Havas (HAVAS) Q3 2026 TU earnings summary

Executive summary

• Q3 net revenue was €703m, up 7.2% reported and 2.4% organically; 9M net revenue was €2,065m, up 3.1% reported and 2.5% organically.

• North America led Q3 with 7.5% organic growth; Asia Pacific and Africa and Latin America declined.

• FY26 organic growth and adjusted EBIT margin guidance were reaffirmed; 2028 targets also remained unchanged.

Financial highlights

• Q3 net revenue growth comprised 2.4% organic growth, 3.2% scope and 1.6% FX; reported growth was 7.2%.

• 9M net revenue growth comprised 2.5% organic growth, 2.5% scope and -1.9% FX; reported growth was 3.1%.

• Q3 revenue was €724m, up 6.3% YoY; 9M revenue was €2,140m, up 2.4% reported.

Outlook and guidance

• FY26 organic net revenue growth guidance remained 2.0%-3.0%; adjusted EBIT margin guidance remained 13.2%-13.5%, implying 30-60 bps improvement.

• 2028 adjusted EBIT margin target remained 14.0%-15.0%; dividend payout ratio target remained ~40%.

• Q4 market conditions are assumed broadly similar to current conditions; visibility remains limited amid macroeconomic and geopolitical uncertainty.

• Bolt-on M&A strategy targets 5-10 acquisitions annually, adding €40m-€50m of net revenue on average at higher profitability than the overall business.