Ipsos: 3% Organic Growth in Q2, Currency Effects Weigh on Semester
Ipsos announced on July 22 a significant business recovery in the second quarter, with revenues of €615.2 million, up 4.9%. Organic growth reached 3.0%, marking a clear recovery after a 1.4% decline in the first quarter. However, the appreciation of the euro neutralized a significant portion of this operational progress, with a currency impact of -3.4% highlighting the group's structural dependency on foreign currencies.
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
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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.
Au regard de la performance réalisée au cours des neuf premiers mois de l’année et du niveau du carnet de commandes à fin septembre, le Groupe révise son objectif de croissance organique pour l’exercice 2026, désormais compris entre 1,2 % et 1,5 % (au S1 : « autour de 2 % »)
Risks mentioned
Middle East conflict has adversely affected activity in the region, a historically strong growth zone
Americas segment remains below expectations with -1.2% organic growth in Q3 due to delays in Horizons strategic plan execution
Persistent uncertainty in macroeconomic and geopolitical environment limiting growth visibility
Opportunities identified
Strong recovery in Citizens business segment with 4.7% organic growth over 9 months and 8.6% in Q3, driven by multi-year contract wins
Acceleration in Asia-Pacific region reaching 2.8% organic growth over 9 months and 4.3% in Q3, supported by momentum in China and India
Rapid growth in Ipsos.Digital DIY platform with 14% organic growth, expanding AI capabilities and synthetic respondents
Outlook / guidance
Expected revenue: 2 559 millions d'euros
Management commentary: PERSPECTIVES : « Au regard de la performance réalisée au cours des neuf premiers mois de l’année et du niveau du carnet de commandes à fin septembre, le Groupe révise son objectif de croissance organique pour l’exercice 2026, désormais compris entre 1,2 % et 1,5 %, contre 0,6 % en 2025. Cette perspective tient également compte d’un environnement macroéconomique et géopolitique toujours incertain, notamment marqué par les répercussions du conflit au Moyen-Orient sur les activités du Groupe dans la région. Le Groupe confirme son objectif d’un taux de marge opérationnelle au niveau de 2025, reflétant sa capacité à maintenir une discipline financière rigoureuse tout en poursuivant les investissements nécessaires à l’exécution de son plan stratégique Horizons. »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
