Publicis Groupe: Third Quarter 2021 Revenue

Strong Q3 organic growth
leading to full year guidance upgrade

  • Q3 organic growth at +11.2%, with U.S. at +10.9%, Europe at +10.0% and Asia at +12.5%
  • Epsilon at +13% and Publicis Sapient at +20% in the U.S., confirming outperformance
  • Exceeding Q3 2019 by +5%: U.S. at +8%, Europe fully recovering and Asia +2% vs. 2019
  • Strong account wins confirming our leadership position in new business
  • Second upgrade of all 2021 guidance KPIs:
    • Organic growth between +8.5% and +9% vs. +7% previously
    • Operating margin rate now slightly above 17%
    • Free cash flow close to €1.3 bn, at the high-end of the previous objective

Arthur Sadoun, Chairman and CEO of Publicis Groupe:

“ In Q3 we delivered strong organic growth at +11.2%. All of our regions contributed to this performance with double-digit growth, notably the U.S., which grew +10.9%, Europe at +10% and Asia at +12.5%.

The continued outperformance of our data and tech capabilities once again demonstrated our ability to capture a disproportionate share of the shift in client investment towards digital media, commerce and DTC. This was particularly the case in the U.S., where Epsilon delivered +13% and Publicis Sapient was at +20%.

The strength of our model not only means we have fully recovered from the impact of the pandemic, but it has also allowed us in Q3 to grow 5% versus 2019. On a two-year basis, Asia is at +2%, Europe has returned to pre-pandemic levels and the U.S is accelerating to +8%. 

Today, all of this means that we are in a position to upgrade our full year guidance for all our KPIs a second time this year. This is the case for organic growth, that we now anticipate at +8.5-9% from +7%. We are also revising our operating margin upwards, to slightly above 17%, while continuing to invest in future growth and talent. And at close to 1.3 billion Euros, our free cash flow is expected at the high end of our previous objective.  

Overall, 18 months after the beginning of the pandemic, we are emerging as a stronger group.

Our differentiated go to market is allowing us to confirm our leadership position in new business. After wins in H1 including Samsung US, Stellantis globally, L’Oréal in China to name just a few, Q3 has been a busy quarter, with new wins like Ferrero, Planet Fitness, TD Bank and Walmart. 

We have a product and service offering that uniquely positions us to respond to our clients’ needs and help them address and lead the major revolutions in the industry, from the disappearance of third party cookies, the acceleration of advanced TV and retail media, and the ongoing rise of direct to consumer channels. 

And our platform organization, supported by our shared services and Marcel is fit for the future of work. A future that will be more diverse, more inclusive and more responsible than ever before, to the benefit of all of our people. 

I’d like to thank our clients for their ongoing trust, and our teams for their outstanding efforts, which once again made the difference this quarter.”


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 101,000 professionals.