In 2024/2025, despite economic and (geo)political uncertainty, regulatory impact and ongoing transformations, we delivered a strong financial performance across our business lines. Our ability to adapt to this changing environment, our investment in people and technology, and our relentless focus on quality enabled us to achieve this robust performance.
Revenue and profitability
Total revenue for 2024/2025 reached EUR 809.9 million, a 5.1% increase compared to the previous year. This growth was driven by both Assurance and Advisory contributing to the top-line result. The revenue growth is also reflected in our workforce, which expanded from 4,309 to 4,476 full-time equivalents (FTEs), representing a 3.9% increase in 2024/2025. In light of our improved retention rates, this underscores our ability to retain talent to meet rising client demand. Our operating result was EUR 141 million, representing a 10.5% year-on-year growth, mainly driven by sales performance and cost management, and partly offset by increased staff costs.
Key financials
EUR 810 million revenue (+5%)
EUR 141 million operating result (+11%)
EUR 131 million profit before tax (+8.7%)
Assurance
Revenues from Assurance increased by 6.2% to EUR 462 million, with growth realized in both our Audit practice and Other Assurance services. Profitability improved, supported by robust revenue growth, disciplined cost management, and a modest 3% increase in FTE. Growth was concentrated in the first half of the year, with a slowdown in the second half due to project Omnibus. Looking ahead, we anticipate stable revenue as we rotate off two significant audit clients (NN and ING) following the mandatory 10-years period. At the same time, we continue to see positive momentum in the rest of our audit practice and other assurance offerings due to ESG requirement from market participants and growing regulation for cybersecurity, and regulatory compliance by our clients. KPMG remains well positioned to navigate an evolving market landscape with a continued focus on delivering high-quality services, driving innovation, and fostering a culture of continuous improvement.
Advisory
Advisory revenue grew by 3.6% to EUR 348 million (2023/2024: EUR 336 million) in a challenging external environment. Growth has been achieved across most of our solution portfolio. Significant growth has been achieved in helping our clients with their end to end transformation journey with support from our Alliance partners and near-/offshore centers. FTE grew by 5.9%, a necessary step to deliver more projects and address increasingly complex client needs. We are capturing the benefits and possibilities of AI, both helping our clients with their AI journey as well as in the way we can improve the way we deliver our services. With our ongoing investments to attract talent and anticipate technological developments and our focus on delivering quality, we are well positioned for future growth and success. Refer to Value created for our clients for more information on our alliances and priority sectors.
Investments
In 2024/2025, we continued to invest strategically in our future. We invested EUR 42.7 million in strategic initiatives, including AI and other digital capabilities, our chosen Alliance backed propositions, capabilities in Financial Services, sector expertise, learning and development for our people, the remodeling of the Amstelveen headquarters, as well as other locations, and the ongoing back-office transformation of Central Services. We fully participate in global KPMG investment programs, which are becoming ever-more important as we increasingly leverage centrally developed AI solutions.
Capital position and funding from equity partners
Our policy is to maintain a strong capital position so that we retain the confidence of the firm’s clients and creditors and can continue to invest in business growth. Most financing comes from mandatory contributions from our equity partners (in the form of equity contributions and mandatory loans). Partners may also provide additional financing through voluntary loans. In 2024/2025, our total funding was 8.6% higher than in 2023/2024, as a result of higher short-term funding, including profits that are not distributed until the end of the calendar year. In addition, the firm has a combined credit and guarantee facility of EUR 20 million (2023/2024: EUR 20 million). We do not foresee any material changes in our financing structure.
Note on tax
Our total profit before income tax is subject to standard corporate income tax at the same rate as Coöperatie KPMG U.A., KPMG N.V., and the individual equity partners’ practice companies. Only a limited part of our total income tax expense is included in KPMG’s profit and loss account, as the majority of our tax is paid via partner practice companies. Our income tax expense includes temporary differences for which a deferred tax asset or liability has been accounted. KPMG N.V., Coöperatie KPMG U.A., and the individual equity partners pay their taxes in the Netherlands.
Our Corporate Tax Policy commits us to paying our fair share of taxation in the Netherlands. Under this policy, we avoid using artificial structures, particularly if they bear no relation to the company’s core business and objectives. In 2024/2025, we paid a total of EUR 1.4 million in income tax.
Outlook
As we head into the new financial year as a Big 9 company in the KPMG network, we believe we are in a strong position to navigate the volatility around us. We anticipate further growth in both Assurance and Advisory, which we will realize by staying close to our clients and the market, embedding responsible AI and innovation, technology and sustainability in our workflows and solutions, and above all delivering exceptional quality for our clients.
We continue to prioritize an energizing and inclusive workplace where our people feel safe, supported, and empowered to grow. Our focus on embedding our Values First behaviors in our daily practices, investing in digital and AI skills, and fostering psychological safety ensures that our people are equipped to remain resilient during periods of disruption. By nurturing talent and providing opportunities for development, we strengthen our high-performance culture and reinforce KPMG’s position as an employer of choice.
We are committed to delivering exceptional value to our clients by staying closely aligned with their evolving needs, especially in times of uncertainty. Our strategy emphasizes sector expertise, digital transformation, and the integration of AI and ESG into our services. Through multidisciplinary collaboration, strong alliances, and innovative solutions, we help clients navigate complex challenges, drive sustainable growth, and build trust. Our ambition is to be the most trusted advisor, recognized for quality, integrity, and the ability to deliver results that matter.
KPMG’s impact extends beyond business, with a steadfast commitment to ESG and societal value creation. Our Impact Plan guides our actions on climate, inclusion, education, and governance. We lead by example, reducing our environmental footprint, supporting disadvantaged youth, and promoting transparency and ethical behavior. By embedding ESG in everything we do and actively contributing to public debate and standard setting, we aim to drive positive change for clients, communities, and the planet.