1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.Please see analyst certifications and important disclosures beginning on

3、page 72.European Media2Q25 previewsIn this report we present our 2Q25 forecasts for the EuropeanMedia companies listed in the table below.We includecommentary on what we consider to be the key investorfocus points for these stocks and note where we makechanges to FY forecasts.Agencies:As always,we b

4、elieve the most important driver for the shares will be delivery onorganic growth.Among the companies we cover,Publicis has been best in class and is guidingto 4-5%net sales organic growth for FY25E vs 2.5-4.5%for Omnicom(revenues),-2%to 0%forWPP,-1%to-2%for IPG,2%+for Havas and 0%for Dentsu(not cov

5、ered)outside of Japan.For2Q25E,we forecast 4.5%for Publicis,3.0%for Omnicom(revenues),2.5%for Havas,-3.0%forWPP and-3.5%for Interpublic.We expect continued outperformance from Publicis andOmnicom and underperformance from WPP and IPG on Q1 organic revenues.Apart fromorganic growth,we expect increase

6、d focus on any commentary on client spend/sentiment amidmacro uncertainty.Steady progress at info services,with FX downgrades:We expect reiteration of FY25guidance from RELX,Wolters Kluwer and Informa,although FX is very likely to reduce consensusnumbers.We lowerEPS for FX-only at RELX and Wolters,a