© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20181

General Meeting of

Shareholders

2019

© 2019 Ipsos. All rights reserved. Contains Ipsos' Confidential and Proprietary information

and may not be disclosed or reproduced without the prior written consent of Ipsos.

May, 28th 2019

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20182

Agenda

© 2019 Ipsos. Assemblée Générale 2019 – 28 mai 2019

2

Looking back to 2018

1Q2019 Update

3

Main resolutions

41

Review of 20 years as a public

company

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20183

A review of 20 years as a public

company

© 2019 Ipsos All rights reserved. Contains Ipsos' Confidential and Proprietary information

and may not be disclosed or reproduced without the prior written consent of Ipsos.

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20184

Stock price history

Note: Base 100 as of September 24, 1999.

Ipsos vs its main peers

0

50

100

150

200

250

300

350

400

450

500

Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Ipsos

WPP

GfK

Publicis

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20185

Stock price history

Note: Base 100 as of July 1st, 1999.

Ipsos vs benchmark indices

0

100

200

300

400

500

600

700

Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Ipsos

CAC40

SBF120

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20186

231329

480538 570 604

718

857927 979 944

1 140

1 362

1 7891 712 1 670

1 785 1 783 1 781 1 750

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019e

Ipsos’ performance history

10% 9% 3% 4% 4% 8% 6% 7% 7% 4,5% -3,7% 5,2% 3,8% 2,5% 2,8% 2,1% 2,2% 3,7% 3,3%

Research market growth (source: ESOMAR)

7,5%8,6%

6,5%9,1% 7,8% -3,8%

8,3%

4,6%

9,4%8,0%8,0%

13,0%

-1,0%*0,8% 0,3%

-1,0% 3,0% 2,4% 0,7%

n/a

Revenue (MEUR)Organic growth (%)XX %

* Q4 only.

** Management outlook for FY19.

12,7%

2%-4%**

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20187

Ipsos’ performance history

1,8-3,1

22,7

31,5 28,3

17,1

42,2

32,4

55,650,4

62,4

79,8 82,0

23,1

74,4

113,7

146,2 148,6

80,8

108,1

0,06

0,06

0,07 0,08

0,21 0,23

0,25

0,280,4

0,5

0,51

0,6 0,63

0,640,7

0,750,8

0,85 0,87

0,88

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

-0,2

0

0,2

0,4

0,6

0,8

1

1,2

1,4

1,6

Free Cash Flow (MEUR)Dividend per share (EUR)

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20188

Looking back to

2018

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and may not be disclosed or reproduced without the prior written consent of Ipsos.© 2019 Ipsos. Assemblée Générale 2019 – 28 mai 2019

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 20189

The core market ($45.8 billion in 2017) is resilient and growing at about 3% per year on average

2,0%

3,5% 3,7% 3,3%

5,9% 5,8%

4,3%

6,2%

2014 2015 2016 2017

Core market

Wider market

A dynamic market

Sources: ESOMAR Global Market Reports

Growth of the total research market:

The wider market ($76.3 billion in 2017) is growing faster, over 5% on average, and particularly includes the following segments:• Analytics;• Social Media monitoring;• Survey software.

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201810

Ipsos outperforms its direct competitors

Sources: Company publications, Nielsen: estimates of organic growth based on statements made by management during earning calls, Kantar: figures from WPP’s Data Investment Management division(1) H1 figure only, (2) 9M figure only

2014 2015 2016 2017 2018

0.3% -1.0% 3.0% 2.4% 0.7%

4.5% N/A 3.1% 1.8% -1.5%

0.6% -0.2% -0.9% -2.9% -2.0%

-2.0% 1.1% -1.7% -1.3% N/A1

New Way

Implementation of TUMacro uncertainties, sector changes,

intrinsic factors

→ Return to growth → Accelerate growth ‘19-21

MAJOR COMPANIES IN THE INDUSTRY: • often focused on the CPG sector;• sometimes overlook local markets; • less involved in services that use new technology, new uses and

downstream – including decisions to be taken and aligning the teams.

Note: this slide has been updated on March 1, 2019 to account for Nielsen’s and WPP’s latest publications

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201811

In millions of euros 2018 2017Change

2018 – 2017

Revenue 1,749.5 1,780.5 -1.7%

Gross profit 1,138.4 1,156.7 -1.6%

Gross margin 65.1% 65.0% -

Operating margin 172.4 182.3 -5.4%

Operating margin / revenue 9.9% 10.2% -

Other operating income and expense (5.3) (14.3) -63.3%

Finance costs (21.3) (20.4) 4.4%

Income Tax (38.5) (14.6) 163%

Net profit (attrib. to the Group) 107.5 128.5 -16.3%

Adjusted net profit* (attrib. to the Group) 125.2 127.4 -1.7%

* Adjusted net profit is calculated before (i) non-cash items covered by IFRS 2 (share-based payments), (ii) amortisation of intangible assets identified on acquisitions (client

relationships), (iii) the net tax effect of other non-operating income and expenses, (iv) the non-cash effect on changes in puts in other financial income and expense and (v)

deferred tax liabilities from goodwill, which in some countries can be amortised.

A stable adjusted net profit

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201812

In millions of euros 2018 2017Change

2018 – 2017

Gross Operating cash flow 206.3 197.2 4.6%

Change in WCR 3.5 (37.8) -

Tax and interest expense (57.8) (60.2) -5.0%

Property, plant and equipment and intangible assets

(43.6) (18.4) x2.4

Free cash flow 108.1 80.8 32.5%

Acquisitions (161.6) (15.0) -

(Purchase) / Sale of shares 1.2 6.4 -81.3%

Net change in debt 122.9 (53.3) -

Dividends (37.8) (36.4) 3.8%

Cash at end of period 168.8 137.3 22.3%

Cash flow statement:good free cash flow generation

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201813

In millions of euros 2018 2017

Shareholders’ equity 1,035 966

Net debt 575 464

Gearing 56% 48 %

Net debt (at 31/12 exchange rates) / EBITDA (at average exchange rates)

x2.8 x2.1

Interest coverage(operating margin/interest expense)

x8.3 x9.7

A solid balance sheet

Ipsos has a good liquidity position with over 400 million euros in available credit lines, following the success of its 7-year 300

million euro bond issue (2.875% annual coupon) and the refinancing of its main bank facility of 160 million euros, for 5 years (with

an option for 2 additional years), both carried out in September 2018.

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201814

2018 2017

Dividend per share 0.88 0.87

Earnings per share 2.48 3.00

Adjusted earnings per share 2.88 2.98

Dividend payout 30.6% 29.2%

Proposed dividend of 88 euro cents (+1.1%)

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201815

1Q19 update

© 2019 Ipsos All rights reserved. Contains Ipsos' Confidential and Proprietary information

and may not be disclosed or reproduced without the prior written consent of Ipsos.

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201816

The pillars of Total Understanding

SERVICE LINESCLIENT

ORGANISATIONSTRONG LOCAL

PRESENCE

REINFORCED CROSS-COMPANY

CAPABILITIES

ACQUISITIONS

• Ensure competitiveness of all our services

• Use the New Services

• Better management of our client relationships, globally and locally

• Re-balance the client base among sectors

• Greater responsibility of local markets

• Greater presence in key markets

• Science Team A• Tech Team A• Ipsos Knowledge

Centre

• Opportunity• Technology• Know-how

Kick-off: 1 July 2018Implemented by: 31 December 2018

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201817

Benefits of Total Understanding

• More competitive in every market segment vs. niche players

• Worldwide leadership

• A client organisation to guarantee the value of the service to the client

• An organisation more in keeping with the client's

• Trusted partner

A more specialised offering

A more agile organisation

Increased responsibility by local markets

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201818

2%-4%

10%

Organic growth

Average EPS growth1

Dividend payout ratio

Annual acquisitions

2.5x –3.0x

Optimized leverage 25% -30%

€50M -€100M

2019-2021 Outlook

Operating margin

ATTRACTIVE GROWTH RATE

10%+ to 11%

BALANCED CASH ALLOCATION

€35M -

€45M

Capex

3 categories: opportunities, technology and know-how

Conservative and supporting growth

At least at market level

Organic and non-organic, through continued digitisation of data

collection and economies of scale

(1) On diluted EPS basis, at constant currency

2019: 10%+2021: 11%

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201819

Including: Organic growth

Developed countries 0.8%

Emerging countries 5.8%

(in millions of euros) 1Q19 1Q18 Total growth Organic growth

EMEA 185.2 167.5 10.6% 0.7%

Americas 155.4 129.4 20.1% 0.4%

Asia-Pacific 81.4 70.1 16.2% 9.9%

Revenue 422.1 367,0 15.0% 2.4%

Share of revenue by region

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201820

(in millions of euros) 1Q19 Share Total growth Organic growth

Consumers1 247.5 58.6% 9.3% 2.1%

Clients and employees2 72.3 17.1% 22.2% 1.5%

Citizens3 58.6 13.9% 27.0% 5.5%

Doctors and patients4 43.7 10.4% 23.6% 1.1%

Revenue 422.1 100% 15.0% 2.4%

Breakdown of Service Lines by audience segment:1Audience Measurement, Brand Health, Clinics & Mobility Labs, Creative Excellence, Innovation, Ipsos UU (excl.pharma), Ipsos MMA, Market Strategy & Understanding, Observer (excl. public sector),

Media Development, Social Intelligence Analytics2Customer Experience, Market Measurement, Mystery Shopping, Quality Measurement, Retail Performance, ERM3Public Affairs, Corporate Reputation4Healthcare (quantitative and qualitative)

Breakdown of revenue by audience

© 2018 Ipsos. Assemblée générale 2018 – 4 mai 201821

Main resolutions

© 2019 Ipsos. Assemblée Générale 2019 – 28 mai 2019