Transcript

Laura Paxton — Head of Investor Relations

Good evening, everyone, and welcome to Quadient's first quarter 2026 revenue call. I'm Laura Paxton, Head of Investor Relations at Quadient, and I'm here today with Geoffrey Godet, CEO, and Laurent du Passage, CFO. We will have a short presentation followed by a Q&A, and then you can submit your questions in writing through the web or ask questions live by dialing into the conference call. The presentation and press release are now available on our website at invest.quadient.com, and the replay of the call will also be available on our website. Thank you very much for joining us this evening. I will now hand over to you, Geoffrey.

Geoffrey Godet — CEO

Thank you, Laura, and welcome, Laurent. Good evening, everyone. Starting on slide five, let me start with a brief reminder of some of the key dynamics shaping our performance as we entered 2026. As you remember, as I have outlined during our full-year results, we continue to operate in an environment that has been driven by key structural trends, right? First one is the acceleration of digitalization, supported in particular by AI and invoicing mandates. The second one is the ongoing structural evolution of the mail market. Along the side of our full-year result in 2025, we also announced a major reorganization of the Executive Committee with a very clear intention: align the leadership with our operational priority, and most importantly, put our Digital Automation Platform at the center of the company with the clear goals to accelerate both growth and innovation. This has already enabled a sharper and more coordinated go-to-market approach, particularly when it comes to invoicing in Europe. Invoicing is not just a one-size-fits-all rollout, right? It requires local execution aligned with country-specific regulation and ecosystems. Traction is already coming through, so notably in France, ahead of the September 2026 deadline, contributing to the strong acceleration we're now seeing in the digital ARR. Against this, the first quarter is in line with the trajectory that we set out at the beginning of the year. If we now look at the performance by solution, we can see how these trends are translating across Quadient. In digital, ARR growth accelerated sharply, up around 16% on an annualized basis versus the end of January 2026. This was supported by both solid booking activity and low churn