HighCo Posts Strong 2025 Earnings, Pivots to Promotion Activation

AIX-EN-PROVENCE, France – March 25, 2026 – Marketing and communications group HighCo delivered a robust financial performance in 2025, underscored by a significant 20.8% increase in adjusted earnings per share to €0.33. The strong results arrive as the company executes a major strategic realignment, shedding non-core assets to double down on the high-growth promotion activation market through key acquisitions.

The company's annual report reveals a 9.2% rise in reported gross profit to €66.65 million, while adjusted headline profit before interest and tax (PBIT) climbed 6.5% to €8.04 million. These figures reflect a transformative year for HighCo, marked by the sale of its High Connexion division and the pivotal acquisitions of promotion specialists Sogec and Budgetbox, moves designed to solidify its position as a leader in the evolving retail landscape.

Didier Chabassieu, Chairman of the Management Board, commented on the successful transition. “In 2025, the Group returned to growth, driven by the good momentum in the Activation division and acquisitions,” he stated. “With the sale of High Connexion and the acquisitions of Sogec and Budgetbox, HighCo has achieved a major milestone in its strategy to refocus on promotion activation.”

A Strategic Rebirth in Promotion Activation

HighCo's 2025 was defined by a decisive pivot. The divestment of the High Connexion mobile business in June, which triggered a special dividend of €1.00 per share, was the first step in a calculated strategy to streamline its focus. The second, more impactful step came on September 30 with the acquisition of the promotion activities of Sogec, a long-standing French agency specializing in omnichannel promotions, and Budgetbox, a retail media firm known for its targeted, personalized campaigns.

These acquisitions are central to HighCo's new structure, which is now organized around three complementary pillars: Retail Agencies, Retail Media, and Retail Activation. This reorganization is intended to create a unique, end-to-end offering for brands and retailers, covering the entire promotion cycle from initial design and campaign delivery to data processing and performance monitoring. The integration of Sogec's coupon processing and loyalty program expertise with Budgetbox's data-driven retail media capabilities significantly enhances this offering. In 2024, the acquired activities of Sogec and Budgetbox represented a combined gross profit of approximately €17 million.

However, the integration of Sogec comes with challenges. HighCo has announced plans to restructure Sogec’s businesses to align the organization with current market demands. This includes a proposed job protection plan (Plan de Sauvegarde de l’Emploi or PSE), a legal framework in France for companies with over 50 employees that are undertaking significant workforce reductions for economic reasons. The process, which involves consultation with the Social and Economic Committee, aims to limit dismissals and facilitate employee reclassification, a necessary step HighCo deems essential for maintaining competitiveness in the French market.

Strong Financials Fuel Future Growth

The strategic shift is backed by solid financial performance. The company's like-for-like gross profit grew by a modest 1.8%, but this figure belies the underlying strength in its core focus area. The Activation division, the heart of the new strategy, was the standout performer, posting a 6.7% like-for-like increase in gross profit to €38.95 million. This growth was driven primarily by strong momentum in France, which saw a 12.3% LFL jump in its Activation business.

In contrast, the Mobile division saw a 7.3% LFL decline, and the Consulting & In-store media selling division dropped by 4.9% LFL, though it showed a sharp recovery in the second half of the year. Geographically, business in France thrived, growing 3.9% on a like-for-like basis, while international operations, particularly in Belgium, contracted by 11.8%.

Despite a slight dip in the adjusted operating margin to 12.1%, the overall profitability metrics were strong. Adjusted attributable net income surged by 20.3% to €6.4 million. This performance has instilled confidence in the company's outlook, with HighCo issuing ambitious guidance for 2026. The group forecasts gross profit to exceed €78 million, representing reported growth of more than 17%, driven by the full-year consolidation of Sogec and Budgetbox. It also aims to maintain an adjusted operating margin of over 12%, signaling expectations of sustained profitability.

The Digital Edge: Innovation Drives Client Success

Fueling the growth in HighCo's core Activation division is a suite of innovative digital solutions that are gaining significant traction in the market. The HighCo Nifty and HighCo Merely platforms are at the forefront of this technological push, helping brands and retailers navigate the increasingly complex digital promotion landscape.

HighCo Nifty, a mobile couponing solution, is enabling brands to execute large-scale, targeted campaigns with precision. A notable example is a recent campaign by Procter & Gamble, which used the Nifty platform to promote three of its brands with mobile coupons redeemable in over 8,000 pharmacies. This type of seamless digital integration is critical as consumers increasingly manage their shopping and savings on their smartphones.

Meanwhile, HighCo Merely, a Software-as-a-Service (SaaS) platform, provides clients with a comprehensive tool for managing their entire promotional action plan. Automotive service chain Feu Vert has adopted the platform to monitor its campaigns, demonstrating the solution's appeal beyond traditional fast-moving consumer goods. These technologies allow HighCo to offer more than just promotional ideas; they provide the infrastructure to execute, manage, and analyze campaigns efficiently, giving clients a tangible return on their marketing investments.

Beyond the Balance Sheet: A Commitment to Sustainable Growth

Alongside its financial achievements and strategic repositioning, HighCo has reinforced its commitment to corporate social responsibility (CSR) through its "Impact 2030" strategy. The company has successfully decoupled growth from its environmental footprint, reporting a 22% reduction in its greenhouse gas emissions from 2024 levels to 5,532 tonnes of CO₂ equivalent across all scopes.

This commitment to sustainability has earned the company external validation. For the second consecutive year, HighCo received a 'B' rating on the CDP's Climate SME questionnaire, the best possible score for an SME in 2025. Furthermore, its EcoVadis Gold rating was renewed for the tenth year in a row, with an improved score of 78 out of 100, placing HighCo in the top 5% of companies globally for CSR performance and responsible purchasing.

The "Impact 2030" strategy is built on three pillars: fostering employee fulfillment, designing sustainable marketing solutions, and guaranteeing high-level data security. Tangible actions in 2025 included launching an internal employee survey with high participation, implementing a new Responsible Purchasing Policy signed by over 100 suppliers, and training 85% of its employees on data protection. This holistic approach, integrating financial performance with environmental and social governance, positions HighCo not just as a market leader, but as a model for sustainable growth in the marketing industry. The company's annual general meeting is scheduled for May 27, 2026.