Consolidated equity attributable to holders of the parent company moved from euro 11,060 million at December 31, 2024 to euro 10,447 million at December 31, 2025, due to the following elements:
(+) Net income for 2025: euro 1,653 million;
(-) Other comprehensive income, net of tax (mainly related to the translation reserve): euro 1,291 million;
(-) Dividends: euro 903 million
(+) Share-based compensation, net of tax: euro 84 million
(-) (Purchases) / sales of treasury shares: euro 147 million
(-) Acquisitions and commitments to buy out non-controlling interests: euro 9 million.
Non controlling interests were negative at euro 23 million, compared to negative euro 24 million at December 31, 2024.
| (in millions of euros) | 12/31/2025 | 12/31/2024 |
|---|---|---|
| Financial debt (long and short-term) | Financial debt (long and short-term) 12/31/2025 3,479 |
Financial debt (long and short-term) 12/31/2024 2,715 |
| Fair value of hedging derivatives on the 2028 and 2031 Eurobonds(1) | Fair value of hedging derivatives on the 2028 and 2031 Eurobonds (1)12/31/2025 (5) |
Fair value of hedging derivatives on the 2028 and 2031 Eurobonds (1)12/31/2024 209 |
| Fair value of derivatives hedging intra-group loans and borrowings(1) | Fair value of derivatives hedging intra-group loans and borrowings (1)12/31/2025 9 |
Fair value of derivatives hedging intra-group loans and borrowings (1)12/31/2024 (55) |
| Total financial debt including market value of the associated derivatives | Total financial debt including market value of the associated derivatives 12/31/2025 3,483 |
Total financial debt including market value of the associated derivatives 12/31/2024 2,869 |
| Cash and cash equivalents | Cash and cash equivalents 12/31/2025 (4,031) |
Cash and cash equivalents 12/31/2024 (3,644) |
| Net financial debt (cash) | Net financial debt (cash) 12/31/2025 (548) |
Net financial debt (cash) 12/31/2024 (775) |
| Debt/equity (including non-controlling interests) | Debt/equity (including non-controlling interests) 12/31/2025 n/a |
Debt/equity (including non-controlling interests) 12/31/2024 n/a |
The Groupe reported a net cash position of euro 548 million as of December 31, 2025, compared to a euro 775 million net cash position as of December 31, 2024.
During 2025, in addition to the acquisitions of subsidiaries, two significant transactions impacted the Groupe’s debt:
The Groupe’s average net debt over the last 12 months amounted to euro 971 million, versus euro 585 million in 2024.
The Groupe’s gross debt amounted to euro 3,483 million at December 31, 2025, compared with euro 2,869 million at December 31, 2024. This debt consisted of 88% long-term borrowings (see Notes 24 and 30 of the consolidated financial statements in Chapter 6 for a detailed maturity schedule of Groupe debt). The Groupe’s gross debt, excluding debt related to earn-outs and commitments to buy out non-controlling interests, is made up of fixed-rate bond loans.
As of December 31, 2025, the debt (after currency swaps) is primarily denominated in US dollars for an amount of euro 2,057 million, representing 59% of the gross debt, and euros for an amount of euro 1,304 million, representing 37% of the gross debt. The table below presents the Groupe’s financial ratios for 2025 and 2024:
| 2025 | 2024 | |
|---|---|---|
|
(Average net financial debt + average lease liabilities) / operating margin before depreciation and amortization |
(Average net financial debt + average lease liabilities) / operating margin before depreciation and amortization 2025 1.0 |
(Average net financial debt + average lease liabilities) / operating margin before depreciation and amortization 2024 1.0 |
|
(Net financial debt + lease liabilities) / equity |
(Net financial debt + lease liabilities) / equity 2025 0.16 |
(Net financial debt + lease liabilities) / equity 2024 0.15 |
In order to manage its liquidity risk, Publicis holds a substantial amount of cash (cash and cash equivalents) for a total of euro 4,031 million as of December 31, 2025 and an undrawn confirmed credit line of euro 2,000 million as of December 31, 2025 corresponding to a multi-currency syndicated loan, established in July 2024, initially maturing in July 2029 and which was extended by one year, pushing maturity to July 2030.
These immediately or almost immediately available sums allow the Group to broadly meet its general funding requirements.
They only include standard events of default clauses (liquidation, cessation of payment, default on the debt itself or on the repayment of another debt above a given threshold) which are generally applicable above a threshold of euro 75 million.
The Group has not established any credit derivatives to date. An international cash pooling structure has been implemented to pool all cash for the Group as a whole. Two financial companies established in Dublin in 2014 were added to the Group structure to manage financing transactions and the short-term investing of subsidiaries’ liquidity. In 2017, one of these two companies, MMS Multi Euro Services DAC, became the lynchpin of the centralization of international cash pooling for the entire Group. The other company, MMS Ireland DAC, whose functional currency is the dollar, became the lynchpin of the centralization of cash pooling for most of the Group’s US entities.
It bears noting that the Group’s cash resources are, for the most part, centralized in Ireland. Cash resources not centralized in Ireland are, for the most part, held by subsidiaries in countries where funds can be freely transferred and centralized.
Publicis has a BBB+ rating with a stable outlook from the rating agency S&P Global, as well as a Baa1 rating with a stable outlook by Moody’s Investors Service, following the upgrading of the two ratings in May 2023.
See also Notes 24 and 30 to the consolidated financial statements (Section 6.6 “Notes to the consolidated financial statements”).
As of December 31, 2025, and at the closing date of the financial statements, there were no rating triggers or financial covenants for short-term bank credit lines, syndicated loans, or bonds likely to restrict the Group’s liquidity.
There are no legal or economic restrictions likely to limit or significantly restrict any transfers of funds to the parent company in the near future.
Publicis has established a group-wide policy for selecting authorized banks as counterparties for all its subsidiaries. This policy requires that deposits be made in authorized banks and that, in general, all banking services be provided exclusively by these banks. The list of authorized banks is reviewed periodically by the Group Treasury Department. Exceptions to this policy are handled centrally for the entire Group by the Treasury Office.
Given its cash position and its confirmed unused credit lines amounting to euro 6,031 million at December 31, 2025, the Group has the necessary liquidity to meet its operating requirements and investment plan.
