High Co (HCO) Q1 2025 earnings summary

Executive summary

• Q1 2025 gross profit was €15.77m, down 6.4% like-for-like, aligning with expectations of a business decline in the first half of the year.

• Growth in the Activation division in France (up 1.4% LFL) and Mobile businesses (up 2% LFL) partially offset a sharp decline in Consulting & In-store media selling (down 32.2% LFL) due to Casino restructuring.

• International business also declined by 6.3% LFL, with Belgium and Spain both experiencing drops in gross profit.

Financial highlights

• Q1 2025 gross profit: €15.77m, down 6.4% LFL and 16.3% on a reported basis.

• France contributed €13.58m (86.1% of total), down 6.4% LFL; international operations contributed €2.19m (13.9% of total), down 6.3% LFL.

• Activation division accounted for 71% of gross profit, Mobile 12%, and Consulting & In-store media selling 17%.

Outlook and guidance

• 2025 guidance confirmed: expected gross profit decline of 3–4% LFL and operating margin above 11%.

• Business decline anticipated to continue in Q2, with a return to growth forecast for the second half of 2025.

• Dividend of €0.25 per share for FY 2024 to be proposed at the AGM, with payment scheduled for 27 May 2025.