QUADIENT // 2021 Universal Registration Document

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FINANCIAL STATEMENTS Analysis of Quadient S.A.’s annual results

Analysis of Quadient S.A.’s annual 6.3 results

Unless otherwise indicated, all the amounts stated hereafter are in million of euros, rounded to one decimal place.

31 January 2022 compared with 64.6 million euros as of 31 January 2021. Net interest income from the Group’s subsidiaries totals 18.3 million euros (18.2 million as of 31 January 2021), before recognition of a loss on receivables on investments of 18.0 million euros (26.9 million as of 31 January 2021). Interest expenses for external borrowings stand at 25.80 million euros (35.0 million euros as of 31 January 2021). Net financial depreciation are recorded for (13.8) million euros as of 31 January 2022 (33.1 million euros as of 31 January 2021).

6.3.1

2021 FINANCIAL YEAR SIGNIFICANT EVENTS

Acquisition of Beanworks by Quadient Canada

On 22 March 2021, Quadient Canada Ltd acquired the company Beanworks, a leader in software as a service (SaaS) accounts payable automation solutions. Quadient S.A. financed this acquisition through a 50.0 million Canadian dollars (38.8 million euros) capital increase and a 60.0million Canadian dollars loan (43.6 million euros as of 31 January 2022).

6.3.4

EXTRAORDINARY INCOME

Quadient S.A.’s extraordinary gain amounts to 0.3 million euros compared with a loss of 0.2 million euros as of 31 January 2021. Treasury share disposals under the liquidity contract generate 1.1 million euros (1.0 million euro as of 31 January 2021) of extraordinary income on capital transactions and 0.8 million euros (1.2 million euros as of 31 January 2021) of extraordinary expenses on capital transactions.

Waiver of debt and exit from the Group

On 21 December 2021, Temando SAS has been dissolved through a universal transfer of assets from Temando SAS to Quadient S.A. As a result of this operation, Quadient S.A. recorded a waiver of debt for an amount of 0.9 million euros. This receivable was fully depreciated, the provision has been reversed. On 31 January 2022, Quadient S.A. consents a 17.1 million euros waiver of debt to its subsidiary Neopost Holding Pty Ltd, with an associated reversal of the provision for the same amount. On 31 January 2022, Quadient S.A. recorded a depreciation of Neopost SDS Ltd's receivables for 2.8 million euros.

6.3.5

NET INCOME

Net income amounts to 103.7 million euros (29.6 million euros as of 31 January 2021), after a net tax benefit of 5.5 million euros (6.6 million euros as of 31 January 2021), In accordance with the article 223 quater of the French general tax code (CGI), the financial statements for the current year include 94,038 euros of non-tax-deductible expenses (article 39-4 of the CGI), but do not include the non-tax-deductible general expenses (article 39-5 of the CGI).

Minority interests acquisition

On 30 December 2021, PackCity SAS, itself wholly owned by Quadient S.A., acquired the 25 minority stake of the entity Packcity France and holds now 100 .

6.3.6

SHAREHOLDERS’ EQUITY

Quadient S.A.’s shareholders’ equity amounts to 468.5 million euros as at 31 January 2022, an increase of 88.6 million euros year-on-year. This increase corresponds to the 2021 net income after deduction of 17.2 million euros paid to shareholders for the 2020 dividends.

6.3.2

OPERATING INCOME

Quadient S.A.’s operating loss amounts to 6.5 million euros compared with a loss of 11.4 million euros as of 31 January 2021.

6.3.7

TRADE PAYABLES AND RECEIVABLES AGEING

6.3.3

FINANCIAL INCOME

Invoices received and issued not paid at the end of the financial year and for which the payment term has expired (article D.441-4):

Net financial income amounts to 104.4 million euros, up from 34.6 million euros last financial year. Dividends received by the Company totalled 104.8 million euros as of

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UNIVERSAL REGISTRATION DOCUMENT 2021