Havas (HAVAS) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 net revenue reached €656 million, up 0.9% year-over-year, with organic growth of 3.8%, led by strong U.S. and Healthcare performance and a rebound in Asia Pacific.

• Nine-month 2025 net revenue totaled €2,002 million, up 2.2% year-over-year, with organic growth of 2.8% and all regions except Latin America contributing positively.

• Full-year 2025 organic growth guidance was raised to 2.5%-3.0%, reflecting commercial momentum, new business wins, and strategic partnerships.

• Launched Horizon Global joint venture with Horizon Media to expand international reach and deliver AI-native solutions for US-centric global clients.

• Continued focus on client retention, cross-selling, and integrated service model, with AI adoption accelerating across the business.

Financial highlights

• Q3 2025 organic growth accelerated to 3.8%, with total growth of 0.9% and a negative forex impact of -3.9%.

• Nine-month 2025 organic growth was 2.8%, with a 1.2% scope effect and -1.8% forex impact.

• Adjusted EBIT margin guidance for 2025 set at 12.9%, up 50 basis points from previous guidance.

• Q3 2025 net revenue by region: Europe €325M (+1.9% organic), North America €223M (+7.4%), APAC & Africa €64M (+8.2%), Latin America €43M (-4.6%).

• M&A activity contributed 1% to Q3 growth, with 2-4 more deals expected by year-end.

Outlook and guidance

• Full-year 2025 organic net revenue growth guidance raised to 2.5%-3.0%.

• Adjusted EBIT margin for 2025 expected at 12.9%, with a mid-term (2028) target of 14.0–15.0%.

• Dividend payout ratio maintained at around 40%.

• No change to pay-to-ratio or mid-term margin targets.