QUADIENT // 2021 Universal Registration Document

FINANCIAL STATEMENTS Consolidated financial statements

11-2-3: FINANCIAL RATIOS (COVENANTS)

11-2-3-1: Definitions used in financial covenants

Consolidated net debt Net debt is calculated as follows: Financial debts from credit institutions in non-current financial debts + Financial debts in current liabilities - Cash and cash equivalents The net amount obtained is restated for the value of current and non-current asset and liability derivative instruments, together with any guarantee commitments of the Quadient Group. Consolidated EBITDA EBITDA is the consolidated current operating income excluding the depreciation and amortization of intangible and tangible assets. Cost of net financial debt The cost of net financial debt used when calculating covenants is equivalent to the aggregate presented in the consolidated income statement. Restatement of leasing activities With a few rare exceptions, leasing activities are the responsibility of distinct legal entities. This separation allows for the calculation of consolidated aggregates excluding the leasing activity. Activities that are not isolated in distinct legal entities are not restated.

Consolidated net debt excluding leasing is calculated on the basis of a restated consolidated balance sheet whereby the leasing companies are consolidated under the equity method and not included in the Group scope of consolidation. Using this restated balance sheet, the aggregate is calculated on the basis of the same balance sheet items used for calculating consolidated net debt. Leasing net debt is calculated using these same consolidated financial statements, but in this case only for the scope of leasing companies. Consolidated EBITDA excluding leasing is calculated on the basis of a restated consolidated income statement whereby the leasing companies are consolidated under the equity method and not included in the Group scope of consolidation. Using this restated income statement, the aggregate is calculated on the basis of the same income statement items used for calculating the The leasing net portfolio is calculated on the basis of consolidated income statements through the addition of net long-term lease receivables and net short-term lease receivables. The net denotes that the leasing portfolio gross value is reduced by the amount of bad debt provision. Default rate The default rate is calculated on the basis of the ratio of provisions for bad debt on lease receivables to the leasing net portfolio. consolidated EBITDA. Leasing net portfolio

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11-2-3-2: Applicability and definition of financial covenants Except for the Quadient S.A. 2.50 and the Quadient S.A. 2.25 bond issues, which are not subject to any covenant, the various debts (private placements, Schuldschein and revolving credit facilities) are subject to financial covenants. Failure to comply with these covenants may lead to early repayment of the debt. Quadient complies with all covenants as of 31 January 2022.

11-2-3-3: Covenant calculation Aggregates The aggregates presented below are those used for calculating the covenants as set out in note 11-2-3-1.

31 January 2022 including IFRS 16

31 January 2022 excluding IFRS 16

31 January 2021 including IFRS 16

31 January 2021 excluding IFRS 16

Consolidated net debt

508.8

443.9

510.5

437.0

Consolidated net debt excluding leasing

74.7

10.4

72.2

(0.1)

Leasing net debt

434.1

433.5

438.3

437.6

Consolidated EBITDA

249.6

226.9

258.9

233.6

Consolidated EBITDA excluding leasing

168.1

145.6

174.6

149.5

Cost of net financial debt

24.5

22.3

32.7

30.3

Leasing net portfolio

583.5

583.5

584.9

584.9

Provision for bad debt

9.9

9.9

10.0

10.0

201

UNIVERSAL REGISTRATION DOCUMENT 2021