Wavestone (WAVE) H2 2025 TU earnings summary

Executive summary

• 2024/25 revenue reached €943.7m, up 35% year-over-year, stable on an organic basis.

• Q4 2024/25 revenue declined 1% year-over-year; organic decline of 2% due to client project delays and fewer working days.

• Q_PERIOR and Aspirant Consulting acquisitions consolidated, boosting total growth.

Financial highlights

• Q4 2024/25 consolidated revenue: €245.3m, down 1% year-over-year; annual revenue: €943.7m, up 35%.

• Organic annual revenue stable versus 2023/24 pro forma; favorable working day impact of +0.5% for the year.

• Consultant utilization rate stable at 73%; average daily rate increased to €939.

• Staff turnover rate decreased to 12% from 14% prior year; workforce grew 4% to 6,076 employees.

Outlook and guidance

• Recurring operating margin target of 12.5% for 2024/25 confirmed.

• 2025/26 outlook marked by uncertainty due to geopolitical and economic factors; more details to be provided June 2, 2025.

• Business demand gradually recovering, with North America showing positive trends.