Agency Benchmarking: Updated NNB contribution to growth: WPP tops Q2 table... a Coca-Cola cloud on the horizon; Q2 previews

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Agency Benchmarking: Updated NNB contribution to growth: WPP tops Q2 table... a Coca-Cola cloud on the horizon; Q2 previews

J P M O R G A N Europe Equity Research

15 July 2026

Agency Benchmarking

Updated NNB contribution to growth: WPP tops Q2

table … a Coca-Cola cloud on the horizon; Q2 previews

We update the contribution to agency growth from net new business (NNB), European Media

ACleveraging JPM’s latest “Let’s get down to business” published in partnership with Daniel Kerven

our US team led by David Karnovsky. While NNB is only one input into agency (44-20) 7134-3057

organic growth, it can often be the tip of the iceberg: a real-time barometer of the daniel.kerven@jpmorgan.com

strength of an agency's offering, and a lead indicator of growth. J.P. Morgan Securities plc

Saira Das

WPP topped our NNB table in Q2 and H1 2026, and our estimated NNB (91-22) 6157-3838

contribution to its 2026 organic growth increases from 0.8% to 1.1%. Publicis also saira.das@jpmchase.com

J.P. Morgan India Private Limited

saw a good quarter, with its NNB contribution to growth strengthening from 2.3%

to 2.4%. Account wins / losses from Q3 will only make a limited contribution to Recent Notes:

2026 growth, instead laying the foundation for 2027.

Conversations from Cannes: AI to drive

marketing boom; creative renaissance &WPP’s NNB momentum is encouraging. While Publicis retrospectively

better business models herereclaimed the top spot for Q1 after we upgraded the size of its Microsoft account

win, WPP ranks No.1 for H1 2026 and the nine months to Q2’26. Notable Q2 wins

included Henkel ($1.2bn) and Wendy’s ($320m). Taking into account cumulative Improved NNB momentum for Euro