ANNUAL FINANCIAL REPORT

This Universal Registration Document is a translation into English of the official French version of the Universal Registration Document established in ESEF (European Single Electronic Format) format, filed on April 30, 2026 with the French Financial Markets Authority (Autorité des Marchés Financiers) as the competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of said Regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of financial securities or the admission of financial securities to trading on a regulated market if it is supplemented by a securities note (or note relating to financial securities) and, where applicable, a summary and any amendments made to the Universal Registration Document. The resulting package is approved by the AMF in accordance with Regulation (EU) 2017/1129.

This Universal Registration Document has been established in ESEF (European Single Electronic Format) and is available on the website www.publicisgroupe.com, as well as on that of the AMF (www.amf-france.org).

ARTHUR SADOUN

Chairman and Chief Executive Officer

Publicis Groupe is reaping the rewards of Maurice Lévy’s vision and the work our teams have done to implement it. Thanks to our AI-driven growth model, we are entering our second century stronger than ever.

Publicis has gone through a radical transformation over the past decade, moving from being a communications partner to our clients to being their preferred partner in their transformation. We have established a true “Category of One,” for ourselves thanks in large part to our unrivaled position in proprietary data, our connected media ecosystem, our intelligent creativity capabilities, and our 25,000 engineers and IT consultants, all united through the Power of One. Since the rise of generative AI three years ago, our growth model has shown that, far from being a tailwind, artificial intelligence is a strategic driver of growth and margin improvement for Publicis. During this period, we have increased our net revenue and operating income by nearly 20% on an organic basis, widening the gap with our peers.

THANKS TO OUR AI-DRIVEN GROWTH MODEL, WE ARE ENTERING OUR SECOND CENTURY STRONGER THAN EVER.

In an environment that remained challenging, we delivered net revenue organic growth of +5.6% in 2025, 700 basis points ahead of our holding company peers, and an acceleration compared with the average net revenue growth since 2020. This outperformance was made possible in large part by our data-driven Connected Media activities, and to our continued ability to win market share. Our creative agencies regrouped within Intelligent Creativity have shown resilience in the face of budget cuts across the traditional advertising sector. Publicis Sapient continued to face a wait-and-see attitude from some clients regarding their digital transformation projects, a situation affecting all major players in the IT consulting space in general.

A DEFINING FEATURE OF 2025 WAS OUR INCREASED INVESTMENT IN ARTIFICIAL INTELLIGENCE AND TALENT, WHILE FURTHER IMPROVING OUR MARGIN AND FREE CASH FLOW TO RECORD LEVELS.

A defining feature of 2025 was our Increased investment in artificial intelligence and talent, while we further improved our margin to 18.2% and boosted our free cash flow to over 2 billion euros—financial metrics that were already the highest in the industry. We also confirmed our commercial momentum, ranking once again at the top of the new business rankings.

These very solid results will allow us to propose to our shareholders at the General Shareholders’ Meeting of May 27, 2026, an all-cash dividend of euro 3.75 per share—an increase of 4.2%—and a payout ratio of 50.1%, the highest in our industry.

Now, as we look to 2026 and beyond, mention of course needs to be made of the global situation as it stands at the start of this year. In an environment that is more volatile than ever with ongoing conflict in Eastern Europe and the Middle East, rising energy prices, and the prospect of further tariffs we will remain closer than ever, at our clients’ side, to support them through these uncertain times.

In this context, we have a simple ambition: to be the industry’s MVP—Most Valuable Partner. The MVP for our customers, by designing agentic solutions that generate tangible business results, at a time when 95% of artificial intelligence projects fail to deliver real value. The MVP for our employees, by continuing to see them as a key differentiator and providing them with the tools and training they need to thrive in this AI world. And, the MVP for our shareholders, by focusing on delivering transformative growth versus the consolidation of traditional assets.

OUR AMBITION: TO ESTABLISH OURSELVES AS THE INDUSTRY’S MOST VALUABLE PARTNER, FOR OUR CLIENTS, EMPLOYEES AND SHAREHOLDERS.

All of this gives us confidence in our ability to outperform the sector in terms of organic growth for the seventh consecutive year in 2026, while improving our margins, earnings per share and free cash flow.

I would like to thank the Board for its unwavering support and especially Élisabeth Badinter, Vice-Chair of the Board, and Maurice Lévy, Emeritus Chairman, whose pioneering visions and investments have enabled the Groupe to advantageously position itself to confront a future dominated by artificial intelligence, as it enters its second century. Throughout 2025 more than ever, his experience and knowledge of the sector were valuable assets.

Finally, I would like to thank our clients and shareholders for the trust they have placed in us throughout our transformation, and our employees for their remarkable commitment to building, together, the future of our industry.

Arthur Sadoun
Chairman and Chief Executive Officer

Terms

Advanced TV: Advertising medium in which ads are shown in programs and films broadcast via over-the-top (OTT) services on connected TVs (with a built-in Internet connection) or streaming devices.

Connected Media: Pillar covering data, media, CRM, social and commerce activities.

Data: Data used to support clients in their marketing or sales decisions.

Digital Business Transformation (DBT): Consulting services in the transformation of our clients’ business models and their adaptation to the digital world.

Direct-to-consumer brands: Brands selling directly to consumers over the Internet without going through physical distributors.

Dynamic creativity: Personalized creative content adapted to the consumer according to their characteristics (location, interests, stage in their consumer journey, etc.).

Epsilon CORE ID: The market-leading privacy-safe person-based identifier, designed to help brands accurately recognize and reach consumers across the open web.

Epsilon PeopleCloud: Platform powered by Epsilon’s CORE ID to enable personalized consumer journeys at scale. The platform allows brands to manage and grow their client data, engage with consumers across channels and measure marketing spend to optimize best outcomes.

Global Delivery Centers: Hubs bringing together Publicis Groupe employees available to support the country model, particularly in media, production, data and digital transformation expertise.

Groupe Client Leaders (GCL): The Groupe Client Leader is responsible for all services and skills made available to the client, regardless of the discipline. GCLs have a geographical scope that can be global, regional or country-based.

Industry verticals: Organization of certain Groupe activities according to the clients’ business sector.

Intelligent Creativity: Pillar covering creative, production and public relations activities.

JANUS: the body of rules of conduct and ethics that applies to all Groupe employees and establishes the rules of business conduct: “The Publicis way to behave and operate”.

Platform: Service acting as an intermediary to access information, content, services or goods, most often published or provided by third parties. It organizes and prioritizes content and generally responds to its own ecosystem approach.

Practices: Communication and marketing activities that require global centralization.

Publicis Communications: Until the end of 2019, Publicis Communications brought together the Groupe’s global creative offering, including Publicis Worldwide, Leo Burnett, Saatchi & Saatchi, BBH, as well as Prodigious, a world leader in production, Marcel, Fallon and MSL, a specialist in strategic communication. As of early 2020, this structure no longer exists at the global level as the Groupe has moved to a country organization. It continues to exist in the United States, reflecting the organization’s adaptation to the size of the country. Publicis Communications US has also included Razorfish, a digital marketing activity, since 2020.

Publicis Health: Publicis Health is a world leader in healthcare and pharma communications.

Publicis Media: Until the end of 2019, Publicis Media brought together all of the Groupe’s media expertise, specifically the investment, strategy, analysis, data, technology, marketing performance and content of Starcom, Zenith, Spark Foundry, Blue 449, Performics and Digitas. As of early 2020, this structure no longer exists at the global level as the Groupe has moved to a country organization. It continues to exist in the United States, reflecting the organization’s adaptation to the size of the country.

Publicis Sapient: Publicis Sapient partners with clients in the field of digital business transformation, based on technology, data, digital and consumer experience.

Re:Sources: Re:Sources includes the Shared Service Centers, which cover most of the required administrative functions for the Groupe’s agencies.

Retail media: Purchase and sale of advertising on retailers’ websites and apps, most commonly in sponsored product ad format and based on retailer transactional data.

The Power of One: A unique offering made available to clients by simply, flexibly and efficiently providing all of Publicis Groupe’s expertise (creative, media, digital, tech, data and health).

Viva Technology: Event co-organized by the Groupe, Les Echos and Publicis Groupe. This is the first international meeting dedicated to innovation, the growth of start-ups and collaboration between large groups and start-ups in France.

Walled garden: Expression generally used to designate the advertising ecosystems of a few digital giants in which advertisers have only limited access to data and information.

Definitions

Average net debt: Average of monthly net debt at end of month.

CapEx: Net acquisitions of tangible and intangible assets, excluding financial investments and other financial assets.

CCPA: The California Consumer Privacy Act (CCPA) is a law of the State of California (USA) relating to the protection and processing of personal data of California residents. The CCPA came into force on January 1, 2020.

CSR: Corporate Social Responsibility.

DNFP: Declaration of Non-Financial Performance.

EBITDA: Operating margin before depreciation & amortization.

EPS (Earnings per share): Net income attributable to the Groupe divided by average number of shares, not diluted.

EU: European Union.

Free cash flow: Net cash flow from operating activities after financial income received, financial interest disbursed and repayment of lease commitments and related interest.

Free cash flow before changes in WCR: Net cash flow from operating activities after financial income received and financial interest disbursed, before repayment of lease commitments and related interest, and before change in working capital related to operating activities.

GDPR: The General Data Protection Regulation (GDPR) refers to Regulation (EU) 2016/679 of the European Parliament and of the Council of April 27, 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data.

GSM, OGM, CGSM: General Shareholders’ Meeting, Ordinary General Shareholders’ Meeting, Combined General Shareholders’ Meeting.

Headline EPS, diluted (Headline earnings per share, diluted): Headline Groupe net income, divided by average number of shares, diluted.

Headline net income, Groupe share: Net income attributable to the Groupe, after elimination of impairment charges/real estate transformation expenses, amortization of intangibles arising on acquisitions, the main capital gains (or losses) on disposals, change in the fair value of financial assets and the revaluation of earn-outs.

N/A: Not available.

Net debt (or net financial debt): Sum of long- and short-term financial debt and associated hedging derivatives, less cash and cash equivalents.

Net revenue: Revenue less pass-through costs. Those costs are mainly production & media costs and out-of-pocket expenses. As these items that can be passed on to clients are not included in the scope of analysis of transactions, the net revenue indicator is the most appropriate for measuring the Groupe’s operational performance.

Operating margin: Revenue after personnel costs, other operating expenses (excl. non-current income and expenses) and depreciation (excl. amortization of intangibles arising on acquisitions).

Operating margin rate: Operating margin as a percentage of net revenue.

Organic growth: Change in net revenue excluding the impact of acquisitions, disposals and currencies.

Organic growth vs. 2019: Growth over four years calculated as follows: ([1 + organic growth (n-3)]×[1 + organic growth (n-2)]×[1 + organic growth (n-1)]×[1 + organic growth (n)]).

Payout ratio or Dividend payout: Dividend per share divided by Headline diluted EPS.

WCR: working capital requirement.

In 1926, Marcel Bleustein-Blanchet created an advertising agency called Publicis: “Publi,” for “Publicité,” which means “advertising” in French, and “six” for 1926. The founder’s ambition was to transform advertising into a true profession with social value, applying rigorous methodology and ethics, and to make Publicis a “pioneer of modern advertising.” The Company quickly won widespread recognition. In the early 1930s, Marcel Bleustein-Blanchet was the first to recognize the power of radio broadcasting, a new form of media at the time, to establish brands. Publicis became the exclusive representative for the sale of advertising time on the government-owned public broadcasting system in France. But in 1934, the French government abolished advertising on State radio; Marcel Bleustein-Blanchet then decided to launch his own station, “Radio Cité”, the first private French radio station. In 1935, he joined forces with Havas to form a company named “Cinéma et Publicité,” which was the first French company specialized in the sale of advertising time in movie theaters. Three years later, he launched “Régie Presse,” an independent subsidiary dedicated to the sale of advertising space in newspapers and magazines.

After suspending operations during the Second World War, Marcel Bleustein-Blanchet reopened Publicis in early 1946, and not only renewed his relationships with pre-war clients but went on to win major new accounts: Colgate-Palmolive, Shell and Sopad-Nestlé. Recognizing the value of qualitative research, in 1948, he made Publicis the first French advertising agency to conclude an agreement with the survey specialist IFOP. Later, he created an in-house market research unit. At the end of 1957, Publicis relocated its offices to the former Hôtel Astoria at the top of the Champs-Élysées. In 1958, Publicis opened the first drugstore, which has since become a Paris landmark.

From 1960 to 1975, Publicis grew rapidly, benefiting in particular from the beginnings of advertising on French television in 1968. The Boursin campaign inaugurated this new media: this was the first television-based market launch in France, and the slogan soon became familiar to everyone in the country: “Du pain, du vin, du Boursin” (“Bread, wine and Boursin”). Several months later, Publicis innovated again by siding with one of its clients in a new kind of battle: the defense of Saint-Gobain, for which BSN had launched the first-ever hostile takeover bid in France.

In June 1970, Publicis listed on the Paris Stock Exchange.

On September 27, 1972, Publicis’ head offices were entirely destroyed by fire. A new building was built on the same site and the Publicis set about pursuing a strategy of expansion through acquisitions in Europe, taking over the Intermarco network in the Netherlands, followed by the Farner network in Switzerland; this resulted in the creation of the Intermarco-Farner network to support the expansion of major French advertisers in other parts of Europe.

In 1977, Maurice Lévy was appointed Chief Executive Officer of Publicis Conseil, the Groupe’s main French business, after joining Publicis in 1971.

In 1978, Publicis set up operations in the United Kingdom after acquiring the McCormick advertising agency. In 1984, Publicis had operations in 23 countries across Europe. In 1981, Publicis opened a very small agency in New York.

In 1987, Marcel Bleustein-Blanchet decided to reorganize Publicis as a company with Supervisory and Management Boards. He became Chairman of the Supervisory Board, and Maurice Lévy was appointed Chairman of the Management Board.

In 1988, Publicis concluded a global alliance with the American firm Foote, Cone & Belding Communications (FCB) and the two European networks of the two partners merged. Publicis thus expanded its global presence with the help of its ally’s network.

Growth accelerated in the 1990s. France’s number four communications network, FCA!, was acquired by Publicis in 1993, followed by the merger of FCA! with BMZ to form a second European network under the name FCA!/BMZ. In 1995, Publicis terminated its alliance with FCB.

On April 11, 1996, Publicis’ founder died. His daughter, Élisabeth Badinter, replaced him as Chairman of the Supervisory Board. Maurice Lévy stepped up the Company’s drive to build an international network and offer clients a presence in markets around the world. The drive to acquire intensified and became global: first Latin America and Canada, then Asia and the Pacific, India, the Middle East and Africa. The United States was the scene of large-scale projects from 1998 onwards, as Publicis looked to significantly expand its presence in the world’s largest market. Publicis acquired Hal Riney, then Evans Group, Frankel & Co. (relationship marketing), Fallon McElligott (advertising and new media), DeWitt Media (media buying).

In 2000, Publicis acquired Saatchi & Saatchi, a business with a global reputation for talent and creativity. This acquisition was a milestone in the development of the Groupe in Europe and the United States.

In 2001, Publicis Groupe formed ZenithOptimedia, a major international player in media buying and planning, by merging its Optimedia subsidiary with Zenith Media, which had previously been owned 50/50 by Saatchi & Saatchi and the Cordiant Group.

In 2002, Publicis announced its acquisition of the US group Bcom3, which controlled the Leo Burnett, D’Arcy Masius Benton & Bowles agencies and Starcom MediaVest Group, and held a 49% interest in Bartle Bogle Hegarty. At the same time, the Groupe established a strategic partnership with Dentsu, the undisputed leading communications group in Japan and a founding shareholder of Bcom3. The acquisition established Publicis in the top tier of the advertising and communications industry, making it the fourth largest advertising group worldwide, with operations in more than 100 countries and five continents.

From 2002 to 2006, Publicis Groupe successfully integrated Bcom3, following Saatchi & Saatchi, and brought together a large number of entities. At the same time, it made a number of complementary acquisitions to create a coherent range of services, particularly offering different types of marketing services and access to the principal emerging markets.

The period between 2006-2013 marked the transformation of Publicis for the digital world. This was reflected by a profound change in its structure and operating methods to better adapt to the new demands of this new era. The Groupe added digital services to its well-known holistic offer while strengthening its position in fast-growing economies, both of which would be major strategic bets in the years to come. Amid fast growth in the digital arena, the most visible sign of the Groupe’s transformation was undoubtedly the launch of VivaKi, a new initiative aimed at optimizing the performance of advertiser investments. In 2007, Publicis completed the acquisition of Digitas, the US leader and the world’s largest interactive and digital communications agency. The acquisition of Razorfish – the number two interactive agency in the world after Digitas – from Microsoft in 2009, brought new strengths to the Groupe’s digital activities, notably in e-commerce, interactive marketing, search engines, strategy and planning, social network marketing and the resolution of technological architecture and integration issues.

In 2009, Publicis Groupe became the world’s third-largest communications firm, overtaking Interpublic Group.

During 2012 and 2013, the Groupe made a number of targeted acquisitions worldwide, particularly in the digital sector, in France, Germany, the United Kingdom, Sweden, the United States, Russia, Brazil, China, Singapore, India, Israel and, for the first time, in Palestine.

On July 27, 2013, Publicis Groupe and Omnicom Group signed an agreement for a merger of equals. In May 2014, Publicis Groupe chose not to pursue the proposed merger.

The most important transaction of 2014 was the acquisition of Sapient. In a world of growing convergence, the combination of Sapient with the Groupe’s know-how created an unparalleled expertise in marketing and commerce across all distribution channels and consulting services based on outstanding technological prowess.

Publicis Sapient became part of the new Group organizational structure announced in 2015, whose implementation was completed at the end of the first half of 2016. This structure abandoned the holding company model in order to develop an operational architecture based on the Connecting Company concept. This model is a one-of-a-kind platform that offers clients plug-and-play access to top-tier services:

• ▪ a client-first approach – clients are at the heart of the Groupe’s operations;
• ▪ a fluid model – just one person – the Group Client Leader – acts as the sole point of contact and account manager, able to draw on the Groupe’s entire talent pool, breaking down silos;
• ▪ a harmonized working method – income statements are consolidated and all operational barriers are removed;
• ▪ modular organization – the ability to adapt to individual client requirements and situations, with an open architecture that offers plug-and-play access to global partners where required;
• ▪ a comprehensive offering – by bringing together creative, intelligence and technological expertise, the Groupe provides its clients with transformation ideas that are unprecedented in the sector.

Thus, Publicis connects all its expertise in an integrated way thanks to the “Power of One” to provide winning solutions to its clients.

In 2016, on its 90^th anniversary, the Groupe launched a project named Publicis90. This idea was to provide 90 projects or start-ups with financial aid and the support of the Groupe’s digital experts. These projects were selected from 3,500 applications submitted from 130 countries.

At the beginning of 2017, the Publicis Groupe Supervisory Board appointed Arthur Sadoun as Maurice Lévy’s successor as Chairman of the Management Board. Maurice Lévy became Chairman of the Supervisory Board.

After breaking the silos and organizing itself into Solutions, the Groupe went a step further in 2017 by implementing a country-based organizational structure, aiming to provide clients with a fully integrated offer, from advertising to marketing, consulting, and media, with data at its core. The deployment of this organization began in France, the United Kingdom, China and Italy.

Publicis looked to equip itself with a system that would serve its talent. The Marcel artificial intelligence platform, developed in partnership with Microsoft, and named in tribute to the Groupe’s founder, was launched in 2018. The aim of Marcel is to facilitate the transformation from a holding company to a platform so that all Groupe employees worldwide can discuss and collaborate without barriers or borders.

With the acquisition of Epsilon, 2019 was a pivotal year. Epsilon has the technology and platforms to structure client first-party data, round it out with an incomparably diverse range of data sources and put together personalized campaigns at scale. The Groupe’s activities were resolutely positioned to the future, with more than 30% of net revenue generated by data and digital business transformation.

At the same time, the Power of One strategy was now fully in place, and the Groupe had thus completed its transformation in terms of assets and structure. The Groupe was in a unique position to serve clients across the entire value chain. It is the only one to have large-scale assets in creativity, media, data and technology.

2020 will remain marked by the global Covid-19 pandemic, which resulted in one of the largest economic crises in recent history. In such a context, the Groupe succeeded in delivering solid results thanks to the transformation undertaken several years earlier. Its Marcel platform brought teams together and proved to be a valuable tool during such a period. It helped the Groupe to adapt to meet the requirements of new working methods and enable better sharing, even remotely.

In 2021, global advertising spending rebounded strongly, boosted by overall economic growth and multiple stimuli from central banks and governments. It was also marked by the continuation of structural changes in the industry, in first-party data management, new digital media, the evolution of commerce and digital business transformation. In this environment, the Groupe achieved record results with all indicators exceeding their 2019 levels. Furthermore, the Groupe acquired CitrusAd, a technology platform that optimizes the marketing performance of brands directly on e-commerce sites.

The Groupe emerged from the pandemic both stronger and even more committed to ESG, as evidenced by its progress in ESG performance, reflected in its top ranking in the sector in the ratings of 8 out of the 10 leading rating agencies.

In 2022, the Groupe’s revenue exceeded euro 14 billion for the first time and net revenue euro 12 billion, driven in particular by double-digit organic growth for the second consecutive year. The Groupe made several acquisitions in the fields of data (Retargetly), commerce (Profitero) and digital transformation (Tremend). In addition, the Groupe announced the creation of Unlimitail, a joint venture with Carrefour, to respond to the booming retail media market in Continental Europe and Latin America.

On the ESG front, the Groupe laid the foundations for a major initiative, #WorkingWithCancer, aimed at eradicating the stigma of cancer in the workplace by supporting affected employees or those whose relatives are affected by the disease. Many companies have joined the project since the beginning of 2023.

With revenue of nearly euro 15 billion in 2023, Publicis reinforced its position as the second-largest player in the industry, ahead of Omnicom, and the largest in terms of market capitalization. During the year, the Groupe made several acquisitions: Yieldify in the field of technological marketing; Practia, a leader in digital transformation in Latin America; and Corra, a leader in e-commerce recognized by Adobe as the one of the best e-commerce companies in North America.

2024 will remain a historic year for Publicis Groupe. With net revenue of nearly euro 14 billion, the Groupe became the world’s leading advertising group, ahead of WPP. This performance is the result of efforts made over many years, generating market share gains, the contribution of numerous investments in data and technology, and the benefit of its platform organization, putting clients at the heart of its operations. In 2024, the Groupe implemented a new organization based on three pillars: Connected Media, bringing together data, media, CRM, social and commerce activities; Intelligent Creativity, including creative, production and public relations; and Technology with Publicis Sapient. In addition, Publicis Groupe completed two significant acquisitions: Influential in influencing marketing and Mars United in commerce.

2024 was an exceptional year in the field of artificial intelligence, marked by technological advances and a proliferation of large language models (LLMs). While supporting its clients in their transformation towards AI, Publicis is also accelerating the deployment of this technology within its own organization by bringing together all of its own data under a single entity: CoreAI. This platform, developed in-house by Publicis Sapient, unifies all the Groupe’s activities, enabling its talent to take full advantage of AI and drive growth for clients.

2024 was also the year in which the Groupe’s governance structure changed, with the transition from a Supervisory Board and Management Board to a Board of Directors, and the appointment of Arthur Sadoun as Chairman and Chief Executive Officer

Thanks to its AI-led growth model, Publicis maintained its leading position in all its key indicators in 2025: organic growth in net revenue, operating margin, free cash flow, new business, client retention, global media billings, ESG and market capitalization. Notably, 2025 marked the sixth consecutive year that the Groupe has outperformed the sector in terms of organic growth. Throughout the year, Publicis continued to target acquisitions to strengthen its capabilities in areas such as identity resolution (Lotame), influencer marketing (Captiv8, BR Media and HEPMIL), healthcare (p-Value) and sports marketing (Adopt). Publicis is thus entering its second century stronger than ever.

Publicis is a world leader in marketing, communications and digital business transformation, established in 1926 when Marcel Bleustein-Blanchet created what was essentially a start-up.

The passion that Marcel felt for communications and the creation of strong relations between brand names and consumers transformed this new business into a prosperous and respected profession. The Groupe has never stood still, continuing to grow, innovate and transform for nearly 100 years. The core values dear to its founder’s heart have continued to define everything we do: respect, honest products, client satisfaction, quality and creativity, together with a pioneering spirit, unwavering conviction and the ethical values inherited from his legendary fighting spirit.

In 2025, the Groupe operates in more than 100 countries, has approximately 114,000 employees and is the world’s leading group in the communications sector⁽¹⁾.

Our investments focus on digital expertise, data and technology to strengthen our teams, boost innovation and offer new services. By reinforcing our agencies, and developing strategic partnerships or initiatives with major Internet players, Publicis Groupe can anticipate changes and developments in the communications industry as it shifts towards digital technologies. Our aim is to offer the most innovative solutions to clients, in line with rapidly changing consumer behavior and technology.

In 2023, Publicis announced the acquisition of Practia, one of the leaders in digital transformation services in Latin America, based in Argentina. With its 1,200 experienced professionals, Practica will help position Publicis Sapient to penetrate the Latin American market while establishing a foundation for a nearshore delivery platform to better service clients based in North America. Also, in digital transformation, the Groupe acquired Corra, based in New York, a leader in e-commerce that will augment Publicis Sapient’s existing expertise in commerce solutions, including Adobe Commerce, while extending Publicis Sapient’s offerings in digital and omnichannel commerce.

In order to address the booming demand for retail media in Continental Europe, Brazil and Argentina, Publicis and Carrefour announced the launch of their joint venture Unlimitail, based on the most advanced technologies from “CitrusAd powered by Epsilon” and the deepest retail expertise in the mass market retail sector from Carrefour.

Finally, with Publicis Sapient AI Labs and PS Hummingbird, the Groupe has invested in specialized AI joint ventures to strengthen this expertise at Publicis Sapient.

In 2024, the Groupe made two major acquisitions, in influencer marketing and commerce.

With Influential, Publicis Groupe invested in the world’s preeminent influencer marketing company and platform. Influential’s proprietary AI-powered technology platform with over 100 billion data points, coupled with its network of over 3.5 million creators, including access to and data on 90% of global influencers with more than 1 million followers, currently serves more than 300 brands around the world. By combining these capabilities with the unique data and identity assets of Epsilon, Publicis Groupe is putting the leadership of ID-driven influencer marketing in the hands of all of its clients through a premium creator network, revolutionized influencer planning and maximized cross-channel outcomes.

The Groupe significantly strengthened its commerce offer through the acquisition of Mars United Commerce, the largest independent commerce marketing company in the world. With over 1,000 employees based in 14 hubs worldwide, Mars leverages its proprietary suite of commerce solutions to drive growth for more than 100 of the world’s top brands. The combined forces of Publicis Groupe and Mars has created the industry-leading connected commerce solution, allowing clients to influence the complete commerce journey for billions of global shoppers through an offering that begins with the industry’s deepest and richest database of consumer behavior and ends at the digital and physical shelves of the world’s leading online and offline retailers.

The Groupe also acquired AKA Asia, one of Singapore’s leading integrated communications agencies. The acquisition expands and diversifies Publicis Groupe’s capabilities in the market while bolstering the Groupe’s strategic communications, PR and influence offering. AKA joins the Groupe’s regional Influence division.

In France, Publicis Groupe acquired Downtown Paris, a creative and production house specializing in the world of luxury goods and beauty, intended to strengthen the production activity of Publicis France and to work with the Groupe’s various luxury goods entities.

With the acquisition of Spinnaker SCA, the Groupe strengthened Publicis Sapient’s supply chain capabilities and skills, while the acquisition of Wibilong, a SaaS platform for creating customer communities, completes the Epsilon France offer.

In 2025, the Groupe acquired Lotame, an independent leader in data and identification solutions. The combined data and identity assets of Lotame and Publicis Groupe’s 2.3 billion global profiles enable clients to reach 91% of adult internet users securely and transparently.

The acquisition of Moov AI, a Canadian leader in AI and data solutions, allows the Groupe to strengthen its AI offering for the Groupe’s customers in the North American market.

The Groupe also strengthened its global influence offering with the acquisitions of Captiv8, the world’s largest platform dedicated to influencer marketing (with a network of 15 million content creators worldwide, bringing together 95% of influencers with more than 5,000 followers), BR Media Group, the leader in influencer marketing and content in Latin America, and HEPMIL Media Group, the leading influencer agency in Southeast Asia.

In sports, the Groupe completed the acquisition of Adopt, a global agency specializing in sports and culture, to strengthen its ability to use athletes to create authentic cultural connections with brands.

Publicis Health acquired p-Value Group, a leading player in medical communication, providing a complete range of services to life sciences companies.

Finally, the Groupe acquired Atomic 212°, the leading independent media agency in Australia, further strengthening the Groupe’s ability to offer end-to-end marketing transformation solutions in the region.

Total acquisition costs for entities integrated during 2025 (gross payments, after deducting cash and cash equivalents acquired) came to euro 670 million, including euro 47 million in earn-out payments.

Publicis Groupe did not conclude any significant agreements or any agreements conferring a significant obligation or commitment on the Groupe, with the exception of those concluded in the normal course of business, during the two years preceding the date of this Universal Registration Document.

The Groupe does not believe that it is dependent on any specific patent or license to operate its businesses.

R&D within Publicis Groupe has always taken an applied form, as it is directly linked to the search for concrete technological solutions designed to help our clients, to developing and improving the performance of our products, technological platforms or internal tools, and to taking advantage of the latest technological advances to offer new options to our clients. Several PhD students work within the Groupe, most of them at Publicis Sapient and Epsilon.

Epsilon’s R&D efforts are underpinned by a culture and investments that promote continuous innovation, grounded in academic discipline, in order to accelerate the deployment of solutions for clients. Its 3,000 engineers are active in designing new solutions, testing them, improving them and deploying them for more than 700 clients. Data scientists work to optimize and refine the performance of algorithms, with the goal of achieving the highest possible accuracy and efficiency.

Every year, Epsilon organizes an internal hackathon and tech conference designed to rally all of its engineers over a short period to work on prototypes of new AI features that will be integrated into the PeopleCloud platform. Finally, looking to the future and knowledge sharing, a specific program hosts 15 PhD students for one year, who are monitored and mentored by the Decision Science teams.

Publicis Sapient has developed three major AI products: Slingshot, Bodhi, and Sustain, which are constantly being improved and are helping clients achieve exceptional results. The seven “Labs” in North America, Europe, India and Latin America are centers of technical expertise to respond in real time to clients’ technological issues. Publicis Sapient also organizes several Hackathons throughout the year to promote innovation – some tailored to specific clients, some focused on improving the delivery of client solutions, and others aimed at enhancing internal work processes. These key moments also help build internal capacity and a collaborative culture, while helping junior practitioners develop new skills.

To stay ahead of technological developments, several strategic partnerships have been established with key technology providers, enabling us to certify numerous teams and collaborate on a number of pilot projects.

Lastly, the Groupe’s Media activities invest significant resources in mathematical and statistical processing in order to best advise their clients in their media choices (particularly in terms of modelling the marketing mix or calculating the effectiveness of media actions), and many doctoral students are also part of these teams.

The risk factors described below, together with the other information concerning Publicis Groupe and its consolidated financial statements included in this Universal Registration Document should be carefully considered before making an investment in the shares or other securities of Publicis Groupe. This section covers the main risks to which Publicis Groupe feels exposed to, as of the date of this Universal Registration Document. Each one of the risk factors may have a negative impact on the Groupe’s earnings and financial position as well as on its share price or financial instruments. Other risks and uncertainties of which Publicis is unaware of or which are not currently considered to be significant could also have a negative impact on the Groupe.

In accordance with the provisions of article 16 of Regulation (EU) 2017/1129, in each of the risk categories mentioned below, major risks are presented in descending order of significance according to the Groupe’s assessment at the date of this document. The risk factors considered the most significant are presented first, following an assessment of their potential impact and likelihood after taking into account the mitigating measures implemented. The significance of the risks, as assessed by Publicis Groupe, may be amended at any time in light of changes in the Groupe’s activities and circumstances.

At the filing date of this Universal Registration Document, the geopolitical environment is marked by multiple conflicts in the Middle East and between Russia and Ukraine. However, the Groupe’s direct exposure to these conflict countries remains moderate.

The multiplication of conflicts, geopolitical tensions and economic retaliatory measures is contributing to an uncertain macroeconomic environment, which may affect some of our clients and, indirectly, the investments they allocate to communications and the transformation of their activities.

As of the filing date of this Universal Registration Document, the Groupe, like all economic operators, is not in a position to assess the impact of these geopolitical and economic developments on its activities.

Furthermore, the rapid development of artificial intelligence is generating increasing questions from investors regarding its effects on the advertising and communication services sector.

The Groupe risk mapping exercise, carried out in the last quarter of 2025, did not reveal any major risks after considering the mitigating measures in place. The methodology applied is detailed in Section 2.2.4 “Risk management framework”.

In general, all the risks identified below must be considered in light of the consequences of a very uncertain geopolitical and macro-economic context.

The internal control and risk management framework is fully integrated into the Groupe’s operational, financial and non-financial management. Its remit extends across all the Groupe’s activities and structures. The internal control and risk management policy defined by the Executive Management, is regularly monitored by the Audit and Financial Risks Committee together with the Strategic, Environmental and Social Committee, and relayed to all levels of the Groupe. This policy aims to provide reasonable assurance on the achievement of the Groupe’s objectives in terms of:

• ▪ reliability of financial and non-financial information;
• ▪ compliance with applicable laws and regulations;
• ▪ management of strategic, operational, financial and non-financial risks;
• ▪ effectiveness and efficiency of operations, consistent with management directives established by Executive Management;

The objectives of this framework, as approved by the Executive Management and presented to both the Audit and Financial Risks Committee and the Strategic, Environmental and Social Committee, are to enable:

• ▪ continuous monitoring aimed at identifying risks and opportunities having a potential impact on the achievement of the Groupe’s strategic, operational, financial and non-financial objectives;
• ▪ appropriate communication about risks contributing to the decision-making process;
• ▪ regular monitoring of the internal control and risk management framework effectiveness.

The Groupe has a Secretary General function, which allows organized and centralized monitoring of several of the activities that constitute the internal control framework. The Secretary General is a member of the Groupe’s Management Committee. This function includes the Legal Department (managed by the Groupe General Counsel), the Compliance Department (managed by the Groupe Chief Compliance Officer), the Internal Audit, Internal Control and Risk Management Department (managed by the Groupe Internal Audit, Investigation & Risk Management Officer), the Human Resources Department (compensation and employee benefits, human resources information system management, employee-related matters and mobility) and the Insurance Department. The Chairman and Chief Executive Officer and the Secretary General participate in all meetings of the Strategic, Environmental and Social Committee. The Secretary General and the Groupe Internal Audit, Investigation and Risk Management Officer attend all Audit and Financial Risks Committee meetings and have easy access to its Chair and each of its members. Similarly, the Audit and Financial Risks Committee has direct access to the Internal Audit, Internal Control and Risk Management Department.

Since May 2024, the Chief Impact Officer has been overseeing Corporate Social Responsibility (CSR), including the CSR strategy, sustainability reporting, and key initiatives of the Groupe. The CSR Department is responsible for non-financial reporting and collaborates closely with other departments within the Groupe, particularly through the CSR Steering Committee. Additionally, the Chief Impact Officer regularly updates the Audit and Financial Risks Committee and the Strategic, Environmental, and Social Committee on regulatory changes in sustainability reporting, the status of ongoing projects, and the work being conducted with external sustainability auditors.

The expertise of the Secretary General and the CSR Department offers a comprehensive understanding of risks, which enhances the organization’s goal of improved risk management through the implementation of an internal control system across the organization.

Furthermore, the Board of Directors, via the Audit and Financial Risks Committee, reviews the effectiveness of the Groupe’s internal control and risk management framework and oversees the preparation of both financial and non-financial information.

The Groupe’s internal control and risk management system bases its structure on the 2013 COSO (Committee of Sponsoring Organizations of the Treadway Commission) guidelines, as well as the reference framework established by the AMF.

Thus, the Groupe has organized its internal control system around a three-line model:

• ▪ first line: the first line consists of operational managers within the entities, business units, shared services, and various countries and regions. These managers are responsible for managing risks as part of their daily operations. They act in accordance with relevant laws and regulations, ensuring adherence to the rules and guidelines established in Janus;
• ▪ second line: the second line functions are performed by the head office departments, which establish the policies, standards and procedures. These functions define and deploy the risk management framework and ensure compliance with laws and regulations, design controls to ensure compliance with Janus, monitor the adequacy and effectiveness of the internal control system, and facilitate the prompt remediation of any identified weaknesses;
• ▪ third line: the third line is provided by the internal audit function, which provides independent assurance on the effectiveness of governance, risk management and internal control.

• ⁽¹⁾ [ESRS 2 GOV-1 22 (a)] [ESRS 2 GOV-5 36 (a) to (c)]

The Groupe’s internal control system also includes the Groupe’s whistleblowing system, which collects all types of alerts, whether internal or external.

The insurance policy’s purpose, centrally managed within the Insurance Department, is to provide the appropriate coverage for the Groupe’s people and assets by achieving the right balance between local and corporate insurance coverage.

By implementing two-tier insurance coverage (local and centralized), the Groupe seeks to ensure complementarity of guarantees and thus better risk management across all the countries in which Publicis is present.

On a local level, mainly through the Re:Sources shared service centers, entities must purchase general liability, property damage and business interruption, automobile and employer’s liability insurance policies, as well as health and life insurance coverage for local employees. This insurance is taken out in compliance with the local regulations.

The only exception is the European zone: using the free provision of services framework in Europe, the Groupe has taken out a property damage and business interruption insurance policy and a general liability insurance policy which is available to all European subsidiaries.

At Groupe level, insurance programs have been implemented with leading insurance companies with the aim of automatically covering all subsidiaries against the financial consequences of risks such as, but not limited to:

• ▪ professional liability and cyber risks;
• ▪ director and officer liability;
• ▪ civil liability related to employment practices;
• ▪ general liability when terms and conditions or limits differ from the local insurance policies;
• ▪ property damage and business interruption when terms and conditions or limits differ from the local insurance policies;
• ▪ assistance and repatriation of employees during business travel.

In addition, the Groupe negotiates and sets up specific coverage that subsidiaries may subscribe to depending on their business needs, such as credit insurance, health and life insurance for expatriates and specific insurances for film and TV shoots.

The insurance policies are regularly reviewed to customize the coverage to any changes in our activity and, in particular, new digital services: the Groupe focuses particularly on this risk and its cyber-risk insurance coverage.

The amount of coverage is considered to be consistent with identified risk levels and with market practices.

In light of the Groupe’s significant mergers and acquisitions activity, the Insurance Department also oversees the integration of acquired entities within the Groupe’s program.

In June 2022, the Groupe set up Publicis Ré SA, a captive reinsurance company within the meaning of article L. 310-1-1 of the French Insurance Code. Publicis Ré is a wholly-owned French subsidiary dedicated to the reinsurance of the Groupe’s risks. It was approved on October 10, 2022, by the French Prudential Supervision and Resolution Authority (ACPR) to operate as a non-life reinsurer.

The report on corporate governance falls within the competence of the Board of Directors.

The information contained in the following developments is that mentioned in articles L. 225-37-4 and L. 22-10-8 to L. 22-10-10 of the French Commercial Code. Other information in the report, notably that mentioned in article L. 22-10-11 of the French Commercial Code, is listed in Section 3.1.7 as well as Section 10.9 of the Universal Registration Document “Cross-reference table for the corporate governance report.”

This report also includes information required for the preparation of the sustainability report according to the European Sustainability Reporting Standards. It will be identified using footnotes and presented in the cross-reference table available in Section 4.8.

Publicis Groupe SA refers to the corporate governance code for listed companies established by the AFEP and Medef (hereinafter the “Afep-Medef Code”) as updated in December 2022. This Code can be consulted online on the AFEP website www.afep.com, the Medef website www.medef.com, and the French High Committee on Corporate Governance (Haut comité de gouvernement d’entreprise - HCGE) website www.hcge.fr.

Publicis Groupe SA is a French limited liability company (société anonyme) with a Board of Directors.

This mode of governance was broadly approved by the General Shareholders’ Meeting of May 29, 2024, replacing a structure with a Supervisory Board and Management Board.

This change is the result of a long and rigorous process initiated by Mr. Maurice Lévy, then Chairman of the Supervisory Board, in the interest of the company, all stakeholders, and in particular shareholders.

This change makes it possible to reconcile three major requirements: first, a controlled transition; then, continuity; and finally, effective and balanced governance.

In this context, Mr. Arthur Sadoun, former Chairman of the Management Board, was appointed as Chairman and Chief Executive Officer and Mr. Maurice Lévy, former Chairman of the Supervisory Board, was appointed as Emeritus Chairman, thus preserving the tandem formed by Mr. Arthur Sadoun and Mr. Maurice Lévy since 2017, key ingredients of the Groupe’s success.

This change was accompanied by appropriate measures to ensure balanced governance. This is ensured by the continuity of the position of Vice-Chair of Mrs. Élisabeth Badinter, by the strengthened organization of the Board Committees to enable them to monitor the Company’s risks and strategy more closely, and by the creation of a position of Lead Director, held by Mr. André Kudelski.

3.1.1.1   Methods of exercising Executive Management

Pursuant to French regulations and the Afep-Medef Code, the Board of Directors has the authority to choose between the two methods of exercising Executive Management, namely the separation or combination of the roles of Chairman of the Board of Directors and Chief Executive Officer of the Company.

On the recommendation of the Nominating Committee, the Board of Directors decided on May 29, 2024 to combine the roles of Chairman of the Board of Directors and Chief Executive Officer, and to appoint Mr. Arthur Sadoun as Chairman and Chief Executive Officer for the entire duration of his term of office as Director, i.e. until the end of the 2028 General Shareholders’ Meeting called to approve the financial statements for the financial year ended December 31, 2027.

Combining the functions of Chairman and Chief Executive Officer is the most appropriate organizational method for Publicis Groupe’s current situation, its agility, its business sector, its geographical locations and the challenges it faces. The Board considered that unifying the roles of Chairman and Chief Executive Officer would make it possible to further improve the effectiveness of the management team, thanks to a responsive and agile governance system in its decision-making under the impetus and control of the Board of Directors, while ensuring continuity in the governance of the Groupe, which has been at the heart of Publicis’ success since its creation.

• ⁽¹⁾ ESRS 2: GOV-1-19
• ⁽²⁾ ESRS 2 GOV-1-20 (a)

This is all the more important as, in the Groupe’s sector more than in any other, talent is at the heart of success. A strong feature of this industry is that only a leader from the core business has the legitimacy and capability to assume the leadership position and succeed in it. In addition, the success of any company is based on a long-term strategy served by long-term management teams.

Publicis has only had three executives in its nearly 100 years of existence: the founder, Mr. Marcel Bleustein-Blanchet for 60 years, Mr. Maurice Lévy for 30 years and Mr. Arthur Sadoun since 2017. This continuity of leadership is a major asset that must be preserved so as not to destabilize the balance of teams and customer relations.

In accordance with the internal rules and regulations of the Board of Directors, the Nominating Committee may reassess the relevance of the choice of governance method, in particular when renewing the term of office of the Chairman and Chief Executive Officer. The Nominating Committee endeavors to formulate its proposals with a view to building a solid, sustainable and fluid governance for the Groupe, taking into consideration all measures to ensure the balance of powers within the Board of Directors.

3.1.1.2   Chairman and Chief Executive Officer

Role of the Chairman and Chief Executive Officer

Since May 29, 2024, Mr. Arthur Sadoun has been Chairman and Chief Executive Officer of Publicis Groupe SA (for more information on the profile of Mr. Arthur Sadoun, see Section 3.1.2.3).

Given the choice to unify the functions of Chairman of the Board of Directors and Chief Executive Officer, the Chairman and Chief Executive Officer performs the duties assigned to the Chairman of the Board and assumes the Executive Management of the Company. In this respect, the provisions of the Articles of Incorporation applicable to the Chairman of the Board are also applicable to the Chief Executive Officer.

The Chairman and Chief Executive Officer has all the powers conferred by the law, the Company’s Articles of Incorporation and the internal rules and regulations of the Board of Directors.

In addition, as Director, the Chairman and Chief Executive Officer is fully subject to the rules intended to prevent the occurrence of conflicts of interest pursuant to the law as well as by the internal rules and regulations (the rules pursuant to the latter are described at Section 3.1.1.6).

Limitation of the powers of the Chairman and Chief Executive Officer

In accordance with the Board’s decisions made at its meetings of May 27, 2025 and its internal rules, the Chairman and Chief Executive Officer must obtain the prior authorization of the Board of Directors to carry out the following transactions:

• ▪ any investment and divestment operation envisaged by the Groupe, in particular the acquisition and disposal of assets (including the acquisition and disposal of all or part of equity interests), the subscription to any securities issues, the conclusion of partnerships or the pooling of resources with a unit value in excess of euro 300 million (including earnout);
• ▪ any real estate acquisition or disposal transaction contemplated by the Company;
• ▪ any financing operation envisaged by the Groupe, regardless of the terms and conditions, involving a unit amount in excess of 5% of the Company’s shareholders’ equity;
• ▪ all mergers, demergers and asset contributions envisaged by the Groupe for net asset contribution values individually exceeding 5% of the Company’s shareholders’ equity, excluding any internal restructuring;
• ▪ all transactions and compromises relating to litigation involving unit amounts in excess of 5% of the Company’s shareholders’ equity;
• ▪ any significant transaction planned by the Groupe that falls outside the scope of the strategy announced by the Company or is likely to have a material impact on it.

In addition, the Chairman and Chief Executive Officer must obtain annual authorization from the Board of Directors, up to the limit set by the Board, to issue sureties, endorsements or guarantees given on behalf of the Company.

3.1.1.3   Vice-Chair of the Board of Directors

Since May 29, 2024, the Vice-Chair of the Board of Directors has been Mrs. Élisabeth Badinter, a long-standing and significant shareholder of Publicis Groupe SA (for more information on the profile of Mrs. Élisabeth Badinter, see Section 3.1.2.3).

In the absence of the Chairman of the Board of Directors, the Vice-Chair convenes the Board and chairs its discussions.

Mrs. Élisabeth Badinter helps ensure balanced governance within the Groupe. Through her long experience and her essential contribution to all the work of the Board, Mrs. Élisabeth Badinter always ensures that the Groupe’s fundamental values are respected in the interest of its leading stakeholders, including the employees and shareholders.

3.1.1.4   Lead Director

Presentation of the Lead Director

In connection with the appointment of Mr. Arthur Sadoun as Chairman and Chief Executive Officer, the Board of Directors created the position of Lead Director, a key role in balanced governance.

The Board of Directors of May 29, 2024, on the recommendation of the Nominating Committee, appointed Mr. André Kudelski as Lead Director. His personality and experience will enable him to effectively carry out this role. This appointment is subject to maintaining the status of Independent Director for the duration of his term of office, it being specified that the Nominating Committee may reassess his situation as necessary.

Mr. André Kudelski, previously member of the Supervisory Board, was appointed by the General Shareholders’ Meeting of May 29, 2024 as Director for a term of four years. As of December 31, 2025, he is member of the Audit and Financial Risks Committee, the Nominating Committee and the Compensation Committee (for more information on the profile of Mr. André Kudelski, see Section 3.1.2.3).

Missions and resources of the Lead Director

The Lead Director’s main missions are to contribute to the balance of governance, to improve the organization of dialogue with and within the Board of Directors (in particular through the organization of executive sessions) and to deal with potential conflicts of interest.

The Lead Director does not take part in deliberations or votes of the Board and its Committees that concern him.

In the performance of his duties, the Lead Director may:

• ▪ have access to all the documents and information he deems necessary to fulfil his missions;
• ▪ carry out or commission any external studies;
• ▪ meet the main operational managers of the Publicis Groupe;
• ▪ add items to the agenda of Board of Directors meetings;
• ▪ request the assistance of the Board Secretary.

The Lead Director meets regularly with the Chairman and Chief Executive Officer, the Vice-Chair of the Board of Directors and, if necessary, with the Emeritus Chairman.

Activity report 2025

In 2025, the main work of the Lead Director was as follows:

3.1.1.5   Emeritus Chairman

Pursuant to the option provided for by the Company’s Articles of Incorporation and its internal rules and regulations, the Board of Directors may appoint an Emeritus Chairman who is a natural person and former Chairman of the Board of Directors or of the Supervisory Board.

On May 29, 2024, the Board of Directors, on the advice of the Nominating Committee, decided to appoint Mr. Maurice Lévy, former Chairman of the Supervisory Board, as Emeritus Chairman for an indefinite period, enabling the Company to continue to benefit from his talent, energy and experience.

Biography of the Emeritus Chairman

Mr. Maurice Lévy joined Publicis Groupe in 1971 as IT Director. In 1975, he was appointed Executive Vice-President of Publicis Conseil, the Groupe’s flagship, working his way up to his appointment as Chairman of the Management Board in 1987. He held this role for 30 years, until the General Shareholders’ Meeting of May 2017, when he was appointed as Chairman of the Supervisory Board of Publicis Groupe SA. He steered the accelerated globalization of the Groupe starting in 1996. In 2001, Publicis Groupe’s globalization picked up more steam with the acquisition of Saatchi & Saatchi, then Bcom3 (Leo Burnett, Starcom, MediaVest, etc.) in 2002. The move into the digital world began with the acquisition of Digitas (2006), followed by Razorfish (2009), and Rosetta (2011). The acquisition of Sapient in early 2015 opened new avenues for Publicis beyond its core business into marketing, omnichannel commerce and consulting.

Mr. Maurice Lévy co-founded the Institut français du cerveau et de la mœlle épinière (ICM) in 2005 and today chairs the Board of Directors of numerous organizations, including the Peres Center for Peace and Innovation, and, since October 2015, the Institut Pasteur-Weizmann. He has also received numerous distinctions for his work and his fight for tolerance. He is Grand Officier de la légion d’honneur and Grand officier de l’ordre national du mérite.

Missions and prerogatives of the Emeritus Chairman

Pursuant to the internal rules and regulations of the Board of Directors, the Emeritus Chairman may attend the meetings of the Board of Directors in an advisory capacity only.

Mr. Maurice Lévy shares with the Board his experience, his expertise, his intimate knowledge of the Groupe and his privileged relationships with the Groupe’s key contacts in France and around the world.

In addition to his duties as Emeritus Chairman, Mr. Maurice Lévy chairs an innovation and prospective working group. This group, which is separate from the Board Committees, is composed of three Independent Directors, three members of the Executive Committee and the Secretary General of Publicis Groupe. This is an internal think tank on topics related to innovation and strategic options for the future. The Chairman and Chief Executive Officer is informed of its work, which continued in 2025. This specific mission, entrusted to Mr. Maurice Lévy, is part of the service agreement entered into with the Company, approved by the Board of Directors.

Ethics of the Emeritus Chairman

The Emeritus Chairman is not a corporate officer. However, he is subject to the same rules of confidentiality and ethics as those applicable to Directors, including the rules relating to the prevention of market abuse. As such, he is subject to compliance, with the obligations to abstain from trading in Publicis Groupe SA shares during “blackout periods.”

Similarly, in the event of a conflict of interest, even a potential one, in which the Emeritus Chairman may be directly or indirectly involved, the latter must also refrain from attending or participating in the discussions concerning the corresponding deliberation, or requesting any document or information in any form whatsoever relating to the subject in question.

It is specified that Mr. Maurice Lévy is not compensated for his role as Emeritus Chairman.

3.1.1.6   Ethics of corporate officers

Groupe Code of Conduct and Ethics

The Groupe has a set of rules governing its behavior and ethics under the name “Janus”. It is applicable to all of the Groupe’s hierarchical levels and sets out the rules of conduct for operations: “The Publicis way to behave and to operate”. It is regularly updated, distributed across all internal networks and is available in seven languages.

Janus includes the rules and principles related to ethics, Corporate Social Responsibility, compliance with regulatory and legal frameworks, governance, communication, conducting business and client relations, human resources management, protecting the Groupe’s brand names, other intellectual property rights and financial and accounting management, as well as rules governing mergers and acquisitions, investments, restructuring and purchasing policies.

The guidelines include a Code of Conduct and Ethics applying to all Groupe employees with specific rules for the main executives. The values embodied by Publicis are clearly outlined there, starting with our commitment to our clients and respect for individuals and their diversity.

The aim of these rules of conduct is to provide the Groupe with strict rules and procedures for running our business worldwide in all fields: human resources management, ethics, financial management, individual responsibility. They are meant to prevent any illegal activity, in particular by ensuring that Groupe employees comply with laws and regulations which govern business conduct. The Groupe’s rules of conduct are also meant to prevent favoritism, misappropriation of funds, breach of trust, corruption, conflicts of interest or other misconduct and subject the Groupe and its employees to the highest standards in terms of integrity, ethics and compliance. They are designed to protect the Groupe’s data and know-how by establishing strict guidelines regarding confidentiality and good faith. They establish procedures for control and reporting by management of the Groupe and of the various networks of any breach of these policy rules. Certain policies have been made public.

Janus is regularly reviewed. In parallel with the work to update this code, a new presentation of the Groupe’s Code of Ethics and Conduct was circulated in December 2025. This document, intended to be shared internally and externally, brings together the principles and values that guide the Groupe, as set out in the Janus Code. This Code reaffirms Publicis’ commitment to its clients, partners and talents. Training courses are organized for all employees to encourage the adoption of these principles and to ensure the uniform application of the Groupe’s rules of ethics and conduct.

The Janus Code public policies are available on the Groupe’s website (www.publicisgroupe.com) in the “Corporate Social Responsibility” section, under “Library” then “Code of Conduct and Ethics”.

Stock market ethics

Janus provides detailed rules on stock market ethics in a specific chapter. The Groupe’s objective is to ensure compliance with the laws and regulations in force, as well as the recommendations issued by the AMF, in the area of risk management related to the holding, disclosure or possible use of insider information.

The purpose of the code is to:

• ▪ define insider information and the related general rules of its use;
• ▪ determine the specific rules applicable to persons holding insider information;
• ▪ specify the administrative and/or criminal penalties applicable to a breach of the obligations related to holding insider information; and
• ▪ detail the preventive measures.

These rules apply to any employee, corporate officer or executive corporate officer of the Company who has insider information, as well as to persons closely related to them within the meaning of the MAR regulation, until the information is publicly disclosed.

In addition, the Groupe has drawn up a list of employees, corporate officers and executive corporate officers with access to sensitive and confidential information that, while not constituting inside information within the meaning of MAR regulation, could become so due to its particularly sensitive nature. The Company has set blackout periods during which these persons are prohibited from, on their own behalf or on behalf of the account of a third party, to execute, directly or indirectly, any transaction involving the Company’s securities, derivatives or other related financial instruments (unless authorized by the Company, pursuant to the regulations in force).

This specific chapter is regularly reviewed to adapt to legislative and regulatory changes and to take into account the recommendations of the AMF.

Conflicts of interest

The Board of Directors, in its internal rules and regulations, has set out strict rules on conflicts of interest: each Director must be able to perform his or her duties in complete independence from the other members of the Board.

In addition, each Director undertakes to inform the Board of any actual or potential conflict of interest as soon as they become aware of it. In the event of an occurrence of such conflict of interest, the Director concerned shall commit to:

• ▪ abstain from attending the discussion and from voting on the decision in relation to the subject concerned;
• ▪ not solicit or communicate any document or information in any form whatsoever relating to the subject in question;
• ▪ where applicable, in the event of a permanent conflict of interest that cannot be resolved, to resign from office.

To the Company’s knowledge, there are no potential conflicts between the interests of the directors of the Company and their duties towards the Company.

Existing family ties

To the best of the Company’s knowledge, the only family ties between the Company’s corporate officers are those between Mrs. Élisabeth Badinter (daughter of Mr. Marcel Bleustein-Blanchet, founder of Publicis Groupe), her son, Mr. Simon Badinter, and her niece, Mrs. Sophie Dulac.

Service contracts

There is no undertaking or agreement by the Company or its subsidiaries with the Company’s Directors providing for benefits to be paid upon termination of their roles, nor any other agreement between the Company, its subsidiaries and these persons, other than those described in Sections 3.2 and 3.3.

Except as may be described otherwise in Section 3.3, no appointment as Director has been made pursuant to an undertaking made to a major shareholder, client or a supplier of the Company.

No conviction or incrimination

To the best of the Company’s knowledge, over the past five years:

• ▪ no Director of the Company’s Board has been convicted of fraud;
• ▪ no Director of the Board has been involved in a bankruptcy or been subject to receivership or liquidation;
• ▪ no indictment and/or official public sanction has been pronounced against these people by statutory or regulatory authorities or professional organizations;
• ▪ no Director of the Company’s Board has been banned by a court of law from being a member of a corporate body, management or supervisory Board of an issuer, nor from taking part in the management or business operations of an issuer.

Pursuant to applicable legal and regulatory provisions, this section sets out the compensation policy for corporate officers for the 2026 financial year as well as the items of compensation for corporate officers for the 2025 financial year.

Dialogue with shareholders

The Board of Directors places particular emphasis on maintaining a high-quality dialogue with shareholders. As such, the Groupe holds regular discussions, before and after the General Shareholders’ Meeting, with its main shareholders and proxy advisory firms on matters relating to the compensation of corporate officers.

These discussions focus in particular on the structure of compensation, the balance between fixed and variable components, the performance criteria used – including non-financial criteria – comparisons with the compensation of its international competitors, as well as the alignment of the compensation policy with the Groupe’s long-term strategy and shareholders’ interests.

The feedback expressed in this context is carefully analyzed by the Compensation Committee and taken into account by the Board of Directors, where applicable, when revising the compensation policy to be submitted for approval by the General Shareholders’ Meeting. This dialogue contributes to greater transparency, understanding and shareholder support for the principles and procedures of the Groupe’s compensation policy.

General principles and Governance

The compensation policy for corporate officers is determined by the Board of Directors on the basis of proposals from the Compensation Committee. Pursuant to the law, the General Shareholders’ Meeting will be asked to vote on this policy at least once a year, as well as whenever there is a major change to the compensation policy.

The Compensation Committee plays a key role in determining the compensation policy and the individual decisions. In this regard, the Compensation Committee meets at least once a year to review the compensation policy for corporate officers, confirm the performance results for the financial and non-financial objectives from the previous year and determine the new performance criteria and objectives for the current year. To this end, the Compensation Committee relies in particular on the elements prepared and presented by the Secretary General and also on the analyses carried out by independent compensation experts. It specifically looks at past practices in terms of the compensation of corporate officers and looks at external benchmarks, as well as the terms and conditions of compensation and employment of employees and other executives within the Groupe. In addition, the Compensation Committee takes various measures to avoid or manage conflicts of interest. Chaired by an independent member and composed of 100% independent members in 2025 (see Section 3.1.4.3 “Compensation Committee”), it ensures the application of the Board of Directors’ internal rules and regulations, notably by asking its members to report any conflicts of interest and, if such a conflict arises, by verifying that the persons concerned abstain from participating in debate or the vote on the matter, that they do not request or communicate any information relating thereto, or that they resign from their position (see Section 3.1.1.6 “Ethics of corporate officers”). The resulting policy is then submitted to the Board of Directors before being voted on by the General Shareholders’ Meeting. During this meeting, when the functions of Chief Executive Officer and Chairman of the Board of Directors were combined, the Lead Director exceptionally chairs the discussions relating to the review of the performance and compensation of the Chairman and Chief Executive Officer.

The principles of the compensation policy applicable to corporate officers, subject to approval by the General Shareholders’ Meeting on May 27, 2026, are also intended to apply to newly appointed corporate officers or those who are reappointed at the General Shareholders’ Meeting. For the latter, the Board of Directors is nevertheless authorized to temporarily decide certain adjustments in order to take into account, in particular, their profile and their experience. Where an executive corporate officer has been hired from outside the Groupe, the Board of Directors may decide to compensate, in whole or in part, the benefits forgone on leaving the previous employment. The Board of Directors will decide, on the advice of the Compensation Committee, to the extent strictly required by the situation and only with respect to those points of the current compensation policy that are clearly inappropriate to the situation of the newly appointed executive/corporate officer.

The compensation policies for the Directors and the Chairman and Chief Executive Officer are set out respectively in Sections 3.2.2.1 and 3.2.3.1 hereinafter.

Derogation from the compensation policy

In exceptional circumstances and under conditions pursuant to the law, the Board of Directors may derogate from the compensation policy where this is temporary, in the best interests of the Company and necessary to ensure the Company’s long-term future and viability.

This derogation may only be decided by the Board of Directors after a reasoned opinion from the Compensation Committee and may only relate to variable or exceptional items of the compensation policy.

Changes to the compensation policy

In accordance with the decisions of the Board of Directors, the following modification will be proposed to the General Shareholders’ Meeting of May 27, 2026 compared to the compensation policy previously approved by the shareholders at the last General Shareholders’ Meeting of May 27, 2025:

• ▪ it is proposed to apply a pro rata to the annual fixed compensation of any new Director from 2026, calculated according to the duration of his/her term of office during the year in question.
• ▪ the annual fixed compensation of the Chairman and Chief Executive Officer would be increased by 20%, from euro 1,170,000 to euro 1,404,000.

The changes are described in Sections 3.2.2.1 and 3.2.3.1 of this document.

The following explanations summarize all transactions since 2023 between Publicis Groupe and related parties.

None.

To the Annual General Meeting of Publicis Groupe SA,

In our capacity as statutory auditors of your company, we hereby report to you on regulated agreements.

We are required to inform you, on the basis of information provided to us, the principal terms and conditions of those agreements brought to our attention or which we may have discovered during the course of our audit, without expressing an opinion on their usefulness and appropriateness or identifying such other agreements, if any. It is your responsibility, pursuant to Article R. 225-31 of the French Commercial Code (Code de commerce), to assess the interest involved in respect of the conclusion of these agreements for the purpose of approving them.

Our role is also to provide you with the information stipulated in Article R. 225-31 of the French Commercial Code (Code de commerce) relating to the implementation during the last fiscal year of agreements previously approved by the annual general meeting, if any.

We conducted the procedures we deemed necessary in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie nationale des commissaires aux comptes) relating to this engagement.

Agreements submitted for approval to the Annual General Meeting

Agreements authorized and concluded during the past fiscal year

We hereby inform you that we have not been notified of any agreements authorized during the year to be submitted to the annual general meeting for approval in accordance with Article L. 225-38 of the French Commercial Code (Code de commerce).

Agreements previously approved by the Annual General Meeting

We hereby inform you that we have not been notified of any agreements previously approved by the annual general meeting, whose implementation continued during the year ended December 31, 2025.

Sustainability statements meet French (Decree no. 2023-1142 of December 6, 2023) and European (2022/2464/EU of December 14, 2022) legal obligations related to the entry into force in 2024 of the European CSRD (Corporate Sustainability Reporting Directive) and ESRS (European Sustainability Reporting Standards). The sustainability report corresponds to Sections 4.1 to 4.4.

This chapter brings together all of Publicis Groupe’s key CSR information and metrics. It includes the metrics of the ESRS and other sustainability metrics that are not included in the ESRS which are specific to Publicis Groupe. Examples of the actions and initiatives implemented in the agencies are given in four key countries: the United States, India, the United Kingdom and France. For information, examples of initiatives can be found on the Groupe’s website www.publicisgroupe.com, in the CSR section. A dynamic table of environmental, social and governance (ESG) indicators, cross-referencing with other standards, is also available on the website (CSR Section) under the heading “CSR Smart data.”

This sustainability report covers the period from January 1 to December 31, 2025. It is aligned with the scope of the financial statements and covers the entire Groupe and turnover generated in 2025. It covers the Company’s operations, including the upstream value chain (suppliers, partners, etc.), and the intellectual services to companies offered to downstream clients. This report follows the CSRD requirements, taking into account impacts, risks and opportunities (IRO) and describing the Groupe’s policies, as well as the action plans and objectives defined locally. Quantitative and qualitative data are collected at the level of the subsidiaries and then consolidated at the Groupe level.

The sustainability report is primarily based on this Chapter, with references to other Chapters or Sections of this Universal Registration Document (URD) and marked as follows:

• ▪ background information on segment trends or the general outlook, as well as on the business model and value-creation components, are presented in the introduction with key financial figures and non-financial indicators presented in the URD Introduction;
• ▪ the Groupe’s strategy and activities are presented in more detail in Chapter 1, which also contains information on the competitive environment and research and development activities;
• ▪ the risk factors are presented in order of priority in Chapter 2. Non-financial risks are also addressed in the form of CSR issues in this chapter. Human rights and environmental risks are presented in Section 4.6, to comply with Duty of Care requirements. As part of the Groupe’s Climate strategy, the work carried out on these risks is presented in Section 4.2.1.3;
• ▪ the governance of the Groupe and the functioning of its governance bodies are presented in Chapter 3;
• ▪ the consolidated financial statements are in Chapter 6;
• ▪ the simplified cross-reference table specific to ESRS can be found in Section 4.1.11.

The methodology and processes in place for CSR and sustainability reporting are explained in Section 4.1.2.

In compliance with French and European regulations, the sustainability information certification report, prepared by the statutory auditors in charge of verifying the sustainability information, KPMG and PricewaterhouseCoopers Audit, can be found in Section 4.5. (limited level of assurance).

*   *   *

Questions regarding this non-financial and sustainability reporting may be addressed to the Groupe CSR Department: csr@publicisgroupe.com.

4.1.1   General basis for preparation

The European Directive, the CSRD (Corporate Sustainability Reporting Directive) and ESRS (European Sustainability Reporting Standards), are primarily intended to bring non-financial reporting to the same level of requirements as financial reporting, to give a more complete understanding of the Company’s activities and its impacts. This Directive also aims to harmonize and to improve the quality of sustainability information published by European companies. Pursuant to the “Quick Fix” delegated act no. 2025/1416 adopted by the European Commission on July 11, 2025, Publicis Groupe has applied the transitional measures planned for the 2025 financial year.

The Groupe continued to improve its non-financial reporting to comply with the regulatory requirements set by ESRS, as applicable on the date the sustainability report was prepared, based on the data and information available. The use of scope limitations is mentioned on a case-by-case basis for certain data, as specified in the contextual elements.

2025 is the second year of implementation, in a context where the European regulator has already announced future simplification; the Groupe seeks to improve its sustainability reporting in line with additional recommendations, positions, or interpretations as soon as they become available. The regulator provides for the possibility of changing the scope over the first years of implementation; this option is used for a limited number of indicators. In December 2025, the European Trialogue bodies (European Commission, Council of Europe, European Parliament) agreed to simplify the CSRD and CSDDD (Corporate Sustainability Due Diligence Directive); once confirmed, this change will have to be translated into national law.

The sustainability report covers all Publicis Groupe subsidiaries worldwide, aligned with the consolidated scope of financial reporting, from January 1 to December 31, 2025, including companies accounted for using the equity method. [ESRS 2 BP-1-5 (b) i] Any exclusions are indicated in the scope for the indicators concerned (see Section 4.1.2). Companies acquired within the last six months as of December 31, 2025 are included in all social indicators, but not in the environmental indicators.

The CSR Steering Committee, in place since 2009, is the internal forum for working on the implementation of regulatory changes. Joint work is carried out between departments throughout the year. The double materiality analysis (DMA) has been revised to incorporate the EFRAG methodology published in 2024, calling for a more detailed analysis of each impact-risk-opportunity (IROs). A regular progress report was presented to the Groupe’s Secretary General and Chief Impact Officer. This work confirmed the four ESRS standards considered as non-material:

• ▪ ESRS E2 - Pollution: with regard to the double materiality analysis and the type of intellectual services offered to the Groupe’s clients, pollution issues do not appear to be applicable. This does not exempt the Company from measuring its waste and type of waste or improving its waste sorting. Since 2009, the Company has been measuring the volume of its waste and e-waste every year in order to reduce it and promote efficient recycling. The Groupe questions its suppliers on this matter as part of their CSR assessments. In addition, the Groupe annually monitors the commitments of its major clients in terms of the environment, in particular their climate trajectory and the reduction of their impacts. [ESRS 2 IRO- 2-58]
• ▪ ESRS E3 - Water and marine resources: the double materiality analysis does not identify this topic as material, which is consistent with the Company’s intellectual services activities. However, the quantities of water consumed in offices around the world have been traced since 2009, and the objective remains to limit the use of this resource. The Groupe also asks its suppliers about their impacts on their management of water resources, in particular high-consuming activities such as data centers and the cloud. [ESRS 2 IRO-2-58]
• ▪ ESRS E4 - Biodiversity and ecosystems: given that it provides intellectual services activities to companies, the Groupe’s double materiality analysis does not identify this as a major topic. However, aware that these are natural dimensions that need to be better understood, the Groupe carried out an initial biodiversity footprint analysis in 2023. This work did not reveal any significant impacts. [ESRS 2 IRO-2-58]
• ▪ ESRS S3 - Affected communities: the Groupe has historically been very committed to local communities in the countries and cities where the teams work. However, the double materiality analysis did not identify this topic as material. The Groupe will continue to analyze the actions it carries out in favor of communities, in particular its societal commitments and actions promoting public interest causes. [ESRS 2 IRO-2-58]

4.1.2   CSR reporting methodology and process

Reporting organization

The Groupe CSR Department manages an internal CSR Steering Committee, bringing together the Groupe’s main corporate functions (Legal and Compliance, Finance, HR Operations, Financial Monitoring Controls, Procurement, Risk Management, etc.), which covers all key areas included in the sustainability report.

The CSR Department is also supported by external firms such as EcoAct and Carbone 4 on environmental issues and Bureau Veritas on issues of measurement and methodology related to greenhouse gas emissions.

For social issues, the Groupe carried out a major social audit in 2023 with the help of WTW, and works occasionally with other firms. The CSR Department works in project mode with various local teams responsible for client projects worldwide. It uses a dual approach: “push” to help implement internal initiatives and progress certain issues, and “pull” by fully driving the sustainability report.

The framework for sustainability reporting in the CSRD and ESRS format is described in an ad hoc document, the CSR Reporting Comprehensive Guide, updated regularly throughout the year and shared with all contributors. It includes:

• ▪ the definition of all material quantitative and qualitative metrics collected at entity level, it also has the ESRS heading and an explanation allowing everyone in their local context to understand it. Calculation rules and focal points are indicated; it is the same for the organization of data checks, with the roles and responsibilities of each person from the relevant position in the entity to the Groupe CSR Department for the final check before consolidation;
• ▪ a description of the tools and systems used for data collection, and the link to existing sources and documents. Whether it concerns their governance, user rights or documents available for new contributors, all this structuring information is available directly with updates;
• ▪ referral of metrics to Janus Groupe policies, the Code of Conduct and Ethics, and more local policies where applicable;
• ▪ referral to the various internal communication channels dedicated to sustainability reporting, active throughout the year to inform and mobilize, and to train and prepare ahead of each reporting cycle.

The 2025 CSR Reporting Comprehensive Guide was developed by the Groupe CSR Department with the support of a cross-functional project group of around 100 people. It was shared with +1,000 contributors, with several online sessions, particularly in the second half of the year, to prepare for the hard close of the third quarter, then for the preparation of the fourth quarter. This community met every week, answering various internal questions as they arose.

The CSR Reporting Comprehensive Guide includes seven sections in order to cover all the areas expected by the regulator and meet the expectations of contributors, with a view to continuous improvement.

Scope

This sustainability report covers the period from January 1 to December 31, 2025.

CSR/ESG reporting is based on social, societal and environmental metrics collected in 900 Groupe entities since 2009, with a coverage rate of 99% of the Groupe’s own workforce.

The scope of the sustainability report is aligned with that of the consolidated financial statements, including all subsidiaries controlled by the Groupe, those more than 50% owned by the Groupe, entities over which the Groupe has operational control, and companies accounted for using the equity method. The latter have communication and technology activities that are in every way similar to those of Publicis. [ESRS 2 BP-1-5 (b) i & ii]

The exercise is based on data collected at the level of each subsidiary/entity. However, two indicators are subject to lower coverage rates, and exclusions are due to the lack of data on these topics from our subsidiaries:

• ▪
• ▪ absenteeism: coverage rate of 98% of own workforce;
• ▪ paper: coverage rate of 88% of own workforce.

These exclusions are monitored locally and at Groupe level in order to improve coverage rates in subsequent years.

Data collection and methodological details

Data collection for sustainability reporting is done at the level of each Groupe entity, according to a procedure aligned with the financial reporting. The tools used are:

• ▪ quantitative social, societal and environmental data is collected in accordance with financial reporting control rules and processes via a dedicated module (HFM CSRGRI) incorporated into the financial information system (HFM) and specific verification, control and validation processes. The collection process is organized in three stages: the entry of local data, by the contributors in the agency and/or by Re:sources, then validation at agency or country, Brand or region level, and finally verification and consolidation by the Groupe CSR Department. This data is under the responsibility of the agency and country Financial Directors;
• ▪ quantitative social information related to the Company’s own workers and demographics is collected via Career Settings, the Human Resources reporting system (HRIS - Human Resource Information System). The data included in this system is under the responsibility of the Chief Talent Officers (CTOs or Human Resources Directors/ Managers) of the agencies and countries, responsible for data verification. Three levels are in place. The controls are carried out locally by the CTOs in the agencies, then the data is assembled by a dedicated team, under the responsibility of the Groupe HR Operations Department, working closely with the Groupe CSR Department for reconciliation with other qualitative social data collecting tools.

Backed by Career Settings, Career Conversation makes it possible to carry out and monitor employee assessments, as well as Moments That Matters to collect employee satisfaction data. Both are accessible on the internal platform Marcel.ai.

Marcel.ai and Marcel Classes are also backed by Career Settings to consolidate data related to employee training:

• ▪ qualitative social, societal and environmental information is collected via a dedicated internal platform, PARIS (Publicis Groupe Platform for Agencies Reporting on Impacts & Sustainability), accessible to all agencies. Qualitative information is placed under the responsibility of Chief Talent Officers or HR Directors/Managers and the agencies and countries, who validate the selected content.

HFM CSRGRI and PARIS are interfaced for qualitative consistency checks at the level of each subsidiary;

• ▪ an additional social questionnaire collects social data relating to labor law and employee social protection law (coverage level) at country level;
• ▪ for the rest of the value chain: [ESRS 2 BP-1-5 (c)]

• ▪ for the Groupe’s corporate clients and its subsidiaries, the SBTi platform is used to monitor their climate commitments,
• ▪ some of the Tier 1 suppliers are integrated, thanks to data collected in cooperation with the Groupe Procurement Department. Publicis uses the EcoVadis external CSR assessment platform, as well as its internal P.A.S.S. (Publicis Groupe Providers’ Platform for a self-Assessment for a Sustainable Supply chain) platform, so that suppliers can self-assess on CSR issues. Other external tools are used as part of the supplier Due Diligence (see Section 4.4.4.3).

Sustainability reporting is done throughout the year with the help of CSR Managers and CSR or Sustainability Champions in the agencies, and with the support of teams from the shared service centers (Re:Sources) involved upstream of the reporting.

The nature of the data collected, particularly for environmental metrics, is based on actual data recorded. However, for certain data (such as water or electricity) available in several countries well after the reporting deadlines, entities that did not have the actual data in time are authorized to use the previous year and the per capita ratio to calculate the year 2025. To calculate the GHG emissions assessment, the methodological note specifies the type of data used, direct or indirect, and their sources, as well as the degree of uncertainty. (see Section 4.2.4). [ESRS 2 BP-1-10 (a) & (b); [ESRS 2 BP-2-11 (b) i & ii]

Data verification and control

In the course of its data checking and verification process (of each metric per agency), the Groupe CSR Department was in direct contact with all the local teams during the final consolidation phase. All of the quantitative data and qualitative information is checked and analyzed by the Groupe CSR Department, which is responsible for the Groupe’s published consolidated reporting.

The teams responsible for controlling financial statements, FMC (Financial Monitoring Control), and Internal Audit verify, as part of their work, compliance with the financial and extra-financial reporting processes within the entities.

The report of the Statutory Auditors in charge of verifying the sustainability information, KPMG & PricewaterhouseCoopers Audit, can be found in Section 4.5, in accordance with the CSRD regulatory requirements, with a limited level of assurance.

/ Systems and tools used for sustainability reporting

4.1.3   CSR/ESG governance

At Board level, CSR/sustainability governance is shared between the Audit and Financial Risks Committee, which monitors the application of the CSRD system, and the Strategic, Environmental and Social Committee, which monitors major actions.

Chapter 3 of this Universal Registration Document presents in detail:

• ▪ the composition of the Board of Directors and Committees, including employee representation, the Board’s diversity policy, the independence of the Directors, their experience and skills; [ESRS 2 GOV-1-21 (a) to (e)] [ESRS 2 GOV-1-23 (a)&(b)]
• ▪ the duties and activities of the Board and its committees during the financial year; [ESRS 2 GOV-1-22 (a), (c) ii]
• ▪ the respective roles and responsibilities of the governance and executive management bodies; [ESRS 2 GOV-1-22 (c)]
• ▪ their particular involvement in the analysis of impacts-risks-opportunities; [ESRS 2 GOV-1-22 (b)]
• ▪ the processes and procedures as well as the links between the various bodies, and the control procedures in place. [ESRS 2 GOV- 1-22 (c) i, ii, iii & (d)]
• ▪ in 2024, the missions of the Audit and Financial Risks Committee of the Board (see Section 3.1.4.1 of this document) changed to integrate its new responsibilities on sustainability reporting, particularly its monitoring of impacts, risks and opportunities concerning sustainability. The Committee also ensures the integrity of the sustainability reporting process and the effectiveness of the internal control and risk management systems in terms of sustainability reporting. The update of the climate risk mapping was presented. It did not highlight any new risks for the company. The results of the revised double materiality analysis were shared in order to explain the more granular approach, which helped to validate the revision of the impacts, risks and opportunities (IROs). Regulatory changes in sustainability reporting are presented, along with a parallel analysis of short- and medium-term actions. The committee was regularly informed of the progress made by the Chief Impact Officer, as well as the work carried out to prepare the sustainability report; [ESRS 2 GOV-1-22 (a) to (c)]; ESRS 2 GOV-2-26 (a) to (c); ESRS 2 IRO-1-53 (e)&(f)]
• ▪ in 2025, the Board’s Strategic, Environmental and Social Committee (see Section 3.1.4.4 of this document) was informed of the revised climate risk mapping and the updated double materiality analysis. The deployment of the N.I.B.I. (No Impact for Big Impact) program on responsible marketing and technology was presented. The annual monitoring of the implementation of the Duty of Care Plan makes it possible to see changes in actions and indicators; [ESRS 2 GOV-1-22 (a) to (c) i ; ESRS 2 GOV-2-26 (a) to (c)]
• ▪ within the Executive Committee, chaired by Mr. Arthur Sadoun, Chair and Chief Executive Officer, CSR issues are supervised by Mrs. Agathe Bousquet, Chair of Publicis Groupe in France, who deals with cross-functional issues across the three pillars of the Company (Intelligent Creativity, Connected Media, Technology), including CSR; [ESRS 2 GOV-1-22 (c) i, ii, iii]
• ▪ within the Management Committee, the Chief Impact Officer, Nannette Lafond Dufour, oversees the CSR strategy and sustainability reporting, as well as the Groupe’s flagship initiatives, such as the Women’s Forum, Working With Cancer advocacy and social equity issues; [ESRS 2-MDR-P-65 (c)] [ESRS 2 GOV-1-22 (c) i,ii,iii]
• ▪ the Groupe CSR Department reports to the Chief Impact Officer. This team is in charge of developing and deploying the ESG strategy, projects and changes to the policies involved in the Groupe’s CSR strategy, and monitoring action plans and targets. This department is in charge of sustainability reporting. This department is a source of proposals to Executive Management for changes to be implemented in order to achieve the targets approved by the Groupe’s governance bodies. The Janus Code of Conduct and Ethics incorporates these elements into ESG policies. The CSR Department relies on the CSR Steering Committee, in place since 2015, which brings together the corporate departments: Legal and Compliance, Finance and Information Systems, HR Operations, Groupe Procurement, Risks, Internal Financial Control, Internal Audit, Shared Services/Re:Sources (IT, Real Estate, etc.). The managers of the countries or activities are involved in the work in order to take into account the CSR challenges of clients. The 2025 work mainly focused on the review of the double materiality analysis;
• ▪ the CSR Department leads several internal bodies that have been set up for sharing experience and cooperation, such as the Groupe Impact & Social Equity Council, which brings together the managers responsible for inclusion and Impact & Social Equity programs every two months, or the Climate Crew, which brings together the teams in charge of reducing climate impacts every two months. It is also working with various business lines to identify metrics specific to the challenges of responsible marketing. In 2025, it led the international extension of the N.I.B.I. (No Impact For Big Impact) internal program. [ESRS 2 GOV-1-22 (c) i,ii,iii]
• ▪ the Audit and Internal Financial Control (Financial Monitoring Controls) Department have included certain topics related to the sustainability report preparation, such as those relating to talent, personal data compliance issues, and IT system security;
• ▪ the Risk Management team collaborated on the update of the climate risk mapping, as well as the revision of the double materiality analysis, alongside the Finance Department;
• ▪ the Finance Department is involved in the various risk mapping work (climate risks, ESG risks, double materiality analysis). Working with this Department, the European Taxonomy and its qualification criteria are monitored. It is also in close cooperation that structuring projects are prepared and deployed (internal carbon price, emissions reduction-related investments, etc.);
• ▪ the Risk Management and FMC (Financial Monitoring Controls) teams (see Section 2.2) support the CSR Department in structuring an ESG control framework, which integrates the elements of the CSRD and ESRS;
• ▪ the Groupe HR Operations Department, responsible for Groupe HR policies, handle all social indicators at Groupe level, in partnership with the various teams responsible for the different tools. It has also participated in the double materiality revision work;
• ▪ in the agencies and countries, operational deployment of CSR actions is carried out under the responsibility of local management, and priority actions are implemented based on topic by their dedicated CSR teams (CSR Ambassadors or Sustainability Champions), the Talent, HR or Impact & Equity teams, and of course with the Operational Business teams. Not to mention the local Re:Sources teams for the support functions in the shared service centers, which collect environmental data. It is important to highlight the very large number of employees volunteering to start new CSR initiatives and innovate in their daily professional practices. [ESRS 2 GOV-1-22 (a)]

4.1.4   Integration of sustainability issues into compensation

Since 2020, Publicis Groupe has included sustainability issues in the variable portion of the Chairman and Chief Executive Officer’s compensation, a compensation structure submitted each year to a shareholder vote. Variable compensation for long-term plans is described in Section 3.2.3. [ESRS 2 GOV-3-29 (a) to (e)] In 2025, two CSR criteria were included in the annual variable portion for the Chairman and Chief Executive Officer, each accounting for 10%:

• ▪ in social matters, women represented 46% in 2025 of the members of the Groupe’s main Executive Committees (Groupe Executive Committee, Management Committee, Executive Committee of the main countries excluding those based in the United States). The choice of this criterion was motivated by the need to advance gender equality, particularly at the highest levels of responsibility in the Groupe and its main subsidiaries. The 2025 target has been achieved and surpassed, with 46.5%;
• ▪ in terms of the environment, switch to 100% direct renewable energy by 2030, with an indicative checkpoint of 75% in 2025. The choice of this criterion was motivated by the digital nature of the activities and the need to use only renewable energy sources in all offices. The 2025 target has been achieved and surpassed, with 79.7%. [ESRS 2 GOV-3-29 (b) & (c)]

4.1.5   ESG risk management and mapping

Historically, ESG risks have been included in the Groupe’s major risk map (Chapter 2 of this document), in particular risks relating to Talent and social issues, but also risks related to ethics, personal data and data security. These risks are also analyzed and monitored as part of the application of the French law on the Duty of Care (see Section 4.6). Topics are treated in-depth as part of the work of the Strategic, Environment and Social Committee. The same applies to the monitoring of the Company’s three main ESG priorities and related actions.

In the ESG mapping, five risks have been identified, some of which are aligned with the Groupe’s major risk mapping. No risk appeared to be very high and certain. [ESRS 2 GOV 5-36 (a) to (c)] These five CSR risks are:

• ▪ challenges in the management and protection of personal data in the context of artificial intelligence deployment (Chapter 2 and Section 4.3.11.7);
• ▪ data security breach in a context where cyber risks have increased (Chapter 2 and Section 4.3.11.8);
• ▪ deterioration in the well-being and working conditions of talent (Chapter 2 and Section 4.3.6.4);
• ▪ growing challenges on social equity issues (Chapter 2 and Section 4.3.4);
• ▪ climate change challenges for advertising activities (see Section 4.2.2).

The results of this work on ESG risk mapping were presented to the Supervisory Board’s Audit Committee and ESG Committee in September 2023.

In 2025, Climate risks were revised, based on the work carried out in 2022. An ad hoc study was carried out, with the help of an external firm, on Climate-related risks, carried out with the Risk Management and Finance teams. The objective of this review was to re-examine the changes in physical risks – depending on the situation of offices and data centers in urban areas, and transition risks. Based on the work of the IPCC, two scenarios were selected: RCP 2.6 (stabilization at 1.8°C), and RCP 8.5 (+4°C scenario).

This work was shared with the Strategic, Environmental and Social Committee and the Audit Committee in September 2025. These elements were also considered to carry out the work for the Duty of Care risk mapping in 2025, presented to the Strategic, Environment and Social Committee in September 2025. [ESRS 2 GOV-5-36 (d)]

4.1.6   Sustainability-related internal controls

The structure of the sustainability-related internal control is based on several elements described in this chapter, in the sustainability reporting methodology, as well as in other chapters of this document, namely: [ESRS 2 IRO-1-53 (d)]

• ▪ the Groupe’s internal control and risk management system and procedures presented in Chapter 2, Sections 2.2.1, 2.2.2 and 2.2.4 and the sustainability reporting requirements are the same as those applied for financial reporting. The internal sustainability control system was structured in 2023. Key indicators were included in 2025, as part of a pilot phase, in the reviews carried out by FMC (Financial Monitoring Controls). The sustainability reporting processes are reassessed at the end of each exercise by integrating feedback from the various contributing teams, with a view to continuous improvement. The Groupe’s internal control and risk management framework is based on the COSO 2013 guidelines. [ESRS 2 GOV-5-36 (a) & (b)]
• ▪ the elements specific to sustainability reporting are explained in Section 4.1.2 (reporting methodology and processes). The 2025 CSR Reporting Comprehensive Guide is developed by the Groupe CSR Department and is shared with the FMC (Financial Monitoring Controls) and Risk Management teams. The Groupe CSR Department relies on a set of rules established by indicator for its verification stages at entity and country level and for consolidation; [ESRS 2 GOV-5 36 (a) & (d)]
• ▪ the Internal Audit teams have access to the reports and recommendations of the Statutory Auditors verifying the sustainability information;
• ▪ the work carried out by the Board Committees in Section 3.1.4. [ESRS 2 GOV-5-36 (d) & (e)]

4.1.7   Strategy and business model

The Groupe’s strategy is described in detail in Chapter 1 of this document. For the ESRS, the description of inputs and products and results are presented in the Business Model and Value Creation pages in the Introduction section of this document; the strategy is presented in Chapter 1.

Publicis Groupe is a consulting company, i.e. the provision of intellectual services (intangible goods) for its corporate clients, with responsible marketing and communication at the heart of the offer and the three strategic pillars:

• ▪ creation and production under the heading Intelligent Creativity;
• ▪ media and data under the heading Connected Media;
• ▪ technological activities under the heading Technology.

Sustainability in the Company’s business strategy is based on three pillars that permeate all activities: the fight against climate change, social equity and equal opportunities for our employees, and responsible marketing and technology at the heart of what we achieve for our clients. [ESRS 2 SBM-1-38]

Our strengths

Our talents and all the teams in each business line are Publicis Groupe’s main asset; they are passionate and curious, well-trained and connected to all types of innovation, experts in countless fields and attentive to societal changes. They are at the forefront of strategic transformations.

The Power of One organization places the client at the center: it is the operational lever enabling highly effective client support and project implementation and monitoring.

Publicis Groupe made the shift towards technology and data very early on, investing more than euro 10 billion over the last ten years, integrating acquisitions in technology with Sapient and in data with Epsilon, as well as internal developments around Core AI. Artificial intelligence is a growth driver for Publicis. The Groupe continues to gain market share and assert itself as a “Category of One”, thanks to its unique model, powered by AI. This performance is the result of increased interest from our clients in the Groupe’s AI products and services, and is reflected in the sustained growth of the “Connected Media” business, which includes Epsilon. Its strong growth is based on its ability to connect the entire media ecosystem, commerce, and influence through AI, for the benefit of its clients.

Core AI unifies client proprietary data and allows each client to draw on thousands of useful data points. Core AI feeds into and enhances Publicis’ three strategic pillars and helps to support the modernization of clients’ business models in a world where everything is connected.

In terms of organization and operations, the experience of the pandemic in 2020 & 2021 validated the Groupe’s resilience in the face of a major physical impediment, with employees around the world having ensured good business continuity and client service, and demonstrated a real agility to adapt to exceptional circumstances. Major climatic hazards can physically impact offices (power cuts, temporary inaccessibility, etc.), just as employees and their living quarters can be affected (tornadoes, floods, fires, etc.), but the local teams are trained to be able to quickly implement solutions adapted to the needs of employees and clients. [ESRS 2 SBM-1-40, ESRS 2 SBM-1-42 (a) & (b), ESRS 2 SBM-3-48 (f)]

Upstream, the Company needs suppliers and partners to carry out the consulting service, then execute the action plan approved by the client. In addition to real estate lessors for offices, Publicis’ main suppliers include technology companies offering products and services such as hardware, cloud services and digital solutions as well as software essential for employees to work worldwide.

Under the contract between them and their clients, the agencies act in the name and/or on behalf of their clients, in particular for media purchases. When technological solutions are developed for clients, this is often done in cooperation with other technology companies.

Downstream, Publicis Groupe’s clients contact their own clients and end-users interested in their brands, products or services.

The Groupe’s client portfolio is fairly balanced between the various sectors and industries: automotive, finance, health, food and beverage, technology, consumer goods, retail, etc. (see Key figures in the Introduction to this document). [ESRS 2 SBM-1-42 (c)]

4.1.8   Stakeholder consultation

Publicis Groupe has many stakeholders in connection with the Company’s worldwide presence and its business model related to its intellectual services to companies. Three of them are considered as major stakeholders: clients, employees, as well as investors and shareholders.

Engagement with stakeholders takes place at Groupe level, as well as at country or business level, in a complementary manner. The modus operandi differs between the Groupe and the subsidiaries; the example of France is interesting due to its regular consultation mechanisms. Similarly, Publicis Media in the United States set up the Publicis Media Digital Standards Council several years ago, bringing together clients, platforms and media, representatives of professional organizations and innovative startups. At Groupe level, consultations regularly focus on impacts, risks and opportunities as described in Section 4.1.9 for the double materiality analysis. The results of this work are shared with the Executive Management and the governance bodies, upstream of the process and downstream, during the results. The list of stakeholders is exhaustive in the following table.

Three groups of stakeholders were asked to take part in qualitative interviews: employees (at various levels, managers and employees), clients (mainly international clients) and investors. The views expressed by consumers and users have been included on the basis of  the results of surveys carried out by third parties or the Groupe’s agencies (see Section 4.3.11.6). The points of view of associations and NGOs were taken into account with regard to direct local discussions and/or their own publications (see Section 4.1.8). As for universities and schools, close local relationships within the framework of our recruitment programs make it possible to collect their views (see Section 4.1.8).

As part of the revision of the double materiality analysis in 2025, all the feedback collected in 2023 was reviewed through a process of engagement with internal experts. The latter, more than 30, were questioned several times: on the revision of the elements of analysis, then during the final scoring. [ESRS 2 SBM-2-45 (a), (b) & (d), ESRS 2 MDR-T-80 (h)]

4.1.9   Double materiality analysis – impact and financial

The double materiality analysis is based on the premise of examining, on the one hand, financial materiality, with the impact of the deterioration of societal and environmental conditions on the Company’s activity and its financial impacts, and, on the other hand, the materiality of impact, with the measurement of the impact of the Company’s activities under these same conditions.

The work was carried out with the help of Salterbaxter⁽¹⁾ at Groupe level in several stages, with the involvement of the Finance and Risk Management teams (see ESG risk mapping, Section 4.1.5). The starting point was the key CSR issues for Publicis Groupe, the same issues that formed the basis of the ESG risk mapping. The work on ESG risks was also reconciled with the work carried out in 2025 on the risks related to the Duty of Care Plan (Section 4.6).

The scope taken into account is that of the Company’s own operations, as well as its commercial relations with,

• 1. its direct upstream suppliers;
• 2. its downstream clients, with whom the relationship is direct;
• 3. consumers and end-users, with whom the downstream relationship is indirect, as they are our clients’ customers;
• 4. other indirect relationships are established mainly with the media and communication platforms, with whom the relationship is indirect because it is carried out on behalf of clients; and with communities and civil society organizations. [ESRS 2 SBM-3-48 (b) to (g), ESRS 2 IRO-1-53 (b) i, ii, iii]

The work steps were as follows:

• ▪ contextual and sectoral, documentary and regulatory analysis. The literature review took into account:

• ▪ regulatory aspects and interpretation of legislation,
• ▪ the point of view of professional organizations,
• ▪ as well as the review of the criticisms leveled at the communications industry by associations and activists;

• ▪ integration of the 2025 update of the Climate risk mapping;
• ▪ integration of the 2025 update of the Groupe’s major risks mapping;
• ▪ cross-checking of work with that of ESG risk mapping;
• ▪ qualitative interviews with clients from different sectors in several countries including the United States, the United Kingdom and France;
• ▪ qualitative interviews with some ESG investors;
• ▪ qualitative internal interviews with employees, supplemented by webinars in four countries in 2023 (the United States, France, India and the United Kingdom), and repeated in 2024 in France and the United Kingdom to deepen the opportunity component. These interviews were supplemented by an internal survey beginning - and ending - in 2024 to which 350 employees familiar with CSR responded, using the internal Marcel Intelligence platform;
• ▪ in 2025, all of this work was resumed in order to align with the approach recommended by EFRAG⁽²⁾, requiring a finer and more detailed level of granularity. This analysis took into account the various activities and regional locations This work did not reveal any significant findings in relation to 2024;
• ▪ a new Impacts, Risks, and Opportunities (IROs) rating exercise was carried out with internal Subject Matter Experts (SME), to finalize a new presentation. The latter, illustrated by an infographic, shows their positioning in the value chain: Upstream - Operations/Activities - Downstream;
• ▪ Publicis Groupe does not have a Social and Environmental Committee (CSE) at Groupe level, as the Groupe Works Council in France does not have the attributes of a CSE. [ESRS 2 IRO-1-53 (a) & (b) i to iv; ESRS 2 IRO-1-53 (e) to (h)]

The double materiality analysis prioritized IRO (impacts, risks and opportunities) based on:

• ▪ the four-level severity of impacts scale (1-low, 2-moderate, 3-high, 4-major) used to prioritize the Groupe’s risks (see Section 2.2.4);
• ▪ the four-level probability of occurrence scale (1-rare, 2-possible, 3-probable, 4-certain) used to prioritize the Groupe’s risks (see Section 2.2.4);
• ▪ the time frame used is presented in the table below based on the concepts of short term (one year), medium term (between one and three years) or long term (more than three years). [ESRS 2 BP-48 (d) & (e); ESRS 2 IRO-1-53 (c) i to iii]

• ⁽¹⁾ Salterbaxter is a subsidiary of Publicis Groupe with offices in London, New York and Sydney. This entity is an expert in sustainability and communication support for companies’ sustainable development goals. It supports the Groupe in its engagement work with stakeholders and was involved in the single materiality exercises, and the double materiality exercise in 2023 and 2025. This mission is carried out under a standard contract with the Groupe’s CSR Department as a client.
• ⁽²⁾ EFRAG: European Financial Reporting Advisory Group.

On this basis, and in light of the 143 IROs analyzed, the decision was made to retain in the DMA material issues with a high level of severity and a certain probability (see diagram). These topics structure material sustainability issues for the company. The scales used for the double materiality analysis are based on those used in the Groupe’s risk mapping, in order to maintain overall consistency (see Chapter 2).

The double materiality analysis gives a prominent place to social issues; this is consistent for an intellectual services company like Publicis, whose major asset is its employees. Topics of business ethics and responsible marketing around the societal role that communications and technology can play in the coming ecological and social transitions are also among the topics considered important by clients and employees alike. While there are regional differences, they do not call into question the order of priorities.

This work did not highlight any obvious dependencies, whether in terms of impacts, risks or opportunities. [ESRS 2 SBM-3-48 (a) to (c)]

To date, this analysis had not revealed any major immediate impact on the Groupe’s strategy and business model, activities, client portfolio or geographical locations. It did not identify any significant elements resulting from the double materiality analysis to be reported in the financial statements. Action plans are integrated into the efficient running of the Company and do not require any operational expenditure or significant investment. The methodologies used to set targets and metrics are indicated in each topical ESRS.

[ESRS 2 SBM-3-48 (d) & (e), ESRS 2 MDR-A-69 (a),

ESRS 2 MDR-M-77 (a), ESRS 2 MDR-T-80 (a) to (f)]

The double materiality – impact and financial – is presented in a summary table. They are detailed at the beginning of each ESRS.

[ESRS 2 SBM-3-48 (a), ESRS 2 SBM-3-48 (c) i, ESRS 2 SBM-3-48 (c) iii]

4.1.10   Policy development

Policies [ESRS 2 MDR-P-63, 64 & 65] that structure Company life are developed at several levels:

• ▪ Groupe: Janus, the Code of Ethics and Conduct, is the reference for all other policies (see Section 3.1.1.6). It is based on the Groupe’s core values and is backed by major international standards such as the United Nations Global Compact. It brings together all the standards with which all employees must comply without exception. It is made available to all employees on the Marcel platform and the Groupe’s internal website. These policies are covered in mandatory training during recruitment (complete module) and then each year with revisions and updates.

Janus is subject to an annual review. Some policies may be adjusted during the year, particularly in the event of regulatory change. Information is then sent to employees (e.g. anti-corruption policy);

• ▪ Countries: the policies establish the local implementation measures in compliance with local regulations and their specific characteristics. They are reviewed annually and adjusted regularly according to new or improved systems, particularly in the social field;
• ▪ Agency/entity or network: for historical reasons, some entities may maintain additional policies, as they are directly related to the activity and its operational characteristics. They are revised as needed.

4.1.11   Multi-year CSR Strategy

The Groupe’s multi-year CSR/ESG strategy is based on the following three main priorities. Targets are set by Executive Management; Groupe policies set a consistent framework for all subsidiaries, supplemented by local policies adapted to the context. The entities are responsible for operational implementation, with related action plans and monitoring of metrics. This table summarizes a consolidated view at Groupe level.

[ESRS 2 MDR-P-65 (a) to (f), ESRS 2 MDR-A-68 (a) to (e), ESRS 2 MDR-M-75, 77 (a) & (b), ESRS 2 MDR-T-80 (a) to (j) and 81 (a) & (b)]

4.1.12   Disclosure requirements - General disclosures

/ Due diligence process [ESRS 1 61, ESRS 2 GOV-4-30, 31, 32]

/  Simplified cross-reference table of the ESRS disclosure requirements with the chapters and sections of the URD [ESRS 2 IRO-2-56, ESRS 2 IRO-2-59] [ESRS 2 BP-2-16]

 ESRS E1  CLIMATE

4.2.1    The Groupe’s climate commitments [ESRS E1-1-14]

Publicis Groupe was the first communication group to support and promote the Ten Principles of the United Nations Global Compact in 2003. Then the Company confirmed its climate commitments by joining the United Nations “Caring for Climate” advocacy. The first climate targets were backed by the so-called “20-20-20” European Climate-Energy package (by 2020, 20% renewable energy, 20% emission reduction, and 20% increase in energy efficiency). Having achieved its targets in 2019, the Groupe is committed to SBTi, and is a signatory of the Business Ambition for 1.5° (United Nations Global Compact) in support of the efforts of the Intergovernmental Panel on Climate Change (IPCC or UN IPCC) asking companies to accelerate the transition to a decarbonized economy and world, and in favor of a fairer society.

The Groupe’s voluntary environmental commitments underpinning the Groupe’s policy, and reaffirmed annually, correspond to the following factors:

• ▪ 2003: signed the United Nations Global Compact, followed in 2007 by the United Nations Caring for Climate advocacy;
• ▪ 2009: alignment of the Groupe’s climate targets with the “20-20-20” Climate-Energy legislative package;
• ▪ 2009: first participation in the CDP (Carbon Disclosure Project) renewed annually since 2010;
• ▪ 2015: French Climate Business Pledge, signed in support of the Paris Agreement at the COP21, now the “Pacte Climat”;
• ▪ 2018: alignment with the rules of the TCFD (Task Force on Climate-related Financial Disclosure);
• ▪ 2020: joined the Business Ambition for 1.5°, then the mobilization campaign Race to Zero of the UNFCC (United Nations Framework Convention on Climate Change);
• ▪ 2021: validation of carbon emission reduction targets by SBTi (Science Based Targets initiative);
• ▪ 2022: following the change in SBTi methodology, further validation was obtained for the Near-Term & Long-Term Targets and Net Zero.

Publicis Groupe has voluntarily chosen to follow the recommendations of the TCFD (Task Force on Climate-related Financial Disclosure) now integrated into the ISSB (International Sustainability Standards Board); the environmental policy is based on the recommended principles – governance, strategy, risk management, key metrics and targets – in order to allow a clearer understanding of the targets and resources implemented. Additional information can be found on the Groupe’s website, in the CSR section, where public responses to external questionnaires such as the one issued by the CDP Climate Change can be found.

Publicis Groupe also participates in other trade initiatives as a member of economic organizations such as, in France, through the Medef and the “Pacte Climat”, in which several French subsidiaries of Publicis Groupe also participate. This advocacy reaffirms the determination of French companies to support the objectives of the Paris Agreement, the energy transition and the fight against global warming in a 1.5°C scenario. Under France’s Climate and Resilience Law, Publicis France publishes its commitments on the Ademe website, while Publicis UK publishes its impacts under the UK Climate Financial Disclosure, and Publicis Spain does so in accordance with Spanish Royal Decree 214/2025.

The industry professional organizations to which the Groupe and its agencies belong, particularly in Europe, have made strong commitments to reduce the impact of communication and advertising in all their forms. The Groupe is a voluntary player in this area in order to quickly take all the measures necessary for the essential collective effort. In France, the AACC (Association des agences conseils en communication) with the UDECAM (Union des entreprises de conseil et d’achat média), IAB France (Interactive Advertising Bureau) and ARPP (Autorité de régulation professionnelle de la publicité), alongside advertisers (Union des marques), are working on a trajectory to achieve carbon neutrality.

In the United Kingdom, spearheaded by the Advertising Association, which brings together the industry, from advertisers to agencies and media to platforms, Ad Net Zero has been created, a sectoral initiative with the objective to achieve Zero Waste – Zero Carbon in 2030.

Publicis Groupe has joined other United Nations initiatives such as Business Ambition for 1.5° and Race to Zero, which bring together committed companies.

4.2.1.1    Impacts, risks and opportunities related to environmental and climate issues [ESRS 2 SBM-3, E1 IRO-1, E1-2-24 & 25, E1-4-32 & 34]

/ Impacts, risks and opportunities – in brief

IROs: impacts - risks - opportunities

Score: Low, Medium, High, Major

Time frame: ST: short-term; MT: medium-term; LT: long-term

4.2.1.2   Main impacts
[E1-ESRS 2 SBM-3-19 (b) & (c), AR 7 (b) & AR 8 (b)]

Publicis Groupe is an intellectual services company serving its corporate clients, with over 114,079 employees in around a hundred countries. Teams work in “open space” offices, mainly located in capitals or major cities, and spread over one or more floors. After the Covid-19 pandemic, employees returned full-time to the office in some countries, while in other countries, flexibility around remote working three days a week in the office has been in place since January 2023. The double materiality analysis revealed two negative impacts:

• 1. The Company’s energy consumption (Scope 2) will grow, due to the digital nature of all activities and the use of artificial intelligence. Moving to the cloud allows you to benefit from the computing power of partners and their energy efficiency, which is better than that of a company operating in isolation.
• 2. Scope 3 and the associated GHG emissions are growing. The Company’s strong economic growth since 2019 automatically increases the environmental impacts. In this context, two major sources of impacts are proving difficult to limit: purchases of goods and services, and business air travel. [ESRS 2 SBM-3-48 (b), ESRS 2 SBM-3-48 (c) ii & iv]

4.2.1.3   Risks associated with environmental and climate issues

In 2025, the Groupe revised its Climate risk mapping, based on the work carried out in 2022. With the help of an external firm, several scenarios were taken into consideration. This work on climate risks was aligned with the method used by the Groupe’s Risk Management (time horizon, frequency, financial impacts, mitigation measures), and was analyzed in accordance with the recommendations of the TCFD (Task Force for Climate-related Financial Disclosure). The main conclusion of this updating exercise is the need to integrate the speed of climate phenomena and their increasing intensity.

The Company may be faced with physical risks linked to climate change in various cities (flooding, high heat, etc.) that could potentially disrupt its operations and adversely affect the health of employees, as described in the risk analysis in Section 4.2.1.3 below. Mitigation measures have been established and taken, both in terms of business continuity and support for employees who may face difficulties.

The two working scenarios were:

• ▪ a low-carbon transition scenario compatible with global warming limited to 1.8°C by 2100 (RCP 2.6);
• ▪ a trend scenario leading to global warming of more than 4°C by 2100 (RCP 8.5).
  [E1-ESRS 2 IRO-1-AR 11 (a), E1-ESRS 2 SBM-3-AR 18 & AR 19, E1-ESRS 2 SBM-3-48, E1-ESRS 2 IRO-1-20 (a), (b) & (c), E1-ESRS 2 IRO-1-21, ESRS E1-9-66 (a) to (d)]

The Climate Task Force, led by the Groupe’s CSR Department with the support of the Risk Management, Finance, IT and GSO (infrastructure and information systems security), Legal, Real Estate and Insurance Departments and corporate teams, took part in the work. A debriefing was accompanied by training to share the latest information on climate issues with these teams. This group works in the form of topical sub-groups in order to examine possible new risks and/or opportunities, to share best practices, and to propose actions that strengthen the Groupe’s resilience in the face of climate hazards and their consequences.

• 1. Physical risks: the physical risk analysis follows the recommendations of the TCFD⁽¹⁾. It takes into account the geographical location of offices, employees and data centers. It analyzes the possible alteration of service continuity for customers and possible disruptions in the normal operation of the Company. It includes the study of the following climatic phenomena: high temperatures, rising sea levels, extreme rainfall with flooding, major fires, tornadoes.
• By 2025, the 100 locations of the Groupe’s main offices across five continents had been mapped. None of the buildings where the Groupe and its subsidiaries are located has been identified as presenting a major climate risk.
  [E1-ESRS 2 IRO-1-20 (b), E1-9-66 (b) and E1-9 67]
• 2. The transition risks: they come from changes in the market, regulations or technology to limit global warming to 1.5°C and have been grouped into six other scenarios. Particular attention was paid to possible regulatory changes, such as the end of certain product categories for the Groupe’s clients, the ban on communicating on certain products, stricter constraints for certain products, or the possible occurrence of additional taxes. The issues surrounding carbon taxes in different forms were analyzed in detail.

4.2.1.4   Opportunities related to the fight against climate change [E1-2-25 AR 16 et AR 18]

92% of the Groupe’s Top 100 Clients have defined their climate trajectory with public information, verified by third parties.

The ecological transition has already been a reality for several years: clients ask their agencies not only to measure the impact of their marketing and communication actions, but also to identify solutions to reduce their carbon footprint. The Groupe supports its clients in their own ecological transformation, establishing partnerships with specialized third parties and startups, or with expert organizations that can help implement operational changes.

Climate issues are also an opportunity for innovation in terms of new services to be offered to customers. The Groupe relies on the following levers:

• ▪ a specific request in terms of support for clients and their marketing related to their transformation towards more sustainable products, less impactful and adapted to changes in consumer behavior (environmental trade-off criteria, use of the circular economy, privileged proximity, etc.). Consumer expectations are heightened in terms of traceability, transparency and truthfulness;
• ▪ the Company’s ability to innovate and help clients reduce their own emissions, particularly those related to their marketing and communication, through adapted solutions, working with partners and suppliers committed and aligned behind these same carbon emissions reduction imperatives to achieve Net Zero. The Publicis approach is collaborative, resulting in various tools or services built with the help of partners and third-party experts.

• ⁽¹⁾ TCFD: Task-Force on Climate-Related Financial Disclosures

4.2.2    Reducing impacts with the Net Zero Climate Policy⁽¹⁾

In 2019, Publicis Groupe achieved its initial Climate targets for 2020 and 2030. In 2020, Publicis Groupe launched a new cycle of actions by increasing its ambitions and voluntarily committing to an approach verified by the SBTi (Science Based Targets initiative) for 2030 and 2040. The trajectory adopted is that of the Paris Agreement and a 1.5°C scenario.

Under the ESRS, this policy covers:

• 1. climate change mitigation;
• 2. climate change adaptation;
• 3. energy efficiency;
• 4. deployment of renewable energy;
• 5. other areas.

[E1-2-25 (a) to (e), E1-3-28]

This environmental policy relies on an EMS (Environmental Management System) which has been in place for the past several years to organize projects. It is based on the voluntary ISO 14001 standard, with precise targets, annual reporting with quantitative and qualitative data (via HFM CSRGRI, P.A.R.I.S., etc.) and proprietary tools (A.L.I.C.E., P.A.S.S., etc.) designed to constantly improve the measures in place and innovate both in terms of business lines and suppliers. This EMS applies to all subsidiaries; it is managed by the Groupe’s CSR Department under the supervision of the Chief Impact Officer, who is a member of the Management Committee, and is reviewed annually to seek continuous improvements.

27 subsidiaries representing 16.6% of employees are IS0 14001 certified; these are the entities for which this certification is essential to work with certain clients.

An intermediate stage is planned with carbon neutrality for the entire Groupe before 2030 (neutrality meaning GHG emissions are offset by voluntary carbon credits). To offset irreducible impacts, VCCs (Voluntary Carbon Credits) are used only as a last resort. This annual operation is managed centrally by the Groupe and only covers Scopes 1 and 2 emissions, as well as air transportation (Business travel) in Scope 3. [ESRS 2 MDR-T-80 (a) to (j)]

The policy incorporates the elements of the Transition plan and is structured around the following eight levers: [ESRS 2 MDR-T 78 & 79, E1-2-24, E1-2-25, E1-4-34]

• 1. reduction of transportation, particularly by air, and its impacts, thanks to the reduction in air business travel and the use of teleconferencing tools.
• 2. reduction in energy consumption and switch to 100% direct-source renewable energy. Improving the energy efficiency of offices and buildings, seeking to limit the impacts of electricity, heating and air conditioning, remains key.
• 3. reduction in consumption of natural resources and raw materials (mainly paper, water, plastics). The global plan launched at the beginning of 2020 to eliminate single-use plastics (Zero Single-Use Plastic) from all agencies in order to rapidly comply with the ambitious objectives of the plan voted by the European Parliament remains in place;
• 4. reduction in waste volume: the systematic use of recycling channels, particularly for electronics and IT products (Waste from Electrical and Electronic Equipment or WEEE), and the organized management of non-hazardous waste remain the priorities;
• 5. reduction of the impacts of campaigns and projects completed for clients: the Groupe has created an internal impact assessment platform called A.L.I.C.E. (Advertising Limiting Impacts & Carbon Emissions), which makes it possible to measure and find less impactful options (Section 4.3.12.2);
• 6. product and service innovation at agency and country level, with new solutions offered to clients to support their energy and environmental transition. (Section 4.2.1.4);
• 7. reduction of the impacts related to purchased goods and services. The CSR for Business Guidelines are an integral part of the contracts signed with suppliers. Strategic suppliers are required to be assessed by an independent third party in terms of CSR (EcoVadis or others). For other suppliers, a self-assessment platform for their CSR approach is available: P.A.S.S. (Publicis Groupe Providers’ Platform for a self-assessment for a Sustainable Supply chain) (Section 4.4.4.4). [E1-1-14, E1-1-16 (a) & (b), E1-3-28, E1-3-AR 19 (d)]
• 8. mobilization of teams: everyone must act both in their daily lives and in the services provided to clients, and through environmentally and socially responsible implementation of projects. Team training is central.

• ⁽¹⁾ Definition of “Net Zero”: in this document, the expression “Net Zero” is used either to describe the 2040 target validated by SBTi, known as the “Long-Term Target” of reducing carbon emissions by 90%, or to refer to the title of Publicis Groupe’s environmental policy, “Net Zero Climate Policy.”

4.2.2.1   Integration of environmental issues into the strategy, business model and value chain

The Company’s strategy incorporates the absolute need to reduce the overall environmental impacts, whether in terms of the Company’s internal operations, the services offered to clients and the work carried out for them, or the products and services purchased. [ESRS 2 SBM-1, SBM-3 AR 6, E4-1-12, E4-1-13]

4.2.2.2   Analysis of the Company’s climate resilience

Publicis Groupe recognizes that climate change represents a major challenge for companies on a global scale. In order to guarantee the sustainability of our business model, we have undertaken a process of assessing our strategic and operational resilience to climate impacts, with an approach that allows us to structure our analysis of physical risks and transition risks in order to identify the levers of action to strengthen our adaptation. [ESRS 2 SBM-3-19 (b) & (c), AR 7b & 8b]

• 1. Current resilience analysis

We identified the most important processes for the operation of our Groupe, considering the three scopes:

• ▪ direct scope: our offices, data centers, equipment and infrastructure;
• ▪ upstream and downstream value chains: our relationships with suppliers, partners and clients;
• ▪ stakeholders: external players indirectly linked to our business.

We analyzed the sensitivity of our key processes to various climatic hazards (extreme temperatures, intense rainfall, drought, etc.). For example, our data centers are particularly sensitive to heat waves.

The assessment of current capacity to deal with the identified hazards was carried out by considering different aspects:

• ▪ financial: availability of funds to implement adaptation measures;
• ▪ technical: technologies in place to protect our infrastructure;
• ▪ organizational: business continuity plans and crisis management protocols;
• ▪ human: training and awareness of our teams on climate risks.

• 2. Climate scenarios

In 2025, Climate risks were re-assessed on the basis of the same two scenarios as in 2022, adapted to the current situation:

• ▪ a low-carbon transition scenario compatible with global warming limited to 1.8°C by 2100 (RCP 2.6);
• ▪ a trend scenario leading to global warming of more than 4°C by 2100 (RCP 8.5).

The development of adaptation trajectories help to define concrete actions in the short, medium and long term to strengthen the resilience of our infrastructures (for example, by improving the energy efficiency of our data centers), diversifying our supply chains, and supporting our clients in their own ecological transition.

Measures are in place such as:

• ▪ promoting more sustainable working practices to reduce our emissions
• ▪ the use of renewable energy to power our offices, with an objective of 100% by 2030;
• ▪ training to raise our teams’ awareness of climate issues.

Our resilience plan is part of a continuous improvement process based on changes in the climate context and experiential feedback.

• 3. Risk mitigation measures

3.1 Mitigation measures for physical risks:

• ▪ the Talent and HR teams in the countries have extended the spectrum of systems enabling employees to be supported in terms of physical and mental health prevention throughout the year, with the possibility of strengthening these systems, as was the case with the pandemic. With the internal tool LionAlert, the Groupe can contact employees in case of extreme emergency and ensure they are safe. LionAlert is activated locally according to events (earthquake, cyclone, flood, major fire, but also acts of terrorism, political tensions, etc.) Employees regularly update their contact information;
• ▪ the IT Department implemented the necessary measures to ensure continuity of service from one region of the world to another; tests and backup plans are carried out regularly. The Re:Sources IT teams are able to equip all employees worldwide for an extended remote working configuration with the appropriate equipment for IT, connectivity and office automation (this was already the case for years in regions of the world subject to major climate hazards, and this has covered 100% of the Groupe since the pandemic);
• ▪ in terms of energy, the switch to 100% renewable energy, expected before 2030 in the Group, will reduce the impact of non-renewable energy for electricity needs;
• ▪ ISO 14001 certification provides a method that helps anticipation strategies, especially for entities that may be the most exposed.

Outlook on physical risks: these risks will increase inexorably over the coming years, but with a low impact on the operational functioning of the Company in view of the systems and modus operandi practiced.

Internal carbon price or ICF (Internal Carbon Fee). In 2023, the Management Board approved the principle of an internal carbon price of euro 50 per TeqCO₂. [E1-8-63 (a) & (b)] This price was built by integrating three parameters:

• ▪ the price of voluntary carbon credits for REDD+ and sequestration-type projects;
• ▪ a contribution to the financing of internal actions to facilitate the ecological transition (R&D, new tools or systems);
• ▪ support for innovation in subsidiaries’ products and services to help the Groupe’s clients in their own transition. [E1-8-63 (c)]

This ICF is currently available for information purposes. It helps measure the change in impacts and their costs since the reference year used for the carbon trajectory calculations (in particular the targets validated by SBTi with 2019 as the reference year). This ICF covers Scopes 1 + 2 + 3 carbon emissions such as travel, including air transportation and direct purchases. Even though these initial estimates result in a fairly low ICF, it is expected from this exercise that subsidiaries will better assess the financial impacts of their own carbon emissions, which should help accelerate the implementation of all solutions to reduce these impacts. [E1-3-29 (c), E1-8-63 (b), E1-8-AR 65]

3.2 Mitigation measures for transition risks:

• ▪ from a business line point of view, Publicis Groupe participates in sectoral work like Ad Net Zero enabling our various activities to anticipate regulatory changes and be a source of proposals to improve professional practices. The implementation of a proprietary carbon calculator, A.L.I.C.E., illustrates the desire to innovate;
• ▪ from a regulatory point of view, under the supervision of the Legal Department, various teams monitor international and national regulations in order to anticipate changes concerning us or our clients, to develop our standards, and to call upon external experts where applicable;
• ▪ with regard to possible carbon taxes, the objective is to reduce all sources of carbon emissions without exception, and to work on long-term projects. [ESRS 2 SBM-3-48 (b)]

Outlook on transition risks: these changes are expected in the coming years, but with a low impact in the short term in view of the work undertaken within the Groupe.

Climate for Nature Fund. In 2023, Publicis Groupe’s Executive Management joined the Climate Fund for Nature Fund managed by Mirova/Natixis, through an investment of 20 million euros. It is a fund shared with other companies and investors whose objective is to support projects dedicated to the protection and restoration of nature with co-benefits for biodiversity and communities in several countries. A majority of them will take the form of carbon phase-out projects: afforestation, reforestation, restoration of key natural ecosystems, such as mangroves, or natural regeneration, as well as regenerative agriculture and agroforestry projects. The Fund is already supporting an ambitious project to protect primary forests in Peru in partnership with a local NGO and indigenous communities. Various other projects are at an advanced stage of study, including mangrove and land restoration in Latin America, Africa and Southeast Asia. This investment will enable the Groupe to receive carbon credits for around 15 years starting in 2028 to offset residual carbon emissions.

• 4.   Resilience Metrics

The issue of resilience is integrated into the overall strategy and risk management approach.

The Groupe monitors key performance indicators to assess the effectiveness of our adaptation measures and adjust our actions if necessary, with transparent communication on our climate resilience performance, following TCFD recommendations⁽¹⁾.

The Groupe demonstrated its resilience during the Covid-19 crisis; its approach allows it to continuously assess and strengthen its resilience to climate change which could alter business continuity. It helps to better understand the risks and opportunities related to its activities, and to adapt its business model to ensure its long-term sustainability. Publicis Groupe is committed to being a proactive player in the transition to a more sustainable economy. [E1 SBM-3-19 (a) & (b)]

4.2.3    Accelerating the climate transition plan

In light of the material climate issues for Publicis Groupe, and in line with the SBTi targets aligned with the Paris Agreement and its 1.5°C scenario (the Company is part of the CAC 40 1.5° index [E1-1-16 (g)]). The GHG emission reduction targets and climate change mitigation actions implemented are presented below in a table.

Publicis Groupe has seen its objectives validated by SBTi, aligned with their new 2021 method:

• ▪ Near-Term Target 2030: 50% reduction in the impacts of Scopes 1+2+3;
• ▪ Long-Term Target 2040: 90% reduction in the impacts of Scopes 1+2+3 and Net Zero in 2040.

This projection includes another voluntary objective, which is the switch to 100% direct-source renewable energy throughout the Groupe by 2030 (see Section 4.4.4).

We have a single watchword: reducing all impacts. The reduction trajectory will not be linear, because the Groupe benefits from economic growth that automatically generates an increase in certain impacts, such as direct and indirect energy consumption, in the age of artificial intelligence and growth in purchases.

These targets (on gross greenhouse gas emissions) anticipate the fact that disruptive technological and operational innovations still unknown on the market will be implemented in the coming years. In 2025, Publicis did not deploy significant resources or identify any future investments (CapEx) that would be essential for the transition plan. [E1-1-16 (e)] In addition, the Groupe has not identified any significant locked-in emissions likely to jeopardize the transition plan. [E1-1-16 (d)]

Changes to the transition plan are monitored annually by the Audit and Financial Risks Committee and the Strategic, Environmental and Social Committee. The projections of the carbon emissions trajectory as well as the measures of the plan implemented are examined. [E1-1-16 (i)]

In view of Scope 3 GHG emissions which increased in 2025, largely due to the Groupe’s economic growth, Publicis will submit new objectives to SBTi in 2026, in order to design a new Climate trajectory taking into account the new size of the Company.

• ⁽¹⁾ TCFD: Task Force on Climate-related Financial Disclosures.

/ GHG emissions intensity per million euros of Net Revenue

/ Decarbonization targets and levers of the Transition plan

4.2.3.1   Reduction of direct GHG emissions (Scopes 1 & 2)

The central lever for Scope 2 is the transition to 100% renewable energy (RE) from direct sources by 2030, and with energy efficiency actions that are underway in the various offices. This switch to 100% renewable energy contributes to the reduction of impacts, while controlling the investments to be made in terms of High impact RECs (renewable energy certificates), for countries where direct access to renewable energies is limited. The priority countries in 2025 were the United States and India; it is planned to increase the coverage rate and add more countries by 2030 to reach 100%.

Specific work began in 2025 on the energy consumption of own and external data centers and continued in 2025 (Section 4.2.7.4);

4.2.3.2   Reduction of indirect GHG emissions (Scope 3)

• 1. Purchases of goods and services: reducing emissions related to the purchase of goods and services by prioritizing suppliers who are committed to the climate transition and have public GHG emissions reduction targets validated by third parties. They are asked to  do this as part of the Enhanced ESG Program launched in 2023 (Section 4.4.4.2). The Groupe is also attentive to the actions that our direct suppliers take with their own suppliers to reduce carbon emissions. The modeling of suppliers’ actual emissions shows a reduction in the emissions associated with their products or services, in particular for sectors where the monetary emission factors are not very precise. The challenge remains the level of maturity of the usable supplier data.
• 2. Business travel: air travel is subject to stricter travel necessity criteria, with different levels of internal validation. This Travel policy (in Janus, the Code of Ethics and Conduct) is applicable to all employees: it specifies the conditions for using air transportation and encourages train travel when local infrastructure allows it. In addition, there are preference criteria for airlines that are committed to reducing their emissions and have either invested in the latest generation of aircraft that consume much less fuel and are adapted to the types of journeys (domestic, short, medium and long haul), or in robust programs for the use of SAF (Sustainable Aviation Fuel).
•   Various scenarios for the future development of business air travel have been studied to adjust our travel validation policy and processes. The Groupe’s international dimension and the need to regularly hold face-to-face discussions with clients imply a need to think differently about business travel to group meetings more effectively (Section 4.2.4). However, despite reductions, the Groupe’s growth and the regional dispersion of customers did not allow for as significant a reduction in flights as hoped. [E1-1-16 (h)]
• 3. Commuting: with the strengthened RTO (Return to Office) policy and the maintenance of the 2-day remote working rule, more employees are regularly returning to the office. The local implementation of financial incentives encourages the use of soft and shared mobility, as well as public transport (Section 4.2.4).

4.2.3.3   Training of employees in eco-social-design

The Groupe has several proprietary approaches and tools, unique in the market:

• ▪ in 2025, mandatory training for employees was implemented in order to standardize knowledge around sustainability and responsible marketing and technology. This “Powering Sustainability” training is also included in the mandatory modules for new hires, and is the subject of an annual refresher;
• ▪ since 2019, the #N.I.B.I. (No Impact for Big Impact) program has been a comprehensive approach that requires employee training, starting with the client briefing and ending with the final implementation of communication actions. Several tools are available to the Groupe’s teams, such as A.L.I.C.E. for measuring the carbon footprint, and other AI (artificial intelligence) tools such as Antigreenwashing AI. #N.I.B.I. invites each business line to rethink its processes, invent new, more efficient approaches and think outside the box. In 2025, the N.I.B.I. internal program was extended to some 15 countries, through the identification and training of around 50 CSR/N.I.B.I. Ambassadors from all business lines. At the end of the one-year training program, they will be equipped to onboard their colleagues and then train client teams. The key stage is the final workshop, which allows teams to develop concrete, useful solutions with a positive impact in the short and medium term. Other external programs such as the Climate Fresk with trained employee facilitators are also used. All employees can access these programs online on the Marcel platform; [E1-2 AR 18, S1-4-43]
• ▪ A.L.I.C.E. (Advertising Limiting Impacts & Carbon Emissions) is a proprietary carbon calculator created in 2017, used for more than 1,600 projects in 2025 in 55 countries to measure the carbon footprint of projects and reduce their environmental impacts. In the United States, the United Kingdom, Poland and Canada, Media teams have integrated A.L.I.C.E. measures into their tools such as Growth.OS, PMX, or Lighthouse. This approach makes it possible to provide clients with a tailor-made proposal, integrating performance and carbon footprint, even if all market players are not yet at the same maturity level. Work is in progress to include the measurement of the use of generative AI. The calculation methodology is provided by Bureau Veritas as an independent expert (Section 4.3.13.2);
• ▪ e-footprint, launched by Publicis Sapient, it is the first open source project (available at https://github.com/Boavizta/e-footprint-interface) that models the impact of manufacturing and energy consumption by complex digital systems. The special feature of this model is that it can be used upstream of projects, to prioritize eco-design actions according to the calculated orders of magnitude right from the design phase.

In 2025, the e-footprint web interface reached a sufficient level of maturity to be hosted within the Boavizta association. It is available at this link: https://e-footprint.boavizta.org. The modeling domain of e-footprint, initially only web, has been extended to edge equipment (IoT, sensors, etc.). The tool takes into account the impacts of using generative AI, for example chatbots; [2 SBM-3-48 (b)]

• ▪ in France, Razorfish (digital agency) launched a solution at the start of 2022 called Razoscan in partnership with Green IT and their EcoIndex algorithm to generate an eco-score of the key journeys of a website, with a score ranging from A to G. The aim is for the agency’s sites to obtain the best ratings, guaranteeing an optimized user experience that consumes less energy. The use of Razoscan has been incorporated into all technological design and manufacturing processes for customer digital experiences, and is used to continuously analyze the environmental footprint of client sites. The objective is to reduce this footprint, to remain at the best level (A or B) without compromising the user experience.

4.2.4   Reduction of greenhouse gas (GHG) emissions

For the 16^th edition, the greenhouse gas (GHG) emissions assessment used the GHG Protocol method, calculated with the assistance of Bureau Veritas Exploitation based on data collected by all Groupe entities, i.e. 99% of the Company’s own workforce (margin of uncertainty of 25%).

This data takes into account new emission factors updated from the Base Empreinte^® database managed by the French Environment & Energy Management Agency (ADEME, accessible at https://base-empreinte.ademe.fr); these emission factors are required by the French Ministry for the Ecological and Inclusive Transition for the GHG emissions assessment. Additional databases are used, such as Dekra or Ecoinvent.

Methodological note: The carbon footprint is fully aligned with the requirements of the CSRD directive (Corporate Sustainability Reporting Directive) and strictly follows the GHG Protocol methodology, which is internationally recognized for the calculation and management of greenhouse gas (GHG) emissions. In accordance with the international standards of this methodology, we carried out an exhaustive analysis of our direct emissions (Scope 1) from our own fixed installations and vehicles, as well as our indirect emissions related to the consumption of electricity, heat or steam (Scope 2). In addition, we have extended our analysis to indirect emissions upstream and downstream of our value chain (Scope 3), including business travel, commuting, purchases of products and services, fixed assets, leased assets, but also waste. Direct emissions from processes excluding energy, transport of outgoing goods, use and end-of-life of products sold, and allowances (see detailed description of the three scopes hereafter) were excluded from our carbon assessment for the following reasons:

• 1. materiality: after a preliminary analysis, we determined that emissions related to the transport of goods represent less than 5% of the total carbon footprint. In accordance with the principles of the GHG Protocol and the CSRD guidelines, we have chosen to focus on the most significant emissions items;
• 2. nature of Publicis’ activity: our activity does not produce goods or commodities. These items are therefore much less significant;
• 3. limited operational control: the Company does not exercise direct control over transport logistics, which is, if applicable, entirely subcontracted to external service providers. Our ability to influence these emissions is therefore limited;
• 4. focus on priority areas for improvement: the resources are focused on the emissions areas where we have identified the greatest reduction potential, in accordance with the decarbonization strategy;
• 5. methodological consistency: this exclusion is applied consistently from one year to the next, allowing data to be compared over time.

Pursuant to the methodology, the greenhouse gases considered are those listed in the French Order of August 24, 2011 relating to greenhouse gases covered by greenhouse gas emissions assessments, namely: carbon (CO₂), methane (CH₄), nitrous oxide (N₂O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), and sulfur hexafluoride (SF₆).

This comprehensive approach allows us to meet the transparency and comprehensiveness criteria required by the CSRD while respecting the principles of relevance, completeness, consistency, transparency and precision of the GHG Protocol. The data is verified by an independent third party, thus guaranteeing the reliability and comparability of our reports, fully in line with the objectives of the CSRD aimed at standardizing and improving the quality of non-financial reporting.

The total of Scopes 1 + 2 (Market Based) + 3 in 2025, for the entire Groupe and its subsidiaries, is estimated at 281,044 TeqCO₂, i.e. a carbon intensity of 2.46 TeqCO₂ per capita. These emissions are slightly down compared to 2024 [E1-6-46] The breakdown by category of the GHG Protocol follows the presentation submitted and validated by SBTi for the 2030 and 2040 objectives. [E1-4-32, 33, 34a & 34b]

Analysis of the 2025 trajectory: the reduction trajectory is not linear for two reasons: the beneficial effects of the actions implemented by the Company may have effects that are manifested in the medium term and not in the short term, and the economic growth of the Groupe automatically increases several types of impacts such as purchases and business travel. The slight reduction is due to several factors: the consolidation of office space, the better qualification of purchases in certain categories and the use for the first time of emission factors from several IT suppliers (see Scope 3 explanations - Upstream - 1^st point), and lastly, the growing share of renewable energy from direct sources.

However, the data for 2025, i.e. at the halfway point, show GHG emissions in absolute value terms close to 2019, making the initial objective of reducing Scope 3 by 50% by 2030 difficult to achieve. This is why in 2026, taking into account the Company’s strong growth, the Groupe will submit new objectives to the SBTi. [E1-4-34 (c)]

• ▪ Scopes 1 and 2

With regard to Publicis Groupe’s intellectual services activities, the impact mainly comes from:

• 1. business travel by car, estimated at 34,133 thousand km, for associated emissions of 309 TeqCO₂.

For company vehicles or service cars, for the past 15 years, the Groupe has aligned its professional vehicles policy (Car Policy) on the European targets of 95g CO₂ maximum, and supports the target of zero-emission road mobility by 2035 indicated in the European draft regulation Fit-for-55. Individual practices have evolved in favor of hybrid and electric vehicles;

• 2. energy consumed is estimated at 111,310 MWh for associated emissions of 11,312 TeqCO₂ [E1-4-32, E1-4-34, E1-5-36]

Renewable energy (RE) from direct sources, via suppliers, accounts for 79.7% of total consumption (based on the certifications given by electricity suppliers). In some countries, the energy mix (renewables versus non-renewables) has made little progress or is even fluctuating. The 100% renewable energy plan for 2030 is reinforced by long-term contracts, to take into account unexpected volatility in renewable energy; it is based on several points:

• ▪ reducing energy consumption, regardless of the source, everywhere;
• ▪ the switch to 100% renewable energy supply contracts is continuing through discussions with the managers of the buildings where our offices are located, where feasible;
• ▪ the use of “High impact RECs” (Renewable Energy Certificates) to achieve the objective of 100% by 2030 in the various countries, in structurally blocked situations, where the Groupe cannot choose its energy supplier or energy mix, such as:

• ▪ when it is a government- or city- regulated market which does not allow choice of electricity supplier,
• ▪ when the building operator is blocked by its contract with a supplier that does not offer renewable energy,
• ▪ when we are faced with a refusal by the other tenants to switch to renewable energy because of a price difference.

Methodological clarification on “High impact RECs” and classic RECs: in both cases, these are  contractual instruments certifying that renewable energy has been produced by an installation. The “High impact RECs” meet higher qualitative criteria such as:

• ▪ being backed by an electricity production project, which without this purchase of “High impact RECs” would not have been possible;
• ▪ the electricity produced by this project is indeed additional when it is injected into the electricity grid at a given time;
• ▪ Finally, in a majority of cases, these projects also have social co-benefits.

These criteria are recognized by the GHG Protocol, thus making it possible to reduce GHG emissions related to electricity consumption. In order to achieve its objectives by 2030, Publicis has set up, with the help of Schneider Electric, long-term contracts in the countries to be covered.

After purchases of “High impact RECs” and taking into account traditional RECs and GOs (Guarantees of Origin), this rate rose to 95.2% in 2025. The Groupe CSR Department, together with the Real Estate Department, reviews the progress of these contract changes with the local teams and contributes directly to the negotiations if necessary.

Efforts continue to improve energy efficiency and best practices (switch-off policy for computers and machines such as printers, as well as night and weekend lighting).

• 3. data centers: in addition to the ongoing work to optimize and rationalize servers, an analysis project was launched at the end of 2023 to gain a picture of energy issues in our own and shared data centers, as well as those of our partners, particularly in the cloud.

• a) energy audits: pursuant to European Directive 2012/27/EU, some agencies in Europe carried out energy audits, enabling progress plans to be drafted for the coming years (for example, improvements to systems or the strengthening of individual and collective eco-friendly practices);
• b) energy efficiency: during the winter of 2023-2024, in a context of global tension on energy, the watchword of reducing energy consumption continued, thanks to new best practices implemented and maintained since then.

• ▪ Scope 3

With the entry into force of French Decree no. 2022-982 revising several articles of the French Environmental Code on the calculation Scope of Scope 3, and compliance with the European CSRD, which also requires companies to take into account a wider scope, Publicis Groupe worked on integrating new categories (e.g. social benefits and other services).

Upstream

• 1. Products and services purchased, which represent the largest part of Scope 3, for an estimated total of 103,702 TeqCO₂. The following categories are taken into account in the calculation (included in the targets validated by SBTi):

• a) information & Technology (IT): data centers & cloud services, software licenses, development and consulting,
• b) telecommunications and networks,
• c) research and development, studies,
• d) recruitment costs and external training costs,
• e) insurance, banking and legal fees.

Work undertaken on the measurement of supplier emissions in Scope 3
[E1-6-44 (c), E1-6-51]

In 2025, after observing the progress made by IT sector suppliers, the most critical position for Publicis, it was decided to use this data to calculate the 2025 Carbon Footprint. The  methodological criteria used to take into account the emission factors of several strategic suppliers are as follows:

• a) the public nature of this information, mainly through mandatory annual publications,
• b) verification by an external third party, and a public auditor’s report confirming the review of this data,
• c) coverage of the supplier’s Scopes 1+2 (“market based”)+3 (partial) emissions.

Current limits to the emissions inventory linked to the total volume of purchases: the volume considered relates to the Groupe’s strategic purchases benefiting all subsidiaries. Local purchases are taken into account above euro 100,000. Below this amount, and due to remaining discrepancies in the nomenclatures, these purchases are not yet included. Indirect purchases, made on behalf of clients and in their name (such as purchases of media space, for example), are included directly in clients’ Scope 3. [E1-4-34 (b)]

• 2. Capital goods and paper, for an estimated total of 6,097 TeqCO₂, comprising the following items:

• a) IT: for an estimated total of 5,883 TeqCO₂. IT equipment (servers, workstations and laptops, screens, cellular phones, tablets, printers, etc.) are taken into account in the form of an exhaustive inventory of all office equipment and connectivity used by employees for their daily activities, in the workplace or at home. The Groupe seeks to use Green IT solutions wherever possible in order to be able to work on more energy-saving computers and use more virtuous software;
• b) paper: 214 metric tons were consumed, of which 70% were certified or standard-compliant paper (FSC, PEFC or other certifications), as were consumables (ink cartridges, office supplies, etc.), i.e. an impact of 211 TeqCO₂. For several years now, the “zero paper” policy has been encouraged everywhere. The roll-out of applications such as “Follow Me” makes it possible to select printers based on the type of document to be printed and to use a pass to activate printing.

• 3. Activities with energy consumption excluding Scopes 1 + 2 for an estimated total of 5,232 TeqCO₂.

The emissions measured in this category take into account upstream emissions and losses related to energy consumption, calculated from the Groupe’s energy consumption using the appropriate data sets.

• 4. Upstream transportation: not relevant to the intellectual services business.
• 5. Waste for a total of 250 TeqCO₂:

• a) the volume of waste (non-hazardous — the Groupe does not handle hazardous or toxic waste) recycled is estimated at 1,691 metric tons. Most of this waste is paper and cardboard. It is recycled with traceability (some agencies have had traceability in place for 100% of these volumes for several years now). In early 2020, the Groupe launched a global plan for single-use plastic, with the aim of achieving its elimination in all entities. Although the pandemic has led to an increased use of single-use personal protective equipment, most plastic office equipment has been phased out;
• b) electronic waste is collected in local WEEE (Waste Electrical and Electronic Equipment) channels, or as part of IT equipment take-back contracts, also allowing a second life for this still usable equipment;
• c) the issue of food waste has been monitored for a number of years now. In all agencies, employees must reduce waste day-to-day and support sharing initiatives to tackle food insecurity. For example, in the late afternoon, employees can go to the cafeteria to collect untouched food left over from meetings.

• 6. Business travel, for an estimated total of 66, 610 TeqCO₂, covering:

• a) air business travel for a total of 61,444 TeqCO₂. Since 2013, Publicis Groupe has been calculating the carbon emissions of flights according to the distance actually flown and the class of passengers. This calculation takes into account the impact of condensation trails. The terms and conditions of business travel are established in the Travel policy, updated annually in Janus, the Code of Ethics and Conduct. These terms and conditions favor the use of trains when local infrastructures allow it. This air travel is validated at several levels; the objective is for the employees concerned to rethink the organization of their trips by concentrating meetings over several days to avoid unnecessary round trips. Internal justification criteria have been strengthened and the teams have changed the organization of their travel to do less. We remain dependent on our clients and their desire to see each other regularly. If carried out for any other reason, travel must be approved by a member of the Executive Management. Business travel was up compared to 2024 due to the growth in activities. Given the impact of this travel, it is included in the Groupe’s current carbon offset program.
• b) other travel, by train and other modes of transportation, including car rental. For rental vehicles, only the most basic model is requested, with a preference for hybrid or electric engines where possible. In countries where this service exists, Groupe use of Green Cabs and taxis is encouraged.

• 7. Commuting of employees for an estimated total of 53,087 TeqCO₂.

The Groupe’s offices are located in major cities around the world. Employees are therefore encouraged with financial incentives to use public transportation (partial or total) or other forms of soft mobility (bicycle, electric bicycle, etc.), and to carpool. With the return to the office three days a week, the impacts of commuting automatically increase. The agencies have established local policies to address the challenges of the location of agencies and local public transportation. The objective is to encourage, wherever possible, the use of low-emission modes of transportation, such as public transportation, wherever possible, as well as other options, such as electric, hybrid or smaller company cars or alternative mobility solutions (electric bicycles).

• 8. Upstream leased assets, for an estimated total of 28,021 TeqCO₂.

These emissions come from the operation of assets leased by the Groupe during the reference year, and which are not already included in the Groupe’s Scope 1 or 2, calculated in carbon equivalent per square meter of office space.

Real estate and offices (Upstream leased assets), taken into account for the total surface area occupied, in all countries, for an estimated total of 28,021 TeqCO₂.

Environmental issues are integrated by the Groupe’s Real Estate Department right from the early stages of a project, whether in the course of refurbishment work for the agencies or when looking for new premises. The objective is to favor functional spaces that meet energy and environmental performance criteria. With work in hybrid mode, the Groupe supports the transformation of workspaces while pursuing its objectives of optimizing floor space as part of the “All in One” program. Every year, examples of good practices are exchanged by real estate managers in different countries so as to anticipate requirements for the future premises:

• a) building certification (LEED, BREEAM, HQE, Energy Star, etc.), such as in Boston, New York, Chicago, Los Angeles, Gurugram, Bangalore, Shanghai, Paris and London, to cite a few examples. In accordance with the terms of the European Directive on Climate Taxonomy, new leases in environmentally certified buildings are taken into account in the aligned CapEx (Section 4.2.1);
• b) selection of energy supplier and energy mixes that include renewable energies. More and more agencies are already 100% using renewable energies;
• c) installations of “smart” energy-saving electrical meters and regulated management of heating and air conditioning;
• d) monitoring of the consumption of water and other fluids used (air conditioning);
• e) biosourced materials for interiors and decoration;
• f) effective (tracked and proven) waste sorting and recycling systems.

Downstream

• 9. Transportation and distribution: not relevant with regard to the intellectual services activity.

As an intellectual services company, downstream transportation and distribution are not considered relevant, as there is no physical movement of materials as is the case in a manufacturing process.

• 10. Treatment of products and services sold: not relevant to the intellectual services business.
• 11. Use of products and services sold: We work with our clients and partners to develop harmonized measurement methods. Thanks to the use of A.L.I.C.E., the internal carbon calculator that applies to all of the Groupe’s activities, teams can estimate the impacts of their projects for clients. These calculations are useful in particular for production or media activities that are part of clients’ Scope 3. The Groupe is active in industry work that will align all players behind a common and unilateral measurement method.

Clients survey the Groupe’s agencies in order to take into account in their own calculations of the greenhouse gas emissions related to the services they purchase from us. The preferred approach is “Service Level Emissions” in order to have homogeneous calculations. They are based on the amount of services purchased from Publicis compared to total revenue, multiplied by the Groupe’s total carbon emissions;

Several calculation methods are used at the request of clients:

• a) amount of purchases made by clients from agencies (carbon intensity on revenue): the Groupe’s published data are taken as a reference (except for media purchases, for which emissions from the media themselves must be taken into account);
• b) amount of purchases made by clients from agencies by type of service sold (carbon intensity on revenue by activity): emissions related to the service purchased in the given country, including geographical variations in the local energy mix;
• c) number of employees working on their projects (carbon intensity per capita);
• d) estimate of impacts related to media purchasing campaigns or for the development of a digital solution: the A.L.I.C.E. carbon calculator estimates these impacts more accurately than monetary emissions factors.

• 12. End of life of products and services sold: not relevant with regard to intellectual services activities.
• 13. Downstream leased assets: Not relevant: the Groupe has no assets leased to other entities, as would be the case in this category.
• 14. Franchises: not relevant to the Company’s activity.
• 15. Investments: This category includes the Scopes 1 and 2 emissions of a few entities in which Publicis Groupe holds less than 50%. Other investments are already included in Scope 1+2 emissions.
• 16. The GHG emissions of Publicis Groupe do not show any significant differences when examined by major activities or by country; the analysis at Groupe level remains the most relevant. [E1-6-AR 41]

/   Energy consumption [E1-5-37 (a) & (b)]
& renewable energy table [E1-5-37 (c)]

/ Greenhouse gas (GHG) emissions [E1-3-29 (b), E1-6-44, E1-6-50, E1-6-52]

Actions and resources related to climate change policies

Biogenic CO₂ emissions from the combustion or biodegradation of biomass that occur in the value chain are not included in Scope 3 GHG emissions.

• * In 2025, the share of renewable energy reached 79.7% including the implementation of long-term High impact RECs (see Section 4.2.4).

4.2.5   Offsetting actions

Investments enabling carbon emissions reduction and offsetting transactions are managed by the Groupe CSR Department in order to concentrate efforts on authenticated local projects, audited by third parties and with recognized certifications such as Gold Standards for the UN SDGs, VCS (Verified Carbon Standard) and CCBA (Climate, Community & Biodiversity Alliance). These transactions appear publicly in the VERRA registers [E1-7-61 (c)]. Publicis Groupe is supported in these projects by an external firm in order to validate the robustness of the projects selected and to monitor their evolution over time. [E1-7-59 (a) & (b)]

 Carbon offsetting through the purchase of carbon credits remains the action taken as a last resort. Publicis Groupe has set itself the intermediate objective of achieving carbon neutrality for Scopes 1 and 2 by 2030, with the use of renewable energy from direct sources as its main lever. Carbon offsetting, as part of the committed plans, aims to offset irreducible Scopes 1 and 2 emissions. In recent years, the Groupe has included emissions related to business air travel (Scope 3 share) in its offsetting plan. [E1-7-56 (a) & (b), E1-7-58]

In 2025, the Groupe canceled the equivalent of 83,260 TeqCO₂ through VCCs. These reduction and offsetting actions enabled Publicis Groupe to achieve carbon neutrality for Scopes 1+2 and business travel in 2025 (and since 2020), in accordance with the requirements of the Paris Agreement. [E1-7-56 (b), E1-7-AR 61]

Since 2022, Publicis Groupe has included Scope 3 emissions related to air transportation from business travel in its current offsetting plan. In 2023, a second five-year multi-year project was implemented to build on the first. This “VCC Plan 2” includes:

• ▪ 85% the continuation of the Gandhi/Pawan program (certified Verified Carbon Standard - “bundled renewable energy project”), which will mean ten years of support for this wind project in the same three regions of Gujarat, Karnataka and Maharashtra, with a strong social impact around the education of children and economic emancipation of women. This project is aligned with the United Nations Sustainable Development Goals (SDGs) 7, 8 and 13;
• ▪ 15% of VCCs come from forestry projects in the United States (certified American Carbon Registry - “IFM - Improved Forest Management)”, in the states of Maine and Michigan (Baraga), in the same vein of prioritizing countries where the Groupe has a strong presence. These projects are aligned with SDGs 6, 13 and 15.

In order to anticipate future needs in terms of carbon credits, to offset irreducible residual emissions, Publicis Groupe has joined the Climate Fund for Nature, managed by Mirova/ Natixis. This is a pooled fund in which the Groupe has invested 20 million euros in exchange for carbon credits for the next 15 years – see the description in Section 4.2.2.2.

/ Carbon offsetting: projects supported in Plans 1 & 2 since 2019 [ESRS 2 E1-4, AR 25 (a) & (b), E1-7-AR 56 (a) & 56 (b), 58, 59 (a)&(b)]

/ Quantitative information on GHG removals [E1-7-33 (a); E1-7 ART 57]

4.2.6   Consolidated environment and climate metrics

Multi-year data trends are available on the Groupe website, in the CSR section – under the heading “CSR Smart data.”

Water consumption

Water consumption is estimated at 428,966 m³ – i.e. 3.8 m³ per capita. Agencies rent premises in serviced buildings, which include local water supplies. This is standard sanitary quality water. The treatment of water after use is also similar to the procedures used for residents. The main improvements for the agencies are efficiency-based; for example, for sanitary facilities, the installation of sensors reducing the volumes of water dispersed, and rapid intervention as soon as the slightest water leak is detected. Water is supplied from municipal distribution systems or private operators under long-term contracts with the managers of the buildings. The objective remains to continue to reduce water consumption.

Biodiversity

In 2023, the Groupe carried out an initial Biodiversity footprint analysis with the help of an external firm.

This work focused on an initial analysis of the Groupe’s biodiversity footprint (Scopes 1 + 2 + 3) based on the GBS (Global Biodiversity Score) model which uses the so-called MSA (Mean Species Abundance), offered in MSA.km², MSAppb, or MSAppb* (ppb = parts per billion*, meaning aggregate). This method covers static and dynamic impacts linked to the past year’s activity. The model covers four of the five categories of the IPBES – Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (the IPCC of Biodiversity), for terrestrial and freshwater ecosystems: either a) change of use of soils, b) over-exploitation of natural resources, or c) climate change and d) pollution.

The impacts were analyzed by associating the NACE codes of all subsidiaries with the sectors of Exiobase, the international database which converts financial data (subsidiaries’ turnover) into physical data. The Globio model then assesses the impacts of the activities of the 163 industries considered on biodiversity. Two-thirds of Publicis Groupe’s activities are in the category “Other Business Activities,” i.e. advertising, media, consulting, design, events and other technical services, and one-third is part of the so-called “Computer and related activities,” i.e. digital activities, IT programming, IT consulting, and data processing & hosting.

These calculations were made using public data from 2022. The total sum of impacts on biodiversity amounted to 232 MSAppb*, more than two-thirds being attributed to terrestrial impacts (versus aquatic).

Publicis Groupe came out with an impact of 18 MSAppb* (ppb = parts per billion, and * meaning aggregated).

In view of these factual elements on the Groupe’s estimated footprint, and following the double materiality analysis revised in 2025, this ESRS is not material for Publicis Groupe. This analysis will be updated in 2026.

Locally, the Groupe’s entities are concerned about biodiversity, but to a limited extent in terms of what is accessible and easy to implement.

In France, the Groupe continued to develop the apiary installed on the roof of the Groupe’s headquarters on the Champs-Élysées. Employees are trained each year to support the care of the beehives. In addition to supporting the French beekeeping sector, a partnership has been established with the Apiflordev association, which fights against poverty in Africa. 100% of the sale of honey from the Parisian beehives is used to finance the installation of beehives in Cameroon, with the Baka people, to preserve the ancestral know-how of woven beehives.

In Costa Rica, Re:Sources is continuing its plan involving employees in a carbon offsetting program designed to promote local biodiversity by preserving tropical flora and fauna in protected forests.

Nature protection is the subject of pro bono campaigns or volunteer activities in favor of environmental associations and the defense of natural resources and biodiversity (plant and animal) in many countries.

4.2.7   Alignment with the European Taxonomy

4.2.7.1  Regulatory framework

The European regulation known as the Green Taxonomy (EU Regulation 2020/852) is part of the implementation of the action plan for sustainable finance, whose objective is to achieve carbon neutrality by 2050.

The Taxonomy Regulation introduces reporting obligations for non-financial and financial companies based on a classification to establish environmentally sustainable economic activities. This classification aims, in particular, to redirect flows towards so-called sustainable investments.

The European Taxonomy has set a framework around six objectives that are covered under a delegated regulation of the European Commission:

• 1. climate change mitigation;
• 2. climate change adaptation;
• 3. sustainable use and protection of water and marine resources;
• 4. transition to a circular economy, including waste recycling;
• 5. pollution prevention and reduction;
• 6. protection and restoration of biodiversity and healthy ecosystems.

Publicis Groupe conducted an analysis of its activities that may meet the six expected eligibility criteria defined in:

• ▪ Delegated Regulation (EU) 2026/73 amending Delegated Regulation (EU) 2021/2178 as regards simplifying the content and presentation of disclosures on environmentally sustainable activities; and
• ▪ Delegated Regulations (EU) 2021/2139 and (EU) 2023/2486 on the simplification of certain technical screening criteria for determining whether economic activities do not cause significant harm to any of the environmental objectives.

The Groupe is required to publish the following three required indicators on the designation of material eligible activities. It is exempt from the eligibility analysis and alignment of economic activities that are not material, i.e. those whose cumulative value is less than 10% of the denominator of the Key Performance Indicator (KPI). The analysis is conducted independently at the limits of each indicator: turnover, CapEx (capital expenditure) and OpEx (operational expenditure).

An activity is said to be “eligible” when it is included in the evolving list of activities appearing in the delegated acts of the Taxonomy Regulation insofar as it contributes to the six aforementioned environmental objectives.

The analysis of the Company’s activities was carried out on the basis of NACE codes and completed by a qualitative review of certain activities, with checks at local and central level, to more precisely identify eligible activities. The European taxonomy primarily covers the activities with the greatest impact on the climate. Under current regulations, several of the Groupe’s activities, such as advertising creation and communication, are not eligible.

Among the activities listed in the Taxonomy, one category has been retained as eligible to date:

• ▪ “Data processing, hosting and related activities” (8.1)

The methodology used for Taxonomy reporting is explained in Section 4.1.2 “CSR Reporting Methodology” of this document.

4.2.7.2   Eligible activities

Turnover

In 2025, the Groupe’s turnover amounted to euro 17,399 million and corresponds to the amount shown in the Groupe’s consolidated income statement.

Eligible turnover amounts to euro 1,840 million (10.6% of the Groupe’s revenue) and corresponds to the Groupe’s activities classified in the “Data processing, hosting and related activities” category. Epsilon’s activities are the main ones concerned.

Capital expenditure (“CapEx”)

In 2025, the Groupe’s capital expenditure amounted to euro 276 million, of which euro 115 million in respect of intangible assets and euro 161 million in respect of property, plant and equipment (see tables of changes in property, plant and equipment and intangible assets in Note 13 and Note 14 of the 2025 consolidated financial statements). The share of capital expenditure related to eligible turnover amounts to euro 86 million and corresponds to the investments made as part of the development of the Epsilon platforms.

CapEx also includes increases in right-of-use assets related to real estate leases for euro 191 million (see Note 25 to the 2025 consolidated financial statements). These investments are 100% eligible.

As a result, the amount of eligible CapEx in 2025 amounted to euro 277 million, i.e. 59.3% of the Groupe’s CapEx, which totals euro 467 million.

Operating expenses (“OpEx”)

In 2025, the metric relating to operating expenses as defined by the Taxonomy mainly concerns office upkeep and maintenance expenses. However, this metric is considered irrelevant for Publicis given its insignificant impact.

4.2.7.3   Aligned activities

With regard to the criteria of the European Taxonomy, the eligible activities are not yet aligned. Work is underway on the qualification of eligible activities, see Section 4.2.7.4.

• ▪ Publicis Groupe is a member of the Global Compact of the United Nations, and its ten Key Principles are included in the Janus Code Conduct and of Ethics. It also refers to the OECD guidelines for multinationals, as well as the International Labour Organization (ILO) relating to the fundamental labor principles and rights, of the eight fundamental principles of the ILO and the International Bill of Human Rights. The Janus Code of Conduct and Ethics applies to the entire Groupe and its subsidiaries worldwide, and therefore to all employees. As part of the Duty of Care Plan, measures are intended to ensure respect for Human Rights and Fundamental Freedoms, Personal Health and Safety, as well as in terms of environmental impacts (see Section 4.6).
• ▪ Publicis Groupe defined a policy to prevent fraud risks and has a dedicated organization to prevent corruption risks, aligned with the rules of the so-called Sapin 2 Law (see Section 4.4.3).
• ▪ Publicis Groupe considers that the contribution made by taxation contributes to the economic and social development of the countries in which it operates, for the benefit of local communities.
• ▪ The Janus Code of Conduct and Ethics reaffirms the obligation to comply with local laws, including competition law. All employees are required to comply with these rules (see Section 4.4.2).

/ Share of 2025 turnover eligible for and aligned with the Taxonomy, by environmental objective [ESRS 2 E1-9]

/ Share of capital expenditure (“CapEx”) eligible for and aligned with the Taxonomy, by environmental objective

/ Share of operating expenses (“OpEx”) eligible for and aligned with the Taxonomy, by environmental objective

4.2.7.4   Work in progress

• a) On data centers (article 8.1 European Taxonomy)

In 2023, Publicis Groupe began an in-depth review of its own, shared and third-party cloud data centers. The aim of this work is to identify and qualify the proportion of these infrastructures aligned with the European Code of Conduct for Energy Efficiency in Data Centers, meeting the criteria set out in the format published in September 2023 (Assessment Framework for Data Centers in the Context of Activity 8.1 in the Taxonomy Climate Delegated Act). The first stage consisted, with the help of an independent external firm, of training the teams concerned and establishing a work program. This work covers the data centers directly, those leased from third parties and the cloud with external partners, and new tools like virtual studios.

This approach is voluntary and is intended to provide a sufficiently precise analysis to help improve energy efficiency and reduce data center energy consumption. It must also encourage its partners, particularly those in the cloud, to adopt the most energy-efficient solutions. This work will continue in 2026 in order to obtain a better qualification of these activities. For 2025, as in 2024, these activities were considered, by default, as non-aligned.

• b) On investments and financing [E1-1-9]

In 2024, Publicis Groupe committed euro 20 million to the Mirova/Natixis Climate Fund for Nature, which will enable the Company to have carbon credits for the next 15 years at a stable price. (euro 6 million has already been invested between 2024 and 2025).

4.2.8   Detailed tables of the European taxonomy

Share of turnover, CapEx and OpEx broken down by KPI

in million euros

Share of turnover broken down by activity

Share of CapEx broken down by activity

The assessment carried out led to the conclusion that the operating expenses covered by the  Taxonomy definition are not material in relation to the Groupe’s total consolidated operating expenses. Given its activity, the Groupe’s operating expenses consist mainly of personnel costs and other operating expenses. (see Notes 5 and 6 of the consolidated financial statements for the 2025 financial year presented in Chapter 6).

Publicis Groupe has chosen to use the materiality exemption option allowed by the text and has not conducted any additional analysis on the eligibility and alignment of its OpEx.

 ESRS E5   RESOURCE USE AND CIRCULAR ECONOMY

4.2.9   Natural resources and circular economy

Publicis Groupe’s corporate services activities are based on the marketing of intangible assets. However, the Company’s digital activities require the use of materials, particularly IT, which are part of products that use natural resources in their manufacture. In addition, the storage of digital data requires ad hoc capacities, whether in the form of company servers or the cloud data centers of suppliers. Finally, certain short-lived business activities, such as events and production, can generate waste.

This topic is therefore material at the upstream end of the Company’s value chain and requires in-depth work with suppliers. These regulatory issues were anticipated but required a harmonized management and monitoring tool for suppliers allowing the collection of CSR data, which is the case with the ramp-up of the ARIBA platform. Initial analyses have been carried out and will be extended in 2025 and continued in 2026. This chapter therefore presents a partial overview.

4.2.9.1   Impacts, risks and opportunities – in brief

4.2.9.2   Groupe policies

Since its inception, the Groupe’s environmental policy, Net Zero Climate, and its Appendix, has incorporated the need to promote the circular economy to limit the use of natural resources, or raw materials that could be available in another form, thanks to the circular economy. [E5-1-12, E1-5-14, ESRS 2 MDR-P-65 (b)]

This principle applies to the Company’s operations as well as its business activities. For more than ten years, agencies have voluntarily committed to promoting media made from paper, plastics, fabrics and other recycled materials, whether for print editions or temporary events, working with suppliers to guarantee these raw materials from recycled materials. For example, production and event activities have included the use of the circular economy as a key principle to promote this type of sourcing in their various projects. CSR managers from these agencies are involved at a very early stage of projects in order to reduce waste as much as possible and find alternatives as needed. For temporary events, priority is given to materials from recycled products such as wood for decorations, or choosing carpets from recycled ones (see the example of Publicis Live through its Sustainability Guidelines, shared with suppliers involved in various events on the Groupe’s website). For production, priority is given to used decorative items and rented suits where possible. This encourages virtuous sectors and committed suppliers, and working with some of them on new solutions. [E5-1-16, E5-2-19, ESRS 2 MDR-A-68 (a),(b)&(c)]

The CSR for Business Guidelines policy applies to suppliers in the context of Groupe contracts as an appendix to the signed contract. It includes the objective of increasing the proportion of goods purchased that come from the circular economy, or that contain a growing proportion of materials from the circular economy. [E5-1-14] For example, in the category of laptops and monitors, which are essential for all employees, the proportion of materials from the circular economy is increasing—mainly computer cases, keyboards, and mice, as well as printers. [E5-2-20 (a), (b) & (d)]

Traceability still needs to be improved because supplier metrics are not yet consistent.

This explains why the Groupe has not yet generalized targets to be achieved. The prospects for increasing the use of the circular economy are discussed on a case-by-case basis with each supplier, depending on their level of maturity and their projects in this area, and the product ranges that will be purchased by the Groupe in order to encourage this supply from the circular economy.

4.2.9.3   Waste management

Since its inception, the Groupe’s environmental policy, Net Zero Climate, has included a drastic reduction in waste, whether in the context of the Company’s operations, its business activities, or its relations with suppliers.

Where does the Groupe’s waste come from?

Total 2025: 2,875 metric tons and 133 TeqCO₂:

• ▪ the volume of (non-hazardous) waste recycled is estimated at 1,691 metric tons. [E5-5-37 (b)] Most of this waste is paper and cardboard. It is recycled with traceability (some agencies have had traceability in place for 100% of these volumes for several years now). Given that the Groupe provides services, it does not manage any hazardous or toxic waste. In early 2020, the Groupe launched a global plan for single-use plastic, with the aim of achieving its elimination in all entities. This has been the case for years for office supplies, and alternatives have been found for utensils required for food uses;
• ▪ electronic waste is collected in local WEEE (Waste Electrical and Electronic Equipment) channels, or as part of IT equipment take-back contracts, also allowing a second life for this still usable equipment.

Method for calculating physical waste: the Re:Sources teams are responsible locally for this measurement, depending on the organization of the building where the agencies are located. Over the years, several situations have made it possible to collect more precise data: waste sorting is carried out by the building manager, who identifies the volumes concerning our activities on the basis of a weekly or monthly volume; some agencies (with Re:Sources) have involved a third party guaranteeing waste selection and management in a specialized sector (for example, at the Groupe’s head office in Paris). Waste categories have been part of the CSR reporting in place for 15 years, with information collected from subsidiaries.

The issue of food waste has been monitored for a number of years now. In all agencies, employees must reduce waste day-to-day and support sharing initiatives to tackle food insecurity. For example, in the late afternoon, employees can go to the cafeteria to collect untouched food left over from meetings. The Groupe defends responsible, fair and sustainable food that is sourced locally whenever possible, mindful of animal welfare, as evidenced by several projects carried out with various clients (see www.publicisgroupe.com, CSR section).

 ESRS S1   OWN WORKFORCE

Business growth was very strong in 2025. The Groupe’s employees drive the Company’s dynamism and have shown adaptability and effectively met their clients’ expectations. Social issues are central and material for Publicis Groupe, with teams and human capital being the Company’s main asset.

4.3.1   Publicis Groupe’s commitments in terms of fundamental human rights

Since its creation in 1926 by Mr. Marcel Bleustein-Blanchet, the Groupe’s values have been based on humanistic and universal principles. The history of the century-old Company embodies clear choices in favor of freedom, fraternity, solidarity and equality. These principles were shared by the founder in numerous books illustrating his vision of the Company and its role in society at the time. With the international expansion led by Mr. Maurice Lévy, then Chairman of the Management Board, these values were written in order to be more widely shared with the employees joining the Groupe through multiple acquisitions. They are based on human dignity, respect for everyone’s individuality, and on the fight against all forms of discrimination or harassment. This document is public, and was the basis for the Groupe’s Janus Code of Conduct and Ethics, introduced in the early 2000s. These values are regularly reaffirmed and endorsed by the Chairman of the Groupe, Mr. Arthur Sadoun, as well as the members of the Executive Committee and Management Committee.

All employees are a core asset of the Company. Even though Publicis Groupe now has 114,079 employees (52.4% women) worldwide, human relations and interactions are at the heart of agency life. In addition to compliance with laws and regulations, which is imperative, the flexible and agile internal way of working allows everyone to grow professionally, to propose initiatives and to participate in the development of the Company. This humanistic vision goes beyond the Groupe’s own framework and applies to relationships with clients, partners and suppliers, and with society in general. [S1-SBM-3]

Trusting labor and human relationships are formally supported by a number of public commitments made by the Groupe:

• ▪ in 2003, Publicis Groupe signed the United Nations Global Compact, reaffirming its commitment to the ten key principles each year. These principles were then integrated into the Company’s human resources policy to affirm its commitment to human rights and fundamental freedoms; the fight against all forms of forced labor, modern slavery, human trafficking and child labor; and the protection of health and safety;
• ▪ in 2009, Publicis Groupe acquired the Women’s Forum for the Economy and Society, illustrating its determination to highlight the strong economic and social contribution of women in society (see Section 4.3.4.1);
• ▪ in 2011, the Groupe joined Catalyst in the United States, an NGO specializing in equal opportunity issues in the broadest sense, acting as an expert center that shares a great deal of corporate knowledge and experience;
• ▪ in 2015, the Groupe aligned itself with the 17 United Nations Sustainable Development Goals (SDGs);
• ▪ in 2018, Publicis Groupe signed the WEPs (Women Empowerment Principles of the United Nations) and joined the AIMM (Alliance for Inclusive Multicultural Marketing) in the United States, as well as the Free The Work initiative, promoting women in the professions of production, direction and photography; [S1-1-20 (a) to (c)]
• ▪ in 2022, Publicis joined OneInThreeWomen, an international initiative mobilizing companies around domestic violence against women: companies are required through this commitment to set up assistance systems or facilitate access to concrete assistance for victims (temporary accommodation, various resources, etc.). They are in place in agencies in the United States and Canada, India, France, Australia and New Zealand, for example. Publicis France is a member of #StOpE (Stop Ordinary Sexism in the Company), the first inter-company initiative to combat so-called “ordinary” sexism in the workplace;
• ▪ in 2025, Publicis joined the Engage & Care Corporate Coalition, initiated by L’Oréal, and bringing together several companies to share best practices to support employee well-being and progress a number of topics.

4.3.2   Analysis of impacts, risks and opportunities related to social issues

4.3.2.1   Impacts related to social and human issues

With 114,079 employees worldwide, Publicis Groupe is a major employer. Employees are the Company’s core asset. This human capital is at the heart of the Top Management’s concerns, as it is very aware of the value of each individual and is keen to ensure that everyone feels good in their professional activities.

Three negative impacts have been identified:

• 1. Work organization is totally focused around the client in order to offer them a service that meets their expectations. The internal culture is demanding of all teams, especially in the current period with rapid changes in business lines and skills requiring constant agility.

The employee turnover rate is structurally high in the communication and technology businesses. The objective of the Groupe’s HR and Talent teams is to limit voluntary departures and to propose internal changes towards new professions or other countries.

• 2. Social equity issues are important to ensure that employees have their skills recognized, in a Company that values difference. Equal opportunities must benefit everyone, based on the contribution to the Company’s performance and individual merit. Gender balance targets, in addition to legal requirements, demonstrate a tangible commitment.
• 3. Publicis has been implementing the principle of zero tolerance for all forms of discrimination, harassment or violence for decades. This principle acts as a watchdog to protect employees. In a global context in which certain regions have reversed rights that seemed to be taken for granted, the Groupe is attentive to ensuring that each employee can be respected in his or her uniqueness.

Among the positive impacts, it emerges that

• 1. Progressive employment practices are assets in terms of team retention and the attractiveness of future talent. Among the tools and programs accessible to all are the Marcel platform and Marcel Classes, which allow each employee to take control of their professional and personal development. In addition to the traditional rules on flexibility, the international flexibility program #Work Your World is one of the unique initiatives specific to Publicis.
• 2. The implementation of impactful, innovative and proprietary social programs attracts and retains talent, improving engagement and performance. Launched in 2022, #Working With Cancer demonstrates the positive impact that the Company intends to have not only on its own employees, but also beyond the Company and for society.

In 2023, with the help of WTW, a specific audit on well-being at work provided a precise view of the protection systems in each country and subsidiary. This served as a basis for the implementation of #WorkingWithCancer (Section 4.3.6.3) so that it could quickly benefit the  employees concerned in all countries. This audit revealed that 100% of the Groupe’s subsidiaries were in compliance with their local regulations and the Groupe rules set out in Janus, and provided a weak basis for measuring progress made in the countries.

Similarly, actions to promote social equity, such as the activities of the Women’s Forum, which promote the contribution of women in the economy and society. Lastly, the actions of all agencies in support of causes of general interest contribute to this influence, which goes beyond the scope of the Company.

Social issues are addressed by several internal bodies under the responsibility of the Secretary General. On the one hand, they are dealt with within CTOs Council, which meets once a month and which is steered by the Groupe’s HR Operations Department. It brings together HR and Talent Directors (Chief Talent Officers) and Compensation and Benefits Officers from the main countries and entities to work on structuring projects, whether tools or international actions such as #WorkYourWorld or #WorkingWithCancer, as well as on developments in Groupe HR policies. On the other hand, social issues of equity and equal opportunity are addressed within the Groupe Impact & Equity Council, which meets every two months and is managed by the Groupe CSR Department. It brings together managers from countries and entities to work on joint actions, training tools and joint initiatives such as the fight against domestic violence. [S1-4-37, S1-4-38 (a) to (d), SBM-3-14 (c) & (d)]

4.3.2.2   Risks related to social and human issues

The Groupe’s major risk mapping (see Chapter 2 of this document), the risk mapping for the Duty of Care Plan, the risk mapping of ESG risks and the double materiality table address the risks or issues related to employees and human capital.

A specific risk was identified as material, related to the strong competition to attract and retain the best talent. The profound changes currently taking place in the communications and technology industries require a high degree of agility, and experts need to anticipate rapid technological upheavals.

The structural rotation of teams in the industry is closely monitored by the Executive Committees in the countries and every quarter by the Groupe’s Executive Committee. The risk is the departure of talent who contribute to the Groupe’s success and who best meet client expectations. To address these risks, ad hoc monitoring has been in place for several years on the Groupe’s P 1,000, employees with whom the Chair and Chief Executive Officer can interact directly and regularly. They include the heads of subsidiaries and/or countries, client managers, and experts in various business lines. In addition, the concept of Key Executives has been refined in the Janus Code of Conduct and Ethics in order to more closely monitor career development of employees with key responsibilities in the Company. In order to improve the retention rate, various training and individualized support programs have been renewed and redesigned (Sections 4.3.5 and 4.3.6). [S1 SBM-3-14 (a)]

The HR & Talents teams and Impact & Social Equity teams play a key role and remain the local contacts, in particular to implement the appropriate measures. In the event of problems that could affect employees (e.g. intense weather events impacting the agency and/or employees, epidemic, etc.), the programs implemented in various countries provide concrete examples of the work being done locally to prevent this type of risk. [S1-3-32 (a)]

Finally, numerous actions have been launched to promote equal opportunities (Section 4.3.4). [S1-4-41-AR 37]

The Groupe has not identified any entities at risk of using forced or modern slavery, or child labor. [S1 SBM-3-14 (f) & (g)]

4.3.2.3   Opportunities related to social and human issues

Attracting and retaining talent is at the heart of Publicis Groupe’s strategy. The aim is to create an inspiring, dynamic and agile work environment, offering many opportunities for professional and personal development. Publicis Groupe is currently considered the most attractive amongst its direct competitors, due to its strategic ambition, its leadership and its financial and non-financial performance.

A material opportunity is Generative artificial intelligence (GenAI), which permeates all the Company’s business lines. Publicis has given all employees access to training courses related to the direct impacts in many functions, through more than 3,000 dedicated GenAI modules, allowing everyone to deepen their knowledge. This was accompanied by mandatory training on “Responsible Use of GenAI”. These tools are available to all employees giving them rapid help in certain tasks that used to be time-consuming. The employee can free up time for reflection, experimentation or collaborative activities with greater added value. These tools, which can benefit employees, whatever their activity, help to improve productivity and profitability.

The Groupe’s determination in its new transformation towards artificial intelligence and the use of Generative AI is also an attractiveness factor. Employees can familiarize themselves with these new tools on an ongoing basis in a test environment (PL.AI Sandbox) protected on the Marcel platform. Planned investments announced in 2025 attest to the Company’s ambition in this area, which strengthens the Groupe’s attractiveness to potential employees. [S1 SBM-3-14 (d)]

4.3.2.4   Employee characteristics – demographic metrics

Own workforce – based on actual data collected in the HRIS (Human Resources Information Systems) covering all agencies, Career Settings: the Groupe had 114,079 employees as of December 31, 2025. [S1-6-50 (a)]