The Groupe published its first quarter revenue on April 11, 2024.
Publicis Groupe’s net revenue in Q1 2024 was euro 3,230 million, up +4.9% from euro 3,079 million in 2023. Exchange rates had a negative impact of euro 29 million. Acquisitions, net of disposals, accounted for an increase in net revenue of euro 18 million. Organic growth reached +5.3%.
| not-included | Net revenue | not-included | not-included | |
|---|---|---|---|---|
| (in millions of euros) | Q1 2024 | Q1 2023 | Reported Growth | Organic Growth |
| North America | 2,008 | 1,938 | +3.6% | +4.8% |
| Europe | 793 | 743 | +6.7% | +6.1% |
| Asia‑Pacific | 266 | 250 | +6.4% | +6.2% |
| Middle East & Africa | 90 | 88 | +2.3% | +4.0% |
| Latin America | 73 | 60 | +21.7% | +7.8% |
| Total | 3,230 | 3,079 | +4.9% | +5.3% |
In North America, net revenue in Q1 2024 was up +3.6% on a reported basis, including a negative USD/euro exchange rate impact. Organic growth reached +4.8%. In the United States, organic growth was +5.0%. The Media and Epsilon activities contributed strongly to growth this quarter, confirming the strength of our integrated offering in this region where our model is the most advanced. Media posted double‑digit organic growth. Epsilon’s high single‑digit performance is driven by Digital Media and Data activities. Publicis Sapient posted organic growth of 2.2% after +8% in the first quarter of last year, which represents a sequential improvement compared to the fourth quarter of 2023. Creative activities were stable overall..
Net revenue in Europe was up by +6.7% on a reported basis and +6.1% on an organic basis. Organic growth in United Kingdom was slightly positive. Double‑digit growth in Media and Creative activities in the country offset the decline in Publicis Sapient this quarter, which faces a very high comparison base in the first quarter of 2023. Organic growth in France was +9.4%, mainly driven by high single‑digit growth in Media and by Publicis Sapient, which repeated double‑digit growth this quarter. Germany recorded organic growth of 4.9%, mainly driven by double‑digit growth in Media. The performance of Central and Eastern Europe was very solid, at +21.2% on an organic basis. The region benefited from the start of new contracts for global customers in Media and Production.
Net revenue in Asia‑Pacifific was up +6.4% on a reported basis, and up +6.2% on an organic basis. China recorded a strong performance of +6.7% on an organic basis thanks to new business gains in Media. Southeast Asia posted double‑digit growth driven by Malaysia and Indonesia, as well as Thailand. Australia recorded broadly stable organic growth for the quarter.
In Middle East & Africa, net revenue was up +2.3% on a reported basis, and +4.0% on an organic basis. Organic growth was mainly driven by Creative, particularly in the United Arab Emirates.
Latin America net revenue was up +21.7% on a reported basis and +7.8% on an organic basis. The region's growth was thanks to Media and Creative activities, particularly in Brazil, Mexico and Chile.
Net debt totaled euro 445 million at March 31, 2024 compared with a net cash position of euro 909 million at year‑end 2023, reflecting the seasonality in the activity. Net debt was euro 442 million at the end of March 2023. The Groupe’s last twelve‑month average net debt amounted to euro 383 million at the end of March 2024, down from euro 563 million at the end of March 2023.
The Groupe’s liquidity position remains very solid at euro 4.9 billion.
