Notice of meeting - 2026 Combined General Shareholder's Meeting

Activity during the financial year

ACQUISITIONS AND DISPOSALS

In 2025, as part of its AI strategy, the Group acquired Lotame, an independent leader in data and identity solutions. In total, more than 4,000 major brands and publishers worldwide use Lotame’s unique identity solution, drawing on more than 100 data sources and more than 1.6 billion IDs, to optimize their large-scale campaigns with precision. The combination of Lotame’s data and ID assets with Publicis Groupe’s 2.3 billion global profiles offers clients the ability to reach 91% of adult internet users through personalized messaging at scale.

Additionally, as part of this strategy, the Group acquired Moov AI, Canada’s leading artificial intelligence and data solutions company, which complements CoreAI’s offering to the Group’s clients in the North American market.

The Group has also significantly strengthened its global influencer offering with the acquisitions of Captiv8, the world’s largest influencer technology marketing platform with a network of 15 million creators globally, covering 95% of influencers with more than 5,000 followers, BR Media Group, the leader in influencer marketing and content in Latin America, and HEPMIL Media Group, the leading influencer agency in Southeast Asia.

In the sports marketing field, the Group acquired Adopt, a global agency specializing in sports and culture, to strengthen its ability to harness the power of athletes to create authentic cultural brand connections.

Publicis Health acquired p-Value Group, a premier player in medical communications, offering a comprehensive range of services to life sciences clients at every stage of the product lifecycle.

Finally, the Group also acquired Atomic 212°, Australia’s leading independent media agency, reinforcing its ability to offer its clients end-to-end and integrated marketing transformation solutions in the region.

Total acquisition costs for entities integrated in 2025 (gross payments, excluding cash and cash equivalents acquired) came to euro 668 million, including euro 47 million in earn-out payments.

In March 2026, the Group announced the acquisition of Adge.AI, a leading company in the field of content measurement and intelligence. Adge.AI offers an AI-powered analytics solution that optimizes the performance of creative and video content. It analyzes engagement and conversion data, identifies the most effective creative content, and provides actionable insights to guide content strategy and improve campaign ROI. By integrating Adge.AI into its production infrastructure, which is already the largest and most advanced in the sector, Publicis will offer real-time content measurement capabilities, as well as performance forecasts, which can be activated immediately to improve the effectiveness and impact of content.

In April 2026, the Group announced its acquisition of 160over90, the premier global sports and culture agency, which was a former division of WME Group. The agency supports sports and culture strategies and activations for global brands, delivering unforgettable moments across events including Super Bowls, Olympic Games and World Cups. It counts over 670 employees across the U.S., UK, EMEA and APAC. 160over90 will be integrated with Publicis Sports to create the industry’s leading global platform for sport and culture, designed to drive measurable business outcomes by connecting brands to audiences thanks to Publicis’ unmatched technology and data.

ANALYSIS OF CONSOLIDATED RESULTS

NET REVENUE

Publicis Groupe’s net revenue for the full year 2025 was euro 14,547 million, compared to euro 13,965 million in 2024. Organic growth reached +5.6%. Exchange rate variations over the period had a negative impact of euro 497 million and acquisitions (net of disposals) had a positive impact of euro 321 million. On a reported basis, net revenue increased by +4.2%.

OPERATING MARGIN AND OPERATING INCOME

EBITDA amounted to euro 3,168 million in 2025, compared to euro 3,014 million in 2024, up by 5.1%. EBITDA was 21.8% as a percentage of net revenue, compared to 21.6% in 2024.

Personnel and freelancer costs totaled euro 9,590 million in 2025, up by 4.0% from euro 9,224 million in 2024. As a percentage of net revenue, these costs represented 65.9% in 2025, compared to 66.1% in 2024. Restructuring costs were euro 151 million in 2025, up from euro 136 million in 2024.

Other costs (other than personnel and freelancer costs) totaled euro 5,161 million in 2025, compared to euro 4,287 million in 2024. Excluding pass-through costs, these costs amounted to euro 2,309 million in 2025, versus euro 2,222 million in 2024, representing 15.9% of net revenue, as in 2024. They comprised:

  • Other operating expenses (excluding pass-through costs, depreciation & amortization), which amounted to euro 1,789 million in 2025, compared to euro 1,727 million in 2024. This represented 12.3% of net revenue, almost flat compared to 12.4% in 2024.
  • Depreciation and amortization expense of euro 520 million in 2025, up by euro 25 million compared to euro 495 million in 2024, mainly linked to the Group’s IT projects and investments.

The operating margin amounted to euro 2,648 million in 2025, up by +5.1% compared to 2024, representing a record operating margin rate of 18.2% in 2025, out performing the rate of 18.0% reached in 2024.

Operating margin rates by region were 18.5% in North America, 18.2% in Europe, 22.9% in Asia Pacific, 4.8% in Middle East & Africa and 12.6% in Latin America.

Amortization of intangibles arising from acquisitions totaled euro 212 million in 2025, down by euro 22 million versus 2024, related to the end of the amortization associated with some technologies.