Publicis Groupe: First Half 2023 Results

Outperforming in Q2 with +7.1% organic growth

Upgrade of FY 2023 guidance on all KPIs

  • Q2 organic growth at +7.1% thanks to revenue mix and New Business tailwind

  • Continued sustained performance across regions: U.S. +5%, Europe +15%, China +7%

  • Operating margin rate maintained at historically high level of 17.3% in H1

  • Headline diluted EPS up +11% at €3.21, Free Cash Flow slightly up at €725m despite FY’22 R&D tax payment

  • Upgrade of 2023 guidance despite persistent macro uncertainties: organic growth now expected at circa +5%, operating margin rate close to 18%, Free Cash Flow at least €1.6bn

Arthur Sadoun, Chairman and CEO of Publicis Groupe: 

“The first half of the year has been strong for Publicis.

In Q2, we continue to outperform the market on organic growth thanks to our unique revenue mix and new business track record with +7.1%, ahead of expectations after double-digit growth in 2022. 

We delivered the best financial KPIs in the industry in H1 thanks to our platform organization, with operating margin at 17.3%, in line with the historically high level of 2022.

As we shifted from a communication to a transformation partner for our clients, we are confirming that we have become a stronger company since 2019 with our net revenue up +45% on a reported basis and our operating margin up +68% over this period. 

With our investments in Epsilon, powering Creative and Media through personalization at scale, Sapient and Marcel, we are uniquely positioned to lead the future of our industry. It will inevitably be shaped by data, tech and AI that are already at the heart of our business model both in how we work for our clients and in the way we operate.

But Publicis is not only future-proof. It is also more resilient to business cycles, allowing us to upgrade our guidance on all KPIs for the year despite persistent macroeconomic uncertainty. We now expect to deliver organic growth at circa +5% for 2023, above our 3Y CAGR of +4%, with operating margin rate close to 18%.

I would like to sincerely thank our clients for their continued trust and all our talent for their dedication throughout the last months.”


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.