Wavestone : 2025/26 Interim Financial Report

About this update from Wavestone Sa

Table of Contents INTERIM ACTIVITY REPORT 3 Key events and outlook 3 Analysis of business activity 5 Operating indicators definition 5 Analysis of the consolidated financial statements 6 Main related-party transactions 8 Subsequent events 8 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 In the event of any discrepancies between the English version of this Interim Financial Report and its French translation, the English version shall prevail. ‌INTERIM ACTIVITY REPORT ‌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. ‌1 taking 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. ‌Analysis of business activity ‌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. ‌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. ‌Main related-party transactions For main related-party transactions, please refer to note 21 of the notes to the consolidated financial statements. ‌Subsequent events For subsequent events, please refer to note 23 of the notes to the consolidated financial statements. ‌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 Overview 14 Significant events in the semester 15 Accounting Principles and methods 16 Consolidation principles 16 Consolidation methods 17 Currency translation methods 17 Alternative Performance Measures 18 Use of estimates 18 Seasonality of interim financial statements 19 Contingent liabilities and contingent assets 19 Scope of consolidation 20 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 ‌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 ‌Significant events in the semester Acquisition of Wivoo 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). Reimbursement of bank loans 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. Impact of business combinations 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. ‌Accounting Principles and methods ‌Consolidation principles 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. 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. 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 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" 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. 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. ‌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. ‌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. ‌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. ‌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. ‌C.C Seasonality of interim financial statements 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). ‌C.7 Contingent liabilities and contingent assets 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. ‌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 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. ‌Notes relative to certain income statement and balance sheet items ‌Note 1. Revenue 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 Sep. 30, 2025 Sep. 30, 2024 France 240,181 231,804 Germany 109,515 118,658 Switzerland 41,598 40,734 United-States - Canada 37,762 35,062 United Kingdom 17,997 20,016 Other 11,039 11,545 Total 458,092 457,820 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. ‌Note 2. Subcontracting purchases Wavestone partially uses third-party subcontractors to provide services to customers. The fluctuations mainly reflect the delivery mix between own employees and subcontractors. ‌Note 3. Personnel expenses Personnel expenses Sep. 30, 2025 Sep. 30, 2024 Wages and salaries (230,318) (221,327) Payroll expenses (74,332) (68,195) Total (304,650) (289,522) The following table shows the average full-time-equivalent workforce (FTE): Average workforce (FTE) Sep. 30, 2025 Sep. 30, 2024 Engineers and managers 5,654 5,518 Employees 338 295 Total 5,992 5,813 Average workforce by region breaks down as follows: Average workforce (FTE) Sep. 30, 2025 Sep. 30, 2024 France 3,962 3,770 Germany 928 935 Switzerland 271 272 United-States - Canada 242 226 United Kingdom 227 264 Other 362 346 Total 5,992 5,813 ‌Note 4. Other operating income and expenses 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. Sep. 30, 2025 Sep. 30, 2024 Various 26 333 Other operating income 26 333 Acquisition costs (282) (60) Various (406) (800) Other operating expenses (687) (859) Net total (661) (526) Various other operating expenses mainly includes -€360k of accelerated amortization of furniture and fixtures of the current premises of Tour Franklin. ‌Note 5. Financial profit (loss) Sep. 30, 2025 Sep. 30, 2024 Financial income 581 361 Costs of gross financial debt (1,162) (2,003) Cost of net financial debt (581) (1,643) Other financial income and expenses (1,257) (1,685) Financial result (1,838) (3,327) 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. ‌Note C. Tax expense Sep. 30, 2025 Sep. 30, 2024 Current tax (10,217) (11,247) Deferred tax (328) 295 Total (10,545) (10,952) 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. ‌Note 7. Earnings per share Earnings per share Sep. 30, 2025 Mar. 31, 2025 Sep. 30, 2024 Net income - group share 30,321 75,558 27,238 Weighted average number of shares outstanding during the period (1) 24,500,309 24,444,821 24,569,928 Basic earnings per share 1.24 3.09 1.11 Weighted average number of shares outstanding during the period (1) 24,500,309 24,444,821 24,569,928 Weighted average number of potentially dilutive shares - - - Diluted weighted average number of shares outstanding during the period 24,500,309 24,444,821 24,569,928 Diluted earnings per share 1.24 3.09 1.11 (1) Excluding treasury shares. Wavestone has no potentially dilutive shares or comparable instruments in place. ‌Note 8. Goodwill 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. Net value as of Decrease in Increase in Translation Net value as of Mar. 31, 2025 the period the period diff. Sep. 30, 2025 Goodwill 512,485 0 14,645 (8,014) 519,116 incl: Wivoo 14,645 Following the acquisition of Wivoo, a goodwill amount of €14,645k was recognized accordingly. Calculating goodwill for new acquisition: Goodwill for Wivoo's acquisition breaks down as follows: Wivoo Acquisition cost Acquisition price 11,609 Price adjustment (195) Nominal Earn-out 4,500 Payment obligation deducted from Earn-out (1) (967) Provisionned Earn-out 3,533 Total l 14,947 Assets acquired on acquisition date Net fixed asset 125 Non-current assets 266 Current assets 6,517 Subtotal A 6,908 Liabilities acquired on acquisition date Non-current liabilities (1) 1,688 Short-term provisions 20 Current liabilities (1) 4,897 Subtotal B 6,606 Total ll - Net assets acquired (A-B) 302 Provisional goodwill (l-ll) 14,645 (1) Wavestone and the Sellers have agreed that certain payment obligations of Wivoo amounting to -€ 967k shall be deducted from the Earn-Out. Impact of changes in scope on the firm's cash position 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 Acquisition price (11,609) Total payments (A) (11,609) Cash and cash equivalents of entities acquired (B) 1,052 Net payments (A+B) (10,558) 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. Impairment test In accordance with IAS 36, in the absence of any indication of impairment, no impairment test was performed as of September 30, 2025. ‌Note G. Intangible and tangible assets The Company carries out R&D activities on a regular basis. These R&D activities are capitalized only on exceptional basis. Gross value Mar. 31, 2025 Reclassification Change in Increase Decrease Translation Sep. 30, 2025 scope diff. Software 3,275 (2,193) 0 0 (54) 0 1,029 Clients 92,246 0 0 0 0 0 92,246 Total intangible assets 95,521 (2,193) 0 0 (54) 0 93,275 Land 343 0 0 0 0 (7) 336 Buildings 869 (0) 1 0 (10) (17) 843 Other tangible assets 29,385 (0) 354 1,636 (258) (183) 30,934 Tangible assets in progress 261 0 0 440 0 0 702 Total tangible assets 30,859 (0) 355 2,077 (269) (207) 32,815 Amortization Mar. 31, 2025 Reclassification Change in Increase Decrease Translation Sep. 30, 2025 scope diff. Software (3,220) 2,193 0 (1) 54 (0) (974) Clients (26,082) 0 0 (3,611) 0 0 (29,693) Total intangible assets (29,302) 2,193 0 (3,611) 54 (0) (30,667) Buildings (243) 0 (0) (23) 10 5 (251) Other tangible assets (19,011) 0 (229) (2,275) 266 85 (21,164) Total tangible assets (19,254) 0 (230) (2,297) 276 89 (21,415) Impairment Mar. 31, 2025 Reclassification Change in Increase Decrease Translation Sep. 30, 2025 scope diff. Intangible Assets (10) 0 0 0 0 0 (10) Total intangible assets (10) 0 0 0 0 0 (10) Other tangible assets (44) 0 0 0 0 1 (43) Total tangible assets (44) 0 0 0 0 1 (43) Total net intangible assets 66,209 (0) 0 (3,611) 0 (0) 62,598 Total net tangible assets 11,561 (0) 125 (221) 8 (117) 11,357 None of Wavestone's tangible and intangible assets are subject to ownership restrictions. ‌Note 10. Leases 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. Rights of use Gross value Mar. 31, 2025 Increase Decrease T ranslation S ep. 30, 2025 Operating lease 47,567 1,230 (2) (376) 48,419 Real estate lease 47,567 1,230 (2) (376) 48,419 Finance lease 4,436 750 (337) 1 4,851 IT and office equipment 1,127 0 0 0 1,127 Transport equipment 3,309 750 (337) 1 3,724 Total rights of use 52,004 1,980 (340) (374) 53,270 Amortization Mar. 31, 2025 Increase Decrease Translation Sep. 30, 2025 diff. Operating lease (23,898) (3,811) 0 98 (27,612) Real estate lease (23,898) (3,811) 0 98 (27,612) Finance lease (2,801) (658) 312 (1) (3,148) IT and office equipment (1,127) 0 0 0 (1,127) Transport equipment (1,674) (658) 312 (1) (2,021) Total rights of use (26,699) (4,469) 312 97 (30,760) Impairment Mar. 31, 2025 Increase Decrease Translation Sep. 30, 2025 diff. Operating lease 0 0 0 0 0 Real estate lease 0 0 0 0 0 Finance lease 0 0 0 0 0 IT and office equipment 0 0 0 0 0 Transport equipment 0 0 0 0 0 Total rights of use 0 0 0 0 0 Total net rights of use 25,305 (2,489) (28) (278) 22,510 diff. Assets financed by a finance lease contract are subject to an ownership restriction. Lease liabilities Translation Mar. 31, 2025 Change diff. Sep. 30, 2025 Lease liabilities over 5 years 5,152 (525) (197) 4,430 Lease liabilities from one to five years 14,021 (2,410) (76) 11,536 Total non-current lease liabilities 19,173 (2,935) (273) 15,965 Total current lease liabilities (including finance leases) 8,839 205 (59) 8,986 Total leases liabilities 28,013 (2,730) (332) 24,952 Total amount < 1 year 1 > 5 years > 5 years Future lease contractual payments 27,023 9,981 12,619 4,423 Breakdown of lease contractual payment by maturity: Sep. 30, 2025 Guarantees pledged as collateral against these lease liabilities are described in note 18 below. ‌Note 11. Other assets Financial assets consist mainly of deposits and guarantees. Other non-current assets mainly comprise deferred tax assets. ‌Note 12. Current assets Trade receivables and related accounts Mar. 31, 2025 Change in scope Change Translation diff. Sep. 30, 2025 Client receivables 191 898 3 710 (12 365) (1 750) 181 493 Invoices to be issued 58 587 352 5 267 (286) 63 920 Gross value 250 484 4 062 (7 098) (2 036) 245 413 Impairment (308) 0 (25) 1 (333) Net book value 250 176 4 062 (7 123) (2 035) 245 080 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. Past due trade receivables As of Sep. 30, 2025 Book value Not yet due Less than 30 days From 31 to 90 days More than 90 days Client receivables 181, 493 150,872 15,409 11,813 3,399 As a percentage of accounts receivable 100% 83% 8% 7% 2% Less than 30 From 31 to More than 90 As of Mar. 31, 2025 Book value Not yet due days 90 days days Client receivables 191, 898 157,735 22,002 7,920 4,242 As a percentage of accounts receivable 100% 82% 11% 4% 2% Other current assets Other receivables Mar. 31, 2025 Change in scope Change Translation diff. Sep. 30, 2025 Advance and down-payments 336 0 221 (11) 547 Tax receivables 13,897 235 2,892 (131) 16,893 Other debtors 2,127 232 277 (15) 2,620 Prepaid expenses 5,604 70 1,896 (25) 7,545 Gross value 21,964 537 5,285 (182) 27,605 Impairment of other receivables (4) 0 0 0 (4) Impairment (4) 0 0 0 (4) Net book value 21,960 537 5,285 (182) 27,601 Cash and Cash equivalents Mar. 31, 2025 Change in scope Change Translation diff. Sep. 30, 2025 Marketable securities 204 0 0 (5) 199 Cash and cash equivalents 78,142 1,052 (46,974) 1,105 33,325 Gross value 78,346 1,052 (46,974) 1,100 33,524 Impairment 0 0 0 0 0 Net book value 78,346 1,052 (46,974) 1,100 33,524 ‌Note 13. Capital 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. ‌Note 14. Free share allotment plans 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: Name of plan Initial allocation date Vesting date Initial quantity of shares Initial number of beneficiaries Fair value of shares allocated Key People Plan No. 17 July 5, 2023 July 5, 2026 53,856 16 2,660 France Employee Plan No. 18 July 4, 2024 July 4, 2026 76,308 2,004 3,199 International Employee Plan No. 4 July 4, 2024 July 4, 2026 9,873 121 414 Key People Plan No. 18 July 4, 2024 July 4, 2027 53,227 17 2,827 Special Catch-up Plan 2024 July 4, 2024 July 4, 2026 1,212 10 51 France Employee Plan No. 19 July 3, 2025 July 3, 2027 38,611 1,750 1,691 International Employee Plan No. 5 July 3, 2025 July 3, 2027 32,005 422 1,402 Key People Plan No. 19 July 3, 2025 July 3, 2028 47,952 16 2,660 During the semester, Wavestone granted the following free shares as detailed below. Final allotment under the July C, 2022 Key People Plan No. 1C 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. Final allotment under the July 5, 2023 France Employee Plan No. 17 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.

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