Half-year financial report 2025

1. Interim management report

Operating margin and operating income
Operating margin

EBITDA amounted to euro 1,501 million in H1 2025, compared to euro 1,401 million in H1 2024, up by +7.1%. This represents 21.0% of net revenue versus 20.9% in H1 2024.

Personnel and freelancer costs totaled euro 4,835 million in H1 2025 from euro 4,498 million in H1 2024, up by +7.5%. As a percentage of net revenue, personnel expenses were 67.6% in H1 2025, versus 67.3% in H1 2024. Restructuring costs were euro 63 million, up from euro 41 million in H1 2024.

Other costs (other than personnel and freelancer costs) totaled euro 2,406 million in H1 2025, compared to euro 1,992 million in H1 2024. Excluding pass-through costs, these costs amounted to euro 1,075 million in H1 2025 versus 1,030 in H1 2024 representing 15.0% of net revenue, compared to 15.4% in H1 2024. They comprised:

  • Other operating expenses (excluding pass-through costs, depreciation & amortization), which amounted to euro 816 million, compared to euro 789 million in H1 2024. This represented 11.4% of net revenue, compared to 11.8% in H1 2024, reflecting a strong cost management ;
  • Depreciation and amortization expense of euro 259 million in H1 2025, up by euro 18 million compared to euro 241 million in H1 2024, mainly linked to the Groupe's IT projects and investments.

As a result, the operating margin amounted to euro 1,242 million, up by +7.1% compared to H1 2024, representing an operating margin rate of 17.4% in H1 2025, compared to 17.3% in H1 2024.

Operating margin rates by geographies were 17.5% in North America, 17.0% in Europe, 26.0% in Asia-Pacific, 1.0% in Middle East/Africa and 8.0% in Latin America.

Operating income

Amortization of intangibles arising from acquisitions totaled euro 106 million in H1 2025, down by euro 17 million versus H1 2024, related to the end of the amortization associated with some Epsilon technologies.

Impairment losses amounted to euro 35 million, including exclusively the impact of real estate optimization, down by euro 10 million, from euro 45 million in H1 2024, which included an impairment loss on intangible assets of euro 3 million in addition to the real estate component.

Net non-current income of euro 1 million in H1 2025 is not significant. In H1 2024, net non-current income amounted to euro 16 million mainly corresponding to the proceeds of euro 14 million generated by the contribution of the Citrus Ad and Epsilon technologies to the Groupe’s 49%-owned associate Unlimitail.

Operating income totaled euro 1,102 million in H1 2025, versus euro 1,008 million in H1 2024.

Other income statements items

The financial result, comprising the cost of net financial debt, revaluation of earn-out payments and other financial charges and income, was a net charge of euro 5 million in H1 2025, compared to a euro 28 million income in H1 2024:

  • The net income on net financial debt was euro 15 million in H1 2025, compared to an income of euro 39 million in H1 2024. it included euro 58 million of interest expense (in line with euro 61 million in H1 2024), offset by interest income of euro 73 million, versus euro 100 million in H1 2024.
  • Other financial income and expenses (excluding earn-out revaluation) were a net charge of euro 58 million in H1 2025, notably composed by euro 44 million interest on lease liabilities and euro 1 million income from the fair value revaluation of mutual funds. In H1 2024, other financial income and expenses were a net charge of euro 39 million, notably composed by euro 42 million interest on lease liabilities and a euro 7 million income from the fair value adjustment of mutual funds.
  • The revaluation of earn-outs payments was a euro 38 million income in H1 2025, compared to euro 28 million income in H1 2024.

The share in profit of equity-accounted investees, net of tax is a euro 1 million profit in H1 2025, compared to a euro 3 million loss in H1 2024.

The income tax charge amounted to euro 266 million in H1 2025, corresponding to a forecasted effective tax rate of 25.1% for 2025 (excluding the effects of the U.S. OBBBA tax reform - see 1.6 Post-reporting period events), compared to a tax charge of euro 256 million in H1 2024, corresponding to a forecasted effective tax rate of 24.9%.

The net income attributable to non-controlling interests is a euro 8 million profit in H1 2025, compared with a euro 4 million profit in H1 2024.

Overall, the net income attributable to the Groupe was euro 824 million in H1 2025, up by +6.6% compared to euro 773 million in H1 2024.

Finally, the earning per share was 3.28 euros in H1 2025, up by +6.5%, compared to 3.08 euros in H1 2024.