Core Insights - HighCo experienced a decline in financial performance in H1 2025 as anticipated, with gross profit down 8.2% year-on-year to €30.96 million, and adjusted headline PBIT decreased by 33.4% to €5.05 million [1][2][10] Financial Performance - Gross profit for H1 2025 was €30.96 million, down 8.2% like-for-like and 17.9% on a reported basis [3][10] - Adjusted headline PBIT fell to €5.05 million, a decrease of 33.4% compared to H1 2024 [3][14] - Adjusted operating margin decreased by 620 basis points to 16.3% [3][14] - Adjusted attributable net income was €3.86 million, down 26.5% from the previous year [3][19] - Adjusted earnings per share (EPS) decreased to €0.20, down 26.1% [3][19] - Operating cash flow (excluding IFRS 16) was €3.64 million, down by €4.95 million [3][20] Business Segments - The Activation division showed growth, with a 3.1% increase in France, contributing €20.89 million [4][13] - The Mobile division declined by 7.8%, generating €3.55 million [4][13] - The Consulting & In-store media selling division saw a sharp decline of 32.1%, totaling €6.51 million [4][13] - International business decreased by 10.1% to €4.06 million [11] Strategic Developments - HighCo completed the sale of High Connexion on June 5, 2025, leading to a special interim dividend of €1.00 per share [4][9] - The acquisition of Sogec and Budgetbox is expected to be finalized by the end of September 2025, aiming to enhance HighCo's position in the promotions market [4][24] - The company anticipates further growth in H2 2025, driven by new agreements with Casino and the strength of the Activation division [9][28] Financial Position - Net cash at June 30, 2025, was €93.97 million, an increase of €13.27 million since December 31, 2024 [20] - Excluding operating working capital, net cash stood at €39.91 million, a significant increase of €15.17 million [20] Market Context - The consumer goods market resumed growth in H1 2025, with a revenue increase of 1.9% [21] - HighCo's innovations, such as the HighCo Merely platform and mobile coupons, are gaining traction in the market [22][23]