Wise Group (WSE) H1 2026 earnings summary

Executive summary

• Active customers grew 18% YoY to 13.4 million; cross-border volume rose 24% to £84.9bn and customer holdings increased 37% to more than £25bn.

• Underlying income increased 13% YoY to £749.5m, supported by customer growth, pricing reductions and continued investment.

• Underlying PBT margin was 16.3%, at the top of the 13%–16% target range; investment and listing expenses affected H1 results.

• Infrastructure, product and regulatory expansion included direct payment integrations in Brazil and Japan and regulatory approval in the UAE.

• Wise Platform partnerships expanded, with platform volumes reaching 5% of cross-border volume.

Financial highlights

• Revenue increased 11% YoY to £658.0m; underlying income rose 13% to £749.5m.

• Underlying PBT was £122.0m, down 17% YoY; reported PBT was £254.6m.

• Card spend rose 27% to £15.4bn, generating £131.7m of card revenue, up 28%.

• Interest income on customer balances grew 42% to £297.4m, with an average yield of 3.02%.

• Administrative expenses increased 27% to £465.9m; free cash flow was £249.8m, equal to 98.2% of reported PBT.

Outlook and guidance

• FY26 underlying income growth guidance is 15%–20% on a constant-currency basis; underlying PBT margin is expected at ~16%, excluding £35m of one-off dual-listing costs.

• FY26 administrative expenses are expected to be ~£1bn, with investment and hiring continuing in H2.

• Dual US/UK listing remains on track for Q2 2026.

• Wise Platform cross-border volumes are targeted to reach 10% of total volumes in the medium term and 50% in the long term.