1.1 \u2013Introduction
Havas\u00a0N.V. (\u201cHavas\u201d) and its subsidiaries (together \u201cHavas\u201d or \u201cthe Group\u201d), one of the world\u2019s largest and most established global commu\u00adnications and marketing group, operates in more than 100\u00a0countries and employs over 23,000\u00a0people.
Havas\u00a0N.V. is a Dutch public limited liability company (naamloze vennootschap) incorporated under the laws of the Netherlands and listed on Euronext Amsterdam. The Company\u2019s official seat (statutaire zetel) is in Amsterdam, the Netherlands. The Company is registered with the Dutch Chamber of commerce under number\u00a095011439. Although listed outside of France, the Company remains a French tax\u00a0resident for the purposes of its taxes and duties. Indeed, the whole business of the Company is carried out in France through its permanent establishment. Havas principal office is located at 29-30, quai de Dion Bouton (92800) Puteaux, France.
Separation from Vivendi
At its meetings held on December\u00a013, 2023 and January\u00a030, 2024, Vivendi\u2019s Supervisory Board authorized, upon the recommendation of the Management Board, the possibility to study the feasibility of a project to split Vivendi into several entities, each of which would be listed separately on stock exchanges.
On July\u00a022, 2024, Vivendi announced that it would study (i)\u00a0the transfer of its share ownership in Havas to Havas\u00a0N.V., a public company (naamloze vennootschap) governed by the laws of the Netherlands, (ii)\u00a0the distribution of 100% of Havas\u00a0N.V. share capital to Vivendi\u2019s shareholders and (iii)\u00a0the listing of Havas\u00a0N.V. by the end of\u00a02024. This distribution, exclusively in kind, was decided by the shareholders of Vivendi\u00a0SE at the Combined General Meeting of the shareholders of Vivendi which was held on December\u00a09, 2024 and took the form of an exceptional distribution (\u201cspecial dividend\u201d) to Vivendi\u2019s shareholders. The shares of Havas\u00a0N.V. were admitted to trading on Euronext Amsterdam, a regulated market operated by Euronext Amsterdam\u00a0NV, and trading in Havas\u00a0N.V. shares started on December\u00a016, 2024.
The Consolidated Financial Statements are presented in euros, which is the Group\u2019s presentation currency, and all values are rounded to the nearest million, except as otherwise indicated.
1.2 \u2013Basis of preparation and\u00a0statement\u00a0of compliance
The Consolidated Financial Statements, consist of the consolidated balance sheet as of December\u00a031, 2025 and 2024, the consolidated income statements, the consolidated statement of comprehensive income, the consolidated cash flows statements and the consolidated statements of shareholders\u2019 equity for the years ended December\u00a031, 2025 and 2024.
The Consolidated Financial Statements have been prepared in accordance with the International Financial Reporting Standards\u00a0(\u201cIFRS\u201d) as adopted by\u00a0the European Union\u00a0(EU) and comply with the statutory provisions of\u00a0Part\u00a09, Book\u00a02 of the Dutch Civil Code. The term \u201cIFRS Accounting Standards\u201d refers collectively to International Accounting Standards\u00a0(\u201cIAS\u201d) and IFRS Accounting Standards as well as the interpretations issued by\u00a0the Standing Interpretations Committee\u00a0(\u201cSIC\u201d) and the International Financial Reporting Interpretations Committee\u00a0(\u201cIFRIC\u201d), whose application is mandatory for the year ended December\u00a031, 2025.
The Consolidated Financial Statements were prepared on a historical cost basis, with the exception of certain asset and liability categories and in accordance with the provisions set out in IFRS such as employee benefits measured using the projected unit credit method, borrowings measured at amortized cost and financial assets measured at fair value through\u00a0OCI.
1.2 \u2013Basis of preparation and\u00a0statement\u00a0of compliance
The Consolidated Financial Statements, consist of the consolidated balance sheet as of December\u00a031, 2025 and 2024, the consolidated income statements, the consolidated statement of comprehensive income, the consolidated cash flows statements and the consolidated statements of shareholders\u2019 equity for the years ended December\u00a031, 2025 and 2024.
The Consolidated Financial Statements have been prepared in accordance with the International Financial Reporting Standards\u00a0(\u201cIFRS\u201d) as adopted by\u00a0the European Union\u00a0(EU) and comply with the statutory provisions of\u00a0Part\u00a09, Book\u00a02 of the Dutch Civil Code. The term \u201cIFRS Accounting Standards\u201d refers collectively to International Accounting Standards\u00a0(\u201cIAS\u201d) and IFRS Accounting Standards as well as the interpretations issued by\u00a0the Standing Interpretations Committee\u00a0(\u201cSIC\u201d) and the International Financial Reporting Interpretations Committee\u00a0(\u201cIFRIC\u201d), whose application is mandatory for the year ended December\u00a031, 2025.
The Consolidated Financial Statements were prepared on a historical cost basis, with the exception of certain asset and liability categories and in accordance with the provisions set out in IFRS such as employee benefits measured using the projected unit credit method, borrowings measured at amortized cost and financial assets measured at fair value through\u00a0OCI.
1.3 \u2013Approval of the Consolidated Financial Statements
The Consolidated Financial Statements were prepared under the supervision of the Chief Financial and Operating Officer of the Group and were approved and authorized for issuance by the board of directors of Havas on March\u00a031, 2026.
The financial statements are prepared on a going concern basis.
1.4 \u2013Consolidation accounting methods and principles
1.4.1 \u2013Standards and interpretations applicable from\u00a0January\u00a01, 2025
The following standards have mandatory application and were applied for periods beginning on or after January\u00a01, 2025:
\u25cfamendments to IAS\u00a021 (The Effects of Changes in Foreign Exchange Rates) \u2013\u00a0Lack of Exchangeability, effective on or after January\u00a01, 2025.
The application of the amendments had no material impact on the amounts recognized or on the disclosures in the Consolidated Financial Statements.
1.4.2 \u2013Standards and interpretations not\u00a0yet applied
Havas has not early adopted the following standards and interpretations, for which application is not mandatory for periods starting from January\u00a01, 2026, and that may impact the amounts reported:
\u25cfamendments IFRS\u00a09 and IFRS\u00a07 regarding the classification and measurement of financial instruments, effective on or after January\u00a01, 2026; and
\u25cfIFRS\u00a018 \u2013\u00a0Presentation and Disclosures in Financial Statements effective on or after January\u00a01, 2027.
IFRS\u00a018 will replace IAS\u00a01 \u2013\u00a0Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS\u00a018 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of profit or loss and providing management-defined performance measures within the financial statements.
The Group is currently assessing the impact the amendments will have on the Group\u2019s Consolidated Financial Statements. To date, the following potential impacts have been identified:
\u25cfalthough the adoption of IFRS\u00a018 will have no impact on the Group\u2019s net profit, the Group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported;
\u25cfthe line items presented on the primary financial statements might change as a result of the application of the concept of \u201cuseful structured summary\u201d and the enhanced principles on aggregation and disaggregation. In addition, there will be significant new disclosures such as:
\u2013management-defined performance measures, and
\u2013for the first annual period of application of IFRS\u00a018, a reconciliation for each line item in the statement of profit or loss between the amounts determined by applying IFRS\u00a018 and the amounts previously presented applying\u00a0IAS\u00a01.
\u25cffrom a statement of cash flows perspective, the starting point for calculating cash flows from operating activities will be operating profit rather than profit before tax.
The Group will apply the new standard from its mandatory effective date of January\u00a01, 2027. Retrospective application is required, and so the comparative information for the financial year ending December\u00a031, 2026 will be restated in accordance with\u00a0IFRS\u00a018.
1.4.3 \u2013Key JUDGEMENTS AND estimates
The preparation of the Consolidated Financial Statements in compliance with IFRS Accounting Standards requires Havas Group management to make certain estimates and assumptions which it considers reasonable and realistic, notably geopolitical risks and uncertainties consideration. Although these estimates and assumptions are regularly reviewed, based in particular on past or anticipated achievements, facts and circumstances may lead to changes in these estimates and assumptions which could have an impact on the reported amount of the Group\u2019s assets, liabilities, equity or earnings.
The main area involves judgements and may have a material impact on the Consolidated Financial Statements :
\u25cfRevenue: determination of performance obligations and of the timing of revenue recognition;
\u25cfGoodwill and other intangible assets: significant judgement is performed in the identification of assets and liabilities as part of the purchase price allocation in accordance with IFRS 3.
The following areas involve material estimates or complexity and may have a material impact on the Consolidated Financial Statements :
\u25cfearn-out and non-controlling interest buy-out obligations: valuation methods used and assumptions to measure earn-out and non-controlling interest buy-out obligations (please refer to Note\u00a01.4.9 and\u00a01.4.24);
\u25cfgoodwill and other intangible assets: valuation methods used to identify intangible assets acquired through business combinations (please refer to Note\u00a01.4.9 and\u00a02.4);
\u25cfgoodwill, intangible assets with indefinite useful lives and assets in progress: assumptions relating to impairment tests performed on each of the Group\u2019s cash-generating units\u00a0(CGUs), WACC, future cash flows and discount rates are updated annually (please refer to Note\u00a01.4.10 and\u00a02.3).
1.4.4 \u2013Principle of consolidation
Consolidation
All companies in which Havas has a controlling interest, namely those in which it has the power to govern financial and operational policies to obtain benefits from their operations, are fully consolidated.
Control as defined by IFRS\u00a010 \u2013\u00a0Consolidated Financial Statements is based on the following three criteria to be fulfilled cumulatively to assess if the parent company exercises control:
\u25cfa parent company has power over a subsidiary when the parent company has existing rights that give it the current ability to direct the relevant activities of the subsidiary, i.e., the activities that significantly affect the subsidiary\u2019s returns. Power may arise from existing or potential voting rights, or contractual arrangements. Voting rights must be substantial, i.e., exercisable at any time without limitation, particularly during decision-making processes related to significant activities. Assessment of the exercise of power depends on the nature of the subsidiary\u2019s relevant activities, the internal decision-making process, and the allocation of rights among the subsidiary\u2019s other shareowners;
\u25cfthe parent company is exposed, or has rights, to variable returns from its involvement with the subsidiary which may vary as a result of the subsidiary\u2019s performance. The term \u201creturns\u201d is broadly defined and includes, among other things, dividends and other economic benefit distributions, changes in the value of the investment in the subsidiary, economies of scale, and business synergies; and
\u25cfthe parent company has the ability to use its power to affect the returns. Exercising power without having any impact on returns does not qualify as control.
The Consolidated Financial Statements are presented as if the Group was a single economic entity with two categories of owners: (i)\u00a0the owners of the parent company (Havas\u00a0N.V. shareowners) and (ii)\u00a0the owners of non-controlling interests (minority shareholders of the subsidiaries). A\u00a0non-controlling interest is defined as the interest in a subsidiary that is not attributable, whether directly or indirectly, to a parent company. As a result, reductions in a parent company\u2019s ownership interest in a subsidiary that do not result in a loss of control only impact equity, as control of the economic entity does not change. In addition, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners. Conversely, any acquisition of control achieved in stages or a loss of control gives rise to profit or loss in the statement of earnings.
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
1.4.5 \u2013Consideration of climate change issues
The management of Havas considered the potential impacts of climate change and the commitments made by the Group on its estimates and assumptions when preparing the Consolidated Financial Statements. The Group does not expect these sources of uncertainty to be significantly impacted by future macro-economic, technological, social and climate changes. Regarding the latter, the effects of climate change and the climate transition plan described in the sustainability statements do not have a significant impact on the Group\u2019s 2025 financial statements.
Refer to the Sustainability Report.
1.4.6 \u2013Translation of foreign subsidiaries\u2019accounts
The Group\u2019s presentation currency is the euro.
The financial statements of foreign entities whose functional currency is not the euro are converted using the closing rate method. According to this method, shareholders\u2019 equity is maintained at the historical rate, balance sheet assets and liabilities are converted to the euro at the closing rate for the period, income and expenses in the consolidated income statement and consolidated statement of cash flows are converted at the average rate for the period. The resulting translation differences are directly recorded in shareholders\u2019 equity.
Goodwill and fair value adjustments to assets and liabilities resulting from the recognition of an acquisition of a foreign entity are expressed in the functional currency of the acquired business and converted to euros at the closing rate.
1.4.7 \u2013Accounting for transactions denominated in foreign currencies
Transactions denominated in a currency other than the functional currency of the entity are converted at the exchange rate in effect on the transaction date. At each balance sheet date, monetary assets and liabilities denominated in foreign currencies are converted at the closing exchange rate. All translation differences are recorded in the consolidated income statement for the period, except for differences related to foreign currency borrowings that hedge the net investment in a foreign entity. These are directly recognized in other comprehensive income until the disposal of the net investment.
The financial statements of entities in hyperinflationary economies are translated in accordance with IAS\u00a029 \u2013\u00a0Financial reporting in hyperinflationary economies. Non-monetary balance sheet items, income statement items, comprehensive income items and cash flow statement items are adjusted for inflation in their original local currency, then all the financial statements are translated at the closing exchange rate for the period. This hyperinflationary accounting leads to recognition of a gain or loss resulting from exposure to hyperinflation, which is classified as other financial expenses and thus recognized as retained earnings the following year. The accounts of the Group\u2019s subsidiaries in Argentina and in Turkey are consolidated in accordance with the principles of IAS\u00a029.
As a result of the consolidation of the subsidiaries in Argentina in accordance with the principles of IAS\u00a029, expenses were recognized as other financial expenses of \u20ac2\u00a0million in 2025 and \u20ac6\u00a0million in 2024. For the Turkish subsidiaries, in 2025, an expense of \u20ac1\u00a0million was recognized and of \u20ac2\u00a0million in 2024.
1.4.8 \u2013Elimination of intragroup transactions
Balances of intragroup accounts receivables and payables and intragroup transactions such as internal billings, dividend payments, capital gains or losses on disposals, allowances or reversals of provisions relating to investments in consolidated subsidiaries are eliminated.
1.4.9 \u2013Business combinations and goodwill
Business combinations are recorded using the acquisition method. Under this method, upon the initial consolidation of an entity over which the Group has acquired exclusive control:
\u25cfthe identifiable assets acquired and the liabilities assumed are recognized at their fair value on the acquisition date; and
\u25cfnon-controlling interests are measured at fair value (the \u201cfull\u201d goodwill method).
On the acquisition date, goodwill is initially measured as the difference between:
i)the fair value of the consideration transferred, plus the amount of non-controlling interests in the acquiree and, in a business combination achieved in stages, the fair value on the acquisition date of the previously held equity interest in the acquiree; and
ii)the net fair value of the identifiable assets acquired and liabilities assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in an increase in goodwill up to the extent attributable to these interests, thereby leading to the recognition of a \u201cfull goodwill\u201d.
Allocation of the purchase price shall be performed within twelve months after the acquisition date. If goodwill is negative, it is recognized in the consolidated income statement.
After the acquisition date, goodwill is measured at its initial amount less recorded accumulated impairment.
In addition, the following principles are applied to business combinations:
\u25cfon the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination;
\u25cfcontingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the consolidated income statement;
\u25cfacquisition-related costs are recognized as expenses when incurred;
\u25cfin the event of the acquisition of an additional interest in a subsidiary, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners.
On disposal of a subsidiary, the amount of attributable goodwill is included in the calculation of the gain or loss on disposal.
Goodwill relating to equity method affiliates are included in the carrying amount of investments in associates.
1.4.10 \u2013Intangible assets
Other intangible assets, separately acquired, are accounted for at their acquisition cost. Research expenses are recognized in the consolidated income statement for the financial period in which they are incurred.
Other intangible assets which are acquired in the course of business combinations are accounted for at their fair value at the completion date and separately from goodwill as long as they:
\u25cfare identifiable, i.e. they result from legal or contractual rights; or
\u25cfcan be separated from the acquired company.
Intangible assets mainly consist of software and trademarks.
Software is amortized over its useful life, estimated at one or five years.
Trademarks have an indefinite useful life and are tested for impairment annually. The useful life of a trademark is considered indefinite when there is no foreseeable limit to the period during which the asset is expected to generate economic benefits. Havas\u00a0N.V. trademarks are well-established, have strong brand recognition.
1.4.11 \u2013Property and equipment
Property and equipment are carried at historical cost less any accumulated depreciation and impairment losses. Historical cost includes the acquisition cost or production cost, costs directly attributable to transporting an asset to its physical location and preparing it for its operational use, the estimated costs relating to the demolition and the collection of property and equipment, and the rehabilitation of the physical location resulting from the incurred obligation.
When property and equipment include significant components with different useful lives, they are recorded and depreciated separately.
Depreciation is calculated using the straight-line method based on the estimated useful life of the assets. Useful lives of the main components are reviewed at the end of each reporting period as follows:
\u25cfbuildings: 15 to 33\u00a0years;
\u25cffixtures, fittings and general installations: 3 to 16\u00a0years;
\u25cfoffice equipment and furniture: 3 to 10\u00a0years;
\u25cfIT equipment: 3 to 5\u00a0years.
1.4.12 \u2013IFRS\u00a016 right-of-use assets and\u00a0lease\u00a0liabilities
The amount of lease liabilities relating to leases arising from business combinations after the implementation of IFRS\u00a016 is measured at the present value of the remaining fixed and minimum guaranteed lease payments, in accordance with IFRS\u00a016, as if the leases acquired were new leases at the acquisition date. The amount of the rights of use is measured at the amount of the lease liabilities, adjusted to reflect the favorable or unfavorable nature of the lease terms compared with market terms.
The Group subleases retail or office space and acts as lessor. When subleases cover substantially all the risks and rewards of the main lease, they are accounted for as finance leases. As a consequence, the right of use of the main lease is not recognized and a finance receivable is recognized. All other subleases are classified as operating subleases.
Measurement of the right-of-use asset and\u00a0the\u00a0lease\u00a0liability
Leases for which Havas is the lessee are recorded at the commencement date and result in the recognition of a lease liability equal to the present value of future fixed payments and minimum guaranteed payments, against a right-of-use asset relating to leases.
The right-of-use assets related to lease contracts are recognized at cost at the inception date of the lease. The cost of the right-of-use asset includes:
\u25cfthe amount of the associated lease liability;
\u25cfinitial direct costs (incremental costs of obtaining the lease);
\u25cfpayments made prior to the commencement of the lease, less any lease incentives received; and
\u25cfdismantling and restoration costs (recognized and measured in accordance with IAS\u00a037).
The right-of-use asset is then depreciated on a straight-line basis over the lease term, as determined in accordance with IFRS\u00a016.
After initial recognition, the liability is:
\u25cfincreased by the effect of undiscounting the associated lease liability (interest expense on lease liabilities);
\u25cfdecreased by the cash out for lease payments; and
\u25cfreassessed in the event of an amendment to the lease contract.
IFRS\u00a016 requires the discount rate for each contract to be determined by reference to the incremental borrowing rate of the borrowing entity. The rate applied for each lease takes into account the lease payment profile.
Lease modifications and remeasurements
In the event of a reduction in the lease term or in the surface area leased, the right-of-use asset and lease liability are reduced accordingly in line with the percentage decrease, with the offsetting entry posted to gains and losses on leases in the consolidated income statement. The residual lease liability is then adjusted against the right-of-use asset, after discounting the asset at the discount rate revised as of the date of the modification.
Increases in the lease term or in the surface area leased do not generate gains or losses on lease modifications, but rather lead to a remeasurement of the lease liability using a discount rate revised as of the date of the modification, which is recognized against an adjustment to the right-of-use asset. Changes in the amount of the lease stipulated in the lease contract that do not involve modification of the leased surface area or lease term will lead to a remeasurement of the lease liability with no revision of the discount rate, which is recognized against an adjustment to the right-of-use asset.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
1.4.14 \u2013Financial assets
Non-recyclable assets measured at fair value through other comprehensive income (\u201cOCI\u201d)
These include investments in unconsolidated companies. These assets are measured at fair value. Unrealized gains or losses on financial assets at fair value through other comprehensive income are recognized as items that will not be reclassified subsequently to income (loss) in the consolidated income statement.
The fair value of these unconsolidated companies is determined based on future cash flows discounted at the market rates used for similar assets based on available information.
Once the financial asset is sold, collected or removed from the Statement of Financial Position in another way, at which time the accumulated gain or loss previously reported as other comprehensive income (loss) are transferred to retained earnings.
Dividends and interest received from unconsolidated companies are recognized in the consolidated income statement.
Other financial assets
Other financial assets mainly include loans from non-consolidated companies or employees, deposits and proceeds receivable from disposal of equity investments. These assets are valued at amortized cost according to the effective interest rate method.
Derivatives
According to the applicable accounting principles, a gain or loss on hedging instruments is recognized either in the consolidated income statement if the instruments meet the criteria of a fair value hedge, or in equity in the case of a future cash flow hedge.
To manage its exposure to interest rate and foreign exchange risks, the Group selectively negotiates derivative instruments with leading banks, thus limiting counterparty risks. These derivatives are subject to Level\u00a02 fair value measurement.
The Group applies hedge accounting to these financial instruments when their hedge efficiency is demonstrated.
1.4.15 \u2013Cash and cash equivalents
The \u201ccash and cash equivalents\u201d category, defined in accordance with IAS\u00a07, consists, on the one hand of cash in banks and remunerated or unremunerated demand deposits which corresponds to cash, and, on the other hand other highly liquid investments with initial maturities of generally three months or less which correspond to cash equivalents.
1.4.16 \u2013Customer receivables
Customer receivables are initially accounted for at fair value and subsequently measured at amortized cost minus any impairment losses.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
1.4.17 \u2013Trade payables
Payables due to media suppliers are recorded under \u201cTrade payables\u201d. The trade payables includes all operating payables corelated to the purchase of goods and services including those related to media buying where the Company acts as agent. These payables are generally due within less than one year.
1.4.18 \u2013Inventories and work in progress
Inventories and work in progress include external purchasing costs for specific ongoing projects and from the purchase of media space for resale. An impairment is recognized when their realizable value becomes lower than their cost.
1.4.19 \u2013Deferred taxes
Differences at closing between the tax base value of assets and liabilities and their carrying value in the consolidated balance sheet give rise to temporary differences.
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized, or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results (generally over three years), non-recurring items unlikely to occur in the future and the tax strategy.
Uncertain tax liabilities are recorded in corporate income tax liabilities.
The tax rate change effect is either recognized in the consolidated income statement for the financial period or in equity, depending on the corresponding item to which it relates.
1.4.20 \u2013Treasury shares
In accordance with IAS\u00a032, the repurchase commitment is recognized as a commitment share buyback program liability (\u201cgross liability\u201d) until receipt of the shares with a corresponding debit in equity.
Throughout the life of the program:
\u25cfthe amount of the gross liability will vary based on the amount of share buybacks that have already been implemented and will therefore reflect the current level of the maximum monetary buyback threshold;
\u25cfindeed, upon delivery of the shares against payment by Havas, the corresponding amount of \u201cgross liability\u201d will be derecognized against cash and the debit to equity may be reclassified as treasury shares or shares cancelled as appropriate.
At the end of the arrangement, should the repurchase program not have been fully used (i.e. the financial institution has not repurchased shares up to the maximum amount), the remaining amount of the \u201cgross liability\u201d will be credited back to equity.
1.4.21 \u2013Borrowing and bank overdrafts
Borrowing and bank overdrafts are initially accounted for at fair value net of incremental and directly associated transaction costs. They are subsequently measured at amortized cost according to the effective interest rate method.
1.4.22 \u2013Provisions
A provision should be recognized when, as a result of a past event, Havas has a legal or contractual obligation and it is probable that an outflow of economic resources, which can be estimated reliably, will be required to settle the obligation. The amount recognized as a provision represents the best estimate of the expenditure required to settle the present obligation at the balance sheet date. If the time value effect is significant, provisions are determined by discounting the expected future cash flows at a pre-tax discount rate that reflects the current market\u2019s assessment of the time value of money. If a reliable estimate of the obligation amount cannot be made, no provision is recognized, and this information is disclosed in the notes to the Consolidated Financial Statements.
Provisions recognized in the Consolidated Financial Statements mainly relate to retirement obligations, leased office restoration, tax risk, litigations with third parties and as described in Note\u00a02.16.
Provisions for leased office restoration are recognized at the commencement date of the lease contract when such contract include an obligation to restore the asset to its original condition. The provision is estimated by management and is regularly reviewed and adjusted as appropriate for new circumstances.
1.4.23 \u2013Pension and post-employment benefits
Defined contribution plans
Defined contribution plans are for the most part statutory schemes. These are post-employment benefit plans under which, for certain categories of employees, the Group pays defined contributions into an insurance company or an external pension fund, without incurring any other obligation, in respect of services rendered by the employees over the period. These contributions are recorded as expenses when incurred, in the same manner as for payroll. Such plans generate no future commitment on the part of the Group and therefore no provision is recognized.
Defined benefit plans
Defined benefit plans are post-employment obligations to provide additional benefits to certain categories of employees through contractual or collective labor agreements. These benefits may be settled either as a one-off end-of-service payment or in annual installments, in particular in the United Kingdom.
Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method over the vesting period. This method is based on annually updated assumptions which include the probability of employees remaining with Havas until retirement, expected changes in future compensation and an appropriate discount rate for each country in which Havas maintains a pension plan. Discount rates are determined at each year end by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices.
A provision is recorded in the consolidated balance sheet equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognized as follows:
\u25cfthe service cost is included in personnel costs. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment and gains and losses on settlement;
\u25cfthe financial component, recorded in other financial income (expense), consists of the undiscounting of the obligation, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and
\u25cfthe remeasurements of the net defined benefit liability (asset), recognized in other comprehensive income (loss) as items that will not be reclassified subsequently to income (loss), mainly consist of actuarial gains and losses.
Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions.
Indemnities for employment agreement termination
Local legislation, contractual agreements and collective bargaining agreements in certain countries where the Group operates may provide for severance indemnities in the event of involuntary employee terminations. These severance indemnities are recognized in balance sheet liabilities and in the consolidated income statement if, and only if, the Group has clearly undertaken to terminate the employees before their normal retirement age and to pay such indemnities, which may represent several months or even several years of salary for the employee concerned.
1.4.24 \u2013Non-controlling interest buy-out commitments
Havas has committed to purchase the non-controlling interests of some of the minority shareowners of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g., put options) or mandatory (e.g., forward purchase contracts).
The following accounting treatment has been applied in respect of commitments:
\u25cfupon initial recognition, the commitment to purchase non-controlling interests is recognized as a financial liability for the present value of the purchase price under the put option or forward purchase contract, mainly offset by the book value of non-controlling interests and the remaining balance through equity attributable to Havas\u00a0N.V. shareowners;
\u25cfsubsequent changes to the value of the commitment are recognized as a financial liability through an adjustment to equity attributable to Havas\u00a0N.V. shareowners; and
\u25cfupon maturity of the commitment, if the non-controlling interests are not purchased, the previously recognized entries are reversed; if the non-controlling interests are purchased, the amount recognized in financial liabilities is reversed, offset by the cash outflow relating to the purchase of the non-controlling interests.
1.4.25 \u2013Accounting for additional payments for\u00a0acquired companies (earn-outs)
Any contingent consideration in a business combination (such as earn-out payments) is included in the consideration transferred at its acquisition-date fair value, whatever the probability that it will become due. Subsequent changes in the fair value of contingent consideration due to facts and circumstances that existed as of the acquisition date are recorded by adjusting goodwill if they occur during the measurement period or directly in the Consolidated Income Statement as \u201cImpairment goodwill/Earn-out updated\u201d if they arise after the measurement period, unless the obligation is settled in equity instruments. In that case, the contingent consideration is not remeasured subsequently.
The liability is recorded under earn-out and non-controlling interest buy-out obligations in the consolidated balance sheet.
1.4.26 \u2013Share-based transactions
Share-based compensation is recognized as a personnel cost at the fair value of the equity instruments granted. This expense is spread over the vesting period, i.e., generally three years for performance share plans.
An exception was made regarding the accounting of personnel costs for a specific plan. Given the success related to a structuring and exceptional financial operation, the costs associated with this plan have been charged to \u201cother financial expenses\u201d.
The fair value of such instruments is assessed using a binomial model. This method relies on assumptions updated at the valuation date such as the calculated volatility of the relevant shares, the discount rate corresponding to the risk-free interest rate, the expected dividend yield, and the probability of relevant managers and employees remaining employed within the Group until the exercise of their rights.
The instruments granted are equity-settled. The valuation and recognition of the expense is as follows:
\u25cfthe expected term of the instruments granted is deemed to be the mid-point between the vesting date and the end of the contractual term;
\u25cfthe value of the instruments granted is estimated and fixed at the grant date; and
\u25cfthe expense is recognized with a corresponding increase in equity.
Share-based compensation cost is allocated to each operating segment, pro rata to the number of equity instruments or equivalent instruments granted to their managers and employees.
Please refer to Note\u00a02.18 for details of the features of these plans.
1.4.27 \u2013Revenue recognition
The Group derives substantially all of its revenue from contracts with customers. Type of services rendered by Havas:
\u25cfcreative: communications services, including advertising creation and solutions, brand and design expertise, content production, marketing services, customer experience, public relations, public affairs and corporate communications, partnership, sponsorship and event solutions, business consultancy and transformation;
\u25cfmedia-related services, including media planning, programmatic buying, performance marketing, mobile data consulting, out-of-home and geo-targeted advertising, paid social media, experiential and entertainment and sport consulting;
\u25cfspecialized communications services to pharmaceutical companies, combining different activities to serve a dedicated industry, including public relations, event information, medical training, digital marketing, consultancy activities and direct communications with patients.
In particular, media services relate to:
\u25cfthe nature, content and target audience of an appropriate advertising message for the promotion of brands and services;
\u25cfadvice and consulting related to appropriate media for the distribution and platform implementation of finished products;
\u25cfcreation of deliverables;
\u25cfproduction of advertising spots and events;
\u25cfmonitoring the effectiveness of commercial messages and finished products through studies and research;
\u25cfmedia strategy, targeted audiences and media ad strategy and broadcasting; and
\u25cfnegotiating and buying of media spaces with media providers, trading and optimization of campaigns, results measurement and reporting.
Contracts with customers primarily include the following fee structures, either in separate or combined contracts:
\u25cffees for services on an hourly rate or a per project basis;
\u25cffixed fees for pre-agreed deliverables or activities or scope of work;
\u25cfcommissions on media buying from third parties for Media activities and on other purchases from third parties for advertising and direct marketing services;
\u25cffee or variable commissions and/or incentives conditional upon the achievement of qualitative and/or quantitative objectives;
\u25cfretainer fees;
\u25cfperformance related incentives;
\u25cfsuccess fees for performance marketing; and
\u25cfroyalties received from affiliated agencies for the use of the Havas brand.
Project-based contracts are typical for smaller clients. For most major clients, Havas enters into a Master Services Agreement\u00a0(\u201cMSA\u201d) which sets out the contractual framework between Havas and the client. A\u00a0MSA may be global (applying to all Havas agencies), regional or local, in some cases applying to even a single agency. The costs associated with client acquisition for a new MSA or short-term client contracts are expensed in the period incurred, unless they meet the capitalization criteria under IAS 38. Once a MSA has been agreed, the client and relevant agencies agree on a scope of work\u00a0(\u201cSOW\u201d), or a SOW for each Havas agency, which covers specific services to be delivered in an agreed period. Typically, a\u00a0SOW covers a period of less than one year. The SOW describes each deliverable, each of which corresponds to a performance obligation. When agreed, the client issues a purchase order for all or part of the SOW which establishes the contractual agreement for the SOW.
For each SOW, the agreed services are distinct only if the client can benefit from the services on their own and if the promise to transfer services is separately identified from other promises in the contract. This is typically the case for each performance obligation that comprises the\u00a0SOW.
When a\u00a0SOW includes more than one performance obligation, the method of allocating revenue to each performance obligation depends on the nature of the contractual agreement in the MSA:
\u25cffor retainer contracts, revenue is not allocated per performance obligation because the services of the agency are based on making a team available for the client regardless of the number or complexity of the performance obligations. In this case, only external costs that are recharged to the client are tracked by performance obligation;
\u25cffor project-based contracts, the revenue is allocated to the performance obligations under the SOW according to the expected effort of completing each performance obligation.
Revenue is recognized when performance obligations are satisfied in accordance with the terms of the contractual arrangement. Usually, performance obligations are satisfied over time as services are rendered. This is mainly the case of services provided by the Group\u2019s Creative activities. Revenue is recognized over time based on an input method where the hours expended are assessed relative to the total hours planned and the stage of advancement of the project.
Revenue from fees on production of advertising spots and/or events and from commissions on planning and media buying transactions are recognized at a point in time (i.e., at the acceptance of the product, at the date of the event, or at the point in time the media is run).
Retainer arrangements: remuneration contracts where the fee is earned for the availability of a service during a defined period not for specific performance obligation. Typically, the retainer fee is a fixed monthly or quarterly amount which represents an expected average time value of the dedicated team during the relevant period.
Certain MSAs with clients also include performance incentives pursuant to which Havas is entitled to receive additional payments based upon its performance for the client, measured against specified qualitative and quantitative objectives. Havas recognizes the incentive portion of the revenue under these contractual arrangements when it is considered highly probable that the qualitative and quantitative goals have been achieved in accordance with the arrangements.
For instance, there are three main elements in variable remuneration. The weight of these elements in the total remuneration scheme is customized for each client. Potential revenue is evaluated during the year and accrued at the end of year according to expected payout.
\u25cfService level evaluation: evaluated through customer surveys/questionnaires, carried out 1-4 times per year.
\u25cfQuantitative KPI\u2019s (cost per gross rating point, reach, prime time percentage). The agency tracks constantly its performance against these targets during the year.
\u25cfClient business targets (e.g., sales, revenues, growth, EBIT), regarding which the Group requests feedback from the client as to the expected achievement of the client\u2019s business targets.
The Group also receives volume rebates from suppliers on transactions carried out on behalf of clients. These rebates are either remitted to clients based on contractual terms or local laws, or retained by the Group. The portion paid back to clients is recognized under liabilities and the portion retained is typically recognized under revenue when the media is broadcast, if a contract exists with the media vendor and we anticipate exceeding volume criteria.
Agent versus principal
The nature of the relationship between client and each Havas agency is defined in the relevant MSA. The determination of whether the Group acts as principle or agent depends on the nature of the service provided.
In the context of service agreement and purchase of media, the Group may be in position of agent or principal. This may depend on the local regulation and the nature of the services and their pricing defined in the contract. In particular, Havas considers that it is acting as \u201cPrincipal\u201d if at least one of the following criteria is satisfied:
\u25cfthe agency obtains control of the asset or service before transferring it to the client;
\u25cfthe agency has the ability to direct the supplier(s);
\u25cfthe agency incorporates or combines the work of suppliers to deliver the promised goods or services to the client.
The Group acts as principal in most of its activities except for media buying services performed on behalf of clients, depending on local regulations or local business practices, and supervision of productions of advertising spots and events done by third parties.
Havas essentially acts as principal in its advertising space purchasing, marketing studies and event activities. However, for media planning and buying services performed on behalf of clients, local regulations or local business practices may prohibit Havas from acting as principal for the purchase of advertising space for certain activities. These include the law \u201cSapin\u201d in France and local business practices in the United States.
With respect to production of advertising spots and events done by third parties, the Group acts as agent only on contracts for which it only performs production supervision that is wholly done by an external third party. If the agency incorporates or significantly transforms the work done by a third party, the Group considers that this involves a single performance obligation for which it acts as Principal.
When the Group acts as agent, revenue is recognized net of the costs pass through to clients, which means that revenue recorded is solely comprised of fees or commission.
When acting as agent, costs incurred with third party suppliers are directly billed to the client and excluded from revenue as they are offset by the cost incurred on behalf of the client. Only amounts identified as fees are recognized as revenue.
When the Group acts as principal, the revenue is recognized for the amount invoiced to the client.
1.4.28 \u2013Operating segments
Information reported to the Group\u2019s Chief Executive Officer, the Chief Operating Decision Maker (or \u201cCODM\u201d), for the purposes of resource allocation and assessment of segment performance is focused on geographic area integrating the different activities and ensuring comparability over time.
1.4.1 \u2013Standards and interpretations applicable from\u00a0January\u00a01, 2025
The following standards have mandatory application and were applied for periods beginning on or after January\u00a01, 2025:
\u25cfamendments to IAS\u00a021 (The Effects of Changes in Foreign Exchange Rates) \u2013\u00a0Lack of Exchangeability, effective on or after January\u00a01, 2025.
The application of the amendments had no material impact on the amounts recognized or on the disclosures in the Consolidated Financial Statements.
1.4.2 \u2013Standards and interpretations not\u00a0yet applied
Havas has not early adopted the following standards and interpretations, for which application is not mandatory for periods starting from January\u00a01, 2026, and that may impact the amounts reported:
\u25cfamendments IFRS\u00a09 and IFRS\u00a07 regarding the classification and measurement of financial instruments, effective on or after January\u00a01, 2026; and
\u25cfIFRS\u00a018 \u2013\u00a0Presentation and Disclosures in Financial Statements effective on or after January\u00a01, 2027.
IFRS\u00a018 will replace IAS\u00a01 \u2013\u00a0Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS\u00a018 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of profit or loss and providing management-defined performance measures within the financial statements.
The Group is currently assessing the impact the amendments will have on the Group\u2019s Consolidated Financial Statements. To date, the following potential impacts have been identified:
\u25cfalthough the adoption of IFRS\u00a018 will have no impact on the Group\u2019s net profit, the Group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported;
\u25cfthe line items presented on the primary financial statements might change as a result of the application of the concept of \u201cuseful structured summary\u201d and the enhanced principles on aggregation and disaggregation. In addition, there will be significant new disclosures such as:
\u2013management-defined performance measures, and
\u2013for the first annual period of application of IFRS\u00a018, a reconciliation for each line item in the statement of profit or loss between the amounts determined by applying IFRS\u00a018 and the amounts previously presented applying\u00a0IAS\u00a01.
\u25cffrom a statement of cash flows perspective, the starting point for calculating cash flows from operating activities will be operating profit rather than profit before tax.
The Group will apply the new standard from its mandatory effective date of January\u00a01, 2027. Retrospective application is required, and so the comparative information for the financial year ending December\u00a031, 2026 will be restated in accordance with\u00a0IFRS\u00a018.
1.4.1 \u2013Standards and interpretations applicable from\u00a0January\u00a01, 2025
The following standards have mandatory application and were applied for periods beginning on or after January\u00a01, 2025:
\u25cfamendments to IAS\u00a021 (The Effects of Changes in Foreign Exchange Rates) \u2013\u00a0Lack of Exchangeability, effective on or after January\u00a01, 2025.
The application of the amendments had no material impact on the amounts recognized or on the disclosures in the Consolidated Financial Statements.
1.4.2 \u2013Standards and interpretations not\u00a0yet applied
Havas has not early adopted the following standards and interpretations, for which application is not mandatory for periods starting from January\u00a01, 2026, and that may impact the amounts reported:
\u25cfamendments IFRS\u00a09 and IFRS\u00a07 regarding the classification and measurement of financial instruments, effective on or after January\u00a01, 2026; and
\u25cfIFRS\u00a018 \u2013\u00a0Presentation and Disclosures in Financial Statements effective on or after January\u00a01, 2027.
IFRS\u00a018 will replace IAS\u00a01 \u2013\u00a0Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS\u00a018 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of profit or loss and providing management-defined performance measures within the financial statements.
The Group is currently assessing the impact the amendments will have on the Group\u2019s Consolidated Financial Statements. To date, the following potential impacts have been identified:
\u25cfalthough the adoption of IFRS\u00a018 will have no impact on the Group\u2019s net profit, the Group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported;
\u25cfthe line items presented on the primary financial statements might change as a result of the application of the concept of \u201cuseful structured summary\u201d and the enhanced principles on aggregation and disaggregation. In addition, there will be significant new disclosures such as:
\u2013management-defined performance measures, and
\u2013for the first annual period of application of IFRS\u00a018, a reconciliation for each line item in the statement of profit or loss between the amounts determined by applying IFRS\u00a018 and the amounts previously presented applying\u00a0IAS\u00a01.
\u25cffrom a statement of cash flows perspective, the starting point for calculating cash flows from operating activities will be operating profit rather than profit before tax.
The Group will apply the new standard from its mandatory effective date of January\u00a01, 2027. Retrospective application is required, and so the comparative information for the financial year ending December\u00a031, 2026 will be restated in accordance with\u00a0IFRS\u00a018.
1.4.3 \u2013Key JUDGEMENTS AND estimates
The preparation of the Consolidated Financial Statements in compliance with IFRS Accounting Standards requires Havas Group management to make certain estimates and assumptions which it considers reasonable and realistic, notably geopolitical risks and uncertainties consideration. Although these estimates and assumptions are regularly reviewed, based in particular on past or anticipated achievements, facts and circumstances may lead to changes in these estimates and assumptions which could have an impact on the reported amount of the Group\u2019s assets, liabilities, equity or earnings.
The main area involves judgements and may have a material impact on the Consolidated Financial Statements :
\u25cfRevenue: determination of performance obligations and of the timing of revenue recognition;
\u25cfGoodwill and other intangible assets: significant judgement is performed in the identification of assets and liabilities as part of the purchase price allocation in accordance with IFRS 3.
The following areas involve material estimates or complexity and may have a material impact on the Consolidated Financial Statements :
\u25cfearn-out and non-controlling interest buy-out obligations: valuation methods used and assumptions to measure earn-out and non-controlling interest buy-out obligations (please refer to Note\u00a01.4.9 and\u00a01.4.24);
\u25cfgoodwill and other intangible assets: valuation methods used to identify intangible assets acquired through business combinations (please refer to Note\u00a01.4.9 and\u00a02.4);
\u25cfgoodwill, intangible assets with indefinite useful lives and assets in progress: assumptions relating to impairment tests performed on each of the Group\u2019s cash-generating units\u00a0(CGUs), WACC, future cash flows and discount rates are updated annually (please refer to Note\u00a01.4.10 and\u00a02.3).
1.4.5 \u2013Consideration of climate change issues
The management of Havas considered the potential impacts of climate change and the commitments made by the Group on its estimates and assumptions when preparing the Consolidated Financial Statements. The Group does not expect these sources of uncertainty to be significantly impacted by future macro-economic, technological, social and climate changes. Regarding the latter, the effects of climate change and the climate transition plan described in the sustainability statements do not have a significant impact on the Group\u2019s 2025 financial statements.
Refer to the Sustainability Report.
Impairment tests
The Group considers that the cash generating unit or the group of cash generating units are mainly the key markets in which the Group operates: North America, Europe, Apac and Africa, and Latin America.
The value in use of each CGU or group of CGUs is determined as the discounted value of future cash flows by using cash flow projections consistent with the five-year financial projections prepared by the management. The Group uses scenarios in business forecasting process and the most reasonable and supportable assumptions, which represent management\u2019s best estimate as at June 30, 2025 for the period 2025 to 2029, are used as the basis for the value in use calculations.
The following key assumptions were used: pre-tax discount rate, terminal growth rate, forecast revenue, adjusted EBIT as defined in Note\u00a02.2, depreciation and amortization, capital expenditures, the competitive environments, technological developments and level of commercial expenses.
The discount rates used reflect the current market assessments of the time value of money and the specific risks to which the cash generating unit is exposed.
The compound annual growth rates applied over the business plan period were corroborated with industry market studies on advertising spent by country or geographic region.
For the terminal value calculation, growth rates were capped at a historical long-term inflation rate.
The recoverable amount used for the relevant CGU or group of CGUs was determined based on its value in use applying the key assumptions set out below:
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,574 | \n\n 1,668 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 681 | \n\n 280 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 213 | \n\n 187 | \n\n 9.44% | \n\n 2.25% | \n\n 0.42% | \n
| \n Latam | \n\n 63 | \n\n 123 | \n\n 11.37% | \n\n 2.25% | \n\n 2.34% | \n
| \n Total goodwill after impairment test | \n\n 2,531 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,537 | \n\n 1,734 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 727 | \n\n 273 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 216 | \n\n 177 | \n\n 9.37% | \n\n 2.25% | \n\n 0.62% | \n
| \n Latam | \n\n 55 | \n\n 121 | \n\n 11.90% | \n\n 2.25% | \n\n 3.15% | \n
| \n Total goodwill after impairment test | \n\n 2,535 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Sensitivity
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 9.0% | \n\n 1.3\u00a0pts | \n\n 2.3% | \n\n (1.6)\u00a0pts | \n\n (19.0)% | \n
| \n North America | \n\n 9.0% | \n\n 54.2\u00a0pts | \n\n 2.3% | \n\n (84.5)\u00a0pts | \n\n (81.7)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 11.4\u00a0pts | \n\n 2.3% | \n\n (24.0)\u00a0pts | \n\n (47.9)% | \n
| \n Latam | \n\n 11.4% | \n\n 4.8\u00a0pts | \n\n 2.3% | \n\n (16.7)\u00a0pts | \n\n (30.0)% | \n
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate (in\u00a0%) | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate (in\u00a0%) | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 8.8% | \n\n 0.3\u00a0pt | \n\n 2.3% | \n\n (0.3)\u00a0pt | \n\n (4.0)% | \n
| \n North America | \n\n 8.8% | \n\n 63.9\u00a0pts | \n\n 2.3% | \n\n (112.0)\u00a0pts | \n\n (89.3)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 12.5\u00a0pts | \n\n 2.3% | \n\n (29.1)\u00a0pts | \n\n (65.0)% | \n
| \n Latam | \n\n 11.9% | \n\n 5.4\u00a0pts | \n\n 2.3% | \n\n (31.8)\u00a0pts | \n\n (40.2)% | \n
Impairment tests carried out have not resulted in any impairment losses.
The opportunity cost of capital used in the impairment test is the result of three components:
1.The market risk premium,
2.The unlevered beta coefficient, and
3.The risk-free rate.
1.The market risk premium is a reliable assumption that does not require sensitivity analysis. It is based on a historical approach: in the 2025 edition of the Credit Suisse Global Investment Returns Yearbook, Dimson, Marsh, and Staunton estimate a market risk premium of\u00a05.0% (compared to a risk-free rate based on treasury bills). We use a slightly higher market risk premium of\u00a05.5%.
2.The unlevered beta coefficient has been estimated conservatively. Indeed, the five-year average beta of peers stands at 0.94. We apply an additional premium of\u00a0+0.1, resulting in a beta of\u00a01.05, to account for Havas\u2019 smaller size.
3.The risk-free rate is based on (i)\u00a0the real interest rate, derived from historical averages, and (ii)\u00a0the expected long-term inflation rate. Only the latter parameter is subject to variability for sensitivity analysis on our discount rate. However, an increase in the expected long-term inflation rate also leads to an increase in the normative cash flow (before discount), which is based on the terminal growth rate, therefore limiting the impact on fair value. In this sense, our sensitivity table is therefore conservative, as it separates these two effects, despite their interdependence and compounding nature.
1.4.4 \u2013Principle of consolidation
Consolidation
All companies in which Havas has a controlling interest, namely those in which it has the power to govern financial and operational policies to obtain benefits from their operations, are fully consolidated.
Control as defined by IFRS\u00a010 \u2013\u00a0Consolidated Financial Statements is based on the following three criteria to be fulfilled cumulatively to assess if the parent company exercises control:
\u25cfa parent company has power over a subsidiary when the parent company has existing rights that give it the current ability to direct the relevant activities of the subsidiary, i.e., the activities that significantly affect the subsidiary\u2019s returns. Power may arise from existing or potential voting rights, or contractual arrangements. Voting rights must be substantial, i.e., exercisable at any time without limitation, particularly during decision-making processes related to significant activities. Assessment of the exercise of power depends on the nature of the subsidiary\u2019s relevant activities, the internal decision-making process, and the allocation of rights among the subsidiary\u2019s other shareowners;
\u25cfthe parent company is exposed, or has rights, to variable returns from its involvement with the subsidiary which may vary as a result of the subsidiary\u2019s performance. The term \u201creturns\u201d is broadly defined and includes, among other things, dividends and other economic benefit distributions, changes in the value of the investment in the subsidiary, economies of scale, and business synergies; and
\u25cfthe parent company has the ability to use its power to affect the returns. Exercising power without having any impact on returns does not qualify as control.
The Consolidated Financial Statements are presented as if the Group was a single economic entity with two categories of owners: (i)\u00a0the owners of the parent company (Havas\u00a0N.V. shareowners) and (ii)\u00a0the owners of non-controlling interests (minority shareholders of the subsidiaries). A\u00a0non-controlling interest is defined as the interest in a subsidiary that is not attributable, whether directly or indirectly, to a parent company. As a result, reductions in a parent company\u2019s ownership interest in a subsidiary that do not result in a loss of control only impact equity, as control of the economic entity does not change. In addition, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners. Conversely, any acquisition of control achieved in stages or a loss of control gives rise to profit or loss in the statement of earnings.
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
Consolidation
All companies in which Havas has a controlling interest, namely those in which it has the power to govern financial and operational policies to obtain benefits from their operations, are fully consolidated.
Control as defined by IFRS\u00a010 \u2013\u00a0Consolidated Financial Statements is based on the following three criteria to be fulfilled cumulatively to assess if the parent company exercises control:
\u25cfa parent company has power over a subsidiary when the parent company has existing rights that give it the current ability to direct the relevant activities of the subsidiary, i.e., the activities that significantly affect the subsidiary\u2019s returns. Power may arise from existing or potential voting rights, or contractual arrangements. Voting rights must be substantial, i.e., exercisable at any time without limitation, particularly during decision-making processes related to significant activities. Assessment of the exercise of power depends on the nature of the subsidiary\u2019s relevant activities, the internal decision-making process, and the allocation of rights among the subsidiary\u2019s other shareowners;
\u25cfthe parent company is exposed, or has rights, to variable returns from its involvement with the subsidiary which may vary as a result of the subsidiary\u2019s performance. The term \u201creturns\u201d is broadly defined and includes, among other things, dividends and other economic benefit distributions, changes in the value of the investment in the subsidiary, economies of scale, and business synergies; and
\u25cfthe parent company has the ability to use its power to affect the returns. Exercising power without having any impact on returns does not qualify as control.
The Consolidated Financial Statements are presented as if the Group was a single economic entity with two categories of owners: (i)\u00a0the owners of the parent company (Havas\u00a0N.V. shareowners) and (ii)\u00a0the owners of non-controlling interests (minority shareholders of the subsidiaries). A\u00a0non-controlling interest is defined as the interest in a subsidiary that is not attributable, whether directly or indirectly, to a parent company. As a result, reductions in a parent company\u2019s ownership interest in a subsidiary that do not result in a loss of control only impact equity, as control of the economic entity does not change. In addition, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners. Conversely, any acquisition of control achieved in stages or a loss of control gives rise to profit or loss in the statement of earnings.
1.4.24 \u2013Non-controlling interest buy-out commitments
Havas has committed to purchase the non-controlling interests of some of the minority shareowners of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g., put options) or mandatory (e.g., forward purchase contracts).
The following accounting treatment has been applied in respect of commitments:
\u25cfupon initial recognition, the commitment to purchase non-controlling interests is recognized as a financial liability for the present value of the purchase price under the put option or forward purchase contract, mainly offset by the book value of non-controlling interests and the remaining balance through equity attributable to Havas\u00a0N.V. shareowners;
\u25cfsubsequent changes to the value of the commitment are recognized as a financial liability through an adjustment to equity attributable to Havas\u00a0N.V. shareowners; and
\u25cfupon maturity of the commitment, if the non-controlling interests are not purchased, the previously recognized entries are reversed; if the non-controlling interests are purchased, the amount recognized in financial liabilities is reversed, offset by the cash outflow relating to the purchase of the non-controlling interests.
1.4.25 \u2013Accounting for additional payments for\u00a0acquired companies (earn-outs)
Any contingent consideration in a business combination (such as earn-out payments) is included in the consideration transferred at its acquisition-date fair value, whatever the probability that it will become due. Subsequent changes in the fair value of contingent consideration due to facts and circumstances that existed as of the acquisition date are recorded by adjusting goodwill if they occur during the measurement period or directly in the Consolidated Income Statement as \u201cImpairment goodwill/Earn-out updated\u201d if they arise after the measurement period, unless the obligation is settled in equity instruments. In that case, the contingent consideration is not remeasured subsequently.
The liability is recorded under earn-out and non-controlling interest buy-out obligations in the consolidated balance sheet.
Consolidation
All companies in which Havas has a controlling interest, namely those in which it has the power to govern financial and operational policies to obtain benefits from their operations, are fully consolidated.
Control as defined by IFRS\u00a010 \u2013\u00a0Consolidated Financial Statements is based on the following three criteria to be fulfilled cumulatively to assess if the parent company exercises control:
\u25cfa parent company has power over a subsidiary when the parent company has existing rights that give it the current ability to direct the relevant activities of the subsidiary, i.e., the activities that significantly affect the subsidiary\u2019s returns. Power may arise from existing or potential voting rights, or contractual arrangements. Voting rights must be substantial, i.e., exercisable at any time without limitation, particularly during decision-making processes related to significant activities. Assessment of the exercise of power depends on the nature of the subsidiary\u2019s relevant activities, the internal decision-making process, and the allocation of rights among the subsidiary\u2019s other shareowners;
\u25cfthe parent company is exposed, or has rights, to variable returns from its involvement with the subsidiary which may vary as a result of the subsidiary\u2019s performance. The term \u201creturns\u201d is broadly defined and includes, among other things, dividends and other economic benefit distributions, changes in the value of the investment in the subsidiary, economies of scale, and business synergies; and
\u25cfthe parent company has the ability to use its power to affect the returns. Exercising power without having any impact on returns does not qualify as control.
The Consolidated Financial Statements are presented as if the Group was a single economic entity with two categories of owners: (i)\u00a0the owners of the parent company (Havas\u00a0N.V. shareowners) and (ii)\u00a0the owners of non-controlling interests (minority shareholders of the subsidiaries). A\u00a0non-controlling interest is defined as the interest in a subsidiary that is not attributable, whether directly or indirectly, to a parent company. As a result, reductions in a parent company\u2019s ownership interest in a subsidiary that do not result in a loss of control only impact equity, as control of the economic entity does not change. In addition, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners. Conversely, any acquisition of control achieved in stages or a loss of control gives rise to profit or loss in the statement of earnings.
1.4.24 \u2013Non-controlling interest buy-out commitments
Havas has committed to purchase the non-controlling interests of some of the minority shareowners of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g., put options) or mandatory (e.g., forward purchase contracts).
The following accounting treatment has been applied in respect of commitments:
\u25cfupon initial recognition, the commitment to purchase non-controlling interests is recognized as a financial liability for the present value of the purchase price under the put option or forward purchase contract, mainly offset by the book value of non-controlling interests and the remaining balance through equity attributable to Havas\u00a0N.V. shareowners;
\u25cfsubsequent changes to the value of the commitment are recognized as a financial liability through an adjustment to equity attributable to Havas\u00a0N.V. shareowners; and
\u25cfupon maturity of the commitment, if the non-controlling interests are not purchased, the previously recognized entries are reversed; if the non-controlling interests are purchased, the amount recognized in financial liabilities is reversed, offset by the cash outflow relating to the purchase of the non-controlling interests.
1.4.25 \u2013Accounting for additional payments for\u00a0acquired companies (earn-outs)
Any contingent consideration in a business combination (such as earn-out payments) is included in the consideration transferred at its acquisition-date fair value, whatever the probability that it will become due. Subsequent changes in the fair value of contingent consideration due to facts and circumstances that existed as of the acquisition date are recorded by adjusting goodwill if they occur during the measurement period or directly in the Consolidated Income Statement as \u201cImpairment goodwill/Earn-out updated\u201d if they arise after the measurement period, unless the obligation is settled in equity instruments. In that case, the contingent consideration is not remeasured subsequently.
The liability is recorded under earn-out and non-controlling interest buy-out obligations in the consolidated balance sheet.
2.14 \u2013Earn-out and buy-out obligations
The Group has entered into agreements with minority shareholders of consolidated subsidiaries, granting them options to sell their shares. In connection with the acquisition of companies, price adjustment contracts are put in place. These commitments are recorded on the consolidated balance sheet under \u201cEarn-out and non-controlling interest buy-out obligations\u201d.
The earn-out and buy-out obligations relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value is usually assessed using discounted cashflows valuation model.
Earn-out and buy-out obligations being part of confidential transactions, no additional information can be disclosed regarding the acquiree, the holders of non-controlling interest and the terms and conditions underlying these obligations.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 7 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 262 | \n
| \n Total | \n\n 315 | \n\n 269 | \n
2.14.1 \u2013Earn-out obligations
Earn-out obligations increased by \u20ac13\u00a0million between\u00a02024 and\u00a02025, largely due to new earn-out obligations of \u20ac20\u00a0million, earn-out payments of a total of \u20ac(7).
2.14.2 \u2013Buy-out obligations
Liability relating to commitments to buy out non-controlling interests between\u00a02024 and\u00a02025 increased by \u20ac33\u00a0million, arising from new commitments totaling \u20ac51\u00a0million, buy-out payments made during fiscal year 2025 amounting to \u20ac(9)\u00a0million, and a downward adjustment to existing commitments of \u20ac6\u00a0million, and negative currency translation adjustments of \u20ac(15)\u00a0million.
Liability relating to commitments to buy out non-controlling interests between\u00a02023 and\u00a02024 decreased by \u20ac1\u00a0million, arising from new commitments totaling \u20ac39\u00a0million, buy-out payments made during fiscal year 2024 amounting to \u20ac(71)\u00a0million, and a downward adjustment to existing commitments of \u20ac25\u00a0million, and positive currency translation adjustments of \u20ac6\u00a0million.
At December\u00a031, 2025, these commitments were valued at \u20ac146\u00a0million in the United\u00a0Kingdom, \u20ac33\u00a0million in Spain, \u20ac31\u00a0million in France, \u20ac19\u00a0million in the United\u00a0States, \u20ac19\u00a0million in Australia, \u20ac12\u00a0million in India, \u20ac9\u00a0million in Germany, \u20ac6\u00a0million in Canada, \u20ac4\u00a0million in Hong\u00a0Kong, with the balance spread across various countries.
At December\u00a031, 2024, these commitments were valued at \u20ac136\u00a0million in the United\u00a0Kingdom, \u20ac32\u00a0million in France, \u20ac21\u00a0million in Spain, \u20ac18\u00a0million in the United\u00a0States, \u20ac13\u00a0million in India, \u20ac12\u00a0million in Australia, \u20ac6\u00a0million in Hong\u00a0Kong, \u20ac6\u00a0million in Canada, \u20ac3\u00a0million in Israel, \u20ac3\u00a0million in China, \u20ac3\u00a0million in Germany, with the balance spread across various countries.
2.14.3 \u2013Earn-out and buy-out obligations by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 15 | \n\n 5 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 27 | \n\n 89 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
| \n Total | \n\n 315 | \n\n 42 | \n\n 94 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
2.31 \u2013Scope of consolidation at December\u00a031, 2025
| \n \n | \n\n % Ownership interest | \n\n % Voting interest | \n\n Country | \n
|---|---|---|---|
| \n EUROPE | \n\n \n | \n\n \n | \n\n \n | \n
| \n GERMANY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE D\u00dcSSELDORF GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FUEL GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS SERVICES GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n MPG SOLUTIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n ARENA MEDIA DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS MEDIA GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS HOLDING DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FORWARD 1 GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BIRD & SCHULTE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BERLIN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n PROVIDENCE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n DEEKELING ARNDT ADVISORS IN COMMUNICATIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n INVIQA GMBH | \n\n 64.00 | \n\n 100.00 | \n\n Germany | \n
| \n HRZN GMBH | \n\n 60.00 | \n\n 60.00 | \n\n Germany | \n
| \n EPROFESSIONAL GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n GAULY ADVISORS GMBH | \n\n 57.00 | \n\n 57.00 | \n\n Germany | \n
| \n AUSTRIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WIEN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n CSA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n HAVAS MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n FORWARD MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n BELGIUM | \n\n \n | \n\n \n | \n\n \n | \n
| \n BOONDOGGLE HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n PROVIDENCE | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n H ADVISORS BRUSSELS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HAVAS MEDIA BELGIUM SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HR GARDENS SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n DIGIZIK | \n\n 60.00 | \n\n 60.00 | \n\n Belgium | \n
| \n BULGARIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GROUP BULGARIA OOD | \n\n 51.00 | \n\n 51.00 | \n\n Bulgaria | \n
| \n DENMARK | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS DANMARK A/S | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n FWRD MEDIA DANMARK APS | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n SPAIN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ASCI DIRECT, SA | \n\n 90.00 | \n\n 90.00 | \n\n Spain | \n
| \n ARNOLD MADRID, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROVIDENCE PUBLICIDAD, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n DIFUSION Y AUDIENCIAS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS LIFE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n MEDEA MEDICAL EDUCATION AGENCY, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA MEDIA COMMUNICATIONS ESPA\u00d1A, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA COMMUNICATIONS NETWORK, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP LEVANTE, S.L.U. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROXIMIA HAVAS, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n FORWARD HOLDING SPAIN, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARTEMIS ALLIANCE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS SOLUTIONS S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MARKET SHOP | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MANAGEMENT ESPANA, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ELISA INTERACTIVE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RESEARCH & DEVELOPMENT MARKETING LAB, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RED BIRD COMUNICACI\u00d3N, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n TINKLE COMMUNICATIONS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n EUROPEAN PUBLIC RELATIONS SERVICE, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n JAZZ ALTERNATIVE THINKING, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n ONION DIGITAL SERVICES, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n TINKLE CONSULTANTS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n CA SPORTS MARKETING S.L. | \n\n 51.00 | \n\n 51.00 | \n\n Spain | \n
| \n TIDART INTERNET SERVICES, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ESTONIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n BALTIC MEDIA HOLDING O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS MEDIA O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n MEEDIAAGENTUUR O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS CREATIVE O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n FINLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HELSINKI OY | \n\n 100.00 | \n\n 100.00 | \n\n Finland | \n
| \n FRANCE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n INTERCORPORATE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H4B PARIS SARL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE SALMON CONSULTING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS PUBLISHING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EVENTS | \n\n 99.98 | \n\n 100.00 | \n\n France | \n
| \n ABSOLUT REALITY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS LIFE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FACTORY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC FULLSIX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LNE | \n\n 99.99 | \n\n 99.99 | \n\n France | \n
| \n W CONRAN DESIGN | \n\n 99.94 | \n\n 99.94 | \n\n France | \n
| \n XAVIER GUILLON CONSEIL (XGC) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 04 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 05 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 06 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 08 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 28 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UMT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PLAY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EDITION | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ARENA MEDIA COMMUNICATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FINANCES SERVICES (HFS) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PROGRAMMATIC HUB | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IMMOBILIER | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARTICIPATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FINANCI\u00c8RE DE LONGCHAMP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PROSE ON PIXELS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ROSA PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n WALTER | \n\n 99.94 | \n\n 100.00 | \n\n France | \n
| \n ECSELIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n CSA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX GROUP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H\u00c9LIA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO INSIDE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC KITCHEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LE MAGAZINE G\u00c9N\u00c9RAL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LES MAGASINS G\u00c9N\u00c9RAUX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE 79 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UN1T | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PLEAD | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HAVAS EDGE | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n ETOILE ROUGE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC LUXE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n DBI DATA BUSINESS INTELLIGENCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BUZZMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PRODUCTMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ENERGUMEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS & COMPAGNIES | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE VERTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n GATE ONE FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA AFRICA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RAISON DE SANTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RED HAVAS HEALTH PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n TED | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n SHORTCUT EVENTS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n TYERS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n PANAME 24 | \n\n 33.33 | \n\n 33.33 | \n\n France | \n
| \n JACQUES PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UNNEST | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HUNGARY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUDAPEST KOMMUNIKACIOS ZRT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n HAVAS MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n ARENA MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n IRELAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n YOUNG ADVERTISING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS IRELAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS MEDIA IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n GATE ONE IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n ITALY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n PROVIDENCE ITALY S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS LYNX ROME S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS PR MILAN S.R.L. | \n\n 87.40 | \n\n 87.40 | \n\n Italy | \n
| \n HAVAS LIFE MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n ARENA MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n INFINITUM S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n SCITERION S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n NOHUP S.R.L. | \n\n 51.00 | \n\n 51.00 | \n\n Italy | \n
| \n FORWARD MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n LITHUANIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS GROUP LITHUANIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n PUBLICUM, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS CREATIVE SOMA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n ARENA MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n GOOD ONE, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n LATVIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CREATIVE SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n HAVAS MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n ARENA MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n NETHERLANDS | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE NETHERLANDS B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS LEMZ B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS WORLDWIDE DIGITAL AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ALL RESPONSE MEDIA B.V. | \n\n 60.33 | \n\n 60.33 | \n\n Netherlands | \n
| \n ARNOLD WORLDWIDE PARTNERS AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ARENA MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ENTER THE WILDERNESS B.V. | \n\n 51.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS N.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n POLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n SOCIALYSE SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS ENGAGE WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS PR WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HHP SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n ARENA MEDIA COMMUNICATIONS SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n FULLSIX MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n PORTUGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE PORTUGAL, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS DESIGN PORTUGAL, LDA | \n\n 88.89 | \n\n 88.89 | \n\n Portugal | \n
| \n FUEL PUBLICIDADE, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MEDIA - PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n ARN - MEDIA COMMUNICATIONS PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS - SERVICOS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CSA HAVAS PORTUGAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS SPORTS & ENTERTAINMENT, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MANAGEMENT PORTUGAL, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n FULLSIX PORTUGAL - MARKETING INTERACTIVO, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n DMCM, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n TINKLE PORTUGAL (SOCIEDADE UNIPESSOAL) LDA | \n\n 80.01 | \n\n 80.01 | \n\n Portugal | \n
| \n CV&A EUROPE, LTDA | \n\n 51.00 | \n\n 51.00 | \n\n Portugal | \n
| \n ASSINATURA SILENCIOSA UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CZECH REPUBLIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS PRAGUE A.S. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS PR PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n PROSE ON PIXELS S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n ARNOLD PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS MEDIA CZECH REPUBLIC S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n UNITED KINGDOM | \n\n \n | \n\n \n | \n\n \n | \n
| \n CONRAN DESIGN GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PR UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HELIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H4B LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MARCOMMS GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MEDICOM GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ALL RESPONSE MEDIA LIMITED | \n\n 60.33 | \n\n 60.33 | \n\n United Kingdom | \n
| \n HAVAS WORLDWIDE LONDON LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE MAITLAND CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PEOPLE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS EHS DISCOVERY LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS ENTERTAINMENT LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PLAY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CAKE GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BETC LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n DIVERSIFIED AGENCIES COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RSMB LIMITED | \n\n 50.00 | \n\n 50.00 | \n\n United Kingdom | \n
| \n EWDB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SHARED SERVICES LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CANADA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SCITERION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ELISA INTERACTIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PROGRAMMATIC HUB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ONE GREEN BEAN LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADCITY UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS FINANCIAL COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n JUST HEALTH COMMUNICATIONS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n GRAND UNION COMMUNICATION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CX LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS E GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n 45-51 WHITFIELD LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n COOLER KING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ORGANIC MARKETING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SUPERHERO SCREEN LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n TARGET LIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SBH LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SO GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n M&C CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H ADVISORS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BTRME | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RED HAVAS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL (UK) LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n GATE ONE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO CONSULTING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO ONLINE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n INVIQA UK LIMITED | \n\n 64.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE INVIQA GROUP LIMITED | \n\n 64.00 | \n\n 64.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SEARCH LABORATORY SOFTWARE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADDITIVE PERSONALISATION LIMITED | \n\n 80.00 | \n\n 80.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO HOLDINGS LTD | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON EXPERIENCE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n CALLING FOR CREATIVITY LIMITED | \n\n 36.14 | \n\n 51.63 | \n\n United Kingdom | \n
| \n HAVAS CONSUMER HEALTH LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT REVENUE ENGINE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ENTER THE WILDERNESS LIMITED | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG LTD | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG HOLDINGS LTD | \n\n 51.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ABSURD MEDIA LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BEARDED KITTEN LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n SERBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS ADRIATIC D.O.O. BEOGRAD | \n\n 51.00 | \n\n 51.00 | \n\n Serbia | \n
| \n SLOVAKIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA SLOVAKIA, S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Slovakia | \n
| \n SWEDEN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n HAVAS SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n ARENA MEDIA SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n UNCOMMON CREATIVE STUDIO STOCKHOLM AB | \n\n 30.98 | \n\n 60.00 | \n\n Sweden | \n
| \n SWITZERLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n HAVAS MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n ARENA MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n NORTH AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n CANADA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CX CANADA | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS HEALTH TORONTO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MONTREAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MEDIA CANADA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. O/A NOISE DIGITAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n DMPG INC. | \n\n 51.00 | \n\n 100.00 | \n\n Canada | \n
| \n ENVERTA DIGITAL INCORPORATED | \n\n 50.55 | \n\n 50.55 | \n\n Canada | \n
| \n UNITED STATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE CHICAGO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS HEALTH, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n PROSE ON PIXELS US INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PR NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE NEW YORK, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS EDGE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE ABERNATHY MACGREGOR GROUP, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE SAN FRANCISCO, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS IMPACT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE DALLAS, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE HOURS ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n WASHINGTON PRINTING, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARENA MEDIA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SPORTS & ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MAISON BETC LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARNOLD WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS ANNEX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS DISCOVERY, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PEOPLE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n VICTORS AND SPOILS, INC. | \n\n 54.00 | \n\n 54.00 | \n\n United States | \n
| \n CAMP + KING, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n ARNOLD NEW YORK, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS MEDIA GROUP USA LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MEDIA PLANNING INTERNATIONAL CORPORATION | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HM INFINITUM, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS CREATIVE, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REVENUE FRONTIER, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS FORMULA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SYMBIOTIX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n FULLSIX INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS GEMINI, LLC | \n\n 80.00 | \n\n 80.00 | \n\n United States | \n
| \n INTELLIGNOS USA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n TRIPTK, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n ANNEX88, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REPUBLICA HAVAS, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n HAVAS BATTERY, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n THINK DESIGN COLLABORATIVE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n GATE ONE US, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SEARCH LABORATORY INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SHIELD LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n UNCOMMON CREATIVE STUDIO USA INC. | \n\n 51.63 | \n\n 51.63 | \n\n United States | \n
| \n LEDGER BENNETT INC. | \n\n 60.00 | \n\n 100.00 | \n\n United States | \n
| \n CHANNEL BAKERS LLC | \n\n 60.00 | \n\n 60.00 | \n\n United States | \n
| \n MIDDLE EAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n SAUDI ARABIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SAUDI FOR MEDIA AND ADVERTISING LLC | \n\n 50.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n HM ARABIA RHQ | \n\n 100.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n UNITED ARAB EMIRATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n HAVAS MEDIA MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n HAVAS MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n PIVOTROOTS DMCC | \n\n 60.00 | \n\n 51.00 | \n\n United Arab Emirates | \n
| \n LIQUID MEDIA & MARKETING FZ LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n OXYGEN DWC LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n LIQUESCENT HOLDINGS LIMITED INVESTMENT | \n\n 30.00 | \n\n 60.00 | \n\n United Arab Emirates | \n
| \n EGYPT | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS EGYPT FOR ADVERTISING AND PROMOTION LLC | \n\n 50.00 | \n\n 100.00 | \n\n Egypt | \n
| \n ISRAEL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE TEL AVIV LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n BLINK HAVAS LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n HAVAS INDAR MERHAV G LTD | \n\n 51.02 | \n\n 51.02 | \n\n Israel | \n
| \n LEBANON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BEIRUT SAL | \n\n 50.00 | \n\n 100.00 | \n\n Lebanon | \n
| \n OMAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n ASHA ADVERTISING AND MARKETING AGENCY LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n PARADIGM ADVERTISING AND PUBLISHING LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n TURKEY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE ISTANBUL ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n THE KLAN ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS ENGAGE PAZARLAMA VE ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n PH REKLAM VE DST AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS MEDIA TURKEY MEDYA PLANLAMA VE SATINALMA HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n ASIA-PACIFIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n AUSTRALIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SOUTH PACIFIC PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BD ANZ PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MELBOURNE PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARNOLD AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n THE RED AGENCY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ONE GREEN BEAN PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n PULSE COLLABORATIONS SYSTEMS PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARENA MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS DIGITAL HUB | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HM COMMUNICATION GROUP PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n FRONTIER MEDIA & MARKETING SYDNEY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BASTION BRANDING PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n H/ADVISORS APA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n DIGITAL MEDIA PERFORMANCE GROUP PTY LTD | \n\n 51.00 | \n\n 100.00 | \n\n Australia | \n
| \n HAVAS MEDIA MELBOURNE PTY LTD | \n\n 95.48 | \n\n 100.00 | \n\n Australia | \n
| \n KAIMERA PTY LTD | \n\n 51.00 | \n\n 51.00 | \n\n Australia | \n
| \n CAMBODIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS (CAMBODIA) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS BAREFOOT COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS CHAMPAGNE COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n CHINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n EURO RSCG GREAT OCEAN (GUANGZHOU) ADVERTISING CO., LTD | \n\n 70.00 | \n\n 70.00 | \n\n China | \n
| \n SHANGHAI JINGSHI COMPUTER TECHNOLOGY CONSULTING SERVICES CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHANGHAI FIELD FORCE MARKETING | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n THE SALES MACHINE (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS WORLDWIDE CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHENZHEN PORDA PR CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n REN SHENG ZHONG CHUANG MARKETING (SHANGHAI) CO, LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n SHENG ZHONG MARKETING CONSULTANCY (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAN WEI GUANGGAO (SHANGHAI) YOU XIAN GONG SI CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n AFFIPERF (SHANGHAI) ADVERTISING CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS GIMC ADVERTISING CO., LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n HAVAS INTEGRATED MARKETING COMMUNICATION (GUANGDONG) CO., LTD. | \n\n 51.00 | \n\n 100.00 | \n\n China | \n
| \n FRONTNETWORKS | \n\n 58.00 | \n\n 58.00 | \n\n China | \n
| \n CHANNEL BAKERS SHENZHEN CO., LTD. | \n\n 60.00 | \n\n 60.00 | \n\n China | \n
| \n SOUTH KOREA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HAVAS DIGITAL KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HONG KONG | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n STAREAST COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HPH HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n PORDA HAVAS INTERNATIONAL FINANCE COMMUNICATIONS (GROUP) HOLDINGS COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n VISION INTERNATIONAL ROADSHOW COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HAVAS WORLDWIDE DIGITAL HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n POWELL FINANCIAL PRESS COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n KLARECO COMMUNICATIONS HONG KONG LIMITED | \n\n 51.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n INDIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS MEDIA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n DIGITAL MATRIX CREATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n ARENA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS LIFE MUMBAI PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n THINK DESIGN COLLABORATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS PLAY INDIA PVT LTD | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n SHOBIZ EXPERIENTIAL COMMUNICATIONS PVT LTD | \n\n 65.00 | \n\n 65.00 | \n\n India | \n
| \n PIVOTROOTS DIGITAL PVT LTD | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n PR PUNDIT PUBLIC RELATIONS PRIVATE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n INDONESIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n PT ADRIWARA KRIDA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MPG INDONESIA | \n\n 51.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT HAVAS ARENA INDONESIA | \n\n 51.01 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MEDIAKOTA PROMOSI INDONESIA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n JAPAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS JAPAN KABUSHIKI KAISHA | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n HAVAS HEALTH K.K | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n MALAYSIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MALAYSIA | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n EPIC-OMNILINK INTEGRATED SDN BHD | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n KLARECO COMMUNICATIONS MALAYSIA SDN BHD | \n\n 51.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n PHILIPPINES | \n\n \n | \n\n \n | \n\n \n | \n
| \n MEDIA CONTACTS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Philippines | \n
| \n HAVAS MEDIA ORTEGA, INC. | \n\n 50.10 | \n\n 80.25 | \n\n Philippines | \n
| \n HVMM HOLDINGS PHILIPPINES, INC. | \n\n 40.00 | \n\n 40.00 | \n\n Philippines | \n
| \n MYANMAR | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS RIVERORCHID COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Myanmar | \n
| \n NEW ZEALAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS NEW ZEALAND LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n HAVAS HELIA LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n SINGAPORE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SINGAPORE PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n ARENA MEDIA ASIA PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PLAY PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEDIA ASIA PACIFIC PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PROGRAMMATIC HUB PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEKONG PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n BLK J PTE LTD | \n\n 70.00 | \n\n 70.00 | \n\n Singapore | \n
| \n KLARECO COMMUNICATIONS PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n HAVAS HOLDING INDONESIA PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n TAIWAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS TA\u00cfWAN LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n STAREAST COMMUNICATIONS (TAIWAN) LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n HAVAS FIELD FORCE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n CHANNEL BAKERS TAIWAN LTD | \n\n 60.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n THAILAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BANGKOK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n CONSUMER CONTACT COMMUNICATIONS (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n TBP (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n HAVAS THAILAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n VIETNAM | \n\n \n | \n\n \n | \n\n \n | \n
| \n EKINO VIETNAM | \n\n 100.00 | \n\n 100.00 | \n\n Vietnam | \n
| \n HAVAS GROUP VIETNAM LIMITED LIABILITY COMPANY | \n\n 99.86 | \n\n 99.86 | \n\n Vietnam | \n
| \n LATIN AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n ARGENTINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUENOS AIRES SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS MEDIA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n ARENA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS SPORTS & ENTERTAINEMENT ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS PLUS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n INTELLIGNOS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n AURA ADVERTISING SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n CONTENIDO LATENTE SAS | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n PHP SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n BRAZIL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE DIGITAL BRASIL LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS WORLDWIDE LIFE BRASIL COMUNICACOES SA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS VERSAO BETA TECNOLOGIA E COMUNICA\u00c7AO | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HVS PARTICIPA\u00c7OES E CONSULTORIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n ARENA PUBLICIDADE E TECNOLOGIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n BETC HAVAS AGENCIA DE PUBLICIDADE LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n CHILE | \n\n \n | \n\n \n | \n\n \n | \n
| \n FUEL PUBLICIDAD LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS WORLDWIDE SANTIAGO SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n FUEL CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n MEDIA CONTACT CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ARENA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA GROUP CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS + SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n GROELANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ISLANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n COLOMBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS MEDIA COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n ARENA COMMUNICATIONS COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS+ SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n COSTA RICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n RED STAR DIGITAL CR LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS COSTA RICA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n FUSION DE PRODUCCION DIGITAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n PROMOTICA DE COSTA RICA PCR, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n ARENA MEDIA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS PLUS SOCIEDA ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n MEXICO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS LIFE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE VALE, SA DE CV | \n\n 73.00 | \n\n 73.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE DIGITAL VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARNOLD MEDIA SERVICES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n J.V. VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n VALE BATES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA, SA DE CV | \n\n 95.00 | \n\n 95.00 | \n\n Mexico | \n
| \n HAVAS MEDIA SERVICES, SA DE CV | \n\n 95.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARENA COMMUNICATION, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HPH M\u00c9XICO SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA REGIONES, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS+ SA DE CV | \n\n 95.84 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS XCHANGE SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n INTELLIGNOS BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n TODOS LOS MEDIOS MASIVOS Y M\u00c1S DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n SERVICIO PROFESIONAL VLH DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n MOTECH BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n ALGODON STUDIO SA DE CV | \n\n 51.00 | \n\n 51.00 | \n\n Mexico | \n
| \n PERU | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ARENA MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS+ SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS WORLDWIDE PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ESPECIALIDADES DIGITALES INTERNACIONALES PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n URUGUAY | \n\n \n | \n\n \n | \n\n \n | \n
| \n BRISLEY, SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n PHOENA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n DREAMA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n SOUTH AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE JOHANNESBURG (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS MEDIA SOUTH AFRICA (PTY) LTD | \n\n 82.15 | \n\n 82.15 | \n\n South Africa | \n
| \n CO-CURRENCY (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS BOONDOGGLE (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS EMPOWERED COMPANY (PTY) LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Africa | \n
| \n HAVAS EMPOWERED BEE (PTY) LTD | \n\n 49.00 | \n\n 49.00 | \n\n South Africa | \n
| \n CONGO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA REPUBLIQUE D\u00c9MOCRATIQUE DU CONGO | \n\n 100.00 | \n\n 100.00 | \n\n Congo | \n
| \n IVORY COAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA C\u00d4TE D\u2019IVOIRE | \n\n 100.00 | \n\n 100.00 | \n\n Ivory Coast | \n
| \n GABON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GABON | \n\n 100.00 | \n\n 100.00 | \n\n Gabon | \n
| \n GHANA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GHANA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ghana | \n
| \n KENYA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA KENYA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Kenya | \n
| \n NIGERIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS COMMUNICATION NIGERIA LIMITED | \n\n 55.00 | \n\n 55.00 | \n\n Nigeria | \n
| \n SENEGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA SENEGAL | \n\n 100.00 | \n\n 100.00 | \n\n Senegal | \n
The above scope of consolidation includes Havas and all its subsidiaries.
Changes in the scope of consolidation of the Group in the fiscal years 2024 and\u00a02025 were as follows:
| \n \u00a0 | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Number of consolidated companies at 01/01 | \n\n 500 | \n\n 493 | \n
| \n Acquisitions | \n\n 17 | \n\n 17 | \n
| \n Disposals | \n\n \u2013 | \n\n (7) | \n
| \n Other transactions (e.g., mergers and spin-offs) | \n\n (2) | \n\n (3) | \n
| \n Number of consolidated companies at 12/31 | \n\n 515 | \n\n 500 | \n
Consolidation
All companies in which Havas has a controlling interest, namely those in which it has the power to govern financial and operational policies to obtain benefits from their operations, are fully consolidated.
Control as defined by IFRS\u00a010 \u2013\u00a0Consolidated Financial Statements is based on the following three criteria to be fulfilled cumulatively to assess if the parent company exercises control:
\u25cfa parent company has power over a subsidiary when the parent company has existing rights that give it the current ability to direct the relevant activities of the subsidiary, i.e., the activities that significantly affect the subsidiary\u2019s returns. Power may arise from existing or potential voting rights, or contractual arrangements. Voting rights must be substantial, i.e., exercisable at any time without limitation, particularly during decision-making processes related to significant activities. Assessment of the exercise of power depends on the nature of the subsidiary\u2019s relevant activities, the internal decision-making process, and the allocation of rights among the subsidiary\u2019s other shareowners;
\u25cfthe parent company is exposed, or has rights, to variable returns from its involvement with the subsidiary which may vary as a result of the subsidiary\u2019s performance. The term \u201creturns\u201d is broadly defined and includes, among other things, dividends and other economic benefit distributions, changes in the value of the investment in the subsidiary, economies of scale, and business synergies; and
\u25cfthe parent company has the ability to use its power to affect the returns. Exercising power without having any impact on returns does not qualify as control.
The Consolidated Financial Statements are presented as if the Group was a single economic entity with two categories of owners: (i)\u00a0the owners of the parent company (Havas\u00a0N.V. shareowners) and (ii)\u00a0the owners of non-controlling interests (minority shareholders of the subsidiaries). A\u00a0non-controlling interest is defined as the interest in a subsidiary that is not attributable, whether directly or indirectly, to a parent company. As a result, reductions in a parent company\u2019s ownership interest in a subsidiary that do not result in a loss of control only impact equity, as control of the economic entity does not change. In addition, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners. Conversely, any acquisition of control achieved in stages or a loss of control gives rise to profit or loss in the statement of earnings.
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
1.4.24 \u2013Non-controlling interest buy-out commitments
Havas has committed to purchase the non-controlling interests of some of the minority shareowners of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g., put options) or mandatory (e.g., forward purchase contracts).
The following accounting treatment has been applied in respect of commitments:
\u25cfupon initial recognition, the commitment to purchase non-controlling interests is recognized as a financial liability for the present value of the purchase price under the put option or forward purchase contract, mainly offset by the book value of non-controlling interests and the remaining balance through equity attributable to Havas\u00a0N.V. shareowners;
\u25cfsubsequent changes to the value of the commitment are recognized as a financial liability through an adjustment to equity attributable to Havas\u00a0N.V. shareowners; and
\u25cfupon maturity of the commitment, if the non-controlling interests are not purchased, the previously recognized entries are reversed; if the non-controlling interests are purchased, the amount recognized in financial liabilities is reversed, offset by the cash outflow relating to the purchase of the non-controlling interests.
1.4.25 \u2013Accounting for additional payments for\u00a0acquired companies (earn-outs)
Any contingent consideration in a business combination (such as earn-out payments) is included in the consideration transferred at its acquisition-date fair value, whatever the probability that it will become due. Subsequent changes in the fair value of contingent consideration due to facts and circumstances that existed as of the acquisition date are recorded by adjusting goodwill if they occur during the measurement period or directly in the Consolidated Income Statement as \u201cImpairment goodwill/Earn-out updated\u201d if they arise after the measurement period, unless the obligation is settled in equity instruments. In that case, the contingent consideration is not remeasured subsequently.
The liability is recorded under earn-out and non-controlling interest buy-out obligations in the consolidated balance sheet.
2.3 \u2013Goodwill, change in scope and impairment test of cash generating units
Changes in goodwill in fiscal years\u00a02024 and 2025 were as follows:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Value at 01/01 | \n\n 2,535 | \n\n 2,428 | \n
| \n Acquisitions of companies(a) | \n\n 114 | \n\n 82 | \n
| \n Other | \n\n 5 | \n\n (24) | \n
| \n Currency translation adjustments | \n\n (123) | \n\n 49 | \n
| \n Value at 12/31 | \n\n 2,531 | \n\n 2,535 | \n
| \n Preliminary goodwill has been recognized on the acquisitions made during the period and will be reassessed within the allocation period. (a)Including in 2025 the impacts of buy-out and earn-out commitments for an amount of \u20ac77 million. Havas announced the main acquisitions of the period: \u25cfon February 4, 2025, 60% of Channel Bakers\u00a0LLC, an award-winning e-commerce media agency and leader in retail media innovation; \u25cfon December 4, 2025, 60% of Bearded Kitten, a UK multi-award-winning experiential agency; \u25cfon December 8, 2025, 51% of Kaimera (Australia), an independent media agency recognized for its expertise in simplifying media complexities and delivering tailored; \u25cfon November 8, 2025, 57% of Gauly (Germany), a leading corporate and financial communications firm. In addition, the Group took majority stakes in 7 companies, mainly in Europe. Overall, the acquisitions represent an additional 303 people on the total Havas Group headcount. The amount paid out in 2025 for acquisitions (net of cash and cash equivalents acquired) totaled \u20ac39\u00a0million and includes: \u25cf\u20ac35\u00a0million paid out during the period; \u25cf\u20ac(3)\u00a0million in net cash acquired; \u25cf\u20ac7\u00a0million in earn-out payments relating to prior acquisitions paid out during the period. \n In 2024, the Group acquired: \u25cf60% of Ledger Bennett share capital, a UK-based global B2B marketing agency; \u25cf60% of Hotglue, an independent Australian media agency and creative production company; \u25cf51% of DMPG, a UK-based global digital data agency; \u25cfthe takeover of Shortcut events, a French agency in the events industry. The amount paid out in 2024 for acquisitions (net of cash and cash equivalents acquired) totaled \u20ac28\u00a0million and includes: \u25cf\u20ac34\u00a0million paid out during the period; \u25cf\u20ac(12)\u00a0million in net cash acquired; \u25cf\u20ac6\u00a0million in earn-out payments relating to prior acquisitions paid out during the period. | \n
2.6 \u2013Equity investments
According to accounting principles, Havas exercises significant influence over operational entities, representing amounts that are not significant in terms of both the consolidated balance sheet and the consolidated income statement. The equity method is applied to equity-accounted investments, which amounted to \u20ac3\u00a0million as of December\u00a031, 2025 and as of December\u00a031, 2024.
These equity-accounted investments primarily consist of a British agency.
2.14 \u2013Earn-out and buy-out obligations
The Group has entered into agreements with minority shareholders of consolidated subsidiaries, granting them options to sell their shares. In connection with the acquisition of companies, price adjustment contracts are put in place. These commitments are recorded on the consolidated balance sheet under \u201cEarn-out and non-controlling interest buy-out obligations\u201d.
The earn-out and buy-out obligations relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value is usually assessed using discounted cashflows valuation model.
Earn-out and buy-out obligations being part of confidential transactions, no additional information can be disclosed regarding the acquiree, the holders of non-controlling interest and the terms and conditions underlying these obligations.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 7 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 262 | \n
| \n Total | \n\n 315 | \n\n 269 | \n
2.14.1 \u2013Earn-out obligations
Earn-out obligations increased by \u20ac13\u00a0million between\u00a02024 and\u00a02025, largely due to new earn-out obligations of \u20ac20\u00a0million, earn-out payments of a total of \u20ac(7).
2.14.2 \u2013Buy-out obligations
Liability relating to commitments to buy out non-controlling interests between\u00a02024 and\u00a02025 increased by \u20ac33\u00a0million, arising from new commitments totaling \u20ac51\u00a0million, buy-out payments made during fiscal year 2025 amounting to \u20ac(9)\u00a0million, and a downward adjustment to existing commitments of \u20ac6\u00a0million, and negative currency translation adjustments of \u20ac(15)\u00a0million.
Liability relating to commitments to buy out non-controlling interests between\u00a02023 and\u00a02024 decreased by \u20ac1\u00a0million, arising from new commitments totaling \u20ac39\u00a0million, buy-out payments made during fiscal year 2024 amounting to \u20ac(71)\u00a0million, and a downward adjustment to existing commitments of \u20ac25\u00a0million, and positive currency translation adjustments of \u20ac6\u00a0million.
At December\u00a031, 2025, these commitments were valued at \u20ac146\u00a0million in the United\u00a0Kingdom, \u20ac33\u00a0million in Spain, \u20ac31\u00a0million in France, \u20ac19\u00a0million in the United\u00a0States, \u20ac19\u00a0million in Australia, \u20ac12\u00a0million in India, \u20ac9\u00a0million in Germany, \u20ac6\u00a0million in Canada, \u20ac4\u00a0million in Hong\u00a0Kong, with the balance spread across various countries.
At December\u00a031, 2024, these commitments were valued at \u20ac136\u00a0million in the United\u00a0Kingdom, \u20ac32\u00a0million in France, \u20ac21\u00a0million in Spain, \u20ac18\u00a0million in the United\u00a0States, \u20ac13\u00a0million in India, \u20ac12\u00a0million in Australia, \u20ac6\u00a0million in Hong\u00a0Kong, \u20ac6\u00a0million in Canada, \u20ac3\u00a0million in Israel, \u20ac3\u00a0million in China, \u20ac3\u00a0million in Germany, with the balance spread across various countries.
2.14.3 \u2013Earn-out and buy-out obligations by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 15 | \n\n 5 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 27 | \n\n 89 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
| \n Total | \n\n 315 | \n\n 42 | \n\n 94 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
2.31 \u2013Scope of consolidation at December\u00a031, 2025
| \n \n | \n\n % Ownership interest | \n\n % Voting interest | \n\n Country | \n
|---|---|---|---|
| \n EUROPE | \n\n \n | \n\n \n | \n\n \n | \n
| \n GERMANY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE D\u00dcSSELDORF GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FUEL GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS SERVICES GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n MPG SOLUTIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n ARENA MEDIA DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS MEDIA GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS HOLDING DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FORWARD 1 GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BIRD & SCHULTE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BERLIN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n PROVIDENCE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n DEEKELING ARNDT ADVISORS IN COMMUNICATIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n INVIQA GMBH | \n\n 64.00 | \n\n 100.00 | \n\n Germany | \n
| \n HRZN GMBH | \n\n 60.00 | \n\n 60.00 | \n\n Germany | \n
| \n EPROFESSIONAL GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n GAULY ADVISORS GMBH | \n\n 57.00 | \n\n 57.00 | \n\n Germany | \n
| \n AUSTRIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WIEN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n CSA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n HAVAS MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n FORWARD MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n BELGIUM | \n\n \n | \n\n \n | \n\n \n | \n
| \n BOONDOGGLE HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n PROVIDENCE | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n H ADVISORS BRUSSELS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HAVAS MEDIA BELGIUM SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HR GARDENS SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n DIGIZIK | \n\n 60.00 | \n\n 60.00 | \n\n Belgium | \n
| \n BULGARIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GROUP BULGARIA OOD | \n\n 51.00 | \n\n 51.00 | \n\n Bulgaria | \n
| \n DENMARK | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS DANMARK A/S | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n FWRD MEDIA DANMARK APS | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n SPAIN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ASCI DIRECT, SA | \n\n 90.00 | \n\n 90.00 | \n\n Spain | \n
| \n ARNOLD MADRID, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROVIDENCE PUBLICIDAD, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n DIFUSION Y AUDIENCIAS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS LIFE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n MEDEA MEDICAL EDUCATION AGENCY, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA MEDIA COMMUNICATIONS ESPA\u00d1A, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA COMMUNICATIONS NETWORK, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP LEVANTE, S.L.U. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROXIMIA HAVAS, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n FORWARD HOLDING SPAIN, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARTEMIS ALLIANCE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS SOLUTIONS S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MARKET SHOP | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MANAGEMENT ESPANA, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ELISA INTERACTIVE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RESEARCH & DEVELOPMENT MARKETING LAB, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RED BIRD COMUNICACI\u00d3N, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n TINKLE COMMUNICATIONS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n EUROPEAN PUBLIC RELATIONS SERVICE, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n JAZZ ALTERNATIVE THINKING, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n ONION DIGITAL SERVICES, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n TINKLE CONSULTANTS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n CA SPORTS MARKETING S.L. | \n\n 51.00 | \n\n 51.00 | \n\n Spain | \n
| \n TIDART INTERNET SERVICES, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ESTONIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n BALTIC MEDIA HOLDING O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS MEDIA O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n MEEDIAAGENTUUR O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS CREATIVE O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n FINLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HELSINKI OY | \n\n 100.00 | \n\n 100.00 | \n\n Finland | \n
| \n FRANCE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n INTERCORPORATE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H4B PARIS SARL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE SALMON CONSULTING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS PUBLISHING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EVENTS | \n\n 99.98 | \n\n 100.00 | \n\n France | \n
| \n ABSOLUT REALITY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS LIFE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FACTORY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC FULLSIX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LNE | \n\n 99.99 | \n\n 99.99 | \n\n France | \n
| \n W CONRAN DESIGN | \n\n 99.94 | \n\n 99.94 | \n\n France | \n
| \n XAVIER GUILLON CONSEIL (XGC) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 04 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 05 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 06 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 08 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 28 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UMT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PLAY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EDITION | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ARENA MEDIA COMMUNICATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FINANCES SERVICES (HFS) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PROGRAMMATIC HUB | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IMMOBILIER | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARTICIPATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FINANCI\u00c8RE DE LONGCHAMP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PROSE ON PIXELS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ROSA PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n WALTER | \n\n 99.94 | \n\n 100.00 | \n\n France | \n
| \n ECSELIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n CSA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX GROUP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H\u00c9LIA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO INSIDE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC KITCHEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LE MAGAZINE G\u00c9N\u00c9RAL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LES MAGASINS G\u00c9N\u00c9RAUX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE 79 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UN1T | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PLEAD | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HAVAS EDGE | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n ETOILE ROUGE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC LUXE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n DBI DATA BUSINESS INTELLIGENCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BUZZMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PRODUCTMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ENERGUMEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS & COMPAGNIES | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE VERTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n GATE ONE FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA AFRICA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RAISON DE SANTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RED HAVAS HEALTH PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n TED | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n SHORTCUT EVENTS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n TYERS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n PANAME 24 | \n\n 33.33 | \n\n 33.33 | \n\n France | \n
| \n JACQUES PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UNNEST | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HUNGARY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUDAPEST KOMMUNIKACIOS ZRT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n HAVAS MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n ARENA MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n IRELAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n YOUNG ADVERTISING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS IRELAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS MEDIA IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n GATE ONE IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n ITALY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n PROVIDENCE ITALY S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS LYNX ROME S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS PR MILAN S.R.L. | \n\n 87.40 | \n\n 87.40 | \n\n Italy | \n
| \n HAVAS LIFE MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n ARENA MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n INFINITUM S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n SCITERION S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n NOHUP S.R.L. | \n\n 51.00 | \n\n 51.00 | \n\n Italy | \n
| \n FORWARD MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n LITHUANIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS GROUP LITHUANIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n PUBLICUM, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS CREATIVE SOMA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n ARENA MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n GOOD ONE, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n LATVIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CREATIVE SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n HAVAS MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n ARENA MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n NETHERLANDS | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE NETHERLANDS B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS LEMZ B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS WORLDWIDE DIGITAL AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ALL RESPONSE MEDIA B.V. | \n\n 60.33 | \n\n 60.33 | \n\n Netherlands | \n
| \n ARNOLD WORLDWIDE PARTNERS AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ARENA MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ENTER THE WILDERNESS B.V. | \n\n 51.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS N.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n POLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n SOCIALYSE SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS ENGAGE WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS PR WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HHP SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n ARENA MEDIA COMMUNICATIONS SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n FULLSIX MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n PORTUGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE PORTUGAL, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS DESIGN PORTUGAL, LDA | \n\n 88.89 | \n\n 88.89 | \n\n Portugal | \n
| \n FUEL PUBLICIDADE, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MEDIA - PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n ARN - MEDIA COMMUNICATIONS PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS - SERVICOS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CSA HAVAS PORTUGAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS SPORTS & ENTERTAINMENT, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MANAGEMENT PORTUGAL, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n FULLSIX PORTUGAL - MARKETING INTERACTIVO, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n DMCM, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n TINKLE PORTUGAL (SOCIEDADE UNIPESSOAL) LDA | \n\n 80.01 | \n\n 80.01 | \n\n Portugal | \n
| \n CV&A EUROPE, LTDA | \n\n 51.00 | \n\n 51.00 | \n\n Portugal | \n
| \n ASSINATURA SILENCIOSA UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CZECH REPUBLIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS PRAGUE A.S. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS PR PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n PROSE ON PIXELS S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n ARNOLD PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS MEDIA CZECH REPUBLIC S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n UNITED KINGDOM | \n\n \n | \n\n \n | \n\n \n | \n
| \n CONRAN DESIGN GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PR UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HELIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H4B LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MARCOMMS GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MEDICOM GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ALL RESPONSE MEDIA LIMITED | \n\n 60.33 | \n\n 60.33 | \n\n United Kingdom | \n
| \n HAVAS WORLDWIDE LONDON LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE MAITLAND CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PEOPLE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS EHS DISCOVERY LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS ENTERTAINMENT LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PLAY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CAKE GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BETC LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n DIVERSIFIED AGENCIES COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RSMB LIMITED | \n\n 50.00 | \n\n 50.00 | \n\n United Kingdom | \n
| \n EWDB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SHARED SERVICES LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CANADA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SCITERION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ELISA INTERACTIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PROGRAMMATIC HUB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ONE GREEN BEAN LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADCITY UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS FINANCIAL COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n JUST HEALTH COMMUNICATIONS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n GRAND UNION COMMUNICATION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CX LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS E GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n 45-51 WHITFIELD LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n COOLER KING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ORGANIC MARKETING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SUPERHERO SCREEN LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n TARGET LIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SBH LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SO GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n M&C CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H ADVISORS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BTRME | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RED HAVAS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL (UK) LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n GATE ONE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO CONSULTING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO ONLINE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n INVIQA UK LIMITED | \n\n 64.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE INVIQA GROUP LIMITED | \n\n 64.00 | \n\n 64.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SEARCH LABORATORY SOFTWARE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADDITIVE PERSONALISATION LIMITED | \n\n 80.00 | \n\n 80.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO HOLDINGS LTD | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON EXPERIENCE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n CALLING FOR CREATIVITY LIMITED | \n\n 36.14 | \n\n 51.63 | \n\n United Kingdom | \n
| \n HAVAS CONSUMER HEALTH LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT REVENUE ENGINE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ENTER THE WILDERNESS LIMITED | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG LTD | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG HOLDINGS LTD | \n\n 51.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ABSURD MEDIA LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BEARDED KITTEN LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n SERBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS ADRIATIC D.O.O. BEOGRAD | \n\n 51.00 | \n\n 51.00 | \n\n Serbia | \n
| \n SLOVAKIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA SLOVAKIA, S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Slovakia | \n
| \n SWEDEN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n HAVAS SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n ARENA MEDIA SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n UNCOMMON CREATIVE STUDIO STOCKHOLM AB | \n\n 30.98 | \n\n 60.00 | \n\n Sweden | \n
| \n SWITZERLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n HAVAS MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n ARENA MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n NORTH AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n CANADA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CX CANADA | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS HEALTH TORONTO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MONTREAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MEDIA CANADA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. O/A NOISE DIGITAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n DMPG INC. | \n\n 51.00 | \n\n 100.00 | \n\n Canada | \n
| \n ENVERTA DIGITAL INCORPORATED | \n\n 50.55 | \n\n 50.55 | \n\n Canada | \n
| \n UNITED STATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE CHICAGO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS HEALTH, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n PROSE ON PIXELS US INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PR NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE NEW YORK, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS EDGE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE ABERNATHY MACGREGOR GROUP, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE SAN FRANCISCO, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS IMPACT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE DALLAS, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE HOURS ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n WASHINGTON PRINTING, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARENA MEDIA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SPORTS & ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MAISON BETC LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARNOLD WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS ANNEX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS DISCOVERY, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PEOPLE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n VICTORS AND SPOILS, INC. | \n\n 54.00 | \n\n 54.00 | \n\n United States | \n
| \n CAMP + KING, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n ARNOLD NEW YORK, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS MEDIA GROUP USA LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MEDIA PLANNING INTERNATIONAL CORPORATION | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HM INFINITUM, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS CREATIVE, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REVENUE FRONTIER, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS FORMULA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SYMBIOTIX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n FULLSIX INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS GEMINI, LLC | \n\n 80.00 | \n\n 80.00 | \n\n United States | \n
| \n INTELLIGNOS USA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n TRIPTK, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n ANNEX88, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REPUBLICA HAVAS, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n HAVAS BATTERY, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n THINK DESIGN COLLABORATIVE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n GATE ONE US, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SEARCH LABORATORY INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SHIELD LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n UNCOMMON CREATIVE STUDIO USA INC. | \n\n 51.63 | \n\n 51.63 | \n\n United States | \n
| \n LEDGER BENNETT INC. | \n\n 60.00 | \n\n 100.00 | \n\n United States | \n
| \n CHANNEL BAKERS LLC | \n\n 60.00 | \n\n 60.00 | \n\n United States | \n
| \n MIDDLE EAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n SAUDI ARABIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SAUDI FOR MEDIA AND ADVERTISING LLC | \n\n 50.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n HM ARABIA RHQ | \n\n 100.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n UNITED ARAB EMIRATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n HAVAS MEDIA MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n HAVAS MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n PIVOTROOTS DMCC | \n\n 60.00 | \n\n 51.00 | \n\n United Arab Emirates | \n
| \n LIQUID MEDIA & MARKETING FZ LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n OXYGEN DWC LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n LIQUESCENT HOLDINGS LIMITED INVESTMENT | \n\n 30.00 | \n\n 60.00 | \n\n United Arab Emirates | \n
| \n EGYPT | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS EGYPT FOR ADVERTISING AND PROMOTION LLC | \n\n 50.00 | \n\n 100.00 | \n\n Egypt | \n
| \n ISRAEL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE TEL AVIV LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n BLINK HAVAS LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n HAVAS INDAR MERHAV G LTD | \n\n 51.02 | \n\n 51.02 | \n\n Israel | \n
| \n LEBANON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BEIRUT SAL | \n\n 50.00 | \n\n 100.00 | \n\n Lebanon | \n
| \n OMAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n ASHA ADVERTISING AND MARKETING AGENCY LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n PARADIGM ADVERTISING AND PUBLISHING LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n TURKEY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE ISTANBUL ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n THE KLAN ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS ENGAGE PAZARLAMA VE ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n PH REKLAM VE DST AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS MEDIA TURKEY MEDYA PLANLAMA VE SATINALMA HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n ASIA-PACIFIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n AUSTRALIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SOUTH PACIFIC PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BD ANZ PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MELBOURNE PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARNOLD AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n THE RED AGENCY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ONE GREEN BEAN PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n PULSE COLLABORATIONS SYSTEMS PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARENA MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS DIGITAL HUB | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HM COMMUNICATION GROUP PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n FRONTIER MEDIA & MARKETING SYDNEY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BASTION BRANDING PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n H/ADVISORS APA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n DIGITAL MEDIA PERFORMANCE GROUP PTY LTD | \n\n 51.00 | \n\n 100.00 | \n\n Australia | \n
| \n HAVAS MEDIA MELBOURNE PTY LTD | \n\n 95.48 | \n\n 100.00 | \n\n Australia | \n
| \n KAIMERA PTY LTD | \n\n 51.00 | \n\n 51.00 | \n\n Australia | \n
| \n CAMBODIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS (CAMBODIA) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS BAREFOOT COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS CHAMPAGNE COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n CHINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n EURO RSCG GREAT OCEAN (GUANGZHOU) ADVERTISING CO., LTD | \n\n 70.00 | \n\n 70.00 | \n\n China | \n
| \n SHANGHAI JINGSHI COMPUTER TECHNOLOGY CONSULTING SERVICES CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHANGHAI FIELD FORCE MARKETING | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n THE SALES MACHINE (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS WORLDWIDE CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHENZHEN PORDA PR CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n REN SHENG ZHONG CHUANG MARKETING (SHANGHAI) CO, LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n SHENG ZHONG MARKETING CONSULTANCY (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAN WEI GUANGGAO (SHANGHAI) YOU XIAN GONG SI CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n AFFIPERF (SHANGHAI) ADVERTISING CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS GIMC ADVERTISING CO., LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n HAVAS INTEGRATED MARKETING COMMUNICATION (GUANGDONG) CO., LTD. | \n\n 51.00 | \n\n 100.00 | \n\n China | \n
| \n FRONTNETWORKS | \n\n 58.00 | \n\n 58.00 | \n\n China | \n
| \n CHANNEL BAKERS SHENZHEN CO., LTD. | \n\n 60.00 | \n\n 60.00 | \n\n China | \n
| \n SOUTH KOREA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HAVAS DIGITAL KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HONG KONG | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n STAREAST COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HPH HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n PORDA HAVAS INTERNATIONAL FINANCE COMMUNICATIONS (GROUP) HOLDINGS COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n VISION INTERNATIONAL ROADSHOW COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HAVAS WORLDWIDE DIGITAL HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n POWELL FINANCIAL PRESS COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n KLARECO COMMUNICATIONS HONG KONG LIMITED | \n\n 51.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n INDIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS MEDIA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n DIGITAL MATRIX CREATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n ARENA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS LIFE MUMBAI PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n THINK DESIGN COLLABORATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS PLAY INDIA PVT LTD | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n SHOBIZ EXPERIENTIAL COMMUNICATIONS PVT LTD | \n\n 65.00 | \n\n 65.00 | \n\n India | \n
| \n PIVOTROOTS DIGITAL PVT LTD | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n PR PUNDIT PUBLIC RELATIONS PRIVATE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n INDONESIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n PT ADRIWARA KRIDA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MPG INDONESIA | \n\n 51.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT HAVAS ARENA INDONESIA | \n\n 51.01 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MEDIAKOTA PROMOSI INDONESIA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n JAPAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS JAPAN KABUSHIKI KAISHA | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n HAVAS HEALTH K.K | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n MALAYSIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MALAYSIA | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n EPIC-OMNILINK INTEGRATED SDN BHD | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n KLARECO COMMUNICATIONS MALAYSIA SDN BHD | \n\n 51.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n PHILIPPINES | \n\n \n | \n\n \n | \n\n \n | \n
| \n MEDIA CONTACTS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Philippines | \n
| \n HAVAS MEDIA ORTEGA, INC. | \n\n 50.10 | \n\n 80.25 | \n\n Philippines | \n
| \n HVMM HOLDINGS PHILIPPINES, INC. | \n\n 40.00 | \n\n 40.00 | \n\n Philippines | \n
| \n MYANMAR | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS RIVERORCHID COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Myanmar | \n
| \n NEW ZEALAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS NEW ZEALAND LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n HAVAS HELIA LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n SINGAPORE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SINGAPORE PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n ARENA MEDIA ASIA PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PLAY PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEDIA ASIA PACIFIC PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PROGRAMMATIC HUB PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEKONG PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n BLK J PTE LTD | \n\n 70.00 | \n\n 70.00 | \n\n Singapore | \n
| \n KLARECO COMMUNICATIONS PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n HAVAS HOLDING INDONESIA PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n TAIWAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS TA\u00cfWAN LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n STAREAST COMMUNICATIONS (TAIWAN) LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n HAVAS FIELD FORCE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n CHANNEL BAKERS TAIWAN LTD | \n\n 60.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n THAILAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BANGKOK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n CONSUMER CONTACT COMMUNICATIONS (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n TBP (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n HAVAS THAILAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n VIETNAM | \n\n \n | \n\n \n | \n\n \n | \n
| \n EKINO VIETNAM | \n\n 100.00 | \n\n 100.00 | \n\n Vietnam | \n
| \n HAVAS GROUP VIETNAM LIMITED LIABILITY COMPANY | \n\n 99.86 | \n\n 99.86 | \n\n Vietnam | \n
| \n LATIN AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n ARGENTINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUENOS AIRES SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS MEDIA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n ARENA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS SPORTS & ENTERTAINEMENT ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS PLUS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n INTELLIGNOS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n AURA ADVERTISING SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n CONTENIDO LATENTE SAS | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n PHP SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n BRAZIL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE DIGITAL BRASIL LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS WORLDWIDE LIFE BRASIL COMUNICACOES SA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS VERSAO BETA TECNOLOGIA E COMUNICA\u00c7AO | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HVS PARTICIPA\u00c7OES E CONSULTORIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n ARENA PUBLICIDADE E TECNOLOGIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n BETC HAVAS AGENCIA DE PUBLICIDADE LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n CHILE | \n\n \n | \n\n \n | \n\n \n | \n
| \n FUEL PUBLICIDAD LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS WORLDWIDE SANTIAGO SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n FUEL CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n MEDIA CONTACT CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ARENA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA GROUP CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS + SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n GROELANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ISLANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n COLOMBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS MEDIA COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n ARENA COMMUNICATIONS COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS+ SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n COSTA RICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n RED STAR DIGITAL CR LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS COSTA RICA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n FUSION DE PRODUCCION DIGITAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n PROMOTICA DE COSTA RICA PCR, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n ARENA MEDIA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS PLUS SOCIEDA ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n MEXICO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS LIFE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE VALE, SA DE CV | \n\n 73.00 | \n\n 73.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE DIGITAL VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARNOLD MEDIA SERVICES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n J.V. VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n VALE BATES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA, SA DE CV | \n\n 95.00 | \n\n 95.00 | \n\n Mexico | \n
| \n HAVAS MEDIA SERVICES, SA DE CV | \n\n 95.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARENA COMMUNICATION, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HPH M\u00c9XICO SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA REGIONES, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS+ SA DE CV | \n\n 95.84 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS XCHANGE SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n INTELLIGNOS BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n TODOS LOS MEDIOS MASIVOS Y M\u00c1S DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n SERVICIO PROFESIONAL VLH DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n MOTECH BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n ALGODON STUDIO SA DE CV | \n\n 51.00 | \n\n 51.00 | \n\n Mexico | \n
| \n PERU | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ARENA MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS+ SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS WORLDWIDE PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ESPECIALIDADES DIGITALES INTERNACIONALES PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n URUGUAY | \n\n \n | \n\n \n | \n\n \n | \n
| \n BRISLEY, SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n PHOENA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n DREAMA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n SOUTH AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE JOHANNESBURG (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS MEDIA SOUTH AFRICA (PTY) LTD | \n\n 82.15 | \n\n 82.15 | \n\n South Africa | \n
| \n CO-CURRENCY (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS BOONDOGGLE (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS EMPOWERED COMPANY (PTY) LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Africa | \n
| \n HAVAS EMPOWERED BEE (PTY) LTD | \n\n 49.00 | \n\n 49.00 | \n\n South Africa | \n
| \n CONGO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA REPUBLIQUE D\u00c9MOCRATIQUE DU CONGO | \n\n 100.00 | \n\n 100.00 | \n\n Congo | \n
| \n IVORY COAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA C\u00d4TE D\u2019IVOIRE | \n\n 100.00 | \n\n 100.00 | \n\n Ivory Coast | \n
| \n GABON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GABON | \n\n 100.00 | \n\n 100.00 | \n\n Gabon | \n
| \n GHANA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GHANA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ghana | \n
| \n KENYA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA KENYA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Kenya | \n
| \n NIGERIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS COMMUNICATION NIGERIA LIMITED | \n\n 55.00 | \n\n 55.00 | \n\n Nigeria | \n
| \n SENEGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA SENEGAL | \n\n 100.00 | \n\n 100.00 | \n\n Senegal | \n
The above scope of consolidation includes Havas and all its subsidiaries.
Changes in the scope of consolidation of the Group in the fiscal years 2024 and\u00a02025 were as follows:
| \n \u00a0 | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Number of consolidated companies at 01/01 | \n\n 500 | \n\n 493 | \n
| \n Acquisitions | \n\n 17 | \n\n 17 | \n
| \n Disposals | \n\n \u2013 | \n\n (7) | \n
| \n Other transactions (e.g., mergers and spin-offs) | \n\n (2) | \n\n (3) | \n
| \n Number of consolidated companies at 12/31 | \n\n 515 | \n\n 500 | \n
The Consolidated Financial Statements are presented as if the Group was a single economic entity with two categories of owners: (i)\u00a0the owners of the parent company (Havas\u00a0N.V. shareowners) and (ii)\u00a0the owners of non-controlling interests (minority shareholders of the subsidiaries). A\u00a0non-controlling interest is defined as the interest in a subsidiary that is not attributable, whether directly or indirectly, to a parent company. As a result, reductions in a parent company\u2019s ownership interest in a subsidiary that do not result in a loss of control only impact equity, as control of the economic entity does not change. In addition, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners. Conversely, any acquisition of control achieved in stages or a loss of control gives rise to profit or loss in the statement of earnings.
1.4.24 \u2013Non-controlling interest buy-out commitments
Havas has committed to purchase the non-controlling interests of some of the minority shareowners of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g., put options) or mandatory (e.g., forward purchase contracts).
The following accounting treatment has been applied in respect of commitments:
\u25cfupon initial recognition, the commitment to purchase non-controlling interests is recognized as a financial liability for the present value of the purchase price under the put option or forward purchase contract, mainly offset by the book value of non-controlling interests and the remaining balance through equity attributable to Havas\u00a0N.V. shareowners;
\u25cfsubsequent changes to the value of the commitment are recognized as a financial liability through an adjustment to equity attributable to Havas\u00a0N.V. shareowners; and
\u25cfupon maturity of the commitment, if the non-controlling interests are not purchased, the previously recognized entries are reversed; if the non-controlling interests are purchased, the amount recognized in financial liabilities is reversed, offset by the cash outflow relating to the purchase of the non-controlling interests.
1.4.25 \u2013Accounting for additional payments for\u00a0acquired companies (earn-outs)
Any contingent consideration in a business combination (such as earn-out payments) is included in the consideration transferred at its acquisition-date fair value, whatever the probability that it will become due. Subsequent changes in the fair value of contingent consideration due to facts and circumstances that existed as of the acquisition date are recorded by adjusting goodwill if they occur during the measurement period or directly in the Consolidated Income Statement as \u201cImpairment goodwill/Earn-out updated\u201d if they arise after the measurement period, unless the obligation is settled in equity instruments. In that case, the contingent consideration is not remeasured subsequently.
The liability is recorded under earn-out and non-controlling interest buy-out obligations in the consolidated balance sheet.
The Consolidated Financial Statements are presented as if the Group was a single economic entity with two categories of owners: (i)\u00a0the owners of the parent company (Havas\u00a0N.V. shareowners) and (ii)\u00a0the owners of non-controlling interests (minority shareholders of the subsidiaries). A\u00a0non-controlling interest is defined as the interest in a subsidiary that is not attributable, whether directly or indirectly, to a parent company. As a result, reductions in a parent company\u2019s ownership interest in a subsidiary that do not result in a loss of control only impact equity, as control of the economic entity does not change. In addition, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners. Conversely, any acquisition of control achieved in stages or a loss of control gives rise to profit or loss in the statement of earnings.
1.4.24 \u2013Non-controlling interest buy-out commitments
Havas has committed to purchase the non-controlling interests of some of the minority shareowners of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g., put options) or mandatory (e.g., forward purchase contracts).
The following accounting treatment has been applied in respect of commitments:
\u25cfupon initial recognition, the commitment to purchase non-controlling interests is recognized as a financial liability for the present value of the purchase price under the put option or forward purchase contract, mainly offset by the book value of non-controlling interests and the remaining balance through equity attributable to Havas\u00a0N.V. shareowners;
\u25cfsubsequent changes to the value of the commitment are recognized as a financial liability through an adjustment to equity attributable to Havas\u00a0N.V. shareowners; and
\u25cfupon maturity of the commitment, if the non-controlling interests are not purchased, the previously recognized entries are reversed; if the non-controlling interests are purchased, the amount recognized in financial liabilities is reversed, offset by the cash outflow relating to the purchase of the non-controlling interests.
1.4.25 \u2013Accounting for additional payments for\u00a0acquired companies (earn-outs)
Any contingent consideration in a business combination (such as earn-out payments) is included in the consideration transferred at its acquisition-date fair value, whatever the probability that it will become due. Subsequent changes in the fair value of contingent consideration due to facts and circumstances that existed as of the acquisition date are recorded by adjusting goodwill if they occur during the measurement period or directly in the Consolidated Income Statement as \u201cImpairment goodwill/Earn-out updated\u201d if they arise after the measurement period, unless the obligation is settled in equity instruments. In that case, the contingent consideration is not remeasured subsequently.
The liability is recorded under earn-out and non-controlling interest buy-out obligations in the consolidated balance sheet.
2.14 \u2013Earn-out and buy-out obligations
The Group has entered into agreements with minority shareholders of consolidated subsidiaries, granting them options to sell their shares. In connection with the acquisition of companies, price adjustment contracts are put in place. These commitments are recorded on the consolidated balance sheet under \u201cEarn-out and non-controlling interest buy-out obligations\u201d.
The earn-out and buy-out obligations relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value is usually assessed using discounted cashflows valuation model.
Earn-out and buy-out obligations being part of confidential transactions, no additional information can be disclosed regarding the acquiree, the holders of non-controlling interest and the terms and conditions underlying these obligations.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 7 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 262 | \n
| \n Total | \n\n 315 | \n\n 269 | \n
2.14.1 \u2013Earn-out obligations
Earn-out obligations increased by \u20ac13\u00a0million between\u00a02024 and\u00a02025, largely due to new earn-out obligations of \u20ac20\u00a0million, earn-out payments of a total of \u20ac(7).
2.14.2 \u2013Buy-out obligations
Liability relating to commitments to buy out non-controlling interests between\u00a02024 and\u00a02025 increased by \u20ac33\u00a0million, arising from new commitments totaling \u20ac51\u00a0million, buy-out payments made during fiscal year 2025 amounting to \u20ac(9)\u00a0million, and a downward adjustment to existing commitments of \u20ac6\u00a0million, and negative currency translation adjustments of \u20ac(15)\u00a0million.
Liability relating to commitments to buy out non-controlling interests between\u00a02023 and\u00a02024 decreased by \u20ac1\u00a0million, arising from new commitments totaling \u20ac39\u00a0million, buy-out payments made during fiscal year 2024 amounting to \u20ac(71)\u00a0million, and a downward adjustment to existing commitments of \u20ac25\u00a0million, and positive currency translation adjustments of \u20ac6\u00a0million.
At December\u00a031, 2025, these commitments were valued at \u20ac146\u00a0million in the United\u00a0Kingdom, \u20ac33\u00a0million in Spain, \u20ac31\u00a0million in France, \u20ac19\u00a0million in the United\u00a0States, \u20ac19\u00a0million in Australia, \u20ac12\u00a0million in India, \u20ac9\u00a0million in Germany, \u20ac6\u00a0million in Canada, \u20ac4\u00a0million in Hong\u00a0Kong, with the balance spread across various countries.
At December\u00a031, 2024, these commitments were valued at \u20ac136\u00a0million in the United\u00a0Kingdom, \u20ac32\u00a0million in France, \u20ac21\u00a0million in Spain, \u20ac18\u00a0million in the United\u00a0States, \u20ac13\u00a0million in India, \u20ac12\u00a0million in Australia, \u20ac6\u00a0million in Hong\u00a0Kong, \u20ac6\u00a0million in Canada, \u20ac3\u00a0million in Israel, \u20ac3\u00a0million in China, \u20ac3\u00a0million in Germany, with the balance spread across various countries.
2.14.3 \u2013Earn-out and buy-out obligations by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 15 | \n\n 5 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 27 | \n\n 89 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
| \n Total | \n\n 315 | \n\n 42 | \n\n 94 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
2.6 \u2013Equity investments
According to accounting principles, Havas exercises significant influence over operational entities, representing amounts that are not significant in terms of both the consolidated balance sheet and the consolidated income statement. The equity method is applied to equity-accounted investments, which amounted to \u20ac3\u00a0million as of December\u00a031, 2025 and as of December\u00a031, 2024.
These equity-accounted investments primarily consist of a British agency.
2.31 \u2013Scope of consolidation at December\u00a031, 2025
| \n \n | \n\n % Ownership interest | \n\n % Voting interest | \n\n Country | \n
|---|---|---|---|
| \n EUROPE | \n\n \n | \n\n \n | \n\n \n | \n
| \n GERMANY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE D\u00dcSSELDORF GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FUEL GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS SERVICES GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n MPG SOLUTIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n ARENA MEDIA DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS MEDIA GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS HOLDING DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FORWARD 1 GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BIRD & SCHULTE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BERLIN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n PROVIDENCE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n DEEKELING ARNDT ADVISORS IN COMMUNICATIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n INVIQA GMBH | \n\n 64.00 | \n\n 100.00 | \n\n Germany | \n
| \n HRZN GMBH | \n\n 60.00 | \n\n 60.00 | \n\n Germany | \n
| \n EPROFESSIONAL GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n GAULY ADVISORS GMBH | \n\n 57.00 | \n\n 57.00 | \n\n Germany | \n
| \n AUSTRIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WIEN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n CSA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n HAVAS MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n FORWARD MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n BELGIUM | \n\n \n | \n\n \n | \n\n \n | \n
| \n BOONDOGGLE HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n PROVIDENCE | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n H ADVISORS BRUSSELS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HAVAS MEDIA BELGIUM SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HR GARDENS SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n DIGIZIK | \n\n 60.00 | \n\n 60.00 | \n\n Belgium | \n
| \n BULGARIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GROUP BULGARIA OOD | \n\n 51.00 | \n\n 51.00 | \n\n Bulgaria | \n
| \n DENMARK | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS DANMARK A/S | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n FWRD MEDIA DANMARK APS | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n SPAIN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ASCI DIRECT, SA | \n\n 90.00 | \n\n 90.00 | \n\n Spain | \n
| \n ARNOLD MADRID, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROVIDENCE PUBLICIDAD, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n DIFUSION Y AUDIENCIAS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS LIFE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n MEDEA MEDICAL EDUCATION AGENCY, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA MEDIA COMMUNICATIONS ESPA\u00d1A, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA COMMUNICATIONS NETWORK, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP LEVANTE, S.L.U. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROXIMIA HAVAS, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n FORWARD HOLDING SPAIN, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARTEMIS ALLIANCE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS SOLUTIONS S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MARKET SHOP | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MANAGEMENT ESPANA, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ELISA INTERACTIVE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RESEARCH & DEVELOPMENT MARKETING LAB, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RED BIRD COMUNICACI\u00d3N, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n TINKLE COMMUNICATIONS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n EUROPEAN PUBLIC RELATIONS SERVICE, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n JAZZ ALTERNATIVE THINKING, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n ONION DIGITAL SERVICES, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n TINKLE CONSULTANTS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n CA SPORTS MARKETING S.L. | \n\n 51.00 | \n\n 51.00 | \n\n Spain | \n
| \n TIDART INTERNET SERVICES, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ESTONIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n BALTIC MEDIA HOLDING O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS MEDIA O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n MEEDIAAGENTUUR O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS CREATIVE O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n FINLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HELSINKI OY | \n\n 100.00 | \n\n 100.00 | \n\n Finland | \n
| \n FRANCE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n INTERCORPORATE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H4B PARIS SARL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE SALMON CONSULTING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS PUBLISHING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EVENTS | \n\n 99.98 | \n\n 100.00 | \n\n France | \n
| \n ABSOLUT REALITY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS LIFE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FACTORY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC FULLSIX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LNE | \n\n 99.99 | \n\n 99.99 | \n\n France | \n
| \n W CONRAN DESIGN | \n\n 99.94 | \n\n 99.94 | \n\n France | \n
| \n XAVIER GUILLON CONSEIL (XGC) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 04 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 05 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 06 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 08 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 28 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UMT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PLAY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EDITION | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ARENA MEDIA COMMUNICATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FINANCES SERVICES (HFS) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PROGRAMMATIC HUB | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IMMOBILIER | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARTICIPATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FINANCI\u00c8RE DE LONGCHAMP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PROSE ON PIXELS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ROSA PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n WALTER | \n\n 99.94 | \n\n 100.00 | \n\n France | \n
| \n ECSELIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n CSA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX GROUP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H\u00c9LIA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO INSIDE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC KITCHEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LE MAGAZINE G\u00c9N\u00c9RAL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LES MAGASINS G\u00c9N\u00c9RAUX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE 79 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UN1T | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PLEAD | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HAVAS EDGE | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n ETOILE ROUGE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC LUXE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n DBI DATA BUSINESS INTELLIGENCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BUZZMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PRODUCTMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ENERGUMEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS & COMPAGNIES | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE VERTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n GATE ONE FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA AFRICA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RAISON DE SANTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RED HAVAS HEALTH PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n TED | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n SHORTCUT EVENTS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n TYERS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n PANAME 24 | \n\n 33.33 | \n\n 33.33 | \n\n France | \n
| \n JACQUES PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UNNEST | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HUNGARY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUDAPEST KOMMUNIKACIOS ZRT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n HAVAS MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n ARENA MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n IRELAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n YOUNG ADVERTISING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS IRELAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS MEDIA IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n GATE ONE IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n ITALY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n PROVIDENCE ITALY S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS LYNX ROME S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS PR MILAN S.R.L. | \n\n 87.40 | \n\n 87.40 | \n\n Italy | \n
| \n HAVAS LIFE MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n ARENA MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n INFINITUM S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n SCITERION S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n NOHUP S.R.L. | \n\n 51.00 | \n\n 51.00 | \n\n Italy | \n
| \n FORWARD MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n LITHUANIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS GROUP LITHUANIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n PUBLICUM, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS CREATIVE SOMA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n ARENA MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n GOOD ONE, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n LATVIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CREATIVE SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n HAVAS MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n ARENA MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n NETHERLANDS | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE NETHERLANDS B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS LEMZ B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS WORLDWIDE DIGITAL AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ALL RESPONSE MEDIA B.V. | \n\n 60.33 | \n\n 60.33 | \n\n Netherlands | \n
| \n ARNOLD WORLDWIDE PARTNERS AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ARENA MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ENTER THE WILDERNESS B.V. | \n\n 51.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS N.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n POLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n SOCIALYSE SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS ENGAGE WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS PR WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HHP SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n ARENA MEDIA COMMUNICATIONS SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n FULLSIX MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n PORTUGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE PORTUGAL, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS DESIGN PORTUGAL, LDA | \n\n 88.89 | \n\n 88.89 | \n\n Portugal | \n
| \n FUEL PUBLICIDADE, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MEDIA - PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n ARN - MEDIA COMMUNICATIONS PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS - SERVICOS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CSA HAVAS PORTUGAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS SPORTS & ENTERTAINMENT, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MANAGEMENT PORTUGAL, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n FULLSIX PORTUGAL - MARKETING INTERACTIVO, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n DMCM, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n TINKLE PORTUGAL (SOCIEDADE UNIPESSOAL) LDA | \n\n 80.01 | \n\n 80.01 | \n\n Portugal | \n
| \n CV&A EUROPE, LTDA | \n\n 51.00 | \n\n 51.00 | \n\n Portugal | \n
| \n ASSINATURA SILENCIOSA UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CZECH REPUBLIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS PRAGUE A.S. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS PR PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n PROSE ON PIXELS S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n ARNOLD PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS MEDIA CZECH REPUBLIC S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n UNITED KINGDOM | \n\n \n | \n\n \n | \n\n \n | \n
| \n CONRAN DESIGN GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PR UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HELIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H4B LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MARCOMMS GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MEDICOM GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ALL RESPONSE MEDIA LIMITED | \n\n 60.33 | \n\n 60.33 | \n\n United Kingdom | \n
| \n HAVAS WORLDWIDE LONDON LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE MAITLAND CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PEOPLE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS EHS DISCOVERY LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS ENTERTAINMENT LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PLAY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CAKE GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BETC LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n DIVERSIFIED AGENCIES COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RSMB LIMITED | \n\n 50.00 | \n\n 50.00 | \n\n United Kingdom | \n
| \n EWDB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SHARED SERVICES LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CANADA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SCITERION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ELISA INTERACTIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PROGRAMMATIC HUB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ONE GREEN BEAN LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADCITY UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS FINANCIAL COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n JUST HEALTH COMMUNICATIONS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n GRAND UNION COMMUNICATION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CX LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS E GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n 45-51 WHITFIELD LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n COOLER KING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ORGANIC MARKETING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SUPERHERO SCREEN LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n TARGET LIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SBH LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SO GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n M&C CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H ADVISORS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BTRME | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RED HAVAS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL (UK) LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n GATE ONE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO CONSULTING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO ONLINE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n INVIQA UK LIMITED | \n\n 64.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE INVIQA GROUP LIMITED | \n\n 64.00 | \n\n 64.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SEARCH LABORATORY SOFTWARE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADDITIVE PERSONALISATION LIMITED | \n\n 80.00 | \n\n 80.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO HOLDINGS LTD | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON EXPERIENCE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n CALLING FOR CREATIVITY LIMITED | \n\n 36.14 | \n\n 51.63 | \n\n United Kingdom | \n
| \n HAVAS CONSUMER HEALTH LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT REVENUE ENGINE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ENTER THE WILDERNESS LIMITED | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG LTD | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG HOLDINGS LTD | \n\n 51.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ABSURD MEDIA LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BEARDED KITTEN LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n SERBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS ADRIATIC D.O.O. BEOGRAD | \n\n 51.00 | \n\n 51.00 | \n\n Serbia | \n
| \n SLOVAKIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA SLOVAKIA, S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Slovakia | \n
| \n SWEDEN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n HAVAS SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n ARENA MEDIA SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n UNCOMMON CREATIVE STUDIO STOCKHOLM AB | \n\n 30.98 | \n\n 60.00 | \n\n Sweden | \n
| \n SWITZERLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n HAVAS MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n ARENA MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n NORTH AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n CANADA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CX CANADA | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS HEALTH TORONTO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MONTREAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MEDIA CANADA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. O/A NOISE DIGITAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n DMPG INC. | \n\n 51.00 | \n\n 100.00 | \n\n Canada | \n
| \n ENVERTA DIGITAL INCORPORATED | \n\n 50.55 | \n\n 50.55 | \n\n Canada | \n
| \n UNITED STATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE CHICAGO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS HEALTH, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n PROSE ON PIXELS US INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PR NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE NEW YORK, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS EDGE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE ABERNATHY MACGREGOR GROUP, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE SAN FRANCISCO, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS IMPACT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE DALLAS, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE HOURS ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n WASHINGTON PRINTING, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARENA MEDIA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SPORTS & ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MAISON BETC LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARNOLD WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS ANNEX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS DISCOVERY, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PEOPLE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n VICTORS AND SPOILS, INC. | \n\n 54.00 | \n\n 54.00 | \n\n United States | \n
| \n CAMP + KING, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n ARNOLD NEW YORK, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS MEDIA GROUP USA LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MEDIA PLANNING INTERNATIONAL CORPORATION | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HM INFINITUM, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS CREATIVE, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REVENUE FRONTIER, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS FORMULA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SYMBIOTIX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n FULLSIX INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS GEMINI, LLC | \n\n 80.00 | \n\n 80.00 | \n\n United States | \n
| \n INTELLIGNOS USA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n TRIPTK, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n ANNEX88, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REPUBLICA HAVAS, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n HAVAS BATTERY, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n THINK DESIGN COLLABORATIVE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n GATE ONE US, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SEARCH LABORATORY INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SHIELD LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n UNCOMMON CREATIVE STUDIO USA INC. | \n\n 51.63 | \n\n 51.63 | \n\n United States | \n
| \n LEDGER BENNETT INC. | \n\n 60.00 | \n\n 100.00 | \n\n United States | \n
| \n CHANNEL BAKERS LLC | \n\n 60.00 | \n\n 60.00 | \n\n United States | \n
| \n MIDDLE EAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n SAUDI ARABIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SAUDI FOR MEDIA AND ADVERTISING LLC | \n\n 50.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n HM ARABIA RHQ | \n\n 100.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n UNITED ARAB EMIRATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n HAVAS MEDIA MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n HAVAS MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n PIVOTROOTS DMCC | \n\n 60.00 | \n\n 51.00 | \n\n United Arab Emirates | \n
| \n LIQUID MEDIA & MARKETING FZ LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n OXYGEN DWC LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n LIQUESCENT HOLDINGS LIMITED INVESTMENT | \n\n 30.00 | \n\n 60.00 | \n\n United Arab Emirates | \n
| \n EGYPT | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS EGYPT FOR ADVERTISING AND PROMOTION LLC | \n\n 50.00 | \n\n 100.00 | \n\n Egypt | \n
| \n ISRAEL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE TEL AVIV LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n BLINK HAVAS LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n HAVAS INDAR MERHAV G LTD | \n\n 51.02 | \n\n 51.02 | \n\n Israel | \n
| \n LEBANON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BEIRUT SAL | \n\n 50.00 | \n\n 100.00 | \n\n Lebanon | \n
| \n OMAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n ASHA ADVERTISING AND MARKETING AGENCY LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n PARADIGM ADVERTISING AND PUBLISHING LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n TURKEY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE ISTANBUL ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n THE KLAN ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS ENGAGE PAZARLAMA VE ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n PH REKLAM VE DST AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS MEDIA TURKEY MEDYA PLANLAMA VE SATINALMA HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n ASIA-PACIFIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n AUSTRALIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SOUTH PACIFIC PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BD ANZ PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MELBOURNE PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARNOLD AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n THE RED AGENCY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ONE GREEN BEAN PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n PULSE COLLABORATIONS SYSTEMS PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARENA MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS DIGITAL HUB | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HM COMMUNICATION GROUP PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n FRONTIER MEDIA & MARKETING SYDNEY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BASTION BRANDING PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n H/ADVISORS APA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n DIGITAL MEDIA PERFORMANCE GROUP PTY LTD | \n\n 51.00 | \n\n 100.00 | \n\n Australia | \n
| \n HAVAS MEDIA MELBOURNE PTY LTD | \n\n 95.48 | \n\n 100.00 | \n\n Australia | \n
| \n KAIMERA PTY LTD | \n\n 51.00 | \n\n 51.00 | \n\n Australia | \n
| \n CAMBODIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS (CAMBODIA) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS BAREFOOT COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS CHAMPAGNE COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n CHINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n EURO RSCG GREAT OCEAN (GUANGZHOU) ADVERTISING CO., LTD | \n\n 70.00 | \n\n 70.00 | \n\n China | \n
| \n SHANGHAI JINGSHI COMPUTER TECHNOLOGY CONSULTING SERVICES CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHANGHAI FIELD FORCE MARKETING | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n THE SALES MACHINE (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS WORLDWIDE CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHENZHEN PORDA PR CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n REN SHENG ZHONG CHUANG MARKETING (SHANGHAI) CO, LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n SHENG ZHONG MARKETING CONSULTANCY (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAN WEI GUANGGAO (SHANGHAI) YOU XIAN GONG SI CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n AFFIPERF (SHANGHAI) ADVERTISING CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS GIMC ADVERTISING CO., LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n HAVAS INTEGRATED MARKETING COMMUNICATION (GUANGDONG) CO., LTD. | \n\n 51.00 | \n\n 100.00 | \n\n China | \n
| \n FRONTNETWORKS | \n\n 58.00 | \n\n 58.00 | \n\n China | \n
| \n CHANNEL BAKERS SHENZHEN CO., LTD. | \n\n 60.00 | \n\n 60.00 | \n\n China | \n
| \n SOUTH KOREA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HAVAS DIGITAL KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HONG KONG | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n STAREAST COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HPH HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n PORDA HAVAS INTERNATIONAL FINANCE COMMUNICATIONS (GROUP) HOLDINGS COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n VISION INTERNATIONAL ROADSHOW COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HAVAS WORLDWIDE DIGITAL HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n POWELL FINANCIAL PRESS COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n KLARECO COMMUNICATIONS HONG KONG LIMITED | \n\n 51.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n INDIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS MEDIA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n DIGITAL MATRIX CREATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n ARENA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS LIFE MUMBAI PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n THINK DESIGN COLLABORATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS PLAY INDIA PVT LTD | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n SHOBIZ EXPERIENTIAL COMMUNICATIONS PVT LTD | \n\n 65.00 | \n\n 65.00 | \n\n India | \n
| \n PIVOTROOTS DIGITAL PVT LTD | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n PR PUNDIT PUBLIC RELATIONS PRIVATE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n INDONESIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n PT ADRIWARA KRIDA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MPG INDONESIA | \n\n 51.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT HAVAS ARENA INDONESIA | \n\n 51.01 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MEDIAKOTA PROMOSI INDONESIA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n JAPAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS JAPAN KABUSHIKI KAISHA | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n HAVAS HEALTH K.K | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n MALAYSIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MALAYSIA | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n EPIC-OMNILINK INTEGRATED SDN BHD | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n KLARECO COMMUNICATIONS MALAYSIA SDN BHD | \n\n 51.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n PHILIPPINES | \n\n \n | \n\n \n | \n\n \n | \n
| \n MEDIA CONTACTS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Philippines | \n
| \n HAVAS MEDIA ORTEGA, INC. | \n\n 50.10 | \n\n 80.25 | \n\n Philippines | \n
| \n HVMM HOLDINGS PHILIPPINES, INC. | \n\n 40.00 | \n\n 40.00 | \n\n Philippines | \n
| \n MYANMAR | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS RIVERORCHID COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Myanmar | \n
| \n NEW ZEALAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS NEW ZEALAND LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n HAVAS HELIA LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n SINGAPORE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SINGAPORE PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n ARENA MEDIA ASIA PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PLAY PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEDIA ASIA PACIFIC PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PROGRAMMATIC HUB PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEKONG PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n BLK J PTE LTD | \n\n 70.00 | \n\n 70.00 | \n\n Singapore | \n
| \n KLARECO COMMUNICATIONS PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n HAVAS HOLDING INDONESIA PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n TAIWAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS TA\u00cfWAN LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n STAREAST COMMUNICATIONS (TAIWAN) LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n HAVAS FIELD FORCE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n CHANNEL BAKERS TAIWAN LTD | \n\n 60.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n THAILAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BANGKOK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n CONSUMER CONTACT COMMUNICATIONS (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n TBP (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n HAVAS THAILAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n VIETNAM | \n\n \n | \n\n \n | \n\n \n | \n
| \n EKINO VIETNAM | \n\n 100.00 | \n\n 100.00 | \n\n Vietnam | \n
| \n HAVAS GROUP VIETNAM LIMITED LIABILITY COMPANY | \n\n 99.86 | \n\n 99.86 | \n\n Vietnam | \n
| \n LATIN AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n ARGENTINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUENOS AIRES SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS MEDIA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n ARENA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS SPORTS & ENTERTAINEMENT ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS PLUS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n INTELLIGNOS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n AURA ADVERTISING SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n CONTENIDO LATENTE SAS | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n PHP SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n BRAZIL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE DIGITAL BRASIL LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS WORLDWIDE LIFE BRASIL COMUNICACOES SA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS VERSAO BETA TECNOLOGIA E COMUNICA\u00c7AO | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HVS PARTICIPA\u00c7OES E CONSULTORIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n ARENA PUBLICIDADE E TECNOLOGIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n BETC HAVAS AGENCIA DE PUBLICIDADE LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n CHILE | \n\n \n | \n\n \n | \n\n \n | \n
| \n FUEL PUBLICIDAD LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS WORLDWIDE SANTIAGO SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n FUEL CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n MEDIA CONTACT CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ARENA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA GROUP CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS + SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n GROELANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ISLANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n COLOMBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS MEDIA COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n ARENA COMMUNICATIONS COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS+ SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n COSTA RICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n RED STAR DIGITAL CR LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS COSTA RICA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n FUSION DE PRODUCCION DIGITAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n PROMOTICA DE COSTA RICA PCR, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n ARENA MEDIA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS PLUS SOCIEDA ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n MEXICO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS LIFE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE VALE, SA DE CV | \n\n 73.00 | \n\n 73.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE DIGITAL VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARNOLD MEDIA SERVICES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n J.V. VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n VALE BATES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA, SA DE CV | \n\n 95.00 | \n\n 95.00 | \n\n Mexico | \n
| \n HAVAS MEDIA SERVICES, SA DE CV | \n\n 95.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARENA COMMUNICATION, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HPH M\u00c9XICO SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA REGIONES, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS+ SA DE CV | \n\n 95.84 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS XCHANGE SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n INTELLIGNOS BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n TODOS LOS MEDIOS MASIVOS Y M\u00c1S DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n SERVICIO PROFESIONAL VLH DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n MOTECH BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n ALGODON STUDIO SA DE CV | \n\n 51.00 | \n\n 51.00 | \n\n Mexico | \n
| \n PERU | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ARENA MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS+ SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS WORLDWIDE PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ESPECIALIDADES DIGITALES INTERNACIONALES PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n URUGUAY | \n\n \n | \n\n \n | \n\n \n | \n
| \n BRISLEY, SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n PHOENA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n DREAMA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n SOUTH AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE JOHANNESBURG (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS MEDIA SOUTH AFRICA (PTY) LTD | \n\n 82.15 | \n\n 82.15 | \n\n South Africa | \n
| \n CO-CURRENCY (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS BOONDOGGLE (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS EMPOWERED COMPANY (PTY) LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Africa | \n
| \n HAVAS EMPOWERED BEE (PTY) LTD | \n\n 49.00 | \n\n 49.00 | \n\n South Africa | \n
| \n CONGO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA REPUBLIQUE D\u00c9MOCRATIQUE DU CONGO | \n\n 100.00 | \n\n 100.00 | \n\n Congo | \n
| \n IVORY COAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA C\u00d4TE D\u2019IVOIRE | \n\n 100.00 | \n\n 100.00 | \n\n Ivory Coast | \n
| \n GABON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GABON | \n\n 100.00 | \n\n 100.00 | \n\n Gabon | \n
| \n GHANA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GHANA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ghana | \n
| \n KENYA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA KENYA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Kenya | \n
| \n NIGERIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS COMMUNICATION NIGERIA LIMITED | \n\n 55.00 | \n\n 55.00 | \n\n Nigeria | \n
| \n SENEGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA SENEGAL | \n\n 100.00 | \n\n 100.00 | \n\n Senegal | \n
The above scope of consolidation includes Havas and all its subsidiaries.
Changes in the scope of consolidation of the Group in the fiscal years 2024 and\u00a02025 were as follows:
| \n \u00a0 | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Number of consolidated companies at 01/01 | \n\n 500 | \n\n 493 | \n
| \n Acquisitions | \n\n 17 | \n\n 17 | \n
| \n Disposals | \n\n \u2013 | \n\n (7) | \n
| \n Other transactions (e.g., mergers and spin-offs) | \n\n (2) | \n\n (3) | \n
| \n Number of consolidated companies at 12/31 | \n\n 515 | \n\n 500 | \n
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
2.6 \u2013Equity investments
According to accounting principles, Havas exercises significant influence over operational entities, representing amounts that are not significant in terms of both the consolidated balance sheet and the consolidated income statement. The equity method is applied to equity-accounted investments, which amounted to \u20ac3\u00a0million as of December\u00a031, 2025 and as of December\u00a031, 2024.
These equity-accounted investments primarily consist of a British agency.
2.31 \u2013Scope of consolidation at December\u00a031, 2025
| \n \n | \n\n % Ownership interest | \n\n % Voting interest | \n\n Country | \n
|---|---|---|---|
| \n EUROPE | \n\n \n | \n\n \n | \n\n \n | \n
| \n GERMANY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE D\u00dcSSELDORF GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FUEL GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS SERVICES GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n MPG SOLUTIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n ARENA MEDIA DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS MEDIA GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS HOLDING DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FORWARD 1 GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BIRD & SCHULTE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BERLIN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n PROVIDENCE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n DEEKELING ARNDT ADVISORS IN COMMUNICATIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n INVIQA GMBH | \n\n 64.00 | \n\n 100.00 | \n\n Germany | \n
| \n HRZN GMBH | \n\n 60.00 | \n\n 60.00 | \n\n Germany | \n
| \n EPROFESSIONAL GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n GAULY ADVISORS GMBH | \n\n 57.00 | \n\n 57.00 | \n\n Germany | \n
| \n AUSTRIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WIEN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n CSA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n HAVAS MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n FORWARD MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n BELGIUM | \n\n \n | \n\n \n | \n\n \n | \n
| \n BOONDOGGLE HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n PROVIDENCE | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n H ADVISORS BRUSSELS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HAVAS MEDIA BELGIUM SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HR GARDENS SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n DIGIZIK | \n\n 60.00 | \n\n 60.00 | \n\n Belgium | \n
| \n BULGARIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GROUP BULGARIA OOD | \n\n 51.00 | \n\n 51.00 | \n\n Bulgaria | \n
| \n DENMARK | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS DANMARK A/S | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n FWRD MEDIA DANMARK APS | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n SPAIN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ASCI DIRECT, SA | \n\n 90.00 | \n\n 90.00 | \n\n Spain | \n
| \n ARNOLD MADRID, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROVIDENCE PUBLICIDAD, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n DIFUSION Y AUDIENCIAS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS LIFE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n MEDEA MEDICAL EDUCATION AGENCY, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA MEDIA COMMUNICATIONS ESPA\u00d1A, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA COMMUNICATIONS NETWORK, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP LEVANTE, S.L.U. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROXIMIA HAVAS, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n FORWARD HOLDING SPAIN, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARTEMIS ALLIANCE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS SOLUTIONS S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MARKET SHOP | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MANAGEMENT ESPANA, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ELISA INTERACTIVE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RESEARCH & DEVELOPMENT MARKETING LAB, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RED BIRD COMUNICACI\u00d3N, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n TINKLE COMMUNICATIONS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n EUROPEAN PUBLIC RELATIONS SERVICE, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n JAZZ ALTERNATIVE THINKING, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n ONION DIGITAL SERVICES, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n TINKLE CONSULTANTS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n CA SPORTS MARKETING S.L. | \n\n 51.00 | \n\n 51.00 | \n\n Spain | \n
| \n TIDART INTERNET SERVICES, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ESTONIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n BALTIC MEDIA HOLDING O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS MEDIA O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n MEEDIAAGENTUUR O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS CREATIVE O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n FINLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HELSINKI OY | \n\n 100.00 | \n\n 100.00 | \n\n Finland | \n
| \n FRANCE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n INTERCORPORATE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H4B PARIS SARL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE SALMON CONSULTING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS PUBLISHING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EVENTS | \n\n 99.98 | \n\n 100.00 | \n\n France | \n
| \n ABSOLUT REALITY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS LIFE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FACTORY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC FULLSIX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LNE | \n\n 99.99 | \n\n 99.99 | \n\n France | \n
| \n W CONRAN DESIGN | \n\n 99.94 | \n\n 99.94 | \n\n France | \n
| \n XAVIER GUILLON CONSEIL (XGC) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 04 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 05 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 06 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 08 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 28 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UMT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PLAY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EDITION | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ARENA MEDIA COMMUNICATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FINANCES SERVICES (HFS) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PROGRAMMATIC HUB | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IMMOBILIER | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARTICIPATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FINANCI\u00c8RE DE LONGCHAMP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PROSE ON PIXELS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ROSA PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n WALTER | \n\n 99.94 | \n\n 100.00 | \n\n France | \n
| \n ECSELIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n CSA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX GROUP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H\u00c9LIA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO INSIDE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC KITCHEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LE MAGAZINE G\u00c9N\u00c9RAL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LES MAGASINS G\u00c9N\u00c9RAUX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE 79 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UN1T | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PLEAD | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HAVAS EDGE | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n ETOILE ROUGE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC LUXE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n DBI DATA BUSINESS INTELLIGENCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BUZZMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PRODUCTMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ENERGUMEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS & COMPAGNIES | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE VERTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n GATE ONE FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA AFRICA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RAISON DE SANTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RED HAVAS HEALTH PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n TED | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n SHORTCUT EVENTS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n TYERS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n PANAME 24 | \n\n 33.33 | \n\n 33.33 | \n\n France | \n
| \n JACQUES PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UNNEST | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HUNGARY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUDAPEST KOMMUNIKACIOS ZRT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n HAVAS MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n ARENA MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n IRELAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n YOUNG ADVERTISING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS IRELAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS MEDIA IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n GATE ONE IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n ITALY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n PROVIDENCE ITALY S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS LYNX ROME S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS PR MILAN S.R.L. | \n\n 87.40 | \n\n 87.40 | \n\n Italy | \n
| \n HAVAS LIFE MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n ARENA MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n INFINITUM S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n SCITERION S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n NOHUP S.R.L. | \n\n 51.00 | \n\n 51.00 | \n\n Italy | \n
| \n FORWARD MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n LITHUANIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS GROUP LITHUANIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n PUBLICUM, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS CREATIVE SOMA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n ARENA MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n GOOD ONE, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n LATVIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CREATIVE SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n HAVAS MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n ARENA MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n NETHERLANDS | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE NETHERLANDS B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS LEMZ B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS WORLDWIDE DIGITAL AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ALL RESPONSE MEDIA B.V. | \n\n 60.33 | \n\n 60.33 | \n\n Netherlands | \n
| \n ARNOLD WORLDWIDE PARTNERS AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ARENA MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ENTER THE WILDERNESS B.V. | \n\n 51.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS N.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n POLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n SOCIALYSE SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS ENGAGE WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS PR WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HHP SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n ARENA MEDIA COMMUNICATIONS SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n FULLSIX MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n PORTUGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE PORTUGAL, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS DESIGN PORTUGAL, LDA | \n\n 88.89 | \n\n 88.89 | \n\n Portugal | \n
| \n FUEL PUBLICIDADE, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MEDIA - PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n ARN - MEDIA COMMUNICATIONS PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS - SERVICOS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CSA HAVAS PORTUGAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS SPORTS & ENTERTAINMENT, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MANAGEMENT PORTUGAL, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n FULLSIX PORTUGAL - MARKETING INTERACTIVO, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n DMCM, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n TINKLE PORTUGAL (SOCIEDADE UNIPESSOAL) LDA | \n\n 80.01 | \n\n 80.01 | \n\n Portugal | \n
| \n CV&A EUROPE, LTDA | \n\n 51.00 | \n\n 51.00 | \n\n Portugal | \n
| \n ASSINATURA SILENCIOSA UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CZECH REPUBLIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS PRAGUE A.S. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS PR PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n PROSE ON PIXELS S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n ARNOLD PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS MEDIA CZECH REPUBLIC S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n UNITED KINGDOM | \n\n \n | \n\n \n | \n\n \n | \n
| \n CONRAN DESIGN GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PR UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HELIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H4B LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MARCOMMS GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MEDICOM GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ALL RESPONSE MEDIA LIMITED | \n\n 60.33 | \n\n 60.33 | \n\n United Kingdom | \n
| \n HAVAS WORLDWIDE LONDON LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE MAITLAND CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PEOPLE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS EHS DISCOVERY LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS ENTERTAINMENT LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PLAY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CAKE GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BETC LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n DIVERSIFIED AGENCIES COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RSMB LIMITED | \n\n 50.00 | \n\n 50.00 | \n\n United Kingdom | \n
| \n EWDB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SHARED SERVICES LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CANADA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SCITERION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ELISA INTERACTIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PROGRAMMATIC HUB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ONE GREEN BEAN LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADCITY UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS FINANCIAL COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n JUST HEALTH COMMUNICATIONS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n GRAND UNION COMMUNICATION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CX LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS E GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n 45-51 WHITFIELD LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n COOLER KING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ORGANIC MARKETING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SUPERHERO SCREEN LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n TARGET LIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SBH LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SO GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n M&C CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H ADVISORS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BTRME | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RED HAVAS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL (UK) LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n GATE ONE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO CONSULTING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO ONLINE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n INVIQA UK LIMITED | \n\n 64.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE INVIQA GROUP LIMITED | \n\n 64.00 | \n\n 64.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SEARCH LABORATORY SOFTWARE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADDITIVE PERSONALISATION LIMITED | \n\n 80.00 | \n\n 80.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO HOLDINGS LTD | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON EXPERIENCE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n CALLING FOR CREATIVITY LIMITED | \n\n 36.14 | \n\n 51.63 | \n\n United Kingdom | \n
| \n HAVAS CONSUMER HEALTH LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT REVENUE ENGINE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ENTER THE WILDERNESS LIMITED | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG LTD | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG HOLDINGS LTD | \n\n 51.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ABSURD MEDIA LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BEARDED KITTEN LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n SERBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS ADRIATIC D.O.O. BEOGRAD | \n\n 51.00 | \n\n 51.00 | \n\n Serbia | \n
| \n SLOVAKIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA SLOVAKIA, S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Slovakia | \n
| \n SWEDEN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n HAVAS SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n ARENA MEDIA SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n UNCOMMON CREATIVE STUDIO STOCKHOLM AB | \n\n 30.98 | \n\n 60.00 | \n\n Sweden | \n
| \n SWITZERLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n HAVAS MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n ARENA MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n NORTH AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n CANADA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CX CANADA | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS HEALTH TORONTO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MONTREAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MEDIA CANADA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. O/A NOISE DIGITAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n DMPG INC. | \n\n 51.00 | \n\n 100.00 | \n\n Canada | \n
| \n ENVERTA DIGITAL INCORPORATED | \n\n 50.55 | \n\n 50.55 | \n\n Canada | \n
| \n UNITED STATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE CHICAGO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS HEALTH, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n PROSE ON PIXELS US INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PR NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE NEW YORK, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS EDGE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE ABERNATHY MACGREGOR GROUP, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE SAN FRANCISCO, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS IMPACT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE DALLAS, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE HOURS ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n WASHINGTON PRINTING, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARENA MEDIA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SPORTS & ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MAISON BETC LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARNOLD WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS ANNEX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS DISCOVERY, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PEOPLE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n VICTORS AND SPOILS, INC. | \n\n 54.00 | \n\n 54.00 | \n\n United States | \n
| \n CAMP + KING, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n ARNOLD NEW YORK, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS MEDIA GROUP USA LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MEDIA PLANNING INTERNATIONAL CORPORATION | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HM INFINITUM, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS CREATIVE, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REVENUE FRONTIER, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS FORMULA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SYMBIOTIX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n FULLSIX INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS GEMINI, LLC | \n\n 80.00 | \n\n 80.00 | \n\n United States | \n
| \n INTELLIGNOS USA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n TRIPTK, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n ANNEX88, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REPUBLICA HAVAS, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n HAVAS BATTERY, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n THINK DESIGN COLLABORATIVE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n GATE ONE US, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SEARCH LABORATORY INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SHIELD LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n UNCOMMON CREATIVE STUDIO USA INC. | \n\n 51.63 | \n\n 51.63 | \n\n United States | \n
| \n LEDGER BENNETT INC. | \n\n 60.00 | \n\n 100.00 | \n\n United States | \n
| \n CHANNEL BAKERS LLC | \n\n 60.00 | \n\n 60.00 | \n\n United States | \n
| \n MIDDLE EAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n SAUDI ARABIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SAUDI FOR MEDIA AND ADVERTISING LLC | \n\n 50.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n HM ARABIA RHQ | \n\n 100.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n UNITED ARAB EMIRATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n HAVAS MEDIA MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n HAVAS MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n PIVOTROOTS DMCC | \n\n 60.00 | \n\n 51.00 | \n\n United Arab Emirates | \n
| \n LIQUID MEDIA & MARKETING FZ LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n OXYGEN DWC LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n LIQUESCENT HOLDINGS LIMITED INVESTMENT | \n\n 30.00 | \n\n 60.00 | \n\n United Arab Emirates | \n
| \n EGYPT | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS EGYPT FOR ADVERTISING AND PROMOTION LLC | \n\n 50.00 | \n\n 100.00 | \n\n Egypt | \n
| \n ISRAEL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE TEL AVIV LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n BLINK HAVAS LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n HAVAS INDAR MERHAV G LTD | \n\n 51.02 | \n\n 51.02 | \n\n Israel | \n
| \n LEBANON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BEIRUT SAL | \n\n 50.00 | \n\n 100.00 | \n\n Lebanon | \n
| \n OMAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n ASHA ADVERTISING AND MARKETING AGENCY LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n PARADIGM ADVERTISING AND PUBLISHING LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n TURKEY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE ISTANBUL ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n THE KLAN ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS ENGAGE PAZARLAMA VE ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n PH REKLAM VE DST AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS MEDIA TURKEY MEDYA PLANLAMA VE SATINALMA HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n ASIA-PACIFIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n AUSTRALIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SOUTH PACIFIC PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BD ANZ PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MELBOURNE PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARNOLD AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n THE RED AGENCY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ONE GREEN BEAN PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n PULSE COLLABORATIONS SYSTEMS PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARENA MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS DIGITAL HUB | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HM COMMUNICATION GROUP PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n FRONTIER MEDIA & MARKETING SYDNEY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BASTION BRANDING PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n H/ADVISORS APA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n DIGITAL MEDIA PERFORMANCE GROUP PTY LTD | \n\n 51.00 | \n\n 100.00 | \n\n Australia | \n
| \n HAVAS MEDIA MELBOURNE PTY LTD | \n\n 95.48 | \n\n 100.00 | \n\n Australia | \n
| \n KAIMERA PTY LTD | \n\n 51.00 | \n\n 51.00 | \n\n Australia | \n
| \n CAMBODIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS (CAMBODIA) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS BAREFOOT COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS CHAMPAGNE COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n CHINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n EURO RSCG GREAT OCEAN (GUANGZHOU) ADVERTISING CO., LTD | \n\n 70.00 | \n\n 70.00 | \n\n China | \n
| \n SHANGHAI JINGSHI COMPUTER TECHNOLOGY CONSULTING SERVICES CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHANGHAI FIELD FORCE MARKETING | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n THE SALES MACHINE (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS WORLDWIDE CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHENZHEN PORDA PR CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n REN SHENG ZHONG CHUANG MARKETING (SHANGHAI) CO, LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n SHENG ZHONG MARKETING CONSULTANCY (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAN WEI GUANGGAO (SHANGHAI) YOU XIAN GONG SI CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n AFFIPERF (SHANGHAI) ADVERTISING CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS GIMC ADVERTISING CO., LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n HAVAS INTEGRATED MARKETING COMMUNICATION (GUANGDONG) CO., LTD. | \n\n 51.00 | \n\n 100.00 | \n\n China | \n
| \n FRONTNETWORKS | \n\n 58.00 | \n\n 58.00 | \n\n China | \n
| \n CHANNEL BAKERS SHENZHEN CO., LTD. | \n\n 60.00 | \n\n 60.00 | \n\n China | \n
| \n SOUTH KOREA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HAVAS DIGITAL KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HONG KONG | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n STAREAST COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HPH HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n PORDA HAVAS INTERNATIONAL FINANCE COMMUNICATIONS (GROUP) HOLDINGS COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n VISION INTERNATIONAL ROADSHOW COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HAVAS WORLDWIDE DIGITAL HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n POWELL FINANCIAL PRESS COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n KLARECO COMMUNICATIONS HONG KONG LIMITED | \n\n 51.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n INDIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS MEDIA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n DIGITAL MATRIX CREATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n ARENA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS LIFE MUMBAI PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n THINK DESIGN COLLABORATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS PLAY INDIA PVT LTD | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n SHOBIZ EXPERIENTIAL COMMUNICATIONS PVT LTD | \n\n 65.00 | \n\n 65.00 | \n\n India | \n
| \n PIVOTROOTS DIGITAL PVT LTD | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n PR PUNDIT PUBLIC RELATIONS PRIVATE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n INDONESIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n PT ADRIWARA KRIDA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MPG INDONESIA | \n\n 51.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT HAVAS ARENA INDONESIA | \n\n 51.01 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MEDIAKOTA PROMOSI INDONESIA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n JAPAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS JAPAN KABUSHIKI KAISHA | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n HAVAS HEALTH K.K | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n MALAYSIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MALAYSIA | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n EPIC-OMNILINK INTEGRATED SDN BHD | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n KLARECO COMMUNICATIONS MALAYSIA SDN BHD | \n\n 51.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n PHILIPPINES | \n\n \n | \n\n \n | \n\n \n | \n
| \n MEDIA CONTACTS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Philippines | \n
| \n HAVAS MEDIA ORTEGA, INC. | \n\n 50.10 | \n\n 80.25 | \n\n Philippines | \n
| \n HVMM HOLDINGS PHILIPPINES, INC. | \n\n 40.00 | \n\n 40.00 | \n\n Philippines | \n
| \n MYANMAR | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS RIVERORCHID COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Myanmar | \n
| \n NEW ZEALAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS NEW ZEALAND LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n HAVAS HELIA LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n SINGAPORE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SINGAPORE PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n ARENA MEDIA ASIA PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PLAY PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEDIA ASIA PACIFIC PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PROGRAMMATIC HUB PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEKONG PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n BLK J PTE LTD | \n\n 70.00 | \n\n 70.00 | \n\n Singapore | \n
| \n KLARECO COMMUNICATIONS PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n HAVAS HOLDING INDONESIA PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n TAIWAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS TA\u00cfWAN LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n STAREAST COMMUNICATIONS (TAIWAN) LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n HAVAS FIELD FORCE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n CHANNEL BAKERS TAIWAN LTD | \n\n 60.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n THAILAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BANGKOK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n CONSUMER CONTACT COMMUNICATIONS (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n TBP (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n HAVAS THAILAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n VIETNAM | \n\n \n | \n\n \n | \n\n \n | \n
| \n EKINO VIETNAM | \n\n 100.00 | \n\n 100.00 | \n\n Vietnam | \n
| \n HAVAS GROUP VIETNAM LIMITED LIABILITY COMPANY | \n\n 99.86 | \n\n 99.86 | \n\n Vietnam | \n
| \n LATIN AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n ARGENTINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUENOS AIRES SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS MEDIA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n ARENA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS SPORTS & ENTERTAINEMENT ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS PLUS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n INTELLIGNOS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n AURA ADVERTISING SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n CONTENIDO LATENTE SAS | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n PHP SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n BRAZIL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE DIGITAL BRASIL LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS WORLDWIDE LIFE BRASIL COMUNICACOES SA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS VERSAO BETA TECNOLOGIA E COMUNICA\u00c7AO | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HVS PARTICIPA\u00c7OES E CONSULTORIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n ARENA PUBLICIDADE E TECNOLOGIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n BETC HAVAS AGENCIA DE PUBLICIDADE LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n CHILE | \n\n \n | \n\n \n | \n\n \n | \n
| \n FUEL PUBLICIDAD LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS WORLDWIDE SANTIAGO SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n FUEL CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n MEDIA CONTACT CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ARENA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA GROUP CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS + SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n GROELANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ISLANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n COLOMBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS MEDIA COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n ARENA COMMUNICATIONS COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS+ SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n COSTA RICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n RED STAR DIGITAL CR LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS COSTA RICA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n FUSION DE PRODUCCION DIGITAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n PROMOTICA DE COSTA RICA PCR, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n ARENA MEDIA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS PLUS SOCIEDA ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n MEXICO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS LIFE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE VALE, SA DE CV | \n\n 73.00 | \n\n 73.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE DIGITAL VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARNOLD MEDIA SERVICES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n J.V. VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n VALE BATES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA, SA DE CV | \n\n 95.00 | \n\n 95.00 | \n\n Mexico | \n
| \n HAVAS MEDIA SERVICES, SA DE CV | \n\n 95.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARENA COMMUNICATION, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HPH M\u00c9XICO SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA REGIONES, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS+ SA DE CV | \n\n 95.84 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS XCHANGE SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n INTELLIGNOS BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n TODOS LOS MEDIOS MASIVOS Y M\u00c1S DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n SERVICIO PROFESIONAL VLH DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n MOTECH BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n ALGODON STUDIO SA DE CV | \n\n 51.00 | \n\n 51.00 | \n\n Mexico | \n
| \n PERU | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ARENA MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS+ SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS WORLDWIDE PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ESPECIALIDADES DIGITALES INTERNACIONALES PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n URUGUAY | \n\n \n | \n\n \n | \n\n \n | \n
| \n BRISLEY, SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n PHOENA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n DREAMA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n SOUTH AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE JOHANNESBURG (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS MEDIA SOUTH AFRICA (PTY) LTD | \n\n 82.15 | \n\n 82.15 | \n\n South Africa | \n
| \n CO-CURRENCY (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS BOONDOGGLE (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS EMPOWERED COMPANY (PTY) LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Africa | \n
| \n HAVAS EMPOWERED BEE (PTY) LTD | \n\n 49.00 | \n\n 49.00 | \n\n South Africa | \n
| \n CONGO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA REPUBLIQUE D\u00c9MOCRATIQUE DU CONGO | \n\n 100.00 | \n\n 100.00 | \n\n Congo | \n
| \n IVORY COAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA C\u00d4TE D\u2019IVOIRE | \n\n 100.00 | \n\n 100.00 | \n\n Ivory Coast | \n
| \n GABON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GABON | \n\n 100.00 | \n\n 100.00 | \n\n Gabon | \n
| \n GHANA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GHANA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ghana | \n
| \n KENYA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA KENYA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Kenya | \n
| \n NIGERIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS COMMUNICATION NIGERIA LIMITED | \n\n 55.00 | \n\n 55.00 | \n\n Nigeria | \n
| \n SENEGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA SENEGAL | \n\n 100.00 | \n\n 100.00 | \n\n Senegal | \n
The above scope of consolidation includes Havas and all its subsidiaries.
Changes in the scope of consolidation of the Group in the fiscal years 2024 and\u00a02025 were as follows:
| \n \u00a0 | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Number of consolidated companies at 01/01 | \n\n 500 | \n\n 493 | \n
| \n Acquisitions | \n\n 17 | \n\n 17 | \n
| \n Disposals | \n\n \u2013 | \n\n (7) | \n
| \n Other transactions (e.g., mergers and spin-offs) | \n\n (2) | \n\n (3) | \n
| \n Number of consolidated companies at 12/31 | \n\n 515 | \n\n 500 | \n
Equity accounting
Entities over which Havas exercises significant influence as well as joint ventures are accounted for under the equity method. Significant influence is deemed to exist when Havas holds, directly or indirectly, at least 20% of the voting rights in an entity unless it can be clearly established that Havas does not exercise a significant influence. Significant influence can be evidenced through further indicia, such as representation on the entity\u2019s board of directors or equivalent governing body, participation in policy-making of financial and operational processes, material transactions with the entity or the interchange of managerial personnel or provision of essential technical information.
2.6 \u2013Equity investments
According to accounting principles, Havas exercises significant influence over operational entities, representing amounts that are not significant in terms of both the consolidated balance sheet and the consolidated income statement. The equity method is applied to equity-accounted investments, which amounted to \u20ac3\u00a0million as of December\u00a031, 2025 and as of December\u00a031, 2024.
These equity-accounted investments primarily consist of a British agency.
2.31 \u2013Scope of consolidation at December\u00a031, 2025
| \n \n | \n\n % Ownership interest | \n\n % Voting interest | \n\n Country | \n
|---|---|---|---|
| \n EUROPE | \n\n \n | \n\n \n | \n\n \n | \n
| \n GERMANY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE D\u00dcSSELDORF GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FUEL GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS SERVICES GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n MPG SOLUTIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n ARENA MEDIA DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS MEDIA GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS HOLDING DEUTSCHLAND GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n FORWARD 1 GERMANY GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BIRD & SCHULTE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n HAVAS LIFE BERLIN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n PROVIDENCE GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n DEEKELING ARNDT ADVISORS IN COMMUNICATIONS GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n INVIQA GMBH | \n\n 64.00 | \n\n 100.00 | \n\n Germany | \n
| \n HRZN GMBH | \n\n 60.00 | \n\n 60.00 | \n\n Germany | \n
| \n EPROFESSIONAL GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Germany | \n
| \n GAULY ADVISORS GMBH | \n\n 57.00 | \n\n 57.00 | \n\n Germany | \n
| \n AUSTRIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WIEN GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n CSA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n HAVAS MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n FORWARD MEDIA GMBH | \n\n 100.00 | \n\n 100.00 | \n\n Austria | \n
| \n BELGIUM | \n\n \n | \n\n \n | \n\n \n | \n
| \n BOONDOGGLE HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n PROVIDENCE | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n H ADVISORS BRUSSELS | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HAVAS MEDIA BELGIUM SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n HR GARDENS SA | \n\n 100.00 | \n\n 100.00 | \n\n Belgium | \n
| \n DIGIZIK | \n\n 60.00 | \n\n 60.00 | \n\n Belgium | \n
| \n BULGARIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS GROUP BULGARIA OOD | \n\n 51.00 | \n\n 51.00 | \n\n Bulgaria | \n
| \n DENMARK | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS DANMARK A/S | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n FWRD MEDIA DANMARK APS | \n\n 100.00 | \n\n 100.00 | \n\n Denmark | \n
| \n SPAIN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ASCI DIRECT, SA | \n\n 90.00 | \n\n 90.00 | \n\n Spain | \n
| \n ARNOLD MADRID, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROVIDENCE PUBLICIDAD, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n DIFUSION Y AUDIENCIAS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS LIFE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n MEDEA MEDICAL EDUCATION AGENCY, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA MEDIA COMMUNICATIONS ESPA\u00d1A, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP SPAIN, SA | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARENA COMMUNICATIONS NETWORK, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MEDIA GROUP LEVANTE, S.L.U. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n PROXIMIA HAVAS, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n FORWARD HOLDING SPAIN, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ARTEMIS ALLIANCE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS SOLUTIONS S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MARKET SHOP | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n HAVAS MANAGEMENT ESPANA, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ELISA INTERACTIVE, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RESEARCH & DEVELOPMENT MARKETING LAB, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n RED BIRD COMUNICACI\u00d3N, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n TINKLE COMMUNICATIONS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n EUROPEAN PUBLIC RELATIONS SERVICE, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n JAZZ ALTERNATIVE THINKING, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n ONION DIGITAL SERVICES, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n TINKLE CONSULTANTS, S.L. | \n\n 80.01 | \n\n 80.01 | \n\n Spain | \n
| \n CA SPORTS MARKETING S.L. | \n\n 51.00 | \n\n 51.00 | \n\n Spain | \n
| \n TIDART INTERNET SERVICES, S.L. | \n\n 100.00 | \n\n 100.00 | \n\n Spain | \n
| \n ESTONIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n BALTIC MEDIA HOLDING O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS MEDIA O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n MEEDIAAGENTUUR O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n HAVAS CREATIVE O\u00dc | \n\n 80.00 | \n\n 80.00 | \n\n Estonia | \n
| \n FINLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HELSINKI OY | \n\n 100.00 | \n\n 100.00 | \n\n Finland | \n
| \n FRANCE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n INTERCORPORATE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H4B PARIS SARL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE SALMON CONSULTING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS PUBLISHING | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n THE HOURS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EVENTS | \n\n 99.98 | \n\n 100.00 | \n\n France | \n
| \n ABSOLUT REALITY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS LIFE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FACTORY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC FULLSIX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LNE | \n\n 99.99 | \n\n 99.99 | \n\n France | \n
| \n W CONRAN DESIGN | \n\n 99.94 | \n\n 99.94 | \n\n France | \n
| \n XAVIER GUILLON CONSEIL (XGC) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 04 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 05 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 06 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 08 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS 28 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UMT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PLAY | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS EDITION | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ARENA MEDIA COMMUNICATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS FINANCES SERVICES (HFS) | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PROGRAMMATIC HUB | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IMMOBILIER | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS PARTICIPATIONS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FINANCI\u00c8RE DE LONGCHAMP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PROSE ON PIXELS FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS IT | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ROSA PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n WALTER | \n\n 99.94 | \n\n 100.00 | \n\n France | \n
| \n ECSELIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n CSA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX GROUP | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n FULLSIX FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n H\u00c9LIA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n EKINO INSIDE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC KITCHEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LE MAGAZINE G\u00c9N\u00c9RAL | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n LES MAGASINS G\u00c9N\u00c9RAUX | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE 79 | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UN1T | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PLEAD | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HAVAS EDGE | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n ETOILE ROUGE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BETC LUXE PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n DBI DATA BUSINESS INTELLIGENCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n BUZZMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n PRODUCTMAN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n ENERGUMEN | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS & COMPAGNIES | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n AGENCE VERTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n GATE ONE FRANCE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n HAVAS MEDIA AFRICA | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RAISON DE SANTE | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n RED HAVAS HEALTH PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n TED | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n SHORTCUT EVENTS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n TYERS | \n\n 51.00 | \n\n 51.00 | \n\n France | \n
| \n PANAME 24 | \n\n 33.33 | \n\n 33.33 | \n\n France | \n
| \n JACQUES PARIS | \n\n 100.00 | \n\n 100.00 | \n\n France | \n
| \n UNNEST | \n\n 60.00 | \n\n 60.00 | \n\n France | \n
| \n HUNGARY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUDAPEST KOMMUNIKACIOS ZRT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n HAVAS MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n ARENA MEDIA HUNGARY KFT | \n\n 100.00 | \n\n 100.00 | \n\n Hungary | \n
| \n IRELAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n YOUNG ADVERTISING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS IRELAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n HAVAS MEDIA IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n GATE ONE IRELAND | \n\n 100.00 | \n\n 100.00 | \n\n Ireland | \n
| \n ITALY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n PROVIDENCE ITALY S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS LYNX ROME S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS PR MILAN S.R.L. | \n\n 87.40 | \n\n 87.40 | \n\n Italy | \n
| \n HAVAS LIFE MILAN S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n HAVAS MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n ARENA MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n INFINITUM S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n SCITERION S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n NOHUP S.R.L. | \n\n 51.00 | \n\n 51.00 | \n\n Italy | \n
| \n FORWARD MEDIA S.R.L. | \n\n 100.00 | \n\n 100.00 | \n\n Italy | \n
| \n LITHUANIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS GROUP LITHUANIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n PUBLICUM, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n HAVAS CREATIVE SOMA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n ARENA MEDIA, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n GOOD ONE, UAB | \n\n 80.00 | \n\n 100.00 | \n\n Lithuania | \n
| \n LATVIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CREATIVE SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n HAVAS MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n ARENA MEDIA SIA | \n\n 80.00 | \n\n 100.00 | \n\n Latvia | \n
| \n NETHERLANDS | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE NETHERLANDS B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS LEMZ B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS WORLDWIDE DIGITAL AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ALL RESPONSE MEDIA B.V. | \n\n 60.33 | \n\n 60.33 | \n\n Netherlands | \n
| \n ARNOLD WORLDWIDE PARTNERS AMSTERDAM B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ARENA MEDIA NEDERLAND B.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n ENTER THE WILDERNESS B.V. | \n\n 51.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n HAVAS N.V. | \n\n 100.00 | \n\n 100.00 | \n\n Netherlands | \n
| \n POLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n SOCIALYSE SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS ENGAGE WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HAVAS PR WARSAW SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n HHP SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n ARENA MEDIA COMMUNICATIONS SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n FULLSIX MEDIA SP. Z O.O. | \n\n 100.00 | \n\n 100.00 | \n\n Poland | \n
| \n PORTUGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE PORTUGAL, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS DESIGN PORTUGAL, LDA | \n\n 88.89 | \n\n 88.89 | \n\n Portugal | \n
| \n FUEL PUBLICIDADE, LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MEDIA - PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n ARN - MEDIA COMMUNICATIONS PUBLICIDADE, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS - SERVICOS, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CSA HAVAS PORTUGAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS SPORTS & ENTERTAINMENT, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n HAVAS MANAGEMENT PORTUGAL, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n FULLSIX PORTUGAL - MARKETING INTERACTIVO, SA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n DMCM, UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n TINKLE PORTUGAL (SOCIEDADE UNIPESSOAL) LDA | \n\n 80.01 | \n\n 80.01 | \n\n Portugal | \n
| \n CV&A EUROPE, LTDA | \n\n 51.00 | \n\n 51.00 | \n\n Portugal | \n
| \n ASSINATURA SILENCIOSA UNIPESSOAL LDA | \n\n 100.00 | \n\n 100.00 | \n\n Portugal | \n
| \n CZECH REPUBLIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS PRAGUE A.S. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS PR PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n PROSE ON PIXELS S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n ARNOLD PRAGUE S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n HAVAS MEDIA CZECH REPUBLIC S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Czech Republic | \n
| \n UNITED KINGDOM | \n\n \n | \n\n \n | \n\n \n | \n
| \n CONRAN DESIGN GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PR UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HELIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H4B LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MARCOMMS GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n MEDICOM GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ALL RESPONSE MEDIA LIMITED | \n\n 60.33 | \n\n 60.33 | \n\n United Kingdom | \n
| \n HAVAS WORLDWIDE LONDON LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE MAITLAND CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PEOPLE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS EHS DISCOVERY LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS ENTERTAINMENT LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PLAY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CAKE GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BETC LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n DIVERSIFIED AGENCIES COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RSMB LIMITED | \n\n 50.00 | \n\n 50.00 | \n\n United Kingdom | \n
| \n EWDB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SHARED SERVICES LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CANADA HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CREATIVE LYNX LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SCITERION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ELISA INTERACTIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS PROGRAMMATIC HUB LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ONE GREEN BEAN LONDON LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADCITY UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS FINANCIAL COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n JUST HEALTH COMMUNICATIONS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n GRAND UNION COMMUNICATION LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS CX LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS E GROUP LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n 45-51 WHITFIELD LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n COOLER KING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ORGANIC MARKETING LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SUPERHERO SCREEN LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ARENA MEDIA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n TARGET LIVE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SBH LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n HAVAS SO GROUP LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n M&C CONSULTANCY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n H ADVISORS LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BTRME | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n RED HAVAS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL (UK) LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n CLICKSCO DIGITAL LIMITED | \n\n 54.30 | \n\n 54.30 | \n\n United Kingdom | \n
| \n GATE ONE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO CONSULTING LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n CICERO ONLINE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n PROSE ON PIXELS HOLDINGS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n INVIQA UK LIMITED | \n\n 64.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n THE INVIQA GROUP LIMITED | \n\n 64.00 | \n\n 64.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET UK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n SEARCH LABORATORY SOFTWARE LTD | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ADDITIVE PERSONALISATION LIMITED | \n\n 80.00 | \n\n 80.00 | \n\n United Kingdom | \n
| \n HAVAS MARKET | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO HOLDINGS LTD | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON CREATIVE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n UNCOMMON EXPERIENCE STUDIO LIMITED | \n\n 51.63 | \n\n 51.63 | \n\n United Kingdom | \n
| \n CALLING FOR CREATIVITY LIMITED | \n\n 36.14 | \n\n 51.63 | \n\n United Kingdom | \n
| \n HAVAS CONSUMER HEALTH LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT REVENUE ENGINE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n LEDGER BENNETT LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ENTER THE WILDERNESS LIMITED | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG LTD | \n\n 51.00 | \n\n 51.00 | \n\n United Kingdom | \n
| \n DMPG HOLDINGS LTD | \n\n 51.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n ABSURD MEDIA LIMITED | \n\n 60.00 | \n\n 100.00 | \n\n United Kingdom | \n
| \n BEARDED KITTEN LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n United Kingdom | \n
| \n SERBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS ADRIATIC D.O.O. BEOGRAD | \n\n 51.00 | \n\n 51.00 | \n\n Serbia | \n
| \n SLOVAKIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA SLOVAKIA, S.R.O. | \n\n 100.00 | \n\n 100.00 | \n\n Slovakia | \n
| \n SWEDEN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n HAVAS SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n ARENA MEDIA SWEDEN AB | \n\n 100.00 | \n\n 100.00 | \n\n Sweden | \n
| \n UNCOMMON CREATIVE STUDIO STOCKHOLM AB | \n\n 30.98 | \n\n 60.00 | \n\n Sweden | \n
| \n SWITZERLAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n HAVAS MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n ARENA MEDIA AG | \n\n 100.00 | \n\n 100.00 | \n\n Switzerland | \n
| \n NORTH AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n CANADA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS CX CANADA | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS HEALTH TORONTO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MONTREAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS MEDIA CANADA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n HAVAS CANADA HOLDINGS, INC. O/A NOISE DIGITAL | \n\n 100.00 | \n\n 100.00 | \n\n Canada | \n
| \n DMPG INC. | \n\n 51.00 | \n\n 100.00 | \n\n Canada | \n
| \n ENVERTA DIGITAL INCORPORATED | \n\n 50.55 | \n\n 50.55 | \n\n Canada | \n
| \n UNITED STATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE CHICAGO, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS HEALTH, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n PROSE ON PIXELS US INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PR NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE NEW YORK, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS EDGE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE ABERNATHY MACGREGOR GROUP, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE SAN FRANCISCO, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS IMPACT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS WORLDWIDE DALLAS, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n THE HOURS ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n WASHINGTON PRINTING, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARENA MEDIA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SPORTS & ENTERTAINMENT, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MAISON BETC LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n ARNOLD WORLDWIDE, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS ANNEX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS DISCOVERY, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS PEOPLE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n VICTORS AND SPOILS, INC. | \n\n 54.00 | \n\n 54.00 | \n\n United States | \n
| \n CAMP + KING, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n ARNOLD NEW YORK, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS MEDIA GROUP USA LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n MEDIA PLANNING INTERNATIONAL CORPORATION | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HM INFINITUM, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS NORTH AMERICA, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS CREATIVE, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REVENUE FRONTIER, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS FORMULA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SYMBIOTIX, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n FULLSIX INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS GEMINI, LLC | \n\n 80.00 | \n\n 80.00 | \n\n United States | \n
| \n INTELLIGNOS USA, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n TRIPTK, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n ANNEX88, LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n REPUBLICA HAVAS, LLC | \n\n 75.00 | \n\n 75.00 | \n\n United States | \n
| \n HAVAS BATTERY, LLC | \n\n 51.00 | \n\n 51.00 | \n\n United States | \n
| \n THINK DESIGN COLLABORATIVE LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n GATE ONE US, INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n SEARCH LABORATORY INC. | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n HAVAS SHIELD LLC | \n\n 100.00 | \n\n 100.00 | \n\n United States | \n
| \n UNCOMMON CREATIVE STUDIO USA INC. | \n\n 51.63 | \n\n 51.63 | \n\n United States | \n
| \n LEDGER BENNETT INC. | \n\n 60.00 | \n\n 100.00 | \n\n United States | \n
| \n CHANNEL BAKERS LLC | \n\n 60.00 | \n\n 60.00 | \n\n United States | \n
| \n MIDDLE EAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n SAUDI ARABIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SAUDI FOR MEDIA AND ADVERTISING LLC | \n\n 50.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n HM ARABIA RHQ | \n\n 100.00 | \n\n 100.00 | \n\n Saudi Arabia | \n
| \n UNITED ARAB EMIRATES | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n HAVAS MEDIA MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n HAVAS MIDDLE EAST FZ LLC | \n\n 50.00 | \n\n 50.00 | \n\n United Arab Emirates | \n
| \n PIVOTROOTS DMCC | \n\n 60.00 | \n\n 51.00 | \n\n United Arab Emirates | \n
| \n LIQUID MEDIA & MARKETING FZ LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n OXYGEN DWC LLC | \n\n 30.00 | \n\n 100.00 | \n\n United Arab Emirates | \n
| \n LIQUESCENT HOLDINGS LIMITED INVESTMENT | \n\n 30.00 | \n\n 60.00 | \n\n United Arab Emirates | \n
| \n EGYPT | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS EGYPT FOR ADVERTISING AND PROMOTION LLC | \n\n 50.00 | \n\n 100.00 | \n\n Egypt | \n
| \n ISRAEL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE TEL AVIV LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n BLINK HAVAS LTD | \n\n 100.00 | \n\n 100.00 | \n\n Israel | \n
| \n HAVAS INDAR MERHAV G LTD | \n\n 51.02 | \n\n 51.02 | \n\n Israel | \n
| \n LEBANON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BEIRUT SAL | \n\n 50.00 | \n\n 100.00 | \n\n Lebanon | \n
| \n OMAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n ASHA ADVERTISING AND MARKETING AGENCY LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n PARADIGM ADVERTISING AND PUBLISHING LLC | \n\n 30.00 | \n\n 60.00 | \n\n Oman | \n
| \n TURKEY | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE ISTANBUL ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n THE KLAN ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS ENGAGE PAZARLAMA VE ILETISIM HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n PH REKLAM VE DST AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n HAVAS MEDIA TURKEY MEDYA PLANLAMA VE SATINALMA HIZMETLERI AS | \n\n 100.00 | \n\n 100.00 | \n\n Turkey | \n
| \n ASIA-PACIFIC | \n\n \n | \n\n \n | \n\n \n | \n
| \n AUSTRALIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SOUTH PACIFIC PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BD ANZ PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MELBOURNE PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARNOLD AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n THE RED AGENCY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ONE GREEN BEAN PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n PULSE COLLABORATIONS SYSTEMS PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n ARENA MEDIA AUSTRALIA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HAVAS DIGITAL HUB | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n HM COMMUNICATION GROUP PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n FRONTIER MEDIA & MARKETING SYDNEY PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n BASTION BRANDING PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n H/ADVISORS APA PTY LTD | \n\n 95.48 | \n\n 95.48 | \n\n Australia | \n
| \n DIGITAL MEDIA PERFORMANCE GROUP PTY LTD | \n\n 51.00 | \n\n 100.00 | \n\n Australia | \n
| \n HAVAS MEDIA MELBOURNE PTY LTD | \n\n 95.48 | \n\n 100.00 | \n\n Australia | \n
| \n KAIMERA PTY LTD | \n\n 51.00 | \n\n 51.00 | \n\n Australia | \n
| \n CAMBODIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS (CAMBODIA) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS BAREFOOT COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n HAVAS CHAMPAGNE COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Cambodia | \n
| \n CHINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n EURO RSCG GREAT OCEAN (GUANGZHOU) ADVERTISING CO., LTD | \n\n 70.00 | \n\n 70.00 | \n\n China | \n
| \n SHANGHAI JINGSHI COMPUTER TECHNOLOGY CONSULTING SERVICES CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHANGHAI FIELD FORCE MARKETING | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n THE SALES MACHINE (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS WORLDWIDE CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n SHENZHEN PORDA PR CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n REN SHENG ZHONG CHUANG MARKETING (SHANGHAI) CO, LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n SHENG ZHONG MARKETING CONSULTANCY (SHANGHAI) CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAN WEI GUANGGAO (SHANGHAI) YOU XIAN GONG SI CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n AFFIPERF (SHANGHAI) ADVERTISING CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n China | \n
| \n HAVAS GIMC ADVERTISING CO., LTD | \n\n 51.00 | \n\n 51.00 | \n\n China | \n
| \n HAVAS INTEGRATED MARKETING COMMUNICATION (GUANGDONG) CO., LTD. | \n\n 51.00 | \n\n 100.00 | \n\n China | \n
| \n FRONTNETWORKS | \n\n 58.00 | \n\n 58.00 | \n\n China | \n
| \n CHANNEL BAKERS SHENZHEN CO., LTD. | \n\n 60.00 | \n\n 60.00 | \n\n China | \n
| \n SOUTH KOREA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HAVAS DIGITAL KOREA CO., LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Korea | \n
| \n HONG KONG | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n STAREAST COMMUNICATIONS LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HPH HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n PORDA HAVAS INTERNATIONAL FINANCE COMMUNICATIONS (GROUP) HOLDINGS COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n VISION INTERNATIONAL ROADSHOW COMPANY LTD | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n HAVAS WORLDWIDE DIGITAL HONG KONG LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n POWELL FINANCIAL PRESS COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n KLARECO COMMUNICATIONS HONG KONG LIMITED | \n\n 51.00 | \n\n 100.00 | \n\n Hong Kong | \n
| \n INDIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS MEDIA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n DIGITAL MATRIX CREATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n ARENA INDIA PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS LIFE MUMBAI PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n THINK DESIGN COLLABORATIVE PRIVATE LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n HAVAS PLAY INDIA PVT LTD | \n\n 100.00 | \n\n 100.00 | \n\n India | \n
| \n SHOBIZ EXPERIENTIAL COMMUNICATIONS PVT LTD | \n\n 65.00 | \n\n 65.00 | \n\n India | \n
| \n PIVOTROOTS DIGITAL PVT LTD | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n PR PUNDIT PUBLIC RELATIONS PRIVATE LIMITED | \n\n 60.00 | \n\n 60.00 | \n\n India | \n
| \n INDONESIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n PT ADRIWARA KRIDA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MPG INDONESIA | \n\n 51.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT HAVAS ARENA INDONESIA | \n\n 51.01 | \n\n 100.00 | \n\n Indonesia | \n
| \n PT MEDIAKOTA PROMOSI INDONESIA | \n\n 100.00 | \n\n 100.00 | \n\n Indonesia | \n
| \n JAPAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS JAPAN KABUSHIKI KAISHA | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n HAVAS HEALTH K.K | \n\n 100.00 | \n\n 100.00 | \n\n Japan | \n
| \n MALAYSIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MALAYSIA | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n EPIC-OMNILINK INTEGRATED SDN BHD | \n\n 100.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n KLARECO COMMUNICATIONS MALAYSIA SDN BHD | \n\n 51.00 | \n\n 100.00 | \n\n Malaysia | \n
| \n PHILIPPINES | \n\n \n | \n\n \n | \n\n \n | \n
| \n MEDIA CONTACTS, INC. | \n\n 100.00 | \n\n 100.00 | \n\n Philippines | \n
| \n HAVAS MEDIA ORTEGA, INC. | \n\n 50.10 | \n\n 80.25 | \n\n Philippines | \n
| \n HVMM HOLDINGS PHILIPPINES, INC. | \n\n 40.00 | \n\n 40.00 | \n\n Philippines | \n
| \n MYANMAR | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS RIVERORCHID COMPANY LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Myanmar | \n
| \n NEW ZEALAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS NEW ZEALAND LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n HAVAS HELIA LTD | \n\n 95.48 | \n\n 95.48 | \n\n New Zealand | \n
| \n SINGAPORE | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS SINGAPORE PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n ARENA MEDIA ASIA PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PLAY PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEDIA ASIA PACIFIC PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS PROGRAMMATIC HUB PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n HAVAS MEKONG PTE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Singapore | \n
| \n BLK J PTE LTD | \n\n 70.00 | \n\n 70.00 | \n\n Singapore | \n
| \n KLARECO COMMUNICATIONS PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n HAVAS HOLDING INDONESIA PTE LTD | \n\n 51.00 | \n\n 51.00 | \n\n Singapore | \n
| \n TAIWAN | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS TA\u00cfWAN LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n STAREAST COMMUNICATIONS (TAIWAN) LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n HAVAS FIELD FORCE LTD | \n\n 100.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n CHANNEL BAKERS TAIWAN LTD | \n\n 60.00 | \n\n 100.00 | \n\n Taiwan | \n
| \n THAILAND | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BANGKOK LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n CONSUMER CONTACT COMMUNICATIONS (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n TBP (THAILAND) LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n HAVAS THAILAND LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Thailand | \n
| \n VIETNAM | \n\n \n | \n\n \n | \n\n \n | \n
| \n EKINO VIETNAM | \n\n 100.00 | \n\n 100.00 | \n\n Vietnam | \n
| \n HAVAS GROUP VIETNAM LIMITED LIABILITY COMPANY | \n\n 99.86 | \n\n 99.86 | \n\n Vietnam | \n
| \n LATIN AMERICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n ARGENTINA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE BUENOS AIRES SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS MEDIA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n ARENA ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS SPORTS & ENTERTAINEMENT ARGENTINA SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n HAVAS PLUS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n INTELLIGNOS SA | \n\n 100.00 | \n\n 100.00 | \n\n Argentina | \n
| \n AURA ADVERTISING SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n CONTENIDO LATENTE SAS | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n PHP SA | \n\n 51.00 | \n\n 51.00 | \n\n Argentina | \n
| \n BRAZIL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE DIGITAL BRASIL LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS WORLDWIDE LIFE BRASIL COMUNICACOES SA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HAVAS VERSAO BETA TECNOLOGIA E COMUNICA\u00c7AO | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n HVS PARTICIPA\u00c7OES E CONSULTORIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n ARENA PUBLICIDADE E TECNOLOGIA LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n BETC HAVAS AGENCIA DE PUBLICIDADE LTDA | \n\n 100.00 | \n\n 100.00 | \n\n Brazil | \n
| \n CHILE | \n\n \n | \n\n \n | \n\n \n | \n
| \n FUEL PUBLICIDAD LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS WORLDWIDE SANTIAGO SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n FUEL CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n MEDIA CONTACT CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ARENA CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS MEDIA GROUP CHILE SA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n HAVAS + SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n GROELANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n ISLANDIA SPA | \n\n 100.00 | \n\n 100.00 | \n\n Chile | \n
| \n COLOMBIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS MEDIA COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n ARENA COMMUNICATIONS COLOMBIA SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n HAVAS+ SAS | \n\n 100.00 | \n\n 100.00 | \n\n Colombia | \n
| \n COSTA RICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n RED STAR DIGITAL CR LIMITADA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS COSTA RICA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n FUSION DE PRODUCCION DIGITAL, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n PROMOTICA DE COSTA RICA PCR, SA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n ARENA MEDIA SOCIEDAD ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n HAVAS PLUS SOCIEDA ANONIMA | \n\n 100.00 | \n\n 100.00 | \n\n Costa Rica | \n
| \n MEXICO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS LIFE M\u00c9XICO, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE VALE, SA DE CV | \n\n 73.00 | \n\n 73.00 | \n\n Mexico | \n
| \n HAVAS WORLDWIDE DIGITAL VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARNOLD MEDIA SERVICES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n J.V. VALE, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n VALE BATES, SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA, SA DE CV | \n\n 95.00 | \n\n 95.00 | \n\n Mexico | \n
| \n HAVAS MEDIA SERVICES, SA DE CV | \n\n 95.00 | \n\n 100.00 | \n\n Mexico | \n
| \n ARENA COMMUNICATION, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HPH M\u00c9XICO SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS MEDIA REGIONES, SA DE CV | \n\n 100.00 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS+ SA DE CV | \n\n 95.84 | \n\n 100.00 | \n\n Mexico | \n
| \n HAVAS XCHANGE SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n INTELLIGNOS BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n TODOS LOS MEDIOS MASIVOS Y M\u00c1S DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n SERVICIO PROFESIONAL VLH DE MEXICO SA DE CV | \n\n 73.00 | \n\n 100.00 | \n\n Mexico | \n
| \n MOTECH BY HAVAS SA DE CV | \n\n 99.90 | \n\n 100.00 | \n\n Mexico | \n
| \n ALGODON STUDIO SA DE CV | \n\n 51.00 | \n\n 51.00 | \n\n Mexico | \n
| \n PERU | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ARENA MEDIA PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS+ SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n HAVAS WORLDWIDE PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n ESPECIALIDADES DIGITALES INTERNACIONALES PERU SAC | \n\n 100.00 | \n\n 100.00 | \n\n Peru | \n
| \n URUGUAY | \n\n \n | \n\n \n | \n\n \n | \n
| \n BRISLEY, SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n PHOENA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n DREAMA SA | \n\n 100.00 | \n\n 100.00 | \n\n Uruguay | \n
| \n AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n SOUTH AFRICA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS WORLDWIDE JOHANNESBURG (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS MEDIA SOUTH AFRICA (PTY) LTD | \n\n 82.15 | \n\n 82.15 | \n\n South Africa | \n
| \n CO-CURRENCY (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS BOONDOGGLE (PTY) LTD | \n\n 66.15 | \n\n 66.15 | \n\n South Africa | \n
| \n HAVAS EMPOWERED COMPANY (PTY) LTD | \n\n 100.00 | \n\n 100.00 | \n\n South Africa | \n
| \n HAVAS EMPOWERED BEE (PTY) LTD | \n\n 49.00 | \n\n 49.00 | \n\n South Africa | \n
| \n CONGO | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA REPUBLIQUE D\u00c9MOCRATIQUE DU CONGO | \n\n 100.00 | \n\n 100.00 | \n\n Congo | \n
| \n IVORY COAST | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA C\u00d4TE D\u2019IVOIRE | \n\n 100.00 | \n\n 100.00 | \n\n Ivory Coast | \n
| \n GABON | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GABON | \n\n 100.00 | \n\n 100.00 | \n\n Gabon | \n
| \n GHANA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA GHANA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Ghana | \n
| \n KENYA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS MEDIA KENYA LIMITED | \n\n 100.00 | \n\n 100.00 | \n\n Kenya | \n
| \n NIGERIA | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS COMMUNICATION NIGERIA LIMITED | \n\n 55.00 | \n\n 55.00 | \n\n Nigeria | \n
| \n SENEGAL | \n\n \n | \n\n \n | \n\n \n | \n
| \n HAVAS AFRICA SENEGAL | \n\n 100.00 | \n\n 100.00 | \n\n Senegal | \n
The above scope of consolidation includes Havas and all its subsidiaries.
Changes in the scope of consolidation of the Group in the fiscal years 2024 and\u00a02025 were as follows:
| \n \u00a0 | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Number of consolidated companies at 01/01 | \n\n 500 | \n\n 493 | \n
| \n Acquisitions | \n\n 17 | \n\n 17 | \n
| \n Disposals | \n\n \u2013 | \n\n (7) | \n
| \n Other transactions (e.g., mergers and spin-offs) | \n\n (2) | \n\n (3) | \n
| \n Number of consolidated companies at 12/31 | \n\n 515 | \n\n 500 | \n
1.4.6 \u2013Translation of foreign subsidiaries\u2019accounts
The Group\u2019s presentation currency is the euro.
The financial statements of foreign entities whose functional currency is not the euro are converted using the closing rate method. According to this method, shareholders\u2019 equity is maintained at the historical rate, balance sheet assets and liabilities are converted to the euro at the closing rate for the period, income and expenses in the consolidated income statement and consolidated statement of cash flows are converted at the average rate for the period. The resulting translation differences are directly recorded in shareholders\u2019 equity.
Goodwill and fair value adjustments to assets and liabilities resulting from the recognition of an acquisition of a foreign entity are expressed in the functional currency of the acquired business and converted to euros at the closing rate.
1.4.7 \u2013Accounting for transactions denominated in foreign currencies
Transactions denominated in a currency other than the functional currency of the entity are converted at the exchange rate in effect on the transaction date. At each balance sheet date, monetary assets and liabilities denominated in foreign currencies are converted at the closing exchange rate. All translation differences are recorded in the consolidated income statement for the period, except for differences related to foreign currency borrowings that hedge the net investment in a foreign entity. These are directly recognized in other comprehensive income until the disposal of the net investment.
The financial statements of entities in hyperinflationary economies are translated in accordance with IAS\u00a029 \u2013\u00a0Financial reporting in hyperinflationary economies. Non-monetary balance sheet items, income statement items, comprehensive income items and cash flow statement items are adjusted for inflation in their original local currency, then all the financial statements are translated at the closing exchange rate for the period. This hyperinflationary accounting leads to recognition of a gain or loss resulting from exposure to hyperinflation, which is classified as other financial expenses and thus recognized as retained earnings the following year. The accounts of the Group\u2019s subsidiaries in Argentina and in Turkey are consolidated in accordance with the principles of IAS\u00a029.
As a result of the consolidation of the subsidiaries in Argentina in accordance with the principles of IAS\u00a029, expenses were recognized as other financial expenses of \u20ac2\u00a0million in 2025 and \u20ac6\u00a0million in 2024. For the Turkish subsidiaries, in 2025, an expense of \u20ac1\u00a0million was recognized and of \u20ac2\u00a0million in 2024.
The table below summarizes the different impacts of a 1% change in the US\u00a0dollar and pound sterling against the euro:
| \n (in euro millions) | \n\n Impact on Net Revenue | \n\n Impact on Adjusted EBIT | \n\n Impact on shareholders\u2019 equity | \n|||
|---|---|---|---|---|---|---|
| \n 1% increase | \n\n 1% decrease | \n\n 1% increase | \n\n 1% decrease | \n\n 1% increase | \n\n 1% decrease | \n|
| \n US\u00a0dollar | \n\n 9 | \n\n (9) | \n\n 1 | \n\n (1) | \n\n 6 | \n\n (6) | \n
| \n British pound | \n\n 4 | \n\n (4) | \n\n 1 | \n\n (1) | \n\n 3 | \n\n (3) | \n
The Group\u2019s exposure to foreign currency risk on its operating activities is limited. Most of the Group\u2019s agencies operate on their local markets, with revenues and expenses incurred in local currency.
In terms of financing, a distinction should be made between two levels:
\u25cfintragroup loans and borrowings carried out outside the euro zone, also including international cash pool operations, are systematically hedged; in this context, the risk is mainly limited to the currency translation adjustments arising from the financial statements of non-euro zone subsidiaries;
\u25cfGroup subsidiaries are financed by domestic cash pools or local banks in local currencies with no foreign currency exchange risk.
Derivatives used to hedge foreign currency exchange risk are exclusively simple instruments (plain vanilla forward exchange agreements and zero premium foreign exchange options), generally for a period of under three months, which are managed primarily by the Havas Treasury Department or centralized Treasury Departments in the main countries.
1.4.6 \u2013Translation of foreign subsidiaries\u2019accounts
The Group\u2019s presentation currency is the euro.
The financial statements of foreign entities whose functional currency is not the euro are converted using the closing rate method. According to this method, shareholders\u2019 equity is maintained at the historical rate, balance sheet assets and liabilities are converted to the euro at the closing rate for the period, income and expenses in the consolidated income statement and consolidated statement of cash flows are converted at the average rate for the period. The resulting translation differences are directly recorded in shareholders\u2019 equity.
Goodwill and fair value adjustments to assets and liabilities resulting from the recognition of an acquisition of a foreign entity are expressed in the functional currency of the acquired business and converted to euros at the closing rate.
1.4.7 \u2013Accounting for transactions denominated in foreign currencies
Transactions denominated in a currency other than the functional currency of the entity are converted at the exchange rate in effect on the transaction date. At each balance sheet date, monetary assets and liabilities denominated in foreign currencies are converted at the closing exchange rate. All translation differences are recorded in the consolidated income statement for the period, except for differences related to foreign currency borrowings that hedge the net investment in a foreign entity. These are directly recognized in other comprehensive income until the disposal of the net investment.
The financial statements of entities in hyperinflationary economies are translated in accordance with IAS\u00a029 \u2013\u00a0Financial reporting in hyperinflationary economies. Non-monetary balance sheet items, income statement items, comprehensive income items and cash flow statement items are adjusted for inflation in their original local currency, then all the financial statements are translated at the closing exchange rate for the period. This hyperinflationary accounting leads to recognition of a gain or loss resulting from exposure to hyperinflation, which is classified as other financial expenses and thus recognized as retained earnings the following year. The accounts of the Group\u2019s subsidiaries in Argentina and in Turkey are consolidated in accordance with the principles of IAS\u00a029.
As a result of the consolidation of the subsidiaries in Argentina in accordance with the principles of IAS\u00a029, expenses were recognized as other financial expenses of \u20ac2\u00a0million in 2025 and \u20ac6\u00a0million in 2024. For the Turkish subsidiaries, in 2025, an expense of \u20ac1\u00a0million was recognized and of \u20ac2\u00a0million in 2024.
1.4.6 \u2013Translation of foreign subsidiaries\u2019accounts
The Group\u2019s presentation currency is the euro.
The financial statements of foreign entities whose functional currency is not the euro are converted using the closing rate method. According to this method, shareholders\u2019 equity is maintained at the historical rate, balance sheet assets and liabilities are converted to the euro at the closing rate for the period, income and expenses in the consolidated income statement and consolidated statement of cash flows are converted at the average rate for the period. The resulting translation differences are directly recorded in shareholders\u2019 equity.
Goodwill and fair value adjustments to assets and liabilities resulting from the recognition of an acquisition of a foreign entity are expressed in the functional currency of the acquired business and converted to euros at the closing rate.
The financial statements of entities in hyperinflationary economies are translated in accordance with IAS\u00a029 \u2013\u00a0Financial reporting in hyperinflationary economies. Non-monetary balance sheet items, income statement items, comprehensive income items and cash flow statement items are adjusted for inflation in their original local currency, then all the financial statements are translated at the closing exchange rate for the period. This hyperinflationary accounting leads to recognition of a gain or loss resulting from exposure to hyperinflation, which is classified as other financial expenses and thus recognized as retained earnings the following year. The accounts of the Group\u2019s subsidiaries in Argentina and in Turkey are consolidated in accordance with the principles of IAS\u00a029.
As a result of the consolidation of the subsidiaries in Argentina in accordance with the principles of IAS\u00a029, expenses were recognized as other financial expenses of \u20ac2\u00a0million in 2025 and \u20ac6\u00a0million in 2024. For the Turkish subsidiaries, in 2025, an expense of \u20ac1\u00a0million was recognized and of \u20ac2\u00a0million in 2024.
2.24 \u2013Net financial expense
The following table shows net financial expense for fiscal years\u00a02025 and 2024:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 21 | \n\n 23 | \n
| \n Interest expenses | \n\n (21) | \n\n (21) | \n
| \n Interest | \n\n \u2013 | \n\n 2 | \n
| \n Foreign exchange gain | \n\n 16 | \n\n 19 | \n
| \n Other | \n\n 3 | \n\n 11 | \n
| \n Financial income | \n\n 19 | \n\n 30 | \n
| \n Foreign exchange loss | \n\n (30) | \n\n (20) | \n
| \n Interest expenses on lease liabilities | \n\n (10) | \n\n (11) | \n
| \n Hyperinflation | \n\n (3) | \n\n (8) | \n
| \n Transaction costs | \n\n \u2013 | \n\n (10) | \n
| \n Interest cost on pension obligations | \n\n (2) | \n\n (2) | \n
| \n Other | \n\n (8) | \n\n (18) | \n
| \n Financial expenses | \n\n (53) | \n\n (69) | \n
| \n Net financial expense | \n\n (34) | \n\n (37) | \n
1.4.9 \u2013Business combinations and goodwill
Business combinations are recorded using the acquisition method. Under this method, upon the initial consolidation of an entity over which the Group has acquired exclusive control:
\u25cfthe identifiable assets acquired and the liabilities assumed are recognized at their fair value on the acquisition date; and
\u25cfnon-controlling interests are measured at fair value (the \u201cfull\u201d goodwill method).
On the acquisition date, goodwill is initially measured as the difference between:
i)the fair value of the consideration transferred, plus the amount of non-controlling interests in the acquiree and, in a business combination achieved in stages, the fair value on the acquisition date of the previously held equity interest in the acquiree; and
ii)the net fair value of the identifiable assets acquired and liabilities assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in an increase in goodwill up to the extent attributable to these interests, thereby leading to the recognition of a \u201cfull goodwill\u201d.
Allocation of the purchase price shall be performed within twelve months after the acquisition date. If goodwill is negative, it is recognized in the consolidated income statement.
After the acquisition date, goodwill is measured at its initial amount less recorded accumulated impairment.
In addition, the following principles are applied to business combinations:
\u25cfon the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination;
\u25cfcontingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the consolidated income statement;
\u25cfacquisition-related costs are recognized as expenses when incurred;
\u25cfin the event of the acquisition of an additional interest in a subsidiary, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners.
On disposal of a subsidiary, the amount of attributable goodwill is included in the calculation of the gain or loss on disposal.
Goodwill relating to equity method affiliates are included in the carrying amount of investments in associates.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
1.4.9 \u2013Business combinations and goodwill
Business combinations are recorded using the acquisition method. Under this method, upon the initial consolidation of an entity over which the Group has acquired exclusive control:
\u25cfthe identifiable assets acquired and the liabilities assumed are recognized at their fair value on the acquisition date; and
\u25cfnon-controlling interests are measured at fair value (the \u201cfull\u201d goodwill method).
On the acquisition date, goodwill is initially measured as the difference between:
i)the fair value of the consideration transferred, plus the amount of non-controlling interests in the acquiree and, in a business combination achieved in stages, the fair value on the acquisition date of the previously held equity interest in the acquiree; and
ii)the net fair value of the identifiable assets acquired and liabilities assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in an increase in goodwill up to the extent attributable to these interests, thereby leading to the recognition of a \u201cfull goodwill\u201d.
Allocation of the purchase price shall be performed within twelve months after the acquisition date. If goodwill is negative, it is recognized in the consolidated income statement.
After the acquisition date, goodwill is measured at its initial amount less recorded accumulated impairment.
In addition, the following principles are applied to business combinations:
\u25cfon the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination;
\u25cfcontingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the consolidated income statement;
\u25cfacquisition-related costs are recognized as expenses when incurred;
\u25cfin the event of the acquisition of an additional interest in a subsidiary, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners.
On disposal of a subsidiary, the amount of attributable goodwill is included in the calculation of the gain or loss on disposal.
Goodwill relating to equity method affiliates are included in the carrying amount of investments in associates.
1.4.9 \u2013Business combinations and goodwill
Business combinations are recorded using the acquisition method. Under this method, upon the initial consolidation of an entity over which the Group has acquired exclusive control:
\u25cfthe identifiable assets acquired and the liabilities assumed are recognized at their fair value on the acquisition date; and
\u25cfnon-controlling interests are measured at fair value (the \u201cfull\u201d goodwill method).
On the acquisition date, goodwill is initially measured as the difference between:
i)the fair value of the consideration transferred, plus the amount of non-controlling interests in the acquiree and, in a business combination achieved in stages, the fair value on the acquisition date of the previously held equity interest in the acquiree; and
ii)the net fair value of the identifiable assets acquired and liabilities assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in an increase in goodwill up to the extent attributable to these interests, thereby leading to the recognition of a \u201cfull goodwill\u201d.
Allocation of the purchase price shall be performed within twelve months after the acquisition date. If goodwill is negative, it is recognized in the consolidated income statement.
After the acquisition date, goodwill is measured at its initial amount less recorded accumulated impairment.
In addition, the following principles are applied to business combinations:
\u25cfon the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination;
\u25cfcontingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the consolidated income statement;
\u25cfacquisition-related costs are recognized as expenses when incurred;
\u25cfin the event of the acquisition of an additional interest in a subsidiary, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners.
On disposal of a subsidiary, the amount of attributable goodwill is included in the calculation of the gain or loss on disposal.
Goodwill relating to equity method affiliates are included in the carrying amount of investments in associates.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
2.3 \u2013Goodwill, change in scope and impairment test of cash generating units
Changes in goodwill in fiscal years\u00a02024 and 2025 were as follows:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Value at 01/01 | \n\n 2,535 | \n\n 2,428 | \n
| \n Acquisitions of companies(a) | \n\n 114 | \n\n 82 | \n
| \n Other | \n\n 5 | \n\n (24) | \n
| \n Currency translation adjustments | \n\n (123) | \n\n 49 | \n
| \n Value at 12/31 | \n\n 2,531 | \n\n 2,535 | \n
| \n Preliminary goodwill has been recognized on the acquisitions made during the period and will be reassessed within the allocation period. (a)Including in 2025 the impacts of buy-out and earn-out commitments for an amount of \u20ac77 million. Havas announced the main acquisitions of the period: \u25cfon February 4, 2025, 60% of Channel Bakers\u00a0LLC, an award-winning e-commerce media agency and leader in retail media innovation; \u25cfon December 4, 2025, 60% of Bearded Kitten, a UK multi-award-winning experiential agency; \u25cfon December 8, 2025, 51% of Kaimera (Australia), an independent media agency recognized for its expertise in simplifying media complexities and delivering tailored; \u25cfon November 8, 2025, 57% of Gauly (Germany), a leading corporate and financial communications firm. In addition, the Group took majority stakes in 7 companies, mainly in Europe. Overall, the acquisitions represent an additional 303 people on the total Havas Group headcount. The amount paid out in 2025 for acquisitions (net of cash and cash equivalents acquired) totaled \u20ac39\u00a0million and includes: \u25cf\u20ac35\u00a0million paid out during the period; \u25cf\u20ac(3)\u00a0million in net cash acquired; \u25cf\u20ac7\u00a0million in earn-out payments relating to prior acquisitions paid out during the period. \n In 2024, the Group acquired: \u25cf60% of Ledger Bennett share capital, a UK-based global B2B marketing agency; \u25cf60% of Hotglue, an independent Australian media agency and creative production company; \u25cf51% of DMPG, a UK-based global digital data agency; \u25cfthe takeover of Shortcut events, a French agency in the events industry. The amount paid out in 2024 for acquisitions (net of cash and cash equivalents acquired) totaled \u20ac28\u00a0million and includes: \u25cf\u20ac34\u00a0million paid out during the period; \u25cf\u20ac(12)\u00a0million in net cash acquired; \u25cf\u20ac6\u00a0million in earn-out payments relating to prior acquisitions paid out during the period. | \n
Impairment tests
The Group considers that the cash generating unit or the group of cash generating units are mainly the key markets in which the Group operates: North America, Europe, Apac and Africa, and Latin America.
The value in use of each CGU or group of CGUs is determined as the discounted value of future cash flows by using cash flow projections consistent with the five-year financial projections prepared by the management. The Group uses scenarios in business forecasting process and the most reasonable and supportable assumptions, which represent management\u2019s best estimate as at June 30, 2025 for the period 2025 to 2029, are used as the basis for the value in use calculations.
The following key assumptions were used: pre-tax discount rate, terminal growth rate, forecast revenue, adjusted EBIT as defined in Note\u00a02.2, depreciation and amortization, capital expenditures, the competitive environments, technological developments and level of commercial expenses.
The discount rates used reflect the current market assessments of the time value of money and the specific risks to which the cash generating unit is exposed.
The compound annual growth rates applied over the business plan period were corroborated with industry market studies on advertising spent by country or geographic region.
For the terminal value calculation, growth rates were capped at a historical long-term inflation rate.
The recoverable amount used for the relevant CGU or group of CGUs was determined based on its value in use applying the key assumptions set out below:
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,574 | \n\n 1,668 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 681 | \n\n 280 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 213 | \n\n 187 | \n\n 9.44% | \n\n 2.25% | \n\n 0.42% | \n
| \n Latam | \n\n 63 | \n\n 123 | \n\n 11.37% | \n\n 2.25% | \n\n 2.34% | \n
| \n Total goodwill after impairment test | \n\n 2,531 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,537 | \n\n 1,734 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 727 | \n\n 273 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 216 | \n\n 177 | \n\n 9.37% | \n\n 2.25% | \n\n 0.62% | \n
| \n Latam | \n\n 55 | \n\n 121 | \n\n 11.90% | \n\n 2.25% | \n\n 3.15% | \n
| \n Total goodwill after impairment test | \n\n 2,535 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Sensitivity
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 9.0% | \n\n 1.3\u00a0pts | \n\n 2.3% | \n\n (1.6)\u00a0pts | \n\n (19.0)% | \n
| \n North America | \n\n 9.0% | \n\n 54.2\u00a0pts | \n\n 2.3% | \n\n (84.5)\u00a0pts | \n\n (81.7)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 11.4\u00a0pts | \n\n 2.3% | \n\n (24.0)\u00a0pts | \n\n (47.9)% | \n
| \n Latam | \n\n 11.4% | \n\n 4.8\u00a0pts | \n\n 2.3% | \n\n (16.7)\u00a0pts | \n\n (30.0)% | \n
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate (in\u00a0%) | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate (in\u00a0%) | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 8.8% | \n\n 0.3\u00a0pt | \n\n 2.3% | \n\n (0.3)\u00a0pt | \n\n (4.0)% | \n
| \n North America | \n\n 8.8% | \n\n 63.9\u00a0pts | \n\n 2.3% | \n\n (112.0)\u00a0pts | \n\n (89.3)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 12.5\u00a0pts | \n\n 2.3% | \n\n (29.1)\u00a0pts | \n\n (65.0)% | \n
| \n Latam | \n\n 11.9% | \n\n 5.4\u00a0pts | \n\n 2.3% | \n\n (31.8)\u00a0pts | \n\n (40.2)% | \n
Impairment tests carried out have not resulted in any impairment losses.
The opportunity cost of capital used in the impairment test is the result of three components:
1.The market risk premium,
2.The unlevered beta coefficient, and
3.The risk-free rate.
1.The market risk premium is a reliable assumption that does not require sensitivity analysis. It is based on a historical approach: in the 2025 edition of the Credit Suisse Global Investment Returns Yearbook, Dimson, Marsh, and Staunton estimate a market risk premium of\u00a05.0% (compared to a risk-free rate based on treasury bills). We use a slightly higher market risk premium of\u00a05.5%.
2.The unlevered beta coefficient has been estimated conservatively. Indeed, the five-year average beta of peers stands at 0.94. We apply an additional premium of\u00a0+0.1, resulting in a beta of\u00a01.05, to account for Havas\u2019 smaller size.
3.The risk-free rate is based on (i)\u00a0the real interest rate, derived from historical averages, and (ii)\u00a0the expected long-term inflation rate. Only the latter parameter is subject to variability for sensitivity analysis on our discount rate. However, an increase in the expected long-term inflation rate also leads to an increase in the normative cash flow (before discount), which is based on the terminal growth rate, therefore limiting the impact on fair value. In this sense, our sensitivity table is therefore conservative, as it separates these two effects, despite their interdependence and compounding nature.
1.4.9 \u2013Business combinations and goodwill
Business combinations are recorded using the acquisition method. Under this method, upon the initial consolidation of an entity over which the Group has acquired exclusive control:
\u25cfthe identifiable assets acquired and the liabilities assumed are recognized at their fair value on the acquisition date; and
\u25cfnon-controlling interests are measured at fair value (the \u201cfull\u201d goodwill method).
On the acquisition date, goodwill is initially measured as the difference between:
i)the fair value of the consideration transferred, plus the amount of non-controlling interests in the acquiree and, in a business combination achieved in stages, the fair value on the acquisition date of the previously held equity interest in the acquiree; and
ii)the net fair value of the identifiable assets acquired and liabilities assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in an increase in goodwill up to the extent attributable to these interests, thereby leading to the recognition of a \u201cfull goodwill\u201d.
Allocation of the purchase price shall be performed within twelve months after the acquisition date. If goodwill is negative, it is recognized in the consolidated income statement.
After the acquisition date, goodwill is measured at its initial amount less recorded accumulated impairment.
In addition, the following principles are applied to business combinations:
\u25cfon the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination;
\u25cfcontingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the consolidated income statement;
\u25cfacquisition-related costs are recognized as expenses when incurred;
\u25cfin the event of the acquisition of an additional interest in a subsidiary, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners.
On disposal of a subsidiary, the amount of attributable goodwill is included in the calculation of the gain or loss on disposal.
Goodwill relating to equity method affiliates are included in the carrying amount of investments in associates.
1.4.10 \u2013Intangible assets
Other intangible assets, separately acquired, are accounted for at their acquisition cost. Research expenses are recognized in the consolidated income statement for the financial period in which they are incurred.
Other intangible assets which are acquired in the course of business combinations are accounted for at their fair value at the completion date and separately from goodwill as long as they:
\u25cfare identifiable, i.e. they result from legal or contractual rights; or
\u25cfcan be separated from the acquired company.
Intangible assets mainly consist of software and trademarks.
Software is amortized over its useful life, estimated at one or five years.
Trademarks have an indefinite useful life and are tested for impairment annually. The useful life of a trademark is considered indefinite when there is no foreseeable limit to the period during which the asset is expected to generate economic benefits. Havas\u00a0N.V. trademarks are well-established, have strong brand recognition.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
2.3 \u2013Goodwill, change in scope and impairment test of cash generating units
Changes in goodwill in fiscal years\u00a02024 and 2025 were as follows:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Value at 01/01 | \n\n 2,535 | \n\n 2,428 | \n
| \n Acquisitions of companies(a) | \n\n 114 | \n\n 82 | \n
| \n Other | \n\n 5 | \n\n (24) | \n
| \n Currency translation adjustments | \n\n (123) | \n\n 49 | \n
| \n Value at 12/31 | \n\n 2,531 | \n\n 2,535 | \n
| \n Preliminary goodwill has been recognized on the acquisitions made during the period and will be reassessed within the allocation period. (a)Including in 2025 the impacts of buy-out and earn-out commitments for an amount of \u20ac77 million. Havas announced the main acquisitions of the period: \u25cfon February 4, 2025, 60% of Channel Bakers\u00a0LLC, an award-winning e-commerce media agency and leader in retail media innovation; \u25cfon December 4, 2025, 60% of Bearded Kitten, a UK multi-award-winning experiential agency; \u25cfon December 8, 2025, 51% of Kaimera (Australia), an independent media agency recognized for its expertise in simplifying media complexities and delivering tailored; \u25cfon November 8, 2025, 57% of Gauly (Germany), a leading corporate and financial communications firm. In addition, the Group took majority stakes in 7 companies, mainly in Europe. Overall, the acquisitions represent an additional 303 people on the total Havas Group headcount. The amount paid out in 2025 for acquisitions (net of cash and cash equivalents acquired) totaled \u20ac39\u00a0million and includes: \u25cf\u20ac35\u00a0million paid out during the period; \u25cf\u20ac(3)\u00a0million in net cash acquired; \u25cf\u20ac7\u00a0million in earn-out payments relating to prior acquisitions paid out during the period. \n In 2024, the Group acquired: \u25cf60% of Ledger Bennett share capital, a UK-based global B2B marketing agency; \u25cf60% of Hotglue, an independent Australian media agency and creative production company; \u25cf51% of DMPG, a UK-based global digital data agency; \u25cfthe takeover of Shortcut events, a French agency in the events industry. The amount paid out in 2024 for acquisitions (net of cash and cash equivalents acquired) totaled \u20ac28\u00a0million and includes: \u25cf\u20ac34\u00a0million paid out during the period; \u25cf\u20ac(12)\u00a0million in net cash acquired; \u25cf\u20ac6\u00a0million in earn-out payments relating to prior acquisitions paid out during the period. | \n
Impairment tests
The Group considers that the cash generating unit or the group of cash generating units are mainly the key markets in which the Group operates: North America, Europe, Apac and Africa, and Latin America.
The value in use of each CGU or group of CGUs is determined as the discounted value of future cash flows by using cash flow projections consistent with the five-year financial projections prepared by the management. The Group uses scenarios in business forecasting process and the most reasonable and supportable assumptions, which represent management\u2019s best estimate as at June 30, 2025 for the period 2025 to 2029, are used as the basis for the value in use calculations.
The following key assumptions were used: pre-tax discount rate, terminal growth rate, forecast revenue, adjusted EBIT as defined in Note\u00a02.2, depreciation and amortization, capital expenditures, the competitive environments, technological developments and level of commercial expenses.
The discount rates used reflect the current market assessments of the time value of money and the specific risks to which the cash generating unit is exposed.
The compound annual growth rates applied over the business plan period were corroborated with industry market studies on advertising spent by country or geographic region.
For the terminal value calculation, growth rates were capped at a historical long-term inflation rate.
The recoverable amount used for the relevant CGU or group of CGUs was determined based on its value in use applying the key assumptions set out below:
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,574 | \n\n 1,668 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 681 | \n\n 280 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 213 | \n\n 187 | \n\n 9.44% | \n\n 2.25% | \n\n 0.42% | \n
| \n Latam | \n\n 63 | \n\n 123 | \n\n 11.37% | \n\n 2.25% | \n\n 2.34% | \n
| \n Total goodwill after impairment test | \n\n 2,531 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,537 | \n\n 1,734 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 727 | \n\n 273 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 216 | \n\n 177 | \n\n 9.37% | \n\n 2.25% | \n\n 0.62% | \n
| \n Latam | \n\n 55 | \n\n 121 | \n\n 11.90% | \n\n 2.25% | \n\n 3.15% | \n
| \n Total goodwill after impairment test | \n\n 2,535 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Sensitivity
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 9.0% | \n\n 1.3\u00a0pts | \n\n 2.3% | \n\n (1.6)\u00a0pts | \n\n (19.0)% | \n
| \n North America | \n\n 9.0% | \n\n 54.2\u00a0pts | \n\n 2.3% | \n\n (84.5)\u00a0pts | \n\n (81.7)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 11.4\u00a0pts | \n\n 2.3% | \n\n (24.0)\u00a0pts | \n\n (47.9)% | \n
| \n Latam | \n\n 11.4% | \n\n 4.8\u00a0pts | \n\n 2.3% | \n\n (16.7)\u00a0pts | \n\n (30.0)% | \n
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate (in\u00a0%) | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate (in\u00a0%) | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 8.8% | \n\n 0.3\u00a0pt | \n\n 2.3% | \n\n (0.3)\u00a0pt | \n\n (4.0)% | \n
| \n North America | \n\n 8.8% | \n\n 63.9\u00a0pts | \n\n 2.3% | \n\n (112.0)\u00a0pts | \n\n (89.3)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 12.5\u00a0pts | \n\n 2.3% | \n\n (29.1)\u00a0pts | \n\n (65.0)% | \n
| \n Latam | \n\n 11.9% | \n\n 5.4\u00a0pts | \n\n 2.3% | \n\n (31.8)\u00a0pts | \n\n (40.2)% | \n
Impairment tests carried out have not resulted in any impairment losses.
The opportunity cost of capital used in the impairment test is the result of three components:
1.The market risk premium,
2.The unlevered beta coefficient, and
3.The risk-free rate.
1.The market risk premium is a reliable assumption that does not require sensitivity analysis. It is based on a historical approach: in the 2025 edition of the Credit Suisse Global Investment Returns Yearbook, Dimson, Marsh, and Staunton estimate a market risk premium of\u00a05.0% (compared to a risk-free rate based on treasury bills). We use a slightly higher market risk premium of\u00a05.5%.
2.The unlevered beta coefficient has been estimated conservatively. Indeed, the five-year average beta of peers stands at 0.94. We apply an additional premium of\u00a0+0.1, resulting in a beta of\u00a01.05, to account for Havas\u2019 smaller size.
3.The risk-free rate is based on (i)\u00a0the real interest rate, derived from historical averages, and (ii)\u00a0the expected long-term inflation rate. Only the latter parameter is subject to variability for sensitivity analysis on our discount rate. However, an increase in the expected long-term inflation rate also leads to an increase in the normative cash flow (before discount), which is based on the terminal growth rate, therefore limiting the impact on fair value. In this sense, our sensitivity table is therefore conservative, as it separates these two effects, despite their interdependence and compounding nature.
2.4 \u2013Intangible assets
| \n (in euro millions) | \n\n Trademarks | \n\n Other | \n\n Total | \n
|---|---|---|---|
| \n Gross value at 12/31/2023 | \n\n 39 | \n\n 84 | \n\n 123 | \n
| \n Acquisitions | \n\n \u2013 | \n\n 5 | \n\n 5 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (9) | \n\n (9) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Gross value at 12/31/2024 | \n\n 39 | \n\n 81 | \n\n 120 | \n
| \n Acquisitions | \n\n 1 | \n\n 4 | \n\n 5 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (6) | \n\n (6) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n (4) | \n\n (4) | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n (3) | \n\n (3) | \n
| \n Gross value at 12/31/2025 | \n\n 40 | \n\n 72 | \n\n 112 | \n
| \n Cumulative amortization/depreciation at 12/31/2023 | \n\n (2) | \n\n (70) | \n\n (72) | \n
| \n Net value at 12/31/2023 | \n\n 37 | \n\n 14 | \n\n 51 | \n
| \n Amortization and impairment losses | \n\n \u2013 | \n\n (7) | \n\n (7) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 9 | \n\n 9 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n (1) | \n\n (1) | \n
| \n Cumulative amortization/depreciation at 12/31/2024 | \n\n (2) | \n\n (69) | \n\n (71) | \n
| \n Net value at 12/31/2024 | \n\n 37 | \n\n 12 | \n\n 49 | \n
| \n Amortization and impairment losses | \n\n \u2013 | \n\n (4) | \n\n (4) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 6 | \n\n 6 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n 4 | \n\n 4 | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Cumulative amortization/depreciation at 12/31/2025 | \n\n (2) | \n\n (61) | \n\n (63) | \n
| \n Net value at 12/31/2025 | \n\n 38 | \n\n 11 | \n\n 49 | \n
1.4.9 \u2013Business combinations and goodwill
Business combinations are recorded using the acquisition method. Under this method, upon the initial consolidation of an entity over which the Group has acquired exclusive control:
\u25cfthe identifiable assets acquired and the liabilities assumed are recognized at their fair value on the acquisition date; and
\u25cfnon-controlling interests are measured at fair value (the \u201cfull\u201d goodwill method).
On the acquisition date, goodwill is initially measured as the difference between:
i)the fair value of the consideration transferred, plus the amount of non-controlling interests in the acquiree and, in a business combination achieved in stages, the fair value on the acquisition date of the previously held equity interest in the acquiree; and
ii)the net fair value of the identifiable assets acquired and liabilities assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in an increase in goodwill up to the extent attributable to these interests, thereby leading to the recognition of a \u201cfull goodwill\u201d.
Allocation of the purchase price shall be performed within twelve months after the acquisition date. If goodwill is negative, it is recognized in the consolidated income statement.
After the acquisition date, goodwill is measured at its initial amount less recorded accumulated impairment.
In addition, the following principles are applied to business combinations:
\u25cfon the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination;
\u25cfcontingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the consolidated income statement;
\u25cfacquisition-related costs are recognized as expenses when incurred;
\u25cfin the event of the acquisition of an additional interest in a subsidiary, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners.
On disposal of a subsidiary, the amount of attributable goodwill is included in the calculation of the gain or loss on disposal.
Goodwill relating to equity method affiliates are included in the carrying amount of investments in associates.
2.3 \u2013Goodwill, change in scope and impairment test of cash generating units
Changes in goodwill in fiscal years\u00a02024 and 2025 were as follows:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Value at 01/01 | \n\n 2,535 | \n\n 2,428 | \n
| \n Acquisitions of companies(a) | \n\n 114 | \n\n 82 | \n
| \n Other | \n\n 5 | \n\n (24) | \n
| \n Currency translation adjustments | \n\n (123) | \n\n 49 | \n
| \n Value at 12/31 | \n\n 2,531 | \n\n 2,535 | \n
| \n Preliminary goodwill has been recognized on the acquisitions made during the period and will be reassessed within the allocation period. (a)Including in 2025 the impacts of buy-out and earn-out commitments for an amount of \u20ac77 million. Havas announced the main acquisitions of the period: \u25cfon February 4, 2025, 60% of Channel Bakers\u00a0LLC, an award-winning e-commerce media agency and leader in retail media innovation; \u25cfon December 4, 2025, 60% of Bearded Kitten, a UK multi-award-winning experiential agency; \u25cfon December 8, 2025, 51% of Kaimera (Australia), an independent media agency recognized for its expertise in simplifying media complexities and delivering tailored; \u25cfon November 8, 2025, 57% of Gauly (Germany), a leading corporate and financial communications firm. In addition, the Group took majority stakes in 7 companies, mainly in Europe. Overall, the acquisitions represent an additional 303 people on the total Havas Group headcount. The amount paid out in 2025 for acquisitions (net of cash and cash equivalents acquired) totaled \u20ac39\u00a0million and includes: \u25cf\u20ac35\u00a0million paid out during the period; \u25cf\u20ac(3)\u00a0million in net cash acquired; \u25cf\u20ac7\u00a0million in earn-out payments relating to prior acquisitions paid out during the period. \n In 2024, the Group acquired: \u25cf60% of Ledger Bennett share capital, a UK-based global B2B marketing agency; \u25cf60% of Hotglue, an independent Australian media agency and creative production company; \u25cf51% of DMPG, a UK-based global digital data agency; \u25cfthe takeover of Shortcut events, a French agency in the events industry. The amount paid out in 2024 for acquisitions (net of cash and cash equivalents acquired) totaled \u20ac28\u00a0million and includes: \u25cf\u20ac34\u00a0million paid out during the period; \u25cf\u20ac(12)\u00a0million in net cash acquired; \u25cf\u20ac6\u00a0million in earn-out payments relating to prior acquisitions paid out during the period. | \n
Impairment tests
The Group considers that the cash generating unit or the group of cash generating units are mainly the key markets in which the Group operates: North America, Europe, Apac and Africa, and Latin America.
The value in use of each CGU or group of CGUs is determined as the discounted value of future cash flows by using cash flow projections consistent with the five-year financial projections prepared by the management. The Group uses scenarios in business forecasting process and the most reasonable and supportable assumptions, which represent management\u2019s best estimate as at June 30, 2025 for the period 2025 to 2029, are used as the basis for the value in use calculations.
The following key assumptions were used: pre-tax discount rate, terminal growth rate, forecast revenue, adjusted EBIT as defined in Note\u00a02.2, depreciation and amortization, capital expenditures, the competitive environments, technological developments and level of commercial expenses.
The discount rates used reflect the current market assessments of the time value of money and the specific risks to which the cash generating unit is exposed.
The compound annual growth rates applied over the business plan period were corroborated with industry market studies on advertising spent by country or geographic region.
For the terminal value calculation, growth rates were capped at a historical long-term inflation rate.
The recoverable amount used for the relevant CGU or group of CGUs was determined based on its value in use applying the key assumptions set out below:
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,574 | \n\n 1,668 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 681 | \n\n 280 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 213 | \n\n 187 | \n\n 9.44% | \n\n 2.25% | \n\n 0.42% | \n
| \n Latam | \n\n 63 | \n\n 123 | \n\n 11.37% | \n\n 2.25% | \n\n 2.34% | \n
| \n Total goodwill after impairment test | \n\n 2,531 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,537 | \n\n 1,734 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 727 | \n\n 273 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 216 | \n\n 177 | \n\n 9.37% | \n\n 2.25% | \n\n 0.62% | \n
| \n Latam | \n\n 55 | \n\n 121 | \n\n 11.90% | \n\n 2.25% | \n\n 3.15% | \n
| \n Total goodwill after impairment test | \n\n 2,535 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Sensitivity
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 9.0% | \n\n 1.3\u00a0pts | \n\n 2.3% | \n\n (1.6)\u00a0pts | \n\n (19.0)% | \n
| \n North America | \n\n 9.0% | \n\n 54.2\u00a0pts | \n\n 2.3% | \n\n (84.5)\u00a0pts | \n\n (81.7)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 11.4\u00a0pts | \n\n 2.3% | \n\n (24.0)\u00a0pts | \n\n (47.9)% | \n
| \n Latam | \n\n 11.4% | \n\n 4.8\u00a0pts | \n\n 2.3% | \n\n (16.7)\u00a0pts | \n\n (30.0)% | \n
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate (in\u00a0%) | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate (in\u00a0%) | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 8.8% | \n\n 0.3\u00a0pt | \n\n 2.3% | \n\n (0.3)\u00a0pt | \n\n (4.0)% | \n
| \n North America | \n\n 8.8% | \n\n 63.9\u00a0pts | \n\n 2.3% | \n\n (112.0)\u00a0pts | \n\n (89.3)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 12.5\u00a0pts | \n\n 2.3% | \n\n (29.1)\u00a0pts | \n\n (65.0)% | \n
| \n Latam | \n\n 11.9% | \n\n 5.4\u00a0pts | \n\n 2.3% | \n\n (31.8)\u00a0pts | \n\n (40.2)% | \n
Impairment tests carried out have not resulted in any impairment losses.
The opportunity cost of capital used in the impairment test is the result of three components:
1.The market risk premium,
2.The unlevered beta coefficient, and
3.The risk-free rate.
1.The market risk premium is a reliable assumption that does not require sensitivity analysis. It is based on a historical approach: in the 2025 edition of the Credit Suisse Global Investment Returns Yearbook, Dimson, Marsh, and Staunton estimate a market risk premium of\u00a05.0% (compared to a risk-free rate based on treasury bills). We use a slightly higher market risk premium of\u00a05.5%.
2.The unlevered beta coefficient has been estimated conservatively. Indeed, the five-year average beta of peers stands at 0.94. We apply an additional premium of\u00a0+0.1, resulting in a beta of\u00a01.05, to account for Havas\u2019 smaller size.
3.The risk-free rate is based on (i)\u00a0the real interest rate, derived from historical averages, and (ii)\u00a0the expected long-term inflation rate. Only the latter parameter is subject to variability for sensitivity analysis on our discount rate. However, an increase in the expected long-term inflation rate also leads to an increase in the normative cash flow (before discount), which is based on the terminal growth rate, therefore limiting the impact on fair value. In this sense, our sensitivity table is therefore conservative, as it separates these two effects, despite their interdependence and compounding nature.
1.4.9 \u2013Business combinations and goodwill
Business combinations are recorded using the acquisition method. Under this method, upon the initial consolidation of an entity over which the Group has acquired exclusive control:
\u25cfthe identifiable assets acquired and the liabilities assumed are recognized at their fair value on the acquisition date; and
\u25cfnon-controlling interests are measured at fair value (the \u201cfull\u201d goodwill method).
On the acquisition date, goodwill is initially measured as the difference between:
i)the fair value of the consideration transferred, plus the amount of non-controlling interests in the acquiree and, in a business combination achieved in stages, the fair value on the acquisition date of the previously held equity interest in the acquiree; and
ii)the net fair value of the identifiable assets acquired and liabilities assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in an increase in goodwill up to the extent attributable to these interests, thereby leading to the recognition of a \u201cfull goodwill\u201d.
Allocation of the purchase price shall be performed within twelve months after the acquisition date. If goodwill is negative, it is recognized in the consolidated income statement.
After the acquisition date, goodwill is measured at its initial amount less recorded accumulated impairment.
In addition, the following principles are applied to business combinations:
\u25cfon the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination;
\u25cfcontingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the consolidated income statement;
\u25cfacquisition-related costs are recognized as expenses when incurred;
\u25cfin the event of the acquisition of an additional interest in a subsidiary, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners.
On disposal of a subsidiary, the amount of attributable goodwill is included in the calculation of the gain or loss on disposal.
Goodwill relating to equity method affiliates are included in the carrying amount of investments in associates.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
1.4.9 \u2013Business combinations and goodwill
Business combinations are recorded using the acquisition method. Under this method, upon the initial consolidation of an entity over which the Group has acquired exclusive control:
\u25cfthe identifiable assets acquired and the liabilities assumed are recognized at their fair value on the acquisition date; and
\u25cfnon-controlling interests are measured at fair value (the \u201cfull\u201d goodwill method).
On the acquisition date, goodwill is initially measured as the difference between:
i)the fair value of the consideration transferred, plus the amount of non-controlling interests in the acquiree and, in a business combination achieved in stages, the fair value on the acquisition date of the previously held equity interest in the acquiree; and
ii)the net fair value of the identifiable assets acquired and liabilities assumed on the acquisition date.
The measurement of non-controlling interests at fair value results in an increase in goodwill up to the extent attributable to these interests, thereby leading to the recognition of a \u201cfull goodwill\u201d.
Allocation of the purchase price shall be performed within twelve months after the acquisition date. If goodwill is negative, it is recognized in the consolidated income statement.
After the acquisition date, goodwill is measured at its initial amount less recorded accumulated impairment.
In addition, the following principles are applied to business combinations:
\u25cfon the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination;
\u25cfcontingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the consolidated income statement;
\u25cfacquisition-related costs are recognized as expenses when incurred;
\u25cfin the event of the acquisition of an additional interest in a subsidiary, Havas recognizes the difference between the acquisition price and the carrying amount of non-controlling interests acquired as a change in equity attributable to Havas shareowners.
On disposal of a subsidiary, the amount of attributable goodwill is included in the calculation of the gain or loss on disposal.
Goodwill relating to equity method affiliates are included in the carrying amount of investments in associates.
1.4.10 \u2013Intangible assets
Other intangible assets, separately acquired, are accounted for at their acquisition cost. Research expenses are recognized in the consolidated income statement for the financial period in which they are incurred.
Other intangible assets which are acquired in the course of business combinations are accounted for at their fair value at the completion date and separately from goodwill as long as they:
\u25cfare identifiable, i.e. they result from legal or contractual rights; or
\u25cfcan be separated from the acquired company.
Intangible assets mainly consist of software and trademarks.
Software is amortized over its useful life, estimated at one or five years.
Trademarks have an indefinite useful life and are tested for impairment annually. The useful life of a trademark is considered indefinite when there is no foreseeable limit to the period during which the asset is expected to generate economic benefits. Havas\u00a0N.V. trademarks are well-established, have strong brand recognition.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
1.4.10 \u2013Intangible assets
Other intangible assets, separately acquired, are accounted for at their acquisition cost. Research expenses are recognized in the consolidated income statement for the financial period in which they are incurred.
Other intangible assets which are acquired in the course of business combinations are accounted for at their fair value at the completion date and separately from goodwill as long as they:
\u25cfare identifiable, i.e. they result from legal or contractual rights; or
\u25cfcan be separated from the acquired company.
Intangible assets mainly consist of software and trademarks.
Software is amortized over its useful life, estimated at one or five years.
Trademarks have an indefinite useful life and are tested for impairment annually. The useful life of a trademark is considered indefinite when there is no foreseeable limit to the period during which the asset is expected to generate economic benefits. Havas\u00a0N.V. trademarks are well-established, have strong brand recognition.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
1.4.10 \u2013Intangible assets
Other intangible assets, separately acquired, are accounted for at their acquisition cost. Research expenses are recognized in the consolidated income statement for the financial period in which they are incurred.
Other intangible assets which are acquired in the course of business combinations are accounted for at their fair value at the completion date and separately from goodwill as long as they:
\u25cfare identifiable, i.e. they result from legal or contractual rights; or
\u25cfcan be separated from the acquired company.
Intangible assets mainly consist of software and trademarks.
Software is amortized over its useful life, estimated at one or five years.
Trademarks have an indefinite useful life and are tested for impairment annually. The useful life of a trademark is considered indefinite when there is no foreseeable limit to the period during which the asset is expected to generate economic benefits. Havas\u00a0N.V. trademarks are well-established, have strong brand recognition.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
2.4 \u2013Intangible assets
| \n (in euro millions) | \n\n Trademarks | \n\n Other | \n\n Total | \n
|---|---|---|---|
| \n Gross value at 12/31/2023 | \n\n 39 | \n\n 84 | \n\n 123 | \n
| \n Acquisitions | \n\n \u2013 | \n\n 5 | \n\n 5 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (9) | \n\n (9) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Gross value at 12/31/2024 | \n\n 39 | \n\n 81 | \n\n 120 | \n
| \n Acquisitions | \n\n 1 | \n\n 4 | \n\n 5 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (6) | \n\n (6) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n (4) | \n\n (4) | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n (3) | \n\n (3) | \n
| \n Gross value at 12/31/2025 | \n\n 40 | \n\n 72 | \n\n 112 | \n
| \n Cumulative amortization/depreciation at 12/31/2023 | \n\n (2) | \n\n (70) | \n\n (72) | \n
| \n Net value at 12/31/2023 | \n\n 37 | \n\n 14 | \n\n 51 | \n
| \n Amortization and impairment losses | \n\n \u2013 | \n\n (7) | \n\n (7) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 9 | \n\n 9 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n (1) | \n\n (1) | \n
| \n Cumulative amortization/depreciation at 12/31/2024 | \n\n (2) | \n\n (69) | \n\n (71) | \n
| \n Net value at 12/31/2024 | \n\n 37 | \n\n 12 | \n\n 49 | \n
| \n Amortization and impairment losses | \n\n \u2013 | \n\n (4) | \n\n (4) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 6 | \n\n 6 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n 4 | \n\n 4 | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Cumulative amortization/depreciation at 12/31/2025 | \n\n (2) | \n\n (61) | \n\n (63) | \n
| \n Net value at 12/31/2025 | \n\n 38 | \n\n 11 | \n\n 49 | \n
Software is amortized over its useful life, estimated at one or five years.
Trademarks have an indefinite useful life and are tested for impairment annually. The useful life of a trademark is considered indefinite when there is no foreseeable limit to the period during which the asset is expected to generate economic benefits. Havas\u00a0N.V. trademarks are well-established, have strong brand recognition.
When property and equipment include significant components with different useful lives, they are recorded and depreciated separately.
Depreciation is calculated using the straight-line method based on the estimated useful life of the assets. Useful lives of the main components are reviewed at the end of each reporting period as follows:
\u25cfbuildings: 15 to 33\u00a0years;
\u25cffixtures, fittings and general installations: 3 to 16\u00a0years;
\u25cfoffice equipment and furniture: 3 to 10\u00a0years;
\u25cfIT equipment: 3 to 5\u00a0years.
Software is amortized over its useful life, estimated at one or five years.
Trademarks have an indefinite useful life and are tested for impairment annually. The useful life of a trademark is considered indefinite when there is no foreseeable limit to the period during which the asset is expected to generate economic benefits. Havas\u00a0N.V. trademarks are well-established, have strong brand recognition.
When property and equipment include significant components with different useful lives, they are recorded and depreciated separately.
Depreciation is calculated using the straight-line method based on the estimated useful life of the assets. Useful lives of the main components are reviewed at the end of each reporting period as follows:
\u25cfbuildings: 15 to 33\u00a0years;
\u25cffixtures, fittings and general installations: 3 to 16\u00a0years;
\u25cfoffice equipment and furniture: 3 to 10\u00a0years;
\u25cfIT equipment: 3 to 5\u00a0years.
2.4 \u2013Intangible assets
| \n (in euro millions) | \n\n Trademarks | \n\n Other | \n\n Total | \n
|---|---|---|---|
| \n Gross value at 12/31/2023 | \n\n 39 | \n\n 84 | \n\n 123 | \n
| \n Acquisitions | \n\n \u2013 | \n\n 5 | \n\n 5 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (9) | \n\n (9) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Gross value at 12/31/2024 | \n\n 39 | \n\n 81 | \n\n 120 | \n
| \n Acquisitions | \n\n 1 | \n\n 4 | \n\n 5 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (6) | \n\n (6) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n (4) | \n\n (4) | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n (3) | \n\n (3) | \n
| \n Gross value at 12/31/2025 | \n\n 40 | \n\n 72 | \n\n 112 | \n
| \n Cumulative amortization/depreciation at 12/31/2023 | \n\n (2) | \n\n (70) | \n\n (72) | \n
| \n Net value at 12/31/2023 | \n\n 37 | \n\n 14 | \n\n 51 | \n
| \n Amortization and impairment losses | \n\n \u2013 | \n\n (7) | \n\n (7) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 9 | \n\n 9 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n (1) | \n\n (1) | \n
| \n Cumulative amortization/depreciation at 12/31/2024 | \n\n (2) | \n\n (69) | \n\n (71) | \n
| \n Net value at 12/31/2024 | \n\n 37 | \n\n 12 | \n\n 49 | \n
| \n Amortization and impairment losses | \n\n \u2013 | \n\n (4) | \n\n (4) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 6 | \n\n 6 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n 4 | \n\n 4 | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Cumulative amortization/depreciation at 12/31/2025 | \n\n (2) | \n\n (61) | \n\n (63) | \n
| \n Net value at 12/31/2025 | \n\n 38 | \n\n 11 | \n\n 49 | \n
2.5 \u2013Property and equipment
| \n (in euro millions) | \n\n Lands, buildings | \n\n Equipment | \n\n Fittings, | \n\n Total Property and equipment | \n
|---|---|---|---|---|
| \n Gross value at 12/31/2023 | \n\n 108 | \n\n 75 | \n\n 382 | \n\n 565 | \n
| \n Acquisitions | \n\n \u2013 | \n\n 2 | \n\n 27 | \n\n 29 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (4) | \n\n (17) | \n\n (21) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n 1 | \n\n 2 | \n\n (7) | \n\n (4) | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n 1 | \n\n 6 | \n\n 7 | \n
| \n Gross value at 12/31/2024 | \n\n 109 | \n\n 76 | \n\n 391 | \n\n 576 | \n
| \n Acquisitions | \n\n \u2013 | \n\n 2 | \n\n 28 | \n\n 30 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (3) | \n\n (24) | \n\n (27) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n (2) | \n\n (21) | \n\n (23) | \n
| \n Gross value at 12/31/2025 | \n\n 109 | \n\n 73 | \n\n 375 | \n\n 557 | \n
| \n Cumulative amortization/depreciation at 12/31/2023 | \n\n (13) | \n\n (62) | \n\n (270) | \n\n (345) | \n
| \n Net value at 12/31/2023 | \n\n 95 | \n\n 13 | \n\n 112 | \n\n 220 | \n
| \n Depreciation | \n\n (2) | \n\n (5) | \n\n (35) | \n\n (42) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 3 | \n\n 16 | \n\n 19 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n \u2013 | \n\n (6) | \n\n (6) | \n
| \n Cumulative amortization/depreciation at 12/31/2024 | \n\n (14) | \n\n (66) | \n\n (291) | \n\n (371) | \n
| \n Net value at 12/31/2024 | \n\n 95 | \n\n 10 | \n\n 100 | \n\n 205 | \n
| \n Depreciation | \n\n (2) | \n\n (3) | \n\n (32) | \n\n (37) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 3 | \n\n 22 | \n\n 25 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n (1) | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n 2 | \n\n 17 | \n\n 19 | \n
| \n Cumulative amortization/depreciation at 12/31/2025 | \n\n (16) | \n\n (64) | \n\n (285) | \n\n (365) | \n
| \n Net value at 12/31/2025 | \n\n 93 | \n\n 9 | \n\n 90 | \n\n 192 | \n
| \n (a)At December\u00a031, 2025, this includes interior fittings of premises for \u20ac58\u00a0million and IT hardware for \u20ac20\u00a0million, in net value, compared to respectively \u20ac65\u00a0million and \u20ac21\u00a0million at December\u00a031, 2024. | \n
Lease: right-of-use assets
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Gross | \n\n 767 | \n\n 758 | \n
| \n Depreciation and amortization | \n\n (531) | \n\n (521) | \n
| \n Net | \n\n 236 | \n\n 238 | \n
2.22 \u2013Other operating expenses and income, depreciation and amortization expenses
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Depreciation and amortization expenses | \n\n (41) | \n\n (48) | \n
| \n Depreciation and amortization of right-of-use assets | \n\n (70) | \n\n (76) | \n
| \n Net impairment of right-of-use assets | \n\n 7 | \n\n 11 | \n
| \n Depreciation and amortization | \n\n (104) | \n\n (113) | \n
| \n Other expenses(a) | \n\n (534) | \n\n (535) | \n
| \n Other income | \n\n 106 | \n\n 107 | \n
| \n Other operating expenses and income | \n\n (428) | \n\n (428) | \n
| \n Total | \n\n (532) | \n\n (541) | \n
| \n (a)Other expenses mainly relate to IT system charges, freelances, real estate expenses, fees, travel costs and insurance. | \n
1.4.11 \u2013Property and equipment
Property and equipment are carried at historical cost less any accumulated depreciation and impairment losses. Historical cost includes the acquisition cost or production cost, costs directly attributable to transporting an asset to its physical location and preparing it for its operational use, the estimated costs relating to the demolition and the collection of property and equipment, and the rehabilitation of the physical location resulting from the incurred obligation.
When property and equipment include significant components with different useful lives, they are recorded and depreciated separately.
Depreciation is calculated using the straight-line method based on the estimated useful life of the assets. Useful lives of the main components are reviewed at the end of each reporting period as follows:
\u25cfbuildings: 15 to 33\u00a0years;
\u25cffixtures, fittings and general installations: 3 to 16\u00a0years;
\u25cfoffice equipment and furniture: 3 to 10\u00a0years;
\u25cfIT equipment: 3 to 5\u00a0years.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
2.5 \u2013Property and equipment
| \n (in euro millions) | \n\n Lands, buildings | \n\n Equipment | \n\n Fittings, | \n\n Total Property and equipment | \n
|---|---|---|---|---|
| \n Gross value at 12/31/2023 | \n\n 108 | \n\n 75 | \n\n 382 | \n\n 565 | \n
| \n Acquisitions | \n\n \u2013 | \n\n 2 | \n\n 27 | \n\n 29 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (4) | \n\n (17) | \n\n (21) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n 1 | \n\n 2 | \n\n (7) | \n\n (4) | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n 1 | \n\n 6 | \n\n 7 | \n
| \n Gross value at 12/31/2024 | \n\n 109 | \n\n 76 | \n\n 391 | \n\n 576 | \n
| \n Acquisitions | \n\n \u2013 | \n\n 2 | \n\n 28 | \n\n 30 | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n (3) | \n\n (24) | \n\n (27) | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n (2) | \n\n (21) | \n\n (23) | \n
| \n Gross value at 12/31/2025 | \n\n 109 | \n\n 73 | \n\n 375 | \n\n 557 | \n
| \n Cumulative amortization/depreciation at 12/31/2023 | \n\n (13) | \n\n (62) | \n\n (270) | \n\n (345) | \n
| \n Net value at 12/31/2023 | \n\n 95 | \n\n 13 | \n\n 112 | \n\n 220 | \n
| \n Depreciation | \n\n (2) | \n\n (5) | \n\n (35) | \n\n (42) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 3 | \n\n 16 | \n\n 19 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n \u2013 | \n\n (6) | \n\n (6) | \n
| \n Cumulative amortization/depreciation at 12/31/2024 | \n\n (14) | \n\n (66) | \n\n (291) | \n\n (371) | \n
| \n Net value at 12/31/2024 | \n\n 95 | \n\n 10 | \n\n 100 | \n\n 205 | \n
| \n Depreciation | \n\n (2) | \n\n (3) | \n\n (32) | \n\n (37) | \n
| \n Disposals, write-downs | \n\n \u2013 | \n\n 3 | \n\n 22 | \n\n 25 | \n
| \n Reclassifications/Acquisitions through business combinations | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n (1) | \n
| \n Currency translation adjustments | \n\n \u2013 | \n\n 2 | \n\n 17 | \n\n 19 | \n
| \n Cumulative amortization/depreciation at 12/31/2025 | \n\n (16) | \n\n (64) | \n\n (285) | \n\n (365) | \n
| \n Net value at 12/31/2025 | \n\n 93 | \n\n 9 | \n\n 90 | \n\n 192 | \n
| \n (a)At December\u00a031, 2025, this includes interior fittings of premises for \u20ac58\u00a0million and IT hardware for \u20ac20\u00a0million, in net value, compared to respectively \u20ac65\u00a0million and \u20ac21\u00a0million at December\u00a031, 2024. | \n
1.4.11 \u2013Property and equipment
Property and equipment are carried at historical cost less any accumulated depreciation and impairment losses. Historical cost includes the acquisition cost or production cost, costs directly attributable to transporting an asset to its physical location and preparing it for its operational use, the estimated costs relating to the demolition and the collection of property and equipment, and the rehabilitation of the physical location resulting from the incurred obligation.
When property and equipment include significant components with different useful lives, they are recorded and depreciated separately.
Depreciation is calculated using the straight-line method based on the estimated useful life of the assets. Useful lives of the main components are reviewed at the end of each reporting period as follows:
\u25cfbuildings: 15 to 33\u00a0years;
\u25cffixtures, fittings and general installations: 3 to 16\u00a0years;
\u25cfoffice equipment and furniture: 3 to 10\u00a0years;
\u25cfIT equipment: 3 to 5\u00a0years.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
1.4.12 \u2013IFRS\u00a016 right-of-use assets and\u00a0lease\u00a0liabilities
The amount of lease liabilities relating to leases arising from business combinations after the implementation of IFRS\u00a016 is measured at the present value of the remaining fixed and minimum guaranteed lease payments, in accordance with IFRS\u00a016, as if the leases acquired were new leases at the acquisition date. The amount of the rights of use is measured at the amount of the lease liabilities, adjusted to reflect the favorable or unfavorable nature of the lease terms compared with market terms.
The Group subleases retail or office space and acts as lessor. When subleases cover substantially all the risks and rewards of the main lease, they are accounted for as finance leases. As a consequence, the right of use of the main lease is not recognized and a finance receivable is recognized. All other subleases are classified as operating subleases.
Measurement of the right-of-use asset and\u00a0the\u00a0lease\u00a0liability
Leases for which Havas is the lessee are recorded at the commencement date and result in the recognition of a lease liability equal to the present value of future fixed payments and minimum guaranteed payments, against a right-of-use asset relating to leases.
The right-of-use assets related to lease contracts are recognized at cost at the inception date of the lease. The cost of the right-of-use asset includes:
\u25cfthe amount of the associated lease liability;
\u25cfinitial direct costs (incremental costs of obtaining the lease);
\u25cfpayments made prior to the commencement of the lease, less any lease incentives received; and
\u25cfdismantling and restoration costs (recognized and measured in accordance with IAS\u00a037).
The right-of-use asset is then depreciated on a straight-line basis over the lease term, as determined in accordance with IFRS\u00a016.
After initial recognition, the liability is:
\u25cfincreased by the effect of undiscounting the associated lease liability (interest expense on lease liabilities);
\u25cfdecreased by the cash out for lease payments; and
\u25cfreassessed in the event of an amendment to the lease contract.
IFRS\u00a016 requires the discount rate for each contract to be determined by reference to the incremental borrowing rate of the borrowing entity. The rate applied for each lease takes into account the lease payment profile.
Lease modifications and remeasurements
In the event of a reduction in the lease term or in the surface area leased, the right-of-use asset and lease liability are reduced accordingly in line with the percentage decrease, with the offsetting entry posted to gains and losses on leases in the consolidated income statement. The residual lease liability is then adjusted against the right-of-use asset, after discounting the asset at the discount rate revised as of the date of the modification.
Increases in the lease term or in the surface area leased do not generate gains or losses on lease modifications, but rather lead to a remeasurement of the lease liability using a discount rate revised as of the date of the modification, which is recognized against an adjustment to the right-of-use asset. Changes in the amount of the lease stipulated in the lease contract that do not involve modification of the leased surface area or lease term will lead to a remeasurement of the lease liability with no revision of the discount rate, which is recognized against an adjustment to the right-of-use asset.
2.11 \u2013Leases
Lease: right-of-use assets
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Gross | \n\n 767 | \n\n 758 | \n
| \n Depreciation and amortization | \n\n (531) | \n\n (521) | \n
| \n Net | \n\n 236 | \n\n 238 | \n
Changes in the rights-of-use assets
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Opening balance | \n\n 238 | \n\n 284 | \n
| \n Depreciation and amortization | \n\n (63) | \n\n (65) | \n
| \n Increase | \n\n 82 | \n\n 49 | \n
| \n Decrease | \n\n (4) | \n\n (36) | \n
| \n Foreign currency translations and other | \n\n (17) | \n\n 5 | \n
| \n Closing balance | \n\n 236 | \n\n 238 | \n
Changes in lease liabilities
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Opening balance | \n\n 300 | \n\n 367 | \n
| \n Lease payments | \n\n (88) | \n\n (92) | \n
| \n Interest expense | \n\n 10 | \n\n 11 | \n
| \n Increase | \n\n 82 | \n\n 49 | \n
| \n Decrease | \n\n (4) | \n\n (41) | \n
| \n Foreign currency translations and other | \n\n (16) | \n\n 6 | \n
| \n Closing balance | \n\n 284 | \n\n 300 | \n
Maturity of lease liabilities
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n <\u00a01\u00a0year | \n\n 71 | \n\n 77 | \n
| \n Between\u00a01 and\u00a05\u00a0years | \n\n 167 | \n\n 190 | \n
| \n >\u00a05\u00a0years | \n\n 46 | \n\n 33 | \n
| \n Lease liabilities | \n\n 284 | \n\n 300 | \n
Maturity of undiscounted rental debt
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n <\u00a01\u00a0year | \n\n 81 | \n\n 87 | \n
| \n Between\u00a01 and\u00a05\u00a0years | \n\n 187 | \n\n 208 | \n
| \n >\u00a05\u00a0years | \n\n 50 | \n\n 40 | \n
| \n Undiscounted rental debt | \n\n 318 | \n\n 335 | \n
Cash outflow for leases and lease-related expenses
Total cash outflow and expenses for the leases of real-estate with maturity shorter than twelve months and expense relating to low-value assets recorded in the Statement of Profit or Loss amounted to \u20ac10\u00a0million for the year ended December\u00a031, 2025 (compared to \u20ac9\u00a0million for the year ended December\u00a031, 2024).
1.4.12 \u2013IFRS\u00a016 right-of-use assets and\u00a0lease\u00a0liabilities
The amount of lease liabilities relating to leases arising from business combinations after the implementation of IFRS\u00a016 is measured at the present value of the remaining fixed and minimum guaranteed lease payments, in accordance with IFRS\u00a016, as if the leases acquired were new leases at the acquisition date. The amount of the rights of use is measured at the amount of the lease liabilities, adjusted to reflect the favorable or unfavorable nature of the lease terms compared with market terms.
The Group subleases retail or office space and acts as lessor. When subleases cover substantially all the risks and rewards of the main lease, they are accounted for as finance leases. As a consequence, the right of use of the main lease is not recognized and a finance receivable is recognized. All other subleases are classified as operating subleases.
Measurement of the right-of-use asset and\u00a0the\u00a0lease\u00a0liability
Leases for which Havas is the lessee are recorded at the commencement date and result in the recognition of a lease liability equal to the present value of future fixed payments and minimum guaranteed payments, against a right-of-use asset relating to leases.
The right-of-use assets related to lease contracts are recognized at cost at the inception date of the lease. The cost of the right-of-use asset includes:
\u25cfthe amount of the associated lease liability;
\u25cfinitial direct costs (incremental costs of obtaining the lease);
\u25cfpayments made prior to the commencement of the lease, less any lease incentives received; and
\u25cfdismantling and restoration costs (recognized and measured in accordance with IAS\u00a037).
The right-of-use asset is then depreciated on a straight-line basis over the lease term, as determined in accordance with IFRS\u00a016.
After initial recognition, the liability is:
\u25cfincreased by the effect of undiscounting the associated lease liability (interest expense on lease liabilities);
\u25cfdecreased by the cash out for lease payments; and
\u25cfreassessed in the event of an amendment to the lease contract.
IFRS\u00a016 requires the discount rate for each contract to be determined by reference to the incremental borrowing rate of the borrowing entity. The rate applied for each lease takes into account the lease payment profile.
Lease modifications and remeasurements
In the event of a reduction in the lease term or in the surface area leased, the right-of-use asset and lease liability are reduced accordingly in line with the percentage decrease, with the offsetting entry posted to gains and losses on leases in the consolidated income statement. The residual lease liability is then adjusted against the right-of-use asset, after discounting the asset at the discount rate revised as of the date of the modification.
Increases in the lease term or in the surface area leased do not generate gains or losses on lease modifications, but rather lead to a remeasurement of the lease liability using a discount rate revised as of the date of the modification, which is recognized against an adjustment to the right-of-use asset. Changes in the amount of the lease stipulated in the lease contract that do not involve modification of the leased surface area or lease term will lead to a remeasurement of the lease liability with no revision of the discount rate, which is recognized against an adjustment to the right-of-use asset.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
Impairment tests
The Group considers that the cash generating unit or the group of cash generating units are mainly the key markets in which the Group operates: North America, Europe, Apac and Africa, and Latin America.
The value in use of each CGU or group of CGUs is determined as the discounted value of future cash flows by using cash flow projections consistent with the five-year financial projections prepared by the management. The Group uses scenarios in business forecasting process and the most reasonable and supportable assumptions, which represent management\u2019s best estimate as at June 30, 2025 for the period 2025 to 2029, are used as the basis for the value in use calculations.
The following key assumptions were used: pre-tax discount rate, terminal growth rate, forecast revenue, adjusted EBIT as defined in Note\u00a02.2, depreciation and amortization, capital expenditures, the competitive environments, technological developments and level of commercial expenses.
The discount rates used reflect the current market assessments of the time value of money and the specific risks to which the cash generating unit is exposed.
The compound annual growth rates applied over the business plan period were corroborated with industry market studies on advertising spent by country or geographic region.
For the terminal value calculation, growth rates were capped at a historical long-term inflation rate.
The recoverable amount used for the relevant CGU or group of CGUs was determined based on its value in use applying the key assumptions set out below:
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,574 | \n\n 1,668 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 681 | \n\n 280 | \n\n 9.03% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 213 | \n\n 187 | \n\n 9.44% | \n\n 2.25% | \n\n 0.42% | \n
| \n Latam | \n\n 63 | \n\n 123 | \n\n 11.37% | \n\n 2.25% | \n\n 2.34% | \n
| \n Total goodwill after impairment test | \n\n 2,531 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n (in euro millions) | \n\n Goodwill value | \n\n Capital employed | \n\n Opportunity cost of capital | \n\n Terminal growth rate | \n\n Country risk premium | \n
|---|---|---|---|---|---|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 1,537 | \n\n 1,734 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n North America | \n\n 727 | \n\n 273 | \n\n 8.75% | \n\n 2.25% | \n\n \u2013 | \n
| \n Apac and Africa | \n\n 216 | \n\n 177 | \n\n 9.37% | \n\n 2.25% | \n\n 0.62% | \n
| \n Latam | \n\n 55 | \n\n 121 | \n\n 11.90% | \n\n 2.25% | \n\n 3.15% | \n
| \n Total goodwill after impairment test | \n\n 2,535 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Sensitivity
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 9.0% | \n\n 1.3\u00a0pts | \n\n 2.3% | \n\n (1.6)\u00a0pts | \n\n (19.0)% | \n
| \n North America | \n\n 9.0% | \n\n 54.2\u00a0pts | \n\n 2.3% | \n\n (84.5)\u00a0pts | \n\n (81.7)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 11.4\u00a0pts | \n\n 2.3% | \n\n (24.0)\u00a0pts | \n\n (47.9)% | \n
| \n Latam | \n\n 11.4% | \n\n 4.8\u00a0pts | \n\n 2.3% | \n\n (16.7)\u00a0pts | \n\n (30.0)% | \n
| \n \n | \n\n Opportunity cost of capital | \n\n Terminal Growth rate | \n\n Discounted cash flows | \n||
|---|---|---|---|---|---|
| \n Applied rate (in\u00a0%) | \n\n Increase in the opportunity cost of capital required for the fair value to be equal to | \n\n Applied rate (in\u00a0%) | \n\n Decrease in the terminal growth rate required for the fair value to be equal to the carrying amount | \n\n Decrease in the DCF required for the fair | \n|
| \n 12/31/2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Europe | \n\n 8.8% | \n\n 0.3\u00a0pt | \n\n 2.3% | \n\n (0.3)\u00a0pt | \n\n (4.0)% | \n
| \n North America | \n\n 8.8% | \n\n 63.9\u00a0pts | \n\n 2.3% | \n\n (112.0)\u00a0pts | \n\n (89.3)% | \n
| \n Apac and Africa | \n\n 9.4% | \n\n 12.5\u00a0pts | \n\n 2.3% | \n\n (29.1)\u00a0pts | \n\n (65.0)% | \n
| \n Latam | \n\n 11.9% | \n\n 5.4\u00a0pts | \n\n 2.3% | \n\n (31.8)\u00a0pts | \n\n (40.2)% | \n
Impairment tests carried out have not resulted in any impairment losses.
The opportunity cost of capital used in the impairment test is the result of three components:
1.The market risk premium,
2.The unlevered beta coefficient, and
3.The risk-free rate.
1.The market risk premium is a reliable assumption that does not require sensitivity analysis. It is based on a historical approach: in the 2025 edition of the Credit Suisse Global Investment Returns Yearbook, Dimson, Marsh, and Staunton estimate a market risk premium of\u00a05.0% (compared to a risk-free rate based on treasury bills). We use a slightly higher market risk premium of\u00a05.5%.
2.The unlevered beta coefficient has been estimated conservatively. Indeed, the five-year average beta of peers stands at 0.94. We apply an additional premium of\u00a0+0.1, resulting in a beta of\u00a01.05, to account for Havas\u2019 smaller size.
3.The risk-free rate is based on (i)\u00a0the real interest rate, derived from historical averages, and (ii)\u00a0the expected long-term inflation rate. Only the latter parameter is subject to variability for sensitivity analysis on our discount rate. However, an increase in the expected long-term inflation rate also leads to an increase in the normative cash flow (before discount), which is based on the terminal growth rate, therefore limiting the impact on fair value. In this sense, our sensitivity table is therefore conservative, as it separates these two effects, despite their interdependence and compounding nature.
2.22 \u2013Other operating expenses and income, depreciation and amortization expenses
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Depreciation and amortization expenses | \n\n (41) | \n\n (48) | \n
| \n Depreciation and amortization of right-of-use assets | \n\n (70) | \n\n (76) | \n
| \n Net impairment of right-of-use assets | \n\n 7 | \n\n 11 | \n
| \n Depreciation and amortization | \n\n (104) | \n\n (113) | \n
| \n Other expenses(a) | \n\n (534) | \n\n (535) | \n
| \n Other income | \n\n 106 | \n\n 107 | \n
| \n Other operating expenses and income | \n\n (428) | \n\n (428) | \n
| \n Total | \n\n (532) | \n\n (541) | \n
| \n (a)Other expenses mainly relate to IT system charges, freelances, real estate expenses, fees, travel costs and insurance. | \n
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
1.4.13 \u2013Asset impairment
Each time events or changes in the economic environment indicate a risk of impairment to goodwill, other intangible assets, property and equipment, or assets in progress, Havas re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill, other intangible assets with an indefinite useful life, and intangible assets in progress are all subject to an annual impairment test. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit\u00a0(CGU) or, if necessary, groups of CGUs, to the carrying amount of the corresponding assets (including goodwill). A\u00a0CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The CGUs correspond to geographic area where the Group operates and are consistent with the Group\u2019s operating segments. This is reviewed if the Group changes the level at which it monitors the return on operations.
The recoverable amount is determined for each individual asset as the higher of: (i)\u00a0its value in use; and (ii)\u00a0its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, Havas performs an impairment test of goodwill for each CGU, or group of CGUs, depending on the level at which Havas\u2019 management measures the return on operations.
The value in use of each asset or group of assets is determined, subject to exceptions, as the discounted value of future cash flows (Discounted Cash Flow method (DCF)) by using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by Havas of the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation of CGUs, beyond the period covered by the budgets, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budget, without exceeding the long-term average growth rate for the markets in which the Group operates.
If the recoverable amount is lower than the carrying amount of an asset or group of assets, an impairment loss equal to the difference is recognized in operating income (loss). In the case of a group of assets, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying amount, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date.
1.4.14 \u2013Financial assets
Non-recyclable assets measured at fair value through other comprehensive income (\u201cOCI\u201d)
These include investments in unconsolidated companies. These assets are measured at fair value. Unrealized gains or losses on financial assets at fair value through other comprehensive income are recognized as items that will not be reclassified subsequently to income (loss) in the consolidated income statement.
The fair value of these unconsolidated companies is determined based on future cash flows discounted at the market rates used for similar assets based on available information.
Once the financial asset is sold, collected or removed from the Statement of Financial Position in another way, at which time the accumulated gain or loss previously reported as other comprehensive income (loss) are transferred to retained earnings.
Dividends and interest received from unconsolidated companies are recognized in the consolidated income statement.
Other financial assets
Other financial assets mainly include loans from non-consolidated companies or employees, deposits and proceeds receivable from disposal of equity investments. These assets are valued at amortized cost according to the effective interest rate method.
Derivatives
According to the applicable accounting principles, a gain or loss on hedging instruments is recognized either in the consolidated income statement if the instruments meet the criteria of a fair value hedge, or in equity in the case of a future cash flow hedge.
To manage its exposure to interest rate and foreign exchange risks, the Group selectively negotiates derivative instruments with leading banks, thus limiting counterparty risks. These derivatives are subject to Level\u00a02 fair value measurement.
The Group applies hedge accounting to these financial instruments when their hedge efficiency is demonstrated.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
1.4.21 \u2013Borrowing and bank overdrafts
Borrowing and bank overdrafts are initially accounted for at fair value net of incremental and directly associated transaction costs. They are subsequently measured at amortized cost according to the effective interest rate method.
2.7 \u2013Financial assets measured at fair value through other\u00a0comprehensive\u00a0income\u00a0(OCI)
Unlisted equity investments (Level\u00a02) amounted to \u20ac43\u00a0million as of December\u00a031, 2025, compared to \u20ac40\u00a0million as of December\u00a031, 2024. Under IFRS\u00a09, these financial assets are valued at fair value through other comprehensive income, which is not subsequently reclassified to profit or loss.
2.8 \u2013Other financial assets
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Other non-current financial assets | \n\n 16 | \n\n 19 | \n
| \n Loans, deposits | \n\n 2 | \n\n 4 | \n
| \n Financial assets related to overfunding of pension plans | \n\n 8 | \n\n 7 | \n
| \n Other | \n\n 6 | \n\n 8 | \n
| \n Other current financial assets | \n\n 10 | \n\n 9 | \n
| \n Loans, deposits | \n\n 4 | \n\n 2 | \n
| \n Other | \n\n 6 | \n\n 7 | \n
| \n Total | \n\n 26 | \n\n 28 | \n
2.9 \u2013Customer receivables and other receivables
The table below sets out the gross value of customer receivables and other receivables shown net on the consolidated balance sheet:
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Customer receivables | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Gross(a) | \n\n 2,606 | \n\n 2,781 | \n
| \n Allowance for customer receivables | \n\n (37) | \n\n (55) | \n
| \n Customer receivables | \n\n 2,569 | \n\n 2,726 | \n
| \n Other receivables | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Advances to suppliers | \n\n 34 | \n\n 39 | \n
| \n Credit notes due | \n\n 67 | \n\n 73 | \n
| \n Other receivables | \n\n 171 | \n\n 169 | \n
| \n Prepaid expenses | \n\n 67 | \n\n 58 | \n
| \n Gross | \n\n 339 | \n\n 339 | \n
| \n Allowance for other receivables | \n\n 0 | \n\n (2) | \n
| \n Other receivables | \n\n 339 | \n\n 337 | \n
| \n (a)Of which: \u20ac513\u00a0million as of December\u00a031, 2025 and \u20ac546\u00a0million as of December\u00a031, 2024, with respect to media buying transactions. | \n
Changes in provisions for impairment of customer receivables
| \n (in euro millions) | \n\n Opening | \n\n Additions to provisions | \n\n Reversal | \n\n Reversal | \n\n Currency | \n\n Closing | \n
|---|---|---|---|---|---|---|
| \n 2024 | \n\n (53) | \n\n (27) | \n\n 16 | \n\n 9 | \n\n 0 | \n\n (55) | \n
| \n 2025 | \n\n (55) | \n\n (16) | \n\n 30 | \n\n 6 | \n\n (2) | \n\n (37) | \n
Aged analysis of customer receivables due but not impaired
| \n (in euro millions) | \n\n Total | \n\n Of which | \n\n Due and not impaired | \n||||
|---|---|---|---|---|---|---|---|
| \n <\u00a030\u00a0days | \n\n 30-60\u00a0days | \n\n 61-90\u00a0days | \n\n 91-180\u00a0days | \n\n >\u00a0180\u00a0days | \n|||
| \n Customer receivables | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n 2,726 | \n\n 2,440 | \n\n 178 | \n\n 41 | \n\n 18 | \n\n 15 | \n\n 34 | \n
| \n 2025 | \n\n 2,569 | \n\n 2,312 | \n\n 161 | \n\n 45 | \n\n 13 | \n\n 19 | \n\n 19 | \n
2.14 \u2013Earn-out and buy-out obligations
The Group has entered into agreements with minority shareholders of consolidated subsidiaries, granting them options to sell their shares. In connection with the acquisition of companies, price adjustment contracts are put in place. These commitments are recorded on the consolidated balance sheet under \u201cEarn-out and non-controlling interest buy-out obligations\u201d.
The earn-out and buy-out obligations relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value is usually assessed using discounted cashflows valuation model.
Earn-out and buy-out obligations being part of confidential transactions, no additional information can be disclosed regarding the acquiree, the holders of non-controlling interest and the terms and conditions underlying these obligations.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 7 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 262 | \n
| \n Total | \n\n 315 | \n\n 269 | \n
2.14.1 \u2013Earn-out obligations
Earn-out obligations increased by \u20ac13\u00a0million between\u00a02024 and\u00a02025, largely due to new earn-out obligations of \u20ac20\u00a0million, earn-out payments of a total of \u20ac(7).
2.14.2 \u2013Buy-out obligations
Liability relating to commitments to buy out non-controlling interests between\u00a02024 and\u00a02025 increased by \u20ac33\u00a0million, arising from new commitments totaling \u20ac51\u00a0million, buy-out payments made during fiscal year 2025 amounting to \u20ac(9)\u00a0million, and a downward adjustment to existing commitments of \u20ac6\u00a0million, and negative currency translation adjustments of \u20ac(15)\u00a0million.
Liability relating to commitments to buy out non-controlling interests between\u00a02023 and\u00a02024 decreased by \u20ac1\u00a0million, arising from new commitments totaling \u20ac39\u00a0million, buy-out payments made during fiscal year 2024 amounting to \u20ac(71)\u00a0million, and a downward adjustment to existing commitments of \u20ac25\u00a0million, and positive currency translation adjustments of \u20ac6\u00a0million.
At December\u00a031, 2025, these commitments were valued at \u20ac146\u00a0million in the United\u00a0Kingdom, \u20ac33\u00a0million in Spain, \u20ac31\u00a0million in France, \u20ac19\u00a0million in the United\u00a0States, \u20ac19\u00a0million in Australia, \u20ac12\u00a0million in India, \u20ac9\u00a0million in Germany, \u20ac6\u00a0million in Canada, \u20ac4\u00a0million in Hong\u00a0Kong, with the balance spread across various countries.
At December\u00a031, 2024, these commitments were valued at \u20ac136\u00a0million in the United\u00a0Kingdom, \u20ac32\u00a0million in France, \u20ac21\u00a0million in Spain, \u20ac18\u00a0million in the United\u00a0States, \u20ac13\u00a0million in India, \u20ac12\u00a0million in Australia, \u20ac6\u00a0million in Hong\u00a0Kong, \u20ac6\u00a0million in Canada, \u20ac3\u00a0million in Israel, \u20ac3\u00a0million in China, \u20ac3\u00a0million in Germany, with the balance spread across various countries.
2.14.3 \u2013Earn-out and buy-out obligations by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 15 | \n\n 5 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 27 | \n\n 89 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
| \n Total | \n\n 315 | \n\n 42 | \n\n 94 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
2.15 \u2013Financial debt (excluding lease liabilities and earn-out and buy-out obligations)
2.15.1 \u2013Summary of GROSS FINANCIAL debt
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n||||
|---|---|---|---|---|---|---|
| \n Total | \n\n Current | \n\n Non-Current | \n\n Total | \n\n Current | \n\n Non-Current | \n|
| \n Bank borrowings | \n\n 2 | \n\n 2 | \n\n \u2013 | \n\n 2 | \n\n 1 | \n\n 1 | \n
| \n Commercial Papers | \n\n 73 | \n\n 73 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other financial debts | \n\n 7 | \n\n 4 | \n\n 3 | \n\n 9 | \n\n 6 | \n\n 3 | \n
| \n Total borrowings | \n\n 82 | \n\n 79 | \n\n 3 | \n\n 11 | \n\n 7 | \n\n 4 | \n
| \n Bank overdrafts | \n\n 5 | \n\n 5 | \n\n \u2013 | \n\n 12 | \n\n 12 | \n\n \u2013 | \n
| \n Gross financial debt (excluding lease liabilities | \n\n 87 | \n\n 84 | \n\n 3 | \n\n 23 | \n\n 19 | \n\n 4 | \n
2.15.2 \u2013COVENANT
The syndicated loan is subject to compliance with the following financial ratios (covenant).
| \n Covenant | \n\n \n | \n
|---|---|
| \n Net income (in euro millions) | \n\n 210 | \n
| \n Less: | \n\n \u00a0 | \n
| \n Income taxes | \n\n (90) | \n
| \n Other financial income and expenses | \n\n (34) | \n
| \n Operating income (EBIT) (in euro millions) | \n\n 334 | \n
| \n Less: | \n\n \u00a0 | \n
| \n Impairment goodwill/Earn-out updated | \n\n (2) | \n
| \n Restructuring | \n\n (22) | \n
| \n Adjusted EBIT (in euro millions) | \n\n 358 | \n
| \n Add: | \n\n \u00a0 | \n
| \n Amortization charge | \n\n 41 | \n
| \n Less: | \n\n \u00a0 | \n
| \n Lease IFRS\u00a016 | \n\n 88 | \n
| \n Amortization IFRS\u00a016 | \n\n (70) | \n
| \n Depreciation/Reversal IFRS\u00a016 | \n\n 7 | \n
| \n Consolidated EBITDA | \n\n 374 | \n
| \n Consolidated gross debt (borrowings and financial debt) | \n\n 87 | \n
| \n Cash and cash equivalents | \n\n (294) | \n
| \n Consolidated net debt | \n\n (207) | \n
| \n Leverage ratio: consolidated net debt/consolidated EBITDA | \n\n (0.6) <\u00a03x | \n
This ratio was complied with as of December\u00a031, 2025.
The definitions of the terms used are the following:
\u25cf\u201cAdjusted EBIT\u201d represents net income, excluding income taxes, other financial income and expenses, goodwill impairment, earn-out adjustments and restructuring charges;
\u25cf\u201cConsolidated EBITDA\u201d means recurring operating profit (\u201cr\u00e9sultat op\u00e9rationnel courant\u201d) as shown in the latest Borrower\u2019s audited Consolidated Financial Statements (or Adjusted EBIT as shown in the latest Havas Parent Company\u2019s audited Consolidated Financial Statements if and when they are available, as applicable) after the adding back the net amount of all depreciation and amortization of tangible and intangible assets that have been deducted to obtain this recurring operating profit (or this Adjusted EBIT \u2013\u00a0in case of Havas Parent Company\u2019s audited Consolidated Financial Statements), minus all adjustments arising from the application of IFRS\u00a016 \u2013\u00a0Lease, depreciation and amortization;
\u25cf\u201cConsolidated Gross Debt\u201d means, at any time in the latest Borrower\u2019s audited Consolidated Financial Statements (or of the Havas Parent Company if and when they are available, as applicable), without taking into account the impacts of the application of IFRS\u00a016, the aggregate amount of long term and short term borrowings and other financial liabilities as shown in the latest Borrower\u2019s audited Consolidated Financial Statements (or of the Havas Parent Company if and when they are available, as applicable)\u00a0;
\u25cf\u201cConsolidated Net Debt\u201d means at any time the Consolidated Gross Debt minus \u201ccash and cash equivalents\u201d.
2.15.3 \u2013Bank borrowings and other financial debt
As of December\u00a031, 2025, the Group has drawn \u20ac73\u00a0million from commercial papers on the total authorization of \u20ac700 million.
The Group\u2019s total confirmed available credit facilities, consisting of a \u20ac700\u00a0million syndicated loan maturing in September 2030, are included in off-balance sheet commitments. In addition, the Group had unconfirmed undrawn financing arrangements of \u20ac293\u00a0million.
At December\u00a031, 2024, Havas had a syndicated loan of \u20ac700\u00a0million and unconfirmed financing arrangements of \u20ac292\u00a0million.
2.15.4 \u2013Long-term borrowings and financial debt by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n Total | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Bank borrowings | \n\n 2 | \n\n 2 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Commercial Papers | \n\n 73 | \n\n 73 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Other financial debt | \n\n 7 | \n\n 4 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013\u00a0 | \n\n \u2013 | \n
| \n Total | \n\n 82 | \n\n 79 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
| \n Portion due in less than a year | \n\n (79) | \n\n (79) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total long-term borrowings and financial debt | \n\n 3 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
2.28 \u2013Financial Instruments
The following table sets out the fair values of all Group financial instruments by category:
Level\u00a01 corresponds to a valuation of financial assets and liabilities at market value, while Level\u00a02 relies on a model based on observable inputs.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n Current | \n\n Non-current | \n\n 12/31/2024 | \n\n Current | \n\n Non-current | \n
|---|---|---|---|---|---|---|
| \n Financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Assets measured at FV through OCI \u2013\u00a0Current | \n\n 43 | \n\n 43 | \n\n \u2013 | \n\n 40 | \n\n 40 | \n\n \u2013 | \n
| \n Level\u00a02 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Unlisted investments | \n\n 43 | \n\n 43 | \n\n \u2013 | \n\n 40 | \n\n 40 | \n\n \u2013 | \n
| \n Financial assets measured at amortized cost | \n\n 26 | \n\n 10 | \n\n 16 | \n\n 28 | \n\n 9 | \n\n 19 | \n
| \n Other financial assets | \n\n 26 | \n\n 10 | \n\n 16 | \n\n 28 | \n\n 9 | \n\n 19 | \n
| \n Total | \n\n 69 | \n\n 53 | \n\n 16 | \n\n 68 | \n\n 49 | \n\n 19 | \n
| \n (in euro millions) | \n\n 12/31/2025 | \n\n Current | \n\n Non-current | \n\n 12/31/2024 | \n\n Current | \n\n Non-current | \n
|---|---|---|---|---|---|---|
| \n Financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Financial liabilities measured at amortized cost | \n\n 82 | \n\n 79 | \n\n 3 | \n\n 11 | \n\n 7 | \n\n 4 | \n
| \n Borrowings | \n\n 82 | \n\n 79 | \n\n 3 | \n\n 11 | \n\n 7 | \n\n 4 | \n
| \n Other financial liabilities | \n\n 340 | \n\n 67 | \n\n 273 | \n\n 269 | \n\n 32 | \n\n 237 | \n
| \n Level\u00a03 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Earn-out and non controlling interest buy-out obligations | \n\n 315 | \n\n 42 | \n\n 273 | \n\n 269 | \n\n 32 | \n\n 237 | \n
| \n Commitment share buyback program | \n\n 25 | \n\n 25 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Total | \n\n 422 | \n\n 146 | \n\n 276 | \n\n 280 | \n\n 39 | \n\n 241 | \n
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n||||
|---|---|---|---|---|---|---|
| \n Carrying amount | \n\n Fair value market | \n\n Level | \n\n Carrying amount | \n\n Fair value market | \n\n Level | \n|
| \n Financial liabilities measured at amortized cost | \n\n 82 | \n\n 82 | \n\n \u00a0 | \n\n 11 | \n\n 11 | \n\n \u00a0 | \n
| \n Earn-out and non controlling interest buy-out obligations | \n\n 315 | \n\n 315 | \n\n 3 | \n\n 269 | \n\n 269 | \n\n 3 | \n
| \n Commitment share buyback program | \n\n 25 | \n\n 25 | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n
| \n Total | \n\n 422 | \n\n 422 | \n\n \u00a0 | \n\n 280 | \n\n 280 | \n\n \u00a0 | \n
The commitments to purchase non-controlling interests relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value usually assessed using third-party valuation report and/or discounted cashflows valuation model.
Interest rate risk
In the course of its business, the Group may be exposed to the risk of interest rate changes. The risk depends on the type of interest rate (fixed or floating) and the direction of change. At fixed rate, a financial investment would be negatively impacted by an increase in interest rates and a borrowing would be negatively impacted by a decrease in interest rates. At floating rate, the situations are reversed.
At December\u00a031, 2025, the Group\u2019s exposure to interest rate mainly relates to bank overdrafts and to Commercial Papers, which amounted respectively to \u20ac5 million and \u20ac73 million, with a maturity of less than one year. In addition, Havas had no interest rate swap portfolio.
Potential gains and losses relating to derivatives for fair value hedges are recognized in the consolidated income statement, while those for cash flow hedges are recognized in equity, in each case when the efficacy of the hedges is measurable and known.
According to Group policy, Havas and its subsidiaries should invest any excess cash primarily in the highest yielding variable or adjustable rate instruments (through leading banks as selected by the Group) that meet the criteria of cash equivalents as set out in IAS\u00a07.
Credit Risk
The Group provides advertising and communications services to a wide range of clients operating in many different industry sectors around the world. The Group grants credit to all qualified clients. It does not believe it is exposed to any undue concentration of credit risk related to either a specific country or client. Consequently, concentrations of credit risk on accounts receivable are limited. In\u00a02015, the Group selected a leading credit insurer to cover its main client credit risks worldwide.
In addition, the Group may be exposed to credit risk with bank partners in connection with operations on the financial markets and banking transactions. Operations or transactions relate mainly to the management of foreign currency exchange risk, interest rate risk, financial investments and financing. A default or deterioration in the financial position of a counterparty could have a negative impact on the Group resulting in a loss of financial investments or causing difficulties in finding a new source of financing for the coming years.
To minimize this risk, in\u00a02006, the Group introduced a process to rationalize its banking relationships and give preference to leading banks. Investing and financing operations are allocated to a certain number of these banks under the supervision of the Group Executive Committee.
Liquidity risk
As of December\u00a031, 2025, the Group had cash and cash equivalents totaling \u20ac294\u00a0million. This includes cash availability (bank credit balances) of \u20ac249\u00a0million and monetary investments maturing in less than 3 months of \u20ac45\u00a0million.
The Group\u2019s Financing and Treasury Department has centralized a significant portion of its financing needs by setting up domestic and international cash pooling in the main countries where the Group operates. This allows for the centralization of most of the key countries\u2019 cash balances at the Havas\u00a0SAS company level for better control of financing costs and optimization of investments. Where possible, physical cash pooling, namely the \u201cZBA\u201d (Zero Balance Account), is preferred over notional cash pooling, which remains the exception. Under this model, the subsidiary\u2019s bank balances are virtually offset by the domestic treasury pivot bank. Physical transfers of net amounts occur both on a daily basis and at accounting closing dates.
The Company has sufficient cash and confirmed credit lines to satisfy \u201cearn-out\u201d and \u201cbuy-out\u201d debts totaling \u20ac315\u00a0million and the remaining commitment share buyback program of \u20ac25 million. Havas does not pose any liquidity risk.
As of December\u00a031, 2025, the long-term financial debt on the balance sheet amounted to \u20ac3\u00a0million. It primarily relates to employee profit-sharing.
Exchange rate risk
The Group, due to its presence in over 100\u00a0countries, is exposed to foreign currency fluctuations. As the Group\u2019s financial statements are denominated in euros, any variation in exchange rates against the euro may have an impact on translation adjustments on balance sheet items, shareholders\u2019 equity, and the consolidated income statement. The US\u00a0dollar and the British pound are the two main currencies likely to generate significant impacts.
In addition, Havas carries out operations in Argentina and Turkey. Due to hyperinflation of the Argentine peso and the Turkish Lira, the average rate used by Havas corresponds to the closing rate of the current year.
In\u00a02025, Net Revenue was achieved at 30.5% in the euro currency, 33.6% in the US\u00a0dollar currency and 15.5% in the pound sterling currency, while adjusted EBIT was achieved at 30.0% in the euro currency, 32.4% in the US\u00a0dollar currency and 15.2% in the pound sterling currency.
1.4.14 \u2013Financial assets
Non-recyclable assets measured at fair value through other comprehensive income (\u201cOCI\u201d)
These include investments in unconsolidated companies. These assets are measured at fair value. Unrealized gains or losses on financial assets at fair value through other comprehensive income are recognized as items that will not be reclassified subsequently to income (loss) in the consolidated income statement.
The fair value of these unconsolidated companies is determined based on future cash flows discounted at the market rates used for similar assets based on available information.
Once the financial asset is sold, collected or removed from the Statement of Financial Position in another way, at which time the accumulated gain or loss previously reported as other comprehensive income (loss) are transferred to retained earnings.
Dividends and interest received from unconsolidated companies are recognized in the consolidated income statement.
Other financial assets
Other financial assets mainly include loans from non-consolidated companies or employees, deposits and proceeds receivable from disposal of equity investments. These assets are valued at amortized cost according to the effective interest rate method.
Derivatives
According to the applicable accounting principles, a gain or loss on hedging instruments is recognized either in the consolidated income statement if the instruments meet the criteria of a fair value hedge, or in equity in the case of a future cash flow hedge.
To manage its exposure to interest rate and foreign exchange risks, the Group selectively negotiates derivative instruments with leading banks, thus limiting counterparty risks. These derivatives are subject to Level\u00a02 fair value measurement.
The Group applies hedge accounting to these financial instruments when their hedge efficiency is demonstrated.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
1.4.21 \u2013Borrowing and bank overdrafts
Borrowing and bank overdrafts are initially accounted for at fair value net of incremental and directly associated transaction costs. They are subsequently measured at amortized cost according to the effective interest rate method.
1.4.14 \u2013Financial assets
Non-recyclable assets measured at fair value through other comprehensive income (\u201cOCI\u201d)
These include investments in unconsolidated companies. These assets are measured at fair value. Unrealized gains or losses on financial assets at fair value through other comprehensive income are recognized as items that will not be reclassified subsequently to income (loss) in the consolidated income statement.
The fair value of these unconsolidated companies is determined based on future cash flows discounted at the market rates used for similar assets based on available information.
Once the financial asset is sold, collected or removed from the Statement of Financial Position in another way, at which time the accumulated gain or loss previously reported as other comprehensive income (loss) are transferred to retained earnings.
Dividends and interest received from unconsolidated companies are recognized in the consolidated income statement.
Other financial assets
Other financial assets mainly include loans from non-consolidated companies or employees, deposits and proceeds receivable from disposal of equity investments. These assets are valued at amortized cost according to the effective interest rate method.
Derivatives
According to the applicable accounting principles, a gain or loss on hedging instruments is recognized either in the consolidated income statement if the instruments meet the criteria of a fair value hedge, or in equity in the case of a future cash flow hedge.
To manage its exposure to interest rate and foreign exchange risks, the Group selectively negotiates derivative instruments with leading banks, thus limiting counterparty risks. These derivatives are subject to Level\u00a02 fair value measurement.
The Group applies hedge accounting to these financial instruments when their hedge efficiency is demonstrated.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
Non-recyclable assets measured at fair value through other comprehensive income (\u201cOCI\u201d)
These include investments in unconsolidated companies. These assets are measured at fair value. Unrealized gains or losses on financial assets at fair value through other comprehensive income are recognized as items that will not be reclassified subsequently to income (loss) in the consolidated income statement.
The fair value of these unconsolidated companies is determined based on future cash flows discounted at the market rates used for similar assets based on available information.
Once the financial asset is sold, collected or removed from the Statement of Financial Position in another way, at which time the accumulated gain or loss previously reported as other comprehensive income (loss) are transferred to retained earnings.
Dividends and interest received from unconsolidated companies are recognized in the consolidated income statement.
2.7 \u2013Financial assets measured at fair value through other\u00a0comprehensive\u00a0income\u00a0(OCI)
Unlisted equity investments (Level\u00a02) amounted to \u20ac43\u00a0million as of December\u00a031, 2025, compared to \u20ac40\u00a0million as of December\u00a031, 2024. Under IFRS\u00a09, these financial assets are valued at fair value through other comprehensive income, which is not subsequently reclassified to profit or loss.
Non-recyclable assets measured at fair value through other comprehensive income (\u201cOCI\u201d)
These include investments in unconsolidated companies. These assets are measured at fair value. Unrealized gains or losses on financial assets at fair value through other comprehensive income are recognized as items that will not be reclassified subsequently to income (loss) in the consolidated income statement.
The fair value of these unconsolidated companies is determined based on future cash flows discounted at the market rates used for similar assets based on available information.
Once the financial asset is sold, collected or removed from the Statement of Financial Position in another way, at which time the accumulated gain or loss previously reported as other comprehensive income (loss) are transferred to retained earnings.
Dividends and interest received from unconsolidated companies are recognized in the consolidated income statement.
Derivatives
According to the applicable accounting principles, a gain or loss on hedging instruments is recognized either in the consolidated income statement if the instruments meet the criteria of a fair value hedge, or in equity in the case of a future cash flow hedge.
To manage its exposure to interest rate and foreign exchange risks, the Group selectively negotiates derivative instruments with leading banks, thus limiting counterparty risks. These derivatives are subject to Level\u00a02 fair value measurement.
The Group applies hedge accounting to these financial instruments when their hedge efficiency is demonstrated.
1.4.15 \u2013Cash and cash equivalents
The \u201ccash and cash equivalents\u201d category, defined in accordance with IAS\u00a07, consists, on the one hand of cash in banks and remunerated or unremunerated demand deposits which corresponds to cash, and, on the other hand other highly liquid investments with initial maturities of generally three months or less which correspond to cash equivalents.
2.12 \u2013Cash and cash equivalents, net
The cash and cash equivalents position is as follows:
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Cash | \n\n 249 | \n\n 196 | \n
| \n Cash equivalents | \n\n 45 | \n\n 38 | \n
| \n Cash and cash equivalents | \n\n 294 | \n\n 234 | \n
| \n Bank overdrafts | \n\n (5) | \n\n (12) | \n
| \n Cash and cash equivalents, net | \n\n 289 | \n\n 222 | \n
Cash and cash equivalents, net reported in the cash flow statement represent cash and cash equivalents net of bank overdrafts, which pertain to cash management.
As of December\u00a031, 2025, monetary investments amounted to \u20ac45\u00a0million compared to \u20ac38\u00a0million as of December\u00a031, 2024. These investments are classified as Level\u00a01 valuation and may be converted into available funds at any time without risk of capital loss and without penalty.
1.4.15 \u2013Cash and cash equivalents
The \u201ccash and cash equivalents\u201d category, defined in accordance with IAS\u00a07, consists, on the one hand of cash in banks and remunerated or unremunerated demand deposits which corresponds to cash, and, on the other hand other highly liquid investments with initial maturities of generally three months or less which correspond to cash equivalents.
1.4.16 \u2013Customer receivables
Customer receivables are initially accounted for at fair value and subsequently measured at amortized cost minus any impairment losses.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
2.9 \u2013Customer receivables and other receivables
The table below sets out the gross value of customer receivables and other receivables shown net on the consolidated balance sheet:
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Customer receivables | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Gross(a) | \n\n 2,606 | \n\n 2,781 | \n
| \n Allowance for customer receivables | \n\n (37) | \n\n (55) | \n
| \n Customer receivables | \n\n 2,569 | \n\n 2,726 | \n
| \n Other receivables | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Advances to suppliers | \n\n 34 | \n\n 39 | \n
| \n Credit notes due | \n\n 67 | \n\n 73 | \n
| \n Other receivables | \n\n 171 | \n\n 169 | \n
| \n Prepaid expenses | \n\n 67 | \n\n 58 | \n
| \n Gross | \n\n 339 | \n\n 339 | \n
| \n Allowance for other receivables | \n\n 0 | \n\n (2) | \n
| \n Other receivables | \n\n 339 | \n\n 337 | \n
| \n (a)Of which: \u20ac513\u00a0million as of December\u00a031, 2025 and \u20ac546\u00a0million as of December\u00a031, 2024, with respect to media buying transactions. | \n
Changes in provisions for impairment of customer receivables
| \n (in euro millions) | \n\n Opening | \n\n Additions to provisions | \n\n Reversal | \n\n Reversal | \n\n Currency | \n\n Closing | \n
|---|---|---|---|---|---|---|
| \n 2024 | \n\n (53) | \n\n (27) | \n\n 16 | \n\n 9 | \n\n 0 | \n\n (55) | \n
| \n 2025 | \n\n (55) | \n\n (16) | \n\n 30 | \n\n 6 | \n\n (2) | \n\n (37) | \n
Aged analysis of customer receivables due but not impaired
| \n (in euro millions) | \n\n Total | \n\n Of which | \n\n Due and not impaired | \n||||
|---|---|---|---|---|---|---|---|
| \n <\u00a030\u00a0days | \n\n 30-60\u00a0days | \n\n 61-90\u00a0days | \n\n 91-180\u00a0days | \n\n >\u00a0180\u00a0days | \n|||
| \n Customer receivables | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n 2,726 | \n\n 2,440 | \n\n 178 | \n\n 41 | \n\n 18 | \n\n 15 | \n\n 34 | \n
| \n 2025 | \n\n 2,569 | \n\n 2,312 | \n\n 161 | \n\n 45 | \n\n 13 | \n\n 19 | \n\n 19 | \n
2.10 \u2013Changes in working capital
| \n (in euro millions) | \n\n 12/31/2024 | \n\n Changes in | \n\n Business combinations | \n\n Changes in | \n\n Other | \n\n 12/31/2025 | \n
|---|---|---|---|---|---|---|
| \n Inventories and work in progress | \n\n 115 | \n\n 26 | \n\n \u2013 | \n\n (11) | \n\n \u2013 | \n\n 130 | \n
| \n Customer receivables | \n\n 2,726 | \n\n (26) | \n\n 15 | \n\n (134) | \n\n (12) | \n\n 2,569 | \n
| \n Other receivables | \n\n 337 | \n\n 15 | \n\n (3) | \n\n (10) | \n\n \u2013 | \n\n 339 | \n
| \n Working capital assets | \n\n 3,178 | \n\n 15 | \n\n 12 | \n\n (155) | \n\n (12) | \n\n 3,038 | \n
| \n Trade payables | \n\n 2,692 | \n\n 18 | \n\n 27 | \n\n (140) | \n\n 7 | \n\n 2,603 | \n
| \n Other payables | \n\n 1,212 | \n\n 24 | \n\n 7 | \n\n (71) | \n\n (2) | \n\n 1,170 | \n
| \n Working capital liabilities | \n\n 3,904 | \n\n 42 | \n\n 34 | \n\n (211) | \n\n 5 | \n\n 3,773 | \n
| \n Changes in working capital | \n\n (725) | \n\n (27) | \n\n (22) | \n\n 56 | \n\n (17) | \n\n (735) | \n
| \n (in euro millions) | \n\n 12/31/2023 | \n\n Changes in | \n\n Business combinations | \n\n Changes in foreign currency translation adjustments | \n\n Other | \n\n 12/31/2024 | \n
|---|---|---|---|---|---|---|
| \n Inventories and work in progress | \n\n 91 | \n\n 22 | \n\n (2) | \n\n 4 | \n\n \u2013 | \n\n 115 | \n
| \n Customer receivables | \n\n 2,787 | \n\n (98) | \n\n 22 | \n\n 16 | \n\n \u2013 | \n\n 2,726 | \n
| \n Other receivables | \n\n 349 | \n\n (5) | \n\n 2 | \n\n (2) | \n\n (7) | \n\n 337 | \n
| \n Working capital assets | \n\n 3,227 | \n\n (81) | \n\n 22 | \n\n 18 | \n\n (7) | \n\n 3,178 | \n
| \n Trade payables | \n\n 2,845 | \n\n (188) | \n\n 15 | \n\n 27 | \n\n (8) | \n\n 2,692 | \n
| \n Other payables | \n\n 1,151 | \n\n 36 | \n\n 5 | \n\n 19 | \n\n \u2013 | \n\n 1,212 | \n
| \n Working capital liabilities | \n\n 3,996 | \n\n (150) | \n\n 20 | \n\n 46 | \n\n (8) | \n\n 3,904 | \n
| \n Changes in working capital | \n\n (769) | \n\n 71 | \n\n 2 | \n\n (28) | \n\n 1 | \n\n (725) | \n
1.4.16 \u2013Customer receivables
Customer receivables are initially accounted for at fair value and subsequently measured at amortized cost minus any impairment losses.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
2.9 \u2013Customer receivables and other receivables
The table below sets out the gross value of customer receivables and other receivables shown net on the consolidated balance sheet:
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Customer receivables | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Gross(a) | \n\n 2,606 | \n\n 2,781 | \n
| \n Allowance for customer receivables | \n\n (37) | \n\n (55) | \n
| \n Customer receivables | \n\n 2,569 | \n\n 2,726 | \n
| \n Other receivables | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Advances to suppliers | \n\n 34 | \n\n 39 | \n
| \n Credit notes due | \n\n 67 | \n\n 73 | \n
| \n Other receivables | \n\n 171 | \n\n 169 | \n
| \n Prepaid expenses | \n\n 67 | \n\n 58 | \n
| \n Gross | \n\n 339 | \n\n 339 | \n
| \n Allowance for other receivables | \n\n 0 | \n\n (2) | \n
| \n Other receivables | \n\n 339 | \n\n 337 | \n
| \n (a)Of which: \u20ac513\u00a0million as of December\u00a031, 2025 and \u20ac546\u00a0million as of December\u00a031, 2024, with respect to media buying transactions. | \n
Changes in provisions for impairment of customer receivables
| \n (in euro millions) | \n\n Opening | \n\n Additions to provisions | \n\n Reversal | \n\n Reversal | \n\n Currency | \n\n Closing | \n
|---|---|---|---|---|---|---|
| \n 2024 | \n\n (53) | \n\n (27) | \n\n 16 | \n\n 9 | \n\n 0 | \n\n (55) | \n
| \n 2025 | \n\n (55) | \n\n (16) | \n\n 30 | \n\n 6 | \n\n (2) | \n\n (37) | \n
Aged analysis of customer receivables due but not impaired
| \n (in euro millions) | \n\n Total | \n\n Of which | \n\n Due and not impaired | \n||||
|---|---|---|---|---|---|---|---|
| \n <\u00a030\u00a0days | \n\n 30-60\u00a0days | \n\n 61-90\u00a0days | \n\n 91-180\u00a0days | \n\n >\u00a0180\u00a0days | \n|||
| \n Customer receivables | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n 2,726 | \n\n 2,440 | \n\n 178 | \n\n 41 | \n\n 18 | \n\n 15 | \n\n 34 | \n
| \n 2025 | \n\n 2,569 | \n\n 2,312 | \n\n 161 | \n\n 45 | \n\n 13 | \n\n 19 | \n\n 19 | \n
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
2.9 \u2013Customer receivables and other receivables
The table below sets out the gross value of customer receivables and other receivables shown net on the consolidated balance sheet:
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Customer receivables | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Gross(a) | \n\n 2,606 | \n\n 2,781 | \n
| \n Allowance for customer receivables | \n\n (37) | \n\n (55) | \n
| \n Customer receivables | \n\n 2,569 | \n\n 2,726 | \n
| \n Other receivables | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Advances to suppliers | \n\n 34 | \n\n 39 | \n
| \n Credit notes due | \n\n 67 | \n\n 73 | \n
| \n Other receivables | \n\n 171 | \n\n 169 | \n
| \n Prepaid expenses | \n\n 67 | \n\n 58 | \n
| \n Gross | \n\n 339 | \n\n 339 | \n
| \n Allowance for other receivables | \n\n 0 | \n\n (2) | \n
| \n Other receivables | \n\n 339 | \n\n 337 | \n
| \n (a)Of which: \u20ac513\u00a0million as of December\u00a031, 2025 and \u20ac546\u00a0million as of December\u00a031, 2024, with respect to media buying transactions. | \n
Changes in provisions for impairment of customer receivables
| \n (in euro millions) | \n\n Opening | \n\n Additions to provisions | \n\n Reversal | \n\n Reversal | \n\n Currency | \n\n Closing | \n
|---|---|---|---|---|---|---|
| \n 2024 | \n\n (53) | \n\n (27) | \n\n 16 | \n\n 9 | \n\n 0 | \n\n (55) | \n
| \n 2025 | \n\n (55) | \n\n (16) | \n\n 30 | \n\n 6 | \n\n (2) | \n\n (37) | \n
Aged analysis of customer receivables due but not impaired
| \n (in euro millions) | \n\n Total | \n\n Of which | \n\n Due and not impaired | \n||||
|---|---|---|---|---|---|---|---|
| \n <\u00a030\u00a0days | \n\n 30-60\u00a0days | \n\n 61-90\u00a0days | \n\n 91-180\u00a0days | \n\n >\u00a0180\u00a0days | \n|||
| \n Customer receivables | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n 2,726 | \n\n 2,440 | \n\n 178 | \n\n 41 | \n\n 18 | \n\n 15 | \n\n 34 | \n
| \n 2025 | \n\n 2,569 | \n\n 2,312 | \n\n 161 | \n\n 45 | \n\n 13 | \n\n 19 | \n\n 19 | \n
Credit Risk
The Group provides advertising and communications services to a wide range of clients operating in many different industry sectors around the world. The Group grants credit to all qualified clients. It does not believe it is exposed to any undue concentration of credit risk related to either a specific country or client. Consequently, concentrations of credit risk on accounts receivable are limited. In\u00a02015, the Group selected a leading credit insurer to cover its main client credit risks worldwide.
In addition, the Group may be exposed to credit risk with bank partners in connection with operations on the financial markets and banking transactions. Operations or transactions relate mainly to the management of foreign currency exchange risk, interest rate risk, financial investments and financing. A default or deterioration in the financial position of a counterparty could have a negative impact on the Group resulting in a loss of financial investments or causing difficulties in finding a new source of financing for the coming years.
To minimize this risk, in\u00a02006, the Group introduced a process to rationalize its banking relationships and give preference to leading banks. Investing and financing operations are allocated to a certain number of these banks under the supervision of the Group Executive Committee.
The Group recognizes lifetime expected credit losses for customer receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at reporting date.
Furthermore, receivables from customers in disputes or litigation are generally fully impaired.
Customer receivables include, in particular, media buying transactions conducted by the Group. Media buying transactions invoiced to clients but not yet settled, or that remain to be invoiced and for which the media was aired or published.
1.4.17 \u2013Trade payables
Payables due to media suppliers are recorded under \u201cTrade payables\u201d. The trade payables includes all operating payables corelated to the purchase of goods and services including those related to media buying where the Company acts as agent. These payables are generally due within less than one year.
2.10 \u2013Changes in working capital
| \n (in euro millions) | \n\n 12/31/2024 | \n\n Changes in | \n\n Business combinations | \n\n Changes in | \n\n Other | \n\n 12/31/2025 | \n
|---|---|---|---|---|---|---|
| \n Inventories and work in progress | \n\n 115 | \n\n 26 | \n\n \u2013 | \n\n (11) | \n\n \u2013 | \n\n 130 | \n
| \n Customer receivables | \n\n 2,726 | \n\n (26) | \n\n 15 | \n\n (134) | \n\n (12) | \n\n 2,569 | \n
| \n Other receivables | \n\n 337 | \n\n 15 | \n\n (3) | \n\n (10) | \n\n \u2013 | \n\n 339 | \n
| \n Working capital assets | \n\n 3,178 | \n\n 15 | \n\n 12 | \n\n (155) | \n\n (12) | \n\n 3,038 | \n
| \n Trade payables | \n\n 2,692 | \n\n 18 | \n\n 27 | \n\n (140) | \n\n 7 | \n\n 2,603 | \n
| \n Other payables | \n\n 1,212 | \n\n 24 | \n\n 7 | \n\n (71) | \n\n (2) | \n\n 1,170 | \n
| \n Working capital liabilities | \n\n 3,904 | \n\n 42 | \n\n 34 | \n\n (211) | \n\n 5 | \n\n 3,773 | \n
| \n Changes in working capital | \n\n (725) | \n\n (27) | \n\n (22) | \n\n 56 | \n\n (17) | \n\n (735) | \n
| \n (in euro millions) | \n\n 12/31/2023 | \n\n Changes in | \n\n Business combinations | \n\n Changes in foreign currency translation adjustments | \n\n Other | \n\n 12/31/2024 | \n
|---|---|---|---|---|---|---|
| \n Inventories and work in progress | \n\n 91 | \n\n 22 | \n\n (2) | \n\n 4 | \n\n \u2013 | \n\n 115 | \n
| \n Customer receivables | \n\n 2,787 | \n\n (98) | \n\n 22 | \n\n 16 | \n\n \u2013 | \n\n 2,726 | \n
| \n Other receivables | \n\n 349 | \n\n (5) | \n\n 2 | \n\n (2) | \n\n (7) | \n\n 337 | \n
| \n Working capital assets | \n\n 3,227 | \n\n (81) | \n\n 22 | \n\n 18 | \n\n (7) | \n\n 3,178 | \n
| \n Trade payables | \n\n 2,845 | \n\n (188) | \n\n 15 | \n\n 27 | \n\n (8) | \n\n 2,692 | \n
| \n Other payables | \n\n 1,151 | \n\n 36 | \n\n 5 | \n\n 19 | \n\n \u2013 | \n\n 1,212 | \n
| \n Working capital liabilities | \n\n 3,996 | \n\n (150) | \n\n 20 | \n\n 46 | \n\n (8) | \n\n 3,904 | \n
| \n Changes in working capital | \n\n (769) | \n\n 71 | \n\n 2 | \n\n (28) | \n\n 1 | \n\n (725) | \n
2.20 \u2013Other payables
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Advances from clients | \n\n 378 | \n\n 370 | \n
| \n Personnel payables and social contributions | \n\n 229 | \n\n 227 | \n
| \n Client payables | \n\n 97 | \n\n 123 | \n
| \n Tax liabilities | \n\n 189 | \n\n 187 | \n
| \n Other liabilities | \n\n 140 | \n\n 158 | \n
| \n Deferred income | \n\n 137 | \n\n 147 | \n
| \n Total | \n\n 1,170 | \n\n 1,212 | \n
Advances from clients mainly relate to advances and prebilling for the Group\u2019s creative operations in the United States of America and in the United Kingdom.
Deferred income are considerations received or invoiced to clients for which the Group has an obligation to provide goods or services.
The Group has applied the practical expedient permitted by IFRS\u00a015 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less.
1.4.17 \u2013Trade payables
Payables due to media suppliers are recorded under \u201cTrade payables\u201d. The trade payables includes all operating payables corelated to the purchase of goods and services including those related to media buying where the Company acts as agent. These payables are generally due within less than one year.
1.4.18 \u2013Inventories and work in progress
Inventories and work in progress include external purchasing costs for specific ongoing projects and from the purchase of media space for resale. An impairment is recognized when their realizable value becomes lower than their cost.
2.10 \u2013Changes in working capital
| \n (in euro millions) | \n\n 12/31/2024 | \n\n Changes in | \n\n Business combinations | \n\n Changes in | \n\n Other | \n\n 12/31/2025 | \n
|---|---|---|---|---|---|---|
| \n Inventories and work in progress | \n\n 115 | \n\n 26 | \n\n \u2013 | \n\n (11) | \n\n \u2013 | \n\n 130 | \n
| \n Customer receivables | \n\n 2,726 | \n\n (26) | \n\n 15 | \n\n (134) | \n\n (12) | \n\n 2,569 | \n
| \n Other receivables | \n\n 337 | \n\n 15 | \n\n (3) | \n\n (10) | \n\n \u2013 | \n\n 339 | \n
| \n Working capital assets | \n\n 3,178 | \n\n 15 | \n\n 12 | \n\n (155) | \n\n (12) | \n\n 3,038 | \n
| \n Trade payables | \n\n 2,692 | \n\n 18 | \n\n 27 | \n\n (140) | \n\n 7 | \n\n 2,603 | \n
| \n Other payables | \n\n 1,212 | \n\n 24 | \n\n 7 | \n\n (71) | \n\n (2) | \n\n 1,170 | \n
| \n Working capital liabilities | \n\n 3,904 | \n\n 42 | \n\n 34 | \n\n (211) | \n\n 5 | \n\n 3,773 | \n
| \n Changes in working capital | \n\n (725) | \n\n (27) | \n\n (22) | \n\n 56 | \n\n (17) | \n\n (735) | \n
| \n (in euro millions) | \n\n 12/31/2023 | \n\n Changes in | \n\n Business combinations | \n\n Changes in foreign currency translation adjustments | \n\n Other | \n\n 12/31/2024 | \n
|---|---|---|---|---|---|---|
| \n Inventories and work in progress | \n\n 91 | \n\n 22 | \n\n (2) | \n\n 4 | \n\n \u2013 | \n\n 115 | \n
| \n Customer receivables | \n\n 2,787 | \n\n (98) | \n\n 22 | \n\n 16 | \n\n \u2013 | \n\n 2,726 | \n
| \n Other receivables | \n\n 349 | \n\n (5) | \n\n 2 | \n\n (2) | \n\n (7) | \n\n 337 | \n
| \n Working capital assets | \n\n 3,227 | \n\n (81) | \n\n 22 | \n\n 18 | \n\n (7) | \n\n 3,178 | \n
| \n Trade payables | \n\n 2,845 | \n\n (188) | \n\n 15 | \n\n 27 | \n\n (8) | \n\n 2,692 | \n
| \n Other payables | \n\n 1,151 | \n\n 36 | \n\n 5 | \n\n 19 | \n\n \u2013 | \n\n 1,212 | \n
| \n Working capital liabilities | \n\n 3,996 | \n\n (150) | \n\n 20 | \n\n 46 | \n\n (8) | \n\n 3,904 | \n
| \n Changes in working capital | \n\n (769) | \n\n 71 | \n\n 2 | \n\n (28) | \n\n 1 | \n\n (725) | \n
1.4.18 \u2013Inventories and work in progress
Inventories and work in progress include external purchasing costs for specific ongoing projects and from the purchase of media space for resale. An impairment is recognized when their realizable value becomes lower than their cost.
1.4.19 \u2013Deferred taxes
Differences at closing between the tax base value of assets and liabilities and their carrying value in the consolidated balance sheet give rise to temporary differences.
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized, or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results (generally over three years), non-recurring items unlikely to occur in the future and the tax strategy.
Uncertain tax liabilities are recorded in corporate income tax liabilities.
The tax rate change effect is either recognized in the consolidated income statement for the financial period or in equity, depending on the corresponding item to which it relates.
Main components of income tax expense
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Current income tax expense | \n\n (88) | \n\n (94) | \n
| \n Deferred tax (expense)/income | \n\n (2) | \n\n 5 | \n
| \n Income tax expense | \n\n (90) | \n\n (89) | \n
Deferred taxes by nature
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Tax losses carried forward | \n\n 214 | \n\n 222 | \n
| \n Temporary differences | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u25cfpost-employment benefits | \n\n 18 | \n\n 20 | \n
| \n \u25cfrestatements of IFRS\u00a016 contracts(a) | \n\n 15 | \n\n 19 | \n
| \n \u25cfamortization | \n\n 3 | \n\n 4 | \n
| \n \u25cfprovisions and other | \n\n 92 | \n\n 96 | \n
| \n \u25cfdeductible goodwill amortization | \n\n (52) | \n\n (54) | \n
| \n \u25cfprovisions for tax risks | \n\n (9) | \n\n (12) | \n
| \n \u25cfother | \n\n (58) | \n\n (55) | \n
| \n Unrecognized deferred tax assets | \n\n (201) | \n\n (213) | \n
| \n Net deferred taxes on the balance sheet | \n\n 22 | \n\n 27 | \n
| \n (a)In 2025, the \u20ac15\u00a0million include deferred tax assets (\u20ac76\u00a0million) and deferred tax liabilities (\u20ac61\u00a0million). The calculation of deferred taxes relating to IFRS\u00a016 is shown net under this heading. As a result of the amendment to IAS\u00a012, the de-netted amount would increase deferred tax assets and liabilities by \u20ac61\u00a0million in\u00a02025 and by \u20ac62\u00a0million in\u00a02024. | \n
Estimated schedule of tax losses carried forward
| \n (in euro millions) | \n\n 12/31/2025 | \n
|---|---|
| \n 2026 | \n\n 104 | \n
| \n 2027 | \n\n 19 | \n
| \n 2028 | \n\n 16 | \n
| \n 2029 | \n\n 17 | \n
| \n 2030 | \n\n 34 | \n
| \n After 2030 | \n\n 651 | \n
| \n Total tax losses carried forward | \n\n 841 | \n
The Group has carried out an analysis of deferred tax assets based on the situation of each subsidiary or tax Group and the tax rules applicable to them.
A period of three years is generally used to assess the probability of recovery of these deferred tax assets.
This analysis of recoverability is based on the latest available budget data, amended by tax adjustments determined by the Group\u2019s Tax Department. Each year, the forecast utilization is reconciled with the actual utilization. Where necessary, adjustments are made to take account of the difficult environment in the advertising sector as a whole, and the emergence of new competitors.
Havas N.V. is the head of the French tax group as per January 1, 2025.
In France, only Havas\u00a0SAS is entitled to use tax losses carried forward prior to 2017 (\u20ac145\u00a0million of deferred tax assets fully unrecognized in\u00a02025 vs. \u20ac146\u00a0million in\u00a02024).
For tax losses, deferred tax assets were recognized mainly for Australia, Canada and Mexico in\u00a02025 and\u00a02024.
When forecasting the recoverability of deferred taxes, the Group adjusts the level of deferred tax assets as closely as possible to the tax instability of countries and to changes in taxable income.
Most tax losses can be carried forward indefinitely, notably in France, Germany and Belgium, for a total representing 75% of accumulated losses at year-end 2025, 75% at year-end 2024.
Consistent with the IAS 12 amendment regarding Pillar Two taxation as issued by the IASB and adopted by the EU, Havas Group has completed the Pillar Two tests, and no charges were identified or recorded in the financial statements.
1.4.19 \u2013Deferred taxes
Differences at closing between the tax base value of assets and liabilities and their carrying value in the consolidated balance sheet give rise to temporary differences.
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized, or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results (generally over three years), non-recurring items unlikely to occur in the future and the tax strategy.
Uncertain tax liabilities are recorded in corporate income tax liabilities.
The tax rate change effect is either recognized in the consolidated income statement for the financial period or in equity, depending on the corresponding item to which it relates.
2.19 \u2013Income tax expense
Main components of income tax expense
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Current income tax expense | \n\n (88) | \n\n (94) | \n
| \n Deferred tax (expense)/income | \n\n (2) | \n\n 5 | \n
| \n Income tax expense | \n\n (90) | \n\n (89) | \n
Reconciliation between theoretical and actual income tax expense
| \n \n | \n\n Reconciliation in euro million | \n\n Reconciliation effective tax rate | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Income of consolidated companies (excluding equity consolidated investments) | \n\n 298 | \n\n 278 | \n\n \n | \n\n \n | \n
| \n Theoretical income tax expense | \n\n (77) | \n\n (72) | \n\n 25.8% | \n\n 25.8% | \n
| \n Effect of permanent additions and deductions | \n\n (19) | \n\n (19) | \n\n 6.4% | \n\n 6.8% | \n
| \n Change in unrecognized deferred tax assets | \n\n 8 | \n\n 8 | \n\n (2.7)% | \n\n (2.9)% | \n
| \n Effect of different tax rates | \n\n 1 | \n\n \u2013 | \n\n (0.4)% | \n\n 0.0% | \n
| \n Other | \n\n (3) | \n\n (6) | \n\n 1.0% | \n\n 2.2% | \n
| \n Income tax expense | \n\n (90) | \n\n (89) | \n\n 30.1% | \n\n 31.9% | \n
Deferred taxes by nature
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Tax losses carried forward | \n\n 214 | \n\n 222 | \n
| \n Temporary differences | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u25cfpost-employment benefits | \n\n 18 | \n\n 20 | \n
| \n \u25cfrestatements of IFRS\u00a016 contracts(a) | \n\n 15 | \n\n 19 | \n
| \n \u25cfamortization | \n\n 3 | \n\n 4 | \n
| \n \u25cfprovisions and other | \n\n 92 | \n\n 96 | \n
| \n \u25cfdeductible goodwill amortization | \n\n (52) | \n\n (54) | \n
| \n \u25cfprovisions for tax risks | \n\n (9) | \n\n (12) | \n
| \n \u25cfother | \n\n (58) | \n\n (55) | \n
| \n Unrecognized deferred tax assets | \n\n (201) | \n\n (213) | \n
| \n Net deferred taxes on the balance sheet | \n\n 22 | \n\n 27 | \n
| \n (a)In 2025, the \u20ac15\u00a0million include deferred tax assets (\u20ac76\u00a0million) and deferred tax liabilities (\u20ac61\u00a0million). The calculation of deferred taxes relating to IFRS\u00a016 is shown net under this heading. As a result of the amendment to IAS\u00a012, the de-netted amount would increase deferred tax assets and liabilities by \u20ac61\u00a0million in\u00a02025 and by \u20ac62\u00a0million in\u00a02024. | \n
Estimated schedule of tax losses carried forward
| \n (in euro millions) | \n\n 12/31/2025 | \n
|---|---|
| \n 2026 | \n\n 104 | \n
| \n 2027 | \n\n 19 | \n
| \n 2028 | \n\n 16 | \n
| \n 2029 | \n\n 17 | \n
| \n 2030 | \n\n 34 | \n
| \n After 2030 | \n\n 651 | \n
| \n Total tax losses carried forward | \n\n 841 | \n
The Group has carried out an analysis of deferred tax assets based on the situation of each subsidiary or tax Group and the tax rules applicable to them.
A period of three years is generally used to assess the probability of recovery of these deferred tax assets.
This analysis of recoverability is based on the latest available budget data, amended by tax adjustments determined by the Group\u2019s Tax Department. Each year, the forecast utilization is reconciled with the actual utilization. Where necessary, adjustments are made to take account of the difficult environment in the advertising sector as a whole, and the emergence of new competitors.
Havas N.V. is the head of the French tax group as per January 1, 2025.
In France, only Havas\u00a0SAS is entitled to use tax losses carried forward prior to 2017 (\u20ac145\u00a0million of deferred tax assets fully unrecognized in\u00a02025 vs. \u20ac146\u00a0million in\u00a02024).
For tax losses, deferred tax assets were recognized mainly for Australia, Canada and Mexico in\u00a02025 and\u00a02024.
When forecasting the recoverability of deferred taxes, the Group adjusts the level of deferred tax assets as closely as possible to the tax instability of countries and to changes in taxable income.
Most tax losses can be carried forward indefinitely, notably in France, Germany and Belgium, for a total representing 75% of accumulated losses at year-end 2025, 75% at year-end 2024.
Consistent with the IAS 12 amendment regarding Pillar Two taxation as issued by the IASB and adopted by the EU, Havas Group has completed the Pillar Two tests, and no charges were identified or recorded in the financial statements.
1.4.19 \u2013Deferred taxes
Differences at closing between the tax base value of assets and liabilities and their carrying value in the consolidated balance sheet give rise to temporary differences.
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized, or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results (generally over three years), non-recurring items unlikely to occur in the future and the tax strategy.
Uncertain tax liabilities are recorded in corporate income tax liabilities.
The tax rate change effect is either recognized in the consolidated income statement for the financial period or in equity, depending on the corresponding item to which it relates.
1.4.19 \u2013Deferred taxes
Differences at closing between the tax base value of assets and liabilities and their carrying value in the consolidated balance sheet give rise to temporary differences.
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized, or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results (generally over three years), non-recurring items unlikely to occur in the future and the tax strategy.
Uncertain tax liabilities are recorded in corporate income tax liabilities.
The tax rate change effect is either recognized in the consolidated income statement for the financial period or in equity, depending on the corresponding item to which it relates.
1.4.20 \u2013Treasury shares
In accordance with IAS\u00a032, the repurchase commitment is recognized as a commitment share buyback program liability (\u201cgross liability\u201d) until receipt of the shares with a corresponding debit in equity.
Throughout the life of the program:
\u25cfthe amount of the gross liability will vary based on the amount of share buybacks that have already been implemented and will therefore reflect the current level of the maximum monetary buyback threshold;
\u25cfindeed, upon delivery of the shares against payment by Havas, the corresponding amount of \u201cgross liability\u201d will be derecognized against cash and the debit to equity may be reclassified as treasury shares or shares cancelled as appropriate.
At the end of the arrangement, should the repurchase program not have been fully used (i.e. the financial institution has not repurchased shares up to the maximum amount), the remaining amount of the \u201cgross liability\u201d will be credited back to equity.
Share buyback AND TREASURY SHARES - After the reversed share split
In accordance with the authorization from the General Meeting of Shareholders held in May\u00a028, 2025, Havas\u00a0N.V. launched a share buyback program for its own ordinary shares for a maximum aggregate amount of \u20ac50\u00a0million.
Since the beginning of the program on June 2, 2025, the Group has bought back 1,648 thousand Havas N.V. Ordinary Shares at an average price of \u20ac14.99 per share for an aggregate amount of \u20ac25 million.
The Ordinary Shares repurchased may be used by the Group for reducing its share capital; or allocating to short or long-term incentive for management or employees\u2019 share plan.
Among the 1,648 thousand Ordinary Shares bought back in 2025, the Board of Directors held on November 19, 2025, decided to allocate 509 thousand Ordinary Shares to short or long-term incentive for management or employees\u2019 share plan.
As of December 31, 2025, Treasury Shares are 1,139 thousand Havas N.V. Ordinary Shares.
The maximum remaining commitment related to the share buyback program amounts to \u20ac25\u00a0million as of December\u00a031, 2025, and is recognized in the balance sheet as a commitment share buyback program.
1.4.20 \u2013Treasury shares
In accordance with IAS\u00a032, the repurchase commitment is recognized as a commitment share buyback program liability (\u201cgross liability\u201d) until receipt of the shares with a corresponding debit in equity.
Throughout the life of the program:
\u25cfthe amount of the gross liability will vary based on the amount of share buybacks that have already been implemented and will therefore reflect the current level of the maximum monetary buyback threshold;
\u25cfindeed, upon delivery of the shares against payment by Havas, the corresponding amount of \u201cgross liability\u201d will be derecognized against cash and the debit to equity may be reclassified as treasury shares or shares cancelled as appropriate.
At the end of the arrangement, should the repurchase program not have been fully used (i.e. the financial institution has not repurchased shares up to the maximum amount), the remaining amount of the \u201cgross liability\u201d will be credited back to equity.
1.4.21 \u2013Borrowing and bank overdrafts
Borrowing and bank overdrafts are initially accounted for at fair value net of incremental and directly associated transaction costs. They are subsequently measured at amortized cost according to the effective interest rate method.
2.15 \u2013Financial debt (excluding lease liabilities and earn-out and buy-out obligations)
2.15.1 \u2013Summary of GROSS FINANCIAL debt
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n||||
|---|---|---|---|---|---|---|
| \n Total | \n\n Current | \n\n Non-Current | \n\n Total | \n\n Current | \n\n Non-Current | \n|
| \n Bank borrowings | \n\n 2 | \n\n 2 | \n\n \u2013 | \n\n 2 | \n\n 1 | \n\n 1 | \n
| \n Commercial Papers | \n\n 73 | \n\n 73 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other financial debts | \n\n 7 | \n\n 4 | \n\n 3 | \n\n 9 | \n\n 6 | \n\n 3 | \n
| \n Total borrowings | \n\n 82 | \n\n 79 | \n\n 3 | \n\n 11 | \n\n 7 | \n\n 4 | \n
| \n Bank overdrafts | \n\n 5 | \n\n 5 | \n\n \u2013 | \n\n 12 | \n\n 12 | \n\n \u2013 | \n
| \n Gross financial debt (excluding lease liabilities | \n\n 87 | \n\n 84 | \n\n 3 | \n\n 23 | \n\n 19 | \n\n 4 | \n
2.15.2 \u2013COVENANT
The syndicated loan is subject to compliance with the following financial ratios (covenant).
| \n Covenant | \n\n \n | \n
|---|---|
| \n Net income (in euro millions) | \n\n 210 | \n
| \n Less: | \n\n \u00a0 | \n
| \n Income taxes | \n\n (90) | \n
| \n Other financial income and expenses | \n\n (34) | \n
| \n Operating income (EBIT) (in euro millions) | \n\n 334 | \n
| \n Less: | \n\n \u00a0 | \n
| \n Impairment goodwill/Earn-out updated | \n\n (2) | \n
| \n Restructuring | \n\n (22) | \n
| \n Adjusted EBIT (in euro millions) | \n\n 358 | \n
| \n Add: | \n\n \u00a0 | \n
| \n Amortization charge | \n\n 41 | \n
| \n Less: | \n\n \u00a0 | \n
| \n Lease IFRS\u00a016 | \n\n 88 | \n
| \n Amortization IFRS\u00a016 | \n\n (70) | \n
| \n Depreciation/Reversal IFRS\u00a016 | \n\n 7 | \n
| \n Consolidated EBITDA | \n\n 374 | \n
| \n Consolidated gross debt (borrowings and financial debt) | \n\n 87 | \n
| \n Cash and cash equivalents | \n\n (294) | \n
| \n Consolidated net debt | \n\n (207) | \n
| \n Leverage ratio: consolidated net debt/consolidated EBITDA | \n\n (0.6) <\u00a03x | \n
This ratio was complied with as of December\u00a031, 2025.
The definitions of the terms used are the following:
\u25cf\u201cAdjusted EBIT\u201d represents net income, excluding income taxes, other financial income and expenses, goodwill impairment, earn-out adjustments and restructuring charges;
\u25cf\u201cConsolidated EBITDA\u201d means recurring operating profit (\u201cr\u00e9sultat op\u00e9rationnel courant\u201d) as shown in the latest Borrower\u2019s audited Consolidated Financial Statements (or Adjusted EBIT as shown in the latest Havas Parent Company\u2019s audited Consolidated Financial Statements if and when they are available, as applicable) after the adding back the net amount of all depreciation and amortization of tangible and intangible assets that have been deducted to obtain this recurring operating profit (or this Adjusted EBIT \u2013\u00a0in case of Havas Parent Company\u2019s audited Consolidated Financial Statements), minus all adjustments arising from the application of IFRS\u00a016 \u2013\u00a0Lease, depreciation and amortization;
\u25cf\u201cConsolidated Gross Debt\u201d means, at any time in the latest Borrower\u2019s audited Consolidated Financial Statements (or of the Havas Parent Company if and when they are available, as applicable), without taking into account the impacts of the application of IFRS\u00a016, the aggregate amount of long term and short term borrowings and other financial liabilities as shown in the latest Borrower\u2019s audited Consolidated Financial Statements (or of the Havas Parent Company if and when they are available, as applicable)\u00a0;
\u25cf\u201cConsolidated Net Debt\u201d means at any time the Consolidated Gross Debt minus \u201ccash and cash equivalents\u201d.
2.15.3 \u2013Bank borrowings and other financial debt
As of December\u00a031, 2025, the Group has drawn \u20ac73\u00a0million from commercial papers on the total authorization of \u20ac700 million.
The Group\u2019s total confirmed available credit facilities, consisting of a \u20ac700\u00a0million syndicated loan maturing in September 2030, are included in off-balance sheet commitments. In addition, the Group had unconfirmed undrawn financing arrangements of \u20ac293\u00a0million.
At December\u00a031, 2024, Havas had a syndicated loan of \u20ac700\u00a0million and unconfirmed financing arrangements of \u20ac292\u00a0million.
2.15.4 \u2013Long-term borrowings and financial debt by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n Total | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Bank borrowings | \n\n 2 | \n\n 2 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Commercial Papers | \n\n 73 | \n\n 73 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Other financial debt | \n\n 7 | \n\n 4 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013\u00a0 | \n\n \u2013 | \n
| \n Total | \n\n 82 | \n\n 79 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
| \n Portion due in less than a year | \n\n (79) | \n\n (79) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total long-term borrowings and financial debt | \n\n 3 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
1.4.21 \u2013Borrowing and bank overdrafts
Borrowing and bank overdrafts are initially accounted for at fair value net of incremental and directly associated transaction costs. They are subsequently measured at amortized cost according to the effective interest rate method.
1.4.21 \u2013Borrowing and bank overdrafts
Borrowing and bank overdrafts are initially accounted for at fair value net of incremental and directly associated transaction costs. They are subsequently measured at amortized cost according to the effective interest rate method.
1.4.22 \u2013Provisions
A provision should be recognized when, as a result of a past event, Havas has a legal or contractual obligation and it is probable that an outflow of economic resources, which can be estimated reliably, will be required to settle the obligation. The amount recognized as a provision represents the best estimate of the expenditure required to settle the present obligation at the balance sheet date. If the time value effect is significant, provisions are determined by discounting the expected future cash flows at a pre-tax discount rate that reflects the current market\u2019s assessment of the time value of money. If a reliable estimate of the obligation amount cannot be made, no provision is recognized, and this information is disclosed in the notes to the Consolidated Financial Statements.
Provisions recognized in the Consolidated Financial Statements mainly relate to retirement obligations, leased office restoration, tax risk, litigations with third parties and as described in Note\u00a02.16.
Provisions for leased office restoration are recognized at the commencement date of the lease contract when such contract include an obligation to restore the asset to its original condition. The provision is estimated by management and is regularly reviewed and adjusted as appropriate for new circumstances.
2.16 \u2013Provisions
The table below summarizes changes in provisions in fiscal years 2024 and\u00a02025:
| \n (in euro millions) | \n\n Year ended | \n\n Year ended | \n
|---|---|---|
| \n Pension and post-employment benefits | \n\n 70 | \n\n 80 | \n
| \n Risk of unpaid rent from subletting | \n\n 6 | \n\n 10 | \n
| \n Dismantling, removal obligation IFRS\u00a016 | \n\n 13 | \n\n 18 | \n
| \n Litigation | \n\n 10 | \n\n 8 | \n
| \n Other provisions | \n\n 47 | \n\n 55 | \n
| \n Provisions | \n\n 146 | \n\n 171 | \n
| \n Deduction of current provisions | \n\n (57) | \n\n (63) | \n
| \n Non-current provisions | \n\n 89 | \n\n 108 | \n
Change in provisions
| \n (in euro millions) | \n\n Year ended | \n\n Year ended | \n
|---|---|---|
| \n Opening balance | \n\n 171 | \n\n 185 | \n
| \n Additions | \n\n 38 | \n\n 41 | \n
| \n Reversals of used provisions | \n\n (22) | \n\n (22) | \n
| \n Reversals of unused provisions | \n\n (26) | \n\n (29) | \n
| \n Changes in foreign currency translation adjustments and other | \n\n \u00a0(15) | \n\n \u00a0(4) | \n
| \n Closing balance | \n\n 146 | \n\n 171 | \n
2.30 \u2013Risks related to material litigations
In the normal course of their activities, Havas\u00a0SA and its subsidiaries are parties to a certain number of legal, administrative or arbitration proceedings. The expenses that may be incurred in these proceedings are provisioned for to the extent they are probable and measurable. Such provisions are determined by risk assessments conducted on a case-by-case basis (see Note\u00a02.16).
Tax litigations
Equalization tax
Havas\u00a0SA initiated legal proceedings for the refund of the withholding tax paid by the Company between\u00a02000 and\u00a02002 on the redistribution of dividends from European subsidiaries. On July\u00a028, 2017, following the filing of the case before the Administrative Court and Court of Appeal, the French Council of State (Conseil d\u2019\u00c9tat) found that the appeal on a point of law (pourvoi en cassation) made by Havas against the decision of the Versailles Court of Appeal was inadmissible. This decision irrevocably ended the tax litigation and barred Havas from obtaining a refund of the withholding tax.
To restore Havas\u2019s right to compensation, three combined actions were taken:
i)a claim before the European Commission;
ii)an application for referral to the European Court of Human Rights;
iii)a claim for compensation under an action for damages against the French state.
In a decision issued on May\u00a019, 2022, the European Court of Human Rights ultimately ruled the application inadmissible. In a motion filed on May\u00a029, 2018 at the Administrative Court of Cergy-Pontoise, Havas sought compensation for damages allegedly suffered due to the decision to not admit its appeal to the French Council of State (Conseil d\u2019\u00c9tat). This is the only pending litigation Havas has concerning withholding tax.
The damages that Havas is claiming amount to \u20ac59\u00a0million (the amount of the advance payment and the late payment interest which it should have received).
On March\u00a028, 2023, the Court of Cergy-Pontoise dismissed Havas\u2019s claims.
On May\u00a026, 2023, as a precautionary measure to preserve its interests, Havas filed a motion before the administrative Court of Appeal of Versailles seeking to have the judgement of the Administrative Court annulled and to obtain an order that the French State compensate for the damage suffered.
In response, the Minister of Justice filed a reply brief with the administrative Court of Appeal of Versailles on July\u00a029, 2023, to which Havas responded with a new reply brief on September\u00a018, 2023.
On October\u00a023, 2023, the Minister of Justice, in his capacity as observer in the context of the litigation relating to the withholding tax, submitted his observations on the claim for compensation filed by the Company, focusing essentially on the quantum of the damage for which Havas is seeking restitution.
On December\u00a012, 2023, the Company responded with a new reply brief, to which the tax authorities replied on February\u00a02, 2024. Havas filed a new reply on February\u00a09, 2024.
On December\u00a020, 2024, at the request of the Court of Appeal of Versailles, Havas produced a summary brief containing the conclusions and pleas that the Company intended to submit to the Court. By order dated January\u00a020, 2025, the investigation was closed on February\u00a04, 2025.
The hearing was held on January 27, 2026 before the Administrative Court of Appeal of Versailles. In a judgment dated February 12, 2026, the Administrative Court of Appeal of Versailles dismissed the appeal filed by Havas. The company has decided to lodge an appeal in cassation against this judgment.
Other
Investigation by US federal prosecutors into business practices in the advertising industry
On June\u00a011, 2018, Havas received a subpoena for documents relating to one of its Spanish subsidiaries, Havas Media Alliance WWSL. These documents have been provided to the relevant US authorities. This request by the federal prosecutors appears to relate to business practices involving discounts and rebates. At this stage, Havas is not a party to any proceedings and is not being interviewed. There have been no new developments since then.
Procedure concerning the services provided by Havas Paris to Business France
On February\u00a07, 2019, Havas Paris, a subsidiary of Havas\u00a0SAS, was indicted for concealment of favoritism. This indictment came as part of a judicial investigation opened by the Paris Public Prosecutor\u2019s Office for the offence of favoritism that Business France is alleged to have committed in connection with the organization of a communication service entrusted by Business France to Havas Paris. Havas Paris disputes the facts of which it is accused and immediately appealed this decision. The Deputy Chief Executive Officer of Havas Paris was indicted on December\u00a021, 2023 for concealment of favoritism. The latter contests the facts of which he is accused and has lodged appeals against this decision. In December\u00a02024, a Partner of Havas Paris is summoned by the judicial police to be heard in 2025 as a defendant. He denies any claim. The procedure follows its course. These indictments do not have any material monetary or financial consequences for Havas Paris.
1.4.22 \u2013Provisions
A provision should be recognized when, as a result of a past event, Havas has a legal or contractual obligation and it is probable that an outflow of economic resources, which can be estimated reliably, will be required to settle the obligation. The amount recognized as a provision represents the best estimate of the expenditure required to settle the present obligation at the balance sheet date. If the time value effect is significant, provisions are determined by discounting the expected future cash flows at a pre-tax discount rate that reflects the current market\u2019s assessment of the time value of money. If a reliable estimate of the obligation amount cannot be made, no provision is recognized, and this information is disclosed in the notes to the Consolidated Financial Statements.
Provisions recognized in the Consolidated Financial Statements mainly relate to retirement obligations, leased office restoration, tax risk, litigations with third parties and as described in Note\u00a02.16.
Provisions for leased office restoration are recognized at the commencement date of the lease contract when such contract include an obligation to restore the asset to its original condition. The provision is estimated by management and is regularly reviewed and adjusted as appropriate for new circumstances.
2.16 \u2013Provisions
The table below summarizes changes in provisions in fiscal years 2024 and\u00a02025:
| \n (in euro millions) | \n\n Year ended | \n\n Year ended | \n
|---|---|---|
| \n Pension and post-employment benefits | \n\n 70 | \n\n 80 | \n
| \n Risk of unpaid rent from subletting | \n\n 6 | \n\n 10 | \n
| \n Dismantling, removal obligation IFRS\u00a016 | \n\n 13 | \n\n 18 | \n
| \n Litigation | \n\n 10 | \n\n 8 | \n
| \n Other provisions | \n\n 47 | \n\n 55 | \n
| \n Provisions | \n\n 146 | \n\n 171 | \n
| \n Deduction of current provisions | \n\n (57) | \n\n (63) | \n
| \n Non-current provisions | \n\n 89 | \n\n 108 | \n
Change in provisions
| \n (in euro millions) | \n\n Year ended | \n\n Year ended | \n
|---|---|---|
| \n Opening balance | \n\n 171 | \n\n 185 | \n
| \n Additions | \n\n 38 | \n\n 41 | \n
| \n Reversals of used provisions | \n\n (22) | \n\n (22) | \n
| \n Reversals of unused provisions | \n\n (26) | \n\n (29) | \n
| \n Changes in foreign currency translation adjustments and other | \n\n \u00a0(15) | \n\n \u00a0(4) | \n
| \n Closing balance | \n\n 146 | \n\n 171 | \n
2.30 \u2013Risks related to material litigations
In the normal course of their activities, Havas\u00a0SA and its subsidiaries are parties to a certain number of legal, administrative or arbitration proceedings. The expenses that may be incurred in these proceedings are provisioned for to the extent they are probable and measurable. Such provisions are determined by risk assessments conducted on a case-by-case basis (see Note\u00a02.16).
Tax litigations
Equalization tax
Havas\u00a0SA initiated legal proceedings for the refund of the withholding tax paid by the Company between\u00a02000 and\u00a02002 on the redistribution of dividends from European subsidiaries. On July\u00a028, 2017, following the filing of the case before the Administrative Court and Court of Appeal, the French Council of State (Conseil d\u2019\u00c9tat) found that the appeal on a point of law (pourvoi en cassation) made by Havas against the decision of the Versailles Court of Appeal was inadmissible. This decision irrevocably ended the tax litigation and barred Havas from obtaining a refund of the withholding tax.
To restore Havas\u2019s right to compensation, three combined actions were taken:
i)a claim before the European Commission;
ii)an application for referral to the European Court of Human Rights;
iii)a claim for compensation under an action for damages against the French state.
In a decision issued on May\u00a019, 2022, the European Court of Human Rights ultimately ruled the application inadmissible. In a motion filed on May\u00a029, 2018 at the Administrative Court of Cergy-Pontoise, Havas sought compensation for damages allegedly suffered due to the decision to not admit its appeal to the French Council of State (Conseil d\u2019\u00c9tat). This is the only pending litigation Havas has concerning withholding tax.
The damages that Havas is claiming amount to \u20ac59\u00a0million (the amount of the advance payment and the late payment interest which it should have received).
On March\u00a028, 2023, the Court of Cergy-Pontoise dismissed Havas\u2019s claims.
On May\u00a026, 2023, as a precautionary measure to preserve its interests, Havas filed a motion before the administrative Court of Appeal of Versailles seeking to have the judgement of the Administrative Court annulled and to obtain an order that the French State compensate for the damage suffered.
In response, the Minister of Justice filed a reply brief with the administrative Court of Appeal of Versailles on July\u00a029, 2023, to which Havas responded with a new reply brief on September\u00a018, 2023.
On October\u00a023, 2023, the Minister of Justice, in his capacity as observer in the context of the litigation relating to the withholding tax, submitted his observations on the claim for compensation filed by the Company, focusing essentially on the quantum of the damage for which Havas is seeking restitution.
On December\u00a012, 2023, the Company responded with a new reply brief, to which the tax authorities replied on February\u00a02, 2024. Havas filed a new reply on February\u00a09, 2024.
On December\u00a020, 2024, at the request of the Court of Appeal of Versailles, Havas produced a summary brief containing the conclusions and pleas that the Company intended to submit to the Court. By order dated January\u00a020, 2025, the investigation was closed on February\u00a04, 2025.
The hearing was held on January 27, 2026 before the Administrative Court of Appeal of Versailles. In a judgment dated February 12, 2026, the Administrative Court of Appeal of Versailles dismissed the appeal filed by Havas. The company has decided to lodge an appeal in cassation against this judgment.
Other
Investigation by US federal prosecutors into business practices in the advertising industry
On June\u00a011, 2018, Havas received a subpoena for documents relating to one of its Spanish subsidiaries, Havas Media Alliance WWSL. These documents have been provided to the relevant US authorities. This request by the federal prosecutors appears to relate to business practices involving discounts and rebates. At this stage, Havas is not a party to any proceedings and is not being interviewed. There have been no new developments since then.
Procedure concerning the services provided by Havas Paris to Business France
On February\u00a07, 2019, Havas Paris, a subsidiary of Havas\u00a0SAS, was indicted for concealment of favoritism. This indictment came as part of a judicial investigation opened by the Paris Public Prosecutor\u2019s Office for the offence of favoritism that Business France is alleged to have committed in connection with the organization of a communication service entrusted by Business France to Havas Paris. Havas Paris disputes the facts of which it is accused and immediately appealed this decision. The Deputy Chief Executive Officer of Havas Paris was indicted on December\u00a021, 2023 for concealment of favoritism. The latter contests the facts of which he is accused and has lodged appeals against this decision. In December\u00a02024, a Partner of Havas Paris is summoned by the judicial police to be heard in 2025 as a defendant. He denies any claim. The procedure follows its course. These indictments do not have any material monetary or financial consequences for Havas Paris.
1.4.22 \u2013Provisions
A provision should be recognized when, as a result of a past event, Havas has a legal or contractual obligation and it is probable that an outflow of economic resources, which can be estimated reliably, will be required to settle the obligation. The amount recognized as a provision represents the best estimate of the expenditure required to settle the present obligation at the balance sheet date. If the time value effect is significant, provisions are determined by discounting the expected future cash flows at a pre-tax discount rate that reflects the current market\u2019s assessment of the time value of money. If a reliable estimate of the obligation amount cannot be made, no provision is recognized, and this information is disclosed in the notes to the Consolidated Financial Statements.
Provisions recognized in the Consolidated Financial Statements mainly relate to retirement obligations, leased office restoration, tax risk, litigations with third parties and as described in Note\u00a02.16.
Provisions for leased office restoration are recognized at the commencement date of the lease contract when such contract include an obligation to restore the asset to its original condition. The provision is estimated by management and is regularly reviewed and adjusted as appropriate for new circumstances.
1.4.23 \u2013Pension and post-employment benefits
Defined contribution plans
Defined contribution plans are for the most part statutory schemes. These are post-employment benefit plans under which, for certain categories of employees, the Group pays defined contributions into an insurance company or an external pension fund, without incurring any other obligation, in respect of services rendered by the employees over the period. These contributions are recorded as expenses when incurred, in the same manner as for payroll. Such plans generate no future commitment on the part of the Group and therefore no provision is recognized.
Defined benefit plans
Defined benefit plans are post-employment obligations to provide additional benefits to certain categories of employees through contractual or collective labor agreements. These benefits may be settled either as a one-off end-of-service payment or in annual installments, in particular in the United Kingdom.
Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method over the vesting period. This method is based on annually updated assumptions which include the probability of employees remaining with Havas until retirement, expected changes in future compensation and an appropriate discount rate for each country in which Havas maintains a pension plan. Discount rates are determined at each year end by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices.
A provision is recorded in the consolidated balance sheet equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognized as follows:
\u25cfthe service cost is included in personnel costs. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment and gains and losses on settlement;
\u25cfthe financial component, recorded in other financial income (expense), consists of the undiscounting of the obligation, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and
\u25cfthe remeasurements of the net defined benefit liability (asset), recognized in other comprehensive income (loss) as items that will not be reclassified subsequently to income (loss), mainly consist of actuarial gains and losses.
Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions.
Indemnities for employment agreement termination
Local legislation, contractual agreements and collective bargaining agreements in certain countries where the Group operates may provide for severance indemnities in the event of involuntary employee terminations. These severance indemnities are recognized in balance sheet liabilities and in the consolidated income statement if, and only if, the Group has clearly undertaken to terminate the employees before their normal retirement age and to pay such indemnities, which may represent several months or even several years of salary for the employee concerned.
2.17 \u2013Pensions and post-employment benefits
Some of the Group\u2019s pension obligations and post-employment benefits are defined benefits plans and are therefore valued according to the projected credit unit method.
The benefits paid are calculated based on either the salary at termination or the average of the last three to five years preceding the retirement. They may be paid out in annual installments or as a lump sum.
In some countries, Italy in particular, pension obligations and post-employment benefits could be due on the employee\u2019s departure, irrespective of the reason.
In the United Kingdom and the United\u00a0States (with the Puerto\u00a0Rico plan transferred in\u00a02022), pension obligations are covered by contributions made by the Group to pension funds.
The Group has two material defined benefit plans in the United Kingdom, one of which was closed to new employees in April\u00a02005 and the second in April\u00a02010.
These plans are managed and monitored by trustees who meet at least twice a year, in accordance with legal requirements. At least one-third of the trustees are appointed by the beneficiaries for the more significant plan. Independent actuaries conduct regular comprehensive evaluations of these plans.
On the advice of a professional investment manager, the trustees establish an investment strategy designed to ensure the best possible long-term returns at a level of risk appropriate to the nature and maturity of the Group\u2019s commitments. The investment manager is responsible for the day-to-day management of assets in accordance with the strategy established.
Havas\u00a0SA has also undertaken to make up any shortfall in the assets invested in the pension fund up to a maximum of \u20ac24\u00a0million. At December\u00a031, 2025, an asset of \u20ac8\u00a0million was recognized, compared to an asset of \u20ac7\u00a0million at December\u00a031, 2024.
The provision amount is calculated individually, taking into account assumptions related to personnel turnover rates, salary increase rates, and a weighted average discount rate of 4.72% for 2025 and 4.14% for 2024.
At December\u00a031, 2025, the average weighted duration of these commitments represents twelve years for France and fourteen years for the United\u00a0Kingdom.
The estimated contributions to be paid for the UK and US plans (with the Puerto Rico plan transferred in\u00a02022) in\u00a02026 amount to \u20ac2\u00a0million.
Medical care obligations, shown in \u201cMedical care and bonuses for long services rendered\u201d, relate to French entities only. These obligations correspond to the probable present value of the difference between projected medical services for current retirees and their own contributions. Long-service bonuses are not material.
The calculation of medical care obligations is based on the projected employer\u2019s contributions. The revaluation rate applied to the contributions is 2.50% for 2025, consistent with 2.50% in\u00a02024. The discount rates used, including inflation, were 3.99% compared to 3.25% in\u00a02024.
Contributions paid relating to the defined contribution schemes amounted to \u20ac45\u00a0million in\u00a02025 and \u20ac44\u00a0million in\u00a02024. Expected total contributions for 2026 are approximately \u20ac46\u00a0million.
Amounts recognized in the financial statements
| \n (in euro millions) | \n\n Defined benefit pension plans | \n\n Medical care(a) | \n||
|---|---|---|---|---|
| \n Assumptions | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Discount rate including inflation | \n\n 4.72% | \n\n 4.14% | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Expected rate of return on plan assets | \n\n 4.72% | \n\n 4.14% | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Change in benefit obligation | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Projected benefit obligation at beginning of period | \n\n (172) | \n\n (186) | \n\n (4) | \n\n (4) | \n
| \n Service cost | \n\n (6) | \n\n (6) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Interest cost | \n\n (7) | \n\n (8) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Reductions/liquidations | \n\n 1 | \n\n \u2013\u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Actuarial (losses) and gains | \n\n 17 | \n\n 16 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Benefits paid | \n\n 11 | \n\n 16 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other (currency translation adjustments) | \n\n 7 | \n\n (4) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Projected benefit obligation at period end | \n\n (149) | \n\n (172) | \n\n (4) | \n\n (4) | \n
| \n Change in plan assets | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Fair value of plan assets at beginning of period | \n\n 107 | \n\n 104 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Expected return on plan assets | \n\n 5 | \n\n 5 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Employer\u2019s contributions | \n\n 2 | \n\n 2 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Benefits paid | \n\n (6) | \n\n (5) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Actuarial (losses) and gains | \n\n (7) | \n\n (4) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other (currency translation adjustments) | \n\n (6) | \n\n 5 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Fair value of plan assets at period end | \n\n 95 | \n\n 107 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Funded status | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Unfunded projected benefit obligation | \n\n (61) | \n\n (72) | \n\n (4) | \n\n (4) | \n
| \n Funded projected benefit obligation | \n\n (88) | \n\n (100) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Fair value of plan assets | \n\n 95 | \n\n 107 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Net amounts recognized | \n\n (54) | \n\n (65) | \n\n (4) | \n\n (4) | \n
| \n Net periodic benefit cost | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Service cost | \n\n 6 | \n\n 6 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Interest cost | \n\n 7 | \n\n 8 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Expected return on plan assets | \n\n (5) | \n\n (5) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Impact of reductions/liquidations | \n\n (1) | \n\n (1) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Net periodic benefit cost | \n\n 7 | \n\n 8 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n (a)Includes long-service bonuses for a non-material amount of \u20ac2\u00a0million in\u00a02025 and in\u00a02024. | \n
Geographic breakdown of the projected benefit obligation and fair value of plan assets
| \n (in euro millions) | \n\n Benefit obligations | \n\n Fair value of plan assets | \n\n Net periodic benefit cost | \n\n Discount rate | \n\n Rate of compensation increase | \n\n Inflation rate | \n
|---|---|---|---|---|---|---|
| \n 12/31/2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n France | \n\n (61) | \n\n \u2013\u00a0 | \n\n 6 | \n\n 3.99% | \n\n 4.20% | \n\n 2.00% | \n
| \n United Kingdom | \n\n (79) | \n\n 87 | \n\n \u2013\u00a0 | \n\n 5.44% | \n\n 0.00% | \n\n 2.80% | \n
| \n Other | \n\n (13) | \n\n 8 | \n\n 1 | \n\n 1.25%-15.75% | \n\n 0.75%-16.25% | \n\n 1.61% | \n
| \n Total | \n\n (153) | \n\n 95 | \n\n 7 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 12/31/2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n France | \n\n (70) | \n\n \u2013\u00a0 | \n\n 7 | \n\n 3.25% | \n\n 4.30% | \n\n 2.00% | \n
| \n United Kingdom | \n\n (90) | \n\n 97 | \n\n \u2013\u00a0 | \n\n 4.94% | \n\n 0.00% | \n\n 3.02% | \n
| \n Other | \n\n (16) | \n\n 10 | \n\n 1 | \n\n 1.25%-19.75% | \n\n 1.25%-17.75% | \n\n 1.81% | \n
| \n Total | \n\n (176) | \n\n 107 | \n\n 8 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
Change in net amount accrued
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n||
|---|---|---|---|---|
| \n Defined benefit pension plan | \n\n Medical care(a) | \n\n Defined benefit pension plan | \n\n Medical care(a) | \n|
| \n Net amount accrued at beginning of period (provision) | \n\n (65) | \n\n (4) | \n\n (82) | \n\n (4) | \n
| \n (Charge) recognized in income statement | \n\n (7) | \n\n \u2013 | \n\n (8) | \n\n \u2013 | \n
| \n Actuarial gains/(losses) recognized in equity | \n\n 10 | \n\n \u2013 | \n\n 12 | \n\n \u2013 | \n
| \n Benefits and contributions paid | \n\n 7 | \n\n \u2013 | \n\n 13 | \n\n \u2013 | \n
| \n Other | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Net amount accrued at period end (provision) | \n\n (54) | \n\n (4) | \n\n (65) | \n\n (4) | \n
| \n (a)Medical care also includes long-service bonuses for a non-material amount of \u20ac2\u00a0million in\u00a02025 and in\u00a02024. | \n
Actuarial gains/(losses) recognized in equity
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Difference between expected and actual return on plan assets | \n\n \u00a0 | \n\n \u00a0 | \n
| \n By value | \n\n (7) | \n\n (3) | \n
| \n % | \n\n (7.2%) | \n\n (3.6%) | \n
| \n Experience gains/(losses) on plan liabilities by value | \n\n (2) | \n\n (1) | \n
| \n In % of present value of plan liabilities | \n\n 1.4% | \n\n 0.7% | \n
| \n Gains/(losses) on demographic assumptions on plan liabilities by value | \n\n (2) | \n\n 3 | \n
| \n Gains/(losses) on financial assumptions on plan liabilities by value | \n\n 21 | \n\n 13 | \n
| \n Actuarial gains/(losses) recognized in equity, excluding deferred taxes | \n\n 10 | \n\n 12 | \n
Effect of volatility
Medical cost sensitivity
A 1% change in medical costs would have no material impact on the projected benefit obligation, service cost or interest cost.
Net amount recognized
| \n (in euro millions) | \n\n Debt | \n\n Impact on the 2026 expense | \n
|---|---|---|
| \n Projected benefit obligation at 12/31/2025 | \n\n (153) | \n\n \u00a0 | \n
| \n Discount rate | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u201350 basis point | \n\n (10) | \n\n 0.7 | \n
| \n +50 basis point | \n\n 10 | \n\n (0.6) | \n
| \n Inflation rate | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u201350 basis point | \n\n 4 | \n\n (0.2) | \n
| \n +50 basis point | \n\n (4) | \n\n 0.2 | \n
| \n Fair value of plan assets | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Effect of a 10% decrease | \n\n NS | \n\n (0.5) | \n
| \n Effect of a 10% increase | \n\n NS | \n\n 0.5 | \n
| \n\n | \n
Asset classes
| \n \n | \n\n 12/31/2025 | \n\n 12/31/2024 | \n||
|---|---|---|---|---|
| \n % of assets | \n\n Expected return on plan assets(a) | \n\n % of assets | \n\n Expected return on plan assets(a) | \n|
| \n Shares | \n\n 14.85% | \n\n \u00a0 | \n\n 14.69% | \n\n \u00a0 | \n
| \n Bonds | \n\n 59.53% | \n\n \u00a0 | \n\n 61.45% | \n\n \u00a0 | \n
| \n Real estate | \n\n 1.99% | \n\n \u00a0 | \n\n 2.05% | \n\n \u00a0 | \n
| \n Cash | \n\n 1.67% | \n\n \u00a0 | \n\n 1.90% | \n\n \u00a0 | \n
| \n Assets owned by insurance companies | \n\n 9.45% | \n\n \u00a0 | \n\n 9.29% | \n\n \u00a0 | \n
| \n Derivatives | \n\n 7.25% | \n\n \u00a0 | \n\n 6.83% | \n\n \u00a0 | \n
| \n Other | \n\n 5.26% | \n\n \u00a0 | \n\n 3.79% | \n\n \u00a0 | \n
| \n Total | \n\n 100.00% | \n\n 4.72% | \n\n 100.00% | \n\n 4.14% | \n
| \n (a)Following the application of IAS\u00a019R with effect from January\u00a01, 2013, the discount rate on the projected benefit obligation is used to determine the expected return on plan assets. | \n
The estimated schedule of payments into defined benefits pension plans over the next five years is as follows:
| \n (in euro millions) | \n\n Pensions and medical care | \n
|---|---|
| \n 2026 | \n\n 5 | \n
| \n 2027 | \n\n 6 | \n
| \n 2028 | \n\n 6 | \n
| \n 2029 | \n\n 6 | \n
| \n 2030 | \n\n 6 | \n
| \n Total | \n\n 29 | \n
2.21 \u2013Personnel costs
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Compensation | \n\n (1,449) | \n\n (1,459) | \n
| \n Social security charges | \n\n (231) | \n\n (228) | \n
| \n Other | \n\n (207) | \n\n (164) | \n
| \n Total | \n\n (1,887) | \n\n (1,851) | \n
| \n Average Headcount | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n The Netherlands | \n\n 113 | \n\n 112 | \n
| \n Rest of Europe | \n\n 11,269 | \n\n 11,305 | \n
| \n North America | \n\n 3,978 | \n\n 3,903 | \n
| \n Asia Africa | \n\n 4,334 | \n\n 4,342 | \n
| \n Latin America | \n\n 3,263 | \n\n 3,244 | \n
| \n Total Average Heacount | \n\n 22,957 | \n\n 22,906 | \n
| \n \n | \n\n \n | \n\n \n | \n
| \n Outside the Netherlands | \n\n 22,844 | \n\n 22,794 | \n
1.4.23 \u2013Pension and post-employment benefits
Defined contribution plans
Defined contribution plans are for the most part statutory schemes. These are post-employment benefit plans under which, for certain categories of employees, the Group pays defined contributions into an insurance company or an external pension fund, without incurring any other obligation, in respect of services rendered by the employees over the period. These contributions are recorded as expenses when incurred, in the same manner as for payroll. Such plans generate no future commitment on the part of the Group and therefore no provision is recognized.
Defined benefit plans
Defined benefit plans are post-employment obligations to provide additional benefits to certain categories of employees through contractual or collective labor agreements. These benefits may be settled either as a one-off end-of-service payment or in annual installments, in particular in the United Kingdom.
Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method over the vesting period. This method is based on annually updated assumptions which include the probability of employees remaining with Havas until retirement, expected changes in future compensation and an appropriate discount rate for each country in which Havas maintains a pension plan. Discount rates are determined at each year end by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices.
A provision is recorded in the consolidated balance sheet equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognized as follows:
\u25cfthe service cost is included in personnel costs. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment and gains and losses on settlement;
\u25cfthe financial component, recorded in other financial income (expense), consists of the undiscounting of the obligation, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and
\u25cfthe remeasurements of the net defined benefit liability (asset), recognized in other comprehensive income (loss) as items that will not be reclassified subsequently to income (loss), mainly consist of actuarial gains and losses.
Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions.
Indemnities for employment agreement termination
Local legislation, contractual agreements and collective bargaining agreements in certain countries where the Group operates may provide for severance indemnities in the event of involuntary employee terminations. These severance indemnities are recognized in balance sheet liabilities and in the consolidated income statement if, and only if, the Group has clearly undertaken to terminate the employees before their normal retirement age and to pay such indemnities, which may represent several months or even several years of salary for the employee concerned.
Indemnities for employment agreement termination
Local legislation, contractual agreements and collective bargaining agreements in certain countries where the Group operates may provide for severance indemnities in the event of involuntary employee terminations. These severance indemnities are recognized in balance sheet liabilities and in the consolidated income statement if, and only if, the Group has clearly undertaken to terminate the employees before their normal retirement age and to pay such indemnities, which may represent several months or even several years of salary for the employee concerned.
1.4.24 \u2013Non-controlling interest buy-out commitments
Havas has committed to purchase the non-controlling interests of some of the minority shareowners of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g., put options) or mandatory (e.g., forward purchase contracts).
The following accounting treatment has been applied in respect of commitments:
\u25cfupon initial recognition, the commitment to purchase non-controlling interests is recognized as a financial liability for the present value of the purchase price under the put option or forward purchase contract, mainly offset by the book value of non-controlling interests and the remaining balance through equity attributable to Havas\u00a0N.V. shareowners;
\u25cfsubsequent changes to the value of the commitment are recognized as a financial liability through an adjustment to equity attributable to Havas\u00a0N.V. shareowners; and
\u25cfupon maturity of the commitment, if the non-controlling interests are not purchased, the previously recognized entries are reversed; if the non-controlling interests are purchased, the amount recognized in financial liabilities is reversed, offset by the cash outflow relating to the purchase of the non-controlling interests.
1.4.25 \u2013Accounting for additional payments for\u00a0acquired companies (earn-outs)
Any contingent consideration in a business combination (such as earn-out payments) is included in the consideration transferred at its acquisition-date fair value, whatever the probability that it will become due. Subsequent changes in the fair value of contingent consideration due to facts and circumstances that existed as of the acquisition date are recorded by adjusting goodwill if they occur during the measurement period or directly in the Consolidated Income Statement as \u201cImpairment goodwill/Earn-out updated\u201d if they arise after the measurement period, unless the obligation is settled in equity instruments. In that case, the contingent consideration is not remeasured subsequently.
The liability is recorded under earn-out and non-controlling interest buy-out obligations in the consolidated balance sheet.
2.14 \u2013Earn-out and buy-out obligations
The Group has entered into agreements with minority shareholders of consolidated subsidiaries, granting them options to sell their shares. In connection with the acquisition of companies, price adjustment contracts are put in place. These commitments are recorded on the consolidated balance sheet under \u201cEarn-out and non-controlling interest buy-out obligations\u201d.
The earn-out and buy-out obligations relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value is usually assessed using discounted cashflows valuation model.
Earn-out and buy-out obligations being part of confidential transactions, no additional information can be disclosed regarding the acquiree, the holders of non-controlling interest and the terms and conditions underlying these obligations.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 7 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 262 | \n
| \n Total | \n\n 315 | \n\n 269 | \n
2.14.1 \u2013Earn-out obligations
Earn-out obligations increased by \u20ac13\u00a0million between\u00a02024 and\u00a02025, largely due to new earn-out obligations of \u20ac20\u00a0million, earn-out payments of a total of \u20ac(7).
2.14.2 \u2013Buy-out obligations
Liability relating to commitments to buy out non-controlling interests between\u00a02024 and\u00a02025 increased by \u20ac33\u00a0million, arising from new commitments totaling \u20ac51\u00a0million, buy-out payments made during fiscal year 2025 amounting to \u20ac(9)\u00a0million, and a downward adjustment to existing commitments of \u20ac6\u00a0million, and negative currency translation adjustments of \u20ac(15)\u00a0million.
Liability relating to commitments to buy out non-controlling interests between\u00a02023 and\u00a02024 decreased by \u20ac1\u00a0million, arising from new commitments totaling \u20ac39\u00a0million, buy-out payments made during fiscal year 2024 amounting to \u20ac(71)\u00a0million, and a downward adjustment to existing commitments of \u20ac25\u00a0million, and positive currency translation adjustments of \u20ac6\u00a0million.
At December\u00a031, 2025, these commitments were valued at \u20ac146\u00a0million in the United\u00a0Kingdom, \u20ac33\u00a0million in Spain, \u20ac31\u00a0million in France, \u20ac19\u00a0million in the United\u00a0States, \u20ac19\u00a0million in Australia, \u20ac12\u00a0million in India, \u20ac9\u00a0million in Germany, \u20ac6\u00a0million in Canada, \u20ac4\u00a0million in Hong\u00a0Kong, with the balance spread across various countries.
At December\u00a031, 2024, these commitments were valued at \u20ac136\u00a0million in the United\u00a0Kingdom, \u20ac32\u00a0million in France, \u20ac21\u00a0million in Spain, \u20ac18\u00a0million in the United\u00a0States, \u20ac13\u00a0million in India, \u20ac12\u00a0million in Australia, \u20ac6\u00a0million in Hong\u00a0Kong, \u20ac6\u00a0million in Canada, \u20ac3\u00a0million in Israel, \u20ac3\u00a0million in China, \u20ac3\u00a0million in Germany, with the balance spread across various countries.
2.14.3 \u2013Earn-out and buy-out obligations by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 15 | \n\n 5 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 27 | \n\n 89 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
| \n Total | \n\n 315 | \n\n 42 | \n\n 94 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
2.27 \u2013Contractual obligations and off-balance sheet commitments
The Group did not enter into any material commitments during 2025.
Guarantees, sureties and security interests
At December\u00a031, 2025, Havas had not granted any security interest.
Off-balance sheet commitments by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n Total | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Operational activity commitments given | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Security for media space buying(a) | \n\n 75 | \n\n 25 | \n\n 23 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 27 | \n
| \n Other commitments(b) | \n\n 48 | \n\n 14 | \n\n 9 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 25 | \n
| \n Total | \n\n 123 | \n\n 39 | \n\n 32 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 52 | \n
| \n Financing activity commitments received | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Undrawn syndicated loan | \n\n 700 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 700 | \n\n \u2013\u00a0 | \n
| \n Total | \n\n 700 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 700 | \n\n \u2013\u00a0 | \n
| \n (a)In certain countries, media space purchases may be secured by guarantees provided by Havas. (b)As part of the defined benefit pension scheme established in two of the Group\u2019s UK subsidiaries, Havas undertakes to cover any shortfall in the assets invested in the pension funds up to a maximum of \u20ac24\u00a0million. As of December\u00a031, 2025, an asset of \u20ac8\u00a0million was recognized in the consolidated balance sheet, compared to an asset of \u20ac7\u00a0million as of December\u00a031, 2024. Havas has granted \u20ac24\u00a0million in rent guarantees to cover the risk of default by the Group\u2019s subsidiaries concerning their property leases. | \n
Other Commitments given
As part of the Havas SAS\u2019 syndicated loan and Commercial Papers authorization, Havas N.V. provides guarantees to financial institutions on behalf of Havas SAS, each for a maximum authorized amount of \u20ac700 million. In October 2025, Havas N.V. renewed the guarantee relating to the\u00a0Commercial Papers\u00a0to December 31,2027.
As part of its cash centralization policy, Havas has also provided guarantees and sureties to financial institutions to secure intraday limits and/or overdraft facilities granted to\u00a0its subsidiaries, for an amount of \u20ac146 million.
The Group is not aware of any other significant off-balance sheet commitments, or any that could become material in the future, other than those mentioned above.
2.30 \u2013Risks related to material litigations
In the normal course of their activities, Havas\u00a0SA and its subsidiaries are parties to a certain number of legal, administrative or arbitration proceedings. The expenses that may be incurred in these proceedings are provisioned for to the extent they are probable and measurable. Such provisions are determined by risk assessments conducted on a case-by-case basis (see Note\u00a02.16).
Tax litigations
Equalization tax
Havas\u00a0SA initiated legal proceedings for the refund of the withholding tax paid by the Company between\u00a02000 and\u00a02002 on the redistribution of dividends from European subsidiaries. On July\u00a028, 2017, following the filing of the case before the Administrative Court and Court of Appeal, the French Council of State (Conseil d\u2019\u00c9tat) found that the appeal on a point of law (pourvoi en cassation) made by Havas against the decision of the Versailles Court of Appeal was inadmissible. This decision irrevocably ended the tax litigation and barred Havas from obtaining a refund of the withholding tax.
To restore Havas\u2019s right to compensation, three combined actions were taken:
i)a claim before the European Commission;
ii)an application for referral to the European Court of Human Rights;
iii)a claim for compensation under an action for damages against the French state.
In a decision issued on May\u00a019, 2022, the European Court of Human Rights ultimately ruled the application inadmissible. In a motion filed on May\u00a029, 2018 at the Administrative Court of Cergy-Pontoise, Havas sought compensation for damages allegedly suffered due to the decision to not admit its appeal to the French Council of State (Conseil d\u2019\u00c9tat). This is the only pending litigation Havas has concerning withholding tax.
The damages that Havas is claiming amount to \u20ac59\u00a0million (the amount of the advance payment and the late payment interest which it should have received).
On March\u00a028, 2023, the Court of Cergy-Pontoise dismissed Havas\u2019s claims.
On May\u00a026, 2023, as a precautionary measure to preserve its interests, Havas filed a motion before the administrative Court of Appeal of Versailles seeking to have the judgement of the Administrative Court annulled and to obtain an order that the French State compensate for the damage suffered.
In response, the Minister of Justice filed a reply brief with the administrative Court of Appeal of Versailles on July\u00a029, 2023, to which Havas responded with a new reply brief on September\u00a018, 2023.
On October\u00a023, 2023, the Minister of Justice, in his capacity as observer in the context of the litigation relating to the withholding tax, submitted his observations on the claim for compensation filed by the Company, focusing essentially on the quantum of the damage for which Havas is seeking restitution.
On December\u00a012, 2023, the Company responded with a new reply brief, to which the tax authorities replied on February\u00a02, 2024. Havas filed a new reply on February\u00a09, 2024.
On December\u00a020, 2024, at the request of the Court of Appeal of Versailles, Havas produced a summary brief containing the conclusions and pleas that the Company intended to submit to the Court. By order dated January\u00a020, 2025, the investigation was closed on February\u00a04, 2025.
The hearing was held on January 27, 2026 before the Administrative Court of Appeal of Versailles. In a judgment dated February 12, 2026, the Administrative Court of Appeal of Versailles dismissed the appeal filed by Havas. The company has decided to lodge an appeal in cassation against this judgment.
Other
Investigation by US federal prosecutors into business practices in the advertising industry
On June\u00a011, 2018, Havas received a subpoena for documents relating to one of its Spanish subsidiaries, Havas Media Alliance WWSL. These documents have been provided to the relevant US authorities. This request by the federal prosecutors appears to relate to business practices involving discounts and rebates. At this stage, Havas is not a party to any proceedings and is not being interviewed. There have been no new developments since then.
Procedure concerning the services provided by Havas Paris to Business France
On February\u00a07, 2019, Havas Paris, a subsidiary of Havas\u00a0SAS, was indicted for concealment of favoritism. This indictment came as part of a judicial investigation opened by the Paris Public Prosecutor\u2019s Office for the offence of favoritism that Business France is alleged to have committed in connection with the organization of a communication service entrusted by Business France to Havas Paris. Havas Paris disputes the facts of which it is accused and immediately appealed this decision. The Deputy Chief Executive Officer of Havas Paris was indicted on December\u00a021, 2023 for concealment of favoritism. The latter contests the facts of which he is accused and has lodged appeals against this decision. In December\u00a02024, a Partner of Havas Paris is summoned by the judicial police to be heard in 2025 as a defendant. He denies any claim. The procedure follows its course. These indictments do not have any material monetary or financial consequences for Havas Paris.
1.4.24 \u2013Non-controlling interest buy-out commitments
Havas has committed to purchase the non-controlling interests of some of the minority shareowners of its fully consolidated subsidiaries.
These purchase commitments may be optional (e.g., put options) or mandatory (e.g., forward purchase contracts).
The following accounting treatment has been applied in respect of commitments:
\u25cfupon initial recognition, the commitment to purchase non-controlling interests is recognized as a financial liability for the present value of the purchase price under the put option or forward purchase contract, mainly offset by the book value of non-controlling interests and the remaining balance through equity attributable to Havas\u00a0N.V. shareowners;
\u25cfsubsequent changes to the value of the commitment are recognized as a financial liability through an adjustment to equity attributable to Havas\u00a0N.V. shareowners; and
\u25cfupon maturity of the commitment, if the non-controlling interests are not purchased, the previously recognized entries are reversed; if the non-controlling interests are purchased, the amount recognized in financial liabilities is reversed, offset by the cash outflow relating to the purchase of the non-controlling interests.
1.4.25 \u2013Accounting for additional payments for\u00a0acquired companies (earn-outs)
Any contingent consideration in a business combination (such as earn-out payments) is included in the consideration transferred at its acquisition-date fair value, whatever the probability that it will become due. Subsequent changes in the fair value of contingent consideration due to facts and circumstances that existed as of the acquisition date are recorded by adjusting goodwill if they occur during the measurement period or directly in the Consolidated Income Statement as \u201cImpairment goodwill/Earn-out updated\u201d if they arise after the measurement period, unless the obligation is settled in equity instruments. In that case, the contingent consideration is not remeasured subsequently.
The liability is recorded under earn-out and non-controlling interest buy-out obligations in the consolidated balance sheet.
2.14 \u2013Earn-out and buy-out obligations
The Group has entered into agreements with minority shareholders of consolidated subsidiaries, granting them options to sell their shares. In connection with the acquisition of companies, price adjustment contracts are put in place. These commitments are recorded on the consolidated balance sheet under \u201cEarn-out and non-controlling interest buy-out obligations\u201d.
The earn-out and buy-out obligations relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value is usually assessed using discounted cashflows valuation model.
Earn-out and buy-out obligations being part of confidential transactions, no additional information can be disclosed regarding the acquiree, the holders of non-controlling interest and the terms and conditions underlying these obligations.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 7 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 262 | \n
| \n Total | \n\n 315 | \n\n 269 | \n
2.14.1 \u2013Earn-out obligations
Earn-out obligations increased by \u20ac13\u00a0million between\u00a02024 and\u00a02025, largely due to new earn-out obligations of \u20ac20\u00a0million, earn-out payments of a total of \u20ac(7).
2.14.2 \u2013Buy-out obligations
Liability relating to commitments to buy out non-controlling interests between\u00a02024 and\u00a02025 increased by \u20ac33\u00a0million, arising from new commitments totaling \u20ac51\u00a0million, buy-out payments made during fiscal year 2025 amounting to \u20ac(9)\u00a0million, and a downward adjustment to existing commitments of \u20ac6\u00a0million, and negative currency translation adjustments of \u20ac(15)\u00a0million.
Liability relating to commitments to buy out non-controlling interests between\u00a02023 and\u00a02024 decreased by \u20ac1\u00a0million, arising from new commitments totaling \u20ac39\u00a0million, buy-out payments made during fiscal year 2024 amounting to \u20ac(71)\u00a0million, and a downward adjustment to existing commitments of \u20ac25\u00a0million, and positive currency translation adjustments of \u20ac6\u00a0million.
At December\u00a031, 2025, these commitments were valued at \u20ac146\u00a0million in the United\u00a0Kingdom, \u20ac33\u00a0million in Spain, \u20ac31\u00a0million in France, \u20ac19\u00a0million in the United\u00a0States, \u20ac19\u00a0million in Australia, \u20ac12\u00a0million in India, \u20ac9\u00a0million in Germany, \u20ac6\u00a0million in Canada, \u20ac4\u00a0million in Hong\u00a0Kong, with the balance spread across various countries.
At December\u00a031, 2024, these commitments were valued at \u20ac136\u00a0million in the United\u00a0Kingdom, \u20ac32\u00a0million in France, \u20ac21\u00a0million in Spain, \u20ac18\u00a0million in the United\u00a0States, \u20ac13\u00a0million in India, \u20ac12\u00a0million in Australia, \u20ac6\u00a0million in Hong\u00a0Kong, \u20ac6\u00a0million in Canada, \u20ac3\u00a0million in Israel, \u20ac3\u00a0million in China, \u20ac3\u00a0million in Germany, with the balance spread across various countries.
2.14.3 \u2013Earn-out and buy-out obligations by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Earn-out obligations | \n\n 20 | \n\n 15 | \n\n 5 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Buy-out obligations | \n\n 295 | \n\n 27 | \n\n 89 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
| \n Total | \n\n 315 | \n\n 42 | \n\n 94 | \n\n 66 | \n\n 90 | \n\n 7 | \n\n 16 | \n
2.27 \u2013Contractual obligations and off-balance sheet commitments
The Group did not enter into any material commitments during 2025.
Guarantees, sureties and security interests
At December\u00a031, 2025, Havas had not granted any security interest.
Off-balance sheet commitments by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n Total | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Operational activity commitments given | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Security for media space buying(a) | \n\n 75 | \n\n 25 | \n\n 23 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 27 | \n
| \n Other commitments(b) | \n\n 48 | \n\n 14 | \n\n 9 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 25 | \n
| \n Total | \n\n 123 | \n\n 39 | \n\n 32 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 52 | \n
| \n Financing activity commitments received | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Undrawn syndicated loan | \n\n 700 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 700 | \n\n \u2013\u00a0 | \n
| \n Total | \n\n 700 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n 700 | \n\n \u2013\u00a0 | \n
| \n (a)In certain countries, media space purchases may be secured by guarantees provided by Havas. (b)As part of the defined benefit pension scheme established in two of the Group\u2019s UK subsidiaries, Havas undertakes to cover any shortfall in the assets invested in the pension funds up to a maximum of \u20ac24\u00a0million. As of December\u00a031, 2025, an asset of \u20ac8\u00a0million was recognized in the consolidated balance sheet, compared to an asset of \u20ac7\u00a0million as of December\u00a031, 2024. Havas has granted \u20ac24\u00a0million in rent guarantees to cover the risk of default by the Group\u2019s subsidiaries concerning their property leases. | \n
Other Commitments given
As part of the Havas SAS\u2019 syndicated loan and Commercial Papers authorization, Havas N.V. provides guarantees to financial institutions on behalf of Havas SAS, each for a maximum authorized amount of \u20ac700 million. In October 2025, Havas N.V. renewed the guarantee relating to the\u00a0Commercial Papers\u00a0to December 31,2027.
As part of its cash centralization policy, Havas has also provided guarantees and sureties to financial institutions to secure intraday limits and/or overdraft facilities granted to\u00a0its subsidiaries, for an amount of \u20ac146 million.
The Group is not aware of any other significant off-balance sheet commitments, or any that could become material in the future, other than those mentioned above.
1.4.26 \u2013Share-based transactions
Share-based compensation is recognized as a personnel cost at the fair value of the equity instruments granted. This expense is spread over the vesting period, i.e., generally three years for performance share plans.
An exception was made regarding the accounting of personnel costs for a specific plan. Given the success related to a structuring and exceptional financial operation, the costs associated with this plan have been charged to \u201cother financial expenses\u201d.
The fair value of such instruments is assessed using a binomial model. This method relies on assumptions updated at the valuation date such as the calculated volatility of the relevant shares, the discount rate corresponding to the risk-free interest rate, the expected dividend yield, and the probability of relevant managers and employees remaining employed within the Group until the exercise of their rights.
The instruments granted are equity-settled. The valuation and recognition of the expense is as follows:
\u25cfthe expected term of the instruments granted is deemed to be the mid-point between the vesting date and the end of the contractual term;
\u25cfthe value of the instruments granted is estimated and fixed at the grant date; and
\u25cfthe expense is recognized with a corresponding increase in equity.
Share-based compensation cost is allocated to each operating segment, pro rata to the number of equity instruments or equivalent instruments granted to their managers and employees.
Please refer to Note\u00a02.18 for details of the features of these plans.
2.18 \u2013Performance share plans
Havas\u00a0N.V. distributes grants that include the following features:
i)performance share units, conditioned upon the level of achievement of quantitative and qualitative targets set by the Board over a vesting period and granted to one or more Executive Directors of the Company and members of the Senior Management Team, as well as Directors, managers, of subsidiaries of the Company. Vesting is conditional upon the continued employment of the participant by a Group Company until the end of the vesting period and the achievement of performance conditions measured over such period. Performance conditions are based on organic growth in net revenue, income from operations margin, net income, Group share, and net earnings per share;
ii)restricted stock units to all of the employees of the French Group Companies, subject to a minimum seniority condition. Executive Directors of the Company and members of the Senior Management Team of the Company who have an employment contract with a French Group Company are included in this grant.
On December\u00a017, 2024, Havas\u00a0N.V. granted 1,032,660\u00a0performance shares to employees and executives, including 70,880\u00a0shares to Group employees(a).
On April\u00a015, 2025, Havas\u00a0N.V. granted 540,040\u00a0performance shares to employees and executives, including 35,460\u00a0shares to Group employees. On April\u00a015, 2025, the share price was \u20ac11.38 and the dividend yield was estimated at 5.76%(a).
Havas\u00a0N.V. Plan
| \n Grant date | \n\n 04/15/2025 | \n\n 04/15/2025 | \n\n 04/15/2025 | \n\n Total | \n
|---|---|---|---|---|
| \n Number of shares granted | \n\n 429,400 | \n\n 75,180 | \n\n 35,460 | \n\n 540,040 | \n
| \n Market price of the share at grant date (in euros) | \n\n 13.90 | \n\n 13.90 | \n\n 13.90 | \n\n \u00a0 | \n
| \n Fair value of a share (in euros) | \n\n 11.38 | \n\n 11.38 | \n\n 11.38 | \n\n \u00a0 | \n
| \n Dividend rate | \n\n 5.76% | \n\n 5.76% | \n\n 5.76% | \n\n \u00a0 | \n
| \n Risk-free rate | \n\n 3.25% | \n\n 3.25% | \n\n 3.25% | \n\n \u00a0 | \n
| \n Duration of rights acquisition in months | \n\n 36 | \n\n 36 | \n\n 36 | \n\n \u00a0 | \n
| \n \u00a0Number of performance shares (a) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Outstanding at 01/01 | \n\n 1,032,660 | \n\n \u00a0 | \n
| \n Granted during the year | \n\n 540,040 | \n\n 1,032,660 | \n
| \n Vested during the year | \n\n (509,000) | \n\n \u00a0 | \n
| \n Forfeited during the year | \n\n (4,000) | \n\n \u00a0 | \n
| \n Outstanding at 12/31 | \n\n 1,059,700 | \n\n 1,032,660 | \n
| \n (a)All number of shares were revised by taking into consideration the reverse split. | \n
1.4.26 \u2013Share-based transactions
Share-based compensation is recognized as a personnel cost at the fair value of the equity instruments granted. This expense is spread over the vesting period, i.e., generally three years for performance share plans.
An exception was made regarding the accounting of personnel costs for a specific plan. Given the success related to a structuring and exceptional financial operation, the costs associated with this plan have been charged to \u201cother financial expenses\u201d.
The fair value of such instruments is assessed using a binomial model. This method relies on assumptions updated at the valuation date such as the calculated volatility of the relevant shares, the discount rate corresponding to the risk-free interest rate, the expected dividend yield, and the probability of relevant managers and employees remaining employed within the Group until the exercise of their rights.
The instruments granted are equity-settled. The valuation and recognition of the expense is as follows:
\u25cfthe expected term of the instruments granted is deemed to be the mid-point between the vesting date and the end of the contractual term;
\u25cfthe value of the instruments granted is estimated and fixed at the grant date; and
\u25cfthe expense is recognized with a corresponding increase in equity.
Share-based compensation cost is allocated to each operating segment, pro rata to the number of equity instruments or equivalent instruments granted to their managers and employees.
Please refer to Note\u00a02.18 for details of the features of these plans.
1.4.27 \u2013Revenue recognition
The Group derives substantially all of its revenue from contracts with customers. Type of services rendered by Havas:
\u25cfcreative: communications services, including advertising creation and solutions, brand and design expertise, content production, marketing services, customer experience, public relations, public affairs and corporate communications, partnership, sponsorship and event solutions, business consultancy and transformation;
\u25cfmedia-related services, including media planning, programmatic buying, performance marketing, mobile data consulting, out-of-home and geo-targeted advertising, paid social media, experiential and entertainment and sport consulting;
\u25cfspecialized communications services to pharmaceutical companies, combining different activities to serve a dedicated industry, including public relations, event information, medical training, digital marketing, consultancy activities and direct communications with patients.
In particular, media services relate to:
\u25cfthe nature, content and target audience of an appropriate advertising message for the promotion of brands and services;
\u25cfadvice and consulting related to appropriate media for the distribution and platform implementation of finished products;
\u25cfcreation of deliverables;
\u25cfproduction of advertising spots and events;
\u25cfmonitoring the effectiveness of commercial messages and finished products through studies and research;
\u25cfmedia strategy, targeted audiences and media ad strategy and broadcasting; and
\u25cfnegotiating and buying of media spaces with media providers, trading and optimization of campaigns, results measurement and reporting.
Contracts with customers primarily include the following fee structures, either in separate or combined contracts:
\u25cffees for services on an hourly rate or a per project basis;
\u25cffixed fees for pre-agreed deliverables or activities or scope of work;
\u25cfcommissions on media buying from third parties for Media activities and on other purchases from third parties for advertising and direct marketing services;
\u25cffee or variable commissions and/or incentives conditional upon the achievement of qualitative and/or quantitative objectives;
\u25cfretainer fees;
\u25cfperformance related incentives;
\u25cfsuccess fees for performance marketing; and
\u25cfroyalties received from affiliated agencies for the use of the Havas brand.
Project-based contracts are typical for smaller clients. For most major clients, Havas enters into a Master Services Agreement\u00a0(\u201cMSA\u201d) which sets out the contractual framework between Havas and the client. A\u00a0MSA may be global (applying to all Havas agencies), regional or local, in some cases applying to even a single agency. The costs associated with client acquisition for a new MSA or short-term client contracts are expensed in the period incurred, unless they meet the capitalization criteria under IAS 38. Once a MSA has been agreed, the client and relevant agencies agree on a scope of work\u00a0(\u201cSOW\u201d), or a SOW for each Havas agency, which covers specific services to be delivered in an agreed period. Typically, a\u00a0SOW covers a period of less than one year. The SOW describes each deliverable, each of which corresponds to a performance obligation. When agreed, the client issues a purchase order for all or part of the SOW which establishes the contractual agreement for the SOW.
For each SOW, the agreed services are distinct only if the client can benefit from the services on their own and if the promise to transfer services is separately identified from other promises in the contract. This is typically the case for each performance obligation that comprises the\u00a0SOW.
When a\u00a0SOW includes more than one performance obligation, the method of allocating revenue to each performance obligation depends on the nature of the contractual agreement in the MSA:
\u25cffor retainer contracts, revenue is not allocated per performance obligation because the services of the agency are based on making a team available for the client regardless of the number or complexity of the performance obligations. In this case, only external costs that are recharged to the client are tracked by performance obligation;
\u25cffor project-based contracts, the revenue is allocated to the performance obligations under the SOW according to the expected effort of completing each performance obligation.
Revenue is recognized when performance obligations are satisfied in accordance with the terms of the contractual arrangement. Usually, performance obligations are satisfied over time as services are rendered. This is mainly the case of services provided by the Group\u2019s Creative activities. Revenue is recognized over time based on an input method where the hours expended are assessed relative to the total hours planned and the stage of advancement of the project.
Revenue from fees on production of advertising spots and/or events and from commissions on planning and media buying transactions are recognized at a point in time (i.e., at the acceptance of the product, at the date of the event, or at the point in time the media is run).
Retainer arrangements: remuneration contracts where the fee is earned for the availability of a service during a defined period not for specific performance obligation. Typically, the retainer fee is a fixed monthly or quarterly amount which represents an expected average time value of the dedicated team during the relevant period.
Certain MSAs with clients also include performance incentives pursuant to which Havas is entitled to receive additional payments based upon its performance for the client, measured against specified qualitative and quantitative objectives. Havas recognizes the incentive portion of the revenue under these contractual arrangements when it is considered highly probable that the qualitative and quantitative goals have been achieved in accordance with the arrangements.
For instance, there are three main elements in variable remuneration. The weight of these elements in the total remuneration scheme is customized for each client. Potential revenue is evaluated during the year and accrued at the end of year according to expected payout.
\u25cfService level evaluation: evaluated through customer surveys/questionnaires, carried out 1-4 times per year.
\u25cfQuantitative KPI\u2019s (cost per gross rating point, reach, prime time percentage). The agency tracks constantly its performance against these targets during the year.
\u25cfClient business targets (e.g., sales, revenues, growth, EBIT), regarding which the Group requests feedback from the client as to the expected achievement of the client\u2019s business targets.
The Group also receives volume rebates from suppliers on transactions carried out on behalf of clients. These rebates are either remitted to clients based on contractual terms or local laws, or retained by the Group. The portion paid back to clients is recognized under liabilities and the portion retained is typically recognized under revenue when the media is broadcast, if a contract exists with the media vendor and we anticipate exceeding volume criteria.
Agent versus principal
The nature of the relationship between client and each Havas agency is defined in the relevant MSA. The determination of whether the Group acts as principle or agent depends on the nature of the service provided.
In the context of service agreement and purchase of media, the Group may be in position of agent or principal. This may depend on the local regulation and the nature of the services and their pricing defined in the contract. In particular, Havas considers that it is acting as \u201cPrincipal\u201d if at least one of the following criteria is satisfied:
\u25cfthe agency obtains control of the asset or service before transferring it to the client;
\u25cfthe agency has the ability to direct the supplier(s);
\u25cfthe agency incorporates or combines the work of suppliers to deliver the promised goods or services to the client.
The Group acts as principal in most of its activities except for media buying services performed on behalf of clients, depending on local regulations or local business practices, and supervision of productions of advertising spots and events done by third parties.
Havas essentially acts as principal in its advertising space purchasing, marketing studies and event activities. However, for media planning and buying services performed on behalf of clients, local regulations or local business practices may prohibit Havas from acting as principal for the purchase of advertising space for certain activities. These include the law \u201cSapin\u201d in France and local business practices in the United States.
With respect to production of advertising spots and events done by third parties, the Group acts as agent only on contracts for which it only performs production supervision that is wholly done by an external third party. If the agency incorporates or significantly transforms the work done by a third party, the Group considers that this involves a single performance obligation for which it acts as Principal.
When the Group acts as agent, revenue is recognized net of the costs pass through to clients, which means that revenue recorded is solely comprised of fees or commission.
When acting as agent, costs incurred with third party suppliers are directly billed to the client and excluded from revenue as they are offset by the cost incurred on behalf of the client. Only amounts identified as fees are recognized as revenue.
When the Group acts as principal, the revenue is recognized for the amount invoiced to the client.
Revenue by geographic area
| \n (in euro millions) | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n
|---|---|---|---|---|
| \n United States of America | \n\n 935 | \n\n 32% | \n\n 903 | \n\n 32% | \n
| \n France | \n\n 552 | \n\n 19% | \n\n 549 | \n\n 19% | \n
| \n United Kingdom | \n\n 448 | \n\n 15% | \n\n 444 | \n\n 16% | \n
| \n Rest of the world | \n\n 978 | \n\n 34% | \n\n 967 | \n\n 34% | \n
| \n Total Revenue | \n\n 2,913 | \n\n 100% | \n\n 2,863 | \n\n 100% | \n
1.4.27 \u2013Revenue recognition
The Group derives substantially all of its revenue from contracts with customers. Type of services rendered by Havas:
\u25cfcreative: communications services, including advertising creation and solutions, brand and design expertise, content production, marketing services, customer experience, public relations, public affairs and corporate communications, partnership, sponsorship and event solutions, business consultancy and transformation;
\u25cfmedia-related services, including media planning, programmatic buying, performance marketing, mobile data consulting, out-of-home and geo-targeted advertising, paid social media, experiential and entertainment and sport consulting;
\u25cfspecialized communications services to pharmaceutical companies, combining different activities to serve a dedicated industry, including public relations, event information, medical training, digital marketing, consultancy activities and direct communications with patients.
In particular, media services relate to:
\u25cfthe nature, content and target audience of an appropriate advertising message for the promotion of brands and services;
\u25cfadvice and consulting related to appropriate media for the distribution and platform implementation of finished products;
\u25cfcreation of deliverables;
\u25cfproduction of advertising spots and events;
\u25cfmonitoring the effectiveness of commercial messages and finished products through studies and research;
\u25cfmedia strategy, targeted audiences and media ad strategy and broadcasting; and
\u25cfnegotiating and buying of media spaces with media providers, trading and optimization of campaigns, results measurement and reporting.
Contracts with customers primarily include the following fee structures, either in separate or combined contracts:
\u25cffees for services on an hourly rate or a per project basis;
\u25cffixed fees for pre-agreed deliverables or activities or scope of work;
\u25cfcommissions on media buying from third parties for Media activities and on other purchases from third parties for advertising and direct marketing services;
\u25cffee or variable commissions and/or incentives conditional upon the achievement of qualitative and/or quantitative objectives;
\u25cfretainer fees;
\u25cfperformance related incentives;
\u25cfsuccess fees for performance marketing; and
\u25cfroyalties received from affiliated agencies for the use of the Havas brand.
Project-based contracts are typical for smaller clients. For most major clients, Havas enters into a Master Services Agreement\u00a0(\u201cMSA\u201d) which sets out the contractual framework between Havas and the client. A\u00a0MSA may be global (applying to all Havas agencies), regional or local, in some cases applying to even a single agency. The costs associated with client acquisition for a new MSA or short-term client contracts are expensed in the period incurred, unless they meet the capitalization criteria under IAS 38. Once a MSA has been agreed, the client and relevant agencies agree on a scope of work\u00a0(\u201cSOW\u201d), or a SOW for each Havas agency, which covers specific services to be delivered in an agreed period. Typically, a\u00a0SOW covers a period of less than one year. The SOW describes each deliverable, each of which corresponds to a performance obligation. When agreed, the client issues a purchase order for all or part of the SOW which establishes the contractual agreement for the SOW.
For each SOW, the agreed services are distinct only if the client can benefit from the services on their own and if the promise to transfer services is separately identified from other promises in the contract. This is typically the case for each performance obligation that comprises the\u00a0SOW.
When a\u00a0SOW includes more than one performance obligation, the method of allocating revenue to each performance obligation depends on the nature of the contractual agreement in the MSA:
\u25cffor retainer contracts, revenue is not allocated per performance obligation because the services of the agency are based on making a team available for the client regardless of the number or complexity of the performance obligations. In this case, only external costs that are recharged to the client are tracked by performance obligation;
\u25cffor project-based contracts, the revenue is allocated to the performance obligations under the SOW according to the expected effort of completing each performance obligation.
Revenue is recognized when performance obligations are satisfied in accordance with the terms of the contractual arrangement. Usually, performance obligations are satisfied over time as services are rendered. This is mainly the case of services provided by the Group\u2019s Creative activities. Revenue is recognized over time based on an input method where the hours expended are assessed relative to the total hours planned and the stage of advancement of the project.
Revenue from fees on production of advertising spots and/or events and from commissions on planning and media buying transactions are recognized at a point in time (i.e., at the acceptance of the product, at the date of the event, or at the point in time the media is run).
Retainer arrangements: remuneration contracts where the fee is earned for the availability of a service during a defined period not for specific performance obligation. Typically, the retainer fee is a fixed monthly or quarterly amount which represents an expected average time value of the dedicated team during the relevant period.
Certain MSAs with clients also include performance incentives pursuant to which Havas is entitled to receive additional payments based upon its performance for the client, measured against specified qualitative and quantitative objectives. Havas recognizes the incentive portion of the revenue under these contractual arrangements when it is considered highly probable that the qualitative and quantitative goals have been achieved in accordance with the arrangements.
For instance, there are three main elements in variable remuneration. The weight of these elements in the total remuneration scheme is customized for each client. Potential revenue is evaluated during the year and accrued at the end of year according to expected payout.
\u25cfService level evaluation: evaluated through customer surveys/questionnaires, carried out 1-4 times per year.
\u25cfQuantitative KPI\u2019s (cost per gross rating point, reach, prime time percentage). The agency tracks constantly its performance against these targets during the year.
\u25cfClient business targets (e.g., sales, revenues, growth, EBIT), regarding which the Group requests feedback from the client as to the expected achievement of the client\u2019s business targets.
The Group also receives volume rebates from suppliers on transactions carried out on behalf of clients. These rebates are either remitted to clients based on contractual terms or local laws, or retained by the Group. The portion paid back to clients is recognized under liabilities and the portion retained is typically recognized under revenue when the media is broadcast, if a contract exists with the media vendor and we anticipate exceeding volume criteria.
Agent versus principal
The nature of the relationship between client and each Havas agency is defined in the relevant MSA. The determination of whether the Group acts as principle or agent depends on the nature of the service provided.
In the context of service agreement and purchase of media, the Group may be in position of agent or principal. This may depend on the local regulation and the nature of the services and their pricing defined in the contract. In particular, Havas considers that it is acting as \u201cPrincipal\u201d if at least one of the following criteria is satisfied:
\u25cfthe agency obtains control of the asset or service before transferring it to the client;
\u25cfthe agency has the ability to direct the supplier(s);
\u25cfthe agency incorporates or combines the work of suppliers to deliver the promised goods or services to the client.
The Group acts as principal in most of its activities except for media buying services performed on behalf of clients, depending on local regulations or local business practices, and supervision of productions of advertising spots and events done by third parties.
Havas essentially acts as principal in its advertising space purchasing, marketing studies and event activities. However, for media planning and buying services performed on behalf of clients, local regulations or local business practices may prohibit Havas from acting as principal for the purchase of advertising space for certain activities. These include the law \u201cSapin\u201d in France and local business practices in the United States.
With respect to production of advertising spots and events done by third parties, the Group acts as agent only on contracts for which it only performs production supervision that is wholly done by an external third party. If the agency incorporates or significantly transforms the work done by a third party, the Group considers that this involves a single performance obligation for which it acts as Principal.
When the Group acts as agent, revenue is recognized net of the costs pass through to clients, which means that revenue recorded is solely comprised of fees or commission.
When acting as agent, costs incurred with third party suppliers are directly billed to the client and excluded from revenue as they are offset by the cost incurred on behalf of the client. Only amounts identified as fees are recognized as revenue.
When the Group acts as principal, the revenue is recognized for the amount invoiced to the client.
Revenue by geographic area
| \n (in euro millions) | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n
|---|---|---|---|---|
| \n United States of America | \n\n 935 | \n\n 32% | \n\n 903 | \n\n 32% | \n
| \n France | \n\n 552 | \n\n 19% | \n\n 549 | \n\n 19% | \n
| \n United Kingdom | \n\n 448 | \n\n 15% | \n\n 444 | \n\n 16% | \n
| \n Rest of the world | \n\n 978 | \n\n 34% | \n\n 967 | \n\n 34% | \n
| \n Total Revenue | \n\n 2,913 | \n\n 100% | \n\n 2,863 | \n\n 100% | \n
1.4.27 \u2013Revenue recognition
The Group derives substantially all of its revenue from contracts with customers. Type of services rendered by Havas:
\u25cfcreative: communications services, including advertising creation and solutions, brand and design expertise, content production, marketing services, customer experience, public relations, public affairs and corporate communications, partnership, sponsorship and event solutions, business consultancy and transformation;
\u25cfmedia-related services, including media planning, programmatic buying, performance marketing, mobile data consulting, out-of-home and geo-targeted advertising, paid social media, experiential and entertainment and sport consulting;
\u25cfspecialized communications services to pharmaceutical companies, combining different activities to serve a dedicated industry, including public relations, event information, medical training, digital marketing, consultancy activities and direct communications with patients.
In particular, media services relate to:
\u25cfthe nature, content and target audience of an appropriate advertising message for the promotion of brands and services;
\u25cfadvice and consulting related to appropriate media for the distribution and platform implementation of finished products;
\u25cfcreation of deliverables;
\u25cfproduction of advertising spots and events;
\u25cfmonitoring the effectiveness of commercial messages and finished products through studies and research;
\u25cfmedia strategy, targeted audiences and media ad strategy and broadcasting; and
\u25cfnegotiating and buying of media spaces with media providers, trading and optimization of campaigns, results measurement and reporting.
Contracts with customers primarily include the following fee structures, either in separate or combined contracts:
\u25cffees for services on an hourly rate or a per project basis;
\u25cffixed fees for pre-agreed deliverables or activities or scope of work;
\u25cfcommissions on media buying from third parties for Media activities and on other purchases from third parties for advertising and direct marketing services;
\u25cffee or variable commissions and/or incentives conditional upon the achievement of qualitative and/or quantitative objectives;
\u25cfretainer fees;
\u25cfperformance related incentives;
\u25cfsuccess fees for performance marketing; and
\u25cfroyalties received from affiliated agencies for the use of the Havas brand.
Project-based contracts are typical for smaller clients. For most major clients, Havas enters into a Master Services Agreement\u00a0(\u201cMSA\u201d) which sets out the contractual framework between Havas and the client. A\u00a0MSA may be global (applying to all Havas agencies), regional or local, in some cases applying to even a single agency. The costs associated with client acquisition for a new MSA or short-term client contracts are expensed in the period incurred, unless they meet the capitalization criteria under IAS 38. Once a MSA has been agreed, the client and relevant agencies agree on a scope of work\u00a0(\u201cSOW\u201d), or a SOW for each Havas agency, which covers specific services to be delivered in an agreed period. Typically, a\u00a0SOW covers a period of less than one year. The SOW describes each deliverable, each of which corresponds to a performance obligation. When agreed, the client issues a purchase order for all or part of the SOW which establishes the contractual agreement for the SOW.
For each SOW, the agreed services are distinct only if the client can benefit from the services on their own and if the promise to transfer services is separately identified from other promises in the contract. This is typically the case for each performance obligation that comprises the\u00a0SOW.
When a\u00a0SOW includes more than one performance obligation, the method of allocating revenue to each performance obligation depends on the nature of the contractual agreement in the MSA:
\u25cffor retainer contracts, revenue is not allocated per performance obligation because the services of the agency are based on making a team available for the client regardless of the number or complexity of the performance obligations. In this case, only external costs that are recharged to the client are tracked by performance obligation;
\u25cffor project-based contracts, the revenue is allocated to the performance obligations under the SOW according to the expected effort of completing each performance obligation.
Revenue is recognized when performance obligations are satisfied in accordance with the terms of the contractual arrangement. Usually, performance obligations are satisfied over time as services are rendered. This is mainly the case of services provided by the Group\u2019s Creative activities. Revenue is recognized over time based on an input method where the hours expended are assessed relative to the total hours planned and the stage of advancement of the project.
Revenue from fees on production of advertising spots and/or events and from commissions on planning and media buying transactions are recognized at a point in time (i.e., at the acceptance of the product, at the date of the event, or at the point in time the media is run).
Retainer arrangements: remuneration contracts where the fee is earned for the availability of a service during a defined period not for specific performance obligation. Typically, the retainer fee is a fixed monthly or quarterly amount which represents an expected average time value of the dedicated team during the relevant period.
Certain MSAs with clients also include performance incentives pursuant to which Havas is entitled to receive additional payments based upon its performance for the client, measured against specified qualitative and quantitative objectives. Havas recognizes the incentive portion of the revenue under these contractual arrangements when it is considered highly probable that the qualitative and quantitative goals have been achieved in accordance with the arrangements.
For instance, there are three main elements in variable remuneration. The weight of these elements in the total remuneration scheme is customized for each client. Potential revenue is evaluated during the year and accrued at the end of year according to expected payout.
\u25cfService level evaluation: evaluated through customer surveys/questionnaires, carried out 1-4 times per year.
\u25cfQuantitative KPI\u2019s (cost per gross rating point, reach, prime time percentage). The agency tracks constantly its performance against these targets during the year.
\u25cfClient business targets (e.g., sales, revenues, growth, EBIT), regarding which the Group requests feedback from the client as to the expected achievement of the client\u2019s business targets.
The Group also receives volume rebates from suppliers on transactions carried out on behalf of clients. These rebates are either remitted to clients based on contractual terms or local laws, or retained by the Group. The portion paid back to clients is recognized under liabilities and the portion retained is typically recognized under revenue when the media is broadcast, if a contract exists with the media vendor and we anticipate exceeding volume criteria.
Agent versus principal
The nature of the relationship between client and each Havas agency is defined in the relevant MSA. The determination of whether the Group acts as principle or agent depends on the nature of the service provided.
In the context of service agreement and purchase of media, the Group may be in position of agent or principal. This may depend on the local regulation and the nature of the services and their pricing defined in the contract. In particular, Havas considers that it is acting as \u201cPrincipal\u201d if at least one of the following criteria is satisfied:
\u25cfthe agency obtains control of the asset or service before transferring it to the client;
\u25cfthe agency has the ability to direct the supplier(s);
\u25cfthe agency incorporates or combines the work of suppliers to deliver the promised goods or services to the client.
The Group acts as principal in most of its activities except for media buying services performed on behalf of clients, depending on local regulations or local business practices, and supervision of productions of advertising spots and events done by third parties.
Havas essentially acts as principal in its advertising space purchasing, marketing studies and event activities. However, for media planning and buying services performed on behalf of clients, local regulations or local business practices may prohibit Havas from acting as principal for the purchase of advertising space for certain activities. These include the law \u201cSapin\u201d in France and local business practices in the United States.
With respect to production of advertising spots and events done by third parties, the Group acts as agent only on contracts for which it only performs production supervision that is wholly done by an external third party. If the agency incorporates or significantly transforms the work done by a third party, the Group considers that this involves a single performance obligation for which it acts as Principal.
When the Group acts as agent, revenue is recognized net of the costs pass through to clients, which means that revenue recorded is solely comprised of fees or commission.
When acting as agent, costs incurred with third party suppliers are directly billed to the client and excluded from revenue as they are offset by the cost incurred on behalf of the client. Only amounts identified as fees are recognized as revenue.
When the Group acts as principal, the revenue is recognized for the amount invoiced to the client.
The Group also receives volume rebates from suppliers on transactions carried out on behalf of clients. These rebates are either remitted to clients based on contractual terms or local laws, or retained by the Group. The portion paid back to clients is recognized under liabilities and the portion retained is typically recognized under revenue when the media is broadcast, if a contract exists with the media vendor and we anticipate exceeding volume criteria.
1.4.28 \u2013Operating segments
Information reported to the Group\u2019s Chief Executive Officer, the Chief Operating Decision Maker (or \u201cCODM\u201d), for the purposes of resource allocation and assessment of segment performance is focused on geographic area integrating the different activities and ensuring comparability over time.
2.23 \u2013Operating segments
Havas Group\u2019s Chief Executive Officer, who is regarded as the chief operating decision-maker, evaluates the performance of its business segments, and allocates necessary resources to them based on certain operating performance indicators (segment earnings). Havas Group\u2019s Chief Executive Officer considers Net revenue and Adjusted Earnings Before Interest and Income Taxes (\u201cAdjusted EBIT\u201d) both non-GAAP measures (or alternative performance measures), to be relevant indicators of the Group\u2019s operating and financial performance (see Note 2.2\u00a0\u201cAlternative performance measures\u201d).
These segments are business units that are managed separately as each business requires different strategies to adapt to local demands, regulation and resources. The operating segments presented below are identical to the information given to Havas Group\u2019s Chief Executive Officer.
For each reportable segment, revenue derives from the same rendered services.
No external customer amount to more than 10% of the revenue for the years ended December\u00a031, 2025 and\u00a02024.
2025
| \n (in euro millions) | \n\n Europe | \n\n North America | \n\n Apac and Africa(a) | \n\n Latam(b) | \n\n Eliminations | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n Consolidated income statement items | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Revenue | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Revenue from external customers | \n\n 1,488 | \n\n 966 | \n\n 276 | \n\n 190 | \n\n (7) | \n\n 2,913 | \n
| \n Revenue from transactions with other segments | \n\n 17 | \n\n 6 | \n\n 1 | \n\n \u2013\u00a0 | \n\n (24) | \n\n \u2013\u00a0 | \n
| \n Total Revenue | \n\n 1,505 | \n\n 972 | \n\n 277 | \n\n 190 | \n\n (31) | \n\n 2,913 | \n
| \n Costs rebilled to customers | \n\n (100) | \n\n (14) | \n\n (15) | \n\n (1) | \n\n \u2013\u00a0 | \n\n (130) | \n
| \n Net Revenue | \n\n 1,388 | \n\n 952 | \n\n 261 | \n\n 189 | \n\n (7) | \n\n 2,783 | \n
| \n Other operating expenses and income | \n\n (203) | \n\n (135) | \n\n (33) | \n\n (48) | \n\n (9) | \n\n (428) | \n
| \n Depreciation and amortization | \n\n (62) | \n\n (24) | \n\n (12) | \n\n (6) | \n\n \u2013\u00a0 | \n\n (104) | \n
| \n Adjusted EBIT | \n\n 171 | \n\n 127 | \n\n 46 | \n\n 19 | \n\n (5) | \n\n 358 | \n
| \n Impairment of goodwill/Earn-out updated | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2) | \n
| \n Restructuring | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (22) | \n
| \n Operating income | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 334 | \n
| \n Net financial expense | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (34) | \n
| \n Income before tax | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 300 | \n
| \n Income taxes | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (90) | \n
| \n Net Income | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 210 | \n
| \n Consolidated balance sheet items | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Goodwill | \n\n 1,575 | \n\n 681 | \n\n 213 | \n\n 62 | \n\n \u00a0 | \n\n 2,531 | \n
| \n Other intangible and tangible assets | \n\n 372 | \n\n 65 | \n\n 29 | \n\n 11 | \n\n \u00a0 | \n\n 477 | \n
| \n Equity investments | \n\n 3 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u00a0 | \n\n 3 | \n
| \n Other operating assets | \n\n 1,885 | \n\n 730 | \n\n 315 | \n\n 316 | \n\n (208) | \n\n 3,038 | \n
| \n Liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Earn-out and non-controlling interest buy-out obligations | \n\n 247 | \n\n 26 | \n\n 42 | \n\n \u2013\u00a0 | \n\n \u00a0 | \n\n 315 | \n
| \n Pensions and post-employment benefits | \n\n 65 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n \u00a0 | \n\n 66 | \n
| \n Other operating liabilities | \n\n 2,171 | \n\n 1,233 | \n\n 315 | \n\n 272 | \n\n (208) | \n\n 3,783 | \n
| \n Investments | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other intangible and tangible assets | \n\n 23 | \n\n 8 | \n\n 3 | \n\n 2 | \n\n \u00a0 | \n\n 36 | \n
| \n (a)Asia-Pacific, Middle East and Africa. (b)Latin America. | \n
2024
| \n (in euro millions) | \n\n Europe | \n\n North America | \n\n Apac and Africa | \n\n Latam | \n\n Eliminations | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n Consolidated income items | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Revenue | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Revenue from external customers | \n\n 1,455 | \n\n 938 | \n\n 274 | \n\n 199 | \n\n (3) | \n\n 2,863 | \n
| \n Revenue from transactions with other segments | \n\n 16 | \n\n 4 | \n\n 2 | \n\n \u2013\u00a0 | \n\n (22) | \n\n \u2013\u00a0 | \n
| \n Total Revenue | \n\n 1,471 | \n\n 942 | \n\n 276 | \n\n 199 | \n\n (25) | \n\n 2,863 | \n
| \n Costs rebilled to customers | \n\n (101) | \n\n (13) | \n\n (10) | \n\n (3) | \n\n \u2013\u00a0 | \n\n (127) | \n
| \n Net Revenue | \n\n 1,355 | \n\n 925 | \n\n 263 | \n\n 196 | \n\n (3) | \n\n 2,736 | \n
| \n Other operating expenses and income | \n\n (232) | \n\n (117) | \n\n (37) | \n\n (50) | \n\n 8 | \n\n (428) | \n
| \n Depreciation and amortization | \n\n (64) | \n\n (28) | \n\n (15) | \n\n (6) | \n\n \u2013\u00a0 | \n\n (113) | \n
| \n Adjusted EBIT | \n\n 123 | \n\n 143 | \n\n 42 | \n\n 19 | \n\n 11 | \n\n 338 | \n
| \n Impairment of goodwill/Earn-out updated | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 5 | \n
| \n Restructuring | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (29) | \n
| \n Operating income | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 315 | \n
| \n Net financial expense | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (37) | \n
| \n Income before tax | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 278 | \n
| \n Income taxes | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (89) | \n
| \n Net Income | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 189 | \n
| \n Consolidated balance sheet items | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Goodwill | \n\n 1,536 | \n\n 727 | \n\n 216 | \n\n 56 | \n\n \u00a0 | \n\n 2,535 | \n
| \n Other intangible and tangible assets | \n\n 365 | \n\n 90 | \n\n 25 | \n\n 12 | \n\n \u00a0 | \n\n 492 | \n
| \n Equity investments | \n\n 3 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u00a0 | \n\n 3 | \n
| \n Other operating assets | \n\n 1,794 | \n\n 812 | \n\n 405 | \n\n 371 | \n\n (204) | \n\n 3,178 | \n
| \n Liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Earn-out and non-controlling interest buy-out obligations | \n\n 207 | \n\n 25 | \n\n 37 | \n\n \u2013\u00a0 | \n\n \u00a0 | \n\n 269 | \n
| \n Pensions and post-employment benefits | \n\n 75 | \n\n 1 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u00a0 | \n\n 76 | \n
| \n Other operating liabilities | \n\n 2,080 | \n\n 1,275 | \n\n 429 | \n\n 333 | \n\n (204) | \n\n 3,913 | \n
| \n Investments | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other intangible and tangible assets | \n\n 22 | \n\n 7 | \n\n 3 | \n\n 2 | \n\n \u00a0 | \n\n 34 | \n
Revenue by geographic area
| \n (in euro millions) | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n
|---|---|---|---|---|
| \n United States of America | \n\n 935 | \n\n 32% | \n\n 903 | \n\n 32% | \n
| \n France | \n\n 552 | \n\n 19% | \n\n 549 | \n\n 19% | \n
| \n United Kingdom | \n\n 448 | \n\n 15% | \n\n 444 | \n\n 16% | \n
| \n Rest of the world | \n\n 978 | \n\n 34% | \n\n 967 | \n\n 34% | \n
| \n Total Revenue | \n\n 2,913 | \n\n 100% | \n\n 2,863 | \n\n 100% | \n
1.4.28 \u2013Operating segments
Information reported to the Group\u2019s Chief Executive Officer, the Chief Operating Decision Maker (or \u201cCODM\u201d), for the purposes of resource allocation and assessment of segment performance is focused on geographic area integrating the different activities and ensuring comparability over time.
2.1 \u2013Significant events
On May\u00a028, 2025, Havas\u00a0N.V. announced the launch of a share buyback program for its own ordinary shares for a maximum aggregate amount of \u20ac50\u00a0million. This program will remain in effect until the next Annual General Meeting of Shareholders, scheduled to be held in 2026.
As of December\u00a031, 2025, Havas\u00a0N.V. repurchased 1,648\u00a0thousand shares at an average price of\u00a0\u20ac14.99 per share, for an aggregate amount of \u20ac25\u00a0million.
On October 9, 2025, Havas announced that it will implement a reverse share split at a ratio of 10 to 1, affecting all outstanding ordinary shares. This transaction, approved at the AGM on May 28, 2025, will take effect on November 18, 2025.\u00a0 The number of ordinary shares will thus be divided by 10, from 991.8 million to 99.2 million, with the nominal value increasing from \u20ac0.20 to \u20ac2.
In 2025, the Group pursued its strategy of targeted acquisitions and of continued strengthening of its position in certain areas of expertise and in certain geographic areas. Accordingly, in 2025, Havas made several acquisitions, including Channel Bakers LLC (US), Bearded Kitten (UK), Kaimera (Australia), and Gauly (Germany).
2024 Reminder
Since December\u00a016, 2024, Havas has been listed on Euronext Amsterdam.
In 2024, the Group continued its targeted acquisition policy and continued to strengthen in certain areas of expertise or in certain geographical areas. Thus, Havas made several acquisitions during the year, including Ledger Bennett\u00a0(UK), DMPG\u00a0(UK), Hotglue (Australia) and the takeover of Shortcut events (France).
2.2 \u2013Alternative performance measures
Havas Group\u2019s Chief Executive Officer, who is regarded as the chief operating decision-maker, evaluates the performance of its business segments and allocates necessary resources to them based on certain operating performance indicators (segment earnings). Net revenue and Adjusted EBIT reflect the earnings of each business segment and it is considered by the management to be relevant indicator of Havas Group\u2019s operating performance. It enables Havas Group to compare the performance of operating segments regardless of whether their performance is driven by the operating segment\u2019s organic growth or by acquisitions. See Note\u00a02.23 \u201cOperating segments\u201d.
Net revenue represents revenue in accordance with IFRS\u00a015 less costs rebilled to customers. Costs rebilled to customers consist of pass-through costs rebilled to customers such as out of pockets costs (including travel costs) and other third-party expenses for which the Group acts as a principal in the context of the production of advertising spots and events and/or media activities. Net revenue is a key indicator in advertising industry and is used by management to drive the performance of its business.
Adjusted EBIT represents Net income excluding: Income taxes, Interest, Other financial income, Other financial expenses, Impairment goodwill/Earn-out updated and Restructuring. The Group considers Adjusted EBIT to be useful as it allows management and investors to evaluate the Group\u2019s operating performance. \u201cRestructuring\u201d consists in severance costs related to the restructuring of relevant agencies following the loss of client and/or reorganization of an agency\u2019s executive team.
Net revenue and Adjusted EBIT are not a recognized measure of financial performance under IFRS. Presented in the following table is a reconciliation of Adjusted EBIT to the most directly comparable IFRS measure, Net Income, for the years indicated. Net Income and EBIT are not allocated to segments as certain income and expense line items are monitored on a centralized basis. See Note\u00a02.23 \u201cOperating segments\u201d.
The following table provides a reconciliation of Net revenue:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Revenue | \n\n 2,913 | \n\n 2,863 | \n
| \n Costs rebilled to customers | \n\n (130) | \n\n (127) | \n
| \n Net revenue | \n\n 2,783 | \n\n 2,736 | \n
Costs rebilled to customers mainly include production and media activities, as well as out of pocket expenses (especially travel costs).
The following table provides a reconciliation of Adjusted EBIT:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net income | \n\n 210 | \n\n 189 | \n
| \n Less: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Income taxes | \n\n (90) | \n\n (89) | \n
| \n Interest | \n\n \u2013 | \n\n 2 | \n
| \n Financial income | \n\n 19 | \n\n 30 | \n
| \n Financial expenses | \n\n (53) | \n\n (69) | \n
| \n Operating income | \n\n 334 | \n\n 315 | \n
| \n Less: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Impairment goodwill/Earn-out updated | \n\n (2) | \n\n 5 | \n
| \n Restructuring | \n\n (22) | \n\n (29) | \n
| \n Adjusted EBIT | \n\n 358 | \n\n 338 | \n
The\u00a0aggregate level of research and development expenditure recognized as an expense amounts to \u20ac35\u00a0million in 2025 and \u20ac32\u00a0million in 2024.
2.15.4 \u2013Long-term borrowings and financial debt by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n Total | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Bank borrowings | \n\n 2 | \n\n 2 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Commercial Papers | \n\n 73 | \n\n 73 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Other financial debt | \n\n 7 | \n\n 4 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013\u00a0 | \n\n \u2013 | \n
| \n Total | \n\n 82 | \n\n 79 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
| \n Portion due in less than a year | \n\n (79) | \n\n (79) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total long-term borrowings and financial debt | \n\n 3 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
Liquidity risk
As of December\u00a031, 2025, the Group had cash and cash equivalents totaling \u20ac294\u00a0million. This includes cash availability (bank credit balances) of \u20ac249\u00a0million and monetary investments maturing in less than 3 months of \u20ac45\u00a0million.
The Group\u2019s Financing and Treasury Department has centralized a significant portion of its financing needs by setting up domestic and international cash pooling in the main countries where the Group operates. This allows for the centralization of most of the key countries\u2019 cash balances at the Havas\u00a0SAS company level for better control of financing costs and optimization of investments. Where possible, physical cash pooling, namely the \u201cZBA\u201d (Zero Balance Account), is preferred over notional cash pooling, which remains the exception. Under this model, the subsidiary\u2019s bank balances are virtually offset by the domestic treasury pivot bank. Physical transfers of net amounts occur both on a daily basis and at accounting closing dates.
The Company has sufficient cash and confirmed credit lines to satisfy \u201cearn-out\u201d and \u201cbuy-out\u201d debts totaling \u20ac315\u00a0million and the remaining commitment share buyback program of \u20ac25 million. Havas does not pose any liquidity risk.
As of December\u00a031, 2025, the long-term financial debt on the balance sheet amounted to \u20ac3\u00a0million. It primarily relates to employee profit-sharing.
2.10 \u2013Changes in working capital
| \n (in euro millions) | \n\n 12/31/2024 | \n\n Changes in | \n\n Business combinations | \n\n Changes in | \n\n Other | \n\n 12/31/2025 | \n
|---|---|---|---|---|---|---|
| \n Inventories and work in progress | \n\n 115 | \n\n 26 | \n\n \u2013 | \n\n (11) | \n\n \u2013 | \n\n 130 | \n
| \n Customer receivables | \n\n 2,726 | \n\n (26) | \n\n 15 | \n\n (134) | \n\n (12) | \n\n 2,569 | \n
| \n Other receivables | \n\n 337 | \n\n 15 | \n\n (3) | \n\n (10) | \n\n \u2013 | \n\n 339 | \n
| \n Working capital assets | \n\n 3,178 | \n\n 15 | \n\n 12 | \n\n (155) | \n\n (12) | \n\n 3,038 | \n
| \n Trade payables | \n\n 2,692 | \n\n 18 | \n\n 27 | \n\n (140) | \n\n 7 | \n\n 2,603 | \n
| \n Other payables | \n\n 1,212 | \n\n 24 | \n\n 7 | \n\n (71) | \n\n (2) | \n\n 1,170 | \n
| \n Working capital liabilities | \n\n 3,904 | \n\n 42 | \n\n 34 | \n\n (211) | \n\n 5 | \n\n 3,773 | \n
| \n Changes in working capital | \n\n (725) | \n\n (27) | \n\n (22) | \n\n 56 | \n\n (17) | \n\n (735) | \n
| \n (in euro millions) | \n\n 12/31/2023 | \n\n Changes in | \n\n Business combinations | \n\n Changes in foreign currency translation adjustments | \n\n Other | \n\n 12/31/2024 | \n
|---|---|---|---|---|---|---|
| \n Inventories and work in progress | \n\n 91 | \n\n 22 | \n\n (2) | \n\n 4 | \n\n \u2013 | \n\n 115 | \n
| \n Customer receivables | \n\n 2,787 | \n\n (98) | \n\n 22 | \n\n 16 | \n\n \u2013 | \n\n 2,726 | \n
| \n Other receivables | \n\n 349 | \n\n (5) | \n\n 2 | \n\n (2) | \n\n (7) | \n\n 337 | \n
| \n Working capital assets | \n\n 3,227 | \n\n (81) | \n\n 22 | \n\n 18 | \n\n (7) | \n\n 3,178 | \n
| \n Trade payables | \n\n 2,845 | \n\n (188) | \n\n 15 | \n\n 27 | \n\n (8) | \n\n 2,692 | \n
| \n Other payables | \n\n 1,151 | \n\n 36 | \n\n 5 | \n\n 19 | \n\n \u2013 | \n\n 1,212 | \n
| \n Working capital liabilities | \n\n 3,996 | \n\n (150) | \n\n 20 | \n\n 46 | \n\n (8) | \n\n 3,904 | \n
| \n Changes in working capital | \n\n (769) | \n\n 71 | \n\n 2 | \n\n (28) | \n\n 1 | \n\n (725) | \n
Cash outflow for leases and lease-related expenses
Total cash outflow and expenses for the leases of real-estate with maturity shorter than twelve months and expense relating to low-value assets recorded in the Statement of Profit or Loss amounted to \u20ac10\u00a0million for the year ended December\u00a031, 2025 (compared to \u20ac9\u00a0million for the year ended December\u00a031, 2024).
Changes in lease liabilities
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Opening balance | \n\n 300 | \n\n 367 | \n
| \n Lease payments | \n\n (88) | \n\n (92) | \n
| \n Interest expense | \n\n 10 | \n\n 11 | \n
| \n Increase | \n\n 82 | \n\n 49 | \n
| \n Decrease | \n\n (4) | \n\n (41) | \n
| \n Foreign currency translations and other | \n\n (16) | \n\n 6 | \n
| \n Closing balance | \n\n 284 | \n\n 300 | \n
2.24 \u2013Net financial expense
The following table shows net financial expense for fiscal years\u00a02025 and 2024:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 21 | \n\n 23 | \n
| \n Interest expenses | \n\n (21) | \n\n (21) | \n
| \n Interest | \n\n \u2013 | \n\n 2 | \n
| \n Foreign exchange gain | \n\n 16 | \n\n 19 | \n
| \n Other | \n\n 3 | \n\n 11 | \n
| \n Financial income | \n\n 19 | \n\n 30 | \n
| \n Foreign exchange loss | \n\n (30) | \n\n (20) | \n
| \n Interest expenses on lease liabilities | \n\n (10) | \n\n (11) | \n
| \n Hyperinflation | \n\n (3) | \n\n (8) | \n
| \n Transaction costs | \n\n \u2013 | \n\n (10) | \n
| \n Interest cost on pension obligations | \n\n (2) | \n\n (2) | \n
| \n Other | \n\n (8) | \n\n (18) | \n
| \n Financial expenses | \n\n (53) | \n\n (69) | \n
| \n Net financial expense | \n\n (34) | \n\n (37) | \n
Changes in lease liabilities
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Opening balance | \n\n 300 | \n\n 367 | \n
| \n Lease payments | \n\n (88) | \n\n (92) | \n
| \n Interest expense | \n\n 10 | \n\n 11 | \n
| \n Increase | \n\n 82 | \n\n 49 | \n
| \n Decrease | \n\n (4) | \n\n (41) | \n
| \n Foreign currency translations and other | \n\n (16) | \n\n 6 | \n
| \n Closing balance | \n\n 284 | \n\n 300 | \n
2.24 \u2013Net financial expense
The following table shows net financial expense for fiscal years\u00a02025 and 2024:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 21 | \n\n 23 | \n
| \n Interest expenses | \n\n (21) | \n\n (21) | \n
| \n Interest | \n\n \u2013 | \n\n 2 | \n
| \n Foreign exchange gain | \n\n 16 | \n\n 19 | \n
| \n Other | \n\n 3 | \n\n 11 | \n
| \n Financial income | \n\n 19 | \n\n 30 | \n
| \n Foreign exchange loss | \n\n (30) | \n\n (20) | \n
| \n Interest expenses on lease liabilities | \n\n (10) | \n\n (11) | \n
| \n Hyperinflation | \n\n (3) | \n\n (8) | \n
| \n Transaction costs | \n\n \u2013 | \n\n (10) | \n
| \n Interest cost on pension obligations | \n\n (2) | \n\n (2) | \n
| \n Other | \n\n (8) | \n\n (18) | \n
| \n Financial expenses | \n\n (53) | \n\n (69) | \n
| \n Net financial expense | \n\n (34) | \n\n (37) | \n
Changes in lease liabilities
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Opening balance | \n\n 300 | \n\n 367 | \n
| \n Lease payments | \n\n (88) | \n\n (92) | \n
| \n Interest expense | \n\n 10 | \n\n 11 | \n
| \n Increase | \n\n 82 | \n\n 49 | \n
| \n Decrease | \n\n (4) | \n\n (41) | \n
| \n Foreign currency translations and other | \n\n (16) | \n\n 6 | \n
| \n Closing balance | \n\n 284 | \n\n 300 | \n
2.24 \u2013Net financial expense
The following table shows net financial expense for fiscal years\u00a02025 and 2024:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 21 | \n\n 23 | \n
| \n Interest expenses | \n\n (21) | \n\n (21) | \n
| \n Interest | \n\n \u2013 | \n\n 2 | \n
| \n Foreign exchange gain | \n\n 16 | \n\n 19 | \n
| \n Other | \n\n 3 | \n\n 11 | \n
| \n Financial income | \n\n 19 | \n\n 30 | \n
| \n Foreign exchange loss | \n\n (30) | \n\n (20) | \n
| \n Interest expenses on lease liabilities | \n\n (10) | \n\n (11) | \n
| \n Hyperinflation | \n\n (3) | \n\n (8) | \n
| \n Transaction costs | \n\n \u2013 | \n\n (10) | \n
| \n Interest cost on pension obligations | \n\n (2) | \n\n (2) | \n
| \n Other | \n\n (8) | \n\n (18) | \n
| \n Financial expenses | \n\n (53) | \n\n (69) | \n
| \n Net financial expense | \n\n (34) | \n\n (37) | \n
Changes in lease liabilities
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Opening balance | \n\n 300 | \n\n 367 | \n
| \n Lease payments | \n\n (88) | \n\n (92) | \n
| \n Interest expense | \n\n 10 | \n\n 11 | \n
| \n Increase | \n\n 82 | \n\n 49 | \n
| \n Decrease | \n\n (4) | \n\n (41) | \n
| \n Foreign currency translations and other | \n\n (16) | \n\n 6 | \n
| \n Closing balance | \n\n 284 | \n\n 300 | \n
2.24 \u2013Net financial expense
The following table shows net financial expense for fiscal years\u00a02025 and 2024:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 21 | \n\n 23 | \n
| \n Interest expenses | \n\n (21) | \n\n (21) | \n
| \n Interest | \n\n \u2013 | \n\n 2 | \n
| \n Foreign exchange gain | \n\n 16 | \n\n 19 | \n
| \n Other | \n\n 3 | \n\n 11 | \n
| \n Financial income | \n\n 19 | \n\n 30 | \n
| \n Foreign exchange loss | \n\n (30) | \n\n (20) | \n
| \n Interest expenses on lease liabilities | \n\n (10) | \n\n (11) | \n
| \n Hyperinflation | \n\n (3) | \n\n (8) | \n
| \n Transaction costs | \n\n \u2013 | \n\n (10) | \n
| \n Interest cost on pension obligations | \n\n (2) | \n\n (2) | \n
| \n Other | \n\n (8) | \n\n (18) | \n
| \n Financial expenses | \n\n (53) | \n\n (69) | \n
| \n Net financial expense | \n\n (34) | \n\n (37) | \n
2.13 \u2013Equity
Share capital
On October\u00a09, 2025 Havas\u00a0N.V. announced the implementation of a Reverse Share Split of its Ordinary Shares.
On November\u00a018, 2025, every ten existing Ordinary Shares have been automatically consolidated into one Ordinary Share, and the nominal value per share has been multiplied by ten, increasing from \u20ac0.20 to \u20ac2.00.
As a result, the total number of issued Ordinary Shares changed from 991,811,494\u00a0shares (nominal value \u20ac0.20) after the redemption of 4\u00a0shares to 99,181,149\u00a0shares (nominal value \u20ac2.00).
The reverse share split had no impact on consolidated equity or profit, as it did not alter the total value of shareholders\u2019 investments.
The 2024 share capital was revised as follow:
| \n \n | \n\n
| \n\n
| \n
|---|---|---|
| \n Number of shares comprising the share capital (nominal value: \u20ac0.20 per share goes to \u20ac2.00 per share) | \n\n 99,181,149 | \n\n 991,811,494 | \n
| \n Number of shares, gross | \n\n 99,181,149 | \n\n 991,811,494 | \n
| \n Number of voting rights | \n\n 99,181,149 | \n\n 991,811,494 | \n
| \n Number of voting rights, gross | \n\n 99,181,149 | \n\n 991,811,494 | \n
Share buyback AND TREASURY SHARES - After the reversed share split
In accordance with the authorization from the General Meeting of Shareholders held in May\u00a028, 2025, Havas\u00a0N.V. launched a share buyback program for its own ordinary shares for a maximum aggregate amount of \u20ac50\u00a0million.
Since the beginning of the program on June 2, 2025, the Group has bought back 1,648 thousand Havas N.V. Ordinary Shares at an average price of \u20ac14.99 per share for an aggregate amount of \u20ac25 million.
The Ordinary Shares repurchased may be used by the Group for reducing its share capital; or allocating to short or long-term incentive for management or employees\u2019 share plan.
Among the 1,648 thousand Ordinary Shares bought back in 2025, the Board of Directors held on November 19, 2025, decided to allocate 509 thousand Ordinary Shares to short or long-term incentive for management or employees\u2019 share plan.
As of December 31, 2025, Treasury Shares are 1,139 thousand Havas N.V. Ordinary Shares.
The maximum remaining commitment related to the share buyback program amounts to \u20ac25\u00a0million as of December\u00a031, 2025, and is recognized in the balance sheet as a commitment share buyback program.
Other
In 2025, the other amount in equity includes :
\u25cf\u20ac(10) million regarding historical items on 2020-2024 related to cost unrecognized before 2025. The adjustment results from a reassessment of local accounts that led to the identification of certain overhead costs. This reassessment is based on new information and accounting analyses performed in 2025. Accordingly, the adjustment has been recognized prospectively through equity and is not presented as a prior\u2011period error correction within the meaning of IAS 8,
\u25cf\u20ac+2 million regarding the hyperinflation impacts.
In 2024, the other amount related to the equity impacts on hyperinflation.
2.13 \u2013Equity
Share capital
On October\u00a09, 2025 Havas\u00a0N.V. announced the implementation of a Reverse Share Split of its Ordinary Shares.
On November\u00a018, 2025, every ten existing Ordinary Shares have been automatically consolidated into one Ordinary Share, and the nominal value per share has been multiplied by ten, increasing from \u20ac0.20 to \u20ac2.00.
As a result, the total number of issued Ordinary Shares changed from 991,811,494\u00a0shares (nominal value \u20ac0.20) after the redemption of 4\u00a0shares to 99,181,149\u00a0shares (nominal value \u20ac2.00).
The reverse share split had no impact on consolidated equity or profit, as it did not alter the total value of shareholders\u2019 investments.
The 2024 share capital was revised as follow:
| \n \n | \n\n
| \n\n
| \n
|---|---|---|
| \n Number of shares comprising the share capital (nominal value: \u20ac0.20 per share goes to \u20ac2.00 per share) | \n\n 99,181,149 | \n\n 991,811,494 | \n
| \n Number of shares, gross | \n\n 99,181,149 | \n\n 991,811,494 | \n
| \n Number of voting rights | \n\n 99,181,149 | \n\n 991,811,494 | \n
| \n Number of voting rights, gross | \n\n 99,181,149 | \n\n 991,811,494 | \n
Share buyback AND TREASURY SHARES - After the reversed share split
In accordance with the authorization from the General Meeting of Shareholders held in May\u00a028, 2025, Havas\u00a0N.V. launched a share buyback program for its own ordinary shares for a maximum aggregate amount of \u20ac50\u00a0million.
Since the beginning of the program on June 2, 2025, the Group has bought back 1,648 thousand Havas N.V. Ordinary Shares at an average price of \u20ac14.99 per share for an aggregate amount of \u20ac25 million.
The Ordinary Shares repurchased may be used by the Group for reducing its share capital; or allocating to short or long-term incentive for management or employees\u2019 share plan.
Among the 1,648 thousand Ordinary Shares bought back in 2025, the Board of Directors held on November 19, 2025, decided to allocate 509 thousand Ordinary Shares to short or long-term incentive for management or employees\u2019 share plan.
As of December 31, 2025, Treasury Shares are 1,139 thousand Havas N.V. Ordinary Shares.
The maximum remaining commitment related to the share buyback program amounts to \u20ac25\u00a0million as of December\u00a031, 2025, and is recognized in the balance sheet as a commitment share buyback program.
Other
In 2025, the other amount in equity includes :
\u25cf\u20ac(10) million regarding historical items on 2020-2024 related to cost unrecognized before 2025. The adjustment results from a reassessment of local accounts that led to the identification of certain overhead costs. This reassessment is based on new information and accounting analyses performed in 2025. Accordingly, the adjustment has been recognized prospectively through equity and is not presented as a prior\u2011period error correction within the meaning of IAS 8,
\u25cf\u20ac+2 million regarding the hyperinflation impacts.
In 2024, the other amount related to the equity impacts on hyperinflation.
Distribution to shareholders
The Annual General Meeting of shareholders held on May\u00a028, 2025 approved the distribution of capital from the share premium reserve\u00a0for Fiscal Year 2024 of \u20ac0.08 per Ordinary Share. The distribution, representing a total amount of \u20ac79\u00a0million, was paid on June\u00a05, 2025 (following the coupon detachment on May\u00a030, 2025).
| \n (in thousands) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Number of shares comprising the share capital (nominal value: \u20ac2.00 per share) | \n\n 99,181 | \n\n 991,811 | \n
| \n Treasury shares | \n\n 1,139 | \n\n \u00a0 | \n
| \n Number of shares, net | \n\n 98,042 | \n\n 991,811 | \n
| \n Number of voting rights, gross | \n\n 99,181 | \n\n 991,811 | \n
| \n Treasury shares | \n\n 1,139 | \n\n \u00a0 | \n
| \n Number of voting rights, net | \n\n 98,042 | \n\n 991,811 | \n
As of December\u00a031, 2025, Havas\u00a0N.V. held 1,139\u00a0thousand shares representing 1.15% of its share capital.
2.15.3 \u2013Bank borrowings and other financial debt
As of December\u00a031, 2025, the Group has drawn \u20ac73\u00a0million from commercial papers on the total authorization of \u20ac700 million.
The Group\u2019s total confirmed available credit facilities, consisting of a \u20ac700\u00a0million syndicated loan maturing in September 2030, are included in off-balance sheet commitments. In addition, the Group had unconfirmed undrawn financing arrangements of \u20ac293\u00a0million.
At December\u00a031, 2024, Havas had a syndicated loan of \u20ac700\u00a0million and unconfirmed financing arrangements of \u20ac292\u00a0million.
2.15.4 \u2013Long-term borrowings and financial debt by maturity at December\u00a031, 2025
| \n (in euro millions) | \n\n Total | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n After 2030 | \n
|---|---|---|---|---|---|---|---|
| \n Bank borrowings | \n\n 2 | \n\n 2 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Commercial Papers | \n\n 73 | \n\n 73 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Other financial debt | \n\n 7 | \n\n 4 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013\u00a0 | \n\n \u2013 | \n
| \n Total | \n\n 82 | \n\n 79 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
| \n Portion due in less than a year | \n\n (79) | \n\n (79) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total long-term borrowings and financial debt | \n\n 3 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
2.20 \u2013Other payables
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n
|---|---|---|
| \n Advances from clients | \n\n 378 | \n\n 370 | \n
| \n Personnel payables and social contributions | \n\n 229 | \n\n 227 | \n
| \n Client payables | \n\n 97 | \n\n 123 | \n
| \n Tax liabilities | \n\n 189 | \n\n 187 | \n
| \n Other liabilities | \n\n 140 | \n\n 158 | \n
| \n Deferred income | \n\n 137 | \n\n 147 | \n
| \n Total | \n\n 1,170 | \n\n 1,212 | \n
Advances from clients mainly relate to advances and prebilling for the Group\u2019s creative operations in the United States of America and in the United Kingdom.
Deferred income are considerations received or invoiced to clients for which the Group has an obligation to provide goods or services.
The Group has applied the practical expedient permitted by IFRS\u00a015 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less.
2.21 \u2013Personnel costs
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Compensation | \n\n (1,449) | \n\n (1,459) | \n
| \n Social security charges | \n\n (231) | \n\n (228) | \n
| \n Other | \n\n (207) | \n\n (164) | \n
| \n Total | \n\n (1,887) | \n\n (1,851) | \n
2.22 \u2013Other operating expenses and income, depreciation and amortization expenses
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Depreciation and amortization expenses | \n\n (41) | \n\n (48) | \n
| \n Depreciation and amortization of right-of-use assets | \n\n (70) | \n\n (76) | \n
| \n Net impairment of right-of-use assets | \n\n 7 | \n\n 11 | \n
| \n Depreciation and amortization | \n\n (104) | \n\n (113) | \n
| \n Other expenses(a) | \n\n (534) | \n\n (535) | \n
| \n Other income | \n\n 106 | \n\n 107 | \n
| \n Other operating expenses and income | \n\n (428) | \n\n (428) | \n
| \n Total | \n\n (532) | \n\n (541) | \n
| \n (a)Other expenses mainly relate to IT system charges, freelances, real estate expenses, fees, travel costs and insurance. | \n
2.22 \u2013Other operating expenses and income, depreciation and amortization expenses
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Depreciation and amortization expenses | \n\n (41) | \n\n (48) | \n
| \n Depreciation and amortization of right-of-use assets | \n\n (70) | \n\n (76) | \n
| \n Net impairment of right-of-use assets | \n\n 7 | \n\n 11 | \n
| \n Depreciation and amortization | \n\n (104) | \n\n (113) | \n
| \n Other expenses(a) | \n\n (534) | \n\n (535) | \n
| \n Other income | \n\n 106 | \n\n 107 | \n
| \n Other operating expenses and income | \n\n (428) | \n\n (428) | \n
| \n Total | \n\n (532) | \n\n (541) | \n
| \n (a)Other expenses mainly relate to IT system charges, freelances, real estate expenses, fees, travel costs and insurance. | \n
2.22 \u2013Other operating expenses and income, depreciation and amortization expenses
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Depreciation and amortization expenses | \n\n (41) | \n\n (48) | \n
| \n Depreciation and amortization of right-of-use assets | \n\n (70) | \n\n (76) | \n
| \n Net impairment of right-of-use assets | \n\n 7 | \n\n 11 | \n
| \n Depreciation and amortization | \n\n (104) | \n\n (113) | \n
| \n Other expenses(a) | \n\n (534) | \n\n (535) | \n
| \n Other income | \n\n 106 | \n\n 107 | \n
| \n Other operating expenses and income | \n\n (428) | \n\n (428) | \n
| \n Total | \n\n (532) | \n\n (541) | \n
| \n (a)Other expenses mainly relate to IT system charges, freelances, real estate expenses, fees, travel costs and insurance. | \n
2.24 \u2013Net financial expense
The following table shows net financial expense for fiscal years\u00a02025 and 2024:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 21 | \n\n 23 | \n
| \n Interest expenses | \n\n (21) | \n\n (21) | \n
| \n Interest | \n\n \u2013 | \n\n 2 | \n
| \n Foreign exchange gain | \n\n 16 | \n\n 19 | \n
| \n Other | \n\n 3 | \n\n 11 | \n
| \n Financial income | \n\n 19 | \n\n 30 | \n
| \n Foreign exchange loss | \n\n (30) | \n\n (20) | \n
| \n Interest expenses on lease liabilities | \n\n (10) | \n\n (11) | \n
| \n Hyperinflation | \n\n (3) | \n\n (8) | \n
| \n Transaction costs | \n\n \u2013 | \n\n (10) | \n
| \n Interest cost on pension obligations | \n\n (2) | \n\n (2) | \n
| \n Other | \n\n (8) | \n\n (18) | \n
| \n Financial expenses | \n\n (53) | \n\n (69) | \n
| \n Net financial expense | \n\n (34) | \n\n (37) | \n
2.24 \u2013Net financial expense
The following table shows net financial expense for fiscal years\u00a02025 and 2024:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Interest income | \n\n 21 | \n\n 23 | \n
| \n Interest expenses | \n\n (21) | \n\n (21) | \n
| \n Interest | \n\n \u2013 | \n\n 2 | \n
| \n Foreign exchange gain | \n\n 16 | \n\n 19 | \n
| \n Other | \n\n 3 | \n\n 11 | \n
| \n Financial income | \n\n 19 | \n\n 30 | \n
| \n Foreign exchange loss | \n\n (30) | \n\n (20) | \n
| \n Interest expenses on lease liabilities | \n\n (10) | \n\n (11) | \n
| \n Hyperinflation | \n\n (3) | \n\n (8) | \n
| \n Transaction costs | \n\n \u2013 | \n\n (10) | \n
| \n Interest cost on pension obligations | \n\n (2) | \n\n (2) | \n
| \n Other | \n\n (8) | \n\n (18) | \n
| \n Financial expenses | \n\n (53) | \n\n (69) | \n
| \n Net financial expense | \n\n (34) | \n\n (37) | \n
2.25 \u2013Earnings per share
| \n \u00a0 | \n\n 2025 | \n\n 2024(b) | \n
|---|---|---|
| \n Net income, Group share (in euro millions) | \n\n 189 | \n\n 173 | \n
| \n Weighted average number of shares outstanding (in thousands)(a) | \n\n 98,638 | \n\n 99,181 | \n
| \n Basic earnings per share, Group share (in euros) | \n\n 1.91 | \n\n 1.75 | \n
| \n Weighted average number of shares outstanding (in thousands)(a) | \n\n 98,638 | \n\n 99,181 | \n
| \n Potential dilutive effects related to share-based compensation (in thousands of share) | \n\n 473 | \n\n 1,032 | \n
| \n Weighted dilutive average number of shares outstanding (in thousands)(a) | \n\n 99,111 | \n\n 100,213 | \n
| \n Diluted earnings per share, Group share (in euros) | \n\n 1.90 | \n\n 1.73 | \n
| \n (a)Net of the weighted average number of treasury shares (543 thousands treasury shares as of December\u00a031, 2025 compare to nil as of December 31, 2024). (b)Data restated, as of December\u00a031, 2024, following the Group\u2019s listing and after the reverse share split. | \n
2.26 \u2013Related party transactions
Havas Group\u2019s related parties are corporate officers, members of Havas Group board of directors, as well as other related parties, including:
\u25cfcompanies over which Group exercises a significant influence;
\u25cfall companies in which key management personnel or their close relatives hold significant voting rights;
\u25cfminority shareholders exercising a significant influence over Havas Group\u2019s subsidiaries;
\u25cfBollor\u00e9 Group and its related parties.
The table below summarizes transactions carried out in\u00a02024 and\u00a02025 with related parties:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Financial assets | \n\n 0.7 | \n\n 0.7 | \n
| \n of which Bollor\u00e9 | \n\n 0.7 | \n\n 0.7 | \n
| \n Accounts receivable | \n\n 8.0 | \n\n 2.6 | \n
| \n of which Bollor\u00e9 | \n\n 0.8 | \n\n 0.8 | \n
| \n of which Canal + | \n\n 5.1 | \n\n 1.2 | \n
| \n others | \n\n 2.1 | \n\n 0.6 | \n
| \n Accounts payable(a) | \n\n 2.6 | \n\n 1.1 | \n
| \n of which Bollor\u00e9 | \n\n 1.0 | \n\n 1.0 | \n
| \n others | \n\n 1.6 | \n\n 0.1 | \n
| \n Operating income | \n\n 45.5 | \n\n 58.1 | \n
| \n of which Bollor\u00e9 | \n\n 0.6 | \n\n 0.6 | \n
| \n of which Canal + | \n\n 38.9 | \n\n 52.0 | \n
| \n of which Lagard\u00e8re | \n\n 2.2 | \n\n 1.3 | \n
| \n others | \n\n 3.8 | \n\n 4.2 | \n
| \n Operating expense | \n\n (8.2) | \n\n (12.9) | \n
| \n of which Rod\u00e9s | \n\n \u2013\u00a0 | \n\n (0.2) | \n
| \n of which Bollor\u00e9 | \n\n (0.8) | \n\n (0.8) | \n
| \n of which Canal + | \n\n (1.8) | \n\n (0.1) | \n
| \n of which UMG | \n\n (4.0) | \n\n (4.4) | \n
| \n others | \n\n (1.6) | \n\n (7.4) | \n
| \n (a)Excludes Media space buying payables, where Havas operates as agent, which have no impact on results. | \n\n\n | \n\n\n | \n
Rod\u00e9s
Havas Media Group Spain SA and its subsidiaries have entered into various agreements with members of the family of Alfonso Rod\u00e9s Vil\u00e0, Chairman of Havas Media Network and Havas Spain, or with entities they control. These agreements principally relate to media space buying, and advertising and administrative services.
Transactions entered into under arm\u2019s-length terms with parties related to the Rod\u00e9s family resulted in operating expenses of approximately \u20ac0.2 million in 2024.
Bollor\u00e9
Certain subsidiaries of the Group rendered communication services to certain subsidiaries of the Bollor\u00e9 Group under arm\u2019s-length terms, resulting in operating expenses of approximately \u20ac0.8 million in 2025 and in 2024, and an operating income of approximately \u20ac0.6 million in 2025 and in 2024.
Havas holds a minority interest in the GIE Fleet Management Services for \u20ac0.7 million in 2025 and in 2024.
Canal +
In 2025, the Group and its subsidiaries generated revenues of \u20ac31 million on media and production services, broadcasting rights and fees, compared to \u20ac41 million in 2024. In addition, the Group and its subsidiaries designed and executed campaigns for the Canal+ Group for \u20ac8 million in 2025 and \u20ac11 million in 2024.
UMG
Several Group entities made purchases from entities of the Universal Music Group (UMG) representing operating expenses of approximately \u20ac4.0 million in 2025 and \u20ac4.4 million in 2024.
Vivendi
As part of the implementation of the spin\u2011off, Vivendi entered into transitional services agreements (such as financial, accounting, legal, tax, insurance, human resources, IT, environmental, social and governance services, as well as other support services) for a period of 12 months (renewable once), for the benefit of Havas.
Compensation of Key Management Personnel
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Short term employee benefits | \n\n 4\u00a0 | \n\n 3 | \n
| \n Short term incentive | \n\n 3\u00a0 | \n\n 5 | \n
| \n Long term incentive | \n\n 5\u00a0 | \n\n 8 | \n
| \n Other benefits | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Post employment benefits | \n\n 2\u00a0 | \n\n 2 | \n
| \n Total | \n\n 14\u00a0 | \n\n 18 | \n
Key Management personnel of Havas\u00a0N.V. are considered the Board of Directors and Corporate Executives. In\u00a02025 and in 2024, Key Management personnel amounts to 13\u00a0individuals.
In 2025, the Non-Executive Directors\u2019 remuneration amounted to \u20ac615,000 (2024: \u20ac36,362), which only includes short-term employee benefits.
Compensation of Key Management Personnel
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Short term employee benefits | \n\n 4\u00a0 | \n\n 3 | \n
| \n Short term incentive | \n\n 3\u00a0 | \n\n 5 | \n
| \n Long term incentive | \n\n 5\u00a0 | \n\n 8 | \n
| \n Other benefits | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Post employment benefits | \n\n 2\u00a0 | \n\n 2 | \n
| \n Total | \n\n 14\u00a0 | \n\n 18 | \n
Key Management personnel of Havas\u00a0N.V. are considered the Board of Directors and Corporate Executives. In\u00a02025 and in 2024, Key Management personnel amounts to 13\u00a0individuals.
In 2025, the Non-Executive Directors\u2019 remuneration amounted to \u20ac615,000 (2024: \u20ac36,362), which only includes short-term employee benefits.
Guarantees, sureties and security interests
At December\u00a031, 2025, Havas had not granted any security interest.
2.28 \u2013Financial Instruments
The following table sets out the fair values of all Group financial instruments by category:
Level\u00a01 corresponds to a valuation of financial assets and liabilities at market value, while Level\u00a02 relies on a model based on observable inputs.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n Current | \n\n Non-current | \n\n 12/31/2024 | \n\n Current | \n\n Non-current | \n
|---|---|---|---|---|---|---|
| \n Financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Assets measured at FV through OCI \u2013\u00a0Current | \n\n 43 | \n\n 43 | \n\n \u2013 | \n\n 40 | \n\n 40 | \n\n \u2013 | \n
| \n Level\u00a02 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Unlisted investments | \n\n 43 | \n\n 43 | \n\n \u2013 | \n\n 40 | \n\n 40 | \n\n \u2013 | \n
| \n Financial assets measured at amortized cost | \n\n 26 | \n\n 10 | \n\n 16 | \n\n 28 | \n\n 9 | \n\n 19 | \n
| \n Other financial assets | \n\n 26 | \n\n 10 | \n\n 16 | \n\n 28 | \n\n 9 | \n\n 19 | \n
| \n Total | \n\n 69 | \n\n 53 | \n\n 16 | \n\n 68 | \n\n 49 | \n\n 19 | \n
| \n (in euro millions) | \n\n 12/31/2025 | \n\n Current | \n\n Non-current | \n\n 12/31/2024 | \n\n Current | \n\n Non-current | \n
|---|---|---|---|---|---|---|
| \n Financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Financial liabilities measured at amortized cost | \n\n 82 | \n\n 79 | \n\n 3 | \n\n 11 | \n\n 7 | \n\n 4 | \n
| \n Borrowings | \n\n 82 | \n\n 79 | \n\n 3 | \n\n 11 | \n\n 7 | \n\n 4 | \n
| \n Other financial liabilities | \n\n 340 | \n\n 67 | \n\n 273 | \n\n 269 | \n\n 32 | \n\n 237 | \n
| \n Level\u00a03 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Earn-out and non controlling interest buy-out obligations | \n\n 315 | \n\n 42 | \n\n 273 | \n\n 269 | \n\n 32 | \n\n 237 | \n
| \n Commitment share buyback program | \n\n 25 | \n\n 25 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Total | \n\n 422 | \n\n 146 | \n\n 276 | \n\n 280 | \n\n 39 | \n\n 241 | \n
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n||||
|---|---|---|---|---|---|---|
| \n Carrying amount | \n\n Fair value market | \n\n Level | \n\n Carrying amount | \n\n Fair value market | \n\n Level | \n|
| \n Financial liabilities measured at amortized cost | \n\n 82 | \n\n 82 | \n\n \u00a0 | \n\n 11 | \n\n 11 | \n\n \u00a0 | \n
| \n Earn-out and non controlling interest buy-out obligations | \n\n 315 | \n\n 315 | \n\n 3 | \n\n 269 | \n\n 269 | \n\n 3 | \n
| \n Commitment share buyback program | \n\n 25 | \n\n 25 | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n
| \n Total | \n\n 422 | \n\n 422 | \n\n \u00a0 | \n\n 280 | \n\n 280 | \n\n \u00a0 | \n
The commitments to purchase non-controlling interests relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value usually assessed using third-party valuation report and/or discounted cashflows valuation model.
2.28 \u2013Financial Instruments
The following table sets out the fair values of all Group financial instruments by category:
Level\u00a01 corresponds to a valuation of financial assets and liabilities at market value, while Level\u00a02 relies on a model based on observable inputs.
| \n (in euro millions) | \n\n 12/31/2025 | \n\n Current | \n\n Non-current | \n\n 12/31/2024 | \n\n Current | \n\n Non-current | \n
|---|---|---|---|---|---|---|
| \n Financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Assets measured at FV through OCI \u2013\u00a0Current | \n\n 43 | \n\n 43 | \n\n \u2013 | \n\n 40 | \n\n 40 | \n\n \u2013 | \n
| \n Level\u00a02 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Unlisted investments | \n\n 43 | \n\n 43 | \n\n \u2013 | \n\n 40 | \n\n 40 | \n\n \u2013 | \n
| \n Financial assets measured at amortized cost | \n\n 26 | \n\n 10 | \n\n 16 | \n\n 28 | \n\n 9 | \n\n 19 | \n
| \n Other financial assets | \n\n 26 | \n\n 10 | \n\n 16 | \n\n 28 | \n\n 9 | \n\n 19 | \n
| \n Total | \n\n 69 | \n\n 53 | \n\n 16 | \n\n 68 | \n\n 49 | \n\n 19 | \n
| \n (in euro millions) | \n\n 12/31/2025 | \n\n Current | \n\n Non-current | \n\n 12/31/2024 | \n\n Current | \n\n Non-current | \n
|---|---|---|---|---|---|---|
| \n Financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Financial liabilities measured at amortized cost | \n\n 82 | \n\n 79 | \n\n 3 | \n\n 11 | \n\n 7 | \n\n 4 | \n
| \n Borrowings | \n\n 82 | \n\n 79 | \n\n 3 | \n\n 11 | \n\n 7 | \n\n 4 | \n
| \n Other financial liabilities | \n\n 340 | \n\n 67 | \n\n 273 | \n\n 269 | \n\n 32 | \n\n 237 | \n
| \n Level\u00a03 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Earn-out and non controlling interest buy-out obligations | \n\n 315 | \n\n 42 | \n\n 273 | \n\n 269 | \n\n 32 | \n\n 237 | \n
| \n Commitment share buyback program | \n\n 25 | \n\n 25 | \n\n \u2013 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n\n \u2013\u00a0 | \n
| \n Total | \n\n 422 | \n\n 146 | \n\n 276 | \n\n 280 | \n\n 39 | \n\n 241 | \n
| \n (in euro millions) | \n\n 12/31/2025 | \n\n 12/31/2024 | \n||||
|---|---|---|---|---|---|---|
| \n Carrying amount | \n\n Fair value market | \n\n Level | \n\n Carrying amount | \n\n Fair value market | \n\n Level | \n|
| \n Financial liabilities measured at amortized cost | \n\n 82 | \n\n 82 | \n\n \u00a0 | \n\n 11 | \n\n 11 | \n\n \u00a0 | \n
| \n Earn-out and non controlling interest buy-out obligations | \n\n 315 | \n\n 315 | \n\n 3 | \n\n 269 | \n\n 269 | \n\n 3 | \n
| \n Commitment share buyback program | \n\n 25 | \n\n 25 | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n
| \n Total | \n\n 422 | \n\n 422 | \n\n \u00a0 | \n\n 280 | \n\n 280 | \n\n \u00a0 | \n
The commitments to purchase non-controlling interests relate to the undiscounted expected future payments depending on performance of acquisitions. Their fair value usually assessed using third-party valuation report and/or discounted cashflows valuation model.
2.29 \u2013Financial risk management objectives and policies
Interest rate risk
In the course of its business, the Group may be exposed to the risk of interest rate changes. The risk depends on the type of interest rate (fixed or floating) and the direction of change. At fixed rate, a financial investment would be negatively impacted by an increase in interest rates and a borrowing would be negatively impacted by a decrease in interest rates. At floating rate, the situations are reversed.
At December\u00a031, 2025, the Group\u2019s exposure to interest rate mainly relates to bank overdrafts and to Commercial Papers, which amounted respectively to \u20ac5 million and \u20ac73 million, with a maturity of less than one year. In addition, Havas had no interest rate swap portfolio.
Potential gains and losses relating to derivatives for fair value hedges are recognized in the consolidated income statement, while those for cash flow hedges are recognized in equity, in each case when the efficacy of the hedges is measurable and known.
According to Group policy, Havas and its subsidiaries should invest any excess cash primarily in the highest yielding variable or adjustable rate instruments (through leading banks as selected by the Group) that meet the criteria of cash equivalents as set out in IAS\u00a07.
Credit Risk
The Group provides advertising and communications services to a wide range of clients operating in many different industry sectors around the world. The Group grants credit to all qualified clients. It does not believe it is exposed to any undue concentration of credit risk related to either a specific country or client. Consequently, concentrations of credit risk on accounts receivable are limited. In\u00a02015, the Group selected a leading credit insurer to cover its main client credit risks worldwide.
In addition, the Group may be exposed to credit risk with bank partners in connection with operations on the financial markets and banking transactions. Operations or transactions relate mainly to the management of foreign currency exchange risk, interest rate risk, financial investments and financing. A default or deterioration in the financial position of a counterparty could have a negative impact on the Group resulting in a loss of financial investments or causing difficulties in finding a new source of financing for the coming years.
To minimize this risk, in\u00a02006, the Group introduced a process to rationalize its banking relationships and give preference to leading banks. Investing and financing operations are allocated to a certain number of these banks under the supervision of the Group Executive Committee.
Liquidity risk
As of December\u00a031, 2025, the Group had cash and cash equivalents totaling \u20ac294\u00a0million. This includes cash availability (bank credit balances) of \u20ac249\u00a0million and monetary investments maturing in less than 3 months of \u20ac45\u00a0million.
The Group\u2019s Financing and Treasury Department has centralized a significant portion of its financing needs by setting up domestic and international cash pooling in the main countries where the Group operates. This allows for the centralization of most of the key countries\u2019 cash balances at the Havas\u00a0SAS company level for better control of financing costs and optimization of investments. Where possible, physical cash pooling, namely the \u201cZBA\u201d (Zero Balance Account), is preferred over notional cash pooling, which remains the exception. Under this model, the subsidiary\u2019s bank balances are virtually offset by the domestic treasury pivot bank. Physical transfers of net amounts occur both on a daily basis and at accounting closing dates.
The Company has sufficient cash and confirmed credit lines to satisfy \u201cearn-out\u201d and \u201cbuy-out\u201d debts totaling \u20ac315\u00a0million and the remaining commitment share buyback program of \u20ac25 million. Havas does not pose any liquidity risk.
As of December\u00a031, 2025, the long-term financial debt on the balance sheet amounted to \u20ac3\u00a0million. It primarily relates to employee profit-sharing.
Exchange rate risk
The Group, due to its presence in over 100\u00a0countries, is exposed to foreign currency fluctuations. As the Group\u2019s financial statements are denominated in euros, any variation in exchange rates against the euro may have an impact on translation adjustments on balance sheet items, shareholders\u2019 equity, and the consolidated income statement. The US\u00a0dollar and the British pound are the two main currencies likely to generate significant impacts.
In addition, Havas carries out operations in Argentina and Turkey. Due to hyperinflation of the Argentine peso and the Turkish Lira, the average rate used by Havas corresponds to the closing rate of the current year.
In\u00a02025, Net Revenue was achieved at 30.5% in the euro currency, 33.6% in the US\u00a0dollar currency and 15.5% in the pound sterling currency, while adjusted EBIT was achieved at 30.0% in the euro currency, 32.4% in the US\u00a0dollar currency and 15.2% in the pound sterling currency.
The table below summarizes the different impacts of a 1% change in the US\u00a0dollar and pound sterling against the euro:
| \n (in euro millions) | \n\n Impact on Net Revenue | \n\n Impact on Adjusted EBIT | \n\n Impact on shareholders\u2019 equity | \n|||
|---|---|---|---|---|---|---|
| \n 1% increase | \n\n 1% decrease | \n\n 1% increase | \n\n 1% decrease | \n\n 1% increase | \n\n 1% decrease | \n|
| \n US\u00a0dollar | \n\n 9 | \n\n (9) | \n\n 1 | \n\n (1) | \n\n 6 | \n\n (6) | \n
| \n British pound | \n\n 4 | \n\n (4) | \n\n 1 | \n\n (1) | \n\n 3 | \n\n (3) | \n
The Group\u2019s exposure to foreign currency risk on its operating activities is limited. Most of the Group\u2019s agencies operate on their local markets, with revenues and expenses incurred in local currency.
In terms of financing, a distinction should be made between two levels:
\u25cfintragroup loans and borrowings carried out outside the euro zone, also including international cash pool operations, are systematically hedged; in this context, the risk is mainly limited to the currency translation adjustments arising from the financial statements of non-euro zone subsidiaries;
\u25cfGroup subsidiaries are financed by domestic cash pools or local banks in local currencies with no foreign currency exchange risk.
Derivatives used to hedge foreign currency exchange risk are exclusively simple instruments (plain vanilla forward exchange agreements and zero premium foreign exchange options), generally for a period of under three months, which are managed primarily by the Havas Treasury Department or centralized Treasury Departments in the main countries.
The table below sets out the breakdown of net assets by main currencies at December\u00a031, 2025:
| \n (in euro millions) | \n\n Total | \n\n Euro | \n\n US\u00a0dollar | \n\n British pound | \n\n Other | \n
|---|---|---|---|---|---|
| \n Assets | \n\n 6,562 | \n\n 2,741 | \n\n 1,446 | \n\n 925 | \n\n 1,450 | \n
| \n Liabilities | \n\n 4,721 | \n\n 1,951 | \n\n 1,307 | \n\n 605 | \n\n 858 | \n
| \n Net assets before management | \n\n 1,841 | \n\n 790 | \n\n 139 | \n\n 320 | \n\n 592 | \n
| \n Foreign exchange swaps | \n\n \u00a0 | \n\n (488) | \n\n 454 | \n\n \u00a0 | \n\n 34 | \n
| \n Net assets under management | \n\n 1,841 | \n\n 302 | \n\n 593 | \n\n 320 | \n\n 626 | \n
The table below sets out the breakdown of net assets by main currencies at December\u00a031, 2024:
| \n (in euro millions) | \n\n Total | \n\n Euro | \n\n US\u00a0dollar | \n\n British pound | \n\n Other | \n
|---|---|---|---|---|---|
| \n Assets | \n\n 6,676 | \n\n 2,553 | \n\n 1,571 | \n\n 944 | \n\n 1,608 | \n
| \n Liabilities | \n\n 4,769 | \n\n 1,725 | \n\n 1,390 | \n\n 633 | \n\n 1,021 | \n
| \n Net assets before management | \n\n 1,907 | \n\n 827 | \n\n 181 | \n\n 311 | \n\n 588 | \n
| \n Foreign exchange swaps | \n\n \u00a0 | \n\n (769) | \n\n 649 | \n\n 37 | \n\n 83 | \n
| \n Net assets under management | \n\n 1,907 | \n\n 58 | \n\n 830 | \n\n 348 | \n\n 671 | \n
Capital management
The Group\u2019s objective is to maintain a reasonable \u201cNet debt/Total consolidated equity ratio\u201d as follows:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Gross financial debt | \n\n 87 | \n\n 23 | \n
| \n Cash and cash equivalents | \n\n (294) | \n\n (234) | \n
| \n Net financial debt (Net cash and cash equivalents) | \n\n (207) | \n\n (211) | \n
| \n Consolidated shareholders\u2019 equity | \n\n 1,841 | \n\n 1,907 | \n
| \n Ratio to financial debt \u2013 net (cash)/consolidated shareholders\u2019 equity | \n\n \u201311.2% | \n\n \u201311.1% | \n
Interest rate risk
In the course of its business, the Group may be exposed to the risk of interest rate changes. The risk depends on the type of interest rate (fixed or floating) and the direction of change. At fixed rate, a financial investment would be negatively impacted by an increase in interest rates and a borrowing would be negatively impacted by a decrease in interest rates. At floating rate, the situations are reversed.
At December\u00a031, 2025, the Group\u2019s exposure to interest rate mainly relates to bank overdrafts and to Commercial Papers, which amounted respectively to \u20ac5 million and \u20ac73 million, with a maturity of less than one year. In addition, Havas had no interest rate swap portfolio.
Potential gains and losses relating to derivatives for fair value hedges are recognized in the consolidated income statement, while those for cash flow hedges are recognized in equity, in each case when the efficacy of the hedges is measurable and known.
According to Group policy, Havas and its subsidiaries should invest any excess cash primarily in the highest yielding variable or adjustable rate instruments (through leading banks as selected by the Group) that meet the criteria of cash equivalents as set out in IAS\u00a07.
Exchange rate risk
The Group, due to its presence in over 100\u00a0countries, is exposed to foreign currency fluctuations. As the Group\u2019s financial statements are denominated in euros, any variation in exchange rates against the euro may have an impact on translation adjustments on balance sheet items, shareholders\u2019 equity, and the consolidated income statement. The US\u00a0dollar and the British pound are the two main currencies likely to generate significant impacts.
In addition, Havas carries out operations in Argentina and Turkey. Due to hyperinflation of the Argentine peso and the Turkish Lira, the average rate used by Havas corresponds to the closing rate of the current year.
In\u00a02025, Net Revenue was achieved at 30.5% in the euro currency, 33.6% in the US\u00a0dollar currency and 15.5% in the pound sterling currency, while adjusted EBIT was achieved at 30.0% in the euro currency, 32.4% in the US\u00a0dollar currency and 15.2% in the pound sterling currency.
Capital management
The Group\u2019s objective is to maintain a reasonable \u201cNet debt/Total consolidated equity ratio\u201d as follows:
| \n (in euro millions) | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Gross financial debt | \n\n 87 | \n\n 23 | \n
| \n Cash and cash equivalents | \n\n (294) | \n\n (234) | \n
| \n Net financial debt (Net cash and cash equivalents) | \n\n (207) | \n\n (211) | \n
| \n Consolidated shareholders\u2019 equity | \n\n 1,841 | \n\n 1,907 | \n
| \n Ratio to financial debt \u2013 net (cash)/consolidated shareholders\u2019 equity | \n\n \u201311.2% | \n\n \u201311.1% | \n
2.30 \u2013Risks related to material litigations
In the normal course of their activities, Havas\u00a0SA and its subsidiaries are parties to a certain number of legal, administrative or arbitration proceedings. The expenses that may be incurred in these proceedings are provisioned for to the extent they are probable and measurable. Such provisions are determined by risk assessments conducted on a case-by-case basis (see Note\u00a02.16).
Tax litigations
Equalization tax
Havas\u00a0SA initiated legal proceedings for the refund of the withholding tax paid by the Company between\u00a02000 and\u00a02002 on the redistribution of dividends from European subsidiaries. On July\u00a028, 2017, following the filing of the case before the Administrative Court and Court of Appeal, the French Council of State (Conseil d\u2019\u00c9tat) found that the appeal on a point of law (pourvoi en cassation) made by Havas against the decision of the Versailles Court of Appeal was inadmissible. This decision irrevocably ended the tax litigation and barred Havas from obtaining a refund of the withholding tax.
To restore Havas\u2019s right to compensation, three combined actions were taken:
i)a claim before the European Commission;
ii)an application for referral to the European Court of Human Rights;
iii)a claim for compensation under an action for damages against the French state.
In a decision issued on May\u00a019, 2022, the European Court of Human Rights ultimately ruled the application inadmissible. In a motion filed on May\u00a029, 2018 at the Administrative Court of Cergy-Pontoise, Havas sought compensation for damages allegedly suffered due to the decision to not admit its appeal to the French Council of State (Conseil d\u2019\u00c9tat). This is the only pending litigation Havas has concerning withholding tax.
The damages that Havas is claiming amount to \u20ac59\u00a0million (the amount of the advance payment and the late payment interest which it should have received).
On March\u00a028, 2023, the Court of Cergy-Pontoise dismissed Havas\u2019s claims.
On May\u00a026, 2023, as a precautionary measure to preserve its interests, Havas filed a motion before the administrative Court of Appeal of Versailles seeking to have the judgement of the Administrative Court annulled and to obtain an order that the French State compensate for the damage suffered.
In response, the Minister of Justice filed a reply brief with the administrative Court of Appeal of Versailles on July\u00a029, 2023, to which Havas responded with a new reply brief on September\u00a018, 2023.
On October\u00a023, 2023, the Minister of Justice, in his capacity as observer in the context of the litigation relating to the withholding tax, submitted his observations on the claim for compensation filed by the Company, focusing essentially on the quantum of the damage for which Havas is seeking restitution.
On December\u00a012, 2023, the Company responded with a new reply brief, to which the tax authorities replied on February\u00a02, 2024. Havas filed a new reply on February\u00a09, 2024.
On December\u00a020, 2024, at the request of the Court of Appeal of Versailles, Havas produced a summary brief containing the conclusions and pleas that the Company intended to submit to the Court. By order dated January\u00a020, 2025, the investigation was closed on February\u00a04, 2025.
The hearing was held on January 27, 2026 before the Administrative Court of Appeal of Versailles. In a judgment dated February 12, 2026, the Administrative Court of Appeal of Versailles dismissed the appeal filed by Havas. The company has decided to lodge an appeal in cassation against this judgment.
Other
Investigation by US federal prosecutors into business practices in the advertising industry
On June\u00a011, 2018, Havas received a subpoena for documents relating to one of its Spanish subsidiaries, Havas Media Alliance WWSL. These documents have been provided to the relevant US authorities. This request by the federal prosecutors appears to relate to business practices involving discounts and rebates. At this stage, Havas is not a party to any proceedings and is not being interviewed. There have been no new developments since then.
Procedure concerning the services provided by Havas Paris to Business France
On February\u00a07, 2019, Havas Paris, a subsidiary of Havas\u00a0SAS, was indicted for concealment of favoritism. This indictment came as part of a judicial investigation opened by the Paris Public Prosecutor\u2019s Office for the offence of favoritism that Business France is alleged to have committed in connection with the organization of a communication service entrusted by Business France to Havas Paris. Havas Paris disputes the facts of which it is accused and immediately appealed this decision. The Deputy Chief Executive Officer of Havas Paris was indicted on December\u00a021, 2023 for concealment of favoritism. The latter contests the facts of which he is accused and has lodged appeals against this decision. In December\u00a02024, a Partner of Havas Paris is summoned by the judicial police to be heard in 2025 as a defendant. He denies any claim. The procedure follows its course. These indictments do not have any material monetary or financial consequences for Havas Paris.
2.32 \u2013Statutory auditors fees
| \n (in euro millions) | \n\n Deloitte and Network | \n\n Other auditors | \n\n Total | \n|||
|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n|
| \n Audit | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Certifications(a) | \n\n 6.4 | \n\n 6.4 | \n\n 1.9 | \n\n 1.8 | \n\n 8.3 | \n\n 8.2 | \n
| \n Fees directly linked to the Auditors diligences | \n\n \u2013\u00a0 | \n\n 0.5 | \n\n \u2013\u00a0 | \n\n 0.2 | \n\n \u2013\u00a0 | \n\n 0.7 | \n
| \n Other fees | \n\n 0.2 | \n\n 0.1 | \n\n 0.3 | \n\n 0.4 | \n\n 0.5 | \n\n 0.5 | \n
| \n Total | \n\n 6.6 | \n\n 7.0 | \n\n 2.2 | \n\n 2.4 | \n\n 8.8 | \n\n 9.4 | \n
| \n (a)The fees listed above relate to the procedures applied to the Company and its consolidated Group entities by Deloitte Accountants\u00a0BV as the external auditor referred to in Section\u00a01(1) of the Dutch Accounting Firms Oversight Act (WTA) as well as by the Deloitte network (\u20ac0.5\u00a0million and \u20ac5.9\u00a0million respectively). These amounts include the audit fees with respect to local statutory financial statements. | \n
2.33 \u2013Events after the balance sheet date
Beginning 2026, Havas acquired 4 entities: Acento Public Affairs (Spain), Ctrl Digital (Sweden), Styleheads (Germany) and Eyesight (France). For more detailed information on these acquisitions, please refer to Chapter 2.
The Group operates in Dubai, Oman, Qatar, Saudi Arabia and Israel. This part of the world weighs for 1.9% of the Group Net Revenue with a diversified client portfolio representing all economic sectors; tourism and transportation sectors are more sensitive to political and military troubles than consumer goods. Following the recent events in the Middle East, the Group has determined that these events do not have significant impact on its financial statements. The Group will continue to monitor the situation and will take any necessary actions should circumstances evolve.
After December 31, 2025, Compagnie de l\u2019Etoile des Mers, controlled by Bollor\u00e9 Participations, strengthened its stake in Havas N.V. In addition, Yannick Bollor\u00e9, Chairman and CEO of Havas N.V. transfered YB6 to Compagnie de l\u2019Etoile des Mers, in order to group together their shareholdings in Havas N.V.
Upon completion of these transactions, Compagnie de l\u2019Etoile des Mers held approximately 22% of the share capital of Havas N.V. and Yannick Bollor\u00e9 has been appointed Chairman of Compagnie de l\u2019Etoile des Mers.
As of February 19, 2026, all the Bollor\u00e9 entities held 53% of the share capital of Havas N.V. For more detailed information, please refer to the AFM filling, February 19, 2026.
(a)Assets measured at fair value through \u201cOCI\u201d (Other Comprehensive Income).
(b)Including accounts from media buying transactions.
(a)Including accounts from media buying transactions.
(a)As of December\u00a031, 2025, it includes historical adjustment for \u20ac(10)\u00a0million and hyperinflation for \u20ac2\u00a0million (compared to \u20ac8\u00a0million as of December\u00a031, 2024).