QUADIENT // 2021 Universal Registration Document

4 RISK FACTORS AND INTERNAL CONTROL Risk factors

Risk management measures The Company has worked on its go-to-market and verticals to address all ranges of customers. It has developed a streamlined omnichannel strategy to address many needs simultaneously rather than solving one particular issue at a time. Moreover, the Company is focusing its efforts on bolstering its ability to manage the marketing launch in a faster, more efficient and coordinated way so that a theoretical solution thought out at corporate level can be adapted to a regional market in a fast and effective way. In this respect, the Company has appointed a Product / Marketing manager for each solution set, working locally with salespeople to anticipate the clients' needs and up the feedback in the global organisation. Regarding the ICA offering, software R&D teams are prepared to manage and react to new technological features proposed by the market and to respond to technological obsolescence. Quadient provides now a single fully connected AR/AP platform where all customer/vendor/employee communications can be automated. The Company has put in place a precise monitoring of customer satisfaction as it relies heavily on customer loyalty (customer satisfaction surveys at corporate level tightened by on-the-spot surveys). Despite the proliferation of vaccinations and available treatments, the Covid-19 pandemic continues, and new variants are emerging, raising the uncertainty of a return to normal business conditions. As a consequence, the Company’s operational processes (production, marketing, sales, shipping, remote work) could be destabilized over a significant period of time. Potential impacts This risk could affect the company on the following: Strategic ● Accelerated digitalization of mail activities, hence - negatively impacting MRS (such a trend could also represent an opportunity for digital activities such as PLS and ICA) Financial ● Negative impact on the Group's P&L - Increased supply / transportation costs and difficulties - to justify the price increase to the customers Operational ● Total/partial business interruption: prolonged closure - of retailers and therefore difficulties in access to lockers LASTING PANDEMIC DISRUPTING THE BUSINESS (COVID-19) Risk description

Quadient’s transformation. In 2021, Intelligent Commu nication Automation represents 201 million euros in revenue, including 67 of subscription-related revenue, the latter having increased by 17.1 this year. Concerning Parcel Locker Solutions, the revenue is of 83 million euros, including 58 of subscription-related revenue. In total, the ICA and PLS businesses represent 28 of total revenue vs. 27 in 2020. The Company's Board of Directors and Executive Committee regularly review business performance and the management team's execution against the objectives set in the Back to Growth strategy. The Company has several large scale initiatives to support the Company's transformation, which are supported by dedicated and shared resources to prioritize actions and ensure execution objectives are met. When risks or deficiencies are identified, mitigation plans and other proactive measures are regularly put in place. The Company may be unable to upgrade its existing or newly acquired solutions to efficiently address customers' needs and/or to identify the right solutions to acquire/develop. Customer satisfaction and Quadient's brand image could be severely affected. Potential impacts This risk could affect the company on the following: Financial ● Financial losses due to the launching of an inadequate - new solution in a local market Strategic ● Missing a strategic opportunity and losing market - share in a rapidly changing market Deterioration of customer satisfaction - Reputational ● Deterioration of the Group's brand and professional - image, which may hinder the ability to attract new business partners or retain existing ones (being seen as non-innovative) INABILITY TO ADDRESS CUSTOMERS' NEEDS Risk description

90

UNIVERSAL REGISTRATION DOCUMENT 2021