Slides
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INVESTOR ACCESS PARIS October 2026
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© WAVESTONE | 2 Laurent Stoupy Directeur financier Speakers Benjamin Clément Head of IR
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© WAVESTONE | 3 A disappointing start to the 2026/27 fiscal year © WAVESTONE | 3 • Revenue -2% YoY • Utilization rate at 71% • Average daily rate at €926, down -1.3% A market that remains highly cautious, with particularly slow client investment decisions A faster and deeper-than- anticipated reallocation of client budgets towards AI An insufficient operational execution, resulting in sales and utilization rate below the required level Q1 has been disappointing and below our expectations This underperformance reflects a combination of three factors
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© WAVESTONE | 4 2026/27 financial target adjustment after Q1 © WAVESTONE | 4 Revenue Recurring operating margin 2026/27 initial targets approximately 13% Low single-digit organic growth 2026/27 revised targets 11% - 13% Organic growth between -1% and low single-digit © WAVESTONE | 4
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© WAVESTONE | 5 Actions to restore operational momentum Accelerate the shift toward AI • the scale and pace of the shift in client projects toward AI are greater than anticipated • need to better capture the reallocation of investments Accelerate the redeployment of our teams toward AI-related activities MAKE AI THE FIRM’S MAIN GROWTH DRIVER Intensify further our AI go to market Allocate faster our resources to the most promising clients and topics Strenghten performance management practices Improve day-to-day operational steering TAKE A STEP IN IMPROVING OUR OPERATIONAL EFFICIENCY Strengthen the quality and rigor of our execution
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© WAVESTONE | 6 Two targeted acquisitions fully aligned with Lead the shift • supports senior executives at tier-1 clients in defining, organizing and scaling their AI transformations • broaden our AI positions in the French AI transformation marketplace • Target revenue of €10.3m in 2026 • Adjusted EBITDA margin of 15% • ~50 consultants • Founded in 2019 • Consolidated from August 1, 2026 • Target revenue of $31.5m (~€27.1m) in 2026 • Adjusted EBITDA margin of 15% • ~130 permanent employees • Founded in 2001 • Consolidated from September 1, 2026 • long-standing Fortune 200 relationships and strong expertise in Telecom, Broadband & Media; Energy & Utilities; Life Sciences • brings Wavestone’s North America platform to approximately $120m (~€103m) in proforma revenue and ~370 employees Transaction terms • acquisition of 100% of share capital, financed entirely in cash • acquisition price: €19.3m enterprise value Transaction terms • acquisition of 100% of share capital, financed entirely in cash • initial acquisition price: $35.0m (~€30.1m) enterprise value • additional consideration of up to $12.0m (~€10.3m), subject to FY 2026 and FY 2027 performances AI Builders, a leading French AI & data strategy consulting firm Sand Cherry, a US business consulting firm based in Denver, specializing in enterprise transformation
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© WAVESTONE | 7 PORTZAMPARC AUTUMN INVESTORS DAY QUESTIONS & ANSWERS MICROSOFT TEAMS Use 'Raise' button | Unmute your microphone
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© WAVESTONE | 8 APPENDIX
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1. 2026/27 Q1 & outlook
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© WAVESTONE | 10 Q1 2026/27 revenue down 2% to €227.0m Revenue in €m Unaudited data 2026/27 consolidated 2025/26 consolidated Change Change at constant scope and exchange rates 1st quarter 227.0 231.5 -2% -2% Revenue down 2% in Q1 2026/27 • also down 2% organically¹ • no working day impact over the period 1 excluding Wivoo, consolidated since June 1 2025, and at constant exchange rates © WAVESTONE | 10
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© WAVESTONE | 11 Consultant utilization rate of 71%, average daily rate of €926 Q1 2026/27 (end-June) 72%71% €938€926 4.4 months down -1.3% vs. FY 2025/26 4.5 months Consultant utilization rate Average daily rate Order book 6,1116,122Headcount 12%12% on a rolling 12-month basisTurn-over a challenging start to FY 2026/27 FY 2025/26 (end-March) 4.3 months on June 30, 2025
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© WAVESTONE | 12 A challenging start to FY 2026/27 A difficult start to FY 2026/27 • marked by an insufficient utilization rate Client investment is shifting faster toward AI projects, to the detriment of other areas • Wavestone is particularly impacted as a consulting firm whose activity primarily depends on clients’ investments • pressure on overall activity • growth in AI-related projects, representing 22% of Q1 2026/27 activity (vs. 17% over FY 2025/26), is not yet offsetting the decline in other activities Mixed performance across geographies • France: growth of approximately 5% • GSA region (Germany – Austria – Switzerland): decline of approximately 5%, notably due to the continued reduction in subcontracting • US / UK: sharp decline in revenue, reflecting lower UK activity last year and a temporary slowdown in the US due to client decision postponements, despite a strong pipeline of sales opportunities © WAVESTONE | 12
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2. FY 2025/26, Lead the shift
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© WAVESTONE | 14 Recurring operating margin of 12.6% in 2025/26 Audited data on March 31 (in €m) 2025/26 (12 months) 2024/25 (12 months) Change 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 provisions (12.9) (10.9) Taxes and duties (8.6) (8.2) Other recurring operating income and expenses 1.4 1.2 Recurring operating profit¹ 119.9 119.1 +1% Recurring operating margin 12.6% 12.6% 1 Wavestone uses an alternative performance measure called Recurring Operating Profit (ROP), the definition of which is provided at the end of the press release relating to FY 2025/26 results.
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© WAVESTONE | 15 +8% increase in net income, leading to a net margin of 8.6% On March 31 (in €m) Audited data 2025/26 (12 months) 2024/25 (12 months) Change Revenue 954.3 943.7 +1% Recurring operating profit 119.9 119.1 +1% Amortization of customer relationships (7.2) (8.4) Other operating income and expenses (1.2) (1.1) Operating profit 111.5 109.6 +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 82.1 75.9 +8% Net margin 8.6% 8.0% Group share of net income 82.0 75.6 +9% Earnings Per Share (in €) 3.34 3.09 +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)
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© WAVESTONE | 16 Distribution of revenue on March 31, 2026 CONSUMER GOODS, LUXURY & RETAIL 18% 18% 15%15% 13% 10% 8% 4% BANKINGAUTOMOTIVE & INDUSTRY1 INSURANCE OTHER TRANSPORTATION, TRAVEL & LOGISTICS PUBLIC SECTOR & INTERNATIONAL INSTITUTIONS ENERGY NORTH AMERICA 54% 23% 9% 8% 4% 2% SWITZERLAND OTHER GERMANY UK FRANCE €954.3m revenue €954.3m revenue 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% 1 among which Automotive (4%) and life sciences (4%)
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© WAVESTONE | 17 2025/26 annual revenue of €954.3m, up +1% FY 2025/26 (end-March) €939€938 up +1% on a constant scope and forex basis (€947)Average daily rate 4.2 months 4.4 months vs. 3.6 months on September 30, 2025Order book 6,0766,111 including 98 coming from the acquisition of Wivoo around 900 gross hires over the fiscal yearHeadcount 12%12% to be compared to a normative level of 15%Turn-over FY 2024/25 (end-March) utilization under pressure throughout the year73%72%Consultant utilization rate €943.7m€954.3mRevenue 2025/26 revenue up +1% on an organic basis (without the contribution of Wivoo and restated from the negative forex effect)
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© WAVESTONE | 18 Strong improvement in WCR On March 31 (in €m) Audited data 2025/26 (12 months) 2024/25 (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 other working capital items 1.4 6.0 Net operating cash flow 131.8 89.3 Net investing cash flow (12.7) (48.7) of which fixed asset acquisitions (2.3) (4.8) of which changes in scope (10.6) (44.0) Net financing cash flow (77.1) (40.2) of which dividends paid (11.3) (9.4) of which sales (acquisitions) of company shares 0.0 (12.2) of which net repayments of financial loans (53.7) (5.6) of which repayments of lease liabilities (9.7) (8.1) Net change in cash and cash equivalents 42.0 0.4 acquisition of Wivoo early repayment of bank debt payment of Q_PERIOR's and Aspirant's earn-outs Change in WCR: +€17.8m, compared to -€5.9m last fiscal year
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© WAVESTONE | 19 Free cash flow of €118.9m in 2025/26 On March 31 (in €m) Audited data 2025/26 (12 months) 2024/25 (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 lease liabilities (1.0) (1.1) Purchase of treasury shares (coverage of employee share plans) (0.0) (12.2) Free cash flow 118.9 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 M&A); • 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. exceptional share buy-back campaign launched in January 2025 in anticipation of future free share plans 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).
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© WAVESTONE | 20 Net cash of €121.4m on March 31, 2026 Audited data on 03/31 (in €m) 03/31 2026 03/31 2025 Non-current assets 621.1 629.5 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 & cash equivalents 121.4 78.3 TOTAL ASSETS 996.9 979.9 Audited data on 03/31 (in €m) 03/31 2026 03/31 2025 Shareholders’ equity 702.5 633.4 of which minority interests 1.2 1.4 Financial liabilities 0 52.8 of which less than one year 0 7.8 Lease liabilities 20.2 28.0 Non-financial liabilities 274.2 265.8 TOTAL EQUITY & LIABILITIES 996.9 979.9 Net cash: €121.4m1 compared with €25.6m1 on March 31, 2025 1 Excluding IFRS 16 lease liabilities.
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© WAVESTONE | 21 Number of shares: 24,906,332 No potential dilution Dividend €0.50 per share (+9%) Breakdown of share capital on March 31, 2026 TREASURY SHARES 1.4% CONTROLLING SHAREHOLDERS 59.7% WAVESTONE EMPLOYEES 8.5% FREE FLOAT 30.4%
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© WAVESTONE | 22 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 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 Lead the shift • CEO transition between Pascal Imbert and Karsten Höppner to take place in two years - once the firm has successfully navigated this defining moment © WAVESTONE | 22
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WAVE 2030 | 23 Two major structural shifts dramatically changing client priorities Geopolitical From decades of globalization to an increasingly fragmented landscape For clients From ‘global – lean – just in time’ … …to ‘resilience – autonomy – agility’ AI A new industrial and societal revolution, at an unprecedented speed For clients Redesign operations Rethink products and services Anticipate disruptions Prepare to AI-native competitors © WAVESTONE | 23
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WAVE 2030 | 24 Reignite momentum Take a new step in Wavestone’s international expansion Position Wavestone at the forefront of AI transformation 01 02 03 Lead the shift: a three-pillar strategy for 2030 Return to 5% organic growth and firm‘s profitability standard by the end of the plan Resume external growth Concentrate investments in 3 key regions: France, GSA, US/UK 3 profitable and powerful engines to build the firm’s future development Make AI the new growth driver of Wavestone © WAVESTONE | 24
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WAVE 2030 | 25 AI, also a transformation imperative for Wavestone itself Deliver an ambitious AI upskilling program Across the firm, everyone fluent in AI thanks to AI&Me Become a pioneer firm in Wavestone’s own operations Target best-in-class AI ways of working Fully embrace AI in consulting engagements → enhance « value-for-money » delivered to clients → proactively disrupt the offerings that are no longer relevant 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 Growth should remain ultimately linked to client budgets increase © WAVESTONE | 25
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WAVE 2030 | 26 14% to 16% of recurring operating margin by the end of the plan Top 5% of best companies in terms of non-financial performance €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 → €100m of OPEX invested on AI → Up to €800m of CAPEX for external growth → Financed by company’s cash-flows and potentially bank credit lines Lead the shift targets © WAVESTONE | 26
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WAVE 2030 | 27 Becoming a leader in AI transformation for tier-1 clients Taking a new step in the internationalization of the firm Lead the shift, the next chapter of Wavestone’s development © WAVESTONE | 27
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© WAVESTONE | 28 Solid CSR results in 2025/26 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 & 3 Significant progress on the group’s CSR roadmap • HR: establishing a group Learning team & 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 in the EcoVadis score to 72/100, related to sustainable procurement practices maturity 1 Ex “Gaïa Research”
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© WAVESTONE | 29 Our CSR priorities for 2026/27 Materialize Responsible consulting impact • Monitor the implementation across all projects • Develop and roll-out Responsible AI recommendations 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 Review of our SBTi decarbonization short-term target • Secure the achievement of our short- term SBTi target (FY26/27) • Rechallenge our SBTi path to net zero
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© WAVESTONE | 30 2026/27 CSR objectives: 3 improvement priorities while maintaining our strengths 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% 90% Net Promoter Score ® (-100 to +100) 81 70 % of employees trained in Business Ethics 96% 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 - Scopes 1 & 2 in absolute value - Scope 3 in intensity -34% -56% -29% -40% # societal impact days 10 078 10 000 1 Excluding Wivoo
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© WAVESTONE | 31 Independent & listed driven solely by our clients’ interests while maintaining high standards of governance and transparency European DNA from our inception in France and Germany to a worldwide expansion AI-embedded in all our offerings and ways of working Business + technology we combine leading-edge technology expertise with deep industry knowledge Wavestone, a one-of-a-kind player among global consulting firms 3 key regions France, GSA, and US/UK High value consulting services for tier-1 clients 6,000 employees €950m revenue Note: Revenue relates to fiscal year 2025/26 (April 1, 2025 to March 31, 2026)
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Wavestone.com Wavestone.com Laurent Stoupy CFO laurent.stoupy@wavestone.com Benjamin Clément Head of IR and Financial communication benjamin.clement@wavestone.com