Hopscotch Group: Revenue Drops 15% After 2024 Olympics Effect
Hopscotch Group reports mixed 2025 results: the communication consulting group's revenue contracted by 15.1% to EUR 270.8 million, impacted by the exceptional nature of 2024 related to the Paris Olympics. However, a rebound in the second half and the strengthening of the financial structure counterbalance this decline, leading the group to reaffirm its ambition for a EUR 200 million gross margin by 2030.
Financial Performance in 2025
In 2025, Hopscotch recorded consolidated revenue of EUR 270.8 million, a decline of 15.1% compared to 2024. The consolidated gross margin was EUR 98.8 million, a more limited decrease of 5.7%. This disparity reveals a compression of margins in the first half, offset by a rebound in the second half: the gross margin reached EUR 52.9 million in H2 compared to EUR 45.9 million in H1. The group mentions a recovery in the event market post-2024 Olympics, and highlights that 60% of its activity now comes from international markets, with a 7% annual growth. Excluding the exceptional year of 2024, the group has demonstrated continuous growth of nearly 50% since 2021.
Operational Costs and Earnings
Personnel expenses decreased by EUR 3.8 million to EUR 67.5 million, remaining stable at 68.3% of the gross margin. External charges reached EUR 19.2 million despite an ambitious digital transformation program. The adjusted EBITDA (EBITDA | AL, neutralizing the impact of IFRS 16 standard on leases) stood at EUR 7.1 million, a limited decline of EUR 1.6 million from 2024 (EUR 8.7 million). The consolidated operating income was EUR 6.0 million, down 34.7% from 2024 (EUR 9.2 million), after an amortization allocation of EUR 4.9 million, of which EUR 3.9 million related to IFRS 16 leases. The net income attributable to the group amounted to EUR 2.6 million, affected by a negative financial result of EUR 2.1 million, including an unfavorable exchange rate difference of EUR 0.7 million.
Financial Structure Strengthening
As of December 31, 2025, Hopscotch's financial structure has strengthened. Equity reached EUR 32.9 million after distributing a dividend of nearly EUR 2 million during the year. The adjusted cash flow from operations (CAF | AL) was EUR 7.2 million compared to EUR 9.3 million in 2024. The group accelerated its debt reduction in 2025 by repaying EUR 5.5 million of its state-guaranteed loan (PGE) and EUR 3 million of amortizable debts. Total debt stood at EUR 21.9 million, including EUR 4.4 million in PGE. The active cash balance at the close was EUR 29.9 million. After repaying a EUR 4 million draw on a revolving credit in the first quarter of 2026 and a new tranche of EUR 3 million of amortizable debts, the group has a solid cash position of EUR 25 million for a residual debt of EUR 19 million, resulting in a positive net financial situation. The board will propose a dividend payment of EUR 0.50 per share at the general meeting.
