Comment: Publicis 2Q preview

研报英文原文证据摘录

Comment: Publicis 2Q preview

23 June 2026

Christophe Cherblanc +41 582 723 540 christophe.cherblanc@bernsteinsg.com

Annick Maas +44 20 7676 6683 annick.maas@bernsteinsg.com

Christopher Pancur +44 20 7676 7280 christopher.pancur@bernsteinsg.com

We regularly hold calls with companies throughout the quarter, making sure we are up-to-date with their latest communications ahead of any

“quiet period”. Publicis’ quiet period will commence shortly (3 July), with 1H results likely to be released in the third week of July based

on past publications (precise date tbc). Our discussion had the company reiterating their 2Q and FY guidance. Key learnings:

1. Unchanged indications of a 2Q organic growth of “4 to 5%”, with a “slight” sequential acceleration. We assume an unchanged

4.7% OG (company compiled consensus not available yet, VA 4.6%). For perspective PUB has beaten quarterly OG expectations by

60bp on average over the last eight quarters (range 0.2%-1.3%). This is a healthy performance as 2Q OG will include : 1/ a Sapient drag,

as the unit was negatively impacted by delayed projects (echoing comments made by other consulting firms), leading to a mid-single

digit decline. Given Sapient 14% share of total revs, this implies a negative -70bp contribution to OG, and OG ex Sapient at a healthy

>6% level ; 2/ the carryover impact of the Middle East war. The Middle East & Africa area generates a low share of revenues (3%), but

the disruption was already very significant in March and continued in 2Q with a low double-digit decline, suggesting -30 to -40bp OG

headwinds at consolidated level (key clients in the area are Neom, Omantel, Nestlé, Diriyah Gate Development Authority, Procter &

Gamble, Etisalat, Saudi Airlines, Beiersdorf, Stellantis, Samsung, McDonald’s).

2.