WPP has announced Elevate28, a multi-year strategic plan aimed at simplifying its structure, integrating its client proposition and restoring sustainable growth, alongside its 2025 preliminary results.
The company has transitioned from a holding company structure to a single integrated company model, streamlined into four core operating units — WPP Media, WPP Creative, WPP Production and WPP Enterprise Solutions — across North America, Latin America, EMEA and APAC. The new framework has been unified through WPP Open, its agentic marketing platform powered by Open Intelligence.
Under Elevate28, WPP has set out a three-phase roadmap: stabilising performance in 2026, building momentum in 2027 and accelerating growth from 2028 onwards. The plan has targeted £500m in gross annualised cost savings by 2028, supported by portfolio rationalisation and operating model simplification. To deliver this, WPP has anticipated approximately £400m in total cash restructuring costs over two years.
The strategy has focused on leading with media at the centre of an integrated proposition, strengthening next-generation creative and production capabilities, and scaling enterprise solutions to support AI-driven transformation for clients. WPP has also created central Client Solution Architects and Growth teams to improve cross-selling and integration of services, while consolidating production capabilities under WPP Production and establishing WPP Enterprise Solutions as a standalone unit.
As part of its financial framework, the company has prioritised maintaining an investment-grade balance sheet, funding organic growth in high-growth areas and delivering returns to shareholders. The Board has proposed a final dividend of 7.5p for 2025, taking the full-year dividend to 15.0p, and has indicated its intention to maintain the annual dividend at 15.0p per share in 2026.
For 2025, WPP has reported revenue of £13,550m, down 8.1% on a reported basis and 3.6% like-for-like (LFL). Revenue less pass-through costs has declined 5.4% LFL to £10,176m. Headline operating profit has stood at £1,321m, with a margin of 13.0%, down 1.8 percentage points LFL. Reported operating profit has been £382m, reflecting goodwill impairment of £641m and property impairments of £114m.
Adjusted operating cash flow before working capital has been £1,189m, in line with guidance, while average adjusted net debt at year-end has been £3.4bn, with a net debt to EBITDA ratio of 2.2x.
By geography, North America has declined 4.6% LFL in 2025, the UK 7.6%, Western Continental Europe 4.7% and Rest of World 5.9%, with India increasing 3.8% and China declining 14.3%. Global Integrated Agencies revenue less pass-through costs has fallen 5.7% LFL, with WPP Media declining 5.9%.
For 2026, WPP has anticipated LFL revenue less pass-through costs to decline in the mid to high-single digits in the first half, with an improving trajectory in the second half. Headline operating profit margin has been guided in the range of 12% to 13%, while adjusted operating cash flow before working capital has been expected to be between £800m and £900m including restructuring costs.
Commenting on the update, Cindy Rose OBE, Chief Executive Officer of WPP, said:
“My first six months as CEO have only reinforced my conviction that WPP is an extraordinary company. As our clients navigate uncertainty, AI disruption and macro-volatility, we’re looking ahead with a clear and focused mission: to be the trusted growth partner for the world’s leading brands in the era of AI.
“Today we are unveiling a bold plan for a simpler, more integrated WPP. Our intention is to stabilise the business, return to organic growth, create capacity to invest in the future and deliver attractive returns for our shareholders. WPP will become a single company, streamlined into four operating units across four regions, all unified by our pioneering agentic marketing platform, WPP Open.
“Our recent underperformance has been driven by excessive organisational complexity, a lack of an integrated operating model and inconsistent strategic execution. While disappointing, I see huge potential as these issues are all within our power to fix and we’re already making great progress.
“We have everything we need to succeed: exceptional talent, world-class capabilities, trusted data and technology solutions and groundbreaking partnerships, as well as the scale and reach to service the most complex multi-national, multi-brand clients in the world. The momentum we are seeing from the decisive action we’ve already taken gives me the confidence that we’re on the right path to creating a WPP that is fit for the future and built to win.”
