Wavestone shares are down over 4% the day after announcing its Q1 2025-26 results, with revenue of €231.5m, down slightly: -0.4% (-0.6% at constant exchange rates and cons. scope), in line with its expectations.

The consulting firm's activity rate remained under pressure, standing at 71% compared with 73% in FY 2024-25. Commercially, its order book stood at 4.3 months at 30 June, almost the same as the 4.2 months at the end of March.

As anticipated, the trend continued from the end of the previous fiscal year. Clients remain cautious, leading to the postponement or, in some cases, cancellation of certain projects, the company said.

Wavestone confirms its annual targets of delivering positive organic growth in 2025-26, compared with annual revenue of €943.7m in 2024-25, and a recurring operating margin of over 13%.