Ipsos: Q1 Revenue Declines by 2.4%, but Order Book Remains Resilient
Ipsos reported a revenue of 554.9 million euros for the first quarter of 2026, marking a 2.4% decrease. However, this decline hides a mixed reality: organic growth stands at -1.4%, while total growth was significantly impacted by unfavorable exchange rate effects of -5.4%. More encouragingly, the order book shows a 1% increase in organic terms, indicating a positive business momentum. The group maintains its 2026 ambitions despite an uncertain macroeconomic and geopolitical environment.
Revenue Details
The group's revenue reached 554.9 million euros in the first quarter of 2026. Total growth fell by 2.4%, heavily affected by unfavorable exchange rate effects of -5.4%, primarily due to the appreciation of the euro against the dollar. Excluding exchange rate effects, total growth would have been +3.0%. Organic growth, which excludes changes in scope, was recorded at -1.4%. This decrease was partially offset by positive scope effects of +4.3%, resulting from the acquisition of The BVA Family in June 2025, countered by the exit from the Russian market on January 1, 2026.
Order Book Progress
Contrary to the decline in quarterly revenue, the order book saw a 1% increase in organic growth by the end of March, aligning with the group's expectations at this stage of the year. Ipsos notes that significant order placements in March explain the discrepancy between the rise in the order book and its subsequent recognition in revenue. Regionally, the Americas reported a slightly positive order book at the end of March, despite a 4.1% decline in organic revenue growth. The EMEA region, the group's main market, recorded a total growth of +5.3%, supported by the integration of The BVA Family. In Asia-Pacific, organic growth was nearly flat at +0.2%, with a promising performance in China.
2026 Ambitions and Strategic Outlook
Ipsos maintains its ambitions for 2026: aiming for an organic growth between 2% and 3%, and an operating margin level equivalent to 2025. The group notes that the macroeconomic and geopolitical environment remains uncertain, particularly due to tensions in the Middle East, a region accounting for about 3% of the revenue. As of the end of March, a localized slowdown has been observed without impacting the annual forecasts. No significant cancellations or postponements of orders have been noted in connection with the conflict. The first quarter marked the launch of the strategic plan 'Horizons', aimed at reinforcing the group's global leadership. Ipsos is accelerating the deployment of Globally Managed Services and platforms such as Ipsos Synthesio, with growth prospects expected to be in double digits in 2026.
