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    Julien Roch • Barclays

    Julien Roch's questions to WPP PLC (WPP) leadership

    Julien Roch's questions to WPP PLC (WPP) leadership • H1 2025

    Question

    Julien Roch of Barclays sought clarity on the assumptions for new business and macro factors within the revised organic growth guidance. He also asked about the timeline for completing the WPP Media transformation, whether the new 'Open' platform was used in recent major pitches, and the size of Hogarth's net sales in 2024.

    Answer

    CFO Joanne Wilson confirmed Hogarth was about 5% of 2024 net sales and that the guidance revision was split between macro pressures and a weaker new business environment, which is now expected to be a 100-150 bps drag. WPP Media CEO Brian Lesser stated the Open Media Studio platform deployment will be substantially complete by 2025 and clarified that WPP resigned the PayPal business rather than pitching for it.

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    Julien Roch's questions to Interpublic Group of Companies Inc (IPG) leadership

    Julien Roch's questions to Interpublic Group of Companies Inc (IPG) leadership • Q1 2025

    Question

    Julien Roch from Barclays requested specific figures related to the restructuring, including the cash versus non-cash split, the timing of cash outlays and benefits, and the expected full-year impact from foreign exchange rates.

    Answer

    CFO Ellen Johnson projected a full-year negative FX impact of approximately 60 basis points. For the restructuring, she expects the cash vs. non-cash split to remain around 50/50, with most charges occurring in the first half of the year. She confirmed in-year savings of ~$250 million for 2025, with the full run-rate benefit of $300-$350 million being realized annually from 2026 onward.

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    Julien Roch's questions to Interpublic Group of Companies Inc (IPG) leadership • Q4 2024

    Question

    Julien Roch from Barclays asked for confirmation of margin improvement forecasts from the proxy statement for 2026 and 2027. He also questioned if the announced $250 million in savings are independent of the $750 million in merger synergies and inquired about the post-merger plan for the large number of combined agency brands.

    Answer

    CEO Philippe Krakowsky confirmed the proxy modeling reflects the current restructuring work and that these savings have very limited overlap with the merger synergies identified with Omnicom. He stated that both companies are aligned on maintaining strong agency brands to attract talent and win with clients, and that the optimal organizational structure would be determined post-merger, focusing on providing clients with strong options.

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