In the first half year of 2025, the Group operated in a global environment still characterized by moderate growth and persistent economic and geopolitical uncertainties. The actions initiated by the United States to increase the tariff rates has further intensified these tensions. The recent enactment of a tax reform in the U.S. (One Big Beautiful Bill Act) forms part of this context, with implementation details still under review. However, these factors have not had a material impact on the Group’s performance trajectory. Publicis’ operations have continued to align with the first semester 2025 growth and margin objectives set out in its business plans. The very good performance in terms of new budget gains, the resilience of its operating model, combined with a proven ability to adapt, support the view that, at this stage, potential tariff increases and regulatory changes do not constitute an indicator of value impairment.
The main acquisitions of the period are:
The provisional goodwills resulting from the Group’s acquisitions are calculated as follows:
| (in millions of euros) | Lotame | BR Media | Captiv8 |
|---|---|---|---|
| Cash consideration | Cash consideration Lotame 127 |
Cash consideration BR Media110 |
Cash consideration Captiv8 143 |
| Earn-out commitments | Earn-out commitments Lotame – |
Earn-out commitments BR Media40 |
Earn-out commitments Captiv8 – |
| Total consideration transferred (A) | Total consideration transferred (A) Lotame 127 |
Total consideration transferred (A)BR Media150 | Total consideration transferred (A) Captiv8 143 |
| Total identifiable net assets acquired (B) | Total identifiable net assets acquired (B) Lotame 31 |
Total identifiable net assets acquired (B)BR Media34 | Total identifiable net assets acquired (B) Captiv8 (10) |
| Provisional goodwill (A – B) | Provisional goodwill (A – B) Lotame 96 |
Provisional goodwill (A – B)BR Media116 | Provisional goodwill (A – B) Captiv8 153 |
The fair values of the identifiable net assets acquired have been determined on a provisional basis, pending the completion of an independent valuation and will be finalized during the second half of the year. If new information becomes available within twelve months from the acquisition date regarding facts and circumstances that existed at that date, the Group will revise the provisional amounts retrospectively. Such revisions may include adjustments to the fair values initially recognized or the recognition of additional liabilities or provisions that existed at the acquisition date.
The goodwills mainly relate to the know-how and technical skills of the employees of the acquired entities and to the ability to maintain and develop existing assets. None of the goodwills recognized is expected to be deductible for tax purposes.
Intangible assets (technology and client relationships) are valued using either the royalty method or the excess earnings method. The royalty method considers the discounted estimated royalties payments that are expected to be avoided as a result the patent or trademark being owned. The excess earnings method considers the present value of net cash flows expected to be generated by the client relationships or technologies.
