Publicis Groupe: Third Quarter 2023 Revenue

Strong Q3 with organic growth at +5.3%

Upgrade of FY 2023 guidance on all KPIs

  • Q3 organic growth at +5.3% thanks to revenue mix and New Business tailwind
  • Very solid U.S. at +3.2% after 2 years of double-digits, standout performance in Europe at +10.7%, Asia Pacific improving to +3.8%
  • Acceleration of organic growth versus 2019: +22% in Q3, after +20% in Q2 and +18% in Q1
  • Further upgrade of 2023 guidance despite persistent macroeconomic uncertainties:
    • Organic growth expected at +5.5% to 6%, vs. circa +5% previously
    • Operating margin rate at 18%, vs. close to 18% previously
    • Free cash flow1 close to €1.7bn, vs. at least €1.6bn previously

Arthur Sadoun, Chairman and CEO of Publicis Groupe:

“ Despite a macroeconomic context that became more difficult over the quarter, we delivered strong organic growth of +5.3% in Q3, ahead of expectations. 

Our media capabilities, which continued to gain market share, and Epsilon’s data offer were the main drivers of this performance, achieving high single-digit and double-digit growth respectively.  At a moment when the comparable consulting firms experienced project delays, Publicis Sapient nonetheless continued to grow, and Creative confirmed its resilience once again, in spite of industry-wide cuts to classic advertising activities. 

All of our regions posted solid organic growth, with the US at +3.2% on top of double digits in the last two years, Europe at a standout +10.7% and APAC improving again at +3.8%.

Looking at our journey since the pandemic, the acceleration of our growth amid persistent macroeconomic challenges is clearly visible, with Q3 at +22% compared to 2019 levels, coming after +20% in Q2 and +18% in Q1. 

Today we have a differentiated go-to-market, that allows us to gain market share; a uniquely balanced revenue mix that makes us more resilient to business cycles; and a platform organization that enables us to post industry high financial ratios.

This gives us the confidence to further upgrade our 2023 guidance, even in a context of rising global socio-economic tensions. We now expect to deliver +5.5% to 6% organic growth for the full year, while upgrading our operating margin to 18% and free cash flow at close to 1.7 billion euros.  

For the rest of the year, we intend to lead what we believe to be the two major priorities for our industry today: bringing our teams back together in person, and accelerating the AI-ification of our operations, which we are uniquely able to do through Publicis Sapient. ”

 1 Before change in working capital requirements


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.