Strong New Business Momentum
WPP was #1 in JPMorgan's net new business rankings in Q4 2025 for the first time since 2020 and sustained momentum into 2026 with major wins including Jaguar Land Rover (Global Media & Integrated Services), JLR (pending contract), UK government lead media agency, Reckitt, Henkel, Kenvue, Haleon, TruGreen, Norwegian Cruise Line and Suncor. Management reported the impact of 2026 new business already exceeds the impact of all 2025 wins (by February 2026).
WPP Open and Data Platform Strength
Continued investment in the agentic marketing platform WPP Open (more than GBP 300m invested in technology/data/AI in 2025). Platform capabilities and partner integrations (InfoSum, Adobe, Google, Microsoft, TikTok, Meta, Amazon, Stability AI) were cited as differentiators; cited case studies include Google Pixel (campaign assets live within 24 hours and a 3% brand uplift) and Heineken (Tesco sales uplift of 189% through InfoSum-enabled measurement).
Organizational & Offer Restructuring
Announced transition from a holding-company model to a single-company model with 4 operating units across 4 regions, plus creation/elevation of WPP Media, WPP Creative, WPP Production and WPP Enterprise Solutions to drive integration, cross-sell and talent mobility.
Ambitious Cost Savings and Reallocation Plan
Target to unlock GBP 500m of gross annual cost savings by 2028 (GBP 300m already removed since 2024). 2026 expected in-year P&L savings of at least GBP 100m and GBP 250m of annualized savings; management intends to reinvest in media, high-velocity production and enterprise solutions.
Investment-Grade Balance Sheet & Liquidity
Fitch assigned WPP a BBB rating with a stable outlook. Liquidity at December 2025 was GBP 4.4bn (including an undrawn committed RCF of $2.5bn maturing 2031). Completed a GBP 1bn bond issue in December 2025, covering a GBP 650m maturity in September 2026; maturity profile 5.8 years and average coupon ~3.5%.
Cash Generation and Discipline
Adjusted operating cash flow before working capital was GBP 1.2bn in 2025 (at top of guidance range) despite weaker profit, and included GBP 82m of cash restructuring charges. Management guided 2026 adjusted operating cash flow before working capital of GBP 800–900m (including ~GBP 250m restructuring) or GBP 1.0–1.1bn excluding restructuring charges.
Enterprise Solutions Scale
WPP Enterprise Solutions reported ~10,000 employees and approximately $1.8bn revenue (~13% of group net revenue) and was elevated as a distinct unit to scale a $230bn enterprise transformation opportunity (7% projected CAGR).
Shareholder Returns Maintained
Board proposed a full-year dividend of 15p for 2025 (final dividend 7.5p), signaling continued commitment to shareholder returns despite lower earnings.