Wavestone: Revenue of €954.3M in 2025/26, Margin Below Target
Consulting firm Wavestone recorded an annual revenue of €954.3 million for the fiscal year 2025/26, marking a 1% increase at constant scope and exchange rates. However, the recurring operating margin was 12.6%, falling short of the initial target of around 13%.
Annual Revenue of €954.3 Million
Throughout the fiscal year 2025/26, Wavestone generated a consolidated revenue of €954.3 million, up 1% from the previous year. This growth was consistent in both reported variation and at constant scope and exchange rates, with no impact from day count. The figures include the consolidation of Wivoo, a French consultancy integrated since June 1, 2025. In the fourth quarter (from January 1 to March 31, 2026), Wavestone posted a revenue of €249.4 million, a 2% increase compared to the same quarter of the previous year. At constant scope and exchange rates, this growth remained at 2%, with no day effect. The firm noted that the first three quarters of the fiscal year showed more moderate dynamics, with stagnation in the first and second quarters (€231.5 million and €226.4 million, respectively), while the third quarter saw a 3% increase in reported variation and 2% at constant scope.
Utilization Rate and AI Activity on the Rise
The annual utilization rate was set at 72% for the fiscal year 2025/26, down from 73% a year earlier, falling short of the 73% target for the fourth quarter. The average daily rate reached €938 on March 31, 2026, nearly stable compared to €939 in the previous fiscal year. At constant scope and exchange rates, the average daily rate was €947, up 1%. Commercially, the order book stood at 4.4 months on March 31, 2026, compared to 4.2 months a year earlier. In terms of staffing, Wavestone had 6,111 employees as of March 31, 2026, including 98 from the integration of Wivoo. The firm made about 900 gross recruitments during the fiscal year. The turnover rate remained stable at 12%, identical to the previous year. The AI-related activity significantly increased during the fiscal year, now representing 17% of the annual revenue, up from 8% a year earlier.
Market Conditions in Europe, Dynamics in North America
In Europe, clients have generally adopted a cautious stance since the start of 2026, leading to project delays despite a gradual improvement in market conditions. The situation in the Middle East also prompted some clients to increase their caution towards the end of the quarter. North America continues to show strong dynamics. From a sectoral perspective, energy, insurance, and life sciences remain resilient. The banking sector is showing the first signs of a positive inflection. Despite a solid order book at the end of December 2025, Wavestone recorded a weaker performance in the fourth quarter, as the firm did not generate enough short-term sales to offset project delays. Improving profitability will be a major priority for the upcoming period, driven by better execution quality and an acceleration of the transformation pace.
