Ipsos: Significant activity rebound in the second quarter
Significant activity rebound in the second quarter
Paris, 22 July 2026 – Ipsos, one of the world’s leading market research and opinion polling companies, generated revenue of €615.2 million in the second quarter, up 4.9%. Organic growth reached 3.0% in the quarter, marking a strong rebound after the -1.4% decline recorded in the first quarter.
For the first six months of the year, revenue stood at €1,170.1 million, up 1.3%. Organic growth returned to positive territory in the first half at 0.8%, reflecting the improvement in revenue performance in the second quarter compared with the first. Scope effects amounted to 3.9%, mainly reflecting the acquisition of The BVA Family in June 2025, partially offset by the deconsolidation of Russia effective January 1, 2026. Total growth continues to be impacted by adverse foreign exchange effects resulting from the appreciation of the euro against several currencies, primarily the U.S. dollar, with a negative impact of 3.4%.
| In € million | 2026 Revenue | Total growth |
Of which: Organic growth |
Scope |
Currency |
| 1st quarter | 554.9 | -2.4% | -1.4% | 4.3% | -5.4% |
| 2nd quarter | 615.2 | 4.9% | 3.0% | 3.4% | -1.5% |
| 1st semester | 1,170.1 | 1.3% | 0.8% | 3.9% | -3.4% |
Organic growth in the order book, for the share of revenue expected to be recognized in 2026, reached 1.6% at the end of the second quarter, compared with 1.0% at the end of March, representing growth of 1.2% over the first half as a whole. The growth drivers identified in the first quarter continue to support activity, notably in Public Affairs, among Consumer Goods clients, and in China. During the first half, activity also improved in the pharmaceutical sector and in the United Kingdom. These factors contributed to the increase in the order book.
The first half marked the launch of the Horizons strategic plan, presented during the January 2026 Investor Day, with the ambition of building Ipsos' global leadership position.
The Group has begun implementing its strategic priorities, particularly in the areas of artificial intelligence and the development of new offerings designed to enhance the value delivered to clients.
Ipsos also launched its Speed programme. This initiative is designed to accelerate the entire research production cycle in order to significantly reduce project delivery times. The objective is to conduct most studies within 48 hours, leveraging process simplification, broader use of artificial intelligence and new ways of working.
Lastly, the Group strengthened the teams responsible for its key strategic initiatives in order to accelerate the deployment of the Horizons plan.
PERFORMANCE BY REGION
| In € million | H1 2026 | Total growth | Organic growth |
Of which : Q1 |
Q2 |
| EMEA | 587.6 | 5.6% | 0.5% | 0.1% | 0.9% |
| Americas | 396.6 | -3.1% | 0.7% | -4.1% | 5.5% |
| Asia-Pacific | 185.9 | -1.9% | 2.0% | 0.2% | 3.8% |
| Total | 1,170.1 | 1.3% | 0.8% | -1.4% | 3.0% |
Organic growth improved across all geographies during the second quarter, with all regions returning to positive growth.
EMEA, our largest region, reported revenue growth of 5.6% in the first half. This performance primarily reflects the scope effect related to the integration of The BVA Family, which was consolidated throughout the entire first half of 2026 compared with only a few days in the first half of 2025. This effect was partially offset by the deconsolidation of our Russian subsidiary on January 1, 2026, which represented more than 4% of the region’s revenue in the first half of 2025, as well as by adverse currency effects, mainly linked to the depreciation of sterling. Organic growth reached 0.5% in the first half, impacted by a slowdown in activity in the Middle East amounting to several million euros.
The Americas delivered 0.7% organic growth in the first half. Latin America remained robust, growing 6.3%, while North America was stable. In the United States, several Public Affairs contract wins supported the recovery in activity, which has been reflected in revenue since March.
Organic growth in Asia-Pacific reached 2.0% during the first six months of the year, benefiting from the recovery of activity in China. This rebound was driven by increased research spending from major local technology and automotive clients, as well as higher levels of activity with leading international consumer goods companies. It also benefited from the success of innovation solutions developed in China, particularly those incorporating artificial intelligence.
PERFORMANCE BY AUDIENCE
| In € million | H1 2026 | Total growth | Organic growth |
Of which: Q1 |
Q2 |
| Consumers1 | 565.9 | -0.2% | 1.1% | 0.5% | 1.6% |
| Clients & Employees2 | 240.0 | 5.9% | -0.4% | -3.3% | 2.4% |
| Citizens3 | 201.6 | 6.0% | 2.8% | -2.3% | 7.8% |
| Doctors & Patients4 | 162.5 | -5.1% | -0.5% | -4.4% | 3.3% |
| Total | 1,170.1 | 1.3% | 0.8% | -1.4% | 3.0% |
Breakdown of Service Lines by audience segment:
1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA, Market Strategy & Understanding, Observer (excl. public sector), Ipsos Synthesio, Strategy3
2- Automotive & Mobility Development, Audience Measurement, Customer Experience, Channel Performance (Mystery Shopping and Shopper), Media Development, ERM, Capabilities
3- Public Affairs, Corporate Reputation
4- Pharma (quantitative and qualitative)
As with the regional performance, organic growth accelerated across all audience segments during the second quarter.
Our service lines dedicated to Consumers, Clients & Employees delivered combined organic growth of 0.6% in the first half and nearly 2% in the second quarter. Activity was driven in particular by our innovation and market positioning optimization businesses, reflecting companies' focus on accelerating product launches and maximizing the success of their investments.
Our Citizens business recorded strong organic growth, approaching 8% in the second quarter, driven by contract wins, including several multi-year agreements. This performance highlights the counter-cyclical nature of this business and the continued interest among both public and private decision-makers in gaining a deeper understanding of citizens. It also reflects Ipsos' ability to conduct large-scale, complex studies using robust methodologies, including face-to-face and telephone data collection.
The Doctors & Patients audience segment improved, with organic growth approaching 3% in the second quarter, reflecting solid commercial momentum. The market environment has become more favorable, supported by faster regulatory approvals and sustained innovation, particularly in obesity treatments, oncology and rare diseases. These developments are strengthening demand for research throughout the drug development and commercialization cycle.
Finally, our DIY Ipsos.Digital platform delivered double-digit organic growth in the first half. Initiatives are underway to increase the number of studies conducted through the platform and to further enhance its capabilities.
FINANCIAL PERFORMANCE
Summary income statement
| In € million | 30 June 2026 | 30 June 2025 | Change | 31 Dec. 2025 |
| Revenue | 1,170.1 | 1,155.0 | 1.3% | 2,524.7 |
| Gross margin | 792.1 | 790.0 | 0.3% | 1,711.0 |
| Gross margin/Revenue | 67.7% | 68.4% | 67.8% | |
| Operating profit | 92.5 | 95.5 | -3.1% | 309.3 |
| Operating profit/Revenue | 7.9% | 8.3% | 12.3% | |
| Other non-current income and expenses | (19.2) | (6.0) | (24.1) | |
| Finance costs | (8.4) | (5.3) | (12.5) | |
| Other financial income and expenses | (3.4) | (7.3) | (11.1) | |
| Income tax | (14.9) | (19.6) | (66.3) | |
| Net profit (attributable to owners of the parent) | 40.9 | 53.2 | 186.6 | |
| Adjusted net profit* (attributable to owners of the parent) | 70.5 | 72.2 | -2.4% | 240.4 |
*Adjusted net profit is calculated before (i) non-monetary items related to IFRS 2 (Share-based Payment), (ii) the amortisation of acquisition-related intangible assets (client relations), (iii) the impact of other non-current income and expenses, net of tax, (iv) the non-monetary impact of changes in puts and other financial income and expenses, and (v) deferred tax liabilities related to goodwill for which amortisation is deductible in some countries.
Income statement items
Gross margin stands at 67.7%, compared with 68.4% in the first half of 2025. This change was attributable to the dilutive impact of the integration of The BVA Family for approximately 30 basis points, and to a 40-basis-point mix effect resulting from a higher proportion of Public Affairs projects, where face-to-face data collection generates lower gross margins.
Regarding operating costs, the payroll increases by 1.2%, mainly as a result of acquisitions. This increase nevertheless remained slightly below revenue growth. At the same time, the Group continued to adapt its cost structure, with headcount declining by nearly 1% since the beginning of the year.
Overhead costs decrease by €2.2 million compared with the first half of 2025. This reduction reflects savings achieved through the continuation of cost optimisation initiatives, particularly in office-related expenses.
The Other operating income and expenses item shows a negative balance of 10.9 million euros, primarily consisting of severance cost.
For the first half, the operating margin stands at 7.9%. As every year, the seasonality of our business results in significantly higher profitability during the second half.
The Other non-current income and expenses item amounts to a net expense of €19.2 million. This mainly includes €11.6 million of impairment charges relating to discontinued IT development projects. The termination of these programmes is part of the Group's decision to redirect investments towards the new technology initiatives included in the Horizons strategic plan. It also includes €6.0 million of reorganisation costs related to acquisitions and management changes.
Finance costs amounted to €8.4 million, up compared with June 30, 2025, reflecting the increase in average net debt. Other financial expenses amounted to €3.4 million. This item decreased compared with the first half of 2025, due to foreign exchange losses recognized last year.
The effective tax rate is 26.2% compared to 26.6% in the first half of 2025.
Net profit attributable to owners of the parent amounts to €40.9 million and adjusted net profit attributable to owners of the parent share to €70.5 million compared to €72.2 million the previous year.
Financial structure
Gross operating cash flow amounts to €145.3 million, compared to €138.5 million in the first half of 2025, an increase of €6.7 million.
The working capital requirement records a negative change of €6.1 million, reflecting the seasonal nature of the business.
Investments in property, plant and equipment and intangible assets mainly consist of investments in IT and technology infrastructure. It amounted to €33.5 million in the first half.
Net interest paid relates mainly to the first coupon payment on the bond issued by the Group, amounting to €14 million in January 2026.
In total, free cash flow from operations stands at €44.3 million in the first half, up €4.6 million compared with the first half of 2025.
Finally, financing activities include, since the beginning of the year, the implementation of the share buyback programme for cancellation purposes, representing approximately €43 million, in addition to share repurchases carried out under free-share plans for approximately €11 million. The Group intends to complete additional share buybacks for cancellation before December 31, 2026, bringing the total amount of the programme to €100 million.
Equity amounts to €1,532.0 million as of June 30, 2026, compared with €1,429.0 million as of June 30, 2025.
Net financial debt amounts to €219.6 million, down from €251.3 million as of June 30, 2025. The leverage ratio (excluding the impact of IFRS 16) remains sound at 0.5x EBITDA
Cash position. Cash at June 30, 2026, amounts to €288.9 million, compared to €250.3 million at June 30, 2025.
The Group also maintains a strong liquidity position, with more than €450 million in credit lines payable after more than one year. Ipsos no longer has any significant debt maturities before 2030.
PERSPECTIVES
The Group expects activity to accelerate in the second half of the year, supported in particular by:
- the continued ramp-up of Globally Managed Services (GMS), now deployed across our key markets with dedicated teams and platforms in place;
- the development of new solutions powered by Artificial Intelligence;
- enhanced capabilities within the Ipsos.Digital platform to accelerate client adoption;
- the continuation of initiatives undertaken in its priority markets, particularly in China and the United States.
The macroeconomic and geopolitical environment remains characterized by significant uncertainty, with the ongoing conflict in the Middle East and the International Monetary Fund's recent downward revision of global growth forecasts.
Against this backdrop, and despite a growing order book at the end of the first half, the Group now expects organic growth of around 2% for the full year. The Group maintains its objective of an operating margin in line with 2025, despite the deconsolidation of Russia, which had a high profitability, and the dilutive impact of including The BVA Family over a full twelve months in 2026, compared with six months in 2025.
***
Presentation of half-year results
The 2026 half-year results will be presented on Thursday, 23 July 2026 at 8:30 a.m. CEST via webcast.
If you would like to register, please contact IpsosCommunications@Ipsos.com.
A replay will also be made available on Ipsos.com
Appendices
- Consolidated income statement
- Statement of financial position
- Consolidated cash flow statement
- Statement of changes in consolidated equity
The complete consolidated financial statements as at 30 June 2026 are available on Ipsos.com
ABOUT IPSOS
Ipsos is one of the largest market research companies in the world, present in 90 markets and employing nearly than 20,000 people.
Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques.
“Game Changers” – our tagline – summarises our ambition to help our 5,000 clients navigate with confidence our world of rapid change.
Founded in France in 1975, Ipsos has been listed on the Euronext Paris since 1 July 1999. The company is part of the SBF 120, Mid-60 indices and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP
www.ipsos.com
35 rue du Val de Marne
75 628 Paris, Cedex 13 France
Tel. +33 1 41 98 90 00
Notes
Consolidated income statement, Interim financial statements at June 30, 2026
| In thousands of Euros | 30/06/2026 | 30/06/2025 | 31/12/2025 |
| Revenue | 1,170,088 | 1,155,047 | 2,524,714 |
| Direct costs | (378,022) | (365,094) | (813,723) |
| Gross margin | 792,065 | 789,953 | 1,710,992 |
| Personnel expenses - excluding share-based compensation | (558,170) | (549,341) | (1,108,056) |
| Employee benefit expenses - share-based payments * | (9,036) | (11,012) | (21,592) |
| General operating expenses | (121,459) | (123,695) | (255,071) |
| Other operating income and expenses | (10,856) | (10,440) | (16,972) |
| Operating margin | 92,544 | 95,464 | 309,300 |
| Depreciation of intangible assets identified on acquisitions * | (4,394) | (3,021) | (6,565) |
| Other non-operating income and expenses* | (19,202) | (6,037) | (24,107) |
| Share of net income from associates | (275) | (185) | (385) |
| Operating profit | 68,673 | 86,222 | 278,243 |
| Finance costs | (8,448) | (5,258) | (12,451) |
| Other financial income and expenses * | (3,412) | (7,290) | (11,147) |
| Net profit before tax | 56,813 | 73,674 | 254,647 |
| Tax – excluding deferred tax on goodwill amortization | (14,124) | (19,105) | (64,534) |
| Deferred tax on goodwill amortization* | (755) | (492) | (1,725) |
| Income tax | (14,879) | (19,597) | (66,259) |
| Net profit | 41,933 | 54,077 | 188,386 |
| Attributable to the owners of the parent | 40,892 | 53,185 | 186,551 |
| Attributable to non-controlling interests | 1,042 | 892 | 1,835 |
| Basic earnings per share [attributable to the owners of the parent] (in €) | 0.96 | 1.24 | 4.33 |
| Diluted earnings per share [attributable to the owners of the parent] (in €) | 0.95 | 1.22 | 4.27 |
| Adjusted earnings * | 71,529 | 73,109 | 242,026 |
| Attributable to the owners of the parent | 70,521 | 72,241 | 240,381 |
| Attributable to non-controlling interests | 1,009 | 868 | 1,645 |
| Adjusted basic earnings per share, attributable to the owners of the parent | 1.66 | 1.68 | 5.58 |
| Adjusted diluted net profit per share, attributable to the owners of the parent | 1.64 | 1.66 | 5.50 |
* Adjusted for non-cash items related to IFRS 2 (share-based compensation), amortization of intangible assets identified on acquisitions (customer relations), deferred tax liabilities related to goodwill for which amortization is deductible in some countries, the impact net of tax of other non-operating income and expenses and the non-cash impact of changes in puts in other financial income and expenses.
Statement of financial position, Interim financial statements at June 30, 2026
| In thousands of Euros | 30/06/2026 | 30/06/2025 | 31/12/2025 |
| ASSETS | |||
| Goodwill | 1,515,257 | 1,478,566 | 1,510,126 |
| Right-of-use assets | 119,583 | 116,047 | 128,996 |
| Other intangible assets | 212,068 | 207,982 | 188,713 |
| Property, plant and equipment | 28,418 | 28,257 | 27,865 |
| Investments in associates | 2,108 | 3,132 | 2,982 |
| Other non-current financial assets | 54,831 | 45,842 | 49,612 |
| Deferred tax assets | 29,585 | 21,376 | 38,306 |
| Non-current assets | 1,961,849 | 1,901,202 | 1,946,600 |
| Trade receivables | 428,992 | 409,977 | 589,625 |
| Contract assets | 184,267 | 158,486 | 117,218 |
| Current tax | 28,859 | 28,249 | 17,196 |
| Other current assets | 100,499 | 99,465 | 89,785 |
| Cash and cash equivalents | 290,322 | 250,431 | 317,561 |
| Current assets | 1,032,940 | 946,608 | 1,131,384 |
| Including assets held for sale and discontinued operations | - | - | 4,636 |
| TOTAL ASSETS | 2,994,789 | 2,847,810 | 3,077,984 |
| in thousands of Euros | 30/06/2026 | 30/06/2025 | 31/12/2025 |
| EQUITY AND LIABILITIES | |||
| Share capital | 10,801 | 10,801 | 10,801 |
| Share paid-in capital | 446,174 | 446,174 | 446,174 |
| Treasury shares | (43,268) | (690) | (461) |
| Translation adjustments | (209,868) | (242,559) | (248,524) |
| Other reserves | 1,286,890 | 1,161,825 | 1,172,891 |
| Net profit attributable to the owners of the parent | 40,892 | 53,185 | 186,551 |
| Equity, attributable to the owners of the parent | 1,531,620 | 1,428,736 | 1,567,432 |
| Non-controlling interests | 361 | 312 | 253 |
| Equity | 1,531,981 | 1,429,048 | 1,567,684 |
| Borrowings and other non-current financial liabilities | 486,583 | 483,026 | 507,789 |
| Non-current lease liabilities | 98,648 | 94,048 | 105,329 |
| Non-current provisions | 4,666 | 6,032 | 7,401 |
| Provisions for post-employment benefit obligations | 47,459 | 46,416 | 47,045 |
| Deferred tax liabilities | 91,187 | 69,436 | 79,301 |
| Other non-current liabilities | 14,813 | 32,403 | 31,685 |
| Non-current liabilities | 743,355 | 731,362 | 778,549 |
| Trade payables | 310,779 | 309,976 | 369,494 |
| Borrowings and other current financial liabilities | 21,894 | 18,640 | 29,009 |
| Current liabilities on leases | 32,536 | 32,141 | 33,734 |
| Current tax | 7,676 | 9,616 | 18,377 |
| Current provisions | 4,762 | 4,824 | 4,730 |
| Contract liabilities | 48,249 | 30,879 | 58,517 |
| Overdrafts | 1,426 | 86 | 52 |
| Other current liabilities | 292,135 | 281,240 | 217,837 |
| Current liabilities | 719,456 | 687,403 | 731,750 |
| Including liabilities held for sale and discontinued operations | - | - | 13,130 |
| TOTAL LIABILITIES | 2,994,789 | 2,847,810 | 3,077,984 |
Consolidated statement of cash flows, Interim financial statements at June 30, 2026
| In thousands of Euros | 30/06/2026 | 30/06/2025 | 31/12/2025 |
| OPERATING ACTIVITIES | |||
| NET PROFIT | 41,933 | 54,077 | 188,386 |
| Amortization and depreciation of property, plant and equipment and intangible assets | 53,400 | 50,095 | 101,273 |
| Net profit of equity-accounted companies, net of dividends received | 275 | 185 | 385 |
| Losses/(gains) on asset disposals | 2,545 | (2,816) | (2,325) |
| Net change in provisions | 3,347 | (5,224) | 13,148 |
| Share-based payment expense | 8,241 | 9,759 | 19,689 |
| Other recognized revenue and expenses | (1,489) | (268) | 527 |
| Other non-cash items | 11,212 | - | - |
| Acquisition costs of consolidated companies | 902 | 4,963 | 6,015 |
| Finance costs | 10,039 | 8,167 | 17,345 |
| Income tax expense | 14,879 | 19,597 | 66,259 |
| CASH FLOW FROM OPERATING ACTIVITIES BEFORE FINANCE COSTS AND TAX | 145,284 | 138,535 | 410,701 |
| Change in working capital requirement | (6,090) | 6,327 | (29,800) |
| Tax paid | (27,352) | (44,142) | (78,866) |
| CASH FLOW FROM OPERATING ACTIVITIES | 111,841 | 100,720 | 302,035 |
| INVESTMENT OPERATIONS | |||
| Acquisitions of property, plant and equipment and intangible assets | (33,485) | (42,360) | (83,088) |
| Proceeds from disposals of property, plant and equipment and intangible assets | 384 | 3,804 | 3,769 |
| (Increase)/decrease in financial assets | (2,214) | (58) | (6) |
| Acquisitions of consolidated activities and companies, net of acquired cash | 1,382 | (149,099) | (154,093) |
| CASH FLOW FROM INVESTING ACTIVITIES | (33,933) | (187,714) | (233,417) |
| FINANCING ACTIVITIES | |||
| Net (purchases)/ sales of treasury shares | (54,332) | (14,127) | (14,223) |
| Increase in long-term borrowings | 255,000 | 405,338 | 901,997 |
| Decrease in long-term borrowings | (277,022) | (328,127) | (801,525) |
| Increase in long-term loans from associates | (874) | - | (2,750) |
| Net repayment of lease liabilities | (16,786) | (18,474) | (36,832) |
| Net interest paid | (15,216) | (2,388) | (1,960) |
| Net interest paid on lease obligations | (1,948) | (1,834) | (3,803) |
| Acquisitions of non-controlling interests | - | (24,467) | (24,530) |
| Dividends paid to the owners of the parent | - | - | (79,835) |
| CASH FLOW FROM FINANCING ACTIVITIES | (111,178) | 15,921 | (63,461) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (33,270) | (71,072) | 5,157 |
| Impact of foreign exchange rate movements | 4,658 | (16,859) | (18,641) |
| Depreciation of the Russian cash | - | (4,132) | (11,418) |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 317,508 | 342,410 | 342,410 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 288,896 | 250,347 | 317,508 |
| Cash and cash equivalents | 290,322 | 250,431 | 317,561 |
| Overdrafts | (1,426) | (86) | (52) |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 288,896 | 250,347 | 317,508 |
Attachment
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