“We expect to outperform again in 2026”: Publicis CEO Arthur Sadoun on achieving 5.7% organic growth in Q3
The French holding company reported 5.7% organic net revenue growth for the third quarter of 2025, surpassing analysts’ consensus of 5.1%. Net revenue totaled €3.529 billion ($4.083 billion).
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Publicis Groupe reported strong third-quarter results for 2025, registering 5.7% organic growth, driven by sustained client demand and expanding adoption of its artificial intelligence-led marketing solutions.
The company noted that all key regions performed well, with the U.S. accelerating to 7.1% growth, outpacing expectations. On the back of this momentum, Publicis upgraded its full-year 2025 organic growth guidance to between 5% and 5.5%, and expects its operating margin to come in slightly above 18%, even after factoring in continued investments in M&A and talent.
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Free cash flow for the year is projected to exceed €1.9 billion, underscoring strong financial health.
“With no slowdown in client demand, Q3 was another very strong quarter, ahead of expectations,” said Arthur Sadoun, Chairman and CEO of Publicis Groupe.
“We are demonstrating that artificial intelligence at Publicis is not a future promise- it is a reality today that is driving our growth.”
Looking ahead, Sadoun said the group expects its positive momentum to continue into the fourth quarter.
“We are confident in upgrading our 2025 growth guidance and confirming a full-year improvement of our already industry-leading margin,” he said.
He added that Publicis is already building for 2026, supported by a record new business run, with net new billings in the first nine months of 2025 matching the total for all of 2024.
The company expects to outperform the industry for the seventh consecutive year in 2026, reaffirming its leadership position among global advertising holding companies.
Connected Media, Intelligent Creativity & Tech fuels growth
Publicis Groupe’s net revenue in Q3 2025 was 3,529 million euros compared to 3,423 million euros in Q3 2024. Organic growth reached +5.7%. On a reported basis, net revenue increased by +3.1%.
Connected Media, representing circa 60% of the Groupe’s total net revenue, continued to perform very strongly with high single-digit organic growth this quarter, driven by Publicis Media’s scale across geographies and media channels, and powered by Epsilon’s data. Intelligent Creativity, generating circa 25% of net revenue, recorded mid-single-digit organic growth, supported by scope expansions and significant growth in production. Technology, representing circa 15% of net revenue, was in positive territory on an organic basis this quarter despite the IT consulting market remaining soft.
Read more: "Advertisers remain focused on market share amid global uncertainty": Publicis CEO Arthur Sadoun
North America net revenue was up +7.1% on an organic basis and +3.6% on a reported basis, including a negative impact of the U.S. dollar to euro exchange rate. The U.S., the Groupe’s largest geography where its model is the most advanced, posted very strong organic growth of +7.1%, fueled by high single-digit growth of Connected Media and mid-single digit growth of Intelligent Creativity. Technology posted low single-digit organic growth this quarter, in a context of continued “wait and see” attitudes from clients on digital business transformation projects.
Net revenue in Europe was up +2.8% organically and +2.2% on a reported basis. Organic growth in the U.K. was up +10.7% with double-digit growth of Connected Media and Intelligent Creativity together, and high single-digit growth of Technology.
France and Germany were down organically this quarter, with Technology in both countries still affected by delayed capex spending from clients. France was also impacted by last year’s higher comparable, which benefitted materially from the Paris Olympics. Excluding those two elements, France was positive. Central & Eastern Europe posted a strong +9.5% organic growth, led by Connected Media at double-digit growth.
Net revenue in Asia Pacific recorded +6.5% growth on an organic basis and +2.9% growth on a reported basis. China performed strongly with +6.1% organic growth, basis market share gains in Connected Media. In Middle East & Africa, net revenue was -3.0% organically and -4.8% on a reported basis, mainly due to Technology facing a high comparable.
Net revenue in Latin America was up +9.6% organically, driven by both Connected Media and Intelligent Creativity. Reported growth was +8.5% after taking into account the depreciation of the Argentinian peso relative to the euro.
Net revenue in the first nine months of 2025 was 10,681 million euros compared to 10,111 million euros in the first nine months of 2024. Organic growth reached +5.5%. Acquisitions, net of disposals, accounted for a positive impact of 268 million euros on net revenue. On a reported basis, net revenue increased by +5.6%.
Acquisitions
Throughout 2025, Publicis Groupe has aggressively expanded its global capabilities through a series of strategic acquisitions across media, data, technology, and health communications - strengthening its position in AI-driven marketing transformation.
January 2025: Acquired Atomic 212°, Australia’s leading independent media agency, enhancing its end-to-end marketing transformation offerings in the region.
February 2025: Bought BR Media Group, Latin America’s top influencer marketing and content network with over 500,000 creators, to bolster its Connected Media and creator economy capabilities.
March 2025: Completed two major deals — acquiring Lotame, a global identity solution provider, to strengthen data precision and scale, and Moov AI, Canada’s leading AI and data solutions firm, expanding its advanced analytics expertise.
April 2025: Acquired Adopt, a specialized global sports and culture agency, to deepen its ability to create culturally resonant brand partnerships through athletes and sports.
May 2025: Purchased Captiv8, the world’s largest influencer technology platform, expanding its reach to 15 million creators and strengthening its AI-powered social commerce suite.
July 2025: Through Publicis Health, acquired p-value Group, a top-tier medical communications agency serving global life sciences clients, reinforcing its expertise in health and scientific marketing.
Outlook
The Groupe upgraded its organic growth guidance for 2025 as anticipated contingencies did not materialize in the third quarter. Notably, the Groupe did not see any material cuts as clients’ marketing budgets remained firm, and instead saw an acceleration in client demand for its AI-powered products and services.
The Groupe is now guiding for organic growth between +5.0% and +5.5% in 2025, compared to close to +5% previously. While the lower end at +5.0% is rock solid, the Groupe is aiming to reach the upper end of the range at +5.5%, which assumes an acceleration in the second half of the year, including a very strong Q4, which faces a high comparable.
Read more: "Advertisers remain focused on market share amid global uncertainty": Publicis CEO Arthur Sadoun
The Groupe is also confirming its 2025 guidance of a slight improvement to its industry-high operating margin of 18.0%. This should be achieved while the Groupe accelerates its investments in AI, talent and new business. Free cash flow before change in working capital is anticipated slightly above 1.9 billion euros in 2025, which includes a negative impact of currency movement for 80 million euros.
