OMNICOM GROUP INC.

The period-over-period change in results of operations:

1. Reconciliation of Non-GAAP Financial Measures on page 30.

2. For the three months ended September 30, 2026, operating expenses included $84.7 million ($63.5 million after-tax) of repositioning costs, primarily related to real estate and other exit charges, in connection with the Merger. For the nine months ended September 30, 2026, operating expenses included $135.8 million ($101.8 million after-tax) of repositioning costs, primarily related to real estate and other exit charges, as well as severance charges, in connection with the Merger. For the three and nine months ended September 30, 2026, operating expenses included $106.8 million ($69.5 million after-tax) and $72.5 million ($41.7 million after-tax), respectively, of net gains on dispositions of certain businesses in connection with the Merger (see Notes 10 and 11 to the unaudited consolidated financial statements). In addition, included in selling, general and administrative expenses for the three and nine months ended September 30, 2026, are integration related costs of $40.4 million ($13.3 million after-tax) and $139.9 million ($98.1 million after-tax), respectively, related to the Merger. The net impact of these items reduced operating income for the three and nine months ended September 30, 2026, by $18.3 million ($7.3 million after-tax) and $203.2 million ($158.2 million after-tax), respectively, which reduced diluted net income per share - Omnicom Group Inc. by $0.03 and $0.55, respectively.

For the three and nine months ended September 30, 2025, operating expenses included $38.6 million ($28.4 million after-tax) and $127.4 million ($95.7 million after-tax), respectively, of repositioning costs, primarily related to severance actions as we prepared to integrate IPG (see Note 10 to the unaudited consolidated financial statements). For the nine months ended September 30, 2025, operating expenses also reflected efficiency initiatives taken in the second quarter of 2025, primarily within Omnicom Advertising and Omnicom Production (see Note 10 to the unaudited consolidated financial statements). In addition, included in selling, general and administrative expenses for the three and nine months ended September 30, 2025, are acquisition related costs of $60.8 million ($50.8 million after-tax) and $160.6 million ($145.0 million after-tax), respectively, related to the Merger (see Note 1 to the unaudited consolidated financial statements). The net impact of these items reduced operating income for the three and nine months ended September 30, 2025 by $99.4 million ($79.2 million after-tax) and $288.0 million ($240.7 million after-tax), respectively, which reduced diluted net income per share - Omnicom Group Inc. by $0.41 and $1.23, respectively.

3. EBITA is defined as earnings before interest, taxes, and amortization, principally of acquired intangible assets and internally developed strategic platform assets. We believe EBITA is useful in evaluating the impact of amortization of acquired intangible assets and internally developed strategic platform assets on operating performance and allows for comparability between reporting periods. The effect of after-tax amortization of acquired intangible assets and internally developed strategic platform assets decreased diluted net income per share by $0.32 and $0.08 for the three months ended September 30, 2026 and 2025, respectively, and $0.93 and $0.24 for the nine months ended September 30, 2026 and 2025, respectively.

4. The effect of dispositions and assets held for sale for the three and nine months ended September 30, 2026 reduced revenue by $412.1 million and $1.6 billion, respectively.

Revenue by Discipline

To monitor the changing needs of our clients and to further expand the scope of our services to key clients, we monitor revenue across a broad range of disciplines and group them into the following categories. Our networks, connected capabilities, and agencies provide a comprehensive range of services across our principal disciplines: Integrated Media, Advertising, Health, Public Relations, and Experiential & Other.

Beginning in the first quarter of 2026, we realigned the classification of certain services, and prior period amounts have been reclassified to conform to the current period presentation.

The period-over-period change in revenue and constant currency growth by discipline:

1. Revenue for the three andnine months ended September 30, 2026 includes amounts attributable to disposals or entities classified as held for sale, consisting of $412.1 million and $1.6 billion, respectively.

For the three months ended September 30, 2026, revenue increased $2.4 billion across our disciplines as follows year-over-year and was primarily driven by the acquisition of IPG: Integrated Media, $1.2 billion, Advertising, $286.7 million, Public Relations, $315.7 million, Health, $262.6 million, and Experiential & Other, $320.4 million. Constant currency growth was $2.4 billion, or 59.1%, compared to the prior-year period.

For the nine months ended September 30, 2026, revenue increased $7.5 billion across our disciplines as follows year-over-year and was primarily driven by the acquisition of IPG: Integrated Media, $3.6 billion, Advertising, $1.0 billion, Public Relations, $992.0 million, Health, $809.4 million, and Experiential & Other, $1.0 billion. Constant currency growth was $7.2 billion, or 61.7%, compared to the prior-year period. Changes in foreign currency exchange rates period-over-period increased revenue $243.5 million, or 2.1%. The increase in revenue from foreign exchange translation was primarily related to the strengthening of most currencies, as discussed in revenue by geography below.

Revenue by Geography

The period-over-period change in revenue and constant currency growth in our geographic markets:

1. Revenue for the three andnine months ended September 30, 2026 includes amounts attributable to disposals or entities classified as held for sale, consisting of $412.1 million and $1.6 billion, respectively.

Worldwide revenue increased across our geographic markets for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, as follows, and was primarily driven by the acquisition of IPG: North America, $1.7 billion, Latin America, $111.8 million, Europe, $316.6 million, Middle East and Africa, $92.6 million, and Asia-Pacific, $143.9 million.

Worldwide revenue increased across our geographic markets for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, as follows, and was primarily driven by the acquisition of IPG: North America, $5.3 billion, Latin America, $345.4 million, Europe, $1.2 billion, Middle East and Africa, $241.5 million, and Asia-Pacific, $440.8 million.

North America

In North America, constant currency growth for the three and nine months ended September 30, 2026, compared to the prior year periods, was primarily driven by the Merger and strong performance in the United States. North America's share of consolidated revenue increased as a result of the Merger.

Latin America

In Latin America, constant currency growth for the three and nine months ended September 30, 2026, compared to the prior year periods, was led by our Integrated Media and Advertising disciplines, including the impact of the Merger, with Public Relations also contributing to growth for the nine-month period. Growth occurred across all countries in the region. Foreign currency exchange rate changes increased revenue for the three and nine months ended September 30, 2026 compared to the prior year periods, primarily as a result of the strengthening of the Brazilian Real, Mexican Peso and Colombian Peso against the U.S. Dollar.

EMEA

In Europe, compared to the prior year periods, constant currency growth for the three and nine months ended September 30, 2026, was primarily due to the acquisition of IPG. Foreign currency exchange rate changes decreased revenue for the three months ended September 30, 2026, primarily as a result of the weakening of the Euro and the British Pound against the U.S. Dollar period- over-period. Foreign currency exchange rate changes increased revenue for the nine months ended September 30, 2026, primarily as a result of the strengthening of the Euro and the British Pound against the U.S. Dollar period-over-period. EMEA's share of consolidated revenue decreased as a result of the Merger.

In the U.K., constant currency growth for the three and nine months ended September 30, 2026, was 34.7% and 37.5%, respectively, compared to the prior year periods, primarily due to the Merger. The U.K. represented 9.5% and 9.4% of our revenue for the three and nine months ended September 30, 2026, respectively, compared to 11.3% and 10.9% for the corresponding prior year periods.

In Continental Europe, which includes the Euro Zone and the other European countries, constant currency growth was 26.7% and 28.3% for the three and nine months ended September 30, 2026, respectively, primarily due to the Merger. Foreign currency exchange rate changes decreased revenue by 3.0% for the three months ended September 30, 2026, primarily as a result of the weakening of the Euro against the U.S. Dollar period-over-period. Foreign currency exchange rate changes increased revenue by 4.4% for the nine months ended September 30, 2026, primarily as a result of the strengthening of the Euro against the U.S. Dollar period-over-period.

In the Middle East and Africa, constant currency growth was 129.0% and 107.9% for the three and nine months ended September 30, 2026, respectively, primarily due to the Merger, with growth across all countries in the region.

Asia-Pacific

In Asia-Pacific, constant currency growth for the three and nine months ended September 30, 2026, was driven primarily by the Merger and strong regional performance. Foreign currency exchange rate changes increased revenue by 0.5% and 2.2% for the three and nine months ended September 30, 2026, respectively, primarily as a result of the strengthening of the Australian Dollar and Chinese Renminbi against the U.S. Dollar, partially offset by the weakening of the Japanese Yen and Indian Rupee against the U.S. Dollar. Asia-Pacific's share of consolidated revenue decreased as a result of the Merger.

Revenue by Industry

Revenue by type of client industry sector:

Operating Expenses

The period-over-period change in operating expenses:

We measure cost of services in two distinct categories: salary and service costs and occupancy and other costs. As a service business, salary and service costs make up a significant portion of our operating expenses and substantially all these costs comprise the essential components directly linked to the delivery of our services. Salary and service costs include employee compensation and benefits, freelance labor, third-party service costs, and third-party incidental costs. Third-party service costs include vendor costs when we act as principal in providing services to our clients. Third-party incidental costs that are required to be included in revenue primarily consist of client-related travel and incidental out-of-pocket costs that are billed back to the client directly at our cost. Occupancy and other costs consist of the indirect costs related to the delivery of our services, including office rent and other occupancy costs, equipment rent, technology costs, general office expenses and other expenses. Adverse and beneficial fluctuations in foreign currency exchange rates from period to period impact our results of operations and financial condition when we translate our financial statements from local foreign currency exchange rates to the U.S. Dollar. However, substantially all of our foreign operations transact business in their local currency, mitigating the impact of changes in foreign currency exchange rates on our operating margin percentage. As a result, the changes in our operating expenses period-over-period from foreign currency translation were in line with the percentage impact from changes in foreign currencies on revenue for the three and nine months ended September 30, 2026.

Operating expenses for the three months ended September 30, 2026 increased $1.9 billion, or 54.9%, to $5.4 billion from $3.5 billion, compared to the prior year period, primarily due to the acquisition of IPG. Included in operating expenses for the three months ended September 30, 2026 are $84.7 million ($63.5 million after-tax) of repositioning costs, primarily related to real estate and other exit charges. In addition, we incurred integration costs related to the acquisition of IPG of $40.4 million ($13.3 million after-tax), which are included in selling, general and administrative expenses (see Note 5 to the consolidated financial statements). Operating expenses for the three months ended September 30, 2026 were offset by a $106.8 million net gain ($69.5 million after-tax) on business dispositions. Included in selling, general and administrative expenses for the three months ended September 30, 2025 are acquisition related costs of $60.8 million ($50.8 million after-tax) related to the Merger (see Note 1 to the consolidated financial statements). Included in operating expenses for the three months ended September 30, 2025 are $38.6 million ($28.4 million after-tax) of repositioning costs, primarily related to severance as we prepared to integrate IPG (see Note 10 to the consolidated financial statements).

Operating expenses for the nine months ended September 30, 2026 increased $6.3 billion, or 61.5%, to $16.7 billion from $10.3 billion, compared to the prior year period, primarily due to the acquisition of IPG. Included in operating expenses for the nine months ended September 30, 2026 are $135.8 million ($101.8 million after-tax) of repositioning costs, primarily related to real estate and other exit charges, as well as severance. In addition, we incurred integration costs related to the acquisition of IPG of $139.9 million ($98.1 million after-tax) which are included in selling, general and administrative expenses (see Note 5 to the consolidated financial statements). Operating expenses for the nine months ended September 30, 2026 were partially offset by a $72.5 million net gain ($41.7 million after-tax) on business dispositions. Included in selling, general and administrative expenses for the nine months ended September 30, 2025 are acquisition related costs of $160.6 million ($145.0 million after-tax) related to the Merger (see Note 1 to the consolidated financial statements). Included in operating expenses for the nine months ended September 30, 2025 are $127.4 million ($95.7 million after-tax) of repositioning costs, related to severance actions as we prepared to integrate IPG, as well as efficiency initiatives taken in the second quarter of 2025, primarily within Omnicom Advertising and Omnicom Production (see Note 10 to the consolidated financial statements).

Operating Expenses - Salary and Service Costs

Salary and service costs, which tend to fluctuate with changes in revenue, are comprised of salary and related costs, third-party service costs, and third-party incidental costs.

Salary and service costs for the three months ended September 30, 2026 increased $1.7 billion, or 57.0%, to $4.6 billion, compared to the prior year period. Salary and related costs for the three months ended September 30, 2026 increased $1.1 billion, or 61.2%, to $2.9 billion, primarily due to our acquisition of IPG. As a percentage of revenue, salary and related costs were relatively flat compared to the prior year period. We expect these costs to be in-line as a percentage of revenue year-over-year as we realize operational efficiencies and advance the integration of our operations with IPG. Third-party service costs for the three months ended September 30, 2026 increased $552.4 million, or 57.8%, to $1.5 billion, primarily as a result of the IPG acquisition, as well as constant currency growth in our Integrated Media discipline. Third-party incidental costs for the three months ended September 30, 2026 increased $24.3 million, or 13.0%, to $211.7 million, primarily due to revenue growth and our acquisition of IPG.

Salary and service costs for the nine months ended September 30, 2026 increased $5.3 billion, or 62.1%, to $13.9 billion, compared to the prior year period. Salary and related costs for the nine months ended September 30, 2026 increased $3.5 billion, or 65.1%, to $8.9 billion, primarily due to our acquisition of IPG. As a percentage of revenue, salary and related costs were relatively flat compared to the prior year period. We expect these costs to be in-line as a percentage of revenue year-over-year as we realize operational efficiencies and advance the integration of our operations with IPG. Third-party service costs for the nine months ended September 30, 2026 increased $1.7 billion, or 64.6%, to $4.4 billion, primarily as a result of the IPG acquisition, as well as constant currency growth in our Integrated Media discipline. Third-party incidental costs for the nine months ended September 30, 2026 increased $105.5 million, or 19.4%, to $648.3 million, primarily due to revenue growth and our acquisition of IPG.

Operating Expenses - Occupancy and Other Costs

Occupancy and other costs for the three and nine months ended September 30, 2026, which are less directly linked to changes in revenue than salary and service costs, increased by $176.6 million, or 54.7%, to $499.3 million and increased by $567.8 million, or 58.9%, to $1.5 billion, respectively, primarily due to the additional real estate footprint from the IPG acquisition. As a percentage of revenue, occupancy and other costs were relatively flat compared to the prior year period. Real estate repositioning charges did not have a material impact on occupancy and other costs for the three and nine months ended September 30, 2026, but are expected to result in lower costs in the future.

Operating Expenses - Selling, General & Administrative ("SG&A") Expenses

SG&A expenses primarily consist of third-party marketing costs, professional fees, compensation and benefits and occupancy and other costs of our corporate and executive offices, including group-wide finance and accounting, treasury, legal and governance, human resource oversight and similar costs.

SG&A expenses increased by $37.4 million and $182.6 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025, primarily due to the acquisition of IPG. SG&A expenses included integration and acquisition-related costs of $40.4 million ($13.3 million after-tax) and acquisition-related costs of $60.8 million ($50.8 million after-tax) for the three months ended September 30, 2026 and September 30, 2025, respectively. SG&A expenses included integration and acquisition-related costs of $139.9 million ($98.1 million after-tax) and acquisition-related costs of $160.6 million ($145.0 million after-tax) for the nine months ended September 30, 2026 and September 30, 2025, respectively (see Note 1 to the unaudited consolidated financial statements).

Operating Income

Operating income for the three months ended September 30, 2026 increased $461.6 million to $991.7 million, and operating margin increased to 15.4% from 13.1% compared to the same period in 2025 due to factors discussed above. Amortization expense for the three months ended September 30, 2026 increased by $98.6 million to $120.1 million, primarily related to the Merger, which decreased operating income and margin. EBITA for the three months ended September 30, 2026 increased $560.2 million to $1.1 billion, and EBITA margin increased to 17.3% from 13.7%. Integration related costs related to the Merger, severance and other repositioning costs recorded in the third quarter of 2026 and the net gain on business dispositions (see Notes 1, 10 and 11 to the consolidated financial statements) reduced both operating income and EBITA by $18.3 million, and reduced both operating margin and EBITA margin by 0.3%. Acquisition related costs and repositioning costs recorded in the third quarter of 2025 reduced both operating income and EBITA by $99.4 million, and reduced both operating margin and EBITA margin by 2.5%.

Operating income for the nine months ended September 30, 2026 increased $1.1 billion to $2.6 billion, and operating margin increased to 13.3% from 12.1% compared to the same period in 2025 due to factors discussed above. Amortization expense for the nine months ended September 30, 2026 increased by $292.1 million to $355.2 million, primarily related to the Merger, which decreased operating income and operating income margin. EBITA for the nine months ended September 30, 2026 increased $1.4 billion to $2.9 billion, and EBITA margin increased to 15.2% from 12.6%. Integration related costs related to the Merger, severance and other repositioning costs recorded and the net gain on business dispositions (see Notes 1, 10 and 11 to the consolidated financial statements) reduced both operating income and EBITA by $203.2 million, and reduced both operating margin and EBITA margin by approximately 1.0%. Acquisition related costs and repositioning costs for the nine months ended September 30, 2025 (see Notes 1 and 10 to the consolidated financial statements) reduced both operating income and EBITA by $288.0 million, and reduced both operating margin and EBITA margin by 2.5% for the nine-month period.

Net Interest Expense

Net interest expense for the three months ended September 30, 2026 increased $61.0 million period-over-period to $104.2 million. Interest expense on debt for the three months ended September 30, 2026 increased $70.1 million period-over-period to $126.3 million, due to higher average long-term debt balances resulting primarily from the assumption of IPG’s long-term debt following the Merger, as well as refinancing activities completed during the first quarter of 2026, which resulted in approximately $1 billion of incremental long-term debt. Interest income in the three months ended September 30, 2026 increased $11.4 million to $28.6 million, primarily due to higher average cash balances.

Net interest expense for the nine months ended September 30, 2026 increased $156.2 million period-over-period to $269.5 million. Interest expense on debt for the nine months ended September 30, 2026 increased $189.1 million period-over-period to $360.2 million, due to higher average long-term debt balances resulting primarily from the assumption of IPG’s long-term debt following the Merger, as well as refinancing activities completed during the first quarter of 2026, which resulted in approximately $1 billion of incremental long-term debt. Interest income in the nine months ended September 30, 2026 increased $36.7 million to $105.5 million, primarily due to higher average cash balances.

Income Taxes

Our effective tax rate for the nine months ended September 30, 2026 was 26.0% compared to 28.5% for the nine months ended September 30, 2025. The 2026 effective tax rate included the impact of favorable settlements of uncertain tax positions. The effective tax rates for both 2026 and 2025 reflect the impact of the lower tax benefit associated with severance and repositioning charges and IPG acquisition related costs.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the United States, which contains a broad range of tax reform provisions affecting businesses. The legislation did not have a material impact on our financial statements.

Net Income and Net Income Per Share - Omnicom Group Inc.

Net income - Omnicom Group Inc. in the three months ended September 30, 2026 increased $314.7 million to $656.0 million from $341.3 million. The period-over-period increase is due to the Merger and the factors described above. Diluted net income per share - Omnicom Group Inc. increased to $2.38 in the three months ended September 30, 2026, from $1.75 in the three months ended September 30, 2025, based on the factors described above. This was impacted by the increase in our weighted average shares of common stock outstanding due to the issuance of shares for the IPG acquisition, partially offset by net share repurchases, including shares purchased pursuant to the accelerated share repurchase agreement. For the three months ended September 30, 2026, the impact of integration related costs, severance and other repositioning costs and the net gain on business dispositions (see Notes 1, 10 and 11 to the unaudited consolidated financial statements) reduced net income - Omnicom Group Inc. by $7.3 million and diluted net income per share - Omnicom Group Inc. by $0.03. For the three months ended September 30, 2025, acquisition related costs and repositioning costs reduced net income - Omnicom Group Inc. by $79.2 million and diluted net income per share - Omnicom Group Inc. by $0.41.

Net income - Omnicom Group Inc. in the nine months ended September 30, 2026 increased $759.4 million to $1.6 billion from $886.6 million. The period-over-period increase is due to the factors described above. Diluted net income per share - Omnicom Group Inc. increased to $5.77 in the nine months ended September 30, 2026, from $4.51 in the nine months ended September 30, 2025, based on the factors described above. This was impacted by the increase in our weighted average shares of common stock outstanding due to the issuance of shares for the IPG acquisition, partially offset by net share repurchases, including shares purchased pursuant to the accelerated stock repurchase agreement. For the nine months ended September 30, 2026, the impact of integration related costs, severance and other repositioning costs and the net gain on business dispositions (see Notes 1, 10 and 11 to the unaudited consolidated financial statements) reduced net income - Omnicom Group Inc. by $158.2 million and diluted net income per share - Omnicom Group Inc. by $0.55. For the nine months ended September 30, 2025, the net impact of acquisition related costs and repositioning costs reduced net income - Omnicom Group Inc. by $240.7 million and diluted net income per share - Omnicom Group Inc. by $1.23.

The effect of after-tax amortization, principally from acquired intangible assets and internally developed strategic platform assets, decreased diluted net income per share by $0.32 and $0.08 for the three months ended September 30, 2026 and 2025, respectively, and $0.93 and $0.24 for the nine months ended September 30, 2026 and 2025, respectively.