Havas Raises Annual Forecasts After Strong Third Quarter Driven by North America

A US-Driven Dynamic and a Return to Growth in Asia

The third quarter of 2025 confirms the positive trajectory for Havas, with an accelerated growth compared to the first half of the year. Over nine months, organic growth stands at +2.8%, indicating a well-distributed activity across its geographical divisions.
The performance is particularly noteworthy in North America, which accounts for nearly one-third of the group's revenue and shows a 7.4% increase during the period. This region benefits from the acquisition of new accounts—such as Centene, SEI, Morton Salt, Activision Blizzard, and Olive Garden—as well as strong growth in the Havas Health division, whose revenues surged in double digits thanks to the expansion of existing contracts.

In Europe, which generates about half of the group's revenue, growth reached 1.9% in the third quarter after a first half limited to 1.3%, supported notably by strong results in the United Kingdom.
The Asia-Pacific and Africa region, which was down in the second quarter, rebounded by 8.2% after unfavorable base effects disappeared. Meanwhile, Latin America saw a decline of 4.6% due to a tough comparison with an exceptional first half.

Annual Targets Raised and a Flourishing AI Strategy

In response to this momentum, Havas is adjusting its ambitions for 2025. The group now targets an annual organic growth rate between 2.5% and 3%, up from the previous 2%, and expects an adjusted EBIT margin of around 12.9%. Medium-term targets—a margin between 14% and 15% by 2028 and the distribution of about 40% of net profit—are reaffirmed.

This operational strength is partly driven by the rise of Converged.AI, the in-house operating system launched in 2024, which combines the group's expertise in creativity, media, production, and technology. Havas is also continuing its €400 million investment plan over four years to enhance its data and artificial intelligence capabilities.

The group is further expanding its network through targeted acquisitions, such as the purchase of the Spanish agency Tidart in July, which specializes in digital performance and e-commerce. By the end of the year, two to four new deals could be finalized, as part of a pace of about ten acquisitions per year, contributing an additional €40 to €50 million in revenue.

A Strategic Alliance with Horizon Media

At the end of September, Havas took a significant step in its international expansion by creating Horizon Global, a joint venture established with the American firm Horizon Media Holdings.
This joint entity, handling nearly $20 billion in media spending, aims to provide an integrated offering for major global advertisers. Horizon contributes its American presence, while Havas leverages its European and international reach. Together, they will develop the BluConverged platform, a merger of their proprietary technologies, to offer a media buying experience enhanced by artificial intelligence.

Autonomy regained after separating from Vivendi

Since its exit from the Vivendi group and its listing on Euronext Amsterdam at the end of 2024, Havas has gained increased strategic latitude. The group launched a 50 million euro share buyback program and plans a ten-to-one reverse stock split on November 18, 2025, aimed at enhancing the stock's visibility and administrative management.
As of October 10, approximately 12.3 million shares had been repurchased at an average price of 1.50 euros each.

The leadership, headed by Yannick Bolloré and François Laroze, is pleased with the group's resilience in the face of macroeconomic tensions and the advertising slowdown observed in certain markets.
"Havas has demonstrated its ability to maintain advertiser confidence despite a challenging pricing environment, » stated the CEO, highlighting the strength of its client portfolio. Recent clients include British Telecom, Campari, BBC, and Hugo Boss, which continue their longstanding collaboration with the group.

With nearly 23,000 employees in over 100 countries, Havas aims to continue its path of independent growth, focusing on innovation and the integration of artificial intelligence at the core of its operations.
Its strategy, based on the convergence of creativity, media, and technology, now positions the group among the top performers in the sector, alongside its competitor Publicis, which is also experiencing growth.