Wavestone Sa · EURONEXT:WAVE
Wavestone Sa — Kepler Cheuvreux Autumn Conference 2026
29 slides from Wavestone Sa's conference presentation, September 2026
Slide 1: Kepler Cheuvreux Autumn Conference 2026
KEPLER CHEUVREUX AUTUMN CONFERENCE 2026 September 2026
Slide 2: Wavestone, a one-of-a-kind player among global consulting firms
Wavestone, a one-of-a-kind player among global consulting firms €950m Business + technology we combine leading-edge technology expertise revenue with deep industry knowledge 6,000 AI-embedded employees in all our offerings and ways of working 3 key regions Independent & listed driven solely by our c
Slide 3: 2026/27 Q1 & outlook
1. 2026/27 Q1 & outlook
Slide 4: Q1 2026/27 revenue down 2% to €227.0m
Q1 2026/27 revenue down 2% to €227.0m Change at Revenue in €m 2026/27 2025/26 Change constant scope Unaudited data consolidated consolidated and exchange rates 1st quarter 227.0 231.5 -2% -2% Revenue down 2% in Q1 2026/27 • also down 2% organically¹ • no working day impact over the period 1 excludin
Slide 5: Consultant utilization rate of 71%, average daily rate of €926
Consultant utilization rate of 71%, average daily rate of €926 Q1 2026/27 FY 2025/26 (end-June) (end-March) Consultant utilization rate 71% 72% a challenging start to FY 2026/27 Average daily rate €926 €938 down -1.3% vs. FY 2025/26 Order book 4.5 4.4 4.3 months on June 30, 2025 months months Turn-o
Slide 6: A challenging start to FY 2026/27
A challenging start to FY 2026/27 A difficult start to FY 2026/27 • marked by an insufficient utilization rate Client investment is shifting faster toward AI projects, to the detriment of other areas • Wavestone is particularly impacted as a consulting firm whose activity primarily depends on client
Slide 7: 2026/27 priorities reaffirmed
2026/27 priorities reaffirmed Accelerate the shift toward AI • the scale and pace of the shift in client projects toward AI are greater than anticipated • need to better capture the reallocation of investments MAKE AI THE FIRM’S Accelerate the redeployment of MAIN GROWTH DRIVER Broaden our AI our te
Slide 8: AI Builders: targeted acquisition of a French AI and data player
AI Builders: targeted acquisition of a French AI and data player AI Builders, a leading French AI & data strategy Expand our client base consulting firm and AI decision-maker • founded in 2019, ~50 consultants base • supports senior executives at tier-1 clients in defining, organizing and scaling th
Slide 9: 2026/27 financial target adjustment
2026/27 financial target adjustment The scale of the transformation required could weigh more than anticipated on the firm’s performance 2026/27 2026/27 initial targets adjusted targets Low single-digit organic Organic growth between Revenue growth -1% and low single-digit Recurring operating approx
Slide 10: Appendix
FY 2025/26 results | Outlook 2026/27 | Strategic Plan APPENDIX © WAVESTONE | 10
Slide 11: Recurring operating margin of 12.6% in 2025/26
Recurring operating margin of 12.6% in 2025/26 Audited data 2025/26 2024/25 Change on March 31 (in €m) (12 months) (12 months) Revenue 954.3 943.7 +1% Personnel costs (621.2) (595.4) Subcontracting purchases (133.9) (145.0) External expenses (59.2) (66.4) Net depreciation, amortization and provision
Slide 12: +8% increase in net income, leading to a net margin of 8.6%
+8% increase in net income, leading to a net margin of 8.6% On March 31 (in €m) 2025/26 2024/25 Change Audited data (12 months) (12 months) Revenue 954.3 943.7 +1% Recurring operating profit 119.9 119.1 +1% entirely consisting of Q_PERIOR’s customer Amortization of customer relationships (7.2) (8.4)
Slide 13: Distribution of revenue on March 31, 2026
Distribution of revenue on March 31, 2026 PUBLIC SECTOR OTHER & INTERNATIONAL OTHER INSTITUTIONS UK ENERGY 2% 4% NORTH AMERICA 8% 18% 4% CONSUMER GOODS, LUXURY & RETAIL 8% 10% SWITZERLAND 9% €954.3m €954.3m TRANSPORTATION, revenue 18% INSURANCE revenue FRANCE TRAVEL & LOGISTICS 13% 54% 23% 15% 15% G
Slide 14: 2025/26 annual revenue of €954.3m, up +1%
2025/26 annual revenue of €954.3m, up +1% FY 2025/26 FY 2024/25 (end-March) (end-March) 2025/26 revenue up +1% on an organic basis (without the Revenue €954.3m €943.7m contribution of Wivoo and restated from the negative forex effect) Consultant utilization rate 72% 73% utilization under pressure th
Slide 15: Strong improvement in WCR
Strong improvement in WCR On March 31 (in €m) 2025/26 2024/25 Audited data (12 months) (12 months) Self-financing capacity before costs of net financial debt & tax 139.4 133.4 Tax paid (25.5) (38.2) Change in trade receivables and trade payables 16.4 (11.9) Change in WCR: +€17.8m, Change in other wo
Slide 16: Free cash flow of €118.9m in 2025/26
Free cash flow of €118.9m in 2025/26 On March 31 (in €m) 2025/26 2024/25 Audited data (12 months) (12 months) Net operating cash flow 131.8 89.3 Net investing cash flow (excluding Impact of changes in consolidation scope) 1 (2.1) (4.7) Repayment of lease liabilities (9.7) (8.1) Net interest paid on
Slide 17: Net cash of €121.4m on March 31, 2026
Net cash of €121.4m on March 31, 2026 Audited data 03/31 03/31 Audited data 03/31 03/31 on 03/31 (in €m) 2026 2025 on 03/31 (in €m) 2026 2025 Non-current assets 621.1 629.5 Shareholders’ equity 702.5 633.4 of which goodwill 519.3 512.5 of which minority interests 1.2 1.4 of which client relationship
Slide 18: Breakdown of share capital on March 31, 2026
Breakdown of share capital on March 31, 2026 TREASURY SHARES Number of shares: 24,906,332 1.4% No potential dilution FREE FLOAT 30.4% CONTROLLING SHAREHOLDERS 59.7% WAVESTONE EMPLOYEES 8.5% Dividend €0.50 per share (+9%) © WAVESTONE | 18
Slide 19: Update on Wavestone's General Management transition
Update on Wavestone’s General Management transition • A defining moment for Wavestone - persistent uncertainty and volatility in market conditions - delays in the firm’s performance improvement - AI emerging fast, a major business opportunity… and new challenges to face • Decision from the Board of
Slide 20: Two major structural shifts dramatically changing client priorities
Two major structural shifts dramatically changing client priorities Geopolitical AI From decades of globalization to an increasingly A new industrial and societal revolution, fragmented landscape at an unprecedented speed For clients For clients From ‘global – lean – just in time’… Redesign operatio
Slide 21: Lead the shift: a three-pillar strategy for 2030
Lead the shift: a three-pillar strategy for 2030 01 02 03 Take a new step in Position Wavestone Reignite Wavestone’s international at the forefront of momentum expansion AI transformation Concentrate investments in Return to 5% organic growth and 3 key regions: France, GSA, US/UK firm‘s profitabilit
Slide 22: AI, also a transformation imperative for Wavestone itself
AI, also a transformation imperative for Wavestone itself Deliver an ambitious Fully embrace AI in consulting AI upskilling program engagements Across the firm, everyone fluent → enhance « value-for-money » delivered in AI thanks to AI&Me to clients → proactively disrupt the offerings that are no lo
Slide 23: Lead the shift targets
Lead the shift targets €1.4bn in revenue of which €350m in GSA €350m in US/UK → Some headroom in the roadmap to keep short-term flexibility in an uncertain environment 14% to 16% → €100m of OPEX invested on AI of recurring operating margin by the end of the plan → Up to €800m of CAPEX for external g
Slide 24: Lead the shift, the next chapter of Wavestone's development
Lead the shift, the next chapter of Wavestone’s development Becoming a leader in AI transformation for tier-1 clients Taking a new step in the internationalization of the firm © WAVESTONE WAVE 2030 | 24
Slide 25: Solid CSR results in 2025/26
Solid CSR results in 2025/26 All CSR objectives achieved or over-achieved at total scope Significant progress on the group’s CSR roadmap (excluding Wivoo ) • HR: establishing a group Learning team & roadmap including new AI training programs • outstanding NPS® at 81 (+10 pts) • Societal: formalizati
Slide 26: Our CSR priorities for 2026/27
Our CSR priorities for 2026/27 Materialize Responsible consulting Deliver our Review of our SBTi decarbonization impact HR ambitions short-term target • Monitor the implementation across all • Secure improvements in employee • Secure the achievement of our short- projects engagement term SBTi target
Slide 27: 2026/27 CSR objectives: improvement priorities while maintaining our strengths
2026/27 CSR objectives: 3 improvement priorities while maintaining our strengths 2025/26 2026/27 CSR commitments Indicator Wavestone targets performance¹ Our clients % of consultants and sales trained in Responsible Consulting 85% 90% “A responsible consultancy Net Promoter Score ® (-100 to +100) 81
Slide 28: Contacts
Pascal Imbert CEO pascal.imbert@wavestone.com Laurent Stoupy CFO laurent.stoupy@wavestone.com Benjamin Clément Head of IR and Financial communication benjamin.clement@wavestone.com Wavestone.com Wavestone.com
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