WiseTech Global (WTC) H2 2025 earnings summary

Executive summary

• Leadership transition with Zubin Appoo returning as CEO, focusing on strategic growth, innovation, and expanding the vision to be the operating system for global trade and logistics.

• Achieved total revenue of $778.7m in FY25, up 14% year-over-year, with strong organic growth from CargoWise platform rollouts and new product adoption.

• Completed the major acquisition of e2open, significantly expanding product offerings, domain expertise, and total addressable market, with integration progressing and cost synergies targeted.

• CargoWise Next rollout essentially complete; strategic partnership with ACFS Port Logistics to commercialize Container Transport Optimization (CTO).

• Launched new AI-driven workflow and management engines to drive productivity and efficiency for customers.

Financial highlights

• FY 2025 total revenue reached $778.7 million, up 14% year-over-year; organic revenue growth was 13%.

• CargoWise revenue grew organically by 17% to $682.2 million, with 99% recurring revenue.

• EBITDA (excluding e2open M&A costs) rose 26% to $409.5 million, with a margin of 53%, up 5 percentage points; reported EBITDA margin was 49%.

• 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 $0.077 per share, up 24%, with a payout ratio of 20% of underlying NPAT.

• Gross profit margin improved to 87%, up 2 percentage points.

Outlook and guidance

• FY 2026 revenue expected at $1.39–$1.44 billion, representing 79%–85% growth, with e2open revenue included from August 2025.

• CargoWise revenue projected to grow 14%–21% in FY 2026, with second half weighted due to new product and commercial model launches.

• FY 2026 EBITDA expected at $550–$585 million, up 44%–53%, with margin guidance of 40%–41%.

• Targeting $50 million run-rate cost synergy from e2open integration by end of FY 2027.

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