Hopscotch Navigates Post-Olympic Waters, Sets Sights on Ambitious 2030 Horizon

Paris, France – March 31, 2026

HOPSCOTCH GROUPE reported a year of strategic recalibration in its 2025 annual results, with consolidated revenue and profits declining against an exceptional, Olympics-fueled 2024. However, a deeper look reveals a narrative of resilience, marked by a powerful second-half rebound, robust international growth, and a clear, ambitious long-term strategy. The Paris-based international communication group posted a consolidated revenue of €270.8 million, down from €319.1 million in 2024, with its Group Share Net Income settling at €2.1 million compared to the previous year's €4.8 million. Yet, these figures mask the significant "base effect" of the Paris 2024 Olympic Games and underscore the company's successful pivot towards global markets and long-term value creation.

A Tale of Two Halves: Overcoming the Olympic Hangover

The first half of 2025 was a challenging period for HOPSCOTCH, particularly for its event business in France. The company faced what it described as a "disappointing" period directly linked to the aftermath of the Paris 2024 Olympics. The group's extensive involvement in the 2024 Games—which included the high-profile executive production of the Closing Ceremony and a massive internal communication campaign for Parisian transport operator RATP—created an unprecedented revenue spike, making year-on-year comparisons for 2025 inherently skewed. The first six months of 2025 saw the event segment's activity dip by over 20% as the market corrected itself post-celebrations.

However, the year's story is defined by its second half. The market demonstrated a significant recovery, and HOPSCOTCH capitalized on it, posting a gross margin of €52.9 million in H2, a substantial increase from the €45.9 million recorded in H1. This rebound showcased the group's ability to adapt and regain momentum. "After a disappointing first half for the event business in France, linked to the post-Paris 2024 Olympics period, the market returned to growth in the second half," stated Chairman Frédéric Bedin in the announcement. He noted that the group successfully rebuilt its profit margin, a feat largely attributed to its expanding international footprint.

When stripping out the anomalous 2024, the company's long-term growth trajectory remains impressive. The 2025 gross margin of €98.8 million represents a nearly 50% increase since 2021, illustrating a consistent and sustained expansion path.

Global Expansion Becomes the Main Event

While the domestic French market dealt with post-Olympic fluctuations, HOPSCOTCH's international operations emerged as the primary engine for growth and stability. In 2025, international activities grew by a healthy 7%. More strikingly, these activities now account for over 35% of the group's gross margin. When combined with the 25% generated by global operations invoiced from its Paris headquarters, international business now constitutes a commanding 60% of the group's core activity.

This strategic shift is bearing fruit across multiple continents. In the first half of 2025 alone, the company saw robust growth of 23.4% in Europe (excluding France) and 17.1% in Asia. This expansion is not purely organic; it is fueled by a targeted acquisition strategy designed to bolster its geographic and sectoral expertise. The 2024 acquisition of Interface Tourism, now rebranded as Hopscotch Tourism, was a pivotal move. It not only added new skills and talents in a strategic sector but also provided crucial footholds in Spain and the Netherlands, reinforcing the group’s pan-European presence.

This international network, comprising 40 offices across five continents, allows HOPSCOTCH to deliver on its unique value proposition: an integrated model that combines digital, public relations, and event expertise on a global scale. As Bedin highlighted, this structure is key to the company's resilience and future prospects.

Fortifying the Financial Foundation for Future Growth

Alongside its strategic expansion, HOPSCOTCH demonstrated impressive financial discipline in 2025. The company made a concerted effort to strengthen its balance sheet, accelerating its debt reduction well ahead of schedule. During the year, the group repaid €5.5 million of its state-backed loan (PGE) and an additional €3 million in amortizable loans. This proactive deleveraging brought total debt down to €21.9 million.

This financial prudence has created a robust foundation for future endeavors. The group closed the year with a solid cash position of €29.9 million and shareholders' equity of €32.9 million. Even after further loan repayments in the first quarter of 2026, the company maintains a cash position that exceeds its residual debt, resulting in a positive net financial position.

This financial stability is not merely a defensive posture; it is the launchpad for the group's next phase of growth. It provides the necessary firepower for a targeted acquisition strategy aimed at strengthening its geographic footprint, entering new high-growth markets, and creating long-term value. The confidence in this financial health is further underscored by the Executive Board's proposal to issue a dividend of €0.50 per share, rewarding shareholders while continuing to invest in expansion.

Charting an Ambitious Course to 2030

With a strong second-half recovery and a fortified balance sheet, HOPSCOTCH is confidently looking toward the horizon. The group has unequivocally reiterated its ambition to reach €200 million in Gross Margin by 2030, coupled with an operating income margin of 15%. This target is notably ambitious, implying a compound annual growth rate of over 15% for the next five years—a pace that significantly outstrips the steady single-digit organic growth reported by industry giants like Publicis and Omnicom.

Achieving this goal will rely on the continued success of its core strategic pillars. The first is its unique integrated business model, which the company believes is a key differentiator in a fragmented market. The second is a continued push into digital transformation and innovation, with a specific focus on leveraging Artificial Intelligence to enhance its offerings. The slight increase in 2025 external expenses was directly attributed to an "ambitious digital transformation program" designed to support this strategy.

Finally, the company will continue its targeted M&A approach to access new markets and create synergies. By leveraging these growth drivers—international expansion, strategic acquisitions, and technological innovation—HOPSCOTCH aims to cement its position as a major player on the global communication stage, proving that the challenges of 2025 were not a setback, but a springboard for its next chapter of growth.