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Ipsos: Ipsos Delivers Steady 2025 Results, Paving the Way for Future Growth

Ipsos reported revenue of EUR 2.525 billion for 2025, representing a 3.4% growth, with an organic growth of 0.6%. The operating margin stood at 12.8%, in line with expectations. However, the actual EPS of 3.05 fell short of estimates of 3.84. The company's net profit attributable to the group was EUR 240 million, and the cash flow was EUR 181 million. The financial position remains sound with a debt-to-EBITDA ratio of 0.5x.

IPS.PA

EUR 34.02

3.78%

A-Score: 5.6/10

Publication date: February 25, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Total Revenue EUR 2.525 billion in 2025, reflecting 3.4% growth over prior year.
  • Operating Margin 12.8% maintained, with net profit of EUR 240 million despite below-target organic growth of 0.6%.
  • Digital Growth Ipsos Digital surged 27% to EUR 140 million revenue, outperforming traditional segments.
  • Strategic Investment EUR 1.2 billion allocated over 5 years for AI, tech accelerators, and acquisitions to drive 3-4% annual growth (2026-2028).
  • Financial Position Strong cash flow of EUR 181 million and debt-to-EBITDA ratio of 0.5x, supporting EUR 1.4 billion cumulative free cash flow target by 2030.

Segmental Performance

The EMEA region saw a 2% organic growth, driven by the private sector business, which grew 2.1%. The digital platform had a significant growth of 27%, while the public affairs business declined by 8% due to complex and challenging political situations. The acquisition of BVA Family and infas contributed to the company's growth, but also affected the gross margin.

Strategic Choices and Outlook

Ipsos has taken six strategic choices to drive growth and innovation, including leveraging technology and AI, and improving value-added services. The company aims to implement globally managed services with consistent methods, technology, and price ranges. For 2026, Ipsos expects an organic growth outlook in the range of 2% to 3%, with an operating margin expected to be equivalent to that of 2025, at around 12.3%. As Jean Poitou, the CEO, mentioned, "We plan to strengthen the use of Ipsos Digital, a platform with 140 million euros in revenue and a profitability higher than double that of Ipsos."

Valuation Metrics

With a P/E Ratio of 9.04, the stock appears to be undervalued, especially considering the expected growth in the coming years. The Dividend Yield of 5.52% and Free Cash Flow Yield of 10.45% also make the stock attractive. The EV/EBITDA ratio of 5.81 suggests that the company's enterprise value is reasonable compared to its EBITDA. The current valuation metrics indicate that the market has not fully priced in the company's growth potential, with an expected average growth of 3% to 4% between 2026 and 2028, accelerating to over 5% in 2029 and 2030.

Ipsos's A-Score