France's Quadient H1 revenue falls on weaker Mail business demand
France's Quadient H1 revenue falls on weaker Mail business demand
Overview
France automation platform's H1 2026 revenue fell 2.0% organically, driven by Mail segment decline
Digital segment revenue grew 6.7% organically, Mail segment revenue declined 5.7% organically
Company agreed to sell UK Lockers network for €65 mln, launching sale process for remaining Lockers business
Outlook
Quadient confirms FY 2026 organic revenue change of -3% to +1%, excluding Lockers
Company sees FY 2026 EBITDA margin above 19% for Digital, above 24% for Mail
Quadient expects FY 2026 leverage ratio (excl. leasing) of 1.2x, assuming UK lockers sale completes
Result Drivers
DIGITAL MOMENTUM - Digital segment revenue grew 6.7% organically, driven by increased subscription-related sales and strong demand ahead of France's e-invoicing mandate
MAIL DECLINE - Mail segment revenue fell 5.7% organically, reflecting a shrinking installed base and softer hardware volumes in Europe
COST DISCIPLINE - Mail segment profitability remained resilient due to cost discipline, tariff refunds, and cross-selling of Digital solutions
Company press release: ID:nGNE2n5JVM
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Sales |
| EUR 448 mln |
|
H1 Gross Margin |
| 77% |
|
H1 EBIT Margin |
| 12.7% |
|
H1 Gross Profit |
| EUR 345 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the it services & consulting peer group is "buy"
Wall Street's median 12-month price target for Quadient S.A. is €20.00, about 60.8% above its September 22 closing price of €12.44
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago
Reuters Recommended Reads
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Sept 21 - SocGen lifts profitability target, pledges cost cuts
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)