Good performance in the third quarter in a complex environment

Core Insights - Ipsos reported a revenue of €636 million in Q3 2025, reflecting a growth of 7.6%, with 2.9% organic growth, 8.5% from acquisitions, and a -3.8% impact from currency effects [2][5][18] - For the first nine months of 2025, total revenue reached €1,791 million, with an overall growth of 3.6%, including 0.7% organic growth [3][5] Financial Performance - Q1 revenue was €568.5 million with a growth of 2.0%, Q2 revenue was €586.6 million with a growth of 1.0%, and Q3 revenue was €635.9 million with a growth of 7.6% [5] - The total revenue for the first nine months was €1,791 million, with a breakdown of growth as follows: 0.7% organic, 4.9% from scope effects, and -2.0% from currency effects [3][5] Regional Performance - EMEA region showed a total growth of 10.0% with an organic growth of 1.6%, while Q3 alone saw an organic growth of 3.2% [7][8] - The Americas region reported an organic growth of 1.2% for the year and 4.3% in Q3, with recovery in the U.S. excluding Public Affairs [9][10] - Asia-Pacific faced a decline of 3.3% in organic growth, with political uncertainties affecting performance in several countries [10][11] Audience Segmentation - The consumer segment achieved an organic growth of 2.0% over the first nine months, driven by advertising campaign measurement and marketing optimization [11][13] - The citizens segment experienced a decline of 9.2% due to political uncertainty and hesitance from public-sector clients [14] - The doctors & patients audience recorded a growth of 5.0%, supported by innovations in therapeutic areas [15] Strategic Outlook - Ipsos revised its 2025 annual organic growth target to around 0.7% due to budgetary constraints and political instability affecting public spending [18][20] - The operating margin target remains around 13% at constant scope, reflecting operational discipline despite acquisition-related dilutive effects [19] - The company aims to accelerate organic growth by leveraging technology and AI while maintaining its core strengths [20]