Havas Nv · EURONEXT:HAVAS
Havas Nv — H1 2026 Earnings Presentation
43 slides from Havas Nv's earnings presentation, Jul 23, 2026
Slide 1: Half-Year 2026 Results
HALF-YEAR 2026 RESULTS Yannick Bolloré, Chairman & CEO François Laroze, CFO & COO Analyst Presentation - 23 July 2026 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 03 FIRST-HALF 2026 Q2 & HY 2026 Q&A HIGHLIGHTS FINANCIAL SESSION & GUIDANCE PERFORMANCE - Half-Year 2026 Results 3
Slide 4: First-Half 2026 Highlights & Guidance
01 2026 F I R S T- H A L F HIGHLIGHTS & GUIDANCE Yannick Bolloré CHAIRMAN AND CEO - Half-Year 2026 Results 4
Slide 5: First Half 2026 Highlights
F I R S T H A L F 2026 HIGHLIGHTS - Half-Year 2026 Results 5
Slide 6: First Half 2026 Key Figures
1 FIRST HALF 2026 KEY FIGURES* BUSINESS PROFITABILITY NET REVENUE ADJUSTED EBIT €1,362m €150m +1.2% YOY +4.2% YOY ORGANIC GROWTH ADJUSTED EBIT MARGIN +2.5% 11.0% +30BPS versus H1 2025 Guidance FY 2026: +2.0% to +3.0% Guidance FY 2026: 13.2% to 13.5% equivalent of +30bps to +60bps All variation are c
Slide 7: We Are the Strongest Challenger in the Market
- Annual 2 General Meeting WE ARE THE STRONGEST CHALLENGER IN THE MARKET - Annual General Meeting 7
Slide 8: Trusted Client Relationships: Retention, Cross-Fertilization and New Business
3 TRUSTED CLIENT RELATIONSHIPS: RETENTION, CROSS-FERTILIZATION AND NEW BUSINESS Retention, Havas Creative Network Continued development of the joint venture between Havas and Horizon Media New win in the US New win in the US, Edge Performance Network Havas Media Network Retention of the Creative and
Slide 9: Talent: Our Most Valuable Asset
4 TALENT OUR MOST VALUABLE ASSET Bruno ABNER REBELO Elsa BATIGNE Kate BEHNE François BOREL Joao CAMACHO Chief Creative Officer, DG, Managing Partner, Business Director, Chief Creative Officer, Havas Havas Lynx New York Havas Events Uncommon Creative BETC Life India & Middle East Studio Joined from W
Slide 10: An AI-Driven Organization Fueled by Human Ingenuity
5 AN AI-DRIVEN ORGANIZATION FUELED BY HUMAN INGENUITY CLIENT- CENTRIC APPROACH Operations in Interconnected networks +100 countries and areas of expertise - Half-Year 2026 Results 10 - Half Year 2026 Results 10
Slide 11: Creative, Media and Health Excellence: A Driver of Growth
6 CREATIVE, MEDIA AND HEALTH EXCELLENCE: A DRIVER OF GROWTH 33 Cannes Lions 40 700+ To t a l a w a r d s in first half One Show of 2026 28 D&AD 47 Clio Awards - Half-Year 2026 Results 11
Slide 12: Disciplined and Future-Ready Investments in Data, Tech and AI
7 DISCIPLINED AND FUTURE-READY INVESTMENTS IN DATA, TECH AND AI Proprietary platform and Strategic partnerships LLM portal Forward-looking and Minority stakes large-scale training x Havas as lead investor in the Series B A DISCIPLINED COST TRAJECTORY, WITH €100M INVESTED ANNUALLY - Half-Year 2026 Re
Slide 13: Pursuing a Very Dynamic M&A Bolt-On Strategy
8 PURSUING A VERY DYNAMIC M&A BOLT-ON STRATEGY Since the beginning of 2026, 8 acquisitions (majority stakes), of which 4 into Havas Play offering and 2 into H/Advisors offering Havas Play offering H/Advisors offering CSA offering March June February February • Activation and cultural • Experiencial
Slide 14: Guidance 2026 Confirmed
G U I D A N C E 2026 CONFIRMED - Half-Year 2026 Results 14
Slide 15: A Virtuous & Healthy Growth Story
1 A VIRTUOUS & HEALTHY Continuous and sustained improvement trajectory GROWTH STORY Net Revenue (in €m) Adjusted EBIT (in €m) Organic Growth (in %) Adjusted EBIT Margin (in %) TOP LINE +4.2% +0.0% +2.3% +2.5% 9.5% 10.2% 10.7% 11.0% +€97m +€30m 150 1,362 P R O F I TA B I L I T Y 1,346 144 133 1,308 1
Slide 16: Solid Outlook with Robust Delivering
2 SOLID OUTLOOK WITH ROBUST DELIVERING GUIDANCE FOR 2026 UNCHANGED NET REVENUE ORGANIC ADJUSTED EBIT MARGIN PAY-OUT RATIO GROWTH 13.2% to 13.5% around 40% +2.0% to +3.0% [+30BPS TO +60BPS] MID-TERM GUIDANCE FOR 2028 UNCHANGED ADJUSTED EBIT MARGIN PAY-OUT RATIO 14.0% to 15.0% around 40% - Half-Year 2
Slide 17: 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 2026 Results 17
Slide 18: Q2 / H1 2026 Business Update
Q 2 / H 1 2026 B U S I N E S S U P D AT E - Half-Year 2026 Results 18
Slide 19: Q2 2026 Net Revenue Growth Breakdown
1 Q2 2026 NET REVENUE GROWTH BREAKDOWN €724M + 3 .8 % T O T A L G R O WT H +2.5% +2.5% -1.2% ORGANIC GROWTH SCOPE FOREIGN EXCHANGE Rounded figures, based on single decimal growth rates. All variation are compared to the same period 2025. - Half-Year 2026 Results Unaudited figures – See details in th
Slide 20: Q2 2026 Growth & Revenue by Region
2 Q2 2026 GROWTH & REVENUE BY REGION* +0.3% Organic Growth (%) Net Revenue (€m) 368 +6.4% 245 +2.5% -3.5% Europe 724 59 North America Asia Pacific and Africa +7.7% 52 Latin America Havas All variation are compared to the same period 2025. Unaudited figures Rounded figures, based on single decimal gr
Slide 21: H1 2026 Net Revenue Growth Breakdown
3 H1 2026 NET REVENUE GROWTH BREAKDOWN €1,362M + 1 .2 % T O T A L G R O WT H +2.5% +2.1% -3.4% ORGANIC GROWTH SCOPE FOREIGN EXCHANGE Rounded figures, based on single decimal growth rates. All variation are compared to the same period 2025. - Half-Year 2026 Results Unaudited figures – See details in
Slide 22: H1 2026 Growth & Revenue by Region
4 H1 2026 GROWTH & REVENUE BY REGION* +0.7% Organic Growth (%) Net Revenue (€m) 688 +6.9% 475 +2.5% -4.8% Europe 1,362 109 North America Asia Pacific and Africa +4.0% 90 Latin America Havas All variation are compared to the same period 2025. Unaudited figures Rounded figures, based on single decimal
Slide 23: A Diversified & Balanced Business
5 A DIVERSIFIED & BALANCED BUSINESS H1 2026 Net Revenue breakdown (in %) Latin America 7% Automotive Havas Havas Retail 4% Asia Pacific France 5% Healthcare & Media Creative and Africa Travel & 42% 18% Wellness 38% 8% Entertainment 29% 7% Other Industries & Services Business UK 7% Geographies 15% Fo
Slide 24: First Half 2026 Results
F I R S T H A L F 2026 R E S U LT S - Half-Year 2025 Results 24
Slide 25: P&L 2026-2025 Half-Year Summary (1/2)
1 P&L 2026-2025 Improvement of Adjusted Ebit margin HALF-YEAR by +30-basis points, over the first half SUMMARY (1/2) In €m Half-Year 2026 Half-Year 2025 % change Revenue 1,416 1,408 +0.6% Adjusted EBIT includes: Costs rebilled to customers (54) (62) -12.9% • Staff costs & performance shares well und
Slide 26: P&L 2026-2025 Half-Year Summary (2/2)
2 P&L 2026-2025 Strong growth of Net income at +13.5% HALF-YEAR SUMMARY (2/2) In €m Half-Year 2026 Half-Year 2025 % change Adjusted EBIT 150 144 +4.2% Restructuring and earn-out (13) (10) +30.0% adjustments Operating income (EBIT) 137 134 +2.2% Net financial expenses (7) (17) n/a Income taxes (40) (
Slide 27: Cash Flow Generation & Cash Use Dec. 2025 to June 2026
3 CASH FLOW GENERATION & CASH USE DEC. 2025 TO JUNE 2026 | 6M PERIOD 139 (212) +117 (183) 207 (14) (98) (24) (92) (76) +18 Net Cash Dec. Operating Cash Working Capital Capex M&A Tax Transactions with Exchange rate Net Cash June 2025 Flow variation & Financial paid shareholders changes effect, 2026 b
Slide 28: Net Cash Position June 2026
4 NET CASH POSITION JUNE 2026 Net Cash, end of period (€m) 211 +211 207 Average Net Cash Gross debt* monthly average basis €(378)m €(57)m compared to (€(28m) in H1 2025) (79) (76) Cash and cash equivalents €302m Liquidity available €1,301m as of 30-June-2026 (including €302m cash & cash equivalents)
Slide 29: Robust Financial Roadmap
5 ROBUST FINANCIAL ROADMAP • Unleashing the full • Intensifying Cross-Selling • Talent working together in 1 Organic growth potential of Converged.AI and Vermeer.AI • Expanding Havas Play, a collective intelligence H/advisors, Havas Market, Gate • For delivering the best of • to support New Business
Slide 30: Conclusion Q&A
03 CONCLUSION Q&A Yannick Bolloré CHAIRMAN AND CEO - Half-Year 2026 Results 30
Slide 31: Thank You
THANK YOU - Half-Year 2026 Results 31
Slide 32: Appendix
APPENDIX - Half-Year 2025 Results 32 32
Slide 33: Half-Year 2026 Other Information
HALF-YEAR 2026 OTHER INFORMATION SHARE BUYBACK FINANCIAL PROGRAM INVESTMENT • 37,816 shares bought back since the • From 23 March 2026 to 26 June 2026 beginning of the current program (renewed 20,551,616 Louis Hachette Group shares have May 13, 2026), at €16.71 average share price been bought at €1.
Slide 34: Q2 2026 Revenue & Net Revenue Detailed Figures
Q2 2026 REVENUE & NET REVENUE DETAILED FIGURES % change Q2 Q2 % change % change in millions of euros at constant 2026 2025 as reported organic growth exchange rates Revenue 750 733 2.3% 1.6% 1.1% Net revenue 724 697 +3.8% +5.0% +2.5% Europe 368 355 +3.9% +4.5% +0.3% North America 245 237 +3.3% +6.8%
Slide 35: H1 2026 Revenue & Net Revenue Detailed Figures
H1 2026 REVENUE & NET REVENUE DETAILED FIGURES % change H1 H1 % change % change in millions of euros at constant 2026 2025 as reported organic growth exchange rates Revenue 1,416 1,408 +0.6% +4.1% +1.9% Net revenue 1,362 1,346 +1.2% +4.6% +2.5% Europe 688 668 +3.0% +4.1% +0.7% North America 475 477
Slide 36: Organic Growth & Forex Impact
ORGANIC GROWTH & FOREX IMPACT Organic growth H1 2026 Foreign exchange rate impact at June 30, 2026 Q1 Q2 H1 Q1 Q2 H1 (in millions of euros) 2026 2026 2026 (in millions of euros) 2026 2026 2026 2025 net revenue 649 697 1,346 USD (2) -25.9 -7.6 -33.5 Foreign exchange rate impact (2) -38 -8 -46 GBP (2)
Slide 37: 2026 Quarters: Q1, Q2 & H1 Net Revenue
2026 QUARTERS* Q1,Q2 & H1 Net revenue Q1 2026 Q2 2026 H1 2026 In €m 638 724 1,362 % total growth -1.6% +3.8% +1.2% % organic growth +2.5% +2.5% +2.5% % 2025 organic growth +2.1% +2.6% +2.3% % scope +1.7% +2.5% +2.1% % forex -5.8% -1.2% -3.4% Breakdown by region, organic growth % Europe +1.1% +0.3% +
Slide 38: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT In €m Half-Year 2026 Half-Year 2025 Revenue 1,416 1,408 Costs (54) (62) rebilled to customers Net revenue 1,362 1,346 Personnel costs (929) (934) Other operating expenses and income (226) (211) Depreciation and amortization (54) (55) Share-based compensation expenses (3
Slide 39: Consolidated Balance Sheet Assets
CONSOLIDATED BALANCE SHEET ASSETS In €m June 30, 2026 December 31, 2025 Non-current assets Goodwill 2,649 2,531 Intangible assets 49 49 Property and equipment 185 192 Right-of-use assets 241 236 Equity investments 3 3 Financial assets 97 43 Deferred tax assets 61 75 Other non-current financial asset
Slide 40: Consolidated Balance Sheet Equity and Liabilities
CONSOLIDATED BALANCE SHEET EQUITY AND In €m June 30, 2026 December 31, 2025 LIABILITIES Shareholders' equity - Group share 1,834 1,810 Capital 198 198 Share premium account 3,167 3,167 Currency translation adjustments (93) (137) Treasury shares (74) (42) Other reserves and retained earnings (1,364)
Slide 41: Consolidated Cash Flow Statement
in €m June 30, 2026 June 30, 2025 CONSOLIDATED Net income 90 80 CASH FLOW Adjustments of non-cash items 92 82 STATEMENT Amortization, depreciation and provision for liabilities and charges 45 37 Current income taxes 23 25 Change in deferred taxes 17 12 Share-based compensation expenses 3 2 Other non
Slide 42: 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 as a % of (Adjusted EBIT) / (Net revenue) bps Basis points Capex
Slide 43: Growth, Powered by Desire
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