Publicis (PUBP.PA): Feedback post management call

研报英文原文证据摘录

Publicis (PUBP.PA): Feedback post management call

Equity Research

22 July 2026 | 11:53AM BST

After Publicis results, we hosted a call with management, including the CEO/CFO and Adam Berlin

+44(20)7051-1586 |

c.50 US investors. Key topics in the discussion were: adam.berlin@gs.com

Goldman Sachs International

n Sapient. Management were more cautious about Sapient returning to growth in

2026, noting discretionary capex remains soft. They did not attribute the

weakness solely to the Middle East. However, they stressed that Sapient is adding

value beyond its own top-line performance for other segments and highlighted

that it now represents only 13% of group revenues. They were excited about

what adding LiveRamp into their Technology segment would deliver, but were

limited in what they could say about the transaction.

n Pricing models. Management do not appear to expect a major change in the

pricing model for agencies. Time and materials are 86% of group fees today, with

only c.10% of fees based on performance. Management said they do not plan to

reduce headcount (headcount is broadly flat ytd), but could drive more revenue

per employee through the use of AI tools. This provoked a discussion on how

Publicis would grow if it didn’t increase headcount and revenues would still be

primarily linked to time and materials. The answer seems to be that while overall

headcount will be stable, there will be a mix shift toward billable employees, and

away form non-billable employees.

n Competitive positioning. Conversation focused on whether Publicis could

sustain its market share gains. Management were very confident that they would

benefit from the recent change in market structure to three global media

agencies, and they believe they still have a competitive advantage versus their