Wavestone Sa · EURONEXT:WAVE
Wavestone Sa — Non-Deal Roadshow (February 2026)
24 slides from Wavestone Sa's roadshow presentation, February 2026
Slide 1: Investor Roadshow Wavestone x Portzamparc
INVESTOR ROADSHOW Wavestone x Portzamparc February 2026
Slide 2: Wavestone, an international consulting firm
Wavestone, an international consulting firm 5 leading geographies €944m revenue in France, Germany, Switzerland, the UK and North America 6,000 360° best-in-class consulting services, employees including industry-specific, technological and cross-functional capabilities Note: Revenue relates to fisc
Slide 3: Wavestone, a one-of-a-kind among global consulting players
Wavestone, a one-of-a-kind among global consulting players European DNA Independent from our inception in France and Germany to tofocus focuson onacting actingin inthe thebest bestinterests interests to a worldwide expansion of ofour ourclients clients Industry Listed since 2000, we have adhered to
Slide 4: Revenue up +1% over 9 months, stable on an organic basis
Revenue up +1% over 9 months, stable on an organic basis Change at Revenue in €m 2025/26 2024/25 Total change constant scope unaudited data consolidated consolidated and forex basis1 Q1 231.5 232.4 0% -1% Q2 226.4 225.4 0% 0% Q3 247.1 240.6 +3% +2% 9 months 705.0 698.5 +1% 0% 1 excluding Wivoo, cons
Slide 5: Consultant utilization rate of 72% over 9 months; average daily rate at €938
Consultant utilization rate of 72% over 9 months; average daily rate at €938 9 months 2025/26 FY 2024/25 (end-December) (12 months) significant improvement in Q3 2025/26 Consultant utilization rate 72% 73% 72% over nine months vs. 71% in H1 2025/26 almost stable vs. FY 2024/25 Average daily rate €93
Slide 6: Outlook for the remainder of the 2025/26 fiscal year
Outlook for the remainder of the 2025/26 fiscal year • Gradual improvement in business activity in the beginning of Q4 – despite the usual utilization rate slowdown at the beginning of the calendar year – positive organic growth expected in Q4… – … potentially moderated by the continued decrease in
Slide 7: Confirmation of 2025/26 annual financial objectives
Confirmation of 2025/26 annual financial objectives 2025/26 2024/25 objectives Positive organic Revenue 943.7 M€ growth Recurring operating margin 12.6% Around 13% 2025/26 objectives expressed on a constant forex basis, excluding any new acquisitions © WAVESTONE | 7
Slide 8: Appendix
Appendix
Slide 9: Distribution of revenue on September 30, 2025
Distribution of revenue on September 30, 2025 OTHER OTHER PUBLIC SECTOR UK ENERGY 3% 3% 8% NORTH AMERICA CONSUMER GOODS, LUXURY 19% 4% & RETAIL 8% 9% SWITZERLAND 9% €458.1m €458.1m TRANSPORTATION, 14% revenue 18% INSURANCE revenue 52% FRANCE TRAVEL & LOGISTICS 24% 15% 15% GERMANY BANKING AUTOMOTIVE
Slide 10: Success of the combination between Wavestone and Wivoo
Success of the combination between Wavestone and Wivoo • Wivoo, a leading player in Product Management consulting - Wivoo supports digital and e-commerce departments in designing and launching digital, data and AI products OUR SHARED AMBITIONS - €11.5m revenue in 2024, with an adjusted EBITDA margin
Slide 11: 10.3% recurring operating margin in H1 2025/26
10.3% recurring operating margin in H1 2025/26 On Sept. 30 (in €m) H1 H1 Limited review 2025/26 2024/25 Change (6 months) (6 months) Revenue 458.1 457.8 +0% reduction of subcontracting Subcontracting purchases (67.5) (75.0) including share-based payment expenses of €4.2m Personnel costs (304.7) (289
Slide 12: +12% increase in net income, representing a net margin of 6.6%
+12% increase in net income, representing a net margin of 6.6% On Sept. 30 (in €m) H1 H1 Limited review 2025/26 2024/25 Change (6 months) (6 months) Recurring operating profit 47.1 46.4 +1% entirely consisting of Q_PERIOR’s customer Amortization of customer relationships (3.6) (4.4) relationships Ot
Slide 13: Cash flow from business activities strongly up to €21.8m in H1 2025/26
Cash flow from business activities strongly up to €21.8m in H1 2025/26 On Sept. 30 (in €m) H1 2025/26 H1 2024/25 Limited review (6 months) (6 months) Self-financing capacity before costs of net financial debt & tax 55.2 54.3 Tax paid (10.4) (22.1) slight decrease of 2% in DSO Change in trade receiva
Slide 14: Net cash of €18.0m on September 30, 2025
Net cash of €18.0m on September 30, 2025 On Sept. 30 (in €m) Sept. 30, March 31, On Sept. 30 (in €m) Sept. 30, March 31, Limited review 2025 2025 Limited review 2025 2025 Non-current assets 628.3 629.5 Shareholders’ equity 645.4 633.4 of which goodwill 519.1 512.5 of which minority interests 1.4 1.4
Slide 15: Wavestone remains in the top 5% of the best CSR performing companies in 2024/25
Wavestone remains in the top 5% of the best CSR performing companies in 2024/25 • Most of the CSR objectives achieved at constant scope (excluding Q_PERIOR and Aspirant Consulting) . – NPS® improved to 77 – employee engagement index stood at 64 against a – Great Place to Work® positions strengthened
Slide 16: Breakdown of share capital on March 31, 2025
Breakdown of share capital on March 31, 2025 TREASURY STOCK 1.9% FREE FLOAT Number of shares: 24,906,332 28.6% No potential dilution CONTROLLING SHAREHOLDERS 60.2% WAVESTONE EMPLOYEES 9.4% © WAVESTONE | 16
Slide 17: New CSR strategy as part of our first CSRD sustainability statement
New CSR strategy as part of our first CSRD sustainability statement • A year dedicated to our double materiality assessment, in compliance with the European Corporate Sustainability Reporting Directive (CSRD) – 6 strategic topics standing out Sustainability in core business Talent growth & retention
Slide 18: 2025/26 CSR objectives: 4 improvement priorities while maintaining our strengths
2025/26 CSR objectives: 4 improvement priorities while maintaining our strengths 2024/25 2025/26 CSR commitments Indicator Wavestone targets performance1 % of consultants and sales trained in Responsible Our clients Consulting Constant perimeter: 41% 80% “A responsible consultancy Net Promoter Score
Slide 19: A solid financial track-record
A solid financial track-record Revenue (€m) 944 Recurring Operating Profit(1) (€m) 119.1 12.6% CAGR: CAGR: 101.3 +16.5% 701 +17% 14.5% 74.8 77 532 14.5% 14.2% 470 422 418 392 55.2 55.7 53.3 360 50.6 13.2% 14.1% 329 12.8% 14.1% 38.7 233 29.8 11.4% 12.8% 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Slide 20: Succession of Wavestone's General management
Succession of Wavestone’s General management • Continuation of the work on the succession plan throughout 2024/25 Planned governance of Wavestone - scenario prepared by the Nominations committee and Pascal Imbert after the 2026 AGM - support from a specialized firm (Spencer Stuart) - succession plan
Slide 21: Karsten Höppner
Karsten Höppner Born in July 1967, Karsten Höppner holds an engineering degree from the University of Applied Sciences in Berlin and an MBA from the Pennsylvania State University. He launched his consulting career at Andersen Consulting (later known as Accenture) in 1992. In 1995, Karsten Höppner co
Slide 22: Benoît Darde
Benoît Darde Benoît Darde was born in October 1972. An ESIEA graduate, he joined Wavestone in 1999 after gaining initial experience in the service industry. He began his career focusing on IT infrastructure, covering telecom, workplace solutions, and data centers. He then broadened his expertise to
Slide 23: Contacts
Karsten Höppner Deputy CEO karsten.hoeppner@wavestone.com Laurent Stoupy CFO laurent.stoupy@wavestone.com Benjamin Clément Head of Financial Communication & IR benjamin.clement@wavestone.com Wavestone.com Wavestone.com
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