Slide 1: 2024 full-year results
QUADIENT 2024 full-year results 26 March 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 FY 2024 Highlights 04 FY 2024 Group financials 02 FY 2024 Business review 05 Conclusion 03 FY 2024 Key financials © 2025 Quadient. All rights reserved. 3
Slide 4: FY 2024 Highlights
Geoffrey GODET Chief Executive Officer 01 FY 2024 HIGHLIGHTS © 2025 Quadient. All rights reserved. 4
Slide 5: 2024 Key achievements
2024 Key achievements FY 2024 financial targets achieved Solid start to “Elevate to 2030” strategic plan +0.4% organic growth in revenue, at €1,093m Strong performance in Digital, ahead of plan ▪ +2.8% reported growth Expanding our subscription-related revenue +2.2% organic growth in current EBIT, a
Slide 6: FY 2024 Key Financials: Successful start to our 2023-2026 financial roadmap
FY 2024 Key Financials: Successful start to our 2023-2026 financial roadmap Subscription-related revenue Profitability FY 2024 double-digit growth: Two operating profitability milestones achieved ▪ in Digital: +10.2% in FY 2024: ▪ Strong profitability improvement in ▪ In Lockers: + 11.5% Digital, wi
Slide 7: FY 2024 Business review
Geoffrey GODET Chief Executive Officer Laurent du PASSAGE Chief Financial Officer 02 FY 2024 BUSINESS REVIEW…………….. © 2025 Quadient. All rights reserved. 7
Slide 8: Digital: Proven track record of strong profitable growth
Digital Proven track record of strong profitable growth across key financial & business metrics Quarterly Digital revenue EBITDA (in €m, % share of SRR, SRR CAGR 2020-2024) (in €m, 30 % EBITDA margin) 19% 20% 26 18% 25 16% SRR CAGR 14% 16% +19% 13% 20 73 13% 14% 66 63 66 65 20 12% 18 61 58 61 60 10%
Slide 9: A SaaS platform multiply recognized as a leader by IDC in Q4 2024
Digital A SaaS platform multiply recognized as a leader by IDC in Q4 2024 IDC MarketScape Worldwide Automated Document Generation and Customer Communication Management, 2024 Quadient Automated Document Generation Quadient showing & Customer communication the fastest growth among the major CCM vendor
Slide 10: Continued solid growth trends, with Q4 bookings up 4% yoy
Digital Continued solid growth trends, with Q4 bookings up 34% yoy CUSTOMER ACQUISITION CUSTOMER EXPANSION ▪ Strong commercial dynamics continue: ▪ Solid up-sell, with financial automation − 2,600+ new customers added in FY 2024 payment revenue up 20% yoy ▪ Digital automation platform developments ▪
Slide 11: Digital: automation platform now at scale, delivering profitability ahead of plan
Digital An automation platform now at scale, delivering profitability ahead of plan REVENUE PERFORMANCE EBITDA and EBITDA MARGIN (in €m, % organic change) (in €m) +7.7% 267 +5.7pts 245 50 VS. FY 2023 47 19.1% 20.0% (2.5)% 45 19.0% 17.5% 18.0% 40 17.0% 15.7% +10.1% 35 16.0% 29 +10.2% 30 26 15.0% 80%
Slide 12: Best in class Digital automation platform, positioned to capture market growth
Digital Best in class Digital automation platform, well positioned to capture market growth opportunities Digital market segments growing at c.10% p.a. ▪ Sound base of highly predictable business c.€9bn 16,500+ clients 82% SRR <5% Churn rate c. 104% Net retention rate 2027 ▪ Highly recognized platfo
Slide 13: Mail automation platform provides a strong ROI to businesses
Mail Mail automation platform provides a strong ROI to businesses Customer benefits SaaS offering for small customers complementing the physical mail offering Embedded Artificial Intelligence ▪ Learns and remembers Better Saves Reduced address formatting Now available in France, Belgium, visibility
Slide 14: Record-breaking cross-sell performance
Mail Record-breaking cross-sell performance CUSTOMER ACQUISITION CUSTOMER EXPANSION ▪ Integration of Frama progressing as planned, ▪ High customer satisfaction rate of 95.7% and delivering over expectations in FY 2024 ▪ Record cross-sell performance, up 11.5% yoy, − With an aim to upgrade the instal
Slide 15: Mail: Resilient revenue performance, profitability impacted by Frama acquisition
Mail Resilient revenue performance, profitability impacted by Frama acquisition REVENUE PERFORMANCE EBITDA and EBITDA MARGIN (2.5)% (in €m) (in €m, % organic change) 729 732 (2.5)pts VS. FY 2023 218 35.0% (1.7)% 220 200 33.0% (4.6)% 170 29.9% 31.0% 120 107 196 196 68% 68% (2.9)% 27.4% 94 29.0% (7.3)
Slide 16: Lockers automation platform steady expansion and strategic acquisition in the US
Lockers Lockers automation platform steady expansion and strategic acquisition in the US Package Concierge acquisition Acceleration on December 17, 2024 of the UK Open Network deployment Strengthening Quadient leadership position in the US multi-family locker sector European Open Network with c.40%
Slide 17: Package Concierge acquisition: Strengthening our leadership position in the US residential sector
Lockers Package Concierge acquisition: Strengthening our leadership position in the US residential sector BACKGROUND DEAL RATIONALE ▪ Package Concierge is a provider of locker ▪ Unique opportunity to become the undisputed automation platforms in the US, primarily in leader in the multi-family locker
Slide 18: Fast adoption of the European locker automation platform
Lockers Fast adoption of the European locker automation platform CUSTOMER ACQUISITION CUSTOMER EXPANSION ▪ Steady acceleration of the pace of installation ▪ Strong volume increase from both pick-up for the European open networks… and drop-off in the European open networks 1,500 600 +145% Volumes Ins
Slide 19: Lockers: Organic revenue growth acceleration to 10.9% in H2
Lockers Organic revenue growth acceleration to 10.9% in H2, coupled with substantial profitability improvement REVENUE PERFORMANCE EBITDA 5 and EBITDA MARGIN 8.0% 6.7% 4 (in €m, % organic change) +4.3% (in €m) 6.0% +3.6pts 3 4.0% 94 2 88 VS. FY1 2023 2.0% 1 3 (6.8)% 0 0.0% -3 0.6% -3 +8.0% -1 -2.0%
Slide 20: FY 2024 Key financials
Laurent du PASSAGE Chief Financial Officer 03 FY 2024 KEY FINANCIALS © 2025 Quadient. All rights reserved. 20
Slide 21: FY 2024 solid growth in Digital and Lockers, accelerating in H2
FY 2024 solid growth in Digital and Lockers, accelerating in H2 CHANGE IN REVENUE (in €m) +7.7% +2.8% +19 -19 +4.3% 1,093 REPORTED GROWTH +4 +2 (2.5)% +24 1,062 +0.4% ORGANIC GROWTH FY 2023 Scope Digital Mail Lockers Currency FY 2024 revenue effect(1) effect(2) revenue Organic change excludes curren
Slide 22: High operating leverage from Digital and Lockers
High operating leverage from Digital and Lockers CHANGE IN CURRENT EBIT (in €m) +2.2% ORGANIC GROWTH +21 -18 147 +5 -4 146 -4 0 organic change in EBITDA FY 2023 Scope Digital Mail Lockers Organic Currency FY 2024 current EBIT effect(1) change in change in change in change effect(2) current EBIT EBIT
Slide 23: Proven track record of current EBIT growth for four consecutive years
Proven track record of current EBIT growth for four consecutive years CURRENT EBIT (in €m, % organic growth) +10.2% +2.2% 147 146 140 135 2024 current EBIT organic 132 growth of +2.2% despite: ▪ High comparison basis ▪ Short term dilutive effect from Frama 2020 2021 2022 2023 2024 © 2025 Quadient. A
Slide 24: FY 2024 Group financials
Laurent du PASSAGE Chief Financial Officer 04 02 FY 2024 GROUP FINANCIALS © 2025 Quadient. All rights reserved. 24
Slide 25: Strong profitability expansion in Digital and Lockers
FY 2024 indicators Strong profitability expansion in Digital and Lockers Revenue Organic change TOTAL GROUP €632m North America +2.8% DIGITAL MAIL LOCKERS Main European €369m Countries (2.0)% €92m International (5.4)% Revenue €1,093m €267m €732m €94m Organic change +0.4% +7.7% (2.5)% +4.3% EBITDA ma
Slide 26: Net income broadly stable despite one-off costs and higher cost of debt
P&L Net income broadly stable despite one-off costs and higher cost of debt In € million FY 2023 FY 2024 Revenue 1,062 1,093 +2.8% reported growth EBITDA 244 247 EBITDA margin 23.0% 22.6% Depreciation and amortization (98) (101) Depreciation slightly up mainly due to Lockers Current EBIT 147 146 Cu
Slide 27: Sustained free cash flow generation
Cash flow Sustained free cash flow generation In € million FY 2023 FY 2024 EBITDA 244 247 EBITDA margin (%) 23.0% 22.6% Other items (19) (15) Restructurings costs, net of provisions Cash flow before net cost of debt and tax 225 233 Positive impact from timing on prepaid expenses and customers deposi
Slide 28: Capex increase mostly linked to UK Lockers open network deployment
Capex Capex increase mostly linked to UK Lockers open network deployment CAPEX (by solution, in €m) 108 Capex level based on the nature and maturity 101 of the platforms: 26 33 ▪ Lockers: increased capex supporting the ramp-up of open network deployment in the 22 24 UK ▪ Digital:investments focused
Slide 29: Stable leverage after M&A and share buyback program
Financial structure Stable leverage after M&A and share buyback program NET DEBT LEVERAGE (in €m) (Ratio of net debt/ EBITDA) 777 769 741 3.2 736 709 3.1 74 65 38 3.0 3.0 50 46 2.9 238 Leverage ratio 266 270 242 226 2.1 2.0 1.8 443 464 1.7 1.7 438 434 437 Leverage ratio excluding leasing 2020 2021 2
Slide 30: Strong financial position and successful refinancings
Financial structure Strong financial position and successful refinancings DEBT MANAGEMENT Financial debt maturities as at 31st of January 2025 ▪ c. €325m of new facilities raised in the FY 2024, of which in H2: 3 11 ‐ Oct. 2024: EBRD financing, with €25m 260 48 Schuldschein 3 23 5 14 ‐ Dec. 2024: US
Slide 31: Conclusion
Geoffrey Godet Chief Executive Officer 05 FY 2025 CONCLUSION © 2025 Quadient. All rights reserved. 31
Slide 32: Continuous return to shareholders
Continuous return to shareholders PROPOSED DIVIDEND HISTORIC EVOLUTION OF DIVIDEND PER SHARE 0.70 € 0.65 € 0.60 € 0.53 € 0.55 € €0.70 (1) per share 36.1% FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 payout SHARE BUYBACK PROGRAM vs. dividend payout ratio of minimum 20% of net income ▪ Launched in Septembe
Slide 33: Solid start to Elevate to 2030 strategic plan
Solid start to “Elevate to 2030” strategic plan Customer Recurring Growing Strong investment centric platform business model sustainably proposition ▪ +2,600 new clients in ▪ Increased subscription- ▪ Near terms and Net zero ▪ Digital EBITDA margin 2024 for Digital related revenue: targets approved
Slide 34: FY 2025 outlook aligned with our 2023-2026 growth path
FY 2025 outlook aligned with our 2023-2026 growth path, backed by strong and sustainable market growth drivers Acceleration in organic revenue growth and in current EBIT organic growth 2025 GUIDANCE vs. 2024(1) Revenue organic Current EBIT organic CAGR CAGR 2023-2026 GUIDANCE >1.5% >3% (1) 2024 orga
Slide 35: Appendix
06 APPENDIX © 2025 Quadient. All rights reserved. 35
Slide 36: Recurring business model allows for clear long-term ambitions
Recurring business model allows for clear long-term ambitions TRAJECTORY 2023-2026 AMBITIONS 2030 Revenue organic EBITDA Subscription EBITDA Revenue CAGR margin related revenue margin Digital c.10% >20% >€500m >90% c.30% Mail c.-3% >25% c.€600m >65% 20-25% Lockers installed base Lockers >10% >10% >€
Slide 37: H2 2024 results breakdown
H2 2024 results breakdown Revenue Organic change TOTAL GROUP €324m North America +2.7% DIGITAL MAIL LOCKERS Main European €187m Countries (2.3)% €47m International (8.0)% Revenue €559m €137m €370m €51m Organic change +0.0% +9.4% (4.3)% +10.9% EBITDA €136m €26m €107m €3m Margin 24.4% 19.1% 28.8% 6.7%
Slide 38: Q4 2024 sales breakdown
Q4 2024 sales breakdown Revenue Organic change TOTAL GROUP €171m North America +2.5% DIGITAL MAIL LOCKERS Main European €100m Countries (2.9)% €24m International (6.9)% Total Group €295m €73m €196m €27m Organic change (0.2)% +10.1% (4.6)% +8.0% Organic change excludes currency and scope. % of change
Slide 39: Q4 & FY 2024 performance by revenue type
Q4 & FY 2024 performance by revenue type ORGANIC CHANGE BY REVENUE TYPE (in €m, % organic change vs. same period last year) +0.4% 1,062 1,093 (2.4)% Non-recurring revenue (0.2)% 284 295 (5.1)% 70% 71% +1.6% Subscription-related revenue 68% 69% +2.1% Q4 ’23 Q4 ’24 FY ’23 FY ’24 Organic change exclude
Slide 40: Q4 & FY 2024 performance by geography
Q4 & FY 2024 performance by geography ORGANIC CHANGE BY GEOGRAPHY (in €m, % organic change vs. same period last year) +0.4% 1,062 1,093 (5.4)% International -0.2% 34% (2.0)% Main European Countries 33% 284 295 (6.9)% 34% 34% (2.9)% 57% 58% +2.8% North America 56% 58% +2.5% Q4 ’23 Q4 ’24 FY ’23 FY ’2
Slide 41: Q4 2024 revenue bridge
Q4 2024 revenue bridge CHANGE IN REVENUE (in €m) (0.2)% 295 ORGANIC GROWTH 7 -9 5 +4.1% 2 REPORTED GROWTH 7 284 Q4 2023 Scope Digital Mail Lockers Currency Q4 2024 revenue effect(1) effect(2) revenue Organic change excludes currency and scope. % of change vs. the same period last year. (1) Acquisiti
Slide 42: FY 2024 financial statements: P&L
FY 2024 financial statements P&L FY 2024 FY 2023 (in € millions) Sales 1,093 1,062 Cost of sales (275) (274) Gross margin 818 788 R&D expenses (63) (63) Sales and marketing expenses (287) (275) Administrative and general expenses (187) (176) Service and support expenses (116) (109) Employee profit-s
Slide 43: Consolidated balance sheet (1/2)
FY 2024 financial statements Consolidated balance sheet (1/2) FY 2024 FY 2023 Assets (in € millions) 31/01/2025 31/01/2024 Goodwill 1,131 1,082 Intangible fixed assets 119 121 Tangible fixed assets 170 156 Other non-current financial assets 65 65 Other non-current receivables 2 2 Leasing receivables
Slide 44: Consolidated balance sheet (2/2)
FY 2024 financial statements Consolidated balance sheet (2/2) FY 2024 FY 2023 Liabilities (in € millions) 31/01/2025 31/01/2024 Shareholders’ equity 1,113 1,069 Non-current provisions 12 12 Non-current financial debt 722 715 Current financial debt 347 66 Lease obligations 38 46 Other non-current lia
Slide 45: Increasing leasing portfolio and short-term cash impact
Leasing portfolio Increasing leasing portfolio and short-term cash impact CUSTOMER LEASING PORTFOLIO (in €m) Cash out, in €m, reflected into Free Cash 698 Flow statement under change in lease receivables -62 623 -38 +18 598 595 595 598 0 +3 +7 -8 +8 -39 +36 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan
Slide 46: All financial covenants met
All financial covenants met 31 January 2024 31 January 2025 Maximum drawing: 90% Intercompany net leasing debt Intercompany net leasing debt Covenants on of outstanding leasing standing at 74% of outstanding standing at 76% of outstanding leasing operations portfolio leasing portfolio leasing portfo
Slide 47: Shareholding and governance updates
Shareholding and governance updates MAIN SHAREHOLDERS Management, directors, employees, treasury shares (3.3%) VESA Equity Investment S.à.R.L (16.5%) Bpifrance Participations S.A. (8.1%) Number Teleios Capital Partners GmbH of shares: (6.6%) 34,468,912 Janus Henderson Investors UK Other shareholders
Slide 48: Launch of a share buy back program
Launch of a share buy back program ▪ Amount: up to €30 million Terms ▪ Duration: up to 18 months(1) of the program ▪ Repurchased shares to be cancelled except for a €10m portion to be dedicated to future LTI plans ▪ Decision to buy back shares in line with Quadient capital allocation policy Rational
Slide 49: Thank you
Thank you © 2025 Quadient. All rights reserved. 49