Quadient: Digital advances in first half, free cash flow returns to €34 million
Quadient published its first half 2026 results on September 23, 2026, marked by a strategic shift.
The group is accelerating in digital, driven by the implementation of electronic invoicing in France, while engaging in the disposal of its Lockers business. This reorganization is accompanied by a free cash flow that returned to €34 million, compared to a negative amount a year earlier.
Revenue down 2.0% organically, driven by digital
In the first half of 2026 (period ended July 31, 2026), Quadient recorded revenue of €448 million, down 2.0% organically and 3.7% on a reported basis compared to the first half of 2025 restated. The reported change includes a positive scope effect of €2 million, related to acquisitions of Serensia in June 2025 and CDP Communications in December 2025, more than offset by a negative currency effect of €10 million.
The Digital business grew 6.7% organically, to €146 million, driven by subscription-related revenues (+9.5% organically). The Mail business declined 5.7% organically, to €302 million, reflecting the gradual contraction of the installed base and lower material volumes in Europe.
The Annual Recurring Revenue (ARR) of Digital reached €264 million, with organic annualized growth of 12.9% compared to January 31, 2026. Digital bookings increased by more than 20% in the second quarter.
EBITDA down 2.2% organically, Mail margins resilient
The group's EBITDA stood at €96 million, down 7.1% on a reported basis and 2.2% organically compared to the first half of 2025 restated. The EBITDA margin reached 21.5%, down 0.8 points year-over-year, reflecting the Mail decline.
In Digital, EBITDA grew 17.0% organically, to €21 million, with a margin stable at 14.5% on a reported basis despite higher implementation costs related to the launch of electronic invoicing in France. In Mail, the EBITDA margin came in at 24.9%, down 0.6 points, a level the group attributes to its cost discipline, tariff reimbursements and cross-selling of digital solutions.
Net income attributable to the group stood at €9 million, compared to €20 million in the first half of 2025, including a net loss of €11 million from discontinued operations related to the application of IFRS 5 to the Lockers business. Free cash flow reached €34 million, compared to a negative amount of €4 million a year earlier, an improvement the group attributes to normalization of working capital requirements, lower interest and tax payments, and a decline in investments.
Lockers disposal and leverage reduced to 1.2x for 2026
Quadient announced the signing of an agreement to dispose of its open Lockers network in the United Kingdom for €65 million, and launched the sales process for the rest of the Lockers business. This business has been classified as held for sale and presented as a discontinued operation, in accordance with IFRS 5.
The group confirmed its guidance for fiscal year 2026 on a basis excluding Lockers: organic revenue change between -3% and +1%, an EBITDA margin exceeding 19% for Digital and exceeding 24% for Mail. The leverage ratio excluding lease obligations is expected at 1.2x at the end of 2026, compared to an initial target of 1.5x, subject to completion of the disposal of the British network before the end of the fiscal year.
Net debt stood at €683 million on July 31, 2026, for a leverage ratio of 3.1x (1.6x excluding leasing). The group also maintained its 2030 ambitions, at approximately €550 million in revenue for Digital and approximately €500 million for Mail, with an EBITDA margin targeted at approximately 30% for Digital and 20% to 25% for Mail.
