INTERIM

RESULTS
05 August 2022
VIDEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This document contains statements that are, or may be deemed to be, “forward-looking statements”. Forward-looking statements give the Company’s current
expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts.
These forward-looking statements may include, among other things, plans, objectives, beliefs, intentions, strategies, projections and anticipated future economic
performance based on assumptions and the like that are subject to risks and uncertainties. These statements can be identified by the fact that they do not relate
strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’, and other words
and similar references to future periods but are not the exclusive means of identifying such statements. As such, all forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances that are beyond the control of the Company. Actual results or outcomes may differ materially
from those discussed or implied in the forward-looking statements. Therefore, you should not rely on such forward-looking statements, which speak only as of the
date they are made, as a prediction of actual results or otherwise. Important factors which may cause actual results to differ include but are not limited to: the
impact of outbreaks, epidemics or pandemics, such as the Covid-19 pandemic and ongoing challenges and uncertainties posed by the Covid-19 pandemic for
businesses and governments around the world; the unanticipated loss of a material client or key personnel; delays or reductions in client advertising budgets; shifts
in industry rates of compensation; regulatory compliance costs or litigation; changes in competitive factors in the industries in which we operate and demand for
our products and services; our inability to realise the future anticipated benefits of acquisitions; failure to realise our assumptions regarding goodwill and indefinite
lived intangible assets; natural disasters or acts of terrorism; the Company’s ability to attract new clients; the economic and geopolitical impact of the Russian
invasion of Ukraine; the risk of global economic downturn; technological changes and risks to the security of IT and operational infrastructure, systems, data and
information resulting from increased threat of cyber and other attacks; the Company’s exposure to changes in the values of other major currencies (because a
substantial portion of its revenues are derived and costs incurred outside of the UK); and the overall level of economic activity in the Company’s major markets
(which varies depending on, among other things, regional, national and international political and economic conditions and government regulations in the world’s
advertising markets). In addition, you should consider the risks described under Item 3D ‘Risk Factors’ in the Group’s Annual Report on Form 20-F for 2021, which
could also cause actual results to differ from forward-looking information. Neither the Company, nor any of its directors, officers or employees, provides any
representation, assurance or guarantee that the occurrence of any events anticipated, expressed or implied in any forward-looking statements will actually occur.
Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking
statements.
Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure and
Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to update or revise any such forward-looking statements, whether
as a result of new information, future events or otherwise.
Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information
available to the Directors on the date of this document.
– First half highlights

– Financial performance

– Strategic progress

– Q&A
HIGHLIGHTS: CONTINUED STRONG DEMAND FROM CLIENTS

• H1 like-for-like revenue less pass-through costs growth +8.9% (Q2 +8.3%)

• Strong growth across business sectors in Q2: GIA +8.2%, PR +7.3%, Specialist Agencies
+10.9%. Good growth across major markets, except China due to lockdowns

• Proving our value for clients: most creative company at 2022 Cannes Lions, Comvergence
ranks GroupM as the world’s leading Media group, total net new business of $1.6bn in Q2

• Continued enhancement of client offer: investing for growth (Everymile, Choreograph),

targeted M&A (Bower House Digital, Corebiz), simplification (creation of EssenceMediacom
and Design Bridge and Partners)

• Transformation programme on track to deliver expected £300 million of annual savings this
year over a 2019 base

• £637 million share buybacks in H1; interim dividend +20% to 15.0p

• Revised 2022 guidance: LFL revenue less pass-through costs growth 6.0-7.0% (previously
5.5-6.5%); headline operating margin up around 50bps (unchanged)
FINANCIAL
PERFORMANCE
UNAUDITED HEADLINE¹ IFRS INCOME STATEMENT

HALF YEAR TO 30 JUNE 2022 £M 2021 £M Δ REPORTED Δ LFL2

– Strong LFL growth in revenue and
Revenue 6,755 6,133 10.2% 8.7% revenue less pass-through costs
Revenue less pass-through costs 5,509 4,899 12.5% 8.9% – Foreign exchange tailwind of 3.3pt
on revenue less pass-through costs
Operating profit 639 590 8.2%
growth (weaker £), M&A impact
Income from associates 12 29 (56.5)% +0.3pt (SVC merger, Russia
PBIT 651 619 5.3% divestment)
Net finance costs (89) (117) 23.7% – Operating profit increased by 8.2%;
margin declined, in line with
Profit before tax 562 502 12.0% guidance (higher personnel costs
Tax at 25.5% (2021: 22.8%) (143) (115) (25.2)% and return to business travel)
Profit after tax 419 387 8.2% – Associate income lower due to
Non-controlling interests (43) (34) (24.9)% Kantar (higher interest costs post
Numerator acquisition) and Haworth
Profit attributable to shareholders 376 353 6.5% (loss of Walmart)
– Headline tax rate increased by 2.7pt.
Headline diluted EPS 33.0p 28.7p 15.0%
FY guidance of around 25.5%
Operating profit margin3 11.6% 12.1% (0.5)pt
– Headline diluted EPS +15.0%,
EBITDA 745 699 6.5% supported by share buyback

1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, 2 Like-for-like growth at constant currency exchange rates, adjusted to reflect the results of acquisitions and disposals and
investment and other write-downs, share of exceptional gains/losses of associates, restructuring and transformation costs, restructuring the reclassification of certain businesses to associates in 2021 and the reassessment of agency arrangements under IFRS 15 for
costs in relation to COVID-19, litigation settlement and revaluation of financial instruments the commensurate period in the prior year
3 Operating margin as % of revenue less pass-through costs
RECONCILIATION OF HEADLINE OPERATING PROFIT TO REPORTED OPERATING PROFIT

2022 2021 Δ
HALF YEAR TO 30 JUNE £M £M £M – £60m gain in relation to
the step-down of
Headline operating profit 639 590 49 Imagina in Spain from an
Amortisation and impairment of intangibles (31) (30) (1) associate to an
investment
Gains on remeasurement of equity interests – Restructuring and
arising from a change in scope of 60 - 60 transformation costs
ownership include £60m in relation
to the Group’s IT
Restructuring and transformation costs (75) (34) (41) transformation
Restructuring costs in relation to COVID-19 (6) (19) 13 programme

Losses on disposal of investments & subsidiaries (48) (1) (47) – Loss on disposal includes
£65m from divestment of
Litigation settlement - (22) 22 our Russian interests,
including FX retranslation
Non headline items (100) (106) 6 losses
Reported operating profit 539 484 55
GLOBAL INTEGRATED AGENCIES: CONTINUED GROWTH

£M H1 2022 Δ REPORTED Δ VS 21 LFL Δ VS 20 LFL 82%

of WPP
Revenue less pass-through costs1 4,538 10.8% 8.4% 20.2% in H1

Headline operating profit2 507 3.9%

PERFORMANCE REVIEW
Headline operating margin 11.2% (0.7)pt
- Creative agencies’ LFL sales remain
strong, +5.8% in H1, with growth
across all integrated agencies
LFL REVENUE LESS PASS-THROUGH COSTS GROWTH (%)
- GroupM (36.9% of WPP); slightly
Global Integrated Agencies GIA ex Group M GroupM
slower in Q2 due to Chinese
28.6
lockdown, still strong in USA.
Stable growth on 3yr basis
19.2 19.0
- GIA: 2yr LFL growth +28.9% in Q2,
13.5
12.5
10.0
12.3 12.8
10.9 3yr +8.7%
9.5 8.6
8.2 8.2

2.8
5.8 5.6 6.0
- Margin decline due to higher
0.8 personnel costs and growth
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 investments

1. Prior year figures have been restated to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. This increases Global
Integrated Agencies’ Q2 and H1 2021 revenue less pass-through costs by £15 million and £28 million respectively and reduces Specialist Agencies’ by the same amount
2. Prior year figures have been restated to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. This increases Global
Integrated Agencies’ H1 2021 headline operating profit by £6 million and reduces Specialist Agencies’ by the same amount
PUBLIC RELATIONS: STRONG DEMAND FOR STRATEGIC COMMUNICATIONS

£M H1 2022 Δ REPORTED Δ VS 21 LFL Δ VS 20 LFL 10%

of WPP
Revenue less pass-through costs 545 27.0% 10.5% 18.7% in H1

Headline operating profit 83 30.7%

PERFORMANCE REVIEW
Headline operating margin 15.2% +0.4pt
– Purpose-related and ESG assignments
are key growth drivers
LFL REVENUE LESS PASS-THROUGH COSTS GROWTH (%) – All parts of the business grew in Q2

1 year 2 year 3 year

– Strong performance from H+K
21.1
delivered double digit growth
– Specialist PR slightly weaker in Q2
16.4
16.0
15.1
14.1 14.8 due to tough comps
12.9 12.6
10.4
12.0
– Finsbury Glover Hering and Sard
7.3 Verbinnen rebranded to FGS Global
4.4
2.0
0.6

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

SPECIALIST AGENCIES: CONTINUED DOUBLE-DIGIT GROWTH

8%
£M H1 2022 Δ REPORTED Δ VS 21 LFL Δ VS 20 LFL
of WPP
Revenue less pass-through costs1 426 14.3% 11.9% 31.0% in H1

Headline operating profit2 49 26.9%

PERFORMANCE REVIEW
Headline operating margin 11.4% +1.1pt
- CMI and Landor & Fitch are
standout performers
LFL REVENUE LESS PASS-THROUGH COSTS GROWTH (%) - Margin improvement driven by
1 year 2 year 3 year top-line growth and DTI
41.5 41.7
- Design Bridge and Superunion
27.8
merger to create Design Bridge
21.8 21.5
and Partners
18.6
13.9 13.0 12.4
10.9
7.5 7.1
4.1

(0.5)
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

1. Prior year figures have been restated to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. This increases Global
Integrated Agencies’ Q2 and H1 2021 revenue less pass-through costs by £15 million and £28 million respectively and reduces Specialist Agencies’ by the same amount
2. Prior year figures have been restated to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. This increases Global
Integrated Agencies’ H1 2021 headline operating profit by £6 million and reduces Specialist Agencies’ by the same amount
MAJOR MARKETS GROWING WELL

LFL REVENUE LESS PASS-THROUGH COSTS GROWTH (%)

- USA, UK, India, Canada,

Q1 Q2 Brazil, Spain: still good
trends

47.6 - Germany: double digit

growth continues
- India: strong growth; IPL
25.1
28.5
benefits in Q2
23.9

16.1 16.5 - China: impact of lockdowns

11.5 11.9
10.4
8.9 8.1
6.2 5.8
8.0 8.2 - France: client losses from
3.5 3.2
0.4 2021
(1.3)
(6.1)
USA UK Germany China India Australia Canada France Brazil Spain
CHANGE IN OPERATING MARGIN YEAR-ON-YEAR

– Staff costs, excluding incentives up

16.7%, driven by higher headcount,
increased use of freelancers and
salary inflation, with US and UK
markets particularly impacted
– Personal expenses: +84.6% due to
expected resumption of travel in H1
– Other G&A driven by higher HQ
investments
– Establishment costs down 0.8%:
benefit of campus roll-out
– IT costs +11.3%: investment in
products and services and cost of
transformation programme
– Margin 11.6% down 0.5 margin points
– in line with guidance
TRANSFORMATION PROGRAMME TO ACCELERATE GROWTH

Progress in H1

- Continued good progress,

Progress
• Campuses: to opened,
3 more date total now 34; targeting 4
Key initiatives in H1 On track
more opening by the end of the year with the majority of
• ERP platforms: Workday first deployment now live;
savings to date in personal
18,500 Maconomy users and property costs
• IT transformation: global hubs established in Chennai - On target to achieve our
and Mexico
annual savings of £300m
• Procurement: working with 30 key suppliers to align this year, against a 2019
incentives and drive incremental savings
baseline
• Simplification: mergers to form EssenceMediacom and
GroupM Nexus - Remain on track to achieve
• Streamlined operating model: reduced statutory target of £600m by 2025
entities by a further 150 in H1
STRONG CASH GENERATION, SUPPORTING INVESTMENT IN GROWTH AND SHAREHOLDER RETURNS

MOVEMENT IN NET DEBT SINCE JUNE 2021

£M

DISCIPLINED CAPITAL
ALLOCATION

£1.1 billion of
(1,544) share buybacks
since June 2021

(3,135)

1 Itemised movements in adjusted net debt represent management figures, which may vary from the presentation of the cash flow under IFRS
2 Acquisitions/disposals exclude earnout payments
3 Dividends to shareholders
LEVERAGE METRICS

HALF YEAR TO 30 JUNE 2022 £M 2021 £M Δ £M

Average net debt¹ on constant currency basis (2,427) (1,393) (1,034)
Average net debt¹ on reportable basis (2,427) (1,465) (962)
Rolling 12 month average net debt on a reportable basis (2,072) (1,826) (246)
Net debt¹ at 30 June on constant currency basis (3,135) (1,503) (1,632)
Net debt¹ at 30 June on reportable basis (3,135) (1,544) (1,591)
Available liquidity at 30 June 3,404 5,157 (1,753)
Headline finance costs¹,² (43) (71)
Interest cover¹ on headline operating profit 14.7x 8.3x
Headline EBITDA¹ 745 699
Rolling 12 month headline EBITDA¹ 1,797 1,700
Average net debt/headline EBITDA¹ 1.2x 1.1x

1. Net debt, headline finance costs, interest cover, headline EBITDA, exclude impact of IFRS 16
2. Headline finance costs of £43m (2021: £71m) excludes £46m (2021: £46m) IFRS 16 impact of all leases
DIVIDEND, SHARE BUYBACKS AND GUIDANCE

• Interim dividend +20% to 15.0p

• 2022 guidance revised:
− LFL revenue less pass-through costs growth of 6.0-7.0% (previously 5.5-6.5%)
− M&A contribution now +0.3%, net of the divestment of our Russian operation (previously 0.5-
1.0%), FX benefit now around 4.5% (previously 2.0-2.5%)
− Capex £350-400 million, plus c. £100m of Workday (ERP system) deployment costs previously in
capex guidance and now classified as restructuring/transformation costs
− Trade working capital around flat year-on-year
− c. £800 million of share buybacks
− Headline tax rate (based on headline PBT including associates) around 25.5%

• Medium-term guidance:
− Confident in ability to deliver annual revenue less pass-through costs growth of 3-4% and
headline operating margin of 15.5-16%
− We will provide guidance for 2023 at our 2022 preliminary results in February 2023
STRATEGIC
PROGRESS
INDUSTRY TRENDS REMAIN POSITIVE

INTEGRATION OF DIGITAL ECOMMERCE HAS CLIENT NEEDS ARE MUCH

AND “TRADITIONAL” A LONG RUNWAY BROADER TODAY

Global ad spend US$bn1 Ecommerce penetration2 CMO Survey- Top Marketing priorities over the
next 12 months3

2020 2021 2022

Digital Transformation
$837bn
$772bn +8.4%
35% Performance Marketing
Buidling Direct to Consumer Platforms

+24.3% 30% Integrating AI/ML into Marketing

$621bn Retail media investment

25% Building Direct to Consumer Communications…
Brand Messaging around value
20%
Rationalising number of bands supported
Brand Messaging around purpose
+11.5% 67 15%
Retendering agency of records

+31.6% 65 10% Building last Mile Delivery Infrastructure

Building First Party Data Assets
62 5% Reducing agency roster
In-housing
0% Outsourcing

China USA UK Germany Australia 0% 5% 10% 15% 20% 25% 30% 35%

% of traditional % of digital in 2019 2020 2021 2022

in ad market ad market

1. Source GroupM, excluding US political advertising, June 2022

2. Source GroupM, Retail ecommerce sales % of retail sales, including automotive, but excluding food and delivery services
3. Source Citi Research survey of 250 CMOs / five global markets, May 2022
CLIENT DEMAND REMAINS STRONG

H1 2022 revenue less pass-through costs growth by client sector

- Growth driven by technology, CPG, and
healthcare & pharma sectors in H1 (54% of revenue
Govt, Public 1,200 less pass-through costs)
Travel & Sector & clients representing
76% of WPP total
Leisure Non-Profit revenue less pass- - On a 3-year stack 27%, 17% and 20% growth
Other 23.4% (7.4)%
+9.9%
through costs
respectively
Financial
Services 3%2% CPG - Travel and leisure +23% in H1, but still below 2019
6% +6.5%
+0.5%
24% levels
Telecom, 6%
Media & - Automotive continued impact of chip shortage
Entertainment 7%
+13.3% - Continue to onboard TCCC at pace
- Half of top 20 clients grew by double digits in H1
Automotive 10%
(7.1)% 19% Tech &
Digital “We will continue to invest in the health of our brands. In the first half,
11% Services we increased absolute brand and marketing investment, and we will
+12.1% again invest competitively in marketing, R&D and capital expenditure
12% in the second half.
Healthcare
& Pharma Retail The medium-term macroeconomic and cost inflation outlooks are
+7.0% +6.1% uncertain and volatile, but delivering growth remains our first
priority.”
Alan Jope, CEO Unilever, 2022 H1 Results
CREATIVITY: MOST CREATIVE COMPANY OF THE YEAR

WARC 2022

• WPP: most creative • #1 Creative 100

company of the year 88 52 27 9
• #1 Media 100
• Clear winner vs peers Lions Lions Lions Lions
• A Titanium Lion, 4 Grand
• #2 Effective 100
Most creative 2 Grand Prix 6 Gold Lions Inaugural
Prix, 36 Gold Lions, 47 network of the Creative B2B
Silver and 88 Bronze year Grand Prix
• Purpose-led work in the
forefront

Watch our winning

work at Cannes here
MEDIA: GLOBAL SCALE DRIVING PERFORMANCE

SCALE AND EFFECTIVENESS STRONG PERFORMANCE – SIGNIFICANT TREND .. REFLECTED IN OUR

LEADING IN INNOVATION TOWARDS INTEGRATION STRUCTURE

Essence + MediaCom
• 10.9% LFL growth in Q2, =
Global #1 driven by USA
Media agency group1
($62bn billings) • 46% digital billings mix
• Commerce billings +26%
#2 in N. America
• Finecast +53% in Q2 Finecast + Xaxis + GroupM
Services
=
WARC #1 Media 1002

1. Source: COMvergence 2021 Billings Rankings and Market Share reports. Ranked by 2021 media billings
2. WARC 2022 Media 100 rankings
INVESTING IN OUR OFFER TO DRIVE GROWTH

ORGANIC INVESTMENT ACQUISITIONS

DATA COMMERCE TECHNOLOGY COMMERCE

A global data products An end-to-end A leading marketing A leading

and technology outsourced DTC technology services ecommerce agency
company (850+ data ecommerce solution agency (80 people (600 people across
scientists) for brands. Targeting across Australia and Latin America)
Ranked as a Strong first clients by the end APAC) Specialist in VTEX
Performer by Forrester 1 of this year Salesforce’s APAC implementation
Growth Partner of
the Year in 2021

1. Forrester Wave: Customer Data Strategy and Activation Services, Q2 2022

USING THE POWER OF CREATIVITY TO CREATE BETTER FUTURES FOR OUR
PEOPLE, THE PLANET, CLIENTS AND COMMUNITIES

Looking after our people Driving diversity and inclusion Helping to make a difference

- Making Space initiative - a
company-wide two day
break and three days of
celebration globally
- All in people survey, 73,000
participants
- NextGen Leaders for early-
career talent (+2,700
participants in 2022)
- Second round of funding for
our $30 million commitment
to racial equity
- Supported launch of the
Black Equity Organisation
- Our LGBTQ+ community,
won Outstanding Employee
Network of the Year at the
Burberry British Diversity
Awards
- WPP partnership with
Ukrainian Government to
support economic recovery
- UNHCR and WPP appeal for
Ukraine raised over $150m
- Working with IBM to tackle
bias in advertising tech
- Supporting the industry’s
global Ad Net Zero plan
- ISS Prime ESG rating for
sustainable investment
SUMMARY AND OUTLOOK

• Strong first half, sustained demand from clients across the breadth of our offer

• Ongoing investment to drive long-term growth

– Organic investment: Choreograph, GroupM Nexus, Everymile
– Acquisitions: Village Marketing, Bower House Digital, Corebiz
– Simplification: GroupM Nexus, EssenceMediacom, Design Bridge and Partners

• Raised growth guidance for 2022

• Uncertain macro outlook, ready to respond as necessary

• Well placed for the future:

– Partner to clients on increasingly complex and business-critical activities
– Attractive industry exposures in global TMT and healthcare
– Broadest geographic footprint, at scale, in creative, media and technology
– Financially resilient: flexible cost base, cash generative, strong balance sheet
Q&A
CONTACTS AND FURTHER RESOURCES

PEREGRINE RIVIERE INVESTOR WEBSITE

Group Investor Relations Director www.wpp.com/investors
peregrine.riviere@wpp.com
Tel: +44 (0) 7909 907 193
WPP IQ
ANTHONY HAMILTON WPP’s industry intelligence platform
Investor Relations Director www.wpp.com/wpp-iq
anthony.hamilton@wpp.com
Tel: +44 (0) 7464 532 903 “THIS WEEK, NEXT WEEK” PODCAST
GroupM’s Business Intelligence team discusses latest news and
CAITLIN HOLT
research in media and marketing
Investor Relations Senior Manager
Listen here
caitlin.holt@wpp.com
Tel: +44 (0) 7392 280 178
SOCIAL CHANNELS
WPP INVESTOR RELATIONS
investor@wpp.com
APPENDIX
EXAMPLES OF OUR WINNING WORK AT CANNES

VMLY&R’s “I Will Always Be Me” for Dell RESULTS

Technologies and Intel, which gave people
COMMUNICATIONS diagnosed with motor neurone disease a voice to Over 72% of those recently
express what they're going through diagnosed with MND are now
using I Will Always Be Me to
bank their voice.
MediaCom’s work on the “Hope Reef” campaign
MEDIA for Mars Petcare
Helped to restore more than
185,000 square metres of coral
reef
Ogilvy and Wavemaker’s “Shah Rukh Khan My Ad”
DATA and
for Cadbury that personalised ads for local
TECHNOLOGY 130,000 personalised ads
businesses impacted by COVID-19.
created, 94m social media
views

CANNES LIONS You can watch a reel of the

winning work here 176 Lions won
AWARDS
OTHER
REVENUE LESS PASS-THROUGH COSTS BY SECTOR1

HALF YEAR TO 30 JUNE 2022 £M 2021 £M Δ REPORTED Δ LFL

Global Integrated Agencies 4,538 4,097 10.8% 8.4%

Public Relations 545 429 27.0% 10.5%

Specialist Agencies 426 373 14.3% 11.9%

Total Continuing Operations 5,509 4,899 12.5% 8.9%

1 Prior year figures have been restated to reflect the reallocation of a number of
businesses between Global Integrated Agencies and Specialist Agencies. This
increases Global Integrated Agencies’ Q2 and H1 2021 revenue less pass-
through costs by £15 million and £28 million respectively and reduces Specialist
Agencies’ by the same amount
REVENUE LESS PASS-THROUGH COSTS BY REGION1

HALF YEAR TO 30 JUNE 2022 £M 2021 £M Δ REPORTED Δ LFL

North America 2,189 1,817 20.4% 9.5%

UK 737 680 8.4% 7.1%

Western Continental Europe 1,086 1,050 3.4% 7.7%

Asia Pacific, Latin America, Africa & Middle

1,497 1,352 10.8% 9.8%
East and Central & Eastern Europe

Total 5,509 4,899 12.5% 8.9%

1 Continuing operations
TOP MARKETS PERFORMANCE1

USA UK GERMANY
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
50.0% 50.0% 50.0%

45.0% 45.0% 45.0%

40.0% 40.0% 40.0%

34.5%
35.0% 35.0% 31.8% 35.0%

30.0% 30.0% 30.0%

25.0% 25.0% 25.0%

20.3%
20.0% 20.0% 16.9% 20.0%
16.1%
15.0% 12.6% 12.4% 11.7% 15.0% 15.0%
11.5%
10.4% 9.9%
10.0%
8.9% 10.0% 8.1% 10.0%
6.2%
3.9% 3.4%
5.0% 5.0% 5.0% 2.5%
0.7%
0.0% 0.0% 0.0%

CHINA INDIA
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
50.0% 50.0% 47.6%

40.0% 40.0%

30.0%
30.0% 30.0% 28.0%
24.9% 25.1%
18.7%
20.0% 20.0% 16.8%
11.8% 11.9%
10.0% 10.0%

0.0%
0.0% 0.0%
(0.5%)
-10.0% (6.1%) -10.0%

1 Like-for-like revenue less pass-through costs growth vs prior year from

continuing operations
TOP MARKETS PERFORMANCE1

AUSTRALIA CANADA FRANCE

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
40.0% 50.0% 50.0%

35.0% 45.0%
40.0%
30.0% 40.0%

25.0% 35.0% 33.5%

30.0% 27.9%
20.0% 30.0%

15.0% 25.0% 20.0% 16.1%

10.0% 8.4% 20.0%
15.7% 10.0%
5.0% 2.4% 3.5% 3.2% 15.0% 6.1%
0.0% 10.0% 8.7% 7.8% 8.0% 0.4%
5.8% 0.0%
-5.0% (2.2%) 5.0% (1.0%) (1.3%)
-10.0% (7.6%) 0.0% -10.0%

BRAZIL SPAIN
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
50.0% 50.0%

45.0%
40.0%
40.0%

35.0% 33.8%
30.0%
29.8% 29.6% 28.5%
30.0%
23.9%
25.0% 20.0%
15.8% 16.5%
20.0%
12.7%
10.0% 8.2%
15.0%
1.7%
10.0% 8.5%
0.0%
5.0%

-10.0%
(4.7%)
0.0%

1 Like-for-like revenue less pass-through costs growth vs prior year from

continuing operations
STERLING WEAKNESS: TAILWIND TO REVENUE LESS PASS-THROUGH COSTS

STERLING
HALF YEAR TO 30 JUNE 2022 2021 (WEAKER)/STRONGER 2021 Act Q1 22 Act Q2 22 Act Q3 22 Est Q4 22 Est 2022 Est

US$ 1.30 1.39 (6%)

6.7%
€ 1.19 1.15 3% 5.9%
5.0%
4.6%
Chinese Renminbi 8.41 8.98 (6%)

Brazilian Real 6.60 7.47 (12%)

0.3%

Australian $ 1.81 1.80 -

Canadian $ 1.65 1.73 (5%)

Indian Rupee 99 102 (3%) (5.0%)

Singapore $ 1.77 1.85 (4%)

South African Rand 20.0 20.2 (1%)

1 Q3-Q4 uses 1 August 2022 exchange rates, including £:$1.23, £:€1.19

UNAUDITED IFRS INCOME STATEMENT

Δ CONSTANT
HALF YEAR TO 30 JUNE 2022 £M 2021 £M¹ Δ REPORTED CURRENCY

Revenue 6,755 6,133 10.2% 7.2%

Gross profit 1,047 936 11.8% 4.9% – Share of associate
Operating profit pre exceptional & goodwill/intangibles1 639 590 8.3% 4.6% exceptional loss
Net exceptional loss (69) (76) largely relate to
restructuring and
Goodwill/intangible charges (31) (30)
transformation costs
Operating profit 539 484 11.4% 7.8%
and the amortisation
Income from associates 12 29 and impairment of
Share of associates exceptional (loss)/gain (76) 11 acquired intangibles.
PBIT 475 524 (9.3%) (13.1%)
– Net finance costs
Net finance costs (56) (130) (56.4%) (56.0%) includes £33m gain
Profit before tax 419 394 6.1% 1.4% (2021: £12m loss) from
Tax (118) (107) (9.7%) (9.7%) revaluation and
retranslation of
Profit after tax 301 287 4.8% (1.6%)
financial instruments
Non-controlling interests (43) (34) (24.9%) (22.3%)

Profit attributable to shareholders: 258 253 2.1% (4.8%)

Total reported diluted EPS 22.7p 20.6p 10.2% 1.4%

1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses

on disposals of subsidiaries and investments, investment and other write-downs, share of
exceptional gains/losses of associates, restructuring and transformation costs,
restructuring costs in relation to COVID-19, litigation settlement and revaluation of financial
instruments
HEADLINE¹ OPERATING PROFIT AND MARGIN BY SECTOR²,³

OPERATING PROFIT £M OPERATING MARGIN⁴

HALF YEAR TO 30 JUNE 2022 2021 2022 2021

Global Integrated Agencies 507 489 11.2% 11.9%

Public Relations 83 63 15.2% 14.8%

Specialist Agencies 49 38 11.4% 10.3%

Total 639 590 11.6% 12.1%

1 Continuing operations
2 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on
disposals of subsidiaries and investments, investment and other write-downs, share of
exceptional gains/losses of associates, restructuring and transformation costs, restructuring
costs in relation to COVID-19 and litigation settlement
3 Prior year figures have been restated to reflect the reallocation of a number of businesses
between Global Integrated Agencies and Specialist Agencies. This increases Global Integrated
Agencies’ H1 2021 headline operating profit by £6 million and reduces Specialist Agencies’ by the
same amount
4 Margin as % of revenue less pass-through costs
HEADLINE¹ OPERATING PROFIT AND MARGIN BY REGION²

OPERATING PROFIT £M OPERATING MARGIN³

HALF YEAR TO 30 JUNE 2022 2021 2022 2021

North America 300 271 13.7% 14.9%

UK 67 83 9.1% 12.3%

Western Continental Europe 99 104 9.1% 9.9%

Asia Pacific, Latin America, Africa & Middle

173 132 11.6% 9.7%
East and Central & Eastern Europe

Total 639 590 11.6% 12.1%

1 Continuing operations exceptional gains/losses of associates, restructuring and transformation costs, restructuring
2 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on costs in relation to COVID-19 and litigation settlement
disposals of subsidiaries and investments, investment and other write-downs, share of 3 Margin as % of revenue less pass-through costs
CHANGE IN HEADLINE¹ OPERATING MARGIN

2022 2021 Δ
HALF YEAR TO 30 JUNE £M £M £M %
Revenue less pass-through costs 5,509 4,899 610 12.5%
Staff costs pre incentives (3,766) (3,229) (537) 16.7%
Establishment (263) (265) 2 (0.8)%
IT (308) (277) (31) 11.3%
Personal (96) (52) (44) 84.6%
Other operating expenses (272) (242) (31) 12.7%
Operating expenses (4,706) (4,065) (641) 15.8%
Operating profit pre incentives 803 834 (31) (3.7)%
Staff incentives (164) (244) 80 (32.6)%
Operating profit 639 590 49 8.2%

Operating profit margin

Pre incentives 14.6% 17.0% (2.4)pt
Post incentives 11.6% 12.1% (0.5)pt

1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on

disposals of subsidiaries and investments, investment and other write-downs, share of exceptional
gains/losses of associates, restructuring and transformation costs, restructuring costs in relation
to COVID-19 and litigation settlements
FREE CASH FLOW

HALF YEAR TO 30 JUNE 2022 £M 2021 £M

Operating profit 539 484

Depreciation & amortisation charges 255 250

- Depreciation & amortisation ex IFRS 16 125 111
- Depreciation of right-of-use assets 130 139
Investment and other impairment (reversals)/charges 8 8
Lease payments (including interest) (190) (202)
Non-cash compensation 67 44
Working capital, other receivables, payables and provisions (1,741) (505)
- Working capital (1,015) (464)
- Other receivables, payables and provisions (726) (41)
Net interest paid & similar charges (60) (65)
Tax paid (163) (163)
Capital expenditure (117) (138)
Earnout payments (63) (14)
Other (9) (44)
Free cash flow (1,474) (345)
USES OF CASH FLOW

HALF YEAR TO 30 JUNE 2022 £M 2021 £M

Free cash flow (1,474) (345)

Net (acquisitions)/disposals ex earnout payments (12) (209)

- Disposal proceeds 34 43

- Net initial payments1 (46) (252)

Net cash flow before distributions (1,486) (554)

Distributions to shareholders (681) (298)

- Dividends - -

- Share purchases (681) (298)

Net cash flow (2,167) (852)

1. Net initial payments comprise purchases of other investments (including associates) and non–controlling interests less cash acquired
DEBT MATURITY PROFILE £M AT JUN 30, 2022

£ TOTAL £ TOTAL 800

CREDIT DRAWN

 £ bonds £400m (2.875% Sep ’46) 400 400 700

 US bond $220m (5.625% Nov ’43) 181 181

600

 US bond $93m (5.125% Sep ’42) 76 76

500
 £ bonds £250m (3.75% May ’32) 250 250

 Eurobonds €600m (1.625% Mar ’30) 516 516 400

 Eurobonds €750m (2.375% May ‘27) 646 646

300
 Eurobonds €750m (2.25% Sep '26) 646 646
200
 Eurobond €500m (1.375% Mar ‘25)/£444m Swap1 444 444

 US bond $750m (3.75% Sep '24) 616 616 100

Eurobonds €750m (3.0% Nov ’23)2 711 711

0
Debt Facilities 4,486 4,486

Other facilities 2,053 -

Net cash, overdrafts & other adjustments – (1,351) Weighted Average Coupon 3.0%
Weighted Average Maturity 6.8 years
Total Borrowing Capacity / Net Debt 6,539 3,135 Available Liquidity £3,404m

Exchange Rates £/$ 1.2178 £/€ 1.1617

1. Swapped to £444m at 2.61%
2. €500m swapped to $604m at 4.03%