High Co (HCO) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 gross profit reached €19.93m, up 26.4% reported and €16.18m, up 2.6% like-for-like, driven by Retail Activation in France and integration of Sogec and BudgetBox.

• Retail Activation division showed strong growth, while Retail Agencies remained stable and Retail Media saw significant reported gains.

• France accounted for 91.2% of reported gross profit, with international business declining by 20.1%.

Financial highlights

• Retail Activation division gross profit up 24.1% reported (3.4% LFL) to €13.89m; Retail Agencies stable at €3.88m; Retail Media up 204.3% reported (2.5% LFL) to €2.16m.

• France gross profit up 33.8% reported (6.2% LFL) to €18.18m; international gross profit down 20.1% to €1.75m.

• Sogec and BudgetBox contributed €3.75m to France's reported gross profit.

Outlook and guidance

• 2026 guidance confirmed: gross profit expected above €78m (over 17% growth reported), adjusted operating margin above 12%.

• Q2 2026 will focus on continued integration of Sogec and BudgetBox.