Havas reported a solid performance in the second quarter of 2025, continuing its trend of growth acceleration despite regional challenges, particularly in the APAC and Africa markets.
The French holding company posted 2.6% organic growth in Q2 revenue, up from 2.1% in Q1, driving first-half organic growth to 2.3% year on year. Net revenue reached €697 million (approx US$728 million) in the quarter, contributing to a first-half total of €1.35 billion (US$1.41 billion), a 2.9% increase year on year.
By business line, Havas Creative accounted for 41%, Havas Media 36%, and Havas Health 23% of net revenue. North America led growth with a 4.6% organic revenue increase in Q2 and 3.9% for the first half, fuelled mainly by a robust rebound in healthcare with double-digit organic growth. Europe also showed positive momentum, with 2.6% organic growth in Q2 and 1.3% for the half, driven predominantly by France and the UK.
In contrast, the APAC and Africa region posted a 4.9% organic decline in Q2, continuing a downturn from Q1 and resulting in a 1.8% decline for the first half. This was largely due to reduced client spending in China, with APAC and Africa contributing just 9% of Havas’s net revenue compared to 35% from North America and 50% from Europe. Latin America remained a bright spot with 2.5% organic growth in Q2 and 8.6% for the half year.
Financially, Havas improved profitability, with adjusted EBIT rising 8.3% year on year to €144 million (US$150 million) and the EBIT margin increasing 50 basis points to 10.7%. Net income grew 8.1% to €80 million (US$84 million). These gains were supported by operational efficiencies, strong new business wins, particularly in North America, and investments in technology, including its AI-powered operating system, Converged.AI, which supports media planning, creative production, and personalisation.
CEO Yannick Bolloré described the first half of 2025 as “solid,” driven by integrated new business wins and the continued rollout of innovative capabilities powered by data, technology, and AI. He added, “We have made good progress across key markets and lines of business, despite ongoing challenges, particularly in Asia-Pacific. Our diversified global presence and strong foothold in growth markets such as North America and Latin America provide a stable foundation for continued expansion. Leveraging our investments in technology and talent, we are well positioned to capitalise on the evolving marketing landscape.”
Looking ahead, Havas is optimistic about the second half of 2025 but remains cautious given ongoing geopolitical tensions and market uncertainties. For 2025, the company expects organic revenue growth above 2%, an adjusted EBIT margin between 12.5% and 13.5%, and plans to maintain dividend payouts around 40%.
