EY Luxembourg closes FY25 strong. The firm has almost doubled in size in five years

A look back

Says Olivier Coekelbergs, Country Managing Partner of EY Luxembourg from 2020 to 2025, “When I began my journey as Country Managing Partner, we set ourselves an ambitious goal, to achieve market growth, grow our talent, and improve client centricity. I am incredibly proud to share that, over the past five years, we have nearly doubled our size to over 2,300 employees, and 89 to 150 Partners. Out of a total of 74 Partner promotions over five years, we achieved a 35% female ratio showing our focus on gender diversity. This continuous level of growth is even more meaningful when you consider the unprecedented challenges we have faced during this time, from the global pandemic and the shift to remote work, to geopolitical conflicts and the rapid emergence of artificial intelligence. Through it all, we have remained consistent, focused, and resilient.” Coekelbergs credits this achievement to the dedication of the Firm’s teams and the trust of its clients and above all to a successful, focused and intentional investment strategy. Today, EY Luxembourg stands at the forefront of digitalization of the fund business and the delivery of managed services, setting a strong foundation for the next chapter of the journey.

Assurance: strong growth of 11%

“We are pleased with the 11% growth in our Assurance practice this year,” says Michel Feider, Partner, EY Luxembourg Assurance Leader. This marks the practice’s 16th consecutive year of growth, a testament to the resilience and dedication of the Firm’s teams. “Despite a challenging year globally, we have continued to invest in our people and technology, reinforcing our commitment to quality and innovation. We are also expanding our non-audit footprint, with a particular focus on extended assurance services such as financial crime and forensics, as well as climate change and sustainability services and financial accounting advisory services.” 

“We remain especially proud of the progress we are making in the digital audit of investment funds. By leveraging advanced technologies, we are enhancing the quality of our audit delivery by combining our digital capabilities with our deep expertise in investment funds to deliver exceptional value to our clients.”

Consulting: 6% increase in revenues

Laurent Moscetti, Partner, EY Luxembourg Consulting Leader, shares, “These are very complex times. The ESG transformation agenda has slowed down, investments in large projects have reduced or have been delayed, while on the other end the technology agenda carried by AI generates a lot of initiatives in Luxembourg. The latter is super promising, but the difficulty lies in the complexity of its implementation, managing the adoption, the governance and compliance all at once. Despite this difficult context, we managed to grow by 6%.” This is due to the Consulting practice continuing to build out its Managed Services, Risk Consulting and Technology Consulting businesses.  

“Our growth strategy therefore remains strong and bullish, and the slowdown we have seen has primarily been used to consolidate our assets, and our capabilities. We remain confident about the future, we stay close to our clients, and more than ever, together with our clients, we shape the solutions of tomorrow.” Moscetti also comments that this business partnership with clients is key to remaining relevant and shaping the new form of the future of the financial sector.  

Tax: 9% collective growth

“EY Luxembourg’s Tax practice has achieved a 9% revenue increase this year, representing strong growth propelled by all our sub-service lines,” comments Christian Schlesser, Partner, EY Luxembourg Tax Leader. The market environment continues to be challenging, characterized by uncertainty and the quest of clients to transform their tax support functions. “Our success is particularly fueled by the expansion of accounting, compliance and reporting services, operational tax services, and our thriving indirect and direct tax compliance and reporting practice,” continues Schlesser. The Firm continues to push forward with the roll-out of cutting-edge digital solutions in managed services and tax technology, while EY’s tax experts follow the latest changes in the local and international legislation to help clients comply.

Strategy and Transactions: remarkable 12% growth

The Strategy and Transactions (S&T) services practice has demonstrated remarkable resilience and growth in fiscal year 2025, achieving a revenue growth of 12% and marked by significant achievements that underscore the service line’s commitment to excellence.

“S&T has once again showcased its ability to thrive in a challenging environment, delivering exceptional results despite ongoing market fluctuations. Clients have continued to trust us with their most critical and strategic projects, supported by our team of highly skilled professionals,” said Christophe Vandendorpe, Strategy and Transactions Leader at EY Luxembourg. “Our S&T services are uniquely positioned to assist clients in navigating the current macroeconomic challenges and evolving regulatory landscape, ensuring they remain competitive in an increasingly technological environment,” concludes Vandendorpe.

Looking forward to FY26

Reflecting on past years, EY Luxembourg’s new Country Managing Partner, Alban Aubrée comments, “I want to thank Olivier for his exceptional leadership since 2020. He has taken the Firm to new heights and built the momentum we need for the future. My priority will be to build on Olivier’s legacy.”

Aubrée also comments on now being an exciting time for EY’s global business: “Over the past year, our global strategy has evolved sharply to make EY even more connected than before.”

EY’s strategic shift to 10 Super Regions

EY has unveiled a bold new operating model, consolidating its global footprint into 10 Super Regions – down from 18 – to foster deeper collaboration and unlock seamless connectivity across its 400,000 professionals. This streamlined structure enhances EY’s sector capabilities, empowering teams to deliver sharper client insights and more personalized leadership development. Europe West, the Super Region EY Luxembourg falls within, now encompassing 49,000 professionals, operates as a unified team under the “All in” strategy.

“Teaming for growth”

Looking ahead, Alban Aubrée has laid out a roadmap designed to unlock the Firm’s entrepreneurial spirit and empower teams to make faster, smarter decisions. The Firm plans to intensify its efforts to generate significant and sustainable growth, attracting and retaining top talent, with substantial investment in people and innovation. Culture and talent will sit at the heart of his strategy. “We know that our future success depends on our ability to free up the energy of our people, to express their ambitions and entrepreneurial spirit. We hire for mindset, ambition, and the desire to build something meaningful together. Also, by simplifying and transforming our business model, we help everyone focus on what truly creates value. We protect and nurture the entrepreneurial spirit that defines us, as EY.” Alban Aubrée said.

The new strategy also calls for the expansion of the Firm’s services, with a sharper focus on a set of “big bets” designed to capture emerging opportunities. One of the most significant of these will be the continued growth of its Managed Services practice, an area where Olivier will remain closely involved, playing a major role in shaping its development at the European level, where he will lead Europe West Financial Services Managed Services.