WPP PLC (WPP) 2026 Q2 法說會逐字稿

Thank you, Desmond. Good morning, and welcome to WPP's 2026 Interim Results. I'm Tom Singlehurst, Head of Investor Relations, and I'm joined today by Cindy Rose, CEO; and Joanne Wilson, CFO.

謝謝你，Desmond。各位早安，歡迎參加 WPP 2026 年中期業績說明會。我是投資人關係主管 Tom Singlehurst，今天與我一同出席的還有執行長 Cindy Rose，以及財務長 Joanne Wilson。

Before we get started, please take a moment to review the important cautionary statement on slide 2. Let me also quickly take you through our agenda. We'll start with an overview of key messages as well as an update on strategic progress from Cindy. Joanne will then review the H1 numbers in more detail. We will then open up the lines for Q&A.

在開始之前，請花一點時間閱讀第 2 頁投影片上的重要警示聲明。我也快速帶各位看一下今天的議程。我們將先由 Cindy 概述重點訊息並更新策略進展。接著 Joanne 會更詳細地說明上半年（H1）數字。之後我們將開放問答。

And with that, I'll hand over the call to Cindy.

那麼，我把電話交給 Cindy。

Good morning, everyone. Thank you so much for joining us today. When we reported our 2025 full year results back in February, I laid out in detail our Elevate28 strategy. I made a commitment that we would be transparent about our progress along the way, forthcoming with lead indicators of our momentum and disciplined in how we measure success. Today, I'll share an update on where we are against the plan, and why I'm encouraged by the steady improvements we're delivering across the company. Then I'll hand over to Joanne, who will take you through the financial detail.

各位早安。非常感謝大家今天加入我們。在今年 2 月公布 2025 全年業績時，我已詳細說明我們的 Elevate28 策略。我承諾我們會在過程中透明揭露進展，主動提供動能的領先指標，並以嚴謹方式衡量成功。今天我將更新我們相對於計畫的進度，以及為何我對公司各面向持續帶來的穩健改善感到鼓舞。接著我會把時間交給 Joanne，由她帶各位深入財務細節。

Before I start, I'd like to pay a personal tribute to Paul Richardson, who recently passed away. Paul served as WPP's Group Finance Director for 22 years until he retired from the company in 2019. He joined WPP in 1993 as Group Treasurer, and over nearly three decades, played a central role in helping to build WPP into the global company it is today. I know many of you will have fond memories of working alongside Paul, and will have also known him personally. Our thoughts are with his family at this time.

在我開始之前，我想向近期辭世的 Paul Richardson 致上個人追思。Paul 擔任 WPP 集團財務總監長達 22 年，直到 2019 年自公司退休。他於 1993 年加入 WPP 擔任集團財務主管（Group Treasurer），在近三十年的時間裡，於協助打造今日的全球 WPP 扮演了核心角色。我知道在座許多人都曾與 Paul 共事並留下美好回憶，也可能與他私交甚篤。此刻我們的思念與關懷與他的家人同在。

Coming back to where we are today, the headline is that we're on track with where we said we would be, stabilizing the business and delivering on our ambitions with clear evidence of progress across all leading indicators. As part of Elevate28, we aligned on a new company purpose, to be the trusted growth partner for the world's leading brands. And to fulfill this new purpose, we announced four strategic objectives: to deliver superior growth for clients; to become a simpler, more integrated company; to unlock the advantage of WPP Open, our agentic marketing platform; and to create firm financial foundations for the future.

回到我們目前的狀況，重點是：我們正按我們所說的方向前進，穩定業務並朝目標推進，且在所有領先指標上都有明確的進展證據。作為 Elevate28 的一部分，我們對齊了新的公司宗旨：成為全球領先品牌值得信賴的成長夥伴。為了實現這個新宗旨，我們宣布四項策略目標：為客戶帶來更優異的成長；成為更簡化、更整合的公司；釋放 WPP Open（我們的代理式行銷平台）的優勢；以及為未來建立穩健的財務基礎。

We also outlined a detailed execution plan that spans three distinct phases. The priority in 2026 has been to stabilize the business, make the structural changes needed and strengthen our execution. The next phase is to build on these foundations, returning the company to growth sometime during 2027. And the third phase will be accelerating our growth so we can win our share of a growing market from 2028 and beyond.

我們也提出一份涵蓋三個明確階段的詳細執行計畫。2026 年的優先事項是穩定業務、完成所需的結構性調整並強化執行力。下一階段是在這些基礎上再往前推進，於 2027 年某個時間點讓公司重回成長。第三階段則是加速成長，讓我們自 2028 年起及其後在成長中的市場中贏得應有份額。

The building blocks of the new strategy are now firmly in place. We're moving from a holding company model to a single company model with four operating units: creative, media, production and enterprise solutions that operate across four regions with common incentives aligned to WPP's overall performance, all underpinned by WPP Open, which enables and connects everything we do.

新策略的基石如今已穩固到位。我們正從控股公司模式轉向單一公司模式，設立四個營運單位：創意、媒體、製作與企業解決方案；這些單位在四大區域運作，採用與 WPP 整體績效一致的共同激勵機制；並以 WPP Open 作為底層支撐，讓我們所做的一切得以啟動並彼此連結。

We've made encouraging progress. Today, we are a simpler, more integrated company, but our work is by no means complete, and our focus remains firmly on execution and delivering against the commitments that we've made to our clients, employees and investors. The journey ahead won't be linear and there will undoubtedly be ups and downs along the way, but I'm confident that we are on the right path in setting WPP up for sustainable success well into the future.

我們已取得令人鼓舞的進展。今天，我們是一家更簡化、更整合的公司，但我們的工作絕非完成；我們的重心仍然牢牢放在執行，以及兌現對客戶、員工與投資人的承諾。前方的旅程不會是一條直線，過程中無疑會有起伏，但我有信心我們正走在正確的道路上，讓 WPP 在未來很長一段時間都能邁向可持續的成功。

In May 2025, we launched WPP Media, then WPP Production in January this year. WPP Creative in February. And to complete the reorganization on July 1st, we officially launched WPP Enterprise Solutions to the market, a unified technology-powered services offer that helps our clients modernize their marketing operations and unlock new sources of growth. Let's have a quick look at WPP Enterprise Solutions.

我們於 2025 年 5 月推出 WPP Media，並在今年 1 月推出 WPP Production。2 月推出 WPP Creative。為完成 7 月 1 日的重組，我們也正式向市場推出 WPP Enterprise Solutions：一套以科技驅動的整合式服務方案，協助客戶現代化其行銷營運並解鎖新的成長來源。我們快速看一下 WPP Enterprise Solutions。

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As AI reshapes our industry, the winners will be those companies that can effectively embed technology directly into their marketing operations, put data and AI to work to gain a deeper understanding of their consumers, reimagine workflows and skill their workforce. We believe WPP Enterprise Solutions is unique and differentiated because it's not a separate company that sells bolt-on services. It's been built from within and remains deeply integrated with our Creative, Media and Production businesses.

隨著 AI 重塑我們的產業，勝出者將是那些能有效把科技直接嵌入行銷營運、運用數據與 AI 更深入理解消費者、重新想像工作流程並提升員工技能的公司。我們相信 WPP Enterprise Solutions 之所以獨特且具差異化，是因為它不是一家獨立公司去銷售外掛式服務。它是由內部打造而成，並且仍與我們的創意、媒體與製作業務深度整合。

Enterprise Solutions brings together commerce, customer experience, CRM, content transformation and leverages our deep technology partnerships to help design, build and operate the growth systems that our clients rely on. The business is now live in the market and already partnering with global brands such as IKEA, Ford, L'Oreal and Nestle to deliver marketing modernization and business transformation.

Enterprise Solutions 整合電商、客戶體驗、CRM、內容轉型，並運用我們深厚的科技夥伴關係，協助設計、建置與營運客戶所依賴的成長系統。該業務現已在市場上正式運作，並已與 IKEA、Ford、L'Oreal 與 Nestle 等全球品牌合作，推動行銷現代化與企業轉型。

In April of this year, we launched WPP's commerce practice. This is a cross-company connected practice that unifies our capabilities across creative commerce, media, enterprise solutions and high velocity production under dedicated global leadership.

今年 4 月，我們推出 WPP 的電商（commerce）業務實務。這是一個跨公司、互聯的實務體系，在專責的全球領導架構下，整合我們在創意電商、媒體、企業解決方案與高效率製作方面的能力。

Commerce is no longer just a channel. It is the ultimate organizing principle for modern marketing, with global commerce ad spend now surpassing total TV advertising. Our commerce practice will enable us to capture this massive market opportunity without adding complexity or overhead.

電商不再只是單一通路。它是現代行銷最終的組織原則，而全球電商廣告支出如今已超越整體電視廣告。我們的電商實務將使我們在不增加複雜度或間接成本的情況下，掌握這個龐大的市場機會。

Our talent remains embedded within their agency homes, while seamlessly connecting across the entire group using WPP Open. It's yet another decisive step in removing internal silos and simplifying how we go to market and ensuring we deliver the connected outcome-driven growth that our clients need and want.

我們的人才仍然隸屬於各自的代理商團隊，同時透過 WPP Open 在整個集團間無縫連結。這是我們拆除內部孤島、簡化市場進入方式的又一個果斷步驟，並確保我們能交付客戶需要且想要的、互聯且以成果驅動的成長。

In June of this year, WPP once again triumphed at the Cannes Lions Festival of Creativity. That achievement matters, not just because of the recognition, but because of what it says about the strength and breadth of our offer, and the enduring importance of human creativity.

今年 6 月，WPP 再次在坎城創意獅（Cannes Lions）國際創意節上大放異彩。這項成就之所以重要，不僅因為獲得肯定，更因為它反映了我們方案的強度與廣度，以及人類創意長久不衰的重要性。

For our clients, the value is enormous. They can now access the number 1 global network in Ogilvy, the number 2 network in VML, the number 1 global PR agency in Burson, and the most awarded Media Group in WPP Media. Together, that combination is a significant differentiator for our business and a powerful proof point of the world-class talent and capability that WPP offers.

對我們的客戶而言，其價值非常巨大。他們如今可以使用 Ogilvy 這個全球第 1 的網路、VML 這個全球第 2 的網路、Burson 這個全球第 1 的公關代理商，以及 WPP Media 這個 WPP 旗下獲獎最多的媒體集團。合在一起，這樣的組合是我們業務的重要差異化因素，也有力證明 WPP 所提供的世界級人才與能力。

So as I've said, we've made encouraging progress in many areas, and I couldn't be prouder or more grateful to my team for the incredible work that they're doing across the board. We're 6 months into a 3-year plan. Phase 1 is about stabilizing our performance, arresting the decline, building momentum and demonstrating that the changes we've made are translating into tangible results.

因此，如我所說，我們在許多領域都取得了令人鼓舞的進展；我對團隊在各方面所做的出色工作感到無比自豪，也非常感激。我們正處於一個三年計畫的第 6 個月。第一階段的重點是穩定我們的表現、遏止下滑、建立動能，並證明我們所做的改變正在轉化為具體成果。

At our full year results in February, I said organic growth was a lagging indicator and that we expect the first half revenues to be down mid- to high-single digits. We've delivered in line with this guidance at minus 4.7% like-for-like net sales for H1. And while this shows the continued impact of historical client losses, it is in line with our expectations. And I'm encouraged by the improving trajectory quarter-over-quarter, with Q1 at minus 6.7% like-for-like net sales growth in Q2, improving to minus 2.8%.

在 2 月的全年業績說明會上，我曾表示有機成長是落後指標，並預期上半年營收將下滑中到高個位數。我們上半年（H1）按可比口徑（like-for-like）的淨銷售額下滑 4.7%，符合這項指引。雖然這反映了過去客戶流失的持續影響，但仍在我們的預期之內。而我也受到逐季改善的走勢所鼓舞：第一季按可比口徑淨銷售額為 -6.7%，第二季改善至 -2.8%。

I also said that while we would execute cost savings initiatives and deliver around GBP100 million of in-year savings, we would reinvest this into growth initiatives. I'm pleased that we're making these investments while delivering broadly stable margins in the first half. Joanne will take you through the numbers in detail shortly, but these results underline that the actions we're taking are having a positive impact on our main financial metrics.

我也曾表示，雖然我們會推動成本節省計畫並在當年度實現約1億英鎊的節省，但我們會把這些節省再投資於成長計畫。我很高興我們在上半年在維持整體利潤率大致穩定的同時，仍持續進行這些投資。Joanne 很快會帶各位詳細檢視數字，但這些結果凸顯我們正在採取的行動，正對我們的主要財務指標產生正面影響。

As we outlined earlier this year, it will take some time for the impact of these changes to fully flow through our numbers. So what I want to focus on with you today are the leading indicators that demonstrate our strategy is working, and also look at the areas where we need to continue evolving to ensure we deliver on our plan. At our Strategy Day, I shared the leading indicators that my team and I hold ourselves accountable for: new business wins, client retention, strategic technology partnerships, cost savings and portfolio discipline. So let me briefly update you on each.

正如我們今年稍早所說，這些變革的影響需要一些時間才會完全反映在我們的數字上。因此，我今天想與各位聚焦的是能夠證明我們策略奏效的領先指標，同時也檢視我們需要持續演進的領域，以確保能按計畫交付成果。在我們的策略日上，我分享了我和團隊用來自我問責的領先指標：新業務得標、客戶留存、策略性科技夥伴關係、成本節省以及投資組合紀律。我先就每一項做個簡要更新。

In Q4 2025, WPP was number 1 in JPMorgan's net new business rankings for the first time since 2020. And I'm pleased to say that the momentum has continued, with WPP topping the rankings as number 1 for net new business for H1 2026 and for the 9 months to Q2 2026. That's thanks to some landmark wins, including the Estee Lauder Companies, Jaguar and Land Rover, Henkel, Just Eat, bet365, Fuze Tea, Airbnb, S.C. Johnson, Wendy's, Heineken, Honda and more.

在2025年第四季，WPP 自2020年以來首次在摩根大通（JPMorgan）的淨新增業務排名中名列第1。我也很高興地表示，這股動能仍在延續，WPP 在2026年上半年以及截至2026年第二季的前9個月，皆在淨新增業務排名中位居第1。這要歸功於一些具里程碑意義的勝利，包括雅詩蘭黛集團（Estee Lauder Companies）、Jaguar 與 Land Rover、漢高（Henkel）、Just Eat、bet365、Fuze Tea、Airbnb、莊臣（S.C. Johnson）、Wendy's、喜力（Heineken）、本田（Honda）等。

But beyond these headlines, what matters to me is how we're winning. These are integrated multidisciplinary mandates awarded to WPP as one team. This is the direct result of the strategic changes we've made to our client proposition. Just a few examples to bring this to life.

但除了這些頭條之外，對我而言更重要的是我們如何贏得這些案子。這些都是以 WPP 作為一個團隊獲得的整合式跨領域委任。這正是我們對客戶主張所做策略性調整的直接成果。我用幾個例子讓各位更具體感受。

Wendy's appointed WPP Media as their US media partner, building on a 14-year creative relationship with VML. That's a client choosing to consolidate with us because of the benefits of integration. Natura and Avon consolidated their marketing activities in Latin America for the first time, awarding their business to a combined team of VML, DAVID, Fbizz and WPP Media, creative production media and enterprise solutions, all together, one brief one team.

Wendy's 指定 WPP Media 為其美國媒體合作夥伴，並在此基礎上延續其與 VML 長達14年的創意合作關係。這代表客戶因整合帶來的效益而選擇與我們進一步整併合作。Natura 與 Avon 首次在拉丁美洲整合其行銷活動，並將業務交由由 VML、DAVID、Fbizz 與 WPP Media 組成的聯合團隊負責，涵蓋創意、製作、媒體與企業解決方案，全部整合在一起，一份簡報、一個團隊。

And the Coca-Cola Company awarded us the Diet Coke business across EMEA for a brief span in creative, social and influencer marketing, expanding on our existing media relationship. Again, these wins demonstrate that when we show up as one WPP, media-led data and technology-enabled structurally integrated with creativity at our heart, we are the growth partner of choice for the world's leading brands.

而可口可樂公司（The Coca-Cola Company）則將 EMEA 地區的健怡可樂（Diet Coke）業務交由我們負責，委任範圍涵蓋創意、社群與網紅行銷，並在我們既有的媒體合作關係上進一步擴大。同樣地，這些勝利證明，當我們以「一個 WPP」的姿態出現——以媒體為引領、以數據與科技賦能、在結構上與創意核心深度整合——我們就是全球領先品牌首選的成長夥伴。

But market share growth doesn't come from winning new business alone, right? That's only part of the story. What's also critical is how we retain and grow the partnerships we have with our valued portfolio of existing clients. I'm pleased that we've improved on our client retention rates in the first half of this year, which included Huawei in China, Tesco in the UK, L'Oreal in Australia, New Zealand, Skechers across multiple markets globally, Reckitt in India, Toyota in Europe and many more.

但市占成長不可能只靠贏得新業務，對吧？那只是故事的一部分。同樣關鍵的是，我們如何留住並深化與既有重要客戶組合的合作關係。我很高興我們在今年上半年提升了客戶留存率，其中包括中國的華為、英國的 Tesco、澳洲與紐西蘭的萊雅（L'Oreal）、在全球多個市場的 Skechers、印度的利潔時（Reckitt）、歐洲的 Toyota 等等。

I strongly believe that by bringing more operational discipline to our client engagement model, we can drive even further improvements in this area. This will be a key focus for us in the second half of this year and into next year as we stand up a holistic client success program.

我堅信，只要在客戶互動模式中導入更強的營運紀律，我們就能在這方面取得更進一步的改善。這將是我們今年下半年以及明年在建立一套整體客戶成功計畫（client success program）時的重點工作。

This program will be organized around three areas: systems, that give us a single view of our client relationships and a data-driven approach to performance tracking; process, that formalizes our approach to governance and client management, including success metrics and joint business planning; and people, to build the critical capabilities, leadership skills and mindset needed to meet and exceed client expectations. This framework will create a more systematic approach to client life cycle management, bringing greater operational discipline and excellence to our service delivery model.

這項計畫將圍繞三個面向來組織：系統（systems），讓我們能以單一視角掌握客戶關係，並以數據驅動的方式追蹤績效；流程（process），將我們在治理與客戶管理上的方法制度化，包括成功衡量指標與聯合業務規劃；以及人才（people），建立滿足並超越客戶期待所需的關鍵能力、領導力技能與思維。這個框架將為客戶生命週期管理建立更系統化的方法，為我們的服務交付模式帶來更高的營運紀律與卓越表現。

I've personally put this kind of program in place before, and I'm confident it will help us improve client retention and expand our most valued partnerships. And we'll do this by freeing up our global client leaders and their teams to spend less of their time on internal process and more of their time doing high-impact work for our clients. Let me give you three examples of what I think exceptional client engagement looks like.

我過去親自推動過這類計畫，我有信心它能幫助我們提升客戶留存並擴大我們最重要的合作關係。我們也會透過釋放全球客戶負責人及其團隊的時間，讓他們把較少時間花在內部流程上，把更多時間投入為客戶創造高影響力的工作。我用三個例子說明我認為卓越的客戶互動應該是什麼樣子。

And I'll start with the KitKat Heist campaign created by VML and Burson in close partnership with the Nestle team. Fast risk assessment and decision-making turned a potential disaster of a lost shipment of KitKats into a global award-winning campaign, dominating the critical Easter sales window, capturing 44% of category conversations on Meta, nearly 3x its nearest competitor, and delivering a 600% spike in search interest, generating over 70 billion impressions in social media, equivalent to 224 million of earned media in only 10 days.

我先從由 VML 與 Burson 與雀巢（Nestle）團隊密切合作打造的 KitKat Heist 活動談起。快速的風險評估與決策，將一批 KitKat 貨物遺失、原本可能演變成災難的事件，轉化為一個全球獲獎的行銷活動：在關鍵的復活節銷售檔期強勢主導，在 Meta 上拿下該品類44%的討論聲量，幾乎是最接近競品的3倍，並帶動搜尋熱度暴增600%；在社群媒體上創造超過700億次曝光，相當於僅10天就獲得2.24億的贏得媒體（earned media）。

This campaign was a testament to the talented teams from both Nestle and WPP, who rewrote the traditional crisis management playbook in real time, but also a great example of how our simplified, more agile WPP is working in deep partnership with our clients as they themselves transform for growth.

這個活動不僅證明了雀巢與 WPP 雙方團隊的才華，也是在即時情境下改寫傳統危機管理劇本的案例；同時也很好地展示了我們更精簡、更敏捷的 WPP，如何在客戶自身為成長而轉型的過程中，與他們進行深度夥伴合作。

Just 2 weeks ago, Philipp Navratil in the Nestle earnings call referenced this work specifically as a powerful illustration of the changes already underway in their own organization, including their evolving approach to marketing and their shift to a performance culture.

就在兩週前，Philipp Navratil 在雀巢的財報電話會議中特別提到這項工作，將其視為他們組織內部變革已在推進的有力例證，包括其行銷方式的演進，以及向績效文化（performance culture）的轉變。

Secondly, during the recent Unilever earnings call, Fernando Fernandez noted the work that we did with Dove in partnership with Reddit during the launch of their new intensive repair hair mask. Let's take a look at that campaign.

第二個例子是，在近期聯合利華（Unilever）的財報電話會議中，Fernando Fernandez 提到了我們與 Dove 與 Reddit 在推出全新深層修護髮膜（intensive repair hair mask）時所進行的合作。我們來看一下那個活動。

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What's striking about this campaign is not only its success. I mean, it created a billion in earned impressions, more than doubled sales and helped Dove become the number 1 hair mask product in the US during the campaign. But in addition to this, the campaign successfully addressed the challenge of making products discoverable by conversational AI, appearing in 56% of all hair mask ChatGPT responses and the top recommendation across major LLMs while remaining true to Dove's real beauty philosophy.

這個活動令人印象深刻的不只是它的成功。它創造了10億次的贏得曝光（earned impressions），銷售額成長超過一倍，並在活動期間協助 Dove 成為美國髮膜品類的第1名。此外，該活動也成功解決了讓產品能被對話式 AI 發現（discoverable）的挑戰：在所有髮膜相關的 ChatGPT 回覆中，有56%會出現該產品，並在主要 LLM 中成為首要推薦，同時仍忠於 Dove 的「真實美」理念。

The third example and final example is The Coca-Cola Company and the work that we delivered during an incredible FIFA World Cup 2026 campaign. Together, we reached 180 markets, with the Trophy Tour alone making 70 stops across 30 markets and engaging around 700,000 fans. Digital and social activations generated 60 billion impressions with 9 billion views, helping trademark Coca-Cola become the number 1 brand by share of voice during the tournament. And importantly, these efforts contributed to quarterly growth of 5% for Coca-Cola and 8% for Powerade. It's an absolute honor to partner with such an iconic brand and company.

第三個也是最後一個例子，是可口可樂公司，以及我們在一場令人驚豔的 2026 年 FIFA 世界盃活動期間所交付的成果。我們共同觸及180個市場，僅獎盃巡迴（Trophy Tour）就於30個市場停靠70站，並與約70萬名球迷互動。數位與社群啟動活動共創造600億次曝光與90億次觀看，協助可口可樂商標品牌在賽事期間以聲量占比（share of voice）成為第1名品牌。更重要的是，這些努力促成可口可樂單季成長5%，Powerade 成長8%。能與如此具代表性的品牌與企業合作，是我們莫大的榮幸。

In February, I also updated you on our progress on our technology strategy, WPP Open and our growing partner ecosystem. As the name suggests, WPP Open is open by design. It works with client and partner solutions and doesn't lock clients into a single closed ecosystem. Having spent a decade at the frontier of enterprise transformation, I know how important it is to build a robust partner ecosystem. In a fast-changing world, no single company can do it alone.

在2月時，我也向各位更新了我們在科技策略、WPP Open 以及不斷擴大的夥伴生態系方面的進展。顧名思義，WPP Open 在設計上就是開放的。它可與客戶與合作夥伴的解決方案協作，並不會把客戶鎖定在單一封閉的生態系中。我曾在企業轉型前沿領域深耕十年，我深知建立強健的夥伴生態系有多重要。在快速變動的世界裡，沒有任何一家公司能單打獨鬥完成一切。

Our partners keep us and our clients at the cutting edge of innovation. They help us scale our impact faster and open new routes to market. That's why in the first half of 2026, we continued to deepen our strategic technology partnerships with Google, Adobe, Meta, AWS and Microsoft, giving clients a simpler, more powerful alternative to managing multiple point solutions by bringing the best of the partner ecosystem together in one integrated platform, WPP Open.

我們的合作夥伴讓我們與客戶始終站在創新的最前沿。他們協助我們更快擴大影響力，並開闢新的市場進入路徑。因此在2026年上半年，我們持續深化與Google、Adobe、Meta、AWS與Microsoft的策略性科技合作夥伴關係，透過把合作夥伴生態系中最好的能力整合到同一個整合式平台WPP Open，為客戶提供一個更簡單、更強大的替代方案，取代管理多個點狀解決方案的複雜性。

With Google, we expanded our partnership by launching a new frontier research initiative with Google DeepMind that embeds advanced AI research directly into WPP Open. Together, we've built a predictive cultural intelligence engine that forecasts emerging trends by giving clients the ability to both anticipate and respond to cultural shifts. These solutions are live in WPP Open today across multiple clients, including Duracell, Airbnb and Lexus, redefining the future of the new marketing flywheel and changing how our teams generate work from data to insights, to creative, to production, to media in ways that just weren't possible before.

與Google方面，我們透過與Google DeepMind啟動一項全新前沿研究計畫來擴大合作，將先進AI研究直接嵌入WPP Open。我們共同打造了一個預測型文化智能引擎，讓客戶能夠預判並回應文化變遷，以此預測新興趨勢。這些解決方案目前已在WPP Open上線並服務多家客戶，包括Duracell、Airbnb與Lexus，重新定義新行銷飛輪的未來，並以過去無法做到的方式，改變我們團隊從數據到洞察、到創意、到製作、到媒體的工作生成流程。

Our expanded partnership with Adobe brings together their industry-leading AI capabilities, content platforms and data orchestration with WPP's strategic insights and creative expertise through a new joint client transformation practice. Adobe Firefly Foundry is now integrated into WPP Open, and Adobe has invested in HEX, our frontier creative technology studio, to deploy AI talent directly with clients. This is a clear example of how we're expanding our go-to-market channel for enterprise solutions and tailoring new AI solutions to meet the needs of our clients.

我們與Adobe擴大的合作，透過一個新的聯合客戶轉型實務，將其業界領先的AI能力、內容平台與數據編排，與WPP的策略洞察與創意專長結合。Adobe Firefly Foundry現已整合進WPP Open，且Adobe已投資HEX——我們的前沿創意科技工作室——以便將AI人才直接部署到客戶端。這清楚展現我們如何擴大企業級解決方案的市場進入（go-to-market）通路，並量身打造新的AI解決方案以滿足客戶需求。

With Meta, WPP became the first advertising partner to pilot their newest creative intelligent solution, also integrated directly into WPP Open, giving our teams the ability to diagnose, generate and scale high-performing creative with AI. Unilever is the inaugural client with broader rollout planned in the coming months. That unique access puts our clients at the forefront of culture and insight, turning real data and media performance directly into stronger creative outcomes.

與Meta方面，WPP成為首家試點其最新創意智能解決方案的廣告合作夥伴；該方案也已直接整合進WPP Open，使我們的團隊能以AI診斷、生成並擴大高績效創意。Unilever為首位導入的客戶，並計畫在未來數月進行更廣泛的推廣。這種獨特的優先使用權讓我們的客戶站在文化與洞察的最前沿，將真實數據與媒體成效直接轉化為更強的創意成果。

With AWS, our Enterprise Solutions business signed a multiyear strategic collaboration agreement focused on operationalizing agentic AI for enterprise brands and helping clients move from AI experimentation to agentic marketing solutions at scale.

與AWS方面，我們的企業解決方案業務簽署了一項多年期策略合作協議，重點在於將代理型AI（agentic AI）在企業品牌中落地運作，並協助客戶從AI實驗階段，邁向可規模化的代理型行銷解決方案。

And with Microsoft, we're working with MAI, Microsoft's in-house AI research team, to secure early access to their generative media models for integration into WPP Open. We're already an early enterprise partner on MAI Image 2, Microsoft's newest image generation model, bringing the best of Microsoft technology into WPP Open so that our clients gain new productivity and creative capabilities.

而與Microsoft方面，我們正與MAI——Microsoft內部的AI研究團隊——合作，以取得其生成式媒體模型的早期使用權，並整合至WPP Open。我們已是MAI Image 2（Microsoft最新的影像生成模型）的早期企業合作夥伴，將Microsoft技術的精華帶入WPP Open，讓客戶獲得新的生產力與創意能力。

Together, these partnerships give our clients early access to cutting-edge capabilities, co-innovation investment, direct lives into partner product teams, open important go-to-market channels and new routes to market. All of this converges in one place, WPP Open, strengthening our competitive advantage and most importantly, the value we deliver for clients, and there's much more to come.

綜合而言，這些合作夥伴關係讓我們的客戶能夠及早取得最前沿的能力、共同創新投資、直接連結合作夥伴的產品團隊，並開啟重要的市場進入通路與新的市場路徑。所有這些都匯聚於同一處——WPP Open——強化我們的競爭優勢，更重要的是提升我們為客戶交付的價值，而且後續還會有更多進展。

So moving on to cost savings. As part of the broader Elevate28 program, we committed to GBP500 million of gross annualized cost savings across the next 3 years, of which GBP100 million will be delivered in 2026. I'm pleased with our progress in the first half of the year, and I remain confident in our ability to hit these targets. That said, I do want to remind you that my priority, my North Star, is to get WPP back to positive organic growth. And our plan is to reinvest the targeted savings in FY 2026 into key growth areas, including Media and Enterprise Solutions.

接下來談成本節省。作為更廣泛的Elevate28計畫的一部分，我們承諾在未來3年實現每年總額年化（gross annualized）成本節省5億英鎊，其中1億英鎊將於2026年交付。我對上半年進展感到滿意，並且仍然有信心達成這些目標。不過，我也想提醒各位，我的優先事項、我的北極星目標，是讓WPP回到正向的有機成長。我們的計畫是在2026財年把目標節省額再投資於關鍵成長領域，包括媒體與企業解決方案。

Finally, we said in February that our portfolio review was complete and we were moving to action. In the first half, we completed more than 15 noncore asset disposals that will generate over GBP200 million in sales proceeds in 2026. One great example is XTEL, a leading provider of revenue management and trade promotion software that we owned through Kantar Holding. We've agreed a sale of this asset that will generate value for us of more than 100 million. This is just one example, but it's representative of how we're approaching this process more broadly.

最後，我們在2月表示投資組合檢視已完成，並將轉入行動階段。在上半年，我們完成了超過15項非核心資產處分，預計將在2026年帶來超過2億英鎊的出售所得。一個很好的例子是XTEL——一家領先的收益管理與通路促銷（trade promotion）軟體供應商，我們透過Kantar Holding持有。我們已同意出售該資產，將為我們帶來超過1億的價值。這只是其中一例，但它代表了我們更廣泛推進此流程的方式。

We've been very vigorous in exploring whether we're the best owners of our assets and also very focused on withdrawing capital from passive or noncore positions. We continue to make progress on asset disposals, and we'll provide updates as appropriate. Proceeds will be used to improve financial flexibility, strengthen our balance sheet and create further capacity to invest in growth.

我們一直積極評估我們是否仍是旗下資產的最佳持有人，同時也高度聚焦於從被動或非核心持股中撤出資本。我們在資產處分方面持續取得進展，並將在適當時機提供更新。出售所得將用於提升財務彈性、強化資產負債表，並創造更多投資成長的能力。

So those are the leading indicators, and they confirm that we are executing against the plan that we set out. But I want to take a couple of minutes just to connect the what to the why. Because the momentum that we're seeing isn't just about better execution, it's about being positioned in the right markets with the right proposition at the right time.

以上就是這些領先指標，它們確認我們正在按既定計畫執行。但我想花幾分鐘把「做什麼」與「為什麼」連結起來。因為我們看到的動能不只是執行得更好，更是因為我們在正確的時間，以正確的主張，站在正確的市場位置上。

September 1st will be my 1-year anniversary in the role, and this is a great opportunity for me to just step back and briefly share some personal reflections on how I see our industry and our company, because the conviction I have in our strategy has only deepened over the last few months.

9月1日將是我就任滿一週年，這是個很好的機會讓我稍微退一步，簡要分享一些我對產業與公司的個人觀察，因為過去幾個月我對我們策略的信念只變得更強。

Firstly, we operate in an attractive market. When I set out Elevate28 last February, I said that I believe we're living in the golden age of marketing. I believe more strongly in that today than I did even a few months ago. We're forecasting that global ad spend will grow by 8.9% in 2026. That's up from our previous forecast of 7.1%.

第一，我們所處的是一個具吸引力的市場。去年2月我提出Elevate28時曾說，我相信我們正處於行銷的黃金時代。今天我對此的信念比幾個月前更強。我們預測2026年全球廣告支出將成長8.9%。這高於我們先前7.1%的預測。

And as a share of GDP, advertising revenue is now at its highest level in almost 30 years, a clear sign of the important role that media plays, not just in shaping how consumers discover, evaluate and engage with brands, but in helping businesses generate demand, differentiate and drive long-term value. Media is everywhere. And increasingly, its influence is extending into adjacent and fast-growing markets from social influence to commerce, to high-velocity production and enterprise solutions.

而以GDP占比來看，廣告收入已達近30年來最高水準，清楚顯示媒體扮演的重要角色——不僅在塑造消費者如何發現、評估並與品牌互動，也在協助企業創造需求、建立差異化並驅動長期價值。媒體無所不在。而且其影響力正日益延伸至相鄰且快速成長的市場，從社群影響力到商務（commerce）、到高速度製作（high-velocity production）以及企業解決方案。

Secondly, we operate in an increasingly complex market. It's a really tough time to be a Chief Marketing Officer. The fragmentation and constant change our clients face is pretty relentless across media channels, platforms, data environments, the AI and tech landscape and commerce touch points. And all that complexity is driving brands to consolidate around fewer more integrated partners who can simplify things for them and help them grow. Those dynamics play directly into the strengths of the new WPP.

第二，我們所處的市場正變得愈加複雜。對行銷長（Chief Marketing Officer）而言，這是一段非常艱難的時期。客戶面對的碎片化與持續變動，在媒體渠道、平台、數據環境、AI與科技版圖以及商務觸點上都相當無情。而這些複雜性正驅動品牌整合，轉向更少但更整合的合作夥伴，以便為他們簡化問題並協助成長。這些動態正好直接對應新WPP的強項。

Thirdly, I think AI is fundamentally changing how we deliver growth for our clients. Look, for the past 20 years, the marketing industry has built its advantage around identity-based consumer targeting. But marketing in the era of AI has changed and the industry has been slow to adapt. Identity remains a useful starting point. But identity alone cannot tell us how someone's preferences, beliefs or behavior is changing in real time or what they might do next.

第三，我認為AI正在從根本上改變我們為客戶交付成長的方式。過去20年，行銷產業的優勢建立在以身分（identity）為基礎的消費者定向。但在AI時代，行銷已經改變，而產業適應得很慢。身分仍然是一個有用的起點。但僅靠身分無法告訴我們某人的偏好、信念或行為如何即時變化，或他接下來可能會做什麼。

Marketing has entered the era of intelligence. And that has significant implications for brands. To engage consumers today in a meaningful way, brands need to access a diverse range of live data signals on what people are watching, what are they buying, who are they following, what are they listening to, how are their interest changing in real time?

行銷已進入智能時代。這對品牌具有重大意涵。要在今天以有意義的方式與消費者互動，品牌需要取得多元且即時的數據訊號：人們在看什麼、在買什麼、在追蹤誰、在聽什麼，以及他們的興趣如何即時變化？

Through WPP Open, clients can connect their own data with signals across WPP and our more than 350 data partners, giving them access to 5 billion consumers in more than 100 markets, drawing on trillions of real-time signals. We use AI to turn those signals into marketing intelligence that's unique to every brand, enabling them to anticipate consumer behavior, identify untapped growth audiences, and deliver higher ROI and engagement than traditional identity-based targeting.

透過 WPP Open，客戶可以將自有資料與 WPP 及我們超過 350 家資料合作夥伴的各類訊號串接，讓他們得以觸及 100 多個市場中的 50 億消費者，並運用數兆筆即時訊號。我們運用 AI 將這些訊號轉化為對每個品牌都獨一無二的行銷洞察，使其能夠預判消費者行為、辨識尚未被開發的成長受眾，並帶來高於傳統以身分識別為基礎之定向的 ROI 與互動成效。

And here's the important part, we deliver these results without ever moving underlying client data out of the clients' environment. Traditional identity-based systems require brands to move their data into a centralized third-party system. In doing so, brands risk giving up control of one of their most important and unique competitive advantages, their data and data insights. Our approach to WPP is fundamentally different.

而關鍵在於，我們在不將底層客戶資料移出客戶環境的情況下交付這些成果。傳統以身分識別為基礎的系統要求品牌把資料移入集中式的第三方系統。如此一來，品牌就有可能失去對其最重要且獨特的競爭優勢之一——其資料與資料洞察——的掌控。我們對 WPP 的做法在根本上截然不同。

InfoSum, which we acquired in 2025, is what makes this possible. InfoSum is now embedded into WPP Open, enabling brands and partners to collaborate, connect real-time signals, and generate marketing intelligence without sharing, moving, or co-mingling their underlying customer data. This is more than just a technology choice. It reflects a fundamentally different belief about where competitive advantage should sit, and we believe it should sit with our clients.

我們於 2025 年收購的 InfoSum，正是讓這一切成為可能的關鍵。InfoSum 現已嵌入 WPP Open，使品牌與合作夥伴能在不分享、不移動、也不混合其底層客戶資料的前提下協作、連結即時訊號並產生行銷洞察。這不僅僅是一項技術選擇。它反映了對競爭優勢應該落在何處的根本信念，而我們相信競爭優勢應該掌握在客戶手中。

And that brings me to my fourth and final reflection, which is the importance of trust, not just consumer trust in brands, which according to our research, is at an all-time low, but brand's trust in agencies as well. At Cannes Lions last month, I shared our WPP trust principles publicly for the first time. These are five foundational commitments to our clients that define how we operate in the era of AI and give us a real point of differentiation in the market.

這也帶到我第四個也是最後一個觀察：信任的重要性——不僅是消費者對品牌的信任（依據我們的研究，這已降至歷史低點），也包括品牌對代理商的信任。在上個月的坎城創意節（Cannes Lions），我首次公開分享我們的 WPP 信任原則。這五項是我們對客戶的基礎承諾，界定了我們在 AI 時代的運作方式，並讓我們在市場上具備真正的差異化。

Here are the five trust principles which we unpack in detail on our website at wpp.com, but our core commitment and belief is that our clients own and control their data and intelligence, full stop. It is one of the most valuable and distinctive competitive advantage any brand has, and it should remain exclusively theirs.

以下是五項信任原則，我們在 wpp.com 的網站上有更詳細的說明；但我們的核心承諾與信念是：客戶擁有並掌控其資料與洞察——就是如此。這是任何品牌所擁有最有價值且最具辨識度的競爭優勢之一，且應完全專屬於他們。

With WPP, underlying client data never moves, it stays exactly where it is in the client's environment and under the clients' control. We believe this is a winning strategy. It now features in every client pitch, and it's one of the key reasons why we have the momentum we do.

在 WPP，底層客戶資料永遠不會被移動；它會完全留在客戶自身的環境中，並由客戶掌控。我們相信這是一項致勝策略。它如今已納入每一次客戶提案之中，也是我們能夠保持當前動能的關鍵原因之一。

In an environment where AI is rapidly transforming our industry and trust is scarce, I believe our commitment to client data ownership and control will become increasingly important. Everything we do is in service of one objective: to be the trusted growth partner to the world's leading brands.

在 AI 正快速改變我們產業、而信任又相對稀缺的環境下，我相信我們對客戶資料所有權與控制權的承諾將變得愈發重要。我們所做的一切都服務於一個目標：成為全球領先品牌值得信賴的成長夥伴。

Our momentum over the last nine months gives me confidence that we are firmly on the right path. The organizational structure and operating model are in place. Our integrated client proposition is working, the cultural shift towards accountability, client obsession, and a hunger to win together as one team is real. We're delivering the stabilization phase of our plan, and the leading indicators demonstrate the progress we're making. WPP will be a fundamentally stronger, simpler and more competitive company. Growth is our North Star, and we are well on our way.

過去九個月的動能讓我有信心，我們正堅定走在正確的道路上。組織架構與營運模式已就位。我們整合式的客戶主張正在發揮作用；朝向問責、以客戶為中心，以及作為一個團隊共同取勝的渴望之文化轉變是真實存在的。我們正在交付計畫中的穩定化階段，而領先指標也顯示我們正在取得進展。WPP 將成為一家在根本上更強大、更精簡且更具競爭力的公司。成長是我們的北極星，我們正穩步前進。

So looking ahead at what you can expect from us in the coming months, well, operationally, you will see us laser-focused on delivering for our clients, continuing to embed the changes we've made in service of driving their growth.

展望未來幾個月你們可以期待我們做什麼——在營運層面，你們將看到我們高度聚焦於為客戶交付成果，並持續把我們所做的變革深植於組織之中，以推動他們的成長。

Strategically, you'll see us continuing to invest to make our return to growth sustainable as we move to the build phase of our plan in 2027. And finally, you'll see the improving trajectory in organic top-line growth, margin expansion, and improved financial leverage that we anticipate in 2027.

在策略層面，你們將看到我們持續投資，讓我們重返成長的態勢在 2027 年進入計畫的建置階段時更具可持續性。最後，你們也將看到我們預期在 2027 年出現的改善趨勢：有機營收（top-line）成長回升、利潤率擴張，以及財務槓桿改善。

While we'll give you a comprehensive update on progress at the full year results early in 2027, I'm really eager for you to see the execution of this strategy along the way in real time. We've already hosted deep dive sessions for you into WPP Media and Creative and we'll host further webinars, specifically exploring next-gen production and enterprise solutions during the second half of 2026.

雖然我們會在 2027 年初的全年業績中，向各位提供一份全面的進度更新，但我也非常期待你們能在過程中即時看到這項策略的落地執行。我們已經為各位舉辦了 WPP Media 與 Creative 的深度解析場次，並將在 2026 年下半年舉辦更多網路研討會，特別聚焦於次世代製作與企業解決方案。

So with that, I'm delighted to hand over to Joanne, and then we'll both come back to answer your questions. Joanne, over to you.

那麼接下來，我很高興把時間交給 Joanne，之後我們兩位會再回來回答各位的問題。Joanne，交給你。

Thank you, Cindy, and good morning, everyone. So let me start by taking you through the main headlines from our first half results, which you can see on slide 20.

謝謝你，Cindy，各位早安。我先帶各位看一下我們上半年業績的主要重點，你們可以在第 20 頁投影片看到。

Like-for-like revenue less pass-through costs fell 2.8% in the quarter, which leaves the first half organic decline of 4.7%. This is consistent with our guidance of a decline in the mid- to high-single digits in the first half and reflects an improved sequential performance, in particular at WPP Media, as well as the benefit of easing comparables.

以同口徑計算、扣除轉付成本（pass-through costs）後的營收在本季下滑 2.8%，使上半年有機下滑幅度為 4.7%。這與我們對上半年中到高個位數下滑的指引一致，並反映出逐季表現改善，尤其是在 WPP Media，同時也受益於比較基期趨於緩和。

You will recall last year, we identified some one-off factors in Q2 that impacted performance. Adjusting for this, the underlying Q2 like-for-like decline was 3.8%, an improvement quarter on quarter.

各位還記得去年我們指出第二季有一些一次性因素影響了表現。若將此調整後，第二季同口徑下滑的基礎幅度為 3.8%，較前一季有所改善。

Turning to headline operating profit. This came in at GBP398 million, which is consistent with the margin of 8.4% and up 20 basis points year on year, benefiting from cost saving actions and lower headline severance costs. Our headline diluted EPS is 15.1p, down on the 20p reported last year, mainly due to the normalization of our headline effective tax rate year on year and reflecting lower year-on-year profit.

接著看列報的營業利益（headline operating profit）。本期為 3.98 億英鎊，對應利潤率 8.4%，年增 20 個基點，受益於節省成本措施以及較低的列報遣散費用。我們的列報稀釋後每股盈餘（headline diluted EPS）為 15.1 便士，低於去年列報的 20 便士，主要原因是列報有效稅率逐年正常化，並反映年對年獲利較低。

Turning to cash flow. Adjusted operating cash flow preworking capital came in at GBP309 million, which includes GBP83 million of non-headline cash restructuring costs.

再看現金流。調整後營運現金流（扣除營運資金變動前）為 3.09 億英鎊，其中包含 8,300 萬英鎊的非列報現金重組成本。

The H1 performance brings total adjusted free cash flow, including working capital moves over the last 12 months, to GBP730 million, which alongside a one-off benefit from IFRS 9 amendments, resulted in a reduction in adjusted net debt of GBP326 million year-on-year to GBP2.9 billion. Our average adjusted net debt meanwhile, is down GBP100 million year-to-date and GBP79 million year on year.

上半年表現使得過去 12 個月（包含營運資金變動）的調整後自由現金流合計達 7.30 億英鎊；再加上一項來自 IFRS 9 修訂的一次性利益，使調整後淨負債年對年減少 3.26 億英鎊至 29 億英鎊。同時，我們的平均調整後淨負債年初至今下降 1.00 億英鎊，年對年下降 7,900 萬英鎊。

Moving on to slide 21 and performance across our business. As a reminder, we now only report on the basis of one segment, Global Integrated Agencies, which is consistent with our strategic plan for WPP to operate as a single unified business.

接著看第 21 頁投影片與我們各業務的表現。提醒各位，我們現在僅以單一分部「全球整合代理商」（Global Integrated Agencies）為基礎進行揭露，這與我們讓 WPP 作為一個統一整體運作的策略計畫一致。

Global Integrated Agencies saw a like-for-like decline of 2.8% in the second quarter, a sequential improvement from a 6.7% decline in the first quarter. FX contributed to a 0.6% tailwind, with a marginal M&A headwind of 0.1%, leaving a reported decline of 2.3% for the quarter.

全球整合代理商在第二季同口徑下滑 2.8%，較第一季下滑 6.7% 呈現逐季改善。匯率帶來 0.6% 的順風，而併購（M&A）帶來 0.1% 的輕微逆風，使本季列報下滑為 2.3%。

If we look at the trends by business, we saw a sequential improvement in our largest business units in the second quarter. The most significant move is within WPP Media, which declined 2.8% in Q2 versus a decline of 8.3% in the first quarter.

若按業務別觀察趨勢，我們在第二季最大的業務單位呈現逐季改善。最顯著的變化出現在 WPP Media：第二季下滑 2.8%，相較第一季下滑 8.3%。

If you look at the drivers of this, easing comps were definitely a factor. And adjusting for the one-off factors I mentioned, underlying WPP Media performance was a decline of around 5%, an improvement quarter on quarter. As anticipated, the impact of net new business losses was less significant in Q2 than in Q1, and we saw a lower drag from existing clients.

若看其驅動因素，比較基期趨緩確實是一項因素。並且在調整我提到的一次性因素後，WPP Media 的基礎表現約為下滑 5%，較前一季改善。如同預期，淨新增業務流失的影響在第二季較第一季不那麼顯著，同時我們也看到來自既有客戶的拖累減輕。

Turning to WPP Creative, although we saw a top-line decline of 4.9%, we delivered a sequential quarter-on-quarter improvement, reflecting the growing positive impact of new business as well as, again, the impact of an improving trend with existing clients.

談到 WPP Creative，儘管我們看到營收端下滑 4.9%，但我們實現了按季（QoQ）的連續改善，反映新業務日益增加的正面影響，以及同樣地，既有客戶呈現改善趨勢所帶來的影響。

The various disciplines captured within WPP Creative brand and design continue to see growth in the low- to mid-single digits, while PR is now declining in the very low-single digits, with an improving sequential trend and growth in their key region, North America.

WPP Creative 旗下品牌與設計所涵蓋的各項專業領域，仍持續呈現低至中個位數成長；而公關（PR）目前則在極低個位數下滑，但按季趨勢改善，且其關鍵區域北美亦恢復成長。

As discussed in February, we will give more precise detail on net sales performance for Enterprise Solutions from January 1, 2027. And finally, WPP Production continues to see positive growth with an improving quarterly trajectory, supported by new business wins.

如同我們在 2 月所討論的，我們將自 2027 年 1 月 1 日起，提供 Enterprise Solutions 淨銷售表現的更精確細節。最後，WPP Production 在新業務得標的支持下，仍持續呈現正成長，且季度走勢持續改善。

Turning now to performance by region. North America declined by 4.3% in the second quarter, following a decline of 7.8% in Q1, supported by a mild improvement in the impact from net client losses and an improving trend in client spend from existing clients, which is encouraging.

接著看各地區表現。北美第二季下滑 4.3%，此前第一季下滑 7.8%；在淨客戶流失影響略為減輕，以及既有客戶支出呈現改善趨勢的支持下，這是令人鼓舞的。

In EMEA, too, we saw an improving trend with the first half down 4.3%, and the second quarter down 3%, with particularly strong trends in Southern Europe. The latter benefited from the impact of one-offs we mentioned last year. We note a mild improvement in underlying performance quarter on quarter, excluding these and despite the impact of ongoing uncertainty in the Middle East, which was down around 10% in the first half.

在 EMEA，我們同樣看到改善趨勢：上半年下滑 4.3%，第二季下滑 3%，其中南歐趨勢特別強勁。後者受惠於我們去年提到的一次性因素影響。我們注意到，若排除這些一次性因素，且儘管中東持續不確定性帶來影響（上半年約下滑 10%），基礎表現仍呈現按季小幅改善。

As part of our new regional disclosure, we are now giving separate disclosure on Latin America and Asia Pacific. In both cases, we saw an improvement in underlying trends. In Latin America, like for like in the half declined 1.2%, but was up 0.9% in the second quarter, driven by strong growth in Argentina and Uruguay, albeit with a former tracking inflation.

作為我們新的區域揭露的一部分，我們現在將拉丁美洲與亞太區分開揭露。兩者的基礎趨勢皆有所改善。在拉丁美洲，上半年同口徑下滑 1.2%，但第二季成長 0.9%，主要由阿根廷與烏拉圭的強勁成長帶動，惟前者的成長與通膨走勢相呼應。

In Asia Pacific, like for like was down 3.8% in the first half, but grew 0.3% in the second quarter. Within this, I'm pleased to report a return to growth in China, up 2.6% in the first half and up double digits in the quarter, which reflects some timing benefits. But nevertheless, we are seeing improvement trends in new business and a stabilization of spend across local clients.

在亞太區，上半年同口徑下滑 3.8%，但第二季成長 0.3%。其中，我很高興報告中國重回成長：上半年成長 2.6%，且該季達到雙位數成長，這反映了部分時點因素帶來的助益。但即便如此，我們仍看到新業務趨勢改善，以及本地客戶支出趨於穩定。

We are encouraged by the performance in China and expect the business to continue to stabilize in the second half, albeit not at the level of like for like in Q2. By contrast, India saw a moderating trend into the second quarter, largely driven by the timing of events. We expect a resumption of growth in the second half.

我們對中國的表現感到鼓舞，並預期下半年業務將持續穩定，儘管不會達到第二季同口徑的水準。相較之下，印度在第二季出現趨勢放緩，主要由活動時點所致。我們預期下半年將恢復成長。

And turning finally to trends by client sector. We continue to see negative trends in CPG, which was down 6% in the second quarter, largely due to the impact of assignment losses, but seeing a sequential improvement quarter-on-quarter helped by easing comparisons.

最後看按客戶產業別的趨勢。我們在民生消費品（CPG）仍持續看到負面趨勢，第二季下滑 6%，主要由於案源/委任流失（assignment losses）的影響，但在比較基期趨緩的幫助下，按季呈現改善。

Performance across technology clients is largely unchanged from the first quarter, with the second quarter down 8.9% after a Q1 decline of 9.6%, again, impacted by the effect of assignment losses. As for our commentary at the Q1 results, we continue to see a high degree of polarization across these categories.

科技客戶的表現與第一季大致相同：第二季下滑 8.9%，此前第一季下滑 9.6%，同樣受到案源/委任流失影響。如同我們在第一季業績時的評論，我們仍看到這些類別之間存在高度兩極化。

By contrast, we've seen a material sequential improvement within both healthcare and auto, which have both returned to growth during the second quarter. While we have seen an improvement in the longer tail of local clients, we are also pleased to note the improvement in the performance of our top 25 clients.

相對地，我們在醫療保健與汽車兩個領域都看到顯著的按季改善，且兩者在第二季皆已恢復成長。除了本地客戶長尾的改善之外，我們也很高興看到前 25 大客戶的表現有所改善。

This group still saw a decline of 6.3% in the first half, but with the second quarter declining at 3.2%. As a reminder, this includes the impact of assignment losses and excluding this impact, our top 25 clients returned to growth in the quarter.

該客戶群上半年仍下滑 6.3%，但第二季下滑幅度收斂至 3.2%。提醒一下，這包含案源/委任流失的影響；若排除該影響，我們的前 25 大客戶在該季已恢復成長。

On slide 22, we show the evolution of our headline operating profit, and slide 23 bridges our headline operating margin from 8.2% in the first half of 2025 to 8.4% in 2026, a 0.2 percentage point uplift on both a reported and like-for-like basis.

在第 22 張投影片，我們展示了核心營業利益的變化；第 23 張投影片則將核心營業利益率從 2025 年上半年的 8.2% 連結至 2026 年的 8.4%，無論按申報口徑或同口徑，皆提升 0.2 個百分點。

If I unpack the moving parts through the first half, starting with the impact of operational gearing and margin during the period, while our net sales is down GBP281 million, our overall staff cost, excluding headline severance and incentives, is down GBP245 million, reflecting the benefit of cost actions taken in the second half of 2025 and early in 2026.

若我拆解上半年各項變動因素，先從期間內營運槓桿與利潤率的影響談起：雖然我們的淨銷售下滑 2.81 億英鎊，但我們的整體人員成本（不含核心資遣費與獎勵）下滑 2.45 億英鎊，反映 2025 年下半年及 2026 年初所採取成本措施的效益。

Adding in savings across other operating costs such as property and personal costs, this added around 90 basis points to margin. Lower headline severance and other associated costs added another percentage point. And completing the bridge to the full move and headline operating profit margin in the first half, investment in our growth drivers, including incentives, went up by 170 basis points, leaving H1 headline operating margin at 8.4%.

再加上其他營運成本（如不動產與人員相關成本）的節省，使利潤率增加約 90 個基點。較低的核心資遣費及其他相關成本再增加 1 個百分點。完成上述橋接後，上半年核心營業利益率為 8.4%；其中，對成長驅動因素的投資（包含獎勵）上升 170 個基點。

I want to say at this stage, though, that the movements in the first half are not necessarily reflective of expected margin performance for the full year. Starting with severance, the positive move in the chart is representative of a GBP51 million reduction in headline severance and other associated costs year on year and will not have a significant impact in the second half.

不過我想在此說明，上半年的變動不一定能反映全年預期的利潤率表現。以資遣費為例，圖表中的正向變動代表核心資遣費及其他相關成本年減 5,100 萬英鎊，而這在下半年不會造成顯著影響。

On cost savings, the Elevate28 savings will be skewed to the second half, reaching a run rate of GBP250 million by year end and achieving GBP100 million of savings in year. We note though that we start to anniversary the action taken last year at WPP Media in the second half. So these savings are against a tougher comparable.

在成本節省方面，Elevate28 的節省將偏向下半年，至年底達到每年 2.5 億英鎊的執行率（run rate），並在本年度內實現 1 億英鎊的節省。但我們也注意到，下半年我們將開始對去年在 WPP Media 採取的行動進入周年比較。因此，這些節省將面對較具挑戰性的比較基期。

Turning to incentives and investment in growth areas, we continue to expect a significant uplift in the second half of the year. Reflecting this, while we are pleased with the first half margin performance, as expected and in line with our planning, we nevertheless expect second-half margins to be down by as much as 200 basis points year on year as continued investment in growth drivers and the rebuild of incentives ramps up.

談到獎勵與成長領域投資，我們仍預期下半年將顯著增加。基於此，雖然我們對上半年利潤率表現感到滿意，且如預期並符合規劃，但我們仍預期下半年利潤率可能年減多達 200 個基點，因對成長驅動因素的持續投資以及獎勵重建將加速推進。

Slide 24 shows our headline P&L. Overall, reported revenue less pass-through costs was GBP4.7 billion, a decrease of 5.6% period on period. Moving down the P&L and a reminder that income from associates excludes any contribution from Kantar in accordance with IAS 28 due to [null] carrying value on our balance sheet.

第 24 張投影片顯示我們的核心損益表（P&L）。整體而言，申報口徑的營收扣除轉付成本（pass-through costs）為 47 億英鎊，較前期下降 5.6%。往下看損益表，並提醒：依 IAS 28 規定，由於我們資產負債表上 Kantar 的帳面價值為 [null]，聯營公司收益不包含 Kantar 的任何貢獻。

Net finance costs of GBP135 million was up slightly year on year, reflecting the additional carry cost of debt ahead of maturities later this year and early next. Our effective tax rate at 33.5% is up year on year, but note that the rate in 2025 was positively impacted by the benefit of credits from the successful resolution of a tax matter.

淨財務成本為 1.35 億英鎊，年增小幅上升，反映今年稍晚及明年初到期前，債務的額外持有成本（carry cost）。我們的有效稅率為 33.5%，較去年上升；但請注意，2025 年的稅率因一項稅務事項成功解決所帶來的抵減利益而受到正面影響。

We continue to expect the full-year effective tax rate to be in the range of 33% to 34%. Noncontrolling interest of GBP18 million were down compared to the prior period, impacted by M&A and lower profit. And as a result of those factors, the headline diluted EPS of 15.1p is down 24.5%.

我們仍預期全年有效稅率將落在 33% 至 34% 的區間。非控股權益為 1,800 萬英鎊，較前期下降，受到併購（M&A）及獲利較低的影響。因此，核心稀釋後每股盈餘（EPS）為 15.1 便士，下滑 24.5%。

Turning to the dividend. We indicated in February that we anticipated a full year dividend of 15p, and consistent with this, the Board has declared an interim dividend of 7.5p, which is flat year on year.

接著談股利。我們在 2 月表示預期全年股利為 15 便士；與此一致，董事會已宣告中期股利為 7.5 便士，年比持平。

Slide 25 looks at our adjusted operating cash flow and bridges the year-on-year movement in adjusted net debt to June 2026. Our 12-month adjusted operating cash flow before working capital to June 2026 was GBP1.1 billion. In addition to this, we saw an incremental benefit from working capital, which includes GBP169 million one-off impact from the IFRS 9 amendments.

第25頁檢視我們的調整後營運現金流，並銜接調整後淨負債截至2026年6月的年對年變動。截至2026年6月的12個月，我們的調整後營運現金流（扣除營運資金變動前）為11億英鎊。此外，我們也看到來自營運資金的增量效益，其中包含因IFRS 9修訂帶來的一次性影響1.69億英鎊。

Factoring in GBP66 million from the net impact of dividends from associates and to minorities and including M&A earn-outs as well as GBP527 million of net interest and tax, adjusted free cash flow for the last 12 months stands at GBP738 million.

納入來自聯營公司股利及支付少數股東股利之淨影響6,600萬英鎊，並包含併購（M&A）或有對價（earn-outs），以及淨利息與稅金5.27億英鎊後，過去12個月的調整後自由現金流為7.38億英鎊。

Net M&A and disposals was a GBP43 million outflow, consisting of direct disposal proceeds of GBP80 million. But against that, we spent GBP123 million as we continue to invest in our commerce capabilities.

淨併購與處分為4,300萬英鎊的現金流出，其中包含直接處分所得8,000萬英鎊。但相對地，隨著我們持續投資於商務能力，我們支出1.23億英鎊。

To round off the picture, cash dividends paid in the 12-month period were down significantly on the previous year, given the decision to reduce the dividend in July 2025. Adding in the impact of buybacks and other items which amounted to an outflow of GBP369 million, overall adjusted net debt was down to GBP326 million year on year.

為了完整呈現整體情況，12個月期間支付的現金股利較前一年大幅下降，原因是我們於2025年7月決定調降股利。再加上回購及其他項目的影響（合計為3.69億英鎊流出），整體調整後淨負債年對年下降至3.26億英鎊。

Looking specifically at the first half, adjusted operating cash pre-working capital was GBP309 million, while free cash flow was a GBP725 million outflow, consistent with the seasonal buildup in working capital typically seen in the first half.

若聚焦上半年，調整後營運現金流（扣除營運資金變動前）為3.09億英鎊，而自由現金流為7.25億英鎊的流出，符合通常在上半年可見的營運資金季節性累積。

I'm moving now to slide 26, which shows high net debt has trended since June 2025. As already mentioned, adjusted net debt at the end of June stood at GBP2.9 billion, down year on year but up from year end, reflecting our typical cash cycle. This also reflects the benefit from the IFRS 9 amendments.

我現在轉到第26頁，顯示自2025年6月以來淨負債的走勢。如先前所述，6月底的調整後淨負債為29億英鎊，年對年下降但較年末上升，反映我們典型的現金循環。這也反映了IFRS 9修訂帶來的效益。

Average adjusted net debt better captures the normal pattern of working capital moves across the year, and this is slightly down through the first half and down year on year at GBP3.3 billion. Our average adjusted net debt to headline EBITDA ratio at June 30 is broadly unchanged since December 2025 despite the downward pressure on headline EBITDA.

平均調整後淨負債更能反映全年營運資金變動的正常型態；上半年略為下降，且年對年下降至33億英鎊。儘管列報EBITDA（headline EBITDA）面臨下行壓力，截至6月30日，我們的平均調整後淨負債對列報EBITDA比率自2025年12月以來大致不變。

I want to reemphasize that creating firm financial foundation is a core tenet of the Elevate28 plan. And at the heart of this is a commitment to maintaining an investment-grade balance sheet. As discussed in February, we anticipate our leverage metrics to remain elevated in 2026 before starting to come down in 2027 and beyond.

我想再次強調，建立穩固的財務基礎是Elevate28計畫的核心原則之一。其核心在於承諾維持投資等級的資產負債表。如同2月所討論，我們預期槓桿指標在2026年仍將維持在較高水準，並於2027年及之後開始下降。

In this context, our balance sheet remains robust. The weighted average maturity of our GBP5.1 billion of bond debt is 5.7 years, and this has an average coupon rate of 3.7%.

在此背景下，我們的資產負債表仍然穩健。我們51億英鎊的債券負債加權平均到期年限為5.7年，平均票面利率為3.7%。

Meanwhile, our total available liquidity across the group stood at GBP4.1 billion at June 30, 2026, including a $2.5 billion committed RCF, which matures in February 2031 and remains undrawn. Neither our bond debt nor our RCF of any financial covenants and our credit remains investment grade.

同時，截至2026年6月30日，本集團可動用的總流動性為41億英鎊，其中包含25億美元的承諾循環信貸額度（RCF），將於2031年2月到期，且目前尚未動用。我們的債券負債與RCF皆不含任何財務契約條款（financial covenants），且我們的信用評等仍為投資等級。

And finally, turning to slide 27, which shows our guidance for the full year. And starting with the outlook for like-for-like revenue less pass-through costs. In February, we indicated that at that point, we anticipated the impact of gross client losses to be in the range of 500 to 600 basis points, while we expected the impact of gross wins to be more positive than last year, with the phasing of wins and losses consistent with an improving trajectory through the year.

最後，轉到第27頁，顯示我們對全年之指引。先從同類比較（like-for-like）營收扣除轉嫁成本（pass-through costs）的展望開始。在2月時，我們表示當時預期總客戶流失（gross client losses）的影響約為500至600個基點；同時我們預期總贏單（gross wins）的影響將較去年更為正面，且贏單與流失的時點分布將與全年逐步改善的軌跡一致。

Based on our new business performance in the second quarter, while we would estimate the impact of incremental losses to be at the top end of the 500 to 600 basis point range, the impact of wins means that as we progress through the second half, we expect the year-on-year drag from net new business to continue to lessen. And as such, we remain confident in an improving trajectory.

根據我們第二季的新業務表現，雖然我們估計新增流失的影響將落在500至600個基點區間的上緣，但贏單的影響意味著，隨著我們進入下半年，來自淨新增業務（net new business）的年對年拖累預期將持續減輕。因此，我們仍對改善的走勢保持信心。

A key unknown is the trend with existing clients. And while we are encouraged by the Q2 performance, we note the ongoing uncertainty in the Middle East as well as the polarization of span patterns, both between and within sectors. Reflecting this, we take a balanced view of the outlook and having seen H1 like-for-like decline of 4.7%, we expect like-for-like revenue less pass-through costs to decline low- to mid-single digits in the second half. We continue to expect a return to growth during 2027.

一個關鍵的不確定因素是既有客戶的趨勢。雖然我們對第二季表現感到鼓舞，但我們也注意到中東局勢仍具不確定性，以及投放模式（spend patterns）在產業間與產業內部的兩極化。基於此，我們對展望採取較為平衡的看法；在看到上半年同類比較下滑4.7%後，我們預期下半年同類比較營收扣除轉嫁成本將下滑低至中個位數百分比。我們仍預期於2027年回到成長。

Turning to headline operating margin. While we are encouraged by the H1 margin performance, as we discussed, the first half was helped by the lower headline severance and cost savings. We anticipate investment in our growth drivers as well as the rebuild of incentives to step up significantly in the second half.

接著談列報營業利益率（headline operating margin）。雖然我們對上半年利益率表現感到鼓舞，但如我們所討論，上半年受惠於較低的列報資遣費用以及成本節省。我們預期在下半年，對成長驅動因素的投資以及獎酬機制的重建將顯著加速。

Reflecting this, we still expect headline operating margin to be in the range of 12% to 13%, consistent with the second-half margin decreasing by as much as 200 basis points. As per our original Elevate28 commentary, we continue to anticipate 2026 to be the low point in terms of profitability and expect margins to rebuild from 2027.

因此，我們仍預期列報營業利益率將落在12%至13%區間，這與下半年利益率可能最多下降200個基點一致。依照我們最初對Elevate28的說明，我們仍預期2026年將是獲利能力的低點，並預期自2027年起利益率將回升重建。

Looking beyond the net sales and margin guidance, our expectation for cash flow is unchanged, with adjusted operating cash flow preworking capital in the range of GBP800 million to GBP900 million. As a reminder, this includes the anticipated restructuring costs associated with the Elevate28 program and historical restructuring programs. Excluding these, we would anticipate adjusted operating cash flow before working capital of GBP1 billion to GBP1.1 billion.

除淨營收與利益率指引之外，我們對現金流的預期維持不變：調整後營運現金流（扣除營運資金變動前）介於8億至9億英鎊。提醒一下，這包含與Elevate28計畫及歷史重整計畫相關的預期重整成本。若排除這些，我們預期調整後營運現金流（扣除營運資金變動前）為10億至11億英鎊。

Looking further down the cash flow, as you know, we don't guide on working capital given the scope for this to show volatility around year end. However, given progress with asset disposals to date, we expect the overall impact of disposal-related activity, some of which will come via direct disposal proceeds and some via associate dividends to contribute at least GBP200 million to our cash flow.

在現金流的更下游部分，如各位所知，鑑於年末前後可能出現波動，我們不對營運資金提供指引。然而，鑑於目前資產處分的進展，我們預期處分相關活動的整體影響（部分將以直接處分所得呈現，部分將透過聯營公司股利）將至少為我們的現金流貢獻2億英鎊。

We continue to make progress with our asset disposal program, under working on a number of future potential asset disposals, and we'll provide updates as appropriate. Finally, we continue to expect the improvement in average adjusted net debt to be sustained across the balance of the year.

我們持續推進資產處分計畫，並正就多項未來可能的資產處分進行作業；我們將在適當時機提供更新。最後，我們仍預期平均調整後淨負債的改善將在今年剩餘期間得以維持。

So that wraps up the formal part of our presentation, and both Cindy and I will now be delighted to take your questions.

以上為我們簡報的正式部分，接下來Cindy和我很樂意回答各位的問題。

(Event Instructions) But in the meanwhile, operator, Desmond, can you open the lines for questions, please?

(活動指示) 不過在此之前，接線員Desmond，請先開放提問線路，謝謝。

(Operator Instructions) Ciaran Donnelly, Citi.

(接線員指示) Citi的Ciaran Donnelly。

It's Ciaran Donnelly from Citi. Two for me. One just on quantifying the net new business contribution for 2027. Could you give us that number in basis points? If you don't want to give us the exact number, just talk about how that contribution has evolved since the Q1 update, given the moving parts in terms of client losses and client wins.

我是Citi的Ciaran Donnelly。我有兩個問題。第一個是關於量化2027年淨新增業務的貢獻。你們能否用基點提供那個數字？如果不方便給出精確數字，也請談談自第一季更新以來，考量客戶流失與客戶贏單等變動因素，該貢獻如何演變。

And then two, just in terms of the pipeline of activity, heading into H2, there's clearly a lot of unknowns. But just could you give us a sense of the balance of pitches versus defense and just in terms of activity overall?

第二個是關於下半年（H2）即將面對的活動管線，顯然有很多未知數。但你們能否就提案（pitches）與防守（defense）的占比，以及整體活動量，給我們一些概念？

Ciaran, thanks for the questions. Let me take them. I think you mean that new business in 2026, right, not 2027? But let me take you through the numbers on that one. So in terms of net new business, it's really our growth wins less our gross losses.

Ciaran，謝謝你的提問。我來回答。我想你指的是2026年的新業務，對吧，不是2027？不過我來帶你看一下相關數字。就淨新增業務而言，基本上就是我們的成長贏單減去我們的總流失。

So let me unpack that for you. And before I do, just say that very encouraged by the new business momentum that we saw continue in Q2. Our gross losses for the full year are at the top end of the range that we shared at the start of the year, so around 600 basis points. And we'll see those growth losses fairly steadily through the year, but with a slight easing in the second half of the year.

讓我為你拆解說明。在我開始之前，先說我們對第二季持續看到的新業務動能感到非常振奮。我們全年總損失落在年初所分享區間的上緣，大約是600個基點。而這些成長損失在全年會相對穩定地出現，但在下半年會略有緩和。

On the growth wins, we said at the start of the year that they were more than fiscal year 2025. And with the business performance in the Q2, we're not comfortably ahead of growth wins in 2025 for this year, which is very encouraging.

關於成長贏單，我們在年初說過，它們會高於2025財年。而隨著第二季的業務表現，今年我們的成長贏單已經明顯領先於2025年的水準，這非常令人鼓舞。

Now I do expect net new business to be a drag for the full year, and I expect it to be a drag in every quarter of this year. However, with those new business wins, I do expect that drag to ease as we go through each quarter. And indeed, we saw an easing of that from Q1 into Q2. So hopefully, that gives you some color on what we're seeing. And obviously, a big area of focus for us.

現在我確實預期，全年淨新增業務會形成拖累，而且我預期今年每一季都會有拖累。不過，隨著這些新業務贏單，我確實預期這個拖累會在每一季逐步減輕。而且我們確實看到從第一季到第二季拖累有所緩和。希望這能讓你更了解我們所看到的情況。這顯然也是我們高度聚焦的一大領域。

In terms of the pipeline, the pipeline is, I would describe it as very healthy. Last year, we talked about the lower volume of new business than we typically see. We did expect to see somewhat of a catch-up in 2026, and we're seeing that. So that the pipeline is higher than last year. And there are some defensive and offensive opportunities within that.

就管線而言，我會形容管線非常健康。去年我們談到新業務量低於我們通常看到的水準。我們確實預期在2026年會有某種程度的回補，而我們也正在看到這點。因此管線水準高於去年。其中同時包含防守與進攻的機會。

What I would say is it's much more nuanced than what we've seen in the past. So as many of the pictures that we're in, there are some opportunity for winning more revenue on net sales, and there's some revenue net sales that we are defending in those pictures. So very balanced between defensive and offensive. And as you heard from Cindy, very, very focused on continuing that new business momentum, but also focused on our client retention as well.

我想說的是，這比我們過去看到的情況要更細緻、更有層次。因此在我們參與的許多比稿中，有些是爭取在淨銷售額上贏得更多營收的機會，也有一些是我們在防守既有的淨銷售額營收。所以在防守與進攻之間非常平衡。而且如同你從Cindy那裡聽到的，我們非常、非常專注於延續新業務動能，同時也同樣專注於客戶留存。

Okay. Thanks. I was wondering just in terms of 2027, where we have a -- whether we have a picture now. Obviously, I get that things can change between now and 2027, but just based on what you can see today?

好的。謝謝。我想問的是，就2027年而言，我們現在是否已經有一個——是否已經有一個輪廓？我當然理解從現在到2027年之間事情可能會改變，但就你們今天所能看到的情況來說呢？

Look, I think it's just a little bit too early to start talking about net new business impacts in 2027. I talked about the pipeline looking to continue to hold on to the momentum that we've seen in the last three quarters and on retention to minimize the losses. Yeah, I think it's just a little bit too early, Ciaran, to comment in '27.

你看，我認為現在開始談2027年淨新增業務的影響還稍微早了一點。我提到過，管線看起來會延續我們過去三個季度看到的動能，同時在留存方面也會努力把流失降到最低。是的，Ciaran，我覺得現在要評論27年還是稍微早了一點。

Adam Berlin, Goldman Sachs.

Adam Berlin，高盛。

A couple of questions as well. You talked a little bit about improving momentum in terms of existing clients having fewer cuts in their spending in Q2 versus Q1.

我也有幾個問題。你提到既有客戶方面的動能有所改善，第二季相較第一季，既有客戶削減支出的情況較少。

Could you just give us a little bit more color on what sectors you saw that in? And what you think was driving that additional investment in marketing than we've seen in previous quarters because that seems to be a quite an important change in the trend that we've seen previously.

你能否再多提供一些細節，這主要出現在哪些產業？以及你認為是什麼驅動了相較前幾季更多的行銷投資？因為這看起來是我們先前所見趨勢中一個相當重要的變化。

Secondly, you talked about China, which had this very dramatic improvement in growth in Q2 versus Q1 and you mentioned some timing effects. Can you just give us a little bit more detail about what's happening in China? That would be very helpful.

第二，你談到中國，第二季相較第一季成長出現非常戲劇性的改善，你也提到一些時點因素。你能否再多提供一些關於中國正在發生什麼的細節？那會非常有幫助。

And then thirdly, I've noticed that WPP Media is now like 46%, 47% of your revenue, where it used to be 40%, 41% as you restructured the business. What has gone into WPP Media that wasn't there before?

第三，我注意到WPP Media現在大約占你們營收的46%、47%，而在你們重組業務之前，它曾是40%、41%。有哪些原本不在WPP Media之內的內容被納入了WPP Media？

Okay. Let me take all of this, Adam. Just in terms of the improving momentum in existing clients, you characterized it correctly. We've had a challenging time. Last year, in particular, we saw a significant [cost] to spend around about this time.

好的。Adam，我來一起回答這些問題。就既有客戶動能改善而言，你的描述是正確的。我們經歷了一段具挑戰性的時期。尤其是去年，大約在這個時間點，我們看到支出出現顯著的[成本]削減。

And it's been very encouraging that that is now stabilizing. And we're seeing a lower drag from those. We talked about the performance of the top 25 clients, so a significant improvement where they were down 9.4% in the first quarter and down 3.4% in the second quarter, obviously, there was some comp impact.

而令人非常鼓舞的是，現在這種情況正在趨於穩定。我們看到由此帶來的拖累變小。我們談到前25大客戶的表現，改善幅度顯著：第一季下滑9.4%，第二季下滑3.4%，當然其中也有一些比較基期的影響。

But specifically to your question on sectors, in Q2 we saw actually growth in the auto and health care sectors. So those sector is doing very well for us and across CPG and tech, we saw those sectors really impacted by the client losses that we've had across CPG and tech.

但針對你問的產業別，第二季我們其實在汽車與醫療保健產業看到了成長。所以這些產業對我們表現非常好；而在民生消費品（CPG）與科技方面，我們看到這些產業確實受到我們在CPG與科技領域客戶流失的影響。

And in fact as well a little bit of reduced budgets more focused on our hardware tech clients. But encouraged by existing clients that stabilization and continue to focus on that.

此外也確實看到預算略有縮減，更多集中在我們的硬體科技客戶上。但我們對既有客戶的穩定化感到鼓舞，並會持續聚焦在這點上。

In terms of China, China has been a challenging market for us for some time where we've seen double-digit declines. We did talk in the Q1 that we expected to see an improving trajectory. And indeed, we did in the Q2, which was up double digits. There are some timing factors within that, and I wouldn't expect that level of like for like to continue in the second half, but I would expect China performance to continue to stabilize.

至於中國，中國對我們而言一段時間以來都是具挑戰性的市場，我們曾看到兩位數的下滑。我們在第一季提到過，預期會看到走勢改善。而我們確實在第二季看到了，年增達到兩位數。其中有一些時點因素，我不預期下半年同店（like-for-like）還會維持那樣的水準，但我預期中國的表現會持續穩定下來。

And just a little bit more color on that. We have seen important retentions, Huawei and Uber in that market, but also wins, we talked about Honor China. And really, we're seeing a good stabilization in that market, particularly in our Media business. And even in Creative, we were down single digits. It'll be at high-single digits, which is an improvement from the trajectory that we have been on. We launched Open in China in May. So a lot of activity in that market, and it remains an important market for us and our clients, and a little bit more balance between global and local clients.

再補充一些細節。我們在該市場完成了重要的續約留存，包括華為與Uber，同時也有贏單，我們提到過榮耀（Honor）中國。整體而言，我們看到該市場良好的穩定化，特別是在我們的媒體業務。甚至在創意業務方面，我們也只是單位數下滑。會是在高個位數下滑，這相較我們先前的走勢已是改善。我們在5月於中國推出Open。因此該市場活動很多；它仍然是我們與客戶的重要市場，而且全球客戶與本地客戶之間的組合也更為均衡。

In terms of media, yes, the share of net sales from media has gone up from 41% to 46%. So some of the agencies that used to sit within Spec Agencies, we've moved under media as part of our new segmental reporting and the most significant agencies are CMI and TMP, which are much more appropriately sat under our media business. So that's really driven that change.

就媒體而言，是的，媒體在淨銷售額中的占比已從41%上升到46%。因此，部分原本歸在專業代理（Spec Agencies）之下的代理公司，作為我們新的分部揭露的一部分，已移到媒體之下；其中最重要的是CMI與TMP，把它們歸在媒體業務之下更為恰當。這就是推動該變化的主要原因。

Adrien de Saint Hilaire, Bank of America.

Adrien de Saint Hilaire，美國銀行。

Yes, good morning, everyone, and congratulations on the progress of your turnaround. Cindy, I think in an interview this morning, you mentioned that you expect some deflationary impacts on pricing from AI. Could you quantify this for us?

是的，各位早安，也恭喜你們在扭轉局勢方面的進展。Cindy，我想你今天早上的一段訪談中提到，你預期AI會對定價帶來一些通縮性的影響。你能為我們量化一下嗎？

And then maybe for Joanne, just conceptually high level, like why would the investments and the restructuring costs around the Elevate28 would be second half loaded? I think you spent something like GBP90 million out of the GBP250 million restructuring costs. For example, you've talked about the margins going down quite significantly in the second half. I'm just wondering why on those costs perhaps H1 loaded, why would they be H2 loaded?

然後也許問Joanne一個概念性、較高層次的問題：為什麼圍繞Elevate28的投資與重組成本會在下半年較為集中？我想你們在2.5億英鎊的重組成本中已支出大約9,000萬英鎊。例如，你們談到下半年利潤率會相當明顯地下滑。我只是想了解，為什麼這些成本不是在上半年較為集中，而會是在下半年較為集中？

Should I take the first question? Thanks, Adrien. I think it would be hazardous for me to try to quantify the deflationary impact of AI. What I said was that I think AI obviously presents both risks and opportunities. And like every technology platform shift in history, I think we are going to see some short-term deflationary impact on pricing as AI tooling drives productivity gains and reduces our cost to serve.

我可以先回答第一個問題嗎？謝謝你，Adrien。我認為要我嘗試量化 AI 的通縮影響，可能會有風險。我剛才說的是，我認為 AI 顯然同時帶來風險與機會。而且就像歷史上每一次技術平台的轉移一樣，我認為隨著 AI 工具推動生產力提升並降低我們的服務成本，我們將在短期內看到對定價的一些通縮影響。

Our clients are going to expect us to pass those gains on to them. But as we help our clients optimize their marketing investments overall, we can also help them reinvest those savings into innovation and transformation. And that represents an expansive opportunity to grow our footprint and to capture more addressable client spend through service integration and cross sell.

我們的客戶會期待我們把這些增益回饋給他們。但當我們協助客戶整體優化其行銷投資時，我們也能協助他們把這些節省下來的資金再投入到創新與轉型。而這代表一個擴張性的機會，讓我們得以擴大我們的版圖，並透過服務整合與交叉銷售，捕捉更多可觸及的客戶支出。

And I think with our new structure and operating model, we're very well positioned to capture that. So on balance, what I said was my view is unequivocally that AI represents a growth opportunity for us to really innovate our proposition and reimagine growth for our clients. Joanne, you want to take the second?

我認為以我們新的組織架構與營運模式，我們非常有利於把握這個機會。所以整體而言，我剛才的看法是非常明確的：AI 對我們而言是一個成長機會，讓我們真正創新我們的價值主張，並為客戶重新想像成長。Joanne，你要回答第二個嗎？

Yeah, thanks for the question, Adrien. I'm going to answer a little bit more broadly, but I will cover investments and restructuring costs. So in terms of the H1, H2 margin, just a reminder that we generate a third of our profit in H1 and two-thirds in the second half of the year, so it's much more skewed to the second half.

好的，謝謝你的提問，Adrien。我會用更宏觀的角度來回答，但我會涵蓋投資與重組成本。就上半年（H1）與下半年（H2）的利潤率而言，提醒一下：我們三分之一的利潤來自上半年，三分之二來自下半年，因此利潤更明顯偏向下半年。

In the first half of the year, as I shared in my pre-prepared remarks, we had some benefits from the structural cost actions that we took in media in H2 last year. So obviously, we get the benefit of those in H1, but those won't carry through in H2. And also related to that, we had severance costs last year, which we took through headline profit, and that drove a one percentage point benefit in margin in the first half of this year.

在上半年，正如我在事先準備的發言中分享的，我們受惠於去年下半年在媒體業務採取的結構性成本措施。因此，我們在上半年顯然能享受到那些效益，但這些效益不會延續到下半年。此外，與此相關的是，我們去年有資遣成本，並計入表列利潤（headline profit），這使得今年上半年利潤率提高了 1 個百分點。

In terms of -- as we go into the second half, we obviously wanted those tailwinds, but we will see the Elevate28 costing year, the GBP100 million that I was referred to in [prudence]. We are on track to deliver those, and those savings will be largely skewed to the second half of the year.

至於——當我們進入下半年時，我們當然希望有這些順風因素，但我們將看到 Elevate28 的成本在今年反映，也就是我在[prudence]中提到的 1 億英鎊（GBP100 million）。我們正按計畫推進以實現這些目標，而這些節省將主要集中在下半年。

Like in the other mergers which we have very successfully executed, we've taken our time in the first half to make sure that we have the right operating model design in place, market leads, regional leads are all appointed and we are taking those actions now, and we'll start to see really those restructuring ramp up related to those actions and also the savings coming through in the second half.

就像我們過去非常成功執行的其他合併案一樣，我們在上半年花時間確保正確的營運模式設計到位，市場負責人、區域負責人都已任命，我們現在正在採取這些行動；而與這些行動相關的重組將開始明顯加速，同時節省也會在下半年逐步反映出來。

In terms of investments, so really, I think of investments in two buckets. First of all is incentives. We did start to rebuild our incentives in the first half, but again, they're very much skewed to the second half. I'd expect those to continue to rebuild in the second half. And in other investments, Cindy and I have talked about our key priority is to get back to growth encouraged by the improving trajectory that we've seen.

在投資方面，我主要把投資分成兩個類別。第一是獎酬（incentives）。我們確實在上半年開始重建獎酬，但同樣地，這會明顯偏向下半年。我預期下半年獎酬會持續回升。至於其他投資，Cindy 和我都談過，我們的關鍵優先事項是回到成長，這也受到我們所看到的改善趨勢所鼓舞。

And we will continue to invest in the business, particularly in the areas of commerce, enterprise solutions, media and data, to ensure that we are going to be able to drive that sustained growth. And the guidance for the second half and holding full-year margin at 12% to 13% really gives us that flexibility to make sure that we are continuing that investment in the second half. So hopefully that helps.

我們將持續投資於業務，特別是在商務（commerce）、企業解決方案（enterprise solutions）、媒體與數據等領域，以確保我們能夠推動可持續的成長。而對下半年的指引，以及將全年利潤率維持在 12% 到 13%，確實讓我們有彈性，確保下半年能持續進行這些投資。希望這能有所幫助。

It does. And if I can just sneak in one more, perhaps for both of you. I think, Joanne, you talked about the fact that your business would be less of a drag into the second half versus H1. You talked about the fact that Top 25 had returned to growth Q2 versus Q1. I think the comparison base is a bit easier. So just high level, what are we missing to get your low- to mid-single digit decline that perhaps sounds on the conservative side maybe?

有幫助。如果我可以再補問一個，或許想請你們兩位都回答。我想，Joanne，你提到你的業務在下半年相較於上半年，拖累會比較小。你也提到前 25 大客戶在第二季相較第一季已回到成長。我想比較基期也稍微容易一些。所以從高層次來看，我們還漏了什麼，才會導致你們給出的低到中個位數下滑，看起來可能偏保守？

I think on that, Adrien, it's important to note that we talked about the one offs, which we shared this time last year. And if you strip those out, the Q2 was a decline of 3.8%. So that's the starting point as we go into the second half. And we had an easier comp in Q2, around 3%. The comp in Q3 is similar, so we don't have that comp tailwind. There'll be in Q4, we get 1% easier comp.

關於這點，Adrien，重要的是要注意我們談到過一次性因素，也就是我們在去年這個時候分享過的。如果把那些剔除，第二季的下滑是 3.8%。因此，這就是我們進入下半年的起點。而我們在第二季的比較基期較容易，大約 3%。第三季的比較基期相近，所以我們沒有那樣的比較基期順風。到了第四季，我們會有 1% 較容易的比較基期。

And then, as you noted, the net new business will ease. And really, that leaves our clients' existing spend. The macro environment, geopolitical environment remains very uncertain. We're still continuing to see a high degree of polarization within our clients and across sectors in terms of that spend. And so, we've reflected that in our guidance at either end of the range. And we wanted to give a balanced guidance, which really does reflect all of those drivers and considerations.

接著，如你所指出的，新業務淨額的影響會趨緩。而真正剩下的就是客戶既有支出。宏觀環境、地緣政治環境仍然非常不確定。我們仍持續看到客戶之間以及各產業之間，在支出方面存在高度兩極化。因此，我們在指引區間的兩端都反映了這些因素。我們希望提供一個平衡的指引，確實反映所有這些驅動因素與考量。

Jerome Bodin, Oddo BHF.

Jerome Bodin，Oddo BHF。

Yes, good morning, all. It's Jerome Bodin from Oddo BHF. I have a few questions. So the first one would be on the disposal, so the GBP200 million at least [for] 2026. So a few questions. Is it the caching impact or just the announcement? Is it net of tax? And should we expect more in 2027? And just to understand if the review is now fully finished. And maybe just to conclude on that, is there an asset that you have finally decided to keep that was under review? That's my first question.

是的，各位早安。我是 Oddo BHF 的 Jerome Bodin。我有幾個問題。第一個是關於處分（disposal），也就是到 2026 年至少 2 億英鎊（GBP200 million）。我有幾個問題：這是現金影響（cash impact）還是只是公告？這是稅後（net of tax）嗎？我們是否應該預期 2027 年還會有更多？以及想確認一下，這項檢視現在是否已完全結束。最後補充問一下：是否有某項原本在檢視中的資產，你們最後決定保留？這是我的第一個問題。

The second one, just to come back on what you said on incentive, the charge increased quite a lot in H1, so I understand that H2 will still be up. But just, I know, it's difficult because it's new to budget, but what should we expect roughly in terms of incentive for this year? Should it be flat versus 2025 up? Maybe between '24 and '25. That's my second question.

第二個問題，回到你提到的獎酬（incentive），上半年費用增加了不少，所以我理解下半年仍會上升。但我知道這很難，因為這是新預算項目，不過今年獎酬大概會落在什麼水準？會與 2025 年持平還是高於 2025 年？也許介於 2024 年與 2025 年之間？這是我的第二個問題。

And lastly, on just a more general question to get an update on the Entropa solution agenda, my understanding is that some capabilities are still spread across the other agencies. So my question is, how much of the business has now moved under one leadership and one commercial pipeline? And can you just update on the final organization that you target for that business in terms of independence versus media and creative? Thank you.

最後一個是較一般性的問題，想請你更新一下 Entropa 解決方案（Entropa solution）議程的進展。我的理解是，有些能力仍分散在其他代理商之中。所以我的問題是，目前有多少業務已移到單一領導與單一商務管線之下？另外，你能否更新一下你們對該業務最終組織形態的目標：在獨立性方面，相對於媒體與創意業務會如何定位？謝謝。

Thanks, Jerome. Let me take the first two and Cindy can pick up the question at Enterprise Solutions. So just on disposals, so we had GBP64 million in the first half cash flow related to disposals and we expect for the full year that to increase to at least GBP200 million pounds of cash, and that is net of tax. Maybe I'll just give a little bit more color on what that is.

謝謝你，Jerome。我先回答前兩個問題，然後 Cindy 可以接著回答企業解決方案（Enterprise Solutions）的問題。關於處分：上半年我們有 6,400 萬英鎊（GBP64 million）的現金流與處分相關；我們預期全年將增加到至少 2 億英鎊（GBP200 million）的現金，而且這是稅後（net of tax）。我再補充說明一下這些內容的細節。

We really have two buckets, I think, if you want to think about our disposal. We talked in February about the portfolio review that we did as part of Elevate28. And that was where we identified assets in the group, which they're great assets, but we felt that they were of more value to WGD outside of the group than inside. And we have initiated processes on those assets earlier in the year, and those processes are ongoing. So no update on those today, but we will, of course, update the market as appropriate.

我認為我們的處置大致可分為兩個籃子。我們在二月談到過，作為 Elevate28 一部分所進行的投資組合檢視。當時我們在集團內辨識出一些資產——它們都是很好的資產——但我們認為這些資產對 WGD 而言，在集團外部的價值高於在集團內部。我們已在今年較早時就針對這些資產啟動相關流程，而這些流程仍在進行中。因此今天沒有進一步更新，但我們當然會在適當時機向市場更新。

In terms of the GBP200 million, this really relates to the long tail of smaller agencies and associates and investments that we have across the group. As we got very focused on cash, we have been looking at rationalizing that long tail, simplifying the business, and raising cash proceeds. And I'm really pleased with the 200 million pounds that we will generate this year. There's a very small level of income associated with those asset sales. And part of that is the Excel business that was related historically to Kantar. We will carry on with that rationalization, so I would expect some more in 2027.

至於 2 億英鎊，這主要與我們在集團內持有的較小型代理商、聯營公司以及投資等「長尾」資產有關。隨著我們更加聚焦現金，我們一直在檢視如何精簡這些長尾資產、簡化業務並籌措現金收益。我對於今年將可產生 2 億英鎊的現金非常滿意。與這些資產出售相關的收入水準非常小。其中一部分是歷史上與 Kantar 相關的 Excel 業務。我們會持續進行這項精簡，因此我預期 2027 年還會有一些。

And in terms of the review itself, you asked whether or not we've decided to retain any assets. As part of that portfolio review, we did look at the assets and there were many that we said these are important and we can build and carry on investing in those areas, commerce being a particular area, but others that we identified as potential [CO] opportunities, which we're getting on with.

至於這次檢視本身，你問到我們是否已決定保留任何資產。在該投資組合檢視中，我們確實檢視了各項資產，其中有許多我們認為很重要，並且可以在這些領域持續打造與投資——商務（commerce）是其中一個特別的領域——但也有一些我們辨識為潛在的 [CO] 機會，而我們正在推進中。

In terms of incentives, in the last year, because of our performance, our incentives were at an unusually low level. And so, in '26, as part of our planning assumptions, we are assuming that we will rebuild our incentive pot, and we've done some of that in H1. We'll carry on with that rebuild in the second half. I think certainly they will be higher than they were in 2025 is our current expectation, and probably closer to levels that you saw in 2024. If that's helpful.

就獎酬而言，去年因為我們的表現，我們的獎酬水準處於異常偏低的狀態。因此在 26 年，作為我們規劃假設的一部分，我們假設將重建獎酬池，而我們在上半年已做了一部分。下半年我們會持續重建。我認為可以確定的是，依我們目前的預期，獎酬將高於 2025 年，並且可能更接近你在 2024 年看到的水準。希望這樣有幫助。

Why don't I come in, Jerome, on Enterprise Solutions, I mean, this is a great market for us with a 7% CAGR, so it's an attractive market for us to be in. We already have USD1.8 billion of revenue in Enterprise Solutions with around 10,000 specialists. So as you suggested, we're consolidating these assets into one business and really scaling it across the group.

Jerome，我來補充一下 Enterprise Solutions。這對我們而言是個很好的市場，年複合成長率（CAGR）為 7%，因此是我們值得投入的具吸引力市場。我們在 Enterprise Solutions 已有 18 億美元營收，並擁有約 10,000 名專家。因此如你所說，我們正把這些資產整合成一個業務，並在整個集團內真正把規模做大。

And I think what's differentiated about this business is that we're not selling. Holds on services from a separate company. It really was built from within VML originally and designed to be deeply integrated with creative production and media. And we are predominantly focused on marketing operations and the CMO, where we have already quite strong historical relationships.

我認為這項業務的差異化在於，我們不是在銷售。來自另一家公司的服務。它最初確實是在 VML 內部建立，並被設計為能與創意製作與媒體深度整合。而我們主要聚焦於行銷營運與 CMO（行銷長），在這方面我們已經有相當強的歷史合作關係。

So WPP Enterprise Solutions went live on July 1. It already has a number of active client engagements and a healthy pipeline in areas like CRM, customer experience, commerce, content supply chain, and AI marketing transformation. These are probably the fastest growing parts of the enterprise solution landscape. So I'm really excited about the future of this business under Jeff Gaheb's leadership. And I believe there's an investor webinar coming up soon, and I would encourage you to participate and learn more.

因此 WPP Enterprise Solutions 已於 7 月 1 日正式上線。目前已經有多個進行中的客戶專案，並在 CRM、客戶體驗、商務、內容供應鏈以及 AI 行銷轉型等領域擁有健康的案源管線。這些大概是企業解決方案版圖中成長最快的部分。因此我對這項業務在 Jeff Gaheb 領導下的未來非常期待。我相信很快會有一場投資人網路研討會，我也鼓勵你參與並進一步了解。

Steve Liechti, Deutsche Numis.

Steve Liechti，Deutsche Numis。

Yeah, morning. I've got three. One, just going back to the run rate on new business. Sorry to come back to it. But just can you give us any feel in terms of the first half, what those relative effects were between the gross losses and the wins in the first half? Give us a bit more help into the second half there. I'm just finding it. Obviously, you've given us the losses, but I'm just finding it quite difficult on the new stuff. That's the first question.

是的，早安。我有三個問題。第一個，回到新業務的 run rate。抱歉又回到這個話題。但你們能否就上半年，毛流失（gross losses）與贏得案子（wins）之間的相對影響，給我們一些感覺？也請多給我們一些對下半年的指引。我只是覺得。顯然你們已提供流失的資訊，但對於新增的部分我覺得比較難判斷。這是第一個問題。

Second question, I thought you might like to give us a rough estimate if you took Enterprise Solutions on a pro forma basis, what the like for like growth would be, either historically or anything you can give us there or help. Thank you.

第二個問題，我想你們或許可以給我們一個粗略估計：如果以備考（pro forma）基礎來看 Enterprise Solutions，其同類比較（like for like）成長會是多少——不論是歷史上或你們能提供的任何資訊來幫助我們理解。謝謝。

And then, the third is I know on the exits you said it's quite small. Just any actual hard number you can give us for pro forma revenue and profit that's in your consolidated numbers because I'm presuming the Kantar business Excel is not in your numbers at all from a revenue and profit perspective. Just any colour there. Thanks.

第三個問題，我知道你們說退出（exits）的規模很小。但你們能否提供任何實際的硬數字：在你們合併報表中，備考的營收與獲利是多少？因為我推測 Kantar 的 Excel 業務在營收與獲利角度完全不在你們的數字裡。能否就此提供一些補充說明。謝謝。

Yeah, let me start at the bottom and work my way up, Steve. So in terms of the exits, you're right. Excel isn't in our numbers, nor is it in Kantar's numbers. And that's a significant contribution towards that GBP200 million. The others are really associates and investments. So it's a very immaterial number in terms of our overall income and really no impact on revenue.

好的，Steve，我從最後一題開始往上回答。就退出而言，你說得對。Excel 不在我們的數字裡，也不在 Kantar 的數字裡。而這對那 2 億英鎊有相當大的貢獻。其他的主要是聯營公司與投資。因此就我們整體收入而言，這是非常不具重要性的數字，對營收也幾乎沒有影響。

On Enterprise Solutions, we said that we will report our like for like for Enterprise Solutions from January 1, 2027. This year is really all about building that, building out the three sales channels that we've talked about and Enterprise Solutions. I think it's fair to assume that the like for like that we're seeing in ES is approximates that what we're seeing more broadly across WPP Creative.

關於 Enterprise Solutions，我們說過將自 2027 年 1 月 1 日起披露 Enterprise Solutions 的同類比較（like for like）。今年主要是把它建立起來，建立我們談到的三個銷售通路，以及 Enterprise Solutions。我認為可以合理假設，我們在 ES 看到的同類比較表現，大致接近我們在 WPP Creative 更廣泛範圍內看到的情況。

And in terms of the run rate, I don't really want to get drawn into giving you net new business by quarters and by halves. But to help you a little bit, in the past, I think we've always talked about net new business having a plus or minus 150 basis points impact. Obviously, '25 was a difficult year for us in terms of plant losses hence the 600 drag this year. And that drag is pretty steady through the year, slightly lower in the second half. So we had a significant drag from that in the first half.

至於 run rate，我不太想被牽著走去按季度、按半年提供淨新增業務（net new business）的數字。但為了稍微幫助你，過去我們一直談到淨新增業務對表現的影響大約在正負 150 個基點。顯然，25 年對我們而言在客戶流失方面是困難的一年，因此今年有 600 個基點的拖累。而這個拖累在全年相當穩定，下半年略低一些。所以我們在上半年確實受到相當顯著的拖累。

The new business wins really started from Q4, and they will obviously take a couple of quarters to ramp up. So as we look through the year, the new business contribution is much more significant in the second half than it is in the first half. And therefore, in the first half, we did see a bigger drag than that 150 basis points that we would have seen historically. But we are expecting that to ease as we go through the second half. And indeed, we saw that starting to ease in Q2. Hopefully, that helps.

新業務的贏單其實是從第四季才開始，而它們顯然需要幾個季度才能放量。因此從全年來看，新業務的貢獻在下半年遠比上半年顯著。也因此在上半年，我們看到的拖累比歷史上那 150 個基點還要更大。但我們預期隨著進入下半年，這種拖累會逐步緩解。事實上，我們在第二季已看到開始緩解。希望這能有所幫助。

Julien Roch, Barclays.

Julien Roch，Barclays。

Yes, good morning. Thank you for taking the question. The first one is, based on your second-half guidance of low- to mid-single digit decline, organic for the full year should be broadly around minus four. And you said losses minus 600 basis points and the wins comfortably more than last year 250 basis points. So let's call that 300 basis points, which would indicate that your existing clients are declining 1% this year.

是的，早安。謝謝讓我提問。第一個問題是，根據你們對下半年的指引為低至中個位數下滑，則全年有機成長大致應在負 4 左右。而你們提到流失為負 600 個基點、贏單則明顯高於去年的 250 個基點。所以我們就算作 300 個基點，這表示你們既有客戶今年下滑 1%。

Last year you did minus 5.4, which was really minus four existing clients and minus 1.5 account losses, 400 basis points losses, 250 basis points win. Why are existing clients three points better outside net new business? It might not be the exact math and it might not be three points, but it's clearly much better. So why? That's my first question.

去年你們做了負 5.4，其實是既有客戶負四個，加上帳戶流失負 1.5；400 個基點的流失、250 個基點的贏回。為什麼既有客戶在扣除淨新增業務之外，會好三個點？可能不是精確的數學、也不一定是三個點，但顯然好很多。所以為什麼？這是我的第一個問題。

The second one is on China, up 16%. You said timing benefits. What do you mean exactly and what China would have grown without those timing benefits? And if you cannot give us that, when you say stabilization in the second half, does that mean flat or would it be still negative?

第二個是關於中國，上升 16%。你說有時點帶來的好處。你具體是什麼意思？如果沒有那些時點效應，中國本來會成長多少？如果你不能給我們這個數字，那你說下半年「穩定」，是指持平，還是仍會是負成長？

And then on portfolio, you said you've decided what you need to sell and it was ongoing. So if you are successful in what you want to do, share what you much bigger benefit than GBP200 million sometimes in the next 12 months. Thank you.

然後關於投資組合，你說你們已經決定需要賣什麼，而且正在進行中。所以如果你們成功做到想做的事，請分享你們在未來 12 個月某個時點能獲得的效益，是否會遠大於 2 億英鎊？謝謝。

Okay, thanks, Julien. I can always rely on you for the detailed questions. So just in terms of existing clients, look, if I take you back to this time last year. The tariffs kicked in April, and we saw a sharp decline in client spend. We didn't lose clients so much, it was a sharp decline in spend in the back end of that Q2 and that continued through the second half. So existing client spend was a real drag for us last year and it's very encouraging to see that that has stabilized.

好的，謝謝，Julien。我總是可以指望你提出很細的問題。先談既有客戶：如果我帶你回到去年這個時候。關稅在四月生效，我們看到客戶支出急劇下滑。我們並不是失去很多客戶，而是第二季後段支出大幅下降，並且一路延續到下半年。所以去年既有客戶支出對我們是很大的拖累，而現在看到這已經穩定下來，令人非常鼓舞。

It's still a drag in the first half, but we're very focused on our client delivery and we see an opportunity to continue to grow with our existing clients. We did say that the spend is quite polarized still within sectors and across different clients. And so, seeing a bit less polarization, a little bit more growth will be helpful, but it's a big focus for us. So I think it's really that stabilization and really last year the material cuts that we saw really from June last year that now is not happening to the same extent.

上半年仍然是拖累，但我們非常專注於客戶交付，我們看到有機會持續在既有客戶中成長。我們確實提過，支出在各產業內部以及不同客戶之間仍相當兩極化。因此，如果兩極化稍微減少、成長稍微多一些會有幫助，但這是我們的重點。所以我認為主要就是這種穩定；而且去年我們看到的實質削減，主要從去年六月開始，現在已不再以同樣程度發生。

And in terms of China, the one off. Well, it's not one off, it's timing effects. We're really on some of the contracts in our media business. I don't really want to get too drawn into it. But I did say that in the second half, I expect China to continue to stabilize, certainly not at the level that we saw in the second quarter, but a continued stabilization across our media business in particular. So we've been at high-double digit declines for some time. I'm not expecting that in the second half. And for the full year overall, an improvement on China year on year.

至於中國，那個一次性因素。嗯，這不是一次性，而是時點效應。主要是在我們媒體業務的一些合約上。我不太想被拉進太多細節。但我確實說過，下半年我預期中國會持續穩定，當然不會是我們在第二季看到的那個水準，但我預期會持續穩定，特別是在我們的媒體業務。我們一段時間以來一直是高雙位數下滑。我不預期下半年會是那樣。而就全年整體而言，中國將較去年有所改善。

And in terms of the portfolio, I just go back to what I said earlier, because it's difficult to say much more than that. The portfolio review that we did and the assets where we have processes ongoing on. And if we are successful in doing what we want, then we will generate more cash proceeds from those. And we'll update on those in due course.

至於投資組合，我只能回到我先前說的，因為很難再多說。我們做了投資組合檢視，並且對一些資產有正在進行的流程。如果我們成功達成想做的事，就會從中產生更多現金處分收入。我們會在適當時候更新。

And then on the long tail, of course, we've got after those with some pace this year. And there will be more opportunity to continue to rationalize that long tail into 2027. So I'd expect some more cash proceeds from those in 2027, perhaps not to the same extent as in 2026.

然後關於長尾，當然，我們今年已經以一定速度在處理。而且到 2027 年仍會有更多機會持續把那個長尾合理化。所以我預期 2027 年也會有一些額外的現金處分收入，但可能不會像 2026 年那麼多。

Annick Maas, Bernstein.

Bernstein 的 Annick Maas。

Good morning. My first question is on the Middle East. I think you said you were down 10% in the first half. What is your guidance, including for the Middle East for the second half?

早安。我的第一個問題是關於中東。我想你說上半年下滑 10%。你對下半年的指引是什麼，包括中東在內？

The second question is on personnel costs. I think if we take your assumptions of low-single digit to mid-single digit decline in the second half on the topline, do we expect personnel costs to at least decline mid-single digit if not more?

第二個問題是人事成本。我想如果我們採用你對下半年營收端低個位數到中個位數下滑的假設，我們是否預期人事成本至少會中個位數下滑，甚至更多？

And then thirdly, probably more conceptual, but can you tell us, for the accounts that you've won in the first half respectively lost, what was called out as you've been doing very well or very badly? Thank you.

第三個可能比較概念性：你能否告訴我們，上半年你們贏得的帳戶以及流失的帳戶，各自被點出你們做得非常好或非常不好的地方是什麼？謝謝。

Okay, why don't I take that last one, give some colour on winning. So in the Middle East, it was down 10% in the first half, down high-single digits in Q2, so slightly better. And I think it's very difficult to give guidance on the Middle East, just given the tragic events that are unfolding over there. And it's incredibly volatile as well. So in our planning assumptions, we've been very balanced in assuming what happens in that market. We are seeing some markets getting back to growth, others still declining to the same extent they've done in Q1. So our top priority in that region is our people and making sure that they are safe.

好的，我先回答最後一題，補充一些關於贏案的背景。中東方面，上半年下滑 10%，第二季下滑高個位數，所以稍微好一些。我認為很難對中東給出指引，因為那邊正在發生令人悲痛的事件。而且波動也非常大。因此在我們的規劃假設中，我們對該市場的走向採取非常平衡的假設。我們看到有些市場恢復成長，其他市場仍以第一季同樣的幅度下滑。所以我們在該區域的首要任務是我們的同仁，並確保他們的安全。

In terms of personal costs, this just really reflects our incredible discipline around discretionary spend and really focusing the investment that we are making in the areas that will drive the highest return on investment for us. So I'm not going to say anything more than we'll continue to stay focused on those in the balance of the year.

至於人事成本，這主要反映我們在可自由裁量支出上的高度紀律，並且把投資聚焦在能為我們帶來最高投資報酬的領域。所以我不再多說，只能說我們在今年剩餘時間會持續專注於這些。

Yeah, thanks for your question. Look, I'm with clients every single day and frequently leading client pitches as well. And in terms of what's driving our new business momentum, I would say our clients are responding very well to our integration and simplification. And that's good because all the changes we made were in direct response to client feedback. And now, that we've made the changes, clients are responding positively.

是的，謝謝你的問題。你看，我每天都在和客戶接觸，也經常親自帶領客戶提案。就推動我們新業務動能的因素而言，我會說客戶對我們的整合與簡化反應非常好。這很好，因為我們做的所有改變都是直接回應客戶回饋。而現在我們做了這些改變後，客戶的反應是正面的。

And I think what's behind that is that we're showing up as one WPP instead of multiple different agencies, so we can really put the right talent in front of the right clients at the right time without all of the friction and constraints of our historical structure. So that's really unlocking a talent fluidity and cross-sell opportunities that we're seeing show up in a number of our wins.

我認為背後的原因是，我們以「一個 WPP」的方式出現，而不是多個不同的代理商，因此我們能在正確的時間把合適的人才帶到合適的客戶面前，避免我們過去結構所造成的摩擦與限制。這確實釋放了人才流動性與交叉銷售機會，而我們在多個贏案中都看到這些效果。

I also think, as I said in my prepared remarks, that our WPP Open platform and our narrative around data is very compelling. And I think clients are starting to understand that data ownership and control in the era of AI is one of the most important competitive advantages that they have. And I think our narrative and the way our solution is architected is very differentiated. So those are some of the things that are driving our wins.

我也認為，正如我在事先準備的發言中所說，我們的 WPP Open 平台以及我們對數據的敘事非常有說服力。我想客戶開始理解，在 AI 時代，數據的所有權與控制權是他們最重要的競爭優勢之一。而我認為我們的敘事以及我們解決方案的架構方式具有高度差異化。所以這些是推動我們贏案的一些因素。

It's always hard to say what's driving our losses. First of all, I would say we're in a very fiercely competitive market, and defensive pitches are just a feature of this landscape. We're not going to win them all, and frankly, we don't need to win them all. We take every loss as a learning opportunity. And I think that's what growth mindset's all about. It helps us drive a culture of continuous improvement.

至於是什麼導致我們的流失，這總是很難說。首先，我會說我們處在一個競爭非常激烈的市場，而防守型提案（defensive pitches）就是這個環境的一部分。我們不可能全部都贏，而且坦白說，我們也不需要全部都贏。我們把每一次失利都當作學習的機會。我認為這就是成長型思維的核心。它幫助我們推動持續改善的文化。

Sometimes it's just a personal preference. Sometimes it's a preexisting relationship. It's hard to say, but we take the losses every single time. We take them as learning opportunities, and we go deep to try to understand and improve for the next time. So hopefully, that helps.

有時候這只是個人偏好。有時候是既有的合作關係。很難一概而論，但我們每一次都會承擔損失。我們把它們視為學習的機會，並深入探究，努力理解並在下一次做得更好。希望這能有所幫助。

There are no questions at this time. Please continue.

目前沒有問題。請繼續。

Thank you very much. So that represents the end of the telephone question-and-answer session. I do have some questions from the webcast. A lot of them have been already addressed but maybe going through a couple. A question on India. There was a decline in the second quarter. Are you looking for an improvement in the second half?

非常感謝。這代表電話提問與回答環節結束。我這裡還有一些來自網路直播的問題。其中很多已經被回應過了，但我們或許再挑幾個來談。一個關於印度的問題。第二季出現下滑。你們是否預期下半年會改善？

Yes. I mean, this is really just the timing of a sporting event in India that can drive a lot of volatility. And we're expecting, yes, to get back to growth in the second half.

是的。我的意思是，這其實主要是印度某項體育賽事的時間點所致，可能帶來很大的波動。我們預期，是的，下半年會回到成長。

So the second question on capital allocation for you, Joanne, it's on gross debt. Is reducing gross debt a capital allocation priority? Does that mean we should expect more debt tenders?

第二個問題是關於資本配置，Joanne，問題在總負債。降低總負債是否是資本配置的優先事項？這是否意味著我們應該預期會有更多的債務要約收購（debt tenders）？

So look, we talked in Elevate28 about our capital allocation framework and the importance to us and the priority of maintaining an investment-grade balance sheet, which we're very focused on doing. Our leverage is elevated. It was 2.18 times for the 12 months ending June 2026. And we are very focused on bringing down that leverage. I am encouraged by the fact that our adjusted net debt year on year was down from GBP3.3 billion to GBP2.9 billion.

你看，我們在 Elevate28 中談到我們的資本配置框架，以及對我們而言維持投資等級資產負債表的重要性與優先順序，而我們非常專注於做到這一點。我們的槓桿偏高。截至 2026 年 6 月止的 12 個月為 2.18 倍。我們非常專注於降低該槓桿。我也受到鼓舞，因為我們的調整後淨負債年對年已從 33 億英鎊降至 29 億英鎊。

And indeed, our average adjusted net debt was also down. So that leverage, that higher leverage has really been driven by the lower level of profits. And so, yes, we are expecting to continue to bring down the debt. But the bigger driver for our leverage reduction will be that, as well as improving our underlying profits.

而且，我們的平均調整後淨負債也下降了。因此，這個較高的槓桿主要是由於獲利水準較低所驅動。所以，是的，我們預期會持續降低負債。但推動我們槓桿下降的更大因素，除了降債之外，還包括改善我們的基本獲利。

And one final one is on the comp profile. I think this was covered in the prepared remarks, but just to be complete. Talked about easy comps from Q2 2025, can you quantify those and remind us what they are?

最後一個問題是關於比較基期（comp）概況。我想這在事先準備的發言中已經提到，但為求完整。你們談到 2025 年第二季有較容易的比較基期，你能量化一下並提醒我們是什麼嗎？

So the easier comp in Q2 was just under 3%, so it was about 2.9%. And then as we go into the second half, we won't have that tailwind in Q3. So the comp is similar in Q3 as it is in Q2, but then it eases again in Q4 by about 1 percentage point.

第二季較容易的比較基期略低於 3%，大約是 2.9%。接著進入下半年，我們在第三季不會有那樣的順風。因此第三季的比較基期與第二季相近，但到了第四季又會再放鬆約 1 個百分點。

And so with that, we've reached the end of the Q&A session. I will now pass over to Cindy for some concluding remarks.

那麼，問答環節到此結束。我現在把時間交給 Cindy 做一些結語。

Thank you, Tom. That's great. Look, as I approach my one-year anniversary in this role, I am encouraged by our performance in the first half. We're on track, and I continue to be optimistic about WPP's future. I think with the organizational structure and operating model now in place, the focus for us now is on successfully delivering the stabilized phase over the balance of the year, and we look forward to updating you on progress at our Q3 in October and full-year results in February 27.

謝謝你，Tom。很好。你看，隨著我在這個職位即將滿一週年，我對我們上半年的表現感到鼓舞。我們進度如期，我也持續對 WPP 的未來保持樂觀。我認為，既然組織架構與營運模式已經到位，我們接下來的重點是在今年剩餘時間成功交付「穩定化階段」，並期待在 10 月的第三季以及 2 月 27 日的全年業績中向各位更新進展。

As a reminder, we'll also host further sessions specifically around our NextGen production model and Enterprise Solutions business during the second half, so that you can get a clearer view of the work underway in those two critical areas.

提醒一下，我們也會在下半年另外舉辦幾場會議，特別聚焦於我們的 NextGen 製作模式與企業解決方案（Enterprise Solutions）業務，讓各位能更清楚了解這兩個關鍵領域正在進行的工作。

Finally, as we continue this journey, I'd just like to say thank you first and foremost to our clients and partners. Thank you for your continued partnership and for trusting in us with your extraordinary brands. In a market defined by complexity and rapid change, working alongside you to navigate these shifts and put AI to work and unlock new growth is just an incredible privilege for all of us here at WPP.

最後，隨著我們持續這段旅程，我想首先向我們的客戶與合作夥伴致謝。感謝你們持續的合作關係，以及將你們非凡的品牌託付給我們。在一個由複雜性與快速變化所定義的市場中，能與你們並肩合作、共同因應這些轉變，並讓 AI 發揮作用、解鎖新的成長，對我們 WPP 的每一位而言都是莫大的榮幸。

To our people across the globe, thank you. Transforming a company of our scale is hard work, and it requires a lot of grit and agility and willingness to unlearn and learn and relearn every day. And I'm just so impressed with the resilience of our people, their creativity, passion, and how they've embraced our new purpose and mission and are executing on the plan. It's relentless, but it underpins all of the progress you've heard from us today.

對我們遍布全球的同仁，謝謝你們。要轉型一家我們這種規模的公司是艱鉅的工作，需要大量的韌性與敏捷度，以及每天願意去忘掉、學習、再學習的態度。我對我們同仁的韌性、創意與熱情，以及他們如何擁抱我們新的宗旨與使命並落實計畫，感到非常佩服。這是一場持續不懈的努力，但它支撐了你們今天從我們這裡聽到的所有進展。

And finally, to our shareholders, I'd like to thank you sincerely for your ongoing support, engagement, and belief in our strategy. We remain laser-focused on delivering on our commitments, strengthening our financial foundations, and building the path back to consistent profitable growth.

最後，對我們的股東，我想真誠感謝你們持續的支持、參與，以及對我們策略的信心。我們仍然高度聚焦於兌現承諾、強化財務基礎，並打造回到穩定獲利成長的道路。

So with that, thank you again, and I will close the call.

那麼，再次感謝各位，我將結束本次電話會議。