Havas (HAVAS) Q4 2025 earnings summary

Executive summary

• Achieved full-year organic growth of 3.1% and adjusted EBIT margin of 12.9%, both exceeding initial guidance and marking the first full year as a listed company.

• Net income group share increased by 9.2% to €189 million; total net income rose 11.1% to €210 million.

• Recognized for sustainability with a gold medal from EcoVadis, a B rating from CDP, and ranking in the top 5% globally.

• Strengthened client relationships with major wins and high retention, including Emirates, European Commission, BBC, and Hyundai/Kia.

• Launched new strategic positioning and expanded AI-driven capabilities, including AVA and partnerships with Vurvey Labs and Akkio.

Financial highlights

• Net revenue reached €2,783 million, up 1.7% year-over-year, with Q4 organic growth of 3.7%.

• Adjusted EBIT was €358 million, up 5.9% year-over-year, with a margin improvement of 50 bps to 12.9%.

• Operating cash flow after working capital increased by 53% to €360 million.

• Net cash at year-end was €207 million, with available liquidity of €1,288 million.

• Dividend payout ratio proposed at 42%, with €0.80 per share for 2025.

Outlook and guidance

• 2026 guidance: organic growth between 2.0% and 3.0%, adjusted EBIT margin between 13.2% and 13.5%.

• Midterm (2028) EBIT margin guidance of 14.0%–15.0% and 40% dividend payout ratio.

• Plans to acquire 5–10 majority stakes in agencies in 2026.

• No major changes in client behavior or market environment anticipated for 2026.