2025/26 Interim Financial Report

Table of Contents

INTERIM ACTIVITY REPORT 3

1. Key events and outlook 3

2. Analysis of business activity 5

   1. Operating indicators definition 5

   2. Analysis of the consolidated financial statements 6

   3. Main related-party transactions 8

   4. Subsequent events 8

3. Information on risks and uncertainties during the second half 8

CONSOLIDATED FINANCIAL STATEMENTS AT SEPTEMBER 30, 2025 9

AUDITOR'S REPORT 40

MANAGEMENT RESPONSIBILITY STATEMENT 41

1. ‌Key events and outlook

   Stable revenue in H1 2025/26 at €458.1m

   Over the whole of H1 2025/26, revenue amounted to €458.1m, stable compared with H1 2024/25. As a reminder, Wavestone has consolidated Wivoo, a French consulting firm, since June 1, 2025.

   On a constant scope and forex basis, half-yearly revenue has decreased by -0.5%. For the record, there was an unfavorable working day impact of -0.9% over the period.

   Consultant utilization rate under pressure at 71%; robust average daily rate of €939

   Over H1 2025/26, the consultant utilization rate was under pressure and stood at 71%, versus 73% for the whole of the 2024/25 fiscal year.

   At the mid-point of the 2025/26 fiscal year, the average daily rate was solid at €939, equivalent to the one of the previous fiscal year, despite the consolidation of Wivoo, whose prices are lower than the rest of the group. On a constant scope and forex basis, daily rates increased by +1%.

   With regard to business development, the order book stood at about 3.6 months of work at the end of September 2025, versus 4.2 months on March 31, 2025, and 3.7 months one year earlier.

   Staff turnover rate of 13% on a rolling 12-month basis

   On September 30, 2025, on a rolling 12-month basis, the staff turnover rate stood at 13%, compared with 12% over the 2024/25 fiscal year.

   Wavestone had 6,042 employees on September 30, 2025, including 98 employees coming from the acquisition of Wivoo, compared with 6,076 on March 31, 2025, a decline consistent with the firm's usual seasonality.

   10.3% recurring operating margin in H1 2025/26

   Over H1 2025/26, recurring operating profit amounted to €47.1m, up by +1%. For the record, this recurring operating profit is computed after taking into account €4.2m linked to share-based payments to employees (versus €3.1m in H1 2024/25).

   The recurring operating margin stood at 10.3%, compared with 10.1% in H1 2024/25.

   As a reminder, profitability in H1 2024/25 had been impacted by the costs linked to the integration program between Wavestone and Q_PERIOR, notably the "Together as One" event organized in Paris in May 2024.

   Net income up by +12%, representing a net margin of 6.6%

   After taking into account the amortization of customer relationships (€3.6m entirely consisting of Q_PERIOR's customer relationships), and other operating income and expenses (-€0.7m), operating profit was €42.8m, showing an increase of +3.0%.

   The cost of net financial debt was reduced to €0.6m, compared with €1.6m a year earlier, due to the strengthening of the firm's financial situation.

   The tax expense amounted to €10.5m, a decrease of -4% compared with H1 2024/25.

   Net income stood at €30.4m in H1 2025/26, showing a growth of +12% compared with the first half of the previous fiscal year and representing a net margin of 6.6%, compared to 6.0% a year earlier.

   Earnings per share (fully diluted) came to €1.24 in H1, compared to €1.11 a year earlier1.

   Cash flow from business activities up to €21.8m in H1 2025/26

   On September 30, 2025, self-financing capacity amounted to €55.2m, compared with €54.3m for the same period of the previous year.

   Change in trade receivables and trade payables generated €7.5m of cash over the period (versus a consumption of -€1.0m in H1 2024/25), notably linked to a slight decrease of -2% in DSO (Days Sales Outstanding). Change in other items of the working capital consumed €30.5m of cash (versus

   €28.8m last year), a variation linked to the usual reduction in employee-related liabilities in the first half of the fiscal year (paid leaves, payment of bonuses and profit sharing).

   After tax payments of €10.4m, Wavestone's operating cash flow improved year-over-year to

   €21.8m, compared with €2.5m in H1 of the previous fiscal year.

   Investment operations consumed -€12.0m in H1 2025/26 (-€37.8m a year earlier), including -

   €10.6m for the acquisition of Wivoo and -€1.4m in current investments. Financing flows consumed -€55.6m, mainly consisting of:

   • -€11.5m in dividends paid to shareholders for the 2024/25 fiscal year,

   • -€37.7m in net repayments of financial loans, including the early repayment of -€52.8m in bank debt during H1,

   • -€4.8m in lease liability repayments (under IFRS 16). Net cash of €18.0m on September 30, 2025

   On September 30, 2025, Wavestone's consolidated equity was €645.4m.

   On the same date, net cash (excluding IFRS 16 lease liabilities) stood at €18.0m. This compares with net cash of €25.6m at the end of March 2025.

   Market environment

   Since the beginning of the 2025/26 fiscal year, the market environment has been challenging in almost all Wavestone geographies except for North America. The demand has remained at a low level overall, with the reluctance of decision-makers to move forward with their investment plans, in the context of high geopolitical uncertainty.

   From a sectoral perspective, banking, transport, automotive and retail have been difficult. On the other hand, though, insurance has remained resilient, while energy and luxury have shown a positive trend as well as some accounts in the industry sector.

   Since the start of Q3 2025/26, business demand has begun to pick up. Previously postponed projects are finally moving forward, and there is growing momentum on AI, cybersecurity, cloud, and SAP.

   Visibility however remains limited and it is too early to assess whether this positive trend will continue during Q4 2025/26.

   ‌1taking into account the weighted average number of outstanding shares

   Priorities for H2

   Wavestone aims to rapidly improve its operational performance by leveraging the current business momentum and maintaining strong investment in business development. As a result, the utilization rate is expected to show a significant increase in Q3.

   The firm also focuses on preparing and managing as effectively as possible the start of the 2026 calendar year.

   Lastly, Wavestone is gradually increasing its hiring pace, focusing on the business units and the countries experiencing the best business momentum. For the record, since the beginning of the 2025/26 fiscal year, Wavestone has remained cautious in terms of recruitment, which should lead to a very limited headcount increase over the fiscal year.

   Growing momentum in AI-driven transformations

   The AI wave continues to accelerate, reshaping industries and redefining strategic priorities across all sectors.

   Wavestone is increasingly supporting its clients around three major challenges: building the technological and operational foundations needed to scale AI across the enterprise, structuring AI initiatives with tangible value creation, and entering the agentic era to transform core-business processes.

   Wavestone's expertise is trusted by leading organizations in multiple industries. More than ever, the firm is committed to being the champion of AI-driven transformation, helping clients unlock measurable value and scale their AI ambitions.

   Wavestone anticipates growing further its AI-related revenue in 2025/26, reaching 14% of its total revenue, compared with 8% in the previous fiscal year.

   2025/26 annual objectives

   Regarding its annual guidance, Wavestone reaffirms aiming at generating a positive organic growth in 2025/26.

   In terms of profitability, the firm confirms targeting an annual recurring operating margin of around 13%.

   These objectives are calculated on a constant forex basis and exclude any new acquisition.

2. ‌Analysis of business activity
   1. ‌Operating indicators definition

      Staff turnover rate is the number of employees that resign during the last twelve months divided by the number of employees at the end of the measurement period.

      The consultant utilization rate is the ratio of the number of days actually billed to clients to the number of billable hours worked, excluding vacations.

      The average daily rate is the average daily price for a consulting service at a client, calculated as follows:

      Revenue from services provided / Number of days billed to clients.

      The order book is the sum of services ordered and not yet delivered on the measurement date. It is expressed in months as the ratio of the number of net production days to be performed in future

      months to the number of future production days, based on the projected workforce, utilization rate and vacation rates for the coming months.

      The methods used to calculate the order book comply with IFRS 15.

      The Recurring Operating Profit (ROP) is an alternative performance measure obtained by deducting from revenue the operational expenses related to current activities, including share-based payments to employees. Amortization of customer relationships is not deducted from ROP, nor are non-recurring income and expenses. The latter includes, in particular, income or expenses related to business acquisitions or divestitures, as well as income or costs associated with unoccupied premises.

      Recurring operating margin is obtained by dividing ROP by revenue.

   2. ‌Analysis of the consolidated financial statements Consolidated income statement

      (in thousands of euros)	Sep. 30, 2025	Sep. 30, 2024	Change
      Revenue	458,092	457,820	0%
      Recurring operating profit	47,083	46,448	1%
      Operating profit	42,811	41,565	3%
      Net income - group share	30,321	27,238	11%

      Consolidated revenue was €458,092k, compared to €457,820k a year earlier.

      Recurring operating profit stood at €47,083k (after employee profit sharing), which represents a slight increase of 1% compared to previous year. Recurring operating margin has improved by 0.2 percentage points to 10.3%.

      The operating profit has increased by €1,246k to €42,811k. It includes the amortization of customer relationships of -€3,611k and various operating income and expenses of -€661k.

      The net income (group share) stood at €30,321k, representing an increase of 11% over the previous year. Lower cost of the net financial debt of -€581k (compared to -€1,643k a year earlier), lower other financial income and expenses of -€1,257k (compared to -€1,685k a year earlier) and lower tax expense of -€10,545k (compared to -€10,952k) have contributed to this increase. The income attributable to non-controlling shareholders has increased by €59k to €106k.

      Consolidated balance sheet

      (in thousands of euros)	Sep. 30 , 2025	Mar. 31 , 2025	Change
      Non current assets	628,276	629,466	0%
      o/w goodwill	515,11c	512,485	1%
      Current assets (excluding cash)	272,681	272,136	0%
      Cash and cash equivalents	33,524	78,346	-57%
      Shareholder's equity	645,422	633,401	2%
      o/w non-controlling interests	1,350	1,443	-c%
      Non-current liabilities	65,227	111,785	-42%
      o/w financial liabilities	c35	44,530	-55%
      Current liabilities	223,832	234,762	-5%
      o/w financial liabilities	14,535	7,830	51%
      Total balance sheet	934,480	979,948	-5%

      Non-current assets recorded a slight decrease compared to March 31, 2025. This movement mainly reflects the regular amortization of customer relationships and the reduction in right-of-use assets, which more than offset the increase in goodwill arising from the acquisition of Wivoo and the impact of foreign currency translation differences.

      Current assets (excluding cash) remained stable at €272,681k. They mainly include trade receivables and related accounts of €245,080k, down by €5,096k. Cash and cash equivalents amounted to €33,524k at September 30, 2025, representing a 57% decrease compared to March 31,2025, primarily due to the repayment of long-term bank loans.

      At September 30, 2025, total equity stood at €645,422k, compared with €633,401k at March 31, 2025.

      Non-current liabilities amounted to €65,227k, compared to €111,785k on March 31, 2025. The decrease mainly reflects the repayment of long-term bank loans, which led to a reduction in non-current financial liabilities of approximately 99%.

      Current liabilities decreased by 5% to €223,832k. In addition to the changes in current financial liabilities, the decrease mainly reflects seasonal fluctuations in the tax and social liabilities.

      Total financial liabilities (current and non-current) amounted to €15,574k at September 30, 2025, compared with €52,760k at March 31, 2025. This decrease is mainly attributable to the repayment of long-term bank loans.

      Consolidated cash flow statement

      (in thousands of euros)	Sep. 30, 2025	Sep. 30, 2024	Change
      Self-financing capacity before costs of net financial debt and tax	55,207	54,305	2%
      Tax paid	(10,419)	(22,117)	-53%
      Change in trade receivables and trade payables	7,512	(974)	Not applicable
      Change in other working capital	(30,537)	(28,753)	6%
      Net operating cash f low	21, 763	2, 462	>100%
      Net investing cash flow	(12,033)	(37,789)	-68%
      Net financing cash flow	(55,629)	8,606	Not applicable
      Net change in cash and cash equivalents	(45, 899)	(26, 721)	>100%

      Net operating cash flow increased by €19,301k to €21,763k, while the self-financing capacity remained broadly stable at €55,207k. The increase in net operating cash flow mainly reflects lower tax payments, which decreased by €11,698k to -€10,419k. Changes in trade receivables and trade

      payables generated €7,512k in cash, whereas other working capital movements consumed -€30,537k in cash, mainly due to seasonal fluctuations in tax and social security liabilities.

      Net investing cash flow amounted to -€ 12,033k, compared with -€37,789k a year earlier. This mainly includes the purchase price for the acquisition of Wivoo, whereas the previous year included earn-out payments of -€35,000k to the former shareholders of Q_PERIOR.

      Net financing cash flow decreased to -€55,629k, compared with an inflow of €8,606k a year earlier. This change mainly reflects the net loan repayment of long-term bank loans of -€37,731k, whereas the previous year recorded a net loan subscription of €31,179k. In addition, dividend payments to the parent company shareholders increased to -€11,295k, compared with -€9,380k in the previous year.

   3. ‌Main related-party transactions

      For main related-party transactions, please refer to note 21 of the notes to the consolidated financial statements.

   4. ‌Subsequent events

      For subsequent events, please refer to note 23 of the notes to the consolidated financial statements.

3. ‌Information on risks and uncertainties during the second half

   Apart from the risks and uncertainties presented above, there have been no significant changes in the risk factors described in our universal registration document filed with the French financial markets authority (AMF) on July 15, 2025.

   The Board of Directors December 2, 2025

   ‌CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2025 Consolidated income statement

   (in thousands of euros)	Note	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024
   Revenue	1	458,092	943,666	457,820
   Subcontracting purchases	2	(67,517)	(144,953)	(74,994)
   Personnel expenses	3	(304,650)	(595,367)	(289,522)
   External expenses		(28,919)	(66,390)	(38,519)
   Taxes and duties		(3,612)	(8,198)	(3,375)
   Depreciation, amortization and provisions		(6,786)	(10,925)	(5,937)
   Other current income and expenses		474	1,224	975
   Recurring operating profit		47,083	119,057	46,448
   Amortization of customer relationships	4	(3,611)	(8,371)	(4,357)
   Other operating income and expenses	4	(661)	(1,122)	(526)
   Operating profit		42,811	109,564	41,565
   Financial income	5	581	701	361
   Costs of gross financial debt	5	(1,162)	(3,932)	(2,003)
   Costs of net financial debt		(581)	(3,232)	(1,643)
   Other financial income and expenses	5	(1,257)	(3,115)	(1,685)
   Net income before tax		40,973	103,217	38,237
   Tax expense	6	(10,545)	(27,296)	(10,952)
   Net income		30,428	75,921	27,286
   Non-controlling interests Net income - group share		(106)	(362)	(47)
   		30,321	75,558	27,238
   Basic earnings per share (€)(1)	7	1.24	3.09	1.11
   Diluted earnings per share (€)(2)	7	1.24	3.09	1.11

   (1)Average number of shares outstanding during the period.

   (2)Diluted average number of shares outstanding during the period.

   Consolidated balance sheet

   (in thousands of euros)	Note	Sep. 30, 2025	Mar. 31, 2025
   Goodwill	8	519,116	512,485
   Intangible assets	9	62,598	66,209
   Tangible assets	9	11,357	11,561
   Right-of-use assets	10	22,510	25,305
   Non-current financial assets	11	2,228	1,906
   Other non-current assets	11	10,467	12,000
   Non-current assets		628,276	629,466
   Trade receivables and related accounts	12	245,080	250,176
   Other receivables	12	27,601	21,960
   Cash and cash equivalents	12	33,524	78,346
   Current assets		306,204	350,481
   Total assets		934,480	979,948
   Capital	13	623	623
   Additional paid-in-capital		265,432	265,432
   Consolidated retained earnings and net income		382,888	361,853
   Currency translation differences		(4,871)	4,050
   Equity - group share		644,071	631,957
   Non-controlling interests		1,350	1,443
   Total equity		645,422	633,401
   Long-term provisions	15 & 16	26,242	23,627
   Non-current financial liabilities	17	639	44,930
   Non-current lease liabilities	10	15,965	19,173
   Other non-current liabilities	19	22,381	24,054
   Non-current liabilities		65,227	111,785
   Short-term provisions	15	3,200	3,124
   Current financial liabilities	17	14,935	7,830
   Current lease liabilities	10	8,986	8,839
   Trade payables and related accounts	19	34,775	34,150
   Tax and social liabilities	19	127,039	145,915
   Other current liabilities	19	34,897	34,904
   Current liabilities		223,832	234,762
   Total liabilities		934,480	979,948

   Consolidated cash flow statement

   (in thousands of euros)	Note	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024
   Net income		30,428	75,921	27,286
   Elimination of non-cash items:
   Net depreciation, amortization and provisions (1)		10,724	19,569	10,939
   Expenses / (income) related to share-based payemnts 14		3,179	5,651	2,599
   Losses / gains on disposals, net of tax		(31)	(47)	(3)
   Other calculated income and expenses		(1,266)	620	366
   Costs of net financial debt (incl. Interest on lease liabilities)		1,629	4,351	2,167
   Tax expense / (income) 6		10,545	27,296	10,952
   Self-financing capacity before costs of net financial debt and tax		55,207	133,362	54,305
   Tax paid		(10,419)	(38,163)	(22,117)
   Change in trade receivables and trade payables		7,512	(11,894)	(974)
   Change in other working capital items		(30,537)	5,972	(28,753)
   Net operating cash flow		21,763	89,277	2,462
   Purchase of tangible and intangible assets 9		(1,436)	(4,838)	(2,169)
   Disposal of assets		23	46	24
   Change in financial assets		(62)	52	(67)
   Impact of changes in consolidation scope 8		(10,558)	(44,005)	(35,577)
   Net investing cash flow		(12,033)	(48,744)	(37,789)
   Sale / (purchase) of treasury shares(2)		74	(12,155)	(6,415)
   Dividends paid to parent company shareholders		(11,295)	(9,380)	(9,380)
   Dividends paid to non-controlling interests		(193)	(845)	(750)
   Loan subscriptions	17	15,072	40,000	40,000
   Loan repayments	17	(52,803)	(45,642)	(8,821)
   Repayments of lease liabilities	10	(4,789)	(8,084)	(4,065)
   Net financial interest paid on loans		(1,139)	(3,028)	(1,521)
   Net interest paid on lease liabilities	5	(547)	(1,065)	(452)
   Other financing cash flows	17	(9)	20	9
   Net financing cash flow		(55,629)	(40,179)	8,606
   Net change in cash and cash equivalents		(45,899)	354	(26,721)
   Impact of translation differences	17	1,100	503	212
   Opening cash position	17	78,309	77,452	77,452
   Closing cash position	17	33,509	78,309	50,943

   (1)Including €4,469k in respect of the amortization of right-of-use assets (IFRS 16) as of September 30, 2025 (vs €4,159k as of September 30, 2024) and

   €3,611k in respect of the amortization of customer relationships as of September 30, 2025 (vs €4,357k as of September 30, 2024).

   (2)For information, the company delivered treasury shares worth €5,559k during the semester.

   Conso.			Profit for	Transl.	Group	Minority
   (in thousands of euros) Capital Premiums reserves the yeargain (loss) share interests Total
   Consolidated shareholders' 623	265, 432	241, 860	58, 199	3, 352	569, 466	1, 926	571, 392
   Consolidated profit for the year 0	0	0	75,558	0	75,558	362	75,921
   Change in fair value of hedging 0	0	(144)	0	0	(144)	0	(144)
   Translation gain (loss) 0	0	0	0	697	697	(0)	697
   IAS 19 actuarial gain (loss) 0	0	2,188	0	0	2,188	0	2,188
   Net comprehensive income 0	0	2, 044	75, 558	697	78, 300	362	78, 662
   Appropriation of profit 0	0	58,199	(58,199)	0	0	0	0
   Changes in equity of consolidating 0	0	0	0	0	0	0	0
   Dividends paid out 0	0	(9,380)	0	0	(9,380)	(845)	(10,225)
   Treasury stock transactions 0	0	(12,103)	0	0	(12,103)	0	(12,103)
   Share-based payments 0	0	5,675	0	0	5,675	0	5,675
   Consolidated shareholders' 623	265, 432	286, 295	75, 558	4, 050	631, 957	1, 443	633, 401
   Consolidated profit for the year 0	0	0	30,321	0	30,321	106	30,428
   Change in fair value of hedging 0 instruments	0	0	0	0	0	0	0
   Translation gain (loss) 0	0	0	0	(8,921)	(8,921)	(7)	(8,928)
   IAS 19 actuarial gain (loss) 0	0	(1,243)	0	0	(1,243)	0	(1,243)
   Net comprehensive income 0	0	(1, 243)	30, 321	(8, 921)	20, 158	99	20, 257
   Appropriation of profit 0	0	75,558	(75,558)	0	0	0	0
   Changes in equity of consolidating 0	0	(2)	0	0	(2)	0	(2)
   Dividends paid out 0	0	(11,295)	0	0	(11,295)	(193)	(11,487)
   Treasury stock transactions 0	0	74	0	0	74	0	74
   Share-based payments 0	0	3,179	0	0	3,179	0	3,179
   Consolidated shareholders' 623	265, 432	352, 566	30, 321	(4, 871)	644, 071	1, 350	645, 422

   Change in consolidated shareholders' equity

   equity as of Mar. 31, 2024

   instruments

   company

   equity as of Mar. 31, 2025

   company

   equity as of Sep. 30, 2025

   The dividend distributed during the year amounted to €0.46 per share, i.e. a total of €11,295k.

   Statement of net comprehensive income

   (in thousands of euros)	Note	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024
   Net income		30,428	75,921	27,286
   Items recyclable in the income statement:
   Change in fair value of hedging instruments	18	0	(144)	(166)
   Translation gain (loss)		(8,921)	697	(1,880)
   Items not recyclable in the income statement:
   IAS 19 actuarial gain (loss)	16	(1,243)	2,188	(3,093)
   Total recognized as equity		(10,164)	2,741	(5,139)
   Net comprehensive income		20,264	78,662	22,147
   Non-controlling interests		(99)	(362)	(47)
   Net comprehensive income attribuable to owners of the parent		20,165	78,300	22,100

   Notes to the consolidated financial statements

   1. Overview 14

   2. Significant events in the semester 15

   3. Accounting Principles and methods 16

      1. Consolidation principles 16

      2. Consolidation methods 17

      3. Currency translation methods 17

      4. Alternative Performance Measures 18

      5. Use of estimates 18

      6. Seasonality of interim financial statements 19

      7. Contingent liabilities and contingent assets 19

   4. Scope of consolidation 20

   5. Notes relative to certain income statement and balance sheet items 23

      Note 1. Revenue 23

      Note 2. Subcontracting purchases 23

      Note 3. Personnel expenses 23

      Note 4. Other operating income and expenses 24

      Note 5. Financial profit (loss) 24

      Note 6. Tax expense 24

      Note 7. Earnings per share 25

      Note 8. Goodwill 25

      Note 9. Intangible and tangible assets 27

      Note 10. Leases 27

      Note 11. Other assets 29

      Note 12. Current assets 29

      Note 13. Capital 30

      Note 14. Free share allotment plans 30

      Note 15. Provisions 32

      Note 16. Provisions for retirement benefits 32

      Note 17. Financial liabilities and net debt 33

      Note 18. Financial instruments 35

      Note 19. Other liabilities 37

      Note 20. Off-balance sheet commitments 37

      Note 21. Related-party transactions 39

      Note 22. Financial risk related to climate change 39

      Note 23. Subsequent events 39

4. ‌Overview

   Wavestone is a public limited company (société anonyme) incorporated in France and subject to all laws and regulations governing commercial companies in France, and notably the provisions of the French Commercial Code. The company is listed in compartment A of Euronext Paris.

   The consolidated financial statements of Wavestone (comprising the Wavestone parent company and its subsidiaries) were approved by the Board of Directors on December 2, 2025.

   All amounts presented in the notes are expressed in thousands of euros (€k).

   Name or other identifier of the reporting entity Wavestone

   Explanation of changes in the name or other

   identification of the reporting entity since the end of No change in name

   the previous reporting period

   Headquarters Tour Franklin, 100-101 Terrasse Boieldieu, 92042 La Défense Cedex, France

   Country of incorporation France

   Address of the entity Tour Franklin, 100-101 Terrasse Boieldieu, 92042 La Défense Cedex, France

   Main office France

   Legal form Limited company (société anonyme )

   Wavestone is a leading consulting partner, supporting the world's largest companies

   Description of the nature of the entity's operations and its mains activities

   in their most ambitious strategic transformations in a constantly changing world, aiming to generate positive and sustainable impacts for all its stakeholders. The firm employs over 6,000 people in 17 countries and particularly 5 leading geographies: France, Germany, Switzerland, the United Kingdom and the United States.

   Name of the parent entity Wavestone SA

   Name of the head company Wavestone SA

5. ‌Significant events in the semester

On May 22, 2025, Wavestone acquired 100% of the capital of Wivoo. Wivoo Group comprises 4 entities fully consolidated, defined as "Wivoo" in this document.

Founded in 2019, Wivoo is a leading player in Product Management consulting in France. Incepted in the context of digital acceleration and agile transformation, Wivoo supports its clients' digital and e-commerce departments in designing and launching digital, data and AI products and services.

For its fiscal year 2024, Wivoo achieved a consolidated revenue of €11.5m, with an adjusted EBITDA margin of 7%. It has around 100 employees.

This acquisition was financed entirely in cash, from Wavestone's own funds.

Wivoo has been consolidated in Wavestone's accounts as of June 1, 2025, i.e. over 4 months of its half financial year.

Goodwill is recorded in the consolidated accounts of the Group as of September 30, 2025 (see note 8).

The long-term bank loans have been fully reimbursed in anticipation for 3,905k€ as of June 16, 2025 and for 48,837k€ as of September 15, 2025.

The impacts of changes in foreign exchange rates (at a constant scope) amount to -€1,348k on revenue and -€311k on ROP.

The impacts of change in scope (Wivoo acquisition) amount to +€3,870k on revenue and +€542k on ROP.

1. ‌Accounting Principles and methods
   1. ‌Consolidation principles
      1. Reporting framework

         Wavestone's half-year consolidated financial statements as of September 30, 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, and EU regulation No. 1606/2002 dated July 19, 2002.

         These standards consist of the IFRS and IAS, and their interpretations, which had been adopted by the EU as of September 30, 2025 and which are mandatory on this date, with comparative data established as of March 31, 2025 according to the reference framework applicable at the closing date.

         The texts adopted by the European Union are published in the Official Journal of the European Union and can be consulted on EUR-Lex.

      2. Interim financial statements

         The Wavestone's condensed interim financial statements for the six-month period ended September 30, 2025 have been prepared in accordance with IAS 34 "Interim Financial Reporting".

         As these are condensed financial statements, they do not include all the information required by IFRS for the preparation of annual financial statements and should therefore be read in conjunction with the Group's consolidated financial statements prepared in accordance with IFRS as adopted by the European Union for the year ended March 31, 2025.

      3. Evolution of the accounting framework

         The accounting principles used to prepare Wavestone's consolidated financial statements are the same as those used to prepare its consolidated financial statements as of March 31, 2025, with the exception of the normative changes presented below.

         IFRS standards, IFRIC interpretations and amendments applied by the firm as of April 1, 2025

         Standards, amendments and interpretations Date of application (1): fiscal years beginning on or after

         Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates": Lack of Exchangeability

         1. Date of EU application.

            January 1, 2025

            The application of these texts had no material impact on the Group's consolidated financial statements as of September 30, 2025.

            Accounting standards and interpretations that the firm will apply in the future

            Standards, amendments and interpretations Date of application(2): fiscal years beginning on or after

            Amendments to IFRS 9 and IFRS 7 "Classification and Measurement of Financial Instruments"

            Amendments to IFRS 9 and IFRS 7 "Contracts Referencing Nature-dependent Electricity"

            IFRS 18 "Presentation and Disclosure in Financial

            Statements"

            IFRS 19 "Subsidiaries without Public Accountability:

            Disclosures"

         2. Date of EU application.

         January 1, 2026

         January 1, 2026

         January 1, 2027

         January 1, 2027

         Apart from IFRS 18, whose impact is under assessment, the Group does not expect any material effects from the application of these standards. The Group has not early-adopted any standards.

      4. Comparability of financial statements

         The financial statements for the semester ending September 30, 2025 and March 31, 2025 are comparable except for changes in the scope of consolidation. Those variations relate to the business combination of Wivoo, consolidated since June 1, 2025.

   2. ‌Consolidation methods

      Wavestone is the consolidating company.

      The financial statements of the companies placed under its exclusive control are fully consolidated.

      Wavestone does not exert significant influence or joint control over any company. It does not directly or indirectly control any ad hoc entity.

      The financial statements of the consolidated companies are, if necessary, restated to ensure the uniform application of accounting and measurement rules.

      The financial statements of the consolidated companies were all prepared as of September 30, 2025.

      As of September 30, 2025, the consolidated financial statements include all the firm's companies over a 6-month period, except for the entities within the Wivoo scope, which cover a 4-month period.

   3. ‌Currency translation methods Translation of financial statements denominated in foreign currency

      The balance sheets of foreign companies are translated into euros at the prevailing exchange rate at the reporting date. The income and cash flow statements are translated at the average exchange rate for the period, and the Group's share of the resulting translation differences is recognized in shareholders' equity under "Currency translation difference".

      		Closing rate		Average rate
      Currency		Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2025	Mar. 31, 2025
      Canadian dollar	CAD	0,612557	0,643791	0,629135	0,667921
      Swiss Franc	CHF	1,070057	1,049208	1,068430	1,051396
      Pound sterling	GBP	1,145567	1,197089	1,165400	1,191479
      Hong Kong dollar	HKD	0,109588	0,118864	0,111170	0,119543
      Moroccan dirham	MAD	0,093906	0,096084	0,095023	0,094038
      Zloty	PLN	0,234231	0,239006	0,234757	0,234346
      Romanian Leu	RON	0,196872	0,200920	0,198039	0,200958
      Singapore dollar	SGD	0,661035	0,688753	0,672205	0,696096
      US dollar	USD	0,852791	0,924642	0,868529	0,931402

      The average exchange rate is determined by calculating the average daily rate over the period.

      Recognition of foreign currency transactions

      Transactions denominated in foreign currencies are translated into euros at the exchange rate on the transaction date.

   4. ‌Alternative Performance Measures Recurring operating profit

      The Recurring Operating Profit (ROP) is an alternative performance measure obtained by deducting from revenue the operational expenses related to current activities, including share-based payments to employees. Amortization of customer relationships is not deducted from ROP, nor are non-recurring income and expenses. The latter includes, in particular, income or expenses related to business acquisitions or divestitures, as well as income or costs associated with unoccupied premises.

      Recurring operating margin is obtained by dividing ROP by revenue.

   5. ‌Use of estimates

The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions concerning the measurement of certain amounts in the financial statements, notably regarding:

• duration of asset amortization;

• measurement of provisions and pension obligations;

• measurements used for impairment testing;

• fair value measurement of financial instruments;

• estimates of accrued income and expenses;

• measurement of share-based payments;

• the performance estimates used for the additional considerations in the subsidiary acquisition prices;

• recognition of deferred tax assets;

• recognition of revenue from fixed price contracts;

• assessment of customer relationships and their amortization periods;

• probable termination date of commercial leases.

Management reviews these estimates and assessments on a regular basis to take into account past experience and other factors deemed reasonable, which serve as the basis for these assessments. Future results may differ significantly under different assumptions or conditions.

The main effects of seasonality result from the concentration of employee leave taken in certain months of the year. These are the months of May, July and August. Therefore, the majority of employee leave concerns the first half of Wavestone's financial year (April - September). Further main seasonality results from the payment of the full-year variable compensation to employees which usually happens in June and July.

These phenomena have no substantial impact on Wavestone's business, especially as their effects are relatively predictable (comparable impact from one year to the next).

On July 24, 2024, Wavestone signed a lease in future state of completion for new premises in Paris, scheduled for delivery on December 31, 2026. At the same time, the company undertook to renegotiate its ongoing leases to align their termination dates. These leases include a clause for the restoration of the premises, the costs of which constitute a contingent liability.

Based on past restoration operations, it is not possible to estimate the costs to be accrued for. It is even possible that the new lessor will take over the premises, but it is not possible to quantify it.

1. ‌Scope of consolidation

   Wavestone's consolidated financial statements include the accounts of the following companies:

   Company Registered Office

   Tour Franklin

   Company registration number

   % Country interest

   Company

   Months consolidated

   Wavestone SA

   100-101 Terrasse Boieldieu 92042 La Défense Cedex

   37755024900041

   parent France 6

   Wavestone Austria GmbH Josefstädter Straße 43-45/1/2,

   1080 Wien

   FN 325336 k 100% Austria 6

   Wavestone Belgium SA/NV

   1. Avenue des arts Immeuble The Artist 1210 Bruxelles

   0879.426.546 100% Belgium 6

   Wavestone Canada Inc.

   44 Chipman Hill,

   Suite 1000,

   Saint John NB, E2L 2A9

   620893 100% Canada 6

   Wiacademy SAS

   20, avenue Franklin D Roosevelt 95083211300019 100% France 4

   75008 PARIS 8

   Wigroup SAS

   20, avenue Franklin D Roosevelt 85291987700021 100% France 4

   75008 PARIS 8

   Witada SAS

   20, avenue Franklin D Roosevelt 97977851100019 100% France 4

   75008 PARIS 8

   Wivoo Paris SAS

   20, avenue Franklin D Roosevelt 84313483400038 100% France 4

   75008 PARIS 8

   Wavestone Germany AG Leopoldstraße 28a,

   80802 München

   HRB 140669 100% Germany 6

   Wavestone Advisors Germany GmbH & Co. KG

   Bleichstraße 8-10,

   c/o RWP Rechtsanwälte, 40211 Dusseldorf

   HRA 25293 100% Germany 6

   qdive GmbH

   Leopoldstraße 28a, HRB 248679 100% Germany 6

   80802 München

   New Outcome GmbH

   Leopoldstraße 28a, HRB 261209 100% Germany 6

   80802 München

   Wavestone Advisors Germany GmbH

   Bleichstraße 8-10,

   c/o RWP Rechtsanwälte, 40211 Dusseldorf

   HRB 85619 100% Germany 6

   Company Registered Office

   Company registration number

   % Country interest

   Months consolidated

   Wavestone Germany Holding AG

   Leopoldstraße 28a, 80802 München

   HRB 190228 100% Germany 6

   ESPRiT Engineering GmbH Leopoldstraße 254,

   80807 München

   HRB 171232 75% Germany 6

   21/F, On Building, Wavestone HK Limited 162 Queen's Road Central 2403871 Central, Hong Kong	100%	Hong-Kong	6
   Wavestone Italy S.R.L. Via Boroggna 2, MI-2657992	100%	Italy	6
   Wavestone Luxembourg SA 10 rue du Château d'Eau B114630	100%	Luxembourg	6
   Capital Tower Wavestone Advisors Maroc Angle Main Street et Bd Moulay Abdellah 219375 20100 Casablanca	100%	Morocco	6
   Wavestone Poland sp. Bojkowska 37C, 0000130970	100%	Poland	6
   Cluj Business Campus Wavestone Consulting Strada Henri Barbusse, Nr.44-46, Imobil J12/2899/2013 Cluj-Napoca 400616	100%	Romania	6
   Cluj Business Campus ESPRiT Engineering S.R.L Strada Henri Barbusse, 44-46, J12/3744/2021	75%	Romania	6
   Imobil CBC2, Etaj 1 Cluj-Napoca 400616 Wavestone SIngapore Pte 380 Jalan Besar Ltd. #08-06/07 ARC 380 201113021K	100%	Singapore	6
   380 Jalan Besar why academy! Pte Ltd. #08-06/07 ARC 380 201932428N 209000, Singapore	100%	Singapore	6
   Wavestone Consulting Paseo de la Castellana, 18, 7a B10700235	100%	Spain	6
   Wavestone Consulting Weltpoststraße 5, CHE-105.068.069	100%	Switzerland	6
   Wavestone Switzerland SA 1 Place de Pont-Rouge CHE-109.688.302	100%	Switzerland	6

   20122 Milan

   3364 Leudelange

   SARL Bencherif

   z.o.o. 44-101 Gliwice

   Romania S.R.L. CBC2, Etaj 1

   209000, Singapore

   Spain S.L.U 28046 Madrid

   Switzerland AG 3015 Berne

   1212 Grand-Lancy, Genève

   Company Company Registered Office registration number		% interest	Country	Months consolidated
   c/o Summerfield Accounting & Tax GmbH PEN Partnership GmbH Untermuli 3, CHE-267.105.509 6300 Zug		100%	Switzerland	6
   Wavestone Advisors UK Level 7, 10 Exchange square, 05896422		100%	United Kingdom	6
   Wavestone Business Level 7, 10 Exchange square, 10618417		100%	United Kingdom	6
   Wavestone Digital Advisors Level 7, 10 Exchange square, 08360921		100%	United Kingdom	6
   Wavestone Management 73 Cornhill, 10118556		100%	United Kingdom	6
   Herschel House, Aspirant Ltd. 58 Herschel Street, Slough, 07530670 Berkshire, SL1 1PG		100%	United Kingdom	6
   Wavestone Consulting UK Level 7, 10 Exchange square, 04965100		100%	United Kingdom	6
   Coeus Consulting Level 7, 10 Exchange square, 11692719		100%	United Kingdom	6
   Xceed Group (Holdings) Level 7, 10 Exchange square, 10468064 Limited London EC2A 2BR		100%	United Kingdom	6
   Xceed Group Limited Level 7, 10 Exchange square, 06526750		100%	United Kingdom	6
   London EC2A 2BR
   600 North Second Street,
   Wavestone US Inc. Suite 401,	5905389	100%	United-States	6
   Harrisburg, PA 17101
   1, Allegheny Square
   Aspirant Consulting LLC Suite 502	0013504393	100%	United States	6
   Pittsburgh, PA 15212
   Wavestone Consulting US Corporation Service Company
   Inc. 251 Little Falls Drive,	3878361	100%	United States	6
   Wilmington, DE 19808

   Ltd. London EC2A 2BR

   Advisors UK Ltd London EC2A 2BR

   UK Ltd London EC2A 2BR

   Advisors UK Ltd. London EC3V 3QQ

   Ltd. London EC2A 2BR

   International Limited London EC2A 2BR

   All these companies have been fully consolidated.

2. ‌Notes relative to certain income statement and balance sheet items

Wavestone specializes in the specific market segment of management and information systems consulting. Since all these services are subject to the same risks and generate similar levels of profitability, company revenue is not broken down by business lines.

Consolidated revenue by region breaks down as follows:

Revenue is 55% made up of fixed-price contracts, and 45% time-based services contracts. The order book represents 3.6 months of business as of September 30, 2025.

Wavestone partially uses third-party subcontractors to provide services to customers. The fluctuations mainly reflect the delivery mix between own employees and subcontractors.

As a reminder, the amortization of customer relationships is recognized as non-current given the non-recurring nature and the scale of Q_PERIOR transactions. This amortization expense amounted to -€3,611k.

Various other operating expenses mainly includes -€360k of accelerated amortization of furniture and fixtures of the current premises of Tour Franklin.

Financial income corresponds to interest received on cash and cash equivalents.

Cost of gross financial debt mainly consists of interest on the Refinancing, Revolving and External Growth loans amounting to -€1,162k, including the effect of interest-rate hedging contracts, which is not material for the semester.

Other financial income and expenses mainly include IFRS16 interest expenses of -€548k, interest on hedging instruments of -€527k, interest on the net IAS19 defined benefit liability of -€304k, and foreign exchange losses of -€189k. It also includes income from fair value changes on hedging instruments for €305k.

In accordance with the French Accounting Board (CNC) circular of January 14, 2010, Wavestone opted to record the Company Added-Value Contribution (CVAE) under income tax as of 2010. The CVAE booked under "Tax expense" totaled -€649k.

(1)Excluding treasury shares.

Wavestone has no potentially dilutive shares or comparable instruments in place.

The integrated operating model enables Wavestone to develop synergies between all its units, regardless of the legal form of their affiliation with the Group, to establish individual commercial interfaces with all of its clients, and to efficiently form project teams on a daily basis comprising consultants from its different units. These units are not identified by business sector, region or legal structure. This operating model will be regularly updated to better meet market needs.

Implementation of this operating model, the organization of which transcends the scopes of the companies and activities that Wavestone SA has acquired as it has grown, makes it impossible to track the individual goodwill initially associated with the different companies or activities concerned. For this reason, the Wavestone firm constitutes a single Cash Generating Unit (CGU). Assets with an indefinite useful life, such as goodwill, are tested for impairment at least once a year and whenever there is evidence of impairment.

Following the acquisition of Wivoo, a goodwill amount of €14,645k was recognized accordingly.

Goodwill for Wivoo's acquisition breaks down as follows:

(1)Wavestone and the Sellers have agreed that certain payment obligations of Wivoo amounting to -€ 967k shall be deducted from the Earn-Out.

The table below presents the impact on the cash position of additions to the scope of consolidation over the half-year as well as payments carried out or received linked to transactions from the prior year.

Wivoo

As a reminder, at September 30, 2024, the impact on cash of changes in consolidation scope included €35,000k related to the earnout payment for Q_PERIOR acquisition.

In accordance with IAS 36, in the absence of any indication of impairment, no impairment test was performed as of September 30, 2025.

The Company carries out R&D activities on a regular basis. These R&D activities are capitalized only on exceptional basis.

On July 24, 2024, Wavestone signed a lease in a future state of completion for new premises in Paris, scheduled for delivery on December 31, 2026. This commitment will be reflected in the balance sheet at the lease commencement date of December 31, 2026, and will amount to approximately €92,546k, as disclosed in note 20. Consequently, the expected end dates of all existing Paris office leases have been reassessed, and December 31, 2026 has been adopted as the most likely date of termination of the current commitments.

diff.

Assets financed by a finance lease contract are subject to an ownership restriction.

Translation

Sep. 30, 2025

Guarantees pledged as collateral against these lease liabilities are described in note 18 below.

Financial assets consist mainly of deposits and guarantees. Other non-current assets mainly comprise deferred tax assets.

In view of the quality of Wavestone's clients, no overall first-level risk has been identified. Nevertheless, the firm analyzes its trade receivables on a case-by-case basis and recognizes impairment on an individual basis, taking into account the client's specific situation and delays in payments.

As of September 30, 2025, the capital of the Wavestone parent company consisted of 24,906,332 fully paid-up shares at €0.025 per unit.

At the same date, the company owned 352,152 of its own Wavestone shares.

As of September 30, 2025, Wavestone had several free share plans. Beneficiaries must remain employees of the firm until the final allotment date.

Recognition of the respective benefits awarded within the context of these plans was booked as a provision of €3,179k in the personnel expenses, compared to €2,599k for the previous semester. The counterpart of this provision is presented in shareholders' equity in the financial statements as of September 30, 2025.

Details of the free share allotment plans are set out below:

During the semester, Wavestone granted the following free shares as detailed below.

On July 6, 2022, a free share allocation plan ("Key People Plan No. 16") was set up as part of the firm's employee savings plan. "Key People Plan No. 16" is for key Wavestone employees designated by the Board of Directors at the recommendation of the Compensation and Nomination Committee.

This plan had a vesting period of thirty-six (36) months and expired on July 6, 2025.

The initial allotment was up to 57,135 shares. In accordance with the conditions of the plan, 57,135 shares were fully acquired by 15 employees at the end of the vesting period.

The shares delivered under the "Key People Plan No.16" are existing shares previously acquired by the company during a share buy-back plan.

On July 5, 2023, a free share allocation plan ("France Employee Plan No. 17") was set up as part of the firm's employee savings plan. "France Employee Plan No. 17" is for Wavestone's employees, depending on the employee savings plan option they have selected.

This plan had a vesting period of twenty-four (24) months and expired on July 5, 2025.