Core Insights - HOPSCOTCH Groupe reported historically high activity levels for the financial year 2025, with total revenue of €271.1 million and a gross margin of €98.9 million, despite a decline compared to 2024 [3][10] - The revenue decline was 15.0% year-over-year, with a more significant drop in the second half of 2025 compared to the first half [1][3] - The events segment experienced the most significant decline, while the consulting business and Hopscotch Season showed resilience and growth [4] Financial Performance - First half revenue for 2025 was €118.5 million, while the second half revenue was €152.6 million, indicating a sequential improvement in business activity [1][2] - Gross margin for the first half was €45.9 million, and for the second half, it was €53.0 million, reflecting a decline of 5.6% for the full year [1][3] - The gross margin for 2025 was close to €100 million, which is significant given the high comparison base from the Paris 2024 celebrations [3] Segment Analysis - The events segment generated a gross margin of €43.5 million in 2025, indicating a notable decline [4] - The consulting business maintained a high level of activity with a gross margin of €26.6 million [4] - Hopscotch Season recorded a gross margin of €26.4 million, up 10.4%, while Hopscotch Tourism generated €9.4 million [4] Market Context - The absence of the Paris Motor Show in 2025, a biennial event, contributed to the decline in activity levels [3] - More than one-third of the gross margin was generated outside France, highlighting the importance of international diversification as a growth driver [4]

Core Insights - Hopscotch Groupe reported a challenging first half of 2025, with revenue of €118.5 million, down 8.3% from €129.3 million in H1 2024, and a gross margin decrease of 6.8% to €45.9 million [4][5][10] - Despite the decline, the company reaffirmed its long-term growth and profitability targets, emphasizing the strength of its diversified business model [2][14] Financial Performance - Revenue for H1 2025 was €118,532 thousand, compared to €129,269 thousand in H1 2024 [3] - Gross margin decreased to €45,895 thousand from €49,240 thousand year-on-year [3] - Operating income fell to €1,694 thousand from €2,548 thousand in H1 2024 [3][9] - Net income was €223 thousand, down from €953 thousand a year earlier, with a Group share of net income at -€109 thousand [3][10] Cost Management - Staff costs decreased by 3.3% to €33,595 thousand, reflecting a reduction in freelance costs [7] - Operating expenses fell by 13.7% to €8,676 thousand, indicating strict cost discipline [7] - Lease expenses remained stable at €1,930 thousand [8] Growth Drivers - Event-related activities contracted by 20.8%, while consulting remained stable, and other segments like Hopscotch Season and Hopscotch Tourism grew by 8.2% and 14.3% respectively [5] - One-third of gross margin is now generated internationally, with significant growth in Europe (+19.3%) and Asia (+18.7%) [6] Cash Flow and Debt Management - Cash flow from operations was €2.7 million, with operating cash flow totaling €1.425 million after adjustments [12] - The company continued its deleveraging strategy, repaying €2.7 million of state-guaranteed loans and €1.5 million of bank debt [13] - As of June 30, 2025, the net financial position remained positive at €1.5 million [13] Long-term Strategy - Hopscotch Groupe aims to achieve €200 million in gross margin and a 12% operating margin by 2030, supported by a healthy balance sheet and a diversified client base [15]