High Co (HCO) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 gross profit rose 8.4% like-for-like to €15.63m, marking a return to growth, mainly driven by strong performance in France and the Activation division.

• Nine-month 2025 gross profit was €46.59m, down 3.2% like-for-like, reflecting earlier softness offset by Q3 recovery.

• International businesses declined 20% in Q3 and 13.3% over nine months, with Belgium and Spain both posting decreases.

Financial highlights

• Q3 2025 gross profit: €15.63m, up 8.4% like-for-like; nine-month total: €46.59m, down 3.2% like-for-like.

• France accounted for 89% of Q3 gross profit, up 13.3% like-for-like; international share fell to 11%.

• Activation division contributed 62.5% of Q3 gross profit, up 7.9%; Consulting & In-store media selling up 15.5%.

Outlook and guidance

• Q4 2025 is forecast to deliver over 10% gross profit growth, with full-year guidance revised to slight growth in gross profit (over €61m).

• Adjusted operating margin for 2025 confirmed at above 12%.

• Guidance excludes the impact of Sogec and BudgetBox acquisitions, which will be consolidated from Q4.