Quadient Sa (NPACF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.537 -- 00:00:06.230 Good evening and welcome to Quadient's Alfeur 2025 results presentation. 00:00:06.230 -- 00:00:10.099 I am Anne-Sophie Jujan, Quadient's Head of Investor Relations. 00:00:10.099 -- 00:00:15.130 Today's presentation will be hosted by Geoffrey Godet, CEO, and Laurent 00:00:15.130 -- 00:00:17.932 Dupassage, CFO. 00:00:18.391 -- 00:00:21.597 The agenda for today's call is on slide three. 00:00:21.597 -- 00:00:27.188 As usual, there will be an opportunity to ask questions at the end of the presentation. 00:00:27.188 -- 00:00:32.338 You can submit your questions in writing through the web or ask questions live by 00:00:32.338 -- 00:00:36.185 dialing into the conference call. Thank you very much. 00:00:36.185 -- 00:00:38.830 And with that, over to you, Geoffrey. 00:00:38.830 -- 00:00:40.634 Thank you, Anne-Sophie. 00:00:40.634 -- 00:00:42.455 Good evening. 00:00:42.455 -- 00:00:47.508 The first half of 2025 showed a solid performance from our two growth 00:00:47.508 -- 00:00:53.660 engines, digital and lockers, with a double-digit growth in recurring revenue. 00:00:53.660 -- 00:00:59.671 Both solutions are firmly on a strong and predictable revenue growth trajectory. 00:00:59.671 -- 00:01:04.740 From a profitability standpoint, Locker's EBITDA margin also confirmed 00:01:04.740 -- 00:01:09.929 its fast improving trend. And both solutions are expected to deliver EBITDA 00:01:09.929 -- 00:01:15.816 margin increase for the full year 2025 and also for 2026. 00:01:16.222 -- 00:01:21.389 The end of the U.S. postal decertification program that we mentioned last time impacted 00:01:21.389 -- 00:01:27.177 our mail hardware sales in the U.S., leading to a temporary 00:01:27.177 -- 00:01:30.899 lower revenue in the period for our mail solution. 00:0...