Ipsos (IPS) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached EUR 2.525 billion, with organic growth of 0.6% and total growth of 3.4%, reflecting resilience in a challenging environment.

• Operating margin was 12.3% (12.8% before acquisition effects), with net profit attributable to the group at EUR 186.6 million and adjusted net profit at EUR 240.4 million.

• Acquisitions of The BVA Family and infas expanded the European footprint but diluted margins.

• Strategic focus on digital expansion, AI, and global managed services to drive future growth.

• Leadership changes included a new CEO, Board President, and Chief Platforms and Technology Officer, alongside the launch of the Horizons strategic plan.

Financial highlights

• EMEA delivered 12% total growth (2% organic), with strong performance in Germany, Spain, Belgium, and Turkey; France declined by 3%.

• Americas saw 0.3% organic growth; US revenue fell 15% due to public sector weakness.

• Asia-Pacific had -2.5% organic growth, mainly due to public affairs declines and FX impacts.

• Gross margin was 67.8%, down from 68.7% in 2024, mainly due to acquisitions and higher data collection costs.

• Free cash flow was EUR 181 million, close to the multi-year average but down from 2024.

Outlook and guidance

• Organic growth targeted at 2%-3% for 2026, with average growth of 3%-4% for 2026-2028 and >5% by 2029-2030.

• Operating margin expected to remain at 2025 levels (~12.3%) in 2026, rising to 13.5% by 2028 and >14% after.

• Free cash flow guidance of EUR 1.4 billion over five years; capital allocation focused on acquisitions and tech investments.

• Shareholder return policy set at 40%-50% of adjusted diluted EPS, including a EUR 100 million share buyback in 2026.

• Dividend proposal of EUR 2.00 per share (+8%), payout ratio of 36% of adjusted diluted EPS.