France-based global advertising group Havas reported a “good start” to the year with organic growth at 2.1% for the March quarter but is watching closely the impact of the US tariff war.
Net revenue was up 5.2% to €649 million, boosted by acquisitions and by momentum in North America (up 3.2%) and Latin America (16.6%).
Europe was down 0.2%. Net revenue was up slightly in France, thanks to Havas Media, but inched down in the UK (Havas Creative and Havas Health).
The company reaffirmed its full year guidance of organic growth above 2% but is watching the “geopolitical and economic situation” closely.
Havas said macroeconomic uncertainty has been growing following the announcement by the US of protectionist measures.
“As advertising is, by nature, a regional and/or local service business, Havas has not observed at this stage any direct impacts of the new tariffs on its business,” Havas told investors.
“Nevertheless, the group is monitoring the situation closely and remains fully committed to supporting its clients during this time.”
However, the company told analysts in a briefing its clients are worried by the impact from the tariff crisis on their businesses.
Havas is working with clients to help them face this complex situation.
“This performance, in line with our targets, reflects our business momentum, particularly in North America and Latin America, as well as progress on our bolt-on acquisition strategy,” said CEO Yannick Bolloré.
“We continue to focus on the group’s development, through the global roll-out of our ‘Converged’ strategy and operating system – which is powered by the best data, tech and AI – the expansion of our capacity in high-growth sectors, and an unwavering commitment to creative excellence.
“We are therefore confirming our objectives for 2025, while keeping a close eye on the global geopolitical and economic situation, in order to respond quickly and effectively, supporting our clients and teams in this context.”
March quarter 2025 numbers:
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