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 profit1
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 |
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: €121.4n1
compared with €25.6m1 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 1st 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 Ratings1 (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 performance1 | 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% | |
| -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 INDUSTRY1 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 1st
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… … G00consultants 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 shareholdersGrowth
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
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 transformationand 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 firmFY 2025/2C results | Outlook 202C/27 | Strategic Plan
QUESTIONS G ANSWERS© WAVESTONE | 40