Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, announced today that its subsidiary Serensia by Quadient has received final accreditation from the French Tax Authority (DGFiP) as a registered e-invoicing platform. This certification confirms that all requirements identified during the review phase have been fully met and that the platform is now approved and operational immediately. This achievement positions Serensia by Quadient among the ...

Core Insights - Banqup Group SA, formerly Unifiedpost Group SA, reported a solid business update for the first nine months of 2025, highlighting operational preparedness and a positive outlook for the remainder of the year [1][3]. Financial Performance - Group revenue and income from client money decreased by 6.5% year-on-year to €47.552 million in 9M 2025 from €50.858 million in 9M 2024 [4]. - Digital services revenue increased by 5.0% year-on-year to €34.925 million, driven by subscription and transaction revenue growth [4][7]. - Subscription revenue grew by 13.6% to €11.432 million, with organic growth at 21.2% due to increased e-invoicing subscriptions in Belgium [4][8]. - Transaction revenue rose from €14.582 million to €14.911 million, attributed to higher contributions from client money, which amounted to €1.0 million for 9M 2025 compared to €0.3 million for 9M 2024 [4][8]. - Traditional communication services revenue declined by 28.3% to €12.627 million, reflecting a shift towards digital solutions [4][9]. Strategic Developments - The company is focusing on e-invoicing and payments in anticipation of upcoming mandates, with a notable increase in onboarding activities in Belgium ahead of the January 2026 e-invoicing mandate [3][7]. - Partnerships with Deloitte Belgium and Rentio have been established, with additional partnerships in the pipeline to enhance value in e-invoicing and e-payments [3][7][13]. - A government e-invoicing infrastructure contract was secured in the Middle East post-Q3 2025, further expanding the company's market presence [7][13]. Operational Updates - The divestment of the UK print business was completed on August 11, 2025, allowing the company to concentrate on its core digital services [7]. - The company continues to enhance governance practices, promoting transparency and independent leadership at the Board level [13]. Future Outlook - The company anticipates a 25% organic subscription revenue growth and aims to achieve positive free cash flow by year-end [13].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $192.1 million, representing a year-over-year increase of 12.7% [4][21] - Adjusted EBITDA reached a record $43.5 million, exceeding guidance by $2.5 million, with an EBITDA margin of 22.6% [4][24] - Free cash flow was strong at $30.2 million for the quarter [4][24] - Annual recurring revenue (ARR) grew 12.4% to $648.2 million, with average annual revenue per customer increasing to $133,000 [4][22] Business Line Data and Key Metrics Changes - Subscription revenue increased by 12.7% to $164.8 million, while services revenue grew by 12.8% to $27.3 million [21] - Cloud revenue was $92 million, up 29.6% year-over-year [22] - Gross revenue retention (GRR) remained stable at 95%, while net revenue retention (NRR) decreased to 107% [4][22] Market Data and Key Metrics Changes - The company experienced customer turnover at the low end of its customer base and discontinuation of legacy product usage due to migrations to new cloud solutions [5] - The bankruptcy of three large enterprise customers impacted retention metrics by approximately $2 million [5] Company Strategy and Development Direction - The company is focused on expanding its cloud solutions and e-invoicing capabilities, with significant investments in automation and AI initiatives [8][9] - A share repurchase program of up to $150 million was authorized by the board, reflecting confidence in long-term growth opportunities [8][24] - The company aims to penetrate existing customer bases further and capitalize on upcoming e-invoicing mandates in major countries [8][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged specific market headwinds but expressed confidence in the long-term growth drivers [26] - The company anticipates improved performance as it moves into 2026, supported by ongoing growth initiatives and customer demand [26][62] - Management highlighted the importance of maintaining strong relationships with partners and adapting to regulatory changes [26][38] Other Important Information - The company announced a leadership transition, with Chris Young set to join as the new CEO [19][20] - The company is investing in AI and e-invoicing solutions to enhance its product offerings and market competitiveness [9][45] Q&A Session Summary Question: Thoughts on SAP ERP cycle and migration capacity - Management noted that the industry has been preparing for SAP migrations, with partners ramping up staff to manage upcoming transitions [30] Question: Guidance philosophy and recent cuts - Management confirmed that the guidance philosophy remains unchanged despite recent cuts, attributing them to specific customer activities [33] Question: Customer retention and entitlement growth - Management acknowledged challenges in customer growth rates and emphasized the need for better visibility into customer forecasts [34] Question: Leadership change in Europe - The leadership change was driven by the need for experienced management to handle the increasing complexity of operations in Europe [38] Question: Competitive landscape and win rates - Management reported no significant changes in competitive dynamics, maintaining strong win rates and focusing on strategic partnerships [50]