QUADIENT - 2020 Universal Registration Document

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CORPORATE OVERVIEW Organizational structure

Regarding acquisitions, the Group invested, net of divestments, 8.9 million euros in 2020, compared with 11.9 million euros in 2019, mainly linked to the investment in YayPay and the divestment of ProShip. These investments and acquisitions were financed either with Group cash or with existing credit lines.

Focusing its growth trajectory on organic opportunities, Quadient will bolster the investments to support its operations as long as they offer attractive risk-adjusted returns. Quadient plans to maintain its R&D and maintenance capital expenditures (CAPEX) within a controlled range of approximately 70 to 80 million euros (including IFRS 16) per year over 2021-2023. In the meantime, its rented equipment CAPEX should reach 40 million euros or more per year over 2021-2023, depending on opportunities to accelerate the deployment of the rented parcel lockers installed base. These CAPEX would be mostly allocated to Major Operations.

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UNIVERSAL REGISTRATION DOCUMENT 2020