Universal Registration Document 2025

Board of directors

III. Justification of Assessments - Key Audit Matters

In accordance with the requirements of Articles L.821-53 and R.821-180 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period, as well as how we addressed those risks.

These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements.

1/ Revenue recognition

(Notes 1.3 « Revenue », « Contract assets » and « Contract liabilities » and 27 « Contract assets and liabilities » to the consolidated financial statements)

(Notes 1.3 « Revenue », « Contract assets » and « Contract liabilities » and 27 « Contract assets and liabilities » to the consolidated financial statements)
Key audit point

Total revenue amounts to euro 17,399 million as of December 31, 2025 in the consolidated financial statements of Publicis Groupe SA.

The principles of revenue recognition are presented in the note 1.3 to the consolidated financial statements.

Service contracts between the Groupe’s entities and their clients include specific contractual terms. Accounting standards related to the recording of these contracts require a detailed analysis of contractual obligations and criteria for the transfer of control of promised services to the customer, particularly for contracts in progress at the closing date.

An error in the analysis of contractual terms and obligations to determine the transfer of control of promised services to the customer may lead to an error in revenue recognition. Consequently, we considered revenue recognition as a key audit matter.
Our audit response
  • We analyzed the appropriateness and correct application of the accounting principles and methods related to revenue recognition, as described in the consolidation financial statements.
  • For each type of contract, we obtained an understanding of the revenue recognition process established by management, we assessed the internal control environment over revenue processes and information systems related to revenue recognition and, where applicable, we performed effectiveness testing of key controls.
  • We performed substantive testing of revenue recognition for a selection of contracts based on quantitative and qualitative criteria, with reference to signed contracts and other external evidence, and checked for proper booking and cut-off as well as the recoverability of trade receivables and work-in-progress.
  • We have also assessed the appropriateness of the information disclosed in the notes to the consolidated financial statements.