Wavestone (WAVE) Q3 2026 TU earnings summary

Executive summary

• Q3 2025/26 revenue increased by 3% year-over-year to €247.1m, with a 2% organic growth rate, aided by a favorable working day impact of 1%.

• Revenue for the first nine months reached €705.0m, up 1% from the prior year, and stable on an organic basis.

• Consultant utilization rate averaged 72% over nine months, improving from 71% in H1 2025/26.

• Average daily rate was €938, nearly unchanged from the previous year.

• Order book stood at 4.7 months as of December 31, 2025, up from 4.2 months at the end of FY 2024/25.

Financial highlights

• Q3 revenue up 3% year-over-year; organic growth at 2% after adjusting for scope and forex.

• Nine-month revenue up 1% year-over-year; organic revenue stable.

• Average daily rate nearly unchanged at €938; up 1% on a constant scope and forex basis.

• Staff turnover rate at 12%, down from 13% at end of September.

• Headcount was 6,064, including 98 from the Wivoo acquisition.

Outlook and guidance

• Gradual improvement in business activity expected in early Q4, despite typical utilization rate slowdown.

• Positive organic growth anticipated in Q4, though potentially moderated by lower subcontracting revenue.

• AI-related projects to represent at least 14% of total revenue in 2025/26, up from 8% last year.

• 2025/26 annual objectives confirmed: revenue above €943.7m and recurring operating margin around 13%, on a constant forex basis and excluding new acquisitions.