High Co (HCO) H1 2026 earnings summary

Executive summary

• H1 2026 delivered strong results with gross profit up 26.7% to €39.21m reported and 2.7% like-for-like, driven by France and acquisitions (Sogec, Budgetbox).

• Adjusted headline PBIT rose 25% to €6.32m; adjusted net income up 29.5% to €5.00m; adjusted EPS up 30.7% to €0.26.

• Reported net loss of €0.94m due to €5.54m in Sogec restructuring costs.

• Retail Activation and Retail Media segments showed robust growth, especially in France, while international operations declined by 20%.

• Cash position remains strong with net cash of €83.63m and solid operating cash flow.

Financial highlights

• Revenue increased 28.0% YoY to €57.65m; gross profit €39.21m (+26.7% YoY), like-for-like €31.79m (+2.7%).

• Adjusted operating margin: 16.1% (-20bp YoY); adjusted operating income €6.32m (+25% YoY).

• Adjusted net income attributable to owners: €5.00m (+29.5% YoY); adjusted EPS: €0.26 (+30.7% YoY).

• Net cash position: €83.63m (+€6.80m vs Dec 2025); net cash (excl. WC): €6.01m (+€0.86m YoY).

• Reported operating income negative at €0.76m due to restructuring costs.

Outlook and guidance

• 2026 gross profit/margin guidance revised to above €77m (was >€78m), targeting over 15% growth vs 2025.

• Adjusted operating margin guidance raised to close to 13% (was >12%).

• Profitability expected to improve further in 2027, with adjusted operating margin forecast above 15%.

• Ongoing Sogec restructuring with >€5m in costs expected through 2027.

• CAPEX expected to remain below €1m for 2026.