Publicis’ third-quarter results show double-digit organic growth, up 10.3%

According to Publicis Groupe today, the company’s third-quarter net revenue rose 23.5 per cent to €3.24 billion  (AU$5.065 billion) from €2.62 billion (AU$4.1 billion) last year. The quarter was marked by strong double-digit revenue growth across all regions.

Publicis Groupe chairman and CEO, Arthur Sadoun said: “Q3 came in strong, up by 23.5% on a reported basis. In an increasingly uncertain global economic context, organic growth for the quarter was ahead of expectations up by 10.3%.

For the third quarter in a row, our model allowed us to deliver double-digit growth by once again capturing the evolution in client spend towards first-party data management, digital media and business transformation. Publicis Sapient continued to perform strongly with an increase of 18.1% organic growth, and Epsilon saw an acceleration to +13.9% organic growth this quarter.

“All of our regions posted solid organic growth, with both the US and Europe up by 11.1%, and China up by 5.9% despite the ongoing lockdowns there.

“Furthermore, our new business record continues to place us at the top of industry rankings on a 12-month basis, well ahead of the competition.

“Overall, our results since the beginning of the year mean that today we are in a position to upgrade our full-year 2022 guidance for the second time. We are now confident of delivering circa 8.5% organic growth versus 6% to 7% previously, with an operating margin at close to 18% and a Free Cash Flow close to €1.6 billion (AU$2.5 billion).

“Our Q3 numbers are clearly encouraging. But what really stands out is our performance versus pre-pandemic levels. Compared to 2019, we’ve seen our organic growth accelerate to up to 16% in Q3. This demonstrates our ability to more than withstand the ups and downs of the global economy and makes us confident in our ability to face ongoing macroeconomic uncertainties.

“I’d like to thank our clients for their partnership. I also want to say a big ‘merci’ to all of our people for their outstanding efforts. In a context where inflation is impacting the daily lives of many of them, we want to ensure we are giving additional support where it is most needed as we enter the holiday season. That is why we are granting next month an additional one-week salary to half of our team members who do not have any variable remuneration and have contributed to everything we have achieved over the past year.”

Net revenue in Q3 2022

Publicis Groupe’s net revenue in Q3 2022 (based on 3,442 clients representing 92% of the Groupe’s net revenue) was €3,237 million (AU$5.06 billion) compared to €2,621 million (AU$4.1 billion) in Q3 2021, a bump up of 23.5%. Exchange rate variations had a €295 million (AU$461.6 million) positive impact. The acquisitions (net of disposals) have a positive impact of €22 million (AU$34.4 million) this quarter.

Organic growth was up 10.3% in Q3 2022 compared to 2021.

Breakdown of Q3 2022 Net revenue by region

EUR million Net revenue Reported Organic
Q3 2022 Q3 2021 Growth growth
North America 2,076 1,602 29.6% 11.0%
Europe 694 619 12.1% 11.1%
Asia Pacific 303 266 13.9% 4.1%
Middle East & Africa 90 77 16.9% 1.9%
Latin America 74 57 29.8% 19.4%
Total 3,237 2,621 23.5% 10.3%

Net revenue in Asia Pacific was up 13.9% on a reported basis, and also up 4.1% organically. Despite the impact of lockdowns, China’s organic growth accelerated from 2.7% in Q2 up to 5.9% in Q3 thanks to the New Business ramp-up. South-East Asia was broadly stable in the quarter.

Net revenue in the first 9 months of 2022

Publicis Groupe’s net revenue in the first nine months of 2022 was €9,110 million (AU$14.27 billion) compared to €7,552 million (AU$11.81 billion) in nine months of 2021, up by 20.6%. Exchange rate variations had a €649 million  (AU$1.015 billion) positive impact. The acquisitions (net of disposals) had a positive impact of €62 million (AU$96 million) in the first nine months. Organic growth was up by 10.3% in the first nine months of 2022.

Breakdown of Net revenue for the first 9 months of 2022 by region

EUR million Net revenue Reported Organic
9M 2022 9M 2021 Growth Growth
North America 5,736 4,634 23.8% 9.9%
Europe 2,065 1,814 13.8% 11.9%
Asia Pacific 853 736 15.9% 7.9%
Middle East & Africa 255 210 21.4% 9.7%
Latin America 201 158 27.2% 18.1%
Total 9,110 7,552 20.6% 10.3%

Net debt and liquidity

Net financial debt amounted to €919 million (AU$1.436 billion) as of September 30, 2022, compared to €76 million (AU$118 million) as of December 31, 2021. The Groupe’s last twelve months’ average net debt as of 30 September 2022 amounted to 870 million euros (AU$1.36 billion) compared to €1,835 million (AU$2.868 billion) on 30 September 2021.

Governance and appointments

On 14 September 2022, the Supervisory Board of Publicis Groupe approved the renewal of Arthur Sadoun’s mandate as chairman and CEO of Publicis Groupe for four years. The mandates of the Management Board members Anne-Gabrielle Heilbronner, secretary general, and Michel-Alain Proch, chief financial officer, were also renewed for four years. Steve King was appointed chairman of Publicis Groupe Europe and stepped down from the Management Board.

The Groupe created a new management team called the Directoire + that will be comprised of:

  • Carla Serrano, chief strategy officer Publicis Groupe
  • Dave Penski, CEO Publicis Media US
  • Nigel Vaz, CEO Publicis Sapient
  • Agathe Bousquet, president Publicis Groupe France


The Groupe has continued to demonstrate strong momentum in Q3 despite the current macroeconomic environment. After a third quarter of double-digit growth and upgraded expectations for Q4, the Groupe is in a position to upgrade its full-year 2022 guidance a second time this year.

The Groupe now expects to deliver in 2022:

  • Organic growth at circa 8.5%, compared to 6% to 7% previously
  • Operating margin rate at close to 18%, versus 17.5% to 18% previously
  • Free cash flow before working capital requirement close to €1.6 billion (AU$2.5 billion), versus at least €1.5 billion (AU$2.34 billion) previously

New business


ByteDance (Media), L’Oréal (Media/Content/Production), Volkswagen Group (Influence), Vivo Communication Technology Co (Content), Nestlé (Media & Influence), McDonald’s (Creative), Wellington Management Company (DBT), PlayerzPot Media Pvt. Ltd. (Creative), SmarTone Telecommunications Holdings Limited (Media), Abbott Laboratories (Commerce), Singapore Telecommunications (Content), Geely Auto Group (Content), Deliveroo (Media), PlayerzPot Media Pvt. Ltd. (Media), Jardine Restaurant Group (Media), Clarins Group (Media), Cool Inc (Media), Humsafar Trust (Creative), Zoomcar (Media), XYXX Apparels (Media), BMW Malaysia (Creative & Digital), PepsiCo (Media & Creative), e& – Etisalat (Creative), Krungthai Bank (Content), Infinix Mobility (Content), Citigroup (Content), Easy Crypto NZ (Media), Meta (Creative), Singapore Ministry of Communications and Information (Media), Westpac Banking Corporation (CRM), Cashrewards (Media), City of Melbourne (Media), Shandong Hongchang cultural and Creative Industrial Park (DBT), New Balance (Production), Amica Financial Technologies (Media), Body Cupid (Commerce), Bank of China (Media), Samsung (DBT), Essity Hygiene & Health (Media), GlaxoSmithKline (DBT & Production), Neom (Media), Shandong Culture & Travel Media Group (DBT), SAIC Volkswagen (Creative), Eureka Forbes (Media), Chunghwa Telecom (Creative), Sephora (Creative), Procter & Gamble (Creative), Lexus (Creative), Ekaterra – Lipton Tea, Pukka Herbs (Media), Edrington (Media), Mix & Match Travel (Media), Crino Biotechnology (DBT), Bose (Creative), Bank of Queensland (Media), FrieslandCampina (Media), Cross River Rail (Media), Trident (Creative), Uniqlo (Media), Genesis Motor (Production), Superloop (Creative), Cue Learn (Media), Hyatt Hotels (Media), Charlotte Tilbury Beauty (Production), Alibaba (Creative), New Balance (Creative), Marriott International (Creative), Victorian Plumbing (Creative), Niva Bupa (Creative).


AB InBev (Media), Siemens (Creative), Aldi (Media), Norwegian Cruise Line (Media), Singapore Tourism Board (Media & Creative), Mondelez International (Media), Standard Chartered (Creative), Stellantis (CRM), Crocs (Creative & Media), Jim Beam (Creative), Spar International (Retail Media), Binance (Creative).

Publicis Groupe last traded at €55.48 (AU$86.80) as of 18 October 2022, with a market capitalisation of €14.45 billion (AU$22.6 billion).


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