Slides
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FULL YEAR 2025 RESULTS
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2025 HIGHLIGHTS & 2026 OUTLOOK FINANCIAL REVIEW STRATEGIC UPDATE Q&A
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3 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, Publicis Groupe does not assume any obligation to update them to reflect new information or events or for any other reason . Publicis Groupe urges you to carefully consider the risk factors that may affect its business, as set out in the Universal Registration Document filed with the French Autorité des Marchés Financiers (AMF) and which is available on the website of Publicis Groupe ( www . publicisgroupe . com ) . DISCLAIMER
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2025 HIGHLIGHTS & 2026 OUTLOOK
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5 All financial KPIs up while accelerating investments in our future Operating margin at 18.2% Headline EPS +6.6% constant FX Free c ash flow 1 above €2 billion 3 KEY HIGHLIGHTS FROM FY 2025 +5.6% FY’25 organic growth Record high market share gain Outperforming industry for 6 th year in a row Client retention New business wins Foundation for 7 th year of outperformance 1 2 3 1. Before change in WCR.
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6 Best - in - class client retention rate VERY STRONG Q4’25 ORGANIC GROWTH Driven by: AI – powered products and services client demand c. 300bps contribution Historically high new business c. 250bps tailwind Organic growth +5.9% Q4’25 stronger H2 than H1 despite tougher comp +5.6% FY’25 in acceleration vs. 5 - year CAGR of +5.0%
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7 CONTINUED STRENGTH OF MEDIA AND CREATIVE Connected Media 60% Intelligent Creativity 26% Technology 14% Data, media, commerce, creators, performance High - single - digit FY growth driven by market share gains, increasing demand for AI - powered products and services and new addressable markets Creative, production, PR Mid - single - digit FY growth fueled by Production, new business wins, scope expansions and fewer cuts than anticipated in classic advertising in Q4 FY almost flat due to client cautiousness, as witnessed by all IT consulting firms Slightly positive in Q4, in line with Q3 trend
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8 Q4 +4.3% FY +5.2% U.S. Cementing our #1 position in this market Q4 +6.3% FY +4.2% Europe Q4 supported by double - digit growth at Connected Media Q4 +6.2% FY +5.8% Asia Pacific Continued new business wins China strong at +6.0% FY’25 SOLID PERFORMANCE ACROSS ALL REGIONS
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9 1. Before change in WCR. 2. To be submitted at AGM on 27 May 2026. Operating margin rate 18.2% Proposed dividend of € 3.75 per share 2 +4.2% vs. 2024 | Highest payout ratio in the industry at 50.1% PROGRESSING ON ALL FINANCIAL KPIS WHILE MATERIALLY INCREASING INVESTMENTS Free cash flow 1 €2.03 billion c. €1 billion in bolt - on M&A in identity resolution, pharma, influencer and sport marketing Highest in the industry +10.6% vs. record level of FY’24 +50bps operating leverage: • 30bps re - invested in AI, talent and new business, totalling 230bps • 20bps flowing into margin improvement Headline EPS €7.48 Constant currency + 6.6 % vs. FY’24
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10 ( USD million) 2025 2024 2025 vs. 2024 Net revenue 1 6,443 1 5,111 + 8.8 % Operating margin 2, 993 2, 726 + 9.8 % Headline EPS (USD) 8.45 7.90 + 7.0 % Free cash flow before change in WCR 1 2,297 1,989 +15.5% KEY FINANCIAL HIGHLIGHTS IN U.S. DOLLARS Proposed dividend 2 up 8.8% in U.S. dollars 1. See definition in Appendix 2. To be submitted at AGM on 27 May 2026.
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11 SOLID GUIDANCE FOR 2026 TO OUTPERFORM FOR 7 TH CONSECUTIVE YEAR Slight improvement to industry - high 18.2% while maintaining high level of investments Operating margin rate c. €2.1 billion 2 towards cash dividends, stable share count and bolt - on M&A Free cash flow 1 FY’26 organic growth +4% to +5% 1. Before change in WCR. 2. Based on EUR = 1.20 USD.
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FINANCIAL REVIEW
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13 (EUR million) 2025 2024 2025 vs. 2024 Organic growth Revenue 17,399 16,030 +8.5% Net revenue 14,547 13,965 +4.2% +5.6% Operating margin 2,648 2,519 +5.1% Operating margin rate 18.2% 18.0% +20bp s Headline Groupe net income 1 1,896 1,851 +2.4% Free cash flow before change in WCR 1 2,032 1,838 +10.6% KEY FINANCIAL HIGHLIGHTS 1. See definition in Appendix.
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14 (EUR million) Q1 Q2 Q3 Q4 FY 2025 net revenue 3,535 3,617 3,529 3,866 14,547 2024 net revenue 3,230 3,458 3,423 3,854 13,965 Reported growth +9.4% +4.6% +3.1% +0.3% +4.2% Organic growth +4.9% +5.9% +5.7% +5.9% +5.6% NET REVENUE
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15 (EUR million) Q4 2025 Q4 2024 2025 vs. 2024 Organic growth North America 2,291 2,366 - 3.2% +4.2% Europe 964 923 +4.4% +6.3% Asia Pacific 340 339 +0.3% +6.2% Middle East & Africa 133 111 +19.8% +25.3% Latin America 138 115 +20.0% +19.1% Total 3,866 3,854 +0.3% +5.9% Q4 2025 NET REVENUE BY GEOGRAPHY
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16 Q4 2025 PERFORMANCE – NORTH AMERICA (EUR million) Q4 2025 Q4 2024 2025 vs. 2024 Organic growth North America 2,291 2,366 - 3.2% +4.2% U . S . • 57% of Groupe net revenue • Organic growth: +4.3% • Connected Media and Intelligent Creativity both up mid - single digit • Technology almost flat in a context of a continued "wait - and - see" attitude s from clients
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17 Q4 2025 PERFORMANCE - EUROPE (EUR million) Q4 2025 Q4 2024 2025 vs. 2024 Organic growth Europe 964 923 +4.4% +6.3% UK • 9% of Groupe net revenue • Organic growth: +7.2% • Connected Media up double digit s • Intelligent Creativity up mid - single digit • Publicis Sapient up mid - single digit, benefiting from positive phasing France • 6% of Groupe net revenue • Organic growth: +1.8% • Mid - single - digit growth excluding Public i s Sapient • Driven by both Connected Media and Intelligent Creativity Germany • 3% of Groupe net revenue • Organic growth: +8.9% • Double - digit growth in Connected Media • Partly offset by negative Publicis Sapient Central & Eastern Europe • 2% of Groupe net revenue • Organic growth: +5.5% • Growth mainly fueled by Romania and Hungary
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18 Q4 2025 PERFORMANCE – REST OF WORLD Asia Pacific • 9% of Groupe net revenue • Organic growth: +6.2% • Double - digit growth at Connected Media • Solid China up mid - single digit • Strong performance in Australia and India Latin America • 4% of Groupe net revenue • Organic growth: +19.1% • Driven by both Connected Media and Intelligent Creativity • Strong growth in Brazil and Argentina Middle East & Africa • 3% of Groupe net revenue • Organic growth: +25.3% • All practices growing double digits (EUR million) Q4 2025 Q4 2024 2025 vs. 2024 Organic growth Asia Pacific 340 339 +0.3% +6.2% Middle East & Africa 133 111 +19.8% +25.3% Latin America 138 115 +20.0% +19.1%
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19 (EUR million) 2025 2024 2025 vs. 2024 Organic growth North America 8,899 8,583 +3.7% +5.4% Europe 3,520 3,384 +4.0% +4.2% Asia Pacific 1,260 1,218 +3.4% +5.8% Middle East & Africa 440 406 +8.4% +10.8% Latin America 428 374 +14.4% +18.7% Total 14,547 13,965 +4.2% +5.6% FY 2025 NET REVENUE BY GEOGRAPHY
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20 Net revenue growth per client industry 1 FY 2025 PERFORMANCE BY INDUSTRY 1. Growth at constant currencies and at 2025 perimeter 2. Miscellaneous and other activities (outdoor media, the Drugstore, etc.). 3% 12% 15% 13% 13% 11% 10% 8% 3% 4% +11% +11% +14% +1% +3% +4% +2% +20% - 2% +12% 8% - 7% 2
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21 (EUR million) 2025 2024 2025 vs. 2024 Net revenue 14,547 13,965 + 4.2% Personnel costs excl . restructuring (9,439) (9,088) + 3.9% Restructuring (151) (136) + 11.0% Other operating expenses 1 (1,789) (1,727) + 3.6% Depreciation (520) (495) + 5.1% Operating margin 2,648 2,519 + 5.1% as a % of net revenue 18.2% 18.0% +20bp s OPERATING MARGIN 1. Excluding pass - through costs
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22 FY 2025 - CHANGE IN OPERATING MARGIN AS A % OF NET REVENUE 18.2% 2025 Personnel costs 18.0% +35bps Depreciation Other operating expenses 2024 +15bps 0bp s - 30bps Re - investment in : AI, talent upgrade, and new business 50 basis point s operating leverage
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23 (EUR million) 2025 2024 Revenue 17,399 16,030 Net revenue 14,547 13,965 EBITDA 1 3,168 3,014 Operating margin 2,648 2,519 Non - current income and expenses - 1 Net financial expenses (10 7 ) (39) Equity - accounted investees, net of tax 3 (2) Income taxes (64 0 ) (619) % effective tax rate 25. 1 % 24.9% Non - controlling interests (8) (9) Head li ne group net income 2 1,896 1,851 HEADLINE INCOME STATEMENT 1. See definition in Appendix.
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24 HEADLINE EARNINGS PER SHARE, DILUTED 1 2022 2025 €6.35 €7.48 €6.96 2023 €7.30 2024 +6.6% at constant currency 2020 2021 €5.02 €4.27 1. See definition in Appendix.
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25 (EUR million) 2025 2024 Change EBITDA 1 3,168 3,014 154 Repayment of lease liabilities and related interests (453) (453) – Capex, net of disposals (249) (235) (14) Interests paid and received 26 69 (43) Tax paid (536) (655) 119 Other items 76 98 (22) Free cash flow before change in WCR 1 2,032 1,838 194 FREE CASH FLOW 1. See definition in Appendix.
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26 (EUR million) 2025 2024 Free cash flow before change in WCR 1 2,032 1,838 Change in WCR 23 4 (161) Acquisitions (incl. earn - out & net of disposals) (709) (889) Dividends paid (912) (865) Share buy - back, net of sales/ exercise of warrants (147) (148) Non - cash impact on net debt 2 (72 5 ) 91 Reduction (Increase) in net debt (227) (134) USE OF CASH 1. See definition in Appendix 2. 2025: Change in earn - out & buy - out €(305)m, change in fair value of swaps & CTA €(411)m and others €(9)m 2024: Change in earn - out & buy - out €(115)m, change in fair value of swaps & CTA €198m, and others €8m
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27 (EUR million) December 31, 2025 December 31, 2024 Net financial debt, average (LTM) 971 585 Net financial debt, at end of period (548) (775) (Average net financial debt + Average lease liability) / EBITDA (LTM) 1.0x 1.0x NET FINANCIAL DEBT
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28 2022 2025 2023 2024 2020 2021 €2.40 €2.00 45.7% € 2.90 € 3.4 0 € 3.60 € 3.7 5 + 4.2 % 2 50.1 % 49.3% 48.9% 47.8% 46.8% DIVIDEND PER SHARE Dividend to be fully paid in cash Dividend pay - out 1 1. See definition in Appendix. 2. 2025 dividend to be submitted for approval at AGM on May 27, 2026.
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29 2026 CASH ALLOCATION Dividends c. € 950m Share repurchase c. €1 75 m Bolt - on M&A c. €900m Free cash flow 1 2025 2026 Guidance c. €2.1 bn 2 €2.0 bn 1. Before change in WCR. 2. Based on EUR = 1.20 USD.
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STRATEGIC UPDATE
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31 A GROWTH MODEL 2022 2025 OPERATING MARGIN MARGIN VS. PEER AVERAGE 1 1. Peer average performance based on consensus for 2025. Omnicom on revenue basis. 2022 2025 NET REVENUE GROWTH VS. PEER AVERAGE 1 Since the rise of GenAI 3 years ago … 2022 2025 2022 2025 €12.6bn €14.5bn €2.6bn €2.3bn +230 bps +710 bps +300 bps +450 bps +480 bps +150 bps Organic + €2.3 bn +18% Organic + €0.4 bn +19%
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32 3 STRATEGIC MOVES ALLOWED US TO BECOME #1 €14 billion invested integrating all capabilities at the heart of our operations in data and technology First - mover advantage in AI since 2017 #1 Net Organic Growth 2 > 2x the second - best Global Media Billings Including in the U.S. and China Over the last decade… Financial KPIs Operating margin % and FCF ESG With 7 rating agencies out of 10 Market Capitalization > Merger of next 2 peers Client Retention 98% rate for top 100 clients New Business > $8 billion in 2025 1 1. JP Morgan research, net reported billings ($bn). 2. Organic growth on net revenue
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33 OUR AMBITION BE THE M OST V ALUABLE P ARTNER for our clients , people and shareholders
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34 THE MVP FOR OUR CLIENTS Clients need partners to build enterprise - grade AI solutions that deliver profitable growth Be our clients’ indispensable partner for agentic business transformation Consumers adopting AI better and faster than companies
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35 THE MVP FOR OUR CLIENTS TECHNOLOGY AGENTIC PLATFORM TECHNOLOGY BUSINESS AGENTS Leverage the best capabilities in the advertising sector Orchestrate an agentic platform Put data at the core Build business agents Implement the right tech infrastructure DATA
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36 THE MVP FOR OUR CLIENTS Create and orchestrate business agents and models See, understand and engage transparently with 91% of adults Connect all our marketing agents to drive effectiveness and transform our workforce Industry - leading operations AGENTIC PLATFORM TECHNOLOGY BUSINESS AGENTS DATA Write and modernize software in half the time and 30% of the cost
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37 THE MVP FOR OUR PEOPLE Empowering our people through AI Expand upskilling and training through Marcel Equip talent with new AI tools, agents and coaches 1 Everyone to become AI - fluent Industry - leading personalized high - impact marketing Boost people productivity and results Empowering our people through AI
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38 +6% to +7% p.a. net revenue growth 1 THE MVP FOR OUR SHAREHOLDERS AI TO DRIVE SUSTAINABLE TOP - LINE GROWTH… CORE LLMs AI INFRA ENABLERS MEDIA CHANNELS BUSINESS SERVICES AI increasing landscape fragmentation and complexity +7% to +9% p.a. EPS growth 1 ✓ Greater cost base elasticity ✓ Future re - investment capacity ✓ Further margin improvement ‘ Agentify ’ processes using AI agents No top client spends > 4% of budget on a single platform …AND BOTTOM - LINE IMPROVEMENT AI accelerating bolt - ons integration and connection +20% organic growth of new capabilities in FY’25 increase differentiation with: ✓ Identity resolution ✓ New media channels ✓ Production ✓ DBT • Scope expansions • New business • M&A Unique connective tissue for clients 1. In constant currency.
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39 A GROWTH MODEL FOR THE AI WORLD Another year of strong performance in FY’25 Expect industry outperformance again in 2026 Continue to execute our strategy to be the MVP Acceleration on 5 - year organic growth CAGR Increasing the gap with peers on all KPIs +4% to +5% organic growth on top of 6 years of high comparables Increasing operating margin rate and record free cash flow 2,3 Sustainable and solid Top - line growth Margin expansion EPS growth …in 2026 and beyond ✓ Global media billings ✓ Client retention ✓ New business ✓ Net organic growth 1 ✓ Operating margin ✓ Free cash flow ✓ ESG ✓ Market capitalization 1. Organic growth on net revenue. 2. Before change in WCR 3. Based on EUR = 1.20 USD.
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Q&A
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APPENDIX
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42 NET REVENUE & ORGANIC GROWTH CALCULATION 2025 currency impact (EUR million) Q1 Q2 Q3 Q4 FY GBP 2 7 2 (8) (16) (15) USD 2 62 (106) (124) (188) (356) Other (4) (35) (37) (50) (126) Total 65 (139) (169) (254) (497) (EUR million) Q1 Q2 Q3 Q4 FY 2024 net revenue 3,230 3,458 3,423 3,854 13,965 Currency impact 2 65 (139) (169) (254) (497) 2024 net revenue at 2025 exchange rate (a) 3,295 3,319 3,254 3,600 13,468 2025 net revenue before impact of acquisitions (b) 3,457 3,516 3,440 3,813 14,226 Net revenue from acquisitions 1 78 101 89 53 321 2025 net revenue 3,535 3,617 3,529 3,866 14,547 Organic growth (b/a) +4.9% +5.9% +5.7% +5.9% +5.6% 1. Acquisitions (Mars, Influential, BR Media, Atomic 212, Lotame , Captiv8, p - Value, Spinnaker, Adopt, Dysrupt , Chain Reaction, Moov AI, Downtown Paris and Bespoke), net of disposals . 2. EUR = USD 1.130 on average in 2025 vs. USD 1.082 on average in 2024 . EUR = GBP 0.857 on average in 2025 vs. GBP 0.8470 on average in 2024 .
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43 (EUR million) 2025 2024 Net revenue 14,547 13,965 Pass - through revenue 2,852 2,065 Revenue 17,399 16,030 EBITDA 3,168 3,014 Depreciation (520) (495) Operating margin 2,648 2,519 Amortization of intangibles arising from acquisitions (212) (234) Impairment loss (37) (86) Non - current income and expense (5) 15 Operating income 2,394 2,214 Net financial income (expenses) (100) (29) Earn - out revaluation (59) 35 Equity - accounted investees, net of tax 3 (2) Income taxes (577) (549) Non - controlling interests (8) (9) Group Net Income 1,653 1,660 REPORTED CONSOLIDATED INCOME STATEMENT
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44 (EUR million) 2025 2024 Interest (expense)/income on net financial debt 8 52 Interest on lease liabilities (86) (84) Foreign exchange gain (loss) (20) 1 Other financial expenses 1 (9) (8) Headline net financial expenses 2 (107) (39) 1. Mainly includes the net financial cost related to pension obligations . 2. Excludes earn - out revaluation . HEADLINE NET FINANCIAL INCOME (EXPENSE)
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45 (EUR million) 2025 2024 Reported income taxes 577 549 Reversal in income tax on amortization of intangibles arising from acquisitions 55 60 Reversal in income tax on impairment and real estate consolidation 9 20 Reversal in income tax on other items (1) (10) Headline income taxes 64 0 619 Effective tax rate 25. 1 % 24.9% HEADLINE INCOME TAX AND EFFECTIVE TAX RATE
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46 1. Pass - through revenue of €2,852 million in 2025 are split between €2,727 million as pass - through costs and €125 million as depreciation . 2. See definition in Appendix . (EUR million) 2025 P&L Amortization of intangibles arising from acquisitions Impairment / Real estate consolidation charge Change in fair value of financial assets Main non - current items (2) Earn - out revaluation 2025 Headline Net revenue 14,547 14,547 Pass - through revenue 1 2,852 2,852 Revenue 17,399 17,399 EBITDA 2 3,168 3,168 Depreciation (520) (520) Operating margin 2,648 2,648 Amortization of intangibles arising from acquisitions (212) 212 – Impairment / Real estate consolidation charge (37) 37 – Non - current income and expense (5) 5 – Operating income 2,394 212 37 – 5 – 2,648 Net financial income (expenses) (100) (6) (10 7 ) Earn - out revaluation (59) 59 – Equity - accounted investees, net of tax 3 3 Non - controlling interests (8) (8) Income taxes (577) (55) (9) – – – (64 0 ) Group net income 1,653 157 28 (6) 5 59 1,896 H1 2024 CONDENSED CONSOLIDATED INCOME STATEMENT 2025 BRIDGE FROM REPORTED CONSOLIDATED TO HEADLINE INCOME STATEMENT
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47 4 7 2024 BRIDGE FROM REPORTED CONSOLIDATED TO HEADLINE INCOME STATEMENT (EUR million) 2024 P&L Amortization of intangibles arising from acquisitions Impairment / Real estate consolidation charge Change in fair value of financial assets Main non - current items (2) Earn - out revaluation 2024 Headline Net revenue 13,965 13,965 Pass - through revenue 1 2,065 2,065 Revenue 16,030 16,030 EBITDA 2 3,014 3,014 Depreciation (495) (495) Operating margin 2,519 2,519 Amortization of intangibles arising from acquisitions (234) 234 – Impairment / Real estate consolidation charge (86) 86 – Non - current income and expense 15 (14) 1 Operating income 2,214 234 86 (14) 2,520 Net financial income (expenses) (29) (10) (39) Earn - out revaluation 35 (35) – Equity - accounted investees, net of tax (2) (2) Non - controlling interests (9) (9) Income taxes (549) (60) (20) 2 8 (619) Group net income 1,660 174 66 (8) (6) (35) 1,851 1. Pass - through revenue of € 2,065 million in 2024 are split between € 1,947 million as pass - through costs and € 11 8 million as depreciation . 2. See definition in Appendix .
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48 (EUR million) December 31, 2025 December 31, 2024 Goodwill and intangibles 14,227 14,912 Net right of use 1,542 1,735 Other fixed assets 951 974 Current and deferred tax (85) (94) Working capital (3,794) (3,948) TOTAL 12,841 13,579 Group equity 10,447 11,060 Non - controlling interests (23) (24) TOTAL EQUITY 10,424 11,036 Provisions and Pension commitments 783 858 Net debt (cash) (548) (775) Lease liability 2,182 2,460 TOTAL 12,841 13,579 BALANCE SHEET
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49 1. Including fair values of associated derivatives . 2. Eurobond swapped in USD at fixed rate . 3. Issued under Publicis Groupe SA's Euro Medium Term Note Program dated May 16, 2025 . (EUR million) Total Jan 2026 - Dec 2026 Jan 2027 - Dec 2027 Jan 2028 - Dec 2028 Jan 2029 - Dec 2029 2030 Onwards Eurobond 2028 1 2 736 – – 736 – – Eurobond 2031 1 2 754 – – – – 754 Eurobond 2029 3 597 – – – 597 – Eurobond 2032 3 646 – – – – 646 Earn out / Buy out 677 340 85 178 57 17 Other debt 1 73 66 4 1 1 1 Total gross debt 3,483 406 89 915 655 1,418 Breakdown by maturity No covenants GROSS DEBT AS OF DECEMBER 31, 2025
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50 (EUR million) Total EUR USD GBP Others Eurobond 2028 1 2 736 – 736 – – Eurobond 2031 1 2 754 – 754 – – Eurobond 2029 3 597 597 – – – Eurobond 2032 3 646 646 – – – Earn - out / Buy - out 677 29 533 4 111 Other debt 1 73 32 34 2 5 Cash & marketable securities (4,031) (526) (2,327) (39) (1,139) Net debt (cash) (548) 778 (270) (33) (1,023) Breakdown by currency NET DEBT AS OF DECEMBER 31, 2025 1. Including fair values of associated derivatives . 2. Eurobond swapped in USD at fixed rate . 3. Issued under Publicis Groupe SA's Euro Medium Term Note Program dated May 16, 2025 .
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51 1. €2,000 million Revolving Credit Facility (RCF) maturing on July 12, 2030 . LIQUIDITY AS OF DECEMBER 31, 2025 December 31, 2025 December 31, 2024 (EUR million) Facility amount Drawn Available Available 5 - year syndicated facility (Club Deal) 1 2,000 – 2,000 2,000 Total Committed Facilities 2,000 – 2,000 2,000 Cash and Marketable Securities 4,031 3,644 Total liquidity 6,031 5,644
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52 DEFINITIONS Net revenue : Revenue less pass - through costs which comprise amount paid to external suppliers engaged to perform a project and charged directly to clients . These costs are mainly production and media costs, and out of pocket expenses . Organic growth : Change in net revenue excluding the impact of acquisitions, disposals and currencies . 5Y CAGR organic growth: Calculated as: ( [1 + organic growth (n - 5)]*[1 + organic growth (n - 4)]*[1 + organic growth (n - 3)]*[1 + organic growth (n - 2)]*[1 + organic growt h (n - 1)] )^(1/5) – 1 EBITDA : Operating margin before depreciation and amortization . Operating margin : Net 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 . Headline Group net income : Net income attributable to the Groupe, adjusted for impairment losses , amortization of intangibles from acquisitions, main capital gains (or losses ) on asset disposals , changes in the fair value of financial assets and earn - out reevaluation . EPS (Earnings per share) : Group net income divided by average number of shares, not diluted . EPS, Diluted : Group net income divided by average number of shares, diluted . Headline EPS, Diluted : Headline group net income, divided by average number of shares, diluted . Capex : Net acquisitions of property , plant, and equipments , and intangible assets, excluding financial investments and other financial assets . Free cash flow : Net cash flow from operating activities , adjusted for interest paid and received , and repayment of lease liabilities . Free cash flow before change in working capital requirements : Free cash flow before changes in working capital requirements linked to operating activities . 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 12 - month average of monthly net debt at end of each month . Dividend pay - out : Dividend per share / Headline diluted EPS .
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53 Press Amy Hadfield, Director of Global Communications | Email . amy . hadfield@publicisgroupe . com Investor Relations Jean - Michel Bonamy, Deputy CFO - Investor Relations | Email . jean - michel . bonamy@publicisgroupe . com Carla Foucaud | Email . carla . foucaud@publicisgroupe . com Download the Publicis IR app dedicated to investors, analysts and media Available for free at the following stores : Apple Store : https : //itunes . apple . com/us/app/publicis - ir/id 1350661093 ?ls= 1 &mt= 8 Google Play Store : https : //play . google . com/store/apps/details?id=com . symexeconomics . pub . fr&hl=en Publicis Groupe │ 133, Champs Elysées │ F - 75380 Paris Cedex 08 www.publicisgroupe.com │ @ publicisgroupe CONTACT