Mumbai: Havas has delivered a solid financial performance for fiscal year 2025, fully achieving its guidance with organic growth of +3.1% and an Adjusted EBIT margin of 12.9%, up 50 basis points from 12.4% in 2024.
Net revenue for the year reached €2,783 million, supported by strong organic growth slightly above the upper end of the +2.5% to +3.0% guidance range. Adjusted EBIT stood at €358 million, representing a margin of 12.9%. Net income rose 11.1% to €210 million, while Net income, Group share, increased 9.2% to €189 million. Operating cash flow after working capital surged 53% to €360 million.
Yannick Bolloré, Chairman and CEO of Havas, said, “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.”
Strong Q4 Momentum
The fourth quarter of 2025 saw continued growth, with net revenue reaching €781 million, up +3.7% organically. After accounting for a positive scope effect of 0.9% and a negative foreign exchange impact of 3.9%, total reported growth for the quarter stood at +0.5%.
For the full year, revenue amounted to €2,913 million, up 1.7% compared to 2024. Organic growth came in at +3.1%, a sharp turnaround from -0.8% a year earlier.
Performance by Business Line and Geography
Net revenue contributions came from Havas Media (38%), Havas Creative (40%) and Havas Health (22%).
Regionally, all geographies posted positive organic growth in Q4:
- Europe (50% of net revenue): +3.5% in Q4; +2.0% for full year 2025.
- North America (34%): +4.6% in Q4; +4.9% for the full year, driven by Media and Creative.
- APAC & Africa (9%): +1.8% in Q4; +1.7% for full year, supported by India.
- Latin America (7%): +3.2% in Q4; +3.6% for full year.
Profitability and Financial Structure
Adjusted EBIT rose 5.9% year-on-year to €358 million. Headcount stood at 22,641 at year-end, including 303 employees from newly acquired agencies. Restructuring costs declined to €22 million from €29 million in 2024.
Net financial expense improved to €34 million, while the effective tax rate fell to 30.1% following the implementation of new tax groups in France and Spain. Net income attributable to the Group increased to €189 million.
The Group ended 2025 with consolidated equity of €1,841 million and net cash of €207 million. Gross debt totaled €87 million, with available liquidity of €1,288 million.
Acquisitions and Partnerships
During 2025, Havas acquired majority stakes in 11 agencies, meeting its annual acquisition target. In the fourth quarter alone, it acquired five agencies across Germany, France, the UK, Australia, New Zealand and Belgium, strengthening advisory, experiential, data and media capabilities.
The Group also entered strategic partnerships with US-based AI platforms Vurvey Labs and Akkio to enhance its Converged.AI Operating System and agentic AI capabilities. Since the start of 2026, Havas has announced additional majority stake acquisitions in Spain and Sweden.
Shareholder Returns
In 2025, contributions to shareholders totaled €97 million, including €79 million paid to Havas N.V. shareholders. The company also initiated a share buyback programme, repurchasing 1,647,650 ordinary shares at an average price of €14.99 per share.
A reverse share split at a ratio of 10 to 1 took effect on November 18, 2025.
2026 Guidance and Medium-Term Targets
Looking ahead, Havas unveiled its 2026 guidance:
- Organic growth in net revenue between +2.0% and +3.0%
- Adjusted EBIT margin between 13.2% and 13.5%
- Dividend payout ratio of around 40%
The Group also reaffirmed its medium-term 2028 targets of a 14.0%–15.0% Adjusted EBIT margin and a dividend payout ratio of around 40%, while planning five to ten majority stake acquisitions in 2026.
Despite ongoing macroeconomic and geopolitical uncertainty, Havas stated it remains confident in its integrated model, AI-driven capabilities and diversified geographic footprint to deliver sustainable growth.
