Quadient S.A. (ENXTPA:QDT) will look for M&A. During the company?s capital markets day, Elevate to 2030, Laurent Du Passage, Chief Financial Officer said that ? Capital allocation now, we will enable a profitable growth path. It's about EUR 300 million of CapEx that we expect over the period, '24 to '26, will be split between low-cost deployment, Mail CapEx, obviously, in R&D. We will remain opportunistic on M&A. We will continue to focus and manage an efficient balance sheet with a leverage ratio excluding leasing below 1.5x by 2026?.

?As Chris, Alain, Benoît described, we have a strong in-house capability to support our plan organically. And hence, we'll have only an opportunistic approach regarding M&A. We'll also have a flexible approach on the Quadient portfolio as we had in the past year, focusing on leader position and value creation?.