Havas: Net revenue up 7.2% in third quarter, driven by acquisitions and currency effects
Havas published net revenue of €703 million in the third quarter on October 14, 2026, up 7.2% year-over-year, and confirmed all its annual targets. In this growth, the scope effect related to acquisitions contributed 3.2% and currency effects 1.6%, for organic growth of 2.4%.
The structure of growth has changed compared to last year. In the third quarter of 2025, organic growth reached 3.8%, while currency effects reduced published growth by 3.9%. A year later, the currency effect has become positive again and the contribution from acquired agencies has increased from 1.0% to 3.2%.
Gross revenue for the quarter reached €724 million, up 6.3%.
North America at +7.5%, Asia-Pacific-Africa and Latin America in decline
With €246 million in net revenue in the third quarter, North America posted organic growth of 7.5%, following 7.4% and 6.4% in the first two quarters. According to the group, the Creative and Media divisions benefited from client budgets won last year. Havas Health, meanwhile, continued to suffer from the effect of a reduced number of product launches in the United States, as several molecules were not launched following their phase III trials.
Europe, the group's leading market with €349 million, grew 1.7% organically, supported by France (particularly in Media), Spain and Poland. The United Kingdom remained in a difficult situation, and a new organization, called London Village, was put in place in early September.
Conversely, the Asia-Pacific-Africa region (€62 million) declined 6.7%, penalized by China and the Middle East, while India remained well-oriented. Over nine months, approximately half of the 5.5% decline in the region is attributable to the Middle East, the other half to China. In the third quarter, Latin America's net revenue grew 8.0% in published figures, to €46 million, but declined 4.3% organically, mainly due to Mexico and Peru.
Eight agencies acquired since January, currency effects back in positive territory
Since the beginning of 2026, Havas has finalized eight majority stake acquisitions, of which only one in the third quarter: Dutch sports marketing agency SportVibes, in July. The group indicates it achieves an average of eight to ten acquisitions per year (eleven in 2025), representing approximately €40 to €50 million in annualized net revenue. Acquired agencies contributed €21 million in net revenue during the quarter and €50 million over nine months.
The currency effect, negative 5.8% in the first quarter and then negative 1.2% in the second, contributed positively by 1.6% in the third quarter, thanks to the performance of the dollar, sterling and Argentine peso against the euro. Over nine months, it remains negative 1.9%. Cumulative net revenue thus stands at €2,065 million, up 3.1%, for organic growth of 2.5%, virtually stable from quarter to quarter (2.5%, 2.5% then 2.4%).
At the same time, the group acquired approximately 28.88 million Louis Hachette Group shares between March 23 and September 29, 2026 (2.61% of capital), then approximately 12 million Canal+ shares from October 2 to 6 (1.21% of capital). Havas clarifies that these financial investments have no impact on its strategy, guidance or acquisition policy. A liquidity program was also launched on October 1 on Euronext Amsterdam, leading to the suspension of the share buyback program, under which approximately 510,000 shares had been repurchased since January for approximately €8.5 million.
2026 targets and 2028 objectives confirmed
Havas confirmed its objectives for fiscal year 2026: organic growth in net revenue between 2.0% and 3.0%, adjusted EBIT margin between 13.2% and 13.5% and a distribution rate of approximately 40%. The group also confirmed its targets for fiscal year 2028, with an adjusted EBIT margin between 14.0% and 15.0% and a distribution rate of approximately 40%.
Havas does not anticipate any significant change in market conditions in the fourth quarter and maintains the assumption of a broadly similar environment through year-end. Its direct exposure to the Middle East (Dubai, Oman, Saudi Arabia and Israel) represented 1.6% of net revenue at the end of September 2026, and the group indicates that the situation in the region has no significant effect on its accounts.
According to the analyst consensus surveyed, the stock trades at approximately 8.3 times expected earnings for the current fiscal year. With organic growth of 2.5% over nine months, Havas is within the 2.0% to 3.0% range it targets for the full 2026 fiscal year.
