Ipsos (IPS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was €555 million, down 2.4% year-over-year, mainly due to a 5.4% negative currency impact; organic revenue declined 1.4% year-over-year, with scope effects of +4.3% from acquisitions and deconsolidations.

• Order book grew 1% year-over-year, with strong momentum in March, supporting confidence in full-year guidance.

• Public affairs segment rebounded, winning significant government contracts in the US, France, and UK.

• Horizons strategic initiatives launched, focusing on AI, digital, and commercial excellence.

Financial highlights

• EMEA delivered 5.3% reported growth (0.1% organic), driven by the BVA Family acquisition; Americas declined 4.1% organically, mainly due to the US; Asia Pacific revenue up 2% (0.2% organic), with China showing strong growth and rapid AI adoption.

• Consumer segment (50% of revenue) grew 0.5% organically; client & employee segment down 3.3% due to timing effects; citizen segment down 2.3% organically but with a rebound in public sector orders; doctor & patient segment down 4.4% organically, facing tough comps and pharma client delays.

• Ipsos Digital platform recorded double-digit growth in Q1.

• Gross margin and cash generation in line with expectations.

• FX effects negatively impacted total growth by 5.4%.

Outlook and guidance

• Full-year 2026 organic growth expected at 2%-3%, with operating profit margin targeted at 12.3%, equivalent to 2025.

• Order book at end of March represents 55.6% of expected full-year revenue, consistent with historical patterns.

• Gradual revenue acceleration expected as Horizons strategy execution progresses, especially in H2.

• Middle East conflict caused a regional slowdown in March but no significant impact on full-year outlook; contingency plans in place for further escalation.