Quadient Sa (NPACF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening and welcome to Quadient's Alfeur 2025 results presentation. I am Anne-Sophie Jujan, Quadient's Head of Investor Relations. Today's presentation will be hosted by Geoffrey Godet, CEO, and Laurent Dupassage, CFO. The agenda for today's call is on slide three. As usual, there will be an opportunity to ask questions at the end of the presentation. You can submit your questions in writing through the web or ask questions live by dialing into the conference call. Thank you very much. And with that, over to you, Geoffrey. Thank you, Anne-Sophie. Good evening. The first half of 2025 showed a solid performance from our two growth engines, digital and lockers, with a double-digit growth in recurring revenue. Both solutions are firmly on a strong and predictable revenue growth trajectory. From a profitability standpoint, Locker's EBITDA margin also confirmed its fast improving trend. And both solutions are expected to deliver EBITDA margin increase for the full year 2025 and also for 2026. The end of the U.S. postal decertification program that we mentioned last time impacted our mail hardware sales in the U.S., leading to a temporary lower revenue in the period for our mail solution. All players in the industry have experienced similar declines. More importantly, we managed to protect the profitability of our mail solution thanks to the cross-selling between our solution and also the contribution from the recent integration of the Framart acquisition that we did more than a year ago. As a result, for the first half of 2025, we delivered 517 million euros in revenue, which represents a 3% organic decline compared to the same period last year. Despite the decline in mail revenue, current EBIT for the period was stable at 60 million euros. So, let's now turn to the d...