Good evening, and welcome to Quadient's full-year 2025 results presentation. I am Anne-Sophie Jugean, Quadient's Head of Investor Relations.

Today's presentation will be hosted by Geoffrey Godet, CEO, and Laurent du Passage, CFO. The agenda for today's call is on slide 3.

As usual, there will be an opportunity to ask questions at the end of the presentation. You can submit your questions in writing through the web, or ask questions live by dialing into the conference call.

Thank you very much, and with that, over to you, Geoffrey.

Thank you, Anne-Sophie. Good evening, everyone.

Let me start by setting out the market context for Quadient. Over the past few years, we've been operating in an environment shaped by powerful structural trends.

In 2025, these trends did not change in nature, but they accelerated simultaneously, reaching a new level of momentum. The first one is in 2025 a marked stepped change in artificial intelligence.

Rapid advances in AI are accelerating digitalization across industries and reinforcing the long-term demand for software solutions. This is not a short-term phenomenon.

AI is fundamentally reshaping how enterprises automate, secure, and scale mission-critical workflows, well beyond any single use case and regulatory cycle. What customers increasingly require are software platforms that can deliver value quickly, integrate AI natively, including agents, and responsibly into systems of records, and reliably operate within complex legal, regulatory, and data security environments.

In this context, AI-driven digitalization spans our entire digital portfolio from CCM to AP and AR, and of course compliance-driven workflows, which enhances both the value of our solutions and the breadth of use cases we can address. The second trend, also contributing to the future acceleration in digitalization, is the upcoming roll-out of e-invoicing rules across Europe.

With regulatory deadlines now clearly in sight, notably in France in September 2026, and later in other markets, including, newly, the UK, these mandates are important catalysts for the digital adoption. Most importantly, they represent only one dimension of a much broader transformation of transactional and financial workflows.

Lastly, in 2025, we also observed an acceleration in the structural decline of the mail market. This, following a long period of resilience.

These trends reflect both regulatory developments and changing customer behaviors. More importantly, they highlight the relevance of our long-standing decision to pivot towards digital.

Quadient did not start preparing for this transition in 2024 or 2025. The ability to offset the decline in mail with a strong digital offering is at the very core of our strategy and the foundation of our Digital division.

For both business and financial communications automation, and now e-invoicing, we have long been supporting our customers in the automation of transactional processes that sit at the heart of their own operation. Based on these three trends, we have updated our long-term financial assumptions.

Regarding Digital, we have raised our 2030 revenue ambition to around €550 million from above €500 million previously. Of course, we maintain our EBITDA margin ambition, which remains at 30% for 2030.

As a result, Digital is expected to become Quadient's largest segment by 2030, and both in terms of revenue and EBITDA contribution. Now, regarding Mail, we have lowered our 2030 revenue ambition to around €500 million, compared with around €600 million previously.

There's no change to our EBITDA margin ambition for Mail, which remains between 20% and 25% for 2030. The updated Mail long-term financial assumption also led us to record a one-off impairment charge of €124 million against goodwill, and that's in the Mail business.

There's of course no cash impact. Finally, our 2030 ambition for Lockers remains unchanged.

Moving to the next slide. Having in mind these accelerated trends I just outlined, and thanks to Quadient's strategic foresight, we're now in the best position than we have ever been to be able to capture the opportunities they are creating.

First, we already operate from a position of strength with a best-in-class digital automation platform that is consistently recognized by industry analysts. This is not a recent achievement; it reflects years of disciplined investment and execution.

In 2025 alone, Quadient was ranked number one globally by industry analyst IDC, and we were also recognized by another industry analyst, QKS, as the most valuable pioneer for AI maturity. These are clear third-party validation of both our technology leadership and our ability to operationalize AI at scale.

Second, Quadient benefits from a mature, highly predictable business model. At the end of 2025, our annual recurring revenue, ARR, reached €215 million, a level that few SaaS companies can claim, and 84% of that total revenue is now subscription-based.

This provides us with a strong confidence in our future revenue trajectory. This model is built on a scalable SaaS platform serving a large and diversified customer base, also across regulated industries, with very strong customer stickiness.

We now support around 17,000 customers worldwide, right, with a well-diversified geographic footprint, and most of these customers are in regulated industries. These foundations were built up proactively and purposely for many years.

Today, they allow us to shift our focus decisively towards scaling execution. We are expanding the use of AI-powered capabilities across our customer base.

Currently, around 60% of our customers use daily such capabilities, and our aim is to increase this to 100% as soon as possible. Secondly, we're building a pan-European leader in financial automation, driven in particular by the upcoming application of e-invoicing mandates.

With the acquisition of Serensia, the final accreditation from the French tax authorities, which we received in mid-December, and already more than 10% market share in France, with both, we're strongly positioned at the start of a long-term digital growth cycle that will unfold progressively across Europe. Lastly, we are of course sharpening our competitive position in customer communication also, as highlighted by the recent acquisition of CDP Communication in 2025.

This enabled us to add differentiating accessibility and compliance features to our existing range of capabilities, and which consolidated our CCM market share in regulated industries. Moving to slide 7.

To support the next chapter of our Quadient growth, I have taken a clear decision to align our leadership team with our operational priorities. As a result of our digital automation platform reaching a scale, right, €215 million in ARR, it had reached such a maturity that I am now placing our digital automation platform at the very heart of our company, under my direct leadership, to further accelerate growth and innovation.

As part of this evolution, we have now four senior leaders from our digital automation platform organization that will be part of the Executive Committee. This reflects our determination to deepen software expertise and accelerate innovation where it matters the most.

This marks the next steps in Quadient's evolution as a global software and AI-driven technology leader. Moving to slide 8.

In addition, over the past few years, we have executed a complete legal reorganization, transitioning from an integrated multi-entity, multi-country structure to a very simple, business-aligned organization. This legal reorganization is now in its final stages and provides us with the structural flexibility that we wanted.

This opens up multiple options to support our business development, financing initiatives, and broader value creation opportunities. With that said, I will now hand it over to Laurent, who will walk you through our 2025 financial results.

Laurent?

Thank you, Geoffrey. Good evening, everyone.

Let's move to the next slide. Now for key financials for 2025.

Year 2025 ended with a revenue growth acceleration and EBITDA margin expansion in both Digital and Lockers, while Mail profitability remained very resilient. Starting with Digital, revenue grew strongly at 8% with an acceleration in Q4.

Subscription-related revenue continued to expand at a double-digit pace, supporting further EBITDA margin improvement, reaching 18% for the year. In Mail, 2025 was marked by the low point of the US renewal cycle, which weighed on the hardware revenue throughout the year.

Despite those headwinds, Mail delivered a very solid EBITDA margin at 27.1%. Finally, Lockers recorded another year of strong momentum, with 11.4% organic revenue growth and a solid increase in subscription-related revenue.

The profitability of Lockers improved significantly at a 5% [margin?] , confirming the trajectory to exceed the 10% EBITDA margin in 2026.

At group level, revenue reached €1 billion and €36 million. It's down 3.2% organically, in line with the guidance we updated in September.

Profitability remained resilient, with a current EBIT margin of 13% and an EBITDA margin of 22.2%. All solutions EBITDA are on track to meet the 2026 EBITDA targets, and we will continue to deleverage towards the 1.5 times target, excluding leasing.

Let's move now to slide 11. Looking at the bridge of revenue compared to last year, from left to right, you can see the Paquet Concierge, Serensia, CDP scope effect for €16 million, main contributor being Paquet Concierge.

Digital, with an 8% growth, is adding €22 million of revenue. Lockers also contributed positively with more than 11% organic growth, or €12 million of additional revenue.

Digital and Lockers both accelerated in Q4, delivering organic growth of 8.4% and 16.8% respectively in the final quarter of the year. Mail declined by around 9.5%, reflecting both market headwinds and the temporary softness in the US renewal cycle.

The currency impact were quite significant this year, notably from the USD weakening against euro, with an adverse impact that you can see of €37 million on the right-hand side. Overall, the group posted an organic revenue decline of 3.2%.

Moving now to slide 12. When looking at the breakdown of revenue, we see the continued shift towards subscription-related revenue across the group, moving from 68% to 74% from 2020 to 2025.

Despite headwinds on the Mail business in '25, Quadient still has shown a positive growth on the subscription-related revenue. On the right-hand side, Digital and Lockers penetration within that subscription-related revenue has surged from 23% to 41% over the same period.

Moving now to slide 13. Here you can see the bridge of current EBIT from last year to this year.

We started from €146 million last year. Scope is almost neutral with Paquet Concierge offsetting Serensia's impact on current EBIT.

Digital delivered a solid contribution of €8 million, adding €8 million, thanks to the strong revenue growth and obviously the continued margin expansion. Lockers also contributed positively with an additional €6 million, reflecting both the acceleration in subscription revenues and the improvement of profitability overall.

These gains were offset by Mail, which saw, as you can see, €20 million decline in the EBITDA due to the €70 million drop in revenue, which was clearly offset by strong savings. Depreciation and amortization remained broadly stable, decreasing by €3 million, and last, currency effect had an €8 million negative impact, largely driven again by the euro-dollar evolution.

Overall, this led to a current EBIT of €135 million for 2025, representing an organic decline of 2.2% compared to last year. Back to you, Geoffrey, on the business review.

Thank you, Laurent. Turning to slide 15 now.

Let me start by taking a step back and looking at the long-term track record of our Digital business. Starting with revenue on the top left of the slide, the message I think is very clear: steady growth, quarter after quarter, driven by the continued adoption of our digital automation platform by customers.

Over this period, subscription-related revenue has grown at an average rate of 17% per year, reflecting the strength and the relevance of our offering. This momentum has been accompanied by a decisive shift to SaaS.

The share of subscription-related revenue has increased from 59% in 2020 to 85% today, fundamentally transforming the quality and predictability of our revenue base. The same dynamic is visible in the annual recurring revenue, or ARR, shown at the bottom left of the slide.

ARR has grown from €109 million to €215 million over the period, which represents a 15% compound annual growth rate. This is obviously a forward-looking indicator, and it underlines the durability of our subscription growth engine.

At the bottom right, share of SaaS customers has grown significantly, reflecting naturally the change to a SaaS digital automation platform. Now, turning to the EBITDA evolution on the top right of the slide, you can see a low point in early 2022, and this reflects a deliberate phase of transition and the impact of the business model shift at the time, combined with a targeted investment in account payable and an account receivable following the acquisition, if you remember, of YayPay and Beanworks at the time.

What matters most, however, is what comes after. Since then, we have delivered a regular and sustained improvement in EBITDA margin, driven by three clear factors: the continued growth of our subscription platform, the steady productivity gains across our teams, and the fact that both our enterprise and SMB segments are now operating at scale.

Together, these trends demonstrate the strength of our digital model, not just its growth, but its ability to scale profitably over time. Now, let's move to another topic, and let me address AI head-on, because our position is genuinely differentiated on the market.

In a AI world, the real question isn't who can generate content or automate a task. The questions are who produce unique data, and who can execute reliably inside the systems that actually run the enterprise, and who can do it with control, auditability, compliance, and accountability?

Quadient operates where the bar is the highest. We sit inside mission-critical workflows that are embedded into systems of records such as ERPs, CRMs, billing systems, finance and regulatory environments of the company.

In these workflows, mostly right is just not good enough. Invoices, audits, compliance, they all require near-certainty, not probabilities.

That's exactly the space we were built for. This is why we're the trusted execution layer where AI must integrate.

AI agents will proliferate across enterprise workflows, and they will still need a trusted execution arm, a platform that can securely connect to systems of records, enforce governance, produce auditable outcomes, and execute with reliability and such at scale. AI agents rely on us; they don't replace us.

Let me be clear on the human element. Relationships don't get replaced by AI.

Just to give you some context, right, in many of our workflows—credit, collections, disputes, exceptions—these are nuances, right? They require nuanced context, judgment, and they cannot be safely automated away, particularly in a regulated environment.

Our approach is human-centered. We use AI to strengthen those relationships and make workflows smarter, faster, and more consistent, not to remove accountability from the process.

We're truly built for this moment for three very concrete reasons. The first one is that our platform is agentic-ready by design, with APIs already enabling interaction with third-party software, and most importantly, AI agents.

The second, our pricing model is already aligned with where the industry is going. We operate largely on volume and outcome-based economics, not seat-based pricing.

We're not exposed for the AI-replacing-seats pressure that many software companies face. The third one is enterprise-grade execution is just not an add-on for us; it is our baseline.

We deliver compliant, auditable, high-reliability workflows in regulated industries, and such with deep integration, governance, and again, scale. They all are acting as very structural barriers for us.

This is not theoretical. AI is already operational across our digital platform and, again, at scale.

We have more than 60% of our digital customers that use AI-powered capabilities today from our platform, and such every day. Another key number: roughly 40% of the new code generated for our applications are now AI-generated, and we also have 0% AI-related customer churn.

The way I see AI is quite simple: it reinforces our mission, it reinforces our structural barriers, and it increases the value we deliver, and precisely because we sit at the intersection of automation, compliance, and trusted execution. Moving to slide 17, and with that said, let me turn to a few concrete examples of how AI is already embedded across Quadient solutions.

Let me be clear. AI for us is not a future ambition, as I mentioned; it's something that is already driving tangible value for customers today, and that both across our financial automation and customer experience management capabilities.

Our AI capabilities are built on three Quadient core strengths: our integrated, in-house AI and ML components; the second one is our ability to connect seamlessly, with customer systems of records, especially around the ecosystem; and the last one is our long-standing experience supporting, again, highly regulated, mission-critical processes in industries such as financial services, insurance, and the public sector. These are the foundations that make our AI capability not only powerful, but trusted in the most demanding environments.

If we take the example on the financial automation side, you'll see on the left of the slide, we have shared an example for the accounts receivable solution. AI improves cash flow performance, and it gives finance teams far greater predictability.

By tapping directly into the ERP and the accounting systems, our models today score risks and forecast late payments with a high degree of accuracy. AI also provides real-time insights into buyer payment behaviors and identifies the patterns and the root cause behind these delays.

When it comes to execution, AI orchestrates the full collection workflow: choosing the right channel, optimizing timing, automating follow-ups, and escalating when needed. Taken together, that drives what matters most for finance leaders: faster, more reliable cash conversion with less manual effort.

Now, on the CXM side, if we take another example, we have the same foundations, right, that apply: integrated AI, strong connectivity to systems of records, and a deep understanding of how communication requirements in regulated industries can enable organizations to create and deliver communication obviously much faster and with far more consistency, and both across regions and channels. Now, AI accelerates, in particular for us, migration from legacy platforms, can support secure use of customer-selected AI models of their choice, and speed up the development of what we call very complex business workflows.

It also enhances, naturally, content creation, right, including translation at scale, and also provides dynamic recommendations to improve message clarity and the effectiveness of those messages. If we look at the impact for our customers, it's very tangible: up 50% faster content creation and as much as twice the communication output without any additional headcount.

In conclusion, whether it's in finance or customer communication, right, our use of AI is already delivering measurable productivity gains, operational confidence, and some stronger business outcomes for our customers. Where does our next major opportunity lie?

In the transition to mandatory e-invoicing. Right, that is a change that is set to reshape how companies manage their business and financial workflows.

Here again, Quadient is ahead of the curve. Moving to slide 18.

Our Serensia platform has now secured final accreditation from the French tax authorities, meaning that we're fully ready for the 2026 reform in France. This places us among a very few select group of certified providers able to support companies through what will be one of the most significant business process transformations in recent years, in particular for Europe.

Our leadership is also recognized today by analysts, right? In January 2026, Quadient was named a leader in QKS Group SPARK Matrix for e-invoicing solutions.

This highlights the strong combination of technology excellence that was recognized, customer impact that was recognized as well, and our regulatory readiness. All of that is underscoring the strategic importance of our digital automation platform at the most pivotal time.

Let's talk about our commercial traction; it's accelerating sharply. Bookings related to financial automation and invoicing in France and Benelux, for our region, increased more than tenfold—just let me repeat this, increased more than tenfold between the first and fourth quarter of 2025.

This is a clear sign that customers preparing early are choosing Quadient as their long-term partner. Importantly, if we look at the addressable market, it remains largely untapped.

We've got a study from OpinionWay that was recently shared that shows that only 7% of French companies are fully compliant today, meaning that the vast majority still need help to equip themselves. Let's not forget that France is just the start for us.

The 2026 reform marks the first phase of a broader European transition to mandatory e-invoicing. Several countries are preparing similar frameworks to the one we've seen in France for the years ahead.

The UK is the last one that just announced their program for 2029. This creates a multi-year growth runway in markets where Quadient has already secured accreditation, recognized leadership by third party, a solid market share, and strong commercial momentum.

Moving to slide 19, on our financial side, for the full year 2025, our digital automation platform delivered double-digit subscription-related revenue growth. As I mentioned, with strong momentum, and such in particular in our North American region and the UK, and in particular for the last quarter of the year.

ARR reached €215 million, representing 10% organic growth, and such despite the currency headwinds. We also recorded a record Q4, our largest quarter ever in bookings, and it was driven by several multi-million euro wins and also reinforced by the solid cross-selling from our Mail customer base.

Now, if we move to profitability, our EBITDA grew 9% year-on-year, and the margin expanded to 18% overall for the year, despite the temporary dilutive effect that the Serensia integration impacted us. The margin for the second semester, right, the progression of that margin clearly shows the trajectory.

We are on track to exceed the 20% EBITDA margin in 2026. With that said, over to you, Laurent, for the Mail business update.

Thank you, Geoffrey. Moving to slide 20.

In light of Mail's 2025 performance, we have reassessed our long-term assumptions for the Mail business, notably with lower machine placements. With the transactional mail volume still anticipated to decline by around 7.5% CAGR, the mail market itself is now anticipated at minus 6% CAGR, compared to minus 5% before.

We have revised our 2030 revenue ambition for the Mail segment to approximately €500 million, compared to the €600 million previously. Those assumptions are particularly true in Europe, as illustrated by concrete developments such as the end of nationwide letter delivery in Denmark and ongoing regulatory debates in the UK.

We also see companies actively preparing for the roll-out of e-invoicing mandate in Europe, accelerating the shift away from physical mail. In NorAm, we still anticipate an improvement, but starting off from a smaller installed base.

Reflecting these updated assumptions, as Geoffrey has already indicated at the beginning of this presentation, this adjustment is a prudent, fact-based response to structural market evolution, and it allows us to align our long-term ambition with the realities of the market while continuing to manage Mail with a strong focus on profitability and cash generation. Moving now to slide 21.

Let me come back briefly to what we've seen and what we are seeing as we enter 2026. This chart shows quarterly year-on-year mail market revenue growth based on year-on-year gross-weighted with our competition, as well as Quadient performance on the other side.

It shows that market was under pressure, notably from Q3 and Q4 '24 onwards, and that there is a slight improvement materializing on the market at the end of '25 that we are seeing now at Quadient on early '26 at the beginning for Q1. While past year has been difficult on Mail, it is important that we have also have a true capability on the cross-sell, which has increased by 19%, including a triple-digit year-on-year in financial automation bookings boosted by invoicing mandate in Europe, as mentioned by Geoffrey.

In addition, our Simply Mail SaaS solution, which enables small businesses to send physical mail and parcels in just a few clicks directly from their existing digital environment, saw strong momentum in '25 with more than 1,100 contracts signed. In spite of the market condition on hardware, we also had major production mail wins with our DS-1200 flagship solution that delivered double-digit growth in '25, confirming its strong market traction.

Let's now move to the next slide on the Mail financials. Overall, Mail declined by 9.5% in '25, mainly due to the slowdown in US equipment placements linked to the renewal cycle.

This trend was slightly higher in Q4, at minus 10.9%, while we saw a very slight improvement on hardware side. The good news is that despite the top-line pressure, Mail continues to deliver a very high profitability, with a margin above 27%, supported by the contribution of Frama and our proactive response to tariff changes in the US, including price actions and strategic inventory build-up at the end of 2024.

Margin performance was further supported by strong cross-sell execution with our Digital business and a disciplined, agile cost structure. Now, moving to Lockers.

These first slides give a clear picture of how we've successfully scaled growth in the Locker solution over the past 4 years. On the left-hand side, you can see the steady growth in revenue since '22, representing a compound annual growth rate of 11% from 2022 to 2025.

A second key trend in increasing weight of subscription-related revenue, which accounted for 65% of total Lockers revenue in 2025. In absolute terms, subscription-related revenue grew at double-digit rates every single quarter.

In terms of margin, we can see the rapid expansion over the same time frame on the right-hand side, with a confirmed inflection to profitability in 2025, delivering a 5% EBITDA margin. This puts the Locker business on a strong financial footing and positions it for scalable, profitable growth going forward.

Let's move now to slide 24. Turning out to commercial highlights for the Locker business, 2025 was another year of strong expansion supported by both solid demand and targeted product innovation.

In Q4, we secured a multi-million euro service deal to refresh the design of an existing network covering more than 1,700 locations. This demonstrates the confidence of our customers and the long-term value of our installed base.

We also expanded our product range with the launch of Premier Locker in the US, a premium, design-driven solution tailored for upscale multi-family communities. This enhancement strengthens our ability to address a broader set of customer needs in that market.

Operational execution remained strong, with more than 2,300 lockers deployed in '25, including more than 600 in Q4 alone. This brings our installed base to approximately 27,700 lockers at the end of the year.

Let's now turn to slide 25 for a look at how this commercial momentum translates into the growth of our installed base and usage over the past 2 years. On the left, you can see the steady acceleration in our pace of installation across Europe.

Over the past 2 years, our installed base has grown roughly fourfold, supported by continued expansion in the UK, including partnerships with Evri, Shell service stations, and The Range. Meanwhile, in the US, placements remained steadily driven by continued momentum in the multi-family and the higher education segments.

On the right-hand side, you can see the usage in Europe has increased dramatically over the same period, around twentyfold, with the UK, once again, a major contributor. As you can see on the chart, there was a temporary dip at the end of Q4 at the start of Q4 due to lower volumes recorded by Evri with Vinted, following by followed by a strong rebound that we can see as well later in the period.

Lastly, in Japan, volumes increased month-to-month in Q4, signaling growing traction. Let's now take a look at Lockers financials on slide 26.

Lockers delivered another year of strong growth, with 11.4% organic growth and more than 22% reported, reflecting the strong subscription-related revenue, of course, and the full-year contribution of Paquet Concierge. We recorded a sharp acceleration in Q4, and more importantly, our profitability inflection is confirmed.

EBITDA margin increased by 4.4 points to 5%, with H2 reaching 6.3%. We remain firmly on track to exceed a 10% margin in 2026, supported by growing recurring revenue and high utilization rates across the networks.

Let's now review the group financials and turn to slide 28, which is a summary of the financials. If you can as you can see, we summarize here the performance of all the three solutions: again, Digital growing strongly 8%, margin expansion to 18%; Mail declined 9.5%, but maintained a very solid 27% margin; Lockers grew 11.4%, as we just saw, with profitability improving to 5%.

At group level, revenue reached €1 billion and €36 million, and our current EBIT margin remains resilient at 13%, despite the mix effect and the decline in Mail. Moving now to slide 29, where we'll see the P&L.

Starting from the top, obviously, revenue, I just mentioned it, but EBITDA stands at €230 million, which is maintaining a healthy 22.2% margin. The current EBIT is €135 million.

It's broadly stable margin-wise, reflecting the operational resilience of our business. The key item this year is the €124 million non-cash goodwill impairment, which is exclusively related to Mail in Europe.

This is the main consequence of the new assumptions of the mail market trajectory, as I explained on page 20, and hence the mechanical non-cash effect on our goodwill Mail goodwill assessment. This brings reported net income to minus €66 million.

Excluding this one-off impairment, net income would be €58 million, which highlights the underlying strength of our operations as well. Moving now to the cash flow statements on page 30.

Free cash flow for the year came in at €47 million, impacted by several one-off elements: the adverse effect of working capital, we mentioned that earlier, due to the timing of supplier payments, the €19 million impact, cut-off of VAT payment and employee debt at the end of the year, but this was fully offset by €30 million of cash generated by the leasing portfolio. The higher interest and tax payment is notably due to the Swiss exit tax and the bond refinancing that we already mentioned during H1.

Cash flow from operations reached €132 million, and the CapEx decreased to €86 million, driven by lower mail placements that we will see on the next slide. To be noted also that our free cash flow was impacted by the negative change impact of around €7 million.

At the bottom of the free cash flow from an acquisition standpoint, Serensia and CDP have been acquired in '25, compared to Frama and Paquet Concierge in '24. Moving now to next slide on CapEx, slide 31.

CapEx levels reflect the nature and maturity of each platform. Digital remains stable, focused on the R&D and ongoing platform enhancements.

Lockers continues to invest materially, supporting the rapid expansion of out-of-home networks, notably in the UK. Mail CapEx declined significantly due to the lower hardware placements in '25, notably in North America, where the year before it had the decertification.

Overall, CapEx decreased from €98 to €86 million, consistent with our disciplined capital allocation. On slide 32, as you can see, the net debt has significantly declined to €682 million.

It's notably thanks to a large forex impact on our USD debt, due to the weak level of the dollar at the end of the fiscal year. The leverage ratio, excluding leasing, stands at 1.6 times, maintaining our trajectory towards 1.5 times target in 2026.

We also maintain a solid liquidity position supported by healthy cash generation and tight balance sheet discipline. On slide 33, as you can see, from a debt management standpoint, we have reimbursed our bond in Q1 and as well as €29 million of Schuldschein, and we successfully raised €50 million of private placement in July.

As of January '26, we hold €115 million of cash, and we have €300 million of undrawn on our credit facility. We maintain, obviously, a €533 million still customer leasing portfolio that you could see on the right-hand side.

This positioned the group with strong liquidity and financial flexibility to support the ongoing execution. Over to you, Geoffrey, for the conclusion of this presentation.

Thank you, Laurent. Moving now to slide 35.

For 2025, Quadient propose a dividend of 75 cents per share for the full year 2025. This represent a 7% increase compared to the full-year 2025 2024 dividend, and a year-on-year increase of 5 cents.

Just to be noted, this marks the fifth consecutive annual dividend increase. This proposal corresponds to roughly now a 46% payout ratio of net income, excluding obviously the goodwill impairment, and this is up from 36% last year.

This is well above the minimum of 20% payout ratio that was defined in our dividend policy. Naturally, subject to the approval of the Annual General Meeting on June 18th, 2026, the dividend will be paid in cash in one installment in August 6th, 2026.

This proposed dividend reflects naturally our confidence in Quadient's future cash generation, our confidence in debt deleverage and our commitment to it, and our continued commitment to delivering sustainable returns to our shareholders. Turning now to our guidance for 2026.

As we continue to operate in a very challenging macroeconomic environment and also geopolitical. We have some ongoing uncertainties, and particularly around potential supply chain impact.

Now, against this backdrop, Digital and Lockers are expected to continue naturally to delivering sustained growth and further EBITDA margin expansion. Mail remains, naturally, also a little bit less predictable at this stage, given the limited visibility on the market conditions.

That being said, our cost optimization initiatives remains in place, and it will support the resilience of our high Mail margin. As a result, we expect organic revenue growth for full-year 2026 to range between minus 2% and plus 2%.

This range reflects the current level of visibility that we have on the Mail business. In parallel, we confirm our EBITDA margin trajectory, and such across all solutions.

Is expected full-year '26 margin for EBITDA: above 20% in Digital, above 25% in Mail, and above 10% in the Lockers. Moving to slide 37.

As explained at the beginning of the presentation, we have updated Quadient's long-term financial assumptions to reflect the profound acceleration in the market trends that we are seeing today. For Digital, we have raised naturally our revenue ambition to approximately €550 million from above the €500 million we had stated previously.

For the Mail, we have revised our 2030 revenue ambition to approximately €500 million, €500 million compared with around €600 million previously. Naturally, our ambition for Lockers remain unchanged and well above the €200 million in revenue by 2030.

We also reconfirm our 2030 EBITDA margin ambition for each of our three solutions: around 30% for Digital, a range of 20% to 25% for Mail, and around 20% for the Lockers. Taken together, these updated ambitions reflect a clear reality: by 2030, Digital is expected to become Quadient's largest solution, and such both in terms of revenue and EBITDA, and that directly supports our ambition to position Quadient as a global software and AI leader.

Thank you, and I think with that, with the team, we're ready to take your questions, Laurent and Anne-Sophie. This is the Chorus Call conference operator.

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Anyone who has a question may press star and one at this time.

Yes, good evening, everyone, and congratulations for the results. I have two questions on my side.

For the first, I'm a bit puzzled about your Digital sales guidance upgrade for 2030, while in the meantime you suspended your Digital 2026 sales guidance back in September. I don't really get how you can cut your short-term expectations and upgrade your mid-term guidance nearly at the same time.

If I do the math, you need to grow by 14% per year by 2030 to get to the objective, and your ARR grew by 10% in Q4, which means that it's going to be tricky to get 14% of Digital top-line growth in 2026. Is it possible to have more elements to support your guidance, and preferably with numbers, such as how much sales you are expecting to generate purely for digital invoice this year, for instance?

The second is more straightforward: can you just update us on the Italian locker rollout strategy? Thank you.

Thank you, Flavien. Good evening, and thank you for your question.

I can take this question. If you want, Laurent.

On the Digital side, it's a good reminder for me to share with everybody. The long-term upgraded guidance we gave in terms of revenue, right, to move from €500 million to €550 million, is without the help of any acquisitions, right?

These are organic assumptions that we have, right, it's really coming from the growth of our existing customer base on the one hand, and obviously the acquisition of new customers, new logos, that we're expecting in the coming years. We have had in the last few years a steady increase of our annual recurring revenue, and we have also our subscription growth rate that has been always around 10% or more, actually, in all the past years.

We finished the year with an ARR growth around 10%, at 10% actually organic growth, which basically is a forward-looking view for 2026. You're right, when you do the math, we do anticipate in the coming years an acceleration of the recurring and the ARR, right, subscription growth on a yearly basis on the average over the period.

Now, this increase is not to come linearly. In 2026, we're likely to be around what we've been able to achieve in the past few years, but we're going to be able to benefit from the acceleration starting in 2027 and will continue to accelerate further in 2028 notably, and for the rest of the plan.

Where is this acceleration coming from? It's coming from the benefit of the acquisition of Serensia that we did not plan for when we did our Capital Market Day in 2024, right?

Serensia is related to the accredited platform that we have in France, and we have embarked on the contract, bookings, right, existing contracts, that are not generating yet revenue. I think we shared in our last third-quarter presentation with you that we have now probably secured more than 10% of the numbers of invoice that is expected to be produced digitally through those accredited platforms.

We have a strong leadership position that we anticipate that will generate revenue, and we're not over yet, right? We have continued actually to sign as the beginning of the year additional contracts; it will continue until September 2026 to embark customers that have not yet made a decision.

As we shared earlier today, there's still the vast majority of customers in France that have not selected yet an accredited platform. We have more contract, more booking that we expect to be able to embark.

We also believe that this will not stop in September 2026, which is the deadline for some of the enterprise in the market to start operating with the government platform. We believe that some of them likely will be late, which has been always the case when those mandates gets rolled out into other countries.

There's our expectation there will be a tail of customers that will be quite strong, probably getting into the beginning of '27. Now, as it relates to how this translate into revenue generation and accelerated growth for us: because the mandate starts only in 2026, and only for some category of customers—I remind you that they are deadlines for large enterprise in September '26, then for mid-enterprise, and then small enterprise that span from '26 to '28—not all of those contracts will generate revenue right away in 2026 and not on a full-year basis.

We'll likely start to have some benefit by the end of '26, mostly in Q4, have a full-year benefit of that increase in 2027, and even further in 2028. That's just to take into account the revenue that will generate and that will accelerate our growth for the French mandate.

In addition to the French mandate, we're also getting ready for additional mandates for other European countries: in Belgium, in Germany, in the UK, but we also have the ViDA standard that is going to be a European-wide standards that will generate the same kind of anticipation by the companies to select the right accredited platform for themselves, getting ready and being able to produce their invoice. There will be a delay naturally, a gap from the moment they sign those contracts to the moment which generates those invoice on our platform.

That's mostly what drives the increase in our ambition based on actual data and the numbers of contract we have secured, obviously, up to now. At the end of 2025, we had more than 10% of those invoices on the market, right, that we expect on the volume.

We estimate the market to be between 2 billion and 2.5 billions of invoices. That gives you a sense of the sheer size and the big size of invoices that we expect to be able to produce on our platform, and that will generate the increase in revenue starting in Q4 and then progressively in '27 and '28.

Maybe one one just complement, I think, because you made a calculation and you mentioned the 14% CAGR, I just want to remind you that the numbers we are showing for 2030 are at fiscal year '23 rate, just to make it comparable to what we said to the Capital Market Day, you should not take as a starting point, obviously, the reported figures for Digital, because obviously the dollar has impacted significantly the revenue side. In reality, the CAGR calculation should be below that mark that you mentioned.

The second question you had, Flavien, which also was a good question, I'm happy to give you some color. We have started the deployment of our Italian lockers on the Italian market mostly in 2025.

That was the year for us to be able to set up the team, hired the different key leaders, the sales organization, starting to identify the strategic location that we felt would be the most promising one, securing contracts ahead of the deployment of the lockers, notably with carriers, but a few other players as well and non-carrier related. That's what we've been doing in '25.

We do expect the rollout, even though it has started, to start picking up at steam during the rest of the year.

Thank you. Very clear, Laurent, Geoffrey.

Yeah.

Thank you. We can now move to the questions submitted in writing.

We have two questions on Digital, and I think that part of them have already been answered by Geoffrey and Laurent. Looking at organic growth for Digital, plus 8% in both 2024 and 2025, good figures, but below the target of 10% CAGR for the 2023-2026 period.

Do you expect to accelerate digital growth rates above 10% in 2026? What is driving the decision to raise the revenue target to €550 million by 2030?

Is it the need to offset the decline in Mail volume? Is organic growth expected to accelerate beyond 10% average on the 2025-2030 period?

Have you identified any additional M&A opportunities?

I believe we have mostly responded to that question, I'm just going to maybe just try to add a little bit more color, and, Laurent, you're free also to add additional comments as necessary. The subscription growth rate and the ARR, right, which one is a forward-leading indicator of the next one because we recognize the revenue of the ARR the next year, has always been post as a target to be around that 10%, right?

That's how we have calibrated our long-term strategic plan for the software business, which is really around that 10% growth rate on the subscription and 30% EBITDA margin, because when you combine both, 10% on the ARR growth rate and 30% on the EBITDA margin, the total makes 40. That's kind of a golden rule, obviously, for the SaaS and software companies in term of credentials and in term of being a best practice and top of the class in this market.

Why the 10% for us? Because we have identified and calculated, and our estimations are that the market in average, the markets that we're operating into, the different geographies and the different mix of segments, both on the enterprise and the SMB, with some different weight on both the customer communication and the financial automation side, we estimate that market growth to be at around 10%.

For us, that 10% is not just what we can do and not do, is to ensure that we keep up with the market, because we believe we're one of the leading, if not the leading platform with our €215 million ARR in this market segment. We want to make sure that we keep track with the market growth.

That's the first element on how we have decided to set the level of acquisition cost for us for the coming years. Yes, we do expect naturally 2026 to be around those 10% for the subscription growth rate and ARR as we get into that first year.

For the coming years, we do expect an acceleration, and as I responded earlier, driven by the new benefit and future benefit from the acquisition of Serensia related to the invoicing market that was not accounted for when we initiated our early 2030 guidance.

Thank you, Geoffrey. The next

Sorry, maybe, Anne-Sophie, on the acquisition: as I can mention earlier, no, we did not identify the particular acquisition that would be needed to achieve those targets. We've got 17,000 customers, and we do expect the upsell and the expansion from the existing customer base, in addition to the ongoing new logo acquisition engine that we have, to be able to allow us to meet that target.

Thank you, Geoffrey. Next question is on CapEx.

How will CapEx evolve in 2026, and how will it be spread between the three businesses?

Yes, this one is for me. I think we mentioned this year the CapEx level was €86 million.

Jean-Pierre, you need to think that it will not be significantly different, I think, in the coming years. We expect something around the €90 million.

Obviously, we don't necessarily break it down, but if you think about it, Mail has an overall tendency to decline. I think it's part of the explanation also why we have a lower placement in machine, means lower CapEx on the franking machine in particular.

Lockers still will continue to be quite dynamic and positively oriented, I guess, with the rollout that we mentioned in the UK and Italy. The last portion of Digital, Digital is in a scaling phase.

The improved profitability is also the scalability of the R&D, I don't expect huge increase on the R&D side, too. Overall, not significantly different, potentially slightly up, but that's what I can say for next year.

Thank you, Laurent. Next question is on Mail.

Is the Mail market reaching the cliff drop that we have been fearing? Could we see an even larger decline in 2026 that the one seen in 2025?

How confident are you that the 2025 decline was a one-off?

We're clearly not anticipating a cliff in term of the decline of the Mail market. We have updated our 2030 ambition for the Mail, and it will remain a large part of our success for the 2030 guidance, and we do expect the Mail to still contribute €500 million in revenue by 2000 in 2030 at that time.

Really, if you were to look at the numbers, we're changing a little bit the annual growth rate that we're expecting. We were expecting a decline around, potentially, 3% to be better than the 5% of the market, 3% to 5%, and we still expect to be able to do better than our anticipation of the market decline over that period of time.

The big difference is, over the coming years, maybe 1 or 2 points of further decline per year of the market, right? It is a degradation, but it's a predictable degradation.

Our anticipation on the underlying mail volume, the volume of letters, is barely changing from now in 2030. As it's what Laurent have explained to you, it's around that 7.2%, 7.5%, right?

The mail volume will remain resilient, declining, but predictable decline over that period of time. With that context in mind, we're coming of two different impact in 2025 that have combined themselves: an acceleration of the decline in Europe, driven by some of those e-invoicing mandate, and we do expect those to continue and to accelerate, and we have taken that into account; and the impact that we had on the US market, mostly driven by the post-decertification effect that we have experienced as a market, right, it's the entire market that have seen that in 2025.

We have also seen at the end of '25 that market to start picking it up, which is a good news, and we do anticipate for Q1 our own performance into that market to improve versus '26. At this stage, even though we have some uncertainty and we have factored into our range of revenue for the Mail performance to improve in 2026.

Thank you, Geoffrey. Next question: so, can you give some trends on revenue by segment in 2026?

Specifically, how do you see Mail revenue after the decertification base effect?

I can take this one. Specifically, we don't guide by solution on the revenue side by year, because otherwise, it's a lot of different items that we always being asked.

I think the guidance is quite clear: we are aiming for the minus 2 to the plus 2 revenue evolution. Obviously, what we factor in this minus 2 to plus 2 is obviously still some uncertainty.

Geoffrey mentioned that on the Mail side, and we've been seeing the difficulty to predict on 2025, we want to be cautious. The start of the year is obviously showing good signs, better than the trend we had again in Q3, Q4 of 2025.

We believe that the market will positively evolve, notably because we get further away from the decertification in US, and that basically we have a comparison basis that it's obviously slightly more favorable, but we get also new customers that get back to renewing their machine, which is normal. You have an underlying trend that mentioned by Geoffrey in Europe in particular, where you have a further decline than what we had shared back in the CMD.

I think we need to consider the market as it evolves, and now it's back to minus 6% on CAGR that we are aiming to more kind, if you do the math, kind of minus 5% CAGR in the coming years. We are currently at minus 10%.

Basically, what it means that from minus 10%, you will come back to a trajectory that is closer to that minus 5%, or even above if you kind of see, but we factor that uncertainty within the minus 2 to the plus 2 range, I think, for the total revenue level, Digital and Lockers being much more predictable, I guess, and as we mentioned, notably on the subscription part.

Thank you, Laurent. Still on Mail, does the underperformance of this segment mean you lose market share, or is it a geographical effect?

On the market share, the question is fair, because we can see on the slide that we did slightly underperform the market at the end of the year, because before that we were very similar. We believe that yes, the geographical effect is part of it, meaning basically if you look market by market, we don't believe we've lost market share in the past quarters.

That being said, in the past, we used to win a lot market share on one specific market, which is the NorAm one. Our understanding is also that when we win, it's when we gain new logos, and after a decertification, the opportunity for gaining new logos is obviously scarcer because you have less basically customer up for renewal.

Our belief is that coming back to a phase where you have more customer up for renewal, also after the post-COVID effect, which is part of the answer, basically where we will be able to, hopefully again, make that differentiation. If you look market by market today, we are not losing market share.

A strong geographical mix.

Yes, is a big chunk of the explanation, yes.

Thank you, Laurent. Moving on to Mail profitability, could you remind us how you will manage to contain the decline in Mail profitability?

Is it mainly HR reduction or anything else to think about? Are these reductions due to natural attrition or the results of restructuring?

Either way, Laurent, you can take it.

I'm more than happy to take it. I think it's an overall approach.

You have, obviously, a reduction in cost, because we have a very variable production engine. We source a lot externally, and basically we can easily adjust the cost of sales notably to the revenue.

That's part of the answer, but yes, the rest will be mostly on the OpEx side. We have a population on which we have obviously some natural attrition, because some gets retired, and notably on the segment, we have a range of people that we don't necessarily then, when they leave to retirement, that we smartly don't replace because we know we need to progressively adapt that structure.

We also contemplate, when needed, restructuring, and that's what we did this year, notably in France. It's the overall approach that I think we've been successful in delivering that 27.1% EBITDA this year, and that's all this lever that we are pushing on.

The last portion I didn't mention is, obviously, the cross-sell. I did mention that in the slide of profitability, but obviously reusing more our sales people on the Mail side to sell more Digital, which they have been very eager to do so because of the invoicing coming up, and slightly lower traction on the franking machine side notably, has been delivering also some savings with some contracts and some cost being basically Digital ones.

I think to complement what you said rightfully on the synergies, we also have the synergies with the Lockers, where the mail technicians are also now supporting most of the installation, support of our Locker base, notably in the US, but also in the UK. These are all contributing factors.

I think the best point of what you said, Laurent, and I think we have a tremendous track record, right, because when you look at the combination of the variable cost structure the team has put in place, the favorable age pyramid that you mentioned, you could see that even in a difficult year where we lost more than €70 million of revenue, right, almost 10% decline, we've been able to have a very high margin and stabilize it. I think it's a credit to our commitment to maintain high margin and protect and favor, obviously, the cash generation of this business in the coming years.

Thank you both. Moving on now to Lockers.

When is the 5,000 units rollout in the UK will be completed? What are the ambitions of Lockers in Italy?

On the Locker in the UK, it's a very good question. We always said that for us the first milestone is to be, and obviously depends on different configuration in each of the countries we could operate, but a Locker business, an install base at scale would be around 2,000 to 3,000 lockers minimum, right?

That's our first milestone that we're trying to reach, and hopefully in 2026 or soon in 2027, we should be able to reach that first milestone. This is what we're focusing on.

Now, from now and the end of '26, the beginning of '27, we obviously keep the flexibility to either accelerate or slow down those rollout based on the market conditions that we see. For us, what is really important at this stage is maintaining that we always go for prime locations, which means we going to have good long-term and high utilization of network.

As you could see that what Laurent has shared with you, we've been able to manage the deployment of the base, and making sure that that deployment was with a high usage. That's really for us the freedom that we take, right, based on market conditions: whether we need to accelerate the deployment or we need to slow it down a little bit.

It's not a target per se, is making sure that over a longer period, we can achieve those target. Obviously, we could go beyond the first 3,000 and reach the 5,000 or more, potentially.

Just as a reminder, we've got 7,000 lockers installed in the Japanese market, and we have, I forgot the exact number, 14,000 I think in the UK and in the US now.

It's probably up. Yes.

For the Italian one, specifically, the same thing: we don't want to rush too early to deploy lockers or, on the other hand, not take too long. We will update you on the progress we make in the Italian market along next year.

Always market context-driven, that's really what we've learned over the past years to be efficient in our rollout.

I think US is 16,000.

16,000, thank you, Laurent.

Thank you.

The acquisition of Paquet Concierge in addition,

yes.

Thank you, Geoffrey. Moving back to Mail.

How much restructuring expense did you have for Mail in 2025?

In 2025 is the bulk of what we have in the restructuring, we have about 20 if I'm not mistaken. You have about €20 million, just shy of €20 million, and bulk of it is the French RCC that we did this year, which represents probably a bit more than half of it, and the rest being other countries and for some also still a little bit of the buildings, notably footprint.

The bulk of it is for Mail.

Thank you, Laurent. Moving on now to questions on Digital.

You have increased your revenue target for Digital. Customer acquisition can be expensive for SaaS companies.

What makes you confident that you can improve your margin to 20% in 2026 and to 30% in 2030? Same question on Lockers: how confident are you that margins can improve?

You are still in the Lockers rollout phase, notably in the UK and in Italy.

I suggest we share we split the question, Laurent. You take the one on the Lockers, I take the one on the software.

Okay.

Actually, thank you for this question. It's a relevant question on the software side.

Our assumptions and belief today is that we did structure our go-to-market engine that brings us between 2,000 to 3,000 new logos every year. You're right, in a subscription business model and for the type of offering that we offer to our customers, the sales acquisition cost that we expense and we incur in a given year doesn't get its full payback in the first year, right?

Basically, from the moment we have the sales team engage to sign a contract, we recognize the booking value, but we don't recognize the revenue, right? Because we could have the full sales expense over a year, sign a contract in December or January for the last month of the year for us, we'll get the benefit moving forward, but with zero revenue creation the first year, which is an extreme case.

Obviously, in average, we sign contracts every month from the first month to the last month. Naturally, we intend to maintain that new logo acquisition engine and potentially to increase it a little bit over the years.

It's true that there's a second benefit that we expect and we see already actually in the last few years, which is the revenue coming from the expansion of the base. More simply put, is the capacity to upsell an existing customer from one solution to another solutions.

This is what we're starting to be really good at, and naturally, when you have an existing customers, they already sign a contract, they use the platform, we have a customer success agent that discuss with them, and naturally, the capacity for ourselves to convince that customer to use more the application—actually, on the usage, it's also applicable—or to be able to buy additional capabilities is much less expensive than acquisition of new logo. It's really that second go-to-market engine that is kicking in and taking greater impact and greater shares of the booking contribution for the coming years.

Naturally, the efficiency of producing that revenue and that booking is coming from that, this is definitely a key lever for us. I would just add maybe another lever on the go-to-market is the contribution also that we get from partners.

At our scale, our size on the market today, and being recognized as the leader in much of the segment that we're operating into, we are having the benefit of having partners that are happy to work with us and happier to work more and more with us. It's also part of being more efficient on the go-to-market, because naturally, we will have the benefit of having leads and having customer contract that are not coming just from our direct sales team, but from an increasing and richer partner ecosystem.

We have now more than 500 partners that we work with every day, and we could see that their contribution is going to be beneficial also moving forwards in term of cost efficiency of the new logo acquisitions.

For the second question, I guess, the Lockers side: I think, yes, rollout process for sure. You mentioned the UK and the Italian network.

You need to think that we have a strong improvement also on the recurring side. The scalability, obviously, of the R&D platform of the Locker is also one criteria.

The level of investment, I think, that we have recognized up to now, notably in sales, in marketing to find new sites and to roll out lockers, we have clearly learned from the past, and I think the level of efficiency we have also placing this new lockers is strong. In the end, it's mostly tied to how much of recurring revenue you generate, and that recurring revenue flows quite naturally, like for the Digital part, to the bottom line, regardless of the team that you have that still continue to expand, but this team doesn't have to expand as fast as the top line.

You have clearly a scalable software and process of rolling out lockers that allows you to increase significantly that margin. We saw that this year: plus 4.4 points, 6.3% just on EBITDA on H2.

It's nothing to do with what we had two years ago, and we've been rolling out plenty of lockers in the meantime.

Thank you, Laurent. Next, we have a couple of questions on Digital and AI.

Do you see a change in the competitive landscape for Digital due to AI? Are you losing deals against AI companies?

It's a very good question, very relevant question, something obviously we look carefully at, and I can answer very directly today that we have not lost any deals, related to an AI competitor. We've got zero churn neither related to any AI competition.

We're obviously, I think, getting the benefit of what I have, I think, tried to summarize for you is the type of solution, the type of platform we provide today, which cannot be replaced by an AI platform at this stage. This is why I don't believe we see AI competitors being able to replace us, right?

We provide data that are required from a legal proof, right? Whoever sends the invoice, that it's become a legal document at the time it is issued.

It becomes the reference for different tax institutions in different countries, the basis of any compliance and audits, and we do that obviously on many type of documentation. Our system is a system of records, integrates with other systems of records, and we see AI not as a competition that replaces, but as a benefit where we could augment the capabilities, the benefit, the information that we share and we can give to our customers and the outcomes they can get from it, because AI agent need to access our platform, our backbone, and this is why also we build our own capabilities on top of AI naturally.

We see that more as complementary and not as a direct competition at this stage.

Thank you, Geoffrey. Still on the Digital business, you mentioned peer transactions at 10 times revenue in the past.

Do you think that multiple is still relevant, and if not, what may be the new norm?

That's a very difficult question to answer, and I don't know if I'm in the best position considering that probably more financial specialists could be there. What I would look at is that there's been very few transactions on the M&A side since the last month or so or two that we had seen some of the publicly traded company in SaaS being impacted recently.

I would add another caution is that, obviously, those impacts seem to have been very recent, we need to see it obviously the longer-term impact. I think just in the past few weeks, as companies are trying to clearly explain themselves, I think we could see even recently that there's a lot of software SaaS companies that are what we could call themselves winners, naturally, because like with us, our software, our SaaS solutions are not being impacted, not being intended to be replaced by AI, but could benefit from it moving forward.

It would be surprised that some SaaS companies could be impacted naturally, the one that may have their business model related to seat usage, as AI could potentially automate what certain people could do. If your business model is related to seat, it could be the case.

It's not the case for us, and it's not the case for a lot of other SaaS companies that operate in the same kind of vertical and specialized environment that we do. That's, I think, my note of cautions and not projecting any multiple and numbers.

We have been at times, naturally, like for Serensia or CDP more recently, looking at acquisitions, we obviously keep an eye obviously on the M&A market, and I think that could represent an opportunity for us if we were to find companies that would be less valuable than they were before and could augment our, obviously, the benefit that we see on the market. At this stage, I think it's way too early to be able to anticipate what multiple or valuation impact it could have on the entire segment and the entire industry.

Laurent, if you have a In a sense, you probably know this much better than

I agree with what you said, Geoffrey.

Thank you, Geoffrey. Last question we have for this Q&A session is on capital allocation.

Are you considering starting a new share buyback program in 2026?

I can take that one. As every year we have a rolling 18 months of buyback capabilities for which we have a vote during the General Assembly.

We just need to keep in mind that we have several targets for the 2026. For sure, the first one is that we will pay a dividend that will be higher this year than the one before.

We are talking about €26 million of dividend overall, which is up by 1.5 to €2 million compared to last year, with the suggestion we will do obviously at the General Assembly, that will be subject to vote. We have also that leverage at 1.5 that we are committed to meet, and that I mentioned we were today at 1.6.

We mentioned the CapEx. That's the overall allocation of capital.

Would there be room for any share buyback and opportunistic price point for the shares? For sure, we would trigger that.

We need to meet the overall envelope of what we've allocated to each of the priorities of the company.

We have no further questions at this time, we can close the call. Thank you very much for attending this presentation and for your questions.

Our next call will be on the 21st of May for Q1 2026 sales release, and in the meantime, we look forward to meeting some of you in the coming days during our roadshows. Thank you, and have a good evening.

Thank you. Have a good evening, too.

Thank you.

Thank you, Laurent. Thank you, Anne-Sophie.