Wise (WSE) H1 2025 earnings summary

Executive summary

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

• Cross-border business and active customer base 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 3.4x from H1 FY21, with underlying profit before tax at £147.1m, a 7.7x increase; underlying income has outpaced business growth due to efficiency gains and aggressive pricing.

• Wise now moves over £100 billion annually, but this is only a fraction of the £27 trillion global cross-border volume.

• Infrastructure investments include 65 financial licenses, direct payment integrations, and 24/7 customer support expansion, with new licenses in India, Australia, Brazil, and Japan.

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 of 21.1p.

• Card and other revenue grew 52% year-over-year to £172.8m, reflecting increased product adoption.

• Customer holdings rose 20% to £14.7bn, with assets under custody at £3.8bn.

• Underlying gross profit margin improved to 76% in H1 FY25, up 6 percentage points year-over-year.

Outlook and guidance

• Underlying income growth expected at 15%-20% for FY25 and over the medium term.

• Profitability margin guided at 13%-16%, with H1 margin above range due to timing of price adjustments; H2 margin expected to move closer to this range.

• No further material price cuts planned for H2 FY25; focus remains on sustainable, long-term growth and continued infrastructure investment.