Slide 1: Preliminary Results 2025
PRELIMINARY RESULTS 2025 26 February 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This document contains statements that are, or may be delays, suspensions or reductions in client advertising outside of the UK); and the overall level of economic deemed to be, “forward-looking statements”. Forward- budgets; shifts in indust
Slide 3: Joanne Wilson
JOANNE WILSON CE@
Slide 4: Financial Highlights (2025)
FINANCIAL HIGHLIGHTS (2025) -5.4% 13.0% 63.2p £1,189m LIKE-FOR-LIKE HEADLINE HEADLINE ADJUSTED NET SALES 1,2 OPERATING DILUTED EPS OPERATING MARGIN CASH FLOW decline reflects client down 2.0pt and 1.8pt decrease of 28.4% on before working losses and client 2 LFL from prior year lower headline capita
Slide 5: Net Sales Highlights (2025)
NET SALES HIGHLIGHTS 1 (2025) BUSINESS REGION CLIENT SECTOR • Global Integrated Agencies • North America • CPG – -5.7% (Q4: -7.6%) – -4.6% (Q4: -7.3%) – -7.1% (Q4: -12.6%) – WPP Media -5.9% (Q4: -10.8%) • United Kingdom • Telecom, Media and Ent – Other -5.6% (Q4: -4.3%) – -7.6% (Q4: -9.2%) – -10.1%
Slide 6: Change in Headline Operating Profit Margin YoY
CHANGE IN HEADLINE OPERATING PROFIT MARGIN YOY • Headline operating profit margin: 13.0%, Change in £576m £(89)m £99m £(57)m £86m £182m £797m decline driven by negative operating leverage costs YOY and higher severance costs 15.0% • 20bps margin dilution from FGS Global FGS Global disposal in Decemb
Slide 7: Unaudited Headline Income Statement
1 UNAUDITED HEADLINE INCOME STATEMENT YEAR ENDED 31 DECEMBER 2025 £M 2024 £M Δ Δ LFL 2 • Reported revenue less pass-through costs Revenue 13,550 14,741 (8.1)% (3.6)% declined 10.4%, comprising -5.4% LFL, a 3.3pt Revenue less pass-through costs 10,176 11,359 (10.4)% (5.4)% drag from M&A (mostly FGS G
Slide 8: Adjusted Net Debt Since December 2024
ADJUSTED NET DEBT SINCE DECEMBER 2024 ADJUSTED OPERATING CASH FLOW £855M £2,167M ADJUSTED FREE CASH FLOW £202M £1,742M £1,189M December 2024 Adjusted operating cash Working capital Net dividends to Net interest and Net M&A and Dividends Buybacks, FX December 2025 Adjusted net flow (before working mi
Slide 9: Net Debt and Leverage Metrics
NET DEBT AND LEVERAGE METRICS • Net debt includes £4.7bn equivalent of bond £M DEC ’25 DEC ’24 Δ debt at a weighted average maturity of 5.8 years and an average coupon of 3.5% 1 • Average adjusted net debt lower than 2024 Adjusted net debt (2,167) (1,742) (425) reflecting net disposal proceeds from
Slide 10: 2026 Guidance
2026 GUIDANCE LIKE-FOR-LIKE HEADLINE ADJUSTED REVENUE LESS OPERATING OPERATING CASH PASS-THROUGH PROFIT FLOW BEFORE COSTS MARGIN WORKING CAPITAL “down mid to high-single digits in the first half of 2026 12.0-13.0% £0.8bn - £0.9bn with an improving trajectory in the second half” 10
Slide 11: Thank You
THANK YOU
Slide 12: Contacts and Further Resources
CONTACTS AND FURTHER RESOURCES THOMAS SINGLEHURST, CFA INVESTOR WEBSITE Group Investor Relations Director wpp.com/investors thomas.singlehurst@wpp.com Tel: +44 (0) 7876 431 922 INVESTOR WEBINARS A series of webinars designed to give investors ANTHONY HAMILTON and analysts deeper insight into individ
Slide 13: Appendix
APPENDIX WPP 13,
Slide 14: Performance by Business
PERFORMANCE BY BUSINESS 1 LFL REVENUE LESS PASS-THROUGH COSTS GROWTH 2025 SPECIALIST AGENCIES -0.7% 86% 41% MEDIA Commerce, Data, (Q4: -0.1%) WPP Media -5.9% Media, Social GLOBAL (Q4: -10.8%) 7% INTEGRATED AGENCIES -5.7% INTEGRATED 7% (Q4: -7.6%) 45% CREATIVE Commerce, Production, Integrated Creativ
Slide 15: Performance by Region
PERFORMANCE BY REGION 1 LFL REVENUE LESS PASS-THROUGH COSTS GROWTH 2025 AP, LA, AME, CEE -5.9% 2 NORTH AMERICA (Q4: -7.5%) 38% -4.6% 26% (Q4: -7.3%) WESTERN CONTINENTAL 21% 15% EUROPE -4.7% UK (Q4: -3.5%) -7.6% (Q4: -9.2%) 1. Chart shows the proportion of WPP revenue less pass-through costs in 2025
Slide 16: Regions and Top Markets
REGIONS AND TOP 10 MARKETS LIKE-FOR-LIKE REVENUE LESS PASS-THROUGH COSTS GROWTH 2025 Central & Eastern Europe +2.6% (Q4: +4.4%) UK -7.6% (Q4: -9.2%) North America -4.6% (Q4: -7.3%) US -4.2% (Q4: -6.3%) Western Continental Canada -10.7% (Q4: -21.6%) Europe -4.7% (Q4: -3.5%) Asia Pacific -9.2% Germany
Slide 17: Performance by Client Sector
PERFORMANCE BY REGION 1 LFL REVENUE LESS PASS-THROUGH COSTS GROWTH 2025 4% 3% TELECOM, MEDIA & 4% ENTERTAINMENT -10.1% CPG -7.1% (Q4: -12.6%) (Q4: -20.1%) 6% FINANCIAL SERVICES -5.0% 28% TECH & DIGITAL SERVICES -2.0% (Q4: -5.8%) (Q4: -11.4%) 6% OTHER -9.4% HEALTHCARE & PHARMA +2.1% (Q4: +4.0%) (Q4:
Slide 18: Recent Wins
RECENT WINS (Q4’ 2025 and YTD 2026) WINS & RETENTIONS1 22% 30% Media Creative CREATIVE MEDIA MEDIA, CREATIVE Other (Oral Care & Wellness) CREATIVE & PRODUCTION UK Global US Global 48% 2.5 Q4’ 2025 NET CREATIVE MEDIA MEDIA MEDIA REPORTED Europe Europe US US BILLINGS PEER COMPARISON 2 PR MEDIA MEDIA C
Slide 19: Sector Performance Analysis
SECTOR PERFORMANCE ANALYSIS 1,2 REVENUE LESS PASS-THROUGH COSTS HEADLINE OPERATING PROFIT HEADLINE OPERATING MARGIN3 YEAR ENDED 31 DECEMBER 2025 £M 2024 £M Δ REPORTED Δ LFL 2025 £M 2024 £M 2025 2024 Global Integrated Agencies 8,740 9,452 (7.5)% (5.7)% 1,165 1,491 13.3% 15.8% Public Relations 667 1,0
Slide 20: Regional Performance Analysis
REGIONAL PERFORMANCE ANALYSIS 1 REVENUE LESS PASS-THROUGH COSTS HEADLINE OPERATING PROFIT HEADLINE OPERATING MARGIN2 YEAR ENDED 31 DECEMBER 2025 £M 2024 £M Δ REPORTED Δ LFL 2025 £M 2024 £M 2025 2024 North America 3,837 4,394 (12.7)% (4.6)% 663 825 17.3% 18.8% UK 1,503 1,588 (5.4)% (7.6)% 164 237 10.
Slide 21: Exchange Rate Analysis
EXCHANGE RATE ANALYSIS STERLING (WEAKER)/ IMPACT OF FX ON REVENUE LESS PASS-THROUGH COSTS GROWTH FOURTH QUARTER 2025 2024 STRONGER Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 US$ 1.33 1.28 3.9% € 1.14 1.20 (5.0)% (0.6%) Indian Rupee 118.39 108.25 9.4% (1.2%) Chinese Renminbi 9.43 9.22 2.3% (1.7%) Australian
Slide 22: Change in Headline Operating Profit Margin
CHANGE IN HEADLINE OPERATING PROFIT MARGIN 1 YEAR ENDED 31 DECEMBER 2025 £M 2024 £M Δ £M Δ% Revenue less pass-through costs 10,176 11,359 (1,183) (10.4) Staff costs (7,083) (7,761) 678 8.7 Severance (141) (61) (80) (131.1) Staff incentives (181) (363) 182 50.0 Establishment costs (420) (472) 52 11.0
Slide 23: Reconciliation of Headline Operating Profit to Reported Operating Profit
RECONCILIATION OF HEADLINE OPERATING PROFIT TO REPORTED OPERATING PROFIT YEAR ENDED 31 DECEMBER 2025 £M 2024 £M Δ £M • Goodwill impairment relates to the impairment of goodwill associated Headline operating profit with Ogilvy and AKQA 1,321 1,707 (386) • Restructuring and transformation Goodwill imp
Slide 24: Headline Cash Flow Statement
HEADLINE CASH FLOW STATEMENT YEAR ENDED 31 DECEMBER 2025 £M 2024 £M Δ £M Headline operating profit 1,321 1,707 (386) Headline earnings from associates 39 40 (1) Depreciation and amortisation 386 401 (15) Headline EBITDA 1,746 2,148 (402) Less: Earnings from associates (39) (40) 1 Repayment of lease
Slide 25: Bond Maturity Profile
BOND MATURITY PROFILE 31 DECEMBER 2025 (£m) BONDS POST SWAPS (£M) TOTAL OUTSTANDING BONDS (CURRENCY OF ISSUANCE) £M EUR USD GBP 900 ◼ £ bonds £380m (2.875% Sep ’46) 380 800 New bond issued ◼ US bond $220m (5.625% Nov ’43) 163 December 2025 700 ◼ US bond $93m (5.125% Sep ’42) 69 600 ◼ Eurobonds €500m