Wise (WSE) investor relations material

Executive summary

• Net revenue grew 19% year-over-year to $2.5 billion in FY26, with income before tax margin at 26%.

• Active customer base increased 21% to 19 million, with 7 million new customers joining in 2026.

• Cross-border volume rose 31% to $243 billion, and Wise card spend increased 37% to $44 billion.

• Customer holdings in Wise accounts grew 40% to $39 billion, including $9 billion in Wise assets.

• 75% of transfers are now completed instantly, reflecting infrastructure investments.

Financial highlights

• Cross-border revenue reached $1.3 billion, up 17% year-over-year; card revenue $392 million, up 40%.

• Other revenue from domestic transactions and asset products grew 26% to $245 million.

• Interest income totaled $806 million, up 24%, with an average yield of 4.0%.

• Operating expenses rose 39% to $1.9 billion, including $45 million in listing-related expenses.

• Transaction expenses accounted for 21% of net revenue, up from 19% the previous year, partly due to a one-off $70 million US GAAP adjustment.

Outlook and guidance

• Medium-term net revenue growth target remains 15%-20% CAGR from 2024 baseline.

• Income before tax margin targeted at 15%-20% if 80% of interest income is returned to customers; otherwise, 20%-25%.

• FY27 net revenue growth expected around the midpoint of medium-term guidance, with margins front-half weighted and at the top of the target range.

• Ongoing reduction in take rate by 1-2 basis points per quarter anticipated.