Wise (WISE) H1 2025 earnings summary

Executive summary

• Active customers reached 11.4 million in H1 FY25, up 2.8x from H1 FY21, with Wise Account adoption growing more than sixfold and strong growth in both personal and business segments.

• Cross-border business and active customers have tripled over four years, with cross-border volume rising to £68.4bn, a 2.9x increase, driven by customer growth and product adoption.

• Underlying income grew to £662.4m, up 19% year-over-year and 3.4x from H1 FY21, with underlying profit before tax at £147.1m, a 7.7x increase.

• Infrastructure investments include direct payment system integrations, expanded licenses, and 24/7 customer support, enhancing speed, cost, and reliability.

• Strategic partnerships, such as with Standard Chartered, Nubank, and Qonto, expand reach and reinforce Wise’s infrastructure-led value proposition.

Financial highlights

• Underlying income for H1 FY25 increased 19% year-over-year to £662.4m; underlying gross profit rose 30% to £505m.

• Reported profit before tax reached £292m, up 51% year-over-year, with EPS at 21.1p.

• Card and other income now represent over one-third of total income, up 52% year-over-year to £172.8m.

• Customer holding balances increased 20% year-over-year to £14.7bn, with assets under custody at £3.8bn.

• Underlying profit before tax margin was 22% in H1 FY25, above the guided range.

Outlook and guidance

• Underlying income growth is guided at 15%-20% for FY25 and mid-term, with profitability margin expected between 13%-16%.

• No further material price cuts planned for H2 FY25; margins expected to move smoothly toward guidance range.

• Long-term focus remains on infrastructure, price competitiveness, and disciplined investment to drive future growth.