High Co (HCO) H2 2024 earnings summary

Executive summary

• 2024 gross profit declined 7% like-for-like to €69.16m, with business contraction less severe than anticipated and Activation division up 7%.

• Headline PBIT fell 29.6% to €11.55m; adjusted attributable net income dropped 33.2% to €7.28m; adjusted EPS down 32.3% to €0.37.

• Financial position remains robust: net cash (excluding operating working capital) rose €5.35m to €24.74m.

• HighConnexion was sold in Q2 2025, enabling a €1/share exceptional dividend.

• Proposed regular dividend for 2024 is €0.25/share, a 25% increase.

Financial highlights

• Gross profit: €69.16m in 2024 (down 7% year-over-year); France accounted for 87.8% of gross profit, down 6.9%.

• By activity: Activation up 7% (now 52.8% of gross profit), Mobile down 4.3%, Consulting & In-store media selling down 28.8%.

• Operating margin declined 540bp to 16.7%; recurring operating income down 34% to €10.46m.

• Net income attributable to owners: €7.46m (down from €11.12m); adjusted net income: €7.28m (down 33.2%).

• Adjusted EPS: €0.37 (down 32.3%); proposed dividend: €0.25/share.

Outlook and guidance

• 2025 gross profit expected to decline 3–4% (excluding High Connexion); operating margin to remain above 11%.

• CAPEX to remain below €1m; continued share buyback program (~€1m planned).

• Focus on growth in Activation and Consulting & In-store media selling; further negative impact from Casino expected in H1 2025.

• Ongoing rollout of CSR strategy and decarbonisation pathway, with EcoVadis Gold rating and B on CDP Climate SME.