Ipsos

And thank you for attending this presentation of the half-year results. We'll tell you about our main figures and achievements for the half-year, as well as the ramp-up of some of the initiatives taken as part of the Horizon Program and then the outlook for the rest of the year. We will take a look at some of the key figures. Olivier Champourlier, CFO, will give you more details about that. Then we'll move on to recent developments with the Horizon Program and then the outlook for 2026. And so let's start with the main lessons learned from this half year on revenue for Q2 standards, 615 million euros so that's a total growth of 4.9% compared with minus 2.4% in Q1 of last year and then if we look at organic growth I don't know if you attended previous sessions but that is indeed the main criterion that and makes all the difference the differentiating factors are service compared to others is organic growth in 3% to be compared with minus 1.4% in Q1 and so this we are returning to growth but which is noteworthy and Olivier will tell you more about that if you look at all three geographical areas the Americas, the NBA and Asia Pacific and indeed In the four main audiences, we are growing on all four fronts, and that's the first time since Edison has been here, at least since 2023. But anyway, if you look at the numbers, so revenue standards, 1.1 billion, so that's 1.3% up. including 0.8% of organic growth. So this means throughout the first half year we've been growing organically. If you look at sales, new orders, most of which will be performed this year, they were up 1.6% compared to Q2 of last year. And so if you combine that with Q1, which was up 1% compared to 2025, we're looking at a growth in our order book for 2026. Our order book is up 1.2% compared to the same period last year. The main growth drivers for H2 come to increase that trend. In public affairs, we're having rising demands in our orders, which shows the counter-cyclical aspect of public affairs. Then there's significant traction with the CPG clients. We've seen it in Q1, and this is confirmed in Q2, and then it rebounds in China as well in terms of orders. There are two boosters which were not as clearly seen in Q1. Acceleration of business in pharmaceutical companies and that applies both to syndicated surveys and indeed ad hoc surveys and market surveys for anything to do with oncology and we call GLP-1 and then finally in the UK sustained growth in Q2 and this is all the more remarkable because Thank you very much.

Thank you, Jean Laurent. Good morning to all. Thanks for joining us. Let's start with the breakdown of revenue by region. Jean Laurent presented organic growth of revenue came in at plus 3% in Q2. Net rebound versus the Q1 negative at 1.3. So we're ending the first half with organic growth of 0.8%. It's notable to see that all regions in Q2 Q2 return to positive organic growth. That's a significant improvement over the situation at the beginning of the year. EMEA is posting revenue growth of 5.6%, of which organic growth of 0.5%. That's accelerated because we're at 0.1% in Q1 and 0.2%. 9% in Q2. Total growth of EMEA was positively impacted during the half-hiver consolidation of the BVA family. You'll recall that this is a group that we acquired last year and that was consolidated a few days at the end of June in age 125 and fully so in the first half of 2016. The positive scope effect of the integration of BVA family offset by the exit of Russia, representing 4% of the region in the first half of 2025. Unfavorable forex, notably linked to pound sterling. Organic growth in the EMEA region is penalized by slowdown in the Middle East, but A limited impact of several million euros at the end of June. The Americas posting organic growth of 0.7% in H1. LATAM is solid, 6.3%. North America organic growth is stable at the end of the half. In the United States, we note several contract wins in public affairs driving recovery in H1. The second half, Asia-Pacific, this region is posting 2% organic growth on first six months of the year, benefiting from a sustained recovery of activity in China. This uptick is driven by the spend of local clients in the tech and automotive sectors, as well as major international clients for China. Consumer Goods. This geography has benefited from innovative offers developed in China, notably those that incorporate AI. Like the regions, we see the same momentum when we look at growth across audiences. In the second half, we see that all audiences Delivered positive growth in Q2. All in all, we have growth during the half of 0.8%. Diving deeper, consumers, clients and employees, total growth of 0.6% in the half. Q1 and close 2% in Q2. Activities driven particularly by our service lines linked to innovation as well, optimizing marketing spent, reflecting corporate resolve to accelerate their launches and maximize the success of their investment. Our activities focused on citizens is posting strong organic growth, close to 8% in Q2. Driven by contract wins over several years, his performance confirms the contracyclical nature of the business and the renewed interest of public and private decision-makers for a better understanding of citizens. Also, Ipsos's ability to conduct large-scale complex surveys with robust face-to-face collection, also through telephone interviews. Lastly, doctors, patients, audience sharply up too with organic growth close to 3% in Q2 reflecting the good commercial momentum of that service line. The pharma sector is driven by oncology innovation also in rare diseases and GLP-1 obesity treatment too and I'd like to recall that our Ipsos digital platform continues to record double digit growth over the Q2 level similar to their Q1 initiatives are underway to continue to grow the number of surveys conducted on this platform. We're going to enrich the platform with further functionalities in H2. Let's now Move to the income statement. Having discussed revenue, I'd like to tell you about the gross margin. Gross margin coming in at 67.7% on the half against 68.4% in H125 and a Level almost equivalent to that achieved during full year 25%. The drop in our gross margin of 70 basis points in Q1 is due to two things. Dilutive effect of the integration of BBA family leading to an impact of 30 basis points but also effects linked to our business mix for 40 basis points. Indeed, growth was more sustained this year over last year through public affairs projects whose murder collection face-to-face by phone has a lower gross margin. Turning to operating costs, personnel costs up 1.2% and the half due to acquisition. This increase remains slightly lower than that of revenue. Growth is continuing to adapt its cost structure with effects that were down 1% since the start of the year. General expenses down 2.2% on the half. This reflect savings achieved as part of continued cost optimization efforts. Lastly, you have other expenses in the income statement, a balance of 10.9 million. That's essentially severance. So for H1, the operating margin comes in at 7.9%, down 40 basis points over H1 last year. As with every year, it's important to note the seasonality of this activity will lead to a markedly higher profitability in H2. Lastly, the operating margin below you have the non-recurring Thank you very much. Thank you very much. and managerial change. In conclusion, adjusted net profit attributable to the group, 1.66 euros, pretty much stable versus that of H120.25.

Turning now to free cash flow.