Ipsos (IPS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €568.5m, up 2.0% year-over-year, with -1.8% organic growth offset by scope and FX effects, mainly from acquisitions and currency movements before tariff announcements.

• Results aligned with expectations amid heightened market volatility, with leadership emphasizing resilience and ongoing transformation initiatives.

• Major acquisition of BVA underway, consolidating leadership in France and expanding capabilities in customer experience, luxury, and behavioral sciences.

• AI deployment is now routine, with 75% of staff AI certified and significant productivity gains realized through synthetic data and automation.

Financial highlights

• Q1 2025 revenue: €568.5m, up 2.0% year-over-year; organic growth -1.8%, scope effect 2.9%, currency impact 0.9%.

• EMEA region grew 6.1% (mainly from Infas integration), Americas flat or down 1.7%, Asia-Pacific declined 4.7% due to China and India slowdowns.

• Doctors and patients segment grew 6.9% (total), 5.4% organic; citizens' business declined 14.2% organic, sharply impacted by political instability and electoral cycles.

• Ipsos Digital DIY platform grew ~30% organically in Q1, targeting €140 million in 2025.

Outlook and guidance

• Organic growth for 2025 expected to exceed 2024; operating margin guidance maintained at around 13% at constant scope.

• Order book at quarter-end is encouraging and consistent with previous years, supporting confidence in gradual improvement through the year.

• BVA acquisition expected to close by late June, with integration to restore margins to group average within 18-24 months.