Slides
Page 1
H1 2026/27 revenue Videoconference | October 29, 2026
Page 2
© WAVESTONE | 2 Speakers Pascal Imbert CEO Karsten Höppner Deputy CEO Laurent Stoupy CFO
Page 3
© WAVESTONE | 3 H1 2026/27 revenue at €457.2m Revenue in €m unaudited data 2026/27 consolidated 2025/26 consolidated Total change Change at constant scope and forex basis1 Q1 227.0 231.5 -2% -2% Q2 230.2 226.4 +2% +1% H1 457.2 458.1 0% -1% • Q2 2026/27 revenue up +2% – including Wivoo, AI Builders and Sand Cherry – increased Q2 revenue year-on-year on a constant scope and forex basis (+1%) – favorable working day impact of +1.4% • H1 2026/27 revenue stable – decreased H1 revenue year-on-year on a constant scope and forex basis (-1%) – favorable working day impact of +0.7% • Mixed momentum across geographies – France: continued mid-single-digit growth – GSA: mid-single-digit decrease, driven by the ongoing decline in subcontracting – US/UK: revenue significantly lower year-on-year, with a gradual recovery © WAVESTONE | 3 1 excluding Wivoo (consolidated since June 1, 2025), AI Builders (consolidated since August 1, 2026) and Sand Cherry (consolidated since Septem ber 1, 2026)
Page 4
© WAVESTONE | 4 Consultant utilization rate at 72%; average daily rate of €923 H1 2026/27* (6 months) 72%72% €938€923 4.4 months down -1.6% compared with the 2025/26 fiscal year, with 2/3 of the decline attributable to changes in the geographical mix 4.1 months vs. 3.6 months on September 30, 2025 Consultant utilization rate Average daily rate Order book 6,1116,365 vs. 6,122 employees on June 30, 2026 (including Wivoo) including approximately 180 employees coming from the acquisitions of AI Builders and Sand Cherry Headcount at total scope 12%12% on a rolling 12-month basisStaff turnover after a low point in Q1 (71%), consultant utilization rate improved gradually throughout Q2 FY 2025/26 (12 months) * AI Builders and Sand Cherry are not included in the KPIs
Page 5
© WAVESTONE | 5 Two targeted acquisitions fully aligned with Lead the shift • supports senior executives at tier-1 clients in defining, organizing and scaling their AI transformations • target revenue of €10.3m in 2026, with an adjusted EBITDA margin of 15% • consolidated since August 1, 2026 AI Builders, a leading French AI & data strategy consulting firm Sand Cherry, a US business consulting firm based in Denver, specializing in enterprise transformation An opportunistic move to accelerate Wavestone's AI positioning • broaden our AI positions in the French AI transformation marketplace • strengthen Wavestone’s AI transformation value proposition Integration off to a promising start • very good sales momentum • around 20 joint opportunities across leads, proposals and won projects • long-standing Fortune 200 relationships and strong expertise in Telecom, Broadband & Media; Energy & Utilities; Life Sciences • target revenue of $31.5m in 2026 (~€27.1m), with an adjusted EBITDA margin of 15% • consolidated since September 1, 2026 A new milestone in Wavestone’s expansion in North America • expand Wavestone’s footprint in North America • strengthen our ability to serve large enterprise clients across key sectors Successful initial phase of integration • good business momentum • ongoing action plan to introduce AI and Cybersecurity capabilities to Sand Cherry’s clients
Page 6
© WAVESTONE | 6 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 GSA(1) and US/UK businesses – did not move fast enough to capture the AI transformation wave – not sufficiently efficient in our own operations • A two-fold action plan to restore operational momentum… … expected to deliver results gradually over the next two to three quarters Targeted actions at BU level to restore or further improve performance • stronger focus on the most dynamic clients • review of offerings in light of the AI surge • closer relationships with partners • adjustment of recruitment targets • tighter performance management Repositioning faster towards AI-related activities • new AI BUs established in the GSA region and the US • French AI BU strengthened • AI-related activities at 24% of H1 2026/27 revenue (vs. 17% in FY 2025/26) © WAVESTONE | 6(1) Germany – Switzerland – Austria
Page 7
© WAVESTONE | 7 H1 2026/27 recurring operating margin expected at 9.1%; FY financial targets confirmed Revenue Recurring operating margin 2025/26 reported 12.6% €954.3m 2026/27 adjusted targets* 11% - 13% -1% to low-single-digit growth • 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 adjusted financial targets *on constant forex basis and excluding AI Builders and Sand Cherry
Page 8
© WAVESTONE | 8 H1 2026/27 revenue QUESTIONS & ANSWERS MICROSOFT TEAMS Use 'Raise hand' button | Unmute your microphone
Page 9
© WAVESTONE | 9 Financial agenda 2026/27 H1 results (after stock market closing) 2026/27 Annual revenue (after stock market closing) Feb 1, 2027 Apr 29, 2027 Dec 2, 2026 2026/27 Q3 revenue (after stock market closing)
Page 10
End page