Wavestone (WAVE) H2 2025 earnings summary

Executive summary

• Revenue reached €943.7m for FY 2024/25, up 35% year-over-year, with stable organic growth after major acquisitions.

• Net income rose 30% to €75.9m, net margin at 8.0%, and EPS at €3.09.

• Integration of Q_PERIOR and Aspirant Consulting completed, driving business synergies and unified governance.

• Workforce grew 4% to 6,076 employees, with staff turnover reduced to 12%.

• Succession plan approved: new CEO and Deputy CEO to take effect after July 2026 AGM.

Financial highlights

• Recurring operating profit reached €119.1m (+17% year-over-year); recurring operating margin at 12.6%.

• Net cash position of €25.6m as of March 31, 2025; equity at €633.4m.

• Operating cash flow at €89.3m; self-financing capacity up 31% to €133.4m.

• Dividend proposal of €0.46 per share (+21%), representing 15% of group net income.

• Investment outflows totaled €48.7m, mainly for earn-outs; financing flows consumed €40.2m, including dividends and share buybacks.

Outlook and guidance

• 2025/26 targets: positive organic revenue growth and recurring operating margin above 13%.

• Profitability goal of 15% recurring operating margin reaffirmed for 2027 or latest March 2028.

• Focus on internal revenue growth, selective hiring, and cost control.

• AI-driven transformations and North America seen as key growth drivers.

• Priority on business development in buoyant sectors, especially AI, and continued US expansion.