India only major market to grow for WPP in Q3 2025

New Delhi: India continued to shine as one of WPP’s strongest performing markets in the third quarter of 2025, with a 6.7% like-for-like (LFL) growth, even as the advertising giant reported a global slowdown due to a step down in its media business and client losses.

According to WPP’s Q3 2025 trading update, India and the Middle East were among the key markets that helped offset weaker performance in the US, UK, and China. The company described India as showing “continued strong new business momentum, in particular at WPP Media.”

Among WPP’s top five markets, India was the only one to record positive growth in the quarter. The results show India +6.7%, while the USA declined by 5.6%, UK by 8.9%, Germany by 10.6%, and China by 10.6%. Year-to-date, India grew 2.1% on a like-for-like basis, underscoring its position as a key growth market for the company.

Globally, however, WPP’s revenue less pass-through costs fell 5.9% LFL to £2.46 billion, while reported revenue declined 8.4% to £3.26 billion compared to the same quarter last year. The company attributed the weak results to a slowdown in its media business and recent client assignment losses.

“Performance in the quarter was driven by a step down in WPP Media versus the second quarter,” the company said. “Given the impact of further client assignment losses from 1 October, we anticipate the LFL decline in revenue less pass-through costs to deteriorate further in the fourth quarter,” it noted. 

Based on the year-to-date performance, WPP has revised its full-year outlook and now expects 2025 LFL growth in revenue less pass-through costs to be between -5.5% and -6.0%, compared to its previous guidance of -3% to -5%. The company also expects a headline operating profit margin of around 13%, lower than earlier projections of a decline between 50 and 175 basis points (excluding FX impact).

Sequentially, WPP Media’s performance worsened from a 4.7% LFL decline in Q2 to a 5.7% decline in Q3, with the company expecting further deterioration in Q4.

By geography, North America saw a 6.0% LFL decline, the UK was down 8.9%, and Western Continental Europe fell 4.4%. The Rest of World category, which includes India, was down 5.0%, but India’s growth helped cushion the fall.

In terms of client sectors, Healthcare and Pharma remained the bright spot with 6.7% growth in Q3, while Consumer Packaged Goods (CPG) declined 6.7%, Automotive fell 6.8%, Retail was down 8.2%, and Tech and Digital Services dropped 4.5%.

WPP’s average adjusted net debt for the last 12 months to 30 September 2025 stood at £3.4 billion, compared to £3.6 billion a year ago. Adjusted net debt at the end of Q3 was £3.6 billion, in line with September 2024. The company maintained its guidance for adjusted operating cash flow before working capital at £1.1 billion to £1.2 billion.

WPP also highlighted progress in its artificial intelligence and technology initiatives. The company announced a five-year extension of its partnership with Google, focusing on advancing cloud and AI technology, and launched WPP Open Pro, an upgraded version of its AI-powered marketing platform.

According to the update, 76,000 employees, representing over 90% of client-facing staff, actively used the platform in September.

Cindy Rose, who took over as Chief Executive Officer earlier this year, acknowledged the Group’s challenges but said steps are being taken to improve performance.

“My ambition is for WPP to lead our industry in terms of innovation, client delivery and organic growth. However, I acknowledge that our recent performance is unacceptable and we are taking action to address this,” said Rose.

She further said, “We have strong foundations, amazing long-standing clients, world-class talent, and market-leading technology and partnerships. To deliver performance improvements, we will make our offering simpler, more integrated, powered by data and AI, and designed to drive business outcomes for our clients.”

Rose added that WPP will focus on cost efficiency, capital discipline, and stronger execution. “There is a lot to do, and it will take time to see the impact, but we are moving at pace with several initiatives already announced and more to come,” she said.

Despite the global headwinds, India continues to stand out for WPP, contributing steady growth driven by new business wins and digital media investments. With 6.7% growth in Q3 and a 2.1% rise year-to-date, India remains one of WPP’s most resilient markets and a key driver of its long-term strategy in the region.