Ipsos (IPS) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached €615.2 million, up 4.9%, with organic growth rebounding to 3.0% after a Q1 decline, reversing the negative trend from Q1 2026.

• H1 2026 revenue totaled €1,170.1 million, up 1.3% year-over-year, with organic growth at 0.8%.

• Growth was driven by Public Affairs, Consumer Goods, pharmaceutical sector (notably oncology and GLP-1), and a rebound in China.

• The Horizons strategic plan and Speed programme were launched, focusing on AI, digital platforms, and faster project delivery.

• Order book grew 1.2% year-over-year at end of June, covering 75% of annual revenue, indicating a solid pipeline for H2.

Financial highlights

• Gross margin for H1 2026 was €792.1 million (67.7% of revenue), down from 68.4% in H1 2025, mainly due to The BVA Family integration and business mix effects.

• Operating profit was €92.5 million, down 3.1% year-over-year; operating margin at 7.9%, down from 8.3% in H1 2025.

• Net profit attributable to owners was €40.9 million; adjusted net profit was €70.5 million (down 2.4%).

• Free cash flow from operations rose to €44.4 million, up €4.6 million year-over-year.

• Cash position at period end was €288.9 million.

Outlook and guidance

• H2 is expected to outperform H1, driven by scaling up Horizons program initiatives, AI-enabled solutions, and global managed services.

• Full-year organic growth is projected at around 2%, revised from an initial 2–3% range, with operating margin expected to match 2025 levels despite Russia deconsolidation and BVA Family dilution.

• Market environment remains cautious due to geopolitical uncertainty, especially in the Middle East, leading to some postponed programs.