Aug 6, 2026 earnings call — Stabilizing under new structure and WPP Open
H1 like-for-like net sales were minus 4.7%, with reported revenue less pass-through costs of GBP 4.7 billion.
Revenue $8.6B (est $6.2B) · EPS $0.12 (est $0.81)
Key quotes
"WPP Open is open by design. It works with client and partner solutions and doesn't lock clients into a single closed ecosystem."
"the momentum has continued with WPP topping the rankings as #1 for net new business for H1 2026 and for the 9 months to Q2 2026."
"As part of the broader Elevate28 program, we committed to GBP 500 million of gross annualized cost savings across the next 3 years, of which GBP 100 million will be delivered in 2026."
Analyst Q&A 7
net new business and pipeline
Q (Ciaran Donnelly · Citi): They asked for the net new business contribution (basis points) for 2026 and how it evolved since Q1. They also asked about the pipeline balance of defensive versus offensive pitches heading into H2.
A: Management said gross losses are at the top end of the range at around 600 basis points and gross wins are comfortably ahead of 2025. They expect net new business to be a drag all year but to ease each quarter, and the pipeline is healthy and balanced between defensive and offensive opportunities.
"Our gross losses for the full year are at the top end of the range that we shared at the start of the year, so around 600 basis points." — Joanne Wilson (CFO)
client spending, China, and media share change
Q (Adam Berlin · Goldman Sachs): They wanted more color on which sectors showed improving client spend, details on China's strong Q2 performance and timing effects, and why WPP Media share rose to 46%–47%.
A: Management said existing clients stabilized with growth in auto and health care, while CPG and tech were impacted by client losses and reduced hardware tech budgets. China improved double digits in Q2 with some timing factors and important retentions and wins (Huawei, Uber, Honor); media share rose because some agencies like CMI and TMP were moved into the media segment.
"In Q2, we saw actually growth in the auto and health care sectors." — Joanne Wilson (CFO)
AI pricing and H2 cost timing
Q (Adrien de Saint Hilaire · BofA): They asked if management could quantify AI's deflationary impact on pricing and why Elevate28 restructuring costs and investments are skewed to H2.
A: Management said it is hazardous to quantify AI's deflationary impact; AI may cause short-term price deflation as productivity lowers cost to serve, but it also creates growth opportunities through reinvestment and cross-sell. On timing, profit is skewed to H2, Elevate28 restructuring costs and related savings are largely second-half weighted, and incentive rebuilds are also skewed to H2.
"I think it would be hazardous for me to try to quantify the AI -- the deflationary impact of AI." — Cindy Rose Quackenbush (CEO)
disposals, incentives, Enterprise Solutions
Q (Jérôme Bodin · ODDO BHF): They asked whether the GBP 200 million disposals figure is cash or just announced, if it's net of tax, whether the review is finished, and if any assets were kept. They also asked about expected incentive levels for 2026 and an update on Enterprise Solutions consolidation.
A: Management said GBP 64 million of disposal cash came in H1 and they expect at least GBP 200 million cash for the full year, net of tax; this mostly comes from a long tail of small agencies and associates and processes are ongoing with more expected in 2027. Incentives will be higher than 2025 and closer to 2024 levels. Enterprise Solutions has $1.8 billion revenue and 10,000 specialists, is being consolidated under one leadership and went live on 1 July.
"We had GBP 64 million in the first half cash flow related to disposals, and we expect for the full year that to increase to at least GBP 200 million of cash, and that is net of tax." — Joanne Wilson (CFO)
new business run rate, Enterprise Solutions reporting, exits impact
Q (Steven Craig Liechti · Deutsche Numis): They asked for the split between gross losses and wins in H1 and expectations for H2, pro forma like-for-like growth for Enterprise Solutions, and any revenue/profit impact from exits included in consolidated numbers.
A: Management said exits are immaterial to revenue and XTEL is not in the numbers. Enterprise Solutions like-for-like will be reported from 1 January 2027 and its growth is roughly similar to WPP Creative. Historically net new business moved overall by around plus or minus 150 basis points, 2025 losses drove a 600 basis point drag this year, and that drag should ease in the second half as wins ramp.
"In the past, I think we've always talked about net new business having a plus or minus 150 basis points impact." — Joanne Wilson (CFO)
existing client improvement, China timing, portfolio proceeds
Q (Julien Roch · Barclays): They asked why existing client performance looks much better this year, what timing effects drove China’s 16% growth and whether China will be flat or still negative in H2, and if successful disposals could exceed GBP 200 million next 12 months.
A: Management said last year's sharp cuts around April caused a big drag and that client spend has now stabilized, helping current performance. China’s Q2 improvement was driven by timing in some media contracts and retentions/wins; they expect continued stabilization in H2 but not the Q2 level. On disposals, processes are ongoing and if successful they could generate more cash, with further proceeds likely in 2027.
"So existing clients spend is a real drag for us last year, and it's very encouraging to see that, that has stabilized." — Joanne Wilson (CFO)
Middle East, personnel costs, reasons for wins/losses
Q (Annick Maas · Bernstein): They asked for guidance on the Middle East for H2, whether personnel costs will fall with lower revenue, and what drove the accounts won and lost in H1.
A: Management said the Middle East was down 10% in H1 and remains volatile given current events, so they are being cautious and focused on staff safety; they did not give a specific personnel cost decline but said they will stay disciplined on discretionary spend. Wins were driven by integration and simplification, WPP Open and data narrative, and losses are due to fierce competition, personal preference or pre-existing relationships and are treated as learning opportunities.
"I would say our clients are responding very well to our integration and simplification." — Cindy Rose Quackenbush (CEO)