Slide 1: 2025 Annual Results
2025 ANNUAL RESULTS February 25, 2026 Jean Laurent Poitou, CEO Olivier Champourlier, CFO
Slide 2: Key figures 2025
Key figures 2025 REVENUE ORGANIC GROWTH OPERATING MARGIN OPERATING MARGIN AT CONSTANT SCOPE 2,525 M€ +0.6% 12.3% 12.8% 2
Slide 3: Annual results 2025 underpin a resilient profitability amid slow growth
ANNUAL RESULTS 2025 UNDERPIN A RESILIENT PROFITABILITY AMID SLOW GROWTH 3
Slide 4: Encouraging takeaways from 2025
Encouraging takeaways from 2025 EMEA Audiences Consumers, Customers, +2.0% organic growth, despite Doctors and Patients tough comparables in 2024 (5.5%) Organic growth: +2.1% Ipsos.Digital Acquisitions +27% organic growth, with operating margin strengthening our leadership in several key >2x the Gro
Slide 5: Public Affairs is a critical asset
Public Affairs is a critical asset As a global leader in research, understanding citizens is core business -8% / -28M€ organic growth Our global footprint is a growth enabler It provides resilience and follows different business cycles than the private sector Public Affairs is fundamental and aligne
Slide 6: Financial Update
FINANCIAL UPDATE Olivier Champourlier, CFO
Slide 7: Revenue by region
Revenue by region In millions € December 31, 2025 Total growth Organic growth EMEA 1,245.2 12.0% 2.0% Americas 887.2 -3.4% 0.3% Asia-Pacific 392.2 -4.3% -2.5% Total 2,524.7 3.4% 0.6% 7
Slide 8: Revenue by audience
Revenue by audience In millions € December 31, 2025 Total growth Organic growth Consumers1 1,244.6 2.6% 2.1% Clients & employees2 516.5 5.4% 2.1% Citizens3 389.0 5.9% -8.0% Doctors & patients4 374.6 1.2% 2.4% Total 2,524.7 3.4% 0.6% Breakdown of each Service Line by segment: breakdown of revenue by
Slide 9: Income statement
Income statement In millions € December 31, 2025 December 31, 2024 % change Revenue 2,524.7 2,440.8 3.4% Gross margin 1,711.0 1,677.7 2.0% Gross margin / revenue 67.8% 68.7% Gross margin / revenue at constant scope -30 bps 68.4% 68.7% Operating margin 309.3 319.5 -3.2% Operating margin / revenue 12.
Slide 10: Free cash flow
Free cash flow In millions € December 31, 2025 December 31, 2024 Gross operating cash flow 410.7 430.4 Change in WCR (29.8) (17.9) Income tax paid (78.9) (74.1) Property, plant and equipment, intangible and financial assets (78.2) (69.8) Net interest paid (2.0) (9.6) Lease payments (40.6) (42.9) Fre
Slide 11: Strong financial position
Strong financial position Gross Debt : €525M 400 December 31, December 31, In millions € 2025 2024 Equity 1,568 1,578 60 Net debt* 219 57 63 2 0 2026 2027 2028 2029 2030 Net debt X 0.5 X 0.1 EBITDA** Liquidity: Over €400M of undrawn credit lines with maturities > 1 year * Bonds and bank loans net of
Slide 12: Business Update
BUSINESS UPDATE Jean Laurent Poitou, CEO
Slide 13: Our priority
OUR PRIORITY RETURNING TO A PROFITABLE ORGANIC GROWTH IN A DYNAMIC INDUSTRY 13
Slide 14: Strategic choices to lead
6 strategic choices to lead 1. Leverage our multi 4. AI as a catalyst for market specialist business offerings. leadership. 2. Global company with a 5. Access to real people as a local footprint. critically relevant competitive advantage. 3. Speed as an absolute 6. Value-added service priority. part
Slide 15: Accelerating Globally Managed Services from 2026
Accelerating Globally Managed Services from 2026 Leadership Tech / AI investments in place launched One Global GMS leader Product and Technology work in process to execute on our Six GMS Directors accountable for global 2026 plans consistency, productization and growth Local organizations be
Slide 16: Building on Ipsos.Digital
Building on Ipsos.Digital In 2025 Next 6 months priorities REVENUE Expand the portfolio PROFITABILITY x2 vs. GROUP with shelf-ready solutions, incl. qualitative AI moderation Fast-track the Essentials Suite +27% across all our offerings 140 M€ Scale Ipsos.Digital to new audiences to expand to new in
Slide 17: Reinforcing our commercial excellence
Reinforcing our commercial excellence Strengthening our Growing our Accelerating new commercial muscle market share client acquisition Focus on skills upgrades Focus on Strategic Pursuits Focus on Business Development, including set up of specialist Make Senior Leaders, incl. Retaining and
Slide 18: Strengthening technology and platform capabilities
Strengthening technology and platform capabilities Appointment of Nathan Brumby as Chief Platforms and Technology Officer All Technology & IT teams being regrouped under the same leadership 2026 focus : strategically scaling existing capabilities whilst investing in the automating and acceleration o
Slide 19: Speed: transforming vision into milestones
Speed: transforming vision into milestones We are slicing the ambition into clear, manageable milestones, by type of surveys, prioritizing where speed creates the strongest commercial and competitive Near real time to impact 48h for most of our activities We have clear levers: • Leveraging our platf
Slide 20: Capitalizing on our people and long-term client relationships
Capitalizing on our people and long-term client relationships to execute our strategy Innovation 1. A HIGH EMPLOYEE 2. LONG-TERM CLIENTS (Grit) ENGAGEMENT RELATIONSHIP 76/100 >99% Engagement rate Client retention Benchmark : 72/100 On clients > 1 m€ of revenue between 2024 and 2025 20
Slide 21: Our ambition
OUR AMBITION Making Ipsos the global market research leader providing and turning data into Impactful Insights, powered by AI 21
Slide 22: Outlook
OUTLOOK
Slide 23: Horizons targets
Horizons targets TOPLINE FREE CASH FLOW 2026 – 2028 : 3 to 4% Approx. 1.4 B€ over 5 years 2029 – 2030 : > 5% PROFITABILITY INVESTMENTS 2028 : 13.5% Approx. 1.2 B€ over 5 years 2029 – 2030 : > 14% 23
Slide 24: Outlook 2026
Outlook 2026 Organic Growth: 2 to 3% Operating profit rate: Equivalent to 2025 24
Slide 25: Increasing return to shareholder
Increasing return to shareholder Record dividend: Buyback program: 36% of adjusted diluted EPS in 2025 In € /share 2,00 * 1,85 1,65 100 M€ 1,35 1,15 c. in 2026 2021 2022 2023 2024 2025 Payout 22.5% 26.4% 32.1% 33.3% 36.4% ratio 25 *will be proposed at the General Meeting 2026
Slide 26: Agenda
Agenda First Quarter 16 April 2026 Results General Meeting 20 May 2026 of shareholders 26
Slide 27: Thank you
THANK NK YOU