Ipsos Reports 0.6% Organic Growth in 2025 Despite Uncertain Political Context

Financial Performance and Regional Insights

Ipsos generated a revenue of 2,524.7 million euros in 2025, marking a 3.4% increase from 2024. This growth comprises a 0.6% organic increase, a positive perimeter effect of 5.8% mainly from the integration of The BVA Family and infas, and a negative currency impact of 3.0% due to the appreciation of the euro against certain currencies, including the dollar. The limited organic growth reflects an uncertain political context in several geographic regions, combined with reduced budgetary margins for states, particularly affecting the Public Affairs line. This dynamic remains below the group's objectives. The operating margin showed resilience, standing at 12.3% in reported data and 12.8% on a constant perimeter basis, i.e., excluding the temporarily dilutive effect of acquisitions. By region, EMEA, Ipsos's largest market, recorded a total growth of 12% in 2025, but organic growth was limited to 2.0%, hampered by a decline of more than 3% in activity in France due to the political and budgetary climate. The Americas showed an organic growth of 0.3%, with a decline of about 15% in Public Affairs in the United States. In Asia Pacific, activities remain penalized by the decline in Public Affairs in several countries.

Financial Results and Cash Flow

The group's net income stood at 187 million euros in 2025, down from 244 million euros in 2024. The adjusted net income, before non-monetary items and other non-recurring charges, reached 240 million euros compared to 244 million euros the previous year. The gross margin fell to 67.8% from 68.7% in 2024, largely due to the integration of acquisitions, whose gross margin rate is lower than the group average. The payroll increased by 2.4% due to acquisitions but remained stable on a constant perimeter and exchange rate basis. The cash flow from operations stood at 411 million euros compared to 430 million in 2024. In terms of cash management, the free cash flow from operations reached 181 million euros. Ipsos accelerated its acquisition policy in 2025 with an investment of 179 million euros, mainly dedicated to The BVA Family and infas. The net financial debt amounted to 219 million euros as of December 31, 2025, compared to 57 million euros in 2024, reflecting the impact of acquisitions. The leverage ratio remains solid at 0.5x EBITDA. The available cash reached 318 million euros. Ipsos issued a 400 million euro bond in January 2025 with a coupon of 3.75% and a maturity of five years, and repaid a 300 million euro bond in June.

Outlook for 2026 and Strategic Initiatives

For the fiscal year 2026, Ipsos anticipates organic growth between 2 and 3%, with an operating margin equivalent to that of 2025. The group aims for an average organic growth of 3 to 4% over the period 2026-2028, a recovery phase based on the rapid deployment of the strategic priorities of the Horizons plan presented in January. The initiatives launched in 2026 will gradually gain momentum. In terms of capital allocation, Ipsos will continue its strategy of targeted acquisitions and will strengthen its investments in technology. The Board of Directors will propose to the General Assembly on May 20, 2026, the payment of a dividend of 2.00 euros per share, up more than 8%, representing a distribution rate of 36% of the adjusted net income diluted per share, detached on July 1, 2026. A share buyback program for an amount of about 100 million euros has also been decided for 2026, aimed at cancellation.