WPP reported first quarter net revenues of 2.26 billion GBP ($3.05 billion), down 6.7% on an organic basis (excluding currency and M&A impact), in line with previous guidance from the company.  

The firm reiterated that it expects a first half organic revenue decline in the mid-to-high single digits for the first half of 2026 “with an improving trajectory in the second half.” The firm also stated that full-year pre-tax profit margin is expected to be in the 12% to 13% range.  

CEO Cindy Rose stated that the company’s latest turnaround plan unveiled in February is “resonating with clients and driving strong new business. While it is only a few months since we unveiled our Elevate28 strategy, I am encouraged by this momentum which validates the ‘Stabilization’ phase of the plan and our path to growth.” 

Rose was not on the company’s earnings call, which is a departure from past practice during both the Mark Read and Martin Sorrell eras. It’s understood going forward that Rose will participate in the mid- and full-year earning calls, following the practice of most other UK and European public companies.  

Major first quarter wins included being named Estée Lauder’s first-ever global media partner, and media assignment wins for Wendy’s, SC Johnson and Norwegian Cruise Lines in the US. 

“Elevate28” is designed to stabilize the business this year, build momentum in 2027 and deliver sustained growth from 2028 and beyond.  

The company said it would cut costs by 500 million GBP a year to help achieve the plan. That cost saving is expected to be fully achieved by 2028. 

By business segment revenue, global integrated agencies were collectively down 7.4%, which the company attributed largely to prior year client losses. There was a sequential improvement from the 10%+ dip seen in Q4. PR was down 2.6% and specialist agencies were down 2.3%. 

By region, North America declined 7.8% due largely to prior year client losses at WPP Media and spending cuts at Ogilvy and AKQA.  

The UK declined 6.6%, Western Continental Europe saw a 4.7% shortfall, and the rest of the world combined was off 6.9%, driven by Asia Pacific (-8.2%). India grew 1.0% on new business wins, offset by China declines (-12.2%) on continued spending pressures and client losses. Middle East & Africa declined 11.1% on cuts to client spending caused by geopolitical strife in the Middle East.  

Latin America was down 3.4% and Central & Eastern Europe declined less than 1%.