Havas Reports Solid H1 2025 Results with +2.3% Organic Growth and 8.3% Rise in Adjusted EBIT

Jul. 31, 2025

Key financial highlights at end-June 2025:

• Net revenue of 1,346 million euros, up 2.9%, sustained by organic growth of +2.3%
• Acceleration in organic growth during the second quarter of 2025 to +2.6%, compared to +2.1% in the first quarter
• Adjusted EBIT of 144 million euros, up 8.3% year on year, 50 basis point improvement in adjusted EBIT margin, compared to same period last year
• 2025 guidance reaffirmed

Yannick Bollore, CEO and Chairman of Havas, said:

“Havas has delivered a solid first half of the year, achieving organic growth of +2.3% and driving dynamic new business momentum, particularly in North America, along with numerous integrated wins we are especially proud of. The rollout of our global strategy and operating system, launched one year ago and now evolved into Converged.AI to reflect its expanded capabilities, is clearly bearing fruit and delivering meaningful impact for our clients worldwide. As we continue to scale our AI-powered product suite, we are committed to equipping all our teams with the knowledge and tools to fully embrace its potential, ensuring that technology and creativity reinforce one another across every part of our organization. We are maintaining a strong pace in M&A, with five new agency acquisitions completed during the first half of the year, and continue to forge strategic partnerships, most recently with Ostro and YouGov. I would like to take this opportunity to thank all our clients for their continued trust, as well as our teams for their dedication and outstanding creativity that continues to set us apart.” 

 

For definitions of Alternative Performance Measures, or non-IFRS measures, please refer to the financial glossary, also appended to this press release.

Continued acceleration in organic growth during second-quarter 2025

• The second quarter of 2025 was another quarter of growth acceleration for Havas. 
• Net revenue reached 697 million euros, increasing by +2.6% on an organic basis in the second quarter of 2025, compared to +2.1% in the first quarter of 2025.
• After taking into account a positive 1.0% scope effect and a negative 2.7% foreign exchange effect (mainly US dollar, British pound, Brazilian real, Mexican peso) total growth stood at +0.8% for the second quarter of 2025.

Solid performance in the first-half of 2025

• Net revenue came out at 1,346 million euros.
• Net revenue rose by 2.3% on an organic basis, compared to 0% in the same period of 2024.
• Changes in the scope of consolidation had a positive 1.2% impact, while changes in foreign exchange rates had a negative 0.7% impact (mainly Brazilian real, Mexican peso).
• Revenue for the first half of 2025 amounted to 1,408 million euros, an increase of 3.1% compared to the same period in 2024.

Business lines

Net revenue is divided among three main Business Lines: Havas Media (36% of net revenue), Havas Creative (41% of net revenue), and Havas Health (23% of net revenue).

• Europe (50% of net revenue): after a better performance in the second quarter of 2025 compared to the first quarter (net revenue up 2.6% in the second quarter, down 0.2% in the first quarter), organic growth in net revenue came out at 1.3% for the first half of 2025 in Europe. Both France (Havas Creative with BETC mainly) and the United Kingdom (strong performance of Havas Media notably), which are Havas’ main markets in Europe, performed well in the second quarter of 2025, compared with the second quarter of 2024.
• North America (35% of net revenue): organic growth in net revenue accelerated significantly in this region to 4.6% in second quarter 2025, compared to second quarter 2024. This excellent performance was driven by the Havas Health business line, whose double-digit organic growth accelerated in the second quarter versus first quarter 2025.  As a result, organic growth in North America came out at a solid 3.9% for the first half of 2025. For reminder, the basis comparison for the North America region was -6.4% organic growth for the first half of 2024.
• APAC & Africa (9% of net revenue): this region experienced a negative performance in second quarter 2025, mainly due to less client spending in China. In first half 2025, net revenue was down 1.8%.
• Latin America (6% of net revenue): after several quarters of sustainable growth, the Latin America region recorded a slowdown in second-quarter 2025 compared to first-quarter 2025. 

Organic growth remained very satisfactory for the first half of the year, up 8.6%, compared to the same period of last year. 

ANALYSIS OF FIRST-HALF 2025 FINANCIAL PERFORMANCE.

• Adjusted EBIT stood at 144 million euros, up 8.3% compared to the first half of 2024.
• Adjusted EBIT margin came out at 10.7%, compared to 10.2% in the first half of 2024, representing a 50 basis point improvement year on year.
• Personnel costs were kept under control, increasing just 1.6% compared to the first half of 2024, below the percentage increase in net revenue.
• Restructuring costs amounted to 7 million euros in the first half of 2025, compared to 11 million euros in the first half of 2024. 
• Net financial expense totalled 17 million euros for the first half of 2025, compared to 4 million euros in the first half of 2024. This deterioration is mainly due to a net loss relating to foreign exchange of 10 million euros in the first half of 2025, compared to zero in the first half of 2024.
• The income tax expense for the first half of 2025 was 37 million euros, compared with 48 million euros in the first half of 2024. The effective income tax rate stood at 31.8% (compared to 39.3% in 2024), thanks to the implementation of the new tax group as from January 1, 2025, in France and Spain.
• Non-controlling interests increased to 6 million euros compared to 3 million euros for the first half of 2024, reflecting a better performance by recent acquisitions.
• Net income attributable to the Group amounted to 74 million euros, an improvement compared to 71 million euros in the first half of 2024.

CASH FLOW GENERATION AND FINANCIAL STRUCTURE

Cash flow generation in the first half of 2025

In the first half of 2025, Operating Cash flow before working capital amounted to a positive 117 million euros, up from 104 million euros in the first half of 2024.

• The change in working capital was negative, amounting to 183 million euros, compared to a negative change of 204 million euros in the first half of 2024.
• Capital expenditure remained almost stable at 15 million euros, compared to 13 million euros in the same period of 2024.
• Financial investments totaled 25 million euros (including payments related to upfronts, buy-outs and earn-outs), down from 76 million euros in the first half of 2024.
• Tax paid amounted to 37 million euros compared to 33 million euros in the first half of 2024.
• Dividends paid to shareholders amounted to 84 million euros, of which 79 million euros were paid to Havas NV shareholders in early June 2025.
• In addition, the Group bought back Havas NV shares in an amount of 4 million euros during the first half of 2025 (see “Share buyback program” below).
• Changes in foreign exchange rates had a negative cash impact of 59 million euros (compared to a positive impact of 8 million euros in the first half of 2024). 

Financial structure

Consolidated equity amounted to 1,755 million euros, compared to 1,907 million euros at the end of December 2024.

As of June 30, 2025, Net cash stood at a negative amount of 79 million euros, compared to a positive amount of 124 million euros at June 30, 2024. Average Net debt amounted to 28 million euros over the period.

At end-June 2025, gross debt totaled 430 million euros, while cash and cash equivalents stood at 351 million euros. The liquidity available was 1,197 million euros.

IRST-HALF 2025 HIGHLIGHTS

Converged.AI

One year after announcing a major strategic pivot, Havas is delivering on its ambition to become an AI-driven organization, fueled by human ingenuity. The group has reaffirmed its commitment to invest €400 million by 2027 in data, technology, and artificial intelligence, a cornerstone of its global transformation. At the heart of this evolution is Converged.AI, Havas’ rebranded global strategy and operating system, which now fully integrates AI across the entire value chain, from targeting and analytics to planning, content personalization, and creative production.

This first year has seen the successful deployment of a fully AI-enabled Converged.AI product suite, designed to enhance performance, agility, and relevance for clients. As Havas enters the second phase of its transformation, the focus shifts to scaling a human-led agentic ecosystem across the organization, where AI agents augment human expertise to deliver faster, more adaptive, and client-centric solutions.