North America net revenue was +4.7% on an organic basis. The U.S., the Group’s largest geography, which represented 59% of total net revenue in Q1, delivered strong organic growth of +4.7% this quarter, which was fueled by mid-single-digit growth from both Connected Media and Intelligent Creativity.
Net revenue in Europe was +3.9% organically. Organic growth in the U.K. was up +6.2% France posted +1.6% organic growth, led by Connected Media.
Net revenue in Asia Pacific recorded +5.9% growth on an organic basis. China performed strongly with +11.7% organic growth, driven by double digits at Connected Media.
In Middle East & Africa, net revenue was down -5.1% organically as a result of the conflict in the region this quarter.
Net revenue in Latin America was up +13.3% organically driven by double-digit growth of both Connected Media and Intelligent Creativity.
Net financial debt amounted to 1,156 million euros as of March 31, 2026 compared to a net cash position of 548 million euros at December 31, 2025 reflecting the seasonality of activity. The Groupe’s last twelve months average net debt as of March 31, 2026 amounted to 1,035 million euros compared to 672 million euros as of March 31, 2025.
OUTLOOK
The trends described below do not constitute forecast or profit estimates as defined by the modified European Regulation no. 809/2004 of April 29, 2004, used in application of directive 2003/71/00 of the European Parliament and Council of November 4, 2003.
Publicis Groupe confirmed its +4% to +5% net revenue organic growth guidance for the full year of 2026, fueled by new business tailwinds, strong client retention, and growth across its client base. The Group is confident that the +4% is rock solid.
The Group expects to see a slight sequential acceleration in net revenue organic growth in Q2 2026, provided that macroeconomic conditions do not significantly deteriorate.
The Group also confirmed its 2026 guidance for its financial ratios, which are expected to reach new record highs, including:
- Operating margin rate at slightly above 18.2% while maintaining a high level of investment.
- Free cash flow at c. 2.1 billion euros before change in working capital requirements, based on EUR = 1.20 USD parity
The Group has all the conditions in place to sustain this performance beyond 2026, and confirmed its objective of net revenue and headline EPS annual growth at constant currency of +6% to +7% and +7% to +9% respectively.
