We have set a goal for ourselves to become the most impactful, dynamic and trusted professional services partnership in Luxembourg and beyond its borders. And we recognise that true prosperity has to be sustainable, underpinned by a diverse services and work environment that puts our People at the heart of everything we do.
"Prosperity for us means not only financial success but also positive contributions to our ecosystem and stakeholders. We focus on quality investments, innovation, and community engagement, recognising that our People and their meaningful career journeys are key to our success."
At PwC Luxembourg, we believe that economic contribution provides an indication of how a company is able to create prosperity for stakeholders, including our People, our clients and our communities at large. To ensure we will be successful in this, we will:
- Embed excellence and entrepreneurship in everything we do, for our clients, our People and society;
- Uphold the highest professional and ethical conduct standards. Every PwC employee is expected to "walk-the-talk," demonstrating integrity and accountability at all levels and in every interaction with stakeholders, while incorporating our core cultural values into every aspect of business and market activities;
- Bring direct monetary and non-monetary value to our stakeholders and the community around us;
- Generate market leading growth by investing, innovating and extending our services scope;
- Engage with our local stakeholders and our network constantly.
We report on our Firm turnover and net revenues as these indicators provide a valuable snapshot of the direct monetary value added to the markets in which we operate through the delivery of our services.
€707.3m
€633.7m
+11.4%
We are delighted to report that PwC Luxembourg managed to maintain a growth over the past fiscal year from 1 July 2023 to 30 June 2024, with an 11.4% increase in net turnover. We achieved this while investing in advanced technological and innovative capacities to meet our clients' needs.
Despite a challenging financial year influenced by subdued economic growth in Europe, with Germany and the United Kingdom experiencing two quarters of negative growth during this period and the euro area experiencing growth of only 0.1% in the second half of 2023, we achieved significant milestones. The EU economy has shown a minor improvement in 2024, and inflation is easing. However, businesses remain cautious, leading to reduced consumer confidence and investments, as well as a slowdown in deal activity.
Given this environment, we showed resilience, and we remain confident in our strategy and in our ability to continue developing our services as per our FY27 ambition plan.
We focussed on expanding Managed Services (MS) offering an extensive array of services and rethought our MS operating model with a reliance on an empowered Client Relationship Manager (CRM) to better satisfy market players. We also extended our Sustainability services, leveraging PwC’s global network to benefit clients in key business areas. We also continue to invest in innovation, such as launching the GenAI Business Center in 2024, positioning us as leaders in operational efficiency and new revenue streams.
Regarding our lines of services, which we go into in more detail in this review, our Assurance practice grew by 18.5%, demonstrating our ongoing ability to deliver trusted solutions to our clients. Economic uncertainty impacted our Advisory practice, but it is an area that remains crucial to PwC's success. Our Tax practice grew by 6%, maintaining its position as Luxembourg’s top provider.
Our performance in a difficult market underscores the trust clients place in us and our agility in adapting while building long-term resilience. We regularly survey them to gauge their experience, and we know from feedback that they appreciate our open discussions and that we listen to their agenda. Our most recent survey results show a significant increase in the Net Promoter Score*; and client satisfaction increased from 4.2 to 4.4 out of 5 - which is very high. We know that our market insights remain very appreciated, and our experts will keep the conversation going with our clients to deliver the solutions they need.
Looking ahead, Luxembourg's economy is projected to grow by 1.5% this year and 2.7% next year, supported by a financial sector rebound. However, external factors remain a risk, making resilience a vital part of any business strategy. By continuing to embrace change and by talking with our clients, we will continue to deliver relevant services and invest for the future to remain a dynamic, trusted partner for clients in Luxembourg and beyond.
*Net Promoter Score: NPS = % promoters - % detractors.
2024 in figures
After last year’s successful 12.2% growth, this year has been one of consolidation with a limited growth in turnover of 0.6%. In uncertain markets the dynamic of our business has varied between industries with a more challenging year in the financial sector where we have witnessed many clients postponing their deals, reducing the size of their projects or postponing some strategic investments.
Advisory continues to account for 18.6% of the Firm's total turnover, marking an important contribution to the firm. The consistent performance, mirroring last year's figures, underscores our alignment with client needs during uncertain times and our commitment to attracting and developing top talents. Key factors driving this year included the imperative to evolve and innovate through technology.
Looking ahead, we are confident that the markets are going to recover slowly, and we aim to support our clients in the needed reinvention of their business model. We will leverage on our unique expertise in industries, regulatory, sustainability and technology backed by the dedication of our People, as well as our deals and strategy experts to advise our clients solving their important problems. We anticipate our strategic alliances to strongly support our value proposition while integrating cloud and AI technologies into our clients’ business reinvention.
The 2023/2024 fiscal year has been remarkable for our Assurance practice, with an impressive 18.5% growth overall. This surge has propelled our total turnover to €396m, accounting for 55.9% of the Firm's total revenue for the year.
The Alternatives industry continues to be a primary growth driver, consistent with trends from previous years. However, all industries have made robust contributions to their top lines, highlighting the resilience of some sectors, as banking and operational companies.
Our growth has been significant across the board, with the audit practice seeing a 18% increase and other assurance services growing by 19.8%. The latter includes our Broader Assurance Services (BAS), which offer a diverse range of assurance-related solutions. These services, covering areas such as risk (including cyber, IT, data), actuarial, valuation, AML, controls, etc. are crucial for delivering proactive assurance to our clients and preparing them to tackle complex challenges.
Our Assurance services' strategic positioning and ongoing support has been particularly impactful, with several major assignments in ESG and sustainability reporting related to Sustainable Finance Disclosure Regulation (SFDR) and Corporate Sustainability Reporting Directive (CSRD).
The backbone of our Assurance practice growth is our continued investment in our People, with a significant increase in FY24 (+237FTE between 30 June 2023 and 2024). This investment is closely intertwined with our deepening commitment to assurance technology, where we are introducing new transformative tools to further our practice. This enhances not only the experience of our People in delivering our services, but also enriches our clients' experience with high-quality, efficient, bespoke, and business-focused audits.
The global tax landscape continues to evolve as the world’s tax authorities focus on efforts to increase transparency and combat tax avoidance. This results in much more complex rules that need to be considered when making investment decisions, as well as an increase in tax compliance obligations. Throughout FY24, we’ve helped organisations navigate through these challenges, turned risks into competitive advantages, supported several players across industries as they refreshed strategies and transformed operations.
With a growth of almost 6% in FY24, our Tax practice continues to be recognised as the leading provider in Luxembourg in terms of size, turnover and services scope. This growth has been mainly supported by the demand for our specific Pillar 2 expertise and reporting services as well as for our consulting services, especially for multinational companies, as the climate in the fund industry has been quite challenging with fewer deals and slower fund raising. But we believe in the expansion of our scope in Alternatives Investment sector with our Managed Services offering. Alternative fund managers often face significant resource constraints and the complexities of administration and regulatory compliance that impede their operational efficiency, and which requires end to end compliance solutions with efficient integrated technology. PwC offers support in overcoming these challenges throughout the entire investment lifecycle of the fund and related entities with a one-stop-shop approach across several main pillars such as, technical and industry expertise, scalable and flexible teams, proven best-in-class technology, and global coverage thanks to the PwC Network or a centralised coordination and oversight.
In a nutshell, transparency, information sharing, technology, people and governance are at the forefront of discussions. To be prepared for the future and help our clients, we continue to invest in talents and technology to ensure providing the best service experience.
Community investment*
We define community investment as all activities, alongside financial contributions, pro bono services and volunteering that we are pursuing with the sole purpose of delivering social, environmental and economic benefits to our local communities.
As one of the main employers in the country, we want to create long-term value through our core business while having a positive social, environmental and economic impact. We are convinced that we have a role to play in this field and we are also happy to see that our highly skilled workforce is eager to contribute their time and talents to causes that matter to them.
We want to support communities via active contribution, like providing financial support to projects, delivering pro bono services as well as giving time to help non-profit organisations mostly in the Greater Region. In FY24, we have focused our actions (financial support and volunteering) into three topics:
- Education and inclusion - access to education and contribution to a more inclusive world
- Culture – access and participation to culture
- Humanitarian aid and health – social emergency
In FY24, we strengthened our Corporate Sustainability Office with a focus on corporate social responsibility, enabling us to better structure and streamline our community investment activities. By optimising our efforts in both time and cash donations, we have significantly enhanced our social impact within the communities we serve.
€1.3m
€236k
Trend
€1.5m
*Donations reflect the gross monetary amounts paid by the Firm and the time valued at cost rate depending on grade and line of business, in support of a community organisation or project.
**FY23 only considers cash donation, without time donation.
PwC Luxembourg time and cash community investment for FY24 in €
| Cash donations | 419,461 |
Education and Inclusion |
158,762 |
Culture |
115,000 |
Humanitarian aid and Health |
145,699 |
| Time donations** | 172,300 |
| In-kind donations | 48,116 |
| Management costs** | 154,197 |
| PwC Foundation Luxembourg contribution | 500,000 |
| TOTAL value of community investment | 1,294,074 |
** Time valued at cost rate depending on grade and line of business
- Cash donations: Gross monetary amounts paid by the Firm in support of a community organisation or project.
- Time donations: Number of hours spent on volunteering actions during working hours (including pro bono services) valued at an hourly rate per employee grade.
- In-kind donations: Monetary value of in-kind contributions e.g. IT equipment and incurred costs related to hosting events or association activities etc.
- Management costs: Number of hours valued at an hourly rate per employee grade and expenses spent on coordinating the Community Engagement activities.
- PwC Foundation Luxembourg contribution: Financial value of time contributed to PwC Foundation Luxembourg and set-up costs.
Our community investment totalled €1,294k this year including management costs, time and in-kind donations in addition to our financial support to associations.
As an instrumental part of our strategy is to encourage our People to support community organisations using their time, energy and skills, we plan to see our total time and cash community investment exceed €1.5m in FY25, including management costs. We will continue to develop and strengthen our long-term partnerships with non-profit organisations, requiring support for their activities, both skilled and general volunteering.
Beyond volunteering, we continue to support the social sector in Luxembourg through our core business activities. We provide audit and assurance services to numerous local associations and foundations, helping to build trust within the philanthropic community.
Please check our dedicated section on our community engagement.
Banque Alimentaire de Luxembourg
This association provides those in need access to a sufficient and balanced diet while actively combatting food waste. It primarily works with volunteers for the sorting of goods and preparation of parcels. To support their efforts, we mobilised our employees to give a helping hand in their depot where our people can contribute regularly. Additionally, we contributed €33k to help this association finance its new projects to cope with the increasing needs of a wider vulnerable population in Luxembourg.
- “I can say that the experience at Banque Alimentaire de Luxembourg was amazing. Doing something very concrete with so much value and a great purpose really felt like a breath of fresh air and a cup of coffee to me. After that I felt energised and full of positivity for the rest of the day. I didn't expect that this experience would have such an effect on me. It was also like a kind reconnection to the simple things of life and a reminder of how lucky we are. I also spent a wonderful time with the other volunteers there and really created genuine bonds. I'm looking forward to renewing this experience again.” - Vanessa Kimputu Nzau
- “My experience at the Banque Alimentaire du Luxembourg was very rewarding, it enabled me to meet some wonderful people that I wouldn't have been able to meet elsewhere (most of them are retired) and to feel useful. Even if my professional skills weren't interesting for the tasks I was assigned, I could spend some of my time in this environment of generosity and human warmth. As I was preparing the food batches in the bank's warehouse, I unfortunately didn't have any contact with the beneficiaries of the aid. In any case, I'll be taking part in the Time to Engage initiative again.” - Cédric Nédélec
Bazar International de Luxembourg
Bazar is an international and annual fundraising event in Luxembourg where all profits are donated to humanitarian projects around the world. This three-day event attracts thousands of visitors and features about 60 decorated stands, each representing a different country and offering traditional food, drinks and other items.
Leveraging our multicultural environment, we mobilised 124 of our employees to support the event, helping with everything from setting up the stands before the opening, staffing them during the event, and dismantling them afterward.
- “It was my second year as a volunteer at Bazar International and I enjoyed every moment of it. For me, this volunteering weekend was a beautiful one, seeing all the visitors enjoying the good food and drinks, the curiosity towards other cultures, it gave me a very good energy until next year's event.” - Mihaela Horhocea
- “This is a remarkable annual event that unites people from diverse backgrounds for a common cause. It's not just about fundraising, it's a heartfelt initiative that supports humanitarian projects worldwide. Reflecting on my experience last year, supporting the Thailand and Mexican stands made me feel like more than just a volunteer; it's an avenue to become a part of something bigger. Volunteering at the Bazar connects you with extraordinary individuals, brings joy, and makes a significant impact. Looking ahead, my enthusiasm remains unwavering, and I'm committed to volunteering again next year.” - Iga Guillemin
In line with our global ambition to help organisations build trust and deliver sustained outcomes, as well as our own mission to be the most impactful, dynamic and trusted professional services partnership in Luxembourg and beyond - we have to be absolutely relevant, and that takes investment. This is how we are transforming towards the future:
- By, investing in our existing services transformation as well as in the development/innovation of new services;
- Investing in sustainability, for our clients and for ourselves;
- Investing in R&D allocated to projects related to ESG topics, Managed Services, and our Alternatives and AWM industries, with a focus on forging tech alliances, data, and artificial intelligence.
PwC is a professional services firm with a long-standing and profound focus on core competencies in audit and assurance, tax advisory and compliance, business advisory and managed services. We invest in a unique set of methodologies, business know-how, quality standards and tools to support our clients in the achievement of sustained outcomes and trusted business models.
Our investment strategy
The local business environment and markets of our clients are constantly subject to change and transformation. We as a Firm fully endorse such change and have since many years conducted a multi-layer innovation and transformation strategy. This strategy is based on innovation and technology provided by the PwC Network and global member firms and local innovation and transformation initiatives.
Our strategy is structured around five priorities:
- Line of Services Transformation to constantly adapt ourselves to our client needs,
- Managed Services as a focus to support our clients' operations,
- Delivery models new approaches to more agile work models,
- Sustainability services and corporate sustainability to be confident for our long-term future as well as to support our client's sustainability agenda,
- IT and data transformation to enhance our capabilities, support transformation and allow for efficient ICT and data management.
Based on this strategy, we have stabilised our investment budgets for FY24 with a focus on existing service enhancements and relevant updates of our delivery model. Just like in FY23, Managed Services remains a key focus for development. For FY25, we aim to maintain our investment rate at around 4% of turnover, with a notable emphasis on transforming our delivery model through Artificial Intelligence.
4.0%
€28.4m
4.7%*
€29.6m
Trend
4.8%**
€35.9m
>4%**
% = Investment / turnover
Figures include expenses and internal people time dedicated to investment projects.
*Past years figures are realised investments
**Following years are the budget investment projects.
R&D is a dedicated budget for FY24. For more details, see the R&D expenses.
Dedicated investments in sustainability*
For our clients, we support the newly created PwC Network ESG Center of Excellence for both Assurance and Advisory services, providing access to cutting-edge sustainability expertise as well as mutualising investments world-wide to maximise our impact and deliver excellence. We also continue to develop our Sustainable Finance Disclosure Regulation (SFDR) Assurance Digital Solution supporting our ESG assurance services for SFDR Disclosures. Following FY23 commitments, we accelerated the sustainability upskilling of our Assurance, Advisory and Tax population, with a focus this year on CSRD, to support our clients on this mandatory compliance exercise.
For ourselves, our corporate sustainability strategy is deeply integrated into our operations, through our accountability framework and coordination by the Corporate Sustainability Office. The team oversees our Business as Usual and transformation towards sustainability, including our corporate social responsibility, and reporting and monitoring of our progress. We also invested in our dedicated Net Zero team and Diversity Equity and Inclusion team to advance our key goals in their respective area. Furthermore, the Corporate Sustainability Reporting Directive represents a significant opportunity for us. We view it not merely as a compliance requirement but as a catalyst for accelerating our efforts, creating value through stakeholder engagement, and refining our sustainability strategy.
12%
€4.2m
16%
€4.8m
Trend
12%
€4.5m
20%
*% = investment in sustainability / total investment
Our Research and Development (R&D) operates with a team of experts dedicated to identifying market trends and generating new and innovative ideas for our Firm. We actively promote innovation through regular events and initiatives, encouraging our staff to propose innovative solutions for our clients. These solutions are incubated, and the collaboration between this team and our internal and business units transforms these solutions into tangible services and products that meet our clients' needs.
Aligned with our investment and transformation strategy, our R&D expenses are primarily focused on projects related to ESG topics, Managed Services, and our Alternatives and AWM (Asset & Wealth Management) industries. Artificial Intelligence (AI), GenAI (generative AI) and Data are key drivers of those projects.
In FY24, through our Idea Lab platform and other initiatives, we generated more than 50 new business cases. Among them, we incubated six solutions, including Climate Action Advisor, aimed at facilitating ESG reporting for our clients. Moreover, our innovation community continues to expand both internally and externally. Together with other territories, we launched a global community of practice, with the goal of leveraging PwC’s global efforts in developing new products and services, ultimately creating more value for our clients. In parallel, forging alliances with local and international tech players was a key focus for the year and will remain so for FY25.
Our GenAI Mastery Programme and hackathons have sparked new, AI-driven ideas for enhancing client services. We plan to further strengthen the collaboration between innovation, technology, and transformation, with a particular focus on GenAI, which we predict will be transformative for both our clients and PwC.
Looking ahead to FY25, we want to leverage the insights and knowledge we gathered through the recently launched GenAI Business Centre to support our clients in their transformation journey, by providing a sandbox for them to explore and learn about GenAI and test use cases. We will continue organising workshops and activities for businesses in Luxembourg to remain at the forefront of technological development and continue innovating. Our approach encompasses technology and business model reinvention, ensuring that the implementation of generative AI is not merely adding a new shiny tool on the shelf but leads to sustained growth.
Our approach extends beyond mere technological implementation; it involves reimagining business models to ensure that generative AI drives sustained growth. By engaging with Chief Innovation and Transformation Officers, PwC is committed to sharing knowledge and best practices, fostering meaningful conversations, and ultimately contributing to the broader economy.
€2.11m
€1.64m
€2.10m
Figures include expenses and internal People time dedicated to R&D team and projects.
Past years' figures are realised investments as the following years are the budget dedicated to R&D team and projects.
PwC Luxembourg Annual Review 2024
