Ipsos: 3% Organic Growth in Q2, Currency Effects Weigh on Semester

Activity Recovery Partially Offset by Currency Exchange

In the first half of 2026, Ipsos generated revenues of €1,170.1 million, up 1.3% in reported figures. Organic growth, heavily affected by the negative first quarter, stabilized at 0.8% over the semester. However, the second quarter revealed a very different dynamic: organic growth of 3.0% indicates a marked recovery in demand after several months of contraction.

The perimeter effects contributed 3.9% to the total growth for the semester, mainly thanks to the acquisition of The BVA Family in June 2025, an addition that the deconsolidation of Russia on January 1, 2026, partially offset. Combined with the organic decline in the first quarter, this reinforcement allowed the group to return to positive territory in volume over six months.

Euro Appreciation Erodes Growth Visibility

The factor that curbs enthusiasm remains the negative currency impact, quantified at -3.4% over the semester. This deterioration results from the appreciation of the euro against several currencies, notably the American dollar, and underscores the group's vulnerability to fluctuations in currency markets. While Ipsos restored positive organic growth of 3.0% in the second quarter, the currency effect reduced the total growth for this quarter to 4.9%, illustrating the gap that can emerge between business performance and monetary impact.

This tension between a real operational recovery and an adverse currency environment is a key challenge for the coming quarters. The persistence of this dependency on foreign currencies limits the group's ability to fully pass on the improvement in underlying demand to the reported revenue.