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 am here today with Geoffrey Godet, CEO, and Laurent du Passage, CFO.

We will have a short presentation followed by 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.

Thank you, Laura, and welcome, Laurent. Good evening, everyone.

Starting on slide 5, 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 e-invoicing mandates, and the second one is the ongoing structural evolution of the mail market. Alongside of our full-year results in 2025, we also announced a major reorganization of the executive committee with a very clear intention: align the leadership with our operational priorities, and most importantly, put our digital automation platform at the center of the company with the clear goals to accelerate both growth and innovation.

Now, this has already enabled a sharper and more coordinated go-to-market approach, and particularly when it comes to e-invoicing in Europe. E-invoicing is not just a one-size-fits-all roll-out, right?

It requires a local execution aligned with country-specific regulation and ecosystems. Traction is already coming through, notably in France ahead of the 2000 [laughs] ahead of the September 2026 deadline, and 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 and a great usage.

More broadly, this level of activity reflects the continued relevance of our solution in an environment where both automation and AI are obviously, as becoming increasingly central to the customer needs that we have. Lastly, the subscription-related revenue continued to grow in the double digits, in particular.

In mail, we move to the second solution, we saw a clear easing of the rate of decline, which is a great news, right, with the trend improving significantly from almost 11% decline in the last quarter, right, in Q4 2025, to roughly a 5% decline in Q1 2026. This was primarily driven, naturally, by our main market, by an improved performance in North America.

We are also seeing some very encouraging signs from a commercial standpoint, right? In line with the recent change to the executive committee, we appointed a new chief solution officer for mail, and we're stepping up execution, and we have enhanced commercial discipline that support that progress moving forward.

We do expect, naturally and consequently, right, for the mail to continue easing over the course of 2026. Now, a few words on Lockers.

Subscription-related revenue continued to grow very rapidly, driven by an increase in usage and the network expansion at the same time. The overall performance was impacted, on the other hand, with a high comparison basis in the hardware sales, in particular in our international segment, and we'll go with Laurent over in more details.

Overall, to step back a little bit, these developments, right, illustrate the continued strengthening of our revenue profile with a further increase in our subscription-related revenue, and even a much more controlled evolution of our mail solution. As a wrap-up, for the first quarter of 2026, we posted €243 million in revenue, down slightly 1.9% on an organic basis.

Just a little word on profitability, we have also made a very good start of the year and we're tracking in line with our expectation on that front as well. Looking ahead for the rest of the year, we expect Digital and Lockers, both, to continue delivering some solid subscription-related revenue growth, and while the mail trends are expected to continue easing in the coming quarters.

On that basis, naturally, we confirm our full-year 2026 guidance. With all that said, I will now hand it over to Laurent for the business review.

Thank you, Geoffrey. I'll now go over the details of the Q1 revenue performance.

Let's now start with slide 7. This waterfall chart illustrates the key drivers behind the change in revenue from Q1 2025 to Q1 2026.

Starting from €258 million revenue, we see a €1 million positive impact from scope effect from the acquisition of Serensia and CDP in June and December 2025, respectively. Digital contributed positively year on year, adding €5 million over the quarter.

As for Mail, we saw a €9 million decline, an improved trend compared to previous quarters. If you remember, on average in 2025, Mail has been declining about two times faster, at €17 million a quarter.

Lastly, Lockers decreased by €1 million in revenue, impacted by a strong comparison base for hardware, resulting in an organic decline for Quadient overall at 1.9% for Q1. Currency effects impacted revenue by €12 million this quarter.

Comparison base should ease for USD to EUR throughout Q2. The net result is a €15 million decrease.

It's a 6% reported, bringing us to €243 million for Q1 2026. Let's now move to slide 8.

When looking at the breakdown of revenue, we see the continued shift towards subscription-related revenue across Quadient, moving from 70% to 77% from Q1 2022 to Q1 2026. This is the chart on the left-hand side.

Despite headwinds on the subscription side for the Mail business, notably in Q1 2026, Quadient still shows a positive growth on the subscription-related revenue in Q1 2026 compared to Q1 2025 by 1.3%. On the right-hand side, Digital and Locker penetration within this subscription-related revenue has surged from 29% to 43% in the same period of time, resulting today in an almost balanced contribution between Mail and growth engines.

Back to you, Geoffrey, to update us on the Digital business.

Thank you, Laurent, for those updates. On slide 9, I want to highlight two key things for the digital trajectory.

First one is our leadership in customer communication management. The second one is the acceleration we're seeing in the invoicing in France.

First, on our CCM segment, we have been named a leader in the Omdia Universe, right, which is the Customer Communication Management 2026 report. Our Quadient Inspire suite received, yet again, the best-in-class recognition, and such for two things, right: for both the technology and solution breadth and with the highest technology score among the vendors evaluated.

What I like about this assessment is that it highlights the areas where we differentiate today. Where do we differentiate?

A unified omnichannel solution, strong deployment flexibility, and the integration of what we call governed human-centered AI into the enterprise communication capability. Now, if we talk about the financial automation and e-invoicing, the quarter shows a clear acceleration in commercial momentum in France, obviously ahead of the September 2026 reform deadline.

As you can see, the vast majority of our orders in the period were driven by e-invoicing. We delivered our strongest quarter to date, and let me stress that, this is our strongest quarter to date in new logo acquisition in France, and it's been supported also by shorter sales cycles and adoption across multiple sectors, multiple verticals, and covering both incoming and outgoing invoicing flows.

We also achieved a landmark win with a major vehicle distributor, and we oversee further extension and potential across additional solutions with that customer. Importantly, as well, this is not, obviously, only a sales story, which we like, it is also a clear demonstration of the execution readiness and our ability to scale in this market.

Through what we call now the Serensia by Quadient platform, we are, as participating in the French government's, what we call, Grand Pilot, which is effectively the phase where the platforms begin processing invoicing flows in, and in what I want to stress, in real production conditions ahead of that September 2026 deadline. Notably, we're already supporting France's largest invoice issuer, and we expect additional major customers to join shortly, which, I think, demonstrates today both our ability to onboard large customers and to handle some very high volume flows.

Not only does the participation in the Grand Pilot validate our technical readiness, but with fewer than 40 platforms from vendors, right, currently issuing invoicing flows, our level of activity already signal a very high degree of operational maturity. It shows that customers trust us to deliver ahead of that deadline in September, which I think positions us as a preferred partner today for businesses seeking reliable and scalable invoicing solutions, which is going to be critical for the business moving forward.

This commercial and also operational momentum is obviously reflected in our revenue and ARR growth, which we will now look at in more details on slide 10. We continue to deliver in Q1 strong organic growth in subscription-related revenue, which increased by almost 11%, 10.8% organically, in the quarter, and now represents almost 88% of our digital revenue.

This reflects both the natural continued strength of our business model and the increasing visibility of our revenue base. At the same time, our nonrecurring revenue, right, which is mostly services and license, combined, declined by 16.2%, which naturally reflects the lower professional services revenue, and it's mostly linked to two factors.

One, we have an increasing of mid-segment customers being onboarded, as in the total mix, which requires fewer services compared to a large enterprise customer in that segment. Naturally, that makes a difference in the mix.

The second point is the fact that we have a large proportion of our professional services to our network partners. Consequently, digital revenue grew by 6.8% organically year on year, reaching now €71 million in this first quarter.

Beyond the revenue, and I think most importantly, looking ahead, let's talk about our forward-looking indicators, which remains very strong. Our future annual recurring revenue, or ARR, reached €257 million at the end of April.

That acceleration represents a annualized growth rate of 16%. This performance is supported, obviously, by some solid year-on-year growth in both the bookings during the quarter, but also and most importantly, an increased usage combined with a lower churn, which I think highlights the relevance of our platform and its stickiness with our customer base today.

In terms of drivers, we continue to benefit from the strong e-invoicing momentum that we have on the market in France, which I spoke about on the previous slide, as well as a very good performance across the board of our customer communication management, in particular, by the way, if we look at the region, North America. We've seen also sustained traction from the SMBs across all regions.

Overall, I could say that Q1 confirms the strength of our digital platform with continued double-digit growth in subscription-related revenue and a clear acceleration in ARR, which naturally gives us some strong confidence in the trajectory for the remainder of the year. With that said, over to you, Laurent, on Mail.

Thank you, Geoffrey. Let's now move to Mail performance on slide 11.

After several quarters of stronger decline, market trends are improving, as you can see on the graph, and Quadient performance is converging towards market levels, halving the pace at which Mail was declining on average last year. Indeed, the market is now recovering following the post-decertification period in NORAM, with eased comparison bases and a resurgence of replacements and new logos opportunities seeking to upgrade or be equipped with our latest Quadient offering.

In Europe, we've seen as well strong order intake, over €2 million, for highly differentiated folder inserter, DS-700, and we also launched the DS-67 iQ, the next generation of mid-volume intelligent folder inserters, expected to support future upgrades in this market segment. Let's now move to the figures on page 12.

As you could see from a high-level standpoint on slide 11, Mail revenue decline narrowed to 5.2% after declining by around 10% year over year in 2025. However, the most important point is the significant improvement in the hardware trends, with a clear easing from -15.6% year on year in the last quarter to -3.6% in Q1 2026, that's 12 percentage point improvement, led by North America and the UK.

This trend is expected to continue over 2026, while decline in subscription-related revenue is reflective of the evolution of the installed base and a consequence of last year's lower hardware placements. We also continue to deploy cross-sell strategies, particularly linking Mail customers to digital solutions, such as e-invoicing and accounts payable, where we've seen strong demand ahead of the invoicing mandate in France.

Let's turn now to Lockers on page 13. Our installed base reached approximately 28,200 lockers at the end of Q1 2026, thanks to about 500 new lockers deployed this quarter, fueled by UK and North America in particular.

The adoption in the UK is extremely strong. Thanks to this, our open network in Europe has nearly doubled over the past 15 months, and the volume of parcels processed through it has been multiplied by an impressive 5 times over the same period, with another record in April 2026.

This strong momentum is a direct result of the strategic partnerships we established and the quality of the lockers deployed in differentiated locations, which we'll continue to deploy also thanks to a major open network deal with Morrisons in the UK that will provide us 500 locations and around 11 million customers weekly. In North America, we further deployed our parcel pending solution with the University of South Carolina.

We also continue to enjoy a number-one position in the university market segment. Let's look now at slide 14 with the Locker revenue.

The strong adoptions mentioned in the previous slide translates into an extremely strong development of the subscription-related revenue, which now represents 80% of Lockers' total revenue in Q1 2026. It is +18% quarter over quarter, increasing again compared to the trend of Q4 2025, where we've seen 17.3%, which was already increased throughout 2025.

This trend is reflecting volume, usage, and low level of churn across our base. In particular, it is the result of the expansion of our open network in the UK, the usage initiatives we have in the US to enhance monetization and turnover, and also the strong parcel momentum in Japan outperforming the market.

However, this was offset by a 44% decline on hardware, reflecting a softer performance in the US multifamily, but for the biggest part, due to a large deal in international segment last year, with lockers delivered across 2025. This comparison basis on the hardware side is therefore likely to continue in the coming quarters.

As a result, revenue declined by 3.8% organically from €27 million last year to €24 million in Q1 this year. Moving now to slide 15, this slide summarizes our Q1 2026 performance across all solutions as described.

Recovery is particularly strong in Mail compared to past quarters. The strong performance in digital and locker recurring revenues sets a solid foundation for the rest of the year.

I suggest we now move to the outlook on page 17. As we look ahead to the rest of 2026, the trends that we are seeing in Q1 gives us confidence in our trajectory.

The significant easing in the rate of decline in Mail, the continued solid growth in subscription-related revenue across our growth engines, and the accelerations in the ARR to 16% provide a good visibility on our development for the coming quarters. At the same time, we've made a good start to the year on profitability and are tracking in line with our expectations.

Taken together, these elements indicate that we are on track with the trajectory we set at the beginning of the year. On that basis, we confirm our full-year 2026 outlook, with 2026 organic revenue change expected to range between -2% and +2%, and 2026 EBITDA margin targets confirmed across all solutions: Digital above 20%, Mail above 25%, and Lockers above 10%.

Thank you, Laurent. Thank you, Geoffrey.

We're now ready to take any questions.

Perhaps we can move on to written questions. Should we expect a lag effect between the significant acceleration of digital ARR and its translation into organic sales growth?

Thank you, Laura. Technically, the ARR is representative of the coming 12 months basically subscription-related revenue.

If you look at the ARR at the end of 2025, and if we take the growth of the ARR in 2025 was about 10%, and we can see Q1 this year is 10.8%. You have as a forward-looking indicator, the materialization of this ARR is coming in the coming months and quarters that follows basically that additional bookings and trend.

That being said, if you were to do Q1, Q2, Q3, Q4 at that level of 16% plus growth, then it would translate in the coming 12 months into 16% growth. This additional bookings that we capture in Q1, yes, will progressively translate throughout obviously Q2, Q3, Q4, but when you look at Q2 compared to the Q2 the year before, obviously what counts is the overall development of the ARR over the 12 rolling months.

The 16% will not translate immediately. It's going to be delayed and cover the coming 12 months.

Thank you, Laurent. We'll stay on the digital.

On the ARR growth, what is the total percentage of new ARR driven by e-invoicing? Is the 16-ish% growth likely to be replicated in Q2?

Laurent, I'm going to give you maybe a first part of the answer and then you can complement as you see fit. Because I just want to remind everybody of what is included in our bookings and ARR today and what is not and how the e-invoicing will impact us moving forward.

When we talk more broadly about the e-invoicing, there are different segments, right? There's the actual platform that is certified by the government that will be active and in production starting in September 2026.

On that portion, the actual revenue will only start to materialize from now and from then, September 2026, and with the mandate not being applicable to all types of customers in September 2026, progressively companies will move from large enterprise, mid-segment, and the other ones, and the mandate initiating the compliance for incoming invoices versus outgoing invoices, and that will happen progressively over 18 months from September 2026. On the other hand, we have now embarked customer contracts, orders, to be able to anticipate that go-live.

Those value of contracts that we have ahead of time are not included in our ARR calculation yet. This is further acceleration that will come and be recognized both in our ARR as we can materialize the revenue in the next 12 months, which is not the case yet.

We will start in September 2026. We will start being able to also recognize booking along the way from that date on.

In terms of volume or scale, obviously, as more customers use it, and more customers use it for more invoice depending on the different types of flows of invoice, we will have an acceleration on the volume base and the subscription-related to this approved platform. What we have included and what we're referring to in the acceleration of the booking, including in Q1 for that annualized 16% of ARR, is because when we talk about e-invoicing, obviously customers don't look just at the approved or compliance aspect of the invoicing, but on how to manage the incoming invoices, the accounts payable workflow, or the accounts receivable workflow.

On that, we have application that we are installing for customers or plan to install. We have the orders, and that's what is calculated and part of our booking and part of our obviously usage, and that has started to benefit our French revenue already today in Q1, and it will continue even before September 2026.

In addition, obviously, of what has not kicked in to materialize in our recognized revenue is the backlog of orders. We have signed a lot of customers since September.

It's been an acceleration month on month, and we keep accelerating the numbers of new customers we're signing up, and we're going to see that materialization of onboarded customers in the coming months to September 2026 and after September, naturally. All that will translate into revenue along the way.

There's going to be a delay from what we have signed and not recognized yet in booking and ARR, that will come later. We'll have a fast-track acceleration of recognized revenue starting from September 2026 and probably with a full speed of the benefit of that invoicing volume probably in the year 2027 or probably even 2028.

Laurent, feel free to add and complement as you see fit. Yeah.

I would comment one thing, Geoffrey, as you rightfully mentioned, from September in 2026 in France, those volumes that are signed today will materialize and are not factored in today. Basically, this increase in six by 16% of the ARR, for me, is a very positive news because it's in addition of what we expect to come in by the end of the year.

It's also good bookings, obviously, but it's also a very nice retention. I think it's important to see and to acknowledge that our solutions are very sticky.

That what we've seen in Q1 is that the stickiness seems to be again improving, which I think is giving us also the confidence of the quality of the service and solutions that we provide.

All right. Thanks, Laurent.

Thanks, Geoffrey. Could you tell us a bit more about the higher externalization of services in the digital segment?

Absolutely. As professional services is mostly the implementation of the software.

It's particularly coming from the enterprise segment, meaning where we have a larger scope of integration within back-end systems. Could be Guidewire.

Could be other back-end systems. I think is not necessarily where we see the most strategic part of the revenue, nor the most profitable part, and obviously part of our strategy has to be to focus on where we had the most added value.

We had the trend in the past of a declining professional services level. We still are expecting, in the coming quarters, to see that level of professional services going down, and it's not necessarily a bad thing.

It's also to refocus on the most strategic part of our business. It's also tied to the overall mix.

The mid-market part is growing faster. It's consuming very little professional services, so as a mix effect, you also have a decline, a relative decline of professional services.

Okay. Thank you, Laurent.

Another question on digital. How do you see the upcoming invoicing mandate in France?

Are you expecting an acceleration of bookings, or are we already in the peak phase of market adoption? I think we've already covered most of this, but perhaps there's something you'd like to add.

Sure. I think it's a good point.

I think we expect some continued acceleration until that September deadline, but also after the mandate, and probably to continue another 6 months, another year. I think we believe today there will likely be also some shuffling from post-mandate perspective, because we've seen other vendors, as there's roughly a hundreds of vendors that are applying for this certification, and some of them are struggling to be able to have the platform ready and successful, and some of them are dropping out.

I think that it will continue to be a strong active market at least 6 months after the mandate, getting into Q1 2027. That's really how we see it today.

We're getting ourselves ready to be able to onboard further customers as we move forward and also to help vendors that will require the platforms to either white-labeling, which we have also done in the recent months. To be able to enlarge the scope of services and the scale of the market we can support in France.

Personally, I see many colleagues, many CFOs, obviously going to that race of being compliant by September 1st. We know that, as mentioned by Geoffrey, there's going to be some lag.

We know also that sometimes we select vendors that are not providing fully satisfactory levels when it comes to volume, when it comes to the quality of the integration, and we expect that we have obviously a lot [laughs] of demand coming up. Some would be also a second-level demand of people that would not have been successful with the first vendor.

We expect the period to be extremely busy between now and September, and even after.

Thank you, Laurent. Regarding the the bookings for e-invoicing in France, do the full software the overall software revenue, does it include implementation services?

No. When we talk bookings, we talk about only SaaS, when the bookings that comes into the ARR is basically SaaS level, an equivalent of annual recurring revenue compared to the annual recurring revenue booked at the same date last year.

That's what we include. We don't include professional services.

On the other hand, for a recognized revenue, we have some services that are included to set up the platform, and those services, as they get delivered, will be recognized from a revenue standpoint.

Absolutely.

Have you observed the emergence of new players and material progress from competitors? Do you think that they are leading the race?

It hasn't materially changed, I think, recently. What we're seeing is, obviously, different type of players.

There's the one like us that really have the ambition beyond France and to other countries, and are also helping customers in Belgium or getting ready for the mandate. You see the quarterbacks or the major player that are getting ready.

The one also that have already embarked some large contracts, a lot of volume, that will likely be able to support those French customers moving forward. As we could see with the Grand Pilot, we haven't seen the hundreds of players yet getting to that stage, and they may come to that point later, but our assumptions or current belief today is that as we get to the more tricky parts of the validation on the performance, the scaling, the testing, we're more likely to see a few more vendors dropping out.

We see also already getting calls for some customers or some organization that haven't been able to move forward with the current choice that they had made before, and we see deals that are coming back to us naturally and being able to help them. There's less likely to be some attrition, it's difficult to predict at what level.

I think what we're doing is focusing on our capability, operationally, to scale those customers, onboard those customers properly one by one, because we have obviously a large amount of backlog as well of orders that we're going to need to fulfill from now and then.

Geoffrey, I think one point as well is that we are delivering through our platform the e-invoicing capability, but obviously what's key and very attractive for the mid to enterprise side is really having the ability to bring both AI and AP, and integrate the full process around the invoice, which is not necessarily what other players would focus on, and that's clearly a one-stop shop, and I've seen with my team being able just to retrieve the invoice, but also process it, matching to a PO. Or on the other side, being able to do the dunning for unpaid invoices is critical for the larger organizations.

Thanks, both. Perhaps we'll move on to Mail now.

What is the trend for Mail hardware in Q2? Is it likely to be positive?

I think on Mail side, we had a huge step-up already in Q1 compared to the trend we had all along 2025. We've seen Q2 with the good fundamentals we've seen in Q1 being reflected already throughout Q2.

I think the trend we are on is one that clearly is to continue ease compared to where it was, and the step-up we had compared to last year is large, and I don't foresee any reason why it would not be at least at the same level. The question mark is how much more we could do, notably on the hardware part, that seems to be more dynamic again with, again, that lag between the decertification we had back in 2024, 2025 where the market was quite dry, and 2026 now, people are coming back and are new opportunities of replacements and upgrades.

I think that's where we are, and when we said overall, we mentioned over the full year that we would be at around €500 million by 2030, the implicit CAGR was about -5%, we're already at -5.2%. Obviously, can we do better?

That's what we'll see in the coming quarters, but we are pretty confident.

Thank you, Laurent. Moving on to Lockers now.

You installed around 500 new lockers per quarter on average. Is there a risk of a slowdown in locker sales in the mid-term if you maintain this pace?

No, I think one comment is we don't bill by locker, necessarily, and all the open network is obviously the main driver is the usage. That's what we could see on the slide I did present, where we were seeing the overall volume throughout Europe.

A locker that you deploy in an open network, if the level of volume and traffic is low, is not going to produce a lot of revenue, and the key lever when it comes to revenue and profitability is really that usage rate. It's a usage rate that we see today particularly dynamic, not only in Europe, but also I'd say Japan.

In Japan, we know the market is slightly more mature than what it is in Europe, and also installed base is more mature, but yes, we see volumes going up. It's not necessarily linked.

I think there are the volume on the open networks, and when it goes to multifamily, the amount of monetization we do on the base is also a big driver for revenue. I don't expect that being a problem going forward.

Thank you. In your Q1 2025 results, you mentioned a large hardware deal in Lockers in H2.

Should we expect another high comparison basis then? Should we expect a low level of growth in Lockers this year?

I mentioned that when I was commenting the slide on Lockers. We, yes, we had a large deal in 2025 in international geography we got in Locker.

It's been spread across the year, mostly Q1, Q2, Q3. We're talking about about €7 million for the year, €7.5 million if I remember well.

That's going to set a higher comparison base. That being said, we expect good bookings and good revenue coming from the multifamily side moving along 2026.

Obviously, the volumes I described will be a big push towards the revenue that would more than compensate what we've seen in Q1. In other words, Q1 has been negative, but we don't expect that to happen in the future with Q2, that we expect more dynamic from multifamily and from a volume standpoint that would offset that comparison base.

Last but not least, I think it's important to mention that this large deal was also, from a margin standpoint, relatively dilutive, and I think it's also has a very limited impact when it comes to the overall margin of Lockers.

Thanks, Laurent. On the profitability side of things, do you think that the EBITDA target for Lockers is challenging given the start of the year?

It's a great follow-up questions compared to the one I just answered. As the recurring piece is much more contributive than the hardware piece, it's not because the hardware is declining by 44% in Q1 that will prevent us from any improvement.

We did large improvements last year in 2025. We'll continue to do improvements in 2026.

That will be driven by the mix, by the amount of usage we have on the open network and the contribution of this, and obviously what I just mentioned as well is the monetization of the base in the US that is been quite successful last year, and it will continue to be successful this year.

Thank you, Laurent. The last question on Lockers: is the slowdown in residential revenues a one-off in Q1, or do you see this trend lasting through the year?

I think we definitely see good opportunities for the rest of the year on multifamily, I don't foresee that trend would necessarily be repeating in the coming quarters. We have quite dynamic level of bookings today in the market.

Just Laurent, maybe you already said it, but as a matter of context, right, to the broader on what you said on the usage and the contribution to profitability, just I think if I look at the UK, April was probably the highest month in term of volume we've ever had. Why does that matter is because, obviously, traditionally, the peak season for us is more about November, December, January.

Being in a month of April to be able to continue to increase the volume significantly and have April being the highest month ever is obviously a very good sign of the continued increase and current increase of usage of the lockers in the UK, but it's also a very good sign for what's coming up most likely. Obviously, we'll need to get there, for at the end of the year, but it means that we're starting the year from a really high utilization and high volume, and that should set us from, higher contribution, as well opening from the UK as part of what Laurent described, the UK being part of it.

Okay. Thank you, Geoffrey.

One final question, then. Zooming out, where are you at in terms of the alignment of the businesses by legal entity?

Is the reorganization announced earlier this year a signal that it is now completed? What implication, if any, does this have on your strategy?

Now,

this is an important topic as well. Definitely less business oriented and more strategic.

If we think about the profound change we're making, right, is the alignment of organization is both a legal alignment, a financial alignment, a system alignment, people alignment, business alignment, right? We could really operate three independent businesses to some extent, even though we're, having synergies and part of a group.

That's what has been going on. What we said is from a legal perspective, we're roughly in the end phase, the final touches.

What we had announced in March, and what I have shared with you, from a functional perspective and a leadership perspective, was really to adapt our European organization that was fully integrated versus the US. US was already aligned by solution, and what we really did updating, obviously, the ExCom structure is pivoting in Europe from an integrated Quadient to, in Europe, having an organization by solution.

That's in the progress, obviously. We still have some work to do on that front, because you can imagine it doesn't happen just because you change leadership people, but we have vastly executed in Q1 and even in current beginning of May, we've been moving at a fast pace on that front.

We expect that to continue, obviously, in the coming months. From a pure shareholding or strategic perspective, what we have operated now means that we have those three independent businesses and that we can now benefit from the fact that we could leverage those businesses independently, differently.

We could bring investors at each of those business level and we could start considering any strategic acceleration, which is really a mean to an end, because we were not in a position to enable those strategic options before, and now this is obviously something where that we can consider. We're quite happy with the progress made and obviously the new opportunities that we have ahead of us.

Right. Thank you, Geoffrey.

Thank you, Laurent. That's all for the written questions.

I'll hand back to the operator now.

Thank you. Thank you, everyone, very much for joining and for submitting all of your questions.

Our next events are our AGM on the 18th of June and our first half 2026 results on the 23rd of September. In the meantime, we look forward to meeting some of you in the coming days during our road shows.

Thanks again, and have a great evening. Thank you.

Thank you.