France · Delayed Price · Currency is EUR Ipsos Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 revenue declined 2.4% year-over-year due to currency headwinds, but order book growth and strong momentum in China and public affairs support confidence in achieving 2%-3% organic growth for the full year. Profitability is expected to remain stable despite regional and acquisition impacts.
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The company unveiled a strategy to become the AI-augmented global leader in market research, targeting 3%-4% organic growth by 2028 and above 5% by 2030, with a focus on speed, innovation, and new AI-powered services. Financial plans include €1.2bn investment (mainly M&A), margin expansion, and increased shareholder returns.
Fiscal Year 2025
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Revenue grew to EUR 2.525 billion in 2025, with organic growth of 0.6% and strong digital platform performance. Public sector revenue declined, but private sector and digital services offset some weakness. Outlook targets 2%-3% organic growth in 2026 and stable margins.
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Q3 2025 saw improved organic growth, driven by private sector clients and digital services, while public affairs continued to weigh on results. Guidance for 2025 organic growth was revised to 0.7% due to ongoing political and budgetary challenges in key markets.
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Organic growth reached 1.5% in H1, with profitability at 8.3% and free cash flow at €54 million. Acquisitions of BVA and INFAS expanded capabilities, while AI and digital platforms drove efficiency. Full-year growth and margin are expected to improve in H2.
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Q1 2025 saw 2% revenue growth, with strong EMEA performance offset by declines in Asia-Pacific and public sector. AI adoption and the BVA acquisition are set to drive future growth, while margin guidance is maintained despite ongoing global uncertainty.
Fiscal Year 2024
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Profitability and cash flow remained strong despite slower growth, with record gross margin and robust performance in EMEA and LATAM. US headwinds and political uncertainty weighed on results, but investments in AI, digital, and acquisitions support a positive outlook for 2025.
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Year-to-date growth reached 3.3%, but Q3 saw a marked slowdown, especially in the U.S. EMEA, Latin America, and Ipsos Digital performed strongly, while public sector and healthcare segments declined. Operating margin is expected to remain robust at 13% for 2024.
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Revenue grew 4.7% in H1 2024, with strong EMEA and digital performance offsetting U.S. weakness. Profitability and cash flow improved, but full-year growth guidance was revised to around 3% amid macro headwinds, especially in the U.S. and China.
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The company is executing a long-term, independent growth strategy focused on quality, technology, and client impact, with strong financials and a robust M&A pipeline. Major investments in generative AI and digital platforms are driving productivity and innovation, while ESG commitments and societal impact remain central. Margin expansion is expected as technology investments scale.