Havas posts €656M net revenue in Q3, organic growth hits +3.8%: Report

Havas recorded organic net revenue growth of +3.8% in the third quarter of 2025, driven by strong performance in the United States. The agency also raised its full-year guidance, projecting organic net revenue growth of 2.5-3.0% and an adjusted EBIT margin of around 12.9% for 2025.

In Q3 2025, the agency posted net revenue of €656 million, up 3.8% organically compared to the same period in 2024, which had reported -2.3% growth. On a reported basis, revenue rose 1.1% to €681 million, reflecting a +1.0% contribution from acquisitions and a -3.9% impact from foreign exchange, mainly due to declines in the US dollar and Latin American currencies.

Regional Performance:

• Europe: Organic net revenue grew 1.9%, with the UK performing strongly through Havas Creative and Havas Media, while France declined due to last year’s Olympic Games comparison.
• North America: Recorded 7.4% organic growth, supported by double-digit growth at Havas Health and increased budgets from existing clients.
• APAC & Africa: Returned to positive growth with +8.2% in Q3 after a negative performance in Q2.
• Latin America: Revenue fell 4.6% in Q3, following a strong previous-year performance (+18.3%), with lower client spending in Brazil and Chile. Organic growth for the first nine months remained +3.8%.

During the quarter, the agency acquired a majority stake in Tidart, a Spanish digital performance agency, to strengthen digital, performance, and e-commerce capabilities.

It also launched Horizon Global, a joint venture with Horizon Media Holdings on September 29, combining $20 billion in global billings. The venture is designed as an AI-native solution for US-centric global client opportunities, while both Havas and Horizon Media continue to operate independently for other markets.

The agency bought back 8.77 million shares in Q3, adding to a total of 11.37 million shares repurchased since June 2, 2025. It announced a 10-to-1 reverse share split effective November 18, reducing the total shares from 991.8 million to 99.2 million and raising the nominal value from €0.20 to €2.

Commenting on the quarter report of the agency, 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. We remain committed to our strategic objectives and focused on scaling innovation, creativity, and performance across all markets.”

The agency confirmed its full-year 2025 guidance, now expecting:

• Net revenue organic growth: 2.5-3.0% (previously above 2.0%)
• Adjusted EBIT margin: 12.9% (up 50 basis points)
• Dividend payout ratio: 40%

For the medium term, the group targets an adjusted EBIT margin of 14-15% and a dividend payout ratio of 40% by 2028.

The agency attributed Q3 growth to its top 30 clients, cross-divisional synergies, and expansion in healthcare, while cautioning that geopolitical tensions, trade pressures, and political uncertainties remain potential risks.