Universal Registration Document 2024

Non-personnel costs totaled euro 4,287 million in 2024, versus euro 3,925 million in 2023. Excluding pass-through costs, these costs amounted to euro 2,222 million in 2024, flat versus 2023, representing 15.9% of net revenue, versus 17.0% in 2023. They comprised:

• other operating expenses (excluding pass-through costs, depreciation & amortization), which amounted to euro 1,727 million, compared to euro 1,740 million in 2023. This represented 12.4% of net revenue in 2024, up 90 basis points, compared to 13.3% in 2023, reflecting a strong cost management; 
• depreciation and amortization expense of euro 495 million in 2024, up euro 13 million, versus euro 482 million in 2023.

The operating margin amounted to euro 2,519 million, up +6.6% compared to 2023. This represents a margin rate of 18.0%, which is at the same record level as 2023.

Operating margin rates by region were 19.1% in North America, 17.4% in Europe, 19.9% in Asia-Pacific, 7.8% in Latin America and 4.9% in the Middle East and Africa region.

Operating income

Amortization of intangibles arising from acquisitions totaled euro 234 million in 2024, down euro 34 million from euro 268 million in 2023, related to the end of the amortization associated with some Epsilon technologies.

Impairment losses amounted to euro 86 million and included two components: the main one is related to the impact of the real estate optimization for euro 71 million and the second is for impairment losses on intangible assets for euro 15 million. In 2023, the amount of total impairment losses was euro 153 million, of which euro 147 million related to the real estate optimization and euro 6 million related to the impairment losses on intangible assets.

In addition, net non-current income was euro 15 million in 2024, which mostly reflects the proceeds of euro 14 million generated by the contribution of the CitrusAd and Epsilon technologies to the Groupe’s 49%-owned associate Unlimitail. In 2023, non-current income amounted to a negative euro 202 million, largely reflecting a euro 203 million net charge related to the Rosetta settlement in Q4.

Operating income totaled euro 2,214 million in 2024, after euro 1,740 million in 2023.

5.3.3 Other items in the income statement

The financial result, comprising the cost of net financial debt, revaluation of earn-out payments and other financial charges and income, was an income of euro 6 million, compared to a net charge of euro 9 million last year.

• The net income on net financial debt was euro 52 million in 2024, compared to an income of euro 78 million last year. It included euro 122 million of interest versus euro 120 million in 2023, and financial income of euro 174 million, down euro 24 million from 2023.
• Other financial income and expenses (excluding revaluation of earn-out payments) were a net charge of euro 81 million in 2024, notably composed by euro 84 million interest on lease liabilities and euro 10 million income from the fair value adjustment of financial assets. In 2023, other financial income and expenses were a net charge of euro 99 million, notably composed by euro 79 million interest on lease liabilities and euro 1 million charge from the fair value adjustment of Mutual Funds.
• The revaluation of earn-out payments amounted to an income of euro 35 million, compared to an income of euro 12 million in 2023.

The income tax was euro 549 million charge versus euro 415 million charge last year. The effective tax rate is 24.9% for 2024 compared to an effective tax rate of 24.1% for 2023.

The share in profit of equity-accounted investees, net of tax, was a charge of euro 2 million, versus an income of euro 6 million in 2023.

The net income attributable to non-controlling interests is euro 9 million income in 2024, after euro 10 million income in 2023.

Overall, net income attributable to the Groupe was euro 1,660 million in 2024, an increase of 26.5% compared to euro 1,312 million in 2023.

The Groupe’s net earnings per share was euro 6.62 in 2024, up 26.6% compared to euro 5.23 in 2023.