High Co. SA

High Co reported strong activity growth in the first half of 2026, with organic growth described as very good and positive standalone results from its international activities, particularly in Belgium and Spain. The company said its restructuring, which involves social and economic negotiations including potential job reductions, weighed on first-half results and carries a provision of around EUR 3 million, with operational savings of a similar amount expected to materialize in the second half. High Co is integrating Budget Box and Retail Activation, which contributed negatively to short-term performance but are expected to generate synergies and support future growth. The company maintains a positive net cash position with solid cash flow, and its free share attribution plan has been validated, representing up to 3% of the capital, while its share buyback program remains ongoing. Management cited continued growth in retail media, the full benefit of the restructuring, and the Budget Box integration as key drivers for the second half, while noting inflationary pressures, tariff uncertainties, and a consolidating French retail market where major distributors such as Carrefour and Intermarche are gaining share.

HighCo reported a strong first-half 2026 performance, with adjusted headline PBIT up 25% to €6.32 million and adjusted attributable net income up 29.5% to €5 million, prompting the company to revise its full-year guidance. Gross profit rose 26.7% on a reported basis to €39.21 million, including contributions from Sogec and Budgetbox, while like-for-like growth was 2.7% to €31.79 million, driven by France. The company now expects 2026 gross profit of more than €77 million, down from a previous forecast of more than €78 million, and an adjusted operating margin of close to 13%, up from a prior estimate of more than 12%. HighCo also anticipates a significant improvement in profitability starting in 2027, with adjusted operating margin expected to exceed 15%. The results include €5.54 million in restructuring costs related to Sogec, which involves a job protection plan for 64 employees.

HighCo posted second-quarter 2026 gross profit of €19.29 million on a reported basis, a 27% increase that includes the Sogec and Budgetbox acquisitions, while like-for-like gross profit rose 2.8% to €15.61 million. First-half reported gross profit reached €39.21 million, up 26.7%, with like-for-like growth of 2.7% to €31.79 million. The company confirmed its full-year 2026 guidance of more than €78 million in gross profit and an adjusted operating margin above 12%, and said it expects a rise in adjusted headline PBIT for the first half with an adjusted operating margin slightly above 16%. Growth was driven by France, where reported gross profit climbed 33.6% in the second quarter, while international business declined 19.8%. The restructuring of Sogec businesses is proceeding, with a job protection plan approved for 64 employees.