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India among bright spots as Havas posts steady growth in first half of 2025
Havas reported steady first-half growth in 2025, with India emerging as a key contributor amid strong North American gains and expanding AI-led operations.
Global advertising holding group Havas posted steady growth for the first half of 2025, with emerging markets like India contributing positively to overall momentum. The company highlighted solid organic growth, improved profitability, and progress on its AI-driven transformation.
Net revenue rose to €1.35 billion, an increase of 2.9% compared to the same period in 2024, with organic growth at 2.3%. The pace picked up in the second quarter, which saw organic growth of 2.6%, compared to 2.1% in the first quarter.
“Havas has delivered a solid first half of the year, achieving organic growth of +2.3% and driving dynamic new business momentum, particularly in North America, along with numerous integrated wins we are especially proud of,” said Yannick Bolloré, Chairman and CEO of Havas.
India, part of Havas’s broader APAC strategy, was among the better-performing markets in a region otherwise weighed down by reduced client spending in China.
“The rollout of our global strategy and operating system, launched one year ago and now evolved into Converged.AI to reflect its expanded capabilities, is clearly bearing fruit and delivering meaningful impact for our clients worldwide,” Bollore said.
While APAC and Africa, which together account for 9% of the company’s revenue, declined by 1.8% in the first half, India continued to see client activity strengthen. Havas is expanding its AI-driven product suite across markets, with local teams, including in India, being trained on Converged.AI to support integrated campaigns.
“As we continue to scale our AI-powered product suite, we are committed to equipping all our teams with the knowledge and tools to fully embrace its potential, ensuring that technology and creativity reinforce one another across every part of our organization.”
North America Leads, Europe Stable, LatAm Strong
North America delivered standout performance, with organic revenue up 4.6% in the second quarter and 3.9% for the first half. The company attributed this to strong double-digit growth in Havas Health, its healthcare communications unit.
Europe, which still makes up 50% of total revenue, grew modestly at 1.3%, with solid second-quarter gains in France and the UK. Latin America, comprising 6% of revenue, saw organic growth of 8.6%, though it slowed slightly in Q2.
Profits Up, Costs Under Control
Adjusted EBIT rose 8.3% to €144 million, with a 50 basis point improvement in margins, which reached 10.7%. Personnel costs were kept in check, rising only 1.6%, and restructuring costs fell to €7 million from €11 million a year earlier.
The company’s net income rose slightly to €74 million, up from €71 million in the same period of 2024. Currency fluctuations, particularly the depreciation of the Brazilian real, Mexican peso, and Indian rupee, weighed on overall results, leading to a €10 million net forex loss.
Havas also benefited from a lower tax rate - 31.8% compared to 39.3% in the first half of 2024—thanks to a new tax grouping mechanism implemented in France and Spain.
“We are maintaining a strong pace in M&A, with five new agency acquisitions completed during the first half of the year, and continue to forge strategic partnerships, most recently with Ostro and YouGov. I would like to take this opportunity to thank all our clients for their continued trust, as well as our teams for their dedication and outstanding creativity that continues to set us apart.”
Strong Cash Flow, Shareholder Returns Continue
Operating cash flow before working capital changes rose to €117 million from €104 million a year earlier. Working capital remained negative but improved, while capital expenditures held steady at €15 million.
Shareholders received €84 million in dividends, and the company bought back €4 million worth of shares. Financial investments fell significantly to €25 million, from €76 million a year earlier, indicating a more selective approach to M&A.
With growing traction in markets like India, a ramp-up in AI-powered solutions and stable financial footing, Havas reaffirmed its full-year 2025 guidance.
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