Organic net revenue growth slowed in Q2 23 (+1.3%) due to a deterioration in the trend in North America and slower than expected growth in China. GroupM continued to outperform with strong organic growth (+6.1%). The headline operating margin was broadly stable (-0.1pt to 11.5% of net revenue). The 2023 guidance has been revised downwards for organic net revenue growth (now +1.5-3.0%) but remains unchanged for the headline operating margin (15% of net revenue) excluding the currency effect.
