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© Ipsos | 2024 Full-Year Results 2024 ANNUAL RESULTS Ben Page, Chief Executive Officer Dan Lévy, Chief Financial Officer February 27th, 2025
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2© Ipsos | 2024 Full-Year Results GOOD PROFITABILITY AND CASH FLOW GENERATION DESPITE SLOWER GROWTH IN 2024
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3© Ipsos | 2024 Full-Year Results A YEAR OF CONTRASTS – THE POSITIVES Good performance in Europe, Middle East & Latam Gross margin improvement, strong cash flow generation and solid financial profile Client Satisfaction at 9/10Launch of suite of AI solutions Continuation of our acquisitions roadmap Growth of Ipsos.digital (+30%), and resilient demand from CPG
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4© Ipsos | 2024 Full-Year Results A YEAR OF CONTRASTS – THE HEADWINDS Macroeconomic and political uncertainties affecting France, UK and Asia US – Very mixed performance due to a combination of external and internal factors, and disappointing overall No real recovery in China
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55© Ipsos | 2024 Full-Year Results 5 REVENUE IN 2024 TOTAL GROWTH +2.1% REVENUE €2,441M ORGANIC +1.3% SCOPE +2.3% FX -1.5%
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66© Ipsos | 2024 Full-Year Results 6 STRONG PROFITABILITY AND CASH GENERATION +120 BPS 68.7% OPERATING MARGIN 13.1% GROSS MARGIN FREE CASH FLOW €216M up €47M
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© Ipsos | 2024 Full-Year Results FINANCIAL UPDATE Dan Lévy Chief Financial Officer
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88© Ipsos | 2024 Full-Year Results 8 REVENUE BREAKDOWN BY REGION In millions of euros 2024 Share Total growth Organic growth EMEA 1 112.3 46% 8.4% 5.5% Americas 918.7 38% -3.9% -3.3% Asia-Pacific 409.7 17% 0.7% 1.6% Total 2,440.8 100% 2.1% 1.3%
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99© Ipsos | 2024 Full-Year Results 9 REVENUE BY SECTOR CPG 25% TMT 18% PHARMA 15% PUBLIC SECTOR 10% FINANCIAL SERVICES 9% AUTOMOTIVE 5% RETAIL 4% TRAVEL 2% % of revenue 4% 12% 9% -1% -3% -3% 3% 6% Organic growth
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1010© Ipsos | 2024 Full-Year Results 1 0 REVENUE BREAKDOWN BY AUDIENCE Breakdown of each Service Line by segment: breakdown of revenue by audience segment is non-financial data, likely to change over time depending on changes to the organization of Ipsos teams. 1. Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA, Market Strategy & Understanding, Observer (excl. public sector), Ipsos Synthesio, Strategy3 2. Automotive & Mobility Development, Audience Measurement, Customer Experience, Channel Performance (including Mystery Shopping and Shopper), Media development, ERM, Capabilities 3. Public Affairs, Corporate Reputation 4. Pharma (quantitative and qualitative) In millions of euros 2024 Share Total growth Organic growth Consumers1 1 ,199. 8 49% 4.2% 4.4% Clients and employees2 506.1 21% -0.2% 0.6% Citizens3 370.2 15% 5.3% -3.3% Doctors and patients4 364.7 15% -3.9% -3.0% Total 2,440.8 100% 2.1% 1.3%
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11© Ipsos | 2024 Full-Year Results CONTINUATION OF OUR ACQUISITIONS ROADMAP 15 Acquisitions since 2023 EXPANDING OUR LEADERSHIP IN PUBLIC AFFAIRS Infas I&O Research Big Village Australia Behaviour & Attitudes CBG Health Research (NZ) Whereto Research IPEC REINFORCING OUR DATA ANALYTICS CAPABILITIES Jarmany
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12© Ipsos | 2024 Full-Year Results 1 2 GOOD PROFITABILITY IN 2024 In millions of euros December 31, 2024 December 31, 2023 % Change Revenue 2,440.8 2,389.8 +2.1% Gross margin 1,677.7 1,612.8 +4.0% Gross margin / revenue 68.7% 67.5% +120 Bps Operating margin 319.5 312.4 +2.3% Operating margin / revenue 13.1% 13.1% Net profit attributable to the Group 204.5 159.7 +28.0% Adjusted net profit* attributable to the Group 244.1 228.6 +6.8% * Adjusted net profit is calculated before non-cash items covered by IFRS 2 (share-based compensation), before amortization of acquisition-related intangible assets (customer relationships), before deferred tax liabilities related to goodwill for which amortization is deductible in some countries and before the impact net of tax of other non-recurring income and expenses.
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1313© Ipsos | 2024 Full-Year Results STRONG FREE CASH FLOW In millions of euros December 31, 2024 December 31, 2023 Gross operating cash flow 430.4 412.9 Change in WCR (17.9) (65.2) Income tax paid (74.1) (63.4) Property, plant and equipment, intangible and financial assets (69.8) (61.6) Net interest paid (9.6) (12.3) Lease payments (42.9) (41.5) Free cash flow 216.0 168.8 Acquisitions and financial investments (38.5) (47.9) Purchase / Sale of shares (39.0) (85.5) Net change in borrowings and financial debts (0.0) (57.5) Dividends (71.2) (59.0) Cash position at end of period 342.5 277.9
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1414© Ipsos | 2024 Full-Year Results 14 ‒ SOLID FINANCIAL POSITION In millions € December 31, 2024 December 31, 2023 Equity 1,578 1,433 Net debt* 57 120 Net debt / EBITDA** X 0.1 X 0.3 *Bonds and bank loans net of cash ** Excluding IFRS 16 impact
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1515© Ipsos | 2024 Full-Year Results SUCCESSFUL INAUGURAL RATED BOND ISSUANCE (2025 January) BBB, stable outlook Baa3, stable outlook Investment Grade RATINGS RATED BOND 400M € Close to 10x oversubscribedVALUE: MATURITY: COUPON: 3.75% Strong tightening vs initial price thought Jan. 2030 WILL REFINANCE THE 300 M€ EXISTING BOND MATURING IN SEPTEMBER 2025
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© Ipsos | 2024 Full-Year Results BUSINESS HIGHLIGHTS Ben Page Chief Executive Officer
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17© Ipsos | 2024 Full-Year Results IPSOS IN THE US A WELL-RESPECTED MARKET LEADER • Strong Client relationships • Comprehensive offers & solutions • Talent hotspot • Recognized thought leader • Innovation with global reach … BUT A MIXED PERFORMANCE DUE TO EXTERNAL AND INTERNAL FACTORS • Macroeconomic and political uncertainty • Fall in demand for professional services • Good performance in Consumer research but headwinds in Public Affairs and Healthcare • We have addressed leadership and organizational challenges during 2024
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18© Ipsos | 2024 Full-Year Results IPSOS IN THE US: PILLARS FOR GROWTH 1 Revitalize two core businesses (Public Affairs & Healthcare) 2 Amplify growth opportunities (Ipsos.Digital, Data Analytics, Ad testing, Innovation, Customer Experience) 3 Explore future growth Areas (Gen AI solutions, more analytics services, and M&A…)
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19© Ipsos | Doc Name | Month Year | Version # | Public | Internal/Client Use Only | Strictly Confidential TECH & AI DEVELOPMENTS © Ipsos | 2024 Full-Year Results
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20© Ipsos | 2024 Full-Year Results MOMENTUM CONTINUES ON IPSOS.DIGITAL GROWTH TRAJECTORY 85 M€ 35 M€ 2021 2022 2023 65 M€ 110 M€ 2024 Revenue PROFITABILITY +30% in 2024 x 2 vs Group profitability Speed 2-3x faster Availability 24/7 with DIY tools Innovation New solutions deployed (Creative|Spark AI, Fast Pack…) Cost effective BENEFITS FOR OUR CLIENTS
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21© Ipsos | 2024 Full-Year Results NEW GEN AI SOLUTIONS IN 2024 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
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22© Ipsos | 2024 Full-Year Results HIGHLIGHTS OF NEW SOLUTIONS IN 2024 Signals Gen AI: Enables clients to transform social data into actionable insights Creative|Spark AI: A creative assessment solution to predict reactions to ads in minutes, via Ipsos.Digital InnoExplorer AI: Generates ideas, concepts, products and packages, and predicts their potential by combining AI and consumer data
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23© Ipsos | 2024 Full-Year Results IN 2025, GEN AI WILL CONTINUE 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
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24© Ipsos | 2024 Full-Year Results 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 LEVERS OF SUCCESS • Access to vast volumes of proprietary, high-quality, and regularly updated data • Expertise in real data monitoring to calibrate results • Data science expertise; robust analytical frameworks and methodologies • Biased, mediocre or inaccurate insights • Legal and reputational risks POTENTIAL RISKS Publication of 2 POVs: • “Synthetic Data - A Guide to Responsible Adoption” • “The Power of Product Testing with Synthetic Data”
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25© Ipsos | Doc Name | Month Year | Version # | Public | Internal/Client Use Only | Strictly Confidential SUPPORTING OUR CLIENTS © Ipsos | 2024 Full-Year Results
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GLP-1s SOLUTIONS Understanding the multi-sector impact of weight loss drugs GLP-1s are revolutionizing healthcare while creating challenges and opportunities in other sectors due to changing consumption patterns Healthcare solutions: • Global Patient GLP-1 Monitor: Providing an evolving perspective of the patient journey • Global Therapy Monitors: Real-world prescribing & doctor perceptions in all relevant diseases • Bespoke solutions to answer business questions regarding the patient journey Non-Healthcare solutions: • Global Consumer GLP-1 Monitor: Insights into consumer and GLP-1 user perceptions, behaviors, and consumption patterns • Bespoke solutions to answer business questions across various sectors - Food & Beverage, retail, hospitality…© Ipsos | 2024 Full-Year Results
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ACCESSIBLE UX AUDIT Helping businesses comply with EU regulations (June 2025) UX testing among people with disabilities to provide a comprehensive accessibility audit of digital experiences • Identifying accessibility issues with software, devices (computers, smartphones…) and online documents • Conducting a manual audit and user testing to capture issues that scanners miss • Providing a detailed remediation plan © Ipsos | 2024 Full-Year Results
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28© Ipsos | 2024 Full-Year Results IPSOS X DANONE Supporting Danone to develop better innovations to drive growth and encourage healthier lifestyle Identifying the most promising innovations across diverse categories (dairy, plant-based products, waters, early life nutrition) Testing new concepts through Ipsos.Digital standardized solutions Selecting most scalable options across various geographies (30+ countries) Accelerating learnings through transversal analysis driven by Human Intelligence + Artificial intelligence
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29© Ipsos | 2024 Full-Year Results IPSOS X PRINGLES Helping Pringles to make the difference with their Super Bowl ad Leveraged our Creative|Spark solution to assess three potential storylines, identify the lead option and opportunities for optimization The ad ended up as one of the best performing of the Super Bowl
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30© Ipsos | 2024 Full-Year Results IPSOS X MICROSOFT Streamlining multiple data workflows and processes to enhance their commercial forecasting globally Leveraging Jarmany’s expertise in our Ipsos Data Labs offer, integrating datasets, automating processes and building statistical models for improved forecasting at Microsoft Reducing the time needed to analysee data from 2 weeks to 2 hours on average
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31© Ipsos | 2024 Full-Year Results IPSOS X ROUTE Onboarding new technology to better measure outdoor advertising throughout Great Britain Proprietary smartphone app to track population’s travel patterns Machine learning and AI used to match these journeys with the locations of out-of-home (OOH) advertising sites, including both digital and static billboards A world-first innovation in out-of-home audience measurement covering 400,000 plus locations
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32© Ipsos | 2024 Full-Year Results INDUSTRY AWARDS AND RECOGNITION “Empathy or Emptiness” ESOMAR Best Paper Award 2024 and Peter Cooper Award for Best Qualitative Paper
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33© Ipsos | 2024 Full-Year Results INDUSTRY AND MEDIA RECOGNITION
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34© Ipsos | 2024 Full-Year Results RECOGNITION OF OUR ROADMAP ON ESG SBTi has validated our carbon emissions reduction targets for 2030 and 2050 Reinforcing our position as a responsible business OUR TARGETS Ipsos’ near-term and Net-Zero targets validated by the Science Based Target Initiative (SBTI) 50% reduction in direct emissions and energy consumption between 2019 and 2030 27.5% reduction in indirect emissions over the same period 90% reduction of all emissions by 2050
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35© Ipsos | 2024 Full-Year Results© Ipsos | Doc Name | Month Year | Version # | Public | Internal/Client Use Only | Strictly Confidential© Ipsos | Doc Name | Month Year | Version # | Public | Internal/Client Use Only | Strictly Confidential © Ipsos | 2024 Full-Year Results 89% are proud to work at Ipsos (+5 pts) HIGH CLIENT SATISFACTION AND PEOPLE ENGAGEMENT 9/10 78% Engagement (+2 pts) OUR PEOPLEOUR CLIENTS
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© Ipsos | 2024 Full-Year Results OUTLOOK
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3737© Ipsos | Full-Year Results 2023 33% of diluted adjusted Earning Per Share A RECORD DIVIDEND 0,9 1,15 1,35 1,65 1,85 2020 2021 2022 2023 2024 in € per share * * Will be proposed to AGM 2025 DIVIDEND INCREASED TO 1,85 € PER SHARE © Ipsos | 2024 Full-Year Results
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38© Ipsos | 2024 Full-Year Results OUTLOOK 2025 ORGANIC GROWTH above 2024 OPERATING MARGIN ~13% at constant scope
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39© Ipsos | 2024 Full-Year Results AGENDA - UPCOMING EVENTS ANNUAL GENERAL MEETING 21 MAY 2025 FIRST QUARTER RESULTS 17 APRIL 2025
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© Ipsos | 2024 Full-Year Results THANK YOU Q&A session Please find below the dial-in phone numbers: France: +33 1 70 91 87 04 UK: +44 1 21 281 8004 US: +1 718 705 8796 The password to access the call is "Ipsos"