Wise (WISE) Q2 2025 TU earnings summary

Executive summary

• Active customers grew 23% year-over-year to 8.9 million in Q2 FY25, driven by customer referrals and Wise account adoption.

• Cross-border volume increased 20% year-over-year to £35.2bn, with customer deposits up 20% and card/other revenue up 49%.

• Regulatory approvals in India, Australia, and Brazil expand Wise's infrastructure and market reach.

Financial highlights

• Underlying income rose 17% year-over-year to £337.0m in Q2 FY25.

• Gross profit margin remained elevated at approximately 76% for H1 FY25.

• Cross-border take rate declined 8bps year-over-year to 0.59% due to lower prices and mix changes.

• Card and other revenue surged 49% year-over-year to £92.8m.

• Customer balances increased 20% year-over-year to £14.7bn.

Outlook and guidance

• Underlying income growth for FY25 expected in the 15–20% range.

• No further material investments in reduced pricing anticipated for H2 FY25.

• Targeting medium-term underlying PBT margin of 13–16% in H2.