High Co (HCO) Q3 2026 TU earnings summary

Executive summary

• Q3 2026 gross profit was €19.16m reported, up 22.5%, and €15.88m LFL, up 1.6%; France drove growth while international activity declined.

• Refined FY 2026 guidance targets gross profit above €77m and adjusted operating margin slightly above 13%; adjusted margin is expected to exceed 15% from 2027.

Financial highlights

• Q3 gross profit was €19.16m reported, up 22.5%, and €15.88m LFL, up 1.6%.

• 9M gross profit was €58.37m reported, up 25.3%, and €47.67m LFL, up 2.3%.

• Reported results include Sogec and Budgetbox acquisitions; LFL figures exclude those acquisitions and use constant exchange rates.

Outlook and guidance

• FY 2026 gross profit expected above €77m, including Sogec and Budgetbox, representing reported growth above 15% versus 2025 gross profit of €66.65m.

• FY 2026 adjusted operating margin refined to slightly above 13%, versus 12.1% in 2025.

• Adjusted operating margin expected to exceed 15% as of 2027, following the ongoing refocus and business transformation strategy.