PRESS RELEASE



Return to organic growth in the second quarter
in an environment that remains volatile

Paris, 23 July 2025 – Ipsos, one of the world’s leading market research companies,
achieved a revenue of €1,155.0 million in the first half of 2025.

Total growth stands at 1.5%, including -0.5% organic growth, 3.1% scope effect mainly
related to the acquisition of infas (leader in market research in the German public sector),
and -1.1% unfavourable currency effects, due notably to the depreciation of the dollar over
the last three months. For the second quarter alone, organic growth stands at 0.7%, after
-1.8% in the first quarter.

Ben Page, CEO of Ipsos, stated: “Our performance in the second quarter is marked by
a return to organic growth and by encouraging signs of improvement in the United States.
We are also continuing our acquisitions policy and our investments in technology and
Artificial Intelligence. While we remain cautious in the current macroeconomic and political
context, we confirm our objectives for 2025, namely organic growth higher than that of
2024 and an operating margin of around 13% at constant scope.”



Of which:
In € millions 2025 Revenue Total growth organic scope currency

1st quarter 568.5 2.0% -1.8% 2.9% 0.9%

2nd quarter 586.6 1.0% 0.7% 3.3% -3.0%

1st semester 1,155.0 1.5% -0.5% 3.1% -1.1%




Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
1
PRESS RELEASE

PERFORMANCE BY REGION


Of which :
In € millions H1 2025 Total growth Organic growth Q1 Q2

EMEA 556.6 6.3% 0.8% -0.3% 1.8%

Americas 409.1 -2.3% -0.5% -1.7% 0.6%

Asia-Pacific 189.4 -3.6% -4.1% -6.0% -2.3%

Total 1,155.0 1.5% -0.5% -1.8% 0.7%


The Group's performance improved across all geographies in the second quarter, with a
return to organic growth in our two main regions: EMEA and the Americas.

In EMEA, total growth for the first half stood at 6.3%, driven by the integration of infas in
Germany since the beginning of the year. Despite an unfavourable base effect (+7.6% in
the first semester 2024), half-year organic growth reached 0.8%, including 1.8% in the
second quarter alone. This performance reflects notably (i) good results in continental
Europe and the Middle East (ii) a decline in activity in France, attributable to the political
climate which significantly penalized our Public Affairs service line.

The Americas showed organic growth of 0.6% in the second quarter, including 0.5% in
the United States, where the measures taken by the new management team are
beginning to bear fruit. Although the political context remains uncertain and continues to
penalize our Public Affairs activity, the other service lines as a whole are showing
encouraging signs, with organic growth of 2% over the half-year, driven by a good
performance in the consumer goods sector and an improvement in healthcare activity.

The performance of the Asia-Pacific region was impacted by the lack of recovery in
China, still held back by a lack of macroeconomic visibility and by the deflationary context;
by a climate of uncertainty in the region; and by a decrease in our Public Affairs activities,
following election periods in many countries of the region in 2024.




Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
2
PRESS RELEASE


PERFORMANCE BY AUDIENCE

Organic Of which:
In € millions H1 2025 Total growth Q1 Q2
growth

Consumers1 566.9 0.1% 0.5% -0.6% 1.6%

Clients & Employees2 226.7 0.8% 1.6% 0.5% 2.7%

Citizens3 190.1 3.9% -11.4% -14.2% -8.7%

Doctors & Patients4 171.3 4.5% 5.3% 5.4% 5.2%

Total 1,155.0 1.5% -0.5% -1.8% 0.7%

Breakdown of Service Lines by audience segment:
1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA, Market Strategy &
Understanding, Observer (excl. public sector), Ipsos Synthesio, Strategy3
2- Automotive & Mobility Development, Audience Measurement, Customer Experience, Channel
Performance (Mystery Shopping and Shopper), Media Development, ERM, Capabilities
3- Public Affairs, Corporate Reputation
4- Pharma (quantitative and qualitative)


Our service lines dedicated to consumers and clients and employees showed organic
growth of 0.8% in the first half, accelerating between the first and second quarter, despite
an unfavourable base effect. Business in this sector is driven in particular by our activities
related to market positioning, marketing spend optimization, advertising campaign
measurement and mystery shopping.

Our activity related to citizens is down 11.4% on an organic basis since the beginning of
the year. Although improving compared to the first quarter, it remains impacted by
prolonged uncertainties and wait-and-see attitude resulting from the electoral cycle,
particularly in the United States, France and certain Asian countries.

The doctors and patients audience is improving, with organic growth of about 5% over
the half-year. Innovation in oncology, rare diseases, as well as GLP-1 studies should
support the sector’s growth in the coming months. However, we remain cautious given
the political and regulatory climate in the United States, which could impact vaccine
development and the commercialization of new drugs.

Our DIY platform Ipsos.Digital continues its strong growth (26% in the first half), with an
operating margin level about twice that of the Group. Additionally, the platform continues
to expand with new solutions.



Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
3
PRESS RELEASE


FINANCIAL PERFORMANCE


Summary income statement


In € millions 30 June 2025 30 June 2024 Change Reminder
31 Dec. 2024


Revenue 1,155.0 1,138.5 1.5% 2,440.8

Gross margin 790.0 780.1 1.3% 1,677.7

Gross margin/Revenue 68.4% 68.5% 68.7%

Operating profit 95.5 115.1 -17.0% 319.5

Operating profit/Revenue 8.3% 10.1% 13.1%

Other non-current/recurring
(6.0) 2.4 (16.2)
income and expenses

Finance costs (5.3) (5.7) (9.1)

Other financial income and
(7.3) 2.2 (2.4)
expenses

Income tax (19.6) (29.0) (73.7)

Net profit (attributable to
53.2 78.0 204.5
owners of the parent)

Adjusted net profit*
(attributable to owners of the 72.2 82.3 -12.3% 244.1
parent)
*Adjusted net profit is calculated before (i) non-monetary items related to IFRS 2 (Share-based Payment), (ii)
the amortisation of acquisition-related intangible assets (client relations), (iii) the impact of other non-current
income and expenses, net of tax, (iv) the non-monetary impact of changes in puts and other financial income
and expenses, and (v) deferred tax liabilities related to goodwill for which amortisation is deductible in some
countries.




Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
4
PRESS RELEASE

Income statement items

Gross margin stood at 68.4% compared to 68.5% in the same period last year. This
slight decrease is explained by the integration of infas in Germany, whose gross margin
rate is lower than the Group's average. The integration plan aimed at restoring profitability
is ongoing. At constant scope, the gross margin rate increased by 30 basis points, notably
due to the strong growth of Ipsos.Digital.

Regarding operating costs, the payroll increased by 3.1% due to the impact of
acquisitions, but only by 0.7% at constant scope. We continue to adapt our cost structure
to the evolution of the activity. Thus, our headcount has decreased by almost 2% at
constant scope since the beginning of the year; full effects on profitability will materialize
in the second half. At June 30, the ratio of payroll to gross margin stands at 69.5% and
remains significantly lower than the pre-pandemic situation.

Overhead costs increased by €7.3 million, mainly due to (i) a scope effect of €5 million
coming from acquisitions (ii) an increase in IT, technology, and panel acquisition
expenses. The ratio of overhead costs to gross margin is 15.7% and remains significantly
lower than in 2019 (18.3%).

The Other operating income and expenses item shows a negative balance of €10.4
million, which mainly consists of departure costs and is impacted by operational exchange
losses related to the depreciation of the dollar and other currencies against the euro.

For the first half, the operating margin stands at 8.3%. As in 2023, we expect a
significant improvement in profitability in the second half, driven by the acceleration of
growth and by the full effect of the measures taken to adjust our costs.

The Other non-current income and expenses item includes nearly €5 million in
acquisition costs and €3 million related to the write-down of the Russian net asset.
Furthermore, we are currently analyzing the impacts of the law passed by the Russian
parliament on July 15, 2025, which will limit, starting 2026, the share of market research
companies’ capital held by foreign companies. The whole Russian net book value has
already been written down in the Group's accounts.

The financial result is -€12.6 million. It mainly includes financing costs of 5.3 million
euros as well as non-operating exchange losses related to the dollar’s depreciation.

The effective tax rate is 26.6% compared to 26.0% in the first half of 2024.

Net profit attributable to owners of the parent amounts to €53 million and adjusted
net profit attributable to owners of the parent share to €72 million compared to €82
million the previous year.


Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
5
PRESS RELEASE

Financial structure

Cash flow. Cash flow from operations amounts to €139 million, compared to €177 million
in the first half of 2024. This decrease is linked to the decline in pre-tax net profit.

In the first half of 2025, the change in the working capital requirement is stable
compared to 2024, thanks to the optimization of our invoicing and settlement processes,
which has reduced payment times. This offsets the impact of customer collections, which
are lower this year given the level of growth.

Investments in property, plant and equipment and intangible assets mainly consist
of investments in IT and technology infrastructure and amounted to €42 million in the first
half. They are up by nearly a third, in line with the implementation of our platforms and
technologies roadmap.

In total, free cash flow from operations amounts to €40 million in the first half and would
be €54 million at constant scope. It is down compared to 2024, which had benefited at
the beginning of the year from the strong growth of end 2023, but remains higher than
that of previous years (€24 million in 2023 and €53 million in 2022).

Regarding non-current investments, Ipsos invested €149 million in the first half, mainly
for the acquisitions of The BVA Family and infas.

Finally, financing activities his semester mainly include (i) a rated bond issue of 400
million euros in January 2025 (ii) the repayment in June of the previous bond for 300
million euros.

Equity stands at €1,429 million at June 30, 2025, compared to €1,421 million at June 30,
2024.

Net financial debt amounts to €251 million, compared to €100 million at June 30, 2024,
due to acquisitions. The leverage ratio (calculated excluding the IFRS 16 impact) is
healthy at 0.6 times EBITDA.

Cash position. Cash at June 30, 2025, amounts to €250 million, compared to €283 million
at June 30, 2024.

The Group has an excellent level of liquidity, with nearly €450 million in credit facilities
with maturities of more than one year, after successfully renegotiating a 5-year syndicated
facility line of €150 million. Ipsos henceforth has no significant debt maturities before 2030.




Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
6
PRESS RELEASE
PERSPECTIVES

The second quarter is marked by encouraging signs as Ipsos returns to organic growth in
a still volatile macroeconomic environment. In the United States, the measures taken are
beginning to bear fruit.

We are continuing our acquisition strategy. The finalization of the acquisition of The BVA
Family provides us with new strengths in France, the United Kingdom and Italy,
particularly in packaging testing, customer experience, mystery shopping, and studies for
governments and public services.
In Germany, the acquisition of InMoment's Healthcare division strengthens our expertise
in the pharmaceutical and MedTech sectors, a few months after the acquisition of infas in
Public Affairs.

We are also pursuing our advancements in technology and Artificial Intelligence. Our work
in synthetic data allows us to offer new solutions to our clients, while we continue to
optimize and automate our internal platforms to simplify and accelerate the compilation
and processing of large-scale data.

As expected, the business profile for 2025 will be opposite to that of 2024, with a greater
than usual weight of the second half in terms of revenue, operating margin, and cash
generation, as observed in 2023.

As a consequence, while we remain cautious in the face of the global context, we confirm
our financial objectives for 2025: organic growth higher than that of 2024 and an operating
margin of around 13% at constant scope, excluding the impact of acquisitions made in
2025.

Ipsos will present its new strategic plan, Horizons 2030, during an Investor Day to be held
on November 19, 2025.


***

Presentation of half-year results
The 2025 half-year results will be presented on Thursday, 24 July 2025 at 8:30 a.m.
CEST via webcast.
If you would like to register, please contact IpsosCommunications@Ipsos.com.

A replay will also be made available on Ipsos.com




Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
7
PRESS RELEASE


Appendices
• Consolidated income statement
• Statement of financial position
• Consolidated cash flow statement
• Statement of changes in consolidated equity

The complete consolidated financial statements as at 30 June 2025 are available on
Ipsos.com

ABOUT IPSOS

Ipsos is one of the largest market research companies in the world, present in 90 markets and
employing nearly than 20,000 people.

Our passionately curious research professionals, analysts and scientists have built unique
multi-specialist capabilities that provide true understanding and powerful insights into the
actions, opinions and motivations of citizens, consumers, patients, customers or
employees. Our 75 solutions are based on primary data from our surveys, social media
monitoring, and qualitative or observational techniques.

“Game Changers” – our tagline – summarises our ambition to help our 5,000 clients
navigate with confidence our world of rapid change.

Founded in France in 1975, Ipsos has been listed on the Euronext Paris since 1 July 1999.
The company is part of the SBF 120, Mid-60 indices and is eligible for the Deferred Settlement
Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP
www.ipsos.com

35 rue du Val de Marne
75 628 Paris, Cedex 13 France
Tel. +33 1 41 98 90 00




Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
8
PRESS RELEASE
Notes
Consolidated income statement, Interim financial statements at June 30, 2025


In thousands of Euros 30/06/2025 30/06/2024 31/12/2024

Revenue 1,155,047 1,138,537 2,440,780
Direct costs (365,094) (358,434) (763,104)

Gross margin 789,953 780,104 1,677,676

Personnel expenses - excluding share-based compensation (549,341) (532,663) (1,082,039)

Employee benefit expenses - share-based payments * (11,012) (8,253) (20,706)

General operating expenses (123,695) (116,404) (235,236)

Other operating income and expenses (10,440) (7,699) (20,178)

Operating margin 95,464 115,084 319,517

Depreciation of intangible assets identified on acquisitions * (3,021) (2,377) (6,318)

Other non-operating income and expenses* (6,037) 2,413 (16,225)

Share of net income from associates (185) (179) (2,187)

Operating profit 86,222 114,940 294,787

Finance costs (5,258) (5,665) (9,076)

Other financial income and expenses * (7,290) 2,187 (2,406)

Net profit before tax 73,674 111,462 283,305

Tax – excluding deferred tax on goodwill amortization (19,105) (29,148) (72,716)

Deferred tax on goodwill amortization* (492) 168 (997)

Income tax (19,597) (28,980) (73,713)

Net profit 54,077 82,482 209,592

Attributable to the owners of the parent 53,185 77,954 204,525
Attributable to non-controlling interests 892 4,528 5,067

Basic earnings per share [attributable to the owners of the parent] (in €) 1.24 1.81 4.75
Diluted earnings per share [attributable to the owners of the parent] (in
1.22 1.79 4.66
Euros)


Adjusted earnings * 73,109 87,616 250,209
Attributable to the owners of the parent 72,241 82,333 244,063
Attributable to non-controlling interests 868 5,283 6,148
Adjusted basic earnings per share, attributable to the owners of the parent 1.68 1.91 5.67
Adjusted diluted net profit per share, attributable to the owners of the parent 1.66 1.89 5.56


* Adjusted for non-cash items related to IFRS 2 (share-based compensation), amortization of intangible assets identified on acquisitions
(customer relations), deferred tax liabilities related to goodwill for which amortization is deductible in some countries, the impact net of tax of
other non-operating income and expenses and the non-cash impact of changes in puts in other financial income and expenses.




Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
9
PRESS RELEASE

Statement of financial position, Interim financial statements at June 30, 2025

In thousands of Euros 30/06/2025 30/06/2024 31/12/2024
ASSETS - - -
Goodwill 1,478,566 1,409,938 1,406,990
Right-of-use assets 116,047 106,115 102,036
Other intangible assets 207,982 126,147 163,251
Property, plant and equipment 28,257 30,325 28,819
Investments in associates 3,132 6,273 3,507
Other non-current financial assets 45,842 48,583 56,470
Deferred tax assets 21,376 22,810 26,835
Non-current assets 1,901,202 1,750,191 1,787,909
Trade receivables 409,977 392,361 591,890
Contract assets 158,486 180,835 110,998
Current tax 28,249 21,173 9,038
Other current assets 99,465 71,703 71,668
Financial derivatives - - -
Cash and cash equivalents 250,431 282,509 342,549
Current assets 946,608 948,581 1,126,143
TOTAL ASSETS 2,847,810 2,698,773 2,914,051

in thousands of Euros 30/06/2025 30/06/2024 31/12/2024
EQUITY AND LIABILITIES
Share capital 10,801 10,801 10,801
Share paid-in capital 446,174 446,174 446,174
Treasury shares (690) (9,272) (7,532)
Translation adjustments (242,559) (148,283) (125,010)
Other reserves 1,161,825 1,024,920 1,048,563
Net profit attributable to the owners of the parent 53,185 77,954 204,525
Equity, attributable to the owners of the parent 1,428,736 1,402,294 1,577,522
Non-controlling interests 312 18,607 243
Equity 1,429,048 1,420,901 1,577,765
Borrowings and other non-current financial 483,026 375,518 76,975
liNon-current
biliti lease liabilities 94,048 85,738 80,639
Non-current provisions 6,032 5,229 3,975
Provisions for post-employment benefit obligations 46,416 38,870 40,395
Deferred tax liabilities 69,436 66,847 74,735
Other non-current liabilities 32,403 51,143 56,443
Non-current liabilities 731,362 623,344 333,160
Trade payables 309,976 282,637 335,211
Borrowings and other current financial liabilities 18,726 7,485 322,735
Current liabilities on leases 32,141 34,970 31,959
Current tax 9,616 31,735 41,836
Current provisions 4,824 4,653 6,402
Contract liabilities 30,879 40,697 54,250
Other current liabilities 281,240 252,349 210,736
Current liabilities 687,403 654,528 1,003,128
TOTAL LIABILITIES 2,847,810 2,698,773 2,914,051




Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
10
PRESS RELEASE

Consolidated statement of cash flows, Interim financial statements at June 30, 2025

In thousands of Euros 30/06/2025 30/06/2024 31/12/2024
OPERATING ACTIVITIES - - -
NET PROFIT 54,077 82,482 209,592
Non-cash items - - -
Amortization and depreciation of property, plant and equipment and
50,095 45,566 91,190
intangible assets
Net profit of equity-accounted companies, net of dividends received 185 179 2,187

Losses/(gains) on asset disposals (2,816) (3,330) (3,039)
Net change in provisions (5,224) 7,676 20,792
Share-based payment expense 9,759 7,184 18,447
Other recognized revenue and expenses (268) 178 (356)
Acquisition costs of consolidated companies 4,963 903 5,379
Finance costs 8,167 7,462 12,544
Income tax expense 19,597 28,980 73,713
CASH FLOW FROM OPERATING ACTIVITIES BEFORE FINANCE
138,535 177,281 430,449
COSTS AND TAX
Change in working capital requirement 6,327 7,078 (17,920)
Tax paid (44,142) (49,042) (74,129)
CASH FLOW FROM OPERATING ACTIVITIES 100,720 135,317 338,400

INVESTMENT OPERATIONS - - -
Acquisitions of property, plant and equipment and intangible assets (42,360) (31,972) (70,337)
Proceeds from disposals of property, plant and equipment and intangible
3,804 50 83
assets
(Increase)/decrease in financial assets (58) 11,129 1,229
Acquisitions of consolidated activities and companies, net of acquired cash (149,099) (28,154) (34,616)
CASH FLOW FROM INVESTING ACTIVITIES (187,714) (48,947) (103,641)
FINANCING ACTIVITIES - - -
Share capital increases/(reductions) - - -
Net (purchases)/ sales of treasury shares (14,127) (38,682) (39,048)
Increase in long-term borrowings 405,338 49,000 359,000
Decrease in long-term borrowings (328,127) (69,015) (359,035)
Increase in long-term loans from associates - - -
Decrease in long-term loans from associates - - -
Increase/(decrease) in bank overdrafts - - -
Net repayment of lease liabilities (18,474) (19,727) (39,410)
Net interest paid (2,388) (1,176) (9,598)
Net interest paid on lease obligations (1,834) (1,814) (3,529)
Acquisitions of non-controlling interests (24,467) - (3,909)
Dividends paid to the owners of the parent - - (71,241)
Dividends paid to non-controlling interests in consolidated companies - - (217)
Dividends received from non-consolidated companies - - -
CASH FLOW FROM FINANCING ACTIVITIES 15,921 (81,414) (166,986)

NET CHANGE IN CASH AND CASH EQUIVALENTS (71,072) 4,956 67,772
Impact of foreign exchange rate movements (16,859) (566) 3,211
Depreciation of the Russian cash (4,132) - (6,368)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 342,410 277,792 277,792

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 250,347 282,184 342,410



Contacts: Dan Lévy François Malin Caroline Ponsi Khider Chama Bouazzaoui
Group Chief Financial Officer Head of Investor Relations Chief Communications Corporate Communications
and Brand Officer Manager
Dan.Levy@ipsos.com Francois.malin@ipsos.com Caroline.ponsi-khider@ipsos.com Chama.Bouazzaoui@ipsos.com
11