HPS: Revenue Growth of 14.8% in the First Half (-8.7% on a Proforma Basis)

In the second quarter of 2025, HPS recorded consolidated revenue of 354 million MAD, representing a 22.5% increase compared to Q2 2024. For the first half of the year, revenues reached 663 million MAD, reflecting a growth of 14.8% and 21.6% at constant exchange rates. However, this performance was impacted by two mechanical factors: the transition to SaaS, which delays revenue recognition (an effect already observed in Q1), and the unfavorable evolution of the US dollar, which reduced revenue by 39 million MAD, resulting in an impact of -6.8%. These factors are considered temporary and do not affect the structural growth trajectory, which is supported by the increasing number of SaaS contracts signed in 2023 and 2024. These contracts are expected to gradually start generating revenue from mid-2025.