HighCo: gross margin up 25% over nine months, but +2.3% excluding acquisitions
The gap between published growth and organic growth summarizes HighCo's publication of October 21, 2026. The integration of Sogec and Budgetbox explains most of the increase, while the historical scope is progressing at a more moderate pace than in the first half. The group refined its 2026 objectives at the same time and maintained its forecast of an adjusted operating margin above 15% from 2027 onwards.
In the third quarter, the group's gross margin reached €19.16 million in published data, and €15.88 million at constant scope and exchange rates. This organic progression of 1.6% follows increases of 2.6% in the first quarter and 2.8% in the second. Over nine months, gross margin stood at €58.37 million in published data (+25.3%), and €47.67 million at comparable scope (+2.3%).
France drives activity, international declines 15.7%
France accounts for the bulk of activity. Its gross margin reached €17.71 million in the third quarter, up 27.2%, of which €3.27 million related to Sogec and Budgetbox activities. Excluding acquisitions, the increase stands at 3.7%, at €14.44 million, compared with +6.2% in the first quarter and +6.0% in the second.
Over nine months, France shows €53.67 million in gross margin (+31.5% in published, +5.3% at comparable scope) and represents 92% of the group's published gross margin.
International declined 15.7% in the third quarter, to €1.45 million. In Belgium, gross margin fell 17.8% to €1.27 million, due to the continued decline in coupon processing and rebate program management activities. Spain progressed by 2.6% and accounts for 0.9% of the group's published gross margin.
Over nine months, international is down 18.7%, at €4.7 million, or 8% of the total. During the half-yearly publication of September 9, 2026, the group had reported a 20.0% decline in these activities.
Retail Activation in organic decline, Retail Media up 38.2%
The Retail Activation division, which represents 63.3% of published gross margin over nine months (including Sogec), progressed 16.7% in the third quarter, to €11.40 million. At comparable scope, it declined 5.2%, a slowdown that the group presents as expected following first-half momentum. Over nine months, its gross margin is up 20.5% in published terms and stable at comparable scope.
In France, HighCo indicates that the development of its HighCo Nifty solutions (mobile coupons) and HighCo Merely (software platform for promotion management) continues, and that the number of dematerialized coupons processed continues to increase.
The Retail Agencies division (19% of published gross margin) declined 3.3% over the quarter, to €3.45 million, and remains virtually flat over nine months (-0.1%).
The Retail Media division (17.7% of published gross margin, including Budgetbox) progressed 87.6% in published terms, to €4.3 million, and 38.2% at comparable scope. According to the group, historical in-store media sales activities benefit from a favorable comparison base. On September 9, 2026, HighCo had mentioned a slight delay in this division weighing on its gross margin guidance.
2026 objective: over €77 million in gross margin and adjusted margin above 13%
Based on the third quarter and activity levels expected in the fourth, HighCo refined its 2026 guidance. The group targets gross margin above €77 million, integrating Sogec and Budgetbox over the full fiscal year, representing growth of more than 15% compared to the €66.65 million published in 2025. Adjusted operating margin is expected slightly above 13%, compared with 12.1% in 2025.
Didier Chabassieu, chairman of the management board, indicated that the quarter's performance, in line with the group's expectations, made it possible to confirm 2026 objectives and maintain forecasts for 2027. In the fourth quarter, the group's financial resources will be mainly devoted to restructuring Sogec's activities, which had generated a net charge of €5.54 million in the first half of 2026 according to the September 9 publication.
In September 2026, EcoVadis renewed HighCo's gold medal, with an overall score of 85 out of 100, up 7 points, which keeps the group among the top 5% of highest-rated companies. The next publication, devoted to gross margin for the fourth quarter and fiscal year 2026, is scheduled for January 27, 2027.
The refocusing undertaken since 2025 should, according to the group, result in an adjusted operating margin above 15% as early as 2027.
