In Q1 23, organic net revenue growth (+2.9%) was somewhat disappointing as it was slightly below the low-end of 2023 guidance (+3-5%). While GroupM outperformed with strong organic growth (+6.1%), growth was weak in the Creative agencies (+0.7%) and the Specialist agencies (+1.9%). There were disparities between the geographic areas including low growth in the US and a drop in organic net revenue in China. 2023 guidance was unchanged.
