FOR THE SIX MONTHS ENDED JUNE 30, 2025
CONTENTS
MESSAGE FROM THE CHAIRMAN AND CEO 1
1. INTERIM MANAGEMENT REPORT 3
1.1 Key figures 4
1.2 Macroeconomic environment 5
1.3 Groupe CSR policy 6
1.4 Significant events of the period 7
1.5 Analysis of the financial situation and result 8
1.6 Post-reporting period events 15
1.7 Outlook 16
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025 17
2.1 Consolidated income statement 18
2.2 Consolidated statement of comprehensive income 19
2.3 Consolidated balance sheet 20
2.4 Consolidated statement of cash flows 21
2.5 Consolidated statement of changes in equity 22
2.6 Notes to the consolidated financial statements 23
3. STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION 2025 47
4. CERTIFICATE OF THE PERSON RESPONSIBLE FOR THE FIRST HALF-YEAR FINANCIAL REPORT 49
MESSAGE FROM THE
CHAIRMAN AND CEO




ARTHUR SADOUN
Chairman and CEO of Publicis Groupe




In a tough macroeconomic environment, Publicis Now, we are looking ahead to the rest of the year
had a very strong Q2 ahead of expectations. and beyond with confidence and a single focus:
We delivered +10% revenue growth, leading to executing on our strategy. We are uniquely
+5.9% net revenue organic growth, and an positioned to continue to win market share by
outperformance versus competition once again, bringing clients the immediate business solutions
of 800 basis points. they need to grow in an uncertain global context.
We are reinforcing our status as a Category of One
With H1 organic growth at +5.4% we continued to with a targeted M&A strategy to further accelerate
make material market share gains. on AI-led capabilities. And we will continue to
invest to attract and retain the best talent in
At the same time we improved our already the industry.
industry-leading margin to 17.4% in H1, while
making significant investments in our people and I’d like to thank our outstanding teams for their
our capabilities. efforts in a challenging business landscape, and
our clients for their trust.
Despite the ongoing uncertainty of the global
context, our unprecedented new business run of
over a dozen material wins in the first six months
of 2025 means we are raising our organic growth
guidance to close to +5% for the full year, up from
our previous +4-5% range.

Arthur Sadoun
Chairman and Chief Executive Officer




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 1
2 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
Chapter



1. INTERIM
MANAGEMENT
REPORT

1.1 KEY FIGURES 4 1.5 ANALYSIS OF THE FINANCIAL
1.2 MACROECONOMIC ENVIRONMENT 5 SITUATION AND RESULT 8
1.3 GROUPE CSR POLICY 6 Simplified consolidated income statement 8
1.4 SIGNIFICANT EVENTS OF THE Financial position and cash 12
PERIOD 7 Related party transactions 14
Publicis Groupe S.A. (parent company) 14
1.6 POST-REPORTING PERIOD EVENTS 15
1.7 OUTLOOK 16




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 3
1. INTERIM MANAGEMENT REPORT
KEY FIGURES




The Publicis Board of Directors met on July 16, 2025 under the Chairmanship of Arthur Sadoun and approved the financial
statements for the first half of 2025.




1.1 KEY FIGURES

(in millions of euros except per-share data and percentages) S1 2025 S1 2024 2025 vs 2024
Data from the Income and Cash Flow Statements
Net revenue 7,152 6,688 +6.9%
Pass-through revenue 1,331 962 +38.4%
Revenue 8,483 7,650 +10.9%
EBITDA 1,501 1,401 +7.1%
% of net revenue 21.0% 20.9%
Operating margin 1,242 1,160 +7.1%
% of net revenue 17.4% 17.3%
Operating income 1,102 1,008 +9.3%
Net income attributable to the owners of the Company 824 773 +6.6%
Earnings per share (EPS) 3.28 3.08 +6.5%
Headline diluted EPS(1) 3.51 3.38 +3.8%
Free cash flow before change in working capital requirements 828 744 +11.3%
(1) Net income attributable to the Groupe, after elimination of impairment losses, amortization of intangibles from acquisitions, the main capital
gains and losses on disposal and fair value adjustment of financial assets, the revaluation of earn-out commitments, divided by the average
number of shares on a diluted basis.



(in million of euros) 30/06/2025 31/12/2024
Data from the Balance Sheet
Total assets 36,083 39,854
Equity attributable to holders of the Company 9,631 11,060
Net debt (net cash) 1,033 (775)




4 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
INTERIM MANAGEMENT REPORT
MACROECONOMIC ENVIRONMENT




1.2 MACROECONOMIC ENVIRONMENT

The economic climate in the second quarter of 2025 was In the Eurozone, the general trend of stagnation continues, 1
once again dominated by politics, notably: President with GDP expected to remain flat in the second quarter of
Trump's repeated announcements in the U.S. about tariffs, 2025. There are notable differences between the various
investment plans (in Europe for defense and infrastructure), countries in the zone. In Germany, the election of Fredrich
and China’s consumer stimulus plan. In the Near East, Israel's Merz in early May put an end to a period of political
wars against Hamas in Palestine, and Iran, also marked uncertainty. The new Chancellor successfully lifted the
2025’s second quarter, in particular by creating volatility for constitutional brake on public deficit and put to the vote the
the oil markets. Economic conditions deteriorated but concept of a sharp rise in military spending. The confirmed
ultimately remained relatively stable. Political events have gradual end of the US “military umbrella” has led to a sharp
deeply disrupted the sequencing of statistics, and the exact rise in capital expenditure, which should boost growth in
impact of the start of President Trump's second term will Germany and its European peers from 2026 onwards.
only become measurable in one or two more quarters’ time. For the second quarter of 2025, economists’ consensus
In the financial world, monetary policies remained restrictive expects GDP growth of +0.3%, which would be the strongest
in the US, while the ECB continued to cut its key rates. annualized quarterly growth since the final quarter of 2022.
Around the world, inflation no longer seems to be a cause In France, GDP is expected to grow by +0.5% in the second
for concern, although it remains at levels above central bank quarter, a slight slowdown compared to the first quarter
targets except in the Eurozone. On Wall Street and stock (+0.6%), which contrasts with the slight acceleration of
markets in general, the “air pocket” identified at the growth seen in Germany. Household spending fell by -0.5%
beginning of April was followed by a strong rebound, in May, including a significant drop in orders for private
reflecting the optimism of market actors. This contrasts with vehicles. As in Germany, the contribution of foreign trade is
the wait-and-see attitude prevailing in the real world. weakening. Efforts to reduce public spending and deficit are
having a negative impact on growth, while disinflation is
In the US, GDP growth for the second quarter of 2025 is reducing tax revenues, particularly VAT.
expected to rise by +1.7% (at an annual rate), a slower pace
than in the first quarter (+2%). As a reminder, quarterly The UK economy is relatively resilient. It remains highly
sequential GDP growth for the first quarter was recently dependent on the European economy, but its GDP should
revised to -0.5%, mainly due to public spending cuts and nevertheless grow by +0.9% in the second quarter of 2025,
higher imports, in anticipation of the introduction of tariffs in at the midpoint between those of the Eurozone (+0.4% -
April. Consumer confidence, as measured by the Conference +0.5%) and the U.S. (+1.7%). Business investment and public
Board and the University of Michigan, has fallen sharply, due spending are making a particularly weak contribution to
in particular to the high-profile layoffs of federal workers. growth, which is being weighed down by efforts to reduce
Overall, consumption remains resilient, thanks to falling public deficit. Inflation remains an issue, reaching an
inflation. Unemployment is still low at 4.1%, and better-than- annualized 3.7% at the end of May, and 4% for the European
expected job growth indicates the dynamism of the labor indicator.
market. GDP growth forecasts for 2025 are currently at The Chinese economy remains weak. In the first quarter,
+1.5%, after 2.8% in 2024, and have been sharply revised it had benefited from strong US demand, in anticipation of
downwards by major international bodies such as the IMF the sharp rise in tariffs. GDP growth is expected to reach
and the OECD. Economic actors are still uncertain towards +4.9% in the second quarter, after +5.4% in the first.
the tariffs, but, according to the average estimates of Consumption is holding up as China’s retail sales have
several forecasters, a sharp rise in customs duties on strongly risen. Sales of goods targeted by the new stimulus
imported products should reduce US growth by +0.5% to plan have soared, including household appliances at +53%
+1% and increase inflation by +1.5% to +2%. By the end of the and communications equipment at +33%. The real estate
second quarter, uncertainty remained high on this topic. sector is still in crisis, and increased trade tensions with the
Given that its inflation target is at 2%, the Central Bank has US and, to a lesser extent, Europe, are affecting growth.
continued its pause in rate cuts, which remains unchanged On the other hand, foreign trade is very buoyant, with
since the last cut of 0.25% in December 2024. Fed funds consensus for the second quarter expecting a -1.4% drop in
remain in a range between 4.25% and 4.5%. The dollar fell imports and a +4% rise in exports.
sharply against the euro and other major currencies, which is Oil prices were highly volatile due to the US strikes on
good news for exporting companies. Iranian nuclear sites and the ongoing conflict between Iran
and the Jewish state. Despite this major geopolitical tension,
the price of Brent crude stood at $66 a barrel at the end of
June, down from $20 a year earlier. This trend reflects weak
demand, affected by the global economic slowdown, and a
still abundant supply.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 5
1. INTERIM MANAGEMENT REPORT
GROUPE CSR POLICY




1.3 GROUPE CSR POLICY

In June 2025, Publicis Groupe saw its ESG leadership In June 2025, several sessions of the Women's Forum were
confirmed in TIME magazine's ranking as 24th/500 among held during VivaTech, on the occasion of the publication of a
the World's Most Sustainable Companies of 2025. For the report on AI and the employability of women, highlighting
past five years, the Groupe has maintained its position as elements of perception. Concrete solutions were discussed,
number 1 in its sector, pursuing its long-term commitments designed to encourage more girls and women to take up
and anticipating the challenges of sustainability, which are careers in AI, Tech and Data.
important to all stakeholders: employees, clients, investors In the United States, an ad hoc Internal Impact & Equity
and shareholders. Board has been set up to guide operational actions relating
During the first half of 2025, the company continued to to equal opportunities for all. This body ensures the
focus on its three main priorities: continuity of the company's historical commitments around
C – Environment and fight against climate change its signature and raison d'être ‘Viva La Différence’.

As part of the objectives validated by SBTI for 2030 and R – Business Ethics and Responsible Marketing
2040, work is underway in 2025 on revising the climate risk At Cannes Lions 2025, which each year celebrates the most
matrix to take account of recent developments linked to the impactful creations in the field of responsible marketing, the
acceleration of climate change. The aim is to adjust the campaign created for AXA was awarded the Titanium Grand
climate transition plan and reinforce certain actions. The Prize. ‘Three Words’ (for ‘and domestic violence’, now
company's strong economic growth mechanically increases included in home insurance policies) transformed a century-
its impacts linked to scope 3 (mainly purchases of goods old, commonplace policy into a powerful lever for
and air transport). The objective of moving to 100% direct- transformation. It is a systemic response to a systemic
source renewable energy by 2030 remains valid. problem, offering legal, psychological and financial support,
A working session dedicated to the Climate enabled the as well as a 7-day emergency rehousing guarantee for
members of the Board of Directors to take a closer look at victims of domestic violence.
recent scientific reports on the phenomenon of the A year after launching an Anti-Greenwashing AI, a second AI
acceleration and deterioration of the Climate, and to on positive social representations, Positive Representations
observe how certain industries are preparing their transition. AI, was added to this arsenal at the service of responsible
During the first half of the year, a compulsory training marketing, presented in June 2025 at VivaTech. These AIs
programme called Powering Sustainability was rolled out in are self-assessment tools for communications, each based
several countries to train employees in the challenges of on existing national or international frameworks that enable
sustainability and responsible marketing. employees to make an initial relevant analysis. Publicis
Groupe remains committed to the work carried out by the
S – Impact & Social Equity inter-profession at international level, such as Ad Net Zero
In January 2025, one year after the launch of CoreAI, on the methodological consensus for measuring the impact
accompanied by dozens of training modules on the benefits of the media, completed at Cannes Lions in June 2025.
of Generative Artificial Intelligence (AI) for all business lines The A.L.I.C.E (Advertising Limiting Impacts & Carbon
and accessible via Marcel.ai, all the Groupe's employees Emissions) carbon emissions calculation tool is now used in
were invited to take part in regional CoreAI Round Tables on more than 65 countries. A.L.I.C.E enables all the Groupe's
the integration of AI into the Groupe's various activities and activities (creation, production, media, technology, events,
customer offerings. The Round Tables were chaired by etc.) to measure their impacts (100 countries) using the GHG
Groupe Chairman and CEO Arthur Sadoun, surrounded by Protocol method, with the support of Bureau Veritas for the
the Executive Committee, and by in-house experts from a calculation methodology and the updating of emissions
number of business lines. At the same time, more than factors.
250 new AI-related training modules were made available to
employees. Finally, in June 2025, for its 9th edition, co-organised with
Groupe les Echos and Publicis Groupe, VivaTech attracted
The Working with Cancer campaign pledge launched by more than 180,000 visitors from 171 countries to Paris -
Groupe Chairman Arthur Sadoun in January 2023 now consolidating its position as Europe's leading event in the
includes over 3,000 companies worldwide and more than Tech sector, with sessions over four days bringing together
36 million employees covered. The common objective is to more than 14,000 start-ups, with 450 speakers.
break down the taboo of cancer1 in the workplace, provide
better protection for affected employees and better support The CSR actions of the Groupe and its agencies are publicly
for them (and their carers). At the beginning of 2025, the accessible in the CSR section of the Groupe website, and the
‘Screening Time Off’ campaign enabled employees to put data is summarised in the CSR Smart data section.
screening examinations in their diaries (+20% recorded for
these appointments), thus promoting early detection and
the longevity of sufferers.

(1)
cancer or serious illness



6 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
INTERIM MANAGEMENT REPORT
SIGNIFICANT EVENTS OF THE PERIOD




1.4 SIGNIFICANT EVENTS OF THE PERIOD

In January 2025, Publicis Groupe acquired Atomic 212º, the On May 27, 2025, Publicis held its Combined General 1
leading independent media agency in Australia, further Shareholder’s Meeting. All the resolutions have been
reinforcing the Groupe’s ability to offer end-to-end adopted, among which:
marketing transformation solutions in the region. ■ the payment of a dividend of euro 3.60 per share,
In February 2025, Publicis Groupe announced the representing an increase of +5.9% compared to the
acquisition of BR Media Group, Latin America’s leading dividend paid for the 2023 fiscal year. The ex-dividend
influencer marketing and content company, with a network date was July 1st, 2025 and the dividend has been paid
of over 500,000 creators including 80% of the region’s on July 3, 2025.
leading influencers. Operating out of Brazil, BR Media Group ■ the appointment of PricewaterhouseCoopers Audit as
partners with more than 500 local and global clients and is Statutory Auditor responsible for certifying the financial
present across every step of the creator value chain. statements, replacing Ernst & Young et Autres.
BR Media Group’s proprietary technology, fueled by more
than 5 billion data points and 50 data sources, will ■ the appointment of PricewaterhouseCoopers Audit and
strengthen the Groupe's Connected Media offer in Latin KPMG S.A. as Statutory Auditors responsible for
America. certifying sustainability-related information, replacing
Grant Thornton.
In March 2025, Publicis Groupe announced the acquisition
of Lotame, the leading independent identity solution. ■ the remuneration of corporate officers paid during the
Lotame’s proprietary identity solution, built on 100+ data 2024 fiscal year or awarded for the same fiscal year.
sources and activated through more than 1.6 billion IDs, is ■ the 2025 remuneration policies for the Chairman and
used by over 4,000 of the world’s leading brands and CEO and for the Directors, as presented in the 2024
publishers to leverage their campaigns at scale and with Universal Registration Document.
precision. The combined data and identity assets of Lotame
On April 25, 2025, Publicis Groupe launched a share
and Publicis Groupe’s 2.3 billion global profiles enable clients
buyback program that was finalized on June 30, 2005. As
to reach 91% of adult internet users with personalized
part of this program, Publicis Groupe SA repurchased
messaging at scale.
1,610,899 of its shares for euro 149 million (euro 150 million
In March 2025, Publicis Groupe announced the acquisition including the financial transaction tax). The objective of this
of Moov AI, Canada's leading artificial intelligence and data program is to meet the obligations related to the current
solutions company, which delivers strategic AI activations free share plans for employees, without issuing new shares.
for more than 100 clients in Canada.
In May 2025, Publicis Groupe announced the acquisition of
In April 2025, Publicis Groupe announced the acquisition of Captiv8, the largest influencer technology marketing
Adopt, a highly-specialized global agency in sport and platform in the world, with a network of 15 million creators
culture. Adopt will further strengthen the Groupe’s ability to globally, covering 95% of influencers with 5,000+ followers.
harness the power of athletes and sport to create authentic With its proprietary AI-powered technology, and leading
cultural brand connections. social commerce suite, Captiv8 enables brands to unify,
On April 30, 2025, the 2024 Universal Registration manage and measure their influencer strategies, and
Document was filed with the French Financial Markets leverage creators to drive commerce at scale. Captiv8 will
Regulatory Authority (Autorité des marchés financiers, be positioned within Connected Media and integrated with
AMF). It is made available to the public according to the Influential to power the Groupe’s global influencer offering
terms of the regulations in force and may be viewed on the worldwide.
www.publicisgroupe.com website, as well as on the AMF’s
website (www.amf-france.org).
On April 2025, Publicis announced that its Combined
General Shareholders’ Meeting would take place at
10.00 a.m. on May 27, 2025 at the PublicisCinémas,
133 avenue des Champs-Élysées, Paris 8th. The Prior notice
including the agenda, draft resolutions and main terms of
participation and voting at the Annual General Meeting was
published in the Bulletin des annonces légales obligatoires
(BALO) on April 9, 2025 and the Convening notice was
published in the BALO on May 5.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 7
1. INTERIM MANAGEMENT REPORT
SIGNIFICANT EVENTS OF THE PERIOD




In the first half year of 2025, the Groupe undertook key ■ euro 600 million maturing in June 2029 at 2.875%
financial structure initiatives: annual interest
■ On May, 2025, syndicated credit facility extension: The ■ euro 650 million maturing in June 2032 at 3.375%
euro 2,000 million facility, initially maturing in July 2029 annual interest
and featuring two one-year extension options, was ■ In June 2025, bond repayment: a euro 750 million bond
extended by one year, pushing maturity to July 2030. issued in 2019 to finance the Epsilon acquisition was
It remained undrawn as of June 30, 2025. repaid at maturity.
■ Euro Medium Term Note (EMTN) program and bond
issuance: A euro 1,500 million Euro Medium Term Note
program was launched on May 16 2025. Under this
program, a euro 1,250 million bond was issued on June 4,
2025 in two tranches:




1.5 ANALYSIS OF THE FINANCIAL SITUATION
AND RESULT

Simplified consolidated income statement
(in millions of euros) S1 2025 S1 2024 2025 vs. 2024
Net revenue 7,152 6,688 +6.9 %
Pass-through revenue 1,331 962 +38.4 %
Revenue 8,483 7,650 +10.9 %
Personnel costs and freelancers costs (4,835) (4,498) +7.5 %
Other operating costs (2,147) (1,751) +22.6 %
Operating margin before depreciation & amortization 1,501 1,401 +7.1 %
Depreciation & amortization (excl. intangibles from acquisitions) (259) (241) +7.5 %
Operating margin 1,242 1,160 +7.1 %
Percentage operating margin (% of net revenue) 17.4% 17.3%
Amortization of intangibles arising on net acquisitions (106) (123) -13.8 %
Impairment loss (35) (45) -22.2 %
Non-current income and expenses 1 16
Operating income 1,102 1,008 +9.3 %
Financial result excl. revaluation of earn-out commitments (43) -
Revaluation of earn-out commitments 38 28
Share of profit of equity-accounted investees, net of tax 1 (3)
Income taxes (266) (256) +3.9 %
Net income 832 777 +7.1%
Total net income attributable to:
● Non-controlling interests 8 4
● Owners of the Company 824 773 +6.6 %




8 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
INTERIM MANAGEMENT REPORT
ANALYSIS OF THE FINANCIAL SITUATION AND RESULT




Net revenue in Q2 2025
Publicis Groupe’s net revenue in Q2 2025 was Acquisitions, net of disposals, accounted for an increase in
euro 3,617 million, up +4.6% from euro 3,458 million in 2024. net revenue of euro 101 million. Organic growth reached
Exchange rates had a negative impact of euro 139 million. +5.9%. 1
/ Breakdown of Q2 2025 net revenue by region

Net revenue
(in millions of euros) Q2 2025 Q2 2024 Reported growth Organic growth
North America 2,192 2,104 +4.2% +5.8%
Europe 899 856 +5.0% +4.6%
Asia Pacific 318 306 +3.9% +5.7%
Middle East & Africa 104 100 +4.0% +8.8%
Latin America 104 92 +13.0% +19.8%
Total 3,617 3,458 +4.6% +5.9%

North America net revenue was up +4.2% on a reported Media, more than offset by a decline at Technology. Growth
basis, including a negative impact of the US dollar to euro was a positive mid-single digit growth when excluding
exchange rate. Organic growth in the region was +5.8%. Technology. Central & Eastern Europe was strong at +9.9%
In the US, organic growth came at +5.3%, driven by the very on an organic basis, led by double digits at Connected Media
solid growth of Connected Media and Intelligent Creativity, and a mid-single-digit for Technology.
confirming the strength of the Groupe’s integrated Net revenue in Asia Pacific recorded +3.9% growth on a
capabilities in the market where its model is the most reported basis and +5.7% on an organic basis. China was
advanced. Technology posted slight positive organic growth strong with +5.2% organic growth, on top of +10.5% in Q2
this quarter, in the context of delayed capex spending, seen 2024, benefitting from new business wins in Connected
across the entire IT services industry. Media.
Net revenue in Europe was up by +5.0% on a reported basis In Middle East & Africa, net revenue was up +4.0% on a
and +4.6% organically. Organic growth in the UK was at reported basis, and +8.8% organically, largely driven by the
+5.2% this quarter, including high-single-digit growth of double-digit-growth of Connected Media.
Intelligent Creativity, and mid-single-digit growth for both
Connected Media and Technology. Organic growth in Net revenue in Latin America was up +19.8% organically,
France was almost flat, or up by a low-single digit when driven by both Connected Media and Intelligent Creativity.
excluding Technology. Germany was slightly down Reported growth was +13.0% after taking into account the
organically, with high-single-digit growth in Connected depreciation of the Argentinian peso relative to the euro.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 9
1. INTERIM MANAGEMENT REPORT
ANALYSIS OF THE FINANCIAL SITUATION AND RESULT




Net revenue in H1 2025
Publicis Groupe’s net revenue for the first half of 2025 was euro 74 million. Acquisitions (net of disposals) had a positive
euro 7,152 million, up by +6.9% compared to impact of euro 179 million on net revenue. Organic growth
euro 6,688 million in the first half of 2024. Exchange rate was at +5.4% in the first half of 2025.
variations over the period had a negative impact of

/ H1 2025 net revenue growth per client industry(1)


Others(2) Healthcare
Energy & manufacturing
+5.7% +16.1%
Public sector & other services 8%
-5.4% 3% 15%
Leisure & travel 3%
+9.8% 4%


13% Automotive
Retail 8%
+0.3%
+0.7%



Non-food consumer products 10%
+4.2% 13% Food & beverage
+9.8%
10%
13%
TMT
+1.8%
Financial
+12.5%
(1) Growth at constant currencies and at 2025 perimeter
(2) Miscellaneous and other activities (outdoor media, The Drugstore etc.)




/ Breakdown of H1 2025 net revenue by region

Net revenue
(in millions of euros) H1 2025 H1 2024 Reported growth Organic growth
North America 4,427 4,112 +7.7% +5.3%
Europe 1,726 1,649 +4.7% +3.7%
Asia Pacific 604 572 +5.6% +5.3%
Middle East & Africa 207 190 +8.9% +10.1%
Latin America 188 165 +13.9% +23.6%
Total 7,152 6,688 +6.9% +5.4%


Net revenue in North America was up by +5.3% on an Asia Pacific net revenue was up by +5.3% on an organic
organic basis in the first half of 2025 (+7.7% on a reported basis (+5.6% on a reported basis). China reported an organic
basis). The U.S. recorded a very solid +4.7% organic growth. growth of +7.1%.
Europe posted +3.7% organic growth in the first half (+4.7% Net revenue in the Middle East & Africa region was up by
on a reported basis). The U.K. was up by +3.6%, both France +10.1% on an organic basis (+8.9% on a reported basis) and
and Germany were slightly down, and Central & Eastern up by +23.6% in Latin America (+13.9% on a reported basis).
Europe posted +11.9% growth on an organic basis.




10 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
INTERIM MANAGEMENT REPORT
ANALYSIS OF THE FINANCIAL SITUATION AND RESULT




Operating margin and operating Other income statements items
income The financial result, comprising the cost of net financial
debt, revaluation of earn-out payments and other financial
Operating margin
EBITDA amounted to euro 1,501 million in H1 2025,
charges and income, was a net charge of euro 5 million in 1
H1 2025, compared to a euro 28 million income in H1 2024:
compared to euro 1,401 million in H1 2024, up by +7.1%. This
represents 21.0% of net revenue versus 20.9% in H1 2024. ■ The net income on net financial debt was euro 15 million
in H1 2025, compared to an income of euro 39 million in
Personnel and freelancer costs totaled euro 4,835 million in H1 2024. it included euro 58 million of interest expense
H1 2025 from euro 4,498 million in H1 2024, up by +7.5%. (in line with euro 61 million in H1 2024), offset by interest
As a percentage of net revenue, personnel expenses were income of euro 73 million, versus euro 100 million in
67.6% in H1 2025, versus 67.3% in H1 2024. Restructuring H1 2024.
costs were euro 63 million, up from euro 41 million in
H1 2024. ■ Other financial income and expenses (excluding
earn-out revaluation) were a net charge of euro 58 million
Other costs (other than personnel and freelancer costs) in H1 2025, notably composed by euro 44 million interest
totaled euro 2,406 million in H1 2025, compared to euro on lease liabilities and euro 1 million income from the fair
1,992 million in H1 2024. Excluding pass-through costs, these value revaluation of mutual funds. In H1 2024, other
costs amounted to euro 1,075 million in H1 2025 versus 1,030 financial income and expenses were a net charge of
in H1 2024 representing 15.0% of net revenue, compared to euro 39 million, notably composed by euro 42 million
15.4% in H1 2024. They comprised: interest on lease liabilities and a euro 7 million income
■ Other operating expenses (excluding pass-through from the fair value adjustment of mutual funds.
costs, depreciation & amortization), which amounted to ■ The revaluation of earn-outs payments was a
euro 816 million, compared to euro 789 million in H1 2024. euro 38 million income in H1 2025, compared to
This represented 11.4% of net revenue, compared to 11.8% euro 28 million income in H1 2024.
in H1 2024, reflecting a strong cost management ;
The share in profit of equity-accounted investees, net of
■ Depreciation and amortization expense of tax is a euro 1 million profit in H1 2025, compared to a euro 3
euro 259 million in H1 2025, up by euro 18 million million loss in H1 2024.
compared to euro 241 million in H1 2024, mainly linked to
the Groupe's IT projects and investments. The income tax charge amounted to euro 266 million in H1
2025, corresponding to a forecasted effective tax rate of
As a result, the operating margin amounted to 25.1% for 2025 (excluding the effects of the U.S. OBBBA tax
euro 1,242 million, up by +7.1% compared to H1 2024, reform - see 1.6 Post-reporting period events), compared to
representing an operating margin rate of 17.4% in H1 2025, a tax charge of euro 256 million in H1 2024, corresponding
compared to 17.3% in H1 2024. to a forecasted effective tax rate of 24.9%.
Operating margin rates by geographies were 17.5% in The net income attributable to non-controlling interests is
North America, 17.0% in Europe, 26.0% in Asia-Pacific, 1.0% a euro 8 million profit in H1 2025, compared with a
in Middle East/Africa and 8.0% in Latin America. euro 4 million profit in H1 2024.
Operating income Overall, the net income attributable to the Groupe was
Amortization of intangibles arising from acquisitions euro 824 million in H1 2025, up by +6.6% compared to
totaled euro 106 million in H1 2025, down by euro 17 million euro 773 million in H1 2024.
versus H1 2024, related to the end of the amortization Finally, the earning per share was 3.28 euros in H1 2025, up
associated with some Epsilon technologies. by +6.5%, compared to 3.08 euros in H1 2024.
Impairment losses amounted to euro 35 million, including
exclusively the impact of real estate optimization, down by
euro 10 million, from euro 45 million in H1 2024, which
included an impairment loss on intangible assets of
euro 3 million in addition to the real estate component.
Net non-current income of euro 1 million in H1 2025 is not
significant. In H1 2024, net non-current income amounted to
euro 16 million mainly corresponding to the proceeds of
euro 14 million generated by the contribution of the
CitrusAd and Epsilon technologies to the Groupe’s 49%-
owned associate Unlimitail.
Operating income totaled euro 1,102 million in H1 2025,
versus euro 1,008 million in H1 2024.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 11
1. INTERIM MANAGEMENT REPORT
ANALYSIS OF THE FINANCIAL SITUATION AND RESULT




Financial position and cash
Simplified balance sheet
(in millions of euros) June 30, 2025 Dec 31, 2024
Goodwill 13,009 13,843
Intangible assets 925 1,069
Right-of-use assets related to leases 1,612 1,735
Other non current assets 936 974
Current and deferred taxes 24 (94)
Working capital requirements (2,824) (3,948)
Total 13,682 13,579
Equity attributable to holders of the Company 9,631 11,060
Non-controlling interests (27) (24)
Total equity 9,604 11,036
Provisions and Pension commitments 776 858
Net financial debt 1,033 (775)
Lease obligations 2,269 2,460
Total 13,682 13,579

Consolidated equity attributable to holders of the parent During the first half of 2024, as part of a share buyback
company decreased from euro 11,060 million in December program, Publicis Groupe S.A. repurchased 1,031,711 of its
31, 2024 to euro 9,631 million in June 30, 2025, as a result of shares for euro 99 million (euro 101 million including the
the following elements: financial transaction tax). This program had the same
■ (+) Net income H1 2025: euro 824 million; objective.

■ (-) Other comprehensive income, net of tax (mainly In addition, in June 2024, Publicis Groupe S.A. acquired a
related to the translation reserve): euro 1,235 million; block of 150,000 of its own shares for an amount of
euro 15 million from shareholder Ms. Sophie Dulac.
■ (-) Dividends: euro 903 million; These shares were also be used to meet the Company’s
■ (+) Share based compensation, net of tax: euro 51 million; obligations under current employee free share plans without
issuing new shares.
■ (-) (Purchases)/ sales of treasury shares: euro 149 million;
Non controlling interests were negative at euro 27 million,
■ (-) Acquisitions and commitments to buy-out non
after negative euro 24 million at December 31, 2024.
controlling interests: euro 17 million.
In the first half year of 2025, as part of a share buyback
program, Publicis Groupe S.A. repurchased 1,610,899 of its
shares for euro 149 million (euro 150 million including the
financial transaction tax). The objective of this program is to
meet the obligations related to the current free share plans
for employees, without issuing new shares.




12 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
INTERIM MANAGEMENT REPORT
ANALYSIS OF THE FINANCIAL SITUATION AND RESULT




Net debt
(in millions of euros) June 30, 2025 December 31, 2024
Financial debt (long and short-term)
Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds (1)
3,190
(8)
2,715
209
1
(1)
Fair value of derivatives hedging intra-group loans and borrowings 57 (55)
Total financial debt including market value of the associated derivatives 3,239 2,869
Cash and cash equivalents (2,206) (3,644)
Net financial debt 1,033 (775)
Debt/equity (including non-controlling interests) 0.11 n/a
(1) Carried on the consolidated balance sheet under “Other current financial assets” and/or under “Other current financial liabilities”.

Net financial debt amounted to euro 1,033 million as of June payments, compared to euro 229 million in H1 2024 (which
30, 2025 (i.e. a ratio Net Debt / Equity of 0.11) compared to a included ,in particular, the acquisition of Spinnaker, along
net cash position of euro 775 million as of December 31, with euro 69 million of earn-out and buy-out payments).
2024. The Groupe reported a net debt of euro 99 million as Net investments in property, plant and equipment and
of June 30, 2024. intangible assets amounted to euro 115 million in H1 2025,
During the first half of 2025, in addition to the acquisitions of overall in line with the euro 118 million in the first half of
subsidiaries, two significant transactions impacted the 2024.
Group's debt (see section 1.4 Key events of the financial Net cash flow from financing activities resulted in a surplus
year): of euro 70 million in H1 2025, compared with an utilization of
■ the repayment of the bond tranche, issued in 2019 as part euro 351 million in the same period of the previous year.
of the financing of the acquisition of Epsilon and This surplus originates from the net proceeds generated by
maturing in June 2025, for an amount of euro 750 million; the euro 1,250 million bond issue, net of the repayment of
the bond tranche of euro 750 million. The (net) repurchase
■ the completion of a bond issue in June 2025 for a total of treasury shares generated a cash utilization of euro
amount of euro 1,250 million, as part of the 149 million over the H1 2025 (compared with a cash
implementation of an EMTN program in May 2025. Net utilization of euro 119 million in 2024), mainly linked to the
proceeds from the offering will be used for general share buy back program related to 1,610,899 treasury shares,
corporate purposes. for a total amount of euro 150 million. Last year, a share buy
The Groupe's average net debt over the last 12 months back program took place during the first quarter, leading to
amounted to euro 836 million as of June 30, 2025, the acquisition of 1,031,711 shares for an amount of
compared to euro 375 million as of June 30, 2024. euro 101 million, in addition to the acquisition of a block of
150,000 of treasury shares from a shareholder for an
amount of euro 15 million, Repayments of lease liabilities and
Cash flow related interest amounted to euro 232 million in H1 2025,
Net cash flow from operating activities generated an vs euro 224 million for the same period in 2024. Net interest
outflow of euro 548 million in the first six months of 2025, paid amounted to euro 22 million in the first half year, after
compared to an outflow of euro 556 million in the same euro 13 million received in 2024.
period of the previous year. The change in working capital is Overall, the Groupe’s cash position, net of bank credit
negative at euro 1,745 million, compared with a negative balances, decreased by euro 1,436 million in the first
change as well of euro 1,629 million in H1 2024. Taxes paid half-year 2025, compared with a decrease of
amounted to euro 350 million in H1 2025 compared to euro 1,168 million in the same period of the previous year.
euro 376 million in H1 2024.
Including the short-term credit lines available, the Groupe’s
Net cash flow from investing activities includes acquisitions available liquidity amounted to euro 4,206 million as of
and disposals of tangible and intangible fixed assets, net June 30, 2025, compared with 5,644 million as of December
acquisitions of financial assets and acquisitions and 31, 2024 and euro 4 661 million as of June 30, 2024. As a
disposals of subsidiaries (net of cash acquired). Net cash reminder, the Groupe has a euro 2 billion facility, initially
used in investing activities amounted to euro 559 million in maturing in July 2029 and which was extended by one year,
H1 2025, after euro 335 million for the same period in 2024. pushing maturity to July 2030 (see note 1.4 Significant
Net investment (of disposals) in the acquisition of events of the period). It remained undrawn as of June 30,
subsidiaries amounted to euro 433 million, notably including 2025.
the acquisitions of Captiv8, BR Media, Lotame, Atomic 212
and Adopt, and euro 40 million of earn-out and buy-out




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 13
1. INTERIM MANAGEMENT REPORT
ANALYSIS OF THE FINANCIAL SITUATION AND RESULT




Free cash flow
The table below shows the calculation of the Groupe’s free cash flow.
(en millions d’euros) H1 2025 H1 2024
EBITDA 1,501 1,401
Financial interest paid/received (net) (22) 13
Repayment of lease liabilities and related interests (232) (224)
Income tax paid (350) (376)
Other 46 48
Cash flow from operations before change in WCR 943 862
Investments in fixed assets (net) (115) (118)
Free cash flow before change in WCR 828 744

The Groupe’s free cash flow, excluding change in working Publicis Groupe S.A.
capital requirements, was euro 828 million in the first
half-year 2025, up euro 84 million compared to the same (parent company)
period in 2024, notably in relation to the EBITDA, which
increased by euro 100 million. Operating income totaled euro 138 million in the first
half-year 2025, compared with euro 120 million for the same
Income tax paid amounted to euro 350 million, down euro period of the previous year. It includes rental income on real
26 million from euro 376 million in H1 2024, which included estate and fees for services contracted by the Groupe’s
some non-recurring payments. subsidiaries for euro 15 million, as in H1 2024, and
Repayments of lease liabilities and related interests pass-through revenue and other income for euro 118 million
amounted to euro 232 million in H1 2025, in line with (compared with euro 106 million in H1 2024). The majority of
euro 224 million in H1 2024. these last items have no impact on the Company’s net
Net financial interests generated a euro 22 million outflow income, since they are offset by operating expenses.
for the first half-year 2025, compared to euro 13 million The increase comes from the re-invoicing to Groupe
income in H1 2024. agencies of the deliveries of free shares to employees
benefitting from LTI plans.
Net investments in fixed assets amounted to
euro 115 million in H1 2025, broadly flat compared to Operating expenses amounted to euro 138 million as of
euro 118 million in H1 2024. June 30, 2025, compared with euro 125 million the previous
year. Excluding pass-through costs, they remained stable.
As a result, operating income is balanced in the first half of
Related party transactions 2025, compared with a loss of euro 5 million in 2024.
Financial income amounted to euro 8 million in H1 2025,
Transactions with related parties mainly concern those carried
compared to euro 5 million the previous year, thanks in
out with associates and there were no significant changes in
particular to the dividends received from subsidiaries.
transactions with related parties during the first six months of
the year. Financial expenses totaled euro 34 million in H1 2025,
compared to euro 58 million the previous year. This change
is mostly related to the decrease in the interest expenses
related to the Groupe's cash pool and intra-group loans.
Pre-tax profit was a loss of euro 26 million in the first half of
2025, compared with a loss of euro 57 million in H1 2024.
After inclusion of euro 2 million income tax credit resulting
from the French tax consolidation, the net income of
Publicis Groupe SA, the Groupe’s parent company, was a
loss of euro 24 million as of June 30, 2025, compared with a
loss of euro 53 million as of June 30, 2024.




14 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
INTERIM MANAGEMENT REPORT
POST-REPORTING PERIOD EVENTS




1.6 POST-REPORTING PERIOD EVENTS

On July 4, 2025, a major budget law was enacted in the As of June 30, 2025, the law had not yet been definitively 1
United States—the One Big Beautiful Bill Act (OBBBA)— passed by the U.S. Congress nor signed by the President.
introducing, among other things, tax measures retroactively It was therefore not taken into account in the condensed
applicable as of January 1, 2025. This legislation includes the half-year consolidated financial statements.
extension of existing tax reductions, adjustments to tax Given the implementation arrangements and the options
depreciation rules, and targeted changes to certain tax provided by the regulation, the Group is currently analyzing
credits. the potential impacts of this law on its activities and tax
expenses.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 15
1. INTERIM MANAGEMENT REPORT
OUTLOOK




1.7 OUTLOOK

After a stronger-than-expected first half of 2025, and a The Groupe also confirms its 2025 guidance on operating
boost of 15 material new business wins since the beginning margin rate, which is expected to record a slight
of the year, the Groupe is upgrading its organic growth improvement from its industry-high level of 18.0% in 2024.
guidance for the full year of 2025, despite a lack of visibility This will be achieved while the Groupe sustains high levels of
due to a challenging macroeconomic context. investments in artificial intelligence, talent and new
The Groupe now aims for close to +5% organic growth in business. Free cash flow before change in working capital
2025, compared to +4% to +5% range previously, which is now anticipated at circa. 1.9 billion euros, which includes
factors in anticipated reductions in client market spend in a negative impact of currency movement for euro 80 million.
H2, a negative performance for Publicis Sapient in the full
year, and a negative impact from year-end budget
adjustments after the positives of 2024.




16 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
Chapter



2. CONDENSED
HALF-YEAR
CONSOLIDATED
FINANCIAL
STATEMENTS ENDED
JUNE 30, 2025

2.1 CONSOLIDATED INCOME 2.5 CONSOLIDATED STATEMENT OF
STATEMENT 18 CHANGES IN EQUITY 22
2.2 CONSOLIDATED STATEMENT 2.6 NOTES TO THE CONSOLIDATED
OF COMPREHENSIVE INCOME 19 FINANCIAL STATEMENTS 23
2.3 CONSOLIDATED BALANCE SHEET 20
2.4 CONSOLIDATED STATEMENT OF
CASH FLOWS 21




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 17
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
CONSOLIDATED INCOME STATEMENT




2.1 CONSOLIDATED INCOME STATEMENT

June 30, 2025 June 30, 2024 December 31, 2024
(in millions of euros) Notes (6 months) (6 months) (12 months)
Net revenue(1) 4 7,152 6,688 13,965
Pass-through revenue 1,331 962 2,065
Revenue 4 8,483 7,650 16,030
Personnel costs and freelancers costs 5 (4,835) (4,498) (9,224)
Other operating costs 6 (2,147) (1,751) (3,792)
Operating margin before depreciation & amortization 1,501 1,401 3,014
Depreciation and amortization expense
(excluding intangibles from acquisitions) 7 (259) (241) (495)
Operating margin 1,242 1,160 2,519
Amortization of intangibles from acquisitions 7 (106) (123) (234)
Impairment loss 7 (35) (45) (86)
Non-current income and expenses 8 1 16 15
Operating income 1,102 1,008 2,214
Financial debt expenses 9 (58) (61) (122)
Financial debt income 9 73 100 174
Revaluation of earn-out commitments 9 38 28 35
Other financial income and expenses 9 (58) (39) (81)
Financial result (5) 28 6
Share of profit of equity-accounted investees, net of tax 1 (3) (2)
Pre-tax income 1,098 1,033 2,218
Income taxes 10 (266) (256) (549)
Net income 832 777 1,669
Total net income attributable to:
● Non-controlling interests 8 4 9
● Owners of the Company 824 773 1,660


Per-share data (in euros) – Net income attributable to
owners of the Company 11
Number of shares 251,389,723 250,711,640 250,677,462
Earnings per share 3.28 3.08 6.62
Number of diluted shares 253,471,482 253,302,880 253,565,798
Diluted earnings per share 3.25 3.05 6.55
(1) Net revenue: Revenue less pass-through costs. Those costs are mainly production & media costs and out-of-pocket expenses. As these are
items that can be passed on to clients and are not included in the scope of analysis of transactions, the net revenue indicator is the most
appropriate for measuring the Group’s operational performance.




18 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME




2.2 CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME

June 30, 2025 June 30, 2024 December 31, 2024
(in millions of euros) (6 months) (6 months) (12 months)
Net income for the period (a)
Comprehensive income that will not be reclassified to income
832 777 1,669 2
statement
● Actuarial gains (and losses) on defined benefit plans 3 18 2
● Related tax - (4) (1)
Comprehensive income that may be reclassified to income
statement
● Remeasurement of hedging instruments (66) 19 63
● Consolidation translation adjustments (1,194) 244 519
● Related tax 17 (5) (17)
Total other comprehensive income (b) (1,240) 272 566
Total comprehensive income for the period (a) + (b) (408) 1,049 2,235
Total comprehensive income attributable to:
● Non-controlling interests 3 4 11
● Owners of the Company (411) 1,045 2,224




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 19
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
CONSOLIDATED BALANCE SHEET




2.3 CONSOLIDATED BALANCE SHEET

(in millions of euros) Notes June 30, 2025 December 31, 2024
Assets
Goodwill 12 13,009 13,843
Intangible assets 925 1,069
Right-of-use assets related to leases 17 1,612 1,735
Property, plant and equipment 576 608
Deferred tax assets 253 237
Equity-accounted investees 75 79
Other non-current financial assets 285 287
Non-current assets 16,735 17,858
Inventories and work-in-progress 587 361
Trade receivables 13,874 15,595
Contract assets 1,675 1,445
Current tax assets 205 176
Other current financial assets 131 176
Other receivables and current assets 670 599
Cash and cash equivalents 2,206 3,644
Current assets 19,348 21,996
Total assets 36,083 39,854
Equity and liabilities
Share capital 102 102
Additional paid-in capital and retained earnings, Group share 9,529 10,958
Equity attributable to holders of the Company 13 9,631 11,060
Non-controlling interests (27) (24)
Total equity 9,604 11,036
Long-term borrowings 16 2,994 1,843
Long-term lease liabilities 17 1,915 2,099
Deferred tax liabilities 136 172
Pension commitments and other long-term benefits 15 272 271
Long-term provisions 14 289 317
Non-current liabilities 5,606 4,702
Short-term borrowings 16 196 872
Short-term lease liabilities 17 354 361
Trade payables 16,412 19,375
Contract liabilities 583 604
Current tax liabilities 298 335
Pension commitments and other short-term benefits 15 16 21
Short-term provisions 14 199 249
Other current financial liabilities 1,065 310
Other creditors and current liabilities 1,750 1,989
Current liabilities 20,873 24,116
Total equity and liabilities 36,083 39,854




20 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
CONSOLIDATED STATEMENT OF CASH FLOWS




2.4 CONSOLIDATED STATEMENT OF CASH FLOWS

June 30, 2025 June 30, 2024 December 31, 2024
(in millions of euros) Notes (6 months) (6 months) (12 months)
Cash flow from operating activities
Net income 832 777 1,669
Neutralization of non-cash income and expenses: 2
Income taxes 10 266 256 549
Financial result 9 5 (28) (6)
Capital losses (gains) on disposal of assets (before tax) (1) (16) (13)
Depreciation, amortization and impairment losses 7 400 409 815
Share-based payments 5 54 46 91
Other non-cash income and expenses (11) 1 6
Share of profit of equity-accounted investees, net of tax (1) 3 2
Dividends received from equity-accounted investees 3 1 4
Taxes paid (350) (376) (655)
Change in working capital requirements(1) (1,745) (1,629) (161)
Net cash flows generated by (used in) operating activities (I) (548) (556) 2,301
Cash flow from investing activities
Purchases of property, plant and equipment and intangible assets (116) (120) (238)
Disposals of property, plant and equipment and intangible assets 1 2 3
Purchases of investments and other financial assets, nets (11) 12 34
Acquisitions of subsidiaries, net of cash acquired 3 (433) (229) (915)
Disposals of subsidiaries 3 – – –
Net cash flows generated by (used in) investing activities (II) (559) (335) (1,116)
Cash flow from financing activities
Dividends paid to holders of the parent company 13 – – (853)
Dividends paid to non-controlling interests (5) (9) (12)
Proceeds from borrowings 16 1,249 – 1
Repayments of borrowings 16 (753) (5) (603)
Repayments of lease liabilities 17 (188) (182) (369)
Interests paid on lease liabilities 17 (44) (42) (84)
Interests paid 16 (97) (85) (105)
Interests received 75 98 174
Buy-outs of non-controlling interests 16 (18) (7) (8)
Net (buybacks)/sales of treasury shares 13 (149) (119) (148)
Net cash flows generated by (used in) financing activities (III) 70 (351) (2,007)
Impact of exchange rate fluctuations (IV) (399) 74 215
Change in consolidated cash and cash equivalents (I + II + III + IV) (1,436) (1,168) (607)
Cash and cash equivalents on January 1 3,644 4,250 4,250
Bank overdrafts on January 1 21 (2) (1) (1)
Net cash and cash equivalents at beginning of year (V) 3,642 4,249 4,249
Cash and cash equivalents at closing date 2,206 3,082 3,644
Bank overdrafts at closing date 21 – (1) (2)
Net cash and cash equivalents at end of the year (VI) 2,206 3,081 3,642
Change in consolidated cash and cash equivalents (VI - V) (1,436) (1,168) (607)
(1) Breakdown of changes in working capital requirements
Change in inventory and work-in-progress (245) (121) (34)
Change in trade receivables and contract assets 137 299 (1,449)
Change in other current assets (55) 182 414
Change in trade payables (1,318) (2,099) 1,327
Change in provisions and other current liabilities (264) 110 (419)
Change in working capital requirements (1,745) (1,629) (161)




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 21
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY




2.5 CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY

Equity
Reserves attributable
Number of Additional and to owners of Non-
outstanding Share paid-in Translation Hedging retained the controlling Total
shares (in millions of euros) capital capital reserve reserve earnings Company interests equity
250,574,493 January 1, 2024 102 3,336 (299) 16 6,633 9,788 (40) 9,748
Net income – – – – 773 773 4 777
Other comprehensive
income, net of tax – – 239 19 14 272 – 272
Total comprehensive
income for the year – – 239 19 787 1,045 4 1,049
– Dividends – (53) – – (800) (853) (9) (862)
Share-based payments,
– net of tax – – – – 60 60 – 60
Effect of acquisitions and
commitments to buy-out
non-controlling interests – – – – (5) (5) 4 (1)
– Equity warrants exercise – – – – – – – –
(Buybacks)/Sales of
416,958 treasury shares – – – – (119) (119) – (119)
250,991,451 June 30, 2024 102 3,283 (60) 35 6,556 9,916 (41) 9,875


250,739,747 January 1, 2025 102 3,283 218 62 7,395 11,060 (24) 11,036
Net income – – – – 824 824 8 832
Other comprehensive
income, net of tax – – (1,189) (49) 3 (1,235) (5) (1,240)
Total comprehensive
income for the year – – (1,189) (49) 827 (411) 3 (408)
– Dividends – – – – (903) (903) (5) (908)
Share-based payments,
– net of tax – – – – 51 51 – 51
Effect of acquisitions and
commitments to buy-out
non-controlling interests – – – – (17) (17) (1) (18)
– Equity warrants exercise – – – – – – – –
(Buybacks)/Sales of
78,692 treasury shares – – – – (149) (149) – (149)
250,818,439 June 30, 2025 102 3,283 (971) 13 7,204 9,631 (27) 9,604




22 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




2.6 NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

DETAILED SUMMARY OF THE NOTES
TO THE FINANCIAL STATEMENTS
2
Note 1 Accounting policies and methods 24 Note 13 Shareholders 32
1.1 New applicable standards and Note 14 Provisions and contingent liabilities 33
interpretations 24 Note 15 Pension commitments and other
1.2 Principal sources of uncertainty arising employee benefits 34
from the use of estimates 24
Note 16 Borrowings 34
Note 2 Macro-economic context 25
Note 17 Lease contracts 37
Note 3 Changes to consolidation scope 25
Note 18 Commitments 39
3.1 Acquisitions in the first half of 2025 25
Note 19 Risk management 40
3.2 Acquisitions in the first half of 2024 26
Note 20 Operating segment information 41
3.3 Disposals in the first half 2025 and 2024 26
Note 21 Publicis Groupe SA free share plans 44
Note 4 Revenue and net revenue 27
Note 22 Information on related-party
Note 5 Personnel costs, freelancers costs and transactions 46
headcount 27
Note 23 Subsequent events 46
Note 6 Other operating costs 28
Note 7 Depreciation, amortization and
impairment losses 28
Note 8 Non-current income and expenses 29
Note 9 Financial result 29
Note 10 Income taxes 29
Note 11 Earnings per share 30
Note 12 Goodwill 31




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 23
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Publicis Groupe SA (the "Company") is a French limited liability Company (société anonyme) with a Board of Directors,
governed by Articles L. 225-17 to L. 225-56 of the French Commercial Code. The headquarters is located at 133, avenue des
Champs-Élysées, 75008 Paris, France.
The Company’s consolidated financial statements include the Company and its subsidiaries (collectively referred to as
“the Group”). The Group operates across the entire marketing and communications value chain, from strategic consulting to
execution. The Group’s strategy is to be its clients' preferred partner thanks to an integrated approach enabling them to
increase their market share and accelerate their development in a new era of commerce.



Note 1 Accounting policies and methods

Pursuant to European Regulation No. 1606/2002 of July 19, have no impact on the Group’s financial statements.
2002, the Publicis Groupe's condensed consolidated Thus, the Group’s financial statements comply with both
financial statements as of June 30, 2025 were prepared in IFRS standards adopted by the European Union and those
accordance with IAS 34 "Interim Financial Reporting" as endorsed by the IASB.
adopted by the European Union (EU) and published by the
IASB (International Accounting Standards Board). They Application of new standards and interpretations
should be read in conjunction with the Group's latest annual The Group’s application of the new standards and
financial statements for the financial year ended December interpretations adopted by the European Union whose
31, 2024, presented in the universal registration document application is mandatory as of January 1, 2025 has
filed with the Autorité des marchés financiers (AMF) on no material impact on the Group’s financial statements
April 30, 2025 ("2024 Universal Registration Document", and concerns the amendments to IAS 21 - Lack of
pages 275 to 339). exchangeability (published by the IASB on August 15, 2023,
They do not include all the information required for a applicable to financial years beginning on January 1, 2025).
complete set of financial statements prepared in accordance
with IFRS. However, they include a selection of notes Application of new standards and interpretations
leading to significant events and transactions in order to As of June 30, 2025, the Group has not early applied any
understand the changes that have occurred in the Group's new standard or interpretation. The Group does not expect
financial position and performance since the last annual the adoption of future IFRS standards to have a material
financial statements. impact on the financial statements of future periods with the
The half-year consolidated financial statements as of exception of IFRS 18, the potential impact of which is
June 30, 2025, as well as the notes and related notes, were currently being assessed.
approved by the Board of Directors on July 16, 2025.
The consolidated financial statements are presented in 1.2 Principal sources of uncertainty
euros, which is the Company's functional currency. Amounts arising from the use of estimates
are rounded to the nearest million euros, unless otherwise
In preparing these consolidated financial statements, the
indicated.
Group has made estimates and judgments. Estimates and
underlying assumptions are reviewed on an ongoing basis.
1.1 New applicable standards and Revisions to estimates are recognized prospectively.
interpretations The Group bases its estimates on past experience and on a
Compliance with IFRS standards as adopted series of other assumptions deemed reasonable under the
by the European Union and IFRS standards circumstances, to measure the amounts to be used for the
published by the IASB. Group’s assets and liabilities. Actual results may differ from
these estimates.
The interim financial statements are prepared using the
same accounting principles as the financial statements for The significant judgments made by the Group in applying
the year ended December 31, 2024, subject to the specific the accounting policies and the main sources of estimation
requirements of IAS 34 and the application of new standards uncertainty are identical to those described in the latest
mentioned below. annual financial statements.

For the periods presented, the standards and interpretations In particular, the Group does not expect these sources of
adopted by the European Union are aligned with those estimation uncertainty to be significantly affected by future
published by the International Accounting Standards Board macroeconomic, technological, social and climate changes.
(IASB), except for texts currently being endorsed, which




24 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 2 Macro-economic context

In the first half year of 2025, the Group operated in a global material impact on the Group’s performance trajectory.
environment still characterized by moderate growth and Publicis’ operations have continued to align with the first
persistent economic and geopolitical uncertainties. semester 2025 growth and margin objectives set out in its
The actions initiated by the United States to increase the business plans. The very good performance in terms of new
tariff rates has further intensified these tensions. The recent budget gains, the resilience of its operating model,
enactment of a tax reform in the U.S. (One Big Beautiful Bill
Act) forms part of this context, with implementation details
combined with a proven ability to adapt, support the view
that, at this stage, potential tariff increases and regulatory 2
still under review. However, these factors have not had a changes do not constitute an indicator of value impairment.



Note 3 Changes to consolidation scope

3.1 Acquisitions in the first half of 2025
The main acquisitions of the period are: ■ In May 2025, the acquisition of Captiv8 for 100%, a global
■ In April 2025, acquisition of Lotame Solutions, Inc for influencer technology marketing platform that facilitates
100%, an independent player specialized in data, identity connections between brands, content creators, and their
and technology as part of the artificial intelligence audiences.
strategy of Publicis. The provisional goodwills resulting from the Group’s
■ in April 2025, acquisition of BR Media for 100% a Brazil- acquisitions are calculated as follows:
based influencer marketing and content company across
Latin America, with a structured network of several
hundred thousand creators in the region.
(in millions of euros) Lotame BR Media Captiv8
Cash consideration 127 110 143
Earn-out commitments – 40 –
Total consideration transferred (A) 127 150 143
Total identifiable net assets acquired (B) 31 34 (10)
Provisional goodwill (A – B) 96 116 153

The fair values of the identifiable net assets acquired have Intangible assets (technology and client relationships) are
been determined on a provisional basis, pending the valued using either the royalty method or the excess
completion of an independent valuation and will be finalized earnings method. The royalty method considers the
during the second half of the year. If new information discounted estimated royalties payments that are expected
becomes available within twelve months from the to be avoided as a result the patent or trademark being
acquisition date regarding facts and circumstances that owned. The excess earnings method considers the present
existed at that date, the Group will revise the provisional value of net cash flows expected to be generated by the
amounts retrospectively. Such revisions may include client relationships or technologies.
adjustments to the fair values initially recognized or the
recognition of additional liabilities or provisions that existed
at the acquisition date.
The goodwills mainly relate to the know-how and technical
skills of the employees of the acquired entities and to the
ability to maintain and develop existing assets. None of the
goodwills recognized is expected to be deductible for tax
purposes.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 25
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




During the first half year of 2025, the cash flows related to the acquisitions of are as follows:
June 30, 2025
(in millions of euros) (6 months)
Cash consideration 460
Cash and cash equivalents of the acquired entities (49)
Earn-out payments 22
Acquisitions of subsidiaries, net of cash acquired 433

Acquisitions during the period contribute less than 1% of consolidated net revenue of the first half year of 2025 and less than
1% of net income attributable to equity holders of the parent company.
Acquisition costs are recognized in other operating expenses.

3.2 Acquisitions in the first half of 2024
The main acquisition of the period was, in March 2024, 100% of Spinnaker SCA, a leading services company specializing in
the supply chain. Spinnaker SCA offers comprehensive supply chain strategy, planning and execution consulting services.
This acquisition enables Publicis Groupe to expand its expertise and capabilities in this area.
The goodwill resulting from this acquisition was calculated as follows:
(in millions of euros) Spinnaker
Cash consideration 113
Earn-out consideration 4
Total consideration transferred (A) 117
Total identifiable net assets acquired (B) 16
Goodwill (A - B) 101

Goodwill mainly relates to the know-how and technical skills of the employees of the acquired entities and to the ability to
maintain and develop existing assets. None of the goodwill recognized is expected to be deductible for tax purposes.
The client relationships were valued using the excess earnings method respectively that considers the present value of net
cash flows expected to be generated by the client relationships.
During the first half year of 2024, the cash flows related to the acquisitions were as follows:
June 30, 2024
(in millions of euros) (6 months)
Cash consideration 173
Cash and cash equivalents of the acquired entities (7)
Earn-out payments 63
Acquisitions of subsidiaries, net of cash acquired 229

Acquisitions during the period contributed less than 1% of consolidated net revenue in the first-half of 2024 and less than 1%
of net income attributable to equity holders of the parent company.
The acquisition costs were recorded under "other operating expenses".

3.3 Disposals in the first half 2025 and 2024
In the first half of 2025, the Group did not make any significant disposals.
In the first half of 2024, the Group did not make any significant disposals.




26 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 4 Revenue and net revenue

The Group supports its clients on all marketing issues thanks East, Central and Eastern Europe, Western Europe and Latin
to its expertise in the areas of creativity, media, data and America.
digital transformation. To provide a single offering in each This organization by country corresponds to the operating
country combining all the Group’s areas of expertise, segments grouped into five reportable segments (see
Publicis defined ten core markets: the United States, note 20): North America, Europe, Asia-Pacific, the Middle
Canada, the United Kingdom, France, DACH (Germany,
Austria and Switzerland), Asia-Pacific, Africa and the Middle
East & Africa, and Latin America. 2
Middle East & June 30, 2025
(in millions of euros) North America Europe Asia-Pacific Africa Latin America (6 months)
Revenue 5,010 2,187 772 286 228 8,483
Net revenue 4,427 1,726 604 207 188 7,152

Middle East & June 30, 2024
(in millions of euros) North America Europe Asia-Pacific Africa Latin America (6 months)
Revenue 4,501 1,993 698 273 185 7,650
Net revenue 4,112 1,649 572 190 165 6,688

During the first half year of 2025, pass-through revenue of euro 59 million in depreciation and amortization expense
euro 1,331 million (euro 962 million during the first half of (excluding intangibles from acquisitions) (58 million during
2024) are split between euro 1,272 million in pass-through the first half of 2024) .
costs (euro 904 million during the first half of 2024) and



Note 5 Personnel costs, freelancers costs and headcount

Personnel costs include salaries, wages, commissions, (free share plans) and pension plan expenses (excluding the
bonuses, profit-sharing, paid leave, as well as estimated net effect of the unwinding of discounts presented in other
bonuses and expenses related to share-based payments financial income and expenses).
June 30, 2025 June 30, 2024
(in millions of euros) (6 months) (6 months)
Compensation (3,798) (3,551)
Social security charges (601) (557)
Post-employment benefits(1) (129) (129)
Share-based payments (54) (46)
Restructuring costs (63) (41)
Personnel costs (4,645) (4,324)
Freelancers costs (190) (174)
Personnel costs and freelancers costs (4,835) (4,498)
(1) See note 15.



/ Breakdown of headcount by geographic region

June 30, 2025 December 31, 2024 June 30, 2024
(6 months) (12 months) (6 months)
Europe 25,834 25,492 25,896
North America 32,079 31,749 30,999
Latin America 11,812 10,915 10,712
Asia-Pacific 37,435 35,475 35,271
Middle East & Africa 4,690 4,548 4,029
Total 111,850 108,179 106,907




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 27
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 6 Other operating costs

This item covers all external expenses other than production ■ costs directly attributable to the services rendered
and media buying when the Group acts as agent, and amounting to euro 270 million in the first half of 2025,
includes in particular: versus euro 271 million in the first half of 2024.
■ pass-through costs amounting to euro 1,272 million in the It also includes IT costs, taxes (except corporate income
first half of 2025, versus euro 904 million in the first half taxes), duties and similar payments, and increases and
of 2024; reversals of provisions.



Note 7 Depreciation, amortization and impairment losses

June 30, 2025 June 30, 2024
(in millions of euros) (6 months) (6 months)
Amortization of other intangible assets (excluding intangibles arising from
acquisitions) (36) (24)
Depreciation of property, plant and equipment (65) (66)
Depreciation of right-of-use assets (158) (151)
Depreciation and amortization expense (excluding intangibles from acquisitions) (259) (241)
Amortization of intangibles from acquisitions (106) (123)
Impairment losses on real estate contracts (35) (42)
Impairment loss on intangible asset – (3)
Impairment losses (35) (45)
Total depreciation, amortization and impairment losses (400) (409)


Impairment losses of goodwill, intangible assets Impairment losses in the first half of 2025 of euro 35 million
and intangible assets arising from acquisitions recognize (euro 26 million net of tax), including
euro 24 million for right-of-use assets and euro 7 million for
No impairment loss indicator was identified, and no fixtures. Accrued expenses such as facility management
impairment test was performed. For more information, see expenses and any taxes on vacant properties in the amount
note 2. of euro 4 million are included in provisions for vacant
property (see note 14).
Impairment losses on real estate contracts
Impairment losses in the first half of 2024 of euro 42 million
As part of the program to optimize premises, aiming to
had been recognized (euro 32 million net of tax), including
consolidate the agencies on one or more sites in the main
euro 20 million for right-of-use assets, euro 17 million for
countries, it was decided to empty leased space.
sub-leasing receivables and euro 5 million for fixtures.
Consequently, right-of-use assets concerning the empty
Accrued expenses such as facility management expenses
spaces were subject to total or partial impairment loss, and
and any taxes on vacant properties in the amount of
likewise concerning the fixtures in these spaces.
euro 17 million were included in provisions for vacant
property (see note 14).




28 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 8 Non-current income and expenses
June 30, 2025 June 30, 2024
(in millions of euros) (6 months) (6 months)
Non-current income and (expenses) – 14
Capital gains (losses) on disposal of assets 1 2
Total non-current income and (expenses) 1 16

In the first half year of 2025, other non-current income and expenses are non significant.
2
In the first half year of 2024, the non-current income and expenses of euro 16 million mainly corresponded to income of
euro 14 million generated by the contribution of the exclusive right to use Citrus and Epsilon technologies to Unlimitail.



Note 9 Financial result
June 30, 2025 June 30, 2024
(in millions of euros) (6 months) (6 months)
Interest expenses on loans and bank overdrafts (58) (61)
Income from cash and cash equivalents 52 83
Income (expenses) on derivatives 21 17
Financial debt expenses (58) (61)
Financial debt income 73 100
Cost of net financial debt 15 39
Interest expense on lease liabilities (44) (42)
Change in fair value of financial assets 1 7
Foreign exchange gains (losses) and change in the fair value of derivatives (10) 2
Other (5) (6)
Other financial income and expenses (58) (39)
Financial result excluding revaluation of earn-out commitments (43) –
Revaluation of earn-out commitments 38 28
Financial result (5) 28




Note 10 Income taxes

Income tax expense for the first half year of 2025 is calculated by applying the estimated effective tax rate for the full year to
the pre-tax income for the interim period, excluding the effects of the U.S. tax reform (One Big Beautiful Bill Act) (see post-
closing events disclosed in Note 23).
June 30, 2025 June 30, 2024
(in millions of euros) (6 months) (6 months)
Pre-tax income of consolidated companies 1,097 1,036
Revaluation of earn-out payments (38) (28)
Gain on contributions to Unlimitail – (14)
Restated pre-tax income of consolidated companies A 1,059 994
Income tax in the income statement (266) (256)
Tax effect on gain generated by contributions to Unlimitail – 8
Income tax in the restated income statement B (266) (248)
Effective tax rate B/A 25.1 % 24.9 %

The exceptional contribution introduced by the 2025 French Finance Act and the U.S. tax reform (OBBBA) have no impact
on the Group’s half-year financial statements. As a reminder, the effective tax rate for financial year 2024 (12 months)
was 24.9%.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 29
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 11 Earnings per share

/ Earnings per share (basic and diluted)

June 30, 2025 June 30, 2024
(in millions of euros, except for share data) (6 months) (6 months)
Net income used for the calculation of earnings per share
Net income attributable to holders of the Company A 824 773
Impact of dilutive instruments:
● Savings in financial expenses related to the conversion of debt
instruments, net of tax – –
Net income attributable to holders of the Company – diluted B 824 773
Number of shares used to calculate earnings per share
Number of shares at January 1 254,311,860 254,311,860
Treasury shares to be deducted (average for the year) (2,922,137) (3,600,220)
Average number of shares used for the calculation C C 251,389,723 250,711,640
Impact of dilutive instruments:
● Dilutive free shares 2,081,759 2,591,240
Number of diluted shares (in euros) D 253,471,482 253,302,880
Earnings per share A/C 3.28 3.08
Diluted earnings per share B/D 3.25 3.05


/ Headline earnings per share (basic and diluted)

June 30, 2025 June 30, 2024
(in millions of euros, except for share data) (6 months) (6 months)
Net income used to calculate headline earnings per share(1)
Net income attributable to holders of the Company 824 773
Items excluded:
● Amortization of intangibles from acquisitions, net of tax 79 92
● Impairment loss, net of tax 26 34
● Main capital gains and losses on disposal of assets and fair value
adjustment of financial assets(2), net of tax (1) (14)
● Revaluation of earn-out payments (38) (28)
Headline net income attributable to holders of the Company E 890 857
Impact of dilutive instruments:
● Savings in financial expenses related to the conversion of debt
instruments, net of tax – –
Headline net income attributable to holders of the Company - diluted F 890 857
Number of shares used to calculate earnings per share
Number of shares at January 1 254,311,860 254,311,860
Shares created over the year – –
Treasury shares to be deducted (average for the year) (2,922,137) (3,600,220)
Average number of shares used for the calculation C 251,389,723 250,711,640
Impact of dilutive instruments:
● DIlutive free shares 2,081,759 2,591,240
Number of diluted shares (in euros) D 253,471,482 253,302,880
Headline earnings per share(1) E/C 3.54 3.42
Headline earnings per share – diluted (1) F/D 3.51 3.38
(1) Headline EPS after elimination of impairment losses, amortization of intangibles from acquisitions, the main capital gains and losses on disposal
and fair value adjustment of financial assets, the revaluation of earn-out commitments
(2) As of June 30, 2025, there is no significant capital gains or losses on disposal and the fair value adjustment of financial assets amounts to
1 million. As of June 30, 2024, the main capital gains and losses on disposal amount to euro 8 million and the fair value adjustment of financial
assets amounts to euro 6 million.




30 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 12 Goodwill

(in millions of euros) Gross value Impairment loss Net amount
December 31, 2023 13,948 (1,526) 12,422
Acquisitions 163 – 163
Changes related to the revaluation of earn-outs during the
allocation period (57) – (57)
Disposals (1) – (1) 2
Foreign exchange 323 (38) 285
June 30, 2024 14,376 (1,564) 12,812


December 31, 2024 15,450 (1,607) 13,843
Acquisitions 502 – 502
Changes related to the adjustment of the opening balance sheet
during the allocation period (17) – (17)
Foreign exchange (1,478) 159 (1,319)
June 30, 2025 14,457 (1,448) 13,009




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 31
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 13 Shareholders

/ Share capital of the parent company

(in shares) June 30, 2025 December 31, 2024
Share capital at January 1 254,311,860 254,311,860
Capital increase – –
Shares comprising the share capital at the end of the period 254,311,860 254,311,860
Treasury stock at the end of the period (3,493,421) (3,572,113)
Shares outstanding at the end of the period 250,818,439 250,739,747

The share capital of Publicis Groupe SA amounts to euro 101,724,744 at the first half year, 2025, divided into
254,311,860 shares with a nominal value of euro 0.40 each.

Change in treasury shares
Treasury shares held at the end of the year, including those owned under the liquidity contract, are deducted from the share
capital.
The portfolio of treasury shares changed as follows in 2024 and 2025:
Amount Cash flows
Number of shares (in millions of euros) (in millions of euros)
Treasury shares held on December 31, 2023 3,737,367 265 –
Disposals and vesting of free shares (1,629,927) (110) –
Buybacks of treasury shares 1,181,711 116 (116)
Movements as part of the liquidity contract 31,258 3 (3)
Treasury shares held on June 30, 2024 3,320,409 274 (119)
(1)
Treasury shares held on December 31, 2024 3,572,113 300 (148)
Disposals and vesting of free shares (1,678,821) (123) –
Buybacks of treasury shares 1,610,899 150 (150)
Movements as part of the liquidity contract (10,770) (1) 1
(1)
Treasury shares held on June 30, 2025 3,493,421 326 (149)
(1) Including 48,000 shares held under the liquidity contract on December 31, 2024, and 37,230 on June 30, 2025.


Buyback of treasury shares These shares were also be used to meet the Company’s
obligations under current employee free share plans without
In the first half year of 2025, as part of a share buyback
issuing new shares. The transaction price was euro 100.09
program, Publicis Groupe S.A. repurchased 1,610,899 of its
per share repurchased, representing a discount of 1%
shares for euro 149 million (euro 150 million including the
compared to the closing market price of euro 101.10 on
financial transaction tax). The objective of this program is to
June 13, 2024. This transaction constitutes a transaction with
meet the obligations related to the current free share plans
a related party.
for employees, without issuing new shares.
During the first half of 2024, as part of a share buyback Dividends approved and submitted to vote
program, Publicis Groupe S.A. repurchased 1,031,711 of its
In accordance with decisions of the Combined General
shares for euro 99 million (euro 101 million including the
Shareholders’ Meeting of May 27, 2025, Publicis Groupe S.A.
financial transaction tax). The objective of this program was
paid a dividend on July 3, 2025, of euro 3.60 per share, fully
to meet the obligations related to the current free share
paid in cash.
plans for employees, without issuing new shares.
An amount of euro 903 million was recognized as a liability
In addition, in June 2024, Publicis Groupe S.A. acquired a
at June 30, 2025, under “Other current financial liabilities”.
block of 150,000 of its own shares for an amount of
euro 15 million from shareholder Ms. Sophie Dulac.




32 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 14 Provisions and contingent liabilities

Risks and
(in millions of euros) Restructuring Vacant property(1) litigation Other provisions Total
December 31, 2023 56 115 232 171 574
Increases 20 17 7 2 46
Releases with usage (29) (15) (19) (8) (71)
Reversals without usage (2) – (1) (1) (4) 2
Foreign exchange and others – 22 2 3 27
June 30, 2024 45 139 221 167 572


December 31, 2024 76 132 187 171 566
Increases 32 7 1 1 41
Releases with usage (50) (15) (5) (5) (75)
Reversals without usage (3) – (9) – (12)
Foreign exchange and others (3) (13) (6) (10) (32)
June 30, 2025 52 111 168 157 488
Of which short-term 46 26 62 65 199
Of which long-term 6 85 106 92 289
(1) See note 7.


Metrobus/“Autorité de la concurrence” sell opioids. This case was settled as part of a global
resolution, described above, with all US States and
In April 2022, the Group received a notification of
Territories. and the District of Columbia.
grievances from the Competition Authority in relation to
practices implemented in the outdoor advertising sector in On September 19, 2023, Publicis Health, LLC was named as a
France. The procedure is ongoing. codefendant in a similar action brought by St. Clair County
in the Court of Illinois. Publicis Health filed a motion to
Publicis Health LLC dismiss. This complaint is expected to be dismissed due to
the resolution reached with the 50 States (including Illinois)
On February 1, 2024, a comprehensive resolution was
and the existence of an “opioid bar statute” in Illinois.
reached with all 50 State Attorneys General, the District of
Columbia, and certain US Territories related to past work On April 16, 2024, Publicis Health LLC was named as a
undertaken for opioid manufacturers primarily by former defendant in a putative class action brought by Cleveland
advertising agency Rosetta, bringing to a close, after almost Bakers and Teamsters Health and Welfare Fund on behalf of
three years of discussions, all complaints related to past itself and purportedly all other third-party payors who
work for opioid manufacturers—including by Rosetta (which allegedly incurred additional costs as a consequence of the
has since merged into Publicis Health, LLC)—that could have opioid epidemic. This complaint was dismissed in February
been brought by these States and US Territories. 2025, and the case is closed.
The Attorneys General have recognized Publicis Health’s In November 2024, Publicis Health LLC was named as a
good faith and responsible corporate citizenship in reaching defendant in a similar class action brought in front of the
this resolution. In August 2024, all States and US Territories federal court in Chicago on behalf of a group of school
have received the settlement payment under the districts in several states (Illinois, Ohio, Maryland, New
agreement. This settlement is in no way an admission of Mexico, California, Maine and New York). Publicis Health LLC
wrongdoing or liability. denies any wrongdoing or liability and has moved to dismiss
As a reminder, on May 6, 2021, the Attorney General for the the litigation.
Commonwealth of Massachusetts filed a lawsuit against In February 2025, Publicis Media Canada was added to a
Publicis Health, LLC, a subsidiary of Publicis Groupe, in similar opioid-related lawsuit filed in the Alberta King’s
connection with the work that the agency and its Bench Court by the City of Grande Prairie and
predecessor agencies did for Purdue Pharma from 2010 to The Corporation of the City of Brantford against
2018 related to the marketing of opioids. The Attorney 65 defendants. Publicis Media Canada has filed a motion to
General claimed that Publicis violated the Massachusetts dismiss.
consumer protection statute and created a public nuisance
by participating in Purdue Pharma’s efforts to market and




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 33
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 15 Pension commitments and other employee benefits

(in millions of euros) June 30, 2025 December 31, 2024
Pension commitments and other long-term benefits (272) (271)
Pension commitments and other short-term benefits (16) (21)
Pension plan surpluses 30 31
other post-employment and long-term benefits (258) (261)


Actuarial assumptions (weighted average rates)
The provision for pensions was discounted as of June 30, AA rating) with maturities equivalent to the length of the
2025 on the basis of discount rates calculated using yields of plans assessed. They were determined on the basis of
long-term investment grade corporate bonds (minimum external indices commonly used as a reference.

Pension plans Post-employment medical cover
June 30, 2025 United States United Kingdom Euro zone Other Country United States United Kingdom
Discount rate 5.30% 5.70% - 5.80% 3.60% 1.15% - 9.45% 5.30% 5.70% - 5.80%

Pension plans Post-employment medical cover
December 31, 2024 United States United Kingdom Euro zone Other Country United States United Kingdom
Discount rate 5.30% 5.45% - 5.50% 3.30% 1.15% - 12.50% 5.30% 5.45% - 5.50%




Note 16 Borrowings

In the first half year of 2025, the Group undertook key ■ euro 650 million maturing in June 2032 at 3.375%
financial structure initiatives: annual interest.
■ Bond repayment: in June 2025, a euro 750 million bond Related issuance costs totaled €6 million.
issued in 2019 to finance the Epsilon acquisition was ■ Syndicated credit facility extension:
repaid at maturity. The euro 2,000 million facility, initially maturing in July
■ Euro Medium Term Note (EMTN) program and bond 2029 and featuring two one-year extension options, was
issuance: A euro 1,500 million Euro Medium Term Note extended by one year in May 2025, pushing maturity
program was launched on May 16. Under this program, to July 2030. It remained undrawn as of June 30
a euro 1,250 million bond was issued on June 4 in two (see note 19).
tranches:
■ euro 600 million maturing in June 2029 at 2.875%
annual interest;




34 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Nominal
interest Year of Nominal
(in millions of euros) Currency rate maturity value June 30, 2025 December 31, 2024
Eurobond 2025(1)(4) EUR 0.625% 2025 750 – 750
(1)
Eurobond 2028 EUR 1.250% 2028 750 748 748
Eurobond 2031(1) EUR 1.750% 2031 750 746 745
Eurobond 2029(2) EUR 2.875% 2029 600 596 –
Eurobond 2032(2) EUR 3.375% 2032 650 646 –
Bonds (excl. accrued interest) 3,500 2,736 2,243 2
Earn-out commitments 376 328
Commitments to buy-out non-controlling
interests 57 74
Accrued interests 5 48
Other borrowings and credit lines 16 20
Bank overdrafts – 2
Other financial liabilities 454 472
Total financial liabilities 3,190 2,715
of which short term 196 872
of which long term 2,994 1,843
Derivatives hedging on the 2025, 2028 and
2031 Eurobonds(1)(3) (8) 209
Derivatives hedging on intra-group loans and
borrowings(3) 57 (55)
Total liabilities related to financing activities 3,239 2,869
(1) The weighted average fixed rates of the swaps on the 2025, 2028 and 2031 Eurobonds are 3.1386%, 3.5963% and 4.1079% respectively.
A euro 2.25 billion bond was issued on June 5, 2019 to finance the acquisition of Epsilon. It was issued in three tranches of euro 750 million
each, at a fixed rate and in euros, each swapped into US dollars at a fixed rate.
The swaps were qualified as cash flow hedges of the bond issue in euros. The fair value of these swaps was booked in the balance sheet under
“Other current financial assets” and/or “Other current financial liabilities”. The change in the fair value of these instruments is booked in
“Other comprehensive income” and transferred to the income statement as interests on bond are recognized and the variation in the liabilities
in US dollars. As of June 30, 2025, the fair value of these derivatives was recorded in other current financial liabilities for euro -8 million
(compared to euro 209 million as of December 31, 2024).
(2) A euro 1.25 billion bond was issued on June 4, 2025 in two tranches of of 600 and 650 million euros respectively, at fixed rates and in euros.
(3) Derivatives are presented in “Other current financial assets” and / or “Other current financial liabilities”.
(4) In June 2025, the Group repaid the first €750 million tranche of the 2019 bond issue, which had been raised to finance the acquisition of
Epsilon.



/ Analysis of financial liabilities

June 30, 2025 December 31, 2024
Euros 2,770 2,292
US dollars 299 392
Other currencies 121 31
Total financial liabilities 3,190 2,715

Apart from bank overdrafts, most of the Groupe’s debt is default on the debt itself or on the repayment of another
comprised of bonds, none of which are subject to financial debt above a given threshold) which are generally
covenants. They only include early repayment clauses applicable above defined thresholds.
(change of control, liquidation, cessation de paiements,




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 35
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




/ Change in borrowings - First half year 2025

Total
Derivatives Derivatives liabilities
Bonds Commitments hedging on the hedging on related
(excl. to buy-out Total 2025, 2028 intra-group to
accrued Earn-out non-controlling Accrued financial and 2031 loans and financing
(in millions of euros) interest) commitments interests interests Other liabilities Eurobonds(1)(2) borrowings(2) activities
December 31, 2024 2,243 328 74 48 22 2,715 209 (55) 2,869
Cash flows
Proceeds from borrowings 1,249 – – – – 1,249 – – 1,249
Repayment of borrowings (750) – – – (3) (753) – – (753)
Interest received – – – – – – – 22 22
Acquisitions of subsidiaries,
net of cash acquired – (22) – – – (22) – – (22)
Buy-outs of non-controlling
interests – – (18) – – (18) – – (18)
Interest paid (84) – – – (13) (97) – – (97)
Non-cash variations
Acquisitions – 123 4 – – 127 – – 127
Changes in exchange rates – (23) (5) – (6) (34) – – (34)
Interest expenses 84 – 1 (43) 16 58 – – 58
Capitalized borrowing costs (6) – – – – (6) – – (6)
Changes in fair value – (30) 1 – – (29) (217) 90 (156)
June 30, 2025 2,736 376 57 5 16 3,190 (8) 57 3,239


/ Change in borrowings - First half year 2024

Total
Derivatives Derivatives liabilities
Bonds Commitments hedging on the hedging on related
(excl. to buy-out Total 2025, 2028 intra-group to
accrued Earn-out non-controlling Accrued financial and 2031 loans and financing
(in millions of euros) interest) commitments interests interests Other liabilities Eurobonds(1)(2) borrowings(2) activities
December 31, 2023 2,841 253 23 46 25 3,188 117 36 3,341
Cash flows
Proceeds from borrowings – – – – – – – – –
Repayment of borrowings – – – – (5) (5) – – (5)
Interest received – – – – – – – 17 17
Acquisitions of subsidiaries,
net of cash acquired – (63) – – – (63) – – (63)
Buy-outs of non-controlling
interests – – (7) – – (7) – – (7)
Interest paid (85) – – – – (85) – – (85)
Non-cash variations
Acquisitions – 29 – – – 29 – – 29
Changes in exchange rates – 11 2 1 – 14 – – 14
Interest expenses 85 – – – – 85 – – 85
Capitalized borrowing costs – – – – – – – – –
Changes in fair value 1 (87) – (38) – (124) 59 (80) (145)
June 30, 2024 2,842 143 18 9 20 3,032 176 (27) 3,181




36 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 17 Lease contracts

/ Analysis of right-of-use assets by category of underlying assets

Outdoor
(in millions of euros) Real Estate contracts Other assets Total
Gross values at December 31, 2023
Addition of assets(1)
1,992
121
643
42
66
4
2,701
167
2
Terminations or end of contracts (77) – (3) (80)
Foreign exchange and others 36 – 1 37
Gross values at June 30, 2024 2,072 685 68 2,825
Gross values at December 31, 2024 2,263 686 72 3,021
Addition of assets(1) 115 29 8 152
Terminations or end of contracts (62) – (7) (69)
Foreign exchange and others (147) – (7) (154)
Gross values at June 30, 2025 2,169 715 66 2,950
Accumulated depreciation at December 31, 2023 (878) (187) (22) (1,087)
Depreciation (88) (52) (9) (149)
Impairment losses(2) (20) – – (20)
Terminations or end of contracts 77 – 3 80
Foreign exchange and others (9) – – (9)
Accumulated depreciation at June 30, 2024 (918) (239) (28) (1,185)
Accumulated depreciation at December 31, 2024 (966) (288) (32) (1,286)
Depreciation (98) (53) (7) (158)
Impairment losses(2) (24) – – (24)
Terminations or end of contracts 62 – 7 69
Foreign exchange and others 60 1 – 61
Accumulated depreciation at June 30, 2025 (966) (340) (32) (1,338)
Net value at June 30, 2025 1,203 375 34 1,612
(1) Additions of assets are net of changes in assumptions on contracts.
(2) Refer to note 7.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 37
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




/ Analysis of lease liabilities

Cash outflows Changes excl. cash outflows
Interests Interest
Repayment paid on expenses Short-term - Effect of
December 31, of lease lease New on lease long-term translation June 30,
(in millions of euros) 2024 liabilities(1) liabilities lease liabilities reclassification and others 2025
Lease liabilities –
short-term 361 (192) (44) – 44 204 (19) 354
Lease liabilities –
long-term 2,099 – – 146 – (204) (126) 1,915
Total lease liabilities 2,460 (192) (44) 146 44 – (145) 2,269
(1) Repayments of lease liabilities represent an amount of euro -188 million in the consolidated statement of cash flows, of which euro -192 million
in respect of leases and euro 4 million of inflows from sub-leases.


Cash outflows Changes excl. cash outflows
Interests Interest
Repayment paid on expenses Short-term - Effect of
December 31, of lease lease New on lease long-term translation June 30,
(in millions of euros) 2023 liabilities(1) liabilities lease liabilities reclassification and others 2024
Lease liabilities –
short-term 360 (186) (42) 1 42 189 8 372
Lease liabilities –
long-term 1,992 – – 176 – (189) 11 1,990
Total lease liabilities 2,352 (186) (42) 177 42 – 19 2,362
(1) Repayments of lease liabilities represent an amount of euro -182 million in the consolidated statement of cash flows, of which euro -186 million
in respect of leases and euro 4 million of proceeds from sub-leases.


Expenses relating to variable lease payments account in the lease liability, while variable fees are
not taken into account in the measurement expensed directly.
of the lease obligation In the first half of 2025, the variable lease expenses amount
The advertising network contracts include fixed fees to euro 9 million. In the first half of 2024, the variable lease
(guaranteed minimums) and variable fees above a certain expenses were euro 10 million.
level of activity carried out. Fixed fees are taken into




38 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 18 Commitments

/ First half year 2025

Maturities
(in millions of euros) Total -1 Year 1-5 Years +5 Years
Commitments given
Guarantees(1) 269 81 64 124
2
Other commitments(2) 740 161 572 7
Total commitments given 1,009 242 636 131
Commitments received
Undrawn confirmed credit lines(3) 2,000 – 2,000 –
Other commitments 13 13 – –
Total commitments received 2,013 13 2,000 –
(1) As of June 30, 2025, guarantees include euro 62 million given to tax authorities in Italy as part of the recovery of VAT debts and receivables,
undertakings to pay euro 14 million into Venture Capital Funds until 2031, and euro 29 million relating to media-buying operations.
(2) the other commitments for euro 740 million are mostly related to:
⚫ Publicis Groupe has joined the Climate Fund for Nature (Mirova/Natixis), which will allow the Group to receive voluntary carbon credits
starting in 2028 and for approximately fifteen years, to offset residual, unavoidable carbon emissions. This fund aims to support projects
dedicated to the protection and restoration of nature, with associated benefits for biodiversity and communities. Following a payment of
euro 4 million in 2024, the remaining commitment is 16 million euros.
⚫ 713 million euros related to multi-year Software as a Service commitments
⚫ and 11 million euros related to a sponsorship agreement covering the 2025 to 2028 seasons with Manchester City.
(3) Refer to note 19.



/ December 31, 2024

Maturities
(in millions of euros) Total -1 Year 1-5 Years +5 Years
Commitments given
Guarantees(1) 293 70 90 133
Other commitments(2) 16 – 16 –
Total commitments given 309 70 106 133
Commitments received
Undrawn confirmed credit lines 2,000 – 2,000 –
Other commitments 12 11 – 1
Total commitments received 2,012 11 2,000 1
(1) As of December 31, 2024, guarantees include euro 62 million given to tax authorities in Italy as part of the recovery of VAT debts and
receivables, undertakings to pay euro 29 million into Venture Capital Funds until 2031, and euro 12 million relating to media-buying operations.
(2) Publicis Groupe has joined the Climate Fund for Nature (Mirova/Natixis), which will allow the Groupe to receive voluntary carbon credits
starting in 2028 and for approximately fifteen years, to offset residual, unavoidable carbon emissions. This fund aims to support projects
dedicated to the protection and restoration of nature, with associated benefits for biodiversity and communities. Following a payment of
euro 4 million in 2024, the remaining commitment is 16 million euros.

Other commitments The Group holds a call option on the remaining 50.11% of the
capital of Core 1 WML, a media agency based in Ireland.
As part of the disposal of MMS Communication LLC, the
The call option is valued at the market price according to the
Group reached an agreement to buy back 100% of the
multiples method applied to the operating margin before
Company’s share capital. This option is subject to a return to
amortization (as for the acquisition of 33.7% of the capital of
normal operating conditions, taking into account a five-year
Core 1 WML carried out in 2022). As the control premium
exercise period starting on March 28, 2024. This period may
does not represent a significant value, this purchase option
be extended to twelve years, at the sole discretion of
has a zero value as of December 31, 2024 and June 30, 2025.
Publicis Groupe.
As of June 30, 2025, there were no significant commitments
Given the current conditions, this call option has an
such as pledges, guarantees or collateral, or any other
insignificant value at the closing date.
significant off-balance sheet commitments, in accordance
with currently applicable accounting standards.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 39
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 19 Risk management

The Group is exposed to interest rate risk, foreign exchange This line, set up in July 2024 to replace a previous
risk, liquidity risk and client and bank counterparty risk. euro 1,579 million facility maturing in 2026, has been
The Company has not identified any significant variation in extended until 2030, following the exercise of an extension
the identified risks compared to December 31, 2024. option. A second one-year extension option remains
exercisable. These immediately or almost immediately
To cover liquidity risk, Publicis relies on a solid cash position available sums allow the Group to meet its general funding
(cash and cash equivalents) of euro 2,206 million as of requirements.
June 30, 2025, as well as a confirmed, undrawn, multi-
currency syndicated credit line of euro 2,000 million.




40 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 20 Operating segment information

Information by business sector DACH (Germany, Austria and Switzerland), Asia-Pacific the
Middle East and Africa, Central and Eastern Europe, Western
The Publicis Groupe structure has been developed to
Europe and Latin America.
provide the Group’s clients with comprehensive, holistic
communication services involving all disciplines. Those operating segments with similar economic
characteristics (similar margins), or where the nature of
The Group has identified operating segments that
correspond to key markets (countries or regions). These
services provided to clients and the type of clients at which
they are aimed are similar, have been grouped into five
2
countries or regions are each run or supervised by a single
reporting segments: North America, Europe, Asia-Pacific,
person and overseen day-to-day by a single Executive
the Middle East and Africa and Latin America.
Committee, bringing together members with a wide range
of expertise. They are thus structured to offer our clients a Reporting by region
broad-based solution that meets their needs.
The presentation of financial information based on the
The Group has therefore identified operating segments
operating segments results in the same level of information
corresponding to the geographic regions in which it
being presented as by geographic region.
operates: United States, Canada, United Kingdom, France,

/ First half year 2025

Middle
Noth Asia- Latin East &
(in millions of euros) Europe America Pacific America Africa Total
Income statement items
Net revenue(1) 1,726 4,427 604 188 207 7,152
Revenue(1)(2) 2,187 5,010 772 228 286 8,483
Depreciation and amortization expense
(excluding acquired intangibles) (117) (102) (29) (6) (5) (259)
Operating margin 293 775 157 15 2 1,242
Amortization of intangibles from acquisitions (12) (84) (6) (3) (1) (106)
Impairment loss (33) (1) (1) – – (35)
Non-current income and expenses – – – 1 – 1
Operating income after impairment 248 690 150 13 1 1,102
Balance sheet items
Intangible assets, net(3) 2,049 10,059 1,198 268 360 13,934
Property, plant and equipment, net
(including right-of-use assets on leases)(3) 1,115 819 194 39 21 2,188
Other financial assets(3) 184 50 31 17 3 285
Disclosures in respect of the statement of cash
flows
Purchases of property, plant and equipment and
intangible assets (28) (58) (24) (4) (2) (116)
Purchases of investments and other financial
assets, net 3 (4) (1) (9) – (11)
Acquisitions of subsidiaries (21) (281) (122) (8) (1) (433)
(1) Because of the way this indicator is calculated (difference between billings and cost of billings), there are no eliminations between the
different zones.
(2) In Europe, revenue for first half-year 2025 was euro 2.187 million, of which euro 556 million in France. In North America, revenue for first half-
year for 2025 was euro 5,010 million, of which euro 4,797 million in the United States.
(3) As of June 30, 2025, net intangible assets amounted to euro 13,934 million, of which euro 411 million in France and euro 9 621 million in the
United States. Net property, plant and equipment amounted to euro 2,188 million, of which euro 788 million in France and euro 793 million
in the United States. Other financial assets amounted to euro 285 million, of which euro 119 million in France and euro 50 million in the
United States.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 41
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




/ First half year 2024

Middle
Noth Asia- Latin East &
(in millions of euros) Europe America Pacific America Africa Total
Income statement items
Net revenue(1) 1,649 4,112 572 165 190 6,688
Revenue(1)(2) 1,993 4,501 698 185 273 7,650
Depreciation and amortization expense
(excluding acquired intangibles) (105) (97) (29) (5) (5) (241)
Operating margin 265 770 112 6 7 1,160
Amortization of intangibles from acquisitions (15) (100) (6) – (2) (123)
Impairment loss (1) (43) – (1) – (45)
Non-current income and expenses – 3 11 2 – 16
Operating income after impairment 249 630 117 7 5 1,008
Balance sheet items
Intangible assets(3) 2,108 9,866 1,199 149 391 13,713
Property, plant and equipment
(including right-of-use assets on leases)(3) 1,077 966 135 28 25 2,231
Other financial assets(3) 219 59 28 8 2 316
Disclosures in respect of the statement of cash
flows
Purchases of property, plant and equipment and
intangible assets (42) (61) (11) (5) (1) (120)
Purchases of investments and other financial
assets, net 11 – 2 (1) – 12
Acquisitions of subsidiaries (59) (153) (14) (1) (2) (229)
(1) Because of the way this indicator is calculated (difference between billings and cost of billings), there are no eliminations between the
different zones.
(2) In Europe, revenue for first-half 2024 was euro 1,993 million, of which euro 554 million in France. In North America, revenue for first-half 2024
was euro 4,501 million, of which euro 4,336 million in the United States.
(3) At June 30, 2024, net intangible assets amounted to euro 13,713 million, of which euro 429 million in France and euro 9,440 million in the
United States. Net property, plant and equipment amounted to euro 2,231 million, of which euro 710 million in France and euro 935 million
in the United States. Other financial assets amounted to euro 316 million, of which euro 147 million in France and euro 59 million in the
United States.




42 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




/ Exercise 2024

Middle
Noth Asia- Latin East &
(in millions of euros) Europe America Pacific America Africa Total
Income statement items
Net revenue(1) 3,384 8,583 1,218 374 406 13,965
Revenue(1)(2) 4,097 9,416 1,513 418 586 16,030
Depreciation and amortization expense
2
(excluding acquired intangibles) (222) (195) (59) (9) (10) (495)
Operating margin 588 1,640 242 29 20 2,519
Amortization of intangibles from acquisitions (30) (191) (9) (2) (2) (234)
Impairment loss (10) (62) (12) (2) – (86)
Non-current income and expenses – 3 11 2 (1) 15
Operating income after impairment 548 1,390 232 27 17 2,214
Balance sheet items
Intangible assets(3) 2,117 11,040 1,212 141 402 14,912
Property, plant and equipment
(including right-of-use assets on leases)(3) 1,181 959 146 36 21 2,343
Other financial assets(3) 187 56 33 8 3 287
Disclosures in respect of the statement of cash
flows
Purchases of property, plant and equipment and
intangible assets (64) (130) (30) (11) (3) (238)
Purchases of investments and other financial
assets, net 41 (4) (1) (2) – 34
Acquisitions of subsidiaries (76) (821) (18) – – (915)
(1) Because of the way this indicator is calculated (difference between billings and cost of billings), there are no eliminations between the
different zones.
(2) In Europe, revenue for 2024 was euro 4,097 million, of which euro 1,147 million in France. In North America, revenue for 2024 was
euro 9,416 million, of which euro 9,036 million in the United States.
(3) As of December 31, 2024, net intangible assets amounted to euro 14,912 million, of which euro 415 million in France and euro 10,556 million in
the United States. Net property, plant and equipment amounted to euro 2,343 million, of which euro 833 million in France and euro 930 million
in the United States. Other financial assets amounted to euro 287 million, of which euro 122 million in France and euro 56 million in the
United States.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 43
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




Note 21 Publicis Groupe SA free share plans

Free share and stock option plans for Group executives and The plan also includes the grant of outperformance shares,
employees are share-based plans settled with equity subject to the achievement of Groupe’s revenue growth and
instruments. profitability targets over the 2025–2027 period, compared
to the aforementioned peer group, as well as an internal
Presentation of the new 2025 free share plans Groupe target for operating margin.
Free share plans were implemented during the first-half The shares ultimately awarded in accordance with the level
2025, with the following characteristics: of achievement of these conditions will vest at the end of a
three-year period, i.e., in March 2028.
Long-Term Incentive Plan known as the
“LTIP 2025” (March 2025) Long-Term Incentive Plan known as the
“March 2025 Epsilon LTI Plan” (March 2025)
Under this plan, a number of Group executives were granted
free shares, subject to two conditions: This plan, set up for the exclusive benefit of Publicis Epsilon
managers and employees, includes three tranches. Vesting
■ A continued presence condition, during the three-year is subject to a continued presence condition for 20% and to
vesting period; 2025 Publicis Epsilon’s financial performance conditions
■ Performance conditions based on Groupe’s revenue (revenue and operating margin) for 80%. The shares will
growth and profitability targets for 2025, compared to a vest in March 2026 (30% of the shares), March 2027 (30% of
peer group including Publicis Groupe and the other the shares), and March 2028 (40% of the shares).
five leading global communications groups (Omnicom, Long-Term Incentive Plan known as the
WPP, IPG, Dentsu, and Havas). “2025 Publicis Sapient LTI Plan” (April 2025)
The shares eventually awarded in accordance with the level This plan, set up for the exclusive benefit of Publicis Sapient
of achievement of these targets will vest at the end of a managers and employees, includes three tranches. Vesting
three-year period, i.e., in March 2028. is subject to a continued presence condition for 40% and to
Long-Term Incentive Plan known as the 2025 Publicis Sapient’s financial performance conditions
“LTIP 2025 PDG” (March 2025) (revenue and operating margin) for 60%. The shares will
Under the “LTIP 2025 PDG” plan, the Chairman and Chief vest in April 2026 (30% of the shares), April 2027 (30% of
Executive Officer was granted free shares, subject to two the shares), and April 2028 (40% of the shares).
conditions:
Performance measurement of previous plans
■ A continued presence condition, during the three-year
vesting period; In addition, the performance of the LTIP 2022 Président du
Directoire, LTIP 2022 Membres du Directoire, Publicis
■ Performance conditions based on Groupe’s revenue Sapient LTI 2024, Epsilon LTI 2024 and LTIP 2024 plans was
growth and profitability targets for the Groupe over the measured in February and March 2025 by the Board of
entire 2025–2027 period, compared to a peer group Directors: the rate of achievement of performance targets
including Publicis Groupe and the other five leading was 100% for all these plans, except for the Publicis Sapient
global communications groups (Omnicom, WPP, IPG, LTI 2024 and Epsilon LTI 2024 plans, which achieved 75%
Dentsu, and Havas). and 50% of their respective targets..

Publicis Groupe free share plans
/ Determination of fair value of free Publicis Groupe shares granted in the first half year 2025

March 2025 2025 Publicis
Free shares LTIP 2025(1) LTIP 2025 PDG(2) Epsilon LTI plan(1) Sapient LTI Plan(1)
Grant date 12/03/2025 12/03/2025 12/03/2025 16/04/2025
Number of shares originally granted 739,027 43,740 295,553 621,557
Share price on the grant date (in euros) 93.62 93.62 93.62 85.82
Fair value on the grant date (in euros) 82.60 82.60 85.96 78.12
Vesting period (in years) 3 3 1à3 1à3
(1) Conditional shares subject to the achievement of targets set for 2025.
(2) Conditional shares subject to the achievement of targets set for the years 2025 to 2027.




44 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




/ Characteristics of Publicis Groupe free share plans outstanding at June 30, 2025
Shares
yet to vest
as of Shares
Fair January 1st, cancelled,
value 2025 or lapsed or Shares Shares yet Remaining
of the shares transferred (1) vested to vest at contract
Initial date share granted in in the first- in the first- June 30, life
Plans
Special Retention Plan 2019(2)
of grant
15/11/2019
granted
31.85
2025
136,890
half 2025 half 2025
(136,890)
2025 Vesting date
– 19/03/2025
(in years)
–
2
Sapient 2021 Plan (4 years) 13/04/2021 45.40 50,168 (333) (49,835) – 14/04/2025 –
LTIP 2022 Plan and other specific
plans(3)(4) 18/03/2022 57.61 541,047 (9,744) (526,530) 4,773 19/03/2025 –
LTIP 2022 Président du Directoire Plan 18/03/2022 56.49 62,043 (62,043) – 26/05/2025 –
LTIP 2022 Directoire Plan 18/03/2022 57.64 57,185 (57,185) – 19/03/2025 –
LTI Epsilon 2022 Plan 18/03/2022 57.64 148,149 (2,941) (145,208) – 31/03/2025 –
LTI Epsilon 2022 Plan (September) 14/09/2022 52.72 24,151 (1,320) – 22,831 30/09/2025 0.25
Sapient 2022 Plan (4 years) 11/04/2022 55.24 109,975 (376) (55,048) 54,551 13/04/2026 0.79
Sapient 2022 Plan (3 years) 11/04/2022 55.24 331,162 (1,125) (330,037) – 11/04/2025 –
LTIP 2023 Plan 16/03/2023 63.01 675,711 (20,151) – 655,560 17/03/2026 0.71
LTIP 2023 Membres du Directoire Plan 16/03/2023 62.81 16,634 – – 16,634 17/03/2026 0.71
LTIP 2023 Président du Directoire
Plan(5) 16/03/2023 60.31 57,005 – – 57,005 01/06/2026 0.92
Retention contract Chairman of the
Management Board 31/05/2023 54.14 167,000 – – 167,000 03/01/2028 2.51
LTI Epsilon Plan March 2023 16/03/2023 65.84 236,034 (3,723) (99,540) 132,771 31/03/2026 0.75
LTI Epsilon Plan Sept. 2023 12/09/2023 67.74 21,843 (3,307) – 18,536 30/09/2026 1.25
Sapient 2023 Plan (4 years)(6) 17/04/2023 65.68 196,748 (2,333) (64,472) 129,943 14/06/2027 1.96
Sapient 2023 Plan (3 years)(6) 17/04/2023 64.14 196,227 (2,127) – 194,100 15/06/2026 0.96
2024 LTIP plan(7) 15/03/2024 88.14 569,633 (13,980) – 555,653 16/04/2027 1.79
2024 LTIP Membres du Directoire
Plan 15/03/2024 88.14 26,411 – – 26,411 16/03/2027 1.71
2024 LTIP Président du Directoire Plan 15/03/2024 84.28 41,598 – – 41,598 16/03/2027 1.71
2024 March Epsilon LTI plan 15/03/2024 91.27 136,072 (12,141) (38,188) 85,743 31/03/2027 1.75
2024 September Epsilon LTI plan 18/09/2024 90.08 19,937 (424) 19,513 30/09/2027 2.25
2024 Publicis Sapient LTI plan(8) 15/04/2024 96.22 379,561 (4,648) (113,095) 261,818 17/05/2027 1.88
2025 LTIP plan 12/03/2025 82.60 739,027 (12,761) – 726,266 13/03/2028 2.70
2025 LTIP PDG 12/03/2025 82.60 43,740 – – 43,740 13/03/2028 2.70
2025 March Epsilon LTI plan 12/03/2025 85.96 295,553 (3,308) – 292,245 31/03/2028 2.75
2025 Publicis Sapient LTI plan 16/04/2025 78.12 621,557 (1,643) – 619,914 18/04/2028 2.80
Total free share plans 5,901,061 (96,385) (1,678,071) 4,126,605
(1) These relate to any transfers between the French and foreign plans due to the geographic mobility of beneficiaries.
(2) The shares delivered in 2025 are those granted under the third tranche through the LTIP 2022 plan to the initial beneficiaries. The delivery date
of the initial plan (March 31, 2023) was extended and aligned with that of the LTIP 2022 plan.
(3) Excluding beneficiaries of the Special Retention Plan whose shares are presented on the line corresponding to the initial plan, the third tranche
of which was replaced by the LTIP 2022 plan. The acquisition of the 4,773 shares, yet to be delivered, is subject to the fulfillment of conditions
that have not been met to date. These shares may be canceled later if these conditions are not met.
(4) Grant date: October 17, 2022, delivery date: March 19, 2025 for the specific individual plan.
(5) The initial grant of shares took place on March 16, 2023, but additional shares for outperformance were granted on May 31, 2023 following the
decisions of the General Shareholders’ Meeting and performance conditions of the plan were amended at the same date.
(6) The initial grant of shares took place on April 17, 2023 but additional shares were granted on June 13, 2023. As a result, the delivery date of the
initial plan was extended and aligned with that of the additional grant.
(7) Additional shares were granted on April 15, 2024; the date indicated for the delivery of the plan is therefore that of the additional grant,
subsequent to that of the initial plan scheduled for March 16, 2027.
(8) Additional shares was granted on May 17, 2024; the date indicated for the delivery of the plan is therefore that of the additional grant,
subsequent to that of the initial plan scheduled for April 15, 2027.

The delivery of free shares under the above plans is subject Delivery is also subject to non-market performance
to a presence condition throughout the vesting period. conditions for all plans, as well as a market condition only for
the LTIP 2022 Président du Directoire, LTIP 2023 Président
du Directoire and LTIP 2024 Président du Directoire plans.




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 45
2. CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS ENDED JUNE 30, 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS




/ Movements in Publicis Groupe free share plans over the last two financial years

June 30, 2025 June 30, 2024
Shares yet to vest as of January 1 4,201,184 5,151,357
Shares granted under plans implemented during the year 1,699,877 1,473,832
Deliveries, vesting of shares during the year (1,678,071) (1,629,927)
Shares granted and that have become lapsed (96,385) (354,824)
Shares yet to vest as of June 30 4,126,605 4,640,438


Effect of share subscription or stock option ■ for performance plans measured over a one-year period,
plans and free share plans on the income in respect of 2025 performance: 100%.
statement ■ for performance plans measured over three years,
The total impact of these plans on the first-half 2025 income regarding the performance of the three-year period and
statement is euro 54 million (excluding taxes and social concerning plans implemented for the Chairman and
security charges), compared to euro 46 million in first-half Chief Executive Officer and former members of the
2024 (see note 5). Directoire (LTIP 2023 Membres du Directoire, LTIP 2023
Président du Directoire, LTIP 2024 Membres du
With regard to the free share plans granted subject to (non- Directoire, LTIP 2024 Président du Directoire et LTIP 2025
market) performance conditions, and for which performance PDG): 100%.
has not yet been definitively measured as of June 30, 2025,
the probability of meeting the targets set in respect of the
calculation of the fisrt-half 2025 expense has been
estimated as follows:



Note 22 Information on related-party transactions

Transactions with related parties mainly concern those carried out with associates and there were no significant changes in
transactions with related parties during the first six months of the year



Note 23 Subsequent events

On July 4, 2025, a major budget law was enacted in the It was therefore not taken into account in the condensed
United States—the One Big Beautiful Bill Act (OBBBA)— half-year consolidated financial statements.
introducing, among other things, tax measures retroactively Given the implementation arrangements and the options
applicable as of January 1, 2025. This legislation includes the provided by the regulation, the Group is currently analyzing
extension of existing tax reductions, adjustments to tax the potential impacts of this law on its activities and tax
depreciation rules, and targeted changes to certain tax expenses.
credits.
As of June 30, 2025, the law had not yet been definitively
passed by the U.S. Congress nor signed by the President.




46 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
Chapter



3. STATUTORY
AUDITORS' REVIEW
REPORT ON
THE HALF-YEARLY
FINANCIAL
INFORMATION 2025




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 47
3. STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION 2025




This is a free translation into English of the statutory auditors’ review report on the half-yearly financial information issued in
French and is provided solely for the convenience of English-speaking users. This report includes information relating to the
specific verification of information given in the Group’s half-yearly management report. This report should be read in
conjunction with, and construed in accordance with, French law and professional standards applicable in France.


To the Shareholders,
In compliance with the assignment entrusted to us by the general meetings and in accordance with the requirements of
article L.451-1-2 III of the French Monetary and Financial Code (“Code monétaire et financier”), we hereby report to you on:
■ the review of the accompanying condensed half-yearly consolidated financial statements of Publicis Groupe SA, for the
period from January 1 to June 30, 2025;
■ the verification of the information presented in the half-yearly management report.
These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to
express a conclusion on these financial statements based on our review.


I. Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France.
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-
yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34- standard of the
IFRSs as adopted by the European Union applicable to interim financial information.


II. Specific verification
We have also verified the information presented in the half-yearly management report on the condensed half-yearly
consolidated financial statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated
financial statements.




Neuilly-sur-Seine and Paris-La Défense, July 17, 2025
The statutory auditors
French original signed by
PricewaterhouseCoopers Audit KPMG S.A.
Anne-Claire Ferrié Romain Dumont Marie Guillemot Nicolas Poncet




48 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
Chapter



4. CERTIFICATE
OF THE PERSON
RESPONSIBLE
FOR THE FIRST
HALF-YEAR
FINANCIAL REPORT




HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A. 49
4. CERTIFICATE OF THE PERSON RESPONSIBLE FOR THE FIRST HALF-YEAR FINANCIAL REPORT




As Chairman and CEO of Publicis Groupe, I hereby certify that, to the best of my knowledge, the consolidated interim
financial statements for the six months ended on June 30, 2025 were prepared in accordance with applicable accounting
standards and give a true and fair view of the assets, liabilities, financial position and results of the Company as well as the
entities consolidated by Publicis Groupe and that the here enclosed interim management report provides a true and fair
schedule of the highlights of the first half of the financial year and of their impact on the financial statements, of the main
transactions with related parties and a description of the main risks and uncertainties for the remaining six months of the
financial year.


Arthur Sadoun
Chairman & CEO of Publicis Groupe




50 HALF-YEAR FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 • PUBLICIS GROUPE S.A.
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Cover: © Suppawat Subcharoensuk-Istock/Getty images - CD / PHOTONONSTOP/ creation © Publicis Consultants.
2025




Publicis Groupe SA
French limited liability company (société anonyme) with a Board of Directors, with a share capital of euro 101,724,744.
Registered office: 133, avenue des Champs-Élysées, 75008 Paris – Paris Trade and Companies Registry no. 542 080 601