Ipsos Sees Higher Q3 Growth, but Lowers Annual Forecast

Ipsos has reported revenue of EUR 636m in the third quarter, up 7.6% in absolute terms or 2.9% organic - returning the global group to organic growth for the year to date after a decline in the first quarter. Research among Consumers, doctors and patients led the way, and the Americas recovered well.

Organic revenue growth in the second quarter was 0.7%, after a 1.8% decline in the first. In Q3, reported growth was significantly higher, reflecting the acquisitions of The BVA Family (its biggest buy since 2018) and infas, which between them more than outweighed currency effects (-3.8%).




By region

Performance improved across all regions in Q3, although Asia Pacific remains in negative territory, shrinking 1% vs Q3 of 2024. With the BVA acquisition, EMEA revenue is up fully 10% year-on-year, but in organic terms the Americas region was the best performer in Q3, up 4.3%.



Within the EMEA region, growth was satisfactory in most of continental Europe and the Middle East, but revenue saw a c.4% decline in the home market of France, where the group says 'the political climate has weighed heavily on our Public Affairs activity.' French private sector business grew very slightly.

US Public Affairs business is down about 15% since the start of the year, but in other sectors performance was strong, up 3% in organic terms over the first nine months.

Business in China grew slightly, while a decline in Public Affairs activity in countries including Australia, New Zealand and India helped pull the overall figure into negative territory.

By audience

The group blames political uncertainties in many parts of the world countries, together with budgetary constraints on governments, for an overall 9.2% decline (organic) in Public Affairs activity. Excluding this segment, the Group's organic growth for the first nine months of the year comes to 2.3%, and for Q3 4.2%.



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)


Business among consumers, clients and employees did well (up 2% organic over nine months), as the doctors & patients audience (up 5%).

The Ipsos.Digital platform 'continues its rapid development' with 28% growth in the nine months and an operating margin roughly twice that of the Group. Product testing and advertising campaign measurement are particularly strong areas for Digital.

With the ongoing drag on Public Affairs spending, Ipsos has revised its 2025 annual organic growth target to around 0.7%; but the group confirmed its operating margin target of around 13% at constant scope and excluding the 'transitory dilutive effect' from the two acquisitions.

Summing up, Ipsos says organic growth 'remains below ambitions,' and aims to prioritse improvement, with a strategy that includes 'judiciously leveraging technology and AI, while preserving what has made it successful.'

The firm deferred the presentation of a new strategy known as Horizons 2030 from 19th November 2025 to 22 January 2026.

Group home page: www.ipsos.com .