Publicis Groupe Sa · EURONEXT:PUB
Publicis Groupe Sa — Publicis Groupe Act — H1 2025 Earnings Presentation
48 slides from Publicis Groupe Sa's earnings presentation, Jul 17, 2025
Slide 1: H1 2025 Results
H1 2025 RESULTS 17 July 2025 ig PuBLICIS
Slide 2: H1 2025 Highlights
H1 2025 HIGHLIGHTS H1 2025 FINANCIALS STRATEGIC UPDATE Q&A PuBLICIS
Slide 3: Disclaimer
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 ma
Slide 4: Key highlights from H1'25
3 KEY HIGHLIGHTS FROM H1’25 17 4% Upgrading guidance to ro) oF 70 0) +5.9% operating margin close to +5% Q2’25 organic growth vs. 17.3% in 2024 FY’25 organic growth while sustaining investments from +4% to +5% +5.4% Pe H1’25 organic growth Well on track for slight Thanks to our industry-leading marg
Slide 5: Even stronger Q2 than Q1
EVEN STRONGER Q2 THAN Q!1 +5.9% Q2’25 organic growth after +4.9% in QV25 i ee Accelerating Gaining vs. +4.9% 5Y CAGR in Q2 material market share Despite environment Outperforming peers of increased macro uncertainty by c. 800bps in Q2 and external pressures vs. c. 600bps in Q1 PUBLICIS GROUPE () Bas
Slide 6: Growth across all practices in Q2
GROWTH ACROSS ALL PRACTICES IN Q2... -.60% High-single digit growth driven by Publicis Media’s scale, powered by Epsilon’s proprietary data Technology c.15% publicis Slightly positive sapient despite ongoing “wait and see” attitudes from clients on capex spend, affecting all IT consulting firms c.25
Slide 7: ...and across all regions
«AND ACROSS ALL REGIONS U.S. Q2 +5.3% after +5.3% in Q2’24 Accelerating vs. Q1’25 thanks to Publicis Sapient turning positive PUBLICIS GROUPE Europe Q2 +4.6% after +4.2% in Q2’24 Accelerating vs. Q1’25 thanks to robust Connected Media and Intelligent Creativity, and Publicis Sapient almost stable As
Slide 8: Improved industry-high operating margin
IMPROVED INDUSTRY-HIGH OPERATING MARGIN Operating margin rate Perating margin ra Headline Free cash 17.4% : EPS flow © €3.51 €828m vs. 17.3% +590bps +3.8% vs. H1'24 vs. €744m H?24 H124 vs. peers in H1’25 (2) while investing in... Bolt-on Average Y CoreAl platform M&A net debt Y Upgrading talent pool
Slide 9: Upgrading FY'25 organic growth guidance
UPGRADING FY’25 ORGANIC GROWTH GUIDANCE THANKS TO UNPRECEDENTED NEW BUSINESS RUN (— Confident to deliver » close to +5% FY’25 organic growth vs. +4% to +5% despite lack of visibility due to challenging macro context Factoring in... ..more than offset by *Reductions in marketing spend in H2 . x ws a
Slide 10: Sorry for the mess on your desk, Marcel.
Sorry for the mess on your desk, Marcel. Publicis Conseil is named Best Agency in the World at the Cannes Lions for the second year in a row, winning His the Titanium Grand Prix in the process. Not a bad way ‘ to kick off our centennial. PUBLICIS GROUPE
Slide 11: H1 2025 Financials
H1 2025 HIGHLIGHTS H1 2025 FINANCIALS STRATEGIC UPDATE Q&A PuBLICIS
Slide 12: Key financial highlights
KEY FINANCIAL HIGHLIGHTS (EUR million) H1 2025 H1 2024 Revenue 8,483 7,650 Net revenue 7,152 6,688 Operating margin 1,242 1,160 Operating margin rate 17.4% 17.3% Headline Groupe net income “ 890 857 Free cash flow before change in WCR “ 828 744 PUBLICIS inition i i mueuiels () See definition in Appe
Slide 13: Revenue
REVENUE (EUR million) Ql Q2 H1 2025 net revenue 3,535 3,617 7,152 2024 net revenue 3,230 3,458 6,688 Reported growth +9.4% +4.6% +6.9% o/w FX impact +2.0% -4,2% -1.2% o/w M&A impact +2.4% +2.9% 42.7% Organic growth +4.9% +5.9% +5.4% PUBLICIS GROUPE 13
Slide 14: Q2 2025 net revenue by geography
Q2 2025 NET REVENUE BY GEOGRAPHY 2025 Organic (EUR million) Q2 2025 Q2 2024 vs. 2024 growth North America 2,192 2,104 +4.2% +5.8% Europe 899 856 +5. 0% +4. 6% i Paci — . <a re —_ “vndle e. cant a Mica | 1040 a om 8 a ae Ameren | Teas ox — ¥e. "7 sae ——— — ol oy a 7 Sy _ PUBLICIS GROUPE 14
Slide 15: Q2 2025 performance - North America
Q2 2025 PERFORMANCE - NORTH AMERICA 2025 Organic (EUR million) Q2 2025 Q2 2024 vs. 2024 growth North America 2,192 2,104 +4.2% +5.8% U.S. + 58% of Groupe net revenue * Organic growth: +5.3% + Very solid growth of Connected Media and Intelligent Creativity, both benefiting from new business wins and
Slide 16: Q2 2025 performance - Europe
Q2 2025 PERFORMANCE - EUROPE 2025 Organic (EUR million) Q2 2025 Q2 2024 vs. 2024 growth Europe 899 856 +5.0% +4.6% U.K. France Germany Central & Eastern Europe 9% of Groupe net revenue Organic growth: +5.2% Connected Media up mid- single digit Intelligent Creativity up strong high-single digit Publi
Slide 17: Q2 2025 performance - Rest of World
Q2 2025 PERFORMANCE - REST OF WORLD 2025 Organic (EUR million) Q2 2025 Q2 2024 vs. 2024 growth Asia Pacific 318 306 +3.9% +5.7% Middle East & Africa 104 100 +4.0% +8.8% on coun pane ~ 11a — toa ae oo nn isos a oo _— Asia Pacific + 9% of Groupe net revenue * Organic growth: +5.7% * Growth driven by C
Slide 18: H1 2025 net revenue by geography
H1 2025 NET REVENUE BY GEOGRAPHY 2025 Organic (EUR million) H1 2025 H1 2024 vs. 2024 growth North America 4 ee 4, 2 +7. 7% +5. 3% “europe i =a a ae vatdoce ane [EGE wo seen wore Si = Ce PUBLICIS GROUPE 1s
Slide 19: 8% 15% 3% 3% 4% 8% 13% 10% 13% 10% 13%
8% 15% 3% 3% 4% 8% 13% 10% 13% 10% 13% 19
Slide 20: Operating margin
PUBLICIS GROUPE OPERATING MARGIN (EUR million) H1 2025 H1 2024 Net revenue 7,152 6,688 Personnel costs (4,772) (4,457) As a % of net revenue 66.7% 66.6% Restructuring (63) (41) Other operating expenses (816) (789) Depreciation (259) (241) Operating margin 1,242 1,160 as a % of net revenue 17.4% 17.3
Slide 21: Change in operating margin
CHANGE IN OPERATING MARGIN AS A % OF NET REVENUE +obps 17.4% 17.3% -Sbps — -25bps H1 2024 Personnel costs Restructuring Other operating Depreciation H12025 costs expenses PUBLICIS GROUPE 21
Slide 22: Headline income statement
PUBLICIS GROUPE HEADLINE INCOME STATEMENT (EUR million) H1 2025 H1 2024 Change Revenue 8,483 7,650 +10.9% Net revenue 7,152 6,688 46.9% EBITDA 1,501 1,401 +7.1% Operating margin 1,242 1,160 +7.1% Non-current income and expense 1 - Headline net financial expenses (44) (7) Headline income taxes (302)
Slide 23: Headline earnings per share, diluted
HEADLINE EARNINGS PER SHARE, DILUTED “ €3.51 — €3.21 = €2.88 — —— — = - =~ H1 2022 H1 2023 H1 2024 H1 2025 PUBLICIS ——(1)_See definition in Appendix *
Slide 24: Free cash flow
FREE CASH FLOW (EUR million) H1 2025 H1 2024 Change EBITDA © 1,501 1,401 +100 Repayment of lease liabilities . and related interests (232) (224) 8 Capex, net of disposals (115) (118) 43 Interests paid and received (22) 13 -35 Tax paid (350) (376) +26 Other items 46 48 -2 Free cash flow before change
Slide 25: Use of cash
USE OF CASH (EUR million) H1 2025 H1 2024 Free cash flow before change in WCR “ 828 744 Change in WCR (1,745) (1,629) Acquisitions (incl. earn-out & net of disposals) (463) (224) Dividends paid (5) (9) Share buy-back, net of sales / exercise of warrants GES) 1g) Non-cash impact on net debt (274) 229
Slide 26: Net financial debt
NET FINANCIAL DEBT June 30, Dec. 31, June 30, (EUR million) 2025 2024 2024 Net financial debt, average (LTM) 836 585 375 Net financial debt, at end of period 1,033 (775) 99 (Average net financial debt + lx 1.0x 1.0x Average lease liability) / EBITDA (LTM) PUBLICIS GROUPE 26
Slide 27: Strategic Update
H1 2025 HIGHLIGHTS H1 2025 FINANCIALS STRATEGIC UPDATE Q&A PuBLICIS
Slide 28: Industry facing disruption
INDUSTRY FACING DISRUPTION While Al is reshaping the marketing landscape... ..clients have never been more in need of our help OSS Publicis is ready and in a position of strength Steady 5-year track record ina challenging environment : Transformation long completed i _close to €700m additional organ
Slide 29: Focus: Execution
FOCUS: EXECUTION CONTINUE TO GAIN DOUBLE DOWN RETAIN AND ATTRACT MARKET SHARE ON Al STRATEGY THE BEST TALENT by bringing clients . . : by accelerating available in exactly what they need bolt-on M&A the industry in the current environment PUBLICIS GROUPE 29
Slide 30: Continue to gain market share
CONTINUE TO GAIN MARKET SHARE Increasing gap in net new business vs. peers Net reported billings ($bn) in H1 2025 5.2 9.2 omnicom —dentew wPP Bho —Incerpublic aL 04 20,7 Source: JP Morgan (01 July 2025) GROUPE Only focus is partnering with clients to solve their marketing challenges Connected media
Slide 31: Double down on AI strategy by accelerating bolt-on M&A
DOUBLE DOWN ON AI STRATEGY BY ACCELERATING BOLT-ON M&A €10 billion invested from 2015 to 2023 including Sapient and Epsilon PUBLICIS GROUPE + .. €2 billion invested since 2024 and the launch of CoreAl Influential © UNITED. Triple-digit year-on-year organic growth World’s largest influencer media pla
Slide 32: Retain and attract the best talent
RETAIN AND ATTRACT THE BEST TALENT Quality of our people is #1 reason for our success gE Opportunity to maintain momentum and increase share of industry-leading talent Today, talent faces 2 options: Industry peers Publicis Groupe Engaged in cycles of cost cutting On a growth journey and restructurin
Slide 33: Conclusion
CONCLUSION Clients need trusted partners more than ever to thrive in a complex Al-driven world — Only our industry can help clients connect and deliver on the needed imperatives Y Own their own data Y Connect the entire media ecosystem v Protect and grow brand value and differentiation v Measure inv
Slide 34: Q&A
H1 2025 HIGHLIGHTS H1 2025 FINANCIALS STRATEGIC UPDATE Q&A PuBLICIS
Slide 35: Appendix
APPENDIX PuBLICIS
Slide 36: Net revenue & organic growth calculation
NET REVENUE & ORGANIC GROWTH CALCULATION (EUR million) Ql Q2 2024 net revenue 2025 currency impact (EUR million) Ql Q2 Currency impact 2 GBP 7 2 2024 net revenue at 2025 exchange rate (a) ss USD @ 62 (106) 2025 net revenue before impact of acq ns (b) Other (4) (35) Net revenue from acquisitions Tota
Slide 37: Reported consolidated income statement
REPORTED CONSOLIDATED INCOME STATEMENT (EUR million) H1 2025 H1 2024 Net revenue 7,152 6,688 Pass-through revenue 1,331 962 Revenue 8,483 7,650 EBITDA 1,501 1,401 Depreciation (259) (241) Operating margin 1,242 1,160 Amortization of intangibles arising from acquisitions (106) (123) Impairment loss (
Slide 38: Net financial income (expense)
NET FINANCIAL INCOME (EXPENSE) (EUR million) H1 2025 H1 2024 Interest (expense)/income on net financial debt 15 39 Interest on lease liabilities (44) (42) Foreign exchange gain (loss) (10) 2 Other financial expenses (5) (6) Headline net financial expenses (2) (44) (7) (1) Includes provisions on fina
Slide 39: Income tax and effective tax rate
INCOME TAX AND EFFECTIVE TAX RATE (EUR million) H1 2025 H1 2024 Reported income taxes 266 256 Reversal in income tax on amortization of intangibles arising from acquisitions eH) 31 Reversal in income tax on impairment 9 n and real estate consolidation Reversal in income tax on other items fe} (9) He
Slide 40: H1 2025 condensed consolidated income statement
H1 2025 CONDENSED CONSOLIDATED INCOME STATEMENT Amortization Impairment / Change in Main non- H12025 pat Of intangibles Realestate fair value of current Earn-out H1 2025 arising from consolidation financial revaluation Headline (EUR million) acquisitions charge assets items Net revenue 7,152 7,152 P
Slide 41: H1 2024 condensed consolidated income statement
H1 2024 CONDENSED CONSOLIDATED INCOME STATEMENT Amortization Impairment / Change in Main non- H12024 pai Ofintangibles Realestate fair value of current Earn-out H1 2024 arising from consolidation financial revaluation Headline (EUR million) acquisitions charge assets items Net revenue 6,688 6,688 Pa
Slide 42: Balance sheet
PUBLICIS GROUPE BALANCE SHEET June 30, Dec. 31, June 30, (EUR million) 2025 2024 2024 Goodwill and intangibles 13,934 14,912 13,713 Net right of use 1,612 1,735 1,640 Other fixed assets 936 974 987 Current and deferred tax 24 (94) (7) Working capital (2,824) (3,948) (3,141) TOTAL 13,682 13,579 13,19
Slide 43: Gross debt as of June 30, 2025
GROSS DEBT AS OF JUNE 30, 2025 Breakdown by maturity July 2025- July 2026- July 2027- July 2028- July 2029 (EUR million) Total June 2026 June 2027 June 2028 June 2029 onwards Eurobond 2028 “ @) 735 - - 735 - - Eurobond 2031 @) 751 - - - - 751 Eurobond 2029 ©) 596 - - - 596 - Eurobond 2032 646 - - -
Slide 44: Breakdown by currency
Breakdown by currency (EUR million) DEBT AS OF JUNE 30, Total EUR USD Eurobond 2028 “ @) Eurobond 2031 @) Eurobond 2029 ©) Eurobond 2032 @) Earn-out / Buy-out Other debt “ Cash & marketable securi 735 - 735 596 596 - 646 646 - 433 24 294 78 62 5 Net debt (cash) (2,206) (547) (662) 1,033 781 1,123 (1
Slide 45: Net debt as of June 30, 2025
NET DEBT AS OF JUNE 30, 2025 Breakdown by rate (EUR million) Total Earn-out / Buy-out Fixed rate Floating rate Eurobond 2028 “) @ 735 - 735 - Eurobond 2031 @) 751 - 751 - Eurobond 2029 ©) 596 - 596 - Eurobond 2032 @) 646 - 646 - Other debt “ 78 - nN 67 Total gross debt ex. earn-out/buy- 2,806 - 2,73
Slide 46: Liquidity as of June 30, 2025
LIQUIDITY AS OF JUNE 30, 2025 June 30, June 30, 2025 2024 Facility (EUR million) amount Drawn Available Available 5-year revolving credit _ facility maturing 2030 2,000 2,000 1,579 Cash and Marketable Securities 2,206 3,082 Total liquidity 4,206 4,661 PuBLicis ‘es GROUPE
Slide 47: Definitions
DEFINITIONS Net revenue: Revenue less pass-through costs which comprise amount paid to external suppliers engaged to perform a project and charged directly to clients. These costs are mainly production and media costs, and out of pocket expenses. Organic growth: Change in net revenue excluding the i
Slide 48: Contact
CONTACT Press Amy Hadfield, Director of Global Communications | Email. amy.hadfield@publicisgroupe.com Investor Relations Jean-Michel Bonamy, Deputy CFO - Investor Relations | Email. jean-michel.bonamy@publicisgroupe.com Carla Foucaud | Email. carla.foucaud@publicisgroupe.com Maxine Miller | Email.