Core Insights - Quadient S.A. reported a consolidated sales of €517 million for H1 2025, reflecting a decline of 3.2% on a reported basis and 3.0% organically compared to H1 2024 [5][7] - The company demonstrated resilience with stable current EBIT of €60 million and an EBIT margin of 11.5% despite challenges in the US mail market [3][7] - Digital and Lockers segments showed strong performance, with Digital achieving €137 million in revenue (up 7.2% organically) and Lockers reaching €55 million (up 11.2% organically) [9][21] Financial Performance - H1 2025 consolidated revenue was €517 million, down 3.2% reported and 3.0% organically, with a gross profit of €385 million and a gross margin of 74.4% [27] - EBITDA for H1 2025 was €109 million, a slight decrease from €111 million in H1 2024, with an EBITDA margin of 21.0% [28] - Current EBIT was stable at €60 million, with a current EBIT margin of 11.5% [29] Segment Analysis Digital - Digital revenue reached €137 million, with subscription-related revenue growing by 10.6% organically, accounting for 84% of total sales [11][12] - Annual recurring revenue (ARR) for Digital was €241 million, reflecting a 10.3% organic growth [12] - The segment added 1,100 new logo customers and saw significant cross-selling into Mail customers [13][14] Mail - Mail revenue was €325 million, down 10.3% reported and 8.6% organically, primarily due to a decline in hardware sales [16][19] - Hardware sales experienced a 17.5% organic decline, with North America contributing over 80% to this drop [16] - Despite lower revenue, Mail's EBITDA was €86 million, with an EBITDA margin of 26.6%, up from 25.8% in H1 2024 [20] Lockers - Lockers revenue reached €55 million, with a reported growth of 30.2% year-on-year, driven by the acquisition of Package Concierge [21] - Subscription-related revenue in Lockers increased by 15.3% organically, representing 65% of total revenue [21] - EBITDA for Lockers was €2 million, with a positive EBITDA margin of 3.6%, significantly improved from a negative margin in H1 2024 [23] Geographic Performance - North America accounted for 58% of revenue, experiencing a 3.5% organic decline, while Main European countries saw a 3.2% decline [8] - The International segment recorded a 2.0% organic growth, indicating resilience in markets outside North America and Europe [8] Outlook - The company anticipates sustained momentum in Digital and Lockers, with expectations for Mail performance to improve in the coming quarters [4][41] - FY 2025 guidance has been updated to reflect a low single-digit decline in organic revenue and a stable to low single-digit decline in current EBIT [7][45] - All 2030 ambitions remain confirmed, with a focus on maintaining strong profitability across segments [4][42]