In Q3 2025, Teleperformance generated revenue of €2,507m, down 0.5% on a reported basis, although up 1.5% LFL and y-o-y.

The core services business posted solid organic growth of 3.9% to €2,143m, driven by an acceleration in the Americas (+2.4%, compared with +0.9% in H1) and sustained momentum in Europe, MEA & Asia-Pacific (+5.1%). On a reported basis, revenue for this business was fairly flat at €2,143m, compared with €2,140 million a year earlier.

Specialized services, on the other hand, declined by 12.3% on a comparable basis and by 4.2% on a reported basis, to €364m, affected by the non-renewal of a major contract in visa application management. Adjusted for this one-off effect, organic growth in this business would have been +1.7%.

The quarter was also marked by an unfavorable currency effect of €105m, due to the appreciation of the euro against the dollar, the Indian rupee, and Latin American currencies. Conversely, recent acquisitions (ZP and Agents Only) had a positive impact of €56m.

In a difficult market environment, Teleperformance has reduced its targets for 2025. The group is now targeting organic growth of between 1.0% and 2.0% (down from the lower end of the initial range of +2% to +4% previously), a current EBITA margin of between 14.7% and 15% at constant exchange rates (instead of 15% to 15.1%), and expected net free cash flow of around €900m, excluding non-recurring items (compared to around €1bn initially).

In the medium term, Teleperformance says it is targeting annual organic growth of 4% to 6% by 2028, a current EBITA margin of around 15.5% after integrating AI-related costs, and cumulative net free cash flow of around €3bn over 2026-2028.