Core Insights - HighCo has returned to business growth in Q3 2025, with a gross profit increase of 8.4% year-on-year, amounting to €15.63 million, while the reported basis shows a 5.3% decline [5][6] - The company forecasts over 10% growth for Q4 2025 and has adjusted its annual guidance to reflect slight growth in gross profit for the full year [5][20] - The acquisition of Sogec and BudgetBox at the end of September 2025 is expected to enhance HighCo's position in the promotions market and support growth in the Activation division [15][20] Business Growth in Q3 2025 - The Activation division experienced sustained growth, driven by strong performance in France, with Q3 growth of 7.9% and a 9-month year-to-date increase of 4.6% [6][7] - The Consulting & In-store media selling division rebounded with a 15.5% increase in Q3, although it remains down 19.2% year-to-date [6][16] - International businesses saw a significant decline, with Q3 gross profit down 20% to €1.72 million, and a 9-month decline of 13.3% [14][12] Financial Performance - For the first nine months of 2025, HighCo's gross profit totaled €46.59 million, reflecting a 3.2% decrease year-on-year [2][6] - The gross profit breakdown for France shows a 13.3% increase in Q3, totaling €13.92 million, while the 9-month total is down 1.6% [10][11] - The adjusted operating margin remains confirmed at higher than 12% [20][23] Acquisition Details - The acquisition of Sogec and BudgetBox aims to strengthen HighCo's market position and is expected to be fully consolidated starting Q4 2025 [15][17] - The integration of these companies is currently in progress, with financial impacts to be disclosed in March 2026 [17][20] CSR Performance - HighCo has renewed its EcoVadis Gold medal for the 10th consecutive year, achieving a score of 78 out of 100, placing it among the top 5% of companies assessed [18][21] - The company is committed to sustainability and has developed a strategic roadmap titled "Impact 2030" [19][21]

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]

Core Viewpoint - HighCo experienced a business decline in Q2 2025, consistent with forecasts, but anticipates a return to growth starting in Q3 2025, particularly driven by the Activation division in France [1][5][14]. Financial Performance - Q2 2025 gross profit was €15.19 million, down 10% year-on-year on a like-for-like basis, while H1 2025 gross profit totaled €30.96 million, reflecting an 8.2% decline [2][9]. - The Activation division, which constitutes 67.5% of the Group's gross profit, showed growth of 3.1% in H1 2025, while the Mobile division declined by 7.8% and the Consulting & In-store media selling division fell sharply by 32.1% [9][14]. - The adjusted operating margin for H1 2025 is approximately 12%, down from 22.5% in H1 2024 [8][15]. Business Segments - In France, Q2 2025 gross profit decreased by 9.4% to €13.31 million, with a significant drop in Consulting & In-store media selling due to the sale of Casino hypermarkets [10][11]. - International businesses saw a 14.1% decline in Q2 2025, with Belgium experiencing a 15% drop in gross profit [12][13]. Strategic Developments - HighCo is in the process of acquiring the promotional activities of Sogec and BudgetBox, with completion expected by the end of September 2025, which is anticipated to enhance the Activation division's growth [17][18]. - The company has implemented performance share plans to align employee interests with the Group's performance, aiming to motivate staff towards future growth [19][20]. Guidance and Future Outlook - The guidance for 2025 has been raised, reflecting expected growth in the Activation division and potential improvements in the Consulting & In-store media selling division for H2 2025 [20]. - An exceptional dividend of €1.00 per share is planned following the sale of High Connexion, with payment scheduled for September 5, 2025 [21].