The news: WPP reported Q1 results in line with analyst expectations as it begins exploring a two-year turnaround plan.

By the numbers:

• Revenues: -6.6% YoY to £3.03 billion ($3.99 billion), or -4% on a like-for-like basis
• Revenues less pass-through costs: -8.9% YoY to £2.26 billion ($2.98 billion)

The company noted that it anticipates its trajectory for like-for-like revenues less pass-through costs will be down mid- to high-single digits in the first half of 2026 and improve in the second half of the year.

Zooming in: Despite the revenue losses, WPP’s chief financial officer Joanne Wilson assured investors that its Elevate28 turnaround plan, which aims to achieve growth by 2028, is “on track.”

Wilson indicated that Elevate28 is showing early signs of success, supported by client retention and recent wins such as Estée Lauder’s global media account; JPMorgan’s business rankings stated that WPP led the pack in Q1 with an estimated $820 million in deals, followed by Publicis ($700 million). Net new business is critical to future profitability as WPP Media recorded the largest volume of losses among the big 6 agency groups in 2025, per COMvergence.

• Elevate28 aims to reach profitability through gradual delivery phases, beginning with efforts to stabilize net new business performance. Phase two focuses on embedding a transformed go-to-market strategy and a more effective operating model to deliver a fully integrated offer.
• The acceleration phase, which will cover 2028 and beyond, aims to position WPP as a low-cost, AI-forward business with strong growth.
• The company recently began this initiative by introducing WPP Commerce, a move that reorganized the holding company’s commerce experts into a single team covering WPP’s core business parts: Media, creative, production, and enterprise solutions.

Implications for marketers: With results landing in line with expectations and Elevate28 now underway, WPP appears to be laying the groundwork for a gradual recovery. How successful that strategy will be at yielding long-term profitability will boil down to a few key factors:

• WPP’s AI-first tools and investments will need to keep pace with, and ideally differentiate from, those of its biggest rivals.
• WPP must continue streamlining costs without weakening the creative and strategic talent that underpins its offering.
• Sustaining its recent run of new business wins will be critical to restoring momentum and setting up longer-term profitability.