Slides
Page 1
23 September 2026 1© 2026 Quadient | All rights reserved H1 2026 Results
Page 2
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, including notably the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include statements that may relate to the Company’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical facts. Forward-looking statements are based on the current views, expectations and assumptions regarding the business, the economy and other future conditions of the Company and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Any forward-looking statements made in this presentation are statements about the Company’s beliefs and expectations and should be evaluated as such. Although the Company believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. These risks and uncertainties are linked to factors beyond the Company’s control and not precisely estimated, such as market conditions or competitor behavior. More detailed information on the potential risks that that could cause actual results to differ materially from the results anticipated in the forward-looking statements can be found in the 2025 Universal Registration Document filed with the Autorité des marchés financiers (AMF) on 7 May 2026 under the registration number D.26-0347, including notably those listed in the "Risk Factors". Investors and Quadient shareholders should note that if some or all of these risks are realized, they may have a significant unfavourable impact on the Company. Any forward-looking statements included herein only speak as at the date of this presentation. The Company does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law. The Company accepts no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions. This presentation does not constitute an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of ordinary shares of the Company in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Disclaimer 2© 2026 Quadient | All rights reserved
Page 3
Agenda 1. 2. 3. 4. 5. 6. H1 2026 Highlights H1 2026 Key financials H1 2026 Business review H1 2026 Company financials Conclusion Appendix
Page 4
H1 2026 Highlights Geoffrey Godet Chief Executive Officer 4© 2026 Quadient | All rights reserved
Page 5
5© 2026 Quadient | All rights reserved Lockers strategic review: announced in July 2026, now complete A Digital-led Quadient, Lockers at scale and profitable • Executive Committee reinforced with Digital business leaders • Direct leadership of Digital by CEO • Digital to become Quadient’s largest, most profitable Solution by 2030 • Strong market drivers fueling growth in demand for automated solutions for business and communications STRATEGIC DIRECTION Quadient: pivoting to Digital Announced at the start of FY 2026 Lockers: a mature, profitable asset US & Japan Leading market positions EXECUTION DELIVERED UK Rapid scaling Profitable at scale Breakeven in 2024 FY25 LOCKERS €114m revenue (+11.4% org. yoy) 11% of total revenue 5.0% EBITDA margin (+4.4 pts yoy) INSTALLED BASE (in no. of lockers) From €6m in 2018 2018 FY25 2,000 27,700 c.14x REVENUE (in €m) 6 114 2018 FY25 x19 2018 Small scale-up 2019 Parcel Pending acquisition 2020-23 2024 2025 2026 Expansion across Japan, UK, France, US, Canada Package Concierge acquisition; breakeven Maturity and profitability Strategic review LOCKERS TIMELINE
Page 6
6© 2026 Quadient | All rights reserved Lockers strategic review: outcome UK open network sale agreement, rest of Lockers business in sale process c.€120m Lockers capex to be redeployed over 5 years REPORTING (1) European private lockers network (representing annual revenue of around €6.7m), to be retained and managed by Mail. This operation has been reclassified within the Mail segment (2) Classified as held for sale in the balance sheet and presented as a discontinued operation into the P&L (3) Net debt/EBITDA (excluding leasing). Based on completion of sale of UK network before FY 2026 year-end Sale of UK open network €65m Sale price CAPEX NO LONGER REQUIRED STRATEGIC AND FINANCIAL FLEXIBILITY OUTCOME OF STRATEGIC REVIEW UK open network sale agreement with IDS Holdco, following an open, competitive process Sales process launched for rest of Lockers business(1) Lockers Solution reclassified in H1 financial statements in accordance with IFRS 5 (2) SALE PROCEEDS Additional proceeds from rest of Lockers business lockers added to installed base +1,000 +16% Parcel volumes +27% LOCKERS IN H1 2026 Continued good business momentum SRR growth Margin improvement FY26 leverage guidance from 1.5x to 1.2x(3) IMPACT ON LEVERAGE Sale of Lockers
Page 7
H1 2026 Key financials Laurent du Passage Chief Financial Officer 7© 2026 Quadient | All rights reserved
Page 8
8© 2026 Quadient | All rights reserved MAIL(1)DIGITAL Revenue Organic change North America Main European Countries International €165m -4.4% €29m -4.9% €254m -0.1% QUADIENT TOTAL €146m +6.7% Revenue Organic change €302m -5.7% €448m -2.0% 14.5% +0.0pts EBITDA margin(2) Change in pts 24.9% -0.6pts 21.5% -0.8pts Current EBIT Organic change €57.0m -5.9% H1 2026 key indicators Continued revenue growth in Digital, resilient margin in Mail Organic change excludes currency and scope effects. % change vs. the same period last year (1) Includes European private lockers network accounting for c.€3m in revenue and - €1.5m in EBITDA in H1 2026 (2) Includes c.€2-3m of stranded costs from Lockers, reallocated by Solution and impacting EBITDA by c.0.6 points in H1 2026 IFRS 5 BASIS Lockers classified as held for sale and presented as a discontinued operation Only European private lockers network kept and reclassified in Mail (€6.7m annual revenue) Prior year restated; all figures presented on this basis
Page 9
9© 2026 Quadient | All rights reserved Continued solid growth in Digital, partially offsetting Mail CHANGE IN REVENUE (in €m) -3.7% REPORTED CHANGE H1 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business Organic change excludes currency and scope effects. % change vs. the same period last year (1) Acquisition of Serensia in June 2025 and CDP Communications in December 2025 (2) Includes European private lockers network, reclassified within Mail following the strategic review of the Lockers business (3) Average rates EUR/USD H1 2026 = 1.16 and H1 2025 = 1.12; EUR/GBP H1 2026 = 0.86 and H1 2025 = 0.85 H1 2025 revenue +2 Scope effect +9 Digital -19 Mail -10 Currency effect H1 2026 revenue 465 448-5.7% -2.0% ORGANIC CHANGE +6.7% (1) (3)(2)
Page 10
10© 2026 Quadient | All rights reserved Digital EBITDA growth momentum cushions Mail performance CHANGE IN CURRENT EBIT (in €m) -5.9% YOY ORGANIC CHANGE H1 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business Organic change excludes currency and scope effects. % change vs. the same period last year (1) Acquisition of Serensia in June 2025 and CDP Communications in December 2025 (2) Includes EBITDA relating to the European private lockers network, reclassified within Mail following the strategic review of the Lockers business (3) Average rates EUR/USD H1 2026 = 1.16 and H1 2025 = 1.12; EUR/GBP H1 2026 = 0.86 and H1 2025 = 0.85 H1 2025 current EBIT 0 Scope effect +3 Digital change in EBITDA -6 Mail change in EBITDA -1 Organic change in D&A Currency effect H1 2026 current EBIT 64 57-3 (1) (2) (3)
Page 11
H1 2026 Business review Geoffrey Godet Chief Executive Officer Laurent du Passage Chief Financial Officer 11© 2026 Quadient | All rights reserved
Page 12
12© 2026 Quadient | All rights reserved DIGITAL Profitable growth trajectory, led by expanding subscription-related revenue EBITDA(1) (in €m, % EBITDA margin) Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q3 Q4 2025 Q1 Q2 2026 Q2 43 44 46 51 45 52 45 54 52 55 58 61 58 61 66 63 66 65 73 60 70 69 76 71 75 67 SRR CAGR +16% Non-subscription-related revenue Subscription-related revenue 59% 67% 75% 80% 82% 84% 87% (in €m, % of share of SRR, SRR CAGR 2020-H126) QUARTERLY DIGITAL REVENUE (1) (1) Data presented prior to application of IFRS 5 to the Lockers business 109 123 147 187 206 232 250 264 2019 2020 2021 2022 2023 2024 2025 H1 2026 CAGR +15% (in €m, 2019-H126) ARR 9 11 12 10 1 16 11 18 20 26 21 30 22 10% 12% 13% 9% 1% 13% 9% 14% 16% 19% 15% 21% 15% H1 20 H2 20 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 EBITDA EBITDA margin
Page 13
13© 2026 Quadient | All rights reserved DIGITAL Multi-year, multi-country opportunity kicks off -5 1 Sept. 2026 French e-invoicing go-live First phase of regulatory reform creating large-scale opportunity to digitize invoice workflows and financial processes REGULATORY CATALYSTPLATFORM EXPANSION Capturing the transition MAIL BASE AS A CHANNEL CCM + AP + AR Beyond compliance Quadient combines CCM, e-invoicing, AP , AR and cash visibility in one connected experience Quadient’s European Mail base gives privileged access to businesses’ digitalization European e-invoicing reform representing continued catalyst, extending addressable base across Quadient’s platform 2027 2029 2030 Quadient enters e-invoicing reform go-live with scale, momentum and clear path to broader financial automation adoption 2026
Page 14
14© 2026 Quadient | All rights reserved(1) Identified by SIRET number. Includes entities registered through partners DIGITAL E-invoicing in France: Quadient accelerates into reform go-live June 2025 Acquisition of 1 Sept. 2027 Issuance obligation extends to SMEs 950k+ entities(1) registered with French tax authority’s central directory through Serensia at 21 Sept. 2026 PLATFORM OF CHOICE 11x YoY growth in France Q2 e-invoicing bookings, incl. multi-million euro white-label deal COMMERCIAL MOMENTUM Over 700k invoices processed as at 21 Sept. 2026, with slow ramp-up expected to end of year SINCE GO-LIVE End-FY 2028 First full year of widened scope FINANCIAL AUTOMATION c.350m contracted annual invoices Strong ramp-up in contracted volumes in the 15 months since Serensia acquisition Recurring base, structured by deal type, + usage Direct / platform Subscription fee + invoice volume commitment White-label Subscription covering a committed volume Monetization + SMEs 1 Sept. 2026 Reform go-live – all business must receive; large & mid-sized companies issue SCOPE WIDENS VOLUMES GROW Overage – per-invoice billing above the commitment in both models
Page 15
15© 2026 Quadient | All rights reserved DIGITAL Reform drives volumes, Quadient financial automation adds value E-invoicing as an entry point • Embedded in AP automation • Approval and PO matching • ERP-integrated workflows • Payment control COMPLIANCE-LED ADOPTION AR Leader, 5th year running QKS Group SPARK Matrix for Accounts Receivable Applications 2026, citing a “comprehensive, AI-driven credit-to-cash platform” where “strategic investments in dedicated AI divisions are yielding tangible results” PLATFORM EXPANSION MORE MODULES GREATER VALUE FINANCIAL AUTOMATION Delivering tangible benefits 5x average ROI -50% invoice processing time 56% faster approvals(1) QUADIENT AP: BEYOND E-INVOICING 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 enhance cash visibility Connecting AP + AR • AI-powered cash dashboard launched June 2026 • Real-time view of payables and receivables • Better forecasting and working-capital decisions QKS Group SPARK Matrix for Accounts Payable Automation 2026, citing AI-driven invoice processing and a unified approach to financial process automation AP Leader, 3rd year running (1) Source: Quadient published figures
Page 16
16© 2026 Quadient | All rights reserved DIGITAL Enterprise expansion and competitive takeouts reinforce CCM leadership CCM Continued expansion within existing enterprise customers and displacement of competing solutions reflect Quadient's ability to deliver at scale Unified platform Why Quadient wins Longstanding US-based financial services customer signs multi-year agreement to expand from point solution to full CCM platform NAMED LEADER IN CCM FOR 6th YEAR RUNNING QKS Group SPARK Matrix, Q3 2026 – Quadient at top right of Leaders band on both customer impact and technology excellence $ multi-million platform expansion with existing financial services customer Major healthcare customer expands volumes from 4bn to 7bn pages, consolidating volumes onto Quadient and displacing competing solutions +75% volume expansion with existing healthcare customer Flexible deployment Governance and compliance Enterprise scale
Page 17
17© 2026 Quadient | All rights reserved REVENUE PERFORMANCE (in €m, % organic change vs same period last year) EBITDA AND EBITDA MARGIN (in €m) • Further increase in ARR(1) to €264m, i.e., annualized organic growth of 12.9%(2) vs 31 January 2026, driven by bookings up 20% in Q2, notably due to French e-invoicing momentum and solid North America CCM • Strong growth in subscription-related revenue • Sharp improvement in non-recurring revenue performance in Q2 vs Q1 thanks to moderated decline in professional services revenue • H1 2026 EBITDA up 17% year-on-year on an organic basis • Despite an increase in implementation costs tied to France e-invoicing go-live, EBITDA margin stable • Progression expected over the full year DIGITAL Further increase in ARR thanks to e-invoicing, stable margin H1 2025 EBITDA figures restated to reflect the impact the application of IFRS 5 to the Lockers business Organic change excludes currency and scope effects. % change vs. the same period last year (1) Annual recurring revenue. See glossary in appendices for full definition. ARR at 31 July 2026 includes c.€5m in contractually committed components related to e-invoicing (2) ARR at 31 July 2026 impacted by a €1m negative currency effect vs end-January 2026 Q2 25 Q2 26 84% H1 25 87% H1 26 70 75 137 146 84% 85% +6.7% +6.7% Non-recurring revenue Subscription-related revenue -1.6% +8.3% -8.4% +9.5% -0pts vs H1 2025 20 21 14.5% 14.5% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 10 12 14 16 18 20 22 H1 25 H1 26 EBITDA EBITDA margin
Page 18
18© 2026 Quadient | All rights reserved MAIL Mail customer transformation, demand-driven product expansion +4x Growth in cross-sell of Digital financial automation solutions to Mail customers in Europe E-invoicing reform and broader transformation of financial processes SUPPORTING BROADER DIGITALIZATION 96%+ Continued strong satisfaction globally CUSTOMER SATISFACTION Quadient named a Leader in the IDC MarketScape: Worldwide Mailroom Solutions and Services 2026 Vendor Assessment Leader in Mailroom Solutions in North America, Quadient’s largest market 98% Momentum for iX-9 premier mailing system • Expanded leadership with H1 launch in France • Secured major US public sector deployment for certified mail • Targeting large enterprises and mail service providers DS-67iQ folder inserter goes global • Global rollout driven by strong market demand • Smarter mailing with automated Secure Barcode verification
Page 19
19© 2026 Quadient | All rights reserved REVENUE PERFORMANCE (in €m, % organic change vs same period last year) EBITDA AND EBITDA MARGIN (in €m) • H1 organic revenue decline driven by: • Slower subscription-related revenue reflecting gradual contraction of the installed base after lower placements in recent periods • Softer hardware volumes in Europe, partly offset by resilience in North America • Weaker sequential performance in Q2, mainly reflecting expiry at end-Q1 of a services contract in the UK • Excluding this impact, the underlying trend was stable over the 2 quarters • H1 2026 EBITDA at €75m, down 6.6% yoy on an organic basis • Resilient EBITDA margin, down just 0.6pts yoy despite top-line performance, reflecting cost discipline and tariff refunds • Commercial productivity with Digital in connection with ramp-up ahead of e-invoicing mandate in France -0.6pts vs H1 2025 MAIL Stable underlying revenue trends in Q2, resilient EBITDA margin H1 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business, and the reclassification of the European private lockers network within the Mail segment Organic change excludes currency and scope effects. % change vs. the same period last year 71% Q2 25 71% Q2 26 72% H1 25 71% H1 26 162 152 328 302 -6.4% -5.7% Hardware and license sales Subscription-related revenue -4.1% -6.4% -4.8% -7.0% 84 75 25.5% 24.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0 10 20 30 40 50 60 70 80 90 H1 25 H1 26 EBITDA EBITDA margin
Page 20
H1 2026 Company financials Laurent du Passage Chief Financial Officer 20© 2026 Quadient | All rights reserved
Page 21
21© 2026 Quadient | All rights reserved P&L H1 2025 figures restated to reflect the impact the application of IFRS 5 to the Lockers business Average rates EUR/USD H1 2026 = 1.16 and H1 2025 = 1.12; EUR/GBP H1 2026 = 0.86 and H1 2025 = 0.85 (1) For H1 2026, the average compounded number of shares is 34,183,552. Diluted number of shares is 35,846,232. In € millions H1 2025 H1 2026 Published Restated Revenue 517 465 448 EBITDA 109 104 96 EBITDA margin 21.0% 22.3% 21.5% Depreciation and amortization (49) (40) (39) Current EBIT Current EBIT margin 60 64 57 11.5% 13.8% 12.7% Optimization expenses and other operating income & expenses (3) (2) (7) EBIT 57 61 50 Net financial expense (20) (20) (23) Income before tax 37 42 27 Income taxes (16) (16) (7) Share of results of associated companies 0 0 0 Net income from continuing operations 21 26 21 Net loss from discontinued operations 0 (5) (11) Net income 21 21 10 Of which minority interests 1 1 1 Of which net attributable income 20 20 9 Basic EPS(1) (in €) 0.60 0.60 0.26 Diluted EPS(1) (in €) 0.59 0.59 0.25 Restructuring driven by Mail people reduction Decrease in EBITDA due to further Mail decline Includes impact of remeasuring the European open networks (excluding UK) at fair value less costs to sell Reversal of €5m tax provision due to post-tax audit risk reassessment
Page 22
22© 2026 Quadient | All rights reserved Cash flow H1 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business Average rates EUR/USD H1 2026 = 1.16 and H1 2025 = 1.12; EUR/GBP H1 2026 = 0.86 and H1 2025 = 0.85 In € millions H1 2025 H1 2026 Published Restated EBITDA 109 104 96 EBITDA margin (%) 21.0% 22.3% 21.5% Other items (6) (6) (10) Cash flow before net cost of debt and tax 103 98 86 Change in working capital requirement (42) (47) (25) Change in lease receivables 24 24 29 Interest and income tax paid (51) (51) (31) Cash flow from operations 34 25 59 Capital expenditure (excl. IFRS 16) (42) (28) (25) Free cash flow (cash flow after capex) (8) (4) 34 Acquisitions net of divestments (4) (4) 0 Cash-flow from discontinued operations 0 (5) (12) Cash flow after capex & acquisitions (13) (13) 22 Mail restructuring in North America and France Low level of capex in Mail Normalized change in working capital requirement compared to H1 2025, when payments were made following additional inventory built up at end-January 2025 Further decrease in leasing portfolio in 2026 One-off impacts in 2025 of bond refinancing, BEAT tax and Swiss exit tax payments €6m higher capex in lockers in H1 2026 vs H1 2025, mostly due to UK
Page 23
23© 2026 Quadient | All rights reserved CAPEX (excluding IFRS 16) (by Solution, in €m) H1 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business, and the reclassification of the European private lockers network within the Mail segment Organic change excludes currency and scope effects. % change vs. the same period last year Lower capex reflecting fewer Mail placements 12 12 12 13 H1 2025 Published H1 2025 restated H1 2026 28 25 42 1616 14 Digital MailLockers Capex aligned with nature and maturity of the platforms: • Digital: continued investment in R&D and platform development, notably Serensia scope • Mail: decrease in capex due to fewer equipment placements
Page 24
24© 2026 Quadient | All rights reserved NET DEBT (in €m) Closing rates: EUR/USD H1 2026 = 1.15 and H1 2025 = 1.14; EUR/GBP H1 2026 = 0.86 and H1 2025 = 0.86 (1) ODIRNANE restated as debt for leverage calculation purposes until its repayment in 2022 LEVERAGE (Net debt/EBITDA, incl. IFRS 16 debt) Disciplined financing policy, leverage excl. leasing maintained 434 443 437 464 439 435 270 242 226 238 207 216 65 50 46 38 36 2021 2022R 2023 2024 2025 32 H1 2026 769 736 709 741 682 683 IFRS 16 debt Net financial debt excl. leasing Net debt leasing 2.0 3.1 2021 1.8 3.0 2022 1.7 2.9 2023 1.7 3.0 2024 1.6 3.0 2025 1.6 3.1 H1 2026 Leverage ratio excl. Leasing Leverage ratio (1) H1 2026 leverage ratios reflect application of IFRS 5, prior periods not restated
Page 25
25 Closing rates: EUR/USD H1 2026 = 1.15 and H1 2025 = 1.14; EUR/GBP H1 2026 = 0.86 and H1 2025 = 0.86. (1) Subsequent to the period end, Quadient repaid €42.5m and €22.5m of Schuldschein debt maturing in November 2026 and May 2027, respectively. These amounts are not included in data presented as at 31 July 2026 (2) Leasing portfolio and other financing services. © 2026 Quadient | All rights reserved Financial structure Sound financial position and balanced debt structure Well-spread maturity of leasing portfolio as at 31 July 2026(2) (in €m) ACTIVE DEBT MANAGEMENT The following transactions were carried out in August 2026, subsequent to the period end: • Issuance of a €100m Schuldschein loan (German private placement) • Early repayment of a portion of the existing Schuldschein loan in an amount of €65m(1) LIQUIDITY POSITION As at 31 July 2026: • €123m in cash • €300m undrawn credit facility (maturing in 2030) • €522m customer leasing portfolio, contributing to future cash flow visibility (in €m) 91 159 99 66 12 20 37 37 44 12 12 23 12 45 23 23 11 2026 11 2027 2028 2029 0 2030 2031 0 2032 12 2033 2034 139 217 137 103 37 44 37 12 37 NEUCP BPI PPR USPP Bank Loan Schuldschein 141 151 113 71 36 9 1 2026 2027 2028 2029 2030 2031 2032 (1) (1) Financial debt maturities as at 31 July 2026
Page 26
Conclusion Geoffrey Godet Chief Executive Officer 26© 2026 Quadient | All rights reserved
Page 27
FY 2026 outlook 2026 organic revenue change: -2% to +2% 27© 2026 Quadient | All rights reserved Previous guidance 2026 organic revenue change: -3% to +1% Digital Mail >19% >24% Previous guidance restated for Lockers impact (1) At 2023 constant scope and foreign exchange rates (2) Including IFRS 16 (3) CMD deleveraging target: net debt/EBITDA (excluding leasing) (4) Reflecting the application of IFRS 5 to the Lockers business, and the reclassification of the European private lockers network within the Mail segment (5) Based on completion of sale of UK network before FY26 year-end 2026 EBITDA margin(1)2026 EBITDA margin(1) Digital Mail Lockers >20% >25% >10% Leverage ratio (excl. leasing)(2) at 1.6x Leverage ratio (excl. leasing)(2) at 1.5x(3) 2026 organic revenue change: -3% to +1% 2026 EBITDA margin(1) Leverage ratio (excl. leasing)(2) at 1.2x(5) New guidance(4) Digital Mail >19% >24% Unchanged
Page 28
28© 2026 Quadient | All rights reserved FY 2030 ambitions maintained Digital Mail (2022-2030F , in €m) c. €550mc. €500m 2030 revenue ambition unchanged(1) c. 30% 20%-25% New 2030 EBITDA margin ambition(1) QUADIENT REVENUE BY SOLUTION(1) (1) At 2023 constant scope and foreign exchange rates. (2) Reflecting the application of IFRS 5 to the Lockers business, and the reclassification of the European private lockers networ k within the Mail segment Lockers c.29% 19%-24% Previous ambition Restated for Lockers impact New ambition(2) Mail Digital c. 30% 20%-25%Mail Digital Digital to be Quadient’s largest, most profitable Solution 22A 23A 24A 25A 26F 27F 28F 29F 30F Lockers business excluded from 2030 outlook following application of IFRS 5 from H1 2026
Page 29
THANK YOU Q&A 29© 2026 Quadient | All rights reserved
Page 30
Appendix 30© 2026 Quadient | All rights reserved
Page 31
31© 2026 Quadient | All rights reserved H1 2026 revenue breakdown Resilient performance in North America ORGANIC CHANGE BY REVENUE TYPE (in €m, % organic change vs same period last year) Non-recurring revenue Subscription-related revenue -1.1% -4.9% H1 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business, and the reclassification of the European private lockers network within the Mail segment Organic change excludes currency and scope effects. % change vs. the same period last year 75% H1 25 76% H1 26 465 448 -2.0% 262 254 172 165 H1 25 H1 26 465 448 -2.0% North America-0.1% Main European Countries-4.4% International-4.9% ORGANIC CHANGE BY GEOGRAPHY (in €m, % organic change vs same period last year)
Page 32
32© 2026 Quadient | All rights reserved Q2 2026 revenue bridge Sustained momentum in Digital CHANGE IN REVENUE (in €m) Q2 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business Organic change excludes currency and scope effects. % change vs. the same period last year (1) Acquisition of Serensia in June 2025 and CDP Communications in December 2025 (2) Includes European private lockers network, reclassified within Mail following the strategic review of the Lockers business (3) Average rates EUR/USD Q2 2026 = 1.15 and Q2 2025 = 1.15; EUR/GBP Q2 2026 = 0.86 and Q2 2025 = 0.85 Q2 2025 revenue +1 Scope effect +5 Digital -10 Mail +0 Currency effect Q2 2026 revenue 232 227 -2.4% ORGANIC CHANGE +6.7% -6.4% -2.0% REPORTED CHANGE (1) (2) (3)
Page 33
33© 2026 Quadient | All rights reserved MAILDIGITAL Revenue Organic change Subscription- related revenue Non-recurring revenue €56m -4.1% €171m -1.9% QUADIENT TOTAL €75m +6.7% Revenue Organic change €152m -6.4% €227m -2.4% Q2 2026 revenue breakdown By revenue type Q2 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business, and the reclassification of the European private lockers network within the Mail segment Organic change excludes currency and scope effects. % change vs. the same period last year
Page 34
34© 2026 Quadient | All rights reserved MAIL(1)DIGITAL Revenue Organic change North America Main European Countries International €83m -5.6% €14m -9.2% €130m +0.5% QUADIENT TOTAL €75m +6.7% Revenue Organic change €152m -6.4% €227m -2.4% Q2 2026 revenue breakdown By geography Q2 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business, and the reclassification of the European private lockers network within the Mail segment Organic change excludes currency and scope effects. % change vs. the same period last year
Page 35
35© 2026 Quadient | All rights reserved P&L H1 2025 figures restated to reflect the impact of the application of IFRS 5 to the Lockers business Organic change excludes currency and scope effects. % change vs. the same period last year (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) Employee profit-sharing and share-based payments (6) (4) (4) M&A and strategic projects expenses (5) (3) (3) Current EBIT 57 60 64 Optimization expenses and other operating income & expenses (7) (3) (2) EBIT 50 57 61 Net financial expense (23) (20) (20) Income before taxes 27 37 42 Share of results of associated companies 0 0 0 Income taxes (7) (16) (16) Net income from continuing operations 21 21 26 Net loss from discontinued operations (11) 0 (5) Net income 10 21 21 Of which Attributable to equity holders 9 20 20 Minority interests 1 1 1
Page 36
36© 2026 Quadient | All rights reserved Consolidated balance sheet (1/2) Organic change excludes currency and scope effects. % change vs. the same period last year Assets (in € millions) 31/07/2026 31/01/2026 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 receivables 522 533 Deferred tax assets 28 32 Inventories 49 71 Trade receivables 168 233 Other current assets 65 71 Cash and cash equivalents 123 115 Current financial instruments 3 4 Assets held for sale 215 0 TOTAL ASSETS 2,330 2,368
Page 37
37© 2026 Quadient | All rights reserved Consolidated balance sheet (2/2) Organic change excludes currency and scope effects. % change vs. the same period last year 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 Financial instruments 0 1 Trade payables 55 85 Deferred income 173 213 Other current liabilities 209 209 Liabilities held for sale 34 0 TOTAL LIABILITIES 2,330 2,368
Page 38
38© 2026 Quadient | All rights reserved Evolution of the leasing portfolio 31 Jan 2022 31 Jan 2021 31 Jan 2020 31 Jan 2024 31 Jan 2023 FY 2020 FY 2022 FY 2023 ~0.7x ~0.9x ~1x ~1x FY 2021 Change in lease receivables Currency and other non-cash impacts FY 2024 ~1x FY 2025 Level of hardware financed compared to 5-year average 31 Jan 2025 31 Jan 2026 H1 2026 31 Jul 2026 ~0.9x CUSTOMER LEASING PORTFOLIO (in €m) Organic change excludes currency and scope effects. % change vs. the same period last year -39 +36 -8 +8 0 +7 +18 -30 -60 -29 533 522 +3 698 595598 595 598 +18 -62 623 -38 Excess of cash, in €m, reflected into free cash flow statement under change in lease receivables
Page 39
39© 2026 Quadient | All rights reserved Share ownership structure Main shareholders as of 31 July 2026 At 31 July 2026 (in % of share capital) Source: S&P Global shareholder analysis Holdings reflect investment management positions. Other shareholders (51.9%) La Financière de l’Echiquier (2.8%) Janus Henderson Investors UK (5.3%) Bpifrance Participations S.A. (10.2%) VESA Equity Investment S.à.R.L (26.9%) Management, directors, employees and treasury shares (3.0%) Number of shares: 34,468,912
Page 40
40© 2026 Quadient | All rights reserved All financial covenants met 31 July 2025 31 July 2026 Covenants on leasing operations Maximum drawing: 90% of outstanding leasing portfolio Intercompany net leasing debt standing at 81% of outstanding leasing portfolio Intercompany net leasing debt standing at 85% of outstanding leasing portfolio Covenants on non leasing operations Maximum leverage of 3.0 (1) excluding leasing entities 1.5 1.5 Minimum equity: €600m €1,061m €956m Default Rate < 5% ~1.1% ~1.0% Minimum interest cover(2): 4.0 6.0 5.5 (1) Net debt excluding leasing/EBITDA excluding leasing (2) EBITDA/net cost of debt
Page 41
41© 2026 Quadient | All rights reserved H1 revenue and EBITDA bridge REVENUE Digital Mail H1 2026 published €146m €298m H1 2026 restated* €146m €302m H1 2025 published €137m €325m H1 2025 restated* €137m €328m EBITDA Digital Mail H1 2026 published €22m €78m H1 2026 restated* €21m €75m H1 2025 published €20m €86m H1 2025 restated* €20m €84m * Figures restated to reflect the application of IFRS 5 to the Lockers business and the reclassification of the European priv ate lockers network within the Mail segment
Page 42
42© 2026 Quadient | All rights reserved 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 restated to reflect the application of IFRS 5 to the Lockers business and the reclassification of the European priv ate lockers network within the Mail segment
Page 43
Glossary 43© 2026 Quadient | All rights reserved Current EBIT Corresponds to operating income excluding non-recurring items that are not representative of Quadient’s ordinary operating performance and are presented separately in the income statement (also current operating income). 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 components, and (ii) a volume-based component that is not contractually committed, determined based on the average actual customer usage over the last six months (typically representing around 15% of the total). Organic growth Corresponds to reported revenue growth adjusted for foreign exchange and scope effects, in order to reflect performance on a like-for-like basis. Foreign exchange impacts are neutralized by applying constant exchange rates, while scope effects are adjusted to exclude the impact of acquisitions, disposals, or changes in the scope of consolidation between periods. Subscription-related revenue (SRR) Corresponds to recurring revenue generated under subscription-based arrangements with customers. It excludes non-recurring revenue items such as license deals and hardware sales, as well as related professional services. EBITDA Corresponds to current operating income (current EBIT) before depreciation and amortization. Non-recurring revenue Corresponds to revenue generated from activities that are not based on subscription arrangements and do not give rise to recurring revenue streams. It includes non-recurring items such as license deals and hardware sales, as well as related professional services. Reported growth Corresponds to the year-on-year change in revenue as reported, without adjustment for foreign exchange impacts or changes in scope of consolidation.