Havas Nv · EURONEXT:HAVAS
Havas Nv — H1 2025 Earnings Presentation
38 slides from Havas Nv's earnings presentation, Jul 29, 2025
Slide 1: 2025 Half-Year Results
2025 HALF-YEAR RESULTS Yannick Bolloré, Chairman & CEO François Laroze, CFO & COO Analyst Presentation - 29 July 2025 1
Slide 2: Disclaimer
DISCLAIMER IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND NON-IFRS FINANCIAL MEASURES Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate plans, strategies
Slide 3: Agenda
AGENDA 01 02 2025 HALF-YEAR 2025 HALF-YEAR HIGHLIGHTS FINANCIAL PERFORMANCE 03 CONCLUSION & Q&A - Half Year 2025 Results 3
Slide 4: 2025 Half-Year Highlights
01 2025: HALF-YEAR HIGHLIGHTS Yannick Bolloré CHAIRMAN AND CEO - Half Year 2025 Results 4
Slide 5: First Half 2025 Key Figures
FIRST HALF 2025 KEY FIGURES* BUSINESS PROFITABILITY H1 NET REVENUE H1 ADJUSTED EBIT €1,346m €144m +2.9% YOY +8.3% YOY H1 ORGANIC GROWTH H1 ADJUSTED EBIT +2.3% MARGIN Q2 ACCELERATION 10.7% +2.6% +50BPS - Half Year 2025 Results Unaudited figures 5 *See financial glossary for definitions, in the append
Slide 6: Commercial Momentum: Converged Strategy in Motion
1 COMMERCIAL MOMENTUM: CONVERGED STRATEGY IN MOTION K E Y N E W I N - B U S I N E S S B U S I N E S S W I N S G R O W T H - Half Year 2025 Results 6
Slide 7: Creative Excellence: Cannes Lions Awards
2 CREATIVE EXCELLENCE: CANNES LIONS AWARDS 2 GR AND PRIX 39 AWARDS WON DURING 3 GOLD THE 2025 EDITION 12 SILVER 22 BRONZE - Half Year 2025 Results 7
Slide 8: A Distinctive Corporate Culture: They Have Chosen Havas
3 A DISTINCTIVE CORPORATE CULTURE: THEY HAVE CHOSEN HAVAS Corinne Anì Alice Bob ABITBOL Félix BERBERJAN CARRAL CETORELLI ESTRADA Head of Performance Head of Consumer & Chief Growth Officer, Executive Creative Director, & Retail Media, Havas Market Intelligence, Havas President, Havas Life NA Havas M
Slide 9: A Client-Centric Data, Tech & AI Approach & Infrastructure
4 A CLIENT-CENTRIC DATA, TECH & AI APPROACH & INFRASTRUCTURE TO MAXIMIZE THE VALUE OF OUR CLIENTS’ FIRST PARTY DATA INVESTMENTS BUY PARTNER BUILD INFRASTRUCTURE PARTNERS ARTIFICIAL INTELLIGENCE PARTNERS UNDERPINNED BY A €400M INVESTMENT BETWEEN 2024 AND 2027 - Half Year 2025 Results 9
Slide 10: We Are Transforming into an AI-Driven Organization
WE ARE TRANSFORMING INTO AN AI-DRIVEN ORGANIZATION FUELED BY HUMAN INGENUITY - Half Year 2025 Results 10
Slide 11: A Dynamic M&A Strategy: Bolt-on and Targeted Acquisitions
5 A DYNAMIC M&A STRATEGY: LEVERAGING BOLT-ON AND TARGETED ACQUISITIONS Havas reinforced its expertise in key growing segments such as Data, Social, E-commerce and B2B February 25 February 25 April 25 June 25 January 25 • France's 2024 • CRM and digital • E-commerce media • Prominent independent Heal
Slide 12: 2025 Half-Year Financial Performance
02FINANCIAL PERFORMANCE François Laroze CHIEF FINANCIAL OFFICER & C H I E F O P E R AT I N G O F F I C E R - Half Year 2025 Results 12
Slide 13: Q2/H1 2025 Business Update
Q 2 / H 1 2025 B U S I N E S S U P D AT E - Half Year 2025 Results 13
Slide 14: Q2 2025 Net Revenue: Acceleration of Organic Growth
Q2 2025 NET REVENUE ACCELERATION OF ORGANIC GROWTH GROWTH BREAKDOWN €697M + 0 .8 % T O T A L G R O WT H +2.6% +1.0% -2.7% ORGANIC GROWTH SCOPE FOREIGN EXCHANGE Rounded figures, based on single decimal growth rates. - Half Year 2025 Results Unaudited figures – See details in the Appendix See financia
Slide 15: Q2 2025 Growth & Revenue by Region
Q2 2025 GROWTH & REVENUE BY REGION* +2.6% Organic Growth (%) Net Revenue (€m) 355 +4.6% 237 +2.6% -4.9% Europe 697 60 North America Asia Pacific and Africa +2.5% 45 Latin America Havas * Figures presented are without intra-group eliminations Rounded figures, based on single decimal growth rates. - H
Slide 16: H1 2025 Growth & Revenue by Region
H1 2025 GROWTH & REVENUE BY REGION* +1.3% Organic Growth (%) Net Revenue (€m) 668 +3.9% 477 +2.3% -1.8% Europe 1,346 116 North America Asia Pacific and Africa +8.6% 85 Latin America Havas * Figures presented are without intra-group eliminations Rounded figures, based on single decimal growth rates.
Slide 17: 2025 Quarters: Q1, Q2 & H1
2025 QUARTERS* Q1,Q2 & H1 Net revenue Q1 2025 Q2 2025 H1 2025 In €m 649 697 1,346 % total growth +5.2% +0.8% +2.9% % organic growth +2.1% +2.6% +2.3% % 2024 organic growth +2.0% -1.7% 0.0% % scope +1.4% +1.0% +1.2% % forex +1.7% -2.7% -0.7% Breakdown by region, organic growth % Europe -0.2% +2.6% +1
Slide 18: A Diversified & Balanced Business
A DIVERSIFIED & BALANCED BUSINESS H1 2025 Net Revenue breakdown (in %) Latin America 6% Automotive Havas Havas Retail 4% Asia Pacific France 5% Healthcare & Media Creative and Africa Travel & 41% 18% Wellness 36% 9% Entertainment 30% 6% Other Industries & Services Business UK 7% Sectors Geographies
Slide 19: First Half 2025 Results
F I R S T H A L F 2025 R E S U LT S - Half Year 2025 Results 19
Slide 20: P&L 2025-2024 Half Year Summary (1/2)
P&L 2025-2024 Improvement of Adjusted Ebit margin by +50 basis points, HALF YEAR over the first half of 2025 SUMMARY (1/2) In €m Half Year 2024 Half Year 2025 % change Revenue 1,366 1,408 +3.1% Costs rebilled to customers (58) (62) +6.9% Net revenue 1,308 1,346 +2.9% Adjusted EBIT includes: Staff co
Slide 21: P&L 2025-2024 Half Year Summary (2/2)
P&L 2025-2024 HALF YEAR Solid growth of Net income at +8.1% and better performance of recent M&A SUMMARY (2/2) In €m Half Year 2024 Half Year 2025 % change Adjusted EBIT 133 144 +8.3% Restructuring and earn-out (8) (10) na adjustments Operating income (EBIT) 125 134 +7.2% Net financial expenses (4)
Slide 22: Cash Flow Generation & Cash Use
CASH FLOW GENERATION & CASH USE DEC. 2024 TO JUNE 2025 | 6M PERIOD +117 (183) 211 (15) (25) (37) (88) (59) (79) Net Cash Dec. Operating Cash Working Capital Capex M&A Tax Transactions with Exchange rate Net Cash June 2024 Flow variation shareowners changes effect and 2025 before WC Financial compare
Slide 23: Net Cash Position Change
NET CASH POSITION CHANGE Net Cash Evolution, end of period (€m) Average Net Cash • monthly average basis +211 €(28)m June 2025 (€+148m June 2024) • monthly average basis, and restated of extraordinary dividend paid to Vivendi: Gross debt** €+122m June 2025 (€+148m June 2024) €(430)m Cash and (26)* c
Slide 24: Guidance 2025 Confirmed
G U I D A N C E 2025 CONFIRMED - Half Year 2025 Results 24
Slide 25: Continuous Improvement Over Years
H1 2025 CONTINOUS IMPROVEMENT OVER 2 YEARS Net Revenue (in €m) and Adjusted EBIT (in €m) and Organic Growth (in %) Adjusted EBIT Margin (in %) +4.2% +0.0% +2.3% 9.5% 10.2% 10.7% Net Revenue €1,346m 1,346 144 +€81m from June 2023 1,308 1,265 133 120 Adjusted EBIT €144m +€24m from June 2023 June 2023
Slide 26: Solid Outlook with Robust Delivering
SOLID OUTLOOK WITH ROBUST DELIVERING GUIDANCE FOR 2025 NET REVENUE ORGANIC ADJUSTED EBIT MARGIN PAY-OUT RATIO GROWTH 12.5%-13.5% around 40% above +2.0% MID-TERM GUIDANCE FOR 2028 ADJUSTED EBIT MARGIN PAY-OUT RATIO 14.0%-15.0% around 40% - Half Year 2025 Results 26
Slide 27: Conclusion & Q&A
03 2025: CONCLUSION Q&A Yannick Bolloré CHAIRMAN AND CEO - Half Year 2025 Results 27
Slide 28: Thank You
THANK YOU - Half Year 2025 Results 28
Slide 29: Appendix
APPENDIX
Slide 30: Q2 2025 Revenue & Net Revenue Detailed Figures
Q2 2025 REVENUE & NET REVENUE DETAILED FIGURES % change Q2 Q2 % change % change in millions of euros at constant 2024 2025 as reported organic growth exchange rates Revenue 717 733 2.2% +5.1% +4.1% Net revenue 691 697 +0.8% +3.6% +2.6% Net revenue by geographic region Europe 343 355 +3.2% +3.1% +2.6
Slide 31: H1 2025 Revenue & Net Revenue Detailed Figures
H1 2025 REVENUE & NET REVENUE DETAILED FIGURES % change H1 H1 % change % change in millions of euros at constant 2024 2025 as reported organic growth exchange rates Revenue 1,366 1,408 +3.1% +3.8% +2.6% Net revenue 1,308 1,346 +2.9% +3.6% +2.3% Net revenue by geographic region Europe 653 668 +2.3% +
Slide 32: Organic Growth & Forex Impact
ORGANIC GROWTH & FOREX IMPACT Organic growth H1 2025 Foreign exchange rate impact at June 30, 2025 Q1 Q2 H1 Q1 Q2 H1 (in millions of euros) 2025 2025 2025 (in millions of euros) 2025 2025 2025 2024 net revenue 617 691 1308 USD (2) +9.3 -8.7 +0.6 Foreign exchange rate impact (2) +10 -19 -9 GBP (2) +2
Slide 33: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT In €m Half Year 2024 Half Year 2025 Revenue 1,366 1,408 Costs rebilled to customers (58) (62) Net revenue 1,308 1,346 Other operating expenses and income (198) (211) Personnel costs (919) (934) Depreciation and amortization (56) (55) Performance shares (2) (2) Adjusted
Slide 34: Consolidated Balance Sheet: Assets
CONSOLIDATED BALANCE SHEET ASSETS In €m Dec. 31, 2024 June 30, 2025 Non-current assets 2,222 Goodwill 2,535 2,486 Intangible assets 49 48 Property and equipment 205 187 Right-of-use assets 238 239 Equity Investments 3 4 Financial assets 40 43 Deferred tax assets 96 72 Other non-current financial ass
Slide 35: Consolidated Balance Sheet: Equity and Liabilities
CONSOLIDATED BALANCE SHEET EQUITY AND LIABILITIES In €m Dec. 31, 2024 June 30, 2025 Shareholders' equity - Group share 1,881 1,725 Capital 198 198 Share premium account 3,246 3,167 Currency translation adjustments (8) (112) Treasury shares - (4) Other reserves and retained earnings (1,555) (1,524) N
Slide 36: Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT in €m June 30, 2024 June 30, 2025 Net income 74 80 Adjustments of non-cash items 77 82 Amortization, depreciation and provision 30 37 Current income taxes 30 25 Change in deferred taxes 18 12 Expenses related to performance shares - 2 Other non-cash transactions (3)
Slide 37: Financial Glossary
FINANCIAL GLOSSARY Adjusted EBIT represents net income excluding income taxes, interest, other financial income and expenses, goodwill impairment, earn-out adjustments and Adjusted EBIT restructuring charges Adjusted EBIT margin Ratio in % of (Adjusted EBIT) / (Net revenue) bps Basis points Capex Ca
Slide 38: Havas