Havas (ENXTAM:HAVAS) has opened H1 2026 with trailing 12 month revenue of €2.93 billion and net income of €199 million, alongside its most recent half year print in H2 2025 showing revenue of €1.51 billion, net income of €115 million and basic EPS of €1.17. The company has seen revenue move from €1.50 billion in H2 2024 to €1.41 billion in H1 2025 and then to €1.51 billion in H2 2025. Over the same periods, basic EPS shifted from €1.03 to €0.75 and then €1.17. This sets up H1 2026 against a backdrop of 13.1% earnings growth over the past year and a trailing net margin of 6.8% that investors will be watching closely as a signal on earnings quality and pricing power.
See our full analysis for Havas.With the latest numbers on the table, the next step is to see how this earnings profile lines up with the prevailing narratives around Havas, and where the data challenges some of the more widely held views.
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Havas earnings grow 13.1% with €199 million trailing profit
- On a trailing 12 month basis into H1 2026, Havas generated €2.93 billion of revenue and €199 million of net income, compared with €2.91 billion of revenue and €189 million of net income on the prior trailing view.
- Bullish thinkers often point to the 13.1% earnings growth over the past year as support for a steady profit story. However, the data also shows revenue is only forecast to grow around 0.6% per year, so:
- That mix heavily supports the bullish argument around earnings quality and margin discipline, while also reminding you that top line growth expectations are modest.
- The combination of higher trailing profit and a measured revenue outlook suggests the recent earnings step up leans more on efficiency than rapid expansion.
Curious how these headline numbers fit into the bigger picture other investors are building around Havas right now? 📊 Read the what the Community is saying about Havas.
Trailing 6.8% margin versus slower growth forecasts
- The trailing net margin for Havas sits at 6.8%, compared with 6.1% last year. Forecast earnings growth of about 8.55% per year is slower than the Dutch market figure of 16.7%, and forecast revenue growth of 0.6% per year trails the market’s 10.9%.
- Bullish views that focus on profitability and resilience are strongly backed by the 6.8% margin. They also have to account for the slower growth profile, because:
- The higher margin versus last year supports the idea that Havas is turning more of its €2.93 billion in trailing revenue into profit.
- The gap between earnings growth forecasts of 8.55% and the broader market at 16.7% gives cautious investors a clear data point when they argue that future growth may not keep pace with peers.
Low 9.1x P/E against DCF fair value of €69.71
- At a share price of €18.55, Havas trades on a P/E of 9.1x versus 33.3x for peers and 14.2x for the European Media industry, and sits well below a DCF fair value of €69.71 that has been presented in the analysis.
- Bullish arguments lean heavily on this valuation gap and the recent 13.1% earnings growth, and the figures give that view plenty of support, because:
- The low P/E against both peers and the wider industry points to a market that is pricing Havas more conservatively despite its high quality past earnings flag.
- The large distance between the current price of €18.55 and the DCF fair value of €69.71 is a clear numerical anchor for investors who see room for sentiment to shift if profitability remains solid.
Next Steps
Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Havas's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.
If the mixed signals around Havas leave you unsure, take a closer look at the numbers yourself and decide quickly how they stack up. To see why some investors are focusing on the positives before making their next move, review the 4 key rewards.
See What Else Is Out There Beyond Havas
Havas pairs a low 9.1x P/E and 6.8% trailing margin with revenue and earnings forecasts that sit well behind broader market growth expectations.
If you want ideas where the growth picture looks stronger than this, check out the 236 high quality undervalued stocks today and quickly compare other opportunities against Havas.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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