Ipsos S.A.

Q2 revenue was EUR 615 million, up 4.9% year over year, with organic growth of 3%. H1 revenue was EUR 1.170 billion, up 1.3% year over year, with organic growth of 0.8%. Gross margin in H1 was 67.7% versus 68.4% in H1 2025, and operating margin was 7.9%, down 40 basis points year over year. Adjusted net profit attributable to the group was EUR 1.66, pretty much stable versus H1 2025. Free cash flow was EUR 44.4 million, up EUR 4.6 million, and net debt was EUR 225 million with leverage at 0.5x EBITDA. For the full year 2026, management said organic growth should be above 2% and operating margin should be similar to 2025.

Jean Poitou framed the quarter as evidence that Ipsos is back to growth, emphasizing that every region and every audience category turned positive in Q2. He stressed that the Horizons strategy is now moving from design to execution, with AI, faster survey delivery, global managed services, and new products intended to improve productivity and strengthen the offer. His tone was confident but cautious, repeatedly noting that the market still has pockets of client hesitation, especially tied to geopolitical uncertainty.

Olivier Champourlier highlighted that all regions were positive in Q2, with EMEA up 5.6% overall, the Americas up 0.7% organic, and Asia Pacific up 2% organic for H1. He said H1 gross margin was 67.7%, operating margin was 7.9%, and nonrecurring costs were EUR 19 million, including EUR 11.6 million of depreciation tied to halted IT projects and EUR 6 million of reorganization costs. He also pointed to EUR 145 million of gross operating cash flow, EUR 44.4 million of free cash flow, net debt of EUR 225 million, and liquidity of over EUR 450 million of undrawn credit lines; the company plans to complete EUR 100 million of FY26 share buybacks, with half already done by July 22.

Analysts focused on the relationship between the 1.2% order book growth and management’s expectation for stronger H2 revenue, and management said H2 should still outpace H1 because about 75% of annual revenue is already booked and the remaining orders should support roughly 2% growth. Questions also centered on why public affairs was strong, how much of the business is tied to core versus Horizon initiatives, and whether China was gaining share; management said public affairs is resilient and contract-rich, while China showed stepped-up business and share gains thanks in part to AI-enabled offerings. Analysts asked about the EUR 11.6 million IT depreciation charge and AI capex versus opex; management said the IT write-downs were tied to a few projects deemed unlikely to deliver expected results, and that some AI costs, such as tokens, will flow through opex rather than be capitalized.