HighCo Reports Strong Half-Year 2026 Results

HighCo, a French retail technology firm, announced robust financial results for the first half of 2026, marking a significant improvement in its profitability and strategic focus. The company reported a 25% increase in adjusted headline profit before interest and tax (PBIT) to €6.32 million, and a 29.5% rise in adjusted attributable net income to €5 million. These gains were driven by strong business activity in France, where the company experienced a 33.7% increase in gross profit.

HighCo's success is largely attributed to the growth of its Retail Activation division, which saw a 22.3% increase in reported gross profit to €25.56 million, and a 2.5% increase on a like-for-like basis. The division's success can be traced to the continued development of HighCo Nifty and HighCo Merely, as well as a 120% increase in the volume of e-coupons processed on retailers' proprietary channels. The Retail Agencies division also showed steady growth, with a 1.4% increase in reported gross profit to €7.64 million. The Retail Media division experienced the most significant growth, increasing by 137.7% to €6.01 million, reflecting an 7.8% increase on a like-for-like basis.

In France, the bulk of the company's growth was recorded, with reported gross profit reaching €35.96 million, up 33.7%. This growth is a testament to the positive momentum in France, particularly in the Retail Activation division, which posted a 32.5% increase in reported gross profit and a 7.9% increase on a like-for-like basis. Despite this strong performance, international businesses saw a decline of 20%, with reported gross profit falling to €3.25 million.

HighCo's financial health is reflected in its operating cash flow, which increased by €2.85 million to €6.49 million, excluding the impact of IFRS 16. The company's net cash position also remained strong, with a surplus of €83.63 million at the end of June 2026, up €6.8 million from the end of December 2025.

For the first half of 2026, HighCo revised its guidance for the year, forecasting a gross profit of more than €77 million, a slight reduction from the initial target of more than €78 million. The adjusted operating margin is expected to be around 13%, up from the previous guidance of more than 12%. The company plans to continue its restructuring efforts, including a job protection plan for 64 employees, and to resume its share buyback program.

Didier Chabassieu, Chairman of the Management Board, expressed satisfaction with the company's performance, stating, "In the first half of 2026, HighCo delivered a sound performance, with like-for-like growth of 2.7% in gross profit and financial results on the rise. The Group expects a significant improvement in its profitability with adjusted operating margin of more than 15% as of 2027."

The company's achievements come against a backdrop of changes in the consumer goods market. Despite a 2.4% growth in value in the first half of 2026, the market is witnessing a shift towards promoting more sustainable and local options. Promotions remain the primary method for consumers to manage their spending on food, according to a recent Elabe report. HighCo's Retail Media division has capitalized on this trend, with new collaborations and campaigns designed to support brands in attracting and retaining consumers.

HighCo's Retail Activation division has seen significant growth, driven by promotional campaigns in E.Leclerc stores around football and Intermarché's Fort Boyard license. The division's HighCo Nifty mobile coupons and HighCo Merely platform for monitoring business action plans have also seen substantial development, with the former seeing a fourfold increase in the number of offers and an eightfold increase in the number of coupons used.

HighCo's financial strength and strategic focus on key segments of the retail market position the company well for future growth. The company's commitment to sustainable and innovative solutions, coupled with its strong financial performance, sets the stage for continued success in the retail technology space.