Operational indicators
| On 09/30/2025 (H1) | On 06/30/2025 (Q1) | On 03/31/2025 (FY) | On 12/31/2024 (9 months) | |
|---|---|---|---|---|
|
Utilization rate |
71% |
71% |
73% |
73% |
|
Average daily rate |
€939 |
€944 |
€939 |
€937 |
|
Order book |
3.6 months |
4.3 months |
4.2 months |
4.5 months |
|
Headcounts |
6,042 |
6,130 |
6,076 |
5,990 |
Simplified income statement
| (€m) | H1 2025/26 | H1 2024/25 | CHANGE |
|---|---|---|---|
|
Revenue |
458.1 |
457.8 |
+0% |
|
Recurring operating profit(1) |
47.1 |
46.4 |
+1% |
|
Recurring operating margin |
10.3% |
10.1% |
|
|
Operating profit |
42.8 |
41.6 |
+3% |
|
Net income |
30.4 |
27.3 |
+12% |
|
Net margin |
6.6% |
6.0% |
|
|
Group share of net income |
30.3 |
27.2 |
+11% |
|
Earnings Per Share (in €) |
1.24 |
1.11 |
+12% |
(1) Wavestone uses an alternative performance measure named Recurring Operating Profit (ROP) obtained by deducting from revenue the operational expenses related to current activities, including share-based payments to employees. Amortization of customer relationships is not deducted from ROP, nor are non-recurring income and expenses. The latter includes, in particular, income or expenses related to business acquisitions or divestitures, as well as income or costs associated with unoccupied premises. Recurring operating margin is obtained by dividing ROP by revenue.
(2) The 2023/24 pro forma accounts have been calculated as if the acquisitions of Q_PERIOR and Aspirant Consulting had taken place on April 1, 2023.
Summary cash flow statement
| (€m) | H1 2025/26 | H1 2024/25 |
|---|---|---|
|
Self-financing capacity before costs of net financial debt and tax |
55.2 |
54.3 |
|
Net operating cash flow |
21.8 |
2.5 |
|
Net investing cash flow |
(12.0) |
(37.8) |
|
Net financing cash flow |
(55.6) |
8.6 |
|
Net change in cash and cash equivalents |
(45.9) |
(26.7) |
Breakdown of share capital
The chart shows the breakdown of Wavestone’s share capital on 30 September 2024.
The breakdown of shareholders is as follows:
- Action in concert (Imbert family and Dancoisne-Chavelas family): 60.2%
- Free float: 29.0%
- Wavestone employees represents 9.5%
- Treasury stock: 1.3%
Balance sheet
The chart shows the breakdown of Wavestone’s consolidated balance sheet on 30 September 2025, divided into two columns. The first column represents assets and the second liabilities.
On the assets side, the balance sheet consists of:
- Non-current assets: 628.3 M€, including 519.1 M€ of goodwill
- Current assets: 272.7 M€, including 245.1 M€ of trade receivable
- Cash & cash equivalents: 33.5 M€
On the liabilities side, there are:
- Shareholders ‘s equity: 645.4 M€, including 1.4 M€ of which minority interests
- Non-financial liabilities: 248.5 M€
- Financial liabilities: 15.6 M€, of which less than one year: 14.9 M€
- Lease liabilities: 25.0 M€
