Quadient Q3 2025 sales: FY 2025 guidance confirmed as Digital and Lockers continue to deliver strong performance

Core Insights - Quadient reported strong performance in Digital and Lockers, with both segments achieving double-digit growth in subscription-related revenue, now constituting 40% of total subscription revenue [3][4] - The company confirmed its FY 2025 guidance, anticipating year-on-year EBITDA margin improvement in Digital and Lockers, while Mail performance remained stable [3][5] Financial Performance - For the first nine months of 2025, Quadient's consolidated revenue was €765 million, reflecting a 3.1% organic decline and a 4.0% decrease on a reported basis compared to the same period in 2024 [4][6] - Q3 2025 revenue was €248 million, down 3.5% organically and 5.6% on a reported basis compared to Q3 2024 [4][8] - Subscription-related revenue reached €569 million, accounting for 74% of total sales, with a 0.8% organic increase compared to 9M 2024 [6][10] Segment Performance Digital - Digital revenue for 9M 2025 was €206 million, up 7.9% organically, driven by a 10.0% growth in subscription-related revenue [10][11] - In Q3 2025, Digital revenue grew by 9.2% organically, supported by strong subscription growth across regions [11][12] Mail - Mail revenue for 9M 2025 was €476 million, down 9.0% organically and 11.2% on a reported basis [15] - Q3 2025 Mail revenue declined 9.8% organically, primarily due to a drop in hardware sales [16][17] Lockers - Lockers revenue reached €84 million in 9M 2025, reflecting a 9.4% organic increase [20] - Subscription-related revenue in Lockers grew by 16.1% organically in 9M 2025, with a significant acceleration to 17.6% in Q3 2025 [21][22] Geographic Performance - North America, which accounts for 58% of revenue, saw a 3.7% organic decline, largely due to a low mail equipment renewal cycle [7][35] - Main European countries experienced a 3.2% organic decline, while the International segment grew by 1.2% organically [7][35] Strategic Developments - Quadient was ranked No. 1 in Customer Communications Management (CCM) by IDC, holding an 11% market share [4][12] - The company announced the acquisition of CDP Communications to enhance its CCM capabilities, expected to positively impact Digital EBITDA margins [13][14]