High Co (HCO) H2 2025 earnings summary

Executive summary

• Q4 2025 saw strong organic business growth, with gross profit up 20.3% like-for-like (LFL), mainly driven by France and the Consulting & In-store media selling division rebound.

• FY 2025 gross profit reached €66.65m reported and €62.1m LFL, up 1.8% year-over-year.

• Strategic focus shifted to core divisions: Activation and Consulting & In-store media selling, with recent acquisitions of Sogec and BudgetBox.

Financial highlights

• Q4 2025 reported gross profit: €20.06m (including Sogec and BudgetBox); €15.51m LFL.

• FY 2025 revenue: €98.65m.

• FY 2025 gross profit: €66.65m reported, €62.1m LFL (up 1.8% LFL from 2024).

• France accounted for 91.8% of Q4 reported gross profit; international business declined 6.4% in Q4 and 11.8% for FY 2025.

Outlook and guidance

• 2026 gross profit expected to exceed €78m, reflecting full-year integration of Sogec and BudgetBox.

• Plans to restructure Sogec's businesses to maintain competitiveness.