Havas says India lifted APAC growth in 2025; plans 5-10 acquisitions in 2026

New Delhi: Havas announced on Tuesday that its net income for the group rose 9.2% to 189 million euros in 2025, as net revenue increased to 2,783 million euros and organic growth came in at 3.1%, slightly above its guidance.

Net income for the year stood at 210 million euros, up 11.1%, while adjusted EBIT rose 5.9% to 358 million euros. 

APAC & Africa contributed 9% of net revenue and posted organic growth of 1.7% for the full year, with Havas attributing momentum in the region to India. In the fourth quarter, APAC & Africa grew 1.8% organically, again supported by India, the company said.

Havas said it ended 2025 with net cash of € 207 million, broadly stable compared to € 211 million a year earlier. Cash and cash equivalents stood at 294 million euros, while gross debt was 87 million euros. Available liquidity was 1,288 million euros.

Operating cash flow from activities after working capital rose 53% to 360 million euros, compared to 235 million euros in 2024. The group said working capital swung to an inflow of 27 million euros in 2025, from an outflow of 71 million euros a year earlier. Capital expenditure was largely flat at 36 million euros.

The company also detailed its regional and business line mix for 2025. Europe contributed 50% of net revenue and grew 2.0% organically in the full year. North America contributed 34% and grew 4.9% organically. Latin America contributed 7% and grew 3.6% organically. 

By business line, Havas Media accounted for 38% of net revenue, Havas Creative 40%, and Havas Health 22%.

In the fourth quarter, net revenue reached 781 million euros, up 3.7% organically, as all geographies posted positive year-on-year organic growth. For the full year, revenue was 2,913 million euros, up 1.7% versus 2024, with foreign exchange acting as a drag, led by moves in the US dollar and British pound.

Yannick Bolloré, Chairman and CEO of Havas, said the company’s first full year as a listed entity was “transformative” and credited delivery against guidance to a client-centric model and its Converged.AI Operating System.

“2025 was a transformative year for Havas, marking our first full year as a listed company and one in which we moved forward with the rollout of our global plan and Converged.AI Operating System. Focused on our strategic vision, we fully delivered on our guidance with strong results, including organic growth of +3.1% and an Adjusted EBIT margin of 12.9%. These achievements reflect the strength of our client-centric model and our position as the strongest challenger in a highly competitive market,” Bolloré said.

On costs, Havas said personnel expenses stood at 1,887 million euros in 2025. Headcount was 22,641 at the end of December 2025, compared to 22,610 a year earlier, including 303 employees from newly acquired agencies. Restructuring costs were 22 million euros, down from 29 million euros in 2024.

The group said it continued with bolt-on acquisitions in 2025, taking majority stakes in 11 agencies during the year. In the fourth quarter, it acquired five majority stakes, spanning corporate and financial communications, data consulting and engineering, experiential marketing, and media agency capabilities across Germany, France, the United Kingdom, Australia and New Zealand, and Belgium.

It also announced strategic partnerships and minority investments intended to strengthen AI-enabled insights and media infrastructure, including Vurvey Labs and Akkio, as part of a wider push to embed “agentic” capabilities into its operating system.

For 2026, Havas guided for organic growth in net revenue of between 2.0% and 3.0%. It expects an adjusted EBIT margin of between 13.2% and 13.5% and a dividend payout ratio of around 40%.

Crucially, the group said it intends to accelerate acquisitions, targeting five to ten majority stakes in 2026. It has already announced two acquisitions since the start of 2026, including a majority stake in Acento Public Affairs in Spain and Ctrl Digital in Sweden, as it looks to add public affairs, measurement, analytics and data activation capabilities in key markets.

Havas said its medium-term targets remain unchanged, including an adjusted EBIT margin of 14.0% to 15.0% by 2028, alongside a dividend payout ratio of around 40%. 

The company said its next general shareholders’ meeting is scheduled for May 13, 2026, in Amsterdam, where it will propose a dividend of 0.80 euros per ordinary share for the 2025 financial year and seek renewal of a share buyback authorisation of up to 10% of issued share capital for 18 months.