Wavestone Sa · EURONEXT:WAVE

Wavestone Sa — H1 2025/26 Earnings Presentation

32 slides from Wavestone Sa's earnings presentation, Dec 3, 2025

  1. Slide 1: H1 2025/26 results Outlook

    H1 2025/26 results Outlook December 3, 2025

  2. Slide 2: Speakers

    Speakers Pascal Imbert Karsten Höppner Laurent Stoupy Eva Rosilio CEO Deputy CEO CFO AI Account Director © WAVESTONE | 2

  3. Slide 3: Wavestone, an international consulting firm

    Wavestone, an international consulting firm 5 leading geographies €944m revenue in France, Germany, Switzerland, the UK and the North America 6,000 360° best-in-class consulting services, employees including industry-specific, technological and cross-functional capabilities Note: Revenue relates to

  4. Slide 4: 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

  5. Slide 5: We seamlessly combine teams to deliver the right solutions for our client needs

    We seamlessly combine teams to deliver the right solutions for our client needs • Austria • Belgium Integrated expertise • Bosnia & Herzegovina • Canada • France We are not siloed. • Germany Teams collaborate • • Hong Kong Italy creating a collective • Luxembourg global capability • • Morocco Poland

  6. Slide 6: Activity & highlights for the H1 2025/26

    1. Activity & highlights for the H1 2025/26

  7. Slide 7: Stable revenue in H1 2025/26 at €458.1m

    Stable revenue in H1 2025/26 at €458.1m 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% H1 458.1 457.8 0% 0% • Stable revenue in H1 2025/26 at €458.1m – Wavestone has consolidated

  8. Slide 8: Consultant utilization rate under pressure at 71%; robust average daily rate of €939

    Consultant utilization rate under pressure at 71%; robust average daily rate of €939 H1 2025/26 FY 2024/25 (6 months) (12 months) Consultant utilization rate 71% 73% consultant utilization rate under pressure in H1 2025/26 robust daily rates despite Wivoo’s lower prices Average daily rate €939 €939

  9. Slide 9: 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

  10. Slide 10: 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

  11. Slide 11: Financial results for H1 2025/26

    2. Financial results for H1 2025/26

  12. Slide 12: 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

  13. Slide 13: +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

  14. Slide 14: 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

  15. Slide 15: 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

  16. 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

  17. Slide 17: Share price under pressure since 2024

    Share price under pressure since 2024 €70 Data on December 1, 2025 2025 YTD €65 CAC MID & SMALL* €60 +10% (2025 YTD) €55 Wavestone €50 €50.00 +16% (2025 YTD) Since January 1st 2024 €45 Wavestone: -15% CAC Mid & Small: +3% €40 Average daily liquidity: €660k (source: Euronext) €35 Jan-24 Mar-24 May-24

  18. Slide 18: AI focus

    3. AI focus

  19. Slide 19: A strategic priority for our clients

    A strategic priority for our clients Data from Wavestone’s Global AI survey 2025 1 2 3 All respondents consider it The most mature A growing interest in a priority, even if the value organizations focus on the agentic AI still has to be captured foundations 70% consider it’s a significant part The m

  20. Slide 20: 13% of the IT Budget to AI

    Allocation of IT budget dedicated to AI On average, companies allocate Specifics 13% of the IT Budget to AI. The United States and Singapore lead in high- budget allocations. 14% of respondents dedicate more than 20% of their IT Budget. Financial Services, Energy/Utilities and TMT are at the forefro

  21. Slide 21: AI is primarily expected to drive efficiency, customer value and innovation

    AI is primarily expected to drive efficiency, customer value and innovation 99% report time saving with AI, 32% report a drive in greater business value (e.g. revenue, client satisfaction) The functional areas where the impact of AI will be most obvious over the next two years are: IT (including cyb

  22. Slide 22: Wavestone, supporting clients through their most critical AI challenges

    Wavestone, supporting clients through their most critical AI challenges BUILD THE FOUNDATIONS TARGET TANGIBLE VALUE FOR SCALABLE GROWTH AND ORGANIZE ENTER THE ERA OF AGENTIC TO TRANSFORM BUSINESS © WAVESTONE | 22

  23. Slide 23: Support from foundations to transformation

    Support from foundations to transformation BUILD THE FOUNDATIONS FOR SCALABLE GROWTH – Definition, selection and deployment of data, AI and agentic platforms – Design of architectures and frameworks – Support for industrialization / scaling TARGET TANGIBLE VALUE AND ORGANIZE – Development of strateg

  24. Slide 24: Wavestone's successful positioning in AI, continuing progress

    Wavestone’s successful positioning in AI, continuing progress FY 2025/26 Towards 14% of revenue FY 2024/25 8% FY 2023/24 of revenue 4% of revenue © WAVESTONE | 24

  25. Slide 25: We are only at the beginning

    We are only at the beginning What’s next for our clients • Investment for scaling: Strong AI foundations and investments in change management to ease adoption, maximize value and ensure transformation. • Organizational transformation: Establishment of AI-focused business lines with specific objectiv

  26. Slide 26: Outlook

    4. Outlook

  27. Slide 27: A challenging market environment, but some recent signs of improvement

    A challenging market environment, but some recent signs of improvement • Unfavorable economic environment since the beginning of 2025/26 – reluctance of decision-makers to move forward with their investment plans in the context of high geopolitical uncertainty – in almost all Wavestone’s geographies

  28. Slide 28: Priorities for H2 2025/26

    Priorities for H2 2025/26 1. Rapidly improve operational performance – leverage the current business momentum and maintain strong investments in sales – towards a significant increase of utilization rate in Q3 2. Manage effectively the start of 2026 calendar year – get orders on engagements that are

  29. Slide 29: Annual objectives for 2025/26

    Annual objectives for 2025/26 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, and excluding any new acquisition © WAVESTONE | 29

  30. Slide 30: Questions & Answers

    H1 2025/26 results | Outlook QUESTIONS & ANSWERS © WAVESTONE | 30

  31. Slide 31: Financial agenda

    Financial agenda 2025/26 annual revenue February 2, April 30, June 3, 2026 2026 2026 Q3 2025/26 2025/26 revenue annual results © WAVESTONE | 31

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Wavestone — H1 2025/26 Earnings Presentation on 6ix