WPP reiterates 2026 operating margin view of 12%-13%

• WPP reiterated FY 2026 guidance for like-for-like revenue less pass-through costs to fall mid- to high-single digits in first half, with improvement expected in second half.
• Headline operating profit margin forecast held at 12% to 13%.
• Adjusted operating cash flow before working capital still seen at GBP 800 million to GBP 900 million; excluding expected restructuring costs, forecast GBP 1 billion to GBP 1.1 billion.
• Guidance reaffirmed after Q1 revenue fell 4% like-for-like to GBP 3.03 billion.
• Q1 revenue less pass-through costs dropped 6.7% like-for-like to GBP 2.26 billion.

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