High Co (HCO) H2 2025 earnings summary

Executive summary

• Gross profit for 2025 reached €66.65m, up 9.2% reported and 1.8% like-for-like, driven by acquisitions of Sogec and BudgetBox and strong Activation division performance.

• Adjusted headline PBIT rose 6.5% to €8.04m; adjusted EPS increased 20.8% to €0.33.

• Maintained a solid financial position with net cash (excluding working capital) at €5.14m, down €19.6m due to acquisitions and dividend payouts.

• Major portfolio changes included the sale of High Connexion and acquisitions of Sogec and BudgetBox.

• Strategic refocus on promotional activation, with three core business segments: Retail Agency, Retail Media, and Retail Activation.

Financial highlights

• Organic growth of 1.8% and published growth of 9.2% in gross margin compared to 2024 (restated for divestiture).

• Adjusted operating income (RAO) up 6.5% to €8.04m; adjusted operating margin at 12.1%, down 30bps.

• Adjusted attributable net income up 20.3% to €6.4m; adjusted EPS at €0.33, up 20.8%.

• Cash flow from operations (CAF/excl. IFRS 16) at €7.82m, down €1.56m year-over-year.

• Net cash (excluding working capital) at €5.14m at year-end, down €19.6m.

Outlook and guidance

• 2026 guidance: gross profit expected above €78m, implying growth over 17% versus 2025 reported.

• Retail Agency and Retail Media each to represent ~20% of activity; Retail Activation to exceed 60%.

• Adjusted operating margin expected to remain stable or exceed 12%.

• Ongoing restructuring and workforce downsizing at Sogec with expected cost savings, especially in real estate.

• CAPEX and share buybacks each targeted around €1m; continuation of CSR initiatives.