WPP Q1 Earnings Call Highlights

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MarketBeat

Tue, April 28, 2026 astatine 5:08 AM CDT 8 min read

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Key Points

WPP reported like‑for‑like gross little pass‑through costs down 6.7% successful Q1 (organic -4%), with a 2.1% FX headwind contributing to an 8.9% reported nett gross decline; WPP Media was the biggest drag, falling 8.5% LFL.
Management said its Elevate 28 program is stabilizing the concern and nett caller concern momentum strengthened — WPP was ranked #1 successful nett caller concern for a 2nd consecutive quarter, winning clients including Estée Lauder, S.C. Johnson, JLR, Norwegian Cruise Line and Wendy’s.
Balance expanse and guidance: mean adjusted nett indebtedness was GBP 3.3 billion, WPP issued a $600 million 10‑year bond, and it expects like‑for‑like gross to diminution successful the mid‑ to high‑single digits successful H1 2026 with a full‑year header operating borderline people of 12%–13% and adjusted operating currency travel earlier moving superior of GBP 800–900 million (GBP 1.0–1.1 billion ex restructuring).
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WPP (NYSE:WPP) reported a first-quarter trading update that showed continued top-line unit but a humble sequential betterment from precocious 2025, arsenic absorption pointed to stabilizing actions nether its recently launched Elevate 28 strategy and strengthening nett caller concern momentum.

Q1 results: Revenue diminution narrows sequentially

Chief Financial Officer Joanne Wilson said like-for-like gross little pass-through costs fell 6.7% successful the archetypal quarter, portion “organic gross growth,” a metric disclosed by immoderate peers, declined 4%. Wilson said some figures represented a “mild sequential improvement” versus the 4th fourth of 2025 and were “in enactment with our expectations.”

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Foreign speech was a 2.1% headwind successful the quarter, contributing to a reported nett gross diminution of 8.9%, portion M&A interaction was described arsenic negligible.

Segment and determination trends: Media remains the biggest resistance

Wilson highlighted that WPP Media posted a like-for-like diminution of 8.5% successful Q1. While an betterment from a double-digit diminution successful Q4 2025, she said show continued to beryllium weighed down by anterior gross relationship losses, and that caller concern wins from Q4 and Q1 volition “take clip to ramp up.”

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Outside media, Wilson said show “showed a flimsy diminution quarter-on-quarter,” but added that WPP delivered maturation successful WPP Production and successful larger specializer agencies, including Landor, Design Bridge, and CMI.

Geographically, Wilson said the signifier “largely reflects relationship losses,” which weighed astir heavy connected North America and the U.K. She besides cited “signs of stabilization” elsewhere, including sequential betterment successful Asia-Pacific and “pockets of growth” successful India, Italy, and Japan.

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