The activity was below expectations in Q3 23. The organic net revenue decline (-0.6%) was still due to low customer spending in the Technology sector in the US and the UK and the negative effect from client losses. The trend deteriorated also in Germany and China. Within the Global Integrated Agencies (82% of the total), GroupM activities were disappointing (+1.6%). On the positive side, there was much higher contract wins in Q3 23 vs Q2 23. 2023 guidance was revised downwards.
