Future payments relating to financing activities and future payments relating to lease liabilities are as follows:
| Maturities | |||||||
|---|---|---|---|---|---|---|---|
| (in millions of euros) | Total | 1 Year | 1-2 Years | 2-3 Years | 3-4 Years | 4-5 Years | +5 Years |
| Bonds | 3,079 | 62 | 62 | 812 | 652 | 35 | 1,456 |
| Earn-out commitments | 652 | 342 | 87 | 158 | 45 | 20 | - |
| Commitments to buy-out non-controlling interests | 68 | 4 | 3 | 42 | 19 | - | - |
| Other financial liabilities | 31 | 23 | 5 | 1 | 1 | 1 | - |
| Total future payments relating to financial liabilities | 3,830 | 431 | 157 | 1,013 | 717 | 56 | 1,456 |
| Fair value of derivatives | 4 | 9 | - | (12) | - | - | 7 |
| Total future payments relating to financing activities | 3,834 | 440 | 157 | 1,001 | 717 | 56 | 1,463 |
| Total future lease payments (1) | 2,714 | 431 | 353 | 328 | 303 | 278 | 1,021 |
| Maturities | |||||||
|---|---|---|---|---|---|---|---|
| (in millions of euros) | Total | 1 Year | 1-2 Years | 2-3 Years | 3-4 Years | 4-5 Years | +5 Years |
| Bonds | 2,384 | 777 | 22 | 22 | 773 | 14 | 776 |
| Earn-out commitments | 355 | 44 | 94 | 119 | 40 | 58 | - |
| Commitments to buy-out non-controlling interests | 84 | 21 | 1 | - | 43 | 19 | - |
| Other financial liabilities | 54 | 45 | 5 | 1 | 1 | 1 | 1 |
| Total future payments relating to financial liabilities | 2,877 | 887 | 122 | 142 | 857 | 92 | 777 |
| Fair value of derivatives | 154 | 9 | - | - | 69 | - | 76 |
| Total future payments relating to financing activities | 3,031 | 896 | 122 | 142 | 926 | 92 | 853 |
| Total future lease payments (1) | 2,762 | 442 | 401 | 308 | 290 | 266 | 1,055 |
To cover liquidity risk, Publicis relies on a solid cash position (cash and cash equivalents) of euro 4,031 million as of December 31, 2025, as well as a confirmed, undrawn, multi-currency syndicated credit line of euro 2,000 million. This line, set up in July 2024 to replace a previous euro 1,579 million facility maturing in 2026, has been extended until 2030, following the exercise of an extension option. A second one-year extension option remains exercisable. These immediately or almost immediately available sums allow the Group to meet its general funding requirements.
Apart from bank overdrafts, most of the Groupe’s debt is comprised of bonds, none of which are subject to financial covenants. They only include early repayment clauses (change of control, liquidation, cessation de paiements, default on the debt itself or on the repayment of another debt above a given threshold) which are generally applicable above defined thresholds.
The Groupe has not established any credit derivatives to date.
