Aix-en-Provence, 22 July 2026 (6:00 p.m.)
HIGHCO: CONTINUED BUSINESS GROWTH IN Q2 2026 WITH REPORTED GROSS PROFIT OF €19.29 M (UP 27%) AND LFL GROSS PROFIT OF €15.61 M (UP 2.8%); INCREASE IN ADJUSTED HEADLINE PBIT FOR H1 2026; 2026 GUIDANCE CONFIRMED WITH THE RESTRUCTURING OF SOGEC BUSINESSES
Rise in business activity in Q2/H1 2026 driven by France
- Q2 2026 gross profit1 of €19.29 m on a reported basis (up 27% including Sogec and Budgetbox) and €15.61 m LFL2 (up 2.8%).
- H1 2026 gross profit1 of €39.21 m (up 26.7%) on a reported basis and €31.79 m LFL2 (up 2.7%).
- Organic growth in the Retail Activation division (Q2/H1 reported: up 20.3%/up 22.3%; Q2/H1 LFL: up 1.5%/up 2.5%) still driven by the strong business momentum in France, growth in the Retail Agencies division (Q2/H1: up 2.8%/up 1.4%); and increase, as expected, in the gross profit of the Retail Media division (Q2/H1 reported: up 111.7%/up 137.7%; Q2/H1 LFL: up 9.8%/up 7.8%).
- Business growth in France (Q2/H1 reported: up 33.6%/up 33.7%; Q2/H1 LFL: up 6%/up 6.1%) and decline in International business (Q2/H1: down 19.8%/down 20%).
2026 Half-year earnings
- Expected rise in adjusted headline PBIT3 for H1 2026 with adjusted operating margin3 of more than 16%.
- H1 2026 operating income impacted by Sogec restructuring costs.
2026 guidance confirmed
- Gross profit of more than €78 m, for growth above 17% on a reported basis.
- Adjusted operating margin3 of more than 12%.
- Restructuring of Sogec businesses: job protection plan approved for 64 employees.
| Gross profit (€ m)1 | 2026 Reported | 2026 LFL2 | 2025 | 2026 Reported/2025 change | 2026 LFL2/2025 change |
| Q1 | 19.93 | 16.18 | 15.77 | +26.4% | +2.6% |
| Q2 | 19.29 | 15.61 | 15.19 | +27.0% | +2.8% |
| H1 | 39.21 | 31.79 | 30.96 | +26.7% | +2.7% |
1 Limited audit by the Statutory Auditors currently in progress. 2 Like for like: Based on a comparable scope (excluding acquisitions of Sogec and Budgetbox) and at constant exchange rates (i.e. applying the average exchange rate over the period to data from the compared period). 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, “We posted like-for-like gross profit growth of 2.7% in the first half of 2026, which was mainly driven by the strong performance in the Retail Activation and Retail Media divisions, with an increase in adjusted headline PBIT. The Sogec restructuring moved forward according to schedule, and all operating flows were successfully integrated into the Group in the first half of the year. More details about the operation will be provided in the presentation on our half-year results in September.”
RISE IN BUSINESS ACTIVITY IN Q2/H1 2026 DRIVEN BY FRANCE
In Q2 2026, HighCo posted gross profit of €19.29 m on a reported basis, for growth of 27%, including Sogec and Budgetbox, and €15.61 m like for like (up 2.8%) with:
- Continued momentum in the Retail Activation division, with growth of 20.3% to €11.67 m on a reported basis (up 1.5% like for like), driven, in France, by the HighCo Nifty and HighCo Merely solutions, as well as the increase in the volume of e-coupons processed;
- Growth in activities of the Retail Agencies division to €3.77 m (up 2.8%);
- Growth in the Retail Media division of 111.7% to €3.85 m on a reported basis (up 9.8% like for like), with the increase in Casino businesses, as expected.
In H1 2026 (up 26.7% reported; up 2.7% like for like), the Retail Activation division (65.2% of the Group’s reported gross profit including Sogec) showed growth of 22.3% on a reported basis and 2.5% like for like, business in the Retail Agencies division (19.5% of the Group’s reported gross profit) grew by 1.4%, and the Retail Media division (15.3% of the Group’s reported gross profit including Budgetbox) was up 137.7% on a reported basis and up 7.8% like for like.
Group revenue for H1 2026 came out at €57.7 m.
Business growth in France
| FRANCE | Gross Profit (€ m) | 2026 Reported/2025 change | 2026 LFL/2025 change | % Total gross profit Reported | ||
| 2026 Reported | 2026 LFL | 2025 | ||||
| Q1 | 18.18 | 14.43 | 13.58 | +33.8% | +6.2% | 91.2% |
| Q2 | 17.78 | 14.10 | 13.31 | +33.6% | +6.0% | 92.2% |
| H1 | 35.96 | 28.54 | 26.89 | +33.7% | +6.1% | 91.7% |
In France, reported gross profit totalled €17.78 m in Q2 2026 up 33.6%, including €3.68 m in margin relating to Sogec and Budgetbox businesses, which are now fully integrated. Excluding these acquisitions in 2025, the businesses posted organic growth of 6% in Q2 2026 to €14.1 m (like for like). The Retail Activation division (up 29.9% reported with Sogec and up 6.6% like for like excluding Sogec) confirmed its positive growth trend in France. The primary drivers were the continued development of HighCo Nifty (mobile coupons) and HighCo Merely (promotion management SaaS platform), as well as the increase in the volume of e-coupons processed. Businesses in the Retail Agencies division showed growth over the quarter (up 2.8%). The gross profit of the Retail Media division showed growth, as expected (up 111.7% reported with Budgetbox and up 9.8% like for like excluding Budgetbox).
In H1 2026, business in France grew (up 33.7% reported, up 6.1% like for like), accounting for 91.7% of the Group’s reported gross profit.
Decline in International businesses
| INTERNATIONAL | Gross Profit (€ m) | 2026/2025 Change | % Total gross profit Reported | |
| 2026 | 2025 | |||
| Q1 | 1.75 | 2.19 | -20.1% | 8.8% |
| Q2 | 1.50 | 1.88 | -19.8% | 7.8% |
| H1 | 3.25 | 4.06 | -20.0% | 8.3% |
International businesses declined by 19.8% to €1.50 m in Q2 2026. In Belgium, gross profit fell by 22.4% to €1.28 m given the continued significant decline in the activities of coupon processing and cashback programme management over the quarter.
Businesses in Spain came out virtually stable (down 0.7%) and accounted for 1.2% of the Group’s reported gross profit.
In H1 2026, International businesses declined by 20% to €3.25 m, accounting for 8.3% of the Group’s reported gross profit.
2026 HALF-YEAR EARNINGS
Based on the half-year closing in progress, the Group forecasts:
- An increase in adjusted headline PBIT3 (H1 2025: €5.05 m);
- Adjusted operating margin3 slightly higher than 16% (H1 2025: 16.3%).
Now that the Sogec job protection plan has been approved, the costs relating to the restructuring and workforce downsizing plans for the activities concerned will be provisioned as of 30 June 2026, which will impact the half-year operating income.
The 2026 half-year earnings will be released on Wednesday, 9 September 2026 after market close. A conference call for financial analysts is scheduled for Thursday, 10 September at 10 a.m.
2026 GUIDANCE CONFIRMED
Based on the good performance reported for H1, the Group has confirmed its guidance for 2026:
- Gross profit of more than €78 m including the acquisitions of Sogec and Budgetbox activities over the full year, for growth of more than 17% (reported 2025 gross profit: €66.65 m);
- Adjusted operating margin (adjusted headline PBIT/gross profit) of more than 12% (2025 adjusted operating margin: 12.1%).
In the second half of the year, the Group’s financial resources will be allocated in particular to restructuring Sogec’s businesses.
About HighCo
HighCo is a marketing and communication expert that supports brands and retailers in implementing their promotion activations. Its unique operational model covers campaign design, delivery, processing and monitoring. Listed in compartment C of Euronext Paris, and eligible for SME equity savings plans (“PEA-PME”), HighCo has more than 500 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.
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Cécile Collina-Hue Nicolas Cassar Managing Director Press Relations +33 1 77 75 65 06 +33 4 88 71 35 46 comfi@highco.com n.cassar@highco.com
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H1 2026 Earnings: Wednesday, 9 September 2026 Conference call on half-year earnings: Thursday, 10 September 2026 at 10 a.m. Q3 2026 and 9-month YTD 2026 Gross Profit: Wednesday, 21 October 2026 Q4 2026 and FY 2026 Gross Profit: Wednesday, 27 January 2027
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 www.highco.com.
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.
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