Havas Nv · EURONEXT:HAVAS
Havas Nv — Shareholder Meeting (May 2025)
67 slides from Havas Nv's shareholder meeting presentation, May 28, 2025
Slide 1: Annual General Meeting Havas N.V.
ANNUAL GENERAL MEETING H AVA S N . V. M A Y 2 8 - 2 0 2 5 - Annual General Meeting 01
Slide 2: Yannick Bolloré, Chairman and CEO
Yannick Bolloré CHAIRMAN AND CEO
Slide 3: Arnaud de Puyfontaine, Chair of the Board
Arnaud de Puyfontaine CHAIR OF THE BOARD
Slide 4: Agenda
AGENDA 01 02 03 Highlights & outlooks Financial performance Audit report 04 05 06 Presentation of agenda items Questions & Answers Vote Havas – 4
Slide 5: Agenda Item 2A: Report of the Board for financial year 2024
AGENDA ITEM 2A Report of the Board for the financial year 2024
Slide 6: Arnaud de Puyfontaine, Chair of the Board
Arnaud de Puyfontaine CHAIR OF THE BOARD
Slide 7: Highlights & Outlooks
Yannick Bolloré CHAIRMAN AND CEO HIGHLIGHTS & OUTLOOKS
Slide 8: A Historic Year of Change
2 0 2 4 A HISTORIC YEAR OF CHANGE
Slide 9: Havas' Listing: A New Era for Our Group
H AVA S ' L I S T I N G : L A U N C H O F A N E W S T R AT E G Y: A NEW ERA FOR OUR GROUP CONVERGED - Annual General Meeting 9
Slide 10: 2024 Key Figures: Guidance Fully Achieved
2024 KEY FIGURES GUIDANCE FULLY ACHIEVED* ORGANIC GROWTH ADJUSTED EBIT NET CASH -0.8% €338M +3.4% €211M1 GUIDANCE* GUIDANCE* GUIDANCE* -1.0% TO -0,5% 335M€ TO 340 M€ 180M€ TO 220 M€ NET REVENUE ADJUSTED EBIT MARGIN FREE CASH-FLOW €2,736M 12.4% CONVERSION +1.5% +30BPS 86% *Referring to Havas press re
Slide 11: A new chapter as the strongest challenger in a reconfiguring market
A new chapter as the strongest challenger in a reconfiguring market... ...GLOBAL REACH WITH AGILITY & AN ENTREPRENEURIAL SPIRIT
Slide 12: A Global Presence & Strong Values
A GLOBAL PRESENCE & STRONG VALUES Since AN IDEAL 1835 BUSINESS PARTNER 23,000 People PROXIMITY, AGILITY & TAILOR-MADE Operates in APPROACH 100+ Markets EXCELLENCE & HARD WORK ENTREPRENEURIAL SPIRIT - Annual General Meeting 12
Slide 13: Creative, Media & Health Excellence
1 CREATIVE, MEDIA & HEALTH EXCELLENCE: LEADING THE RANKINGS & WINNING AWARDS #1 BETC ranked #1 at the WARC Creative 100 ranking. Uncommon Creative Studio ranked #1 at Campaign’s #1 Independent Agency of the Year from 2019 to 2022. Havas BLKJ ranked #1 Agency of the Year #1 in Singapore at Spikes Asi
Slide 14: A Distinctive Corporate Culture: Our New Talent
2 A DISTINCTIVE CORPORATE CULTURE: OUR NEW TALENT - THEY HAVE CHOSEN HAVAS Emily Justine Arthur Thomas FAIRHEAD-KEEN FERON FULLERTON LYNGSFELDT Global Chief Technology Group Head of Strategy, Chief Strategy Officer, Officer, Havas CX CEO, Havas Village Denmark Havas Media UK Havas New York Joined fr
Slide 15: A Distinctive Corporate Culture: Recent Appointments
2 A DISTINCTIVE CORPORATE CULTURE: RECENT APPOINTMENTS FRANÇOIS LAROZE LAURENT BROCA TAMARA GREENE DAN HAGEN Adding Chief Operating Adding Chief Growth Chief Client Officer Global Chief Data Officer to his current role Officer, Havas Media of Global Brands, & Technology Officer, as Chief Financial N
Slide 16: A Client-Centric Data & Tech Approach & Infrastructure
3 A CLIENT-CENTRIC DATA & TECH APPROACH & INFRASTRUCTURE TO MAXIMIZE THE VALUE OF OUR CLIENTS’ FIRST PARTY DATA INFRASTRUCTURE PARTNERS ARTIFICIAL INTELLIGENCE PARTNERS UNDERPINNED BY A €400M INVESTMENT BETWEEN 2024 & 2027 - Annual General Meeting 16
Slide 17: A Fully Integrated Model Enhanced by Our Converged Strategy
4 A FULLY INTEGRATED MODEL ENHANCED BY OUR CONVERGED STRATEGY 71 Our top 30 clients generate revenue across multiple geographies… …with 93% of them across at least 2 of our business lines Hosting multiple agencies 1 1 and teams in a single location within major cities around 6% 2 7% the world 10% Fo
Slide 18: A Well-Established M&A Strategy
5 A WELL-ESTABLISHED M&A STRATEGY STRENGTHENING KEY AREAS OF EXPERTISE & GEOGRAPHIES Havas reinforced its expertise in key growing segments such as Data, Social, E-commerce and B2B September 24 July 24 March 24 March 24 February 24 January 24 • Digital analytics • Leading independent • Ecommerce • D
Slide 19: Serving a Broad Base of Clients for Decades
SERVING A BROAD BASE OF CLIENTS FOR DECADES Havas reinforced its expertise in key growing segments such as Data, Social, E-commerce and B2B & 4,000+ more - Annual General Meeting 19
Slide 20: Priorities & Outlook
2 0 2 5 PRIORITIES & OUTLOOK
Slide 21: 2025 Expectations, A Year of Acceleration
2025 EXPECTATIONS, A YEAR OF ACCELERATION NET REVENUE ORGANIC ADJUSTED EBIT MARGIN PAY-OUT RATIO GROWTH 12.5%-13.5% around 40% above +2% MID-TERM GUIDANCE FOR 2028 ADJUSTED EBIT MARGIN PAY-OUT RATIO 14%-15% around 40% - Annual General Meeting 21
Slide 22: Pursuing a Dynamic Bolt-On M&A Strategy
1 PURSUING A DYNAMIC BOLT-ON M&A STRATEGY January 25 February 25 February 25 • Sponsorship strategies • E-commerce media agency • Most prominent independent & business development & leader in retail media creative agencies through sport innovation in LATAM • Spain • North America • Argentina, Mexico
Slide 23: Global Roll-Out in 2025
2 GLOBAL ROLL-OUT IN 2025
Slide 24: Accelerating Deployment and Strengthening Capabilities in High Growth Areas
3 ACCELERATING DEPLOYMENT AND STRENGTHENING CAPABILITIES IN HIGH GROWTH AREAS OPTIMIZING BOLSTERING DEVELOPING ENHANCING OUR CONTENT-AT-SCALE OUR CUSTOMER HAVAS MEDIA'S NEW OUR EXPERTISE NETWORK EXPERIENCE NETWORK INNOVATIVE SERVICES NETWORKS Strengthening our unified Expanding our Customer Addressi
Slide 25: Accelerating Deployment: AI Adoption, Client Impact, Havas.AI
3 ACCELERATING DEPLOYMENT & STRENGTHENING CAPABILITIES IN HIGH GROWTH AREAS ADOPTION CLIENT IMPACT HAVAS.AI AI is embedded into how our Efficient - By automating and We're sharing our expertise with agencies operate every single optimizing workflows, we free the market through our dedicated day. up
Slide 26: Our Commitment to Growth & Profitability
OUR COMMITMENT TO GROWTH & P R O F I TA B I L I T Y
Slide 27: François Laroze, CFO: Financial Performance
François Laroze CHIEF FINANCIAL OFFICER FINANCIAL PERFORMANCE
Slide 28: Key Figures
2 0 2 4 KEY FIGURES
Slide 29: Another Year of Growth
1 2024 ANOTHER YEAR OF GROWTH Net Revenue (in €m) & Total Growth (in %) NET REVENUE €2,736M a historic level 2,695 2,736 2,590 2,238 TOTAL NET REVENUE GROWTH +1.5% After 3 years of sustainable growth +9.2% +15.7% +4.1% +1.5% 2021 2022 2023 2024 - Annual General Meeting 29
Slide 30: 2024 Growth Breakdown of Net Revenue
1 2024 GROWTH BREAKDOWN OF NET REVENUE ORGANIC GROWTH SCOPE FOREX EXCHANGE -0.8% +2.5% -0.2% +4.4% IN 2023 TOTAL GROWTH +1.5% - Annual General Meeting 30
Slide 31: 2024 Performance by Region
1 2024 PERFORMANCE BY REGION +1.2% Organic Growth (%) Net Revenue (€m) -6.6% 1,352 925 North America Europe +1.1% -0.8% 263 Asia Pacific & Africa 2,736 +14.7% 196 Havas Latin America - Annual General Meeting Rounded figures. See financial glossary for definitions, in the appendix. 31
Slide 32: A Diversified & Balanced Business
1 A DIVERSIFIED & BALANCED BUSINESS 2024 Net Revenue breakdown (in %) Latin America 7% Automotive Retail 5% Havas Havas Healthcare & Asia Pacific France 5% Media Creative and Africa Wellness 40% 17% Travel & 38% 10% 29% Entertainment 6% Other Industrie s& Business UK Geographies 16% Food & Sectors l
Slide 33: Robust EBIT Margin Expansion in 2024
2 ROBUST EBIT MARGIN EXPANSION IN 2024 Adjusted Ebit (in €m) and margin (in %) Improvement in Adj. Ebit margin, +30bps, despite “a soft organic growth” in 2024 327 338 297 247 Long term margin expansion, +140bps, through the last 4 years 11% 11.5% 12.% 12.4% 2021 2022 2023 2024 - Annual General Meet
Slide 34: P&L 2024/2023 Summary
2 P&L 2024/2023 SUMMARY In €m Full year 2023 Full year 2024 Change % Adjusted EBIT includes: Revenue 2,872 2,863 -0.3% • Staff costs well under control, almost flat year-on-year Costs rebilled to customers (177) (127) -28% • Performance shares charges €(5)m, Net revenue 2,695 2,736 +1.5% compared to
Slide 35: Cash Flow Generation & Net Cash Position Evolution
3 CASH FLOW GENERATION & NET CASH POSITION EVOLUTION Net Cash Evolution, end of period (€m) Positive flows Operating cash flow €242m o/w €(71)m Working Capital variation 467 Negative flows 430* Net Cash €361m excluding exceptional Capex €(34)m 375 dividend to Vivendi for €150m M&A €(97)m €(69)m buy-
Slide 36: Q1 & Guidance
Q 1 2 0 2 5 & GUIDANCE
Slide 37: Q1 2025 Net Revenue: Good Start to the Year
Q1 2025 NET REVENUE GOOD START TO THE YEAR ORGANIC GROWTH SCOPE FOREX EXCHANGE +2.1% +1.4% +1.7% +2.0% IN Q1 2024 €649M +5 .2 % - Annual General Meeting Unaudited figures Rounded figures, based on single decimal growth rates. See financial glossary for definitions, in the appendix. 37
Slide 38: Q1 2025 Performance by Region
Q1 2025 PERFORMANCE BY REGION -0.2% Organic Growth (%) Net Revenue (€m) +3.2% 314 239 North America Europe +1.9% 56 +2.1% Asia Pacific & Africa 649 +16.6% 40 Havas Latin America - Annual General Meeting Rounded figures. See financial glossary for definitions, in the appendix. 38
Slide 39: Arnaud de Puyfontaine, Chair of the Board
Arnaud de Puyfontaine CHAIR OF THE BOARD
Slide 40: Michel Van Agt, Notary
Michel Van Agt N O TA R Y, L O Y E N S & L O E F F
Slide 41: Arnaud de Puyfontaine, Chair of the Board
Arnaud de Puyfontaine CHAIR OF THE BOARD
Slide 42: Agenda Items
HAVAS AGENDA ITEMS
Slide 43: Overview of Agenda Items
OVERVIEW OF AGENDA ITEMS Agenda Items 2b – Remuneration Report 2024 (advisory voting item) 2 2c – Adoption of the 2024 Financial Statements (voting item) 3a – Reserve and dividend policy (discussion item) 3 3b – Distribution of capital from the share premium reserve (voting item) Granting or dischar
Slide 44: Ruud Hermans, Deloitte
HAVAS Ruud Hermans DELOITTE
Slide 45: Story of the 2024 Audit
Story of the 2024 Financial statements and management report • Unqualified auditor’s report signed on April 14, 2025 audit • Management report (incl. remuneration report) and other information: comply with the requirements of Part 9 Book 2 of Dutch Civil Code and Dutch Standard 720 Reportable matter
Slide 46: Group Audit
Group audit Group audit scoping • The group audit has been performed in accordance with ISA 600R • Components in scope are based on size and risk • Main components: France, the United States of America, Spain, UK and several other smaller countries Coverage from group audit scoping • The scoping has
Slide 47: Internal Controls and IT
Internal controls Quality of internal control and administrative organization: and IT • In the context of our audit, we assessed the internal controls that are relevant to our audit • In chapter 7 of the annual report, management has outlined their risk management and risk factors Central coordinati
Slide 48: Key Audit Matters
Key audit matters Key audit matter: Goodwill We have performed the following procedures related to Goodwill: • Obtaining an understanding of management’s impairment tests and testing of relevant controls • Evaluation of identification of Cash Generating Units in accordance with IAS 36 • Evaluation o
Slide 49: Communication with the Audit & Sustainability Committee
Communication Communication • Meetings with the Audit and Sustainability Committee, in which, among others, the following reports are discussed: with the Audit & o March 2025 – Preliminary interim conclusions from the audit Sustainability o April 2025 - Report to the Audit and Sustainability Committ
Slide 50: Compliance with Laws and Regulations; Going Concern
Compliance with Compliance with laws and regulations • Obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that directly affect the financial laws and statements regulations • Attentive to indications of (suspected) non-compliance with laws and regulations • C
Slide 51: Fraud Risk
Fraud risk General legal framework • Laws and regulations require the auditor to pay specific attention to fraud risks during the audit What procedures did we perform at Havas N.V. about the fraud risk of management override of controls? • Evaluated the design and implementation of relevant internal
Slide 52: Overview of Agenda Items
OVERVIEW OF AGENDA ITEMS Agenda Items 2b – Remuneration Report 2024 (advisory voting item) 2 2c – Adoption of the 2024 Financial Statements (voting item) 3a – Reserve and dividend policy (discussion item) 3 3b – Distribution of capital from the share premium reserve (voting item) Granting or dischar
Slide 53: Questions & Answers
HAVAS QUESTIONS & ANSWERS
Slide 54: Vote
HAVAS VOTE
Slide 55: Resolution and Voting Results: Remuneration Report 2024
RESOLUTION AND VOTING RESULTS AGENDA ITEM 2B REMUNERATION REPORT 2024 (ADVISORY ITEM) 1) In favor 474.167.553 | 82,7 % 2) Against 99.364.095 / 17,3 % 3) Abstain 157.763 HAVAS
Slide 56: Resolution and Voting Results: 2024 Financial Statements
RESOLUTION AND VOTING RESULTS AGENDA ITEM 2C ADOPTION OF THE 2024 FINANCIAL STATEMENTS (VOTING ITEM) 1) In favor 573.516.377 / 100,0 % 2) Against 34.259 /0,0 % 3) Abstain HAVAS
Slide 57: Resolution and Voting Results: Distribution from Share Premium Reserve
RESOLUTION AND VOTING RESULTS AGENDA ITEM 3B DISTRIBUTION OF CAPITAL FROM THE SHARE PREMIUM RESERVE (VOTING ITEM) 1) In favor 573.433.371 / 100,0 % 2) Against 108.222 /0,0 % 3) Abstain HAVAS
Slide 58: Resolution and Voting Results: Discharge of Directors
RESOLUTION AND VOTING RESULTS AGENDA ITEM 4 GRANTING OF DISCHARGE TO THE DIRECTORS OF THE COMPANY IN RESPECT OF THE PERFORMANCE OF THEIR DUTIES DURING THE FINANCIAL YEAR 2024 (VOTING ITEM) 1) In favor 569.383.231 / 99,3 % 2) Against 3.940.051 /0,7 % 3) Abstain HAVAS
Slide 59: Resolution and Voting Results: Re-appointment of External Auditor
RESOLUTION AND VOTING RESULTS AGENDA ITEM 5 RE-APPOINTMENT OF EXTERNAL AUDITOR (VOTING ITEM) 1) In favor 573.422.756 / 100,0 % 2) Against 104.891 /0,0% 3) Abstain HAVAS
Slide 60: Resolution and Voting Results: Share Repurchase Authorization
RESOLUTION AND VOTING RESULTS AGENDA ITEM 6A AUTHORIZATION OF THE BOARD OF DIRECTORS TO ACQUIRE FULLY PAID-UP SHARES IN THE COMPANY’S OWN SHARE CAPITAL (VOTING ITEM) 1) In favor 572.966.125 / 99,9 % 2) Against 526.623 /0,1 % 3) Abstain HAVAS
Slide 61: Resolution and Voting Results: Cancellation of Shares
RESOLUTION AND VOTING RESULTS AGENDA ITEM 6B CANCELLATION OF SHARES HELD OR ACQUIRED BY THE COMPANY (VOTING ITEM) 1) In favor 573.415.960 / 100,0 % 2) Against 120.334 /0,0 % 3) Abstain HAVAS
Slide 62: Resolution and Voting Results: Amendment to Articles of Association
RESOLUTION AND VOTING RESULTS AGENDA ITEM 8 AMENDMENT TO THE ARTICLES OF ASSOCIATION OF THE COMPANY AND CORRESPONDING ADJUSTMENT OF CURRENT DELEGATION TO THE BOARD OF DIRECTORS (VOTING ITEM) 1) In favor 495.208.388 / 86,3 % 2) Against 78.286.321 / 13,7 % 3) Abstain 194.702 HAVAS
Slide 63: Any Other Business
A G E N D A I T E M 9 ANY OTHER BUSINESS
Slide 64: Closing
Yannick Bolloré CHAIRMAN AND CEO CLOSING
Slide 65: Annual General Meeting Havas N.V.
ANNUAL GENERAL MEETING H AVA S N . V. M A Y 2 8 - 2 0 2 5 - Annual General Meeting 065
Slide 66: 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 67: Financial Glossary
FINANCIAL GLOSSARY Adjusted EBIT Adjusted EBIT represents net income excluding income taxes, interest, other financial income and expenses, goodwill impairment, earn-out adjustments and restructuring charges Bps Basis points Capex Cash used for purchases of intangible and tangible assets Cash Flow G