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    Adrien de Saint Hilaire • Bank of America

    Adrien de Saint Hilaire's questions to WPP PLC (WPP) leadership

    Adrien de Saint Hilaire's questions to WPP PLC (WPP) leadership • H1 2025

    Question

    Adrien de Saint Hilaire of Bank of America asked for comments on a media report about a potential partnership with Accenture. He also inquired about Q3 trading to date, the full-year outlook for average net debt, and whether the new 31% effective tax rate guidance is a sustainable level.

    Answer

    CEO Mark Read dismissed the report on an Accenture partnership as 'not always entirely accurate.' CFO Joanne Wilson stated that Q3 trading remains challenging but is consistent with revised guidance. She declined to guide on year-end average net debt but affirmed a focus on its reduction. She explained the 31% tax rate is a mechanical effect of lower profits for 2025 and that the future rate will be reassessed.

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    Adrien de Saint Hilaire's questions to Interpublic Group of Companies Inc (IPG) leadership

    Adrien de Saint Hilaire's questions to Interpublic Group of Companies Inc (IPG) leadership • Q2 2025

    Question

    Adrien de Saint Hilaire of Bank of America questioned if IPG would need to significantly increase headcount to support future growth, whether the business model can achieve better operational leverage, and how healthcare policy reforms might impact client spending.

    Answer

    CEO Philippe Krakowsky expressed confidence in navigating potential healthcare policy shifts due to IPG's deep expertise. He affirmed the belief that the business model has further margin improvement potential. CFO Ellen Johnson added that the recent cost reductions are structural and enduring due to process re-engineering and automation. She noted that while future growth will require adding staff, they will be "different heads," and the company has been able to eliminate open positions and not backfill all attrition.

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    Adrien de Saint Hilaire's questions to Interpublic Group of Companies Inc (IPG) leadership • Q3 2024

    Question

    Adrien de Saint Hilaire asked about the drivers behind the implied Q4 2024 revenue improvement and the potential size of the net new business headwind for 2025.

    Answer

    CEO Philippe Krakowsky explained that the business tone is improving as clients look past macro uncertainty. He noted a strong Q4 project pipeline and new, unannounced media wins are contributing to the optimistic outlook. Regarding 2025, he acknowledged that recent account losses will create headwinds but stated it was too early to quantify the exact impact.

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