 2025 EBITDA 111 109 EBITDA margin (%) 20.8% 21.0% Other items (11) (6) Cash flow before net cost of debt and tax 100 103 Change in working capital requirement (19) (42) Change in lease receivables 6 24 Interest and income tax paid (38) (51) Cash flow from operations 49 34 Capital expenditure (excluding IFRS16) (44) (42) Free cash flow (cash flow after capex excluding IFRS16) 5 (8) Acquisitions net of divestments (8) (4) Cash flow after capex (excluding IFRS16) & acquisitions (4) (13) One-off project write-off in H1 2024 Lower product placement leads to higher cash generation Frama acquisition in H1 2024, Serensia acquisition in H1 2025 Lower capex due to fewer Mail machine placements One-off impacts from 2025 bond refinancing and Swiss exit tax H1 25 supplier payments from FY24 year-end higher inventory build (US tariffs anticipation)
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24© 2025 Quadient. All rights reserved. Capex Lower capex due to fewer Mail machine placements Capex level aligned with the nature and maturity of the platforms: ▪ Digital: stable investments in R&D and platform development ▪ Lockers: higher capex to support UK open network deployment ramp-up ▪ Mail: lower capex reflecting lower machines placements 21 16 12 14 12 12 H1 2024 H1 2025 44 42 (by solution, in €m) CAPEX (excluding IFRS16) Digital Lockers Mail From H1 2025 onwards, IFRS16-related capex is excluded from total capex. Prior-year figures have been restated accordingly (FY 2024 capex excluding IFRS16 = €99m). Including IFRS16 capex, H1 2025 capex = €48m vs €46m in H1 2024.
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25© 2025 Quadient. All rights reserved. Financial structure Reduction in leverage ratio despite c.€45m of acquisitions in the past 18 months (in €m) Leverage ratio defined as ratio of net debt/ EBITDA, including leasing, and including IFRS16. ODIRNANE retreated as debt for leverage calculation purposes until its repayment in 2022. (Ratio of net debt/ EBITDA) NET DEBT LEVERAGE 2.0 1.8 1.7 1.7 1.6 3.1 3.0 2.9 3.0 2.9 2021 2022 2023 2024 H1 25 434 443 437 464 445 270 242 226 238 232 65 2021 50 2022 restated 46 2023 38 2024 34 H1 25 769 736 709 741 712 IFRS16 debt Net financial debt excl. leasing Net debt leasing Leverage ratio excl. Leasing Leverage ratio Closing rates: EUR/USD H1 2025 = 1.14 and H1 2024 = 1.08; EUR/GBP H1 2025 = 0.86 and H1 2024 = 0.84
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26© 2025 Quadient. All rights reserved. 113 159 99 66 12 37 3740 44 12 12 23 12 11 23 23 11 3 2025 5 2026 3 2027 3 2028 2 2029 2 2030 1 2031 2032 12 2033 2034 Financial structure Solid financial position and balanced debt structure Closing rates: EUR/USD H1 2025 = 1.14 and H1 2024 = 1.08; EUR/GBP H1 2025 = 0.86 and H1 2024 = 0.84 Financial debt maturities as at 31st of July 2025 Well-spread maturity of customer leasing portfolio as at 31st of July 2025 128 159 123 84 46 14 3 2025 2026 2027 2028 2029 2030 2031 Leasing portfolio ▪ EUR 50m of new facilities raised in the H1 2025: ‐ July 2025: issuance of EUR 50m USPP thanks to the shelf facility signed in January 2025 ▪ Feb. 2025: 2025 bond repayment for €260m and 2025 Schuldschein repayment for €29m As at 31st of July 2025 ▪ €123m of cash ▪ €300m of undrawn credit facility (maturing extended by one year, to 2030) ▪ €556m customer leasing portfolio DEBT MANAGEMENT LIQUIDITY POSITION NEUCP BPI PPR USPP Bank Loan Schuldschein
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27© 2025 Quadient. All rights reserved. 05 Geoffrey Godet Chief Executive Officer FY 2025 CONCLUSION
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28© 2025 Quadient. All rights reserved. FY 2025 outlook updated, 2030 financial guidance confirmed Updated 2025 GUIDANCE(1) Low single-digit decline in organic revenue Flat to low single-digit decline evolution in organic current EBIT (1) Previous 2025 guidance: Acceleration in organic revenue growth and in current EBIT organic growth vs. FY 2024 (FY 2024 organic revenue growth of +0.4% and organic current EBIT growth of +2.2%) (2) Based on 2024 results and on 2025 revised guidance, other indications forming part of previous 2023-26 trajectory are suspended, including: Revenue organic CAGR >1.5%, Current EBIT organic CAGR >3%, Digital revenue organic CAGR c.10%, Mail revenue organic CAGR c.-3%, Lockers revenue organic CAGR >10% ▪ H1 2025 performance demonstrated the solid dynamics of Digital and Lockers, which offset the temporary US softer Mail impact, with a stable current EBIT ▪ Revenue improvement expected in H2 vs. H1, thanks to: ⁻ Sustained strong momentum in Digital and Lockers ⁻ A rebound in US Mail, although softer than initially expected ▪ Further increase in profitability expected in H2 vs. H1, driven by: ⁻ Strong increase in Digital and Lockers contribution ⁻ Mail EBITDA margin expected to remain at high level, thanks to continued cost adaptation and despite US tariffs impact MID-TERM GUIDANCE(2) All 2030 mid-term financial guidance confirmed 2026 EBITDA margin for all solutions confirmed: Digital at >20%, Mail at >25% and Lockers at >10%
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29© 2025 Quadient. All rights reserved. 06 APPENDIX
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30© 2025 Quadient. All rights reserved. H1 2025 results breakdown Positive EBITDA for all solutions LOCKERSMAILDIGITAL Revenue Organic change North America Main European Countries International €176m (3.2)% €43m +2.0% €298m (3.5)% TOTAL €137m +7.2% Revenue Organic change €325m (8.6)% €55m +11.2% €517m (3.0)% €20m 15.0% EBITDA Margin €86m 26.6% €2m 3.6% €109m 21.0% €5mCurrent EBIT Organic change €64m €(9)m€60m +0.1% Organic change excludes currency and scope. % of change vs. the same period last year.
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31© 2025 Quadient. All rights reserved. Q2 2025 sales breakdown LOCKERSMAILDIGITAL North America Main European Countries International €90m (3.7)% €22m +6.4% €147m (4.5)% TOTAL €70m +7.3% Total QUADIENT Organic change €160m (9.3)% €29m +10.3% €259m (3.4)% Organic change excludes currency and scope. % of change vs. the same period last year. Revenue Organic change
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32© 2025 Quadient. All rights reserved. Q2 2025 revenue breakdown +1.3% (14.6)% (in €m, % organic change vs. same period last year) REVENUE BREAKDOWN AND ORGANIC CHANGE 71% Q2 24 74% Q2 25 273 259 (3.4)% Organic change excludes currency and scope effects. % of change vs. the same period last year. (3.7)% (4.5)% +6.4% 34% 58% Q2 24 35% 57% Q2 25 273 259 (3.4)% International North America Main European Countries Subscription-related revenue Non-recurring revenue By revenue type By geography
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33© 2025 Quadient. All rights reserved. Q2 2025 revenue bridge Q2 2024 revenue 5 Scope effect(1) 5 Digital -17 Mail 3 Lockers -9 Currency effect(2) Q2 2025 revenue 273 259 (3.4)% ORGANIC GROWTH (5.2)% REPORTED GROWTH Organic change excludes currency and scope. % of change vs. the same period last year. (1) Acquisition of Package Concierge in Dec. 2024 and Serensia in June 2025 (2) Average rates EUR/USD Q2 2025 = 1.15 and Q2 2024 = 1.08; EUR/GBP Q2 2025 = 0.85 and Q2 2024= 0.85 CHANGE IN REVENUE (in €m)
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34© 2025 Quadient. All rights reserved. H1 2025 financial statements P&L (in € millions) H1 2025 H1 2024 Sales 517 534 Cost of sales (132) (135) Gross margin 385 399 R&D expenses (29) (31) Sales and marketing expenses (139) (143) Administrative and general expenses (91) (97) Service and support expenses (59) (58) Employee profit-sharing, share-based payments and other expenses (4) (5) M&A and strategic projects expenses (3) (4) Current EBIT 60 61 Optimization expenses and other operating income & expenses (3) (16) EBIT 57 45 Financial income/(expense) (20) (21) Income before taxes 37 24 Income taxes (16) 2 Share of results of associated companies 0 0 Net income from continued operations 21 26 Net income from discontinued operations - (1) Net income 21 25 Of which Minority interests 1 1 Net attributable income 21 24
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35© 2025 Quadient. All rights reserved. H1 2025 financial statements Consolidated balance sheet (1/2) Assets (in € millions) H1 2025 31/07/2025 FY 2024 31/01/2025 Goodwill 1,101 1,131 Intangible fixed assets 114 119 Tangible fixed assets 160 170 Other non-current financial assets 60 65 Other non-current receivables 1 2 Leasing receivables 556 623 Deferred tax assets 32 38 Inventories 78 75 Receivables 177 240 Other current assets 78 79 Cash and cash equivalents 123 367 Current financial instruments 3 1 TOTAL ASSETS 2,483 2,910
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36© 2025 Quadient. All rights reserved. H1 2025 financial statements Consolidated balance sheet (2/2) Liabilities (in € millions) H1 2025 31/07/2025 FY 2024 31/01/2024 Shareholders’ equity 1,069 1,113 Non-current provisions 13 12 Non-current financial debt 721 722 Current financial debt 80 347 Lease obligations 34 38 Other non-current liabilities 3 3 Deferred tax liabilities 91 101 Financial instruments 3 5 Trade payables 81 104 Deferred income 179 223 Other current liabilities 209 242 TOTAL LIABILITIES 2,483 2,910
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37© 2025 Quadient. All rights reserved. +36 +18 31 Jan 2020 -62 -38 31 Jan 2021 -39 +30 31 Jan 2023 +8 698 598 31 Jan 2022 595 598 623 556 31- Jul-25 -8 -43 -24 31 Jan 2025 +7 31 Jan 2024 595 Leasing portfolio Evolution of the leasing portfolio FY 2020 FY 2022 FY 2023 Level of hardware financed compared to 5-year average ~0.7x ~0.9x ~1x ~1x Excess of cash, in €m, reflected into Free Cash Flow statement under change in lease receivables FY 2021 Change in lease receivables Currency impact FY 2024 (in €m) CUSTOMER LEASING PORTFOLIO ~1x H1 2025
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38© 2025 Quadient. All rights reserved. Debt and leasing covenants All financial covenants met 31 July 2024 31 July 2025 Covenants on leasing operations Maximum drawing: 90% of outstanding leasing portfolio Intercompany net leasing debt standing at 79% of outstanding leasing portfolio Intercompany net leasing debt standing at 81% of outstanding leasing portfolio Covenants on non leasing operations Maximum leverage of 3.0(1) excluding leasing entities 1.5 1.5 Minimum equity: €600m €1,064m €1,061m Default Rate < 5% ~1.2% ~1.1% Minimum interest cover(2): 4.0 7.2 6.0 (1) Net debt excluding leasing/EBITDA excluding leasing (2) EBITDA/net cost of debt
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39© 2025 Quadient. All rights reserved. Shareholding structure Main shareholders as of 31 July 2025 VESA Equity Investment S.à.R.L (22.7%) Number of shares: 34,468,912 Bpifrance Participations S.A. (8.1%) Janus Henderson Investors UK (4.4%) Management, directors, employees, treasury shares (3.2%) Other shareholders (61.6%) VESA Equity Investment increased its stake to 24.5% as of 10th September 2025
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40© 2025 Quadient. All rights reserved. Thank you