M&C Saatchi : FY 2025 Results Investor Presentation (Presentation)

‌FOCUS ON SETTING FOUNDATION TO UNLOCK INTrINSIC VALUE

M+C Saatchi Group

Full Year 2025 results presentation | 20 April 2026

‌FY RESULTS IMPACTED BY MACRO-DRIVEN SOFTNESS AND MARKET VOLATILITY

Net revenue excl. Australia

-3.1%

Net revenue

-7.3%

Net cash balance

£13.3M

Operating cash conversion

94%1

Operating profit

-26.1%

due to investment priorities in people, capabilities as well as temporary Issues Specialism impact

Client retention strong:

94%

Of 2024 clients spending with us in FY 20252

Transformation programme:

Phase Two: Middle office transformation complete, centralising production, products and data

Cost action initiatives and

Australia restructuring

Share buyback programme of

£4.5M

launched in March 2026, with reallocation of 2025 dividend to expand overall value

New business wins total3

219

Up vs. last year

Selection of clients

1 Conversion of LFL operating profits into adjusted operating cash (operating cash generated from operations (excluding put option payments, non-Headline cash costs and discretionary employee bonus items) net of purchases of intangible/tangible fixed assets and payment of leases).

FY 2025 Results

2 Based on retained clients who accounted for 94% of 2024 revenue. 2

3 Includes new wins and project extensions.

M+C Saatchi Group

‌STRATEGIC UPDATE: LEADERSHIP CHANGE, REMEDIAL ACTION IN AUSTRALIA, FOCUS ON SETTING A FOUNDATION TO UNLOCK INTRINSIC VALUE

Leadership change; business continuity via Executive Leadership Team (ELT)

Dame Heather Rabbats now Executive Chair

Operating board in place to ensure business continuity, made up of Executive Leadership Team(1)

Phase Two of global transformation programme complete

Remedial action, largely in Australia

In-house and centralised production capabilities, less reliance on third parties and opportunities for wage arbitrage

Increasingly connected specialist expertise

M+C Saatchi Group

Focus on setting a foundation to unlock intrinsic value

1 ELT listed here: https://mcsaatchi.com/about

Data and AI focus to empower our growth engines

Unique expertise across Government and Commercial (private) sectors Deep insights and effective creative content underpinned by Cultural Power Simplification of businesses to focus on high-potential value drivers

FY 2025 Results 3

M+C Saatchi Group

‌FINANCIAL REVIEW SIMON FULLER

M+C Saatchi Group

‌Net revenue down 7.3%

LFL1 £m	FY 2025	FY 2024	Change
Net revenue2	204.7	220.9	(7.3)%
Operating profit3	24.9	33.7	(26.1)%
Operating profit margin	12.2%	15.3%	-310bps
PBT	19.4	29.2	(33.6)%
EPS (basic) 4	9.4p	17.0p	(44.7)%
Net cash2,5	13.3	11.8	12.7%

Challenging macro conditions causing reduced client spend, particularly in Australia

Non-Advertising Specialisms down 6.5%, Advertising down 8.9% Excluding Australia, Group net revenue decline of 3.1%

Operating profit decline of 26.1%

Largely due revenue decline and investment annualisation

Operating margin down 310bps: near term revenue shortfall magnified impact of annualised investment into the business

US Government shutdown exacerbated profit decline in high-margin Issues as headcount was maintained over the temporary hiatus

EPS down 44.7%

Minority interests reduced to 3.1% of earnings (FY 2024: 3.2%)

Net cash up 12.7% (excluding £0.2m of restricted cash)

Thanks to improvements in operating working capital, net of 2024 dividend payment of £2.4m in-year, put option cash settlements of

£0.5m and M&A transactions of Dune 23 / the Women's Sports Group

M+C Saatchi Group

MACRO AND GEOPOLITICAL VOLATILITY IMPACTED 2025

1. We discuss our results on a like-for-like (LFL) basis throughout, unless otherwise stated, to provide a more comparable and better basis for understanding our current and future performance, reflecting the Directors' view of the underlying profitability of the business units. Statutory performance remains the primary IFRS measure, however. LFL results exclude items that are not part of routine expenses, including one-off and exceptional items, which form Headline results. In addition, LFL results translate 2024 figures to 2025 foreign exchange (FX) rates and excludes results of subsidiaries which management had or intends to exit in the current and prior year, and those of newly acquired subsidiaries in the current year. LFL adjustments are summarised in the Financial review and Note 1 to the financial statements. All figures are subject to rounding.

2. Refer to Notes for the definition of net revenue and net cash.

3. Headline operating profit of £26.1m in 2025, which excludes a constant currency adjustment and includes results from acquired and exited agencies.

4. Basic and diluted earnings per share are calculated by dividing the appropriate earnings metrics by the weighted average number of shares of the Company in issue during the year. Please see note 1 for a detailed view on adjustments in calculating EPS.

5. Like-for-like net cash excludes £0.2 million of restricted cash. Adjusted net cash includes £0.2 million of restricted cash (down from £3.5 million in 2024). Adjusted net cash of £13.5 million in 2025 and £15.3 million in 2024.

FY 2025 Results

5

‌NET REVENUE BY SPECIALISM : STRONGPERFORMANCE IN MEDIA, ISSUES IMPACT

LFL net revenue	FY 2025	FY 2024	Change	Group mix
	£m	£m
Issues	54.3	56.6	(4.1)%	27%
Passions & PR	32.0	36.1	(11.4)%	16%
Consulting	24.7	30.4	(18.8)%	12%
Media	25.2	22.6	11.5%	12%
Non-Advertising	136.2	145.7	(6.5)%	67%
Advertising	68.5	75.2	(8.9)%	33%
Total (1)	204.7	220.9	(7.3%)	100%

Non-advertising specialisms revenue £136.2m, down 6.5% (down 3.8% excl. Australia)

Issues down 4.1%

US Government shutdown in Q4 led to overall decline

Underlying momentum remains strong; continued growth via existing work extensions and new wins with whitespace opportunities

Passions & PR down 11.4%

Modest decline in the UK and Germany. US opportunity remains

strong

Consulting down 18.8%1

Tough market conditions, particularly in Australia and the US Tariff effect

Pressure on clients' budgets led to project spend timing delays

Media up 11.5%

Continued growth driven by wins and retained work in the UK and Asia

Strong developing pipeline thanks to digital expertise, data-backed creative content and client demand for measurement on campaigns ROI

Advertising net revenue £68.5m, down 8.9% (down 1.1% excl. Australia)

Europe and the US strong, weaker UK in subdued environment, Australia remains very challenging

FY 2025 Results 6

1 83% of the decline attributed to Australia

M+C Saatchi Group

LFL net revenue	FY 2025	FY 2024	Change	Group mix
	£m	£m
UK	102.9	107.9	(4.6%)	50%
Americas	41.9	42.7	(1.9%)	20%
APAC	36.3	46.7	(22.3%)	18%
Middle East	11.6	11.2	3.6%	6%
Europe	12.0	12.4	(3.2%)	6%
Total (1)	204.7	220.9	(7.3)%	100%

‌NET REVENUE BY REGION: GROWTHMODERATEDBY TOUGH MACRO; SIGNIFICANT AUSTRALIA DRAG

LFL net revenue regional contribution

0.2%

(0.1%) (0.3%)

(2.3%)

UK down 4.6%

Strong growth in Media, offset by Issues (reported entirely in the UK) decline owing to US Government shutdown in Q4

Advertising and Consulting revenue down in subdued UK environment

Americas down 1.9%

Growth in Advertising offset by project-based consulting which remains impacted by macro conditions

APAC down 22.3%1

Australia (down 31.9%) prolonged tough macro challenges, client caution and reduced spend with consumer-facing clients, client losses

Other Asia also down due to local client reductions in spend, particularly in Advertising, while Media grew

Middle East up 3.6%

Advertising growth continued, tempered by project reduction in H2

Current conflict in the Middle East to impact the business, particularly S&E due to cancelled events

Europe down 3.2%

(4.7%)

(7.3%)

Continued growth in Advertising, particularly Italy, offset by softer S&E in Germany

FY 2025 Results 7

1 62% of the decline attributed to Australia

M+C Saatchi Group

‌8

FY profit decline driven by

Revenue shortfall in light of tough macro conditions, particularly in Australia, US policy change uncertainty

US Government shutdown material impact on high-margin Issues business in Q4

Some annualised investment flowthrough from H2 2024 Restructuring costs, largely in Australia

Global Transformation programme

Phase Two of global transformation programme complete

Restructuring initiative in Australia, particularly in Advertising and Consulting

Negligible FX impact, small positive impact from M&A

M+C Saatchi Group

TEMPORARY DECLINE IN PROFIT: NEAR-TERMMACRO IMPACTS INCLUDING US GOVERNMENTSHUTDOWN

Headline to LFL operating profit bridge (£m)

36.6

(0.6)

33.7

(1.4)

(0.8)

24.9

1.2

26.1

(8.8)

-26.1%

FY 24 LFL adjustments

FY 25 LFL adjustments

FY 2025 Results

‌CASHFLOWREFLECTSSTRONGOPERATING WORKINGCAPITAL

Net cash £13.3m1

Net cash movements (£m)

Operating cash conversion 94%2

4.G

22.5

3.2

(G.1)

(7.5)

(4.4)

(3.0)

2.G

(2.4)

11.8

(1.6)

(0.8)

(1.7)

13.3

0.2

13.5

(1.5)

1 Like-for-like net cash excludes £0.2 million of restricted cash. Adjusted net cash includes £0.2 million of restricted cash (down from £3.5 million in 2024). Adjusted net cash is therefore £13.5 million in 2025, £15.3 million in 2024.

2 Conversion of LFL operating profits into adjusted operating cash (operating cash generated from operations (excluding put option payments, non-Headline cash costs and discretionary employee bonus items) purchases of intangible/tangible fixed assets and payment of leases).

FY 2025 Results 9

M+C Saatchi Group

‌OUR CAPITALALLOCATIONPOLICY REMAINSIN PLACEAND PRIORITISES ORGANIC GROWTHAND RETURNSTO SHAREHOLDERS, SUCH AS CURRENTSBB PROGRAMME

ORGANIC INVESTMENT	ADDING CAPABILITY, CAPACITY AND SCALE
RETURNS TO SHAREHOLDERS	VALUE CREATION VIA SBB
SELECTIVE M&A	EXPANDING CAPABILITY

Priorities

REVENUE OPPORTUNITIES

DIVERSE, HIGHER-MARGIN PORTFOLIO

STRONG CASH GENERATION

M+C Saatchi Group

SHAREHOLDER RETURNS

FY 2025 Results 10

M+C Saatchi Group

Enablers

CAPITAL LIGHT

AVERAGE CAPEX C.1% OF NET REVENUE

CASH GENERATIVE

>80% OPERATING CASH

CONVERSION

LOW LEVERAGE

NET DEBT EBITDA OF 1-1.5X IN THE EVENT OF LARGE M&A

FIREPOWER

CASH GENERATION, STRONG BALANCE SHEET, £50M RCF & ACCORDION

‌OUTLOOK - DELIVERY IN LINE WITH EXPECTATIONS

REVENUE

OPERATING PROFIT

CASH

Q1 2026 in line with expectations

Conflict in the Middle East to impact our Sport & Entertainment business and consumer-facing businesses

2026 LFL net revenue to grow in-line with market expectations, reflecting improved momentum in our growth engines such as Issues and Media

Full Year profit and margin improvement to be in line with market expectations Volatility managed through our largely variable cost base

M+C Saatchi Group

Our cash-generative and capital light business will continue to generate an operating cash conversion rate of over 80%, in line with our mid-term target

FY 2025 Results 11

M&C Saatchi Group

‌WHAT WILL DRIVE FUTURE M&C SAATCHI GROWTH - OUR UNIQUE MARKET POSITION

OUR STRENGTH LIES IN OUR DEEP UNDERSTANDING OF OUR CLIENT'S BUSINESS: USING DATA-DRIVEN INSIGHTS AND AI TO TURBO-CHARGE OUR EXPERTISE ACROSS COMMERCIAL AND CITIzEN SECTORS

COMMERCIAL EXPERTISE

DATA

& AI

CITIzEN

EXPERTISE

Data and AI focus to empower our connected Specialisms, drive effective creative content, measurable returns and results

Unified data sources providing real-time deep insights for effective

client work

Unique expertise in both Commercial (private sector) and Government client work

competitive advantage

Our remains our talent and expertise across

sectors which will be strengthened by intelligent, data-driven systems

and AI

Return on Cultural Power to provide data-driven, measurable results

for clients

Cash generative business to give strategic optionality

FY 2025 Results

M+C Saatchi Group

12

‌2026 +: WELL-POSITIONED FOR GROWTHTHROUGHOUR CONNECTEDSPECIALISMS, BROAD EXPERTISE AND CULTURALPOWER, UNDERPINNEDDATA-ENABLEDSYSTEMSAND AI

Our return on Cultural Power concept and its accredited model to drive revenue opportunities

as a new industry metric

Increasingly digitalised, data-driven and AI-focussed businesses to deliver solutions for client needs, strengthen decision making processes and provide measurable returns

Unique strength and leading expertise across both Commercial and Government sectors, drawing deep insights across data and consumers to drive behavioural change and Cultural Power for our clients

FY 2026 net revenue and operating profit growth to be in-line with expectations

Focus on setting a foundation to unlock intrinsic value

M+C Saatchi Group

REVENUE OPPORTUNITIES

DIVERSE, HIGHER-MARGIN PORTFOLIO

STRONG CASH GENERATION

SHAREHOLDER RETURNS

FY 2025 Results 13

M+C Saatchi Group

‌CULTURAL POWER & THE RETURN ON CULTURAL POWER

‌OUR DEFINITION OF CULTURAL POWER & THE RETURN ON CULTURAL POWER

Cultural Power is the force that shapes markets - earned through influence, expressed through behaviour, and proven through impact.

Return on Cultural Power is the value a brand generates from its ability to shape and participate in culture - and the commercial return that influence delivers.

M+C Saatchi Group

FY 2025 Results 15

M+C Saatchi Group

‌HOW WE WORK WITH CLIENTS

Build connection that compounds.

What: Sustained cultural relevance improves retention, reduces acquisition cost and strengthens longterm revenue quality.

Create connection that cuts-through to change behavior.

What: Intelligent distribution increases the velocity and scale of impact, improving return on media and attention.

SUSTAIN

SHIFT

RETURN ON CULTURAL POWER

SIGNAL

SHAPE

Understand culture before it moves to identify where there's space to cut-through with conviction.

What: Early signal detection increases growth efficiency by directing investment toward emerging cultural momentum before it peaks.

Define the brand's conviction and design for coherency with credibility.

What: Stronger cultural alignment increases resonance, improving engagement quality and conversion potential.

FY 2025 Results 16

M+C Saatchi Group

BUILDING CULTURAL POWER BEFORE THE CATEGORY EXISTS

‌THE CHALLENGE

Our journey with a leading GLP-1 manufacturer

began in 2020:

A high-growth category… not yet a cultural one

GLP-1s were clinically advanced but culturally

underdeveloped

Brands competed on data, not meaning.

Physicians cared about efficacy and compliance. Patients cared about their feelings

M+C Saatchi North America

Increasing competition threatened to commoditize advantage

THE RISK

This product could win on efficacy… but lose

on relevance

THE OPPORTUNITY

Don't just win in the category-define how to create a culturally powerful category to scale growth

FY 2025 Results 17

M+C Saatchi Group

‌THE JOURNEY TO CULTURAL POWER

Building a System of Cultural Power. We didn't create a campaign. We built a system

designed to scale with the category.

2020

GLP-1 2.o Patient + HCP Segmentation, Positioning, Messaging + Launch

SIGNAL

Find the Human Truth. Patients weren't just managing disease-they were searching for proof that success was possible.

Physicians were searching for a better solution for their patients

2022

GLP-1 Dose Escalation

SHAPE

Redefine the Category. Position GLP-1 = The Springboard to Success. From treatment → transformation

From outcomes →

momentum

From product → belief system

2023

GLP-1 Patient experience + Refined positioning and messaging

SHIFT

Drive Behavior Change.

Target Segments for both HCPs and Patients based on mindsets and shared success:

• Clinical proof (A1c, weight, CV risk)

• Emotional payoff (optimism,

M+C Saatchi North America

empowerment) Creating rational + emotional resonance

2025

SUPER BOWL

campaign + First pill

Launch

SUSTAIN

Cultural feedback + acceleration.

1. Dose escalation launch due to successful adoption

2. Patient experience definition for non-diabetic audience

3. Consumer scale through campaign launch

FY 2025 Results 18

M+C Saatchi Group

‌OUR BROAD EXPERTISE ACROSS INDUSTRIES AND SECTORS

M+C Saatchi Group

H1 2025 Results 19

‌CITIZEN

PUBLIC

Industry leading in behaviour change for 30 years

No other Agency has comparable

experience or expertise

Launched World Services (Issues Specialism) 15 years ago

Over 400 experts in WS:

a unique, best-in-class capability

GOVERNMENT DEFENCE SECURITY

FY 2025 Results 20

M+C Saatchi Group

‌EVERY DAY, WE HELP IMPROVE THE LIVES OF MILLIONS OF CITIZENS AROUND THE WORLD.

For example, helping boost the enterprise economy in the US, UK and India, to running rural workshops in Pakistan,

to advocating for polio funding in Paris.

FY 2025 Results 21

M+C Saatchi Group

‌ACROSS PUBLIC AND PRIVATE SECTORS, WE WORK WITH INDUSTRY LEADING CLIENTS.

For example, across multiple regions.

Governments

Multilaterals

Foundations

INGO

Private sector

RECENT WINS

• Expanded work with EU

• Double UK government win - Creative Strategy & Ideation + Integrated

  End-to-End Marketing lots

• Expanded multi-Specialism and multi-region work with JP Morgan

• Developing our multi-specialism approach with clients such as Meta

FY 2025 Results 22

M+C Saatchi Group

‌GLOBAL BEHAVIOURAL CHANGE EXPERTS

Connected specialisms solving client problems across marketing services.

DATA & ANALYTICS

ADVERTISING & CONTENT

Behavioural change strategy

Brand platforms & Creative execution Production & experiential

End-to-end activation

PASSIONS & PR

Sponsorship and events Brand activation across POEM Influencer and creator Community management

CONSULTING

Brand design & architecture UX & CX

Data analytics & measurement Audience insight & segmentation

MEDIA

Journey mapping Channel planning Social buying and apps

Measurement & optimisation

FY 2025 Results 23

M+C Saatchi Group

‌TACKLING A BROAD VARIETY OF COMPLEX SOCIETAL AND POLICY CHALLENGES.

For example, across UK Government.

INT. DIPLOMACY

FCDO

SKILLS/

EDUCATION

DFE

PUBLIC INQUIRIES

Covid Inquiry

NET ZERO/ TRANSITION

DESNZ

SOCIAL COHESION

MHCLG

PUBLIC FINANCES

HM Treasury

CIVIC ENGAGEMENT

ONS

ONLINE SAFETY

Home Office

TRADE & INVESTMENT

DBT

PUBLIC HEALTH

NHS

DIVERSITY & INCLUSION

Cabinet Office

DEFENCE & SECURITY

FCDO

FY 2025 Results 24

M+C Saatchi Group

‌WITH EXCEPTIONAL DEPTH OF CAPABILITY IN HIGH GROWTH, HIGH MARGIN & RESILIENT SECTORS.

For example, globally.

WORLD LEADERS IN DEFENCE & SECURITY COMMUNICATIONS

Tackling a broad range of defence, diplomacy, development and national security related challenges locally, regionally and globally.

No other defence company has a

communications capability that can compare.

No other communications company has a defence practice that can compete.

FY 2025 Results 25

M+C Saatchi Group

‌8 YEAR FINANCIAL GROWTH

In a sector that is increasingly resilient due to global volatility.

2018 2019 2020 2021 2022 2023 2024 2025

FY 2025 Results 26

M+C Saatchi Group

‌IT GIVES US THE RIGHT TO WIN IN PUBLIC AND PRIVATE: MUTUALLY REINFORCING.

To upsell and cross sell, horizontally across audiences, issues, sectors and geographies.

COMMERCIAL / PRIVATE

CITIZEN / PUBLIC

PURPOSE

& UK CRITICAL

GOVERNMENT

& PUBLIC SECTOR

DEFENSE

& SECURITY

GLOBAL

& SOCIAL ISSUES

CORPORATE REPUTATION

UTILITIES & QUANGO'S

Public clients want to understand cultural trends, behaviour, consumer patterns

COMBINED EXPERTISE

Commercial clients want to understand population, lifestyle changes and markets

M+C SAATCHI

FY 2025 Results 27

M+C Saatchi Group

‌COMMERCIAL CITIZEN

PRIVATE PUBLIC

Drive shareholder value, build commercial brands & sell

product & services

to consumers.

Tackle complex societal & policy challenges.

Change citizens' attitudes & behaviours for public good.

FY 2025 Results 28

M+C Saatchi Group

‌APPENDIX

FY 2025 Results 29

M+C Saatchi Group

‌GROUP P&L

Like-for-like (LFL) 1 results					Statutory results
	2025 £m	2024 £m	% change		2025 £m	2024 £m	% change
Revenue	341.0	377.6	(9.7%)		347.4	395.4	(12.1%)
Net revenue2	204.7	220.9	(7.3%)		210.0	231.4	(9.2%)
Operating profit3	24.9	33.7	(26.1%)		10.2	22.5	(54.7%)
Operating profit margin	12.2%	15.3%	-310bps		4.8%	9.7%	-490bps
PBT	19.4	29.2	(33.6%)		4.6	18.1	(74.6%)
Net cash4	13.3	11.8	12.7%
EPS (basic) pence5	9.4p	17.0p	(44.7%)		(1.9)p	9.6p	(119.8%)
Dividends (pence per share)	-	1.95p

1. We discuss our results on a like-for-like (LFL) basis throughout, unless otherwise stated, to provide a more comparable and better basis for understanding our current and future performance, reflecting the Directors' view of the underlying profitability of the business units. Statutory performance remains the primary IFRS measure, however. LFL results exclude items that are not part of routine expenses, including one-off and exceptional items, which form Headline results. In addition, LFL results translate 2024 figures to 2025 foreign exchange (FX) rates and excludes results of subsidiaries which management had or intends to exit in the current and prior year, and those of newly acquired subsidiaries in the current year. LFL adjustments are summarised in the Financial review and Note 1 to the financial statements. All figures are subject to rounding.

2. Refer to Notes for the definition of net revenue and net cash.

3. Headline operating profit of £26.1m in 2025, which excludes a constant currency adjustment and includes results from acquired and exited agencies.

4. Basic and diluted earnings per share are calculated by dividing the appropriate earnings metrics by the weighted average number of shares of the Company in issue during the year. Please see note 1 for a detailed view on adjustments in calculating EPS.

5. Like-for-like net cash excludes £0.2 million of restricted cash. Adjusted net cash includes £0.2 million of restricted cash (down from £3.5 million in 2024). Adjusted net cash is therefore £13.5 million in 2025 and £15.3 million in 2024.

FY 2025 Results

M+C Saatchi Group

30

‌LFL GROUP NET REVENUE & OPERATING PROFIT RECONCILIATION TO HEADLINE AND STATUTORY

The table below sets out the reconciliation of like-for-like results to headline results through net revenue to profit before tax (not

including one-off items or other adjustments), showing the FX and discontinued business effect.

2025				Like-for-like	Acquisitions/ Exits	Headline	Adjustments	Statutory
£m
Revenue				341.0	6.4	347.4	-	347.4
Net revenue				204.7	5.3	210.0	-	210.0
Operating profit				24.9	1.2	26.1	(15.9)	10.2
Operating profit margin				12.2%	22.6%	12.4%	-	4.8%
Profit before tax				19.4	1.1	20.5	(15.9)	4.6
2024	Like-for-like	Acquisitions/ Exits	FX	Discontinued	Headline	Discontinued	Adjustments	Statutory
£m
Revenue	377.6	6.2	11.6	21.2	416.6	(21.2)	-	395.4
Net revenue	220.9	3.5	7.0	11.9	243.3	(11.9)	-	231.4
Operating profit	33.7	0.8	0.6	1.4	36.6	(1.4)	(12.6)	22.5
Operating profit margin	15.3%	22.9%	-	12.0%	15.0%	12.0%	-	9.7%
Profit before tax	29.2	0.7	0.5	1.5	31.9	(1.5)	(12.3)	18.1

FY 2025 Results

M+C Saatchi Group

31

‌LFL GROUP NET REVENUE & OPERATING PROFIT - OPERATIONS

LFL Net revenue				LFL Operating profit
£m	2025	2024	Change	2025	2024	Change
Non-Advertising Specialisms	136.2	145.7	(6.5%)	23.3	37.7	(38.2%)
Advertising	68.5	75.2	(8.9%)	7.7	8.4	(8.3%)
Group Central costs		0.0	-	(6.1)	(12.4)	50.8%
Total like-for-like	204.7	220.9	(7.3%)	24.9	33.7	(26.1%)

FY 2025 Results

M+C Saatchi Group

32

‌LFL P&L BY SPECIALISM

Like-for-like 2025	Advertising	Non-advertising	Group central costs	Total
£m
Net revenue	68.5	136.2	-	204.7
Operating profit / (loss)	7.7	23.3	(6.1)	24.9
Operating profit margin	11%	17%	-	12%
Profit / (loss) before tax	7.3	21.9	(9.8)	19.4
Like-for-like 2024	Advertising	Non-advertising	Group central costs	Total
£m
Net revenue	75.2	145.7	-	220.9
Operating profit / (loss)	8.4	37.7	(12.4)	33.7
Operating profit margin	11%	26%	-	15%
Profit / (loss) before tax	7.9	35.9	(14.6)	29.2

FY 2025 Results

M+C Saatchi Group

33

‌CASH FLOW

	2025 £m	2024 £m
Net cash at the beginning of the year	11.8	8.3
Increase in cash from operating activities	23.0	37.6
Dividends paid to IFRS 2 put option holders	(0.5)	(5.8)
Operating cash from trading (before working capital)	22.5	31.8
Cash consideration for non-controlling interest acquired	-	(2.8)
Purchase of own shares	(0.8)	(2.5)
Decrease in cash from working capital movements	(4.2)	(3.6)
Movement (to) / from restricted cash*	3.2	(3.5)
Tax paid	(4.4)	(3.0)
Net cash inflow from disposal of subsidiaries and associates	2.7	1.9
Net cash outflow from acquisition of subsidiaries	(1.7)	-
Purchases of intangible/tangible fixed assets	(3.1)	(2.9)
Payment of lease liabilities and interest	(8.4)	(8.5)
Dividends paid to Company shareholders	(2.4)	(1.9)
Net interest paid	(1.5)	(2.1)
FX movement on cash held	(1.5)	(0.3)
Other movements	1.1	0.9
Net cash at the end of the year	13.3	11.8
Restricted cash	0.2	3.5
Adjusted net cash at the end of the year	13.5	15.3

*2025 movement relates to an inter-company dividend paid to M&C Saatchi (Hong Kong) Limited plus working capital balances paid out of restricted cash. 2024 movement relates to the initial reclassification of cash to restricted cash.

FY 2025 Results

M+C Saatchi Group

34

‌COMPANY ADJUSTMENTS

£000	2025	2024
Statutory profit before taxation	4,589	18,131
Separately disclosed items	9,123	7,248
Put option accounting - IFRS 9 and IFRS 2	(116)	(1,006)
Dividends paid to IFRS 2 put option holders	83	866
Revaluation of loans and investments	1,237	3,813
Impairment of intangible assets and assets held for sale	1,710	1,548
Impairment and revaluation of non-current assets	3,498	(658)
Amortisation of acquired intangibles	363	335
Gain on disposal of subsidiaries and associates	4	230
Adjustments	15,902	12,376
Exited and acquired agencies	(1,066)	(732)
FX difference	-	(531)
Like-for-like profit before taxation	19,425	29,244

Company adjustments (Headline adjustments).

These comprise of Separately disclosed items (further detail in note 2) that are one-off in nature and are not part of running the business; Impairment of intangible and non-current assets; Amortisation of acquired intangibles; Gains or losses generated by disposals of subsidiaries and associates; Fair value adjustments to unlisted equity investments, acquisition related contingent consideration, investment properties and put options; and dividends paid to IFRS 2 put option holders as set out below.

FY 2025 Results

M+C Saatchi Group

35

‌FX

Currency		December 2025	December 2024	Sterling stronger / weaker
United Arab Emirates dirham	AED	4.8436	4.5984	Stronger
Australian S	AUD	2.0449	2.0228	Stronger
Euro €	EUR	1.1675	1.2087	Weaker
US S	USD	1.3187	1.2516	Stronger
South African R	ZAR	23.5678	23.5705	Weaker

FY 2025 Results

M+C Saatchi Group

36

‌OUR AI ADOPTION AND OPPORTUNITIES ACROSS THE CREATIVE PROCESS

Artificial intelligence (AI) is a useful tool, especially when adapted to facilitate our creative solutions. This adaptation is needed to maximise the benefits that AI can provide across the creative process. Alongside our core investment in our proprietary AI-powered tool, the Cultural Power Index, we are partnering with the highest-profile AI developers in the world to ensure we are positioned at the forefront of AI tool emergence without excessive associated costs.

We see five areas where AI is making an impact in our industry (see right). AI presents an opportunity for the Group through both our AI Policy and subsequent adoption - which, when combined with our business model and portfolio of Specialisms, allows us to successfully navigate areas where AI can be perceived as a threat.

FY 2025 Results

M+C Saatchi Group

37

‌OUR ESG COMMITMENTS

In December 2024, we achieved one of our commitments: to set a net zero target in line with SBTi Net Zero Standard. Our target wording is: The Company commits to reduce absolute Scope 1 and 2 GHG

FY 2025 Results emissions by 90% by 2040 from a 2019 base year. The Company also commits to reduce absolute Scope 3 GHG emissions by 90% within the same time frame.

38

M+C Saatchi Group

‌2022 - 2025 TRANSFORMATIONAND GLOBAL EFFICIENCY PROGRAMME

Executive Leadership Team simplification and upgrades, creation of strategic growth teams and Intelligence Insight

Full systems harmony across Finance / HR / IT, Shared Service Centre, focus on cash and OWC

"Federated to Integrated" operating model, Cultural Power proposition creation, focus on creativity

PHASE ONE

Uniting behind Cultural Power, building the CP Index, democratisation of data stack

PHASE TWO

£5M*

Put option payments to reduce minorities, exiting loss making and subscale businesses

£10M*

Restructuring actions and cost efficiency initiatives delivering £7m

Embedded the new operating model through regional-first, cross sell

Centralised production data and products, AI tools partnering to enhance creative processes

REMEDIAL ACTIONS

£7M*

A CONNECTED BUSINESS GEARED FOR THE NEXT STAGE OF GROWTH

* annualised

FY 2025 Results 39

M+C Saatchi Group

‌OPERATING MODEL: CONNECTED SPECIALISMS SUPPORTED BY DATA-SYSTEMS

£5m annualised

£10m annualised

Cultural Power

Connected Creativity via geographic hubs

Middle office

Centralised production capabilities

Back-office

Final transition, harmonisation of information systems

Fully aligned with Cultural Power proposition Invested in leadership, regional growth teams

Connected creativity fuelling specialisms across our geographic hubs - creating incredible stretch across expertise and industry

Unifying disparate data sources to provide deep insights

Centralised Middle Office, including production, data, products

Ongoing benefits from data stack, Intelligence Insight centre of excellence

Full Transition to SSC in South Africa complete Harmonised information systems to manage project

resources

FY 2025 Results

M+C Saatchi Group

40

M+C Saatchi Group