HighCo: Q2 2025 Gross Profit
Aix-en-Provence, 22 July 2025 (6 p.m.)
HIGHCO: BUSINESS DECLINE IN Q2 2025 IN LINE WITH FORECASTS
(GROSS PROFIT: DOWN 10% LFL); EXPECTED DROP IN HALF-YEAR RESULTS; 2025 GUIDANCE RAISED WITH A RETURN TO GROWTH AS OF Q3 2025
Drop in business in Q2 2025 in line with expectations, with double-digit growth in the Activation division in France
- Q2 2025 gross profit1 of €15.19 m, down 10% LFL2.
- H1 2025 gross profit1 of €30.96 m, down 8.2% LFL2.
- Growth in the Activation division still driven by France (Q2 up 5% LFL; H1 up 3.1% LFL), decline in Mobile businesses (Q2 down 17% LFL; H1 down 7.8% LFL), and sharp drop, as expected, in Consulting & In-store media selling, due to Casino (Q2 down 32.1% LFL; H1 down 32.1% LFL).
- Decline in businesses in France (Q2 down 9.4% LFL; H1 down 7.9% LFL) and in International businesses (Q2 down 14.1% LFL; H1 down 10.1% LFL).
2025 Half-year earnings: forecast decrease in adjusted headline PBIT3 and adjusted operating margin3
Acquisition of the promotion activities of Sogec and BudgetBox: deal completion expected by end-September 2025
Implementation of performance share plans
2025 guidance raised
- Decline in gross profit between 1% and 2% LFL.
- Adjusted operating margin of approximately 12%.
| Gross Profit (€ m)1 | 2025 | 2024 LFL2 | 2025/2024 LFL2 change |
| Q1 | 15.77 | 16.85 | -6.4% |
| Q2 | 15.19 | 16.87 | -10.0% |
| H1 | 30.96 | 33.72 | -8.2% |
1 Limited audit by the Statutory Auditors currently in progress.
2 Like for like: Based on a comparable scope and at constant exchange rates (i.e. applying the average exchange rate over the period to data from the compared period). Furthermore, in application of IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, the activities of High Connexion were reported as sold as of the first quarter of 2025. For reasons of consistency, the data reported for FY 2024 has been restated to account for the impact of High Connexion.
3 Adjusted headline profit before interest and tax (adjusted headline PBIT): Recurring operating income before restructuring costs and excluding the impact of performance share plans. Adjusted operating margin: Adjusted headline PBIT/Gross profit.
Didier Chabassieu, Chairman of the Management Board, stated, “Following this eventful first half of 2025 for HighCo, I am proud of the journey achieved by all our teams. Thanks to the work they have accomplished, we were able to celebrate the Group’s 35th anniversary, complete the sale of High Connexion, and start exclusive negotiations to acquire the promotion businesses of Sogec and BudgetBox. After five consecutive quarters of business decline, the Group is approaching the second half of the year with confidence and expects a return to growth as of the third quarter.”
DROP IN BUSINESS IN Q2 2025 IN LINE WITH EXPECTATIONS, WITH DOUBLE-DIGIT GROWTH IN THE ACTIVATION DIVISION IN FRANCE
HighCo posted gross profit of €15.19 m for Q2 2025, down 10% like for like and down 19.4% on a reported basis, with, as expected:
- Continued strong momentum in the Activation division (up 5%; 63.9% of the Group’s gross profit), driven by the coupon processing businesses in France and by the development of solutions by HighCo Nifty (mobile coupons) and HighCo Merely (promotion management SaaS platform);
- Decline in the Mobile division (down 17% like for like; 10.9% of the Group’s gross profit) excluding High Connexion;
- Sharp decline, as expected, in the Consulting & In-store media selling division (down 32.1%; 25.2% of the Group’s gross profit) due to Casino.
As a result, in H1 2025 (down 8.2% like for like), the Activation division (67.5% of the Group’s gross profit) grew by 3.1%, the Mobile division (11.5% of the Group’s gross profit) declined by 7.8% like for like, and the Consulting & In-store media selling division (21% of the Group’s gross profit) fell by 32.1%.
Group revenue for H1 2025 came out at €45 m.
Businesses in France
| FRANCE | Gross Profit (€ m) | 2025/2024 LFL change | % Total gross profit | |
| 2025 | 2024 LFL | |||
| Q1 | 13.58 | 14.51 | -6.4% | 86.1% |
| Q2 | 13.31 | 14.69 | -9.4% | 87.7% |
| H1 | 26.89 | 29.20 | -7.9% | 86.9% |
In France, business decreased by 9.4% in Q2 2025 to €13.31 m. As anticipated, and in continuity with the previous quarters, the Consulting & In-store media selling businesses fell sharply (down 32.1%), due to the sale of Casino hypermarkets and supermarkets primarily in the second and third quarters of 2024. This business decline was partially offset by the strong growth in the Activation division (up 10.9%). Excluding High Connexion, the Mobile division – consulting businesses – came out lower for the quarter (down 17%).
In H1 2025, business in France declined (down 7.9%), as expected, accounting for 86.9% of the Group’s gross profit.
International businesses
| INTERNATIONAL | Gross Profit (€ m) | 2025/2024 LFL change | % Total gross profit | |
| 2025 | 2024 LFL | |||
| Q1 | 2.19 | 2.33 | -6.3% | 13.9% |
| Q2 | 1.88 | 2.18 | -14.1% | 12.3% |
| H1 | 4.06 | 4.52 | -10.1% | 13.1% |
International businesses fell 14.1% in Q2 2025 to €1.88 m.
In Belgium, gross profit decreased by 15% to €1.65 m, due to the continued decrease in coupon processing and the drop in traditional promotion management.
Businesses in Spain also declined (down 7.2%) and accounted for 1.5% of the Group’s gross profit.
In H1 2025, International businesses were down by 10.1% to €4.06 m, accounting for 13.1% of the Group’s gross profit.
EXPECTED DECREASE IN 2025 HALF-YEAR EARNINGS
Based on the half-year closing in progress, the Group forecasts:
- Drop in adjusted headline PBIT3 (H1 2024 adjusted for High Connexion: €7.59 m);
- Adjusted operating margin3 of about 16% (H1 2024 adjusted for High Connexion: 22.5%).
The 2025 half-year earnings will be released on Wednesday, 10 September after market close. A conference call for financial analysts is scheduled for Thursday, 11 September at 10 a.m.
ACQUISITION OF PROMOTION ACTIVITIES OF SOGEC AND BUDGETBOX: DEAL COMPLETION EXPECTED BY END-SEPTEMBER 2025
On 17 June 2025, HighCo announced that it has entered exclusive negotiations with SMP SAS, a subsidiary of Groupe La Poste, to acquire certain businesses offering promotional marketing solutions.
For background, the deal involves SMP SAS’s divestment of the promotion execution and management businesses sold under the Sogec brand as well as its retail media subsidiary BudgetBox.
The sale, subject to fulfilment of the usual conditions, should be complete by the end of September 2025.
This planned acquisition would strengthen HighCo’s positioning in the sector and boost the future growth of its Activation division.
IMPLEMENTATION OF PERFORMANCE SHARE PLANS
After an eventful first half of the year, marked by the sale of High Connexion and the beginning of exclusive negotiations to acquire the promotion businesses of Sogec and Budgetbox, and with current efforts to stimulate growth, the Management Board decided to implement performance share plans, to benefit its employees among others.
This scheme is designed to align employee interests more closely with the Group’s performance and value creation. It is part of an active loyalty policy to acknowledge employee engagement and motivate staff members to contribute towards the Group’s new growth prospects.
The main characteristics of these plans are:
- Grant of a maximum of 1,940,000 performance shares (9.5% of share capital);
- Shares awarded to corporate officers, managers and employees in France;
- Vesting based on criteria of annual performance and company service from 2025 to 2030;
- Vesting of performance shares exclusively by awarding treasury shares to avoid diluting share capital;
- Impact on 2025 headline PBIT estimated at €1.8 m.
2025 GUIDANCE RAISED
Given the reported performance for H1, the business growth forecast for H2, thanks essentially to the positive trends in the Activation France division with the development of HighCo Nifty and HighCo Merely solutions, and the expected growth in the Consulting & In-store media selling division for H2, the Group has raised its guidance for 2025:
- Gross profit revised from a “decline between 3% and 4%” to a “decline between 1% and 2%” (2024 gross profit adjusted for High Connexion: €61.03 m);
- Adjusted operating margin (adjusted headline PBIT/gross profit) revised from “more than 11%” to “approximately 12%” (2024 operating margin adjusted for High Connexion: 12.4%).
This guidance does not factor in the current acquisition of the promotion activities of Sogec and BudgetBox, which could be consolidated as of Q4 2025.
As a reminder, the disposal of High Connexion will enable HighCo to distribute an exceptional dividend of €1.00 per share, in the form of an interim dividend. The payment date is scheduled for 5 September 2025 (ex-dividend date of 3 September 2025).
About HighCo
As an expert in marketing and communication, HighCo supports brands and retailers in accelerating the transformation of retail.
Listed in compartment C of Euronext Paris, and eligible for SME equity savings plans (“PEA-PME”), HighCo has more than 400 employees.
HighCo has achieved a Gold rating from EcoVadis, meaning that the Group is ranked in the top 5% of companies in terms of CSR performance and responsible purchasing.
Your contacts
Cécile Collina-Hue Nicolas Cassar
Managing Director Press Relations
06 46
Upcoming events
Publications take place after market close.
H1 2025 Earnings: Wednesday, 10 September 2025
Conference call on half-year earnings: Thursday, 11 September 2025 at 10 a.m.
Q3 2025 and 9-month YTD 2025 Gross Profit: Wednesday, 15 October 2025
Q4 2025 and FY 2025 Gross Profit: Wednesday, 28 January 2026
HighCo is a component stock of the indices CAC® Small (CACS), CAC® Mid&Small (CACMS), CAC® All-Tradable (CACT), Euronext® Tech Croissance (FRTPR) and Enternext® PEA-PME 150 (ENPME).
ISIN: FR0000054231
Reuters: HIGH.PA
Bloomberg: HCO FP
For further financial information and press releases, go to .
This English translation is for the convenience of English-speaking readers. Consequently, the translation may not be relied upon to sustain any legal claim, nor should it be used as the basis of any legal opinion. HighCo expressly disclaims all liability for any inaccuracy herein.
Attachment
