[Press Release] 2025 results in line with guidance - Launch of Horizons strategic plan

About this update from Ipsos Sa

2025 results in line with guidance Launch of Horizons strategic plan Paris, February 24 th , 2026 - Ipsos , one of the world's leading market research and opinion polling companies, today announces its full-year 2025 results. Revenue, organic growth and operating margin rate, communicated on a preliminary basis at the Investor Day on 22 January, are confirmed. *Excluding temporarily dilutive effect related to The BVA Family and infas acquisitions Ipsos recorded revenue of €2,524.7 million in 2025, up 3.4%, including 0.6% organic growth, a 5.8% scope effect mainly related to the acquisitions of The BVA Family and infas, and a negative 3.0% foreign exchange impact, reflecting the appreciation of the euro against certain currencies, including the US dollar. The uncertain political context across several geographies, combined with tighter budgetary constraints for governments, weighed on Public Affairs activity and, consequently, on Ipsos’ consolidated performance. This level of growth remains below our ambitions. The strategic plan presented last month is designed to restore a sustained and durable growth trajectory. At the same time, the operating margin proved resilient and once again demonstrates Ipsos' financial discipline. It stands at 12.8% at constant scope and 12.3% on a reported basis, including the temporarily dilutive effect of The BVA Family and infas acquisitions. The year 2025, as well as the beginning of 2026, was marked by several structuring events: REVENUE BY QUARTER PERFORMANCE BY REGION In EMEA , our main region, total growth reached 12% in 2025, driven by the integration of The BVA Family and infas acquisitions. Against a particularly demanding comparable base (+5.5% in 2024), organic growth stood at 2.0%, supported by satisfactory performance in Continental Europe and the Middle East, but also impacted by a decline of more than 3% in France, attributable to the political and a budgetary environment which strongly affected the Public Affairs service line. Organic growth in the other service lines in France was slightly positive. The Americas recorded organic growth of 0.3% in 2025. In the United States, the political context weighed on Public Affairs activity throughout the year, resulting in a decline of approximately 15% in this service line. Excluding this activity, the other service lines delivered organic growth of close to 2% for the year, supported by Consumer Goods clients and by an improvement in the Healthcare sector. In Asia-Pacific , Ipsos' activities in China are stable in a contracting market. However, the region's performance was impacted by the decline in Public Affairs in several countries, notably in Australia, New Zealand and India. Foreign exchange effects were also unfavorable in the region, due to the depreciation of the yuan and won and other currencies against the euro. PERFORMANCE BY AUDIENCE Distribution 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), ERM, Capabilities 3- Public Affairs, Corporate Reputation 4- Pharma (quantitative et qualitative) Our service lines dedicated to consumers, clients and employees delivered organic growth of 2.1% in 2025. Growth in this segment was driven particularly by our activities related to market and brand analyses, advertising campaign measurement and research on physical and digital retail touchpoints. Our activity with citizens declined by 8.0% organically in 2025. The persistent uncertain political environment dampened demand from public sector players, particularly in the United States and France. The doctors and patients audience showed organic growth of 2.4%. Innovation in oncology, rare diseases as well as GLP-1 (type 2 diabetes and obesity treatment) related studies are the main growth drivers for the year. Our platform Ipsos.Digital continued its strong growth (27% in 2025), with an operating margin level approximately twice that of the Group's other activities. FINANCIAL PERFORMANCE Summary income statement *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. Income statement items Gross margin stood at 67.8% versus 68.7% in 2024. A major part of this decline is explained by the integration of infas and The BVA Family, whose gross margin rates are lower than the Group average. At constant scope and exchange rates, the gross margin decreased by 30 basis points, reflecting a temporary increase in data collection costs in certain activities, as well as the strengthening of quality control procedures on our panels. The payroll increased by 2.4%, due to the impact of acquisitions. On a like-for-like and constant currency basis, it remained stable, reflecting our adaptation of the cost structure to evolving business activity. At 31 December, the ratio of staff costs to gross margin stood at 64.8%. Overhead costs increased by approximately €20 million, reflecting additional expenses related to acquisitions. On a like-for-like basis, the rise in IT and technology spending, in line with our investment strategy, is offset by savings from rent renegotiations and enhanced discipline on discretionary spending. The ratio of overheads to gross margin stood at 14.9%. The other operating income and expenses showed a negative balance of €17 million, primarily related to termination costs. It also includes operational foreign exchange losses resulting from the depreciation of the dollar and other currencies against the euro. For 2025, the operating margin stood at 12.3% and 12.8% excluding the temporarily dilutive effect related to The BVA Family and infas acquisitions. Other non-current income and expenses were impacted by approximately €13 million due to the write-down of Russian net assets. The balance of this item mainly comprises €6.7 million in reorganization costs following acquisitions and management changes, as well as €6.0 million in acquisition-related costs Finance costs stood at €12.5 million, up €3.4 million over the period. This change is mainly explained by higher average debt during the year, following acquisitions completed in 2025. It also includes the financing cost of the €400 million bond issue completed in January 2025, carrying a 3.75% coupon and a five-year maturity. Other financial income and expenses showed a charge of €11.1 million, mainly resulting from non-operational foreign exchange losses, related to the depreciation of the dollar, as well as finance charges associated with the application of IFRS 16. The effective tax rate is stable at 26.0%. Net profit attributable to owners of the parent stood at €187 million and adjusted net profit attributable to owners of the parent at €240 million compared to €244 million the previous year. Financial structure Cash flow from operations stood at €411 million, compared to €430 million in 2024. This decline is mainly explained by the decrease in net profit. The change in working capital showed a negative variation of €30 million. This was driven, on the one hand, by a 3.2% increase in activity in the fourth quarter and, on the other hand, by a decrease in the 2025 variable compensation provision, the cash outflow of which will occur in the first half of 2026. Investments in property, plant and equipment and intangible assets , mainly comprising investments in IT and technology infrastructure, amounted to €83 million in 2025. They increased by 18%, consistent with the Group's accelerated investments in platforms and technologies. In total, free cash flow from operations stood at €181 million. This level is close to the average operating free cash flow generated over the past three years, which stood at €200 million. Regarding non-current investments , Ipsos accelerated its acquisition policy in 2025, with an invested amount of €179 million, mainly for The BVA Family and infas acquisitions. Finally, financing activities 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 €1,568 million at 31 December 2025 versus €1,578 million at 31 December 2024. Net financial debt amounts to €219 million, versus €57 million at 31 December 2024, due to acquisitions. The leverage ratio (calculated excluding IFRS 16 impact) is sound and stands at 0.5 times EBITDA. Cash position . Cash at December 31, 2025, amounts to €318 million. With the issuance of the €400 million bond, Ipsos has no significant debt maturities before 2030. OUTLOOK The 2025 financial year took place in an uncertain macroeconomic and political environment, weighing on our Public Affairs business. While the operating margin once again proved resilient, organic growth, which remained insufficient, underlines the need for rapid deployment of the Horizons plan, Ipsos' growth strategy presented at the Investor Day on January 22. The ambition is clear: to make Ipsos the global market research leader providing and turning data into Impactful Insights, powered by AI. This ambition relies on two growth drivers: on the one hand, reinventing our services by leveraging AI to transform ways of working and delivering faster; on the other hand, enriching our portfolio by maximizing the adoption of high-potential services and exploring new growth opportunities. To achieve this, Ipsos has on solid assets: its position as an independent global leader; diversified offerings; access to real respondents; long-term relationships with clients whose satisfaction level is very high; strong employee engagement; and finally, a robust financial structure enabling it to deploy its strategy. From the start of 2026, Ipsos is actively deploying the priorities of its strategic roadmap: The year 2026 marks the first step in restoring the Group’s growth momentum, targeting average organic growth of 3% to 4% over the 2026-2028 period. This trajectory is based on the rapid deployment of strategic priorities. The initiatives launched in 2026 will progressively gain momentum. For 2026, Ipsos anticipates organic growth between 2 and 3%, with an operating margin equivalent to that of 2025. Capital allocation priorities remain unchanged, with the pursuit of a targeted acquisition strategy and increased investment in technology. In view of the Group’s strong financial position and in line with the capital allocation policy presented at the Investor Day, the Board of Directors will propose to the General Meeting of 20 May 2026, the payment of a dividend of €2.00 per share, up more than 8%, corresponding to a payout ratio of 36% of adjusted diluted net earnings per share, which will be detached on July 1, 2026. Furthermore, the Board of Directors has today approved a share buyback program for cancellation purposes, for an amount of approximately €100 million in 2026, which will be proceed promptly. The implementation of this plan will be announced in a separate press release. *** Presentation of 2025 Full-Year Results The 2025 full-year results will be presented on Wednesday, 25 February 2025 at 8:30 a.m. CET via webcast. If you would like to register, please contact [email protected] . A replay will also be made available on Ipsos.com Appendices The complete consolidated financial statements as at 31 December 2025 are available on Ipsos.com Consolidated income statement Annual financial statements for the year ended 31 December 2025 Statement of financial position Annual financial statements for the year ended 31 December 2025 Consolidated cash flow statement Annual financial statements for the year ended 31 December 2025 Statement of changes in consolidated equity Annual financial statements for the year ended 31 December 2025 Attachment

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