Slide 1: H1 2026 Results
H1 2026 Results 23 September 2026 © 2026 Quadient | All rights reserved 1
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENT This presentation contains forward-looking statements, estimates, opinions and projections with respect to anticipated future performance of Quadient SA (the “Company”). These forward-looking statements can be identified by the use of forward-looking terminology,
Slide 3: Agenda
Agenda 1. H1 2026 Highlights 4. H1 2026 Company financials 2. H1 2026 Key financials 5. Conclusion 3. H1 2026 Business review 6. Appendix
Slide 4: H1 2026 Highlights
H1 2026 Highlights Geoffrey Godet Chief Executive Officer © 2026 Quadient | All rights reserved 4
Slide 5: Lockers strategic review: announced in July 2026, now complete
Lockers strategic review: announced in July 2026, now complete A Digital-led Quadient, Lockers at scale and profitable STRATEGIC DIRECTION EXECUTION DELIVERED Quadient: pivoting to Digital Lockers: a mature, profitable asset INSTALLED BASE REVENUE Announced at the start of FY 2026 US & Japan (in no.
Slide 6: Lockers strategic review: outcome
Lockers strategic review: outcome UK open network sale agreement, rest of Lockers business in sale process OUTCOME OF STRATEGIC REVIEW Sale of UK open network LOCKERS IN UK open network sale €65m Sale price H1 2026 agreement Continued good with IDS Holdco, following an open, IMPACT ON LEVERAGE bus
Slide 7: H1 2026 Key financials
H1 2026 Key financials Laurent du Passage Chief Financial Officer © 2026 Quadient | All rights reserved 7
Slide 8: H1 2026 key indicators
H1 2026 key indicators Continued revenue growth in Digital, resilient margin in Mail Revenue Organic change QUADIENT TOTAL IFRS 5 BASIS €254m Lockers classified as North America held for sale and -0.1% DIGITAL MAIL(1) presented as a Main European €165m discontinued operation Countries -4.4% Only Eur
Slide 9: Continued solid growth in Digital, partially offsetting Mail
Continued solid growth in Digital, partially offsetting Mail CHANGE IN REVENUE (in €m) +9 465 +2 -19 -3.7% REPORTED +6.7% -5.7% -10 448 CHANGE -2.0% ORGANIC CHANGE (1) (2) (3) H1 2025 Scope effect Digital Mail Currency effect H1 2026 revenue revenue H1 2025 figures restated to reflect the impact of
Slide 10: Digital EBITDA growth momentum cushions Mail performance
Digital EBITDA growth momentum cushions Mail performance CHANGE IN CURRENT EBIT (in €m) 64 +3 0 -6 -5.9% -1 -3 YOY ORGANIC 57 CHANGE H1 2025 Scope effect (1) Digital Mail (2) Organic Currency (3) H1 2026 current EBIT change in change in change in D&A effect current EBIT EBITDA EBITDA H1 2025 figures
Slide 11: H1 2026 Business review
H1 2026 Business review Geoffrey Godet Laurent du Passage Chief Executive Officer Chief Financial Officer © 2026 Quadient | All rights reserved 11
Slide 12: DIGITAL Profitable growth trajectory, led by expanding subscription-related revenue
DIGITAL Profitable growth trajectory, led by expanding subscription-related revenue EBITDA(1) 19% 21% QUARTERLY DIGITAL REVENUE (1) (in €m, % EBITDA margin) 30 26 (in €m, % of share of SRR, SRR CAGR 2020-H126) 16% 15% 14% 15% 13% 20 21 13% 22 12% 18 10% 9% 9% 11 12 16 10 11 Non-subscription-related
Slide 13: Multi-year, multi-country opportunity kicks off
DIGITAL Multi-year, multi-country opportunity kicks off Quadient enters e-invoicing reform go-live with scale, momentum and clear path to broader financial automation adoption PLATFORM EXPANSION MAIL BASE AS A CHANNEL REGULATORY CATALYST CCM + AP + AR Capturing 1 Sept. 2026 Beyond -5 French e-invoic
Slide 14: E-invoicing in France: Quadient accelerates into reform go-live
DIGITAL FINANCIAL AUTOMATION E-invoicing in France: Quadient accelerates into reform go-live c.350m + SMEs contracted annual invoices Strong ramp-up in contracted volumes in the 15 months since Serensia acquisition 1 Sept. 2026 1 Sept. 2027 End-FY 2028 June 2025 Acquisition of Reform go-live – all I
Slide 15: Reform drives volumes, Quadient financial automation adds value
DIGITAL FINANCIAL AUTOMATION Reform drives volumes, Quadient financial automation adds value Quadient embeds compliant e-invoicing within broader financial automation, helping customers move beyond regulatory readiness to improve invoice processing and payment control, accelerate cash collection and
Slide 16: Enterprise expansion and competitive takeouts reinforce CCM leadership
CCM DIGITAL Enterprise expansion and competitive takeouts reinforce CCM leadership Continued expansion within existing enterprise customers and displacement of competing solutions reflect Quadient's ability to deliver at scale $ multi-million Longstanding US-based financial NAMED LEADER IN CCM FOR 6
Slide 17: Further increase in ARR thanks to e-invoicing, stable margin
DIGITAL Further increase in ARR thanks to e-invoicing, stable margin REVENUE PERFORMANCE EBITDA AND EBITDA MARGIN (in €m, % organic change vs same period last year) (in €m) +6.7% -0pts 146 vs H1 2025 137 22 21 20.0% -8.4% +6.7% 20 19.0% 20 18.0% 18 17.0% 70 75 14.5% 14.5% 16.0% -1.6% 87% 16 15.0% 84
Slide 18: Mail customer transformation, demand-driven product expansion
MAIL Mail customer transformation, demand-driven product expansion SUPPORTING BROADER DIGITALIZATION CUSTOMER SATISFACTION Leader in Mailroom +4x 96%+ Solutions Continued strong satisfaction Growth in cross-sell of Digital globally Quadient named a Leader in financial automation solutions to the IDC
Slide 19: Stable underlying revenue trends in Q2, resilient EBITDA margin
MAIL Stable underlying revenue trends in Q2, resilient EBITDA margin REVENUE PERFORMANCE EBITDA AND EBITDA MARGIN (in €m, % organic change vs same period last year) (in €m) -5.7% -0.6pts 328 vs H1 2025 302 84 30.0% 90 80 75 -6.4% -4.1% 25.0% 70 25.5% 162 60 24.9% 20.0% 152 50 15.0% -4.8% 72% 40 71%
Slide 20: H1 2026 Company financials
H1 2026 Company financials Laurent du Passage Chief Financial Officer © 2026 Quadient | All rights reserved 20
Slide 21: P&L
P&L In € millions H1 2025 H1 2026 Published Restated Revenue 517 465 448 Decrease in EBITDA due to further Mail decline EBITDA 109 104 96 EBITDA margin 21.0% 22.3% 21.5% Depreciation and amortization (49) (40) (39) Current EBIT 60 64 57 Current EBIT margin 11.5% 13.8% 12.7% Restructuring driven by M
Slide 22: Cash flow
Cash flow In € millions H1 2025 H1 2026 Published Restated EBITDA 109 104 96 EBITDA margin (%) 21.0% 22.3% 21.5% Mail restructuring in North America and France Other items (6) (6) (10) Cash flow before net cost of debt and tax 103 98 86 Normalized change in working capital requirement compared to H1
Slide 23: Lower capex reflecting fewer Mail placements
Lower capex reflecting fewer Mail placements CAPEX (excluding IFRS 16) (by Solution, in €m) 42 Capex aligned with nature and maturity of the platforms: 14 • Digital: continued investment in R&D and platform 28 development, notably Serensia scope 25 12 12 • Mail: decrease in capex due to fewer equipm
Slide 24: Disciplined financing policy, leverage excl. leasing maintained
Disciplined financing policy, leverage excl. leasing maintained NET DEBT LEVERAGE (in €m) (Net debt/EBITDA, incl. IFRS 16 debt) 769 736 741 65 709 38 50 682 683 46 32 3.1 3.1 36 3.0 3.0 3.0 2.9 270 242 238 226 207 216 2.0 1.8 1.7 1.7 1.6 1.6 434 443 437 464 439 435 H1 2026 leverage ratios reflect ap
Slide 25: Financial structure
Financial structure Sound financial position and balanced debt structure Financial debt maturities as at 31 July 2026 ACTIVE DEBT MANAGEMENT (in €m) 217 (1) 11 The following transactions were carried out in August 2026, 44 subsequent to the period end: 139 (1) 137 • Issuance of a €100m Schuldschein
Slide 26: Conclusion
Conclusion Geoffrey Godet Chief Executive Officer © 2026 Quadient | All rights reserved 26
Slide 27: FY 2026 outlook
FY 2026 outlook Previous guidance Previous guidance restated New guidance(4) for Lockers impact 2026 organic revenue change: 2026 organic revenue change: 2026 organic revenue change: -2% to +2% -3% to +1% -3% to +1% 2026 EBITDA margin(1) 2026 EBITDA margin(1) 2026 EBITDA margin(1) Digital Mail Locke
Slide 28: FY 2030 ambitions maintained
FY 2030 ambitions maintained Digital to be Quadient’s largest, most profitable Solution QUADIENT REVENUE BY SOLUTION(1) (2022-2030F, in €m) 2030 revenue ambition Lockers business excluded from 2030 unchanged(1) outlook following application of IFRS 5 from Mail Digital H1 2026 Lockers c. €500m c. €55
Slide 29: THANK YOU
THANK YOU Q&A © 2026 Quadient | All rights reserved 29
Slide 30: Appendix
Appendix © 2026 Quadient | All rights reserved 30
Slide 31: H1 2026 revenue breakdown
H1 2026 revenue breakdown Resilient performance in North America ORGANIC CHANGE BY REVENUE TYPE ORGANIC CHANGE BY GEOGRAPHY (in €m, % organic change vs same period last year) (in €m, % organic change vs same period last year) -2.0% -2.0% 465 465 448 448 -4.9% International Non-recurring -4.9% revenu
Slide 32: Q2 2026 revenue bridge
Q2 2026 revenue bridge Sustained momentum in Digital CHANGE IN REVENUE (in €m) +5 -2.0% 232 +1 -10 REPORTED CHANGE 227 +0 +6.7% -6.4% -2.4% ORGANIC CHANGE (1) (2) (3) Q2 2025 Scope effect Digital Mail Currency effect Q2 2026 revenue revenue Q2 2025 figures restated to reflect the impact of the appli
Slide 33: Q2 2026 revenue breakdown by revenue type
Q2 2026 revenue breakdown By revenue type Revenue Organic change QUADIENT TOTAL Subscription- €171m DIGITAL MAIL related revenue -1.9% Non-recurring €56m revenue -4.1% Revenue €227m €75m €152m Organic change -2.4% +6.7% -6.4% Q2 2025 figures restated to reflect the impact of the application of IFRS
Slide 34: Q2 2026 revenue breakdown by geography
Q2 2026 revenue breakdown By geography Revenue Organic change QUADIENT TOTAL €130m North America +0.5% DIGITAL MAIL(1) Main European €83m Countries -5.6% €14m International -9.2% Revenue €227m €75m €152m Organic change -2.4% +6.7% -6.4% Q2 2025 figures restated to reflect the impact of the applicati
Slide 35: P&L (in € millions) H1 2026
P&L (in € millions) H1 2026 H1 2025 Published Restated Revenue 448 517 465 Cost of sales (103) (132) (106) Gross margin 345 385 358 R&D expenses (28) (29) (25) Sales and marketing expenses (116) (139) (124) Administrative and general expenses (82) (91) (85) Service and support expenses (52) (59) (54
Slide 36: Consolidated balance sheet (1/2)
Consolidated balance sheet (1/2) Assets 31/07/2026 31/01/2026 (in € millions) Goodwill 893 959 Intangible assets 104 122 Property, plant and equipment 100 167 Non-current financial assets 53 54 Other non-current assets 8 6 Leasing and other financing services 522 533 receivables Deferred tax assets
Slide 37: Consolidated balance sheet (2/2)
Consolidated balance sheet (2/2) Liabilities (in € millions) 31/07/2026 31/01/2026 Shareholders’ equity 969 966 Non-current provisions 10 11 Non-current financial debt 545 618 Current financial debt 230 143 Lease obligations 32 36 Other non-current liabilities 0 1 Deferred tax liabilities 73 85 Fina
Slide 38: Evolution of the leasing portfolio
Evolution of the leasing portfolio Excess of cash, in €m, reflected into CUSTOMER LEASING PORTFOLIO free cash flow statement under (in €m) change in lease receivables 698 -62 623 -38 598 595 595 598 +18 -30 -8 +8 0 +3 +7 -39 +36 -60 533 522 -29 +18 31 Jan FY 2020 31 Jan FY 2021 31 Jan FY 2022 31 Jan
Slide 39: Share ownership structure
Share ownership structure Main shareholders as of 31 July 2026 Management, directors, employees and treasury shares (in % of share capital) (3.0%) VESA Equity Investment S.à.R.L (26.9%) Other shareholders Number of shares: (51.9%) 34,468,912 Bpifrance Participations S.A. (10.2%) Janus Henderson Inve
Slide 40: All financial covenants met
All financial covenants met 31 July 2025 31 July 2026 Maximum drawing: 90% Intercompany net leasing debt Intercompany net leasing debt Covenants on of outstanding leasing standing at 81% of outstanding standing at 85% of outstanding leasing operations portfolio leasing portfolio leasing portfolio Ma
Slide 41: H1 revenue and EBITDA bridge
H1 revenue and EBITDA bridge REVENUE Digital Mail EBITDA Digital Mail H1 2026 published €146m €298m H1 2026 published €22m €78m H1 2026 restated* €146m €302m H1 2026 restated* €21m €75m H1 2025 published €137m €325m H1 2025 published €20m €86m H1 2025 restated* €137m €328m H1 2025 restated* €20m €84
Slide 42: Comparative figures 2025 quarterly revenue by Solution
Comparative figures 2025 quarterly revenue by Solution Digital Mail Q1 2025 published €67m €164m Q1 2025 restated* €67m €166m Q2 2025 published €70m €160m Q2 2025 restated* €70m €162m Q3 published €69m €152m Q3 2025 restated* €69m €153m Q4 published €76m €163m Q4 2025 restated* €76m €165m * Figures
Slide 43: Glossary
Glossary Annual recurring revenue (ARR) A forward-looking indicator of future subscription-related revenue. It corresponds to the average annualized value of recurring revenue associated with active subscription relationships at the end of the reporting period, including (i) committed contractual co