PARIS, FRANCE – Yannick Bolloré, CEO and Chairman of Havas, said: “Havas delivered a strong third quarter, achieving +3.8% organic growth in net revenue and demonstrating impressive commercial momentum, with notable new business wins both during the period and more recently, establishing a strong foundation for the future. Our Converged.AI strategy continues to drive measurable impact, helping clients operationalize AI across their marketing ecosystems with greater precision and efficiency. The launch of Horizon Global, our new joint venture with Horizon Media, marks a major strategic milestone, combining our strengths in a seamless, AI-native solution tailored to US-centric global client opportunities and the evolving demands of modern marketers. We remain committed to our strategic objectives and focused on scaling innovation, creativity, and performance across all markets. I want to thank our teams for their dedication and our clients for the trust they place in us.”
Third-Quarter And Nine-Month 2025 Key Figures
Business Review
During the third quarter of 2025, Havas recorded a strong organic performance. It posted net revenue¹ of 656 million euros, up +3.8% organically compared to the same period of 2024, which benefited from a favorable level of comparison (organic growth of -2.3% in third-quarter 2024). This satisfactory performance is attributable to underlying business development in each division during the third quarter of 2025, notably in the Healthcare division.
Changes in the scope of consolidation² had a positive 1.0% impact on net revenue, while changes in foreign exchange rates³ had a negative 3.9% impact. This impact is notably due to the decrease in the US dollar and Latin American currencies compared to the same period last year (for detailed figures, please see the appendix to this press release).
Revenue for third quarter 2025 totaled 681 million euros, up 1.1% as reported compared to the third quarter of 2024 (up 3.9% on an organic basis).
For the first nine months of 2025, Havas recorded organic growth of +2.8%. This satisfactory performance is notably sustained by robust growth recorded with the Group’s top 30 clients, in accordance with the strategy of boosting service cross-fertilization with existing clients (In-Business).
Organic Net Revenue Growth By Geographical Region
Europe: In the third quarter of 2025, net revenue was up +1.9% in Europe on an organic basis, compared to the same period in 2024. The United Kingdom (especially Havas Creative and Havas Media) delivered robust net revenue organic growth, while France recorded a negative performance, mainly due to an unfavorable comparison basis last year (Olympic Games).
North America: The region once again recorded solid momentum, turning in a very strong organic performance of +7.4% versus the same prior-year period. While the region benefited from a favorable comparison basis during the quarter, it is important to note that Havas Health – which recorded double digit organic growth in the third quarter of 2025 – also succeeded in increasing the budgets allocated by its existing clients, thereby demonstrating its capacity to generate growth momentum, as well as the renewed trust of its partners.
APAC & Africa: After anegative performance in the second quarter of 2025, the region returned to positive organic growth, with net revenue up +8.2% in the third quarter compared to the same period last year.
Latin America: Revenue contracted by -4.6% in the region in the third quarter of 2025 compared to the same period of 2024, impacted by the very unfavorable comparison basis last year (+18.3% organic growth in third-quarter 2024) and less client spending in Brazil and Chile. Organic growth remained satisfactory for the first nine months of 2025, up +3.8% compared to the same period of last year.
Third-Quarter 2025 Highlights
Acquisitions
During the third quarter of 2025, Havas continued its bolt-on acquisition strategy with the majority acquisition of Tidart, a leading independent Spanish digital performance agency. This addition strengthens Havas’ capabilities across digital, performance and e-commerce, while Tidart’s portfolio of long- and mid-tail Spanish clients complements Havas’ existing base of large-scale accounts.
Partnerships
On September 29, 2025, Havas and Horizon Media Holdings announced the formation of a new joint venture, Horizon Global, uniting two of the industry’s most respected media leaders with a combined $20 billion in global billings. Designed as an AI-native solution, Horizon Global was launched to meet the evolving needs of modern marketers. This joint venture will focus on US-centric global client opportunities. Outside of this scope, Horizon Media and Havas Media Network will continue to operate independently, servicing their respective client portfolios, pursuing new business and building their brand profiles.
Share Buyback Program
During the third quarter of 2025, Havas bought back 8,769 thousand ordinary shares for an average price of €1.5024 per ordinary share.
From the beginning of the program, on June 2, 2025, until September 30, 2025, 11,372 thousand ordinary shares were bought back for an average price of €1.5025 per ordinary share.
Reverse Share Split
On October 9, 2025, Havas announced that it will implement a reverse share split at a ratio of 10 to 1, affecting all outstanding ordinary shares. This transaction, approved at the AGM on May 28, 2025, will take effect on November 18, 2025.
The number of ordinary shares will thus be divided by 10, from 991.8 million to 99.2 million, with the nominal value increasing from €0.20 to €2.
For more detailed information, a dedicated press release is available on Havas’ website, in the investor relations, regulated information section.
Outlook
Backed by its robust strategic assets and its talented teams, Havas approaches the year-end with heightened confidence, while remaining cautious amid ongoing geopolitical tensions, trade pressures and political uncertainties.
Havas confirms its guidance for fiscal year 2025, and sharpens it upwards:
- Net revenue organic growth: a range of between +2.5% and +3.0% (versus previous guidance of above +2.0%);
- Adjusted EBIT margin: an improvement of around +50 basis points, equivalent to around 12.9% (versus previous guidance of between 12.5% and 13.5%);
- Dividend payout ratio of around 40% (unchanged).
The Group also confirms its medium-term financial targets for fiscal year 2028:
- Adjusted EBIT margin between 14.0% and 15.0%;
- Dividend payout ratio of around 40%.
