QUADIENT // 2021 Universal Registration Document

MANAGEMENT REPORT Review of Quadient’s financial position and results in 2021

NET INCOME 3.1.10 Income tax amounted to 19.7 million euros in 2021 compared to 23.8 million euros in 2020. The corporate tax rate stood at 18.1 in 2021 compared to 36.5 in 2020. Net attributable income amounted to 87.8 million euros in 2021 compared to 40.4 million euros in 2020. Earnings per share stood at 2.32 euros in 2021 compared to 0.92 euros in 2020. 3.1.11 EBITDA (1) stood at 244.6 million euros in 2021 compared to 246.0 million euros in 2020. EBITDA margin remained stable year-over-year at 23.9 in 2021, thanks to a high contribution from the installed base of customers, for each of the 3 solutions, active cost management and a leaner organization, offsetting the ongoing supply chain issues, the dilutive impact of recent acquisitions and increased investments. The change in working capital generated a net cash outflow of 7.6 million euros in 2021 compared to a net cash inflow of 2.2 million euros in 2020. The decrease in receivables could not fully offset the significant inventory increase to mitigate supply chain disruptions. Lease receivables decreased by 38.6 million euros in 2021 compared to a decrease of 62.0 million euros in 2020, thanks to a slowdown in the decline of the leasing portfolio. The leasing portfolio and other financing services stood at 595.0 million euros as at 31 January 2022 compared to 598.2 million euros as at 31 January 2021, representing an organic decrease of 6.4 in 2021 compared to an organic decrease of 8.7 in 2020. At the end of the financial year 2021, the default rate of the leasing portfolio stood at around 1.7 , a level stable versus 2020. FINANCIAL POSITION

Interest and taxes paid increased sharply at 65.4 million euros in 2021 compared to 37.2 million euros in 2020. Whilst interests paid were stable year-over-year, income tax paid rose significantly due to a normalization after the exceptional measures the Group benefited from in 2020 during the Covid-19 related crisis. Capital expenditure stood at 87.9 million euros in 2021 compared to 89.6 million euros in 2020. Development capex was up to 37.4 million euros in 2021 (it was 30.3 million euros in 2020) focusing on R&D investments for software developments and higher spending linked with the recent acquisitions. Rented equipment capex was stable year-over-year although reflecting a different mix with higher parcel lockers and lower mail equipment. Maintenance capex was also stable. Of note is the lower renewal of real estate lease as further cost optimization are implemented. This drove down IFRS 16 capex. In total, the Group recorded cash flow after capital expenditure of 104.1 million euros in 2021 compared to 166.6 million euros in 2020. Net debt was reduced by 8.6 million euros to 503.8 million euros as at 31 January 2022 from 512.4 million euros as at 31 January 2021. The leverage ratio (net debt/EBITDA) stood at 2.1x (2) as at 31 January 2022, unchanged compared to 31 January 2021. The Group’s net debt is backed by future cash flows generated from its rental and leasing activities. Excluding leasing, the leverage ratio remained low at 0.4x (2) as at 31 January 2022 compared to 0.4x (2) as at 31 January 2021. Shareholders’ equity stood at 1,358.9 million euros as at 31 January 2022 compared to 1,240.3 million euros as at 31 January 2021. The gearing ratio (3) decreased to 37.1 of shareholders’ equity as at 31 January 2022 compared to 41.3 as at 31 January 2021. The Group has a robust liquidity position of 886.6 million euros as at 31 January 2022, including 486.6 million euros in cash and cash equivalents and 400.0 million euros of undrawn credit line, the latter maturing in 2024.

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(1) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets. (2) Including IFRS 16. (3) Net debt/equity.

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UNIVERSAL REGISTRATION DOCUMENT 2021