Universal Registration Document 2025

2.1 MAIN RISK FACTORS

The risk factors described below, together with the other information concerning Publicis Groupe and its consolidated financial statements included in this Universal Registration Document should be carefully considered before making an investment in the shares or other securities of Publicis Groupe. This section covers the main risks to which Publicis Groupe feels exposed to, as of the date of this Universal Registration Document. Each one of the risk factors may have a negative impact on the Groupe’s earnings and financial position as well as on its share price or financial instruments. Other risks and uncertainties of which Publicis is unaware of or which are not currently considered to be significant could also have a negative impact on the Groupe.

Description of the main risk factors

In accordance with the provisions of article 16 of Regulation (EU) 2017/1129, in each of the risk categories mentioned below, major risks are presented in descending order of significance according to the Groupe’s assessment at the date of this document. The risk factors considered the most significant are presented first, following an assessment of their potential impact and likelihood after taking into account the mitigating measures implemented. The significance of the risks, as assessed by Publicis Groupe, may be amended at any time in light of changes in the Groupe’s activities and circumstances.

At the filing date of this Universal Registration Document, the geopolitical environment is marked by multiple conflicts in the Middle East and between Russia and Ukraine. However, the Groupe’s direct exposure to these conflict countries remains moderate.

The multiplication of conflicts, geopolitical tensions and economic retaliatory measures is contributing to an uncertain macroeconomic environment, which may affect some of our clients and, indirectly, the investments they allocate to communications and the transformation of their activities.

As of the filing date of this Universal Registration Document, the Groupe, like all economic operators, is not in a position to assess the impact of these geopolitical and economic developments on its activities.

Furthermore, the rapid development of artificial intelligence is generating increasing questions from investors regarding its effects on the advertising and communication services sector.

The Groupe risk mapping exercise, carried out in the last quarter of 2025, did not reveal any major risks after considering the mitigating measures in place. The methodology applied is detailed in Section 2.2.4 “Risk management framework”.

In general, all the risks identified below must be considered in light of the consequences of a very uncertain geopolitical and macro-economic context.

Risk factors⁽¹⁾