HighCo: gross margin +26.7% with acquisitions, net loss linked to Sogec restructuring
HighCo published its first-half accounts on September 9, 2026, marked by a progression of its adjusted aggregates and growth driven by France. In the same press release, the group revised downward its gross margin target for 2026, while raising its adjusted operating margin target. The Sogec restructuring is also weighing on the published operating result, which comes in at a loss.
Gross margin at €39.21m, adjusted net result up 29.5%
In the first half of 2026, HighCo recorded a gross margin of €39.21m in published data, up 26.7% (integration of Sogec and Budgetbox), and €31.79m at constant scope and exchange rates (up 2.7%). Adjusted ordinary activity result (RAO) stood at €6.32m, up 25%, while adjusted operating margin came in at 16.1%, down 20 basis points compared to 16.3% in the first half of 2025. Adjusted net result attributable to the group rose 29.5% to €5m, and adjusted earnings per share by 30.7% to €0.26. Published operating result came in at a loss of €0.76m, compared to a profit of €4.75m a year earlier, and published net result attributable to the group at a loss of €0.94m (compared to €4.46m in the first half of 2025).
Growth driven by France, Sogec restructuring at €5.54m
Activity was driven by France, whose published gross margin reached €35.96m, up 33.7%, including €7.43m related to Sogec and Budgetbox activities. Excluding these acquisitions, organic growth in France reached 6.1% at €28.54m at comparable scope. France represented 91.7% of the group's published gross margin. International activities declined 20% to €3.25m, or 8.3% of published gross margin. In Belgium, gross margin fell 22.5% to €2.79m, due to the continued decline in coupon processing activities and cashback program management. Spain came out virtually stable (down 0.6%). The cost of the ongoing Sogec restructuring came to €5.54m, recorded under other operating income and expenses, and includes notably a job retention plan affecting 64 employees and the transfer of the production site from Villebon-sur-Yvette to Aix-en-Provence.
2026 gross margin target lowered, operating margin target raised
The group revised its 2026 gross margin target, now expected at over €77m compared to over €78m previously, due to a slight timing shift in Retail Media division activities. The targeted growth is thus reduced from over 17% to over 15% in published data (2025 published gross margin: €66.65m). At the same time, the adjusted operating margin target for 2026 has been raised from over 12% to close to 13%, in connection with cost savings generated from the second half of 2026 onwards (2025 adjusted operating margin: 12.1%). For 2027, the group indicates it expects an adjusted operating margin of over 15%. At June 30, 2026, net cash excluding working capital requirements stood at €6.01m, up €0.86m compared to December 31, 2025.
