Universal Registration Document 2025

6.6 Notes to the consolidated financial statements

Note 31 Operating segment information

Information by business sector

The Publicis Groupe structure has been developed to provide the Groupe’s clients with comprehensive, holistic communication services involving all disciplines.

The Groupe has identified operating segments that correspond to key markets (countries or regions). These countries or regions are each run or supervised by a single person and overseen day-to-day by a single Executive Committee, bringing together members with a wide range of expertise. They are thus structured to offer our clients a broad-based solution that meets their needs.

The Groupe has therefore identified operating segments corresponding to the geographic regions in which it operates: United States, Canada, United Kingdom, France, DACH (Germany, Austria and Switzerland), Asia-Pacific, the Middle East and Africa, Central and Eastern Europe, Western Europe and Latin America.

Those operating segments with similar economic characteristics (similar margins), or where the nature of services provided to clients and the type of clients at which they are aimed are similar, have been grouped into five reporting segments: North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.

Reporting by region

The presentation of financial information based on the operating segments results in the same level of information being presented as by geographic region.

/ Financial year 2025

Financial year 2025
(in millions of euros)	North America	Europe	Asia-Pacific	Middle East & Africa	Latin America	Total
Income statement items	Income statement itemsNorth America	Income statement itemsEurope	Income statement itemsAsia-Pacific	Income statement itemsMiddle East & Africa	Income statement itemsLatin America	Income statement itemsTotal
Net revenue⁽¹⁾	Net revenue⁽¹⁾North America8,899	Net revenue⁽¹⁾Europe3,520	Net revenue⁽¹⁾Asia-Pacific1,260	Net revenue⁽¹⁾Middle East & Africa440	Net revenue⁽¹⁾Latin America428	Net revenue⁽¹⁾Total14,547
Revenue⁽¹⁾⁽²⁾	Revenue ⁽¹⁾⁽²⁾North America 10,142	Revenue ⁽¹⁾⁽²⁾Europe 4,479	Revenue ⁽¹⁾⁽²⁾Asia-Pacific 1,590	Revenue ⁽¹⁾⁽²⁾Middle East & Africa 646	Revenue ⁽¹⁾⁽²⁾Latin America 542	Revenue ⁽¹⁾⁽²⁾Total 17,399
Depreciation and amortization expense (excluding acquired intangibles)	Depreciation and amortization expense (excluding acquired intangibles) North America (197)	Depreciation and amortization expense (excluding acquired intangibles) Europe (241)	Depreciation and amortization expense (excluding acquired intangibles) Asia-Pacific (62)	Depreciation and amortization expense (excluding acquired intangibles) Middle East & Africa (10)	Depreciation and amortization expense (excluding acquired intangibles) Latin America (10)	Depreciation and amortization expense (excluding acquired intangibles) Total (520)
Operating margin	Operating marginNorth America1,644	Operating marginEurope640	Operating marginAsia-Pacific289	Operating marginMiddle East & Africa21	Operating marginLatin America54	Operating marginTotal2,648
Amortization of intangibles from acquisitions	Amortization of intangibles from acquisitions North America (171)	Amortization of intangibles from acquisitions Europe (23)	Amortization of intangibles from acquisitions Asia-Pacific (10)	Amortization of intangibles from acquisitions Middle East & Africa (2)	Amortization of intangibles from acquisitions Latin America (6)	Amortization of intangibles from acquisitions Total (212)
Impairment loss	Impairment loss North America-	Impairment loss Europe (36)	Impairment loss Asia-Pacific (1)	Impairment loss Middle East & Africa-	Impairment loss Latin America-	Impairment loss Total (37)
Non-current income and expenses	Non-current income and expenses North America-	Non-current income and expenses Europe (5)	Non-current income and expenses Asia-Pacific-	Non-current income and expenses Middle East & Africa-	Non-current income and expenses Latin America-	Non-current income and expenses Total (5)
Operating income after impairment	Operating income after impairmentNorth America1,473	Operating income after impairmentEurope576	Operating income after impairmentAsia-Pacific278	Operating income after impairmentMiddle East & Africa19	Operating income after impairmentLatin America48	Operating income after impairmentTotal2,394
Balance sheet items	Balance sheet itemsNorth America	Balance sheet itemsEurope	Balance sheet itemsAsia-Pacific	Balance sheet itemsMiddle East & Africa	Balance sheet itemsLatin America	Balance sheet itemsTotal
Intangible assets, net⁽³⁾	Intangible assets, net ⁽³⁾North America 10,192	Intangible assets, net ⁽³⁾Europe 2,096	Intangible assets, net ⁽³⁾Asia-Pacific 1,275	Intangible assets, net ⁽³⁾Middle East & Africa 390	Intangible assets, net ⁽³⁾Latin America 274	Intangible assets, net ⁽³⁾Total 14,227
Property, plant and equipment, net (including right-of-use assets on leases)⁽³⁾	Property, plant and equipment, net (including right-of-use assets on leases)⁽³⁾North America 814	Property, plant and equipment, net (including right-of-use assets on leases)⁽³⁾Europe 1,050	Property, plant and equipment, net (including right-of-use assets on leases)⁽³⁾Asia-Pacific 213	Property, plant and equipment, net (including right-of-use assets on leases)⁽³⁾Middle East & Africa 20	Property, plant and equipment, net (including right-of-use assets on leases)⁽³⁾Latin America 41	Property, plant and equipment, net (including right-of-use assets on leases)⁽³⁾Total 2,138
Non-current other financial assets⁽³⁾	Non-current other financial assets ⁽³⁾North America 48	Non-current other financial assets ⁽³⁾Europe 187	Non-current other financial assets ⁽³⁾Asia-Pacific 31	Non-current other financial assets ⁽³⁾Middle East & Africa 3	Non-current other financial assets ⁽³⁾Latin America 18	Non-current other financial assets ⁽³⁾Total 287
Disclosures in respect of the statement of cash flows	Disclosures in respect of the statement of cash flowsNorth America	Disclosures in respect of the statement of cash flowsEurope	Disclosures in respect of the statement of cash flowsAsia-Pacific	Disclosures in respect of the statement of cash flowsMiddle East & Africa	Disclosures in respect of the statement of cash flowsLatin America	Disclosures in respect of the statement of cash flowsTotal
Purchases of property, plant and equipment and intangible assets	Purchases of property, plant and equipment and intangible assets North America (128)	Purchases of property, plant and equipment and intangible assets Europe (69)	Purchases of property, plant and equipment and intangible assets Asia-Pacific (38)	Purchases of property, plant and equipment and intangible assets Middle East & Africa (6)	Purchases of property, plant and equipment and intangible assets Latin America (9)	Purchases of property, plant and equipment and intangible assets Total (250)
Purchases of investments and other financial assets, net	Purchases of investments and other financial assets, net North America (10)	Purchases of investments and other financial assets, net Europe-	Purchases of investments and other financial assets, net Asia-Pacific (2)	Purchases of investments and other financial assets, net Middle East & Africa-	Purchases of investments and other financial assets, net Latin America (10)	Purchases of investments and other financial assets, net Total (22)
Acquisitions of subsidiaries	Acquisitions of subsidiaries North America (453)	Acquisitions of subsidiaries Europe (36)	Acquisitions of subsidiaries Asia-Pacific (58)	Acquisitions of subsidiaries Middle East & Africa (12)	Acquisitions of subsidiaries Latin America (111)	Acquisitions of subsidiaries Total (670)

Because of the way this indicator is calculated (difference between billings and cost of billings), there are no eliminations between the different zones.
In Europe, revenue for 2025 was euro 4,479 million, of which euro 1,135 million in France. In North America, revenue for 2025 was euro 10,142 million, of which euro 9,720 million in the United States.
As of December 31, 2025, net intangible assets amounted to euro 14,227 million, of which euro 405 million in France and euro 8,991 million in the United States. Net property, plant and equipment amounted to euro 405 million, of which euro 727 million in France and euro 786 million in the United States. Other financial assets amounted to euro 287 million, of which euro 128 million in France and euro 48 million in the United States.