2025 results in line with guidanceLaunch of Horizons strategic plan Paris, February 24th, 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. Revenue: €2,525 million Total growth: +3.4%Organic growth: +0.6% Operating margin: €309 million Operating margin rate: 12.3%Operating margin rate at cons ...

Core Insights - Ipsos has appointed Nathan Brumby as Chief Platforms and Technology Officer, effective February 16, 2026, to enhance its technology and platform capabilities [2][3] - This appointment is part of Ipsos' organizational evolution, with the current Chief Operating Officer, Michel Guidi, stepping down to pursue other opportunities [3] - Nathan Brumby brings over 20 years of international leadership experience in technology, recognized for his ability to define and execute technology strategy [4] Company Strategy - In his new role, Nathan will lead all Technology and IT teams across Ipsos, aiming to strengthen the technical foundations necessary for the company's tech evolution [5] - The focus will be on enabling AI solutions to operate reliably at scale, which will enhance speed, automation, and service quality for Ipsos clients globally [5][6] - CEO Jean Laurent Poitou emphasized that Nathan's strategic vision and technical expertise will be crucial for scaling Ipsos' platforms for the future [6] Leadership Vision - Nathan Brumby expressed enthusiasm about joining Ipsos during a critical phase of its technological evolution, aiming to build robust, scalable platforms that leverage AI [7] - The company aims to enhance operational excellence and create meaningful value for clients through innovative technology solutions [7] Company Overview - Ipsos is a leading market research and polling company, operating in 90 markets and employing nearly 20,000 people [8] - The company offers 75 business solutions based on primary data from surveys, social media monitoring, and qualitative techniques [9] - Founded in France in 1975, Ipsos is listed on Euronext Paris and is part of the SBF 120 and Mid-60 indices [10]

Core Insights - Gartner and Forrester's recent Q4 2025 results indicate a significant slowdown in B2B marketing and IT spending, reflecting broader market challenges [1][7]. Financial Performance - Gartner reported Q4 revenue of $1.8 billion, a 2.2% year-over-year increase, with full-year revenue at $6.5 billion, up 4% but showing a deceleration from a 9.6% annualized growth over the past five years [4]. - Forrester's Q4 revenue was $101.1 million, down 6% year-over-year, with full-year revenue at $396.9 million, an 8% decline from $432.5 million in 2024 [4]. - Gartner's adjusted EPS fell 27.8% year-over-year to $3.94, while Forrester's market cap dropped to approximately $105 million, down from around $300 million a year ago [3][4]. Market Trends - Enterprise buying cycles have extended, with increased scrutiny and elevated deal approval authority leading to slower decision-making processes [8]. - Consulting services are experiencing significant declines, with Gartner's consulting revenue down 12.8% and Forrester's down 16% in Q4 [10]. - AI is both a threat and an opportunity, with Gartner producing over 6,000 AI-related research documents and Forrester generating over $5 million in bookings from its AI Access offering [12][14]. Event Segment Performance - Gartner's Conferences segment showed resilience, with a 13.9% year-over-year increase in revenue, while Forrester's events business declined by 29% [15]. Government Spending Impact - Both companies noted headwinds from U.S. federal government spending, with Gartner's contract value growth at 4% excluding federal contracts, indicating a structural shift in this market [16]. Valuation Metrics - Gartner's market valuation has dropped to approximately 1.8 times revenue, while Forrester's is at 0.25 times revenue, reflecting historically low multiples for recurring-revenue businesses [18]. Strategic Shifts - The B2B landscape is undergoing a reset, with budgets being reallocated from traditional consulting and advisory services to AI-driven tools and platforms that offer measurable outcomes [19].

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Forrester (Nasdaq: FORR) today announced that rock band The Fray will be this year's headline performer at Forrester's B2B Summit North America, taking place in Phoenix, April 26–29, 2026. This year's B2B Summit North America theme, "GTM Singularity,†will enable B2B marketing, sales, customer, and product leaders — through Forrester's research, frameworks, and guidance — to adapt to evolving buyer behaviors and modernize their go-to-market (GTM) approaches in. ...

Management is positioning the company at the intersection of business and technology to navigate a new paradigm where AI computing rivals traditional SaaS models. Performance in 2025 was impacted by the final stages of the Forrester Decisions migration, resulting in an 8% revenue decline despite improvements in client retention. The company is leveraging proprietary data and human expertise as a 'trust' differentiator against public large language models that management believes suffer from content mi ...

Core Insights - Forrester Research reported a revenue of $101.06 million for the quarter ended December 2025, reflecting a year-over-year decline of 6.5% and an EPS of $0.17 compared to $0.36 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $103.26 million, resulting in a surprise of -2.13%, while the EPS also missed the consensus estimate of $0.21 by -20.3% [1] Revenue Breakdown - Revenue from Events was $2.66 million, below the estimated $2.98 million, marking a -1% change year-over-year [4] - Revenue from Consulting was $21.79 million, compared to the estimated $22.2 million, representing a -16% change year-over-year [4] - Revenue from Research was $76.62 million, falling short of the $78.04 million estimate, indicating a -3.5% change year-over-year [4] Stock Performance - Forrester Research's shares have returned -21.1% over the past month, contrasting with the Zacks S&P 500 composite's -0.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - In Q4 2025, revenue declined by 6% year-over-year to $101.1 million, while full-year revenue decreased by 8% to $396.9 million compared to $432.5 million in 2024 [20][28] - Free cash flow for 2025 was approximately $18 million, with client retention reaching 87%, up from the start of 2025 [10][29] - Net income for Q4 decreased by 53% to $3.2 million, with earnings per share at $0.17, while full-year net income decreased by 21% to $22.2 million [28][31] Business Line Data and Key Metrics Changes - Research segment revenue for Q4 was $76.6 million, down 4% year-over-year, and $295.6 million for the full year, a decline of 7% [25] - Consulting revenue for Q4 was $21.8 million, down 16%, and $88.2 million for the full year, a decline of 9% [26] - Events revenue for Q4 was $2.7 million, a decline of 1%, and for the full year, it decreased by 29% to $13.1 million [26] Market Data and Key Metrics Changes - Client count increased in Q4 for the first time since Q4 2021, reflecting a positive trend in client engagement [10] - The percentage of contract value (CV) from multi-year deals increased to 72% at year-end, up from 69% in Q4 2024 [10] Company Strategy and Development Direction - The company is focusing on four initiatives for 2026: improving retention lifecycle execution, introducing more product options, fostering a culture of growth in sales, and producing actionable research [11][12] - A restructuring plan affecting 8% of employees was announced to align costs with revenue and focus on expanding research contract value [16][22] - The strategy consulting business will be exited due to ongoing instability and competition, while advisory services will continue [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are navigating a new paradigm shaped by AI, with increasing complexity in decision-making and technology challenges [6][7] - The company expressed optimism about returning to CV growth in 2026, driven by improvements in client retention and the success of the new AI Access product [11][19] - Management acknowledged ongoing macro uncertainties and the impact of the U.S. government's consulting pullback on performance [20][31] Other Important Information - The company plans to enhance its AI capabilities and expand its product offerings, including a rebranding of its flagship AI tool to Forrester AI [13][19] - The new event strategy will focus on smaller, localized events to better meet client needs [17][53] Q&A Session Summary Question: Can you elaborate on the consulting restructure and expected revenue impact? - The revenue impact from sunsetting strategy consulting is approximately $6 million, with a backlog of about $8 million to service throughout 2026 [36] Question: What are the reasons for lower wallet retention? - Management indicated that volatility in the U.S. government sector and uncertainties in the U.S. business are contributing factors [38][39] Question: Can you discuss the product pipeline for the year? - The company is looking to provide more ways for clients to engage and embed Forrester's offerings into their daily work [47][48] Question: How is AI Access performing versus expectations? - AI Access exceeded expectations in Q4, with a strong pipeline and positive client engagement [72][78] Question: Will there be changes in the sales process with new leadership? - The sales strategy will be reorganized around six industries, focusing on high-potential accounts and improving retention lifecycle execution [68][71]

Financial Data and Key Metrics Changes - In Q4 2025, revenue declined by 6% year-over-year to $101.1 million, while full-year revenue decreased by 8% to $396.9 million compared to $432.5 million in 2024 [20][28] - Free cash flow for 2025 was approximately $18 million, with client retention reaching 87%, up from the start of 2025 [10][29] - Net income for Q4 decreased by 53% to $3.2 million, with earnings per share at $0.17, while full-year net income decreased by 21% to $22.2 million [28][31] Business Line Data and Key Metrics Changes - Research segment revenue for Q4 was $76.6 million, down 4% year-over-year, while full-year revenue was $295.6 million, a decline of 7% [25] - Consulting revenue for Q4 was $21.8 million, down 16%, and $88.2 million for the full year, a decline of 9% [26] - Events revenue for Q4 was $2.7 million, a decline of 1%, and for the full year, it decreased by 29% to $13.1 million [26] Market Data and Key Metrics Changes - Client count increased in Q4 for the first time since Q4 2021, reflecting a positive trend in client engagement [10] - The percentage of contract value (CV) from multi-year deals increased to 72% at year-end, up from 69% in Q4 2024 [10] Company Strategy and Development Direction - The company plans to return to CV growth in 2026 by focusing on four initiatives: improving retention lifecycle, introducing more product options, fostering a culture of growth in sales, and producing actionable research [11][18] - A restructuring affecting 8% of employees was announced to align costs with revenue and focus on expanding research contract value [16][22] - The strategy consulting business will be exited due to ongoing instability and competition, while advisory services will continue [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are navigating a new paradigm shaped by AI, with increasing complexity in decision-making and technology challenges [6][7] - The company expressed optimism about the future, highlighting the potential of AI Access and the positive impact of new product offerings [19][31] - Management acknowledged macroeconomic uncertainties and the impact of the U.S. government's consulting pullback on performance [20][30] Other Important Information - The company is investing in AI to enhance its research capabilities and improve client engagement [18][32] - The new event strategy will focus on smaller, localized events to better meet client needs [17][53] Q&A Session Summary Question: Can you elaborate on the consulting restructure and expected revenue impact? - The revenue impact from sunsetting strategy consulting is approximately $6 million, with a backlog of about $8 million to service throughout 2026 [36] Question: What are the reasons for lower wallet retention? - Management indicated that volatility in the U.S. government sector and uncertainties in the U.S. business are contributing factors [38][39] Question: Can you discuss the product pipeline for the year? - The company is focused on providing more ways for clients to engage and purchase, with new product offerings scheduled for the year [44][48] Question: How did AI Access perform in Q4? - AI Access exceeded expectations with strong performance and a significant pipeline for the upcoming year [72][78] Question: Will there be changes in the sales process with new leadership? - The sales strategy will be reorganized around six industries, focusing on high-potential accounts and improving retention lifecycle execution [68][71]

Financial Data and Key Metrics Changes - In Q4 2025, revenue declined by 7% year-over-year to $101.1 million, while full-year revenue decreased by 8% to $396.9 million compared to $432.5 million in 2024 [20][29] - Free cash flow for 2025 was approximately $18 million, with client retention reaching 87%, up from the start of 2025 [10][19] - Net income for Q4 decreased by 53% to $3.2 million, with earnings per share at $0.17, while full-year net income decreased by 21% to $22.2 million [29][32] Business Line Data and Key Metrics Changes - Research segment revenue for Q4 was $76.6 million, down 4%, and $295.6 million for the full year, down 7% [26] - Consulting revenue for Q4 was $21.8 million, down 16%, and $88.2 million for the full year, down 9% [26] - Events revenue for Q4 was $2.7 million, down 1%, and for the full year, it declined by 29% to $13.1 million [27] Market Data and Key Metrics Changes - Client count increased in Q4 for the first time since Q4 2021, reflecting a positive trend in client engagement [10][25] - The percentage of contract value (CV) from multi-year deals increased to 72% at year-end, up from 69% in Q4 2024 [10] Company Strategy and Development Direction - The company plans to return to CV growth in 2026 by focusing on four initiatives: improving retention lifecycle, introducing more product options, fostering a culture of growth in sales, and producing actionable research [11][19] - A restructuring affecting 8% of employees was announced to align costs with revenue and focus on expanding research contract value [17][21] - The strategy consulting business will be exited due to ongoing instability and competition, while advisory and content marketing services will continue [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q4 and 2025 due to macroeconomic uncertainty and the impact of U.S. government consulting pullbacks [20][32] - The company sees opportunities in the AI landscape, emphasizing the importance of proprietary data and human expertise in their offerings [9][58] - Management expressed optimism about the performance of the new AI Access product, which exceeded expectations with over $5 million in bookings since its launch [11][70] Other Important Information - The company is investing in AI to enhance its research capabilities and improve client engagement [19][32] - A new event strategy will focus on smaller, localized events to better meet client needs [18][52] Q&A Session Summary Question: Can you elaborate on the consulting restructure and expected revenue impact? - The revenue impact from sunsetting strategy consulting is approximately $6 million, with a backlog of about $8 million to service throughout 2026 [37] Question: What are the reasons for lower wallet retention? - There is ongoing volatility in the U.S. government sector and some uncertainty in the U.S. business, but there are positive trends in international markets [39][40] Question: Can you discuss the product pipeline for 2026? - The company is looking to provide more ways for clients to buy and embed Forrester's offerings into their daily work, with several exciting products scheduled for release [47][48] Question: How is AI Access performing compared to expectations? - AI Access exceeded expectations in Q4, significantly improving deal cycle times and increasing client count, particularly with new clients [70][80]

Core Viewpoint - Pearl Gray operates as a proprietary investment fund and independent market research firm, focusing primarily on Fixed-Income and Capital Flows while also providing analysis on equity REITs, Investment Fund Appraisal, and Bank Risk Analysis [1]. Group 1 - The firm emphasizes that its published content is independent analysis and does not constitute financial advice [1]. - The analysis provided is intended to foster discussion among subscribers rather than serve as direct investment advice [3]. - The firm encourages readers to consult a registered financial advisor before making investment decisions [3]. Group 2 - The firm has no stock, option, or similar derivative positions in any of the companies mentioned, nor plans to initiate such positions in the near future [2]. - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [2]. - The firm clarifies that past performance is not indicative of future results and does not provide recommendations for specific investments [4].