High Co (HCO) Q2 2025 TU earnings summary

Executive summary

• Q2 2025 gross profit declined 10% like-for-like to €15.19m, in line with forecasts.

• H1 2025 gross profit fell 8.2% like-for-like to €30.96m; revenue for H1 was €45m.

• Double-digit growth in the Activation division in France offset by declines in Mobile and Consulting & In-store media selling.

• Sale of High Connexion completed; exclusive negotiations to acquire Sogec and BudgetBox promotion businesses.

• Performance share plans implemented to align employee interests and support growth.

Financial highlights

• Q2 2025 gross profit: €15.19m, down 10% like-for-like; H1 2025: €30.96m, down 8.2% like-for-like.

• H1 2025 group revenue: €45m.

• France accounted for 86.9% of H1 gross profit; international businesses contributed 13.1%.

• Q2 2025 France gross profit: €13.31m, down 9.4% like-for-like; international: €1.88m, down 14.1%.

Outlook and guidance

• 2025 guidance raised: gross profit now expected to decline 1–2% like-for-like (previously 3–4%).

• Adjusted operating margin guidance increased to approximately 12% (previously more than 11%).

• Return to growth anticipated from Q3 2025, driven by Activation France and new solutions.

• Guidance excludes impact of Sogec and BudgetBox acquisition, which may be consolidated in Q4.