- Resilient organic growth of +2.4% in Q3 2026, driven in particular by solid performance in the United States (+7.5%)
- Strong contribution from acquisitions: +3.2% in Q3 2026, reflecting the active strategy of acquiring bolt-on and targeted independent agencies
- Full-year 2026 guidance is confirmed
- Organic growth1: from +2.0% to +3.0%
- Adjusted EBIT margin2: from 13.2% to 13.5%
- Dividend payout ratio3 of around 40%
Regulatory News:
Yannick Bolloré, Chairman and CEO of Havas (AEX:HAVAS), said: "Havas delivered a solid third quarter, achieving organic growth in net revenue of +2.4%, in line with our full-year guidance. This performance reflects the resilience of our client-centric model in a macroeconomic and geopolitical environment that remains uncertain. Despite this backdrop, the strength of our fundamentals, together with our ability to adapt and win new business, give us confidence in our capacity to deliver sustainable, profitable growth.
We remain firmly focused on our strategic priorities: advancing the deployment of our Converged.AI Operating System, investing responsibly in AI and preparing our talent for the continued transformation of our industry. We are also continuing to bring our talent, expertise and solutions together more seamlessly across the Group, helping clients build more desirable brands and reinforcing our position as a trusted business partner.
Our disciplined approach to acquisitions is further strengthening the capabilities we bring to clients while supporting growth, and we will remain active in pursuing selected opportunities that support our long-term strategy.
I would like to thank our clients for their continued trust and our teams for their dedication."
For definitions of Alternative Performance Measures and non-IFRS measures, see the financial glossary appended to this press release.
THIRD QUARTER AND NINE-MONTH 2026 KEY FIGURES
in millions of euros (unaudited and rounded figures) | Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 |
Revenue | 724 | 681 | 2,140 | 2,089 |
Net revenue | 703 | 656 | 2,065 | 2,002 |
% total growth | +7.2% | +0.9% | +3.1% | +2.2% |
% organic growth | +2.4% | +3.8% | +2.5% | +2.8% |
scope effect | +3.2% | +1.0% | +2.5% | +1.2% |
forex effect | +1.6% | -3.9% | -1.9% | -1.8% |
BUSINESS REVIEW
During the third quarter of 2026, Havas recorded a solid performance.
Revenue increased by +6.3% to 724 million euros.
Net revenue4 reached 703 million euros, an increase of +7.2% compared with the third quarter last year.
Havas recorded organic growth of +2.4% compared with the same period in 2025 (organic growth of +3.8% in third-quarter 2025).
This satisfactory performance is attributable in particular to the Media and Creative divisions. Havas Health was still impacted by lower launch activity in the United States, as a number of molecules did not advance to launch following Phase III trial outcomes.
Scope effect had a positive +3.2% contribution to net revenue growth, compared with the third quarter last year. This reflects the active strategy of acquiring (majority stakes) bolt-on and targeted independent agencies, from the beginning of 2026 and in late 2025.
The main contributors to the change in scope during the quarter were:
Acento (Spain), Eyesight (France), Styleheads (Germany), Archrival (United States) and SportVibes (Netherlands), agencies acquired since the beginning of 2026;
- Gauly Advisors (Germany), Unnest (France), Bearded Kitten (United Kingdom), agencies acquired during the fourth quarter of 2025.
After two quarters of negative impact (-5.8% in Q1 2026 and -1.2% in Q2 2026), the foreign exchange rate effect5 turned positive in the third quarter 2026 at +1.6% of contribution to the net revenue growth, compared with the same period in 2025. This is mainly due to the US dollar, British pound and Argentine peso, which evolved, more favorably, against the euro.
NET REVENUE ORGANIC GROWTH BY GEOGRAPHICAL REGION
Organic growth in (unaudited and rounded figures) | Q1 2026 | Q2 2026 | H1 2026 | Q3 2026 | 9M 2026 |
Europe | +1.1% | +0.3% | +0.7% | +1.7% | +1,0% |
North America | +7.4% | +6.4% | +6.9% | +7.5% | +7.1% |
APAC and Africa | -6.2% | -3.5% | -4.8% | -6.7% | -5.5% |
Latin America | -0.6% | +7.7% | +4.0% | -4.3% | +1,0% |
Group total | +2.5% | +2.5% | +2.5% | +2.4% | +2.5% |
Europe performed well with organic performance of +1.7% in the third quarter of 2026 compared with the same period in 2025. Growth was supported by contributions from France, particularly in Media, as well as Spain and Poland. Performance in the United Kingdom remained challenging and a new London Village organization was implemented at the beginning of September.
At the end of September 2026, Europe recorded organic growth of +1.0% compared with the same period in 2025.
North America once again recorded solid momentum, delivering strong organic growth of +7.5% compared with the same period in 2025. This performance was driven by both the Creative and Media divisions, which continued to benefit from client budget wins secured last year. However, Havas Health remained affected by lower launch activity in the third quarter of 2026, reflecting a number of molecules that did not advance to launch following Phase III trial outcomes.
At the end of September 2026, North America recorded organic growth of +7.1%, compared with the same period in 2025.
Asia Pacific and Africa recorded negative organic growth of -6.7% in the third quarter, compared with the same period last year. The region continued to be impacted by China and by the Middle East, where activity remained affected by the ongoing geopolitical conflict throughout the quarter (see "Exposure to Middle East" below). India continued to perform well.
At the end of September 2026, the organic performance for Asia Pacific and Africa was -5.5% for the first nine months of the year, compared with the same period in 2025. Approximately half of this decline reflected weaker activity in the Middle East, with the other half attributable to China. India remained positive over the period.
Latin America delivered contrasting results in the third quarter and recorded -4.3% organic growth compared with the same period last year. This organic performance was primarily impacted by Mexico and Peru. The strong performance of Brazil and Chile was not sufficient to offset these declines.
At the end of September 2026, the organic performance for Latin America remained positive at +1.0%, compared with the same period in 2025.
ACQUISITIONS OF INDEPENDENT AGENCIES (MAJORITY STAKES)
Since the beginning of 2026, the Group has continued its strategy of bolt-on and targeted acquisitions and completed eight majority-stake acquisitions, of which:
- four agencies acquired in the first quarter; for further details, please refer to the first-quarter 2026 financial press release6
- three agencies acquired in the second quarter; for further details, please refer to the first-half 2026 financial press release7; and
- one agency acquired in the third quarter: in July 2026, Havas acquired SportVibes, a leading Dutch sports marketing agency, strengthening Havas Play's offering across Benelux and enhancing its sports marketing capabilities in Europe.
Havas intends to pursue its strategy of bolt-on and targeted acquisitions in the future. The strategy has delivered value, with an average of eight to ten acquisitions per year (eleven in 2025), representing approximately €40 million to €50 million of annualized net revenue. These acquisitions are generally completed at profitability levels above the Group average, making them accretive to the Group's margin profile.
FINANCIAL INVESTMENTS
- Louis Hachette Group shares
From July 1, 2026, to September 29, 2026, around 5.3 million Louis Hachette Group shares (ISIN code FR001400TL40) were bought at 1.75 euros per share, average share price.
From March 23, 2026, to September 29, 2026, around 28.88 million Louis Hachette Group shares were bought at 1.6760 euros per share, average share price, representing 2.61% of Louis Hachette Group share capital.
- Canal+ shares
From October 2 to 6, 2026, around 12 million Canal+ shares (ISIN code FR001400T0D6) were bought at 2.1739 pounds per share, average share price, representing 1.21% of Canal+ share capital.
These opportunistic financial investments have no impact on Havas' strategy, financial guidance or bolt-on acquisition policy. Havas' strategic priority remains the continued development of its business.
LIQUIDITY PROGRAM
As of October 1, 2026, Havas announces that it has initiated a program to support the liquidity of Havas' ordinary shares.
This share management program (the "Liquidity Program") aims to support the trading and liquidity of Havas' ordinary shares on Euronext Amsterdam.
The Liquidity Program falls within the authorization granted by the Shareholders' Meeting on May 13, 2026 (Authorization of the Board of Directors to acquire fully paid-up shares in the Company's own share capital), has an initial period of 12 months, and is automatically renewable for successive 12-month periods.
SHARE BUYBACK PROGRAM
- During the third quarter of 2026, Havas bought back around 66 thousand ordinary shares at an average price of €18.42 per ordinary share.
- From the beginning of the year, until September 30, 2026, around 510 thousand ordinary shares were bought back at an average price of €16.65 per ordinary share. This represents a cash outflow of around 8.5 million euros.
As announced on September 30, 20268, the share buyback program was suspended upon the launch of the Liquidity Program and will remain suspended for its duration.
OUTLOOK
Havas continues to operate in a macroeconomic and geopolitical environment characterized by uncertainty. Against this backdrop, the Group remains cautious and focused on the disciplined execution of its strategy and on supporting clients across its markets.
Exposure to the Middle East
Havas has limited direct 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 at the end of September 2026. The Group confirms that these events have no material impact on its financial statements.
The region continued to decline in the third quarter, notably in Saudi Arabia, reflecting the ongoing impact of the geopolitical conflict. While the direct impact on the Group remains limited, the ongoing conflict continues to impact activity in the region and creates uncertainty for other agencies serving Middle Eastern clients. Given the lack of visibility, Havas remains cautious and continues to monitor the situation closely. The Group's mid-to-long-term growth ambitions in the region, supported by the continued development of the Creative Powerhouse, remain unchanged.
Guidance
While visibility remains limited, Havas does not anticipate any significant change in market conditions in the fourth quarter and continues to assume a broadly similar operating environment through year-end. The Group enters the final months of 2026 with solid fundamentals and confidence in the resilience of its business model, while remaining mindful of the macroeconomic and geopolitical uncertainties that persist. Havas will continue to build on the strengths of its integrated and client-centric model, diversified geographic footprint, and strong client relationships.
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
Speaker: François Laroze, Chief Financial Officer and Chief Operating Officer.
Date: October 14, 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.
Audio webcast link and slides of the presentation will be available on the company's website www.havas.com/investor-relations-shareholders
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 Chapter 5, "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 N.V. 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.
The financial information included in this press release has not been audited and has not been subject to any limited review by Havas N.V.'s statutory auditors.
This press release refers to certain non-IFRS financial measures, or alternative performance measures, used by Havas N.V. 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 by Havas N.V. 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 condensed interim consolidated 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-months period ended June 30, 2026.
APPENDIX
Q3 AND NINE-MONTH 2026 DETAILED FIGURES
in millions of euros | Q3 2026 | Q3 2025 | % change
| % change
| % change
|
Revenue | 724 | 681 | +6.3% | +4.8% | +1.7% |
Net revenue | 703 | 656 | +7.2% | +5.7% | +2.4% |
Europe | 349 | 325 | +7.3% | +7.0% | +1.7% |
North America | 246 | 223 | +10.1% | +8.8% | +7.5% |
APAC and Africa | 62 | 64 | -4.1% | -4.6% | -6.7% |
Latin America | 46 | 43 | +8.0% | -4.3% | -4.3% |
Group total | 703 | 656 | +7.2% | +5.7% | +2.4% |
in millions of euros | 9M 2026 | 9M 2025 | % change
| % change
| % change
|
Revenue | 2,140 | 2,089 | +2.4% | +4.3% | +1.8% |
Net revenue | 2,065 | 2,002 | +3.1% | +5.1% | +2.5% |
Europe | 1,038 | 994 | +4.4% | +5.1% | +1.0% |
North America | 721 | 700 | +3.0% | +7.8% | +7.1% |
APAC and Africa | 170 | 180 | -5.4% | -2.2% | -5.5% |
Latin America | 136 | 128 | +6.2% | +1.0% | +1.0% |
Group total | 2,065 | 2,002 | +3.1% | +5.1% | +2.5% |
CALCULATION OF ORGANIC GROWTH AND CURRENCY EFFECTS
Organic growth 9M 2026
| Q1 2026 | Q2 2026 | Q3 2026 | 9M 2026 | Foreign exchange rate effect at September 30, 2026
| Q1 2026 | Q2 2026 | Q3 2026 | 9M 2026 | |
2025 net revenue | 649 | 697 | 656 | 2,002 | USD (2) | -25.9 | -7.6 | +2.7 | -30.8 | |
Foreign exchange rate effect (2) | -38 | -8 | +9 | -37 | GBP (2) | -4.8 | -2.5 | +0.4 | -7.0 | |
2025 net revenue at 2026 exchange rates (a) | 611 | 689 | 665 | 1,965 | ARS (2) | -1.4 | -0.3 | +1.7 | 0.0 | |
2026 net revenue before acquisitions | 627 | 707 | 682 | 2,015 | INR (2) | -1.5 | -1.2 | -1.3 | -4.0 | |
Net revenue from acquisitions (1) (a') | +11 | +17 | +21 | +50 | MXN (2) | +0.5 | +1.7 | +2.0 | +4.1 | |
2026 net revenue (b) | 638 | 724 | 703 | 2,065 | Other | -4.7 | +1.4 | +4.0 | +0.7 | |
Organic growth (b/(a+ a') | +2.5% | +2.5% | +2.4% | +2.5% | Total foreign exchange effect | -37.8 | -8.5 | +9.5 | -36.8 |
(1) Acquisitions, main contributors are: Acento, Eyesight, Styleheads, Archrival, SportVibes, Gauly Advisors, Unnest, Bearded Kitten
(2) EUR USD 1.162 on average at the end of Sept. 2026 vs USD 1.110 on average at the end of Sept. 2025
EUR GBP 0.866 on average at the end of Sept. 2026 vs GBP 0.847 on average at the end of Sept. 2025
EUR INR 108.984 on average at the end of Sept. 2026 vs INR 95.597 on average at the end of Sept. 2025
EUR ARS 1 730.64 on average at the end of Sept. 2026 vs ARS 1 729.37 on average at the end of Sept. 2025
EUR MXN 20.280 on average at the end of Sept. 2026 vs MXN 21.765 on average at the end of Sept. 2025
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)? |
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 Earning Before Interest and Taxes) including the impact of restructuring charges? |
Foreign exchange rate effect | Contribution of the change in the foreign exchange rate (or currency) to total growth? |
Margin | Calculated as a percentage of Net revenue? |
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 pockets costs and other third-party expenses)? |
Organic growth, like-for-like | Growth achieved through internal business activities at constant currency and perimeter? |
Scope effect | Contribution of perimeter variation (including M&A operations and divestments) to total growth? |
Total growth | Growth in net revenue over a specified period (including organic growth, Scope effect and FX effect) year-on-year equivalent? |
1 Organic growth is a non-IFRS measure defined in the financial glossary appended to this press release.
2 Adjusted EBIT margin is a non-IFRS measure defined in the financial glossary appended to this press release.
3 Dividend payout ratio is a non-IFRS measure defined in the financial glossary appended to this press release.
4 Net revenue is a non-IFRS measure defined in the financial glossary appended to this press release.
5 Forex effect is a non-IFRS measure defined in the financial glossary appended to this press release.
6 https://www.havas.com/press_release/havas-maintains-its-positive-momentum-with-a-solid-first-quarter-reporting-a-net-revenue-organic-growth-of-2-5/
7 https://www.havas.com/press_release/havas-reports-solid-h1-2026-results-with-organic-growth-of-2-5-and-further-improvement-in-adjusted-ebit-margin/
8 https://www.havas.com/wp-content/uploads/2026/09/pr_liquidity-agreement-implementation.pdf
View source version on businesswire.com: https://www.businesswire.com/news/home/20261014964113/en/
Contacts:
For more information, please contact:
Charlotte Rambaud
Global Chief Communications Officer
charlotte.rambaud@havas.com
+33 6 64 67 66 27
Delphine Maillet
Group Head of Investor Relations
delphine.maillet@havas.com
+33 6 80 36 18 12
Kristin Calmes
Global Senior Communications Officer
kristin.calmes@havas.com
+33 6 08 40 76 27
