Quadient Sa

Good evening and welcome to Quadian's full-year 2025 results presentation. I am Anne-Sophie Jujan, Quadian's Head of Investor Relations. Today's presentation will be hosted by Geoffrey Godet, CEO, and Laurent Dupassage, 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. So, 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. So the first one is there is in 2025 a marked step changed 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 enterprise, 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 system 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 enhance 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 rollout of e-invoicing roles 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. But most importantly, they represent only one dimension of a much broader transformation of transactional and financial workflows. And lastly, in 2025, we also observe an acceleration in the structural decline of the mail market. and 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. So, based on these three trends, we have updated our long-term financial assumptions. Regarding DGTOL, we have raised our 2030 revenue ambition to around €550 million from above €500 million previously. And of course, we maintain our EBITDA margin ambition, which remains at 30% for 2030. As a result, DGTOL is expected to become Quadion's largest segment by 2030, both in terms of revenue and EBITDA contribution. Regarding MEL, we have lowered our 2030 revenue ambition to around €500 million compared with around €600 million previously. And there is no change to our EBITDA margin ambition for MEL, which remains between 20% and 25% for 2030. The updated MEL 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. And 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, just outlined, and thanks to Quadion's strategic foresight, we are 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 the best-in-class digital automation platform that is consistently recognized by industry analysts. And this is not a recent achievement. It reflects years of disciplined investment and execution. 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, Quadion benefits from a mature, highly predictable business model. At the end of 2025, our annual recurring revenue, ARR, reached €250 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, 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. First of all, we're 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 these to 100% as soon as possible. Secondly, we are building a pan-European leader in financial automation, driven in particular by the upcoming application of e-invoicing mandates. With the acquisition of Serentia, the final accreditation from the French tax authorities, which we received in mid-December, and already more than 10% market share in France, we are strongly positioned at the start of a long-term digital growth cycle that will unfold progressively across Europe. And 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 and regulated industries. Moving to slide 7. To support the next chapter of our Quadion 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 of €215 million in AR, 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. And this marks the next steps in Quasian's evolution as a global software and AI-driven technology leader. Moving to slide eight. 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 organization 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 our key financials for 2025. So year 2025 ended with a revenue growth acceleration and EBITDA margin expansion in both digital and local, 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 May, 2025 was marked by the low point of the U.S. renewal cycle, which weighed on the hardware revenue throughout the year. And despite those headwinds, mail delivered a very solid EBITDA margin of 27.1%. Finally, lockers recorded another year of strong momentum with 11.4% grand-link revenue growth and a solid increase in subscription-related revenue. The profitability of lockers improved significantly at 5%, confirming the trajectory to exceed the 10% EBITDA margin in 2026. At group level, revenue reached 1,036,000,000. It's down 3.2% organically. It's in line with the guidance we updated in September. The profitability remained resilient with a recurring EBITDA margin of 13% and an EBITDA margin of 22.2%. All solutions EBDA are on track to meet the 2026 EBDA targets, and we will continue to deliver towards the 1.5x 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 Packets Concierge, Cerenzia, CDP scope effect for €16 million, main contributor being Packets 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 topography 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 Euro 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 2025, Quotient 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 euros last year. Scope is almost neutral with package concierge offsetting this year's impact on current EBIT. Digital delivered a solid contribution of 8 million euros, adding 8 million euros 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 May, which saw, as you can see, a €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 the 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. So 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, After 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 strengths and 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. And the same dynamic is visible in the annual recurring revenue, or AR, shown at the bottom left of the slide. AR has grown from 109 million to 250 million euros 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 our 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 in account receivable following the acquisition, if you remember, of YEP and BINWORKS 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 SAB segments are now operating at scale. Together, these trends demonstrate the strengths of a 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 generally differentiated on the market. In the 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, adaptability, 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. And that's exactly the space we were built for. And this is why we're the trusted execution layer where AI must integrate. AI engines 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. And let me be clear on the human element. Relationships don't get replaced by AI. To just give you some context, 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. So 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 seed-based pricing. So we're not exposed for the AI replacing seeds 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, regulated industries, and such with deep integration, governance, and again, scale. And they all are acting as very structural barriers for us. And 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 chain. So the way I see AI is quite simple. It reinforces mission, it reinforces 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 mission, 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 quadrant core strengths. Our integrated in-house AI-enabled 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 I take the example on the financial automation side, you'll see on the left of the slide, we have shared an example for the account receivable solution. AI improves cash flow performance and it gives finance teams far greater predictability. And by tapping directly into DRP and the accounting systems, our models today score risks and forecast late payments with a high degree of accuracy. AI also provides real-time insight into buyer payment behaviors and identifies the patterns and the root cause behind these delays. So when it comes to execution, AI orchestrates the full collection workflow, choosing the right channel, optimizing timing, automating follow-ups, and escalating when needed. So, 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 that apply, integrated AI, strong connectivity to system of records, and a deep understanding of how communication requirements in regulated industry 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, their choice, and speed up the development of what we call very complex business workflows. It also enhance naturally content creation, including translation at scale, and also provides dynamic recommendation to improve message clarity and the effectiveness of those messages. So 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. So in conclusion, whether it's in finance or customer communication, 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. That is a change that is set to reshape how companies manage their business and financial workflows. And here again, Quadient is ahead of the curve. Moving to slide 18, our Serentia platform has now secured final accreditation from the French tax authority, meaning that we are 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 transformation in recent years, in particular for Europe. Our leadership is also recognized today by analysts. In January 2026, Quadient was named a leader in QQS Group Sparks Matrix for e-invoicing solution. This highlights the strong combination of technology excellence that was recognized, customer impact that was recognized as well, and our regulatory readiness. And 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. Booking related to financial automation and invoicing in France and Benelux for our region 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. And importantly, if we look at the addressable market, it remains largely untapped. We've got a study from Opinions Way 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. And let's not forget that France is just a 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 than the one we've seen in France for the years ahead. And the UK is the last one that just announced their program for 2029. So, this creates a multi-year growth runway in the market where Quadion has already secured accreditation, recognized leadership by third parties, 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. And 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 male 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 Serentia integration impacted us. The margin for the second semester, 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% KG, the mail market itself is now anticipated at minus 6% KG compared to minus 5% before. We have revised our 2030 revenue ambition for the mail segment to approximately 500 million euros compared to the 600 million euros 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 regularity debates in the UK. We also see companies actively preparing for the rollout of invoicing mandate in Europe, accelerating the shift away from physical mail. In NORAM, we still anticipate an improvement, but starting off from a smaller install base. Reflecting these updates 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, male market revenue growth, based on year-on-year growth weighted with our competition, as well as gradient 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 gradient on yearly 26 at the beginning for Q1. While past year has been difficult on mail, it is important that we also have a true capability on the cross-sell, which has increased by 19%, including a triple digit year-on-year in financial automation, booking, 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. So strong momentum in 25 with more than 1,100 contracts signed. And in spite of the market condition on hardware, we also had major production mail wins with our DS1200 flagship solution that delivered double-digit growth in 25, confirming its strong market traction. Let's now move to the next slide on the male financials. Overall, the male declined by 9.5% in 2025 mainly due to the slowdown in U.S. equipment placements linked to the renewal cycle. This trend was slightly higher in Q4 at minus 10.9% while we saw 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 four 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-oriented revenue, which accounted for 65% of total lockers revenue in 2025. In absolute terms, subscription and trade revenue grew at double-digit rates every single quarter. In terms of margin, we can see the rapid expansion over the same timeframe 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 commercial highlights for the local 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 instant base. We also expanded our product range with the launch of Premier Locker in the US, a premium design driven solution tailored for upscale multifamily 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 2025, including more than 600 in Q4 alone. This brings our installed bays to approximately 27 and 700 lockers at the end of the year. Let's now turn to slide 25 to look at how this commercial momentum translates into the growth of our installed bays and usage over the past two years. On the left, you can see the steady acceleration in our pace of installation across Europe. Over the past two years, our installed base has grown roughly fourfold, supported by continued expansion in the UK, including partnerships with every Shell service stations and the range. Meanwhile, in the US, placements remain steadily driven by continued momentum in the multifamily 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 20 fold, 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, 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 low-cost financial on slide 26. Lockers delivered another year of strong growth with 11.4% organic growth and more than 22% reported reflecting the strong subscription rate revenue, of course, and the full year contribution of packet concierge. We recorded a sharp acceleration in Q4 and more importantly, our profitability inflection is confirmed. ABDA margin increased by 4.4 points to 5%, with H2 reaching 6.3%. We remain firmly on track to exceed the 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. 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. Lookers grew 11.4%, as we just saw, with profitability improving to 5%. At group level, revenue reached 1 billion 36 million, and our current EBIT margin remains resilient at 13%, despite the mixed effect and this decline in mail Moving now to slide 29, where we see the P&L. Starting from the top, obviously, the 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 probably 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 male market trajectory, as I explained on page 20, and hence the mechanical non-cash effect on our male goodwill assessment. This brings reported net income to minus 66 million euros. Excluding this one off impairment, net income would be 58 million euros, which highlights the underlying strengths of our operations as well. Moving now to the cash flow statements on page 30. The free cash flow for the year came in at 47 million euros, impacted by several one-off elements. The adverse effect of working capital, we mentioned that earlier, due to the timing of supply and payment, the 19 million euro impact. Cut-off of VAT payment and employee debt at the end of the year, but this was fully offset by 30 million euros of cash generated by the leasing portfolio. The higher interest and tax payment is notably due to the 360 tax and the bond refinancing that we already mentioned during H1. Cash flow per operation reached 132 million euros and the capex decreased to 86 million euros, 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 euros. At the bottom of the free cash flow from an acquisition standpoint, Cernzia and CDP have been acquired in 25 compared to Frama and Paques Concierge in 24. Moving now to the next slide on CAPEX. CAPEX levels reflect the nature and maturity of each platform. Digital remains stable, focused on the R&D and ongoing platform enhancement. Lockers continues to invest materially, supporting the rapid expansion of open networks, notably in the UK. And male CAPEX declined significantly due to the lower hardware placements in 2025, notably in North America, where the year before it had the desertification. Overall, CAPEX decreased from 98 to 86 million euros, consistent with our disciplined capital allocation. On slide 32, as you can see, the net debt has significantly declined to 682 million euros, is 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, with maintaining our trajectory towards a 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, as well as €29 million of ShulShine, and we successfully raised €50 million of private placement in July. As of January 26, we hold 115 million euros of cash and we have 300 million euros of undrawn on our credit facility. And we maintain, obviously, a 533 million euros still customer leasing portfolio that you can see on the right-hand side. This positions 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 on to slide 35. So for 2025, Quasian proposed a dividend of 75 cents per share for the full year 2025. This represents a 7% increase compared to the full year 2025, a 24 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. And this is well above the minimum of 20% payout ratio that was defined in our dividend policy. So 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 Quadion's future cash generation, our confidence in debt delivery and our commitment to it, and our continued commitment to delivering sustainable returns to our shareholders. Turning now to our guidance for 2026. As you know, we continue to operate in a very challenging macroeconomic environment and also geopolitical. We have some ongoing uncertainties and particularly around potential supply chains 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 they will support the resilience of our high mail margin. As a result, we expect organic revenue growth from full year 2026 to range between minus 2% and plus 2%. And this range reflects the current level of visibility that we have on the mail business. In parallel, we confirm our EBITDA margin trajectory and search across all solutions. So with expected full year 26 margin for EBITDA above 20% in digital, above 25% in mail, and above 10% in the locus. 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. And for the mail, we have revised our 2030 revenue ambition to approximately €500 million compared with around €600 million previously. And 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. So 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 then Sophie.

This is the Chorus Call Conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on a touch-tone telephone. To remove yourself from the question queue, please press star N2. Please pick up the receiver when asking questions. Anyone who has a question may press star N1 at this time. First question is from Flavien Bromond-Bernstein.

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 expectation and upgrade your mid-term guidance nearly at the same time. And if I do the math, you need to grow by 14%. per year by 2030 to get to this objective, and UIR grew by 10% in Q4, which means that it's going to be tricky to get 14% of digital top-line growth in 2026. So is it possible to have more elements to support your guidance, and preferably with numbers, such as how much sales you are expected to generate purely for digital invoice this year, for instance? And the second is more straightforward. Can you just date us on the Italian local strategy? Thank you.

Thank you, Flavien. Good evening and thank you for your question. I can take those questions if you want, Laurent. On the digital side, it's a good reminder for me to share with everybody the long-term graded guidance we gave in terms of revenue, right, to move from 500 million to 550 million is without the help of of any acquisitions, right? These are organic assumptions that we have, right? So it's really coming from the growth of our existing customer base on the one hand, and we see 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 AR growth around 10%, at 10% actually organic growth, which basically is a forward-looking view for 2026. And you're right, when you do the math, we do anticipate in the coming years an acceleration of the recurring and the AR, right, subscription growth on a yearly basis on the average over the period. Now, this increase is not going 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 of the acquisition of Serentia that we did not plan for when we did our Capital Market Day in 2024. So Serentia 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, the 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. So we have a strong leadership position that we anticipate that will generate revenue and we're not over yet, right? So we are continuing actually to sign at the beginning of the year additional contract. It will continue until September 26 to embark customers that have not yet made the decision. And as we shared earlier today, there's still the vast majority of customers in France that have not selected yet an accredited platform. So we have more contracts, more bookings that we expect to be able to embark. And we also believe that this will not stop in September 26, which is the deadline for some of the enterprises 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 get rolled out into other countries. So there's an 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 translates into revenue generation and accelerated growth for us, because the mandate started only in 2026 and only for some category of customers, I remind you that there are deadlines for large enterprise in September 2026, then for mid-enterprise and then small enterprise that span from 2026 to 2028. Not all of those contracts will generate revenue right away in 2026 and not on a full year basis. So we'll likely start to have some benefit by the end of 2026, mostly in Q4, have a full year benefit of that increase in 2027 and even further in 2028. And it's just to take into account the revenue that will generate and it will accelerate our growth for the French mandate. In addition to the French mandate, we are also getting ready for additional mandates for other European countries Belgium, in Germany, in the UK, but we also have the VIDA standard that is going to be a European-wide standard 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. And there will be a delay, naturally, a gap from the moment they sign those contracts to the moment we generate those invoices on our platform. And that's mostly what drives the increase in our ambition based on on actual data and the numbers of contracts we have secured, obviously. Up to now, so at the end of 2025, we had more than 10% of those invoices on the market, right, that we expected on the volume. So we estimate the market to be between 2 billion and 2.5 billions of invoices. So 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, just for a 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 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. So in reality, the Kiger 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, hire 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, non-carrier related. So that's what we've been doing in 2025. So we do expect the rollout, even though it has started, to start pick-up at Steam during the rest of the year.

Okay, thank you very clear, Laurent and Geoffrey. Yeah.

For any further questions, please press star N1 on your telephone. There are no more questions from the conference call. The floor is back to Ms. Anne-Sophie Juchon.

Thank you. So we can now move to the questions submitted in writing. So 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% CAGA for the 2023-2026 period. Do you expect to accelerate digital growth rates above 10% in 2026? Yes. And what is driving the decision to raise the revenue target to 550 million by 2030? Is it the need to offset the decline in male volume? Is organic growth expected to accelerate beyond 10% average on the 2025-2030 period? And have you identified any additional M&A opportunities?

So I believe we have mostly responded to that question. So I'm just going to maybe just try to add a little bit more color and you're free to add additional comments as necessary. The subscription gross rate and the AR, right, which are one is a forward leaning indicator of the next one. because we recognize the revenue of the year the next year, has always been posed as a target to be around that 10%. 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 AR gross rate and 30% on the margin. The total makes 40. And that's kind of a golden rule, obviously, for the SaaS and software companies in terms of credentials and in terms of being a best practice and top of the class in this market. And 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, so the different geographies, and the different myths 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%. So for us, that 10% is not just what we can do or not do. It's to ensure that we keep up with the market because we believe we are one of the leading, if not the leading platform with our 250 million AR in this market segment. So 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 costs for us for the coming years. So yes, we do expect naturally 2026 to be around those 10% for the subscription growth rate and DR 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 benefits and future benefits from the acquisition of Serentia 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 mentioned 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 already new logo acquisition engine that we have to be able to allow us to meet that target.

So thank you, Geoffrey. Our next question is on CapEx. So how will CapEx evolve in 2026 and how will it be spread between the three businesses?

I guess this one is for me. So I think we mentioned this year the CapEx level was 86 million euros. Jean-Pierre, you need to think that it will not be significantly different, I think, in the coming years. We expect something around 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... Lower placement in machine means lower capex, the fronking machine in particular. Locker still will continue to be quite dynamic and positively oriented, I guess, with the rollout that we mentioned in the UK and Italy and the last portion of digital. Digital is the scaling phase. The improved profitability is also the scalability of the R&D, so I would expect a huge increase on the R&D side. So 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. So is the mail market reaching the cliff drop that we have been fearing? Could we see an even larger decline in 2026 than the one seen in 2025? How confident are you that the 2025 decline was a one-off?

So we're clearly not anticipating a cliff in terms of the decline of the mail market. We have updated our 2030 ambition for the mail. 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 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 one or two points of further decline per year of the market. So 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. This is what Laurent has explained to you. So it's around that 7.2%, 7.5%. So the male volume will remain resilient, declining, but predictable decline over that period of time. So with that context in mind, we're coming off two different impacts in 2025 that have combined themselves. an acceleration of the decline in Europe driven by some of those investing mandates. 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 U.S. market, mostly driven by the post-de-certification 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 2025 that market to start picking it up, which is good news. And we do anticipate for Q1 our own performance into that market to improve versus 2026. So at this stage, even though we have some uncertainty and we have factored into our range of revenue for the male performance to improve into 2026.

Thank you, Raphaël. Next question. So can you give some trends on revenue by segment in 2026? Specifically, how do you see mail revenue after the desertification base effect?

I can take this one. So specifically, we don't guide by solution, you know, on the revenue side by year because otherwise, you know, It's a lot of different items that we're always being asked. I think the guidance is quite clear. We are aiming for the minus two to the plus two revenue evolution. Obviously, what we factor in this minus two to plus two is obviously still some uncertainty. Geoffrey mentioned that on the main side and we've been We've been seeing the difficulty to predict on 2025, so 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. So we believe that the market will positively evolve, notably because we get further away from the desertification in the US and that basically we have a comparison base that is obviously slightly more favorable but we get also new customers that get back to renewing their machine which is normal but you have an underlying trend that mentioned by Geoffrey in Europe in particular where you have a further decline than when we had shared back in the CMD and I think we need to consider the market as evolved and now it's back to minus six percent on Kega that we are aiming to more kind if you do the math kind of minus five percent Kega in the coming years We are currently at minus 10. So basically what it means is that from minus 10, you will come back to a trajectory that is closer to that minus 5 or even above if we can, obviously. But we factored 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?

So 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 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 a Noram one. Our understanding is also that when we win, it's when we gain new logos. And after the certification, the opportunity for gaining new logos is obviously scarcer because you have less basically a customer for renewal. But what I believe is that coming back to a phase where you have more customers 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. But if you look market by market, today we're not losing market share.

So a strong geographical mix.

Yes. It's a big chunk of the explanation, yes.

Thank you, Laurent. And moving on to male profitability, could you remind us how you will manage to contain the decline in male profitability? Is it mainly HR reduction or anything else to think about? And 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. So you have obviously a reduction in cost because we have a very variable production engine. I mean, 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 OPEC side. We have a population on which we have obviously some natural attrition because some gets retired and notably on this 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. And it's the overall approach that I think we've been successful in delivering the 27.1% EBITDA this year. And that's all this level 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 or sells people on the mail side to use to sell more digital which they've been very eager to do so because of the invoicing coming up and and slightly lower traction on the on the funky machine side notably has been delivering also some savings with some contracts and some costs 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 and support of our locker base, not only in the US but also in the UK. So these are all contributing factors. And 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 viable 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 your revenue, almost 10% decline, we've been able to have a very high margin and stabilize it. So 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?

So on the locker in the UK, it's a very good question. We always say that for us, the first milestone is is to be, and obviously it could depend on different configuration in each of the countries we can operate, but a locker business, an install base at scale would be around 2,000, 3,000 lockers minimum. So 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 or the beginning of 27, we will obviously keep the flexibility to either accelerate or slow down those rollout based on the market condition that we see. For us, what is really important at this stage is maintaining that we always go for prime locations, which means we're going to have a good long-term and high utilization of network. As you can see, what Laurent 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. So 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. So it's not a target per se. It's making sure that over a longer period, we can achieve those targets. And obviously, we could go beyond the first 3,000 and reach the 5,000 or more. But actually, just as a reminder, we've got 7,000 lockers installed in the Japanese market. And we have, I forget the exact number, 14,000, I think, in the U.S. now. And 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. So 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 the US is 16,000.

16,000. Thank you, Laurent.

Thank you.

It's the acquisition of Paquet's concierge, in addition.

Thank you, Geoffrey. Moving back to mail. So how much restructuring expense did you have for mail in 2025?

In 2025, it's the bulk of what we have in the restructuring. So we have about 20, if I'm not mistaken, you have about 20 million. So just charge 20 million and the 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 bit of the buildings, notably footprint. But the bulk of it is for male.

Thank you Laurent. So 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.

So I suggest we split the question, Laurent. You take the one on the lockers, I take the one on the software. Okay. And 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. And you're right in a subscription business model and for the type of offering that we offer to our customers that the sales acquisition costs 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 engaged to sign a contract we recognize the booking value but not we don't recognize the revenue right because we could have this full sales expense of a year sign a contract in december or january for the last month of the year for us so we'll get the benefit moving forward but with zero revenue creation the first year which is an extreme case obviously in average we send contracts every month from the first month to the last months So, naturally, we intend to maintain that new logo acquisition engine and potentially to increase it a little bit over the years. But 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 solution. And this is what we're starting to be really good at. And naturally, when you have an existing customer, they already signed a contract, they use the platform. We have a customer success agent that discusses with them. And naturally, the capacity for a self 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. So it's really that second go to market engine that is kicking in and taking a greater impact and greater shares of the booking contribution for the coming years. And naturally, the efficiency of producing that revenue and that booking is coming from that. So this is definitely a key level for us. And I would just add maybe another level on the go-to market is the contribution also that we get from partners. At our scale, at our size on the market today, and being recognized as the leader in much of the segment that we operate 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. So it's also part of being more efficient on the go-to-market because naturally we'll have the benefit of having leads and having a 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 forward in terms of cost efficiency of the new logo acquisitions.

And so for the second question, I guess, the locker side, I think, you know, yes, rollout process for sure. I mean, you mentioned the UK and the Italian network. You need to think that we have a strong improvement also on the raking side. The scalability of the CRDR and the platform on the locker is also one criteria. The level of investment, I think, that we've have recognized up to now, notably in sales, in marketing, to find new sites and to allow lockers. We have clearly learned from the past and I think the level of efficiency we have also placing these new lockers is strong. So 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 continues to expand. But this team doesn't have to expand as fast as the top line. So 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 4.5 points, 6.3% just on ABDA 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. So next, we have a couple of questions on digital and AI. So do you see a change in the competitive landscape for digital due to AI? And are you losing deals against AI companies?

It's a very good question, a 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. So we've got zero churn neither related to any AI competition. So we're obviously, I think, getting the benefits 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. And this is why I don't believe we see AI competitors being able to replace us, right? We provide data that are required from legal proof, right? Whoever sends the invoice, 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 types of documentation. So 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 agents need to access our platform, our backbone. And this is where also we build our own capabilities on top of AI, naturally. So we see that more as complementary and not as a direct competition at this stage.

Thank you, Geoffrey. And still on the digital business, you mentioned peers 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?

Well, 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 companies in SaaS being impacted recently. And I would add another caution is that obviously those impacts seem to have been very recent. So we need to see obviously the longer term impact. And 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 them SaaS 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. So I would be surprised that some SaaS companies could be impacted. Naturally, the one that may have their business model related to seed usage as AI could potentially automate what certain people could do. So if your business model is related to seed, it could be the case. It's not the case for us, and it's not the case for a lot of other companies. SaaS companies that operate in the same kind of vertical and specialized environment that we do. So that's, I think, my note of caution and not projecting any multiple numbers. We have been at times, naturally, like for Serentia or CDP more recently, looking at acquisitions. So 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 a company that would be less valuable than they were before and could augment obviously the benefit that we see on the market. But at this stage, I think it's way too early to be able to anticipate what multiple valuation impact it could have on the entire segment and the entire industry. Laurent, if you have a... And I think you probably know this much better than me. I agree with what you said, Geoffrey.

So 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?

As you know, every year we have a rolling 18 months of buyback capabilities from which we have a vote during the General Assembly. We just need to keep in mind that we have several targets for the end of 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 euros of dividend overall, which is up by 1.5 to 2 million compared to last year, with the suggestion we will do, obviously, as the General Assembly, that we will be subject to vote. And we have also that leverage at 1.5 that we are committed to meet, and that I mentioned we were today at 1.6. mentioned the capex so that's the overall allocation of capital would there be room for initial buyback and an opportunistic price point for the shares for sure we would we would trigger that but we need to meet the overall envelope of what we've allocated to each of the priorities of the company um so we have no further question at this time so we can close the call

And 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 web shows. Thank you and have a good evening.

Thank you. Have a good evening too. Thank you.