Publicis Groupe: First Half 2024 Results

• H1 2024 net revenue organic growth of +5.4%; +7.4% on a like-for-like revenue basis
• Stronger than expected Q2 net revenue organic growth at +5.6%
  • Accelerating versus 4Y Q2 CAGR of 4.7%
  • Gaining market share with c. 400 bps¹ outperformance versus peer average
• Solid performance across all regions in Q2:
  • Continued momentum in the U.S. at +5.3%
  • Robust Europe at +4.2% on top of a high comparable
  • Strong APAC at +7.7%, with China accelerating to +10.5%
• Operating margin rate at record H1 level of 17.3%, including AI investment
• Headline diluted EPS up +5.3% at €3.38, Free cash flow² up at €744m
• Upgrading full year 2024 net revenue organic growth to +5-6% vs +4-5% previously, despite persistent macro uncertainties
• Maintaining industry-high 2024 financial KPIs: Operating margin at 18.0%, Free cash flow² between €1.8bn-1.9bn

Press release

Invitation

Presentation

¹ Based on consensus
² Before change in working capital requirements