Thank you very much and hi everyone. Thank you very much for making the time to connect to this call.

Maybe to start directly, if you change the slide, you first have [unclear] which take I'm sure all the time you need to read later. Just in term of agenda, we'll go first with the highlights and one of the guidance, and François will take a deeper look at the results of 2025, and then we'll jump to the Q&A.

So 2025, of course, has been a very important year for Havas. That was the first year where we were fully listed at Euronext Amsterdam, huh?

We initiated the listing December 2024, and it was a rollout of our new strategic plan, Converged. If we jump directly to the results of 2025, as you can see on the chart, we have fully achieved our guidance.

We initially guided the market on an organic growth of above 2%. Then we narrowed it down to 2.5% to 3% after the Q3 results, and we achieved +3.1%.

We are slightly above the expectation on this criteria. An important criteria for us at Havas, the profitability that we are tracking down very precisely.

We were at 12.4% last year. We guided on a 50 basis points increase that we have fully achieved, 12.9%.

The adjusted EBIT in absolute number is at €358 million. The operating cash flow is also very significant, after working capital, an increase of 53%.

To start this presentation, we wanted to start not by data, tech, and AI, not that it is not important, but we wanted to stress the importance of talents. We are very pleased to have seen great talents coming from across the industry decided to join Havas for the rest of their career.

We are pleased to see that Havas remain a very attractive place for the best talent of the industry. We are also very pleased with our sustainable results for 2025.

As we value a lot those results and those ratings, first because it's the right thing to do, and also because, as a B2B business, our clients are asking our ratings for their own credentials. This year, we have achieved a gold medal at EcoVadis, and I think we are the only holding company of the industry to have achieved a gold medal this year, and a B rating at the Carbon Disclosure Project, CDP.

Of course, an important aspect of the success of Havas is our integrated approach that we have pioneered. We were the first group back in 2014, 2013 even, to talk about integration.

This client-centric approach has been a great proof of success those past years, especially 2025, with more and more clients interested with this seamless and frictionless approach to the business. To talk about data and tech and AI, we have a very disciplined cost trajectory.

We shifted from €60 million those past years of investment a year to €100 million that we've invested in 2025. For 2026, we keep the same amount, which allow us to develop strong partnerships.

You see on this chart, partnership with Microsoft, with Google, with Adobe, with all those great companies. We are launching a new LLM portal called AVA that we've announced at CES in Las Vegas.

You see, by the way, a picture of the CES Las Vegas. The idea is not to display pictures of me, but just to show that we were very big at CES this year.

We were the only advertising agency to do the keynote speech on the impact of AI on our industry, very well attended. We launched AVA.

It's a secure access to the most prominent LLM from Google Gemini, Anthropic Claude, ChatGPT from OpenAI, and of course Copilot from Microsoft. It will be ready next month for all the Havas employee that have been fully trained by ProfAI.

So 23,000 people to be trained this year. It's a great training, by the way.

Also we've made some great progress on the production side. We went big 3 years ago on the AI production with Vermeer through Prose on Pixels, our production arm.

We're having very strong results. We believe according to our clients' feedback that we have the best production tool of the industry.

Creativity is also core to Havas' success. We are glad to have had more than 1,600 recognitions in the biggest festival last year.

We believe creativity matters a lot, and it will even matters even more in an AI-driven world. We continue to spend time on making our clients' work stand out.

I won't be talking about AI right now. I'm sure there will be a question during the Q&A session.

In terms of clients, how does it translate into clients? We haven't gone through the whole list of our new business, but just to highlight some of them.

The first one, The Travel Corporation, we thought it was interesting because it was a client that was previously in-housing his business and decided to go external, which I think it's interesting because we see a lot of talks and literature on the fact that clients might be in-housing more in the years to come. These clients have decided to go full external, have launched a big competition, and Havas has won the integrated clients.

BBC, we were very proud to retain BBC. Retention is a key aspect of our success, and it's one of the largest clients for Havas in the UK.

By the way, in the UK, we are proud to see amazing and iconic British brands such as British Airways or British Telecom that have also chosen Havas. The third one is the European Commission that Havas has won, working very well with them.

We are very proud, as you can imagine, to have landed this account into the Havas family. Another big retention is a global account on media for Innocean, for Hyundai Kia media buying through Innocean.

They are the Korean agency. We are pleased to have renewed this client after 16 years or 18 years, I don't remember, of relationship.

Of course, last but not least, during the last part of the year is Emirates that has chosen to come back to Havas. I think it's a very insightful wins.

They were working with us until 6 years ago when they decided to work with another holding company, and after global review they have decided that Havas was the best partner for the future. We are also very pleased to unveil a new positioning for Havas.

It's been 7 years now that we were working with our positioning around making a meaningful difference for brands, businesses, and people. After a year of intense work with clients and teams, we came up with this positioning: Growth Powered by Desire.

I think it's very good and very important to start by growth, just to remind everyone that what we are doing at Havas is not just to do great work to win awards. It's to do work that will create growth for our clients, that will drive their market share up, that will increase their pricing power, that will increase the volume of sales.

To do that, what we do at Havas is we create desire for brands. Desire, of course, it's the way to create more brand preference for our client that will ultimately create growth.

We will talk more about desire during Cannes Lions where we will unveil the first Desirable Brand Study after the Meaningful Brands brand study. Basically, with all those trends, we can clearly affirm that we are the strongest challenger in the market.

As we told during the last call, we are very pleased to be the challenger. It's clearly giving us an extra boost of energy.

In terms of growth story during the past 4 years, you see the revenue has been growing year after year despite negative organic growth in 2024. That was due to the loss of an important client in the pharma sector in the US.

Even 2024, if you look at the EBIT, despite this negative organic growth, EBIT went up from €327 million to €338, which is a clear demonstration that Havas, even in tough times, is capable to protect and even increase its EBIT. You see this year, where everything went well, from the organic growth to the profitability that we have achieved.

That's it. If we look at the guidance before giving the floor to François, due to the momentum we're experiencing, we are glad to share with you that we forecast another year of organic growth in the same range of 2025.

Our first guidance for 2026 is an organic growth between 2% and 3% for the full year. We believe we can continue to improve the adjusted EBIT margin.

You remember we were at 12.4% in 2024, 12.9% in 2025, and we believe we can reach a threshold between 13.2% and 13.5% for 2026. In terms of mid-term guidance for 2028, as we disclosed with François during the Capital Market Day back in 2024, we believe we can reach 14% to 15%.

That was it for me, and I leave the floor to François.

Thank you, Yannick. Hi everyone.

I will walk you through the Q4 and full year financial presentation, starting by the fourth quarter, for which we have posted a 3.7% organic growth, very solid organic for the quarter, to which we add the 0.9% of scope and a very negative impact of foreign exchange, mainly coming from US dollar to euro. The total growth of the quarter is 0.5% positive with €781 million of revenue.

The good news of this quarter is that this organic growth has been well balanced between the different regions. As you see here, all the region have strongly contributed to this performance, including North America, 4.6%, Europe 3.5%, and Asia-Pacific and Latin America being also in positive growth.

If we now move to the figures of the full year, the organic growth, as described by Yannick, is 3.1%. If we add the 1.1% of scope and the negative impact of the forex, it leads to a 1.7% total growth, €2.8 billion revenues for the full year.

In terms of region, same trend that for the quarter, all the region contributed to this performance: very solid in North America, almost 5% of growth; 2% in Europe; 1.7% in Asia-Pacific; and 3.6% in Latin America. In terms of revenue breakdown, no major change compared with the previous communication.

We still have roughly 40, 40, 20 between media, creative, and Havas Health. In terms of region, North America is still the first region with 34%, France number two 17%, UK 16%, rest of Europe 17%.

In terms of sector, healthcare and wellness is still by far our first business sector with 30% of the revenue, and then we've got finance, consumer goods, which are number two at around 10% of the overall revenues. In terms of M&A, we remain our strategy, which is to focus on targeted and bolt-on acquisition, to try to finalize between 5 and 10 per year, with a cumulative revenues around €50 million, with agencies that contribute to the increase of our profitability ratio.

Here this year, we are very proud to have finalized 11 deals, which is a record in the Havas history, 11 deals in all the regions and in all the expertise. As you see, all the regions—the US, UK, France, rest of Europe—have contributed to this very positive performance.

Havas Media being the main business unit in which we have invested with 7 deals achieved during the year, Havas Creative 3 deals, and Havas Health 1 deal. In terms of expertise, from B2B to activation, traditional media, and health with digithead, all the expertise have been contributing to this performance.

A few words on the Horizon global JV, which has been launched and announced a few months ago. It's still working good.

We have already won one client, mid-sized client, in Latin America the previous months, and we are working today on several pitch at global level with the help of Horizon and Havas that could contribute to nice win in the coming months. If I now move to the detailed results of the year up to the adjusted EBIT, we have already commented the net revenue up by 1.7% compared with last year.

Important to point out that our staff cost, fixed and performance share, have increased at a lower pace than the revenues, and therefore our comp ratio went down from 64.2% to 63.9%. In the same time, very good performance as well on the other expenses, with the ratio moving from 15.6% to 15.3%.

Thanks to this good performance, the adjusted EBIT went up by €20 million, from €338 million to €358 million, and the margin, as already described, went up by 50 basis points from 12.4% to 12.9%. Just a few words on the head count, because it's one of our main focus of the moment, try to ensure that the head counts are fully under control.

This year, we have seen the head count fully stabilized all over the year, 22,600 people at the beginning of the year, same head count at the end of the year, including 300 people coming from the acquisition, which means that, in organic evolution, the head count have decreased by 1.2%, which confirm our ability to generate some productivity with our staff. If we now move to the full P&L down to the net income group share, all the KPI are on the good direction.

The restructuring are stable at €24 million, including the earn-out adjustments. The net financial expense are roughly at the level of last year.

Good news also on the income tax with a €90 million stable, which means that the effective tax rate went down from 31.9% last year to 30.1% this year. If you add the non-controlling effect, you see the net income moving from €173 million to €189 million.

It's a 9.2% increase. Another good news of the year with the cash.

You see here that our net cash position was €211 million at the beginning of year 2025, and we ended at €207 million at the end of the year 2025. Very solid generation of cash flow if you add the operating cash flow and the working capital positive variation, €360 million of operating cash flow generated during the year.

During the same time, we have invested in CapEx for €36 million, in M&A for €49 million, we have paid tax for €85 million, and we have bought back a transaction with shareholders for €120 million, including the dividend paid to the Havas shareholders, the dividend paid to minority shareholders of the subsidiaries for €18 million, and the buyback program for €25 million. This year has been strongly impacted by the exchange rate effect.

It's a €72 million negative impact on the net debt, and even with this very negative impact of the exchange rate, we have been able to finalize the year at €207 million for the 31st December 2025. If we now look at the evolution of the net debt all over the year, you see, as we have already explained several times, that the position at the end of the year is not really representative of our overall average daily net debt.

At the end of the year, we finalized at €207 million, but the average net debt is a debt of €28 million all over the year, which means that there is roughly a variance of €200 million between the position at the end of the year and the average position that we see here with a position of €79 million at the end of June. Important to remind that we have also very high liquidity available, €1.3 billion, taking into consideration our cash equivalent of almost €300 million and all the credit lines with our bank, including the RCF for €700 million, which gives to Havas a real room of maneuver in term of investment.

Now, in terms of dividends, we will propose to the next shareholder meeting €0.80 dividend per share, which would represent a 42% payout ratio compared with net results group share that we have earlier described, reminding that during the year 2025, we have done €25 million of share buyback, and that we will propose to the shareholder meeting to renew a program with a maximum of 10% of share capital, but the amount of the program will be disclosed later. Thank you for your attention, and with Yannick now, we are at your disposal to answer any question you may raise.

Thank you, François.

Hi, Yannick and François, and congratulations on the strong quarter. I have three questions, please.

The first one is on the pricing model evolution. You've obviously won some business recently, you've renewed some business.

I'm curious if you're seeing any evolution in the pricing model. You've mentioned that your organic headcount has come down, I guess that you can do probably the same with less people.

How is that being impacted in terms of the revenue model that you have with your clients? Do you feel like you can retain some of the efficiencies rather than passing on everything to your clients?

Second question is on the visibility that you have into 2026 and the environment. Is it still uncertain and challenging, or are you seeing your clients less adverse to risk?

Then the last question is you printed a really good organic growth for Q4. I'm curious if that was mainly driven by better performance in your creative or your media business or both of them?

Thank you.

Thank you very much, Laura. This is Yannick speaking, and thank you for your comment on the number.

Maybe in terms of pricing model evolution, François, you want to take that one?

Yes. I have to remind that, as a media industry, we are always under pressure of the client, and it's not recent.

We are always facing a request from our clients for ages to reduce our fees year after year. Today, we still have this pressure, but we are totally used to living with it, and we are able to deliver productivity that leads to this reduction of our fees when necessary.

I think we do not feel an extra pressure compared with the one we have felt over the last year. On the organic growth of the quarter, we do not disclose by business unit, but let's say that all the business units—creative, media, and health—have largely contributed to the very good performance of the fourth quarter.

For 2026, Yannick has disclosed the guidance for the coming year. Today we are still very cautious, but we see no major evolution of our clients.

We are still very focused on delivering their ambitious in terms of sales, and we seems to be waiting from us the full support to help them in their strategy. We do not feel any breakdown from a major client, and we have exchange with them to foster their sales and to take the good measures for them to reach their own targets.

We are quite confident.

Maybe just to add on that. Yeah, 2026 in terms of outlook at the end of February looks a little bit like 2025.

We don't see many changes. On the prices, I would say the biggest evolution that we see is more on the production side of the business, where thanks to AI we can see huge cost reduction to produce assets, whether it is print or TVC.

We are not really affected by that because in the past we were externalizing or outsourcing production, most of this production, to third-party companies, and now thanks to AI it's coming in-house. We are not affected with this drop of the prices.

Just to give you a number, I disclose at CES we see savings on production for video between 10% and 50% so far, but with no negative impact on Havas.

That's very helpful. Thank you for all the color.

Hi, good evening. Thank you for taking my questions.

The first one is going back to AI, which, as you alluded already to it, it's going to allow you to do more things more quickly, in theory with less people, and agencies are very staff-intense businesses. Have you thought about staff efficiencies in terms of numbers of staff over the next 5 years, maybe?

If you could just comment on that, that would be great. The second question is on Horizon Media.

I think you've mentioned you won one client and you're working on several pitches. Can you just give us a bit more detail?

Are these clients that come from the US or are these your clients and you're bringing them to the US, what type of size are we talking to in terms of clients? The last one is on the seasonality of the growth you're expecting actually for this year.

How is the 2% to 3% going to evolve through the year, please? Thank you.

Thank you very much, Annick. On AI, François mentioned that our goal basically is to grow with the same number of head counts, to absorb the 3% growth a year roughly with the same number of head count.

If you look specifically at 2025, the growth has been 3.1% organically, and the head count, if you exclude the people that have joined us through M&A, it has decreased 1.2%, which means that in fact it's even a productivity gain by 1.2% + 3.1%, 4.3%. Is it entirely due to AI?

It's hard to say, but for sure AI is playing a huge part in it. Our vision on the next 5 years is to continue to grow with the same number of head counts.

We are training our people with AI, we are finding efficiencies everywhere, and I believe that we can absorb the growth, this kind of growth, with the same number of head count. Then your second question on Horizon Media, that's true that François disclosed that we won one client, and I think it's the first time that we disclose it.

It's a Horizon client in the US that wanted to expand in LatAm, in Mexico, and that has awarded Horizon Global for that. It's a mid-sized client.

What's important, the clients that are in the pitch right now, I think we'll be able to give you more color on Horizon Global hopefully in the coming 3 to 6 months. I think it would be easier in July to let you know the results of the pitch, but it has created a lot of interest from clients, and the relationship with Bill Koenigsberg, Bob Lord, and the team at Horizon is very positive.

We had a board meeting during CES. It went very well.

The teams are very motivated and we think we have something on the market that didn't exist before. On the seasonality of the business, François, you might take this one?

Yes, I would say it's a little bit too early because we will, with all the finance team, make the first reforecast in the coming weeks, knowing that our budget has been prepared a few months ago. Up to now, we don't see any major evolution compared with last year, i.e.

until the reforecast on which we will comment later, we consider that it could be roughly equivalent to the one we have had last year.

Great, thank you so much.

Thank you, Annick.

Yes, good evening. Thanks for taking my questions.

Three questions from my side as well. Just to come back firstly on the guidance for '26, obviously I understand it's necessarily cautious at this stage early in the year, and similar guidance I think to '25 which you beat.

You seem to be more confident on the margin growth than the revenue growth, which is in theory a little bit slower than '25. Obviously you've commented a lot on the keeping head count stable and well below growth, but maybe you could just talk around that a little bit.

Secondly, maybe for François, if you could give us an idea of the potential full year '26 forex translation drag and M&A boost at this stage in the year? Then the third question, it seems that Dentsu has abandoned their efforts to sell their entire international agency business and may look for piecemeal sales on a local basis.

I think in the past you said that could be interest in certain regions. Do you confirm that potential interest?

Yes, thank you very much, Conor. On the guidance, just to make sure I understood, you said we're more cautious on the profitability than on the growth?

The opposite, more confident on the margins than the growth.

Oh, no, no.

Balanced? Okay.

It's it's it's easier for us, to be clear, it's easier for us to manage the cost base, of course. The growth, I mean we don't have major clients to pitch before the end of the year, meaning that the traditional terms are end of June or end of December, and we are quite safe for end of June.

We feel, François, quite confident to achieve the organic growth as well.

Yeah.

Okay. You want to take, François, the effect of M&A and forex and Dentsu?

On the forex, it's quite complex because, as you can imagine, we have many currencies which contribute to the forex impact. If you take the US dollar, let's remind that the average for the year 2025 was 1.12, and today we are in the range of around 1.17, 1.19.

We may have another negative impact on the revenues if the dollar was to remain at the level where it is today, let's say equivalent of the one of the 2025. It will depend on the evolution of the euro-dollar conversion.

Reminding that in terms of EBIT, the impact is far smaller. It's between €5 million and €8 million per year if we would remain in the same trend than last year.

Okay.

M&A. M&A.

On Dentsu?

No, on M&A.

Oh, sorry, on M&A,

perimeter effect so far, yeah, yeah.

Yes, on the scope effect, yes, let's take 1.2, between 1.2% and 1.5%.

Okay. Perfect.

Okay. Maybe on Dentsu, we've been talking a lot about the scale of Havas during the past 15 years, by the way, but especially since the listing.

Actually, what we see is that our scale is a real advantage because in times of changes, agility, speed of execution are key to clients. You have to train all your people, to restructure, to change a lot of things.

We didn't enter into too much details, but what we have done those past 3 years integrating AI has been really significant. We were the first, by the way, to integrate AI at this speed.

We started as early as 2011 on the media buying program, and then we implemented AI everywhere: production of course, the things we're doing with LLMs. We are questioning every expertise, every business line, even the corporate for legal, finance, everything to see how we can gain efficiency in AI.

Basically, we believe our scale has been an advantage this year and will continue to be for the years to come. We are not seriously looking at trying to gain scale for just the sake of gaining scale.

Then what we said last year is if there are some mid-sized opportunities that are mid-sized company or some sales by apartment from one of our peers, we will of course consider. Having said that, we are not in discussion with any of our peers to discuss these kind of things.

Very clear. Thank you.

Yes, good evening, Yannick. Good evening, François.

First question is, can you split your 3.1% organic in 2025 between net new business and existing clients? Publicis told us that their 5.6% organic in '25 was around 3% existing clients and around 2.5% net new business, a similar breakdown, please.

The second one is, can you split your €130 million of pass-through cost between media, production, event, and other, maybe nearest percentage to 5%? Then we could have an estimate or guidance on interest and tax rate for full year '26?

Thank you.

Thank you. Not sure, Julien, that I got your second question.

Is, how do we split the €100 million investment?

No, the €130 million of pass-through cost, the difference between revenue and net sales.

The pass-through, okay. Right.

François, you want to take the questions?

Hi, Julien. It's not easy question because you ask most of the questions that we do not redisclose.

On the first one, I do not really follow the type of communication of Publicis on this frame of net new biz and actually it's totally not auditable and not really easy to perform. We do not disclose this kind of figures.

What we can tell you is that we have three levers of organic growth. First one, which is new biz, and we have been very very active with nice win.

With Yannick, we consider it's certainly a record year in terms of new biz for Havas. The second is client retention, and here again we have been extremely successful with the retention.

We've shared to some big retention like Hyundai recently or Sanofi. The third one is the in-business, our ability to extract more revenues from our existing clients.

We focus more on these three levers that we follow internally, but we do not disclose these figures. On the second question on the pass-through cost, it mainly comes from our production and also events operation.

Here again, we do not disclose the detail. I don't think it will help you in your understanding of the group.

The third question was? On tax rate, we have had a very positive tax rate in 2025 down to 30% coming from 31.9%.

We are quite prudent for the next year because we had some positive one-off on the tax rate during the year 2025. Our forecast would be maybe to come back to the range of 31% to 32% for the coming year, above the performance of 2025.

In terms of financial, nothing really important. You could consider some are stable compared with last year.

Merci.

Thank you, Julien.

No, thank you very much everyone for connecting to the call. As you can imagine, we are quite satisfied with the achievement in 2025, and we enter 2026 with a certain degree of serenity.

Thank you very much.

Bye-bye.

Bye-bye.