Wavestone : 2023/24 Annual Revenue (slideshow)

WELCOME

2023/24 Annual Revenue

Videoconference | April 29, 2024

Speakers

Imbert	Stoupy
CFO
CEO

© WAVESTONE + Q_PERIOR | 2

Revenue target exceeded; +9% organic growth over the 2023/24 fiscal year

		2023/24			Change at	Total
Revenue in €m	2023/24	excluding	2022/23		constant scope1
Unaudited consolidated data	Q_PERIOR and		and on a constant	change
		Aspirant Consulting			forex basis
Q1	143.3	143.3	122.0		+11%	+17%
Q2	133.4	133.4	115.1		+14%	+16%
Q3	175.6	150.9	139.1		+10%	+26%
Q4	248.8	159.3	156.0		+4%	+59%
12-month total	701.1	586.9	532.3		+9%	+32%

1 excluding PEN Partnership, consolidated since August 1, 2022; Coeus Consulting, consolidated since October 1, 2022; Q_PERIOR consolidated since December 1, 2023; and Aspirant Consulting consolidated since February 1, 2024

• Revenue growth of +59% in Q4 2023/24; growth of +4% at constant scope and exchange rates
• • a significant slowdown in the organic growth as anticipated in the context of a hardening business environment
  • unfavorable working day impact standing at -1.5%
• 12-monthrevenue excluding Q_PERIOR and Aspirant Consulting: €586.9m
• • exceeding the annual revenue target of €580m
• 12-monthrevenue on total scope: €701.1m
• • up +32%, equivalent to +9% organic growth (unfavorable working day impact standing at -1.6%)

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Consultant utilization rate stable at 73% in 2023/24; sales price up by +1%

	2023/24 fiscal year*	2022/23 fiscal year
	(12 months)		(12 months)
Consultant utilization rate	73%			73%

Average daily rate	€898		€890

Order book		4.1		4.0
	months		months

lower than expected decrease in Q4

73% at the end of 2023/24, stable compared with the previous fiscal year

increase of +1% compared with the previous fiscal year

€900 at constant exchange rates

1. months at March 31, 2024, compared with
2. months at December 31, 2023

• these indicators relate to Wavestone's scope excluding Q_PERIOR and Aspirant Consulting:
  Wavestone plans to deploy consolidated operating indicators (except order book) across the entire new firm from Q1 2024/25.

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Caution maintained on recruitment; stable staff turnover

• Stable staff turnover rate over the past quarter
• • 14% over the fiscal year (excluding Q_PERIOR and Aspirant Consulting)
  • compared with 16% over the previous fiscal year
• Moderate pace of recruitment maintained at the start of the 2024 calendar year
• • due to the still uncertain economic environment
  • ~800 new employees over the whole of the 2023/24 fiscal year (excluding Q_PERIOR and Aspirant Consulting), compared with approximately ~1,300 in 2022/23
  • on Q_PERIOR side, cautious recruitment policy as well and staff turnover at about 10%
• 5,894 employees at March 31, 2024
• • including 1,422 from the combinations with Q_PERIOR and Aspirant Consulting
  • compared with 4,406 at the end of 2022/23 fiscal year

© WAVESTONE + Q_PERIOR | 5

Q_PERIOR's business activity in line with plan

• Q_PERIOR is facing context similar to the one of Wavestone
• • resilient demand in the sectors of Insurance, Travel & Transportation and Energy helps to limit the effects of a weaker economic environment
• Q4 consultant utilization rate in line with the last months of 2023 and company's plan
• • but with a marked slowdown in growth
• Successful first steps of the integration program
• • adoption of Wavestone brand by Q_PERIOR teams on May 24
  • promising business synergies, notably in the field of Insurance, SAP and Cybersecurity

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Confirmation of the 2023/24 EBIT margin objective

2022/23	2023/24	2023/241
	objectives1

Revenue	€532.3m	€580m	€586.9m
			(achieved)

EBIT margin	14.5%	~15%	~15%
			(objective)

1 excluding Q_PERIOR and Aspirant Consulting

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Outlook for the 2024/25 fiscal year

• Significant slowdown in the firm's organic growth at the start of the calendar year 2024
• • hardening of the business environment
  • combined with increased hesitancy among decision makers in January / February and less favorable market conditions in the UK
• Nevertheless, with regard to fiscal year 2024/25, confidence on the firm's ability to generate growth of over 3% and an EBIT margin of more than 13%
• • including Q_PERIOR and Aspirant Consulting on a full year basis
  • excluding any new acquisition

Wavestone will publish its annual results and financial objectives

for the 2024/25 fiscal year on June 3, 2024

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2023/24 ANNUAL REVENUE

QUESTION AND ANSWER SESSION

6

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Financial agenda

1	2023/24 annual results	3 2024 Annual General Meeting
(after stock market closing)

JUNE 3	JULY 24	JULY 25
2024	2024	2024

2 Q1 2024/25 revenue (after stock market closing)

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