Havas Reports Solid H1 2026 Results With Organic Growth of +2.5% and Further Improvement in Adjusted EBIT Margin
Key financial highlights in first-half 2026:
- Second-quarter net revenue was up +3.8% at 724 million euros, thanks to a stronger M&A contribution and the lower negative impact of foreign exchange currencies
- Net revenue totaled 1,362 million euros, supported by solid organic growth of +2.5%, adjusted EBIT of 150 million euros, for a margin of 11.0%, up 30 basis points from last year
- Net income, Group share increased strongly, up +13.5% to 84 million euros
- Net cash at end-June 2026 stood at (76) million euros, compared with (79) million euros at end-June 2025
Guidance for full-year 2026 is confirmed:
- Organic growth: from +2.0% to +3.0%
- Adjusted EBIT margin: from 13.2% to 13.5%
- Dividend pay-out ratio of around 40%
Regulatory News:
Yannick Bolloré, Chairman and CEO of Havas (AEX:HAVAS), said: “Havas delivered a solid first-half performance in 2026, achieving organic growth of +2.5% and a further 30 basis-point improvement in adjusted EBIT margin. This performance reflects the resilience of our model, the strength of our client relationships, and the continued success of our Converged strategy. We are seeing momentum in New Business across the Group. We are also pleased with the progress at Horizon Global, our joint venture with Horizon Media, as we continue to build a differentiated approach for modern marketers. Additionally, we continue to invest in areas of growing client demand through targeted acquisitions that strengthen our capabilities in sports marketing, experiential activation, and corporate influence, helping our clients build more desirable brands and forge deeper connections with consumers. As our industry evolves, we remain convinced that agencies closest to clients’ needs and businesses, combined with the power of our Converged.AI operating system and our disciplined investment in AI, are best positioned to adapt quickly, anticipate client challenges, and unlock growth. I would like to thank our clients for their continued trust and our teams around the world for their commitment and outstanding work.”
KEY FIGURES
|
In millions of euros (unaudited figures) |
H1 2026 |
H1 2025 |
% change |
|
Revenue |
1,416 |
1,408 |
+0.6% |
|
Net revenue1 |
1,362 |
1,346 |
+1.2% |
|
Organic growth2 |
+2.5% |
+2.3% |
|
|
Adjusted EBIT3 |
150 |
144 |
+4.2% |
|
% margin |
11.0% |
10.7% |
+30bps |
|
Net income |
90 |
80 |
+12.5% |
|
Net income, Group share |
84 |
74 |
+13.5% |
Unaudited consolidated financial statements for the first half ended June 30, 2026, are appended to this press release. For definitions of Alternative Performance Measures, or non-IFRS measures, please refer to the financial glossary, also appended to this press release.
BUSINESS REVIEW
|
Net revenue (unaudited figures) |
Q1 2026 |
Q2 2026 |
H1 2026 |
|
In millions of euros |
638 |
724 |
1,362 |
|
% total growth |
-1.6% |
+3.8% |
+1.2% |
|
% scope effect |
+1.7% |
+2.5% |
+2.1% |
|
% organic growth |
+2.5% |
+2.5% |
+2.5% |
|
% organic growth in 2025 |
+2.1% |
+2.6% |
+2.3% |
|
% forex effect |
-5.8% |
-1.2% |
-3.4% |
Solid organic growth in second-quarter 2026:
The second quarter of 2026 was another solid quarter for Havas:
- Net revenue reached 724 million euros, up +2.5% on an organic basis;
- After considering a positive +2.5% scope effect4 and a negative -1.2% foreign exchange effect5 (mainly in connection with the US dollar and British pound, and also with the Indian rupee and Argentine peso), total growth came out at +3.8% for the second quarter of 2026.
Solid performance in first-half 2026:
- Revenue increased by +0.6% to 1,416 million euros, while pass-through costs declined by -12.9%.
- Net revenue came out at 1,362 million euros, up +2.5% on an organic basis6 (compared with +2.3% one year earlier), in the mid-point of the full-year 2026 guidance.
- Changes in the scope of consolidation had a positive +2.1% impact on growth, while changes in foreign exchange rates had a negative -3.4% impact, mainly reflecting the evolution of the US dollar, British pound, Indian rupee and Argentine peso.
Business Lines
Net revenue reflects the contributions of the three main Business Lines: Havas Media (38% of net revenue), Havas Creative (42% of net revenue), and Havas Health (20% of net revenue).
ORGANIC NET REVENUE GROWTH BY GEOGRAPHICAL REGION
|
Organic growth % (unaudited figures) |
Q1 2026 |
Q2 2026 |
H1 2026 |
|
Europe |
+1.1% |
+0.3% |
+0.7% |
|
North America |
+7.4% |
+6.4% |
+6.9% |
|
APAC and Africa |
-6.2% |
-3.5% |
-4.8% |
|
Latin America |
-0.6% |
+7.7% |
+4.0% |
|
Group total |
+2.5% |
+2.5% |
+2.5% |
Europe (50% of net revenue): organic growth in net revenue stood at +0.3% in the second quarter of 2026 (+2.6% in Q2 2025). While France and the United Kingdom were slightly negative on an organic basis, other markets, such as Germany, Italy, Portugal, Poland, Netherlands and Sweden, were more dynamic, in both the Creative and Media segments. In first-half 2026, year-on-year organic growth for Europe was +0.7% compared with first-half 2025.
North America (35% of net revenue): after a very good start to the year, the American agencies maintained their strong momentum on net revenue with +6.4% organic growth in the second quarter of 2026, driven by both the Creative and Media segments. North America’s year-on-year performance remained particularly strong in the first half of 2026, at +6.9%, despite some impact at Havas Health related to a number of molecules that did not advance to launch following Phase III trial outcomes.
Asia Pacific & Africa (8% of net revenue): APAC & Africa recorded negative organic growth of -3.5% in the second quarter. The region continued to be impacted by China, albeit to a lesser extent than in the first quarter, and by the Middle East, where the decline continued in the second quarter in connection with the geopolitical conflict over the period (see “Exposure to Middle East” below). India remained strongly positive. Organic growth came out at -4.8% for the first six months of 2026.
Latin America (7% of net revenue): the region recorded strong business activity and returned to growth in the second quarter of 2026 (following a contraction in the first quarter), with net revenue increasing by +7.7% year on year. Latin America posted organic growth of +4.0% in the first six months of the year.
ANALYSIS OF FIRST-HALF 2026 FINANCIAL PERFORMANCE
The main items of the consolidated income statements for the first half of 2026 are described below. For more detailed financial information, please refer to the unaudited consolidated financial statements in the appendix.
Adjusted EBIT 7 amounted to 150 million euros, up 4.2% compared with the first half of 2025. This positive evolution mainly reflects tight control over personnel costs (staff costs and share-based compensation expenses amounting to 932 million euros in the first half of 2026), which were stable year-on-year. At the end of June 2026, the headcount stood at 22,960 people, of whom 343 from acquisitions, compared with 22,795 last year. While other operating expenses increased by 15 million euros, depreciation and amortization were stable year-on-year.
Adjusted EBIT margin 8 came out at 11.0%, compared with 10.7% in the first half of 2025, for a 30bp improvement year-on-year.
Restructuring costs amounted to 13 million euros for the first half of 2026, compared with 7 million euros in the first half of 2025. This increase is linked to the continuous improvement of operating efficiency, as well as changes in executive leadership teams in several markets.
Net financial expense totaled 7 million euros in the first half of 2026, compared with 17 million euros in the first half of 2025. This variation resulted mainly from net foreign exchange results equal to zero in first-half 2026 compared with a negative 10 million euros in first-half 2025.
Income taxes for the first half of 2026 amounted to 40 million euros. The effective tax rate improved over the period, reaching 30.6%, compared with 31.8% in first-half 2025.
Net income attributable to non-controlling interests was stable at 6 million euros year-on-year.
Net income, Group share amounted to 84 million euros in first-half 2026, compared with 74 million in first-half 2025, for an increase of +13.5%.
CASH FLOW GENERATION AND FINANCIAL STRUCTURE
The main cash flow and financial position items for the first half of 2026 are described below. For more detailed financial information, please refer to the unaudited consolidated financial statements in the appendix.
Cash flow generation and cash use in the first half of 2026
Operating cash flow generated by activities before working capital9 amounted to 139 million euros in the first half of 2026, up +18.8% (117 million euros in the first half of 2025). This evolution is coherent with the solid growth in net cash provided by operating activities and the trend in working capital.
Changes in working capital represented an outflow of 212 million euros in the first half of 2026, versus an outflow of 183 million euros in the first half of 2025.
Capital expenditure (intangible and tangible assets) decreased slightly to 14 million euros in the first half of 2026, compared with 15 million euros in the first half of 2025.
Financial investment (M&A and financial assets) totaled 98 million euros in the first half of 2026:
- 43 million euros in M&A (including payments related to downpayments, earn-outs and buy-outs);
- 34 million euros in Louis Hachette Group shares (see “Financial Investment” below);
- and 19 million euros in a minority stake in Vurvey Labs (see “Financial Investment” below).
Financial investment totaled 25 million euros in the first half of 2025.
Tax paid amounted to 24 million euros, compared with 37 million euros in first-half 2025, mainly reflecting tax refunds received from the French authority following the implementation of the tax consolidation group in 2025.
Transactions with shareholders amounted to 92 million euros in the first half of 2026, of which 78 million euros to Havas N.V. shareholders paid on May 21, 2026 (see “Dividend” below) and 7 million euros to minorities. In addition, the Company bought back Havas N.V. shares for 7 million euros in first-half 2026 (see “Share buyback program” below), compared with 4 million euros in first-half 2025.
The effect of exchange rate changes on net cash was a positive 18 million euros, compared with a negative 59 million euros in first-half 2025, mainly due to a more favorable euro/dollar trend.
Financial structure
Consolidated equity stood at 1,861 million euros at end-June 2026, compared with 1,841 million euros at end-December 2025.
As of June 30, 2026, net cash 10 stood at (76) million euros, compared with (79) million euros for the same period last year.
At end-June 2026, gross debt totaled 378 million euros, while cash and cash equivalents stood at 302 million euros. Available liquidity 11 totaled 1,301 million euros.
SECOND-QUARTER 2026 HIGHLIGHTS
Client business momentum
In second-quarter 2026, Havas delivered solid New Business performance and continued to generate growth opportunities with both new and existing clients. The Group leveraged its Converged.AI operating system and integrated approach to support client retention and In-Business growth.
Acquisitions of independent agencies (majority stakes)
Since the beginning of 2026, the Group has continued to pursue its strategy of bolt-on and targeted acquisitions and acquired eight majority stakes, of which:
- four agencies acquired in the first quarter: for detailed information, please refer to the first-quarter 2026 financial press release12;
-
three agencies acquired in the second quarter:
- Format (France), a leading independent corporate influence communications firm specializing in media relations, social media, content creator engagement, and content production, has joined forces with Havas Paris and strengthened H/Advisors, the Group’s global strategic advisory and communications network;
- Archrival (United States) an award-winning sports marketing agency with specialized expertise in youth culture, experiential activation, and community engagement, further strengthens Havas Play, the Group’s experiential marketing arm;
- MUT (Spain), a leader in impact-driven experiential marketing and sustainable events, strengthening Havas’ experiential marketing offering in Spain;
- one additional agency in July, after the closing date: SportVibes, see “Events after the reporting date” below.
Horizon Global, operating Joint Venture
After several months of close collaboration, Horizon Global, the operating joint venture between Havas and Horizon Media, continues to make encouraging progress. Recent developments include a strengthening commercial pipeline, substantial expansion potential in the United States and new business wins, including a multi-market assignment.
These developments reflect the growing relevance of Horizon Global’s differentiated offering, increasingly powered by BluConverged and AI-enabled solutions.
FINANCIAL INVESTMENT
Louis Hachette Group shares
From March 23, 2026, to June 26, 2026, 20,551,616 Louis Hachette Group shares were bought at 1.66 euros per share, average share price, representing 2.07% of the share capital of Louis Hachette Group.
For Havas, this represents an attractive financial investment diversification, with no impact on our strategy, guidance, or disciplined approach to capital allocation.
Vurvey Labs
In June 2026, Havas increased its investment in Vurvey Labs, a next-generation agentic intelligence scale-up, combining real consumer interviews with AI-powered agents to help brands uncover deep behavioral insights at scale and translate them into actionable strategies and creative decisions.
This investment totaled 19 million euros.
SHARE BUYBACK AND TREASURY SHARES
On May 13, 2026, Havas N.V. announced the renewal of its share buyback program for its own ordinary shares for a maximum aggregate amount of 50 million euros. This program will remain in effect until the next Annual General Meeting of Shareholders, scheduled for 2027. The purpose of this program may be used to reduce share capital or as a short or long-term incentive for management or employee share plans.
In first-half 2026, Havas N.V. repurchased 448,569 shares at an average price of 16.39 euros per share, for an aggregate amount of around 7 million euros.
From May 14, 2026, to June 30, 2026, Havas N.V. repurchased 37,816 shares at an average price of 16.71 euros per share, for an aggregate amount of around 1 million euros.
As of June 30, 2026, treasury shares were 1,587,219 Havas N.V. ordinary shares (compared with 1,138,650 on December 31, 2025).
DIVIDEND
The Annual General Meeting of Shareholders held on May 13, 2026, approved the distribution for fiscal year 2025 of 0.80 euros per ordinary share.
The distribution, representing a total amount of 78 million euros, was paid on May 21, 2026 (ex-date May 15, 2026).
EVENTS AFTER THE REPORTING DATE
Since June 30, 2026, Havas announced the acquisition of a majority stake in one additional agency:
- SportVibes (Netherlands), a leading Dutch sports marketing agency that helps brands connect with fans through content, live experiences, and influencer campaigns, further enhancing Havas Play’s offering across Benelux and Europe.
OUTLOOK
Exposure to the Middle East
Havas has limited exposure to the Middle East. The Group operates in Dubai, Oman, Saudi Arabia and Israel, which together represented a weighted 1.6% of Group net revenue in the first half of 2026. The region continued to decline in the second quarter, slightly less than the trend observed in March, reflecting the impact of the geopolitical conflict over the period. The Group confirms that these events have no material impact on its financial statements and will continue to monitor the situation closely, taking any necessary action should circumstances evolve. The mid-to-long-term growth opportunity with Creative Powerhouse expansion remained unchanged.
Guidance
Havas enters the second half of 2026 with confidence. Despite an uncertain macroeconomic and geopolitical environment, the Group will continue to build on the strengths of its integrated and client-centric model, diversified geographic footprint, and strong client relationships.
With strong fundamentals in place, Havas will continue to invest through targeted acquisitions and organic investments in areas of growing client demand, including sports marketing, experiential activations, events, strategic advisory, and AI-powered content at scale. The Group will also accelerate the deployment of its Converged.AI operating system across the organization, further enhancing its ability to help clients navigate complexity and unlock growth.
Havas confirms its guidance for fiscal year 2026:
- Organic growth in net revenue of between +2.0% and +3.0% compared with 2025;
- Adjusted EBIT margin of between 13.2% and 13.5% compared with 2025;
- Dividend payout ratio of around 40%.
The Group is also confirming its medium-term financial targets for fiscal year 2028:
- Adjusted EBIT margin of between 14.0% and 15.0%;
- Dividend payout ratio of around 40%.
ANALYST CONFERENCE CALL
Speakers: Yannick Bolloré, Chairman and Chief Executive Officer, and François Laroze, Chief Financial Officer and Chief Operating Officer.
Date: July 23, 2026, at 6:00 pm Paris time – 5:00 pm London time – 12:00 pm New York time.
The conference call will be held in English.
An audio webcast link and slides of the presentation will be available on the company’s website www.havas.com/investor-relations-shareholders
FINANCIAL CALENDAR
Upcoming financial publications and events for 2026:
- Third-quarter 2026 revenue: October 13, 2026
***
About Havas
Founded in 1835 in Paris, Havas is one of the world’s largest global communications groups, with nearly 23,000 people in over 100 countries. With the ambition to help brands unlock Growth, Powered by Desire, Havas brings together creativity, media, technology and production capabilities to build strong, desirable brands that people genuinely want to engage with. Its integrated model is supported by Converged.AI, the Group’s operating system that unifies data, technology and AI to deliver optimized, scalable marketing solutions across the full customer journey. AI-driven, fueled by human ingenuity, and grounded in the belief that desire drives both brand performance and business outcomes, Havas teams collaborate within Havas Villages worldwide to cultivate reputation, relevance and long‑term preference for clients. Havas is equally committed to its people, fostering inclusive, responsible and inspiring workplaces where talent can thrive, because desire also starts from within. Further information is available at www.havas.com.
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND NON-IFRS FINANCIAL MEASURES
This press release is published by Havas N.V. and may contain inside information within the meaning of Article 7(1) of Regulation (EU) No 596/2014, as amended.
Certain statements contained herein may be forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause the Havas Group’s actual results to differ materially from those expressed or implied in such forward-looking statements. Please refer to Section 5.2, “Risk Factors” of the annual report of Havas N.V. for the year ended December 31, 2025, available on Havas N.V.’s corporate website www.havas.com/investor-relations-shareholders/, for a description of certain important factors, risks and uncertainties that may affect the Havas Group’s business and/or results of operations. Havas undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
This press release refers to certain non-IFRS financial measures, or alternative performance measures, used by Havas in analyzing operating trends, financial performance and financial position of the Havas Group and providing investors with additional information considered useful and relevant regarding the results of the Havas Group. These alternative performance measures are not recognized measures under IFRS or any other generally accepted accounting standards, and they generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these alternative performance measures should be considered in isolation from, or as a substitute for, the financial statements and related notes prepared in accordance with IFRS. For a definition of these alternative performance measures and a reconciliation from such alternative performance measure to the relevant line item, subtotal or total presented in the financial statements, please refer to the financial glossary at the end of this press release and Note 7.2.2 to the unaudited consolidated interim financial statements as of and for the six months ended June 30, 2026, included in the financial report of Havas N.V. for the six-month period ended June 30, 2026.
The financial information included in this press release has not been audited or reviewed by an external auditor. In addition, certain calculated figures (including data expressed in thousands or millions) and percentages presented in this press release have been rounded. Where applicable, the totals presented in this press release may slightly differ from the totals that would have been obtained by adding the exact amounts (not rounded) for these calculated figures.
Consolidated income statement Unaudited accounts
|
In millions of euros |
Half-year 2026 |
Half-year 2025 |
|
Revenue |
1,416 |
1,408 |
|
Costs rebilled to customers |
(54) |
(62) |
|
Net revenue |
1,362 |
1,346 |
|
Other operating expenses and income |
(226) |
(211) |
|
Personnel costs |
(929) |
(934) |
|
Depreciation and amortization |
(54) |
(55) |
|
Share based compensation expenses |
(3) |
(2) |
|
Adjusted EBIT |
150 |
144 |
|
Goodwill impairment / earn-out adjustments |
- |
(3) |
|
Restructuring |
(13) |
(7) |
|
Operating income |
137 |
134 |
|
Net financial expense |
(7) |
(17) |
|
Income before tax |
130 |
118 |
|
Income taxes |
(40) |
(37) |
|
Net income |
90 |
80 |
|
Non-controlling interests |
6 |
6 |
|
Net income, Group share |
84 |
74 |
Consolidated balance sheet
Assets Unaudited accounts
|
In millions of euros |
June 30, 2026 |
December 31, 2025 |
|
Non-current assets |
||
|
Goodwill |
2,649 |
2,531 |
|
Intangible assets |
49 |
49 |
|
Property and equipment |
185 |
192 |
|
Right-of-use assets |
241 |
236 |
|
Equity investments |
3 |
3 |
|
Financial assets |
97 |
43 |
|
Deferred tax assets |
61 |
75 |
|
Other non-current financial assets |
16 |
16 |
|
Total non-current assets |
3,301 |
3,145 |
|
Current assets |
||
|
Inventories and work in progress |
175 |
130 |
|
Customer receivables |
2,547 |
2,569 |
|
Current tax receivables |
61 |
75 |
|
Other receivables |
442 |
339 |
|
Other current financial assets |
12 |
10 |
|
Cash and cash equivalents |
302 |
294 |
|
Total current assets |
3,539 |
3,417 |
|
TOTAL ASSETS |
6,840 |
6,562 |
Equity and liabilities Unaudited accounts
|
In millions of euros |
June 30, 2026 |
December 31, 2025 |
|
Shareholders' equity - Group share |
1,834 |
1,810 |
|
Capital |
198 |
198 |
|
Share premium account |
3,167 |
3,167 |
|
Currency translation adjustments |
(93) |
(137) |
|
Treasury shares |
(74) |
(42) |
|
Other reserves and retained earnings |
(1,364) |
(1,376) |
|
Non-controlling interests |
27 |
31 |
|
Total equity |
1,861 |
1,841 |
|
Non-current liabilities |
||
|
Long-term borrowings |
3 |
3 |
|
Lease liabilities over 1 year |
212 |
213 |
|
Earn-out and non-controlling interest buy-out obligations |
223 |
273 |
|
Other long-term provisions |
86 |
89 |
|
Deferred tax liabilities |
54 |
53 |
|
Other non-current liabilities |
4 |
10 |
|
Total non-current liabilities |
582 |
641 |
|
Current liabilities |
||
|
Short-term borrowings |
371 |
79 |
|
Lease liabilities under 1 year |
73 |
71 |
|
Bank overdrafts |
4 |
5 |
|
Earn-out and non-controlling interest buy-out obligations |
139 |
42 |
|
Commitment share-buyback program |
49 |
25 |
|
Short-term provisions |
52 |
57 |
|
Trade payables |
2,352 |
2,603 |
|
Tax payables |
28 |
28 |
|
Other payables |
1,329 |
1,170 |
|
Total current liabilities |
4,397 |
4,080 |
|
TOTAL EQUITY AND LIABILITIES |
6,840 |
6,562 |
Consolidated cash flow statement Unaudited accounts
|
In millions of euros |
June 30, 2026 |
June 30, 2025 |
|
Net income |
90 |
80 |
|
Adjustments of non-cash items |
92 |
82 |
|
Amortization, depreciation and provision for liabilities and charges |
45 |
37 |
|
Current income taxes |
23 |
25 |
|
Change in deferred taxes |
17 |
12 |
|
Share-based compensation expenses |
3 |
2 |
|
Other non-cash transactions |
- |
1 |
|
Financial costs |
4 |
5 |
|
Tax paid |
(24) |
(38) |
|
Change in working capital |
(212) |
(183) |
|
Net cash provided by operating activities |
(54) |
(59) |
|
Purchase of intangible and tangible assets |
(14) |
(15) |
|
Payment for acquisition of subsidiaries, net of cash acquired |
(22) |
(12) |
|
Increase in financial assets |
(55) |
(4) |
|
Loans granted |
(6) |
(3) |
|
Interest received |
12 |
11 |
|
Divestments |
6 |
3 |
|
Net cash used in investing activities |
(79) |
(20) |
|
Dividends paid to Havas shareholders and non-controlling interests |
(85) |
(84) |
|
Purchase of treasury shares |
(7) |
(4) |
|
Disposal of interests/Buy-out payments of non-controlling interests |
(21) |
(9) |
|
Transactions on borrowings |
279 |
401 |
|
Repayment of lease borrowings |
(38) |
(40) |
|
Interests paid on lease liabilities |
(5) |
(5) |
|
Net cash used in financing activities |
123 |
259 |
|
Net increase / (decrease) in cash and cash equivalents, net |
(10) |
180 |
|
Effect of exchange rate changes on cash and cash equivalents, net |
19 |
(59) |
|
Cash and cash equivalents net at opening |
289 |
222 |
|
Cash and cash equivalents net at closing |
298 |
343 |
FINANCIAL GLOSSARY
|
Adjusted EBIT |
Adjusted EBIT represents net income excluding income taxes, interest, other financial income and expenses, goodwill impairment, earn-out adjustments and restructuring charges |
|
Adjusted EBIT margin |
Ratio as a % of (adjusted EBIT) / (net revenue) |
|
bps |
Basis points |
|
Capex |
Cash used for purchases of intangible and tangible assets |
|
Operating cash flow before working capital |
Net cash provided by operating activities for a period, excluding changes in working capital and taxes paid, and including lease payments, as reported in the consolidated financial statements for the same period |
|
Operating cash flow after working capital |
Operating cash flow before working capital, including changes in working capital |
|
Dividend payout ratio |
Target proportion of net income attributable to the shareholders of Havas, the distribution of which would be proposed to the General Shareholders’ Meeting of Havas |
|
EBIT |
Operating income (EBIT – earnings before interest and taxes) including the impact of restructuring charges |
|
Foreign exchange rate change |
Contribution of the change in the foreign exchange rate (or currency) to total growth |
|
Headcount |
Number of people at the end of the month |
|
Like-for-like, organic growth |
Growth achieved through internal business activities at constant currency and perimeter |
|
Available liquidity |
Position of cash and cash equivalents, adding available short-term undrawn credit lines (confirmed and unconfirmed) |
|
Margin |
Calculated as a percentage of net revenue |
|
Net debt / net cash |
Net debt = Long-term debt plus short-term debt, excluding lease liabilities, earn-out obligations and non-controlling interest buy-out obligations, minus cash and cash equivalents. If net debt is negative, then it is equivalent to net cash |
|
Average daily net debt / net cash |
Average net amount of daily net debts from bank account balances and debts |
|
Net revenue |
Equal to revenue in accordance with IFRS 15 less costs rebilled to customers (consisting of pass-through costs rebilled to customers such as out-of-pocket costs and other third-party expenses) |
|
Scope change |
Contribution of perimeter variation (including M&A operations and divestments) to total growth |
|
Total growth = YoY (year-on-year) |
Growth in net revenue over a specified period (including organic growth, scope change and FX change) / year-on-year equivalent |
1 Net revenue is a non-IFRS measure defined in the financial glossary appended to this press release. 2 Organic growth is a non-IFRS measure defined in the financial glossary appended to this press release 3 Adjusted EBIT and adjusted EBIT margin are non-IFRS measures defined in the financial glossary appended to this press release. 4 The scope effect is a non-IFRS measure defined in the financial glossary appended to this press release. 5 The foreign exchange effect is a non-IFRS measure defined in the financial glossary appended to this press release. 6 Organic growth is a non-IFRS measure defined in the financial glossary appended to this press release. 7 Adjusted EBIT is a non-IFRS measure defined in the financial glossary appended to this press release. 8 Adjusted EBIT margin is a non-IFRS measure defined in the financial glossary appended to this press release. 9 Operating cash flow before working capital is a non-IFRS measure defined in the financial glossary appended to this press release 10 Net cash / net debt is a non-IFRS measure defined in the financial glossary appended to this press release. 11 Available liquidity is defined in the financial glossary appended to this press release. 12 www.havas.com/wp-content/uploads/2026/04/2026-04-14-pr-q1-2026_en-vdef.pdf
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