Quadient SA reported H1 2026 earnings, showing EUR 448 million in revenue, down 2% organically year-over-year. Digital revenue, however, grew by 6.7% organically to EUR 146 million, with digital annual recurring revenue (ARR) reaching EUR 264 million at the end of July, up 12.9% organically from the end of January. Digital EBITDA increased by 17% to EUR 21 million, with a margin of 14.5%, flat year-over-year. Mail revenue was EUR 302 million, down 5.7% organically, with mail EBITDA at EUR 75 million, down 6.6% organically, and a margin of 24.9%, down 2.6 points. Group EBITDA was EUR 96 million, with a margin of 21.5%, down 0.8 points compared to last year. Current EBIT was EUR 67 million, down 5.9% organically. Free cash flow improved to EUR 34 million from a negative EUR 4 million in H1 2025. Net income was under EUR 10 million, with EUR 10 million attributable to shareholders, including a negative EUR 11 million from discontinued operations tied to lockers. Net debt was EUR 683 million, including IFRS 16, with a leverage ratio of 1.6x EBITDA, expected to drop to around 1.2x upon completion of the U.K. locker sale. Capital expenditure was EUR 25 million for the first half, down from EUR 28 million last year. The company's liquidity position includes EUR 123 million in cash, EUR 200 million of undrawn credit facilities maturing in 2030, and a customer leasing portfolio at EUR 522 million.
Geographically, North America accounted for EUR 254 million, essentially flat, while European countries had EUR 165 million, down 4.4%, and international revenue was EUR 29 million, down 4.9%.
Quadient is divesting its lockers business, with the U.K. open network sale price agreed at EUR 65 million to IDS. Expected 2026 revenue from the U.K. lockers is a little more than EUR 10 million. The lockers business in 2025 generated EUR 114 million in revenue, a 22.4% growth versus 2024 reported, with a 5% EBITDA margin. CapEx savings from removing lockers over the next five years are around EUR 120 million. The sale process has been launched for North America, Japan, Canada, and France.
In France, more than 950,000 entities have registered with Serensia by Quadient, with an estimated market share between 13%–19% of entities registered with a platform. Contracted annual invoices are around 350 million, with nationwide B2B invoices estimated between 2 billion to 2.5 billion exchanged annually. E-invoicing bookings in France grew elevenfold year-on-year in the second quarter, with 700,000 invoices processed over the first three weeks post-go-live.
For full-year 2026 guidance, excluding lockers, organic revenue growth is expected between -3% to +1%, digital EBITDA margin above 19%, and mail EBITDA margin above 24%. By 2030, Quadient aims for digital revenue of around EUR 550 million and mail revenue of around EUR 500 million, with profitability targets of around 30% margin for digital and 20%–24% for mail.
The company's stock price rose 3.22% to $12.82 from a previous close of $12.42, with a 52-week range between $10.62 and $16.72.
Geoffrey Godet, CEO, stated that digital solutions will become Quadient's largest and most profitable by 2030, citing the invoicing mandate in Europe as a regulatory catalyst offering significant growth opportunities. He noted that the lockers business over seven years multiplied revenue and install base worldwide.
