Wavestone (WAVE) Q2 2026 TU earnings summary

Executive summary

• H1 2025/26 revenue was stable at €458.1m, with a 0% change year-over-year and a -0.5% decrease on a constant scope and forex basis.

• Consultant utilization rate declined to 71% from 73% in the previous year, while the average daily rate remained solid at €939.

• The order book stood at 3.6 months, down from 4.2 months at the end of FY 2024/25.

• Headcount was 6,042, including 98 from the Wivoo acquisition, with a slight seasonal decline.

• Challenging market conditions due to high geopolitical uncertainty and cautious client investment.

Financial highlights

• Q2 2025/26 revenue increased by 0.4%, but overall H1 revenue was nearly flat year-over-year.

• Unfavorable working day impact of -0.9% in H1 and -1.1% in Q2.

• Turnover rate increased to 13% on a rolling 12-month basis, up from 12% prior year.

Outlook and guidance

• Improvement in business demand expected in Q3 2025/26, with a significant utilization rate increase.

• Visibility for Q4 remains limited, making it too early to confirm a sustained positive trend.

• Annual 2025/26 targets: positive organic growth and recurring operating margin around 13%, slightly reduced from the initial target of more than 13%.

• Recruitment pace to remain moderate and selective, with only a limited headcount increase expected.

• Guidance excludes Wivoo and any new acquisitions.