Half-year financial report 2025

2.6 Notes to the consolidated financial statements

Note 20 Operating segment information

Information by business sector

The Publicis Groupe structure has been developed to provide the Group’s clients with comprehensive, holistic communication services involving all disciplines.

The Group has identified operating segments that correspond to key markets (countries or regions). These countries or regions are each run or supervised by a single person and overseen day-to-day by a single Executive Committee, bringing together members with a wide range of expertise. They are thus structured to offer our clients a broad-based solution that meets their needs.

The Group has therefore identified operating segments corresponding to the geographic regions in which it operates: United States, Canada, United Kingdom, France, DACH (Germany, Austria and Switzerland), Asia-Pacific the Middle East and Africa, Central and Eastern Europe, Western Europe and Latin America.

Those operating segments with similar economic characteristics (similar margins), or where the nature of services provided to clients and the type of clients at which they are aimed are similar, have been grouped into five reporting segments: North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.

Reporting by region

The presentation of financial information based on the operating segments results in the same level of information being presented as by geographic region.

/ First half year 2025

(in millions of euros)	Europe	Noth America	Asia-Pacific	Latin America	Middle East & Africa	Total
Income statement items	Income statement items Europe	Income statement items Noth America	Income statement itemsAsia-Pacific	Income statement items Latin America	Income statement items Middle East & Africa	Income statement items Total
Net revenue⁽¹⁾	Net revenue⁽¹⁾ Europe 1,726	Net revenue⁽¹⁾ Noth America 4,427	Net revenue⁽¹⁾Asia-Pacific604	Net revenue⁽¹⁾ Latin America 188	Net revenue⁽¹⁾ Middle East & Africa 207	Net revenue⁽¹⁾ Total 7,152
Revenue⁽¹⁾⁽²⁾	Revenue ⁽¹⁾⁽²⁾ Europe 2,187	Revenue ⁽¹⁾⁽²⁾ Noth America 5,010	Revenue ⁽¹⁾⁽²⁾Asia-Pacific 772	Revenue ⁽¹⁾⁽²⁾ Latin America 228	Revenue ⁽¹⁾⁽²⁾ Middle East & Africa 286	Revenue ⁽¹⁾⁽²⁾ Total 8,483
Depreciation and amortization expense (excluding acquired intangibles)	Depreciation and amortization expense (excluding acquired intangibles) Europe (117)	Depreciation and amortization expense (excluding acquired intangibles) Noth America (102)	Depreciation and amortization expense (excluding acquired intangibles) Asia-Pacific (29)	Depreciation and amortization expense (excluding acquired intangibles) Latin America (6)	Depreciation and amortization expense (excluding acquired intangibles) Middle East & Africa (5)	Depreciation and amortization expense (excluding acquired intangibles) Total (259)
Operating margin	Operating margin Europe 293	Operating margin Noth America 775	Operating marginAsia-Pacific157	Operating margin Latin America 15	Operating margin Middle East & Africa 2	Operating margin Total 1,242
Amortization of intangibles from acquisitions	Amortization of intangibles from acquisitions Europe (12)	Amortization of intangibles from acquisitions Noth America (84)	Amortization of intangibles from acquisitions Asia-Pacific (6)	Amortization of intangibles from acquisitions Latin America (3)	Amortization of intangibles from acquisitions Middle East & Africa (1)	Amortization of intangibles from acquisitions Total (106)
Impairment loss	Impairment loss Europe (33)	Impairment loss Noth America (1)	Impairment loss Asia-Pacific (1)	Impairment loss Latin America –	Impairment loss Middle East & Africa –	Impairment loss Total (35)
Non-current income and expenses	Non-current income and expenses Europe –	Non-current income and expenses Noth America –	Non-current income and expenses Asia-Pacific –	Non-current income and expenses Latin America 1	Non-current income and expenses Middle East & Africa –	Non-current income and expenses Total 1
Operating income after impairment	Operating income after impairment Europe 248	Operating income after impairment Noth America 690	Operating income after impairmentAsia-Pacific150	Operating income after impairment Latin America 13	Operating income after impairment Middle East & Africa 1	Operating income after impairment Total 1,102
Balance sheet items	Balance sheet items Europe	Balance sheet items Noth America	Balance sheet itemsAsia-Pacific	Balance sheet items Latin America	Balance sheet items Middle East & Africa	Balance sheet items Total
Intangible assets, net⁽³⁾	Intangible assets, net ⁽³⁾ Europe 2,049	Intangible assets, net ⁽³⁾ Noth America 10,059	Intangible assets, net ⁽³⁾Asia-Pacific 1,198	Intangible assets, net ⁽³⁾ Latin America 268	Intangible assets, net ⁽³⁾ Middle East & Africa 360	Intangible assets, net ⁽³⁾ Total 13,934
Property, plant and equipment, net (including right-of-use assets on leases)⁽³⁾	Property, plant and equipment, net (including right-of-use assets on leases) ⁽³⁾ Europe 1,115	Property, plant and equipment, net (including right-of-use assets on leases) ⁽³⁾ Noth America 819	Property, plant and equipment, net (including right-of-use assets on leases) ⁽³⁾Asia-Pacific 194	Property, plant and equipment, net (including right-of-use assets on leases) ⁽³⁾ Latin America 39	Property, plant and equipment, net (including right-of-use assets on leases) ⁽³⁾ Middle East & Africa 21	Property, plant and equipment, net (including right-of-use assets on leases) ⁽³⁾ Total 2,188
Other financial assets⁽³⁾	Other financial assets ⁽³⁾ Europe 184	Other financial assets ⁽³⁾ Noth America 50	Other financial assets ⁽³⁾Asia-Pacific 31	Other financial assets ⁽³⁾ Latin America 17	Other financial assets ⁽³⁾ Middle East & Africa 3	Other financial assets ⁽³⁾ Total 285
Disclosures in respect of the statement of cash flows	Disclosures in respect of the statement of cash flows Europe	Disclosures in respect of the statement of cash flows Noth America	Disclosures in respect of the statement of cash flowsAsia-Pacific	Disclosures in respect of the statement of cash flows Latin America	Disclosures in respect of the statement of cash flows Middle East & Africa	Disclosures in respect of the statement of cash flows Total
Purchases of property, plant and equipment and intangible assets	Purchases of property, plant and equipment and intangible assets Europe (28)	Purchases of property, plant and equipment and intangible assets Noth America (58)	Purchases of property, plant and equipment and intangible assets Asia-Pacific (24)	Purchases of property, plant and equipment and intangible assets Latin America (4)	Purchases of property, plant and equipment and intangible assets Middle East & Africa (2)	Purchases of property, plant and equipment and intangible assets Total (116)
Purchases of investments and other financial assets, net	Purchases of investments and other financial assets, net Europe 3	Purchases of investments and other financial assets, net Noth America (4)	Purchases of investments and other financial assets, net Asia-Pacific (1)	Purchases of investments and other financial assets, net Latin America (9)	Purchases of investments and other financial assets, net Middle East & Africa –	Purchases of investments and other financial assets, net Total (11)
Acquisitions of subsidiaries	Acquisitions of subsidiaries Europe (21)	Acquisitions of subsidiaries Noth America (281)	Acquisitions of subsidiaries Asia-Pacific (122)	Acquisitions of subsidiaries Latin America (8)	Acquisitions of subsidiaries Middle East & Africa (1)	Acquisitions of subsidiaries Total (433)

Because of the way this indicator is calculated (difference between billings and cost of billings), there are no eliminations between the different zones.
In Europe, revenue for first half-year 2025 was euro 2.187 million, of which euro 556 million in France. In North America, revenue for first half-year for 2025 was euro 5,010 million, of which euro 4,797 million in the United States.
As of June 30, 2025, net intangible assets amounted to euro 13,934 million, of which euro 411 million in France and euro 9 621 million in the United States. Net property, plant and equipment amounted to euro 2,188 million, of which euro 788 million in France and euro 793 million in the United States. Other financial assets amounted to euro 285 million, of which euro 119 million in France and euro 50 million in the United States.