Strategy: A Decisive Semester for HPS, Analysts Believe

In 2023, HPS announced its AccelR8 plan, which aims to gradually shift the company's operations towards a more recurring and scalable SaaS model. As previously communicated by management, this transition phase is expected to temporarily pressure the Group's revenues and margins but should ultimately lead to a structural improvement in profitability. According to management, tangible signs of this evolution should begin to emerge in the second half of 2025 and fully materialize by 2026. The Group is clearly making progress in executing its strategic roadmap, as evidenced by a record backlog of 1.7 billion MAD at the end of September 2025, representing a 91.5% year-to-date increase, as noted by CFG Bank analysts in a report published on December 1. "This unprecedented level provides strong medium-term visibility and reinforces management's confidence in maintaining its FY-2025 guidance, despite short-term adverse currency effects," they explain. However, the performance in the first half of 2025 was impacted by a negative currency effect of 53 million MAD on revenues and a currency loss of 26 million MAD, related to a pure conversion effect from the accounts of foreign subsidiaries. This impact, which is difficult to effectively cover, is temporary and does not reflect a deterioration in the Group's fundamentals. Analysts maintain a positive outlook on the stock, supported by both the strategic strength of the AccelR8 plan and HPS's proven execution track record. CFG Bank comments, "The second half of 2025 is a decisive step for validating the guidance and demonstrating management's ability to realize the scaling of this plan," valuing the stock at 763 MAD, which represents a potential upside of 44.0% compared to the current share price.