HighCo Reports a Gross Margin of 66.65 Million Euros for 2025 and Confirms Operational Profitability
HighCo has announced its 2025 results, marked by strong business growth in the fourth quarter and an annual gross margin of 66.65 million euros in reported figures. The group confirms an adjusted operating margin of over 12% for the year and expects a gross margin exceeding 78 million euros in 2026, including recent acquisitions of Sogec and BudgetBox.
Fourth Quarter Performance
HighCo reported a gross margin of 20.06 million euros for the fourth quarter of 2025 in reported figures, including activities from Sogec and BudgetBox. On a like-for-like basis and at constant exchange rates (CER), the quarterly gross margin reached 15.51 million euros, up by 20.3% CER. This growth is primarily due to a favorable comparison base in the Agencies and Networks division, which recorded a 45.3% increase in CER during the fourth quarter, driven by a decline in Casino activities in the comparable quarter of 2024 (down by 37.2%). The Activation division also showed solid growth of 15.6% CER for the quarter. However, the Mobile division decreased by 9.8% CER. For the full year 2025, the group's gross margin amounted to 66.65 million euros in reported figures and 62.10 million euros in CER, growing by 1.8% CER. The group's 2025 revenue totaled 98.65 million euros. In France, activities excluding acquisitions displayed strong organic growth of 24.5% CER in the fourth quarter to 13.88 million euros. The Agencies and Networks division continued its rebound with a 45.3% increase in CER, while the Activation division grew by 22.7% CER thanks to the development of HighCo Nifty and HighCo Merely solutions. Excluding High Connection, the Mobile division regressed by 9.8% CER. For the entire year of 2025, the gross margin in France reached 59.24 million euros in reported figures.
International Performance
Internationally, activities recorded a decrease of 6.4% in the fourth quarter of 2025 to 1.64 million euros, representing 8.2% of the group's reported gross margin. In Belgium, the gross margin fell by 9.7% to 1.43 million euros due to the continued decline in coupon processing activities and the downturn in traditional promotional offer management activities. Activities in Spain showed a rebound of 26.8%. For the year 2025, international activities decreased by 11.8% to 7.42 million euros in CER. In Belgium, the gross margin fell by 13.0% to 6.58 million euros, while Spain recorded a slight retreat of 1.7%. Regarding profitability, the group confirms it anticipates an adjusted operating margin for 2025 above 12%, noting that the accounts of Sogec and BudgetBox have been consolidated since October 1, 2025. For 2026, by integrating the acquisitions of Sogec and BudgetBox for a full year, HighCo anticipates a gross margin exceeding 78 million euros.
Restructuring and Fiscal Eligibility
HighCo announces the initiation of a restructuring project for Sogec's activities aimed at aligning its organization with client expectations. The Social and Economic Committee has been convened to be presented with the workforce reduction project and the accompanying employment safeguard plan. The group plans to implement a support mechanism designed to help affected employees find solutions suited to their situations, whether internal or external. Furthermore, HighCo remains eligible for the French PEA-PME tax scheme according to regulatory criteria. The annual accounts for 2025 will be published on March 25, 2026, after market close, followed by a conference call on Thursday, March 26 at 10:00 AM.
