Half Year 2025 Quadient SA Earnings Call Transcript
Key Points
- Quadient SA (NPACY) reported strong performance in its digital and lockers segments, with double-digit growth in recurring revenue.
- The company's EBITDA margin for lockers is improving rapidly, with expectations for further increases in 2025 and 2026.
- Quadient's digital automation platform received high recognition, being named a leader in CCM and CXM Aspire leaderboards, and earning the highest scores in AI Vision and AI maturity.
- The company successfully integrated recent acquisitions, such as Frama and Serensia, contributing positively to profitability and market expansion.
- Quadient's subscription-related revenue continues to grow, now representing 74% of total revenue, up from 72% last year.
- Quadient SA (NPACY) experienced a 3% organic decline in total revenue for the first half of 2025, primarily due to a significant drop in mail hardware sales in the US.
- The end of the US postal decertification program led to a 13.4% organic drop in non-current revenue, impacting mail product placements.
- North America saw a EUR10 million revenue decline compared to last year, driven by a EUR19 million drop in mail solutions.
- The company faced a EUR10 million negative currency effect due to the US dollar, impacting overall financial performance.
- Free cash flow was negative at minus EUR8 million, affected by seasonality in working capital and debt interest payments.
Good evening and welcome to Quadient half year 2025 results presentation. I am Anne-Sophie Jugean, Quadient's Head of Investor Relations. Today's presentation will be hosted by Geoffery Godet, CEO; and Laurent Du Passage, CFO.
The agenda for today's call is on slide 3. (Operator Instructions)
Thank you very much. And with that, over to you, Geoffer.
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 it's 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 US postal decertification program that we mentioned
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