Wavestone : Résultats annuels 2025/26 (diaporama en Anglais)

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2025/2C results 202C/27 outlook Strategic plan June 4, 2026 Pascal Imbert CEO Karsten Höppner Deputy CEO Benoît Darde Partner Laurent Stoupy CFO Hélène Cambournac CSO Eva Rosilio AI Account Director €G50n revenue Business + technology we combine leading-edge technology expertise with deep industry knowledge 6,000 employees AI-embedded in all our offerings and ways of working 3 key regions France, GSA, and US/UK Independent s listed driven solely by our clients' interests while maintaining high standards of governance and transparency High value consulting services for tier-1 clients European DNA from our inception in France and Germany to a worldwide expansion 1. FY 2025/26: Financial C extra-financial results FY 2025/26 €G54.3n 72% €G38 4.4 months 6,111 12% (end-March) Revenue Consultant utilization rate Average daily rate Order book Headcount FY 2024/25 €G43.7n 73% €G3G 4.2 months 6,076 12% (end-March) 2025/26 revenue up +1% on an organic basis (without the contribution of Wivoo and restated from the negative forex effect) utilization under pressure throughout the year up +1% on a constant scope and forex basis (€947) vs. 3.6 months on September 30, 2025 including 98 coming from the acquisition of Wivoo around 900 gross hires over the fiscal year Turn-over to be compared to a normative level of 15% On March 31 (in €m) Audited data Revenue Personnel expenses Subcontracting purchases External expenses Depreciation, amortization and provisions Taxes C duties Other current income C expenses Recurring operating profit 1 Recurring operating margin 2025/26 (12 months) G54.3 (621.2) (133.9) (59.2) (12.9) (8.6) 1.4 11G.G 12.c% 2024/25 (12 months) G43.7 (595.4) (145.0) (66.4) (10.9) (8.2) 1.2 11G.1 12.c% Change +1% +1% including share-based payment expenses of €8.2m including share-based payment expenses of €7.2m reduction of subcontracting 1 Wavestone uses an alternative performance measure named Recurring Operating Profit (ROP), the definition of which is provided at the end of the 2025/26 annual results press release. (12 months) On March 31 (in €m) Audited data 2025/26 (12 months) 2024/25 Change Recurring operating profit 11G.G 11G.1 +1% Amortization of customer relationships (7.2) (8.4) Other operating income and expenses (1.2) (1.1) Operating profit 111.5 10G.6 +2% Cost of net financial debt (0.5) (3.2) Other financial income and expenses (1.6) (3.1) Tax expenses (27.2) (27.3) Net income Net margin 82.1 8.c% 75.G 8.0% +8% Group share of net income 82.0 75.6 +S% Earnings Per Share (in €) 3.34 3.0S +8% entirely consisting of Q_PERIOR's customer relationships reflecting the firm's improved financial position mainly consisting of interest expenses related to lease liabilities (IFRS 16) On March 31 (in €m) Audited data Self-financing capacity before costs of net financial debt s tax Tax paid Change in trade receivables and trade payables Change in other working capital items Net operating cash flow Net investing cash flow of which fixed asset acquisitions of which changes in scope Net financing cash flow of which dividends paid of which sales (acquisitions) of company shares of which net repayments of financial loans of which repayments of lease liabilities Net change in cash and cash equivalents 2025/26 (12 months) 13G.4 (25.5) 16.4 1.4 131.8 (12.7) (2.3) (10.6) (77.1) (11.3) 0.0 (53.7) (9.7) 42.0 2024/25 (12 months) 133.4 (38.2) (11.9) 6.0 8G.3 (48.7) (44.0) (4.8) (40.2) (9.4) (12.2) (5.6) (8.1) 0.4 Change in WCR: +€17.8m, compared to -€5.9m last fiscal year acquisition of Wivoo payment of Q_PERIOR's and Aspirant's earn-outs early repayment of bank debt On March 31 (in €m) Audited data 2025/26 (12 months) 2024/25 (12 months) Net operating cash flow 131.8 8G.3 Net investing cash flow (excluding Impact of changes in consolidation scope) 1 (2.1) (4.7) Repayment of lease liabilities (9.7) (8.1) Net interest paid on lease liabilities (1.0) (1.1) Purchase of treasury shares (coverage of employee share plans) (0.0) (12.2) Free cash flow 118.G 63.2 exceptional share buy-back campaign launched in January 2025 in anticipation of future free share plans Free Cash Flow is an alternative performance measure designed to assess Wavestone's ability to generate sustainable cash flow from operations, after funding the ongoing requirements of the business model. It is defined as net operating cash flow adjusted for: Net investments in tangible and intangible assets (excluding MCA); Lease-related cash outflows under IFRS 16 (including principal repayments and interest), to reflect Wavestone's underlying rental commitments and; Purchases of treasury shares related to free share plans, which are considered a recurring component of Wavestone's operating cost base. ¹ Corresponds to the net investing cash flow of €12.7m adjusted for the impacts of changes in consolidation scope amounting to €10.6 (vs. €48.7m and €44.0m, respectively, for the same period last year). Audited data on 03/31 (in €m) 03/31 2026 03/31 2025 Non-current assets 621.1 62G.5 of which goodwill 519.3 512.5 of which client relationships 59.0 66.2 of which right-of-use assets 18.0 25.3 Current assets 254.4 272.1 of which trade receivables 234.1 250.2 Cash s cash equivalents 121.4 78.3 TOTAL ASSETS GG6.G G7G.G Audited data on 03/31 (in €m) 03/31 2026 03/31 2025 Shareholders' equity 702.5 1.2 633.4 1.4 of which minority interests Financial liabilities of which less than one year 0 0 52.8 7.8 Lease liabilities 20.2 28.0 Non-financial liabilities 274.2 GG6.G 265.8 G7G.G TOTAL EQUITY s LIABILITIES Net cash: €121.4n 1 compared with €25.6m 1 on March 31, 2025 1 Excluding IFRS 16 lease liabilities. © WAVESTONE | 10 Number of shares: 24,G06,332 TREASURY SHARES No potential dilution 1.4% FREE FLOAT 30.4% WAVESTONE EMPLOYEES 8.5% Dividend to be proposed at the next Shareholders' Annual General Meeting €0.50 per share (+G%) CONTROLLING SHAREHOLDERS 5G.7% 2026 YTD Data on June 2, 2026 Since January 1 st 2025 Wavestone: +10% CAC Mid C Small: +1G% Average daily liquidity on Euronext: €681k (source: Euronext) CAC MID C SMALL * +5% (2026 YTD) Wavestone €47.15 -15% (2026 YTD) * CAC MID & SMALL rebased on Wavestone's closing price on December 31, 2024 All CSR objectives achieved or over-achieved at total scope (excluding Wivoo) outstanding NPS® at 81 (+ 10 pts) 85% employees trained to Responsible Consulting employee engagement index improvement (+1 pt) at target score of 70 1.5 pt progression of women representation in management positions (34%) carbon footprint reduction targets overachieved on scopes 1, 2 C 3 Significant progress on the group's CSR roadnap HR: establishing a group Learning team C roadmap including new AI training programs Societal: formalization of a responsible procurement policy and associated targets Environment: publication of the first climate transition plan in the 2025-26 sustainability report Overall, Wavestone confirms its position in the Top 5% of the best performing companies in EthiFinance ESG Ratings 1 (score: 86/100) Despite a decrease on Ecovadis score to 72/100, related to sustainable procurement practices maturity 1 Ex "Gaïa Research" Materialize Responsible consulting impact Monitor the implementation across all projects Develop and roll-out Responsible AI recommendations Review of our SBTi decarbonization Deliver our HR ambitions Secure improvements in employee engagement Reach a new milestone in our training ambition, particularly in AI Accelerate the feminization of leadership positions by 2030 short-term target Secure the achievement of our short-term SBTi target (FY26/27) Rechallenge our SBTi path to net zero CSR commitments Indicator 2025/26 Wavestone performance 1 2026/27 targets Our clients "A responsible consultancy committed to putting sustainability at the heart of its business" % of consultants and sales trained in Responsible Consulting 85% G0% Net Promoter Score ® (-100 to +100) 81 70 % of employees trained in Business Ethics Sc% 95% Our people "A committed employer that cultivates a stimulating, healthy, and inclusive workplace, where continuous learning is fostered" Employee Engagement Index (0 to 100) 70 72 % of staff turnover 12% 15% % of women in management positions 34% 35% The world around us "A good corporate citizen striving to make a positive impact" % of reduction in carbon footprint compared with 2019/20 -29% -40% Scopes 1 C 2 in absolute value Scope 3 in intensity -34% -5c% # societal impact days 10 078 10 000 2. AI, focus on the market hot-topic A top priority in the strategic agenda of our clients AI-driven transformation is expected to be at least as profound and disruptive as the digital revolution… … but twice faster Clients are to undergo denanding transfornations… Scale employee productivity and new AI-enabled ways of working Combine operational efficiency gains with AI-first transformation of critical workflows Build AI-native experiences, products and interactions … fron quick wins to deep reinvention… Individual productivity gains Targeted business use cases End-to-end process re-engineering Operating model overhaul Business model disruption © WAVESTONE | 17 … while nanaging high HR inpacts and preparing to face a changing conpetitive landscape …but 45% believe they are falling behind their competitors (1) G0% of companies now integrate AI into their strategy… (1) G5% of companies believe AI has a positive profit impact (1) A fast-moving market where mid-term roadmap is all the more critical Investment priorities must be driven by value creation, ROI and disruption potential, with clear business ownership of the outcomes. Strategic ecosystem management is instrumental In a fast-moving, vendor-driven market, managing costs and maintaining reversibility are key disciplines for mid-term resilience. IT is not dead: it will be instrumental to scale AI transformations Scaling AI demands modern, interoperable and agent-ready architectures, where platform models and orchestration capabilities become strategic assets. Human capital will be the key differentiator © WAVESTONE | 18 As AI structurally reshapes jobs and organizations, human value shifts from execution to judgment and trust, making workforce transformation a critical success factor. Earning Trust is an AI-imperative Responsible, ethical and sustainable AI is not an option: it is a foundation for lasting trust and value. From business case to delivery and adoption: covering the full AI transformation value chain Building the foundations for scalable AI growth (governance, operating models, data, AI and agentic platforms, trust frameworks) Accelerating deployment and scaling initiatives across the enterprise Supporting business transformation through AI-enabled operating models and agents, processes and change management A strong partnership with leading AI vendors Numerous client successes with key players: Microsoft, Google, MistralAI, Anthropic… We bring technology into client environments at scale, with differentiating results when it comes to adoption We leverage technology to deliver tangible business outcomes with methodologies and assets to maximize value creation, and in fine , measure it AI-related activity continues to accelerate It represented 8% of Wavestone's revenue In 2024/25 It now represents 17% of Wavestone's revenue In 2025/26 Towards a 25 % target In 2026/27 100+ tier-1 clients for which we are working on AI across all Wavestone's regions 3. 2025/26 highlights 2026/27 outlook Distribution of revenue on March 31, 202C PUBLIC SECTOR C INTERNATIONAL INSTITUTIONS CONSUMER GOODS, LUXURY 8% C RETAIL OTHER 4% 18% ENERGY NORTH AMERICA OTHER UK 2% 4% 8% TRANSPORTATION, TRAVEL C LOGISTICS 10% 13% €G54.3n revenue 18% INSURANCE SWITZERLAND G% €G54.3n revenue 54% FRANCE 15% 15% GERMANY 23% AUTOMOTIVE C INDUSTRY 1 BANKING TOP-20 CLIENTS DEUTSCHE BAHN 5% ENGIE 3% L'OREAL 2% LA POSTE 1% EDF 5% BNP PARIBAS 2% CHANEL 2% SAINT GOBAIN 1% CREDIT AGRICOLE 4% CONFIDENTIAL (INSURANCE) 2% SNCF 2% VOLKSWAGEN 1% AXA 3% BPCE 2% MUNICH RE 2% SAFRAN 1% TOTALENERGIES 3% SBB 2% HERMES 1% LINK DIGITAL 1% Strengthened positions in high-growth areas and resilient sectors but below expectations in other parts of the business overall, insufficient utilization rate and a slight deterioration in the daily rate-to-salary ratio Consulting topics: strong traction in AI-related activities AI-related topics : 17% of total revenue, up from 8% a year earlier cybersecurity, cloud and SAP-related offerings also proved resilient other activities, including business consulting, continued to be challenging Sectoral trends energy, insurance, and life sciences resilient and early signs of a positive inflection in banking automotive, retail and transport under pressure Geographical performance Germany: revenue declined, although profitability improved slightly UK: revenue fell sharply before stabilizing towards the end of the fiscal year, low profitability France: modest growth, while profitability edged down slightly by contrast, in France still, Wivoo delivered rapid growth and significantly improved profitability North America: strong momentum maintained, both in terms of growth and profitability Very gradual improvement in market conditions European clients remain cautious heightened caution among some of them due to Middle East situation Focus on increasing organic growth and improving profitability stronger execution faster pace of transformation 15% margin target for FY 2027/28 no longer confirmed slower-than-expected market recovery delays in executing the firm's performance improvement plan new mid-term targets now set under the Lead the shift strategic plan 2025/26 €G54.3n 12.C% 2026/27 low single-digit organic growth around 13% Revenue © WAVESTONE | 25 Recurring operating margin A defining moment for Wavestone persistent uncertainty and volatility in market conditions delays in the firm's performance improvement AI emerging fast, a major business opportunity… and new challenges to face Decision from the Board of Directors to adjust the General Management transition plan in light of these multiple stakes while initiating the management transition process (Benoît Darde to become Deputy-CEO)… …decision to defer the CEO transition for the time being Planned organization of Wavestone's General management as of August 1 st Pascal Imbert, Chairman of the Board and Chief Executive Officer Karsten Höppner and Benoît Darde, Deputy Chief Executive Officers continuity of a three-members executive team… …able to address current challenges while launching Wave 2030 CEO transition between Pascal Imbert and Karsten Höppner to take place in two years - once the firm has successfully navigated this defining moment 4. Lead the shift , Wavestone's strategic plan through 2030 REVENUE INTERNATIONAL CSR 2025 €G50M vs. a target of €750m ~50% Top 5% 1 2021 €420M ~15% Top 5% …and strengthened leadership on key capabilities SAP | Cloud | Cybersecurity | Digital transformation WAVE 2030 | 28 1 of the best performing companies in EthiFinance ESG Ratings, despite a decrease on Ecovadis score related to sustainable procurement practices maturity WAVE 2030 | 29 2,000+ team members contributions 50+ workshops gathering… … G00 consultants C sales corporate functions leadership teams Board members A comprehensive and collective approach, combining extensive client and ecosystem dialogue, market perspectives, and firm-wide engagement 1,000+ client conversations 20+ vendors, business partners, competitors 15 institutional investors C analysts 30+ individual shareholders Growth Both an ambition and a core driver International Offering global reach to clients High-value services WAVE 2030 | 30 The Wavestone way 'Positive Way' values - energetic, responsible, together - and CSR commitments Business + technology Restore growth momentum and performance, by overcoming current weaknesses WAVE 2030 | 31 Navigate the challenges of two major structural shifts, geopolitical upheaval and AI revolution Geopolitical From decades of globalization to an increasingly fragmented landscape For clients From 'global - lean - just in time'… …to 'resilience - autonomy - agility' WAVE 2030 | 32 For clients Redesign operations Rethink product and services Anticipate disruptions Prepare to AI-native competitors AI A new industrial and societal revolution, at an unprecedented speed Lead the shift : a three-pillar strategy for 2030 01 02 03 Reignite momentum Take a new step in Wavestone's international expansion Position Wavestone at the forefront of AI transformation Reignite momentum 01 02 03 Refocus, on high-growth offerings and sectors Strengthen execution, from sales engines to performance management Agility s flexibility, in an uncertain and volatile environment Return to 5% organic growth and firn's profitability standard by the end of the plan - Resume external growth Take a new step in Wavestone's international expansion 01 02 03 Concentrate investments in 3 key regions, France, GSA, US/UK Strengthen positions in France and GSA Foster growth in US/UK, combining strong organic growth and acquisitions 3 profitable and powerful engines to build the firn's future developnent Position Wavestone at the forefront of AI transformation 01 02 03 Leverage our unique transfornation "touch", business + technology convergence IT systems expertise human at the center responsible AI Embed AI at the core of our value proposition, and position Wavestone at the heart of the AI ecosystem Offer clients a distinctive approach to AI transformation and establish it in the market Make AI the new growth driver of Wavestone Deliver an ambitious AI upskilling program Across the firm, everyone fluent in AI thanks to AICMe Fully embrace AI in consulting engagements → enhance « value-for-money » delivered to clients → proactively disrupt the offerings that are no longer relevant Become a pioneer firm in Wavestone's own operations Target best-in-class AI ways of working Revenue impact at 2030 horizon Wavestone's assumptions based on analysis of our current business Disrupted offerings -15% Volume deflation -10% (1) AI transformation additional business >>+25% (1) up to 20% productivity increase, less than half of it impacting revenue WAVE 2030 | 37 Growth should remain ultimately linked to client budgets increase AI, also a transformation imperative for Wavestone itself €1.4bn in revenue of which €350m in GSA €350m in US/UK → Some headroom in the roadmap to keep short-term flexibility 14% to 16% of recurring operating margin by the end of the plan in an uncertain environment → €100m of OPEX invested on AI → Up to €800m of CAPEX for external growth WAVE 2030 | 38 Top 5% of best companies in terms of non-financial performance → Financed by company's cash-flows and potentially bank credit lines Lead the shift targets Lead the shift , the next chapter of Wavestone's developnent Becoming a leader in AI transformation for tier-1 clients Taking a new step in the internationalization of the firm FY 2025/2C results | Outlook 202C/27 | Strategic Plan QUESTIONS G ANSWERS © WAVESTONE | 40

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