Very strong Q3 accelerating versus H1
Confirming full year guidance
Confident for 2027 thanks to record new business run
- Q3 at +5% for net revenue organic growth, accelerating versus H1
- Accelerating market share gains in Connected Media and Intelligent Creativity, growing high single-digit and single-digit respectively
- Technology improving sequentially, with
U.S . positive and Q4 expected to turn positive globally - Record new business run driving visibility and predictability going into 2027
- Confirming full year 2026 guidance:
- Net revenue organic growth of +4.5% to +5%, with Q4 within full year guidance range
- Slight operating margin improvement versus industry-high rate of 18.2% in 2025
- Free cash flow at circa €2.2 billion1
Q3 2026
| Net revenue | €3,808m |
| Organic growth | +5.0% |
| Reported growth | +7.9% |
9M 2026
| Net revenue | €11,038m |
| Organic growth | +4.8% |
| Reported growth | +3.3% |
“Q3 was another very strong quarter for Publicis, with organic growth of +5%, accelerating on the first half of the year and further widening the gap with our peers.
Business momentum was strong on all fronts. Our marketing transformation capabilities benefited from the growing demand from clients for our AI-powered products and services, with Connected Media and Intelligent Creativity growing high-single-digit and single-digit respectively. Technology improved sequentially, with the
This was our 25th quarter of outperformance, and thanks to our unique ability to connect data, technology and talent through the
Looking even further ahead, the reshaping of our industry around three global players is creating favorable conditions for our future growth. With our differentiated model and continued investment in the talent and capabilities our clients need to transform their business for the AI era, Publicis is uniquely equipped to benefit from this new competitive landscape.
I would like to thank our clients for their trust, and our people for the exceptional work they are doing as we reinvent our industry together.”
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Q3 2026 REVENUE & NET REVENUE
Publicis Groupe’s revenue in Q3 2026 was
Net revenue in Q3 2026 was
By business practice, Connected Media, representing 62% of the Groupe’s total net revenue, continued to perform strongly and posted high-single-digit net revenue organic growth this quarter. This performance was driven by market share gains, rising demand for AI-powered products and services, as well as the growth of new addressable markets. Intelligent Creativity, representing 25% of net revenue, delivered low-single-digit net revenue organic growth, fueled by new business wins and client scope expansions. Technology, representing 13% of net revenue, posted sequential improvement this quarter, led by positive growth in the
Breakdown of Q3 2026 net revenue by region
| Net revenue | Reported growth | Organic growth | ||
| EUR million | Q3 2026 | Q3 2025 | ||
| 2,347 | 2,181 | +7.6% | +4.4 % | |
| 874 | 830 | +5.3% | +4.7% | |
| 348 | 316 | +10.% | +5.4% | |
| 105 | 100 | +5.0% | -1.4% | |
| 134 | 102 | +31.4% | +23.8% | |
| Total | 3,808 | 3,529 | +7.9 % | +5.0% |
In
Net revenue in
Net revenue in
In
Net revenue in
9M 2026 REVENUE & NET REVENUE
Revenue in the first nine months of 2026 was
Net revenue in the first nine months of 2026 was
Breakdown of 9M 2026 net revenue by region
| Net revenue | Reported growth | Organic growth | ||
| (in millions of euros) | 9M 2026 | 9M 2025 | ||
| 6,782 | 6,608 | +2.6% | +4.8% | |
| 2,648 | 2,556 | +3.6% | +4.5% | |
| 961 | 920 | +4.5% | +4.6% | |
| 296 | 307 | -3.6% | -5.0% | |
| 351 | 290 | +21.0% | +16.3% | |
| Total | 11,038 | 10,681 | +3.3% | +4.8% |
Breakdown of 9M 2026 net revenue by sector2
| Client sectors | % net revenue |
| Healthcare | 15% |
| Food & Beverage | 14% |
| Financial | 13% |
| Automotive | 12% |
| TMT | 11% |
| Non-Food Consumer | 9% |
| Retail | 8% |
| Leisure & Travel | 4% |
| Public Sector & Services | 3% |
| Energy & Manufacturing | 3% |
| Others | 8% |
NET DEBT & LIQUIDITY
Net financial debt amounted to
The Groupe’s available liquidity was
ACQUISITIONS
In
In
In
In
OUTLOOK
The Groupe confirms its net revenue organic growth guidance of +4.5% to +5% for the full year of 2026 with increased confidence thanks to strong new business gains, client retention and growth across its client base since the beginning of the year. Q4 2026 is expected within the full year guidance range.
The Groupe also confirms its 2026 guidance for its financial ratios, which are expected to reach new record highs:
- Operating margin rate at slightly above 18.2%, while maintaining a high level of investment.
- Free cash flow of circa
2.2 billion euros , before change in working capital requirements and based on EUR =1.161 USD parity.
The Groupe has all the conditions in place to sustain this performance beyond 2026 and is confirming its 2027 and 2028 objectives for average net revenue and headline EPS growth at constant currency of at least +7% to +8%, and +8% to +10% p.a. respectively.
Disclaimer
Certain information contained in this document, other than historical information, may constitute forward-looking statements or unaudited financial forecasts. These forward-looking statements and forecasts are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements and forecasts are presented at the date of this document and, other than as required by applicable law,
About
www.publicisgroupe.com | X: @PublicisGroupe | Facebook | LinkedIn | YouTube |
Contacts
| Director of | + 33 1 44 43 70 75 | amy.hadfield@publicisgroupe.com | |
| Investor Relations | + 33 1 44 43 74 88 | jean-michel.bonamy@publicisgroupe.com | |
| Investor Relations | + 44 20 7830 3710 | carla.foucaud@publicisgroupe.com |
Appendices
Net revenue & revenue: organic growth calculation
| (in millions of euros) | Q1 | Q2 | Q3 | 9M |
| 2025 net revenue | 3,535 | 3,617 | 3,529 | 10,681 |
| Currency impact (2) | (268) | (60) | 52 | (276) |
| 2025 net revenue at 2026 exchange rates (a) | 3,267 | 3,557 | 3,581 | 10,405 |
| 2026 net revenue before acquisition impact (b) | 3,414 | 3,728 | 3,758 | 10,901 |
| Net revenue from acquisitions (1) | 46 | 41 | 50 | 137 |
| 2026 net revenue | 3,460 | 3,769 | 3,808 | 11,038 |
| Organic growth (b/a) | +4.5% | +4.8% | +5.0% | +4.8% |
| Impact of currency at (millions of euros) | |
| GBP (2) | (15) |
| USD (2) | (238) |
| Others | (24) |
| Total | (276) |
| (in millions of euros) | Q1 | Q2 | Q3 | 9M |
| 2025 revenue | 4,161 | 4,322 | 4,134 | 12,618 |
| Currency impact (2) | (306) | (62) | 65 | (303) |
| 2025 revenue at 2026 exchange rates (a) | 3,855 | 4,260 | 4,199 | 12,315 |
| 2026 revenue before acquisition impact (b) | 4,103 | 4,439 | 4,490 | 13,032 |
| Revenue from acquisitions (1) | 88 | 104 | 124 | 316 |
| 2026 revenue | 4,191 | 4,543 | 4,614 | 13,348 |
| Organic growth (b/a) | +6.4% | +4.2% | +6.9% | +5.8% |
| Impact of currency at (millions of euros) | |
| GBP (2) | (16) |
| USD (2) | (267) |
| Others | (20) |
| Total | (303) |
(1) Acquisitions (Adge,
EUR =
Definitions
Net revenue: Revenue less pass-through costs which comprise amounts paid to external suppliers engaged to perform a project and charged directly to clients. These costs are mainly production, media costs and out-of-pocket expenses.
Organic growth of revenue: Change in revenue excluding the impact of acquisitions, disposals and currencies.
Organic growth of net revenue: Change in net revenue excluding the impact of acquisitions, disposals and currencies.
Operating margin: Revenue after personnel costs, other operating expenses (excl. non-current income and expense), depreciation and amortization (excl. intangibles from acquisitions).
Operating margin rate: Operating margin as a percentage of net revenue.
Free cash flow before changes in working capital requirements: Free cash flow before changes in working capital requirements linked to operating activities.
Free cash flow: Net cash flow from operating activities, adjusted for interest paid and received, and repayment of lease liabilities.
Net debt (or financial net debt): Total of long-term and short-term financial debt and related derivatives, excluding lease liabilities, net of cash and cash equivalents.
Average net debt: Last twelve-month average of monthly net debt at end of each month.
1 Before change in working capital requirements and based on EUR =
2 Growth at constant currencies and at 2026 perimeter. “Others” include other activities (outdoor media, The Drugstore).
Attachment
