Wavestone SA · EURONEXT:WAVE
Wavestone SA — Investor Access Frankfurt November 2026
31 slides from Wavestone SA's conference presentation, Nov 3, 2026
Slide 1: Investor Access Frankfurt
INVESTOR ACCESS FRANKFURT November 2026
Slide 2: Speakers
Speakers Karsten Höppner Benjamin Clément Deputy CEO Head of IR © WAVESTONE | 2
Slide 3: Wavestone, a one-of-a-kind player among global consulting firms
Wavestone, a one-of-a-kind player among global consulting firms €950m Business + technology we combine leading-edge technology expertise revenue with deep industry knowledge 6,000 AI-embedded employees in all our offerings and ways of working 3 key regions Independent & listed driven solely by our c
Slide 4: 2026/27 H1 & outlook
1. 2026/27 H1 & outlook
Slide 5: H1 2026/27 revenue at €457.2m
H1 2026/27 revenue at €457.2m Change at Revenue in €m 2026/27 2025/26 Total change constant scope unaudited data consolidated consolidated and forex basis1 Q1 227.0 231.5 -2% -2% Q2 230.2 226.4 +2% +1% H1 457.2 458.1 0% -1% 1 excluding Wivoo (consolidated since June 1, 2025), AI Builders (consolidat
Slide 6: Consultant utilization rate at 72%; average daily rate of €923
Consultant utilization rate at 72%; average daily rate of €923 H1 2026/27* FY 2025/26 (6 months) (12 months) after a low point in Q1 (71%), consultant utilization rate Consultant utilization rate 72% 72% improved gradually throughout Q2 down -1.6% compared with the 2025/26 fiscal year, with 2/3 of t
Slide 7: Two targeted acquisitions fully aligned with Lead the shift
Two targeted acquisitions fully aligned with Lead the shift AI Builders, a leading French AI & data strategy Sand Cherry, a US business consulting firm based in consulting firm Denver, specializing in enterprise transformation • supports senior executives at tier-1 clients in defining, • long-standi
Slide 8: H2 2026/27: restoring operational momentum
H2 2026/27: restoring operational momentum • A demanding market context – continued economic uncertainty keeps clients cautious about consulting spending – at the same time, rapid shift in investments towards AI, at the expense of other areas • Wavestone significantly impacted, particularly in its G
Slide 9: H1 recurring operating margin expected at 9.1%; FY targets confirmed
H1 2026/27 recurring operating margin expected at 9.1%; FY financial targets confirmed • H1 recurring operating margin to stand at around 9.1% – usual seasonality of the firm’s business… – … accentuated by higher overhead costs related to the launch of Lead the shift • Confirmation of the 2026/27 ad
Slide 10: Appendix: FY 2025/26, Lead the shift
APPENDIX FY 2025/26, Lead the shift © WAVESTONE | 10
Slide 11: FY 2025/26, Lead the shift
2. FY 2025/26, Lead the shift
Slide 12: Recurring operating margin of 12.6% in 2025/26
Recurring operating margin of 12.6% in 2025/26 Audited data 2025/26 2024/25 Change on March 31 (in €m) (12 months) (12 months) Revenue 954.3 943.7 +1% Personnel costs (621.2) (595.4) Subcontracting purchases (133.9) (145.0) External expenses (59.2) (66.4) Net depreciation, amortization and provision
Slide 13: +8% increase in net income, leading to a net margin of 8.6%
+8% increase in net income, leading to a net margin of 8.6% On March 31 (in €m) 2025/26 2024/25 Change Audited data (12 months) (12 months) Revenue 954.3 943.7 +1% Recurring operating profit 119.9 119.1 +1% entirely consisting of Q_PERIOR’s customer Amortization of customer relationships (7.2) (8.4)
Slide 14: Distribution of revenue on March 31, 2026
Distribution of revenue on March 31, 2026 PUBLIC SECTOR OTHER & INTERNATIONAL OTHER INSTITUTIONS UK ENERGY 2% 4% NORTH AMERICA 8% 18% 4% CONSUMER GOODS, LUXURY & RETAIL 8% 10% SWITZERLAND 9% €954.3m €954.3m TRANSPORTATION, revenue 18% INSURANCE revenue FRANCE TRAVEL & LOGISTICS 13% 54% 23% 15% 15% G
Slide 15: 2025/26 annual revenue of €954.3m, up +1%
2025/26 annual revenue of €954.3m, up +1% FY 2025/26 FY 2024/25 (end-March) (end-March) 2025/26 revenue up +1% on an organic basis (without the Revenue €954.3m €943.7m contribution of Wivoo and restated from the negative forex effect) Consultant utilization rate 72% 73% utilization under pressure th
Slide 16: Strong improvement in WCR
Strong improvement in WCR On March 31 (in €m) 2025/26 2024/25 Audited data (12 months) (12 months) Self-financing capacity before costs of net financial debt & tax 139.4 133.4 Tax paid (25.5) (38.2) Change in trade receivables and trade payables 16.4 (11.9) Change in WCR: +€17.8m, Change in other wo
Slide 17: Free cash flow of €118.9m in 2025/26
Free cash flow of €118.9m in 2025/26 On March 31 (in €m) 2025/26 2024/25 Audited data (12 months) (12 months) Net operating cash flow 131.8 89.3 Net investing cash flow (excluding Impact of changes in consolidation scope) 1 (2.1) (4.7) Repayment of lease liabilities (9.7) (8.1) Net interest paid on
Slide 18: Net cash of €121.4m on March 31, 2026
Net cash of €121.4m on March 31, 2026 Audited data 03/31 03/31 Audited data 03/31 03/31 on 03/31 (in €m) 2026 2025 on 03/31 (in €m) 2026 2025 Non-current assets 621.1 629.5 Shareholders’ equity 702.5 633.4 of which goodwill 519.3 512.5 of which minority interests 1.2 1.4 of which client relationship
Slide 19: Breakdown of share capital on March 31, 2026
Breakdown of share capital on March 31, 2026 TREASURY SHARES Number of shares: 24,906,332 1.4% No potential dilution FREE FLOAT 30.4% CONTROLLING SHAREHOLDERS 59.7% WAVESTONE EMPLOYEES 8.5% Dividend €0.50 per share (+9%) © WAVESTONE | 19
Slide 20: Update on Wavestone's General Management transition
Update on Wavestone’s General Management transition • A defining moment for Wavestone - persistent uncertainty and volatility in market conditions - delays in the firm’s performance improvement - AI emerging fast, a major business opportunity… and new challenges to face • Decision from the Board of
Slide 21: Two major structural shifts dramatically changing client priorities
Two major structural shifts dramatically changing client priorities Geopolitical AI From decades of globalization to an increasingly A new industrial and societal revolution, fragmented landscape at an unprecedented speed For clients For clients From ‘global – lean – just in time’… Redesign operatio
Slide 22: Lead the shift: a three-pillar strategy for 2030
Lead the shift: a three-pillar strategy for 2030 01 02 03 Take a new step in Position Wavestone Reignite Wavestone’s international at the forefront of momentum expansion AI transformation Concentrate investments in Return to 5% organic growth and 3 key regions: France, GSA, US/UK firm‘s profitabilit
Slide 23: AI, also a transformation imperative for Wavestone itself
AI, also a transformation imperative for Wavestone itself Deliver an ambitious Fully embrace AI in consulting AI upskilling program engagements Across the firm, everyone fluent → enhance « value-for-money » delivered in AI thanks to AI&Me to clients → proactively disrupt the offerings that are no lo
Slide 24: Lead the shift targets
Lead the shift targets €1.4bn in revenue of which €350m in GSA €350m in US/UK → Some headroom in the roadmap to keep short-term flexibility in an uncertain environment 14% to 16% → €100m of OPEX invested on AI of recurring operating margin by the end of the plan → Up to €800m of CAPEX for external g
Slide 25: Becoming a leader in AI transformation for tier-1 clients
Lead the shift, the next chapter of Wavestone’s development Becoming a leader in AI transformation for tier-1 clients Taking a new step in the internationalization of the firm © WAVESTONE WAVE 2030 | 25
Slide 26: Solid CSR results in 2025/26
Solid CSR results in 2025/26 All CSR objectives achieved or over-achieved at total scope Significant progress on the group’s CSR roadmap (excluding Wivoo ) • HR: establishing a group Learning team & roadmap including new AI training programs • outstanding NPS® at 81 (+10 pts) • Societal: formalizati
Slide 27: Our CSR priorities for 2026/27
Our CSR priorities for 2026/27 Materialize Responsible consulting Deliver our Review of our SBTi decarbonization impact HR ambitions short-term target • Monitor the implementation across all • Secure improvements in employee • Secure the achievement of our short- projects engagement term SBTi target
Slide 28: 2026/27 CSR objectives: improvement priorities while maintaining strengths
2026/27 CSR objectives: 3 improvement priorities while maintaining our strengths 2025/26 2026/27 CSR commitments Indicator Wavestone targets performance¹ Our clients % of consultants and sales trained in Responsible Consulting 85% 90% “A responsible consultancy Net Promoter Score ® (-100 to +100) 81
Slide 29: Financial agenda
Financial agenda 2026/27 Q3 revenue (after stock market closing) Dec 2, Feb 1, Apr 29, 2026 2027 2027 2026/27 2026/27 H1 results Annual revenue (after stock market closing) (after stock market closing) © WAVESTONE | 29
Slide 30: Karsten Höppner, Benjamin Clément contacts
Karsten Höppner Deputy CEO [email protected] Benjamin Clément Head of IR and Financial communication [email protected] Wavestone.com Wavestone.com
Slide 31: Slide 31