The recognized goodwill was not tax-deductible. Intangible assets (technology and client relationships) were valued using the royalty method and the excess earnings method respectively.
The cash flows related to the 2024 acquisitions were as follows:
| (in millions of euros) | 2024 |
|---|---|
| Cash consideration | Cash consideration 2024 923 |
| Cash and cash equivalents of the acquired entities | Cash and cash equivalents of the acquired entities 2024 (75) |
| Earn-out payments | Earn-out payments 2024 67 |
| Acquisitions of subsidiaries, net of cash acquired | Acquisitions of subsidiaries, net of cash acquired 2024 915 |
Acquisitions during the period contributed less than 1% of consolidated net revenue in financial year 2024 and less than 1% of net income attributable to equity holders of the parent company.
In 2025 and 2024, the Groupe did not make any significant disposals.
The Groupe supports its clients on all marketing issues thanks to its expertise in the areas of creativity, media, data and digital transformation. To provide a single offering in each country combining all the Groupe’s areas of expertise, Publicis defined ten core markets: the United States, Canada, the United Kingdom, France, DACH (Germany, Austria and Switzerland), Asia-Pacific, Africa and the Middle East, Central and Eastern Europe, Western Europe and Latin America.
This organization by country corresponds to the operating segments grouped into five reportable segments (see Note 31): North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
| (in millions of euros) | North America | Europe | Asia-Pacific | Middle East & Africa | Latin America | 2025 |
|---|---|---|---|---|---|---|
| Revenu | Revenu North America10,142 |
Revenu Europe 4,479 |
Revenu Asia-Pacific1,590 |
Revenu Middle East & Africa646 |
Revenu Latin America542 |
Revenu 202517,399 |
| Revenu net | Revenu net North America8,899 |
Revenu net Europe 3,520 |
Revenu net Asia-Pacific1,260 |
Revenu net Middle East & Africa440 |
Revenu net Latin America428 |
Revenu net 202514,547 |
| (in millions of euros) | North America | Europe | Asia-Pacific | Middle East & Africa | Latin America | 2024 |
| Revenu | Revenu North America9,416 |
Revenu Europe 4,097 |
Revenu Asia-Pacific1,513 |
Revenu Middle East & Africa586 |
Revenu Latin America418 |
Revenu 202516,030 |
| Revenu net | Revenu net North America8,583 |
Revenu net Europe 3,384 |
Revenu net Asia-Pacific1,218 |
Revenu net Middle East & Africa406 |
Revenu net Latin America374 |
Revenu net 202513,965 |
In 2025, pass-through revenue of euro 2,852 million are split between euro 2,727 million in pass-through costs and euro 125 million in depreciation and amortization expense (excluding intangibles from acquisitions).
In 2024, pass-through revenue of euro 2,065 million were split between euro 1,947 million in pass-through costs and euro 118 million in depreciation and amortization expense (excluding intangibles from acquisitions).
