The news: WPP’s H1 2026 results indicate that the holding company is making steady progress toward its three-year turnaround plan, Elevate28, as revenue declines were down from a year prior.

By the numbers:

• Revenues: £6.4 billion ($8.4 billion), -4.4% YoY, an improvement from -7.8% a year earlier.
• Revenues less pass-through costs: £4.7 billion ($6.2 billion), -5.6% YoY, up from -10.2% a year earlier.

WPP’s stock climbed over 26% Thursday after the company beat analyst expectations.

The plan: Elevate28 is a three-year turnaround effort announced in February that aims to achieve positive growth through gradual delivery phases.

• Phase one covers efforts to stabilize net new business performance, and began when WPP reorganized its commerce experts into a single team called WPP Commerce, which covers core business areas like media, creative, production, and enterprise solutions.
• Phase two is a go-to-market strategy and more effective operating model to provide a fully integrated offer to clients.
• The acceleration phase, covering 2028 and beyond, will ideally position WPP as a low-cost, AI-forward business with strong growth potential.

CEO Cindy Rose stated on WPP’s earnings call that the company is in the process of selling non-core assets with the goal of generating about £200 million ($263.5 million) this year. WPP is weighing the sale of additional assets, including smaller agencies and stakes in associate companies, as it plans to carry the process into next year.

The roadblocks: WPP’s ability to stabilize its revenue losses in H1 2026 are an early sign of recovery—but the path could be complicated as WPP is still struggling with client losses. Improving client retention will be critical to WPP’s ability to achieve its desired turnaround timeline.

That could happen if WPP’s current initiatives, including its push to build out AI capabilities through the Agentic Standards Initiative, WPP Open Pro AI tool, and partnerships with companies such as Google, prove effective and more competitive than rivals.

Implications for marketers: WPP’s progress is unfolding gradually as the company seeks to navigate broader industry struggles—such as shrinking profits, rising costs, and in-housing pressure—by adopting a leaner, AI-forward agency model. Elevate28’s success will depend on whether this leaner model is meaningfully different from what WPP’s competitors are offering. For now, WPP’s momentum is encouraging, but the full impact of its turnaround will likely take time to show up.

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