Universal Registration Document 2022

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 Universal 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 to be 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 their potential impact and likelihood of occurrence, after taking into account the control measures implemented. The significance of the risks, as assessed by Publicis Groupe, may be amended at any time in light of changes in the Groupe's activities and circumstances.

At the date of filing of this Universal Registration Document, the geopolitical environment remains marked by the continuation of the conflict between Russia and Ukraine. The Groupe’s low direct exposure to these two countries (0.5% of net revenue in 2021) was reduced during 2022 following the disposal of the activities in Russia to local management on March 15, 2022. Activities in Russia alone represented 0.4% of net revenue in 2021.

The Covid-19 epidemic seemed to gradually ease during 2022, which enabled in particular a lifting of restrictions in China at the end of the year. A possible resurgence of the epidemic and geopolitical tensions in other regions of the world could have an impact on the markets in which Publicis Groupe operates.

In general, all of the risks identified below must be considered in light of an uncertain macroeconomic context marked by high inflation and a rise in central bank interest rates.

Risk factors