Aix-en-Provence, 21 October 2026 (6:00 p.m.)
HIGHCO: BUSINESS GROWTH IN Q3 2026 IN LINE WITH EXPECTATIONS, WITH REPORTED GROSS PROFIT OF €19.16 M (UP 22.5%) AND €15.88 M LFL (UP 1.6%); 2026 GUIDANCE REFINED
Rise in business activity in Q3 2026 still driven by France
- Q3 2026 gross profit1 of €19.16 m on a reported basis (up 22.5% including Sogec and Budgetbox) and €15.88 m LFL2 (up 1.6%).
- Nine-month YTD 2026 gross profit1 of €58.37 m (up 25.3%) on a reported basis and €47.67 m LFL2 (up 2.3%).
- Expected decline in the Retail Activation division over the quarter (Q3/reported 9-month YTD: up 16.7%/up 20.5%; Q3/LFL 9-month YTD: down 5.2%/stable), decline in Retail Agencies division businesses (Q3/9-month YTD: down 3.3%/down 0.1%) and increase, as expected, in the gross profit of the Retail Media division (Q3/reported 9-month YTD: up 87.6%/up 113.9%; Q3/LFL 9-month YTD: up 38.2%/up 22.3%).
- Business growth in France (Q3/reported 9-month YTD: up 27.2%/up 31.5%; Q3/LFL 9-month YTD: up 3.7%/up 5.3%) and decline in International business (Q3/9-month YTD: down 15.7%/down 18.7%).
EcoVadis Gold medal renewed
Refined guidance for 2026
- Gross profit of more than €77 m, for growth of more than 15% on a reported basis.
- Adjusted operating margin3 slightly higher than 13%.
Confirmation of a significant improvement in profitability as of 2027
- Adjusted operating margin3 expected at more than 15%.
| Gross profit (in € M) |
2026 Reported | 2026 LFL2 | 2025 | 2026 Reported/2025 change |
2026 LFL2/2025 change |
| Q1 | 19.93 | 16.18 | 15.77 | +26.4% | +2.6% |
| Q2 | 19.29 | 15.61 | 15.19 | +27.0% | +2.8% |
| Q31 | 19.16 | 15.88 | 15.63 | +22.5% | +1.6% |
| 9-month total1 | 58.37 | 47.67 | 46.59 | +25.3% | +2.3% |
1 Unaudited data.
2 Like for like: Based on a comparable scope (excluding acquisitions of Sogec and Budgetbox) and at constant exchange rates (i.e. applying the average exchange rate over the period to data from the compared period).
3 Adjusted headline profit before interest and tax (adjusted headline PBIT): Recurring operating income before restructuring costs and excluding the impact of performance share plans. Adjusted operating margin: Adjusted headline PBIT/Gross profit.
Didier Chabassieu, Chairman of the Management Board, stated, “HighCo posted a good third quarter, in line with our expectations and with gross profit up 1.6% like for like. This performance has enabled us to confirm our guidance for 2026 and maintain our forecasts for 2027 of a significant improvement in adjusted operating margin to more than 15%.”
RISE IN BUSINESS ACTIVITY IN Q3 2026 STILL DRIVEN BY FRANCE
In Q3 2026, HighCo posted gross profit of €19.16 m on a reported basis, for growth of 22.5%, including Sogec and Budgetbox, and €15.88 m like for like (up 1.6%) with:
- the expected slowdown over the quarter of the businesses in the Retail Activation division, which grew 16.7% to €11.40 m on a reported basis (down 5.2% like for like);
- decline in activities of the Retail Agencies division to €3.45 m (down 3.3%);
- growth in the Retail Media division of 87.6% to €4.3 m on a reported basis (up 38.2% like for like), in particular with the increase, as expected, in its core businesses of in-store media selling.
Over the first nine months of 2026 (up 25.3% reported; up 2.3% like for like), the Retail Activation division (63.3% of the Group’s reported gross profit including Sogec) showed growth of 20.5% on a reported basis and no change on a like-for-like basis, business in the Retail Agencies division (19% of the Group’s reported gross profit) remained virtually stable, down 0.1%, and the Retail Media division (17.7% of the Group’s reported gross profit including Budgetbox) grew 113.9% on a reported basis and 22.3% like for like.
Business growth in France
| FRANCE | Gross Profit (€ m) | 2026 Reported/2025 change |
2026 LFL/2025 change | % Total gross profit Reported | ||
| 2026 Reported | 2026 LFL | 2025 | ||||
| Q1 | 18.18 | 14.43 | 13.58 | +33.8% | +6.2% | 91.2% |
| Q2 | 17.78 | 14.10 | 13.31 | +33.6% | +6.0% | 92.2% |
| Q3 | 17.71 | 14.44 | 13.92 | +27.2% | +3.7% | 92.5% |
| 9-month total | 53.67 | 42.97 | 40.81 | +31.5% | +5.3% | 92.0% |
In France, reported gross profit totalled €17.71 m in Q3 2026 up 27.2%, including €3.27 m in margin relating to Sogec and Budgetbox businesses. Excluding these acquisitions in 2025, the businesses posted organic growth of 3.7% in Q3 2026 to €14.44 m like for like. The Retail Activation division (up 23.6% on a reported basis with Sogec and down 3% on a like-for-like basis excluding Sogec) declined slightly over the quarter, as expected, after the strong momentum in the first half. The development of the solutions HighCo Nifty (mobile coupons) and HighCo Merely (promotion management SaaS platform) is moving forward, and the number of e-coupons processed continues to rise. Businesses in the Retail Agencies division showed a decline over the quarter (down 3.3%). The gross profit of the Retail Media division posted growth, as expected (up 87.6% reported with Budgetbox and up 38.2% like for like excluding Budgetbox), as the historical in-store media selling businesses benefit from a favourable comparative base.
In the first nine months of 2026, business in France grew (up 31.5% reported, up 5.3% like for like), accounting for 92% of the Group’s reported gross profit.
Decline in International businesses
| INTERNATIONAL | Gross Profit (€ m) | 2026/2025 Change | % Total gross profit Reported | |
| 2026 | 2025 | |||
| Q1 | 1.75 | 2.19 | -20.1% | 8.8% |
| Q2 | 1.50 | 1.88 | -19.8% | 7.8% |
| Q3 | 1.45 | 1.72 | -15.7% | 7.5% |
| 9-month total | 4.70 | 5.78 | -18.7% | 8.0% |
International businesses declined by 15.7% to €1.45 m in Q3 2026.
In Belgium, gross profit fell by 17.8% to €1.27 m given the continued significant decline in the activities of coupon processing and cashback programme management over the quarter.
Businesses in Spain showed growth of 2.6% and accounted for 0.9% of the Group’s reported gross profit.
For the first nine months of 2026, International businesses fell 18.7% to €4.7 m and account for 8% of the Group’s reported gross profit.
CSR STRATEGY: ECOVADIS GOLD MEDAL RENEWED
In September 2026, HighCo’s “Gold” medal was renewed by EcoVadis as recognition for its CSR performance and responsible purchasing, with an overall score of 85 out of 100 and a strong increase of 7 points. This detailed assessment measures the maturity of CSR policies and actions taken based on 21 criteria grouped into four themes: Environment, Labour and Human Rights, Ethics, and Sustainable Procurement. HighCo has therefore maintained its ranking in the top 5% of companies assessed by EcoVadis.
The Group continues its sustainability actions, with the development of its strategic roadmap to 2030: “Impact 2030”.
REFINED GUIDANCE FOR 2026
Based on the reported business performance in Q3, in line with forecasts, and the business levels expected for Q4, the Group has refined its guidance for 2026:
- Gross profit of more than €77 m including the acquisitions of Sogec and Budgetbox activities over the full year, for growth of more than 15% (reported 2025 gross profit: €66.65 m);
- Adjusted operating margin (adjusted headline PBIT/gross profit) of slightly more than 13% (2025 adjusted operating margin: 12.1%).
In the fourth quarter, the Group’s financial resources will mainly be allocated to restructuring Sogec’s businesses.
CONFIRMATION OF A SIGNIFICANT IMPROVEMENT IN PROFITABILITY AS OF 2027
As announced in September, the Group’s strategy to refocus its activities and transform its business, under way since 2025, will begin to pay off. As a result, HighCo expects a significant improvement in its profitability, with adjusted operating margin of more than 15% as of 2027.
About HighCo
HighCo is a marketing and communication expert that supports brands and retailers in implementing their promotion activations. Its unique operational model covers campaign design, delivery, processing and monitoring.
Listed in compartment C of Euronext Paris, and eligible for SME equity savings plans (“PEA-PME”), HighCo has more than 500 employees.
HighCo has achieved a Gold rating from EcoVadis, meaning that the Group is ranked in the top 5% of companies in terms of CSR performance and responsible purchasing.
Your contacts
Cécile Collina-Hue Nicolas Cassar
Managing Director Press Relations
+33 1 77 75 65 06 +33 4 88 71 35 46
comfi@highco.com n.cassar@highco.com
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Q4 2026 and FY 2026 Gross Profit: Wednesday, 27 January 2027
HighCo is a component stock of the indices CAC® Small (CACS), CAC® Mid&Small (CACMS), CAC® All-Tradable (CACT), Euronext® Tech Croissance (FRTPR) and Enternext® PEA-PME 150 (ENPME).
ISIN: FR0000054231
Reuters: HIGH.PA
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This English translation is for the convenience of English-speaking readers. Consequently, the translation may not be relied upon to sustain any legal claim, nor should it be used as the basis of any legal opinion. HighCo expressly disclaims all liability for any inaccuracy herein.
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