Wise Plc FY26 feedback: Plenty of proof points to support Overweight thesis

Research evidence excerpt

Wise Plc FY26 feedback: Plenty of proof points to support Overweight thesis

C A Z E N O V E Europe Equity Research

26 June 2026

Wise Plc Overweight

WISEa.L, WISE LN

FY26 feedback: Plenty of proof points to support Price (25 Jun 26):830p

Overweight thesis Price Target (Dec-27):1,260p

We reiterated our Overweight view ahead of the US listing – pointing to the European Tech Hardware &

duration and diversification of growth, as well as the underappreciated earnings Payments

power (here). FY26 results provided plenty of evidence on all fronts, with growth Craig A McDowell AC

sustaining and broadening beyond the core cross-border business with very (44-20) 7742-4576

healthy profitability; on top of this the announcement of a >$500m share buyback craig.mcdowell@jpmorgan.com

to be effected during FY27 provides technical support to the shares (and evidence J.P. Morgan Securities plc

of the highly cash-generative business model). Specialist Sales contact details:

• Strategy of diversification showing proof points: The strategy to diversify Scott Silver - Specialist Sales - European TMT

the Wise business beyond core cross-border payments showed up in numbers

(44-20) 7134-0412

with Wise card spend up 37% y/y in FY26 (to $44b) and customer holdings up scott.silver@jpmorgan.com

40% y/y (to $39b) – both ahead of active customer growth (21% y/y). We see

the push into wider financial products (becoming an everyday account) as both

margin accretive in the near term but also improving the durability of the core

Cross-Border business and allowing continued investment in price cuts (with

management pointing towards a trend of ~1bp price cut per quarter for FY27).

• True earnings power higher than reported figures: Management noted that