WiseTech Global (WTC) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 14% to $778.7 million, with CargoWise revenue up 18% to $682.2 million, driven by existing customer growth, new rollouts, and product adoption.

• EBITDA margin excluding e2open M&A costs reached 53%, up 5pp, with reported EBITDA margin at 49%.

• Underlying NPAT increased 30% to $241.8 million; statutory NPAT up 17% to $200.7 million.

• Completed the strategic acquisition of e2open, significantly expanding product offerings, addressable market, and integration plans targeting $50 million annualized cost synergies by end of FY27.

• Launched new CargoWise commercial model, advanced AI-driven workflow and management engines, and strategic partnerships to drive future growth and efficiency.

Financial highlights

• CargoWise recurring revenue grew 19% to $674.8 million, with organic growth of 17%; non-CargoWise revenue declined 9% to $96.5 million.

• Gross profit margin improved to 87%, up 2 percentage points, with gross profit at $681.3 million.

• Underlying NPAT increased 30% to $241.8 million; free cash flow up 31% to $287 million, with a conversion rate of 75%.

• Final dividend of 7.7cps, up 24%, with a payout ratio of 20% of underlying NPAT.

• Operating cash flow conversion rate at 114%, up 7 percentage points.

Outlook and guidance

• FY26 revenue guidance of $1.39–$1.44 billion, up 79%–85% including e2open; EBITDA guidance of $550–$585 million, up 44%–53%, with margin guidance of 40%–41%.

• CargoWise revenue projected to grow 14%–21% in FY26, with growth led by LGFF rollouts and new product launches.

• Guidance assumes continued organic growth, initial CTO revenues, and FX tailwinds, but notes economic and geopolitical uncertainties.

• Targeting $50 million run-rate cost synergy from e2open integration by end of FY27.