Publicis Groupe: First Half 2024 Results

07/18/2024, Paris

Further market share gains

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

¹ Based on consensus
² Before change in working capital requirements