Agencies Account Moves Tracker - Vol.2: Quarterly net new business tracker: expect tailwinds for 2026E organic for Publicis and Havas. WPP‘s Creative share gains mitigate Media headwinds, though pipeline risk remains highest. Omnicom ranks No.1 in Media YTD but continues to lose Creative accoun

Research evidence excerpt

Agencies Account Moves Tracker - Vol.2: Quarterly net new business tracker: expect tailwinds for 2026E organic for Publicis and Havas. WPP‘s Creative share gains mitigate Media headwinds, though pipeline risk remains highest. Omnicom ranks No.1 in Media YTD but continues to lose Creative accoun

Equity Research

10 July 2026

European Media

Agencies Account Moves Tracker -

Vol. 2

Quarterly net new business tracker: expect tailwinds for European Media

2026E organic for Publicis and Havas. WPP's Creative share NEUTRAL

gains mitigate Media headwinds, though pipeline risk European Media

Julien Roch

remains highest. Omnicom ranks No.1 in Media YTD but +44 (0)20 3134 3323

continues to lose Creative accounts. julien.roch@barclays.com

Barclays, UK

Bernd Klanten

The following listed company is not under coverage by Barclays Research: Dentsu. Information

+44 (0)20 3134 0172

about this company is being provided for information purposes only and is not an investment bernd.klanten@barclays.com

recommendation by Barclays Research. Barclays, UK

Tracking agencies' account moves and reviews matter for three reasons: 1) they are among the Nick Dempsey

+44 (0)20 3134 5888few data points we have in an industry with very little KPIs; 2) they can give us some visibility

nick.dempsey@barclays.com

into future organic performance; 3) they signal something about (perceived) capabilities. In a

world where agencies have grown 1-2% since 2017, market share moves can have a material

impact on organic. This is part of the reason why we expect a continued operating Vivek Panchal

+91 (0)22 6175 4230outperformance of Publicis (guiding to 4-5% organic in FY26E) relative to WPP (who are guiding

vivek.panchal@barclays.com

to -5%/-6% organic).