Core Viewpoint - Didier Truchot resigns as Chairman of the Board of Directors of Ipsos due to health issues, specifically digestive tract cancer, effective February 28, 2026. Laurence Stoclet has been appointed as the new Chair of the Board [1][2]. Group 1: Leadership Changes - Didier Truchot will remain involved with Ipsos as a director and main shareholder after his resignation [2]. - Laurence Stoclet, who has been with Ipsos since 1998 and held various executive roles, will assume the position of Chair on March 1, 2026 [3][7]. - Anne-Marie Couderc has been appointed as Lead Independent Director to strengthen governance [4]. Group 2: Background of Laurence Stoclet - Laurence Stoclet has extensive experience in managing international operations and technology platforms, having served as Chief Financial Officer and Deputy Chief Executive Officer at Ipsos [7][8]. - She oversaw over 100 acquisitions and integration plans, contributing to Ipsos' leadership in the market, which operates in 90 countries [8]. - Stoclet has a strong financial background, including previous roles at Goldman Sachs and Arthur Andersen, and holds an MBA in Banking and Finance [9][12]. Group 3: Company Outlook - Didier Truchot expressed confidence in the company's ability to leverage new technologies, particularly artificial intelligence, under the leadership of Jean Laurent Poitou, the new CEO [5]. - Ipsos is recognized as one of the largest market research companies globally, employing nearly 20,000 people and operating in 90 markets [14].

Core Points - The total number of shares as of November 30, 2025, is 43,203,225, with a total of 48,976,321 voting rights [1] - The exercisable voting rights amount to 48,922,224, indicating a slight difference from the total voting rights due to suspended voting rights [1][2] - The calculation of voting rights includes all shares, even those with suspended voting rights, in accordance with AMF regulations [1] Summary by Category - **Total Shares and Voting Rights** - Total shares: 43,203,225 [1] - Total voting rights: 48,976,321 [1] - **Exercisable Voting Rights** - Exercisable voting rights: 48,922,224 [1] - **Regulatory Compliance** - The calculation method adheres to Article 223-11 of the AMF general regulation regarding the crossing of thresholds for voting rights [1]

Core Insights - A Wells Fargo survey indicates a significant shift towards digital cash gifts and holiday tips among younger generations, prioritizing convenience and choice over traditional gifts [1][2][3] Digital Gifting Trends - Consumers appreciate receiving money as gifts, with 36% indicating they prefer digital cash because they often do not like the physical gifts they receive [4][7] - Gen Z (32%) and Millennials (28%) show a strong preference for giving digital cash gifts compared to older generations [6][7] Holiday Tips to Service Workers - 60% of consumers plan to give tips to service workers, with a median tip amount of $50 [8] - Younger generations, particularly Gen Z and Millennials, are more likely to use digital payment methods for tipping [6][8] Consumer Preferences - 65% of people prefer giving physical gifts, while 55% prefer receiving them; gift cards are also popular, with 54% preferring to give and 56% to receive [6] - Concerns about the impersonal nature of digital cash gifts exist, with 57% feeling that sending digital gifts lacks effort [7]

Core Viewpoint - Ipsos is undergoing an organizational change with the departure of Dan Lévy as Group Chief Financial Officer, who will pursue new opportunities outside the company [2]. Group Changes - Dan Lévy will step down from his role as Group Chief Financial Officer after three years with the company [2]. - Olivier Champourlier, previously Head of Group Controlling, has been appointed as Interim Chief Financial Officer effective immediately [3]. - The process for selecting a new Group Chief Financial Officer is currently underway [3]. Company Overview - Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing nearly 20,000 people [4]. - The company offers 75 business solutions based on primary data from surveys, social media monitoring, and qualitative or observational techniques [5]. - Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999, and is part of the SBF 120 and Mid-60 indices [6].

Group 1 - The total number of shares as of October 31, 2025, is 43,203,225 [1] - The total voting rights associated with these shares is 48,977,829, while the exercisable voting rights are 48,924,307 [1] - The theoretical number of voting rights includes shares with suspended voting rights, as per Article 223-11 of the AMF general regulation [1] Group 2 - The number of voting rights excludes shares with suspended voting rights [2] - Additional information can be found in the "Regulated Information" section of the Ipsos website [2]

Group 1 - The total number of shares as of September 30, 2025, is 43,203,225 [1] - The total voting rights associated with these shares is 48,979,191, while the exercisable voting rights amount to 48,925,369 [1] - The theoretical number of voting rights includes all shares, even those with suspended voting rights, as per Article 223-11 of the AMF general regulation [1][2] Group 2 - The information regarding voting rights is also accessible in the "Regulated Information" section of the Ipsos website [2]

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]

Core Insights - Global equity markets experienced broad positive returns in Q3 2025, driven by resilient corporate earnings, enthusiasm for AI, and the U.S. Federal Reserve's first interest rate cut of the year [3][21] - Emerging markets, particularly China, led the gains, supported by a U.S. trade truce and strength in the tech sector [3][4] - The Polaris Global Equity Composite gained 5.04% (net of fees) for the quarter, underperforming the MSCI World Index, which returned 7.36% [5][6] Market Performance - Developed markets saw weaker currencies benefiting export-oriented indices, with Japan's TOPIX Index up 11.0% and the U.K.'s FTSE All-Share Index up 6.9% [4] - The U.S. market, represented by the S&P 500 Index, gained over 8%, primarily due to tech and communication stocks [4] - France and Germany underperformed due to geopolitical and fiscal concerns, with tepid growth projections under new U.S. trade policy [4] Sector Analysis - The healthcare sector was the best performer, with notable gains from pharmaceutical stocks, while financials, consumer discretionary, and IT also contributed positively [5][6] - Health insurers faced challenges, with UnitedHealth Group and CVS Health posting over 10% returns, while Elevance Health's shares dropped sharply due to profit guidance cuts [7] - In IT, Samsung Electronics excelled with strong performance in HBM technology and a significant deal with Tesla for AI chip manufacturing [11] Company Highlights - United Therapeutics Corp. was a top contributor to portfolio performance, driven by positive clinical trial results for its drug Tyvaso, potentially adding $4-5 billion in peak sales [6] - AbbVie, Inc. expects high single-digit revenue growth through 2029, with flagship drugs projected to exceed $31 billion in sales by 2027 [6] - The Carlyle Group Inc. outperformed in the financial sector, up over 20% due to strong fee-based credit and secondaries business [8] Investment Strategy - The current economic environment is characterized by a "two-speed" economy, with a concentrated AI-driven boom amidst subdued growth in other sectors [21][22] - Financials are seen as attractive due to stable net interest margins and loan growth, while defensives like consumer staples and healthcare are expected to perform well [22] - Opportunities in economically-sensitive sectors are being explored, with a focus on industrials benefiting from AI integration and supply chain modernization [22][23]

Core Points - The total number of shares as of August 31, 2025, is 43,203,225, with a theoretical voting rights count of 48,980,673 [1] - The exercisable voting rights amount to 48,926,276, indicating a slight difference from the theoretical voting rights due to suspended voting rights [1][2] - The information regarding shares and voting rights is accessible in the "Regulated Information" section of the Ipsos website [2]

Core Points - The total number of shares as of July 31, 2025, is 43,203,225, with theoretical voting rights amounting to 48,982,585 and exercisable voting rights at 48,928,856 [1] Group 1 - The total shares reported include all shares with attached voting rights, including those with suspended voting rights [1] - The number of voting rights is calculated in accordance with Article 223-11 of the AMF general regulation [1] - The information is accessible in the "Regulated Information" section of the Ipsos website [2]