Wavestone Sa · EURONEXT:WAVE
Wavestone Sa — FY2025/26 Earnings Presentation
42 slides from Wavestone Sa's earnings presentation, Jun 4, 2026
Slide 1: 2025/26 results, 2026/27 outlook, Strategic plan
2025/26 results 2026/27 outlook Strategic plan June 4, 2026
Slide 2: Speakers
Speakers Pascal Imbert Karsten Höppner Benoît Darde CEO Deputy CEO Partner Laurent Stoupy Hélène Cambournac Eva Rosilio CFO CSO AI Account Director © WAVESTONE | 2
Slide 3: 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 4: FY 2025/26: Financial & extra-financial results
1. FY 2025/26: Financial & extra-financial results
Slide 5: 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 6: 12.6% recurring operating margin in 2025/26
12.6% recurring operating margin in 2025/26 On March 31 (in €m) 2025/26 2024/25 Change Audited data (12 months) (12 months) Revenue 954.3 943.7 +1% including share-based payment expenses of €8.2m Personnel expenses (621.2) (595.4) including share-based payment expenses of €7.2m Subcontracting purcha
Slide 7: +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) Recurring operating profit 119.9 119.1 +1% entirely consisting of Q_PERIOR’s customer Amortization of customer relationships (7.2) (8.4) relationships Other ope
Slide 8: Strong working capital improvement
Strong working capital improvement 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
Slide 9: 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 10: 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 11: 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 to be proposed at the next Shareholders’ Annual General Meeting €0.50 per share (+9%) © WAVESTONE | 1
Slide 12: Share price in gradual recovery in 2025, but under pressure in 2026 YTD
Share price in gradual recovery in 2025, but under pressure in 2026 YTD 2026 YTD Data on June 2, 2026 Since January 1st 2025 CAC MID Wavestone: +10% & SMALL* CAC Mid & Small: +19% +5% (2026 YTD) Average daily liquidity on Euronext: €681k (source: Euronext) Wavestone €47.15 -15% (2026 YTD) * CAC MID
Slide 13: Solid CSR results in 2025/26
Solid CSR results in 2025/26 • All CSR objectives achieved or over-achieved at total scope (excluding Wivoo) – outstanding NPS® at 81 (+ 10 pts) – 85% employees trained to Responsible Consulting – employee engagement index improvement (+1 pt) at target score of 70 – 1.5 pt progression of women repre
Slide 14: Our CSR priorities for 2026/27
Our CSR priorities for 2026/27 Materialize Responsible Deliver our Review of our SBTi decarbonization consulting 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 15: 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 % of consultants and sales trained in Responsible Our clients 85% 90% Consulting “A responsible consultancy Net Promoter Score ® (-100 to +100) 81
Slide 16: AI, focus on the market hot-topic
2. AI, focus on the market hot-topic
Slide 17: AI: the next decade game-changer
AI: the next decade game-changer 95% of • A top priority in the strategic agenda of our clients companies – AI-driven transformation is expected to be at least as profound and disruptive as the digital revolution… believe AI has a positive profit – … but twice faster impact(1) • Clients are to under
Slide 18: Wavestone's convictions to succeed in the AI transformations
Wavestone’s convictions to succeed in the AI transformations A fast-moving market where mid-term Strategic ecosystem roadmap is all the more critical management is instrumental Investment priorities must be driven by value creation, In a fast-moving, vendor-driven market, managing costs ROI and disr
Slide 19: AI consulting at Wavestone
AI consulting at Wavestone • From business case to delivery and adoption: covering the full AI transformation value chain – Building the foundations for scalable AI growth (governance, operating models, data, AI and agentic platforms, trust frameworks) – Accelerating deployment and scaling initiativ
Slide 20: Successful first steps in Wavestone's AI journey
Successful first steps in Wavestone’s AI journey AI-related activity continues to accelerate It represented It now represents Towards a 8% 17% 25% of Wavestone’s revenue of Wavestone’s revenue target In 2024/25 In 2025/26 In 2026/27 100+ tier-1 clients for which we are working on AI across all Waves
Slide 21: 2025/26 highlights, 2026/27 outlook
3. 2025/26 highlights 2026/27 outlook
Slide 22: 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 23: Mixed performance during 2025/26
Mixed performance during 2025/26 • Strengthened positions in high-growth areas and resilient sectors – but below expectations in other parts of the business – overall, insufficient utilization rate and a slight deterioration in the daily rate-to-salary ratio • Consulting topics: strong traction in A
Slide 24: 2026/27 priorities
2026/27 priorities • Very gradual improvement in market conditions – European clients remain cautious – heightened caution among some of them due to Middle East situation • Focus on increasing organic growth and improving profitability – stronger execution – faster pace of transformation • 15% margi
Slide 25: 2026/27 financial targets
2026/27 financial targets 2025/26 2026/27 low single-digit Revenue €954.3m organic growth Recurring operating margin 12.6% around 13% © WAVESTONE | 25
Slide 26: 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 27: Lead the shift, Wavestone's strategic plan through 2030
4. Lead the shift, Wavestone’s strategic plan through 2030
Slide 28: 2021-2025: the success of Impact strategic plan in figures
2021-2025: the success of Impact strategic plan in 3 figures REVENUE INTERNATIONAL CSR 2025 €950M ~50% Top 5% 1 vs. a target of €750m 2021 €420M ~15% Top 5% …and strengthened leadership on key capabilities SAP | Cloud | Cybersecurity | Digital transformation 1 of the best performing companies in Eth
Slide 29: 4 months of collective strategic review
4 months of collective strategic review A comprehensive and collective approach, combining extensive client and ecosystem dialogue, market perspectives, and firm-wide engagement 1,000+ client conversations 2,000+ team members contributions 20+ vendors, business partners, 50+ workshops gathering… com
Slide 30: A review grounded in Wavestone's long-standing fundamentals
A review grounded in Wavestone’s long-standing fundamentals Growth International The Wavestone way Both an ambition Offering global ‘Positive Way’ values - energetic, and a core driver reach to clients responsible, together - and CSR commitments High-value services Business + technology WAVE 2030 |
Slide 31: Lead the shift: what is at stake?
Lead the shift: what is at stake? Restore growth momentum Navigate the challenges and performance, of two major structural shifts, by overcoming current weaknesses geopolitical upheaval and AI revolution WAVE 2030 | 31
Slide 32: 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 33: 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 WAVE 2030 | 33
Slide 34: Reignite momentum
Reignite momentum 01 02 03 Refocus, Strengthen execution, Agility & flexibility, on high-growth offerings from sales engines to performance in an uncertain and volatile and sectors management environment Return to 5% organic growth and firm‘s profitability standard by the end of the plan - Resume ex
Slide 35: Take a new step in Wavestone's international expansion
Take a new step in Wavestone’s international expansion 01 02 03 Concentrate Strengthen Foster growth investments in positions in France in US/UK, 3 key regions, and GSA combining strong organic France, GSA, US/UK growth and acquisitions 3 profitable and powerful engines to build the firm’s future de
Slide 36: Position Wavestone at the forefront of AI transformation
Position Wavestone at the forefront of AI transformation 01 02 03 Leverage our unique Embed AI at transformation “touch”, Offer clients the core of our value a distinctive approach business + technology convergence proposition, to AI transformation IT systems expertise human at the center and positi
Slide 37: 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 38: 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 39: 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 WAVE 2030 | 39
Slide 40: Questions & Answers
FY 2025/26 results | Outlook 2026/27 | Strategic Plan QUESTIONS & ANSWERS © WAVESTONE | 40
Slide 41: Financial agenda
Financial agenda 2026/27 H1 revenue (after stock market closing) July 29, Oct 29, December 2, 2026 2026 2026 2026/27 Q1 revenue 2026/27 (after stock market closing) H1 results (after stock market closing) © WAVESTONE | 41
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