Universal Registration Document 2021

2.1 MAIN RISK FACTORS

The risk factors described below, together with the other information concerning Publicis Groupe and its consolidated financial statements included in this Registration Document, should be carefully considered before making an investment in the shares or other securities of Publicis Groupe. This section covers the main risks to which Publicis Groupe feels it is exposed, as of the date of this Universal Registration Document. Each one of the risk factors may have a negative impact on the Groupe’s earnings and financial position as well as on its share price or financial instruments. Other risks and uncertainties of which Publicis is unaware or which are not currently considered to be significant could also have a negative impact on the Groupe.

Description of the main risk factors

In accordance with the provisions of article 16 of Regulation (EU) 2017/1129, the risk factors are presented for each of the risk categories mentioned below in what the Groupe deems from its assessment is the descending order of significance as of the date of this document. The risk factors considered the most significant are presented first, following an assessment of the level of their potential impact and likelihood of occurrence. The assessment by Publicis Groupe of the significance of risks may be amended at any time in light of changing circumstances.

Attack by Russia on Ukraine

At the date of filing of this Universal Registration Document, it is too early to assess the impact on the economy, on our clients and on the 2022 results of the war waged by Russia against Ukraine beyond Ukraine and Russia as the situation is evolving from day to day. The Groupe’s exposure in Ukraine and Russia is very limited in terms of business. Together, the two countries account for 0.5% of 2021 net revenue, of which 0.4% for Russia. The Groupe announced its exit from Russia on March 15, 2022 by transferring control of its agencies to local management.

Covid-19

The Groupe is entering 2022 in a context that is improving, but that continues to be characterized by economic and social uncertainty related to the Covid-19 epidemic, the evolution of which could have an impact on economic activity in markets where Publicis operates.

In general, all of the risks identified below should be considered in the light of the consequences of the coronavirus epidemic.

Risk factors