Publicis Groupe: Full Year 2023 Results

Another record year on all KPIs

Confident for 2024 

  • Full year 2023 net revenue organic growth at +6.3% with stronger than expected Q4 at +5.7%
  • Industry-leading financial ratios: 18.0% operating margin rate; headline EPS up +10% at €6.96; adjusted free cash flow at €1.7bn[1]
  • #1 rank in new business over the last 5 years[2] 
  • 2023 proposed dividend at €3.40 per share, fully paid in cash
  • Confident in outperforming in 2024, despite macroeconomic challenges:
    • Organic growth expected at +4% to +5%
    • Operating margin rate at 18%
    • Free cash flow between €1.8 and €1.9bn

Arthur Sadoun, Chairman and CEO of Publicis Groupe: 

In a very challenging macroeconomic context, and after 6 years of transformation, Publicis definitely extracted itself from the pack in 2023.

Our +6.3% net revenue organic growth for the full year, coming after a stronger than expected end to the year at +5.7% in Q4, means that not only are we substantially outperforming our holding company peers, we are also growing twice as fast as the main IT consulting firms. 

What is true for organic growth is also true for our financial KPIsbe it on margin or on free cash flow. 

At a moment when our clients need partners that can truly help them transform in a challenging and ever-changing environment, our unique model has made the difference, allowing us to significantly gain market share and rank first in new business for the fifth year in a row.

With a reported revenue of close to 15 billion euros in 2023, up 35% versus 2019, Publicis has firmly established itself as our industry’s second largest player and the first in terms of market capitalization. 

Entering 2024, we feel confident in sustaining this momentum, just as we’ve done for the last four years with a +4.7% CAGR, twice the industry average. We anticipate delivering +4 to +5% organic growth while maintaining our historically high operating margin at 18%. When it comes to Q1, we expect to significantly outperform the industry with an organic growth within our full year guidance.

I would like to thank of our clients for their trust during this transformation journey and our people for their outstanding efforts. Thanks to all of them, we have reached new heights as a group, and are now in a position to face what will be another year of uncertainties with confidence and ambition.”


[1] Free cash flow (FCF) before change in working capital requirement.
Reported 2023 FCF at €1,547M when including net cash impact for Rosetta settlement of €148M.

[2] JP Morgan rankings 2019 – 2023.


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 103,000 professionals.