Havas sets 2026 growth and margin targets

Havas reported net revenue of 2,783 million euros in 2025, delivering organic growth of 3.1 percent and exceeding its guidance range of 2.5 percent to 3.0 percent. Adjusted EBIT reached 358 million euros, resulting in a margin of 12.9 percent, up 50 basis points year on year and in line with expectations.

Net income rose to 210 million euros, up 11.1 percent, while net income attributable to the Group increased 9.2 percent to 189 million euros. Operating cash flow after working capital climbed 53 percent to 360 million euros.

Financial performance strengthens margins

Revenue for the full year stood at 2,913 million euros, up 1.7 percent compared to 2024. Scope effects contributed 1.1 percent to growth, while foreign exchange movements had a negative 2.5 percent impact, mainly due to the US dollar and British pound.

Adjusted EBIT increased 5.9 percent year on year. The margin improvement to 12.9 percent reflects tighter control of personnel costs, which totaled 1,887 million euros. Headcount remained stable at 22,641 employees at the end of December, including staff from newly acquired agencies.

Cash flow and balance sheet remain solid

Operating cash flow before working capital reached 333 million euros, compared to 306 million euros in 2024. After a 27 million euro inflow from working capital changes, operating cash flow amounted to 360 million euros, up from 235 million euros a year earlier.

Net cash stood at 207 million euros at year-end, compared to 211 million euros in 2024. Gross debt totaled 87 million euros, with cash and cash equivalents of 294 million euros. Available liquidity reached 1,288 million euros.

Q4 growth driven by all regions

In the fourth quarter, net revenue reached 781 million euros, up 3.7 percent on an organic basis. Including a positive 0.9 percent scope effect and a negative 3.9 percent foreign exchange impact, total growth was 0.5 percent.

All regions contributed to organic growth in the quarter. Europe, representing 50 percent of net revenue, posted 3.5 percent organic growth, supported by Spain, Italy and Portugal. North America grew 4.6 percent organically, driven by Havas Media and Havas Creative. APAC and Africa reported 1.8 percent growth, while Latin America returned to growth with a 3.2 percent increase.

Acquisitions and partnerships expand capabilities

During the fourth quarter, Havas acquired majority stakes in five agencies across Germany, France, the United Kingdom, Australia, New Zealand and Belgium. Over the full year, the Group completed 11 majority acquisitions, within its target range of five to ten.

The company also entered partnerships with US-based AI platforms Vurvey Labs and Akkio, integrating their capabilities across its networks. Havas began a collaboration with Horizon through Horizon Global, reporting early progress with shared clients in Europe.

Yannick Bolloré, Chairman and CEO, Havas: "2025 was a transformative year for Havas, marking our first full year as a listed company and one in which we moved forward with the rollout of our global plan and Converged.AI Operating System. Focused on our strategic vision, we fully delivered on our guidance with strong results, including organic growth of +3.1% and, an Adjusted EBIT margin of 12.9%. These achievements reflect the strength of our client centric model and our position as the strongest challenger in a highly competitive market.

We continued to evolve as an AI driven organization fueled by human ingenuity, where technology amplifies human creativity rather than replacing it. We also expanded our capabilities with a series of strategic acquisitions across key markets and high growth sectors, further strengthening our global footprint.

Guided by our renewed ambition, Growth Powered by Desire, we are committed to helping brands stand out, build preference and become more desirable in an increasingly complex world. We firmly believe that desirable brands create desirable results, driving performance, strengthening long-term brand equity and generating lasting value for our clients. In parallel, we are accelerating talent transformation, making AI proficiency accessible to all and advancing the rollout of AVA, our global LLM portal designed to bring secure, centralized access to the world’s most advanced models.

I would like to thank our clients for their continued trust and our teams for their exceptional creativity and commitment. Together, we are laying the foundations for the next chapter in Havas’ story."

2026 outlook and shareholder proposals

For 2026, Havas forecasts organic growth between 2.0 percent and 3.0 percent and an adjusted EBIT margin between 13.2 percent and 13.5 percent. The Group expects a dividend payout ratio of around 40 percent and plans to complete five to ten majority acquisitions during the year.

The company confirmed its medium-term target of achieving an adjusted EBIT margin between 14.0 percent and 15.0 percent by 2028, alongside a dividend payout ratio of around 40 percent.

The General Shareholders’ Meeting will take place on May 13, 2026, in Amsterdam. Shareholders will vote on a proposed dividend of 0.80 euros per ordinary share for the 2025 financial year and on the renewal of the share buyback program, allowing repurchases of up to 10 percent of issued share capital over 18 months.

www.havas.com

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