Havas (HAVAS) Q2 2025 earnings summary

Executive summary

• Net revenue for H1 2025 reached €1,346 million, up 2.9% year-over-year, with organic growth of 2.3% and Q2 acceleration to 2.6%.

• Adjusted EBIT grew 8.3% to €144 million, with margin improving by 50 bps to 10.7%.

• Net income attributable to the Group increased to €74 million, up from €71 million in H1 2024, driven by improved operating performance and lower restructuring charges.

• Strong commercial momentum, especially in North America, supported by new business wins, a converged strategy, and significant investments in data, tech, and AI.

• Five agency acquisitions completed in H1 2025, expanding capabilities in sports, e-commerce, healthcare, and creative sectors.

Financial highlights

• Revenue for H1 2025 was €1,408 million, up 3.1% year-over-year; net revenue at €1,346 million, up 2.9%.

• Adjusted EBIT margin improved to 10.7% from 10.2% in H1 2024.

• Net income, group share, reached €74 million, up 4.2% year-over-year.

• Personnel costs rose 1.6%, below net revenue growth; opex increased 4.7% year-over-year.

• Net financial expense increased to €17 million, mainly due to a €10 million FX loss.

Outlook and guidance

• 2025 guidance confirmed: organic net revenue growth above 2.0%, adjusted EBIT margin between 12.5% and 13.5%, payout ratio around 40%.

• Mid-term (2028) guidance targets adjusted EBIT margin of 14.0%-15.0% and payout ratio around 40%.

• Management remains cautious due to geopolitical, regulatory, and macroeconomic uncertainties.