Headline Summary: Omnicom's Q1 earnings prompted a muted market reaction (+0.2%) as reported growth and margin improvement aligned with recent expectations following the Interpublic acquisition integration. Results reflect a transition period marked by portfolio realignment and early delivery on synergy targets, with no major surprises to either the upside or downside. Key Takeaways:

• Core operations revenue reached $5.6 billion, up by $345 million from Q1 2025 combined core figures, with organic growth of 3.9%.
• Adjusted EBITDA margin expanded by 240 basis points to 14.8% versus the prior year’s combined operations.
• Non-GAAP adjusted EPS was $1.90, increasing 11.8% year-over-year; this excludes repositioning, integration, disposition, and amortization impacts.
• $1 billion in annual revenue tied to planned divestitures has already been disposed of, with remaining asset sales targeted in upcoming quarters.
• $2.8 billion of share repurchases were executed in Q1, aligned with the $5 billion, 12-month buyback program; management reiterated $900 million cost synergy target for 2026.