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27.11.2024 17:45:00

Quadient S.A. - Q3 2024: accelerated growth in Digital at c.+9% and surge in Lockers at +14%, in line with Capital Markets Day ambitions

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Q3 2024: accelerated growth in Digital at c.+9% and surge in Lockers at +14%, in line with Capital Markets Day ambitions

Key highlights

  • 9M 2024 consolidated revenue of €797 million, up +2.4% on a reported basis including the contribution of the two recent acquisitions and up +0.6% organically(1)
  • 9M 2024 subscription-related revenue (72% of total revenue) increased by +1.4% on an organic basis, with Digital posting a 10.1% organic increase
  • Q3 2024 consolidated revenue of €263 million, up 0.3% organically(2)
  • Q3 2024 subscription-related revenue up +2.6% organically, with +12.9% in Digital and +15.7% in Lockers. Share of subscription-related revenue up 2 points to 72% at Group level
  • Continued strong performance from North America at +3.0% organic growth in Q3 2024, representing 58% of Group revenue
  • Q3 2024 organic revenue growth brings Solutions performance in line with Capital Markets Day ambitions with Digital at c.9% and Lockers above 14%
  • FY 2024 outlook confirmed

Paris, 27 November 2024

Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announces its 2024 third quarter and nine-month consolidated revenue (period ended on 31 October 2024).

Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated:

"The third quarter of 2024 has been a strong quarter for our Digital and Lockers solutions, which delivered solid levels of organic revenue growth at c.+9% for Digital and above +14% for Lockers. This growth acceleration is in line with the ambitions presented during our Capital Markets Day in June and, more importantly, this significant improvement was driven by an even stronger acceleration of the subscription-related revenue. At +12.9% for Digital and +15.7% for Lockers, organic growth from subscription-related revenue shows the strength and success of our business model.

With the fast roll-out of our open networks of Lockers in the UK and in France, volumes have now picked up as usage increases with the density of the networks. We expect this virtuous circle to continue to accelerate as we are heading into the busiest quarter of the year. Growth from our Digital Automation platform benefited from the solid level of booking experienced earlier in the year, driven the fast adoption of our financial automation solutions. This positive trend is expected to continue in Q4.

This solid performance has been partially offset by the high year-over-year comparison basis in Mail hardware sales which led to an organic revenue decline higher than in recent quarters. Business disruptions caused by the Milton hurricane in the US in October also impacted our Mail hardware sales in the quarter.

As we are heading into the fourth quarter, the solid organic growth trend in subscription-related revenue from our Digital and Lockers solutions, combined with an expected return to a normalized Mail decline, make us confident in our ability to deliver full year organic growth in revenue and in current EBIT, in line with our guidance.”

Comments on Q3 and 9M 2024 performance

Group revenue came in at €797 million in 9M 2024, a 2.4% increase on a reported basis, and +0.6% organic growth compared to 9M 2023, in line with Quadient’s expectations. Reported growth includes a negative currency impact of €3 million and a positive scope effect of €17 million, which is related to the acquisition of Daylight (e-forms capability for Digital) in September 2023 and to the acquisition of Frama (Mail consolidation in Europe) in February 2024. In Q3 2024, reported revenue growth stood at +0.8% and organic revenue growth at +0.3% compared to Q3 2023.

Subscription related revenue (€572 million, 72% of total sales) increased by +1.4% organically over 9M 2024, with an acceleration in Q3 2024, up 2.6% against Q3 2023, driven by a double-digit organic increase in Digital and in Lockers. Non-recurring revenue slightly decline by 1.2% organically over 9M 2024, including a stronger decline in Q3 2024 at -5.3% essentially reflecting a high comparison basis in Mail hardware sales with a deal worth more than €3 million signed with NBT Norway in Q3 2023.

By geography, North America (58% of revenue) continued to outperform other regions with a +2.9% organic growth achieved in 9M 2024, while Main European countries (34% of revenue) had a steady performance (at -1.6%). The International segment (8% of revenue) was notably impacted by the high basis of comparison in Mail in Q3.

Consolidated revenue by solution

Q3 2024 consolidated revenue

In € million Q3 2024 Q3 2023
restated (a)
Change Organic change
Digital 65 60 +8.0% +8.7%
Mail 175 180 (3.0)% (4.1)%
Lockers 24 21 +12.3% +14.3%
Group total 263 261 +0.8% +0.3%
(a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
As in full-year 2023 statements, Q3 2023 revenue from the afore-mentioned subsidiary is not included in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in Q3 2024.

9M 2024 consolidated revenue

In € million 9M 2024 9M 2023
restated(a)
Change Organic change
Digital 194 179 +8.2% +6.8%
Mail 536 533 +0.6% (1.7)%
Lockers 67 66 +0.8% +2.9%
Group total 797 778 +2.4% +0.6%
(a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
As in full-year 2023 statements, 9M 2023 revenue from the afore-mentioned subsidiary is not included in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in 9M 2024.

Digital

In 9M 2024, revenue from Digital reached €194 million, a 6.8% organic increase (+8.7% in Q3 2024 vs. Q3 2023) and +8.2% on a reported basis (including the contribution from Daylight) compared to 9M 2023.

This solid performance was driven by subscription-related revenue which recorded a strong 10.1% organic growth in 9M 2024, driven by an acceleration in Q3 2024 (+12.9% vs Q3 2023), including a high 20% increase in North America and continued positive commercial trends across the platform with further solid cross-selling and up-selling. Subscription-related revenue now represents €161 million or 83% of Digital total sales, a further increase from 80% in 9M 2023. The share of SaaS customers stands at 84% at the end of October 2024.

At the end of 9M 2024, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €226 million, vs. €206 million at the end of FY 2023, representing a 13.4% organic(3) growth on an annualized basis.

Regarding the upcoming e-invoicing regulation in France, which is due to progressively come into force between 2026 and 2028, the role of Partner Dematerialization Platforms (PDP) will be reinforced by the closing of the French free public invoicing portal project (PPF). Being registered as a PDP in France reinforces Quadient’s positioning as a partner of choice e-invoicing thanks to:

  • its large Mail customer base;
  • its complete suite of financial automation and digital document processing solutions.

More generally, in Europe, the EU ViDA(4) regulation will drive digital invoicing across Europe to modernize VAT systems and address Europe VAT fraud gap.

Mail

Mail revenue reached €536 million in 9M 2024, a 1.7% decline on an organic basis (-4.1% in Q3 2024 vs. Q3 2023). 9M 2024 reported growth stood at +0.6%, including the contribution of Frama.

Hardware sales recorded a 0.7% organic growth in 9M 2024, a positive performance despite the -7.0% decline registered in Q3 2024, reflecting:

  • a high comparison basis due to the more than €3 million deal signed with NBT Norway in Qv3 2023 ; and
  • the temporary business disruption caused by the Milton hurricane in Florida.

Subscription-related revenue (€369 million or 69% of Mail sales) continued to record a slow organic decline (-2.8% in 9M 2024), including the impact from lower supplies’ orders.

In Q3 2024, Quadient made further progress in the deployment of new mail products and solutions. The Group signed in Q3 2024 a USD 1 million contract with a large U.S federal agency, which already operates 60 Quadient mailing systems, for a comprehensive mail modernization project to enhance process efficiency. In addition, Quadient launched a new version of its high-end folder inserter dedicated to production mail (DS 1200 document system). A first contract has already been signed early Q4 2024 in the U.S. encompassing 10 DS 1200 units.

At the end of October 2024, already 40% of Quadient installed base has been upgraded with its newest technology.

Lockers

Lockers revenue reached €67 million in 9M 2024, a 2.9% increase on an organic basis and +0.8% on a reported basis compared to 9M 2023. In Q3 2024, however, Lockers revenue growth showed significant acceleration at +14.3% organically compared to Q3 2023.

Subscription-related revenue increased by 8.7% organically in 9M 2024 (+15.7% in Q3 2024 vs Q3 2023), benefiting from:

  • the continued strong volumes ramp up in the UK and the French open networks;
  • an acceleration in the U.S. thanks to new initiatives for end-user management programs launched in the region;
  • a resilient performance in Japan, despite an unfavorable e-commerce environment.

Overall, subscription-related revenue stood at €43 million or 64% of total revenue in 9M 2024, vs. 61% in 9M 2023.

Non-recurring revenue (license & hardware sales and professional services) declined by 6.2% organically in 9M 2024 but delivered a solid 12.1% increase in Q3 2024 thanks to an improvement in unit installations in North America and a large hardware deal signed in International. Quadient’s global locker installed base reached c.22,000 units at the end of 9M 2024 vs. c.20,200 units at the end of FY 2023. This is reflecting the stronger pace of installation of new lockers, notably in the UK, fueled by the partnerships signed by Quadient to host parcel lockers in new prime locations.

In Japan (International), Quadient released a new mobile application to enable local businesses to offer parcel locker delivery services to their customers. This application aims at maximizing lockers’ usage thanks to an enhanced customer experience compared to traditional delivery. Its ease of use and flexibility enable the end-users to pick up a parcel in any locker of Quadient’s network.

In France, Quadient added open-network options to the click & collect lockers configuration installed at Decathlon stores. This is providing all Quadient’s carrier partners with the opportunity to deliver third party products in Decathlon lockers, extending the range of parcel flow consolidation options. The carriers using Quadient French open network are GLS, Relais Colis, UPS, Pickup, Colissimo/Chronopost and DHL.

DISCONTINUED OPERATIONS

The Italian Mail subsidiary was reclassified as discontinued operations under IFRS 5 in full-year 2023. An agreement for its sale has been signed with a local mail distribution company in July 2024. The deal was closed in October 2024.

FY 2024 GUIDANCE

Quadient confirms its FY 2024 financial guidance of organic growth at both revenue and current EBIT levels. While the Q3 2024 decline in Mail hardware sales was expected (due to a high comparison basis), it was amplified by the business disruption caused by the Milton hurricane in Florida. On the other hand, both Digital and Lockers delivered improved performance, in line with the medium-term ambitions announced during the Capital Markets Day.

Q3 2024 BUSINESS HIGHLIGHTS

Quadient receives 'AA' MSCI ESG rating, recognizing longstanding commitment to Sustainability and Corporate Social Responsibility
On 9 October 2024, Quadient announced it has been awarded an 'AA' rating in the MSCI ESG Ratings of September 2024. For the ninth consecutive year, MSCI has placed Quadient in the Leaders category, recognizing its strong performance among global peers and its dedication to sustainability, a reflection of the company’s consistent efforts in managing environmental, social and governance (ESG) risks and opportunities.

Quadient secures new c.USD 1-million contract with U.S. federal agency for mail modernization project
On 21 October 2024, Quadient announced that a large U.S. federal government agency, which already operates 60 Quadient mailing systems, has awarded Quadient a contract worth nearly USD 1 million for a comprehensive mail modernization project to enhance process efficiency. This opportunity, secured through one of Quadient’s business partners, highlights Quadient's commitment to fostering long-term customer relationships and developing strategic partnerships to better serve customers while reaching new businesses in need of process automation platforms.

Co-op teams up with Quadient to deliver parcel locker convenience in communities in the UK
On 24 October 2024, Quadient has partnered with Co-op in the United Kingdom to deliver further parcel locker growth and added convenience to its communities. The partnership to supply Parcel Pending by Quadient lockers to Co-op’s stores, aims to align Co-op’s footprint in the heart of local communities with the continued growth in consumer demand for safe, secure and accessible parcel lockers.

Quadient secures €25 million Schuldschein facility from EBRD to finance R&D programs in Czech Republic
On 30 October 2024, Quadient announced that it has secured a new €25 million Schuldschein facility from the European Bank of Reconstruction and Development (EBRD) with maturities spread equally between 5 and 7 years. The Schuldschein loan from the EBRD aims at financing R&D programs at Quadient’s state of the art Digital R&D center in Hradec Králové, Czech Republic.

POST-CLOSING EVENTS

Quadient Strengthens Leadership Position in the 2024 Top 250 Ranking of French Software Companies

On 21 November 2024, Quadient announced that it has achieved considerable progress in the prestigious Top 250 ranking of French software companies published by EY and Numeum. Quadient advanced to the 11th position in the overall ranking, up from 15th in 2023, and achieved second place in the "Horizontal Publishers" category, rising from fifth last year. The progress highlights Quadient’s strong performance and unwavering focus on innovation and customer success.

Quadient and DECATHLON Expand Parcel Locker Partnership in France with Additional Stores and Services
On 25 November 2024, Quadient announced new momentum in its project with DECATHLON, the globally recognized multi-specialist sports brand. Over the past 12 months, the partnership has resulted in the installation of more than 140 additional lockers across DECATHLON stores in France. This expansion brings the total number of equipped locations to 210, a substantial increase from just 70 in May 2022.

To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

CONFERENCE CALL & WEBCAST

Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

To join the webcast, click on the following link: Webcast.

To join the conference call, please use one of the following phone numbers:

? France: +33 (0) 1 70 37 71 66.

? United States: +1 786 697 3501.

? United Kingdom (standard international): +44 (0) 33 0551 0200.

Password: Quadient

A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.

Calendar

  • 26 March 2025: Q4 sales and Full-year 2024 results release (after close of trading on the Euronext Paris regulated market).

About Quadient®

Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

For more information about Quadient, visit https://invest.quadient.com/en/.

Contacts

Catherine Hubert-Dorel, Quadient
+33 (0)1 45 36 30 56
c.hubert-dorel@quadient.com
financial-communication@quadient.com
OPRG Financial
Fabrice Baron
+33 (0)6 14 08 29 81
fabrice.baron@omnicomprgroup.com
Caroline Baude, Quadient
+33 (0)1 45 36 31 82
c.baude@quadient.com

 

APPENDIX

Digital: New name for Intelligent Communication Automation

Mail: New name for Mail-Related Solutions

Lockers: New name for Parcel Locker Solutions

Q3 2024 and 9M 2024 consolidated revenue

Q3 2024 consolidated revenue by geography

In € million Q3 2024 Q3 2023
restated (a)
Change Organic
change
North America 153 152 +0.6% +3.0%
Main European countries(b) 87 83 +5.1% (1.6)%
International(c) 23 26 (11.9)% (9.1)%
Group total 263 261 +0.8% +0.3%
(a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
As in full-year 2023 statements, Q3 2023 revenue from the afore-mentioned subsidiary is not included in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in Q3 2024.
(b)  Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom.
(c)  International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries.

9M 2024 consolidated revenue by geography

In € million 9M 2024 9M 2023
restated (a)
Change Organic
change
North America 460 447 +2.9% +2.9%
Main European countries(b) 269 256 +5.0% (1.6)%
International(c) 68 75 (9.4)% (4.8)%
Group total 797 778 +2.4% +0.6%
(a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
As in full-year 2023 statements, 9M 2023 revenue from the afore-mentioned subsidiary is not included in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in 9M 2024.
(b)  Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom.
(c)  International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries.



(1) 9M 2024 sales are compared to 9M 2023 sales, to which is added pro rata temporis the revenue of Daylight and Frama for a consolidated amount of €17 million. The currency impact is negative for €3 million.
(2) Q3 2024 sales are compared to Q3 2023 sales, to which is added pro rata temporis the revenue of Daylight and Frama for a consolidated amount of €5 million. The currency impact is negative for €4 million.

(3) 9M 2024 ARR is impacted by a €0.7 million negative currency effect vs 31 January 2024.
(4) ViDA: VAT in Digital Age.

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