Publicis Groupe: First Half 2022 Results

H1 2022 results at all-time high
Upgrade of FY 2022 guidance on all KPIs

  • Q2 reported growth of +21%
  • Q2 organic growth at +10.3% after +17.1% in Q2 2021
    • Very solid performance across regions, with U.S. at +10.1%, Europe +10.1%, Asia +6.5%
    • Further acceleration of Publicis Sapient and Epsilon at +19.1% and +13.7% respectively
  • Continued momentum in New business with N°1 rank in broker league tables
  • Increase of Operating margin rate to 17.3%, up 80bps vs. H1 2021
  • Headline EPS up +29% at €2.88 and Free Cash Flow up +17% at €708m
  • Upgrade of 2022 guidance: organic growth expected at +6% to +7%, operating margin rate between 17.5% and 18%, Free Cash Flow at least at €1.5bn

Arthur Sadoun, Chairman and CEO of Publicis Groupe: 

H1 2022 came in at an all-time high for the Groupe on all KPIs. 

Our reported net revenue growth in the first half was at +19.1%. It was up +10.4% on an organic basis, implying +11.3% on a 3-year basis, versus pre-pandemic levels. 

After a strong start to the year, we recorded in Q2 an increase of +21% of our net revenue and an organic growth of +10.3%, way beyond expectations. 

There are three reasons behind this remarkable performance, which comes on top of +17.1% organic growth in Q2 last year. First, very solid growth across all regions, with the U.S and Europe at +10%, and Asia at +6.5%, with China remaining positive despite the lockdowns. Second, further acceleration at Publicis Sapient and Epsilon which grew +19.1% and +13.7% respectively, confirming our ability to capture the shift of client investment towards data, technology and digital business transformation. Last but not least, we benefitted from the ramp-up of our New Business, after a record number of wins in 2021. Our momentum since the beginning of the year continues to place us at the top of the New Business rankings for the past 12 months, in the latest broker reports. 

At the same time, our financial ratios reached new historic heights in the first half of the year thanks to the uniqueness of our operating model. Our margin came in at 17.3%, and headline EPS increased by close to 30%. This performance, combined with our better visibility on a solid H2 and the strength of our model, make us confident for the future. We are therefore upgrading our guidance on all KPIs for 2022, with an organic growth now expected between +6% to +7% for 2022, an operating margin rate between 17.5% and 18% and a Free Cash Flow at least at 1.5 billion euros. 

Looking ahead, we are ready to face the ongoing uncertainties caused by the macro-economic context, thanks to our unique capabilities to help our clients weather any potential challenges and by leveraging our agile platform organization to sustain industry-high financial ratios. 

I would like to thank our clients for their trust, and our people for their incredible efforts, which have led us to these extremely strong results.”


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.