Welcome to the 2025 Annual Review PwC Luxembourg.
We hope it provides great clarity across our activities.
The FY25 Annual Review marks the first voluntary application of the European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD) for PwC Luxembourg. This change in reporting standards entails new reporting, indicators, and calculation methods. The report covers 1 July 2024, to 30 June 2025, and includes all consolidated entities, including our Porto subsidiary in Portugal.
We deliberately chose to also voluntarily submit our first CSRD report to limited external assurance standard.
PwC remains the leading Big Four in Luxembourg both in size and revenue. While the year ending on 30 June 2025 was not without its challenges, macroeconomic as well as geopolitical, it was a successful year for our Firm marked by many solid achievements and enormous transformation so that we can serve our clients better. FY2025 turnover as disclosed in our report is €765.5m, +5% growth.
Across our lines of service, which saw varied degrees of growth, Assurance did very well, driven by Audit and Broader Assurance Services, plus major ESG and sustainability assignments. Advisory’s success was highlighted by resilience in technology, AI, and industry sectors, with a main highlight being our recognition as 2025 Microsoft Country Partner of the Year for Luxembourg. Tax’s turnover was boosted by new measures to support Luxembourg’s financial sector and continued investment in innovative, tech-enabled managed services solutions.
In 2025, while growth slowed across Europe and Luxembourg, the pace of technology and AI investment sped up exponentially. These two forces require considerable transformation to achieve a higher level of competitiveness and fully leverage the enhanced service possibilities through technology. Even if some of AI’s projected productivity gains are questioned by an increasing number of actors, at PwC we have decided to lean into the technology and have embarked on a concrete and visible path of AI-induced service transformation.
A critical factor going forward will be Luxembourg’s ability to retain its competitiveness. This is a topic we feel strongly about at PwC. Luxembourg has long enjoyed a period of economic success with a strong leading financial centre and an exceptional multilingual multi-skilled workforce, but this attraction is constantly at risk of being eroded. Looking at 2025, it was a period during which Luxembourg's economy showed mixed signals with slower GDP growth than previous years, a shift to a government deficit, persistent but moderating inflation around 2.2%, and a slightly easing job market. The current government is addressing this challenge, and we have already seen some effective measures put into place- such as tax cuts for businesses and individuals, including lower corporate rates and an expanded expatriate tax break, alongside new incentives for talent, and support for affordable housing, but these need to go further.
Going into 2026, the questions remain on how to keep up the political momentum so that Luxembourg’s economic model remains competitive and attractive. The relevant decision makers know what to do, but the challenging part as so often is to keep moving on the path of execution with determination.
As the 7th largest employer in the and the leading financial services Firm, we will take up our responsibility as a main player in the ecosystem, and we will actively take part in this conversation through the appropriate channels.
What makes us unique?
In 2025 we strengthened our Firm Culture, embedding across the entire Firm our reinforced unique corporate culture at PwC and the values and behaviour that all PwC people - no matter their role - should consistently exhibit whenever we are in contact with clients or colleagues. This underlies our success and makes our Firm unique. It focuses on three priority cultural traits: “Walk the Talk”, “Entrepreneurship,” and “Excellence”. This is not lip service. It is the foundation of trust.
In an uncertain world, trust has never been more important. At PwC, our purpose is to build trust in society and solve important problems. We are committed to driving a strong culture of quality and excellence that is core to our purpose. Our approach to building trust addresses rising demands for transparency, accountability, and stakeholder engagement. To earn this trust, we never rest on our laurels when it comes to service quality.
Innovation and intrapreneurship ignite ideas and enable the creation of new products and services and are two important elements for us. Our strategic investments are in sustainability services, managed services, and AI, including the launch of the GenAI Business Center in 2024.
We are a client-centric firm and are happy to note that the satisfaction level of our clients remains high, with a Client Net Promoter Score of 60 and 4.5 / 5 Client Satisfaction rating. Our client-first perspective is one of continuous listening, and their trust in us is our most precious value.
Our People
Our People are our business, and our business is our People. We cannot achieve our ambition without them. Our strategy focuses on creating an exceptional people experience throughout the entire talent cycle, particularly during key moments for candidates, employees, and leaders, particularly through:
- Offering strong career and development opportunities, specifically
- Focusing on proximity management as a key priority in a larger firm
- Offering the most creative solutions regarding flexibility and well-being of our people
This is a key differentiator which aims to build awareness and engagement around trusted leadership, provide a consistently high service experience and ensure that our organisation is equipped with the right mix of skills and capabilities for both current and future needs. This approach is designed to deliver a distinctive client experience and drive the growth agenda by building a diverse and inclusive workforce.
This focus on our People is greatly detailed in our business highlights section as well as the CSRD reporting.
Transformation: Delivery Model & Technology, including AI
To remain resilient and competitive in an evolving environment and to enhance client service and delivery, we continuously adapt and strengthen our operating model to address emerging challenges and ensure sustainable growth. Over the last three years, our operating model has evolved significantly through a strategic focus on technology integration (especially machine learning, AI and digital tools from our preferred providers and alliance partners), the expansion of our managed services catalogue, the implementation of our near-shoring center (PwC Services Portugal), and a commitment to sustainability transformation and governance. This year we have included a specific section dedicated to our operating model.
Our societal contribution
In 2025 we worked further on structuring our societal contribution to achieve stronger local and regional impact, focusing on three pillars:
- PwC Foundation Luxembourg – Our philanthropic efforts in terms of cash contributions are channeled through our Foundation under the aegis of Fondation de Luxembourg.
- Corporate Volunteering Programme and other donations – We empower our people to contribute through Time to Engage, our volunteering platform and skills-based sponsorships. PwC also supports local associations through in-kind or financial donations, complementing the Foundation's efforts.
- Professional and industry associations – We actively support more than 190 associations, participate in 220 working groups and over 140 boards to help address key topics and challenges collaboratively.
We believe in the long term
Our approach is fully integrated and guided by a long-term mindset. This has allowed us to stay on track since our creation. In a period where some are hesitating in their ESG activities, we remain steadfast in our commitment to a sustainability strategy because we believe this allows us to stay focused on critical non-financial success factors for our business.
This first report results from considerable investment and work and is based on our integrated sustainability strategy embedded into our core business. This is neither compliance nor a “paper” exercise. It is the result of dedicated governance, leadership-driven, stakeholder involvement (we involved employees, clients, suppliers, and professional associations in our Double Materiality Assessment, as a base to decide our focus areas).
We said in 2024 that 2025 would be a more challenging year and the sentiment remains the same for 2026. However, on a long-term basis we remain optimistic, considering the investment in time and money we have put into our transformation, and with the caveat that Luxembourg can stay focused and improve on its competitiveness. We will continue to heavily invest in our business and our people, so we can remain resilient against short-term market volatilities, or the next disruption down the line.
I would like to thank our all-important clients for their continued trust in our services and our Firm. I would like to thank our 3,600+ people for all their hard work and efforts as well as all the Partners for all they do for PwC Luxembourg.
I hope you find this Annual Review and first CSRD useful and impactful. As always, I value your feedback, as it is only through listening to constructive criticism that we can adapt, improve, and transform further, for great and more sustainable impact.
François Mousel, Managing Partner
PwC Luxembourg Annual Review 2025
