High Co (HCO) H1 2025 earnings summary

Executive summary

• Gross profit declined 8.2% like-for-like to €30.96m in H1 2025, mainly due to reduced Casino activity, while the Activation division grew 3.1%.

• Adjusted headline PBIT fell 33.4% to €5.05m, and adjusted operating margin dropped 620bp to 16.3%.

• Adjusted attributable net income decreased 26.5% to €3.86m, and adjusted EPS declined 26.1% to €0.20.

• Financial position remains robust, with net cash (excluding working capital) up €15.17m to €39.91m, and total net cash at €93.97m.

• Sale of High Connexion completed, with a special €1/share interim dividend paid and Sogec and Budgetbox acquisitions expected to close by end-September 2025.

Financial highlights

• H1 2025 gross profit: €30.96m, down 8.2% like-for-like; consolidated revenue: €45.03m, down 6.4%.

• France gross profit down 7.9% to €26.89m; Belgium down 10.5% to €3.6m; Spain down 6.6% to €0.46m.

• By activity: Activation up 3.1% to €20.89m (67.5% of total), Mobile down 7.8% to €3.55m, Consulting & In-store media selling down 32.1% to €6.51m.

• Adjusted headline PBIT: €5.05m, down 33.4%; adjusted operating margin: 16.3%, down 620bp.

• Adjusted net income attributable to owners: €3.86m, down 26.5%; adjusted EPS: €0.20, down 26.1%.

• Net cash (excluding working capital): €39.91m, up €15.17m from year-end 2024; total net cash: €93.97m.

Outlook and guidance

• 2025 guidance revised upward: gross profit expected stable at €61m, adjusted operating margin above 12%.

• Growth in H2 2025 anticipated, driven by Activation division and new agreements.

• Sogec and Budgetbox acquisitions expected to consolidate from Q4 2025, not yet factored into guidance.

• Special interim dividend of €1/share paid in September 2025 following High Connexion sale.