European Media 2Q26 previews

研报英文原文证据摘录

European Media 2Q26 previews

Equity Research

13 July 2026

European Media

2Q26 previews

In this report, we present our 2Q26 forecasts for the European

Media companies listed in the table below. We include

commentary on what we consider to be the key investor European Media NEUTRAL

Unchangedfocus points for these stocks and note where we make

changes to FY forecasts. European Media

Julien Roch

+44 (0)20 3134 3323

Agencies: As always, we believe the most important driver for the shares will be delivery on julien.roch@barclays.com

organic growth. Among the companies we cover, Publicis has been best in class and is guiding Barclays, UK

to 4-5% net sales organic growth for FY26E vs 4% for Omnicom (on revenues ex dispositions, ex Nick Dempsey

FX and based on L12M to 30/09/25; we estimate c. 3% underlying calendarised), 2-3% for Havas +44 (0)20 3134 5888

and -5%/-6% for WPP. For 2Q26E, we forecast +4.7% for Publicis, +3.5% for Omnicom (on nick.dempsey@barclays.com

revenues), +2.5% for Havas and -5.5% for WPP. Apart from organic growth, we expect continued Barclays, UK

focus on any commentary on client spend/sentiment amid macro uncertainty, net new business Bernd Klanten

performance and AI. Publicis will kick off agency earnings on the morning of July 16th. +44 (0)20 3134 0172

bernd.klanten@barclays.com

Info services: We published Informa, Pearson, RELX and Wolters previews already but as a Barclays, UK

reminder: 1) we expect all of them to reiterate FY guidance, but 2) Wolters and Pearson are both Vivek Panchal

expected to start the year with slower growth than guided for FY; 3) the impact of Middle East +91 (0)22 6175 4230

events being moved to H2 impacts absolute revenues for Informa but not organic, while an AI vivek.panchal@barclays.com