#12022 Q1 TRADING UPDATE 27 April 2022#2CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This document contains statements that are, or may be deemed to be, "forward-looking statements". Forward-looking statements give the Company's current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. These forward-looking statements may include, among other things, plans, objectives, beliefs, intentions, strategies, projections and anticipated future economic performance based on assumptions and the like that are subject to risks and uncertainties. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target', and other words and similar references to future periods but are not the exclusive means of identifying such statements. As such, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Company. Actual results or outcomes may differ materially from those discussed or implied in the forward- looking statements. Therefore, you should not rely on such forward-looking statements, which speak only as of the date they are made, as a prediction of actual results or otherwise. Important factors which may cause actual results to differ include but are not limited to: the impact of outbreaks, epidemics or pandemics, such as the Covid-19 pandemic and ongoing challenges and uncertainties posed by the Covid-19 pandemic for businesses and governments around the world; the unanticipated loss of a material client or key personnel; delays or reductions in client advertising budgets; shifts in industry rates of compensation; regulatory compliance costs or litigation; changes in competitive factors in the industries in which we operate and demand for our products and services; our inability to realise the future anticipated benefits of acquisitions; failure to realise our assumptions regarding goodwill and indefinite lived intangible assets; natural disasters or acts of terrorism; the Company's ability to attract new clients; the economic and geopolitical impact of the Russian invasion of Ukraine; the risk of global economic downturn; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; the Company's exposure to changes in the values of other major currencies (because a substantial portion of its revenues are derived and costs incurred outside of the UK); and the overall level of economic activity in the Company's major markets (which varies depending on, among other things, regional, national and international political and economic conditions and government regulations in the world's advertising markets). In addition, you should consider the risks described under Item 3D 'Risk Factors' in the Group's Annual Report on Form 20-F for 2021, which could also cause actual results to differ from forward-looking information. Neither the Company, nor any of its directors, officers or employees, provides any representation, assurance or guarantee that the occurrence of any events anticipated, expressed or implied in any forward-looking statements will actually occur. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this document. Q1 2022 TRADING UPDATE 2#3CONTENTS 1. Q1 HIGHLIGHTS 2. FINANCIAL PERFORMANCE 3. Q & A 3#4STRONG START TO THE YEAR ● ● Continued growth momentum LFL¹ revenue less pass-through costs +9.5% ● Growth in all business segments: GIA +8.6% (GroupM +12.8%), PR +14.1%, Specialist Agencies +13.0% Broad-based regional growth: N America +8.7%, UK +8.1%, W Europe +8.9%, ROW +11.9% • New business: Mars, JDE Peet's, Sky; onboarding Coca-Cola at pace ● Sustained investment in client offer • Creation of GroupM Premium Marketplace ● ● Further transformation of GroupM Launches of Everymile (D2C commerce) and Metaverse Foundry Ongoing investment in product development in Xaxis, Finecast and Choreograph Acquisition of Village Marketing £362m of share buybacks in Q1 1. Like-for-like. LFL comparisons are calculated as follows: current year, constant currency actual results (which include acquisitions from the relevant date of completion) are compared with prior year, constant currency actual results from continuing operations, adjusted to reflect the results of acquisitions and disposals for the commensurate period in the prior year. Both periods exclude results from Russia. Q1 2022 TRADING UPDATE 4#5EVENTS IN UKRAINE AND RUSSIA Provide practical and financial assistance for our 200 people in Ukraine Partnered with the UNHCR to run an emergency fundraising appeal: - $150m raised to date, including over $1.3m from our employee match-funding programme ● • On 4 March 2022 we announced our decision to exit Russia; agreement now reached to divest businesses Limited financial impact: Represented 0.6% of revenue less pass-through costs in 2021; excluded from like-for-like growth metrics from Q1 2022 Q1 2022 TRADING UPDATE 5#6FINANCIAL PERFORMANCE 6#7Q1 LFL GROWTH AHEAD OF EXPECTATIONS Revenue less pass-through costs growth Reported FX Acquisitions LFL Q1 2020 (4.3%) (0.3%) (0.7%) (3.3%) Reported FX Acquisitions LFL Q1 2021 (1.4%) (4.3%) (0.2%) 3.1% Reported FX Acquisitions LFL Q1 2022 0.3% 0.5% Q1 2022 TRADING UPDATE 10.3% 9.5% 7#8GOOD GROWTH ACROSS ALL BUSINESS SECTORS 16% 14% 12% 10% 8% 6% 4% 2% 0% Q1 LFL REVENUE LESS PASS-THROUGH COSTS GROWTH 9.5% WPP 8.6% GIA 12.8% GroupM 5.6% GIA ex GroupM 14.1% 13.0% 11 PR Specialist Agencies ● Continued strong performance at GroupM: data, digital media, new business Other GIAs all contributing to growth: Demand for content driving Hogarth Integrated creative agencies strongest in Europe, India and Latam - PR delivering sustained high growth: BCW, H+K and Finsbury Glover Hering all growing double-digits Broad-based growth in Specialist Agencies Q1 2022 TRADING UPDATE 8#9MAJOR MARKETS GROWING WELL 30% 25% 20% 15% 10% 5% 0% Q1 LFL REVENUE LESS PASS-THROUGH COSTS GROWTH 8.9% USA 8.1% UK 16.1% Germany 25.1% 11.9% 11 China India 3.5% Australia 5.8% Canada 0.4% France 28.5% Brazil 8.2% Spain ● ● Global footprint increasingly relevant for clients Largest markets growing close to or above overall WPP growth rate Very strong growth in India and Brazil Post-COVID recovery potential in Australia and France Q1 2022 TRADING UPDATE 9#10MAIN MOVEMENTS IN NET DEBT (£M) -600 -1,100 -1,600 -2,100 -2,600 (0.9bn) Dec 2021 Trade NWC Capex Q1 2022 Share purchases Acqns/disposals FX Notes: Itemised movements in net debt represent management figures, which may vary from the presentation of the cash flow under IFRS. Acquisitions/disposals include earn-out payments. Other (2.6bn) March 2022 ● ● Net debt at 31 March 2022 £2.6 billion, average net debt £1.6 billion Normal seasonal movement in working capital since year-end Trade NWC improvement of c £180m YoY at Q1 £405 million of share purchases in Q1 £362 million share buyback - £43 million purchased into Employee Benefit Trust Q1 2022 TRADING UPDATE 10#11UPDATED 2022 GUIDANCE Like-for-like revenue less pass-through costs of 5.5-6.5% (previously around 5%) ● ● ● Headline operating margin improvement maintained targeted at around 50 bps, excluding the impacts of M&A and foreign exchange Capex £350-400 million Trade working capital expected to be flat year-on-year Foreign exchange rate benefit of 2.0-2.5% on reported revenue less pass-through costs from the movement in sterling year-on-year Mergers and acquisitions benefit of 0.5-1.0% to revenue less pass- through costs growth Around £800 million of share buybacks in 2022, of which £362 million completed in Q1 Q1 2022 TRADING UPDATE 11#12OUTLOOK 12#13SUMMARY AND OUTLOOK Strong start to the year; broad-based growth across the business Ongoing investment in expanding our offer to drive long-term growth - Targeted acquisitions Strategic partnerships Continued investment in innovation, eg Choreograph, Finecast, Everymile Demand from client remains strong but we remain mindful of broader economic environment › Q1 outperformance leading to guidance of 5.5-6.5% for the full year ● ● ● Q1 2022 TRADING UPDATE 13#14Q&A 14#15CONTACTS AND FURTHER RESOURCES PEREGRINE RIVIERE Group Investor Relations Director [email protected] Tel: +44 (0) 7909 907 193 ANTHONY HAMILTON Investor Relations Director [email protected] Tel: +44 (0) 7464 532 903 CAITLIN HOLT Investor Relations Senior Manager [email protected] Tel: +44 (0) 7392 280 178 WPP INVESTOR RELATIONS [email protected] INVESTOR WEBSITE www.wpp.com/investors WPP IQ WPP's industry intelligence platform www.wpp.com/wpp-iq "THIS WEEK, NEXT WEEK" PODCAST GroupM's Business Intelligence team discusses latest news and research in media and marketing Listen here SOCIAL CHANNELS f O in Q1 2022 TRADING UPDATE 15#16OTHER FINANCIAL INFORMATION#17REVENUE LESS PASS-THROUGH COSTS BY SECTOR FIRST QUARTER Global Integrated Agencies Public Relations Specialist Agencies Total Continuing Operations 2022 £M 2021 EM¹ 2,106 262 206 2,574 1,947 206 181 2,334 1. Prior year figures have been restated to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. This increases the Global Integrated Agencies' Q1 2021 revenue less pass-through costs by £13 million and reduces Specialist Agencies' by the same amount. A REPORTED 8.2% 27.4% 14.0% A LFL 8.6% 14.1% 13.0% 10.3% 9.5% Q1 2022 TRADING UPDATE 17#18REVENUE LESS PASS-THROUGH COSTS BY REGION FIRST QUARTER North America UK Western Continental Europe Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe Total Continuing Operations 2022 CM 1,015 352 507 700 2021 EM 886 321 492 635 2,574 2,334 A REPORTED 14.6% 9.8% A LFL 8.7% 8.1% 3.2% 8.9% 10.1% 11.9% 10.3% 9.5% Q1 2022 TRADING UPDATE 18#19COSTS REVENUE LESS PASS-THROUGH GROWTH BY REGION LIKE-FOR-LIKE % North America % FY 21 Q1 22 9.7% 8.7% Latin America % FY 21 Q1 22 24.8% 22.4% FY 21 15.0% UK % W. Cont. Europe % FY 21 Q1 22 14.5% 8.9% FY 21 11.0% C. & E. Europe % Q1 22 FY 21 12.3% 4.9% Q1 22 8.1% Africa & M. East % Q1 22 9.4% Asia Pacific % FY 21 9.5% Q1 2022 TRADING UPDATE Q1 22 10.4% 19#20TOP MARKETS PERFORMANCE¹ Q1 2021 0.7% Q2 2021 12.6% USA Q3 2021 Q4 2021 12.4% Q1 2021 25.1% 11.7% Q2 2021 (0.4%) Q1 2022 8.9% CHINA Q3 2021 19.0% UK Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 31.8% ..... 16.9% 9.9% 3.9% Q4 2021 12.1% 1. Like-for-like revenue less pass-through costs growth vs prior year from continuing operations. Q1 2022 11.9% Q1 2021 (0.5%) 8.1% Q2 2021 30.0% Q1 2021 2.5% INDIA Q3 2021 28.0% Q2 2021 20.3% Q4 2021 GERMANY 16.8% Q3 2021 Q4 2021 34.5% Q1 2022 25.1% 3.4% Q1 2022 16.1% Q1 2022 TRADING UPDATE 20#21TOP MARKETS PERFORMANCE¹ Q1 2021 (7.6%) AUSTRALIA Q2 2021 Q3 2021 Q4 2021 Q1 2022 8.4% 2.4% Q1 2021 8.5% (2.2%) Q2 2021 29.8% 3.5% BRAZIL Q3 2021 29.6% Q1 2021 15.7% Q4 2021 33.8% 1. Like-for-like revenue less pass-through costs growth vs prior year from continuing operations. Q2 2021 33.5% Q1 2022 28.5% CANADA Q3 2021 8.7% Q4 2021 7.8% Q1 2021 (4.7%) Q1 2022 5.8% Q2 2021 15.8% Q1 2021 (1.0%) SPAIN Q3 2021 12.7% Q2 2021 27.9% Q4 2021 1.7% FRANCE Q3 2021 16.1% Q1 2022 8.2% Q4 2021 6.1% Q1 2022 Q1 2022 TRADING UPDATE 0.4% 21#22IMPACT OF FX ON REVENUE LESS PASS-THROUGH COSTS 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% -6% 21/FY Act (5.0%) 22/Q1 Act 22/Q2 Est¹ 22/Q3 Est¹ 0.3% 3.6% 1. Q2-Q4 uses 11 April 2022 exchange rates, including £:$1.30, £:€1.20. 3.3% 22/Q4 Est¹ 2.3% 22/FY Est¹ 2.4% • YTD currency tailwind 0.3% • 2021 full year headwind (5.0%) • 2022 full year currency tailwind 2.4% at recent exchange rates¹ Q1 2022 TRADING UPDATE 22#23DEBT MATURITY PROFILE £M AT MAR 31, 2022 £ bonds £400m (2.875% Sep '46) US bond $220m (5.625% Nov '43) US bond $93m (5.125% Sep '42) £ bonds £250m (3.75% May '32) Eurobonds €600m (1.625% Mar '30) Eurobonds €750m (2.375% May ¹27) Eurobonds €750m (2.25% Sep '26) Eurobond €500m (1.375% Mar '25)/£444m Swap¹ US bond $750m (3.75% Sep '24) Eurobonds €750m (3.0% Nov '23)² Debt Facilities Other facilities Net cash, overdrafts & other adjustments Total Borrowing Capacity / Net Debt Exchange Rates £/$ 1.3138 £ / € 1.1856 1. Swapped to £444m at 2.61% 2. €500m swapped to $604m at 4.03% £ TOTAL CREDIT 400 167 71 250 506 633 633 444 571 671 4,346 1,903 6,249 £ TOTAL 700 DRAWN 400 167 71 250 506 633 633 444 571 671 4,346 (1,737) 2,609 600 500 400 300 200 100 2022 2023 2024 2025 2026 2027 2028 2029 H 2030 2031 2032 Weighted Average Coupon 3.0% Weighted Average Maturity 7.0 years Available Liquidity £3,640M 2042 2043 2046 23 7#24EFFECTS OF CURRENCY FIRST QUARTER US$ € Chinese Renminbi Brazilian Real Australian $ Canadian $ Indian Rupee Singapore $ South African Rand 2022 1.34 1.20 8.5 7.00 1.85 1.70 101 1.81 20.4 2021 (WEAKER)/STRONGER 1.38 1.15 8.9 7.56 1.78 1.75 101 1.84 STERLING 20.6 (3%) 4% (5%) (7%) 4% (3%) (1%) (1%) Currency movements accounted for 0.3% increase in revenue less pass-through costs • £ sterling weakening ● against most currencies Q1 2022 TRADING UPDATE 24