Slide 1: 2025 Full-Year Results
2025 FULL-YEAR RESULTS Yannick Bolloré, Chairman & CEO François Laroze, CFO & COO Analyst Presentation – February 17, 2026 1
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by the Company solely for information purposes in connection with its Full Year 2025 Results (unaudited). It provides an overview of selected financial, operational and strategic developments and is intended to support the Company’s communication with a
Slide 3: Agenda
AGENDA 01 02 03 2025 Q4 & FY 2025 HIGHLIGHTS & Q&A FINANCIAL 2026 SESSION PERFORMANCE GUIDANCE - Full Year 2025 Results 3
Slide 4: Highlights & 2026 Guidance
01 HIGHLIGHTS & 2025 2026 GUIDANCE Yannick Bolloré C H AI RM A N & C E O - Full Year 2025 Results 4
Slide 5: 2025: A Transformative Year
2025: 1- A full year as a listed company A T R A N S FO R M AT IV E 2- The rollout of Converged strategic plan YEAR
Slide 6: 2025 Full-Year Key Figures
2025 FULL-YEAR KEY FIGURES* GUIDANCE FULLY ACHIEVED BUS IN ES S PROFITABILITY CASH GENERATION OPERATING CASH FLOW NET REVENUE ADJUSTED EBIT (AFTER WORKING CAPITAL) €2,783m €358m €360m +1.7% YOY +5.9% YOY +53% YOY ORGANIC GROWTH ADJUSTED EBIT MARGIN NET CASH END OF DEC. 20 25 +3.1% 12.9 % +50bps €207
Slide 7: Our Talents, the Most Valuable Asset
1 OUR TALENTS, THE MOST VALUABLE ASSET Talin APKARIAN Anì Karen Félix CARRAL Alice CETORELLI BERBERJAN BUCHANAN Managing Director, Head of Performance & Havas Lynx Hudson Chief Growth Officer, Havas Executive Creative Director, Chief Client Officer, Uncommon Retail Media, Havas Media Media Network I
Slide 8: Strong Sustainability Ratings
2 STRONG SUSTAINABILITY RATINGS GLOBAL NOTATION VOLUNTARY ENVIRONMENTAL RATING B rating 78/100 The CDP (Carbon Disclosure Havas within the top 5% of Project) is among the most best-rated companies rigorous climate disclosure ratings - Full Year 2025 Results 8
Slide 9: The Most Integrated Approach at the Service of Our Clients
3 THE MOST INTEGRATED APPROACH AT THE SERVICE OF OUR CLIENTS CLIENT- CENTRIC APPROACH - Full Year 2025 Results 9 Operations in +100 countries Interconnected networks and areas of expertise
Slide 10: Disciplined and Future-Ready Investments in Data, Tech and AI
4 DISCIPLINED AND FUTURE-READY INVESTMENTS IN DATA, TECH AND AI Proprietary platform and Strategic partnerships LLM portal Advanced production Forward-looking and capabilities large-scale training x - Full Year 2025 Results A DISCIPLINED COST TRAJECTORY, WITH €100M INVESTED ANNUALLY 10
Slide 11: Creative, Media and Health Excellence: A Driver of Growth
5 CREATIVE, MEDIA AND HEALTH EXCELLENCE: A DRIVER OF GROWTH 1,600+ TOTAL AWARDS 39 CA NNE S L I ONS 108 E FF IE A W AR DS 80 ON E SHO W 60 CL IO AW AR DS 26 D& AD 16 E L OJ O 38 LI A 17 E UR OB E ST - Full Year 2025 Results 11
Slide 12: Trusted Client Relationships: Retention, Cross-Fertilization and New Business
6 TRUSTED CLIENT RELATIONSHIPS: RETENTION, CROSS-FERTILIZATION AND NEW BUSINESS - Full Year 2025 Results 12
Slide 13: Trusted Client Relationships: Our New Market Positioning
6 TRUSTED CLIENT RELATIONSHIPS: OUR NEW MARKET POSITIONING - Full Year 2025 Results 13
Slide 14: We Are the Strongest Challenger in the Market
WE ARE THE STRONGEST CHALLENGER IN THE MARKET - Full Year 2025 Results
Slide 15: A Virtuous & Healthy Growth Story
A VIRTUOUS & HEALTHY GROWTH STORY Net Revenue (in €m) Adjusted EBIT (in €m) Total Growth (in %) Adjusted EBIT Margin (in %) Organic Growth (in %) 400 13 2.783 358 13 TOP LINE 2.736 350 338 2.695 +1.7% 327 12.9% 12 +1.5% 2.590 +4.1% +3.1% 297 300 12.4% 12 P R O F I TA B I L I T Y +15.7% -0.8% 12.1% +
Slide 16: Outlook Guidance 2026 & 2028
OUTLOOK GUIDANCE 2026 & 2028 GUIDANCE FOR 2026 NET REVENUE ORG ANIC ADJ UST ED EB IT MARGI N PA Y-OUT RATIO GRO WT H 13.2% to 13.5% around 40% +2.0% to +3.0% MID-TERM GU IDA NCE FOR 2028 UNCHANGED ADJ UST ED EB IT MARGI N PA Y-OUT RATIO 14.0% to 15.0% around 40% - Full Year 2025 Results 16
Slide 17: 2025 Financial Performance
02 2025 FINANCIAL PERFORMANCE François Laroze C H IE F F IN A N CI AL O F FI CE R & C H I E F O P E R AT I N G O F F I C E R - Full Year 2025 Results 17
Slide 18: Q4 / FY 2025 Business Update
Q 4 / F Y 2025 B U S I N E S S U P D AT E - Full Year 2025 Results 18
Slide 19: Q4 2025 Net Revenue Growth Breakdown
Q4 2025 NET REVENUE GROWTH BREAKDOWN + 3 .7 % + 0 .9 % - 3 .9 % O R G AN IC S CO P E FOREIGN G R O WTH E XC H AN GE (-0.8% in Q4 20 24) €781M +0. 5% TOTA L GROW TH Rounded figures, based on single decimal growth rates. - Full Year 2025 Results Unaudited figures – See details in the Appendix See fina
Slide 20: Q4 2025 Growth & Revenue by Region
Q4 2025 GROWTH & REVENUE BY REGION +3.5% Organic Growth (%) Net Revenue (€m) 391 +4.6% 251 +3.7% +1.8% Europe 781 80 North America Asia Pacific and Africa +3.2% 59 Latin America Havas Rounded figures, based on single decimal growth rates. - Full Year 2025 Results Unaudited figures See financial glos
Slide 21: FY 2025 Net Revenue Growth Breakdown
FY 2025 NET REVENUE GROWTH BREAKDOWN + 3 .1 % + 1 .1 % - 2 .5 % O R G AN IC S CO P E FOREIGN G R O WTH E XC H AN GE (-0.8% in FY 20 24) €2,783M +1. 7% TOTA L GROW TH Rounded figures, based on single decimal growth rates. - Full Year 2025 Results Unaudited figures – See details in the Appendix See fi
Slide 22: FY 2025 Growth & Revenue by Region
FY 2025 GROWTH & REVENUE BY REGION +2.0% Organic Growth (%) Net Revenue (€m) 1,385 +4.9% 951 +3.1% +1.7% Europe 2,783 260 North America Asia Pacific and Africa +3.6% 187 Latin America Havas Rounded figures, based on single decimal growth rates. - Full Year 2025 Results Unaudited figures See financia
Slide 23: A Diversified & Balanced Business
A DIVERSIFIED & BALANCED BUSINESS FY 2025 Net Revenue breakdown (in %) Latin America 7% Automotive Havas Retail 4% Havas Asia Pacific France Media Creative 5% Healthcare & and Africa 17% Travel & Wellness 38% 40% 9% Entertainment 30% 6% Other Industries & Services Business UK 8% Sectors Geographies
Slide 24: M&A Consolidating Fragmented Market
M&A CONSOLIDATING North America United Kingdom France Rest of Europe Rest of the FRAGMENTED MARKET world 11 in 2 1 2 4 2 2025 Strategy 2 in 2026 Targeted and bolt-on acquisitions Havas Media ~ 5 to 10 7 1 acquired companies on average per year ~ €40m to €50m Havas Creative of acquired net revenue pe
Slide 25: Horizon Global Joint Venture Reinforces Havas' Global Network
HORIZON GLOBAL JOINT VENTURE REINFORCES THE POWER & EFFECTIVENESS OF HAVAS’ GLOBAL NETWORK & CONVERGED.AI PLATFORM CASE #1 CASE #2 Client US needs New Global Pitch capabilities outside US Horizon = US Single Pitch Team (no change) Combined US Global, Havas = Rest Of World & ROW capabilities United S
Slide 26: Full-Year 2025 Results
F U L L - Y E A R 2025 R E S U LT S - Full Year 2025 Results 26
Slide 27: P&L 2025-2024 Full-Year Summary (1/2)
P&L 2025-2024 Improvement of Adjusted Ebit margin by +50 basis points, over the year 2025 FULL-YEAR SUMMARY (1/2) In €m Full year 2025 Full Year 2024 % change Revenue 2,913 2,863 +1.7% Headcount : • 22,641 people end of Dec. 2025 Costs rebilled to customers (130) (127) +2.3% • of which +303 from acq
Slide 28: P&L 2025-2024 Full-Year Summary (2/2)
P&L 2025-2024 Solid growth of Net income at +11.1% and better performance of recent M&A FULL-YEAR SUMMARY (2/2) In €m Full year 2025 Full Year 2024 % change Adjusted EBIT 358 338 +5.9% Restructuring and earn-out adjustments (24) (24) - Operating income (EBIT) 334 315 +6.0% Net financial expenses (34
Slide 29: Cash Flow Generation & Cash Use
CASH FLOW GENERATION & CASH USE DEC. 2024 TO DEC. 2025 | 12M PERIOD In €m +27 (36) +333 (49) (85) (122) (72) 211 207 Net Cash Dec. Operating Cash Working Capital Capex M&A Tax Transactions Exchange rate Net Cash Dec. 2024 Flow variation with changes effect, 2025 before WC shareholders Financial in l
Slide 30: Net Cash Position Change
NET CASH Net Cash Evolution, end of period POSITION CHANGE In €m Average Net Debt in 2025 211 +211 207 Average daily €(28)m Gross debt* €(87)m Available liquidity €1,288m Cash and as of 31-December-2025 (79) cash equivalents (including €294m cash & cash equivalents) €294m Dec. June Dec. 2024 2025 20
Slide 31: Shareholders' Meeting Proposals: Dividend & Buyback
SHAREHOLDERS’ MEETING PROPOSALS DIVIDEND & BUYBACK Dividend Share buyback €0.80 per share €25m bought in 2025 Program renewed Pay-out 42% 10% max of share capital - Full Year 2025 Results See financial glossary for definitions, in the appendix. 31
Slide 32: Q&A
03 Yannick Bolloré C H AI RM A N & C E O François Laroze C H IE F F IN A N CI AL O F FI CE R Q&A & C H I E F O P E R AT I N G O F F I C E R - Full Year 2025 Results 32
Slide 33: Thank You
THANK YOU - Full Year 2025 Results 33
Slide 34: Appendix
APPENDIX Full Year 2025 Results 34
Slide 35: Q4 2025 Revenue & Net Revenue Detailed Figures
Q4 2025 REVENUE & NET REVENUE DETAILED FIGURES Q4 Q4 % change % change % change in millions of euros at constant 2025 2024 as reported exchange rates organic growth Revenue 824 823 +0.1% +4.0% +3.2% Net revenue 781 778 +0.5% +4.6% +3.7% Net revenue by geographic region Europe 391 379 +3.0% +4.6% +3.
Slide 36: FY 2025 Revenue & Net Revenue Detailed Figures
FY 2025 REVENUE & NET REVENUE DETAILED FIGURES FY FY % change % change % change in millions of euros at constant 2025 2024 as reported exchange rates organic growth Revenue 2,913 2,863 +1.7% +4.1% +3.0% Net revenue 2,783 2,736 +1.7% +4.2% +3.1% Net revenue by geographic region Europe 1,385 1,352 +2.
Slide 37: Organic Growth & Forex Impact
ORGANIC GROWTH & FOREX IMPACT Organic growth FY 2025 Foreign exchange rate impact at Dec. 31, 2025 (in millions of euros) 9M Q4 FY (in millions of euros) 9M Q4 FY 2025 2025 2025 2024 net revenue 1,958 778 2,736 USD (2) -13.4 -15.7 -29.1 Foreign exchange rate impact (2) -34 -30 -64 GBP (2) 1.9 -4.8 -
Slide 38: 2025 Quarters Net Revenue
2025 QUARTERS* Q1,Q2, Q3, Q4 &FY Net revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 In €m 649 697 656 781 2,783 % total growth +5.2% +0.8% +1.0% +0.5% +1.7% % organic growth +2.1% +2.6% +3.8% +3.7% +3.1% % 2024 organic growth +2.0% -1.7% -2.3% -0.8% -0.8% % scope +1.4% +1.0% +1.1% +0.9% +1.1% % for
Slide 39: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT In €m Full Year 2025 Full Year 2024 Revenue 2,913 2,863 Costs rebilled to customers (130) (127) Net revenue 2,783 2,736 Other operating expenses and income (428) (429) Personnel costs (1,887) (1,851) Depreciation and amortization (104) (113) Share based compensation exp
Slide 40: Consolidated Balance Sheet: Assets
CONSOLIDATED BALANCE SHEET ASSETS (1/2) In €m Dec. 31, 2025 Dec. 31, 2024 Non-current assets Goodwill 2,531 2,535 Intangible assets 49 49 Property and equipment 192 205 Right-of-use assets 236 238 Equity Investments 3 3 Financial assets 43 40 Deferred tax assets 75 96 Other non-current financial ass
Slide 41: Consolidated Balance Sheet: Equity and Liabilities
CONSOLIDATED BALANCE SHEET In €m Dec.31, 2025 Dec. 31, 2024 EQUITY AND Shareholders' equity - Group share 1,810 1,881 Capital 198 198 LIABILITIES Share premium account 3,167 3,246 (2/2) Currency translation adjustments (137) (8) Treasury shares (42) - Other reserves and retained earnings (1,376) (1,
Slide 42: Consolidated Cash Flow Statement
CONSOLIDATED in €m Full Year 2025 Full Year 2024 CASH FLOW Net income 210 189 STATEMENT Adjustments of non-cash items 211 211 Amortization, depreciation and provision 93 104 Current income taxes 88 92 Change in deferred taxes 2 (5) Gains/(losses) on disposals of fixed assets - 3 Share based compensa
Slide 43: 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
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