Havas delivers resilient H1 with 2.5% organic growth as India stays strong

The company also reaffirmed its FY26 outlook, maintaining its expectation of organic net revenue growth in the range of 2.0 per cent to 3.0 per cent

by e4m Staff
Published: Jul 24, 2026 8:09 AM | 3 min read

Havas reported a resilient performance in the first half of 2026, achieving organic growth of 2.5% and net revenue of 1.362 billion euros, despite a 4.8% decline in its Asia Pacific & Africa segment due to challenges in China and geopolitical tensions in the Middle East.
North America led regional growth with a 6.9% organic increase, while Europe and Latin America saw modest growth of 0.7% and 4.0%, respectively; India remained a strong performer within the Asia Pacific & Africa region.
The company reaffirmed its full-year outlook, expecting organic net revenue growth of 2.0% to 3.0%, an adjusted EBIT margin of 13.2% to 13.5%, and a dividend payout ratio of around 40%.
Havas emphasized its ongoing investments in AI and specialized services as key drivers for future growth, with a medium-term goal of achieving an adjusted EBIT margin of 14.0% to 15.0% by 2028.

Havas said India remained a strong growth market in the first half of 2026, even as its Asia Pacific & Africa business recorded an organic decline of 4.8 per cent, reflecting continued weakness in China and the impact of geopolitical tensions in the Middle East.

Overall, Havas delivered resilient results in the first half of 2026, demonstrating steady momentum despite a challenging advertising environment. The global communications group reported organic growth of 2.5 per cent, supported by higher profitability, stronger net income and ongoing investments in AI and specialist capabilities, while reiterating its outlook for the full year.

Net revenue for the first half reached 1.362 billion euros. In the second quarter, net revenue increased 3.8 per cent to 724 million euros, driven by contributions from acquisitions, although foreign exchange headwinds weighed on performance. Revenue came in at 1.416 billion euros, marking a 0.6 per cent increase, while pass-through costs fell 12.9 per cent.

Adjusted EBIT rose 4.2 per cent to 150 million euros, with the adjusted EBIT margin improving by 30 basis points to 11.0 per cent. Net income attributable to the Group advanced 13.5 per cent to 84 million euros. Net cash also improved to (76) million euros at the end of June 2026 from (79) million euros in the corresponding period last year.

Regionally, North America led growth with organic expansion of 6.9 per cent during the first half. Europe posted 0.7 per cent growth, while Latin America recorded 4.0 per cent. Asia Pacific & Africa declined 4.8 per cent, largely due to continued softness in China and disruption in the Middle East, though India continued to deliver strong performance.

APAC & Africa recorded negative organic growth of -3.5% in the second quarter. The region continued to be impacted by China, albeit to a lesser extent than in the first quarter, and by the Middle East, where the decline continued in the second quarter in connection with the geopolitical conflict over the period (see “Exposure to Middle East” below). India remained strongly positive. Organic growth came out at -4.8% for the first six months of 2026.

The company also reaffirmed its FY26 outlook, maintaining its expectation of organic net revenue growth in the range of 2.0 per cent to 3.0 per cent, an adjusted EBIT margin of 13.2 per cent to 13.5 per cent, and a dividend payout ratio of around 40 per cent. Havas also stood by its medium-term objective of reaching an adjusted EBIT margin of 14.0 per cent to 15.0 per cent by 2028, reflecting confidence that its investments in AI, data-led marketing and specialised services will support continued growth despite ongoing macroeconomic and geopolitical challenges.

Yannick Bolloré, Chairman and CEO of Havas, said: “Havas delivered a solid first-half performance in 2026, achieving organic growth of +2.5% and a further 30 basis-point improvement in adjusted EBIT margin. This performance reflects the resilience of our model, the strength of our client relationships, and the continued success of our Converged strategy. We are seeing momentum in New Business across the Group. We are also pleased with the progress at Horizon Global, our joint venture with Horizon Media, as we continue to build a differentiated approach for modern marketers. Additionally, we continue to invest in areas of growing client demand through targeted acquisitions that strengthen our capabilities in sports marketing, experiential activation, and corporate influence, helping our clients build more desirable brands and forge deeper connections with consumers. As our industry evolves, we remain convinced that agencies closest to clients’ needs and businesses, combined with the power of our Converged.AI operating system and our disciplined investment in AI, are best positioned to adapt quickly, anticipate client challenges, and unlock growth. I would like to thank our clients for their continued trust and our teams around the world for their commitment and outstanding work.”