Good morning or good afternoon to all of you. I am very pleased to welcome you to this exceptional presentation of Ipsos to the financial markets. After a few words of introduction from me, you will hear from Kelly Beaver, our new CEO, as well as from Olivier Champourlier, Ipsos' Chief Financial Officer. The choice of a CEO is the most important and most difficult decision that a Board of Directors has to take. When I took my Chairman responsibility of the Board of Ipsos in March this year, we had a best practice and already an ongoing process of succession planning, both for our CEOs but also our board members. In particular, our nomination committee has put in place an ongoing and effective process for succession planning of the CEO position.
Kelly Beaver was an already identified choice by the nomination committee, and her profile was identified already in 2025, and she was put on a development program. On July 30th of this year, so six weeks ago, the board unanimously decided that Kelly Beaver was the right person right now for the job. Her remuneration is fully in line with the remuneration policy that was approved by our shareholders meeting on May the 20th, with 94% support. Kelly has resigned from her position in Ipsos in the U.K. and Ireland, so she has only a corporate officer mandate, and she has relocated to Paris already on July 31st. We have a new CEO, but we have a strategy, Horizons, that remain the same. It's the same framework with six strategic choices.
Kelly Beaver is the right person to accelerate the execution of that plan because she's an internal, proven, and ready-now leader with 15 years of experience, both in the U.K. and Ireland, but also more recently as the Global Chairman of our Global Healthcare Practice, which means that no ramp-up was required. She has as well an outstanding commercial growth record with businesses under her area of responsibilities, which have grown continuously faster than the average of the Ipsos group, and she has successfully integrated different acquisitions in the U.K. and Ireland. She is as well a wide industry recognized and awarded leader by ESOMAR, our professional association, MRS, and also by the Female FTSE Board Report for the 100 Women to Watch. Last but not least, she has worked on the Horizon plan and its definition with her colleagues of the executive committee since early 2025.
Kelly mandate is very simple. This is to turn strategy into faster execution. This is about Ipsos having a better performance, which is expected by all our shareholders. The market sets the pace, and Ipsos needs a leader who will deliver results at speed. Without further ado, I am very happy to introduce Kelly Beaver.
[Non-English content] Laurence, and hello. Ipsos is an outstanding company with an enviable market position. I am very proud to lead Ipsos through the next phase of its development and journey. Firstly, a little about myself. I was born and raised in Northern Ireland, in Belfast, to be exact. I am 43 years old. I have been at Ipsos for 15 years. Before Ipsos, I had a career in management consultancy as an economist and as a researcher. During that time, I worked for organizations including PricewaterhouseCoopers and also Coffey International Development, where my role involved working across developing economies and emerging economies around the world. More recently, whilst working at Ipsos, I have indeed received numerous awards. Those awards are linked to our company and our people's ability to deliver in the most complex of research circumstances.
I have received an MBE, which is an award from the previous Queen of England for services to academia, research, and the COVID response. I have a number of roles that span academic institutes like Oxford and King's College. Importantly, during my time at Ipsos over the last 15 years, I know how to deliver, and to deliver impact for our clients and commercial growth for our company. There are three key things I would like to reflect on. First is understanding the operational aspects of our industry, delivering alongside our people, delivering to our clients to help them shape, improve, to grow their organizations. Secondly, in my role across the U.K. and Ireland, that business hosts 14 of Ipsos' s globally managed services. It gave me the depth of understanding of the full range of Ipsos' service offerings.
More recently, and in a previous role at Ipsos, I have had the chance to operate on a global level, whether that was running the International Social Research business for Ipsos, or more recently, as the Chair for our Global Healthcare Practice. These aspects of the roles that I have played at Ipsos enable me to execute faster within the Ipsos context with knowledge of our people, our clients, our industry. What is my leadership style like? I am incredibly execution -and performance -driven. Clear mandates, clear plans, clear accountability, clear delivery time frames. That is how you drive execution at pace. Alongside, being a very global and inclusive leader for our people. Importantly, as Laurence mentioned, I was part of the leadership team who put together the strategic plan for Ipsos.
That was a plan I was involved in developing. Now I have the privilege of leading our teams to execute. A reminder for those of you on our key six strategic choices. The execution of this plan is now critical. This plan is something that I 100% believe is the right plan for Ipsos. Firstly, Ipsos is a multi-specialist business. Part of our strategic plan is to ensure we can go faster with some of our services, which we believe, on a global platform, can accelerate the growth of Ipsos. These are called our globally managed services. There are six services which need a consistent delivery platform and strong commercialization across our 90 markets. That is core to how we will accelerate growth. Secondly, we are and we continue to be a global company with a local footprint.
Under this pillar, there are three key elements to execution. The first of those is ensuring we enhance the commercial nature of our organization and the way our people deliver commercially. But importantly, two key country plans, one for the U.S. and one for China. Those markets are pioneer markets where Ipsos has an opportunity to really accelerate our growth. Thirdly, and importantly for our clients, speed is increasingly important. Ipsos has a commitment to deliver a high proportion of our services within a 48-hour window whilst maintaining the integrity and quality of what we deliver, which our clients absolutely demand. To utilize our digital platform, Ipsos.Digital, which allows us to do end-to-end research delivery at scale and fast, is a core part of the third strategic aim. Fourthly, AI as a catalyst for market leadership.
This is not just about the productivity improvements that AI offers. This is more about our ability to accelerate and improve the products that we offer our clients by enhancing them with artificial intelligence. Fifthly, access to real people. Ipsos has access to real people in all of the markets that we operate. Alongside accelerating with AI, doubling down on access to real people, on which AI absolutely requires high quality inputs, is a critical part of our strategy. Number six, expanding into adjacent service areas such as data integration and analytics, which is an adjacent market to the market we currently operate in. Those are our six strategic choices, and they will, when accelerated in the delivery aspects, they will allow Ipsos to grow faster. I am going to hand over to Olivier Champourlier, our CFO, to talk through a current trading update.
Thank you, Kelly. Let me now turn to current trading and give you an update on where we stand at the end of August. First, our order book is up 1.2% year to date on an organic basis, the same level we reported at the end of June. The commercial activity has remained positive and stable over the past two summer months. Regarding the revenue, we are up 1.1% year to date on an organic basis, which is higher than what we reported at the end of June, where we were at 0.8%. The growth of our revenue has been positive since June and is now closer to the growth of our order book as of the end of August. We will give you a full detailed business update during the release of our third quarter result on October 23rd.
With that, I will now hand back to Kelly for an update on the Horizons plan.
Thank you, Olivier. It is imperative now that Ipsos and our teams accelerate the execution of the Horizons strategy. Over the last six weeks, I have been working alongside our leadership teams around the world to ensure that Ipsos and our business has clear operational plans in place for each one of those strategic aims. These are 26-week operational plans, and I use the word weeks on purpose. Weeks rather than months, rather than quarters, rather than biannual. Weeks is the period in which we will monitor our progress and deliver and execute against our strategy's priorities with clear milestones, clear leadership, clear accountability, and an acceleration of delivery. In the next four weeks, I will appoint the leadership positions that are needing in place in order to accelerate Horizons. Within that four-week window, we will accelerate the AI roll-out across our organization.
In the next four weeks, I will accelerate the roll-out of the use of the Ipsos.Digital platform. This is our end-to-end digital platform, which allows us to deliver research insights at speed to our clients by mandating its use in a number of critical markets. Within eight weeks, our globally managed services will have clear acceleration plans in delivery mode, not in development. Indeed, we will also have an acceleration of product development with the infusion of AI in how we go to market with the critical products that Ipsos executes for our clients around our markets and around the world. Today, we have a strong and experienced leadership team in place at Ipsos with a mix of those who know Ipsos and know our industry, and also with those who are new and bring an external perspective to our business.
That leadership accountability is critical to be reinforced across each of these initiatives so that we can accelerate the pace of our delivery. I am pleased to share some improvements already in the area of enabling AI across Ipsos. I have, in the last six weeks, appointed a new Chief Platforms and Technology Officer for Ipsos, who is based in the U.S. and who deeply understands how technology and market research intersect, because this is not about technology or AI for the sake of it. This is about technology and AI to drive the quality, to drive the value in the research process for our clients, and that is Humair Mohammed. I have also nominated and appointed a Global Lead of AI Solutions and Client Engagement, and I am very pleased to say that Cynthia Vega will be joining Ipsos at the end of November. Cynthia is a long-established leader.
She has operated most recently at Kantar, before that, Nielsen. She has a deep understanding of LLMs, of synthetic, of agentic AI, and importantly, how you infuse it into the research process, deliver at speed to add value to what we do for our clients. She also is part of a Forbes committee around AI. Across Ipsos, we have now enabled Microsoft Copilot for all of our employees, and more recently, signed the partnership with Google Gemini. This is both for our enterprise platform and also, importantly, for our agentic platform. With that, we will be releasing a series of new products over the course of the next 12 weeks and the next 24 weeks. Again, the focus here is on speed of execution, speed of launch to market.
For example, we will have in the next 12 weeks InnoTest, which is our solution on Ipsos.Digital to help our clients identify winning ideas and concepts. This will enable us to go faster to help them make smarter investments and have a stronger innovation pipeline. The key difference in what we are doing here is that we are adding in synthetic respondents, which will allow us to accelerate the pace with which we test the innovations and allow them to predict and improve the benchmarks for their trial innovation products. Secondly, in the next 12 weeks, our Ipsos Synthesio solution will be delivering on our this is our social listening platform. It will be delivering AI Visibility, which is about helping brands today understand how they are showing up on LLMs.
This is a question we get asked a lot by our clients, and in the next 12 weeks, this new product will be launched. Of course, with the agentic platform that we are getting from Google Gemini, we will also be able to start launching agentic products within the next 12- 24 weeks. For example, InnoExplorer, which is powered by our Ask Ipsos agent system, which is a complete agentic system and allows us to simultaneously connect to other systems. So this will be our current databases around innovation product development, alongside Ipsos platforms like our social listening platform, and importantly, to client systems as well, allowing clients to test innovation concepts at scale, at speed. Finally, our Creative Spark AI.
This is a tool that allows our clients who want to test a higher volume of creative ads, which they could be running across socials, but other media outlets as well, at pace, at scale, again, infused with synthetic respondent data. This product pipeline and accelerating it is critical to our growth milestones as an organization. By embracing AI and agentic capabilities within Ipsos at speed, it will allow us to execute our plan faster. Now I'm delighted to introduce our new corporate communications campaign, which is about the power of bringing human insight and human capability together with AI. This is what we're calling Augmented Ipsos. Please play the video.
The world is moving faster than ever. Markets evolve, behaviors change, opinions shift. Access to data and information has never been easier. Yet for our clients, making decisions has never been more complex. Better decisions start with better data. Data has to be collected, analyzed, verified. It needs scientific rigor to become truly reliable. At Ipsos, we predict what comes next by continually evolving how we decode the world. It's how we've helped clients with our multi-specialist services to navigate change for more than 50 years. As artificial intelligence unlocks new possibilities, Ipsos' experts in 90 countries are helping turn data into better decisions, expanding the reach of research, connecting data in new ways, and pushing analysis further and faster, delivering insights that matter across society, markets, and people.
At the heart of Ipsos are our people, and we provide access to millions of real people around the world, combining artificial intelligence with human intelligence to deliver deeper understanding and better decisions. Augmenting speed, augmenting insights, augmenting trust to turn complexity into clarity and clarity into impact. This is what we call Augmented Ipsos. Ipsos. Game changers.
Thank you. I hope you enjoyed watching that. Just a reminder, our third quarter results will be available on October 23 at 8:30 A.M. Central European time, and you will hear more then about current business performance and indeed broken down by market and by audience group. But for now, I welcome Q&A based on what you have heard today.
Conference operator, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. We kindly ask you to ask your questions in English only. First question is from Marie-Line Fort, Bernstein.
Yes, good afternoon. Thank you for taking my question. The first one is about your guidance of a 2% organic sales growth. Given what you achieved at the end of August, what is the benchmark you need to achieve over the next four quarters? This is the first one. The second question is about globally managed services. Do you confirm that this GMS should generate double-digit growth? At which time horizon do you think you can achieve this target? Regarding Ipsos.Digital, how do you view the development of the platform? We can see in Google Trends that Ipsos.Digital fell sharply in July and August. Is it significant, and is there a specific reason for this? The last question is probably for Laurence Stoclet, to understand why Kelly has not been appointed before and at the time of the previous managerial transition. Thank you very much.
Thank you very much for your questions. Olivier, you can take some of the questions up front.
Yes. First of all, regarding the guidance, what we have said today is what we know. What we know is that our order book is growing at 1.2%. Our revenue is at 1.1% year to date on an organic basis. The month of September is an important month, so this is the reason why we will give you a full detailed update on the business by geography, by service line during our third-quarter result.
And perhaps just a moment on, without giving the details on the numbers today, because that will come in Q3. The globally managed services are a really important part of our strategic plan. Each one of those is a scalable solution built on a platform base, which allows us to replicate and sell in a consistent way across our markets. Those are a really important part of the overall Ipsos plan. Ipsos.Digital is a combination for us of continuing to deliver against the roadmap of technological development, but also the adoption rates of Ipsos.Digital across all of our markets and the services that we offer. Those are two very important accelerators for us, and we will tell you more about the performance in Q3. Laurence?
Yes. Kelly was identified as a possible successor f or the CEO position already last year, as I had mentioned, it was at the time of the change of CEO between Ben Page and Jean-Laurent Poitou. At that time, the Nomination Committee had put her on these development programs. This is how Kelly started to learn French, was given a global responsibility inside the company to supervise and manage our healthcare business. She had also followed some specific different international trainings. The goal was to have her ready in two or three years. That was the choice made by the Nomination Committee of Ipsos already in the summer of 2025.
More recently, because the performance of the company was not where it needed to be, because the execution of the Horizons plan needed to be faster, much faster, actually, the board decided to hear Kelly, who was already once again identified, and when convinced, as I have said, that she was the right person right now for the job and decided to make, I would say, immediate change in an unanimous manner. That was what actually happened. I am very happy to have Kelly in the seat driving Ipsos today.
Thanks. Next question is from Emmanuel Matot of ODDO BHF.
Hello. Thank you for this presentation. I hope you can hear me well. I have two questions. First, where Ipsos is lagging behind in the rollout of Horizons? Where do you need to accelerate significantly? Second, do you still plan to invest in transforming operation for a total amount of EUR 1.2 billion over the period of the plan? Do you still plan to do significant acquisitions? Thank you very much.
Excellent questions, Emmanuel. Thank you. The Horizons plan needs strong operational plans beneath it. The strategic aims, each one of those in the last six weeks, we have worked hard to develop with the leadership at Ipsos, very clear, very time-bound, very clearly owned elements of the operational plan. This is across the entire Horizons program this activity has taken place. For me, accelerating on our growth priorities are critical. The globally managed services, the use and adoption, and also platform developments on Ipsos.Digital and the product rollout with AI, which I talked a little bit about in my presentation. Those are three critical drivers. The tech and AI deployment at pace, and I spoke a little bit to that as well, and then ensuring clear leadership accountability, right across the Horizons plan. Your second question, which relates to our intent to make investments.
Ipsos has got acquisitions in its DNA. We have invested in over 100 acquisitions during Ipsos' nearly 51-year history so far, and it will continue to be important on our journey, ensuring that those are strategically relevant to Horizons, whether that is about accelerating our technology and the build of technology in our organization, whether that is about accelerating in the added value areas such as data integration and analytics, or whether those are opportunistic purchases that allow us to expand access to real people or expand the service offerings that we have today. One thing that also won't change at Ipsos is our disciplined way of reviewing acquisitions to ensure valuations are reasonable and that the returns are good. I will stop there. Any
Thank you very much.
Thank you.
Next question is from Conor O'Shea, Kepler Cheuvreux.
Yes, thank you. Good afternoon. Three questions from my side as well. Firstly question, maybe for Olivier. In terms of September, you said it is an important month for the third quarter, of course. Can you just give us an idea of what proportion of revenue September is usually for the Q3 as a whole? That is the first question. Second question, just if maybe for Kelly, what do you think about, I think a couple of days ago there was news that Salesforce is talking to Listen Labs, a kind of AI market research player and potentially looking to pay up to EUR 2 billion. What kind of impact that might have on your sector? Then currently, just more generally in terms of the product launches you are announcing today and the acceleration, just to understand how long they came through development.
Obviously, the CEO change was only announced at the end of July. These launches seem to be coming pretty fast after that. So just wondering to what extent they were already coming through the pipeline in development, or are genuinely new. With that in mind, just maybe a question for Laurence, why the change was made when it seems like from the outside, organic growth in the order book and so on, has accelerated quite nicely in the second quarter and potentially maintaining that level of growth in the third quarter. Thank you.
Okay. Thank you, Conor.
Regarding your first question about the month of September, I just would like to confirm that it is the last month of the quarter, and it is a bigger month in term of order book than August and July. This is why this month is pretty important for us, and why also we will give you a fuller update on the business dynamic and update during the third quarter release.
Mm-hmm. Just your questions more linked, Conor, to some of the AI native companies in the industry and the dynamic that that creates. I think the first thing to recognize, that insights as a market is a growing market, and we can see that from the industry-wide data that is available. Clients need insight, and they need actionable insight more than ever. What AI is doing is it is enabling the democratization of insights, more people to buy more insights, but also for organizations like Ipsos to deliver that at speed. For Ipsos, one of the key differentiators is that we have a very long-standing client base, and that we need to industrialize the way in which AI is infused in the way we deliver for our clients. That gives us huge opportunity as an organization.
What you are seeing, of course, with some tech native firms and some of the valuations is, I guess, how clients are recognizing that this is an interesting dynamic for the industry. Ipsos has a real opportunity here to lead. To lead with the skill and the embedded knowledge that we have, coupled with the science access to real people infused with AI, and that is our intent. The last question, which was on the product development areas. I mentioned the word industrializing the solutions, and that is what I am all about.
Ipsos, yes, we have been piloting with some synthetic trials, digital twin trials, but we need to move beyond some of the pilots that have taken place over the last six months and to move into industrial scale, which is why the Gemini partnership, which is why the agentic platform is critical for us as an organization, and that is why the acceleration of the way we deliver those products across our business is changing. I hope that is clear.
Very clear. Thank you.
Next question is from Emmanuel Chevalier, CIC Market Solutions.
We'll answer first to Conor O'Shea question around why the change was made. I think I have made it clear that it's for a reason of performance of the company, which was not performing within the expectations of the board. in July, the guidance was revised down. So it's a clear sign that the performance was not in line with expectations. And it's both from the organic growth as well as from the external growth, as there was no M&A targets proposed to the board during a period of 10 months. And the board had in mind that the Horizons plan, as it was previously asked by one of our colleague, included as well some M&A. But to do M&A, of course, there was also some, I would say, lacking of performance in this area.
Altogether, only one reason that led the board to decide to change the CEO and to choose once again an already identified internal candidate, was the belief that for the performance of the company, Kelly was a better choice.
Next question is from Emmanuel Chevalier, CIC Market Solutions.
Yeah. Hello, do you hear me? Hello?
Yes, we can hear you loud and clear.
Yeah. Okay. Thank you for the presentation. Most of the questions already been asked. So maybe a few follow-up from me. Could you just confirm your medium-term guidance for the Horizons plan between 3% and 4% for 2026, 2028, and above 5% from 2029? Maybe a second question to come back on your acquisition policy. Are the U.S. and China the two priority regions? And maybe, a last one. Could you explain why Ipsos is underperforming a company like NielsenIQ, which is up, I think, above 5% in terms of organic growth? Thank you.
Thank you very much for your questions. Your first question, I think I'll pass over to Olivier to answer.
Yes. Regarding your first question, which was about the growth trajectory of the Horizons plan. As we said, we are going to keep the strategic plan Horizons, and here Kelly is there to accelerate the execution of the plan. We confirm that the objective remains the same, which is to achieve between 3%- 4% organic growth in average over the period 2026, 2029. 2028, sorry, and above 5% beyond that period.
Thanks, Olivier. On acquisitions, again, just to reiterate, we have been an acquisitive company over the last 50, nearly 51 years of our operations, and as part of the strategic plan Horizons, it is intended that we will also be making acquisitions to help us accelerate, whether that is around technology, added value services, or perhaps opportunistic purchases that will allow us to gain more access to specific segments of the audience groups or indeed, in particular markets. You mentioned two key markets for us. Those are pioneer markets, China and the U.S., and of course, we will be looking in those markets also. Your final question, just on the performance of the organization comparative to Nielsen, it is absolutely imperative that we move faster on executing the Horizons plan. Our strategy is very clear. Actually, it's very clear.
There are six key areas where we will make progress. We now have operational plans to allow us to accelerate faster with ownership, time frames, and investment behind them, and that is what we intend to do.
Thank you.
Next question is from Hai Huynh, UBS.
Hello. Thank you for the presentation and taking my questions. I have a couple, if you don't mind. The first one is, you have a very clear 26-week plan of the product rollout. Based on conversation with clients so far, do you expect this to be a kind of product with immediate adoption? Are there already high demand for this kind of product? What I'm trying to get to is whether we should factor in a financial impact from this already this year, or is it more of a next year story where we see more of an impact from these new product lines? My second question is on the synthetic product rollout. To what extent, for these products, are you able to allow clients to verify that with real panelists? These are synthetic data based on real panelists. Is there a functionality where clients can verify that?
Some of your competitors recently have brought out synthetic products that are able to have matching panelist verification. Thank you.
Ipsos is very privileged to hold a huge amount of respondent data. We are one of the largest research providers with access to real people at scale around the world. This gives us a tremendous opportunity with synthetic data, because the synthetic data is only as good as the data on which it is based, the real human data, and indeed the freshness of that data and the specificity of it as well. If you think synthetic audiences looking at whether that is an innovation product in a very specific category, you need very specific data in order to be able to properly validate and verify. Yes, indeed, that is part of how we operate. As I said earlier, doubling down not just on our use of AI with synthetic capabilities, the speed with which AI enables us to operate, and the volumes of data we can process simultaneously.
That is wonderful, and it is an amazing opportunity. Ipsos is also doubling down on access to real people and deep science, the science in which our market research industry profession is founded, is based, and that is what makes our industry a special industry. I am really pleased that Cynthia Vega will be joining us as well in the coming months, with her experience in synthetic and agentic AI as well. Bringing that to Ipsos is going to be an exciting addition. Your question on the 26-week plans and indeed, with clients. We do not build product capability in isolation from client demand and interest. It is our clients who are interested in how we can infuse synthetic and AI capabilities through the products that we offer them. Creative testing, and also innovation testing are probably two of the leading areas where we see demand enhanced.
This is part of our globally managed services strategy. It is part of the product development rollout. I would say to you that anything that we do at Ipsos is effectively in the best interest of our clients to create value.
Last question is from Anna Patrice of Berenberg.
Yes. Hello. Thank you very much for your time. Kelly, congratulations. It was a pleasure to work with you already a couple times on the roadshow, so happy to continue working in the future. Couple questions from my side. First of all, on the team, you already announced the incoming people. Do you think that there are more changes that we should expect? What are the missing expertise, do you think? Where else do we need to reinforce Ipsos? That is first question. Second question, on your priorities right now, is it more internal on execution, on delivery of the strategy? Is it more on the client-facing to understand where you have maybe some white spaces or where you are not up to speed in regard to clients? Is it with the possible partners and strategic partnerships, collaboration, et cetera?
Then the last question, you were talking about the market growth, that the market is growing. If you could share what is expected growth of the market that you see and expect, and if Ipsos should catch up and to grow with the market or accelerate it, and to whom you might be losing market share if you are underperforming. Thank you.
Okay. Quite a few questions there, Anna, so thank you for those. So first question about the leadership complement at Ipsos. I mentioned when I presented that we have a very experienced leadership team in place at Ipsos, from people who really understand our business, who know our industry, and also those who are new to Ipsos, and in some cases, new to the industry more broadly. That creates a really nice dynamic at a leadership level. Of course, as any CEO would, I will always be reviewing the performance of the talent, making sure that we are filling gaps in our leadership team where we see them transpire, and looking to continually improve the leadership bench at Ipsos through strong succession planning, both with internal and external candidates. So that is just part of how I will operate.
The question that you asked around my priorities, the priorities you mentioned, whether it was the operational plans and execution internally, clients and people, and you also mentioned partnerships or acquisitions. These things are not mutually exclusive. To deliver the Horizons strategy, it is incredibly important that I and the leadership team stay close to our clients, close to our people, and are continually moving the pipeline of acquisitions and partnerships forward as part of how we deliver that plan. So those things are not mutually exclusive, but the ultimate aim is to execute Horizons at pace with quality underpinning everything that we do at Ipsos. The market dynamic, more broadly, you can look at some of the indicator reports that exist from organizations like ESOMAR, like the Insights Association, and you can get an indication of what they say the industry is growing at.
Ipsos plays across a very wide range of segments in that industry. We are a strong player in consumer insights, in media measurement, in public sector research, and of course, across the pharmaceutical sector as well. Each one of those would have a different growth rate. In some parts of our business, we are accelerating faster, and in other areas, we need to move faster, as a business. I will leave it there without doing an entire market diagnostic for you, Anna, today. What I would say is our aim is to accelerate the growth rate of Ipsos across everything that we do.
Thank you.
Just a reminder that we will talk more about the financial performance of the third quarter's results on 23rd of October, 8:30 Central European Time. Thank you very much for listening today.