4. Risk related to client portfolios
Description of the risk
The Groupe’s activity may be affected by sector slowdowns impacting our clients, as well as by the rapid evolution of expectations in terms of data, AI and production. These changes may lead advertisers to adjust their communication plans more frequently. In an unfavorable economic environment, such adjustments may also be coupled with an increase in the frequency of contract renegotiations, whether in terms of scope, pricing terms or payment deadlines. Thus, client contracts may be easily challenged: clients may terminate them at their own initiative with relatively short notice. Moreover, the internalization of certain activities may affect our ability to retain clients. Clients may also decide to reduce or defer investments dedicated to digital transformation. Taken together, these factors contribute to an increased risk that a single event affecting a major client could have significant consequences. Competitive bids for advertising and media contracts with the Groupe’s clients may occur at shorter intervals.
There is also a trend towards operating on a project-by-project basis, a gradual reduction in the number of agencies working with a given client, and to some extent, a concentration of advertising budgets among a small number of reference agencies. Moreover, the in-housing of some activities may impact our ability to retain clients. Clients may also decide to reduce or defer investments dedicated to digital transformation. Taken together, these factors contribute to an increased risk that a single event affecting a major client could have significant consequences.
A significant portion of the Groupe’s revenue is derived from its major clients. In 2025, the Groupe’s top 5, 10, 30 and 100 clients accounted respectively for 12%, 20%, 37% and 58% of the Groupe’s consolidated revenue (see also Section 6.6 “Notes to the consolidated financial statements”, Note 30 “Risk management”).
One or more of these major clients may decide in the future to use other advertising and communications agencies, or to reduce or even discontinue their investments, at any time, with relatively short notice and without having to provide justification. A substantial reduction in marketing transformation, advertising and communications spending by the largest clients, or the loss of some of these budgets, could have a negative impact on the Groupe.
Risk management
The Groupe places particular importance on diversifying its portfolio, both by sector and geographically. This diversification is intended to mitigate cyclical fluctuations that may affect certain industries.
The Groupe adapts its offering and strives to anticipate and meet its clients’ marketing and digital transformation needs. Thus, the Groupe’s organization favors a platform approach bringing together creative, media, data and technological expertise. This model promotes the integration of the talent and capabilities necessary to develop end-to-end solutions for clients.
In terms of offering, complementing its historical activities in creativity, production and media, the Groupe has invested in digital activities, digital transformation, data and AI.
The Groupe has also adapted its internal organization and has moved from a holding company to a platform. Publicis has also realigned its operations following a country model with shared services for better process and cost optimization.
The Groupe Client Office, supported by the Global Client Leaders, centrally provides centralized oversight of major accounts, anticipates early warning signals and ensures consistent mobilization of cross-functional expertise. This organization enables stronger coordination of actions, increased responsiveness to market developments and improved management of client relationships on a global scale. Through the Groupe Client Leads, clients are thus able to benefit from the full breadth of the Groupe’s expertise, including the Power of One, which has strengthened collaboration among talent to better meet client needs.
Despite intense competition, the Groupe continues to hold a leading position in New Business rankings.