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First Half 2021 Results Full Recovery with All Kpis Exceeding 2019 Levels

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First Half 2021 Results Full Recovery with All Kpis Exceeding 2019 Levels First Half 2021 Results - Full recovery with all KPIs exceeding 2019 levels July 22, 2021 • Q2 organic growth at +17.1%, more than recovering vs. Q2 2020 at -13.0% o New acceleration in the U.S. at +15.2%, with Epsilon at +31.1% and Publicis Sapient at +27.0% o Continued momentum in Asia at +13.6%, Europe rebounding at +23.0% o U.S. and Asia at +7% organic growth vs. 2019 • Full recovery in H1 overall o Organic growth at +9.7% vs. -8.0% in H1 2020 o All-time high operating margin rate at 16.5% in a first-half o Growth of +27% in Headline EPS at €2.23 and +22% in Free Cash Flow1 at €605m • Number 1 in rankings in New Business2 in H1 • Upgrade of all 2021 guidance KPIs with full recovery expected in one year instead of two: organic growth at 7%, operating margin rate at 17%, Free Cash Flow between €1.2bn and €1.3bn Q2 2021 Revenue ▪ Net revenue € 2,539 M ▪ Organic growth +17.1% ▪ Reported growth +10.7% H1 2021 Results ▪ (EUR million) H1 2021 2021 vs 2020 ▪ Revenue 5,493 +4.1% ▪ Net revenue 4,931 +3.3% ▪ Organic growth +9.7% ▪ EBITDA 1,052 +14.0% ▪ Operating margin 815 +31.0% ▪ Operating margin rate 16.5% +350bps ▪ Headline Groupe net income 555 +33.1% ▪ Headline diluted EPS (euro) 2.23 +27.4% ▪ Free Cash Flow1 605 +22.2% 1 Before change in working capital requirements 2 Source: COMvergence 1 PUBLICISGROUPE.COM Arthur Sadoun, Chairman and CEO of Publicis Groupe: “In the first half of the year, we had a very strong performance thanks to our model in an improving business environment. Not only did we fully recover the revenue lost in 2020, but all of our KPIs over the first half exceeded 2019 levels. In Q2, we posted +17.1% organic growth, improving by 2% compared to 2019, despite the effects of the pandemic. This overperformance was largely driven by the U.S. and Asia, which both grew +7% versus 2019. Our U.S operations posted 15.2% organic growth in Q2, with Epsilon, PMX and Sapient all delivering above +25%. Asia also accelerated further with +13.6% organic growth. Europe rebounded from a low base to +23%, mirroring the progressive lifting of lockdowns. In H1 overall, we posted organic growth of +9.7%, leading to an operating margin rate at 16.5%, the group’s highest ever for a first half period, while our free cash flow up 22%, at €605 million. What is more, we once again topped new business rankings for the first half of the year, thanks to a strong run of wins. For the remaining part of the year, our ability to capture a disproportionate part of our clients’ investment in data and technology means we are in a position to upgrade our 2021 guidance. We now expect to totally recover to pre-pandemic levels, a year ahead of our initial expectations, with full year organic growth at 7% and full recovery in H2, and an operating margin of 17%, provided there are no major deteriorations in the global sanitary situation. I’d like to thank our teams for their incredible efforts in this first half of the year, and our clients for their trust and partnership. In H2 we are focused on the execution of our plan, in a context that remains challenging in many parts of the world. » * * * 2 PUBLICISGROUPE.COM Publicis Groupe’s Supervisory Board met on July 21, 2021, under the chairmanship of Maurice Lévy, to examine the 2021 first semester accounts presented by Arthur Sadoun, CEO and Chairman of the Management Board. KEY FIGURES 2021 EUR million, except per-share data and percentages H1 2021 H1 2020 vs 2020 Data from the Income Statement and Cash flow Statement Net revenue 4,931 4,774 +3.3% Pass-through revenue 562 504 +11.5% Revenue 5,493 5,278 +4.1% EBITDA 1,052 923 +14.0% % of Net revenue 21.3% 19.3% +200bps Operating margin 815 622 +31.0% % of Net revenue 16.5% 13.0% +350bps Operating income 598 254 +135% Net income attributable to the Groupe 414 136 +204% Earnings Per Share (EPS) 1,68 0.57 +195% Headline diluted EPS (1) 2.23 1.75 +27.4% Free Cash Flow before change in working capital requirements 605 495 +22.2% Data from the Balance Sheet June 30, 2021 Dec. 31, 2020 Total assets 29,079 30,161 Groupe share of Shareholders’ equity 7,690 7,182 Net debt (net cash) 1,362 833 (1) Net income attributable to the Groupe, after elimination of impairment charges, amortization of intangibles arising on acquisitions, the main capital gains (or losses) on disposals, change in the fair value of financial assets, the revaluation of earn-out costs, divided by the average number of shares on a diluted basis 3 PUBLICISGROUPE.COM NET REVENUE IN Q2 2021 Publicis Groupe's net revenue in Q2 2021 was 2,539 million euros compared to 2,293 million euros in Q2 2020, up by +10.7%. Exchange rate variations had a 125 million euros negative impact. The acquisitions (net of disposals) contributed 2 million euros to net revenue. Organic growth was +17.1% in Q2 2021. This implies a recovery ratio of 102%3 over the period, after a -13.0% decline in Q2 2020 when the Groupe was very impacted by the effects of the Covid-19 pandemic. All regions strongly recovered in the second quarter and posted double-digit organic growth. Q2 came ahead of expectations reflecting two main factors. First, an improving global context, characterized by mass re-openings in Europe and a continued uplift in the U.S. economy. Second, the strength of the model, which enabled the Groupe to continue to capture the ongoing shift in clients’ investment towards data management, digital media, direct-to-consumer channels and commerce in general. Breakdown of Q2 2021 Net revenue by region EUR Net revenue Reported Organic Recovery 3 million Q2 2021 Q2 2020 growth growth Ratio North America 1,527 1,458 +4.7% +15.1% 106% Europe 634 510 +24.3% +23.0%4 94%4 Asia Pacific 253 215 +17.7% +13.6% 107% Middle East & Africa 71 60 +18.3% +22.8% 94% Latin America 54 50 +8.0% +15.9% 92% Total 2,539 2,293 +10.7% +17.1% 102% Net revenue in North America was up by +15.1% on an organic basis in the second quarter (+4.7% on a reported basis including the negative impact of the US Dollar/ Euro exchange rate). This strong performance was driven by a +15.2% organic growth in the U.S., accelerating from the +5.1% posted in Q1. The recovery ratio in the U.S. is at 107%, implying a 7% growth compared to 2019 level. In the U.S., Q2 saw a particularly high demand for digital media, first party data management and direct-to-consumer products and services. In this context, Epsilon was up by +31.1% and Publicis Sapient by +27.0% organically. The same trend was visible in the Groupe’s digital media unit PMX, which supported overall media growth. Health operations grew double digit again this quarter. Creative activities were positive, showing sequential improvement after being flat in Q1, with notably a strong growth in production activities. 3 Recovery ratio calculated as: 100 * [1 + organic growth (n-1)] * [1 + organic growth (n)] 4 +16.9% excluding outdoor media activities and the Drugstore, i.e. a 97% recovery ratio 4 PUBLICISGROUPE.COM Activities in Europe rebounded from a low base and the region recovered most of the value lost in 2020 with organic growth at +23.0%4, mirroring the progressive lifting of lockdowns (+24.3% on a reported basis). U.K. operations returned to positive growth at +10.0% organic. In France, all activities bounced back strongly, with net revenue up by +30.6%5. Germany accelerated to +9.6% organic growth while Italy was up by +36.9%. Asia Pacific was up by +13.6% on an organic basis (+17.7% reported), accelerating in Q2. This translated into a strong recovery ratio of 107% after an organic growth of -5.7% in Q2 2020. China reported an organic growth of +8.0%, Australia of +7.3% and India of +35.4%. Net revenue in the Middle East and Africa region was up by +22.8% on an organic basis (+18.3% reported). Net revenue in Latin America was up by +15.9% on an organic basis, translating into a recovery ratio of 92% as the region remained impacted by the sanitary situation. Growth on a reported basis was +8.0%, as the impact from currencies in the region remained negative. 4 +16.9% excluding outdoor media activities and the Drugstore, i.e. a 97% recovery ratio 5 Excluding outdoor media activities and the Drugstore 5 PUBLICISGROUPE.COM NET REVENUE IN H1 2021 Publicis Groupe’s net revenue for the first half 2021 was 4,931 million euros, up by +3.3% compared to 4,774 million euros in H1 2020. Exchange rate variations over the period had a negative impact of 276 million euros. Acquisitions (net of disposals) have a negative impact of 1 million euros on net revenue. Organic growth was +9.7% in H1 2021. This implies a recovery ratio of 101%6 over the period, after a -8.0% decline in H1 2020. Following an organic growth of +2.8% in the first quarter, the Groupe accelerated to +17.1% in the second quarter.
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