Havas (HAVAS) Q2 2026 earnings summary

Executive summary

• Net revenue for H1 2026 reached €1,362 million, up 1.2% year-over-year, with organic growth of 2.5%.

• Adjusted EBIT rose 4.2% to €150 million, with margin improving by 30 basis points to 11.0% year-over-year.

• Net income, Group share, increased by 13.5% to €84 million compared to H1 2025.

• Performance achieved despite volatile macroeconomic conditions and limited exposure to the Middle East.

• Eight acquisitions completed, including significant investments in sports marketing, corporate PR, and AI/data tech.

Financial highlights

• Revenue for H1 2026 was €1,416 million (+0.6% YoY); net revenue €1,362 million (+1.2% YoY).

• Adjusted EBIT margin improved to 11.0% from 10.7% in H1 2025.

• Net income, Group share, up 13.5% YoY to €84 million; net financial expenses decreased to €7 million from €17 million YoY.

• Effective tax rate reduced to 13.6% from 31.8% in H1 2025.

• Net cash position at June 2026 was (€76 million), with available liquidity of €1,301 million.

Outlook and guidance

• Guidance for full year 2026 confirmed: organic growth between 2.0% and 3.0%, adjusted EBIT margin of 13.2% to 13.5%, payout ratio around 40%.

• Midterm target: adjusted EBIT margin of 14.0% to 15.0% by 2028.

• Expectation that Middle East conditions will remain stable in H2; guidance reaffirmed.