© Ipsos | 2024 Full-Year Results
Updated June 2025
A WORLDWIDE LEADER IN MARKET AND SOCIAL RESEARCH
Our Raison d'Être
Deliver reliable information for a true understanding of Society, Markets and People to help the world make better decisions
20 000
Employees
Across 220 cities and
90 markets
For 5000+ clients
With 6M+ authenticated, proprietary panelists
RESEARCH INDUSTRY: A HIGHLY FRAGMENTED MARKET
LEADERS ON CORE MARKET
s142bn
$5.6bn
$3.5bn $3.3bn s2.6bn $2.6bn
RANKED #4
Source: Esomar Global Market Research 2024 - Turnover 2023
IQVIA total revenue is $15b, of which $5.6b is on Market Research, Former Gfk is integrated in Nielsen IQ,
Kantar excludes Kantar Media (disposed in 2024)
WE COVER THE WHOLE VALUE CHAIN
Definition of needs
Data
coll and
ection
p on
roducti
Data integration
Data analysis
Information Restitution
Client support
Global and local client organization and sourcing
Coding questionnaires Multimode Data collection
Access to panelists
Checking quality Research expertise Computing raw data in Data Science Preparing analysis Technology and AI
Deliver, report and present insightful results to clients
Ensuring a follow-up Building long-term relationships
ENSURING THE BEST QUALITY FOR OUR STUDIES
PROVIDING A TRUE UNDERSTANDING OF SOCIETY AND PEOPLE
Understand society, markets and people
Improve customer experience
Boost channel performance
Inform public policy
Improve employee experience
Build corporate reputation
Define market strategy
Strengthen brand health
Be fit for the future
Innovate and launch new products and services
People as …
Citizens
Consumers
Customers -B2C and B2B
Healthcare professionals and patients
Employees
Shape media, marketing and advertising
Have an impact on the world
COMBINING HUNDREDS OF SOURCES OF DATA….
Online / offline
Surveys / non-surveys
Passive measurement and social media analysis
Physical samples (water, blood, DNA...)
Satellite and drone imagery
Focus groups and other qualitative research
Demographic and statistical data
Client-supplied data
WE ARE ONE-STOP SHOP
Making Ipsos unique in the Industry
Local players
Competitors by sectors
Public Affairs
Healthcare CPG
Competitors by specialties
DIY
Web listening
EFM
Tech-Enabled
Data providers
Audience Measurement
OUR BUSINESS MODEL IS THUS DIVERSE AND DIVERSIFIED
GEOGRAPHIES SECTORS CLIENTS
16%
Top 10
24%
Top 20
Others
Travel
13%
CPG(1)
Retail
Auto
2%
4%
5%
25%
Financial
services
9%
18%
10%
TMT
Public
15%
Pharma
Americas
w/o USA
Asia Pac.
w/o China
8%
11%
EMEA w/o
UK & France
25%
30%
USA
France
5%
6%
15%
China
UK
(1) Consumer Product Goods
Share of revenue in 2024
DRIVING EXTENSIVE CROSS-SELLING
#
OF SERVICE LINES
10 TO 16
OUR TOP 20 CLIENTS
of our Top Clients
70%use >20 of our markets and solutions from more than 10 Services Lines
5 TO 10
< 5
Average by client:
29 countries
12 Service Lines
Based on FY 2024
< 20
20 TO 40
> 40
#
OF MARKETS
GENERATING A HIGH CLIENT SATISFACTION
COMBINED WITH A STRONG PEOPLE ENGAGEMENT
OUR CLIENTS
9/10
Satisfaction
OUR PEOPLE
89%Are proud to work
at Ipsos (+5pts)
78%Engagement
(+2pts)
CSM 2024 (client satisfaction survey) Pulse 2024 (employeesatisfaction survey)
WITH AN INTERNATIONAL REPUTATION
OUR STRATEGY BEING THE HEART OF SCIENCE AND DATA
GEOGRAPHIES SERVICES & SECTORS
PEOPLE & TECH
USA
Rest of top 10
(United Kingdom. China. India. France. Germany…)
Other markets
Ipsos.Digital
Tech and Media clients
Healthcare
Public Sector
Keep people at the heart of
our strategy
Increase investments
technology data analytics
OUR ACQUISITIONS ROADMAP
15+ Acquisitions since 2023
EXPANDING OUR LEADERSHIP IN PUBLIC AFFAIRS
Infas
I&O Research
Big Village, Whereto Research
CBG Health Research
Behaviour & Attitudes
IPEC
REINFORCING OUR DATA ANALYTICS CAPABILITIES Jarmany
The BVA family
Consolidating our leadership in France, the UK, Italy
Leveraging BVA Family's brands (BVA, DOXA, BDRC)
Reinforcing our footprint in Pack Testing
LEADING TO PROFITABLE GROWTH AND SOUND FINANCIAL PROFILE
In € millions
Revenue growth
In € millions
Operating margin
17,9%
CAGR: +4.0%
2 405 2 390 2 441
315
312
320
1 837
2 147
5,6%
3,0%
1,3%
190
10,3%
277
12,9%
13,1%
13,1%
13,1%
-6,5%
In € millions
2020 2021 2022 2023 2024
Revenue Organic Growth %
Free Cash Flow generation
216
214
244
265
228 234 234
In € millions
2020 2021 2022 2023 2024
Operating Margin As a % of Revenue
Net Debt/EBITDA (excl. IFRS16)
131
210
1.6x
347
180
0.5x
0.2x
69
0.3x
0.1x
57
120
169
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
13 -
© Ipsos | Investor Deck
FCF FCF Before WC
Net debt Net debt / EBITDA
STRUCTURAL DRIVERS FOR PROFITABILITY IMPROVEMENT
ONLINE DATA COLLECTION
Shift offline to online with higher GM
PROCESS STREAMLINING ON OPERATIONS
End to end platform from panels to results reporting
Panels internalization
Impacts of Generative AI
Coding and scripting
Results reporting
BUSINESS MIX
Ipsos.Digital USA
Advisory
Data Analytics
IPSOS IS UNIQUELY POSITIONED IN THE GEN AI ERA
QUALITY DATA TO TRAIN MODELS
2DATA SCIENTISTS TO VALIDATE
3SAFE & AGNOSTIC PLATFORM
1PROMPT ENGINEERING EXPERTISE
VERIFICATION & ACTIVATION EXPERTISE
TRUSTED ADVISOR REPUTATION
4 5 6
Signals Gen AI | Transforms social platform data into actionable insights |
InnoExplorer AI | Generates ideas, concepts, products and packages, and predicts their potential by combining AI and consumer data |
Product Transfer | Predicts with HI and AI, how well products can be transferred from one market to another |
Persona Bots for Segmentation | Enhances consumer segmentation by using AI-agents that mimic targeted consumers based on large volumes of data in LLM (personas) |
AI-Boosted Workshops | Generates new ideas with fewer biases during a workshop under Ipsos' experts' guidance |
Creative | Spark AI | A creative assessment solution to predict reactions to ads in minutes, via Ipsos.Digital |
Ipsos Risk Monitor | Early warning system; enables real-time monitoring of risks & social impact performance for public sector clients |
Customer Experience Persona Bot | Utilizes AI to bring customer personas to life; enables teams to quickly brainstorm and refine innovative solutions before real-world testing |
WE SELL A GROWING NUMBER OF GEN AI SOLUTIONS
GEN AI CONTINUES TO POWER OUR SOLUTIONS
SYNTHETIC USERS
Generates accurate profiles and data using proprietary AI, e.g. augments samples in Product Testing and Communities
AGENTIC AI
Uses an AI Agent (avatar with voice) to manage conversations, e.g. moderating an online community, or interrogating large data sets
IMAGE ANALYSIS
Analyses video, image and audio to provide insights
SOCIAL AND TEXT ANALYTICS
Identifies patterns and trends from large text datasets, e.g. social and verbatim data in Customer Experience surveys
LEADING THE WAY IN SYNTHETIC DATA
BENEFITS
Instant access to potentially unlimited data sets
Ability to research specific target groups
Cost-effectiveness
No privacy concerns
POTENTIAL RISKS
Biased, mediocre or inaccurate insights
Legal and reputational risks
LEVERS OF SUCCESS
Access to vast volumes of proprietary, high-quality, and regularly updated data
Expertise in real data monitoring to calibrate results
Publication of 2 POVs:
"Synthetic Data - A Guide to Responsible Adoption"
"The Power of Product Testing with Synthetic Data"
Data science expertise; robust analytical frameworks and methodologies
© Ipsos | 2024 Full-Year Results
ENSURING BEST-IN-CLASS CHECKS TO PREVENT PANEL FRAUDIPSOS USES A TRIPLE-VERIFIED APPROACH TO PREVENT FRAUD
1 We choose the best panel available for each survey
Using our best-in-class proprietary panel and working exclusively with trusted providers Removing poor performer: purges of Ipsos panelist, blacklists of providers
Soliciting multiple sources to lower fraud risk and increase representativity
2 We leverage tech to recruit and authenticate panelists
Digital fingerprint
Multi-factor authentication via SMS Geo-IP location
Anonymous proxy detection
Machine-learning to detect similarities across accounts
3 We apply behavioral checks to ensure high-quality survey completion
Robot detection like typing speed, copy/paste answers
Human and automated checks: looking for unrealistic answers, and suspicious patterns Longitudinal tracking: history monitored across surveys
End-to-end connections to fight ghost completes
Panel Recruitment Flow Survey Flow
Panel Sign-up Form
Multi-Factor Authentication
Device Check & De-duplication
Survey Invite Clicks
Fraud Check
Deduplication of respondents in surveys
Email Confirmation
Fraud Check
SMS
Confirmation
Digital Fingerprint
FAIL If the email address
is a duplicate (vs. panel or past fraudulent actors) or the domain is suspicious
FAIL If authentication FAIL If this device is associated of email or phone with fraud or has been
Number is used to register for an
unsuccessful account in the past
Profiling Survey
Dataguard
Panel Registration Complete
Demos
D
etect
Bot
ion
Welcome
Open-end
Pattern
R n
ecognitio
Panel
Fraud Check
External Supply
Block List
FAIL IF the device is associated with fraud or user
REDIRECTED If the device has already
answered this survey, it is redirected to the router
Client Survey
Dataguard
Survey Complete
Questions
D
etect
Bot
ion
Thank you
Open-ends
Pattern
R n
ecognitio
FAIL If the response pattern is suspicious, or a bot was detected
*A Panel Health team actively monitors the ongoing health and composition of panels to ensure ongoing quality.
FAIL If response pattern indicates poor quality or a bot answering the survey
*Survey design is critical to fighting against fraud, and unengagement: online surveys are competing with other activities and distractions,. This impacts the
22 quality of responses. Keep surveys blinded, simple and short
© Ipsos | 2024 Full-Year Results
RESILIENCE AND REBOUND AFTER ECONOMIC DOWNTURNSSanitary crisis
17.9%
Organic growth
Operatin profit
Financial crisis
CAGR 2008-2010: 3.9%
Organic growth
Operating profit
IPSOS IS SHOWING RESILIENCE AND ALWAYS BOUNCES BACK STRONGER AFTER ECONOMIC DOWNTURNS
7.8% | 8.3% | |||
-3,8% | ||||
2008 | 2009 | 2010 | ||
10% | 9.4% | 10.5% |
3,8% | ||
-6,5% | ||
2019 | 2020 | 2021 |
g 9.9% | 10.3% | 12.9% |
© Ipsos | 2024 Full-Year Results
SUCCESSFUL INAUGURAL RATED BONDSUCCESSFUL INAUGURAL RATED BOND ISSUANCE (2025 JANUARY)
RATINGS RATED BOND
Investment Grade
Baa3, stable outlook
BBB, stable outlook
VALUE:
400M €
Close to 10x oversubscribed
COUPON:
3.75%
Strong tightening
vs initial price thought
MATURITY:
Jan. 2030
WILL REFINANCE THE 300 M€ EXISTING BOND MATURING IN SEPTEMBER 2025
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Disclaimer
Ipsos SA published this content on September 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 24, 2025 at 13:03 UTC.
