Ipsos: 2% organic growth in third quarter, annual target revised to 1.2-1.5%
Ipsos's organic growth rate improved in the third quarter. It reached 2.0%, compared to 0.8% in the first half and -1.4% in the first quarter. The group has revised its annual organic growth target, now standing between 1.2% and 1.5%.
On a reported basis, quarterly revenue was nevertheless stable at €636.2 million compared to €635.9 million a year earlier. Over the first nine months, exchange rate effects weighed by -1.9%, mainly due to euro appreciation against the US dollar. The recovery remains uneven across regions: Europe, Middle East and Africa as well as Asia-Pacific are accelerating, while the Americas are declining.
€1,806.3 million in revenue over nine months, up 0.9%
Ipsos published on October 23, 2026 revenue of €1,806.3 million for the first nine months of the year, compared to €1,791.0 million a year earlier. Total growth came to 0.9%, including 1.2% organic growth. Scope effects contributed 1.6%, with the integration of The BVA Family, partly offset by the deconsolidation of the Russian subsidiary on January 1, 2026.
Quarter after quarter, organic growth evolved from -1.4% in the first quarter to 3.0% in the second, then to 2.0% in the third. The order backlog follows a comparable trajectory: its organic growth, for the portion of revenue expected in 2026, reached 2.0% in the third quarter and 1.2% over nine months.
By client segment, Citizens activity (public affairs, corporate reputation) posted the highest organic growth for the quarter at 8.6%, and 4.7% over nine months. The group attributes this to contracts won since March, notably multi-year agreements. The Doctors & Patients segment advanced 5.7% in the third quarter, driven according to Ipsos by increased new drug approvals in the United States.
Americas declining 1.2% in third quarter, Asia-Pacific at +4.3%
The Europe, Middle East and Africa region, which accounts for €897.3 million over nine months, recorded organic growth of 3.5% in the third quarter and 1.6% since January. Western Europe, Central and Eastern Europe and Africa are growing. The Middle East, presented by the group as a historically growing region, conversely saw its activity decline due to the ongoing conflict.
Asia-Pacific (€290.8 million) posted 4.3% organic growth in the third quarter and 2.8% over nine months, with momentum in China among large local and international clients, as well as a contribution from India.
The Americas, which represent €618.2 million in revenue over nine months, are in organic decline of 1.2% in the third quarter, following stability over the entire period. The group indicates that its results there remain below expectations, primarily due to delays in executing the Horizons strategic plan in the first half of 2026. On the client side, the Clients & Employees segment declined 2.5% in the third quarter, with certain activities such as advertising campaign measurement facing a high comparison base.
Organic growth targeted between 1.2% and 1.5% for 2026
The quarter was marked by the appointment of Kelly Beaver as Chief Executive Officer on July 30. She confirmed the Horizons plan, with priority given to accelerating its execution. Since then, Ipsos concluded a partnership with Google Cloud to deploy agentic artificial intelligence across the group and launched a priority usage program for its Ipsos.Digital platform, whose organic growth reached 14%.
According to the consensus of analysts surveyed, the stock trades at approximately 6.9 times expected earnings for the current fiscal year. The group also confirms its target of an operating margin rate in line with that of 2025, achieved in a fiscal year that totaled €2,524.71 million in revenue according to the annual accounts published on April 21, 2026.
On the basis of the first nine months and the order backlog level at end-September, Ipsos has set its organic growth target for 2026 between 1.2% and 1.5%, compared to 0.6% in 2025. The bottom of this range corresponds to the organic rate recorded since January. The group specifies that this target incorporates an uncertain macroeconomic and geopolitical environment, notably the effect of the Middle East conflict on its activities in the region.
