Slide 1: Full Year 2025 Results
FULL YEAR 2025 RESULTS 3 February 2026 ig
Slide 2: 2025 HIGHLIGHTS & 2026 OUTLOOK
2025 HIGHLIGHTS & 2026 OUTLOOK FINANCIAL REVIEW STRATEGIC UPDATE Q&A
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 diff
Slide 4: 2025 Highlights & 2026 Outlook
2025 HIGHLIGHTS & 2026 OUTLOOK
Slide 5: Key Highlights from FY 2025
3 KEY HIGHLIGHTS FROM FY 2025 1 2 3 Client retention +5.6% All financial KPIs up FY’25 organic growth while accelerating investments in our future New business wins Record high market share gain Operating margin at 18.2% Foundation Outperforming industry Headline EPS +6.6% constant FX for 7 th year
Slide 6: Very Strong Q4'25 Organic Growth
VERY STRONG Q4’25 ORGANIC GROWTH Organic growth +5.9% Q4’25 stronger H2 than H1 despite tougher comp +5.6% FY’25 in acceleration vs. 5 -year CAGR of +5.0% Driven by: AI –powered products Best - in - class and services Historically high client retention rate client demand new business c. 250bps tailw
Slide 7: Continued Strength of Media and Creative
CONTINUED STRENGTH OF MEDIA AND CREATIVE High - single - digit FY growth driven by market share gains, increasing demand for AI - powered Connected products and services and new addressable markets Media 60% Data, media, commerce, creators, performance Mid -single -digit FY growth Intelligent fueled
Slide 8: Solid Performance Across All Regions
SOLID PERFORMANCE ACROSS ALL REGIONS U.S. Europe Asia Pacific Q4 +4.3% Q4 +6.3% Q4 +6.2% FY +5.2% FY +4.2% FY +5.8% Cementing our #1 position Q4 supported by double - digit Continued new business wins in this market growth at Connected Media China strong at +6.0% FY’25 8
Slide 9: Progressing on All Financial KPIs
PROGRESSING ON ALL FINANCIAL KPIS WHILE MATERIALLY INCREASING INVESTMENTS Operating Headline Free cash margin rate EPS flow 1 18.2% €7.48 €2.03 billion Highest in the industry +10.6% Constant currency vs. record level of FY’24 +50bps operating leverage: + 6.6 % c. €1 billion in bolt - on M&A • 30bps
Slide 10: Key Financial Highlights in U.S. Dollars
KEY FINANCIAL HIGHLIGHTS IN U.S. DOLLARS ( USD million) 2025 2024 2025 vs. 2024 Net revenue 16,443 15,111 + 8.8 % Operating margin 2, 993 2, 726 + 9.8 % Headline EPS (USD) 8.45 7.90 + 7.0 % Free cash flow before change in WCR 1 2,297 1,989 +15.5% Proposed dividend 2 up 8.8% in U.S. dollars 1. See de
Slide 11: Solid Guidance for 2026
SOLID GUIDANCE FOR 2026 TO OUTPERFORM FOR 7 TH CONSECUTIVE YEAR FY’26 organic growth +4% to +5% Operating margin rate Free cash flow 1 Slight improvement c. €2.1 billion 2 to industry - high 18.2% towards cash dividends, while maintaining high level stable share count of investments and bolt - on M&
Slide 12: Financial Review
2025 HIGHLIGHTS & 2026 OUTLOOK FINANCIAL REVIEW STRATEGIC UPDATE Q&A
Slide 13: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS (EUR million) 2025 2024 2025 vs. Organic 2024 growth Revenue 17,399 16,030 +8.5% Net revenue 14,547 13,965 +4.2% +5.6% Operating margin 2,648 2,519 +5.1% Operating margin rate 18.2% 18.0% +20bp s Headline Groupe net income 1 1,896 1,851 +2.4% Free cash flow before change in
Slide 14: Net Revenue
NET REVENUE (EUR million) Q1 Q2 Q3 Q4 FY 2025 net revenue 3,535 3,617 3,529 3,866 14,547 2024 net revenue 3,230 3,458 3,423 3,854 13,965 Reported growth +9.4% +4.6% +3.1% +0.3% +4.2% Organic growth +4.9% +5.9% +5.7% +5.9% +5.6% 14
Slide 15: Q4 2025 Net Revenue by Geography
Q4 2025 NET REVENUE BY GEOGRAPHY (EUR million) Q4 2025 Q4 2024 2025 vs. 2024 Organic growth North America 2,291 2,366 -3.2% +4.2% Europe 964 923 +4.4% +6.3% Asia Pacific 340 339 +0.3% +6.2% Middle East & Africa 133 111 +19.8% +25.3% Latin America 138 115 +20.0% +19.1% Total 3,866 3,854 +0.3% +5.9% 1
Slide 16: Q4 2025 Performance – North America
Q4 2025 PERFORMANCE – NORTH AMERICA (EUR million) Q4 2025 Q4 2024 2025 vs. 2024 Organic growth North America 2,291 2,366 -3.2% +4.2% U.S . • 57% of Groupe net revenue • Organic growth: +4.3% • Connected Media and Intelligent Creativity both up mid - single digit • Technology almost flat in a context
Slide 17: Q4 2025 Performance – Europe
Q4 2025 PERFORMANCE - EUROPE (EUR million) Q4 2025 Q4 2024 2025 vs. 2024 Organic growth Europe 964 923 +4.4% +6.3% UK France Germany Central & Eastern Europe • 9% of Groupe net revenue • 6% of Groupe net revenue • 3% of Groupe net revenue • 2% of Groupe net revenue • Organic growth: +7.2% • Organic
Slide 18: Q4 2025 Performance – Rest of World
Q4 2025 PERFORMANCE – REST OF WORLD (EUR million) Q4 2025 Q4 2024 2025 vs. 2024 Organic growth Asia Pacific 340 339 +0.3% +6.2% Middle East & Africa 133 111 +19.8% +25.3% Latin America 138 115 +20.0% +19.1% Asia Pacific Middle East & Africa Latin America • 9% of Groupe net revenue • 3% of Groupe net
Slide 19: FY 2025 Net Revenue by Geography
FY 2025 NET REVENUE BY GEOGRAPHY (EUR million) 2025 2024 2025 vs. 2024 Organic growth North America 8,899 8,583 +3.7% +5.4% Europe 3,520 3,384 +4.0% +4.2% Asia Pacific 1,260 1,218 +3.4% +5.8% Middle East & Africa 440 406 +8.4% +10.8% Latin America 428 374 +14.4% +18.7% Total 14,547 13,965 +4.2% +5.6
Slide 20: FY 2025 Performance by Industry
FY 2025 PERFORMANCE BY INDUSTRY Net revenue growth per client industry 1 2 +12% -7% +11% 8% - 2% 15% 3% 3% +20% 4% 13% +14% +2% 8% 10% 13% +4% +1% 11% 12% +3% +11% 1. Growth at constant currencies and at 2025 perimeter 2. Miscellaneous and other activities (outdoor media, the Drugstore, etc.). 20
Slide 21: Operating Margin
OPERATING MARGIN (EUR million) 2025 2024 2025 vs. 2024 Net revenue 14,547 13,965 + 4.2% Personnel costs excl . restructuring (9,439) (9,088) + 3.9% Restructuring (151) (136) + 11.0% Other operating expenses 1 (1,789) (1,727) + 3.6% Depreciation (520) (495) + 5.1% Operating margin 2,648 2,519 + 5.1%
Slide 22: FY 2025 – Change in Operating Margin as a % of Net Revenue
FY 2025 - CHANGE IN OPERATING MARGIN AS A % OF NET REVENUE 50 basis point s operating leverage +15bps 0bp s -30bps +35bps 18.2% 18.0% 2024 Personnel costs Other operating Depreciation Re - investment in : 2025 expenses AI, talent upgrade, and new business 22
Slide 23: Headline Income Statement
HEADLINE INCOME STATEMENT (EUR million) 2025 2024 Revenue 17,399 16,030 Net revenue 14,547 13,965 EBITDA 1 3,168 3,014 Operating margin 2,648 2,519 Non - current income and expenses - 1 Net financial expenses (10 7) (39) Equity - accounted investees, net of tax 3 (2) Income taxes (64 0 ) (619) % eff
Slide 24: Headline Earnings per Share, Diluted
HEADLINE EARNINGS PER SHARE, DILUTED 1 +6.6% €7.48 at constant €7.30 currency €6.96 €6.35 €5.02 €4.27 2020 2021 2022 2023 2024 2025 1. See definition in Appendix. 24
Slide 25: Free Cash Flow
FREE CASH FLOW (EUR million) 2025 2024 Change EBITDA 1 3,168 3,014 154 Repayment of lease liabilities and related interests (453) (453) – Capex, net of disposals (249) (235) (14) Interests paid and received 26 69 (43) Tax paid (536) (655) 119 Other items 76 98 (22) Free cash flow before change in WC
Slide 26: Use of Cash
USE OF CASH (EUR million) 2025 2024 Free cash flow before change in WCR 1 2,032 1,838 Change in WCR 23 4 (161) Acquisitions (incl. earn - out & net of disposals) (709) (889) Dividends paid (912) (865) Share buy - back, net of sales/ exercise of warrants (147) (148) Non - cash impact on net debt 2 (7
Slide 27: Net Financial Debt
NET FINANCIAL DEBT (EUR million) December 31, 2025 December 31, 2024 Net financial debt, average (LTM) 971 585 Net financial debt, at end of period (548) (775) (Average net financial debt + Average 1.0x 1.0x lease liability) / EBITDA (LTM) 27
Slide 28: Dividend per Share
DIVIDEND PER SHARE 2 + 4.2 % € 3.7 5 € 3.60 € 3.4 0 € 2.90 €2.40 €2.00 Dividend 47.8% 45.7% 48.9% 50.1 % pay - out 1 46.8% 49.3% 2020 2021 2022 2023 2024 2025 Dividend to be fully paid in cash 1. See definition in Appendix. 2. 2025 dividend to be submitted for approval at AGM on May 27, 2026. 28
Slide 29: 2026 Cash Allocation
2026 CASH ALLOCATION Free cash flow 1 Dividends c. € 950m c. €2.1 bn 2 €2.0 bn Share repurchase c. €1 75 m Bolt - on M&A 2025 2026 c. €900m Guidance 1. Before change in WCR. 2. Based on EUR = 1.20 USD. 29
Slide 30: Strategic Update
2025 HIGHLIGHTS & 2026 OUTLOOK FINANCIAL REVIEW STRATEGIC UPDATE Q&A
Slide 31: A Growth Model
A GROWTH MODEL Since the rise of GenAI 3 years ago … GROWTH NET REVENUE 1 VS. PEER AVERAGE €14.5bn +710 bps Organic €12.6bn + €2.3 bn +230 bps +480 bps +18% 2022 2025 2022 2025 MARGIN OPERATING MARGIN 1 VS. PEER AVERAGE €2.6bn +450 bps Organic +300 bps €2.3bn +150 + €0.4 bn bps +19% 1. Peer average
Slide 32: Strategic Moves Allowed Us to Become #1
3 STRATEGIC MOVES ALLOWED US TO BECOME #1 Over the last decade… €14 integrating First - mover in data and all capabilities billion technology at the heart of advantage since invested our operations in AI 2017 Client Retention Financial KPIs 98% rate for top 100 clients Operating margin % and FCF New
Slide 33: Our Ambition
OUR AMBITION BE THE MOST V ALUABLE P ARTNER for our clients , people and shareholders 33
Slide 34: The MVP for Our Clients
THE MVP FOR OUR CLIENTS Consumers adopting AI better and faster than companies Be our clients’ indispensable partner for agentic business transformation Clients need partners to build enterprise - grade AI solutions that deliver profitable growth 34
Slide 35: The MVP for Our Clients
THE MVP FOR OUR CLIENTS Leverage the best capabilities in the advertising sector AGENTIC PLATFORM Orchestrate an agentic platform DATA Put data at the core BUSINESS AGENTS Build business agents TECHNOLOGY Implement the right TECHNOLOGY tech infrastructure 35
Slide 36: The MVP for Our Clients
THE MVP FOR OUR CLIENTS Industry - leading operations AGENTIC PLATFORM Connect all our marketing agents to drive effectiveness and transform our workforce DATA See, understand and engage transparently with 91% of adults Create and orchestrate BUSINESS AGENTS business agents and models Write and mode
Slide 37: The MVP for Our People
THE MVP FOR OUR PEOPLE Empoweringour our Empowering people people through through AI AI 1 Expand upskilling Equip talent and training through Marcel with new AI tools, agents and coaches Industry - leading Boost people Everyone to become personalized productivity AI - fluent high - impact marketing
Slide 38: The MVP for Our Shareholders
THE MVP FOR OUR SHAREHOLDERS AI TO DRIVE SUSTAINABLE TOP - LINE GROWTH… AI increasing landscape AI accelerating bolt - ons fragmentation and complexity integration and connection CORE MEDIA +20% +6% to +7% p.a. LLMs CHANNELS organic growth net revenue growth 1 of new capabilities AI INFRA BUSINESS E
Slide 39: A Growth Model for the AI World
A GROWTH MODEL FOR THE AI WORLD Another year of Expect industry Continue to execute strong performance outperformance our strategy to be in FY’25 again in 2026 the MVP Acceleration on 5 -year organic growth CAGR +4% to +5% organic growth Sustainable and solid on top of 6 years of high comparables In
Slide 40: Q&A
2025 HIGHLIGHTS & 2026 OUTLOOK FINANCIAL REVIEW STRATEGIC UPDATE Q&A
Slide 41: Appendix
APPENDIX
Slide 42: Net Revenue & Organic Growth Calculation
NET REVENUE & ORGANIC GROWTH CALCULATION (EUR million) Q1 Q2 Q3 Q4 FY 2024 net revenue 3,230 3,458 3,423 3,854 13,965 2025 currency impact Currency impact 2 65 (139) (169) (254) (497) (EUR million) Q1 Q2 Q3 Q4 FY 2024 net revenue at 2025 exchange rate (a) 3,295 3,319 3,254 3,600 13,468 GBP 2 7 2 (8)
Slide 43: Reported Consolidated Income Statement
REPORTED CONSOLIDATED INCOME STATEMENT (EUR million) 2025 2024 Net revenue 14,547 13,965 Pass - through revenue 2,852 2,065 Revenue 17,399 16,030 EBITDA 3,168 3,014 Depreciation (520) (495) Operating margin 2,648 2,519 Amortization of intangibles arising from acquisitions (212) (234) Impairment loss
Slide 44: Headline Net Financial Income (Expense)
HEADLINE NET FINANCIAL INCOME (EXPENSE) (EUR million) 2025 2024 Interest (expense)/income on net financial debt 8 52 Interest on lease liabilities (86) (84) Foreign exchange gain (loss) (20) 1 Other financial expenses 1 (9) (8) Headline net financial expenses 2 (107) (39) 1. Mainly includes the net
Slide 45: Headline Income Tax and Effective Tax Rate
HEADLINE INCOME TAX AND EFFECTIVE TAX RATE (EUR million) 2025 2024 Reported income taxes 577 549 Reversal in income tax on amortization of intangibles arising from acquisitions 55 60 Reversal in income tax on impairment and real estate consolidation 9 20 Reversal in income tax on other items (1) (10
Slide 46: 2025 Bridge from Reported to Headline Income Statement
2025 BRIDGE FROM REPORTED CONSOLIDATED H1 2024 CONDENSEDTO CONSOLIDATED HEADLINE INCOME INCOME STATEMENT STATEMENT Amortization Impairment / Change in Main non - 2025 of intangibles Real estate fair value of current items Earn - out 2025 P&L arising from consolidation financial revaluation Headline
Slide 47: 2024 Bridge from Reported to Headline Income Statement
4 7 2024 BRIDGE FROM REPORTED CONSOLIDATED TO HEADLINE INCOME STATEMENT Amortization Impairment / Change in Main non - 2024 of intangibles Real estate fair value of current items Earn - out 2024 P&L arising from consolidation financial revaluation Headline acquisitions charge assets (2) (EUR million
Slide 48: Balance Sheet
BALANCE SHEET (EUR million) December 31, 2025 December 31, 2024 Goodwill and intangibles 14,227 14,912 Net right of use 1,542 1,735 Other fixed assets 951 974 Current and deferred tax (85) (94) Working capital (3,794) (3,948) TOTAL 12,841 13,579 Group equity 10,447 11,060 Non - controlling interests
Slide 49: Gross Debt as of December 31, 2025
GROSS DEBT AS OF DECEMBER 31, 2025 Breakdown by maturity Jan 2026 - Jan 2027 - Jan 2028 - Jan 2029 - 2030 (EUR million) Total Dec 2026 Dec 2027 Dec 2028 Dec 2029 Onwards Eurobond 2028 12 736 – – 736 – – Eurobond 2031 12 754 – – – – 754 Eurobond 2029 3 597 – – – 597 – Eurobond 2032 3 646 – – – – 646
Slide 50: Net Debt as of December 31, 2025
NET DEBT AS OF DECEMBER 31, 2025 Breakdown by currency (EUR million) Total EUR USD GBP Others Eurobond 2028 12 736 – 736 – – Eurobond 2031 12 754 – 754 – – Eurobond 2029 3 597 597 – – – Eurobond 2032 3 646 646 – – – Earn - out / Buy - out 677 29 533 4 111 Other debt 1 73 32 34 2 5 Cash & marketable
Slide 51: Liquidity as of December 31, 2025
LIQUIDITY AS OF DECEMBER 31, 2025 December 31, 2025 December 31, 2024 Facility (EUR million) amount Drawn Available Available 5 -year syndicated facility (Club Deal) 1 2,000 – 2,000 2,000 Total Committed Facilities 2,000 – 2,000 2,000 Cash and Marketable Securities 4,031 3,644 Total liquidity 6,031
Slide 52: 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
Slide 53: 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 Download t