Ipsos (IPS) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached €636 million, up 7.6% year-over-year, with organic growth rebounding to 2.9% after negative trends in previous quarters.

• Nine-month revenue totaled €1,791 million, with 3.6% total growth and 0.7% organic growth, supported by acquisitions and digital services.

• Growth was driven by private sector clients, especially in ad testing, marketing optimization, healthcare, and digital platforms, while public affairs continued to weigh on results.

• The CEO emphasized accelerating organic growth, technology and AI adoption, and strategic planning, with a new CEO appointed and strategy update scheduled.

• Maintains a unique position as an independent leader in market research with global reach and differentiated offerings.

Financial highlights

• Q3 organic growth improved to 2.9%, with nine-month organic growth at 0.7% and total growth at 3.6%.

• Public affairs segment declined by 15% year-to-date, significantly impacting overall growth.

• Excluding public affairs, organic growth would be 2.3% year-to-date and 4.2% in Q3.

• Ipsos.Digital grew 28% over nine months, with profitability about double the group average and a €140 million revenue target for 2025.

• Operating margin guidance maintained at 13% at constant scope, excluding a 60 basis point dilution from acquisitions.

Outlook and guidance

• Organic growth target for 2025 revised to around 0.7% due to continued public sector weakness.

• Operating margin is expected to be around 13% at constant scope.

• Strategy update postponed to January 2026, with Investor Day scheduled for January 22nd.

• No visible deflationary impact from AI in private sector activities so far; AI strategy to be detailed in January.