In the U.S., economic growth declined by 0.8% compared to 2024, reaching a growth of approximately 2% in 2025. Household consumption remained strong, growing between 2.5% and 3% over the first three quarters of 2025 year-on-year, despite numerous headwinds. The labor market initially deteriorated in 2025 with a sharp decline in job creation. However, at the end of November 2025, the number of people employed in the labor force reached 163.6 million, an increase of 2.1 million compared to December 31, 2024. The unemployment rate remained low at 4.3%, compared to 4.1% at the end of 2024 As indicated by various psychological indicators, consumer confidence declined and reflected the Trump administration’s falling popularity, the prolonged federal government shutdown (lasting 43 days), challenges related to purchasing power, uncertainty caused by mass layoffs in the civil service and the deportation of undocumented foreign workers. Consumer price inflation remained elevated at 2.7%, but down slightly from 3.1% in 2024, which was mostly due to the impact on final consumer prices of the tariff increases applied since April. The resilience of consumer spending can be explained by the Fed’s decisions to lower interest rates, which helped reduce the cost of credit and support stock markets. Business investment benefited from the momentum generated by artificial intelligence, posting a 3.1% increase over the year according to the IMF. The major technology companies stepped up their investment initiatives, particularly in the construction of data centers and the acquisition of specialized semiconductors. More broadly, the strong financial position of U.S. companies continued to support their investment efforts. Government spending growth slowed in 2025, reaching an estimated growth rate of 0.9%. The slight contraction in government deficit (from 8% to 7.4% according to Bpifrance) had a moderating effect on growth. Foreign trade remained significantly in deficit in 2025. To date, the impact on the current account balance of the tariff increases introduced in spring 2025 remains difficult to quantify. A sharp increase of imports in the first quarter, in anticipation of the tariff increases, was later normalized. The current account balance for 2025 is expected to be close to that of 2024 (4%).
The economy of the eurozone grew slightly by 1.2% in 2025, compared with 0.9% in 2024, which marked a trend close to stagnation. Disparities between member states remained significant. Spain continued its strong trajectory with 2.9% growth, while Germany experienced its third consecutive year of weakness with growth of just 0.3%. In the middle of the pack is France with growth of 0.8%. The inflation rate in the eurozone continued to decline, falling to 2.4% in 2024 and then to 2.1% in 2025. This was partly due to the appreciation of the euro and lower energy prices, particularly for oil. This positive development enabled the European Central Bank to lower its key interest rates, with the main rate standing at 2%. The reduction in financing costs had a modest stimulating effect on economic activity, particularly through the reduced cost of bank credit. However, ongoing political uncertainty in France (government instability and difficulties in adopting a 2026 budget) and challenges faced by Germany (decline in exports to the U.S. and difficulties adapting to the changing environment) have hampered overall growth in the eurozone.
GDP growth in the UK is expected at 1.4% in 2025, placing it between the eurozone (1.2%) and the U.S. (2%). The pace of growth slowed over the first three quarters, from 1.8% in the first quarter to 1.3% in the third. Due to persistent inflation above 3% (excluding volatile items), consumer spending grew by only 1%. Public spending (+3.6%) was the main driver of overall economic performance.
Economic growth in China stood at 4.8% in 2025, according to the IMF, which was below the Chinese government’s target of 5%. The Purchasing Managers’ Index (PMI) remained close to 50, reflecting moderate economic momentum. China managed to offset the impact of new tariffs by redirecting its exports to regions other than the U.S. However, the ongoing real estate crisis was a major drag on growth, and weak consumer confidence continued to weigh on spending. After a period of sharp disinflation, China faces a renewed risk of deflation.
Oil prices fell significantly, mainly due to the global economic slowdown and the willingness of some producers to increase supply. Recent developments in Venezuela could exacerbate this downward pressure. Conversely, prices for certain industrial commodities, notably copper, have risen on the back of increased demand for artificial intelligence-related infrastructure. Prices of precious metals have also risen significantly, largely driven by demand from central banks.
Despite macroeconomic uncertainty, the advertising market continued to grow in 2025. According to Zenith’s forecasts in December 2025, global advertising spend grew an estimated 7% in the year to reach U.S.D 1,012 billion, following 8% growth in 2024 and 5% growth in 2023.
In this context, the Group continued to offer its services and products, through a unique business mix and positioning, to help its clients transform their marketing and business models. This enabled the Groupe to post another record year and maintain its industry leading position on all key performance indicators in 2025.
The Group’s net revenue amounted to euro 14,547 million, compared to euro 13,965 million in 2024, up +4.2% on a reported basis and +5.6% on an organic basis.
The operating margin amounted to euro 2,648 million in 2025, up by +5.1% compared to 2024, representing an operating margin rate of 18.2%, against the rate of 18.0% reached in 2024.
The Group’s net income was euro 1,653 million in 2025, compared to euro 1,660 million in 2024.
Headline net income (as defined in Note 11 of the consolidated financial statements) amounted to euro 1,896 million, compared to euro 1,851 million in 2024.
Headline diluted earnings per share was euro 7.48, up by +2.5% compared to 2024.
The Group’s net cash position was euro 548 million as of December 31, 2025, compared to a net cash position of euro 775 million at December 31, 2024. The Group’s last twelve months average net debt as of December 31, 2025, amounted to euro 971 million compared to 585 million euro at December 31, 2024.
The dividend that will be proposed to the General Shareholders’ Meeting on May 27, 2026, is euro 3.75 per share. Based on headline diluted earnings per share, this represents a payout ratio of 50.1% in line with the dividend payout policy, which ranges between 45% and 50%. Subject to the approval by the General Shareholders’ Meeting, the dividend will be paid on July 3, 2026, entirely in cash.
