Wavestone (WAVE) Q4 2026 TU earnings summary

Executive summary

• Q4 2025/26 revenue grew by 2% year-over-year on an organic basis, with annual revenue reaching €954.3m, up 1% from the previous year.

• Consultant utilization rate was 72% for FY 2025/26, slightly below forecast and the prior year.

• AI-related projects accounted for 17% of total revenue, up from 8% the prior year, reflecting strong traction in this segment.

• Staff headcount reached 6,111 at year-end, including 98 from the Wivoo acquisition; staff turnover remained stable at 12%.

Financial highlights

• Q4 revenue was €249.4m, up 2% year-over-year on a constant scope and forex basis.

• Annual revenue for 2025/26 was €954.3m, a 1% increase year-over-year, also up 1% on an organic basis.

• Recurring operating margin for 2025/26 is expected at 12.6%, in line with the previous year and below the initial target of around 13%.

• Average daily rate for consultants was €938, stable compared to €939 in the prior year.

• Order book stood at 4.4 months, up from 4.2 months at the previous year-end.

Outlook and guidance

• Focus for the coming period is on increasing profitability through stronger execution and accelerating transformation.

• Next financial updates scheduled for June 3, July 29, and October 29, 2026.

• Financial objectives for 2026/27 will be provided on June 3, 2026.

• Gradual recovery is expected in European markets.