Omnicom Group, Inc.

Solid operating momentum + strong margin/earnings expansion (good): - Q3 core organic revenue growth: +7.2% (and +5.8% for 9M). - Core adjusted EBITA margin: 18.2% in Q3 (+200 bps YoY); 17.0% YTD (+210 bps YoY). - Adjusted EPS: $2.73 in Q3 (+22% YoY). - Margin expansion attributed to cost synergy realization + strong business performance, partly offset by investments in talent/operations/platform.

Synergies on track; full-year organic growth and margins expected to stay in a similar “zone” (good / guidance): - Management reiterates being on track for $900M cost reduction synergies in 2026. - Also targets delivering 75%–85% of synergies to the bottom line during the year; 9M performance is consistent with plan. - Full-year 2026 organic core revenue growth forecast: ~5% (updated). - Core margin expectation (full-year): should be similar to current levels (Phil: “in the zone” of recent outperformance), with Q4 project spend potentially influencing timing but guidance remains conservative.

M&A/disposition and “held for sale” revenue timing is a swing factor (surprising / potential challenge): - Company expects remaining dispositions to be completed near term, with the goal of by end of Q4 (but could slip into early 2027 if closing processes extend). - Investor estimates were updated: - Revenue from deals not completed: now expected ~$325M in Q4 2026 (vs earlier expectations around ~$225M / ~$300M on prior calls). - Management emphasized it’s difficult to forecast exact closing timing; they’re still working through a “handful” of transactions.