Publicis Groupe : First Half 2025 Results
Very strong Q2 at +5.9% organic growth
Upgrading guidance thanks to new business track record
July 17, 2025
Stronger-than-expected Q2 with +10% revenue growth, leading to +5.9% net revenue organic growth
Accelerating ahead of +4.9% 5-year CAGR for Q2
Gaining significant market share with record new business wins
Strong performance across all regions in Q2: U.S. +5.3%, Europe +4.6%, APAC +5.7%
Increased operating margin rate at new record 17.4% in H1, while sustaining significant investments
Headline diluted EPS up 3.8% at €3.51, free cash flow1 up 11.3% at €828 million
Upgrading full year 2025 organic growth to close to +5%, thanks to industry-leading net new business wins, and despite challenging macroeconomic environment
Maintaining industry-high financial KPIs in 2025: operating margin rate slightly above 18.0%, free cash flow1 at c. €1.9 billion
Q2 2025
Net revenue
€3,617m
Organic growth
+5.9%
Reported growth
+4.6%
H1 2025
(EUR million)
H1 2025
2025 vs. 2024
Revenue
8,483
+10.9%
Net revenue
7,152
+6.9%
Organic growth
+5.4%
Operating margin
1,242
+7.1%
Operating margin rate
17.4%
Headline Groupe net income
890
+3.9%
Headline diluted EPS (euro)
3.51
+3.8%
Free cash flow1
828
+11.3%
Arthur Sadoun, Chairman and CEO of Publicis Groupe:
"In a tough macroeconomic environment, Publicis had a very strong Q2 ahead of expectations. We delivered +10% revenue growth, leading to +5.9% net revenue organic growth, and an outperformance versus competition once again, of 800 basis points.
With H1 organic growth at +5.4% we continued to make material market share gains.
At the same time we improved our already industry-leading margin to 17.4% in H1, while making significant investments in our people and our capabilities.
Despite the ongoing uncertainty of the global context, our unprecedented new business run of over a dozen material wins in the first six months of 2025 means we are raising our organic growth guidance to close to +5% for the full year, up from our previous +4-5% range.
Now, in what is a particularly disrupted industry, we are looking ahead to the rest of the year and beyond with confidence and a single focus: executing on our strategy. We are uniquely positioned to continue to win market share by bringing clients the immediate business solutions they need to grow in an uncertain global context. We are reinforcing our status as a Category of One with a targeted M&A strategy to further accelerate on AI-led capabilities. And we will continue to invest to attract and retain the best talent in the industry.
I'd like to thank our outstanding teams for their efforts in a challenging business landscape, and our clients for their trust."
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The Publicis Board of Directors met on July 16, 2025 under the chairmanship of Arthur Sadoun and approved the financial statements for the first half of 2025.
KEY FIGURES
EUR million, except per-share data and percentages
H1 2025
H1 2024
2025 vs. 2024
Data from the Income statement and Cash flow statement
Net revenue
7,152
6,688
+6.9%
Revenue
8,483
7,650
+10.9%
EBITDA
1,501
1,401
+7.1%
% of net revenue
21.0%
20.9%
Operating margin
1,242
1,160
+7.1%
% of net revenue
17.4%
17.3%
Operating income
1,102
1,008
+9.3%
Net income attributable to the Groupe
824
773
+6.6%
Earnings per share (EPS)
3.28
3.08
+6.5%
Headline diluted EPS2
3.51
3.38
+3.8%
Free cash flow before change in working capital requirements
828
744
+11.3%
Data from the Balance sheet
June 30, 2025
Dec 31, 2024
Total assets
36,083
39,854
Groupe share of Shareholders' equity
9,631
11,060
Net debt (net cash)
1,033
(775)
Q2 2025 NET REVENUE
Publicis Groupe's net revenue in Q2 2025 was 3,617 million euros, up +4.6% from 3,458 million euros in 2024. Exchange rates had a negative impact of 139 million euros. Acquisitions, net of disposals, accounted for an increase in net revenue of 101 million euros. Organic growth reached +5.9%.
Breakdown of Q2 2025 net revenue by region
EUR
Net revenue
Reported
Organic
million
Q2 2025
Q2 2024
growth
growth
North America
2,192
2,104
+4.2%
+5.8%
Europe
899
856
+5.0%
+4.6%
Asia Pacific
318
306
+3.9%
+5.7%
Middle East & Africa
104
100
+4.0%
+8.8%
Latin America
104
92
+13.0%
+19.8%
Total
3,617
3,458
+4.6%
+5.9%
North America net revenue was up +4.2% on a reported basis, including a negative impact of the U.S. dollar to euro exchange rate. Organic growth in the region was +5.8%. Organic growth in the U.S. came at +5.3%, driven by the very solid growth of Connected Media and Intelligent Creativity, confirming the strength of the Groupe's integrated capabilities in the market where its model is the most advanced. Technology posted slight positive organic growth this quarter, in the context of delayed capex spending seen across the entire IT consulting industry.
Net revenue in Europe was up by +5.0% on a reported basis and +4.6% organically. Organic growth in the U.K. was at +5.2% this quarter, including high-single-digit growth of Intelligent Creativity, and mid-single-digit growth for both Connected Media and Technology. Organic growth in France was almost flat, and up by a low-single digit when excluding Technology. Germany was slightly down organically, with high-single-digit growth in Connected Media, more than offset by a decline at Technology. Growth was a positive mid-single digit when excluding Technology. Central & Eastern Europe was strong at +9.9% on an organic basis, led by double digits at Connected Media and a mid-single-digit for Technology.
Net revenue in Asia Pacific recorded +3.9% growth on a reported basis and +5.7% on an organic basis. China was strong with +5.2% organic growth, on top of +10.5% in Q2 2024, benefitting from new business wins in Connected Media.
In Middle East & Africa, net revenue was up +4.0% on a reported basis, and +8.8% organically, largely driven by the double-digit-growth of Connected Media.
Net revenue in Latin America was up +19.8% organically, driven by both Connected Media and Intelligent Creativity. Reported growth was +13.0% after taking into account the depreciation of the Argentinian peso relative to the euro.
H1 2025 NET REVENUE
Publicis Groupe's net revenue for the first half of 2025 was 7,152 million euros, up by +6.9% compared to 6,688 million euros in the first half of 2024. Exchange rate variations over the period had a negative impact of 74 million euros. Acquisitions (net of disposals) had a positive impact of 179 million euros on net revenue. Organic growth was at +5.4% in the first half of 2025.
Breakdown of H1 2025 net revenue by region
EUR
Net revenue
Reported
Organic
million
H1 2025
H1 2024
growth
growth
North America
4,427
4,112
+7.7%
+5.3%
Europe
1,726
1,649
+4.7%
+3.7%
Asia Pacific
604
572
+5.6%
+5.3%
Middle East & Africa
207
190
+8.9%
+10.1%
Latin America
188
165
+13.9%
+23.6%
Total
7,152
6,688
+6.9%
+5.4%
Net revenue in North America was up by +5.3% on an organic basis in the first half of 2025 (+7.7% on a reported basis). The U.S. recorded a very solid +4.7% organic growth.
Europe posted +3.7% organic growth in the first half (+4.7% on a reported basis). The U.K. was up by +3.6%, both France and Germany were slightly down, and Central & Eastern Europe posted +11.9% growth on an organic basis.
Asia Pacific net revenue was up by +5.3% on an organic basis (+5.6% on a reported basis). China reported an organic growth of +7.1%.
Net revenue in the Middle East & Africa region was up by +10.1% on an organic basis (+8.9% on a reported basis) and up by +23.6% in Latin America (+13.9% on a reported basis).
ANALYSIS OF H1 2025 KEY FIGURES
Income statement
EBITDA amounted to 1,501 million euros in H1 2025, compared to 1,401 million euros in H1 2024, up by +7.1%. This represents 21.0% of net revenue.
Personnel costs totaled 4,835 million euros in H1 2025 from 4,498 million euros in H1 2024, an increase of +7.5%. As a percentage of net revenue, personnel expenses were 67.6% in H1 2025, versus 67.3% in H1 2024. Restructuring costs were 63 million euros, versus 41 million euros in H1 2024.
Non personnel costs amounted to 1,075 million euros in H1 2025, compared to 1,030 million euros in H1 2024. This represented 15.0% of net revenue in H1 2025 versus 15.4% of net revenue in H1 2024. They comprised:
Other operating expenses (excluding pass-through costs, depreciation & amortization), which amounted to 816 million euros, compared to 789 million euros in H1 2024. This represents 11.4% of net revenue, compared to 11.8% in H1 2024.
Depreciation and amortization expense was 259 million euros in H1 2025, up by 18 million euros compared to 241 million euros in H1 2024.
As a result, the operating margin amounted to 1,242 million euros, up by +7.1% compared to H1 2024. This represents an operating margin rate of 17.4% in H1 2025, compared to 17.3% in H1 2024.
Operating margin rates by geographies were 17.5% in North America, 17.0% in Europe, 26.0% in Asia Pacific, 1.0% in Middle East & Africa and 8.0% in Latin America.
Amortization of intangibles arising from acquisitions totaled 106 million euros in H1 2025, down 17 million euros versus H1 2024, largely due the end of the amortization of certain Epsilon technologies.
Impairment losses amounted to 35 million euros, including exclusively the impact of real estate optimization, which was down by 10 million euros compared to 45 million euros in H1 2024.The amount in 2024 included an impairment loss on intangible assets of 3 million euros in addition to the real estate component.
Operating income totaled 1,102 million euros in H1 2025, versus 1,008 million euros in H1 2024.
The financial result, comprising the cost of net financial debt and other financial charges and income, was a net charge of 43 million euros in H1 2025, compared to 0 million euro in H1 2024.
The cost of net financial debt was an income of 15 million euros in H1 2025, compared to an income of 39 million euros in H1 2024. In H1 2025, it included 58 million euros of financial expenses (61 million euros in H1 2024) and financial income of 73 million euros, which was down versus 100 million euros in H1 2024.
Other financial income and expenses (excluding earn-out revaluation) were a charge of 58 million euros in H1 2025, notably composed by 44 million euros interest on lease liabilities and 1 million euros income from the fair value remeasurement of mutual funds. In H1 2024, other financial income and expenses were a charge of 39 million euros, including 42 million euros interest on lease liabilities and 7 million euros income from the fair value remeasurement of mutual funds.
The revaluation for earn-out payments was an income of 38 million euros in H1 2025, compared to 28 million euros income in H1 2024.
The income tax charge was 266 million euros in H1 2025, corresponding to a forecasted effective tax rate of 25.1% for 2025, compared to 256 million euros in H1 2024, corresponding to a forecasted effective tax rate of 24.9% for 2024.
The share of profit of associates is a gain of 1 million euros in H1 2025, compared to a loss of 3 million euros in H1 2024.
Minority interests were a gain of 8 million euros in H1 2025, compared to a gain of 4 million euros in Groupe results in H1 2024.
Overall, net income attributable to the Groupe was 824 million euros in H1 2025, compared to 773 million euros in H1 2024.
The earning per share was 3.28 euros in H1 2025, up by +6.5% compared to 3.08 euros in H1 2024.
Free cash flow
EUR million
H1 2025
H1 2024
EBITDA
1,501
1,401
Repayment of lease liabilities and related interests
(232)
(224)
Investments in fixed assets (net)
(115)
(118)
Financial interest paid (net)
(22)
13
Tax paid
(350)
(376)
Other
46
48
Free cash flow before change in WCR
828
744
The Groupe's free cash flow before change in working capital requirements was 828 million euros in the first half of 2025, up euro 84 million compared to the same period in 2024, notably due to growth of the EBITDA, which increased by 100 million euros.
Repayment of lease liabilities and related interests amounted to 232 million euros in H1 2025, versus 224 million euros in H1 2024.
Net investments in fixed assets were 115 million euros in H1 2025, broadly flat compared to 118 million euros in H1 2024.
Financial interest was an expense of 22 million euros in H1 2025, compared to an income of 13 million euros in H1 2024.
Tax paid amounted to 350 million euros, down by 26 million euros compared to 376 million euros in H1 2024, which included some non-recurring payments.
Net debt
Net financial debt amounted to 1,033 million euros as of June 30, 2025 compared to a net cash position of 775 million euros of December 31, 2024 reflecting the seasonality of activity. The Groupe's last twelve months average net debt as of June 30, 2025 amounted to 836 million euros, compared to a last twelve months average net debt of 375 million euros as of June 30, 2024.
On June 4, 2025, the Groupe announced that it had successfully priced its offering of 1.25 billion euros of notes across two tranches: 1) 600 million euros due June 2029, bearing a fixed interest at an annual rate of 2.875%, and, 2) 650 million euros due June 2032, bearing a fixed interest at an annual rate of 3.375%. The notes have been issued under the Euro Medium Term Note Program dated May 16, 2025. Net proceeds from the offering will be used for general corporate purposes. ACQUISITIONS
In January 2025, Publicis Groupe acquired Atomic 212º, the leading independent media agency in Australia, further reinforcing the Groupe's ability to offer end-to-end marketing transformation solutions in the region.
In February 2025, Publicis Groupe announced the acquisition of BR Media Group, Latin America's leading influencer marketing and content company, with a network of over 500,000 creators including 80% of the region's leading influencers. Operating out of Brazil, BR Media Group partners with more than 500 local and global clients and is present across every step of the creator value chain. BR Media Group's proprietary technology, fueled by more than 5 billion data points and 50 data sources, will strengthen the Groupe's Connected Media offer in Latin America.
In March 2025, Publicis Groupe announced the acquisition of Lotame, the leading independent identity solution. Lotame's proprietary identity solution, built on 100+ data sources and activated through more than 1.6 billion IDs, is used by over 4,000 of the world's leading brands and publishers to leverage their campaigns at scale and with precision. The combined data and identity assets of Lotame and Publicis Groupe's 2.3 billion global profiles enable clients to reach 91% of adult internet users with personalized messaging at scale.
In March 2025, Publicis Groupe announced the acquisition of Moov AI, Canada's leading artificial intelligence and data solutions company, which delivers strategic AI activations for more than 100 clients in Canada.
In April 2025, Publicis Groupe announced the acquisition of Adopt, a highly-specialized global agency in sport and culture. Adopt will further strengthen the Groupe's ability to harness the power of athletes and sport to create authentic cultural brand connections.
In May 2025, Publicis Groupe announced the acquisition of Captiv8, the largest influencer technology marketing platform in the world, with a network of 15 million creators globally, covering 95% of influencers with 5,000+ followers. With its proprietary AI-powered technology, and leading social commerce suite, Captiv8 enables brands to unify, manage and measure their influencer strategies, and leverage creators to drive commerce at scale. Captiv8 will be positioned within Connected Media and integrated with Influential to power the Groupe's global influencer offering worldwide.
OUTLOOK
After a stronger-than-expected first half of 2025, and a boost of 15 material new business wins since the beginning of the year, the Groupe is upgrading its organic growth guidance for the full year of 2025, despite a lack of visibility due to a challenging macroeconomic context.
The Groupe now aims for close to +5% organic growth in 2025, compared to +4% to +5% range previously, which factors in anticipated reductions in client market spend in H2, a negative performance for Publicis Sapient in the full year, and a negative impact from year-end budget adjustments after the positives of 2024.
The Groupe also confirms its 2025 guidance on operating margin rate, which is expected to record a slight improvement from its industry-high level of 18.0% in 2024. This will be achieved while the Groupe sustains high levels of investments in artificial intelligence, talent and new business. Free cash flow before change in working capital is now anticipated at circa. 1.9 billion euros, which includes a negative impact of currency movement for 80 million euros.
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Disclaimer
Certain information contained in this document, other than historical information, may constitute forward-looking statements or unaudited financial forecasts. These forward-looking statements and forecasts are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements and forecasts are presented at the date of this document and, other than as required by applicable law, Publicis Groupe does not assume any obligation to update them to reflect new information or events or for any other reason. Publicis Groupe urges you to carefully consider the risk factors that may affect its business, as set out in the Universal Registration Document filed with the French Autorité des Marchés Financiers (AMF) and which is available on the website of Publicis Groupe (www.publicisgroupe.com), including an unfavorable economic climate, a highly competitive industry, risks associated with the confidentiality of personal data, the Groupe's business dependence on its management and employees, risks associated with mergers and acquisitions, risks of IT system failures and cybercrime, the possibility that our clients could seek to terminate their contracts with us on short notice, risks associated with the reorganization of the Groupe, risks of litigation, governmental, legal and arbitration proceedings, risks associated with the Groupe's financial rating and exposure to liquidity risks.
About Publicis Groupe - The Power of One
Publicis Groupe [Euronext Paris FR0000130577, CAC 40] is a global leader in communication. The Groupe is positioned at every step of the value chain, from consulting to execution, combining marketing transformation and digital business transformation. Publicis Groupe is a privileged partner in its clients' transformation to enhance personalization at scale. The Groupe relies on ten expertise concentrated within four main activities: Communication, Media, Data and Technology. Through a unified and fluid organization, its clients have a facilitated access to all its expertise in every market. Present in over 100 countries, Publicis Groupe employs around 108,000 professionals. www.publicisgroupe.com | X: @PublicisGroupe | Facebook | LinkedIn | YouTube | Viva la Difference!
Contacts
Amy Hadfield
Director of Global Communications
+ 33 1 44 43 70 75
Jean-Michel Bonamy
Investor Relations
+ 33 1 44 43 74 88
Carla Foucaud
Investor Relations
+ 44 20 7830 3710
Please find the press release here
Appendices
Net revenue: organic growth calculation
(EUR million)
Q1
Q2
H1
Impact of currencyat end June 2025(EUR million)
2024 net revenue
3,230
3,458
6,688
GBP (2)
9
Currency impact (2)
65
(139)
(74)
