Universal Registration Document 2025

Other costs (other than personnel and freelancer costs) totaled euro 5,161 million in 2025, compared to euro 4,287 million in 2024. Excluding pass-through costs, these costs amounted to euro 2,309 million in 2025, versus euro 2,222 million in 2024, representing 15.9% of net revenue, as in 2024. They comprised:

• other operating expenses (excluding pass-through costs, depreciation & amortization), which amounted to euro 1,789 million in 2025, compared to euro 1,727 million in 2024. This represented 12.3% of net revenue, almost flat compared to 12.4% in 2024; 
• depreciation and amortization expense of euro 520 million in 2025, up by euro 25 million compared to euro 495 million in 2024, mainly linked to the Group’s IT projects and investments.

As a result, the operating margin amounted to euro 2,648 million in 2025, up by +5.1% compared to 2024, representing a record operating margin rate of 18.2% in 2025, outperforming the rate of 18.0% reached in 2024. Operating margin rates by region were 18.5% in North America, 18.2% in Europe, 22.9% in Asia Pacific, 4.8% in Middle East & Africa and 12.6% in Latin America.

Operating income

Amortization of intangibles arising from acquisitions totaled euro 212 million in 2025, down by euro 22 million versus 2024, related to the end of the amortization associated with some Epsilon technologies.

Impairment losses amounted to euro 37 million, including exclusively the impact of real estate optimization, down by euro 49 million, from euro 86 million in 2024, which also included an impairment loss on intangible assets of euro 15 million.

Net non-current expense totaled euro 5 million in 2025. As of December 31, 2024, net non-current income amounted to euro 15 million mainly corresponding to the proceeds of euro 14 million generated by the contribution of CitrusAd and Epsilon technologies to the Groupe’s 49%-owned associate Unlimitail.

Operating income totaled euro 2,394 million in 2025, versus euro 2,214 million in the previous year.

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 a net charge of euro 159 million as of December 31, 2025, compared to a euro 6 million income in 2024. Excluding the revaluation of earn-outs, the financial result is a net charge of euro 100 million in 2025 compared to a net charge of euro 29 million last year.

• The net income on net financial debt was euro 8 million in 2025, compared to an income of euro 52 million in 2024. It included euro 115 million of interest expense (in line with euro 122 million in 2024), offset by interest income of euro 123 million, down from euro 174 million in 2024.
• Other financial income and expenses (excluding earn-out revaluation) were a net charge of euro 108 million in 2025, notably composed of euro 86 million interest on lease liabilities, euro 20 million foreign exchange losses and euro 7 million income from the fair value revaluation of mutual funds. In 2024, other financial income and expenses were a net charge of euro 81 million, notably composed of euro 84 million interest on lease liabilities and euro 10 million income from the fair value adjustment of mutual funds.
• The revaluation of earn-out payments was a euro 59 million expense compared to a euro 35 million income in 2024.

The share in profit of equity-accounted investees, net of tax, was a euro 3 million profit in 2025, compared to a euro 2 million loss in 2024.

Income tax was a charge of euro 577 million versus a charge of euro 549 million in 2024. The effective tax rate is 25.1% for 2025 compared to a rate of 24.9% for 2024.

Net income attributable to non-controlling interests is a euro 8 million profit in 2025, compared with a euro 9 million profit in 2024.

Overall, net income attributable to the Groupe was euro 1,653 million in 2025, compared to euro 1,660 million in 2024.

The Groupe’s net earnings per share was 6.58 euros in 2025, compared to 6.62 euros in 2024.