{"success":true,"data":{"pressRelease":{"id":"151183","rtpr_id":"nGNE2n5JVM-20260923","ticker":"QDT","exchange":"Euronext Paris","all_tickers":["QDT"],"title":"REG-Quadient H1 2026 results: Digital ARR up 13% on an annualized organic basis. Strong free cash flow of €34 million","author":"Globe Newswire","published_at":"2026-09-23T15:50:00.135Z","article_body":"Quadient H1 2026 results:\nDigital ARR up 13% on an annualized organic basis\n Strong free cash flow of €34 million\n\nBasis of presentation:\n\nApplication of IFRS 5 to the Lockers business following announcement of\nintention to sell\n\nFollowing Quadient’s announcement of its intention to sell the Lockers\nbusiness, the Lockers Solution has been classified as held for sale and\npresented as a discontinued operation in the first-half 2026 consolidated\nfinancial statements, in accordance with IFRS 5. This excludes the small\nEuropean private lockers network, which has been reclassified within the Mail\nsegment. Prior-year figures have been restated accordingly. Unless otherwise\nstated, all figures and changes in this press release are presented on this\nrestated basis. For further details on the completion of the strategic review\nof the Lockers business, see the press release entitled “Quadient announces\nintention to sell Lockers business”, published on 23 September 2026.\n\nQuadient H1 2026 results:\nDigital ARR up 13% on an annualized organic basis\n Strong free cash flow of €34 million\n\nKey highlights\n* Sale of UK Lockers network agreed for €65 million and launch of sale\nprocess for remaining Lockers business\n* H1 2026 revenue of €448 million, down 2.0% on an organic basis \n* Continued momentum in Digital: * solid growth in subscription-related\nrevenue(1)\n* ARR(1) at €264 million, up 12.9% on an annualized organic basis\n \n * Digital EBITDA(1) up 17% on an organic basis, with EBITDA margin stable at\n14.5% despite French \ne-invoicing go-live implementation costs\n* Mail EBITDA margin remains resilient at 24.9%, down 0.6 points, continued\nsingle-digit revenue decline\n* Quadient EBITDA down 2.2% on an organic basis \n* Strong free cash flow of €34 million from a negative €4 million in H1\n2025\n* France e-invoicing mandate entered at scale with over 950 thousand\nentities(2) registered through Quadient’s platform and over 700 thousand\ninvoices processed since 1 September(3)\n * FY 2026 guidance: * unchanged on a basis excluding Lockers(4): * Organic\nrevenue change of between -3% and +1%\n* EBITDA margin above 19% for Digital and above 24% for Mail\n \n* upgraded leverage on a basis excluding Lockers(5) thanks to upcoming UK open\nnetwork sale proceeds: * Leverage ratio (excl. leasing) of 1.2x(5) compared to\ninitial target of 1.5x(6)\n \n \n* 2030 ambitions: * Organic revenue ambitions unchanged at c.€550 million\nfor Digital and c.€500 million for Mail\n* EBITDA margin ambitions maintained at c.30% for Digital and 20%-25% for\nMail, despite restated scope\nParis, 23 September 2026\n\nQuadient S.A. (Euronext Paris: QDT), a global automation platform powering\nsecure and sustainable business connections, today announces its 2026\nsecond-quarter consolidated revenue and first-half results (period ended\n31 July 2026). The first-half 2026 results were approved by the Board of\nDirectors at their meeting held on 22 September 2026.\n\nGeoffrey Godet, Chief Executive Officer of Quadient S.A., stated: “Digital\nis at the very heart of Quadient’s strategy, and the first half delivered,\nwith further double-digit organic growth in Digital ARR.\n\nAs anticipated, the transition to mandatory e-invoicing in Europe is a unique\nopportunity to take our customers further down the road of digitalization and\nsteer them towards fully automated communications and financial workflows. In\nFrance, more than 950 thousand entities were registered with the tax\nauthority’s central directory through Serensia by Quadient at 21 September\n– well ahead of expectations – with over 700 thousand invoices processed\nsince the 1 September 2026 go-live as at that date. Overall Digital bookings\ngrew more than 20% in the second quarter, with strong demand in both Europe\nand North America.\n\nMail is performing in line with our expectations. We are confirming our\nguidance for the full year and our FY 2030 ambitions. In the meantime, we are\ncommitted to further crystallizing shareholder value as we continue the exit\nof our Lockers business after the successful signing of a sale agreement for\nour UK open network.\n\nWe have strong tailwinds supporting our Digital business, resilient\nprofitability, and good cash generation in first-half 2026. With the\ncompletion of our Lockers business strategic review, we also expect further\ncash from the combined effects of the UK open network sale for €65 million,\n€120 million corresponding to Lockers capex no longer required over five\nyears, and the proceeds from the future sale of the rest of the Lockers\nbusiness. This will generate significant new capital allocation opportunities,\nincluding further short-term deleveraging. We look to the future with\nconfidence.”\n\nComments on first-half 2026 performance\n\nQuadient revenue came in at €448 million in first-half 2026, down 2.0% on\nan organic basis (down 3.7% as reported) year on year. Reported change\nincludes a positive scope effect of €2 million, reflecting the acquisitions\nof Serensia in June 2025 and CDP Communications in December 2025, which was\nmore than offset by a negative currency impact of €10 million.\n\nSubscription-related revenue reached €341 million (76% of total revenue),\ndown 1.1% organically versus the prior period, with the slower Mail trend\nlargely offset by continued momentum in Digital. Non-recurring revenue(7)\ndeclined by 4.9% on an organic basis, reflecting softer hardware volumes for\nMail in Europe and a decline in Digital professional services revenue, the\nlatter moderating over the course of the period.\n\nBy geography, North America (57% of revenue) remained resilient, with\nperformance virtually stable year-on-year on an organic basis at -0.1%. The\nMain European Countries (37% of revenue) were down 4.4% on an organic basis,\nwhile revenue in the International segment (6% of revenue) contracted by 4.9%\non an organic basis.\n\nConsolidated revenue and EBITDA by Solution\n\nH1 2026 consolidated revenue\n\n In € millions H1 2026 H1 2025 Change Organic change \n Digital 146 137 +6.7% +6.7% \n Mail (*) 302 328 -8.0% -5.7% \n Quadient total 448 465 -3.7% -2.0% \n\n(* )Mail figures include the European private lockers network for around\n€3.3 million in revenue in both first-half 2026 and first-half 2025, which\nhas been reclassified within the Mail segment following the strategic review\nof the Lockers business.\n\nEBITDA and EBITDA margin(*)\n\n H1 2026 H1 2025 \n In € millions EBITDA EBITDA margin EBITDA EBITDA margin \n Digital 21 14.5% 20 14.5% \n Mail 75 24.9% 84 25.5% \n Quadient total 96 21.5% 104 22.3% \n * Includes between €2 and €3m in stranded costs from the Lockers business, reallocated by Solution and impacting EBITDA margin by around 0.6 points in both first-half 2026 and first-half 2025. \n\nDigital\n\nIn first-half 2026, revenue from Digital came in at €146 million, up 6.7%\norganically and on a reported basis compared to first-half 2025.\n\nGrowth was led by subscription-related revenue, up 9.5% on an organic basis.\nSubscription-related revenue accounted for 87% of total Digital revenue in\nfirst-half 2026, up from 84% in first-half 2025. Non-recurring revenue\nperformance improved sharply in the second quarter 2026 versus the first,\nthanks to a moderated decline in professional services revenue.\n\nAt the end of first-half 2026, annual recurring revenue (ARR), a\nforward-looking indicator of future subscription-related revenue, totaled\n€264 million, representing annualized organic growth(8) of 12.9%(9) versus\n31 January 2026. Performance was driven by momentum in France ahead of the\ne-invoicing mandate go-live on 1 September 2026, as well as solid customer\ncommunications management (CCM) activity in North America.\n\nEBITDA for Digital was €21 million in first-half 2026, up 17.0% year on\nyear on an organic basis. Despite an increase in implementation costs tied to\nthe e-invoicing go-live in France, EBITDA margin was stable at 14.5% on a\nreported basis, improving by 1.3 percentage points on an organic basis.\n\nThe first phase of France's e-invoicing reform went live on 1 September 2026,\nrequiring all businesses to receive electronic invoices, with large and\nmid-sized companies also required to issue them. The issuance obligation\nextends to SMEs on 1 September 2027. At 21 September 2026, more than 950\nthousand entities(10) were registered with the French tax authority's central\ndirectory through Serensia, and over 700 thousand invoices had been processed,\nwith a slow ramp-up expected to the end of the year. Contracted annual\ninvoices stood at c.350 million, compared with 200 million at the acquisition\nof Serensia in June 2025. E-invoicing bookings in France increased eleven-fold\nyear on year in the second quarter, and included a multi-million euro\nwhite-label agreement.\n\nFrance is among the first of several markets. The progressive rollout of\ne-invoicing mandates across Europe, with further regulatory deadlines from\n2027 onwards, extends the addressable base for Quadient's platform market by\nmarket. In each case, compliance is an entry point rather than the\ndestination. E-invoicing is embedded in Quadient's accounts payable\nautomation, giving customers approval and purchase order matching,\nERP-integrated workflows and payment control. Connecting accounts payable with\nQuadient’s accounts receivable solution then gives a real-time view of both\nsides of the cash cycle, supported by the AI-powered cash dashboard launched\nin June 2026, which enhances forecasting and working-capital decisions. Each\nadditional module deepens the customer relationship and increases the value of\nthe platform. Quadient was named a Leader in QKS Group's SPARK Matrix for\nAccounts Payable Automation and for Accounts Receivable Applications during\nthe period, for the third and fifth consecutive years respectively.\n\nIn customer communications management (CCM), a US-based financial services\ncustomer signed a multi-million-dollar, multi-year agreement to expand from a\npoint solution to Quadient’s full CCM platform, and a healthcare customer\nexpanded volumes by 75%. Both reflect expansion within the existing enterprise\nbase. Quadient was also named a leader in QKS Group’s SPARK Matrix for\nCustomer Communications Management for the sixth consecutive year.\n\nMail\n\nMail revenue came to €302 million in first-half 2026, down 5.7% on an\norganic basis and down 8.0% on a reported basis compared to first-half 2025.\nThe decline reflects slower subscription-related revenue, following the\ngradual contraction of the installed base after lower placements in recent\nperiods, and softer hardware volumes in Europe, partly offset by resilience in\nNorth America.\n\nSubscription-related revenue (71% of Mail revenue) retreated by 6.4% on an\norganic basis in first-half 2026. Performance was slightly less in the second\nquarter, primarily reflecting the expiry of a services contract in the UK at\nthe end of the first quarter. Excluding this impact, the underlying trend\nremained stable across the first two quarters of the year.\n\nHardware revenue contracted by 4.1% on an organic basis.\n\nEBITDA for Mail was €75 million in the first half, with EBITDA margin\nreaching 24.9%, down just 0.6 points compared with first-half 2025 despite the\ntop-line performance. This resilience reflects cost discipline, tariff refunds\nas well as commercial productivity with cross-sell of Digital solutions to\nMail customers.\n\nIn Europe, cross-sell of Digital financial automation solutions to Mail\ncustomers grew four-fold ahead of the French e-invoicing mandate, evidence\nthat the installed Mail base gives Quadient privileged access to customers as\nthey digitalize their financial processes. Alongside this, the iX-9 premier\nmailing system was launched in France, and Quadient secured a major US public\nsector deployment for certified mail. Customer satisfaction remained above 96%\nglobally and at 98% in North America, Quadient's largest market, and Quadient\nwas named a Leader in the IDC MarketScape: Worldwide Mailroom Solutions and\nServices 2026 Vendor Assessment, recognized for its broad hardware-to-cloud\necosystem, customer communications expertise, and data-driven reporting\ncapabilities.\n\nREVIEW OF 2026 FIRST-HALF RESULTS\n\nThe table below presents the first-half 2026 income statement alongside\nfirst-half 2025 on both the published and restated bases. Commentary\nthroughout refers to the restated comparison.\n\nSimplified P&L\n\n H1 2026 vs H1 2025 \n In € millions H1 2026 H1 2025 published H1 2025 restated Reported change (11) Organic change (12) \n Revenue 448 517 465 -3.7% -2.0% \n Gross profit 345 385 358 -3.9% \n Gross margin 77.0% 74.4% 77.1% \n EBITDA 96 109 104 -7.1% -2.2% \n EBITDA margin 21.5% 21.0% 22.3% \n Current EBIT (13) 57 60 64 -10.9% -5.9% \n Current EBIT margin 12.7% 11.5% 13.8% \n Optimization expenses and other operating income & expenses (7) (3) (2) n.a. \n EBIT 50 57 61 -18.0% \n Net financial expense (23) (20) (20) +15.0% \n Income before tax 27 37 42 -35.7% \n Income taxes (7) (16) (16) -56.3% \n Net income from continuing operations 21 21 26 -19.2% \n Net loss from discontinued operations (11) 0 (5) n.a. \n Net income 10 21 21 n.a. \n Of which minority interests 1 1 1 n.a. \n Of which net attributable income 9 20 20 n.a. \n Basic earnings per share (in €) 0.26 0.60 0.60 n.a. \n Diluted earnings per share (in €) 0.25 0.59 0.59 n.a. \n \n\nThe application of IFRS 5 to the Lockers business has an accretive impact on\nQuadient’s overall margins. Notably, for first-half 2025, the restatement\nlifts gross margin by 2.7 percentage points, EBITDA margin by 1.3 percentage\npoints and current EBIT margin by 2.3 percentage points compared with\nfirst-half 2025 published figures.\n\nGross margin stood at 77.0% in first-half 2026 broadly stable compared with\n77.1% in first-half 2025 (restated).\n\nEBITDA reached €96 million in first-half 2026, down €7 million compared\nwith first-half 2025, representing a decrease of 7.1% year-on-year. On an\norganic basis, EBITDA contracted by 2.2%. EBITDA margin reached 21.5%, down\n0.8 points compared with first-half 2025, reflecting the further decline in\nMail.\n\nDepreciation and amortization stood at €39 million in first-half 2026,\ncompared with €40 million in first-half 2025.\n\nCurrent operating income (current EBIT) reached €57 million in first-half\n2026 compared with €64 million in first-half 2025, down 5.9% on an organic\nbasis. Current EBIT margin stood at 12.7% of revenue in first-half 2026,\ncompared with 13.8% in first-half 2025.\n\nDriven by Mail headcount reduction in the United States and France,\noptimization costs and other operating income & expenses represented a net\nexpense of €7 million in first-half 2026, compared with €3 million\nfirst-half 2025.\n\nConsequently, EBIT came out at €50 million in first-half 2026, versus €61\nmillion in first-half 2025.\n\nNet attributable income\n\nNet cost of debt was €20 million in first-half 2026, broadly stable\ncompared to first-half 2025. Net foreign exchange losses and other financial\nitems amounted to a loss of €3 million in first-half 2026, compared with a\ngain of €1 million in first-half 2025. Overall, Quadient recorded a net\nfinancial expense of €23 million in first-half 2026, compared with €20\nmillion in first-half 2025.\n\nIncome before tax reached €27 million in first-half 2026, down 35.7%\ncompared to first-half 2025.\n\nFirst-half 2026 income tax expense was €7 million, down by more than 50%\ncompared with first-half 2025, mainly driven by the reversal of a €5 million\ntax provision following a reassessment of residual tax audit risks.\n\nQuadient recorded a net loss from discontinued operations of €11 million in\nfirst-half 2026, compared with €5 million in first-half 2025. This reflects\nthe application of IFRS 5 to the Lockers Solution and includes the impact of\nremeasuring the European open networks at fair value less costs to sell.\n\nNet attributable income after minority interests amounted to €9 million in\nfirst-half 2026 compared to €20 million in first-half 2025.\n\nBasic earnings per share(14) amounted to €0.26 in first-half 2026 compared\nto €0.60 in first-half 2025 and diluted earnings per share(14) stood at\n€0.25 in first-half 2026 compared to €0.59 in first-half 2025.\n\nCash flow generation\n\nFree cash flow (cash flow after capital expenditure excluding IFRS 16) reached\na strong level of €34 million in first-half 2026, compared with a negative\n€4 million in first-half 2025, a significant improvement driven by the\nnormalization of working capital, lower interest and tax payments and a\ndecrease in capital expenditure.\n* Cash flow from operations came out at €59 million in first-half 2026,\ncompared with €25 million in first-half 2025. The change in working capital\nrequirement was a net cash outflow of €25 million in first-half 2026,\ncompared with a net cash outflow of €47 million in first-half 2025.\nFirst-half 2025 included payment over the period of additional inventory built\nat end-January 2025.\n* The change in lease receivables represented a cash inflow of €29 million\nin the first half of 2026, compared with €24 million in the prior-year\nperiod, reflecting the further decrease of the leasing portfolio. Leasing\nportfolio and other financing services stood at €522 million as of 31 July\n2026, compared to €533 million as of 31 January 2026, which represents an\norganic decline of 5.4%. At the end of first-half 2026, the default rate of\nthe leasing portfolio stood at around 1.0%, compared with 1.1% at the end of\nfirst-half 2025. \n* Interest and income taxes paid fell to €31 million in first-half 2026 from\n€51 million paid in first-half 2025, which included one-off impacts from the\nbond refinancing and Swiss exit tax payments.\n* Capital expenditure (excluding IFRS 16) amounted to €25 million in\nfirst-half 2026, down €3 million compared to first-half 2025. Capital\nexpenditure relating to Digital amounted to €13 million, up from\n€11 million in the prior-year period. Capital expenditure relating to Mail\ncame in at €11 million, down from €17 million in first-half 2025,\nreflecting the lower placement of new equipment over the period.\nAcquisitions net of divestments were nil in first-half 2026 compared with an\noutflow of €4 million in first-half 2025.\n\nCash flow from discontinued operations was an outflow of €12 million in\nfirst-half 2026, compared with an outflow of €5 million in first-half 2025,\nreflecting an increase in capital expenditure.\n\nCash flow after capital expenditure and acquisitions came to €24 million in\nfirst-half 2026, compared with an outflow of €13 million in first-half\n2025.\n\nLeverage and liquidity position\n\nNet debt stood at €683 million as of 31 July 2026, compared with\n€682 million as of 31 January 2026.\n\nThe leverage ratio (net debt/EBITDA) stood at 3.1x(15) (16) at 31 July 2026\ncompared to 3.0x15 at 31 January 2026. Excluding leasing, the leverage ratio\nstood at 1.6x15 (16) at 31 July 2026, unchanged from 31 January 2026.\n\nAs of 31 July 2026, Quadient had a liquidity position of €423 million,\nsplit between €123 million in cash and a €300 million undrawn credit\nline maturing in 2030.\n\nShareholders’ equity stood at €969 million as of 31 July 2026 compared to\n€966 million as of 31 January 2026. The gearing ratio(17) stood at 70.4% as\nof 31 July 2026.\n\nIn August 2026, subsequent to the period end, Quadient issued a €100 million\nSchuldschein loan and made an early repayment of a portion of the existing\nSchuldschein loan in an amount of €65 million, comprising €42.5 million\nmaturing in November 2026 and €22.5 million maturing in May 2027.\n\nOUTLOOK\n\n2026 outlook restated\n\nQuadient confirms its guidance for FY 2026 on a basis excluding Lockers,\nfollowing the application of IFRS 5 to that business and the reclassification\nof the European private lockers network within the Mail segment. Quadient\nexpects:\n* organic revenue change of -3% to +1%(18)\n* EBITDA margin(18) above 19% in Digital and above 24% in Mail\n* a leverage ratio (excluding leasing) of 1.2x15, assuming completion of the\nsale of the UK lockers network before the end of FY 2026\nPrevious guidance was for organic revenue change of -2% to +2%, EBITDA\nmargin18 above 20% in Digital, above 25% in Mail and above 10% in Lockers,\nalongside a leverage ratio (excluding leasing) of 1.5x18. Excluding Lockers,\nthose figures translate mechanically into organic revenue change of -3% to\n+1%, EBITDA margin above 19% in Digital and above 24% in Mail, which Quadient\nconfirms for the full year. On the same mechanical basis, the deleveraging\ntarget (excluding leasing) moves from 1.5x to 1.6x, reflecting the exclusion\nof Lockers EBITDA. Applying the proceeds from the sale of the UK lockers\nnetwork takes the expected leverage ratio (excluding leasing) to 1.2x at FY\n2026 year-end, assuming the sale completes before the year-end.\n\nMid-term trajectory\n\nQuadient's 2030 revenue ambitions by Solution are unchanged at c.€550\nmillion for Digital and c.€500 million for Mail.\n\nOn profitability, excluding Lockers would mechanically have brought the 2030\nEBITDA margin ambitions announced on 25 March 2026 to c.29% (versus c.30%)\nfor Digital and to a range of 19% to 24% (versus 20% to 25%) for Mail.\nQuadient nevertheless expects to absorb this impact in full and is therefore\nmaintaining its ambitions at c.30% for Digital and at 20% to 25% for Mail, an\nupgrade relative to the restated scope.\n\nCONFERENCE CALL & WEBCAST\n\nQuadient will host a conference call and audio webcast today at 6:00 pm Paris\ntime (5:00 pm London time).\n\nTo join the webcast, click on the following link: Webcast\n(https://www.globenewswire.com/Tracker?data=qHBbqS079T9QzPxPuwWDH-aJraVooKTet31wRY6yVdvzsePzz4-ZFAJQHH7PnPWftAKQjXNs6OKJjDMow9fDmAZKssvzE5LGnTIFovW77Y8QTO3jWuD4Hqadm2EUu9Z0).\n\nTo listen to the presentation by phone, please dial one of the numbers below:\n\n           - France: +33 1 70 91 87 04\n\n           - United States: +1 718 705 8796\n\n           - United Kingdom (Standard International Access) : +44 1\n212 818 004\n\nA replay of the webcast will also be available on Quadient’s Investor\nRelations website for 12 months.\n\nCalendar\n* 1 December 2026: Third-quarter 2026 revenue release (after close of trading\non the Euronext Paris regulated market)\nAbout Quadient®\n\nQuadient designs and builds human-centered, AI-driven automation solutions for\nbusiness communications. Our software empowers hundreds of thousands of\ncustomers to create, deliver and manage world-class communications with speed\nand ease. From financial automation and customer communications to mail and\nparcel management, Quadient reduces friction and waste so customers can focus\non growth and customer connections. Quadient is listed on Euronext Paris (QDT)\nand part of the CAC® Mid & Small and CAC Technology indices. Make room for\nthe remarkable at https://invest.quadient.com/en/.\n\nContacts\n\n Laura Paxton, Quadient +33 (0)6 07 30 33 86 l.paxton@quadient.com financial-communication@quadient.com OPRG Financial Fabrice Baron +33 (0)6 14 08 29 81 fabrice.baron@omc.com \n\nAPPENDIX(19)\n\nH1 2026 and Q2 2026 consolidated revenue\n\nH1 2026 consolidated revenue by geography\n\n In € million H1 2026 H1 2025 Change Organic change \n North America ((a)) 254 262 -3.3% -0.1% \n Main European countries (()(b)()) 165 172 -4.1% -4.4% \n International (()(c)()) 29 30 -4.6% -4.9% \n Quadient total 448 465 -3.7% -2.0% \n (a) Including Brazil, Canada, Mexico and the United States. (b) Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom. (c) International includes the activities of Digital and Mail outside of North America and the Main European countries. \n\nQ2 2026 consolidated revenue by Solution\n\n In € million Q2 2026 Q2 2025 Change Organic change \n Digital 75 70 +8.2% +6.7% \n Mail 152 162 -6.4% -6.4% \n Quadient total 227 232 -2.0% -2.4% \n \n\nQ2 2026 consolidated revenue by geography\n\n In € million Q2 2026 Q2 2025 Change Organic change \n North America ((a)) 130 129 +1.0% +0.5% \n Main European countries ((b)) 83 88 -5.4% -5.6% \n International ((c)) 14 15 -8.4% -9.2% \n Quadient total 227 232 -2.0% -2.4% \n (a) Including Brazil, Canada, Mexico and the United States. (b) Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom. (c) International includes the activities of Digital and Mail outside of North America and the Main European countries. \n\nFinancial statements – First half-year 2026 results\n\nConsolidated income statement\n\n In € million H1 2026 H1 2025 published H1 2025 restated \n Revenue 448 517 465 \n Cost of sales (103) (132) (106) \n Gross margin 345 385 358 \n R&D expenses (28) (29) (25) \n Sales and marketing expenses (116) (139) (124) \n Administrative and general expenses (82) (91) (85) \n Service and support expenses (52) (59) (54) \n Employee profit-sharing, share-based payments and other expenses (6) (4) (4) \n M&A and strategic projects expenses (5) (3) (3) \n Current operating income 57 60 64 \n Optimization expenses and other operating income & expenses (7) (3) (2) \n Operating income 50 57 61 \n Net financial (expense) (23) (20) (20) \n Income before taxes 27 37 42 \n Income taxes (7) (16) (16) \n Share of results of associated companies 0 0 0 \n Net income from continuing operations 21 21 26 \n Net loss from discontinued operations (11) 0 (5) \n Net income 10 21 21 \n Of which: * Minority interests 1 1 1 \n * Net attributable income 9 20 20 \n\nSimplified consolidated balance sheet\n\n Assets In € million 31 July 2026 31 January 2026 \n Goodwill 893 959 \n Intangible fixed assets 104 122 \n Property, plant and equipment 100 167 \n Other non-current financial assets 53 54 \n Other non-current receivables 8 6 \n Leasing receivables 522 533 \n Deferred tax assets 28 32 \n Inventories 49 71 \n Receivables 168 233 \n Other current assets 65 71 \n Cash and cash equivalents 123 115 \n Current financial instruments 3 4 \n Assets held for sale 215 0 \n TOTAL ASSETS 2,330 2,368 \n\n\n\n Liabilities In € million 31 July 2026 31 January 2026 \n Shareholders’ equity 969 966 \n Non-current provisions 10 11 \n Non-current financial debt 545 618 \n Current financial debt 230 143 \n Lease obligations 32 36 \n Other non-current liabilities 0 1 \n Deferred tax liabilities 73 85 \n Financial instruments 0 1 \n Trade payables 55 85 \n Deferred income 173 213 \n Other current liabilities 209 209 \n Liabilities held for sale 34 0 \n TOTAL LIABILITIES 2,330 2,368 \n\nSimplified cash flow statement\n\n In € millions H1 2026 H1 2025 published H1 2025 restated \n EBITDA 96 109 104 \n Other items (10) (6) (6) \n Cash flow before net cost of debt and income tax 86 103 98 \n Change in working capital requirement (25) (42) (47) \n Net change in leasing receivables 29 24 24 \n Cash flow from operating activities 91 85 76 \n Interest and income tax paid (31) (51) (51) \n Net cash flow from continued operations 59 34 25 \n Capital expenditure (25) (42) (28) \n Net cash flow after investing activities – continued operations 34 (8) (4) \n Impact of changes in scope - (4) (4) \n Other investing cash-flows 1 (0) (0) \n Net cash-flow from discontinued operating activities (12) 0 (5) \n Net cash flow after investing activities – all operations 24 (13) (13) \n Change in debt and other (33) (254) (254) \n Net cash flow after financing activities (10) (267) (267) \n Cumulative translation adjustments on cash (6) 14 14 \n Net cash from discontinued operations (7) 0 0 \n Change in net cash position (22) (253) (253) \n\nGLOSSARY\n\nAnnual recurring revenue (ARR)\nA forward‑looking indicator of future subscription‑related revenue. It\ncorresponds to the average annualized value of recurring revenue associated\nwith active subscription relationships at the end of the reporting period,\nincluding (i) committed contractual components and (ii) a volume‑based\ncomponent that is not contractually committed, determined based on the average\nactual customer usage over the last six months (typically representing around\n15% of the total).\n\nCurrent EBIT\nCorresponds to operating income excluding non‑recurring items that are not\nrepresentative of Quadient’s ordinary operating performance and are\npresented separately in the income statement (also current operating income).\n\nEBITDA\nCorresponds to current operating income (current EBIT) before depreciation and\namortization.\n\nNon‑recurring revenue\nCorresponds to revenue generated from activities that are not based on\nsubscription arrangements and do not give rise to recurring revenue streams.\nIt includes non‑recurring items such as license deals and hardware sales, as\nwell as related professional services.\n\nOrganic growth\nCorresponds to reported revenue growth adjusted for foreign exchange and scope\neffects, in order to reflect performance on a like‑for‑like basis. Foreign\nexchange impacts are neutralized by applying constant exchange rates, while\nscope effects are adjusted to exclude the impact of acquisitions, disposals,\nor changes in the scope of consolidation between periods.\n\nReported growth\nCorresponds to the year‑on‑year change in revenue as reported, without\nadjustment for foreign exchange impacts or changes in scope of consolidation.\n\nSubscription‑related revenue (SRR)\nCorresponds to recurring revenue generated under subscription‑based\narrangements with customers. It excludes non‑recurring revenue items such as\nlicense deals and hardware sales, as well as related professional services.\n\nSAFE HARBOR\n\nThis press release contains forward-looking statements, estimates, opinions\nand projections with respect to anticipated future performance of Quadient SA\n(the “Company”). These forward-looking statements can be identified by the\nuse of forward-looking terminology, including notably the terms \"believes,\"\n\"estimates,\" \"anticipates,\" \"expects,\" \"intends,\" \"may,\" \"will\" or \"should\"\nor, in each case, their negative, or other variations or comparable\nterminology. These forward-looking statements include statements that may\nrelate to the Company’s plans, objectives, strategies, goals, future events,\nfuture revenues or synergies, or performance, and other information that is\nnot historical facts.\n\nForward-looking statements are based on the current views, expectations and\nassumptions regarding the business, the economy and other future conditions of\nthe Company and involve significant known and unknown risks and uncertainties\nthat could cause actual results, performance or events to differ materially\nfrom those expressed or implied in such statements. Any forward-looking\nstatements made in this presentation are statements about the Company’s\nbeliefs and expectations and should be evaluated as such. Although the Company\nbelieves that these statements are based on reasonable assumptions, these\nforward-looking statements are subject to numerous risks and uncertainties,\nincluding matters not yet known to it or its management or not currently\nconsidered material, and there can be no assurance that anticipated events\nwill occur or that the objectives set out will actually be achieved. These\nrisks and uncertainties are linked to factors beyond the Company’s control\nand not precisely estimated, such as market conditions or competitor behavior.\nMore detailed information on the potential risks that that could cause actual\nresults to differ materially from the results anticipated in the\nforward-looking statements can be found in the 2025 Universal Registration\nDocument filed with the Autorité des marchés financiers (AMF) on 7 May 2026\nunder the registration number D.26-0347, including notably those listed in the\n\"Risk Factors\". Investors and Quadient shareholders should note that if some\nor all of these risks are realized, they may have a significant unfavorable\nimpact on the Company.\n\nAny forward-looking statements included herein only speak as at the date of\nthis press release. The Company does not undertake, and specifically\ndisclaims, any obligation or responsibility to update or amend any of the\ninformation above except as otherwise required by law. The Company accepts no\nliability whatsoever in respect of the achievement of such forward-looking\nstatements and assumptions.\n\nThis press release does not constitute an offer to sell nor a solicitation of\nan offer to buy, nor shall there be any sale of ordinary shares of the Company\nin any state or jurisdiction in which such an offer, solicitation or sale\nwould be unlawful prior to registration or qualification under the securities\nlaws of any such state or jurisdiction.\n\n1 See glossary in appendices for definition.\n2 Identified by SIRET number. Includes entities registered through partners.\n3 As at 21 September 2026.\n4 Previous FY 2026 guidance: organic revenue change expected to range between\n-2% and +2%; EBITDA margin above 20% for Digital; above 25% for Mail, above\n10% for Lockers.\n5 Based on completion of sale of UK network before FY 2026 year-end. Including\nIFRS 16\n6 June 2024 CMD deleveraging target: Net debt/EBITDA (excluding leasing) ratio\nto 1.5x in 2026.\n\n7 See glossary in appendices for definition.\n8 See glossary in appendices for definition.\n9 ARR at 31 July 2026 impacted by a €1 million negative currency effect vs\nend-January 2026.\n10 Identified by SIRET number. Includes entities registered through partners.\n11 First-half 2026 vs first-half 2025 restated.\n12 First-half 2026 vs first-half 2025 restated. See glossary in appendices for\ndefinition of organic growth.\n13 See glossary in appendices for definition.\n14 For the first half of 2026, the weighted average number of shares is\n34,183,552. The diluted number of shares is 35,846,232.\n15 Including IFRS 16.\n16 First-half 2026 leverage ratios reflect the application of IFRS 5. Prior\nperiods are not restated.\n17 Net debt/equity.\n18 At 2023 constant scope and foreign exchange rates.\n19 H1 2025 and Q2 2025 figures restated to reflect the impact of the\napplication of IFRS 5 to the Lockers business.\n\nAttachment\n* 2026 H1 - Press release - Quadient VUK_final\n(https://ml-eu.globenewswire.com/Resource/Download/ee22c350-261d-48df-bd5d-eadc6e506767)","article_body_html":"","raw_payload":{"data":{"id":"nGNE2n5JVM-20260923","title":"REG-Quadient H1 2026 results: Digital ARR up 13% on an annualized organic basis. Strong free cash flow of €34 million","author":"Globe Newswire","ticker":"QDT","created":"2026-09-23T15:50:00.135Z","tickers":["QDT"],"exchange":"Euronext Paris","article_body":"Quadient H1 2026 results:\nDigital ARR up 13% on an annualized organic basis\n Strong free cash flow of €34 million\n\nBasis of presentation:\n\nApplication of IFRS 5 to the Lockers business following announcement of\nintention to sell\n\nFollowing Quadient’s announcement of its intention to sell the Lockers\nbusiness, the Lockers Solution has been classified as held for sale and\npresented as a discontinued operation in the first-half 2026 consolidated\nfinancial statements, in accordance with IFRS 5. This excludes the small\nEuropean private lockers network, which has been reclassified within the Mail\nsegment. Prior-year figures have been restated accordingly. Unless otherwise\nstated, all figures and changes in this press release are presented on this\nrestated basis. For further details on the completion of the strategic review\nof the Lockers business, see the press release entitled “Quadient announces\nintention to sell Lockers business”, published on 23 September 2026.\n\nQuadient H1 2026 results:\nDigital ARR up 13% on an annualized organic basis\n Strong free cash flow of €34 million\n\nKey highlights\n* Sale of UK Lockers network agreed for €65 million and launch of sale\nprocess for remaining Lockers business\n* H1 2026 revenue of €448 million, down 2.0% on an organic basis \n* Continued momentum in Digital: * solid growth in subscription-related\nrevenue(1)\n* ARR(1) at €264 million, up 12.9% on an annualized organic basis\n \n * Digital EBITDA(1) up 17% on an organic basis, with EBITDA margin stable at\n14.5% despite French \ne-invoicing go-live implementation costs\n* Mail EBITDA margin remains resilient at 24.9%, down 0.6 points, continued\nsingle-digit revenue decline\n* Quadient EBITDA down 2.2% on an organic basis \n* Strong free cash flow of €34 million from a negative €4 million in H1\n2025\n* France e-invoicing mandate entered at scale with over 950 thousand\nentities(2) registered through Quadient’s platform and over 700 thousand\ninvoices processed since 1 September(3)\n * FY 2026 guidance: * unchanged on a basis excluding Lockers(4): * Organic\nrevenue change of between -3% and +1%\n* EBITDA margin above 19% for Digital and above 24% for Mail\n \n* upgraded leverage on a basis excluding Lockers(5) thanks to upcoming UK open\nnetwork sale proceeds: * Leverage ratio (excl. leasing) of 1.2x(5) compared to\ninitial target of 1.5x(6)\n \n \n* 2030 ambitions: * Organic revenue ambitions unchanged at c.€550 million\nfor Digital and c.€500 million for Mail\n* EBITDA margin ambitions maintained at c.30% for Digital and 20%-25% for\nMail, despite restated scope\nParis, 23 September 2026\n\nQuadient S.A. (Euronext Paris: QDT), a global automation platform powering\nsecure and sustainable business connections, today announces its 2026\nsecond-quarter consolidated revenue and first-half results (period ended\n31 July 2026). The first-half 2026 results were approved by the Board of\nDirectors at their meeting held on 22 September 2026.\n\nGeoffrey Godet, Chief Executive Officer of Quadient S.A., stated: “Digital\nis at the very heart of Quadient’s strategy, and the first half delivered,\nwith further double-digit organic growth in Digital ARR.\n\nAs anticipated, the transition to mandatory e-invoicing in Europe is a unique\nopportunity to take our customers further down the road of digitalization and\nsteer them towards fully automated communications and financial workflows. In\nFrance, more than 950 thousand entities were registered with the tax\nauthority’s central directory through Serensia by Quadient at 21 September\n– well ahead of expectations – with over 700 thousand invoices processed\nsince the 1 September 2026 go-live as at that date. Overall Digital bookings\ngrew more than 20% in the second quarter, with strong demand in both Europe\nand North America.\n\nMail is performing in line with our expectations. We are confirming our\nguidance for the full year and our FY 2030 ambitions. In the meantime, we are\ncommitted to further crystallizing shareholder value as we continue the exit\nof our Lockers business after the successful signing of a sale agreement for\nour UK open network.\n\nWe have strong tailwinds supporting our Digital business, resilient\nprofitability, and good cash generation in first-half 2026. With the\ncompletion of our Lockers business strategic review, we also expect further\ncash from the combined effects of the UK open network sale for €65 million,\n€120 million corresponding to Lockers capex no longer required over five\nyears, and the proceeds from the future sale of the rest of the Lockers\nbusiness. This will generate significant new capital allocation opportunities,\nincluding further short-term deleveraging. We look to the future with\nconfidence.”\n\nComments on first-half 2026 performance\n\nQuadient revenue came in at €448 million in first-half 2026, down 2.0% on\nan organic basis (down 3.7% as reported) year on year. Reported change\nincludes a positive scope effect of €2 million, reflecting the acquisitions\nof Serensia in June 2025 and CDP Communications in December 2025, which was\nmore than offset by a negative currency impact of €10 million.\n\nSubscription-related revenue reached €341 million (76% of total revenue),\ndown 1.1% organically versus the prior period, with the slower Mail trend\nlargely offset by continued momentum in Digital. Non-recurring revenue(7)\ndeclined by 4.9% on an organic basis, reflecting softer hardware volumes for\nMail in Europe and a decline in Digital professional services revenue, the\nlatter moderating over the course of the period.\n\nBy geography, North America (57% of revenue) remained resilient, with\nperformance virtually stable year-on-year on an organic basis at -0.1%. The\nMain European Countries (37% of revenue) were down 4.4% on an organic basis,\nwhile revenue in the International segment (6% of revenue) contracted by 4.9%\non an organic basis.\n\nConsolidated revenue and EBITDA by Solution\n\nH1 2026 consolidated revenue\n\n In € millions H1 2026 H1 2025 Change Organic change \n Digital 146 137 +6.7% +6.7% \n Mail (*) 302 328 -8.0% -5.7% \n Quadient total 448 465 -3.7% -2.0% \n\n(* )Mail figures include the European private lockers network for around\n€3.3 million in revenue in both first-half 2026 and first-half 2025, which\nhas been reclassified within the Mail segment following the strategic review\nof the Lockers business.\n\nEBITDA and EBITDA margin(*)\n\n H1 2026 H1 2025 \n In € millions EBITDA EBITDA margin EBITDA EBITDA margin \n Digital 21 14.5% 20 14.5% \n Mail 75 24.9% 84 25.5% \n Quadient total 96 21.5% 104 22.3% \n * Includes between €2 and €3m in stranded costs from the Lockers business, reallocated by Solution and impacting EBITDA margin by around 0.6 points in both first-half 2026 and first-half 2025. \n\nDigital\n\nIn first-half 2026, revenue from Digital came in at €146 million, up 6.7%\norganically and on a reported basis compared to first-half 2025.\n\nGrowth was led by subscription-related revenue, up 9.5% on an organic basis.\nSubscription-related revenue accounted for 87% of total Digital revenue in\nfirst-half 2026, up from 84% in first-half 2025. Non-recurring revenue\nperformance improved sharply in the second quarter 2026 versus the first,\nthanks to a moderated decline in professional services revenue.\n\nAt the end of first-half 2026, annual recurring revenue (ARR), a\nforward-looking indicator of future subscription-related revenue, totaled\n€264 million, representing annualized organic growth(8) of 12.9%(9) versus\n31 January 2026. Performance was driven by momentum in France ahead of the\ne-invoicing mandate go-live on 1 September 2026, as well as solid customer\ncommunications management (CCM) activity in North America.\n\nEBITDA for Digital was €21 million in first-half 2026, up 17.0% year on\nyear on an organic basis. Despite an increase in implementation costs tied to\nthe e-invoicing go-live in France, EBITDA margin was stable at 14.5% on a\nreported basis, improving by 1.3 percentage points on an organic basis.\n\nThe first phase of France's e-invoicing reform went live on 1 September 2026,\nrequiring all businesses to receive electronic invoices, with large and\nmid-sized companies also required to issue them. The issuance obligation\nextends to SMEs on 1 September 2027. At 21 September 2026, more than 950\nthousand entities(10) were registered with the French tax authority's central\ndirectory through Serensia, and over 700 thousand invoices had been processed,\nwith a slow ramp-up expected to the end of the year. Contracted annual\ninvoices stood at c.350 million, compared with 200 million at the acquisition\nof Serensia in June 2025. E-invoicing bookings in France increased eleven-fold\nyear on year in the second quarter, and included a multi-million euro\nwhite-label agreement.\n\nFrance is among the first of several markets. The progressive rollout of\ne-invoicing mandates across Europe, with further regulatory deadlines from\n2027 onwards, extends the addressable base for Quadient's platform market by\nmarket. In each case, compliance is an entry point rather than the\ndestination. E-invoicing is embedded in Quadient's accounts payable\nautomation, giving customers approval and purchase order matching,\nERP-integrated workflows and payment control. Connecting accounts payable with\nQuadient’s accounts receivable solution then gives a real-time view of both\nsides of the cash cycle, supported by the AI-powered cash dashboard launched\nin June 2026, which enhances forecasting and working-capital decisions. Each\nadditional module deepens the customer relationship and increases the value of\nthe platform. Quadient was named a Leader in QKS Group's SPARK Matrix for\nAccounts Payable Automation and for Accounts Receivable Applications during\nthe period, for the third and fifth consecutive years respectively.\n\nIn customer communications management (CCM), a US-based financial services\ncustomer signed a multi-million-dollar, multi-year agreement to expand from a\npoint solution to Quadient’s full CCM platform, and a healthcare customer\nexpanded volumes by 75%. Both reflect expansion within the existing enterprise\nbase. Quadient was also named a leader in QKS Group’s SPARK Matrix for\nCustomer Communications Management for the sixth consecutive year.\n\nMail\n\nMail revenue came to €302 million in first-half 2026, down 5.7% on an\norganic basis and down 8.0% on a reported basis compared to first-half 2025.\nThe decline reflects slower subscription-related revenue, following the\ngradual contraction of the installed base after lower placements in recent\nperiods, and softer hardware volumes in Europe, partly offset by resilience in\nNorth America.\n\nSubscription-related revenue (71% of Mail revenue) retreated by 6.4% on an\norganic basis in first-half 2026. Performance was slightly less in the second\nquarter, primarily reflecting the expiry of a services contract in the UK at\nthe end of the first quarter. Excluding this impact, the underlying trend\nremained stable across the first two quarters of the year.\n\nHardware revenue contracted by 4.1% on an organic basis.\n\nEBITDA for Mail was €75 million in the first half, with EBITDA margin\nreaching 24.9%, down just 0.6 points compared with first-half 2025 despite the\ntop-line performance. This resilience reflects cost discipline, tariff refunds\nas well as commercial productivity with cross-sell of Digital solutions to\nMail customers.\n\nIn Europe, cross-sell of Digital financial automation solutions to Mail\ncustomers grew four-fold ahead of the French e-invoicing mandate, evidence\nthat the installed Mail base gives Quadient privileged access to customers as\nthey digitalize their financial processes. Alongside this, the iX-9 premier\nmailing system was launched in France, and Quadient secured a major US public\nsector deployment for certified mail. Customer satisfaction remained above 96%\nglobally and at 98% in North America, Quadient's largest market, and Quadient\nwas named a Leader in the IDC MarketScape: Worldwide Mailroom Solutions and\nServices 2026 Vendor Assessment, recognized for its broad hardware-to-cloud\necosystem, customer communications expertise, and data-driven reporting\ncapabilities.\n\nREVIEW OF 2026 FIRST-HALF RESULTS\n\nThe table below presents the first-half 2026 income statement alongside\nfirst-half 2025 on both the published and restated bases. Commentary\nthroughout refers to the restated comparison.\n\nSimplified P&L\n\n H1 2026 vs H1 2025 \n In € millions H1 2026 H1 2025 published H1 2025 restated Reported change (11) Organic change (12) \n Revenue 448 517 465 -3.7% -2.0% \n Gross profit 345 385 358 -3.9% \n Gross margin 77.0% 74.4% 77.1% \n EBITDA 96 109 104 -7.1% -2.2% \n EBITDA margin 21.5% 21.0% 22.3% \n Current EBIT (13) 57 60 64 -10.9% -5.9% \n Current EBIT margin 12.7% 11.5% 13.8% \n Optimization expenses and other operating income & expenses (7) (3) (2) n.a. \n EBIT 50 57 61 -18.0% \n Net financial expense (23) (20) (20) +15.0% \n Income before tax 27 37 42 -35.7% \n Income taxes (7) (16) (16) -56.3% \n Net income from continuing operations 21 21 26 -19.2% \n Net loss from discontinued operations (11) 0 (5) n.a. \n Net income 10 21 21 n.a. \n Of which minority interests 1 1 1 n.a. \n Of which net attributable income 9 20 20 n.a. \n Basic earnings per share (in €) 0.26 0.60 0.60 n.a. \n Diluted earnings per share (in €) 0.25 0.59 0.59 n.a. \n \n\nThe application of IFRS 5 to the Lockers business has an accretive impact on\nQuadient’s overall margins. Notably, for first-half 2025, the restatement\nlifts gross margin by 2.7 percentage points, EBITDA margin by 1.3 percentage\npoints and current EBIT margin by 2.3 percentage points compared with\nfirst-half 2025 published figures.\n\nGross margin stood at 77.0% in first-half 2026 broadly stable compared with\n77.1% in first-half 2025 (restated).\n\nEBITDA reached €96 million in first-half 2026, down €7 million compared\nwith first-half 2025, representing a decrease of 7.1% year-on-year. On an\norganic basis, EBITDA contracted by 2.2%. EBITDA margin reached 21.5%, down\n0.8 points compared with first-half 2025, reflecting the further decline in\nMail.\n\nDepreciation and amortization stood at €39 million in first-half 2026,\ncompared with €40 million in first-half 2025.\n\nCurrent operating income (current EBIT) reached €57 million in first-half\n2026 compared with €64 million in first-half 2025, down 5.9% on an organic\nbasis. Current EBIT margin stood at 12.7% of revenue in first-half 2026,\ncompared with 13.8% in first-half 2025.\n\nDriven by Mail headcount reduction in the United States and France,\noptimization costs and other operating income & expenses represented a net\nexpense of €7 million in first-half 2026, compared with €3 million\nfirst-half 2025.\n\nConsequently, EBIT came out at €50 million in first-half 2026, versus €61\nmillion in first-half 2025.\n\nNet attributable income\n\nNet cost of debt was €20 million in first-half 2026, broadly stable\ncompared to first-half 2025. Net foreign exchange losses and other financial\nitems amounted to a loss of €3 million in first-half 2026, compared with a\ngain of €1 million in first-half 2025. Overall, Quadient recorded a net\nfinancial expense of €23 million in first-half 2026, compared with €20\nmillion in first-half 2025.\n\nIncome before tax reached €27 million in first-half 2026, down 35.7%\ncompared to first-half 2025.\n\nFirst-half 2026 income tax expense was €7 million, down by more than 50%\ncompared with first-half 2025, mainly driven by the reversal of a €5 million\ntax provision following a reassessment of residual tax audit risks.\n\nQuadient recorded a net loss from discontinued operations of €11 million in\nfirst-half 2026, compared with €5 million in first-half 2025. This reflects\nthe application of IFRS 5 to the Lockers Solution and includes the impact of\nremeasuring the European open networks at fair value less costs to sell.\n\nNet attributable income after minority interests amounted to €9 million in\nfirst-half 2026 compared to €20 million in first-half 2025.\n\nBasic earnings per share(14) amounted to €0.26 in first-half 2026 compared\nto €0.60 in first-half 2025 and diluted earnings per share(14) stood at\n€0.25 in first-half 2026 compared to €0.59 in first-half 2025.\n\nCash flow generation\n\nFree cash flow (cash flow after capital expenditure excluding IFRS 16) reached\na strong level of €34 million in first-half 2026, compared with a negative\n€4 million in first-half 2025, a significant improvement driven by the\nnormalization of working capital, lower interest and tax payments and a\ndecrease in capital expenditure.\n* Cash flow from operations came out at €59 million in first-half 2026,\ncompared with €25 million in first-half 2025. The change in working capital\nrequirement was a net cash outflow of €25 million in first-half 2026,\ncompared with a net cash outflow of €47 million in first-half 2025.\nFirst-half 2025 included payment over the period of additional inventory built\nat end-January 2025.\n* The change in lease receivables represented a cash inflow of €29 million\nin the first half of 2026, compared with €24 million in the prior-year\nperiod, reflecting the further decrease of the leasing portfolio. Leasing\nportfolio and other financing services stood at €522 million as of 31 July\n2026, compared to €533 million as of 31 January 2026, which represents an\norganic decline of 5.4%. At the end of first-half 2026, the default rate of\nthe leasing portfolio stood at around 1.0%, compared with 1.1% at the end of\nfirst-half 2025. \n* Interest and income taxes paid fell to €31 million in first-half 2026 from\n€51 million paid in first-half 2025, which included one-off impacts from the\nbond refinancing and Swiss exit tax payments.\n* Capital expenditure (excluding IFRS 16) amounted to €25 million in\nfirst-half 2026, down €3 million compared to first-half 2025. Capital\nexpenditure relating to Digital amounted to €13 million, up from\n€11 million in the prior-year period. Capital expenditure relating to Mail\ncame in at €11 million, down from €17 million in first-half 2025,\nreflecting the lower placement of new equipment over the period.\nAcquisitions net of divestments were nil in first-half 2026 compared with an\noutflow of €4 million in first-half 2025.\n\nCash flow from discontinued operations was an outflow of €12 million in\nfirst-half 2026, compared with an outflow of €5 million in first-half 2025,\nreflecting an increase in capital expenditure.\n\nCash flow after capital expenditure and acquisitions came to €24 million in\nfirst-half 2026, compared with an outflow of €13 million in first-half\n2025.\n\nLeverage and liquidity position\n\nNet debt stood at €683 million as of 31 July 2026, compared with\n€682 million as of 31 January 2026.\n\nThe leverage ratio (net debt/EBITDA) stood at 3.1x(15) (16) at 31 July 2026\ncompared to 3.0x15 at 31 January 2026. Excluding leasing, the leverage ratio\nstood at 1.6x15 (16) at 31 July 2026, unchanged from 31 January 2026.\n\nAs of 31 July 2026, Quadient had a liquidity position of €423 million,\nsplit between €123 million in cash and a €300 million undrawn credit\nline maturing in 2030.\n\nShareholders’ equity stood at €969 million as of 31 July 2026 compared to\n€966 million as of 31 January 2026. The gearing ratio(17) stood at 70.4% as\nof 31 July 2026.\n\nIn August 2026, subsequent to the period end, Quadient issued a €100 million\nSchuldschein loan and made an early repayment of a portion of the existing\nSchuldschein loan in an amount of €65 million, comprising €42.5 million\nmaturing in November 2026 and €22.5 million maturing in May 2027.\n\nOUTLOOK\n\n2026 outlook restated\n\nQuadient confirms its guidance for FY 2026 on a basis excluding Lockers,\nfollowing the application of IFRS 5 to that business and the reclassification\nof the European private lockers network within the Mail segment. Quadient\nexpects:\n* organic revenue change of -3% to +1%(18)\n* EBITDA margin(18) above 19% in Digital and above 24% in Mail\n* a leverage ratio (excluding leasing) of 1.2x15, assuming completion of the\nsale of the UK lockers network before the end of FY 2026\nPrevious guidance was for organic revenue change of -2% to +2%, EBITDA\nmargin18 above 20% in Digital, above 25% in Mail and above 10% in Lockers,\nalongside a leverage ratio (excluding leasing) of 1.5x18. Excluding Lockers,\nthose figures translate mechanically into organic revenue change of -3% to\n+1%, EBITDA margin above 19% in Digital and above 24% in Mail, which Quadient\nconfirms for the full year. On the same mechanical basis, the deleveraging\ntarget (excluding leasing) moves from 1.5x to 1.6x, reflecting the exclusion\nof Lockers EBITDA. Applying the proceeds from the sale of the UK lockers\nnetwork takes the expected leverage ratio (excluding leasing) to 1.2x at FY\n2026 year-end, assuming the sale completes before the year-end.\n\nMid-term trajectory\n\nQuadient's 2030 revenue ambitions by Solution are unchanged at c.€550\nmillion for Digital and c.€500 million for Mail.\n\nOn profitability, excluding Lockers would mechanically have brought the 2030\nEBITDA margin ambitions announced on 25 March 2026 to c.29% (versus c.30%)\nfor Digital and to a range of 19% to 24% (versus 20% to 25%) for Mail.\nQuadient nevertheless expects to absorb this impact in full and is therefore\nmaintaining its ambitions at c.30% for Digital and at 20% to 25% for Mail, an\nupgrade relative to the restated scope.\n\nCONFERENCE CALL & WEBCAST\n\nQuadient will host a conference call and audio webcast today at 6:00 pm Paris\ntime (5:00 pm London time).\n\nTo join the webcast, click on the following link: Webcast\n(https://www.globenewswire.com/Tracker?data=qHBbqS079T9QzPxPuwWDH-aJraVooKTet31wRY6yVdvzsePzz4-ZFAJQHH7PnPWftAKQjXNs6OKJjDMow9fDmAZKssvzE5LGnTIFovW77Y8QTO3jWuD4Hqadm2EUu9Z0).\n\nTo listen to the presentation by phone, please dial one of the numbers below:\n\n           - France: +33 1 70 91 87 04\n\n           - United States: +1 718 705 8796\n\n           - United Kingdom (Standard International Access) : +44 1\n212 818 004\n\nA replay of the webcast will also be available on Quadient’s Investor\nRelations website for 12 months.\n\nCalendar\n* 1 December 2026: Third-quarter 2026 revenue release (after close of trading\non the Euronext Paris regulated market)\nAbout Quadient®\n\nQuadient designs and builds human-centered, AI-driven automation solutions for\nbusiness communications. Our software empowers hundreds of thousands of\ncustomers to create, deliver and manage world-class communications with speed\nand ease. From financial automation and customer communications to mail and\nparcel management, Quadient reduces friction and waste so customers can focus\non growth and customer connections. Quadient is listed on Euronext Paris (QDT)\nand part of the CAC® Mid & Small and CAC Technology indices. Make room for\nthe remarkable at https://invest.quadient.com/en/.\n\nContacts\n\n Laura Paxton, Quadient +33 (0)6 07 30 33 86 l.paxton@quadient.com financial-communication@quadient.com OPRG Financial Fabrice Baron +33 (0)6 14 08 29 81 fabrice.baron@omc.com \n\nAPPENDIX(19)\n\nH1 2026 and Q2 2026 consolidated revenue\n\nH1 2026 consolidated revenue by geography\n\n In € million H1 2026 H1 2025 Change Organic change \n North America ((a)) 254 262 -3.3% -0.1% \n Main European countries (()(b)()) 165 172 -4.1% -4.4% \n International (()(c)()) 29 30 -4.6% -4.9% \n Quadient total 448 465 -3.7% -2.0% \n (a) Including Brazil, Canada, Mexico and the United States. (b) Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom. (c) International includes the activities of Digital and Mail outside of North America and the Main European countries. \n\nQ2 2026 consolidated revenue by Solution\n\n In € million Q2 2026 Q2 2025 Change Organic change \n Digital 75 70 +8.2% +6.7% \n Mail 152 162 -6.4% -6.4% \n Quadient total 227 232 -2.0% -2.4% \n \n\nQ2 2026 consolidated revenue by geography\n\n In € million Q2 2026 Q2 2025 Change Organic change \n North America ((a)) 130 129 +1.0% +0.5% \n Main European countries ((b)) 83 88 -5.4% -5.6% \n International ((c)) 14 15 -8.4% -9.2% \n Quadient total 227 232 -2.0% -2.4% \n (a) Including Brazil, Canada, Mexico and the United States. (b) Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom. (c) International includes the activities of Digital and Mail outside of North America and the Main European countries. \n\nFinancial statements – First half-year 2026 results\n\nConsolidated income statement\n\n In € million H1 2026 H1 2025 published H1 2025 restated \n Revenue 448 517 465 \n Cost of sales (103) (132) (106) \n Gross margin 345 385 358 \n R&D expenses (28) (29) (25) \n Sales and marketing expenses (116) (139) (124) \n Administrative and general expenses (82) (91) (85) \n Service and support expenses (52) (59) (54) \n Employee profit-sharing, share-based payments and other expenses (6) (4) (4) \n M&A and strategic projects expenses (5) (3) (3) \n Current operating income 57 60 64 \n Optimization expenses and other operating income & expenses (7) (3) (2) \n Operating income 50 57 61 \n Net financial (expense) (23) (20) (20) \n Income before taxes 27 37 42 \n Income taxes (7) (16) (16) \n Share of results of associated companies 0 0 0 \n Net income from continuing operations 21 21 26 \n Net loss from discontinued operations (11) 0 (5) \n Net income 10 21 21 \n Of which: * Minority interests 1 1 1 \n * Net attributable income 9 20 20 \n\nSimplified consolidated balance sheet\n\n Assets In € million 31 July 2026 31 January 2026 \n Goodwill 893 959 \n Intangible fixed assets 104 122 \n Property, plant and equipment 100 167 \n Other non-current financial assets 53 54 \n Other non-current receivables 8 6 \n Leasing receivables 522 533 \n Deferred tax assets 28 32 \n Inventories 49 71 \n Receivables 168 233 \n Other current assets 65 71 \n Cash and cash equivalents 123 115 \n Current financial instruments 3 4 \n Assets held for sale 215 0 \n TOTAL ASSETS 2,330 2,368 \n\n\n\n Liabilities In € million 31 July 2026 31 January 2026 \n Shareholders’ equity 969 966 \n Non-current provisions 10 11 \n Non-current financial debt 545 618 \n Current financial debt 230 143 \n Lease obligations 32 36 \n Other non-current liabilities 0 1 \n Deferred tax liabilities 73 85 \n Financial instruments 0 1 \n Trade payables 55 85 \n Deferred income 173 213 \n Other current liabilities 209 209 \n Liabilities held for sale 34 0 \n TOTAL LIABILITIES 2,330 2,368 \n\nSimplified cash flow statement\n\n In € millions H1 2026 H1 2025 published H1 2025 restated \n EBITDA 96 109 104 \n Other items (10) (6) (6) \n Cash flow before net cost of debt and income tax 86 103 98 \n Change in working capital requirement (25) (42) (47) \n Net change in leasing receivables 29 24 24 \n Cash flow from operating activities 91 85 76 \n Interest and income tax paid (31) (51) (51) \n Net cash flow from continued operations 59 34 25 \n Capital expenditure (25) (42) (28) \n Net cash flow after investing activities – continued operations 34 (8) (4) \n Impact of changes in scope - (4) (4) \n Other investing cash-flows 1 (0) (0) \n Net cash-flow from discontinued operating activities (12) 0 (5) \n Net cash flow after investing activities – all operations 24 (13) (13) \n Change in debt and other (33) (254) (254) \n Net cash flow after financing activities (10) (267) (267) \n Cumulative translation adjustments on cash (6) 14 14 \n Net cash from discontinued operations (7) 0 0 \n Change in net cash position (22) (253) (253) \n\nGLOSSARY\n\nAnnual recurring revenue (ARR)\nA forward‑looking indicator of future subscription‑related revenue. It\ncorresponds to the average annualized value of recurring revenue associated\nwith active subscription relationships at the end of the reporting period,\nincluding (i) committed contractual components and (ii) a volume‑based\ncomponent that is not contractually committed, determined based on the average\nactual customer usage over the last six months (typically representing around\n15% of the total).\n\nCurrent EBIT\nCorresponds to operating income excluding non‑recurring items that are not\nrepresentative of Quadient’s ordinary operating performance and are\npresented separately in the income statement (also current operating income).\n\nEBITDA\nCorresponds to current operating income (current EBIT) before depreciation and\namortization.\n\nNon‑recurring revenue\nCorresponds to revenue generated from activities that are not based on\nsubscription arrangements and do not give rise to recurring revenue streams.\nIt includes non‑recurring items such as license deals and hardware sales, as\nwell as related professional services.\n\nOrganic growth\nCorresponds to reported revenue growth adjusted for foreign exchange and scope\neffects, in order to reflect performance on a like‑for‑like basis. Foreign\nexchange impacts are neutralized by applying constant exchange rates, while\nscope effects are adjusted to exclude the impact of acquisitions, disposals,\nor changes in the scope of consolidation between periods.\n\nReported growth\nCorresponds to the year‑on‑year change in revenue as reported, without\nadjustment for foreign exchange impacts or changes in scope of consolidation.\n\nSubscription‑related revenue (SRR)\nCorresponds to recurring revenue generated under subscription‑based\narrangements with customers. It excludes non‑recurring revenue items such as\nlicense deals and hardware sales, as well as related professional services.\n\nSAFE HARBOR\n\nThis press release contains forward-looking statements, estimates, opinions\nand projections with respect to anticipated future performance of Quadient SA\n(the “Company”). These forward-looking statements can be identified by the\nuse of forward-looking terminology, including notably the terms \"believes,\"\n\"estimates,\" \"anticipates,\" \"expects,\" \"intends,\" \"may,\" \"will\" or \"should\"\nor, in each case, their negative, or other variations or comparable\nterminology. These forward-looking statements include statements that may\nrelate to the Company’s plans, objectives, strategies, goals, future events,\nfuture revenues or synergies, or performance, and other information that is\nnot historical facts.\n\nForward-looking statements are based on the current views, expectations and\nassumptions regarding the business, the economy and other future conditions of\nthe Company and involve significant known and unknown risks and uncertainties\nthat could cause actual results, performance or events to differ materially\nfrom those expressed or implied in such statements. Any forward-looking\nstatements made in this presentation are statements about the Company’s\nbeliefs and expectations and should be evaluated as such. Although the Company\nbelieves that these statements are based on reasonable assumptions, these\nforward-looking statements are subject to numerous risks and uncertainties,\nincluding matters not yet known to it or its management or not currently\nconsidered material, and there can be no assurance that anticipated events\nwill occur or that the objectives set out will actually be achieved. These\nrisks and uncertainties are linked to factors beyond the Company’s control\nand not precisely estimated, such as market conditions or competitor behavior.\nMore detailed information on the potential risks that that could cause actual\nresults to differ materially from the results anticipated in the\nforward-looking statements can be found in the 2025 Universal Registration\nDocument filed with the Autorité des marchés financiers (AMF) on 7 May 2026\nunder the registration number D.26-0347, including notably those listed in the\n\"Risk Factors\". Investors and Quadient shareholders should note that if some\nor all of these risks are realized, they may have a significant unfavorable\nimpact on the Company.\n\nAny forward-looking statements included herein only speak as at the date of\nthis press release. The Company does not undertake, and specifically\ndisclaims, any obligation or responsibility to update or amend any of the\ninformation above except as otherwise required by law. The Company accepts no\nliability whatsoever in respect of the achievement of such forward-looking\nstatements and assumptions.\n\nThis press release does not constitute an offer to sell nor a solicitation of\nan offer to buy, nor shall there be any sale of ordinary shares of the Company\nin any state or jurisdiction in which such an offer, solicitation or sale\nwould be unlawful prior to registration or qualification under the securities\nlaws of any such state or jurisdiction.\n\n1 See glossary in appendices for definition.\n2 Identified by SIRET number. Includes entities registered through partners.\n3 As at 21 September 2026.\n4 Previous FY 2026 guidance: organic revenue change expected to range between\n-2% and +2%; EBITDA margin above 20% for Digital; above 25% for Mail, above\n10% for Lockers.\n5 Based on completion of sale of UK network before FY 2026 year-end. Including\nIFRS 16\n6 June 2024 CMD deleveraging target: Net debt/EBITDA (excluding leasing) ratio\nto 1.5x in 2026.\n\n7 See glossary in appendices for definition.\n8 See glossary in appendices for definition.\n9 ARR at 31 July 2026 impacted by a €1 million negative currency effect vs\nend-January 2026.\n10 Identified by SIRET number. Includes entities registered through partners.\n11 First-half 2026 vs first-half 2025 restated.\n12 First-half 2026 vs first-half 2025 restated. See glossary in appendices for\ndefinition of organic growth.\n13 See glossary in appendices for definition.\n14 For the first half of 2026, the weighted average number of shares is\n34,183,552. The diluted number of shares is 35,846,232.\n15 Including IFRS 16.\n16 First-half 2026 leverage ratios reflect the application of IFRS 5. Prior\nperiods are not restated.\n17 Net debt/equity.\n18 At 2023 constant scope and foreign exchange rates.\n19 H1 2025 and Q2 2025 figures restated to reflect the impact of the\napplication of IFRS 5 to the Lockers business.\n\nAttachment\n* 2026 H1 - Press release - Quadient VUK_final\n(https://ml-eu.globenewswire.com/Resource/Download/ee22c350-261d-48df-bd5d-eadc6e506767)"},"type":"article","timestamp":"2026-09-23T15:50:00.230147262Z","server_sent_at_ms":1790178600230},"received_at":"2026-09-23T15:50:00.434Z","source_url":null},"analysis":{"id":"139985","press_release_id":"151183","analysis_json":{"industry":{"label":"Commercial Services & Supplies","sector":"Industrials"},"redFlags":["EPS fell to €0.26 from €0.60 on restated basis, driven by €11M loss from discontinued Lockers operations","Reported revenue and EBITDA both declined; Mail organic decline of 5.7% continues","Leverage target of 1.2x depends on completion of UK Lockers sale before FY 2026 year-end","Net loss from discontinued operations widened to €11M from €5M on fair-value remeasurement of European open networks"],"eventType":"earnings","narrative":"Quadient reported H1 2026 revenue of €448 million, down 2.0% organically, with Digital ARR up 12.9% to €264 million while Mail continued its single-digit decline.\n\nFree cash flow swung to €34 million from negative €4 million a year earlier, and the UK Lockers network sale was agreed for €65 million with a sale process launched for the rest of the Lockers business, now presented as discontinued operations under IFRS 5.\n\nFY 2026 guidance was confirmed ex-Lockers (organic revenue -3% to +1%; EBITDA margin above 19% Digital, above 24% Mail), with expected leverage of 1.2x ex-leasing after the UK sale, versus 3.1x reported at 31 July.\n\nNet attributable income fell to €9 million from €20 million, weighed down by an €11 million loss from discontinued Lockers operations and lower Mail profitability.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Digital inflection with 13% ARR growth and a strong FCF swing, offset by Mail erosion and Lockers exit costs -- deleveraging hinges on the €65M UK sale closing."},"keyFigures":{"eps":0.26,"revenue":448000000,"guidance":"FY 2026 ex-Lockers: organic revenue change -3% to +1%; EBITDA margin above 19% Digital, above 24% Mail; leverage ratio (excl. leasing) 1.2x assuming UK Lockers sale completes before year-end","revenueYoy":"-2.0% organic (-3.7% reported)","customDimensions":{"fcf":"€34 million","ebitda":"€96 million","net_debt":"€683 million","liquidity":"€423 million","net_income":"€10 million","digital_arr":"€264 million","ebitda_margin":"21.5%","leverage_ratio":"3.1x (1.6x excl. leasing)","uk_lockers_sale":"€65 million","digital_arr_growth":"12.9% annualized organic","lockers_capex_avoided":"€120 million over five years","net_attributable_income":"€9 million"}},"quotedText":"Digital is at the very heart of Quadient's strategy, and the first half delivered, with further double-digit organic growth in Digital ARR.","namedEntities":{"people":[{"name":"Geoffrey Godet","role":"CEO"},{"name":"Laura Paxton","role":"financial communications contact"},{"name":"Fabrice Baron","role":"OPRG Financial contact"}],"products":["Serensia by Quadient","iX-9 mailing system","AI-powered cash dashboard","SPARK Matrix"],"companies":[{"name":"Quadient S.A.","ticker":"QDT","relationship":"filer"},{"name":"Serensia","relationship":"acquired subsidiary (June 2025)"},{"name":"CDP Communications","relationship":"acquired subsidiary (December 2025)"},{"name":"QKS Group","relationship":"analyst firm"},{"name":"IDC","relationship":"analyst firm"},{"name":"OPRG Financial","relationship":"PR agency"}],"dollarAmounts":[{"amount":"€34 million","context":"H1 2026 free cash flow"},{"amount":"€448 million","context":"H1 2026 revenue"},{"amount":"€264 million","context":"Digital ARR"},{"amount":"€65 million","context":"agreed sale of UK Lockers network"},{"amount":"€120 million","context":"Lockers capex no longer required over five years"},{"amount":"€100 million","context":"Schuldschein loan issued August 2026"},{"amount":"€683 million","context":"net debt at 31 July 2026"},{"amount":"€423 million","context":"liquidity position at 31 July 2026"},{"amount":"€96 million","context":"H1 2026 EBITDA"}]},"materialImpact":{"score":4,"reasoning":"Full H1 earnings report with segment detail: Digital ARR up 12.9% organic, FCF swung to €34M from -€4M, guidance confirmed ex-Lockers, and a €65M UK Lockers sale agreement plus IFRS 5 discontinued-operations restatement. Material event though EPS fell sharply (€0.26 vs €0.60) on Mail decline and Lockers losses."},"tickerRelevance":{"others":[],"primary":"QDT"},"globalImportance":35,"audienceRelevance":25,"eventTypeSecondary":["m_and_a"],"importanceComponents":{"tickerTier":"European mid-cap (CAC Mid & Small)","eventGravity":"semi-annual earnings with divestment update","householdBrandBoost":"low - niche B2B automation brand","marketCapAdjustment":"mid-cap materiality","retailFavoriteBoost":"none"}},"event_type":"earnings","event_type_secondary":["m_and_a"],"sentiment":"mixed","material_impact_score":4,"narrative":"Quadient reported H1 2026 revenue of €448 million, down 2.0% organically, with Digital ARR up 12.9% to €264 million while Mail continued its single-digit decline.\n\nFree cash flow swung to €34 million from negative €4 million a year earlier, and the UK Lockers network sale was agreed for €65 million with a sale process launched for the rest of the Lockers business, now presented as discontinued operations under IFRS 5.\n\nFY 2026 guidance was confirmed ex-Lockers (organic revenue -3% to +1%; EBITDA margin above 19% Digital, above 24% Mail), with expected leverage of 1.2x ex-leasing after the UK sale, versus 3.1x reported at 31 July.\n\nNet attributable income fell to €9 million from €20 million, weighed down by an €11 million loss from discontinued Lockers operations and lower Mail profitability.","key_figures":{"eps":0.26,"revenue":448000000,"guidance":"FY 2026 ex-Lockers: organic revenue change -3% to +1%; EBITDA margin above 19% Digital, above 24% Mail; leverage ratio (excl. leasing) 1.2x assuming UK Lockers sale completes before year-end","revenueYoy":"-2.0% organic (-3.7% reported)","customDimensions":{"fcf":"€34 million","ebitda":"€96 million","net_debt":"€683 million","liquidity":"€423 million","net_income":"€10 million","digital_arr":"€264 million","ebitda_margin":"21.5%","leverage_ratio":"3.1x (1.6x excl. leasing)","uk_lockers_sale":"€65 million","digital_arr_growth":"12.9% annualized organic","lockers_capex_avoided":"€120 million over five years","net_attributable_income":"€9 million"}},"named_entities":{"people":[{"name":"Geoffrey Godet","role":"CEO"},{"name":"Laura Paxton","role":"financial communications contact"},{"name":"Fabrice Baron","role":"OPRG Financial contact"}],"products":["Serensia by Quadient","iX-9 mailing system","AI-powered cash dashboard","SPARK Matrix"],"companies":[{"name":"Quadient S.A.","ticker":"QDT","relationship":"filer"},{"name":"Serensia","relationship":"acquired subsidiary (June 2025)"},{"name":"CDP Communications","relationship":"acquired subsidiary (December 2025)"},{"name":"QKS Group","relationship":"analyst firm"},{"name":"IDC","relationship":"analyst firm"},{"name":"OPRG Financial","relationship":"PR agency"}],"dollarAmounts":[{"amount":"€34 million","context":"H1 2026 free cash flow"},{"amount":"€448 million","context":"H1 2026 revenue"},{"amount":"€264 million","context":"Digital ARR"},{"amount":"€65 million","context":"agreed sale of UK Lockers network"},{"amount":"€120 million","context":"Lockers capex no longer required over five years"},{"amount":"€100 million","context":"Schuldschein loan issued August 2026"},{"amount":"€683 million","context":"net debt at 31 July 2026"},{"amount":"€423 million","context":"liquidity position at 31 July 2026"},{"amount":"€96 million","context":"H1 2026 EBITDA"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-23T15:50:10.400Z","global_importance":35,"audience_relevance":25,"importance_components":{"tickerTier":"European mid-cap (CAC Mid & Small)","eventGravity":"semi-annual earnings with divestment update","householdBrandBoost":"low - niche B2B automation brand","marketCapAdjustment":"mid-cap materiality","retailFavoriteBoost":"none"}},"durationMs":9946,"modelName":"glm-5.3-flashx"}}