Slide 1: 2025 first-half results
QUADIENT 2025 first-half results 24 September 2025 © 2025 Quadient. All rights reserved. 1
Slide 2: Disclaimer
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
Slide 3: Agenda
Agenda 01 H1 2025 Highlights 04 H1 2025 Quadient financials 02 H1 2025 Key financials 05 Conclusion 03 H1 2025 Business review © 2025 Quadient. All rights reserved. 3
Slide 4: H1 2025 Highlights
Geoffrey GODET Chief Executive Officer 01 H1 2025 HIGHLIGHTS © 2025 Quadient. All rights reserved. 4
Slide 5: Strong performance in Digital and Lockers
Strong performance in Digital and Lockers Stable current EBIT despite temporary softer US mail market H1 REVENUE AT €517M, -3% ORGANICALLY H1 CURRENT EBIT AT €60M, STABLE YOY ▪ Continued good momentum in Digital ▪ Resilient double-digit current EBIT and with double-digit growth in subscription- EBIT
Slide 6: H1 2025 Key Financials
Laurent du PASSAGE Chief Financial Officer 02 H1 2025 KEY FINANCIALS © 2025 Quadient. All rights reserved. 6
Slide 7: Continued growth in recurring revenues, lower Mail product placements in the US
Continued growth in recurring revenues, lower Mail product placements in the US REVENUE BREAKDOWN AND ORGANIC CHANGE (in €m, % organic change vs. same period last year) By revenue type By geography (3.0)% (3.0)% 534 534 517 517 +2.0% International Non-recurring (13.4)% revenue 34% 34% Main European
Slide 8: Continued good momentum in Digital and Lockers
Continued good momentum in Digital and Lockers CHANGE IN REVENUE (in €m) +7.2% (8.6)% +9 534 +9 -31 +11.2% +6 -10 517 (3.0)% ORGANIC CHANGE H1 2024 Scope Digital Mail Lockers Currency H1 2025 revenue effect(1) effect(2) revenue Organic change excludes currency and scope. % of change vs. the same per
Slide 9: Current EBIT stable, with resilient EBITDA across solutions
Current EBIT stable, with resilient EBITDA across solutions CHANGE IN CURRENT EBIT (in €m) +0.1% ORGANIC GROWTH 61 0 +1 0 -2 60 -6 +5 Organic change in EBITDA H1 2024 Scope Digital Mail Lockers Organic Currency H1 2025 current EBIT effect(1) change in change in change in change effect(2) current EBI
Slide 10: Business Review
Geoffrey GODET Chief Executive Officer Laurent du PASSAGE Chief Financial Officer 03 H1 2025 BUSINESS REVIEW…………….. © 2025 Quadient. All rights reserved. 10
Slide 11: Most Valuable Pioneer in AI Maturity Matrix for CCM by QKS
Digital Quadient SaaS platform well positioned in a rising number of analyst reports Vendor Hosted SaaS CCM Quadient AR Quadient recognized by IDC for customer satisfaction Most Valuable Pioneer in AI Maturity Matrix for CCM by QKS Leader position in AP Automation by 2025 QKS SPARK Matrix AI Maturit
Slide 12: Solid commercial trend across the Digital automation platform
Digital Solid commercial trend across the Digital automation platform CUSTOMER ACQUISITION CUSTOMER EXPANSION ▪ Strong commercial dynamics continue with ▪ Strong up-sell momentum in financial 1,100 new customers added in H1 2025 automation, especially for our E-invoicing module, with our Accredited
Slide 13: Digital: Continued strong momentum in subscription-related revenue growth
Digital Continued strong momentum in subscription-related revenue growth REVENUE PERFORMANCE EBITDA and EBITDA MARGIN (in €m, % organic change) (in €m) +7.2% (0.7)pt 137 VS. H1 2024 130 22 40.0% (7.9)% 20 20 35.0% +7.3% 20 30.0% 18 25.0% 66 70 16 15.7% 15.0% 20.0% (5.1)% 82% 84% 10.6% 15.0% 14 10.0%
Slide 14: Mail: 2030 expectations confirmed
Mail 2030 expectations confirmed 1 Recovery in hardware sales is expected in coming quarters 2 Mail hardware sales aligned Organic evolution of mail hardware sales with market performance (% organic change) 36% 23% Hardware Q1 Q2 H1 9% sales 2025 2025 2025 5% 4% 6% 6% 1% 3% 3% 4% Quadient -15.8% -19
Slide 15: Mail: Resilient profitability performance
Mail Resilient profitability performance REVENUE PERFORMANCE EBITDA and EBITDA MARGIN (in €m, % organic change) (in €m) (8.6)% 362 +0.8pt 325 VS. H1 2024 94 90 86 30.0% (9.3)% (17.5)% 29.0% 80 70 28.0% 183 60 26.6% 160 27.0% (19.1)% 50 25.8% 68% 40 26.0% 72% (4.5)% 30 25.0% (4.7)% 20 10 24.0% 0 23.0
Slide 16: Steady expansion of Lockers automation platform
Lockers Steady expansion of Lockers automation platform Accelerating momentum in the UK Shell Service Stations Alliance Strategic partnership with The Range, one of the UK’s fastest-growing retailers Japanese Open Network Expansion of the partnership with JR East Smart Logistics +1,100 c.26,600 LOCK
Slide 17: Rapid adoption of Lockers automation platform, notably in Europe
Lockers Rapid adoption of Lockers automation platform, notably in Europe… CUSTOMER ACQUISITION CUSTOMER EXPANSION ▪ Steady acceleration of locker installations in Europe ▪ Outstanding volume increase from both pick-up and drop-off in Europe, driven by the UK 350 1,400 Parcel volumes 300 Installed ba
Slide 18: Lockers: driving strong revenue and profitability growth
Lockers ….driving strong revenue and profitability growth QUARTERLY REVENUE EVOLUTION PROFITABILITY EVOLUTION (in €m, % organic SSR change) (% EBITDA margin) ▪ Strong revenue momentum ▪ Significant profitability progress 29 27 27 24 25 24 24 3.6% 23 22 23 21 21 20 20 0.6% +17.8% -3.0% +12.7% +19.6%
Slide 19: Lockers: Strong momentum in subscription-related revenue and enhanced profitability
Lockers Strong momentum in subscription-related revenue and enhanced profitability REVENUE PERFORMANCE EBITDA and EBITDA MARGIN (in €m, % organic change) +11.2% (in €m) 55 +10.3pts VS. H1 2024 2 2 6.0% +10.3% 43 +4.4% 2 3.6% 4.0% 1 1 2.0% 29 0 23 0.0% -1 H1 24 H1 25 (1.0)% -2.0% 65% +15.3% -1 65% -2
Slide 20: Quadient Financials
Laurent du PASSAGE Chief Financial Officer 04 02 H1 2025 QUADIENT FINANCIALS © 2025 Quadient. All rights reserved. 20
Slide 21: Resilient profitability
H1 2025 indicators Resilient profitability Revenue Organic change TOTAL €298m North America (3.5)% DIGITAL MAIL LOCKERS Main European €176m Countries (3.2)% €43m International +2.0% Revenue €517m €137m €325m €55m Organic change (3.0)% +7.2% (8.6)% +11.2% EBITDA margin 21.0% 15.0% 26.6% 3.6% Change i
Slide 22: Income before tax up >50% year-on-year
P&L Income before tax up >50% year-on-year In € million H1 2024 H1 2025 Revenue 534 517 (3.2)% reported change EBITDA 111 109 Resilient EBITDA margin EBITDA margin 20.8% 21.0% Depreciation and amortization (50) (49) Resilient current EBIT margin Current EBIT 61 60 Current EBIT margin 11.5% 11.5% One
Slide 23: Resilient Free Cash Flow despite debt interest payment, inventory, and tax one-offs
Cash flow Resilient Free Cash Flow despite debt interest payment, inventory, and tax one-offs In € million H1 2024 H1 2025 EBITDA 111 109 EBITDA margin (%) 20.8% 21.0% Other items (11) (6) One-off project write-off in H1 2024 Cash flow before net cost of debt and tax 100 103 H1 25 supplier payments
Slide 24: Lower capex due to fewer Mail machine placements
Capex Lower capex due to fewer Mail machine placements CAPEX (excluding IFRS16) (by solution, in €m) Capex level aligned with the nature and 44 42 maturity of the platforms: 12 12 ▪ Digital:stable investments in R&D and 12 platform development 14 ▪ Lockers: higher capex to support UK open network de
Slide 25: Reduction in leverage ratio despite c.€45m of acquisitions in the past 18 months
Financial structure Reduction in leverage ratio despite c.€45m of acquisitions in the past 18 months NET DEBT LEVERAGE (in €m) (Ratio of net debt/ EBITDA) 769 741 736 709 712 3.1 65 50 38 3.0 3.0 46 34 2.9 2.9 270 242 238 232 226 2.0 1.8 464 1.7 1.7 1.6 434 443 437 445 2021 2022 2023 2024 H1 25 2021
Slide 26: Solid financial position and balanced debt structure
Financial structure Solid financial position and balanced debt structure DEBT MANAGEMENT Financial debt maturities as at 31st of July 2025 3 11 ▪ EUR 50m of new facilities raised in the H1 2025: 44 ‐ July 2025: issuance of EUR 50m USPP thanks to the shelf facility signed in January 2025 3 5 23 12 2
Slide 27: Conclusion
Geoffrey Godet Chief Executive Officer 05 FY 2025 CONCLUSION © 2025 Quadient. All rights reserved. 27
Slide 28: FY 2025 outlook updated, 2030 financial guidance confirmed
FY 2025 outlook updated, 2030 financial guidance confirmed ▪ 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
Slide 29: Appendix
06 APPENDIX © 2025 Quadient. All rights reserved. 29
Slide 30: Positive EBITDA for all solutions
H1 2025 results breakdown Positive EBITDA for all solutions Revenue Organic change TOTAL €298m North America (3.5)% DIGITAL MAIL LOCKERS Main European €176m Countries (3.2)% €43m International +2.0% Revenue €517m €137m €325m €55m Organic change (3.0)% +7.2% (8.6)% +11.2% EBITDA €109m €20m €86m €2m M
Slide 31: Q2 2025 sales breakdown
Q2 2025 sales breakdown Revenue Organic change TOTAL €147m North America (4.5)% DIGITAL MAIL LOCKERS Main European €90m Countries (3.7)% €22m International +6.4% Total QUADIENT €259m €70m €160m €29m Organic change (3.4)% +7.3% (9.3)% +10.3% Organic change excludes currency and scope. % of change vs.
Slide 32: Q2 2025 revenue breakdown and organic change
Q2 2025 revenue breakdown REVENUE BREAKDOWN AND ORGANIC CHANGE (in €m, % organic change vs. same period last year) By revenue type By geography (3.4)% (3.4)% 273 273 259 259 +6.4% International (14.6)% Non-recurring 34% revenue 35% Main European (3.7)% Countries +1.3% Subscription-related 71% 74% re
Slide 33: Q2 2025 revenue bridge
Q2 2025 revenue bridge CHANGE IN REVENUE (in €m) (3.4)% ORGANIC GROWTH 5 (5.2)% REPORTED GROWTH 273 5 -17 3 -9 259 Q2 2024 Scope Digital Mail Lockers Currency Q2 2025 revenue effect(1) effect(2) revenue Organic change excludes currency and scope. % of change vs. the same period last year. (1) Acquis
Slide 34: H1 2025 financial statements: P&L
H1 2025 financial statements P&L H1 2025 H1 2024 (in € millions) 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,
Slide 35: Consolidated balance sheet (1/2)
H1 2025 financial statements Consolidated balance sheet (1/2) H1 2025 FY 2024 Assets (in € millions) 31/07/2025 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
Slide 36: Consolidated balance sheet (2/2)
H1 2025 financial statements Consolidated balance sheet (2/2) H1 2025 FY 2024 Liabilities (in € millions) 31/07/2025 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 lia
Slide 37: Evolution of the leasing portfolio
Leasing portfolio Evolution of the leasing portfolio CUSTOMER LEASING PORTFOLIO Excess of cash, in €m, reflected into Free (in €m) Cash Flow statement under change in 698 lease receivables -62 623 -38 +18 -24 598 595 595 598 0 +3 +7 -8 +8 -39 +36 -43 556 31 Jan FY 2020 31 Jan FY 2021 31 Jan FY 2022
Slide 38: All financial covenants met
Debt and leasing covenants All financial covenants met 31 July 2024 31 July 2025 Maximum drawing: 90% Intercompany net leasing debt Intercompany net leasing debt Covenants on of outstanding leasing standing at 79% of outstanding standing at 81% of outstanding leasing operations portfolio leasing por
Slide 39: Main shareholders as of July 2025
Shareholding structure Main shareholders as of 31 July 2025 Management, directors, employees, treasury shares (3.2%) VESA Equity Investment increased its stake to 24.5% as of 10th September 2025 VESA Equity Investment S.à.R.L (22.7%) Other shareholders (61.6%) Number Bpifrance Participations S.A. of
Slide 40: Thank you
Thank you © 2025 Quadient. All rights reserved. 40